v3.19.1
BALANCE SHEETS (Unaudited) - USD ($)
Mar. 31, 2019
Dec. 31, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 2,592,889 $ 3,738,803
Certificates of deposit 1,524,416 1,517,927
Accounts receivable less allowance for doubtful accounts of $37,500 at March 31, 2019 and December 31, 2018 2,655,273 1,425,854
Inventory 2,508,684 2,103,879
Prepaid expenses 286,615 246,591
TOTAL CURRENT ASSETS 9,567,877 9,033,054
Property and equipment, net 833,015 858,781
Patents, net of accumulated amortization of $249,716 and $239,581 at March 31, 2019 and December 31, 2018, respectively 670,738 632,156
Right of use assets, net 472,224
Deferred tax asset 1,466
Other assets 19,582 19,582
TOTAL ASSETS 11,563,436 10,545,039
CURRENT LIABILITIES    
Deferred capital gain - current 3,763
Accounts payable 943,091 453,498
Accrued expenses 699,887 688,649
Accrued payroll and related taxes 248,049 421,714
Accrued tax liability 16,608
Finance lease liability - current 4,241
Operating lease liability - current 131,845
TOTAL CURRENT LIABILITIES 2,027,113 1,584,232
Deferred tax liability 24,128
Finance lease liability, net of current portion 1,094
Operating lease liability, net of current portion 340,379
TOTAL LIABILITIES 2,392,714 1,584,232
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; 75,000,000 shares authorized, 40,939,825 and 40,932,911 shares issued, 38,202,594 and 38,195,680 shares outstanding at March 31, 2019 and December 31, 2018, respectively 409,398 409,329
Additional paid-in capital 4,890,450 4,595,214
Retained earnings 4,215,078 4,300,468
TOTAL STOCKHOLDERS' EQUITY BEFORE TREASURY STOCK 9,514,926 9,305,011
Less: Treasury stock, 2,737,231 shares at March 31, 2019 and December 31, 2018, respectively, at cost (344,204) (344,204)
TOTAL STOCKHOLDERS' EQUITY 9,170,722 8,960,807
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 11,563,436 $ 10,545,039

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