v3.10.0.1
BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
CURRENT ASSETS    
Cash and cash equivalents $ 3,649,332 $ 3,974,536
Certificates of deposit 1,671,004 263,269
Accounts receivable less allowance for doubtful accounts of $77,067 at September 30, 2018 and $77,067 at December 31, 2017 1,510,630 1,861,949
Inventory 1,949,403 1,658,681
Prepaid expenses 348,085 170,739
TOTAL CURRENT ASSETS 9,128,454 7,929,174
Property and equipment, net 821,313 836,283
Patents, net of accumulated amortization of $229,693 and $203,768 at September 30, 2018 and December 31, 2017, respectively 595,754 483,821
Other assets 31,582 31,582
TOTAL ASSETS 10,577,103 9,280,860
CURRENT LIABILITIES    
Deferred capital gain - current 9,383 22,481
Accounts payable 591,919 454,398
Accrued expenses 627,237 658,060
Accrued payroll and related taxes 121,203 334,903
Accrued tax liability 55,002 115,854
TOTAL CURRENT LIABILITIES 1,404,744 1,585,696
Deferred capital gain - long term 3,762
Deferred tax liability 32,509 21,675
TOTAL LIABILITIES 1,437,253 1,611,133
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; 75,000,000 shares authorized, 40,932,445 and 40,731,529 shares issued, 38,195,214 and 37,994,298 shares outstanding at September 30, 2018 and December 31, 2017, respectively 409,324 407,315
Additional paid-in capital 4,419,129 4,216,718
Retained earnings 4,655,601 3,389,898
Stockholder equity before treasury stock 9,484,054 8,013,931
Less: Treasury stock, 2,737,231 shares at September 30, 2018 and December 31, 2017 (344,204) (344,204)
TOTAL STOCKHOLDERS' EQUITY 9,139,850 7,669,727
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 10,577,103 $ 9,280,860

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