Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (UNAUDITED)

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BALANCE SHEETS (UNAUDITED) - USD ($)
Sep. 30, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 10,772,178 $ 17,408,257
Accounts receivable less allowance for doubtful accounts of $24,777 as of September 30, 2023 and $21,459 as of December 31, 2022 4,050,756 3,558,884
Inventory 4,676,913 6,404,867
Other receivables 813,499 972,396
Prepaid expenses 1,373,348 1,457,232
TOTAL CURRENT ASSETS 21,686,694 29,801,636
Property and equipment, net 3,820,087 3,886,975
Intangible assets, net of accumulated amortization of $373,943 and $325,872 as of September 30, 2023 and December 31, 2022, respectively 758,423 787,182
Operating lease right-of-use assets 3,544,959 3,786,545
Deferred income tax assets, net 5,445,123 3,967,480
Other assets 98,969 102,625
TOTAL ASSETS 35,354,255 42,332,443
CURRENT LIABILITIES    
Accounts payable 945,619 2,391,799
Accrued expenses 1,458,529 2,889,941
Note payable 466,026 433,295
Other liabilities 500,620 257,337
Accrued payroll and related taxes 392,527 542,399
Financing lease liability – current 102,470 98,335
Operating lease liability – current 356,349 345,834
TOTAL CURRENT LIABILITIES 4,222,140 6,958,940
Financing lease liability, net of current portion 316,906 394,283
Operating lease liability, net of current portion 3,384,666 3,653,257
TOTAL LIABILITIES 7,923,712 11,006,480
STOCKHOLDERS’ EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 49,059,583 and 48,861,891 shares issued 45,639,081 and 45,441,389 shares outstanding as of September 30, 2023, and December 31, 2022, respectively 490,596 488,619
Additional paid-in capital 46,629,753 44,252,117
Treasury stock, 3,420,502 shares as of September 30, 2023 and December 31, 2022, at cost (3,843,562) (3,843,562)
Accumulated deficit (15,846,244) (9,571,211)
TOTAL STOCKHOLDERS’ EQUITY 27,430,543 31,325,963
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 35,354,255 $ 42,332,443