Annual report [Section 13 and 15(d), not S-K Item 405]

OTHER PAYABLES AND ACCRUED LIABILITIES

v3.26.1
OTHER PAYABLES AND ACCRUED LIABILITIES
 12 Months Ended
Dec. 31, 2025
Other Liabilities Disclosure [Abstract]  
OTHER PAYABLES AND ACCRUED LIABILITIES

NOTE 7 – OTHER PAYABLES AND ACCRUED LIABILITIES

 

Other payables and accrued liabilities consist of the following as of December 31:

 

    2025     2024  
Accrued compensation   $ 7,371   $ 740,649  
Accrued royalties     1,650,000       1,237,500  
Deferred revenue     683,782       457,633  
Trade payable     914,085       1,163,001  
Goods received pending invoice     612,854       -  
Other accrued expenses     512,353       727,228  
Total   $ 4,380,445     $ 4,326,011  

 

These liabilities represent obligations incurred as of the reporting date but not yet paid; accrued compensation includes wages and bonuses earned by employees, and accrued royalties include royalty payments that are potentially owed but not yet paid. Deferred revenue is for amounts received but not yet earned, primarily related to gift card liabilities and loyalty rewards obligations, and trade payables consist of amounts owed to suppliers for goods or services purchased. Other accrued expenses primarily consist of operational costs incurred but not yet invoiced.