Current report filing

Condensed Balance Sheets (Unaudited)

v3.22.2.2
Condensed Balance Sheets (Unaudited) - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current Assets    
Cash and cash equivalents $ 7,962,254 $ 20,952,867
Restricted certificate of deposit 251,236 251,236
Accounts receivable, net 1,605,152 794,136
Inventories 2,380,429
Contract assets 953,960 893,375
Other current assets 1,437,561 277,444
Total Current Assets 14,590,592 23,169,058
Property and equipment, net 6,238,247 1,437,311
Right-of-use asset – operating lease 425,551 513,763
Other assets 247,209 47,240
Total Assets 21,501,599 25,167,372
Current Liabilities    
Accounts payable 3,715,184 1,400,514
Accrued payroll 463,279 411,008
Accrued interest 1,263,490 703,544
Other accrued liabilities 151,551 90,000
Contract liabilities 373,791
Operating lease liabilities – current 396,012 353,598
Notes payable – current 25,058,179 10,250,000
Notes payable, related parties – current 3,000,000 3,000,000
Total Current Liabilities 34,047,695 16,582,455
Operating lease liabilities – long-term 269,412 467,208
Notes payable – long-term 14,708,333
Other liabilities 268,093 20,833
Total Liabilities 34,585,200 31,778,829
Commitments and Contingencies
Stockholders’ Equity (Deficit)    
Series A preferred stock, $0.01 par value; 334,800 shares authorized, issued, and outstanding 3,348 3,348
Series B preferred stock, $0.01 par value; 725,426 shares authorized, issued, and outstanding 7,254 7,254
Common stock, $0.01 par value; 10,000,000 shares authorized, 952,200 and 952,200 shares issued, respectively, and 680,600 and 680,600 shares outstanding, respectively 9,522 9,522
Treasury stock, at cost; 271,600 shares (944,927) (944,927)
Additional paid-in capital 34,546,691 34,157,877
Accumulated deficit (46,705,489) (39,844,531)
Total Stockholders’ Equity (Deficit) (13,083,601) (6,611,457)
Total Liabilities and Stockholders’ Equity (Deficit) $ 21,501,599 $ 25,167,372