Quarterly report pursuant to Section 13 or 15(d)

BALANCE SHEETS (UNAUDITED)

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BALANCE SHEETS (UNAUDITED) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
CURRENT ASSETS    
Cash and cash equivalents $ 8,806,310 $ 11,482,240
Accounts receivable less allowance for credit losses of $0 as of September 30, 2024 and $24,777 as of December 31, 2023 5,164,700 4,045,211
Inventory 3,928,318 3,481,301
Other receivables 74,312 28,889
Prepaid expenses 955,213 1,218,288
TOTAL CURRENT ASSETS 18,928,853 20,255,929
Property and equipment, net 4,552,176 3,837,657
Intangible assets, net of accumulated amortization of $441,186 and $390,341 as of September 30, 2024 and December 31, 2023, respectively 746,302 754,361
Operating lease right-of-use assets 3,063,731 3,514,055
Other assets 98,970 98,970
TOTAL ASSETS 27,390,032 28,460,972
CURRENT LIABILITIES    
Accounts payable 1,670,300 975,193
Accrued expenses 2,792,967 1,711,427
Note payable 401,993 314,344
Other liabilities 181,745 512,520
Accrued payroll and related taxes 766,867 462,941
Financing lease liability – current 114,297 109,540
Operating lease liability – current 395,954 368,313
TOTAL CURRENT LIABILITIES 6,324,123 4,454,278
Financing lease liability, net of current portion 230,332 316,623
Operating lease liability, net of current portion 3,102,097 3,336,300
TOTAL LIABILITIES 9,656,552 8,107,201
STOCKHOLDERS’ EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 49,275,830 and 49,059,583 shares issued 45,837,304 and 45,639,081 shares outstanding as of September 30, 2024, and December 31, 2023, respectively 492,758 490,899
Additional paid-in capital 48,940,978 47,018,707
Treasury stock, 3,438,526 and 3,420,502 shares as of September 30, 2024 and December 31, 2023, respectively, at cost (3,882,493) (3,843,562)
Accumulated deficit (27,817,763) (23,312,273)
TOTAL STOCKHOLDERS’ EQUITY 17,733,480 20,353,771
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 27,390,032 $ 28,460,972