v3.20.1
BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash and cash equivalents $ 7,427,679 $ 5,870,929
Accounts receivable less allowance for doubtful accounts of $32,645 at March 31, 2020 and December 31, 2019 3,419,681 3,234,521
Inventory 3,089,016 2,388,477
Prepaid expenses 543,454 387,396
TOTAL CURRENT ASSETS 14,479,830 11,881,323
Property and equipment, net 638,670 611,846
Patents, net of accumulated amortization of $303,425 and $288,967 at March 31, 2020 and December 31, 2019, respectively 873,225 807,135
Right of use assets, net 340,118 373,734
Deferred tax asset 251,444 188,241
Other assets 19,812 19,582
TOTAL ASSETS 16,603,099 13,881,861
CURRENT LIABILITIES    
Line of credit payable 1,500,000
Accounts payable 1,097,054 572,656
Accrued expenses 888,318 1,296,612
Accrued payroll and related taxes 229,836 190,265
Accrued tax liability 409,703 204,572
Finance lease liability - current 4,252 5,296
Operating lease liability - current 138,520 136,888
TOTAL CURRENT LIABILITIES 4,267,683 2,406,289
Finance lease liability, net of current portion 1,842 2,646
Operating lease liability, net of current portion 201,598 236,846
TOTAL LIABILITIES 4,471,123 2,645,781
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; 75,000,000 shares authorized, 42,423,977 and 42,239,788 shares issued, 39,686,746 and 39,502,557 shares outstanding at March 31, 2020 and December 31, 2019, respectively 424,240 422,398
Additional paid-in capital 6,737,695 6,293,069
Retained earnings 5,314,245 4,864,817
TOTAL STOCKHOLDERS' EQUITY BEFORE TREASURY STOCK 12,476,180 11,580,284
Less: Treasury stock, 2,737,231 shares at March 31, 2020 and December 31, 2019, respectively, at cost (344,204) (344,204)
TOTAL STOCKHOLDERS' EQUITY 12,131,976 11,236,080
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 16,603,099 $ 13,881,861

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