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Condensed Balance Sheets - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 4,961,278 $ 2,121,763
Accounts receivable, net 2,407,313 2,112,514
Inventories, net 3,724,916 3,195,842
Prepaid expenses and other current assets 388,156 335,386
Deferred cost on shipments to distributors 178,834 170,016
Total current assets 11,660,497 7,935,521
Property and equipment:    
Machinery and office equipment 2,327,214 2,286,268
Computer equipment 1,524,841 1,412,030
Property and equipment, gross 3,852,055 3,698,298
Accumulated depreciation (2,994,137) (2,850,635)
Property and equipment, net 857,918 847,663
Intangible assets, net 1,909,433
Other long-term assets 148,146 159,039
Deferred tax assets 5,506,934 5,506,934
Operating lease right-of-use asset 512,472 609,331
Total assets 20,595,400 15,058,488
Current liabilities:    
Accounts payable and accrued expenses 2,031,934 1,372,701
Accrued payroll and related expenses 542,749 375,511
Deferred revenue on shipments to distributors 524,872 450,591
Short term portion of deferred service revenue 22,704 25,522
Note Payable – current portion 500,000
Subordinated convertible notes payable, net of discount 140,593 169,619
Subordinated convertible notes payable, net of discount-related party 1,179,437 1,272,138
Operating lease – current portion 495,695 483,254
Total current liabilities 5,437,984 4,149,336
Long-term portion of deferred service revenue 24,636 28,794
Long-term portion of note payable 500,000
Long-term portion of operating lease 130,047 258,097
Total liabilities 6,092,667 4,436,227
Commitments and contingencies
Stockholders’ equity:    
Common stock, $0.001 par value: Authorized – 20,000,000 shares, Issued and outstanding – 7,125,371 shares at March 31, 2021 and 6,102,630 shares at December 31, 2020 7,125 6,103
Additional paid-in capital 65,410,070 61,733,522
Accumulated deficit (50,914,462) (51,117,364)
Total stockholders’ equity 14,502,733 10,622,261
Total liabilities and stockholders’ equity $ 20,595,400 $ 15,058,488