SEGMENT INFORMATION AND REVENUE ANALYSIS (Tables)
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12 Months Ended |
Dec. 31, 2025 |
| SEGMENT INFORMATION AND REVENUE ANALYSIS |
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| 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 |
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| 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 |
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| 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). |
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| 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 |
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