Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

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Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 1,046,343 $ 3,575,283
Restricted cash and cash equivalents 1,085,712 1,821,060
Trade accounts receivable, less allowance for credit losses of $159,949 and $94,085, respectively 4,764,055 5,010,818
Inventories, net 3,233,620 3,578,668
Prepaid income taxes 64,598  
Related party receivables 24,871 46,448
Prepaid expenses 1,589,679 1,313,082
Costs and estimated earnings in excess of billings 4,615 57,241
Other current assets 416,954 376,048
TOTAL CURRENT ASSETS 12,230,447 15,778,648
PROPERTY, PLANT AND EQUIPMENT, net 1,377,150 1,511,878
OTHER ASSETS:    
Goodwill 20,545,850 20,545,850
Operating lease right of use asset 4,298,661 4,516,102
Intangible assets, net 14,389,583 15,808,333
Other assets, net 12,000 12,000
TOTAL OTHER ASSETS 39,246,094 40,882,285
TOTAL ASSETS 52,853,691 58,172,811
CURRENT LIABILITIES:    
Accounts payable 8,499,765 7,677,261
Accrued compensation and benefits 924,068 1,360,148
Operating lease liability 415,675 394,042
Accrued warranty 261,489 268,004
Other accrued liabilities 635,634 867,727
Income taxes payable   5,373
Refundable customer deposits 1,337,839 2,112,363
Billings in excess of costs and estimated earnings 1,413,550 440,089
Contingent value rights 1,198,212 1,691,072
Earnout consideration 2,700,000 2,500,000
Current portion of loans payable 1,877,694 1,654,881
Current portion of loans payable - related party 3,511,341 3,402,522
Embedded derivative liability 1,055,600  
TOTAL CURRENT LIABILITIES 23,830,867 22,373,482
LONG-TERM LIABILITIES:    
Loans payable and related interest 7,357,475 8,030,562
Loans payable and related interest - related party 2,294,085 2,097,194
Deferred income taxes 41,579 41,579
Operating lease liability 3,978,013 4,193,205
Earnout consideration   1,000,000
Warrant Liability 9,806,409  
TOTAL LONG-TERM LIABILITIES 23,477,561 15,362,540
COMMITMENTS AND CONTINGENCIES (Note 7)
MEZZANINE EQUITY:    
Redeemable convertible preferred stock, par value $1.00 per share; 3,000,000 shares authorized; 14,515 and no shares issued and outstanding, respectively 16,442,945  
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock, par value $0.05 per share; 7,500,000 shares authorized; 7,243,258 and 683,107 shares issued and outstanding, respectively [1] 362,163 34,155
Additional paid-in capital [1] 21,520,759 47,456,045
Accumulated deficit (32,780,605) (27,081,411)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (10,897,682) 20,436,789
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) 52,853,691 58,172,811
Series A Convertible Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock, par value $1.00 per share;   $ 28,000
Series B Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock, par value $1.00 per share; $ 1  
[1] Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-15 that became effective June 12, 2024. See Note 1, "Nature of Operations," for further details.