Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 2,361,059 $ 3,011,811
Accounts receivable, net 1,010,554 865,174
Inventories, net 825,559 1,388,262
Contract assets 266,014 104,989
Prepaid expenses 735,092 142,733
Income taxes receivable 0 105,745
Total current assets 5,198,278 5,618,714
Property and equipment, net 84,201 127,672
Other assets:    
Deposits 7,595 7,000
Operating lease right of use assets 570,512 737,551
Total other assets 578,107 744,551
Total Assets 5,860,586 6,490,937
Current liabilities:    
Accounts payable 1,865,535 1,043,007
Accrued liabilities 718,721 563,312
Line of credit 403,089 267,289
Contract liabilities – current 800,965 888,060
Operating lease liabilities – current 195,176 242,299
Note payable – current 0 913,063
Income taxes payable 5,431 0
Total current liabilities 3,988,917 3,917,030
Long-term liabilities:    
Contract liabilities – long-term 140,265 164,307
Operating lease liabilities – long-term 459,668 592,341
Accrued royalties – long-term 360,000 500,000
Total long-term liabilities 959,933 1,256,648
Total liabilities 4,948,850 5,173,678
Stockholders’ Equity    
Common Stock, par value $.001 per share; 475,000,000 and 190,000,000 shares authorized at December 31, 2021 and 2020, respectively; 136,311,335 and 136,311,335 shares issued and outstanding at December 31, 2021 and 2020, respectively. 136,311 136,311
Additional paid-in-capital 127,740,976 127,733,714
Accumulated deficit (128,668,176) (128,255,391)
Total stockholders’ equity 911,736 1,317,259
Total Liabilities and Stockholders’ Equity 5,860,586 6,490,937
Series A Preferred Stock [Member]    
Stockholders’ Equity    
Preferred Stock, Value 1,340,566 1,340,566
Series B Preferred Stock [Member]    
Stockholders’ Equity    
Preferred Stock, Value $ 362,059 $ 362,059