XML 23 R2.htm IDEA: XBRL DOCUMENT v3.19.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 1,031,270 $ 844,314
Accounts receivable, net of allowance of $1,747,600 and $667,963, respectively 4,759,131 5,225,999
Inventories, net of allowance of $4,416,483 and $1,711,871, respectively 8,189,621 11,075,889
Prepaid expenses and other current assets 17,365 29,553
Total current assets 13,997,387 17,175,755
Property and equipment, net 27,123 42,974
Deferred tax asset   760,993
Intangible assets, net 1,226,975 1,288,040
Goodwill 2,905,089 2,905,089
Total assets 18,156,574 22,172,851
Current liabilities:    
Accounts payable 2,526,096 2,712,919
Accrued expenses 2,909,729 2,784,271
Notes payable - related parties 150,000 150,000
Senior secured revolving credit facility 1,752,501 1,477,448
Total current liabilities 7,338,326 7,124,638
Earn-out liability 13,581,529 13,581,529
Total liabilities 20,919,855 20,706,167
Commitments and contingencies
Stockholders' (deficit) equity:    
Preferred stock, $0.01 par value; 20,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.01 par value; 100,000,000 shares authorized, 74,600,181 shares issued and 70,221,566 shares outstanding as of September 30, 2019, and 74,600,181 shares issued and 70,221,566 shares outstanding as of December 31, 2018. 714,891 714,891
Additional paid-in capital 487,524  
Retained earnings (Accumulated deficit) (3,965,696) 751,793
Total stockholders' (deficit) equity (2,763,281) 1,466,684
Total liabilities and stockholders' (deficit) equity $ 18,156,574 $ 22,172,851