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Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash and cash equivalents $ 11,817,136 $ 10,185,468
Trade accounts receivable, net 2,652,591 2,694,229
Inventory 3,435,834 3,089,974
Prepaid expenses and other current assets 393,540 295,197
Total current assets 18,299,101 16,264,868
PROPERTY, PLANT AND EQUIPMENT, net 27,132,148 26,893,599
OPERATING LEASE RIGHT-OF-USE ASSET 1,078,051 1,109,133
GOODWILL 95,557 95,557
INTANGIBLE ASSETS, net 71,640 76,416
OTHER ASSETS 22,999 26,115
TOTAL ASSETS 46,699,496 44,465,688
CURRENT LIABILITIES:    
Current portion of debt obligations 947,279 812,207
Current portion of operating lease liability 110,052 108,012
Accounts payable and accrued expenses 1,293,769 1,614,250
Total current liabilities 2,351,100 2,534,469
LONG-TERM LIABILITIES:    
Debt obligations, net of current portion 9,977,743 8,327,122
Operating lease liability, net of current portion 998,114 1,027,157
Total long-term liabilities 10,975,857 9,354,279
TOTAL LIABILITIES 13,326,957 11,888,748
CONTINGENT LIABILITIES AND COMMITMENTS (See Note 11)
STOCKHOLDERS’ EQUITY:    
Common stock, $0.10 par value per share, 15,000,000 and 15,000,000 shares authorized, 7,814,165 and 7,814,165 shares issued and 7,742,864 and 7,741,864 shares outstanding, as of March 31, 2022 and December 31, 2021, respectively. 781,417 781,417
Additional paid-in capital 35,750,133 35,395,388
Accumulated deficit (3,003,028) (3,738,694)
Treasury stock, at cost, 71,301 and 72,301 shares as of March 31, 2022 and December 31, 2021, respectively (155,983) (158,171)
Total stockholders’ equity 33,372,539 32,576,940
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 46,699,496 $ 44,465,688