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Balance Sheets - USD ($)
Dec. 31, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash and cash equivalents $ 10,185,468 $ 6,949,937
Short-term investments 996,495
Trade accounts receivable, net 2,694,229 1,796,801
Inventory 3,089,974 2,092,514
Prepaid expenses and other current assets 295,197 321,261
Total current assets 16,264,868 12,157,008
PROPERTY, PLANT AND EQUIPMENT, net 26,893,599 26,754,975
OPERATING LEASE RIGHT-OF-USE ASSET 1,109,133 1,220,361
GOODWILL 95,557 95,557
INTANGIBLE ASSETS, net 76,416 95,520
OTHER ASSETS 26,115 26,173
TOTAL ASSETS 44,465,688 40,349,594
CURRENT LIABILITIES:    
Current portion of debt obligations 812,207 760,337
Current portion of operating lease liability 108,012 100,512
Accounts payable and accrued expenses 1,614,250 1,350,227
Total current liabilities 2,534,469 2,211,076
LONG-TERM LIABILITIES:    
Debt obligations, net of current portion 8,327,122 8,737,149
Operating lease liability, net of current portion 1,027,157 1,135,169
Total long-term liabilities 9,354,279 9,872,318
TOTAL LIABILITIES 11,888,748 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 December 31, 2021 and 2020, respectively 781,417 729,901
Additional paid-in capital 35,692,388 31,372,093
Accumulated deficit (3,738,694) (3,660,402)
Treasury stock, at cost, 72,301 and 80,173 shares as of December 31, 2021 and 2020, respectively (158,171) (175,392)
Total stockholders’ equity 32,576,940 28,266,200
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 44,465,688 $ 40,349,594