v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 1,447,329 $ 839,268
Restricted cash and cash equivalents 292,901 312,080
Trade accounts receivable, less allowance for credit losses of $215,738 and $240,817, respectively 3,927,676 4,881,094
Inventories, net 2,512,552 2,707,643
Related party receivables 23,739 23,471
Prepaid expenses 1,383,296 1,587,464
Costs and estimated earnings in excess of billings 692,821 560,648
Other current assets 264,875 198,717
TOTAL CURRENT ASSETS 10,545,189 11,110,385
PROPERTY, PLANT AND EQUIPMENT, net 1,164,610 1,238,898
OTHER ASSETS:    
Goodwill 17,443,869 17,443,869
Operating lease right of use asset 3,600,546 3,686,747
Intangible assets, net 11,661,458 12,220,833
Other assets, net 12,000 12,000
TOTAL OTHER ASSETS 32,717,873 33,363,449
TOTAL ASSETS 44,427,672 45,712,732
CURRENT LIABILITIES:    
Accounts payable 6,514,331 8,032,769
Accrued compensation and benefits 817,585 796,815
Operating lease liability 329,793 321,860
Accrued warranty 183,375 350,013
Other accrued liabilities 1,375,025 1,055,995
Accrued loss contingencies 342,216 1,300,000
Income taxes payable 19,686 5,071
Refundable customer deposits 1,426,398 1,870,173
Billings in excess of costs and estimated earnings 298,173 444,310
Contingent value rights 292,901 312,080
Earnout consideration 2,110,896 2,500,000
Contingent forward contract 5,406,033  
Current portion of loans payable 351,249 3,139,113
Current portion of loans payable - related party 806,154 6,951,563
Embedded derivative liability   82,281
TOTAL CURRENT LIABILITIES 20,273,815 27,162,043
LONG-TERM LIABILITIES:    
Loans payable and related interest 1,248,397 6,531,650
Loans payable and related interest - related party 4,712,780  
Operating lease liability 3,385,783 3,471,623
TOTAL LONG-TERM LIABILITIES 9,346,960 10,003,273
COMMITMENTS AND CONTINGENCIES (Note 6)
STOCKHOLDERS' EQUITY    
Common stock, par value $0.05 per share; 125,000 shares authorized; 81,391 and 9,343 shares issued and outstanding, respectively [1] 4,070 467
Additional paid-in capital [1] 61,198,304 51,445,995
Accumulated deficit (46,395,478) (42,899,046)
TOTAL STOCKHOLDERS' EQUITY 14,806,897 8,547,416
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 44,427,672 45,712,732
Series A Convertible Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock, par value $1.00 per share;
Series D Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock, par value $1.00 per share; $ 1  
[1] Prior period results have been adjusted to reflect the reverse stock split of the common stock at a ratio of 1-for-200 that became effective April 21, 2025, the reverse stock split of the common stock at a ratio of 1-for-50 that became effective October 17, 2024 and the reverse stock split of the common stock at a ratio of 1-for-15 that became effective June 12, 2024. See Note 1, "Nature of Operations," for further details.

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