XML 11 R2.htm IDEA: XBRL DOCUMENT v3.22.2.2
Balance Sheets (unaudited) - USD ($)
Sep. 30, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash and cash equivalents $ 8,827,772 $ 10,185,468
Trade accounts receivable, net 1,701,830 2,694,229
Inventory 5,317,783 3,089,974
Other current assets 585,717 295,197
Total current assets 16,433,102 16,264,868
Property, plant and equipment, net 27,570,011 26,893,599
Operating lease right-of-use asset 2,216,236 1,109,133
Goodwill 95,557 95,557
Intangible assets, net 62,088 76,416
Other assets 24,567 26,115
TOTAL ASSETS 46,401,561 44,465,688
CURRENT LIABILITIES:    
Current portion of debt obligations 998,160 812,207
Current portion of operating lease liability 22,920 108,012
Accounts payable and accrued expenses 1,693,917 1,614,250
Total current liabilities 2,714,997 2,534,469
LONG-TERM LIABILITIES:    
Debt obligations, net of current portion 9,478,683 8,327,122
Operating lease liability, net of current portion 2,225,359 1,027,157
Total long-term liabilities 11,704,042 9,354,279
TOTAL LIABILITIES 14,419,039 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 7,746,864 and 7,741,864 shares outstanding, as of September 30, 2022 and December 31, 2021, respectively. 781,417 781,417
Additional paid-in capital 35,912,970 35,692,388
Accumulated deficit (4,564,633) (3,738,694)
Treasury stock, at cost, 67,301 and 72,301 shares as of September 30, 2022 and December 31, 2021, respectively (147,232) (158,171)
Total stockholders’ equity 31,982,522 32,576,940
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 46,401,561 $ 44,465,688