Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 3,254,806 $ 3,011,811
Accounts receivable, net 1,126,280 865,174
Inventories, net 876,417 1,388,262
Contract assets 311,586 104,989
Prepaid expenses 629,902 142,733
Income taxes receivable 0 105,745
Total current assets 6,198,991 5,618,714
Property and equipment, net 104,083 127,672
Other assets:    
Deposits 7,000 7,000
Operating lease right of use assets 655,966 737,551
Total other assets 662,966 744,551
Total Assets 6,966,040 6,490,937
Current liabilities:    
Accounts payable 937,406 1,043,007
Accrued liabilities 762,468 563,312
Line of credit 350,000 267,289
Contract liabilities – current 1,387,154 888,060
Operating lease liabilities – current 223,972 242,299
Note payable – current 913,063 913,063
Income taxes payable 7,509 0
Total current liabilities 4,581,572 3,917,030
Long-term liabilities:    
Contract liabilities – long-term 180,539 164,307
Operating lease liabilities – long-term 525,895 592,341
Accrued royalties – long-term 430,000 500,000
Total long-term liabilities 1,136,434 1,256,648
Total liabilities 5,718,006 5,173,678
Commitments and contingencies
Stockholders’ Equity    
Common stock, par value $.001 per share; 190,000,000 shares authorized; 136,311,335 and 136,311,335 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively. 136,311 136,311
Additional paid-in-capital 127,737,345 127,733,714
Accumulated deficit (128,328,247) (128,255,391)
Total stockholders’ equity 1,248,034 1,317,259
Total Liabilities and Stockholders’ Equity 6,966,040 6,490,937
Series A Preferred Stock [Member]    
Stockholders’ Equity    
Preferred Stock, Value, Issued 1,340,566 1,340,566
Series B Preferred Stock [Member]    
Stockholders’ Equity    
Preferred Stock, Value, Issued $ 362,059 $ 362,059