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Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 10,048,871 $ 12,570,445
Restricted cash 500,000 500,000
Accounts receivable, net of allowance of doubtful accounts of $246,534 and $236,819 as of March 31, 2022 and December 31, 2021, respectively 5,202,262 4,880,663
Inventories, net 29,957,158 32,503,214
Prepaid expenses and other current assets 641,374 587,885
Total current assets 46,349,665 51,042,207
Equipment, net 805,679 762,818
Operating lease right-of-use assets, net 195,821 241,626
Goodwill 58,872 58,872
Intangible assets, net 232,312 262,698
Other assets 645,557 544,738
Total assets 48,287,906 52,912,959
Current liabilities    
Bank credit line 7,071,901 5,065,074
Accounts payable 8,208,513 12,458,246
Current maturities of government loan 7,731 34,237
Current maturities of operating lease liabilities 123,891 143,486
Accrued expenses 4,749,664 5,279,917
Deferred revenue, current 404,453 291,296
Total current liabilities 20,566,153 23,272,256
Operating lease liabilities, less current maturities 72,198 98,811
Deferred revenue, noncurrent 427,571 443,452
Total liabilities 21,065,922 23,814,519
Commitments and Contingencies (Note 6)
Stockholders’ equity    
Preferred Stock, authorized: 2,000,000 shares at $0.01 par value; 0 shares issued and outstanding
Common Stock, authorized: 60,000,000 shares at $0.01 par value; issued and outstanding: 46,065,817 shares at March 31, 2022 and 45,885,043 shares at December 31, 2021 respectively 460,657 458,850
Additional paid-in capital 89,973,510 89,313,273
Accumulated deficit (63,212,183) (60,673,683)
Total stockholders’ equity 27,221,984 29,098,440
Total liabilities and stockholders’ equity $ 48,287,906 $ 52,912,959