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Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash and cash equivalents $ 10,700,551 $ 6,949,937
Short-term investments 996,495
Trade accounts receivable, net 2,049,946 1,796,801
Inventory 2,420,862 2,092,514
Prepaid expenses and other current assets 360,773 321,261
Total current assets 15,532,132 12,157,008
PROPERTY, PLANT AND EQUIPMENT, net 26,825,848 26,754,975
OPERATING LEASE RIGHT-OF-USE ASSET 1,164,747 1,220,361
GOODWILL 95,557 95,557
INTANGIBLE ASSETS, net 85,968 95,520
OTHER ASSETS 25,391 26,173
TOTAL ASSETS 43,729,643 40,349,594
CURRENT LIABILITIES:    
Current portion of debt obligations 774,989 760,337
Current portion of operating lease liability 104,262 100,512
Accounts payable and accrued expenses 1,152,925 1,350,227
Total current liabilities 2,032,176 2,211,076
LONG-TERM LIABILITIES:    
Debt obligations, net of current portion 8,347,681 8,737,149
Operating lease liability, net of current portion 1,081,163 1,135,169
Total long-term liabilities 9,428,844 9,872,318
TOTAL LIABILITIES 11,461,020 12,083,394
CONTINGENT LIABILITIES AND COMMITMENTS (See Note 11)
STOCKHOLDERS’ EQUITY:    
Common stock, $0.10 par value per share, 15,000,000 and 15,000,000 shares authorized, 7,814,165 and 7,299,009 shares issued and 7,741,864 and 7,218,836 shares outstanding, as of June 30, 2021 and December 31, 2020, respectively 781,417 729,901
Additional paid-in capital 35,605,969 31,372,093
Accumulated deficit (3,960,592) (3,660,402)
Treasury stock, at cost, 72,301 and 80,173 shares as of June 30, 2021 and December 31, 2020, respectively (158,171) (175,392)
Total stockholders’ equity 32,268,623 28,266,200
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 43,729,643 $ 40,349,594