Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (UNAUDITED)

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BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2022
Dec. 31, 2021
CURRENT ASSETS    
Cash and cash equivalents $ 18,265,552 $ 25,334,889
Accounts receivable less allowance for doubtful accounts of $24,471 for June 30, 2022, and December 31, 2021 4,084,762 3,592,886
Inventory 6,771,514 6,106,338
Other Receivables 680,796 718,220
Prepaid expenses 1,165,668 1,568,821
TOTAL CURRENT ASSETS 30,968,292 37,321,154
Property and equipment, net 2,823,090 1,106,445
Intangible assets, net of accumulated amortization of $294,301 and $263,729 at June 30, 2022 and December 31, 2021, respectively 791,781 808,813
Operating lease right-of-use assets 4,190,931 95,553
Finance lease right -of-use, net accumulated depreciation of $5,918 at June 30, 2022 349,153
Deferred income tax assets, net 3,249,323 1,941,254
Other assets 88,772 19,812
TOTAL ASSETS 42,461,342 41,293,031
CURRENT LIABILITIES    
Accounts payable 2,389,862 1,227,533
Accrued expenses 1,974,196 2,709,704
Note Payable 508,583
Other Liabilities 240,501 90,000
Accrued payroll and related taxes 696,042 160,603
Financing lease liability – current 66,503
Operating lease liability – current 363,030 95,553
TOTAL CURRENT LIABILITIES 5,730,134 4,791,976
Financing lease liability, net of current portion 281,958
Operating lease liability, net of current portion 3,827,900
TOTAL LIABILITIES 9,839,992 4,791,976
STOCKHOLDERS’ EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 48,407,619 and 48,044,162 shares issued 44,987,117 and 44,623,660 shares outstanding at June 30, 2022, and December 31, 2021, respectively 484,076 480,441
Additional paid-in capital 42,349,760 40,774,245
Treasury stock, 3,420,502 shares at June 30, 2022 and December 31, 2021, respectively, at cost (3,843,562) (3,843,562)
Retained deficit (6,368,924) (910,069)
TOTAL STOCKHOLDERS’ EQUITY 32,621,350 36,501,055
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 42,461,342 $ 41,293,031