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Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets    
Cash and cash equivalents $ 12,570,445 $ 771,757
Restricted cash 500,000 800,000
Accounts receivable, net of allowance for doubtful accounts of $236,819 and $173,603 as of December 31, 2021 and 2020, respectively 4,880,663 9,203,334
Inventories, net 33,891,287 16,504,840
Prepaid expenses and other current assets 587,885 399,119
Total current assets 52,430,280 27,679,050
Equipment, net 762,818 455,066
Operating lease right-of-use assets 241,626 86,948
Goodwill 58,872 58,872
Intangible assets, net 262,698 388,629
Other assets 544,738 942,404
Total assets 54,301,032 29,610,969
Current liabilities    
Bank credit line 5,065,074 2,442,246
Accounts payable 12,458,246 11,744,834
Current maturities of government loan 34,237 65,225
Current maturities of operating lease liabilities 143,486 65,651
Accrued expenses 5,279,917 7,465,063
Deferred revenue, current 291,296
Total current liabilities 23,272,256 21,783,019
Long term government loan, less current maturities 15,245
Operating lease liabilities, less current maturities 98,811 22,235
Deferred revenue, noncurrent 443,452
Total Liabilities 23,814,519 21,820,499
Commitments and Contingencies (Note 9)
Stockholders’ equity    
Preferred Stock, Authorized: 2,000,000 shares at $0.01 par value; 0 shares issued and outstanding
Common Stock: Authorized: 60,000,000 shares and 40,000,000 shares at December 31, 2021 and 2020, respectively, at $0.01 par value; issued and outstanding: 45,885,043 shares and 35,074,922 shares at December 31, 2021 and 2020, respectively 458,850 350,749
Additional paid-in capital 89,313,273 64,526,664
Accumulated deficit (59,285,610) (57,086,943)
Total stockholders’ equity 30,486,513 7,790,470
Total liabilities and stockholders’ equity $ 54,301,032 $ 29,610,969