Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (UNAUDITED)

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BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 11,719,405 $ 17,408,257
Accounts receivable less allowance for doubtful accounts of $21,459 as of June 30, 2023 and December 31, 2022 3,639,755 3,558,884
Inventory 5,278,224 6,404,867
Other receivables 1,131,115 972,396
Prepaid expenses 772,893 1,457,232
TOTAL CURRENT ASSETS 22,541,392 29,801,636
Property and equipment, net 3,811,843 3,886,975
Intangible assets, net of accumulated amortization of $357,809 and $325,872 as of June 30, 2023 and December 31, 2022, respectively 772,543 787,182
Operating lease right-of-use assets 3,626,348 3,786,545
Deferred income tax assets, net 5,144,876 3,967,480
Other assets 98,970 102,625
TOTAL ASSETS 35,995,972 42,332,443
CURRENT LIABILITIES    
Accounts payable 1,574,630 2,391,799
Accrued expenses 1,362,293 2,889,941
Note payable 433,295
Other liabilities 263,253 257,337
Accrued payroll and related taxes 422,623 542,399
Financing lease liability – current 101,072 98,335
Operating lease liability – current 352,809 345,834
TOTAL CURRENT LIABILITIES 4,076,680 6,958,940
Financing lease liability, net of current portion 343,053 394,283
Operating lease liability, net of current portion 3,475,092 3,653,257
TOTAL LIABILITIES 7,894,825 11,006,480
STOCKHOLDERS’ EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 49,033,652 and 48,861,891 shares issued 45,613,150 and 45,441,389 shares outstanding as of June 30, 2023, and December 31, 2022, respectively 490,337 488,619
Additional paid-in capital 45,932,354 44,252,117
Treasury stock, 3,420,502 shares as of June 30, 2023 and December 31, 2022, at cost (3,843,562) (3,843,562)
Accumulated deficit (14,477,982) (9,571,211)
TOTAL STOCKHOLDERS’ EQUITY 28,101,147 31,325,963
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 35,995,972 $ 42,332,443