Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Dec. 31, 2021
Dec. 31, 2020
CURRENT ASSETS    
Cash and cash equivalents $ 25,334,889 $ 27,315,286
Accounts receivable less allowance for doubtful accounts of $24,271 and $24,469 for December 31, 2021, and December 31, 2020, respectively 3,592,886 2,572,954
Inventory 6,106,338 6,829,772
Other receivables 718,220
Prepaid expenses and other 1,568,821 807,780
TOTAL CURRENT ASSETS 37,321,154 37,525,792
Property and equipment, net 1,106,445 1,167,623
Intangible assets, net of accumulated amortization of $263,729 and $199,899 at December 31, 2021 and December 31, 2020, respectively 808,813 843,587
Operating lease right-of-use assets 95,553 236,846
Deferred income tax assets, net 1,941,254 125,274
Other assets 19,812 19,812
TOTAL ASSETS 41,293,031 39,918,934
CURRENT LIABILITIES    
Accounts payable 1,227,533 624,920
Accrued expenses 2,709,704 2,610,413
Note Payable 508,583
Deferred Revenue 90,000
Accrued payroll and related taxes 160,603 287,130
Finance lease liability – current 2,646
Operating lease liability – current 95,553 141,293
TOTAL CURRENT LIABILITIES 4,791,976 3,666,402
Operating lease liability, net of current portion 95,553
TOTAL LIABILITIES 4,791,976 3,761,955
STOCKHOLDERS’ EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 48,044,162 and 46,680,119 shares issued; 44,623,660 and 43,259,617 shares outstanding at December 31, 2021, and December 31, 2020, respectively 480,441 466,801
Additional paid-in capital 40,774,245 35,880,986
Treasury stock, 3,420,502 shares at December 31, 2021 and December 31, 2020, at cost (3,843,562) (3,843,562)
Retained (deficit)/earnings (910,069) 3,652,754
TOTAL STOCKHOLDERS’ EQUITY 36,501,055 36,156,979
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 41,293,031 $ 39,918,934