Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.23.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash and cash equivalents $ 2,187,540 $ 18,966
Restricted cash and cash equivalents 3,068,938  
Investments 2,666,766  
Trade accounts receivable, less allowance for doubtful accounts of $108,636 and $0, respectively 5,564,532  
Inventories, net 6,054,493  
Employee retention credit 1,584,541  
Related party receivables 116,710  
Prepaid expenses 2,152,058  
Costs and estimated earnings in excess of billings 777,485  
Other current assets 634,362  
Current assets held for sale 1,154,099  
TOTAL CURRENT ASSETS 25,961,524 18,966
PROPERTY, PLANT AND EQUIPMENT, net 1,190,932  
OTHER ASSETS:    
Goodwill 20,545,850
Right of use asset 4,166,838  
Intangible assets, net 20,546,810 2,780,270
Other assets 12,000  
Noncurrent assets held for sale 2,271,533  
TOTAL OTHER ASSETS 47,543,031 2,780,270
TOTAL ASSETS 74,695,487 2,799,236
CURRENT LIABILITIES:    
Accounts payable 7,594,181 2,233,371
Accrued compensation and benefits 859,774 307,828
Operating lease liability 220,763  
Other current liabilities 1,238,777  
Working capital note payable   350,000
Related party payables 2,181,761  
Income taxes payable 1,650  
Refundable customer deposits 4,285,129  
Billings in excess of costs and estimated earnings 2,705,409  
Current portion of loans payable 346,290  
Current portion of loans payable - related party 5,339,265  
Current liabilities held for sale 1,161,159  
TOTAL CURRENT LIABILITIES 25,934,158 2,891,199
LONG TERM LIABILITIES:    
Loan payable and related interest 3,138,194 6,194,931
Loans payable and related interest - related party 4,635,914  
Related party payables   2,350,000
Operating lease liability 3,961,340  
Earnout consideration 2,150,000  
Contingent value rights 7,402,714  
Long term liabilities held for sale 250,875  
TOTAL LONG-TERM LIABILITIES 21,539,037 8,544,931
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS’ EQUITY    
Convertible preferred stock, par value $1.00 per share; 3,000,000 shares authorized; 28,000 and 0 issued and outstanding, respectively 28,000
Common stock, par value $0.05 per share; 75,000,000 and 37,500,000 shares authorized, respectively; 9,915,586 and 3,074,998 shares issued and outstanding, respectively 495,779 153,750
Additional paid-in capital 45,798,069 (53,750)
Accumulated deficit (19,089,134) (8,736,894)
Accumulated other comprehensive loss (10,422)  
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 27,222,292 (8,636,894)
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 74,695,487 $ 2,799,236