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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 802,090 $ 530,110
Restricted cash 500,000 500,000
Accounts receivable, net of allowance of doubtful accounts of $209,710 and $138,331 as of March 31, 2023 and December 31, 2022, respectively 3,194,760 2,758,406
Inventories, net 22,766,496 25,415,206
Prepaid expenses and other current assets 441,971 360,735
Total current assets 27,705,317 29,564,457
Equipment, net 552,190 636,973
Operating lease right-of-use assets, net 134,071 173,480
Intangible assets, net 46,256 73,301
Other assets 514,240 511,795
Total assets 28,952,074 30,960,006
Current liabilities    
Bank credit line 3,828,380 4,758,663
Accounts payable 5,336,178 2,837,191
Current maturities of bridge loan agreement 1,000,000 1,000,000
Current maturities of operating lease liabilities 125,010 150,968
Accrued expenses 4,729,053 4,440,724
Deferred revenue, current 629,691 633,542
Total current liabilities 15,648,312 13,821,088
Operating lease liabilities, less current maturities 9,061 22,512
Deferred revenue, noncurrent 896,990 771,738
Total liabilities 16,554,363 14,615,338
Commitments and Contingencies (Note 7)
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 at $0.01 par value; issued and outstanding: 1,887,535 shares at March 31, 2023 and 1,877,970 shares at December 31, 2022 respectively 471,883 469,492
Additional paid-in capital 90,831,139 90,710,030
Accumulated deficit (78,905,311) (74,834,854)
Total stockholders’ equity 12,397,711 16,344,668
Total liabilities and stockholders’ equity $ 28,952,074 $ 30,960,006