v3.19.3.a.u2
BALANCE SHEETS - USD ($)
Dec. 31, 2019
Dec. 31, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 5,870,929 $ 3,738,803
Certificates of deposit 1,517,927
Accounts receivable less allowance for doubtful accounts of $32,645 and $37,500 for December 31, 2019, and December 31, 2018, respectively 3,234,521 1,425,854
Inventory 2,388,477 2,103,879
Prepaid expenses 387,396 246,591
TOTAL CURRENT ASSETS 11,881,323 9,033,054
Property and equipment, net 611,846 858,781
Patents, net of accumulated amortization of $288,967 and $239,581 at December 31, 2019 and December 31, 2018, respectively 807,135 632,156
Right of use assets, net 373,734  
Deferred tax asset 188,241 1,466
Other assets 19,582 19,582
TOTAL ASSETS 13,881,861 10,545,039
CURRENT LIABILITIES    
Deferred capital gain - current 3,763
Accounts payable 572,656 453,498
Accrued expenses 1,296,612 688,649
Accrued payroll and related taxes 190,265 421,714
Accrued tax liability 204,572 16,608
Finance lease liability - current 5,296  
Operating lease liability - current 136,888  
TOTAL CURRENT LIABILITIES 2,406,289 1,584,232
Finance lease liability, net of current portion 2,646  
Operating lease liability, net of current portion 236,846  
TOTAL LIABILITIES 2,645,781 1,584,232
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 42,239,788 and 40,932,911 shares issued; 39,502,557 and 38,195,680 shares outstanding at December 31, 2019, and December 31, 2018, respectively 422,398 409,329
Additional paid-in capital 6,293,069 4,595,214
Retained earnings 4,864,817 4,300,468
TOTAL STOCKHOLDERS' EQUITY BEFORE TREASURY STOCK 11,580,284 9,305,011
Less: Treasury stock, 2,737,231 shares at December 31, 2019 and December 31, 2018, respectively, at cost (344,204) (344,204)
TOTAL STOCKHOLDERS' EQUITY 11,236,080 8,960,807
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 13,881,861 $ 10,545,039

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