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Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
Current assets    
Cash $ 2,080,224 $ 2,670,626
Accounts receivable 2,355,947 2,670,361
Prepaid expenses 323,214 335,152
Inventories 2,695,666 2,706,491
Other current assets 433,090 373,587
Total current assets 7,888,141 8,756,217
Property, plant and equipment, net 11,037,332 11,242,251
Right of use assets 395,453 451,094
Deferred tax asset 6,407,195 6,387,240
Other noncurrent assets 199,816 199,816
Total assets 25,927,937 27,036,618
Current liabilities    
Accounts payable 1,775,936 1,547,619
Accrued expenses 1,300,744 870,060
Income tax payable 651,081 626,455
Current portion of operating lease liability 55,019 54,034
Current portion of financial obligation 86,685 83,648
Current portion of long-term debt, net of discounts 543,771 635,273
Total current liabilities 4,413,236 3,817,089
Operating lease liability, less current portion 278,751 325,480
Long-term financial obligation, less current portion 3,930,595 3,954,373
Long-term debt, less current portion, net of discounts 1,557,351 1,609,868
Deferred income 675,000 675,000
Total liabilities 10,854,933 10,381,810
Commitments and contingencies (Note 10)
Shareholders’ equity    
Common stock - $0.001 par value; 100,000,000 shares authorized; 30,391,244 shares issued and outstanding 30,391 30,391
Additional paid-in-capital 45,315,307 45,074,723
Accumulated deficit (30,272,694) (28,450,306)
Total shareholders’ equity 15,073,004 16,654,808
Total liabilities and shareholders’ equity $ 25,927,937 $ 27,036,618