v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Current Assets    
Cash and cash equivalents $ 1,458,561 $ 687,920
Restricted cash 100,000 100,000
Accounts receivable, net 7,069,889 5,321,037
Other receivables 2,025,094 1,999,637
Prepaid expenses (including related party amount of $801,345 and $312,966, respectively) 2,064,094 1,859,563
Inventory, net 2,364,158 1,716,552
Total Current Assets 19,509,679 16,059,768
Intangible assets, net 216,667 283,333
Total Assets 19,726,346 16,343,101
Current Liabilities:    
Accounts payable and accrued liabilities (including payable to shareholder of $92,955 and $88,644, respectively) 4,960,331 5,191,868
Income taxes payable 266,472 242,977
Contract liabilities 4,887 24,252
Short term loans payable, net of debt discount 1,894,857 7,725,272
Current portion of long-term notes payable, net of debt discount and debt issuance cost, shareholder 4,000,000
Total Current Liabilities 7,126,547 17,184,369
Long-term Liabilities:    
Notes payable, net of debt discount, shareholder 8,333,053
Notes payable, net of debt discount 24,978,999 7,457,022
Total long-term liabilities 24,978,999 15,790,075
Total Liabilities 32,105,546 32,974,444
Commitments and contingencies
Stockholders’ Deficit:    
Common stock, $0.00001 par value; 300,000,000 shares authorized; 9,621,926 and 8,721,818, shares issued, respectively; 9,441,853 and 8,541,745 outstanding, respectively 96 87
Additional paid in capital 29,508,354 27,643,660
Accumulated other comprehensive loss (9,838) (47,777)
Accumulated deficit (41,750,312) (44,099,813)
Less: Treasury stock (180,073 shares) at cost (127,500) (127,500)
Total stockholders’ deficit (12,379,200) (16,631,343)
Total Liabilities and Stockholders’ Deficit 19,726,346 16,343,101
Related Party    
Current Assets    
Loan receivable (related party) $ 4,427,883 $ 4,375,059