Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Balance Sheets

v3.25.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 839,268 $ 3,575,283
Restricted cash and cash equivalents 312,080 1,821,060
Trade accounts receivable, less allowance for credit losses of $240,817 and $94,085, respectively 4,881,094 5,010,818
Inventories, net 2,707,643 3,578,668
Related party receivables 23,471 46,448
Prepaid expenses 1,587,464 1,313,082
Costs and estimated earnings in excess of billings 560,648 57,241
Other current assets 198,717 376,048
TOTAL CURRENT ASSETS 11,110,385 15,778,648
PROPERTY, PLANT AND EQUIPMENT, net 1,238,898 1,511,878
OTHER ASSETS:    
Goodwill 17,443,869 20,545,850
Right of use assets 3,686,747 4,516,102
Intangible assets, net 12,220,833 15,808,333
Other assets 12,000 12,000
TOTAL OTHER ASSETS 33,363,449 40,882,285
TOTAL ASSETS 45,712,732 58,172,811
CURRENT LIABILITIES:    
Accounts payable 8,032,769 7,677,261
Accrued compensation and benefits 796,815 1,360,148
Operating lease liabilities 321,860 394,042
Accrued warranty 350,013 268,004
Other current liabilities 1,055,995 867,727
Accrued loss contingencies 1,300,000  
Income taxes payable 5,071 5,373
Refundable customer deposits 1,870,173 2,112,363
Billings in excess of costs and estimated earnings 444,310 440,089
Contingent value rights 312,080 1,691,072
Earnout consideration 2,500,000 2,500,000
Current portion of loans payable 3,139,113 1,654,881
Current portion of loans payable - related party 6,951,563 3,402,522
Embedded derivative liability 82,281  
TOTAL CURRENT LIABILITIES 27,162,043 22,373,482
LONG TERM LIABILITIES:    
Loans payable and related interest 6,531,650 8,030,562
Loans payable and related interest - related party   2,097,194
Deferred income taxes   41,579
Operating lease liabilities 3,471,623 4,193,205
Earnout consideration   1,000,000
TOTAL LONG-TERM LIABILITIES 10,003,273 15,362,540
COMMITMENTS AND CONTINGENCIES (Note 9)
STOCKHOLDERS' EQUITY    
Common stock, par value $0.05 per share; 25,000,000 shares authorized; 1,868,638 and 13,663 shares issued and outstanding, respectively [1] 93,432 683
Additional paid-in capital [1] 51,353,030 47,489,517
Accumulated deficit (42,899,046) (27,081,411)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 8,547,416 20,436,789
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 45,712,732 58,172,811
Series A Convertible Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock, par value $1.00 per share;   28,000
Series B Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock, par value $1.00 per share;
Series C Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock, par value $1.00 per share;
[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.