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Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 466,124 $ 530,110
Restricted cash 500,000
Accounts receivable, net of allowance of doubtful accounts of $0 and $138,331 as of September 30, 2023 and December 31, 2022, respectively 2,999,232 2,758,406
Inventories 10,493,021 25,415,206
Prepaid expenses and other current assets 129,765 360,735
Total current assets 14,088,142 29,564,457
Equipment, net 559,464 636,973
Operating lease right-of-use assets, net 54,015 173,480
Intangible assets, net 37,584 73,301
Other assets 539,538 511,795
Total assets 15,278,743 30,960,006
Current liabilities    
Bank credit line 896,796 4,758,663
Accounts payable 10,203,069 2,837,191
Bridge loan agreement 1,000,000 1,000,000
Current maturities of operating lease liabilities 54,015 150,968
Accrued expenses 1,399,007 4,440,724
Deferred revenue, current 845,019 633,542
Total current liabilities 14,397,905 13,821,088
Operating lease liabilities, less current maturities 22,512
Deferred revenue, noncurrent 745,201 771,738
Total liabilities 15,143,106 14,615,338
Commitments and Contingencies (Note 6)
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: 1,898,466 shares at September 30, 2023 and 1,877,970 shares at December 31, 2022 respectively 471,992 469,492
Additional paid-in capital 90,986,924 90,710,030
Accumulated deficit (91,323,279) (74,834,854)
Total stockholders’ equity 135,637 16,344,668
Total liabilities and stockholders’ equity $ 15,278,743 $ 30,960,006