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Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 1,324,285 $ 978,741
Trade accounts receivable 1,950,450 2,185,383
Inventory 7,299,606 7,811,841
Prepaid expenses and other current assets 219,571 493,885
Total current assets 10,793,912 11,469,850
Property, plant and equipment, net 26,397,059 27,575,683
Operating lease right-of-use asset 4,502,595 4,571,149
Goodwill 95,557 95,557
Intangible assets, net 28,656 38,208
Other assets 37,679 57,655
TOTAL ASSETS 41,855,458 43,808,102
CURRENT LIABILITIES:    
Current portion of debt obligations 1,461,216 1,428,807
Current portion of operating lease liability 533,315 644,276
Accounts payable and accrued expenses 2,562,571 2,124,337
Total current liabilities 4,557,102 4,197,420
LONG-TERM LIABILITIES:    
Debt obligations, net of current portion 9,798,247 10,540,496
Operating lease liability, net of current portion 4,044,646 4,077,109
Total long-term liabilities 13,842,893 14,617,605
TOTAL LIABILITIES 18,399,995 18,815,025
CONTINGENT LIABILITIES AND COMMITMENTS (See Note 11)
STOCKHOLDER’ EQUITY:    
Common stock, $0.10 par value per share, 15,000,000 and 15,000,000 shares authorized, 7,896,381 and 7,814,165 shares issued and 7,833,080 and 7,750,864 shares outstanding, as of June 30, 2024 and December 31, 2023, respectively. 789,639 781,417
Additional paid-in capital 36,780,897 36,357,239
Accumulated deficit (13,976,591) (12,007,097)
Treasury stock, at cost, 63,301 shares as of both June 30, 2024 and December 31, 2023 (138,482) (138,482)
TOTAL STOCKHOLDERS’ EQUITY 23,455,463 24,993,077
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 41,855,458 $ 43,808,102