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REVENUE RECOGNITION
 9 Months Ended
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:

 

   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