XML 13 R2.htm IDEA: XBRL DOCUMENT v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2024
Dec. 31, 2023
Current Assets:    
Cash $ 1,708,987 $ 5,094,794
Accounts receivable, net of allowance for credit losses 6,574,853 4,352,196
Contract assets, net 33,618,971 35,312,068
Inventory 1,052,286 1,436,647
Refundable income taxes 40,000 40,000
Prepaid expenses and other current assets 377,858 678,026
Total Current Assets 43,372,955 46,913,731
Operating lease right-of-use assets 3,334,992 4,740,193
Property and equipment, net 819,078 794,056
Deferred tax asset 19,425,407 19,938,124
Goodwill 1,784,254 1,784,254
Other assets 151,077 189,774
Total Assets 68,887,763 74,360,132
Current Liabilities:    
Accounts payable 14,994,451 10,487,012
Accrued expenses 5,742,854 10,275,695
Contract liabilities 1,390,127 5,937,629
Loss reserve 24,888 337,351
Current portion of line of credit 2,730,000 2,400,000
Current portion of long-term debt 31,330 44,498
Operating lease liabilities, current 2,118,329 1,999,058
Income taxes payable 28,748 30,107
Total Current Liabilities 27,060,727 31,511,350
Line of credit, net of current portion 15,390,000 17,640,000
Long-term operating lease liabilities 1,494,942 3,100,571
Long-term debt, net of current portion 2,734 26,483
Total Liabilities 43,948,403 52,278,404
Commitments and Contingencies (see note 11)
Shareholders’ Equity:    
Common stock - $.001 par value; authorized 50,000,000 shares, 12,933,408 and 12,771,434 shares, respectively, issued and outstanding 12,933 12,771
Additional paid-in capital 74,402,288 73,872,679
Accumulated deficit (49,475,861) (51,803,722)
Total Shareholders’ Equity 24,939,360 22,081,728
Total Liabilities and Shareholders’ Equity $ 68,887,763 $ 74,360,132