REVENUE

12 Months Ended

Dec. 31, 2024

REVENUE

REVENUE

NOTE 9 – REVENUE

The following table shows disaggregated net revenue from contracts with customers by product or service line and geographic area for the year ended December 31, 2024 and 2023:

	For the year ended
	December 31,			December 31,
	2024			2023
Revenue by product or service line:
Trading of industrial chemicals		9,494,577			9,746,587
Screening services and related sales		16,069			24,219
Net revenue	$	9,510,646		$	9,770,806
Revenue by geographic area
Bangladesh		123,267			538,062
Indonesia		138,300			-
Malaysia		7,455,906			8,222,055
Maldives		762,144			637,186
Nigeria		-			42,073
Singapore		572,027			244,404
Sri Lanka		459,002			87,026
Net revenue	$	9,510,646	$		9,770,806
Timing of recognition:
At a point in time	$	9,510,646		$	9,770,806

Revenue is derived from the sale of industrial chemicals and the provision of genomic screening services. Revenue from the sale of goods is recognized at a point in time when control of the goods is transferred to the customer. Credit terms are generally from 30 to 90 days. The Company allows returns only for exchanges with new goods. No warranties are given on the sale of goods.

Revenue from services is recognized at a point in time when the final report is delivered to the customer. Credit terms for these services are generally from 30 days to 60 days. No warranties are given on the services rendered.

In applying ASC 606, the Company does not exercise significant judgment in determining whether revenue from the sale of goods and services should be recognized at a point in time. The criteria for recognizing revenue at a point in time, such as the transfer of control of goods or completion of services, are clear and are based on established contract terms. Therefore, no significant judgment is required in determining the timing of revenue recognition.