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REVENUE RECOGNITION | 9 Months Ended
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Sep. 30, 2023
Revenue Recognition |
REVENUE RECOGNITION | NOTE 5 – REVENUE RECOGNITION The Company derives revenue from two primary sources—product revenue and service revenue. Product revenue consists of shipments of:
| ● | Resale of pharmaceutical products to pharmacies; and
Revenues for our products are recognized and invoiced when the product is shipped to the customer. Service revenue consists primarily of:
| ● | Transaction fees from the facilitation of buyer generated purchase orders to suppliers, billed monthly;
| ● | Data service fees associated with providing vendors of pharmaceutical products with data analysis of their catalogues and branding of their products or company to the Company’s registered buyers, billed monthly or as a one-time fee; and
| ● | Software-as-a-Service (“SaaS”) fees for a platform for virtual healthcare provider visits, billed monthly.
Revenues for the Company’s services that are billed monthly are recognized and invoiced when the at the beginning of the month. Revenues for one-time services are recognized at the point in time when services are rendered. Payment terms for products and services are generally 0 to 60 days and the Company has no contract assets or liabilities. The following table presents disaggregated revenue by major product and service categories during the three and nine months ended September 30, 2023 and 2022: SCHEDULE OF DISAGGREGATED REVENUE
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Product revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pharmaceutical product resale income |  | $ | 394,849 |  |  | $ | 707,807 |  |  | $ | 1,237,731 |  |  | $ | 3,949,771 |
Total product revenues |  | $ | 394,849 |  |  | $ | 707,807 |  |  | $ | 1,237,731 |  |  | $ | 3,949,771 |
Service revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Transaction fee income |  | $ | 1,617,129 |  |  | $ | 1,319,483 |  |  | $ | 4,531,731 |  |  | $ | 3,947,621 |
Data service fee income |  |  | 46,050 |  |  |  | 17,950 |  |  |  | 132,025 |  |  |  | 54,050 |
SaaS fee income |  |  | - |  |  |  | 10,563 |  |  |  | 18,299 |  |  |  | 42,363 |
Total service revenues |  | $ | 1,663,179 |  |  | $ | 1,347,996 |  |  | $ | 4,682,055 |  |  | $ | 4,044,034 |
Total revenues |  | $ | 2,058,028 |  |  | $ | 2,055,803 |  |  | $ | 5,919,786 |  |  | $ | 7,993,805 |

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