v3.25.2
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2025
Summary of Significant Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash and Restricted Cash

The following table provides a reconciliation of cash and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows.

 

   June 30,
2025
   December 31,
2024
 
         
Cash  $1,458,561   $687,920 
Restricted cash   100,000    100,000 
Total cash and restricted cash shown in the statement of cash flows  $1,558,561   $787,920 
Schedule of Contract Liabilities

The Company’s contract liabilities consist of advance customer payments. Contract liability results from transactions in which the Company has been paid for products by customers, but for which all revenue recognition criteria have not yet been met. Once all revenue recognition criteria have been met, the contract liabilities are recognized.

 

   June 30,
2025
   December 31,
2024
 
         
Beginning balance  $24,252   $14,202 
Additions   4,887    24,252 
Recognized as revenue   (24,252)   (14,202)
Ending balance  $4,887   $24,252 
Schedule of Reconciliation of the Number of Shares used in the Calculation of Basic and Diluted Earnings Per Share

The following is a reconciliation of the number of shares used in the calculation of basic and diluted earnings per share for the three and six months ended June 30, 2025 and 2024:

 

   For the three months ended   For the six months ended 
   June 30,
2025
   June 30,
2024
   June 30,
2025
   June 30,
2024
 
                 
Net income after tax  $1,473,237   $655,186   $2,349,501   $1,235,716 
                     
Weighted average common shares outstanding   8,928,548    7,373,745    8,743,639    7,373,745 
Incremental shares from the assumed exercise of dilutive stock options   
-
    
-
    
-
    
-
 
Dilutive potential common shares   8,928,548    7,373,745    8,743,639    7,373,745 
                     
Net earnings per share:                    
Basic  $0.17   $0.09   $0.27   $0.17 
Diluted  $0.17   $0.09   $0.27   $0.17 
Schedule of Computation of Diluted Net Earnings Per Share

The following securities were not included in the computation of diluted net earnings per share as their effect would have been antidilutive:

 

   For the three and six months ended 
   June 30,
2025
   June 30,
2024
 
         
Options to purchase common stock   252,102    336,134 
Warrants to purchase common stock   103,500    - 
Schedule of Exchange Rates used to Translate Amounts in AUD and CAD into USD

The exchange rates used to translate amounts in AUD and CAD into USD for the purposes of preparing the consolidated financial statements were as follows:

   June 30,
2025
   December 31,
2024
 
Period-end AUD: USD exchange rate  $0.6572   $0.6183 
Period-end CAD: USD exchange rate  $0.7330   $0.6950 

 

Income statement:

 

   June 30,
2025
   June 30,
2024
 
Average six months AUD: USD exchange rate  $0.6338   $0.6585 
Average six months CAD: USD exchange rate  $0.7098   $0.7361 
Average three months AUD: USD exchange rate  $0.6403   $0.6591 
Average three months CAD: USD exchange rate  $0.7226   $0.7308 
Schedule of Earnings Per Share

The Company’s earnings per share has been revised from the amounts previously reported to correct the error and the impact of the reclassification is shown in the below table.

   As Previously         
   Reported   Corrections   As Adjusted 
             
Earnings per share  $0.16   $0.01   $0.17 
Weighted average common shares outstanding   7,553,818    (180,073)   7,373,745 

 

Earnings Per Share for the three months ended June 30, 2024:

 

   As Previously         
   Reported   Corrections   As Adjusted 
             
Earnings per share  $0.08   $0.01   $0.09 
Weighted average common shares outstanding   7,553,818    (180,073)   7,373,745