v3.24.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 1,062,323 $ 3,575,283
Restricted cash and cash equivalents 1,099,763 1,821,060
Trade accounts receivable, less allowance for credit losses of $221,170 and $94,085, respectively 4,228,470 5,010,818
Inventories, net 2,667,880 3,578,668
Prepaid income taxes 77,689  
Related party receivables 25,749 46,448
Prepaid expenses 1,759,905 1,313,082
Costs and estimated earnings in excess of billings 384,020 57,241
Other current assets 376,723 376,048
TOTAL CURRENT ASSETS 11,682,522 15,778,648
PROPERTY, PLANT AND EQUIPMENT, net 1,307,007 1,511,878
OTHER ASSETS:    
Goodwill 20,545,850 20,545,850
Operating lease right of use asset 3,771,749 4,516,102
Intangible assets, net 13,680,208 15,808,333
Other assets, net 12,000 12,000
TOTAL OTHER ASSETS 38,009,807 40,882,285
TOTAL ASSETS 50,999,336 58,172,811
CURRENT LIABILITIES:    
Accounts payable 8,248,106 7,677,261
Accrued compensation and benefits 849,664 1,360,148
Operating lease liability 314,058 394,042
Accrued warranty 272,041 268,004
Other accrued liabilities 1,228,721 867,727
Income taxes payable   5,373
Refundable customer deposits 1,841,459 2,112,363
Billings in excess of costs and estimated earnings 464,970 440,089
Contingent value rights 1,212,263 1,691,072
Earnout consideration 2,700,000 2,500,000
Current portion of loans payable 2,920,027 1,654,881
Current portion of loans payable - related party 4,389,487 3,402,522
Embedded derivative liability 484,993  
TOTAL CURRENT LIABILITIES 24,925,789 22,373,482
LONG-TERM LIABILITIES:    
Loans payable and related interest 6,953,203 8,030,562
Loans payable and related interest - related party 2,393,309 2,097,194
Deferred income taxes 41,579 41,579
Operating lease liability 3,554,992 4,193,205
Earnout consideration   1,000,000
TOTAL LONG-TERM LIABILITIES 12,943,083 15,362,540
COMMITMENTS AND CONTINGENCIES (Note 7)
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock, par value $0.05 per share; 2,666,667 shares authorized; 940,385 and 13,663 shares issued and outstanding, respectively [1] 47,021 683
Additional paid-in capital [1] 49,151,849 47,489,517
Accumulated deficit (36,079,214) (27,081,411)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 13,130,464 20,436,789
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) 50,999,336 58,172,811
Series A Convertible Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock, par value $1.00 per share;   $ 28,000
Series C Preferred Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock, par value $1.00 per share; $ 10,808  
[1] Prior period results have been adjusted to reflect 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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