v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash and cash equivalents $ 1,920,414 $ 2,187,540
Restricted cash and cash equivalents 3,672,510 3,068,938
Investments 2,018,057 2,666,766
Trade accounts receivable, less allowance for credit losses of $112,581 and $108,636, respectively 6,118,196 5,564,532
Inventories, net 5,679,961 6,054,493
Employee retention credit   1,584,541
Related party receivables 76,847 116,710
Prepaid expenses 1,663,536 2,152,058
Costs and estimated earnings in excess of billings 507,564 777,485
Other current assets 634,095 634,362
Current assets held for sale 1,301,823 1,154,099
TOTAL CURRENT ASSETS 23,593,003 25,961,524
PROPERTY, PLANT AND EQUIPMENT, net 1,473,464 1,190,932
OTHER ASSETS:    
Goodwill 20,545,850 20,545,850
Operating lease right of use asset 4,672,439 4,166,838
Intangible assets, net 19,280,111 20,546,810
Other assets, net 12,000 12,000
Non-current assets held for sale 2,264,810 2,271,533
TOTAL OTHER ASSETS 46,775,210 47,543,031
TOTAL ASSETS 71,841,677 74,695,487
CURRENT LIABILITIES:    
Accounts payable 7,748,143 7,594,181
Accrued compensation and benefits 737,793 859,774
Operating lease liability 322,378 220,763
Other accrued liabilities 1,328,544 1,238,777
Related party payables 549,720 2,181,761
Income taxes payable 1,318 1,650
Refundable customer deposits 2,752,156 4,285,129
Billings in excess of costs and estimated earnings 3,104,435 2,705,409
Current portion of loans payable 371,264 346,290
Current portion of loans payable - related party 5,413,170 5,339,265
Current liabilities held for sale 1,069,199 1,161,159
TOTAL CURRENT LIABILITIES 23,398,120 25,934,158
LONG-TERM LIABILITIES:    
Loan payable and related interest 3,444,316 3,138,194
Loans payable and related interest - related party 4,731,778 4,635,914
Operating lease liability 4,379,432 3,961,340
Earnout consideration 2,975,000 2,150,000
Contingent value rights 7,652,714 7,402,714
Long term liabilities held for sale 262,455 250,875
TOTAL LONG-TERM LIABILITIES 23,445,695 21,539,037
COMMITMENTS AND CONTINGENCIES (Note 9)
STOCKHOLDERS’ EQUITY    
Convertible preferred stock, par value $1.00 per share; 3,000,000 shares authorized; 28,000 shares issued and outstanding 28,000 28,000
Common stock, par value $0.05 per share; 75,000,000 shares authorized; 9,948,836 and 9,915,586 shares issued and outstanding, respectively 497,442 495,779
Additional paid-in capital 46,088,941 45,798,069
Accumulated deficit (21,630,504) (19,089,134)
Accumulated other comprehensive income (loss) 13,983 (10,422)
TOTAL STOCKHOLDERS' EQUITY 24,997,862 27,222,292
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 71,841,677 $ 74,695,487

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