Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (Unaudited)

v3.20.2
BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
CURRENT ASSETS    
Cash and cash equivalents $ 32,433,811 $ 5,870,929
Accounts receivable less allowance for doubtful accounts of $24,676 and $32,645 at September 30, 2020 and December 31, 2019, respectively 3,736,596 3,234,521
Inventory 5,633,139 2,388,477
Prepaid expenses 844,496 387,396
TOTAL CURRENT ASSETS 42,648,042 11,881,323
Property and equipment, net 1,260,675 611,846
Patents, net of accumulated amortization of $335,686 and $288,967 at September 30, 2020 and December 31, 2019, respectively 884,635 807,135
Right of use assets, net 271,679 373,734
Deferred tax asset 349,609 188,241
Other assets 19,812 19,582
TOTAL ASSETS 45,434,452 13,881,861
CURRENT LIABILITIES    
Accounts payable 1,363,070 572,656
Accrued expenses 3,051,582 1,296,612
Accrued payroll and related taxes 440,144 190,265
Accrued tax liability 363,158 204,572
Finance lease liability - current 3,026 5,296
Operating lease liability - current 140,450 136,888
TOTAL CURRENT LIABILITIES 5,361,430 2,406,289
Finance lease liability, net of current portion 414 2,646
Operating lease liability, net of current portion 131,229 236,846
TOTAL LIABILITIES 5,493,073 2,645,781
Commitments and contingencies (Refer to Note 3)  
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; 75,000,000 shares authorized, 46,671,807 and 42,239,788 shares issued, 43,934,576 and 39,502,557 shares outstanding at September 30, 2020 and December 31, 2019, respectively 466,718 422,398
Additional paid-in capital 35,331,483 6,293,069
Treasury stock, 2,737,231 shares at September 30, 2020 and December 31, 2019, respectively, at cost (344,204) (344,204)
Retained earnings 4,487,382 4,864,817
TOTAL STOCKHOLDERS' EQUITY 39,941,379 11,236,080
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 45,434,452 $ 13,881,861