v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 1,789,956 $ 3,575,283
Restricted cash and cash equivalents 1,502,495 1,821,060
Trade accounts receivable, less allowance for credit losses of $132,586 and $94,085, respectively 4,976,483 5,010,818
Inventories, net 2,919,861 3,578,668
Related party receivables 27,387 46,448
Prepaid expenses 1,630,106 1,313,082
Costs and estimated earnings in excess of billings 6,570 57,241
Other current assets 293,923 376,048
TOTAL CURRENT ASSETS 13,146,781 15,778,648
PROPERTY, PLANT AND EQUIPMENT, net 1,442,561 1,511,878
OTHER ASSETS:    
Goodwill 20,545,850 20,545,850
Operating lease right of use asset 4,408,207 4,516,102
Intangible assets, net 15,098,958 15,808,333
Other assets, net 12,000 12,000
TOTAL OTHER ASSETS 40,065,015 40,882,285
TOTAL ASSETS 54,654,357 58,172,811
CURRENT LIABILITIES:    
Accounts payable 6,993,067 7,677,261
Accrued compensation and benefits 1,311,762 1,360,148
Operating lease liability 404,744 394,042
Accrued warranty 253,176 268,004
Other accrued liabilities 915,975 867,727
Income taxes payable 11,535 5,373
Refundable customer deposits 1,818,487 2,112,363
Billings in excess of costs and estimated earnings 202,867 440,089
Contingent value rights 1,314,987 1,691,072
Earnout consideration 2,500,000 2,500,000
Current portion of loans payable 1,762,300 1,654,881
Current portion of loans payable - related party 3,456,631 3,402,522
TOTAL CURRENT LIABILITIES 20,945,531 22,373,482
LONG-TERM LIABILITIES:    
Loans payable and related interest 7,708,979 8,030,562
Loans payable and related interest - related party 2,195,940 2,097,194
Deferred income taxes 41,579 41,579
Operating lease liability 4,087,012 4,193,205
Earnout consideration 650,000 1,000,000
Warrant Liability 6,863,627  
TOTAL LONG-TERM LIABILITIES 21,547,137 15,362,540
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS’ EQUITY    
Redeemable convertible preferred stock, par value $1.00 per share; 3,000,000 shares authorized; 20,597 and no shares issued and outstanding, respectively 23,333,613  
Convertible preferred stock, par value $1.00 per share; 3,000,000 shares authorized; no and 28,000 shares issued and outstanding, respectively 28,000
Common stock, par value $0.05 per share; 112,500,000 shares authorized; 64,154,286 and 10,246,605 shares issued and outstanding, respectively 3,207,714 512,330
Additional paid-in capital 11,470,950 46,977,870
Accumulated deficit (25,850,588) (27,081,411)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (11,171,924) 20,436,789
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 54,654,357 $ 58,172,811

Source

PDF HTML 10-Q Filing
ZIP XLS HTML XBRL