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

Consolidated Balance Sheets

v3.26.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Dec. 31, 2024
CURRENT ASSETS:    
Cash and cash equivalents $ 7,182,344 $ 839,268
Restricted cash and cash equivalents   312,080
Trade accounts receivable, less allowance for credit losses of $308,629 and $240,817, respectively 4,239,483 4,881,094
Inventories 2,534,984 2,707,643
Prepaid income taxes 9,336  
Related party receivables 21,412 23,471
Prepaid expenses 1,273,762 1,587,464
Costs and estimated earnings in excess of billings 658,177 560,648
Other current assets 554,481 198,717
TOTAL CURRENT ASSETS 16,473,979 11,110,385
PROPERTY, PLANT AND EQUIPMENT, net 1,015,528 1,238,898
OTHER ASSETS:    
Goodwill 17,443,869 17,443,869
Right of use assets 3,315,411 3,686,747
Intangible assets, net 9,983,333 12,220,833
Other assets 12,000 12,000
TOTAL OTHER ASSETS 30,754,613 33,363,449
TOTAL ASSETS 48,244,120 45,712,732
CURRENT LIABILITIES:    
Accounts payable 7,395,318 8,032,769
Accrued compensation and benefits 1,653,994 796,815
Operating lease liabilities 292,240 321,860
Accrued warranty 225,318 350,013
Other current liabilities 973,302 1,055,995
Accrued loss contingencies   1,300,000
Income taxes payable   5,071
Refundable customer deposits 1,073,284 1,870,173
Billings in excess of costs and estimated earnings 1,663,867 444,310
Contingent value rights   312,080
Earnout consideration   2,500,000
Current portion of loans payable 366,824 3,139,113
Current portion of loans payable - related party 1,763,424 6,951,563
Embedded derivative liability   82,281
TOTAL CURRENT LIABILITIES 15,407,571 27,162,043
LONG TERM LIABILITIES:    
Loans payable and related interest 1,011,508 6,531,650
Loans payable and related interest - related party 3,457,864  
Operating lease liabilities 3,158,478 3,471,623
Accrued compensation and benefits 863,693  
TOTAL LONG-TERM LIABILITIES 8,491,543 10,003,273
COMMITMENTS AND CONTINGENCIES (Note 8)
STOCKHOLDERS' EQUITY    
Common stock, par value $0.05 per share; 1,000,000,000 shares authorized; 3,406,614 and 9,343 shares issued and outstanding, respectively [1] 170,331 467
Additional paid-in capital [1] 77,966,554 51,445,995
Accumulated deficit (53,791,879) (42,899,046)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 24,345,006 8,547,416
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 48,244,120 45,712,732
Series A Convertible Preferred Stock [Member]    
STOCKHOLDERS' EQUITY    
Preferred stock, par value $1.00 per share;
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;
Series D 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-200 that became effective April 21, 2025. See Note 1, "Nature of Operations," for further details.