Balance Sheet

v3.24.1.u1

BALANCE SHEETS (UNAUDITED) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS
Cash and cash equivalents	$ 10,820,317	$ 11,482,240
Accounts receivable less allowance for doubtful accounts of $24,777 as of March 31, 2024 and $24,777 as of December 31, 2023	4,392,511	4,045,211
Inventory	3,147,312	3,481,301
Other receivables	288,714	28,889
Prepaid expenses	830,408	1,218,288
TOTAL CURRENT ASSETS	19,479,262	20,255,929
Property and equipment, net	3,755,530	3,837,657
Intangible assets, net of accumulated amortization of $406,801 and $390,341 as of March 31, 2024 and December 31, 2023, respectively	737,901	754,361
Operating lease right-of-use assets	3,428,885	3,514,055
Deferred income tax assets, net of allowance for non-realization of deferred tax assets of $6,391,452 and $6,002,777 for March 31, 2024 and December 31, 2023, respectively
Other assets	98,970	98,970
TOTAL ASSETS	27,500,548	28,460,972
CURRENT LIABILITIES
Accounts payable	1,774,185	975,193
Accrued expenses	1,459,405	1,711,427
Note payable	159,031	314,344
Other liabilities	457,653	512,520
Accrued payroll and related taxes	519,441	462,941
Financing lease liability – current	111,103	109,540
Operating lease liability – current	372,109	368,313
TOTAL CURRENT LIABILITIES	4,852,927	4,454,278
Financing lease liability, net of current portion	288,253	316,623
Operating lease liability, net of current portion	3,241,837	3,336,300
TOTAL LIABILITIES	8,383,017	8,107,201
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value, 75,000,000 shares authorized, 49,143,589 and 49,089,864 shares issued 45,723,087 and 45,669,362 shares outstanding as of March 31, 2024, and December 31, 2023, respectively	491,436	490,899
Additional paid-in capital	47,717,888	47,018,707
Treasury stock, 3,420,502 shares as of March 31, 2024 and December 31, 2023, at cost	(3,843,562)	(3,843,562)
Accumulated deficit	(25,248,231)	(23,312,273)
TOTAL STOCKHOLDERS’ EQUITY	19,117,531	20,353,771
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 27,500,548	$ 28,460,972

- Definition

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Balance Sheet

Source