Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (UNAUDITED)

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BALANCE SHEETS (UNAUDITED) - USD ($)
Mar. 31, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 10,820,317 $ 11,482,240
Accounts receivable less allowance for doubtful accounts of $24,777 as of March 31, 2024 and $24,777 as of December 31, 2023 4,392,511 4,045,211
Inventory 3,147,312 3,481,301
Other receivables 288,714 28,889
Prepaid expenses 830,408 1,218,288
TOTAL CURRENT ASSETS 19,479,262 20,255,929
Property and equipment, net 3,755,530 3,837,657
Intangible assets, net of accumulated amortization of $406,801 and $390,341 as of March 31, 2024 and December 31, 2023, respectively 737,901 754,361
Operating lease right-of-use assets 3,428,885 3,514,055
Deferred income tax assets, net of allowance for non-realization of deferred tax assets of $6,391,452 and $6,002,777 for March 31, 2024 and December 31, 2023, respectively
Other assets 98,970 98,970
TOTAL ASSETS 27,500,548 28,460,972
CURRENT LIABILITIES    
Accounts payable 1,774,185 975,193
Accrued expenses 1,459,405 1,711,427
Note payable 159,031 314,344
Other liabilities 457,653 512,520
Accrued payroll and related taxes 519,441 462,941
Financing lease liability – current 111,103 109,540
Operating lease liability – current 372,109 368,313
TOTAL CURRENT LIABILITIES 4,852,927 4,454,278
Financing lease liability, net of current portion 288,253 316,623
Operating lease liability, net of current portion 3,241,837 3,336,300
TOTAL LIABILITIES 8,383,017 8,107,201
STOCKHOLDERS’ EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 49,143,589 and 49,089,864 shares issued 45,723,087 and 45,669,362 shares outstanding as of March 31, 2024, and December 31, 2023, respectively 491,436 490,899
Additional paid-in capital 47,717,888 47,018,707
Treasury stock, 3,420,502 shares as of March 31, 2024 and December 31, 2023, at cost (3,843,562) (3,843,562)
Accumulated deficit (25,248,231) (23,312,273)
TOTAL STOCKHOLDERS’ EQUITY 19,117,531 20,353,771
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 27,500,548 $ 28,460,972