Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Dec. 31, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 11,482,240 $ 17,408,257
Accounts receivable less allowance for doubtful accounts of $24,777 and $21,459 for December 31, 2023, and December 31, 2022, respectively 4,045,211 3,558,884
Inventory 3,481,301 6,404,867
Other receivables 28,889 972,396
Prepaid expenses and other 1,218,288 1,457,232
TOTAL CURRENT ASSETS 20,255,929 29,801,636
Property and equipment, net 3,837,657 3,886,975
Intangible assets, net of accumulated amortization of $390,341 and $325,872 at December 31, 2023 and December 31, 2022, respectively 754,361 787,182
Operating lease right-of-use assets 3,514,055 3,786,545
Deferred income tax assets, net allowance for non-realization of deferred tax assets of $6,002,777 and zero for December 31, 2023 and December 31, 2022, respectively 3,967,480
Other assets 98,970 102,625
TOTAL ASSETS 28,460,972 42,332,443
CURRENT LIABILITIES    
Accounts payable 975,193 2,391,799
Accrued expenses 1,711,427 2,889,941
Note Payable 314,344 433,295
Other liabilities 512,520 257,337
Accrued payroll and related taxes 462,941 542,399
Finance lease liability – current 109,540 98,335
Operating lease liability – current 368,313 345,834
TOTAL CURRENT LIABILITIES 4,454,278 6,958,940
Finance lease liability, net current portion 316,623 394,283
Operating lease liability, net of current portion 3,336,300 3,653,257
TOTAL LIABILITIES 8,107,201 11,006,480
STOCKHOLDERS’ EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 49,089,864 and 48,861,891 shares issued; 45,669,362 and 45,441,389 shares outstanding at December 31, 2023, and December 31, 2022, respectively 490,899 488,619
Additional paid-in capital 47,018,707 44,252,117
Treasury stock, 3,420,502 shares at December 31, 2023 and December 31, 2022, at cost (3,843,562) (3,843,562)
Retained Deficit (23,312,273) (9,571,211)
TOTAL STOCKHOLDERS’ EQUITY 20,353,771 31,325,963
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 28,460,972 $ 42,332,443