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Condensed Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2020
Dec. 31, 2019
Current assets:    
Cash and cash equivalents $ 1,774,845 $ 958,860
Accounts receivable, net 2,359,415 2,837,006
Inventories, net 3,362,314 3,178,908
Prepaid expenses and other current assets 317,043 312,127
Deferred cost on shipments to distributors 178,631 233,823
Total current assets 7,992,248 7,520,724
Property and equipment:    
Machinery and office equipment 2,330,311 2,195,405
Computer equipment 1,339,065 1,336,445
Property and equipment, gross 3,669,376 3,531,850
Accumulated depreciation (2,834,619) (2,667,340)
Property and equipment, net 834,757 864,510
Goodwill 4,427,000
Other long-term assets 169,932 202,611
Deferred tax assets 5,506,934 5,506,934
Operating lease right-of-use assets 704,416 936,708
Total assets 15,208,287 19,458,487
Current liabilities:    
Accounts payable and accrued expenses 2,014,944 2,084,848
Accrued payroll and related expenses 402,192 566,350
Deferred revenue on shipments to distributors 556,854 611,029
Short term portion of deferred service revenue 25,991 32,900
Bank lines of credit 1,412,449
Notes payable – current portion 682,850 333,333
Subordinated convertible notes payable, net of discount 168,645
Subordinated convertible notes payable, net of discount-related party 1,264,840
Operating lease – current portion 471,006 419,288
Finance lease – current portion 8,291
Total current liabilities 5,587,322 5,468,488
Long-term portion of operating lease 384,180 715,062
Long-term portion of deferred service revenue 29,194 40,711
Long-term portion of notes payable 375,850
Total liabilities 6,376,546 6,224,261
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.001 par value: Authorized – 20,000,000 shares, Issued and outstanding – 6,050,655 shares at September 30, 2020 and 6,017,674 shares at December 31, 2019 6,051 6,018
Additional paid-in capital 61,525,589 61,066,971
Accumulated deficit (52,699,899) (47,838,763)
Total stockholders’ equity 8,831,741 13,234,226
Total liabilities and stockholders’ equity $ 15,208,287 $ 19,458,487