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

OTHER PAYABLES AND ACCRUED LIABILITIES

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OTHER PAYABLES AND ACCRUED LIABILITIES
 12 Months Ended
Dec. 31, 2024
Other Payables And Accrued Liabilities  
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:

    2024     2023  
Accrued compensation   $ 740,649     $ 369,416  
Accrued royalties     1,237,500       67,099  
Deferred revenue     457,633       397,872  
Trade payable     1,163,001       580,553  
Other accrued expenses     727,228       1,061,246  
Total   $ 4,326,011     $ 2,476,186  

 

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.