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Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash and cash equivalents $ 5,791,562 $ 10,185,468
Trade accounts receivable, net 1,758,600 2,694,229
Inventory 6,038,539 3,089,974
Prepaid expenses and other current assets 406,055 295,197
Total current assets 13,994,756 16,264,868
Property, plant and equipment, net 28,441,726 26,893,599
Operating lease right-of-use asset 2,194,670 1,109,133
Goodwill 95,557 95,557
Intangible assets, net 57,312 76,416
Other assets 76,628 26,115
TOTAL ASSETS 44,860,649 44,465,688
CURRENT LIABILITIES:    
Current portion of debt obligations 1,039,447 812,207
Current portion of operating lease liability 31,764 108,012
Accounts payable and accrued expenses 2,000,862 1,614,250
Total current liabilities 3,072,073 2,534,469
LONG-TERM LIABILITIES:    
Debt obligations, net of current portion 9,191,109 8,327,122
Operating lease liability, net of current portion 2,217,418 1,027,157
Total long-term liabilities 11,408,527 9,354,279
TOTAL LIABILITIES 14,480,600 11,888,748
CONTINGENT LIABILITIES AND COMMITMENTS (See Note 11)
STOCKHOLDERS’ EQUITY:    
Common stock, $0.10 par value per share, 15,000,000 shares authorized and 7,814,165 shares issued as of both December 31, 2022 and 2021 and 7,746,864 and 7,741,864 shares outstanding as of December 31, 2022 and 2021, respectively 781,417 781,417
Additional paid-in capital 35,978,364 35,692,388
Accumulated deficit (6,232,499) (3,738,694)
Treasury stock, at cost, 67,301 and 72,301 shares as of December 31, 2022 and 2021, respectively (147,233) (158,171)
Total stockholders’ equity 30,380,049 32,576,940
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 44,860,649 $ 44,465,688