v3.19.3
BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2019
Dec. 31, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 5,129,028 $ 3,738,803
Certificates of deposit 1,517,927
Accounts receivable less allowance for doubtful accounts of $36,609 at September 30, 2019 and $37,500 at December 31, 2018 3,546,634 1,425,854
Inventory 2,738,682 2,103,879
Prepaid expenses 453,151 246,591
TOTAL CURRENT ASSETS 11,867,495 9,033,054
Property and equipment, net 636,928 858,781
Patents, net of accumulated amortization of $273,846 and $239,581 at September 30, 2019 and December 31, 2018, respectively 786,164 632,156
Right of use assets, net 406,954  
Deferred tax asset 1,466
Other assets 19,582 19,582
TOTAL ASSETS 13,717,123 10,545,039
CURRENT LIABILITIES    
Deferred capital gain - current 3,763
Accounts payable 874,977 453,498
Accrued expenses 1,178,702 688,649
Accrued payroll and related taxes 111,359 421,714
Accrued tax liability 16,608
Finance lease liability - current 3,242  
Operating lease liability - current 135,275  
TOTAL CURRENT LIABILITIES 2,303,555 1,584,232
Deferred tax liability 133,097  
Operating lease liability, net of current portion 271,679  
TOTAL LIABILITIES 2,708,331 1,584,232
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; 75,000,000 shares authorized, 42,228,658 and 40,932,911 shares issued, 39,491,427 and 38,195,680 shares outstanding at September 30, 2019 and December 31, 2018, respectively 422,286 409,329
Additional paid-in capital 5,985,636 4,595,214
Retained earnings 4,945,074 4,300,468
TOTAL STOCKHOLDERS' EQUITY BEFORE TREASURY STOCK 11,352,996 9,305,011
Less: Treasury stock, 2,737,231 shares at September 30, 2019 and December 31, 2018, respectively, at cost (344,204) (344,204)
TOTAL STOCKHOLDERS' EQUITY 11,008,792 8,960,807
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 13,717,123 $ 10,545,039

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