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Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current assets    
Cash and restricted cash $ 2,670,626 $ 2,158,025
Accounts receivable 2,670,361 3,241,221
Prepaid expenses 335,152 367,823
Inventories 2,706,491 2,081,260
Asset held for sale 216,000
Other current assets 373,587 140,238
Total current assets 8,756,217 8,204,567
Property, plant and equipment, net 11,242,251 8,576,851
Intangible assets, net 69,444
Right of use assets 451,094 638,102
Deferred tax asset 6,387,240
Other noncurrent assets 199,816 111,519
Total assets 27,036,618 17,600,483
Current liabilities    
Accounts payable 1,547,619 1,043,581
Accrued expenses 870,060 891,793
Income tax payable 626,455 351,618
Current portion of operating lease liability 54,034 44,273
Current portion of financial obligation 83,648 74,636
Current portion of long-term debt, net of discounts 635,273 1,125,864
Other current liabilities 216,000
Total current liabilities 3,817,089 3,747,765
Operating lease liability, less current portion 325,480 523,375
Long-term financial obligation, less current portion 3,954,373 4,038,022
Long-term debt, less current portion, net of discounts 1,609,868 529,499
Deferred income 675,000 675,000
Total liabilities 10,381,810 9,513,661
Commitments and contingencies (Note 10)
Shareholders’ equity    
Common stock - $0.001 par value; 100,000,000 shares authorized; 30,391,240 and 29,245,080 shares issued and outstanding, respectively 30,391 29,245
Additional paid-in-capital 45,074,723 43,943,928
Accumulated deficit (28,450,306) (35,886,351)
Total shareholders’ equity 16,654,808 8,086,822
Total liabilities and shareholders’ equity $ 27,036,618 $ 17,600,483