Quarterly report pursuant to Section 13 or 15(d)

Revenue

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Revenue
6 Months Ended
Jun. 30, 2022
Revenue [Abstract]  
REVENUE

NOTE 4 – REVENUE

 

Deferred Revenue

 

The company recognizes income from R&D milestone-based contracts when those milestones are reached and non-milestone contracts and grants when earned. These projects are invoiced after expenses are incurred. Any projects or grants funded in advance are deferred until earned.

 

From time to time the Company may receive prepayment from customers for products to be manufactured or component materials to be procured and shipped in future dates. Customer payments in advance of the applicable performance obligation are deferred and recognized in accordance with ASC 606.

 

As of June 30, 2022 and December 31, 2021, there were $293,523 unearned advanced revenues.

 

Disaggregation of Revenue

 

The following table disaggregates total revenues for the periods ending June 30, 2022 and 2021:

 

    Six months Ended  
    June 30,  
    2022     2021  
Net Product sales   $ 15,450     $ -  
Government grant income     -       141,778  
    $ 15,450.00     $ 141,778.00