Note 3 - Inventories, net

Inventories are written down for any obsolescence or when the net realizable value considering future events and conditions is less than the carrying value. For the three months ended March 31, 2026 and 2025, the Company recorded $Nil and $Nil respectively, related to spoiled inventory in costs and expenses applicable to revenues on the unaudited interim condensed consolidated statements of operations.

Effective January 1, 2025, the Company had implemented a change in accounting estimate with respect to the valuation of inventory. Refer to Note 1(h) for further details.