v3.25.2
Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 5,998,494 $ 3,758,232
Trade accounts receivable 2,378,823 3,771,133
Inventory 8,294,426 7,112,623
Prepaid expenses and other current assets 464,566 400,762
Total current assets 17,136,309 15,042,750
Property, plant and equipment, net 24,882,998 25,349,019
Operating lease right-of-use asset 4,542,863 4,560,679
Goodwill 95,557 95,557
Intangible assets, net 9,552 19,104
Other assets 53,619 33,368
TOTAL ASSETS 46,720,898 45,100,477
CURRENT LIABILITIES:    
Current portion of debt obligations 1,535,439 1,497,619
Current portion of operating lease liability 322,753 432,072
Accounts payable and accrued expenses 2,588,223 2,482,522
Total current liabilities 4,446,415 4,412,213
LONG-TERM LIABILITIES:    
Debt obligations, net of current portion 8,263,223 9,040,975
Operating lease liability, net of current portion 4,143,832 4,129,102
Total long-term liabilities 12,407,055 13,170,077
TOTAL LIABILITIES 16,853,470 17,582,290
CONTINGENT LIABILITIES AND COMMITMENTS (See Note 10)
STOCKHOLDERS’ EQUITY:    
Common stock, $0.10 par value per share, 15,000,000 and 15,000,000 shares authorized, 9,105,622 and 9,042,392 shares issued and 9,045,851 and 8,979,091 shares outstanding, as of June 30, 2025 and December 31, 2024, respectively. 910,563 904,240
Additional paid-in capital 41,302,488 40,916,155
Accumulated deficit (12,214,863) (14,163,726)
Treasury stock, at cost, 59,771 and 63,301 shares as of June 30, 2025 and December 31, 2024, respectively (130,760) (138,482)
TOTAL STOCKHOLDERS’ EQUITY 29,867,428 27,518,187
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 46,720,898 $ 45,100,477