v3.26.1
Deferred Revenue
 6 Months Ended
Jun. 30, 2026
Deferred Revenue [Abstract]  
DEFERRED REVENUE

NOTE 12 – DEFERRED REVENUE

 

Contract liabilities (deferred revenue) consist of advance billings and billing in excess of revenues recognized. Deferred revenue also includes the amount for which services have been rendered but other conditions of revenue recognition are not met, for example, where the Company does not have an enforceable contract.

 

The revenues attributable to the warranty is recognized over the period to which it relates. During the three and six months ended June 30, 2026, the Company had sold twenty-six and forty-four surgical robotic systems, respectively. The revenues attributable to warranty for the agreed warranty period with respect to each of the sales contract is deferred for recognition over the period to which it relates.

 

In case of systems sold on a deferred payment basis, the present value of the invoiced system sales, realizable over the deferred payment period, is recognized as system sales. The difference between the invoiced amount and its present value is adjusted (reduced) in the accounts receivable balance. This difference is recorded as interest income under other income, with a corresponding impact on accounts receivable over the collection period of the contract. The Company recorded $524,975 and $150,338 as interest income related to deferred financing components during the six month periods ending June 30, 2026 and June 30, 2025, respectively.

 

    June 30,
2026		     December 31,
2025		  
             
Deferred revenue- beginning of period   $ 10,406,493     $ 6,452,555  
Additions     3,560,809       6,472,933  
Net changes in liability for pre-existing contracts     13,967,302       12,925,488  
Revenue recognized for system sales     -       407,118  
Revenue recognized for instrument sales     578,675       1,233,482  
Revenue recognized for warranty sales     776,633       878,395  
Deferred revenue- end of period   $ 12,611,994     $ 10,406,493  
                 
Deferred revenue expected to be recognized in:                
One year or less   $ 3,916,269     $ 3,266,686  
More than one year     8,695,725       7,139,807  
Total Deferred Revenue   $ 12,611,994     $ 10,406,493  

 

For the three months ended June 30, 2026 and 2025:

 

The following table disaggregates our revenue by major source:

 

    June 30,
2026		     June 30,
2025		  
             
System sales   $ 12,361,986     $ 8,781,038  
Instrument sales     1,142,525       1,007,830  
Warranty sales     419,002       193,359  
Lease income     16,196       18,078  
Total revenue   $ 13,939,709     $ 10,000,305  

 

Revenues for the three months ended June 30, 2026 and 2025 by geographic region (determined based upon customer domicile), are as follows:

 

    June 30,
2026		     June 30,
2025		  
             
India   $ 12,346,633     $ 7,422,937  
South America     1,160,419       961,920  
Sri Lanka     387,319       -  
Philippines     25,419       1,435,817  
Indonesia     5,016       167,984  
UAE     8,043       7,425  
Nepal     6,860       4,222  
    $ 13,939,709     $ 10,000,305  

 

For the six months ended June 30, 2026 and 2025:

 

The following table disaggregates our revenue by major source:

 

    June 30,
2026		     June 30,
2025		  
             
System sales   $ 21,937,356     $ 13,283,520  
Instrument sales     2,293,753       1,485,038  
Warranty sales     776,688       315,863  
Lease income     33,278       36,494  
Total revenue   $ 25,041,075     $ 15,120,915  

 

Revenues for the six months ended June 30, 2026 and 2025 by geographic region (determined based upon customer domicile), are as follows:

 

    June 30,
2026		     June 30,
2025		  
             
India   $ 23,299,730     $ 11,612,248  
South America     1,234,248       1,014,195  
Sri Lanka     387,319       -  
Philippines     60,988       1,435,817  
Indonesia     29,148       1,039,584  
UAE     15,997       14,849  
Nepal     13,645       4,222  
    $ 25,041,075     $ 15,120,915