Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (UNAUDITED)

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BALANCE SHEETS (UNAUDITED) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 12,224,865 $ 17,408,257
Accounts receivable less allowance for doubtful accounts of $21,459 for March 31, 2023, and for December 31, 2022 4,164,513 3,558,884
Inventory 6,638,418 6,404,867
Other Receivables 1,014,761 972,396
Prepaid expenses 1,172,101 1,457,232
TOTAL CURRENT ASSETS 25,214,658 29,801,636
Property and equipment, net 3,906,067 3,886,975
Intangible assets, net of accumulated amortization of $341,755 and $325,872 at March 31, 2023 and December 31, 2022, respectively 782,531 787,182
Operating lease right-of-use assets 3,706,874 3,786,545
Deferred income tax assets, net 4,544,880 3,967,480
Other assets 98,970 102,625
TOTAL ASSETS 38,253,980 42,332,443
CURRENT LIABILITIES    
Accounts payable 1,503,120 2,391,799
Accrued expenses 1,591,737 2,889,941
Note Payable 218,403 433,295
Other Liabilities 261,544 257,337
Accrued payroll and related taxes 500,415 542,399
Financing lease liability – current 99,694 98,335
Operating lease liability – current 349,304 345,834
TOTAL CURRENT LIABILITIES 4,524,217 6,958,940
Financing lease liability, net of current portion 368,844 394,283
Operating lease liability, net of current portion 3,564,619 3,653,257
TOTAL LIABILITIES 8,457,680 11,006,480
STOCKHOLDERS’ EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 48,960,766 and 48,861,891 shares issued 45,540,264 and 45,441,389 shares outstanding at March 31, 2023, and December 31, 2022, respectively 489,608 488,619
Additional paid-in capital 45,132,350 44,252,117
Treasury stock, 3,420,502 shares at March 31, 2023 and December 31, 2022, at cost (3,843,562) (3,843,562)
Retained deficit (11,982,096) (9,571,211)
TOTAL STOCKHOLDERS’ EQUITY 29,796,300 31,325,963
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 38,253,980 $ 42,332,443