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Balance Sheets (Unaudited) - USD ($)
Apr. 01, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 7,369,863 $ 8,266,753
Accounts receivable-trade, net 4,714,138 3,777,975
Accounts receivable-other 700,703 685,668
Inventories, net 4,692,655 4,875,901
Prepaid expenses and other current assets 299,601 211,242
Total current assets 17,776,960 17,817,539
Property and equipment:    
Production equipment 10,900,344 10,770,427
Furniture and office equipment 952,883 952,883
Leasehold improvements 985,649 985,649
Total cost 12,838,876 12,708,959
Accumulated depreciation and amortization (11,571,509) (11,446,901)
Construction in progress 111,612 64,910
Net property and equipment 1,378,979 1,326,968
Right-of-use lease asset (note 4, leases) 433,000 466,000
Deferred taxes, net 1,842,992 2,069,436
Total Assets 21,431,931 21,679,943
Current liabilities:    
Note payable, current portion 44,424 43,711
Accounts payable 2,046,893 1,836,865
Accrued expenses 731,454 820,856
Deferred revenue 1,828,068 2,521,128
Current lease liability 157,000 157,000
Total current liabilities 4,807,839 5,379,560
Note payable less current portion 43,439 54,847
Deferred Revenue – Long term 0 231,020
Long-term lease liability 276,000 309,000
Total liabilities 5,127,278 5,974,427
Commitments & Contingencies
Stockholders’ equity:    
Common stock, $0.01 par value, authorized 20,000,000 shares; issued 14,467,487 and 14, 460,486 shares; outstanding 14,457,186 and 14, 450,470 shares; at April 1, 2023 and December 31, 2022, respectively 144,675 144,605
Additional paid-in capital 39,867,507 39,726,851
Accumulated deficit (23,665,891) (24,125,092)
Less cost of 10,301 and 10,016 common shares repurchased at April 1, 2023 and December 31, 2022, respectively (41,638) (40,848)
Total stockholders’ equity 16,304,653 15,705,516
Total liabilities and stockholders’equity $ 21,431,931 $ 21,679,943