Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.24.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CURRENT ASSETS      
Cash and cash equivalents $ 369,114 $ 623,163  
Accounts receivable, net 2,091,926 2,488,693  
Inventory 5,199,979 8,258,642  
Prepaid expenses and other current assets 720,682 1,550,717  
Total current assets 8,381,701 12,921,215  
Property and equipment, net 7,150,775 8,816,573  
Right of use assets, net 4,609,666 5,009,954  
Goodwill 8,450,000 8,450,000  
Intangible assets, net 4,119,690 4,362,024  
TOTAL ASSETS 32,711,832 39,559,766  
CURRENT LIABILITIES      
Accounts payable 4,459,787 3,009,875  
Accrued expenses 2,687,508 1,727,555  
Current portion of lease liability 362,165 327,915  
Line of credit, net of debt issuance costs 3,568,295 1,046,101  
Current portion of long-term debt and other short-term borrowings 605,530 969,421  
Total current liabilities 15,772,285 7,080,867  
Long-term debt, net of current portion, net of debt issuance costs 3,476,089 3,696,578  
Lease liability, net of current portion 4,371,963 4,734,128  
Financing obligation - related party operating lease 7,500,000 7,500,000  
Deferred tax liability, net 35 1,555  
Deferred stock compensation liability   89,828  
Warrant liability   20,625  
TOTAL LIABILITIES 31,120,372 23,123,581  
COMMITMENTS AND CONTINGENCIES (Note 12)  
STOCKHOLDERS' EQUITY      
Preferred stock - $0.0001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding  
Additional paid-in-capital 137,883,798 133,687,588  
Accumulated deficit (136,292,600) (117,251,616)  
TOTAL STOCKHOLDERS' EQUITY 1,591,460 16,436,185  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 32,711,832 39,559,766  
Nonrelated Party [Member]      
CURRENT LIABILITIES      
Promissory notes payable, net of debt discount and debt issuance costs 2,914,000    
Related Party [Member]      
CURRENT LIABILITIES      
Promissory notes payable, net of debt discount and debt issuance costs 1,175,000    
Class A Common Stock [Member]      
STOCKHOLDERS' EQUITY      
Common stock 224 171  
Class V Common Stock [Member]      
STOCKHOLDERS' EQUITY      
Common stock $ 38 $ 42