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Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash and cash equivalents $ 978,741 $ 5,791,562
Trade accounts receivable 2,185,383 1,758,600
Inventory 7,811,841 6,038,539
Prepaid expenses and other current assets 493,885 406,055
Total current assets 11,469,850 13,994,756
Property, plant and equipment, net 27,575,683 28,441,726
Operating lease right-of-use asset 4,571,149 2,194,670
Goodwill 95,557 95,557
Intangible assets, net 38,208 57,312
Other assets 57,655 76,628
TOTAL ASSETS 43,808,102 44,860,649
CURRENT LIABILITIES:    
Current portion of debt obligations 1,428,807 1,039,447
Current portion of operating lease liability 644,276 31,764
Accounts payable and accrued expenses 2,124,337 2,000,862
Total current liabilities 4,197,420 3,072,073
LONG-TERM LIABILITIES:    
Debt obligations, net of current portion 10,540,496 9,191,109
Operating lease liability, net of current portion 4,077,109 2,217,418
Total long-term liabilities 14,617,605 11,408,527
TOTAL LIABILITIES 18,815,025 14,480,600
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, 2023 and 2022 and 7,750,864 and 7,746,864 shares outstanding as of December 31, 2023 and 2022, respectively 781,417 781,417
Additional paid-in capital 36,357,239 35,978,364
Accumulated deficit (12,007,097) (6,232,499)
Treasury stock, at cost, 63,301 and 67,301 shares as of December 31, 2023 and 2022, respectively (138,482) (147,233)
Total stockholders’ equity 24,993,077 30,380,049
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 43,808,102 $ 44,860,649