v3.24.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash and cash equivalents $ 3,575,283 $ 2,187,540
Restricted cash and cash equivalents 1,821,060 3,068,938
Investments 2,666,766
Trade accounts receivable, less allowance for credit losses of $94,085 and $108,636, respectively 5,010,818 5,564,532
Inventories, net 3,578,668 6,054,493
Employee retention credit   1,584,541
Related party receivables 46,448 116,710
Prepaid expenses 1,313,082 2,152,058
Costs and estimated earnings in excess of billings 57,241 777,485
Other current assets 376,048 634,362
Current assets held for sale 1,154,099
TOTAL CURRENT ASSETS 15,778,648 25,961,524
PROPERTY, PLANT AND EQUIPMENT, net 1,511,878 1,190,932
OTHER ASSETS:    
Goodwill 20,545,850 20,545,850
Right of use assets 4,516,102 4,166,838
Intangible assets, net 15,808,333 20,546,810
Other assets 12,000 12,000
Noncurrent assets held for sale 2,271,533
TOTAL OTHER ASSETS 40,882,285 47,543,031
TOTAL ASSETS 58,172,811 74,695,487
CURRENT LIABILITIES:    
Accounts payable 7,677,261 7,594,181
Accrued compensation and benefits 1,360,148 859,774
Operating lease liabilities 394,042 220,763
Accrued warranty 268,004 276,791
Other current liabilities 867,727 961,986
Related party payables   2,181,761
Income taxes payable 5,373 1,650
Refundable customer deposits 2,112,363 4,285,129
Billings in excess of costs and estimated earnings 440,089 2,705,409
Contingent value rights 1,691,072  
Earnout consideration 2,500,000  
Current portion of loans payable 1,654,881 346,290
Current portion of loans payable - related party 3,402,522 5,339,265
Current liabilities held for sale 1,161,159
TOTAL CURRENT LIABILITIES 22,373,482 25,934,158
LONG TERM LIABILITIES:    
Loans payable and related interest 8,030,562 3,138,194
Loans payable and related interest - related party 2,097,194 4,635,914
Deferred income taxes 41,579  
Operating lease liabilities 4,193,205 3,961,340
Earnout consideration 1,000,000 2,150,000
Contingent value rights   7,402,714
Long term liabilities held for sale 250,875
TOTAL LONG-TERM LIABILITIES 15,362,540 21,539,037
COMMITMENTS AND CONTINGENCIES (Note 11)
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; 112,500,000 and 75,000,000 shares authorized, respectively; 10,246,605 and 9,915,586 shares issued and outstanding, respectively 512,330 495,779
Additional paid-in capital 46,977,870 45,798,069
Accumulated deficit (27,081,411) (19,089,134)
Accumulated other comprehensive loss   (10,422)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 20,436,789 27,222,292
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 58,172,811 $ 74,695,487

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