v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
Segments [Abstract]  
Segments
15. Segments

 

The Company operates in two segments – the sale of products and licensing/service income in India (“Pharmaceutical Segment”) and the development of biotechnology products (“Biotechnology Segment”),  with substantially all of the resources of the Company focused on its biotechnology activities. The Company purchases substantially all of the products for the Pharmaceutical Segment from a third-party manufacturer. Other income items relate to corporate financing activities outside of these two segments.

 

Reporting by segment is summarized as follows for the six months ended June 30, 2026 and 2025:

 

Amount in USD   For the six months ended
June 30, 2026		     For the six months ended
June 30, 2025		  
    Biotechnology     Pharmaceutical     Total     Biotechnology     Pharmaceutical     Total  
Revenues   $ -     $ 58,546     $ 58,546     $ -     $ 248,535     $ 248,535  
Gross margin     -       28,303       28,303       -       178,654       178,654  
Operating expenses                                             -  
Depreciation and amortization     5,215       -       5,215       6,491       -       6,491  
Selling, general and administrative     800,254       42,212       842,466       484,740       40,281       525,021  
Research and development     1,106,069       67,059       1,173,128       144,776       25,553       170,329  
Total operating expenses     1,911,538       109,271       2,020,809       636,007       65,834       701,841  
Other expenses                                                
Interest expense     (6,170 )     -       (6,170 )     (111,093 )             (111,093 )
Fair value adjustment     -       -       -       30,511               30,511  
Other income (loss), net     293,472       -       293,472       1,035               1,035  
Other expenses     287,302       -       287,302       (79,547 )     -       (79,547 )
Net income   $ (1,624,236 )   $ (80,968 )   $ (1,705,204 )   $ (715,554 )   $ 112,820     $ (602,734 )
                                                 
Assets of segment   $ 9,174,180     $ 2,181     $ 9,176,361     $ 1,625,477     $ 341     $ 1,625,818  

 

Reporting by segment is summarized as follows for the three months ended June 30, 2026 and 2025

 

Amount in USD   For the three months ended
June 30, 2026		     For the three months ended
June 30, 2025		  
    Biotechnology     Pharmaceutical     Total     Biotechnology     Pharmaceutical     Total  
Revenues   $ -     $ 26,955     $ 26,955     $ -     $ 49,954     $ 49,954  
Gross margin     -       11,658       11,658       -       24,235       24,235  
Operating expenses                                             -  
Depreciation and amortization     2,610               2,610       2,968       -       2,968  
Selling, general and administrative     341,318       23,573       364,891       248,203       17,192       265,395  
Research and development     469,300       37,423       506,723       69,339       10,722       80,061  
Total Operating expenses     813,228       60,996       874,224       320,510       27,914       348,424  
Other expenses                                                
Interest expense     (3,325 )             (3,325 )     (56,139 )             (56,139 )
Fair value adjustment     -               -       66,519               66,519  
Other income (loss), net     146,208               146,208       5,049               5,049  
Other expenses     142,883       -       142,883       15,429       -       15,429  
Net income   $ (670,345 )   $ (49,338 )   $ (719,683 )   $ (305,081 )   $ (3,679 )   $ (308,760 )
                                                 
Assets of segment   $ 9,174,180     $ 2,181     $ 9,176,361     $ 1,625,477     $ 341     $ 1,625,818  

 

The Company derives revenues from the sale of products, including royalties related to sales of such products and from the license of technology. Substantially all revenues for the six months ended June 30, 2026 and 2025 are derived from Sun Pharma, a significant pharmaceutical company based in India (“Major Customer”). Revenues for the six months ended June 30, 2026 and 2025 are summarized as follows:

 

    Six months ending
June 30,
2026		     Six months ending
June 30,
2025		  
             
Licensing and milestone fees – Luliconazole   $ -     $ 116,900  
Sale of products     50,285       121,423  
Royalty income related to above product sales     8,261       10,212  
Total   $ 58,546     $ 248,535  

 

In December 2020, the Company entered into a licensing contract for a product with such a Major Customer, whereby the Company would be entitled to development and sales-based milestones and royalties on future sales of the product by the Major Customer. No development milestones, sales-based milestones or royalties have been received under this license during the six months ended June 30, 2026 and $116,900 was earned during the six month ended June 30, 2025.