Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash and cash equivalents $ 3,417,649 $ 2,187,540
Restricted cash and cash equivalents 2,175,753 3,068,938
Investments   2,666,766
Trade accounts receivable, less allowance for credit losses of $177,662 and $108,636, respectively 5,743,630 5,564,532
Inventories, net 4,626,764 6,054,493
Prepaid income taxes 27,431  
Employee retention credit   1,584,541
Related party receivables 50,479 116,710
Prepaid expenses 1,720,937 2,152,058
Costs and estimated earnings in excess of billings 369,881 777,485
Other current assets 790,275 634,362
Current assets held for sale 1,154,099
TOTAL CURRENT ASSETS 18,922,799 25,961,524
PROPERTY, PLANT AND EQUIPMENT, net 1,565,722 1,190,932
OTHER ASSETS:    
Goodwill 20,545,850 20,545,850
Operating lease right of use asset 4,622,387 4,166,838
Intangible assets, net 16,846,714 20,546,810
Other assets, net 12,000 12,000
Non-current assets held for sale 2,271,533
TOTAL OTHER ASSETS 42,026,951 47,543,031
TOTAL ASSETS 62,515,472 74,695,487
CURRENT LIABILITIES:    
Accounts payable 7,083,759 7,594,181
Accrued compensation and benefits 944,196 859,774
Operating lease liability 384,581 220,763
Accrued warranty 300,000 276,791
Other accrued liabilities 937,608 961,986
Related party payables   2,181,761
Income taxes payable   1,650
Refundable customer deposits 3,363,901 4,285,129
Billings in excess of costs and estimated earnings 1,750,256 2,705,409
Contingent value rights 3,213,765  
Earnout consideration 2,370,000  
Current portion of loans payable 1,461,228 346,290
Current portion of loans payable - related party 360,723 5,339,265
Current liabilities held for sale 1,161,159
TOTAL CURRENT LIABILITIES 22,170,017 25,934,158
LONG-TERM LIABILITIES:    
Loans payable and related interest 8,264,318 3,138,194
Loans payable and related interest - related party 4,984,458 4,635,914
Operating lease liability 4,295,406 3,961,340
Earnout consideration 940,000 2,150,000
Contingent value rights   7,402,714
Long term liabilities held for sale 250,875
TOTAL LONG-TERM LIABILITIES 18,484,182 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; 10,182,723 and 9,915,586 shares issued and outstanding, respectively 509,136 495,779
Additional paid-in capital 46,773,844 45,798,069
Accumulated deficit (25,449,707) (19,089,134)
Accumulated other comprehensive loss   (10,422)
TOTAL STOCKHOLDERS' EQUITY 21,861,273 27,222,292
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 62,515,472 $ 74,695,487