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Balance Sheets (Unaudited) - USD ($)
Sep. 30, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 3,808,633 $ 978,741
Trade accounts receivable 2,307,913 2,185,383
Inventory 7,460,452 7,811,841
Prepaid expenses and other current assets 310,488 493,885
Total current assets 13,887,486 11,469,850
Property, plant and equipment, net 25,820,333 27,575,683
Operating lease right-of-use asset 4,592,718 4,571,149
Goodwill 95,557 95,557
Intangible assets, net 23,880 38,208
Other assets 28,899 57,655
TOTAL ASSETS 44,448,873 43,808,102
CURRENT LIABILITIES:    
Current portion of debt obligations 1,479,058 1,428,807
Current portion of operating lease liability 482,244 644,276
Accounts payable and accrued expenses 2,504,535 2,124,337
Total current liabilities 4,465,837 4,197,420
LONG-TERM LIABILITIES:    
Debt obligations, net of current portion 9,422,961 10,540,496
Operating lease liability, net of current portion 4,148,404 4,077,109
Total long-term liabilities 13,571,365 14,617,605
TOTAL LIABILITIES 18,037,202 18,815,025
CONTINGENT LIABILITIES AND COMMITMENTS (See Note 11)
STOCKHOLDER’ EQUITY:    
Common stock, $0.10 par value per share, 15,000,000 and 15,000,000 shares authorized, 8,896,398 and 7,814,165 shares issued and 8,833,097 and 7,750,864 shares outstanding, as of September 30, 2024 and December 31, 2023, respectively. 889,641 781,417
Additional paid-in capital 40,338,793 36,357,239
Accumulated deficit (14,678,281) (12,007,097)
Treasury stock, at cost, 63,301 shares as of both September 30, 2024 and December 31, 2023 (138,482) (138,482)
TOTAL STOCKHOLDERS’ EQUITY 26,411,671 24,993,077
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 44,448,873 $ 43,808,102