v3.26.1
Condensed Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 8,860,205 $ 3,806,831
Trade accounts receivable 2,897,281 3,419,009
Inventory 9,078,466 9,267,369
Prepaid expenses and other current assets 244,084 451,673
Total current assets 21,080,036 16,944,882
Property, plant and equipment, net 21,033,653 21,074,694
Operating lease right-of-use assets 4,388,892 4,379,628
Goodwill 95,557 95,557
Other assets 31,658 37,686
TOTAL ASSETS 46,629,796 [1] 42,532,447
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current portion of debt obligations 1,506,219 1,610,185
Current portion of operating lease liabilities 121,858 85,489
Accounts payable and accrued expenses 2,807,725 2,282,583
Total current liabilities 4,435,802 3,978,257
Debt obligations, net of current portion 6,796,667 7,488,922
Operating lease liabilities, net of current portion 4,022,791 4,009,788
Total long-term liabilities 10,819,458 11,498,710
TOTAL LIABILITIES 15,255,260 15,476,967
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:    
Common stock, $0.10 par value per share, 15,000,000 shares authorized and 9,105,622 shares issued and 9,082,197 and 9,045,851 shares outstanding, as of June 30, 2026 and December 31, 2025, respectively. 910,563 910,563
Additional paid-in capital 41,968,805 41,479,430
Accumulated deficit (11,427,490) (15,203,753)
Treasury stock, at cost, 23,425 and 59,771 shares as of June 30, 2026 and December 31, 2025, respectively (77,342) (130,760)
TOTAL STOCKHOLDERS’ EQUITY 31,374,536 27,055,480
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 46,629,796 $ 42,532,447
[1] Includes property, plant and equipment, net of approximately $12,300,000 related to idle assets, which primarily related to one of our manufacturing facilities that was previously utilized for Re-Tain® that we now plan to refit for use in producing First Defense® products.