v3.25.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash $ 710,227 $ 872,335
Employee Retention Tax Credit Receivable 507,726 507,726
Accounts receivable - net 586,554 1,169,446
Inventories 986,975 965,819
Prepaid expenses 194,902 318,195
Total current assets 2,986,384 3,833,521
Property and equipment:    
Equipment 4,349,205 4,386,430
Leasehold improvements 3,142,591 3,130,430
Property and equipment gross 7,491,796 7,516,860
Less accumulated depreciation and amortization 3,583,276 3,196,993
Net property and equipment 3,908,520 4,319,867
Deferred tax asset 3,532,199 3,374,841
Deferred contract costs 1,604,952 1,403,299
Goodwill 278,466 278,466
Operating lease right of use assets 4,154,804 4,930,014
Other assets 303,922 339,817
Total assets 16,769,247 18,479,825
Current liabilities:    
Accounts payable and accrued expenses 840,848 1,284,210
Current portion of operating lease liability 870,140 799,165
Current portion of Corbel loan payable 1,066,668 1,000,000
Warrant liability 538,822 540,650
Total current liabilities 3,316,478 3,624,025
Long-term obligations:    
Loan payable to Corbel net of current portion 5,551,738 6,133,691
Convertible notes payable 575,000 575,000
Operating lease liabilities - net of current portion 3,505,718 4,378,927
Deferred contract income 1,604,952 1,577,299
Total long-term liabilities 11,237,408 12,664,917
Total liabilities 14,553,886 16,288,942
Stockholders' equity:    
Common Stock - no par value (40,000,000 shares authorized, 22,215,512 issued and outstanding as of December 31, 2023 and December 31, 2024) 24,867,778 24,840,126
Accumulated deficit (22,652,417) (22,649,243)
Total stockholders' equity 2,215,361 2,190,883
Total liabilities and stockholders' equity $ 16,769,247 $ 18,479,825