Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (UNAUDITED)

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BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 10,458,001 $ 11,482,240
Accounts receivable less allowance for credit losses of $24,777 as of June 30, 2024 and December 31, 2023 5,846,082 4,045,211
Inventory 2,588,750 3,481,301
Other receivables 28,889
Prepaid expenses 472,864 1,218,288
TOTAL CURRENT ASSETS 19,365,697 20,255,929
Property and equipment, net 3,678,984 3,837,657
Intangible assets, net of accumulated amortization of $423,834 and $390,341 as of June 30, 2024 and December 31, 2023, respectively 745,084 754,361
Operating lease right-of-use assets 3,414,831 3,514,055
Deferred income tax assets, net of allowance for non-realization of deferred tax assets of $6,581,206 and $6,002,777 as of June 30, 2024 and December 31, 2023, respectively
Other assets 98,970 98,970
TOTAL ASSETS 27,303,566 28,460,972
CURRENT LIABILITIES    
Accounts payable 1,595,691 975,193
Accrued expenses 2,144,722 1,711,427
Note payable 314,344
Other liabilities 447,788 512,520
Accrued payroll and related taxes 444,251 462,941
Financing lease liability – current 112,689 109,540
Operating lease liability – current 391,699 368,313
TOTAL CURRENT LIABILITIES 5,136,840 4,454,278
Financing lease liability, net of current portion 259,479 316,623
Operating lease liability, net of current portion 3,202,697 3,336,300
TOTAL LIABILITIES 8,599,016 8,107,201
STOCKHOLDERS’ EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 49,257,812 and 49,089,864 shares issued 45,819,286 and 45,669,362 shares outstanding as of June 30, 2024, and December 31, 2023, respectively 492,398 490,899
Additional paid-in capital 48,331,591 47,018,707
Treasury stock, 3,438,526 shares as of June 30, 2024 and December 31, 2023, at cost (3,882,493) (3,843,562)
Accumulated deficit (26,236,946) (23,312,273)
TOTAL STOCKHOLDERS’ EQUITY 18,704,550 20,353,771
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 27,303,566 $ 28,460,972