| INVENTORY |
NOTE 14 – INVENTORY Inventory consists of the following as of: | | | June 30,
2026 | | | December 31,
2025 | | | | | | | | | | | Raw materials (includes goods in transit $1,039,881 (December 31, 2025: $502,392)] | | $ | 7,897,643 | | | $ | 7,027,016 | | | Work-in-progress | | | 1,833,138 | | | | 1,426,933 | | | Finished goods# | | | 8,852,456 | | | | 8,717,761 | | | Less: Inventory valuation allowance | | | (101,634 | ) | | | (107,708 | ) | | | | $ | 18,481,603 | | | $ | 17,064,002 | | | # | Including two systems of $491,700 and nil as on June 30, 2026 and December 31, 2025, respectively, located at distributor on behalf of the Company for the purposes of FDA clinical trials. | Changes in the inventory valuation allowance for the three and six months ended June 30, 2026 is as follows: | | | For the three months
period ended | | | | | June 30,
2026 | | | June 30,
2025 | | | | | | | | | | | Balance at the beginning of the year | | $ | 101,590 | | | | - | | | Additions / (Reversals) | | | - | | | | - | | | Foreign currency translation adjustment | | | 44 | | | | - | | | Balance at the end of the year | | $ | 101,634 | | | | - | | | | | For the six months
period ended | | | | | June 30,
2026 | | | June 30,
2025 | | | | | | | | | | | Balance at the beginning of the year | | $ | 107,708 | | | | - | | | Additions / (Reversals) | | | (6,225 | ) | | | - | | | Foreign currency translation adjustment | | | 151 | | | | - | | | Balance at the end of the year | | $ | 101,634 | | | | - | | The provision for slow-moving and obsolete inventory is recognized within cost of sales in the Consolidated Statements of Operations.
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