Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Dec. 31, 2022
Dec. 31, 2021
CURRENT ASSETS    
Cash and cash equivalents $ 17,408,257 $ 25,334,889
Accounts receivable less allowance for doubtful accounts of $21,459 and $24,271 for December 31, 2022, and December 31, 2021, respectively 3,558,884 3,592,886
Inventory 6,404,867 6,106,338
Other receivables 972,396 718,220
Prepaid expenses and other 1,457,232 1,568,821
TOTAL CURRENT ASSETS 29,801,636 37,321,154
Property and equipment, net 3,886,975 1,106,445
Intangible assets, net of accumulated amortization of $325,872 and $263,729 at December 31, 2022 and December 31, 2021, respectively 787,182 808,813
Operating lease right-of-use assets 3,786,545 95,553
Deferred income tax assets, net 3,967,480 1,941,254
Other assets 102,625 19,812
TOTAL ASSETS 42,332,443 41,293,031
CURRENT LIABILITIES    
Accounts payable 2,391,799 1,227,533
Accrued expenses 2,889,941 2,709,704
Note Payable 433,295 508,583
Other liabilities 257,337 90,000
Accrued payroll and related taxes 542,399 160,603
Finance lease liability – current 98,335
Operating lease liability – current 345,834 95,553
TOTAL CURRENT LIABILITIES 6,958,940 4,791,976
Finance lease liability, net current portion 394,283
Operating lease liability, net of current portion 3,653,257
TOTAL LIABILITIES 11,006,480 4,791,976
STOCKHOLDERS’ EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 48,861,891 and 48,044,162 shares issued; 45,441,389 and 44,623,660 shares outstanding at December 31, 2022, and December 31, 2021, respectively 488,619 480,441
Additional paid-in capital 44,252,117 40,774,245
Treasury stock, 3,420,502 shares at December 31, 2022 and December 31, 2021, at cost (3,843,562) (3,843,562)
Retained Deficit (9,571,211) (910,069)
TOTAL STOCKHOLDERS’ EQUITY 31,325,963 36,501,055
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 42,332,443 $ 41,293,031