v3.20.2
BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash and cash equivalents $ 38,129,349 $ 5,870,929
Accounts receivable less allowance for doubtful accounts of $32,645 at June 30, 2020 and December 31, 2019 2,965,902 3,234,521
Inventory 3,667,288 2,388,477
Prepaid expenses 543,482 387,396
TOTAL CURRENT ASSETS 45,306,021 11,881,323
Property and equipment, net 818,064 611,846
Patents, net of accumulated amortization of $319,120 and $288,967 at June 30, 2020 and December 31, 2019, respectively 926,504 807,135
Right of use assets, net 306,101 373,734
Deferred tax asset 334,011 188,241
Other assets 19,812 19,582
TOTAL ASSETS 47,710,513 13,881,861
CURRENT LIABILITIES    
Line of credit payable 3,500,000
Accounts payable 920,006 572,656
Accrued expenses 2,686,200 1,296,612
Accrued payroll and related taxes 523,537 190,265
Accrued tax liability 523,190 204,572
Finance lease liability - current 3,195 5,296
Operating lease liability - current 139,618 136,888
TOTAL CURRENT LIABILITIES 8,295,746 2,406,289
Finance lease liability, net of current portion 1,030 2,646
Operating lease liability, net of current portion 166,483 236,846
TOTAL LIABILITIES 8,463,259 2,645,781
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; 75,000,000 shares authorized, 46,640,120 and 42,239,788 shares issued, 43,902,889 and 39,502,557 shares outstanding at June 30, 2020 and December 31, 2019, respectively 466,401 422,398
Additional paid-in capital 34,886,850 6,293,069
Retained earnings 4,238,207 4,864,817
TOTAL STOCKHOLDERS' EQUITY BEFORE TREASURY STOCK 39,591,458 11,580,284
Less: Treasury stock, 2,737,231 shares at June 30, 2020 and December 31, 2019, respectively, at cost (344,204) (344,204)
TOTAL STOCKHOLDERS' EQUITY 39,247,254 11,236,080
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 47,710,513 $ 13,881,861

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