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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Inventory |
Inventory |  | Dec 31, 22 |  |  | Dec 31, 21 |
Equipment Parts Inventory |  |  | 759,930 |  |  |  | 731,863 |
Finished Goods Inventory |  |  | 254,656 |  |  |  | 161,918 |
Sales Demo Inventory |  |  | 647,790 |  |  |  | 885,514 |
Work in process Inventory |  |  | 31,434 |  |  |  | 11,657 |
Total Inventory |  |  | 1,693,810 |  |  |  | 1,790,952 |
Estimated useful lives for significant property and equipment |
Category |  | Economic Useful Life |
Office furniture and fixtures |  | 3-5 years |
Machinery and equipment |  | 5-7 years |
Intangible Assets |  | 7-12 years |
Fixed assets |
|  | December 31 |
Fixed Assets |  | 2022 |  |  | 2021 |
Accumulated Depreciation |  |  | (298,718 | ) |  |  | (186,526 | )
Machinery & Equipment |  |  | 797,695 |  |  |  | 797,695 |
Office & Computer Equipment |  |  | 25,246 |  |  |  | 8,420 |
Office Furniture |  |  | 55,663 |  |  |  | 31,029 |
Vehicles |  |  | 9,989 |  |  |  | 9,989 |
R&D Equipment |  |  | 37,973 |  |  |  | 37,973 |
Total Fixed Assets |  |  | 627,848 |  |  |  | 698,580 |
Intangible assets |
|  | December 31st |
Intangible Assets |  | 2022 |  |  | 2021 |
Accumulated Amortization |  |  | (469,229 | ) |  |  | (236,130 |
Customer Relationships |  |  | 211,000 |  |  |  | 211,000 |
Equipment Design Documentation |  |  | 2,675,000 |  |  |  | 2,675,000 |
Operational Software & Website |  |  | 305,470 |  |  |  | 301,275 |
Trademarks |  |  | 216,800 |  |  |  | 216,800 |
Total Intangible Assets |  |  | 2,939,041 |  |  |  | 3,167,945 |
Liabilities |
|  | 31-Dec-22 |  |  | 31-Dec-21 |
Liabilities |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |
Accounts Payable |  |  | 190,387 |  |  |  | 113,443 |
Deferred Revenue |  |  | - |  |  |  | 91,775 |
Accrued Expenses |  |  | 1,181,000 |  |  |  |  |
Lease liability current portion |  |  | 344,510 |  |  |  | 171,757 |
Sales Tax Liability |  |  | - |  |  |  | 15,456 |
Total Current Liabilities |  |  | 1,715,897 |  |  |  | 392,431 |
Long Term Liabilities |  |  | 487,562 |  |  |  | 907,013 |
Total Liabilities |  |  | 2,203,459 |  |  |  | 1,299,444 |
Long term liabilities |
|  | December 31 |
Long Term Liabilities |  | 2022 |  |  | 2021 |
ICT Investments Loans |  |  |  |  |  |
Note 2 |  |  | - |  |  |  | 261,684 |
Note 1 |  |  | - |  |  |  | - |
Total ICT Investments Loans |  |  | - |  |  |  | 261,684 |
PPP Loan |  |  | - |  |  |  | 317,328 |
Lease liability, less Current Portion |  |  | 487,562 |  |  |  | 328,001 |
Total Long Term Liabilities |  |  | 487,562 |  |  |  | 907,013 |
Cash flows provided by (used in) operating, investing and financing activities |
|  | Year ended December 31 |
|  | 2022 |  |  | 2021 |
Net cash provided by Operating Activities |  |  | (736,971 | ) |  |  | 1,375,287 |
Net cash provided by Investing Activities |  |  | (45,655 | ) |  |  | (229,465 | )
Net cash provided by Financing Activities |  |  | 12,348,676 |  |  |  | (856,786 | )
Net cash increase for period |  |  | 11,566,050 |  |  |  | 289,036 |
Cash at the beginning of period |  |  | 615,749 |  |  |  | 326,713 |
Cash at end of period |  |  | 12,181,799 |  |  |  | 615,749 |
Working capital |
|  | Year Ended December 31 |
|  | 2022 |  |  | 2021 |
Cash And Cash Equivalents |  |  | 12,181,799 |  |  |  | 615,749 |
Working Capital (excluding cash and cash equivalents) |  |  | 1,325,408 |  |  |  | 1,482,886 |
Total Working Capital |  |  | 13,507,207 |  |  |  | 2,098,635 |

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