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Condensed Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 926,983 $ 958,860
Accounts receivable, net 1,770,112 2,837,006
Inventories, net 3,253,709 3,178,908
Prepaid expenses and other current assets 255,339 312,127
Deferred cost on shipments to distributors 153,793 233,823
Total current assets 6,359,936 7,520,724
Property and equipment:    
Machinery and office equipment 2,271,539 2,195,405
Computer equipment 1,279,482 1,336,445
Property and equipment, gross 3,551,021 3,531,850
Accumulated depreciation (2,699,040) (2,667,340)
Property and equipment, net 851,981 864,510
Goodwill 4,427,000 4,427,000
Other long-term assets 180,825 202,611
Deferred tax assets 5,506,934 5,506,934
Operating lease right-of-use assets 794,735 936,708
Total assets 18,121,411 19,458,487
Current liabilities:    
Accounts payable and accrued expenses 1,831,685 2,084,848
Accrued payroll and related expenses 458,178 566,350
Deferred revenue on shipments to distributors 432,506 611,029
Short term portion of deferred service revenue 28,086 32,900
Bank lines of credit 450,000 1,412,449
Notes payable – current portion 578,259 333,333
Operating lease – current portion 455,928 419,288
Finance lease – current portion 8,291
Total current liabilities 4,234,642 5,468,488
Long-term portion of operating lease 508,328 715,062
Long-term portion of deferred service revenue 33,382 40,711
Long-term portion of notes payable 713,774
Total liabilities 5,490,126 6,224,261
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.001 par value: Authorized – 20,000,000 shares, Issued and outstanding – 6,009,109 shares at June 30, 2020 and 6,017,674 shares at December 31, 2019 6,009 6,018
Additional paid-in capital 61,322,389 61,066,971
Accumulated deficit (48,697,113) (47,838,763)
Total stockholders’ equity 12,631,285 13,234,226
Total liabilities and stockholders’ equity $ 18,121,411 $ 19,458,487