v3.25.1
BALANCE SHEETS(Unaudited) - USD ($)
Mar. 31, 2025
Dec. 31, 2024
CURRENT ASSETS    
Cash and cash equivalents $ 8,735,834 $ 9,580,947
Accounts receivable less allowance for credit losses of $0 as of March 31, 2025 and December 31, 2024 5,949,411 5,720,750
Inventory 3,278,646 2,803,669
Other receivables 321,167 277,193
Prepaid expenses 713,970 749,851
TOTAL CURRENT ASSETS 18,999,028 19,132,410
Property and equipment, net 4,533,949 4,290,515
Intangible assets, net of accumulated amortization of $475,891 and $458,538 as of March 31, 2025 and December 31, 2024, respectively 716,326 730,279
Operating lease right-of-use assets 2,867,894 2,966,341
Other assets 98,970 98,970
TOTAL ASSETS 27,216,167 27,218,515
CURRENT LIABILITIES    
Accounts payable 2,013,578 1,649,969
Accrued expenses 3,977,987 3,924,184
Note payable 137,180 271,152
Other liabilities 110,097 29,269
Accrued payroll and related taxes 1,038,717 811,401
Financing lease liability – current 117,105 115,587
Operating lease liability – current 404,613 400,258
TOTAL CURRENT LIABILITIES 7,799,277 7,201,820
Financing lease liability, net of current portion 174,259 202,613
Operating lease liability, net of current portion 2,897,600 3,000,403
TOTAL LIABILITIES 10,871,136 10,404,836
STOCKHOLDERS’ EQUITY    
Common stock, $0.01 par value, 75,000,000 shares authorized, 49,561,498 and 49,377,617 shares issued 46,140,996 and 45,957,115 shares outstanding as of March 31, 2025, and December 31, 2024, respectively 495,615 493,776
Additional paid-in capital 50,277,053 49,581,303
Treasury stock, 3,438,526 and 3,438,526 shares as of March 31, 2025 and December 31, 2024, respectively, at cost (3,882,494) (3,882,494)
Accumulated deficit (30,545,143) (29,378,906)
TOTAL STOCKHOLDERS’ EQUITY 16,345,031 16,813,679
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 27,216,167 $ 27,218,515

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