v3.26.1
SEGMENT INFORMATION AND REVENUE ANALYSIS (Tables)
12 Months Ended
Dec. 31, 2025
SEGMENT INFORMATION AND REVENUE ANALYSIS  
Schedule of revenue disaggregated by geographic region

  ​ ​ ​

For the years ended

December 31,

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

PRC

$

13,495,375

 

36,184,886

 

31,457,908

Hong Kong

 

7,988,415

 

 

United States

 

938,745

 

852,222

 

Malaysia

 

106,002

 

 

Nepal

 

8,479

 

 

Total

$

22,537,016

$

37,037,108

$

31,457,908

Summary information for reporting segment

  ​ ​ ​

Year Ended December 31, 

2025

2024

2023

  ​ ​ ​

US$

  ​ ​ ​

US$

  ​ ​ ​

US$

Revenues

$

22,537,016

$

37,037,108

$

31,457,908

Cost of revenues

 

(3,653,278)

 

(4,383,363)

 

(4,227,409)

Gross profit

 

18,883,738

 

32,653,745

 

27,230,499

Operating expenses:

 

 

 

Selling and marketing expenses

 

(10,264,507)

 

(4,061,116)

 

(2,547,000)

General and administrative expenses

 

(14,119,024)

 

(7,103,226)

 

(8,546,880)

Research and development expenses

 

(20,131,012)

 

(6,174,365)

 

(4,274,894)

Total operating expenses

 

(44,514,543)

 

(17,338,707)

 

(15,368,774)

Income/(loss) from operations

 

(25,630,805)

 

15,315,038

 

11,861,725

Interest expense

 

(737,671)

 

(576,752)

 

(285,833)

Interest income

 

301

 

393

 

1,562

Subsidy income

 

93,394

 

266

 

791,959

Other expenses, net

 

(100,195)

 

(651,657)

 

(10,211)

Income/(loss) before income tax

 

(26,374,976)

 

14,087,288

 

12,359,202

Schedule of revenue by major customers

For the years ended

December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

Distributors

$

18,407,591

$

17,220,009

$

14,995,701

Direct customers(1)

 

4,129,425

 

19,817,099

16,462,207

Total

$

22,537,016

$

37,037,108

$

31,457,908

(1)Revenue from direct customers include revenue from sales of medical devices to hospitals (i.e. directly or through deliverers).
Schedule of timing of revenue recognition and disaggregation by major product type

For the years ended

December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

At a point of time

$

22,537,016

$

37,037,108

$

31,457,908

For the years ended

December 31, 

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2023

MWA devices

$

22,537,016

$

37,027,277

$

30,940,383

– MWA needles

 

17,214,751

 

33,826,455

26,278,169

– MWA therapeutic apparatus

 

5,322,265

 

3,200,822

4,662,214

Other medical devices

 

 

9,831

517,525

Total

$

22,537,016

$

37,037,108

$

31,457,908