Balance Sheet

v3.24.0.1

BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 11,482,240	$ 17,408,257
Accounts receivable less allowance for doubtful accounts of $24,777 and $21,459 for December 31, 2023, and December 31, 2022, respectively	4,045,211	3,558,884
Inventory	3,481,301	6,404,867
Other receivables	28,889	972,396
Prepaid expenses and other	1,218,288	1,457,232
TOTAL CURRENT ASSETS	20,255,929	29,801,636
Property and equipment, net	3,837,657	3,886,975
Intangible assets, net of accumulated amortization of $390,341 and $325,872 at December 31, 2023 and December 31, 2022, respectively	754,361	787,182
Operating lease right-of-use assets	3,514,055	3,786,545
Deferred income tax assets, net allowance for non-realization of deferred tax assets of $6,002,777 and zero for December 31, 2023 and December 31, 2022, respectively		3,967,480
Other assets	98,970	102,625
TOTAL ASSETS	28,460,972	42,332,443
CURRENT LIABILITIES
Accounts payable	975,193	2,391,799
Accrued expenses	1,711,427	2,889,941
Note Payable	314,344	433,295
Other liabilities	512,520	257,337
Accrued payroll and related taxes	462,941	542,399
Finance lease liability – current	109,540	98,335
Operating lease liability – current	368,313	345,834
TOTAL CURRENT LIABILITIES	4,454,278	6,958,940
Finance lease liability, net current portion	316,623	394,283
Operating lease liability, net of current portion	3,336,300	3,653,257
TOTAL LIABILITIES	8,107,201	11,006,480
STOCKHOLDERS’ EQUITY
Common stock, $0.01 par value, 75,000,000 shares authorized, 49,089,864 and 48,861,891 shares issued; 45,669,362 and 45,441,389 shares outstanding at December 31, 2023, and December 31, 2022, respectively	490,899	488,619
Additional paid-in capital	47,018,707	44,252,117
Treasury stock, 3,420,502 shares at December 31, 2023 and December 31, 2022, at cost	(3,843,562)	(3,843,562)
Retained Deficit	(23,312,273)	(9,571,211)
TOTAL STOCKHOLDERS’ EQUITY	20,353,771	31,325,963
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 28,460,972	$ 42,332,443

- Definition

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

Balance Sheet

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