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SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2025
SEGMENT REPORTING  
SEGMENT REPORTING

NOTE 19 – SEGMENT REPORTING

 

A. Basis for segmentation

 

The Group operates through various operating segments, which include the wholesale sector, the pharmaceutical manufacturing sector, the nutraceuticals and pharmaceuticals sector and other, with only the first three of them being reportable segments based on the criteria (quantitative thresholds) of ASC 280. The financial information utilized by our Chief Operating Decision Maker (“CODM”), which is our CEO, for resource allocation and performance evaluation is included within the operating segments described above. The reconciling items presented in the tables below are excluded from the segment data provided to the Chief Operating Decision Maker (“CODM”). The “Other” category primarily consists of corporate expenses, including, but not limited to, costs related to SEC legal and compliance matters, executive compensation, audit and review fees, and other corporate overhead expenses.

  

B. Information about reportable segments

 

The tables below present information about the Company's reportable segments for the three and nine month periods ended September 30, 2025. The accounting policies followed in the preparation of the reportable segments are the same with those followed in the preparation of the Company's condensed consolidated financial statements.

 

Nine-month period ended September 30, 2025

 

 

 

Wholesale

 

 

Pharma

manufacturing

 

 

Nutraceuticals & Pharmaceuticals

 

 

Other

 

 

Total

 

Revenues                                        

 

 

40,608,665

 

 

 

1,213,562

 

 

 

3,746,023

 

 

 

405

 

 

 

45,568,655

 

Cost of Sales

 

 

(37,626,788 )

 

 

(208,777 )

 

 

(1,916,859 )

 

 

-

 

 

 

(39,752,424 )

Gross Profit

 

 

2,981,877

 

 

 

1,004,785

 

 

 

1,829,164

 

 

 

405

 

 

 

5,816,231

 

General and Administrative expenses

 

 

(514,158 )

 

 

(499,702 )

 

 

(1,044,103 )

 

 

(1,221,333 )

 

 

(3,279,295 )

Salaries

 

 

(1,381,174 )

 

 

(1,410,704 )

 

 

(1,056,693 )

 

 

(979,841 )

 

 

(4,828,412 )

Sales and Marketing expenses

 

 

(971 )

 

 

(911 )

 

 

(79,653 )

 

 

(33,120 )

 

 

(114,655 )

Research and Development costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(108,603 )

 

 

(108,603 )

Net finance costs

 

 

(605,818 )

 

 

-

 

 

 

44,470

 

 

 

(385,912 )

 

 

(947,260 )

Segment profit / (loss)

 

 

479,756

 

 

 

(906,532 )

 

 

(306,814 )

 

 

(2,728,404 )

 

 

(3,461,994 )

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(171,020 )

 

 

(451,149 )

 

 

(321,869 )

 

 

(108,174 )

 

 

(1,052,212 )

Stock based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,730,233)

 

 

(1,730,233 )

Non-cash interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(364,550)

 

 

(364,550 )

Fair value adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,620,573)

 

 

(2,620,573 )

Foreign currency adjustments

 

 

168,639

 

 

 

241,489

 

 

 

-

 

 

 

(63,716 )

 

 

346,412

 

Other income and expenses

 

 

11,563

 

 

 

95,318

 

 

 

11,155

 

 

 

(233,941 )

 

 

(115,905 )

Net profit/(loss) before Income Taxes

 

 

488,938

 

 

 

(1,020,874 )

 

 

(617,528 )

 

 

(7,849,591 )

 

 

(8,999,055 )

 

Three-month period ended September 30, 2025

 

 

 

Wholesale

 

 

Pharma

manufacturing

 

 

Nutraceuticals & Pharmaceuticals

 

 

Other

 

 

Total

 

Revenues                                        

 

 

14,574,914

 

 

 

412,603

 

 

 

2,122,503

 

 

 

405

 

 

 

17,110,425

 

Cost of Sales

 

 

(13,240,183 )

 

 

(70,393 )

 

 

(1,197,231 )

 

 

-

 

 

 

(14,507,807 )

Gross Profit

 

 

1,334,731

 

 

 

342,210

 

 

 

925,272

 

 

 

405

 

 

 

2,602,618

 

General and Administrative expenses

 

 

(191,273 )

 

 

(193,755 )

 

 

(502,160 )

 

 

(582,551 )

 

 

(1,469,739 )

Salaries

 

 

(517,261 )

 

 

(684,859 )

 

 

(391,175 )

 

 

(326,655 )

 

 

(1,919,950 )

Sales and Marketing expenses

 

 

(116 )

 

 

(181 )

 

 

(31,377 )

 

 

(33,120 )

 

 

(64,794 )

Research and Development costs

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(18,337 )

 

 

(18,337 )

Net finance costs

 

 

(184,070 )

 

 

-

 

 

 

(76,223 )

 

 

(308,159 )

 

 

(568,452 )

Segment profit / (loss)

 

 

442,011

 

 

 

(536,584 )

 

 

(75,665 )

 

 

(1,268,417 )

 

 

(1,438,655 )

Reconciling items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(67,464 )

 

 

(159,552 )

 

 

(114,441 )

 

 

(36,454 )

 

 

(377,911 )

Stock based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(570,602 )

 

 

(570,602 )

Non-cash interest

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(201,447 )

 

 

(201,447 )

Fair value adjustments

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,486,762 )

 

 

(2,486,762 )

Foreign currency adjustments

 

 

207

 

 

 

241,489

 

 

 

(278,855 )

 

 

(234,778 )

 

 

(271,937 )

Other income and expenses

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(5,577 )

 

 

(5,577 )

Net profit/(loss) before Income Taxes

 

 

374,754

 

 

 

(454,648 )

 

 

(468,960 )

 

 

(4,804,037 )

 

 

(5,352,890 )

 

The following summary describes the operations of each reportable segment:

 

Reportable segments

 

Operations

Wholesale

 

Distribution and export of pharmaceutical products

Pharma manufacturing

 

Production of pharmaceutical products

Nutraceutical and pharmaceuticals

 

Trade of owned nutraceutical & pharmaceutical products