v3.19.2
BALANCE SHEETS (Unaudited) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
CURRENT ASSETS    
Cash and cash equivalents $ 3,807,192 $ 3,738,803
Certificates of deposit 1,517,927
Accounts receivable less allowance for doubtful accounts of $37,299 at June 30, 2019 and $37,500 at December 31, 2018 3,293,196 1,425,854
Inventory 2,571,585 2,103,879
Prepaid expenses 257,320 246,591
TOTAL CURRENT ASSETS 9,929,293 9,033,054
Property and equipment, net 615,555 858,781
Patents, net of accumulated amortization of $260,812 and $239,581 at June 30, 2019 and December 31, 2018, respectively 747,106 632,156
Right of use assets, net 439,782  
Deferred tax asset 1,466
Other assets 19,582 19,582
TOTAL ASSETS 11,751,318 10,545,039
CURRENT LIABILITIES    
Deferred capital gain - current 3,763
Accounts payable 530,380 453,498
Accrued expenses 1,034,830 688,649
Accrued payroll and related taxes 171,984 421,714
Accrued tax liability 16,608
Finance lease liability - current 4,295  
Operating lease liability - current 133,417  
TOTAL CURRENT LIABILITIES 1,874,906 1,584,232
Deferred tax liability 65,029  
Finance lease liability, net of current portion  
Operating lease liability, net of current portion 306,365  
TOTAL LIABILITIES 2,246,300 1,584,232
STOCKHOLDERS' EQUITY    
Common stock, $0.01 par value; 75,000,000 shares authorized, 41,121,211 and 40,932,911 shares issued, 38,383,980 and 38,195,680 shares outstanding at June 30, 2019 and December 31, 2018, respectively 411,212 409,329
Additional paid-in capital 5,144,749 4,595,214
Retained earnings 4,293,261 4,300,468
TOTAL STOCKHOLDERS' EQUITY BEFORE TREASURY STOCK 9,849,222 9,305,011
Less: Treasury stock, 2,737,231 shares at June 30, 2019 and December 31, 2018, respectively, at cost (344,204) (344,204)
TOTAL STOCKHOLDERS' EQUITY 9,505,018 8,960,807
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 11,751,318 $ 10,545,039

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