Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
Sep. 30, 2023
Dec. 31, 2022
CURRENT ASSETS    
Cash and cash equivalents $ 226,475 $ 623,163
Accounts receivable, net 3,045,723 2,488,693
Inventory, net 6,273,367 8,258,642
Prepaid expenses and other current assets 1,017,331 1,550,717
Total current assets 10,562,896 12,921,215
Property and equipment, net 7,491,276 8,816,573
Right-of-use asset, net 4,712,825 5,009,954
Goodwill 8,450,000 8,450,000
Intangible asset, net 4,180,273 4,362,024
TOTAL ASSETS 35,397,270 39,559,766
CURRENT LIABILITIES    
Accounts payable 3,971,356 3,009,875
Accrued expenses 2,407,248 1,727,555
Current portion of lease liability 349,847 327,915
Line of credit, net of debt issuance costs 2,754,443 1,046,101
Current portion of long-term debt and other short-term borrowings 736,242 969,421
Total current liabilities 13,814,128 7,080,867
Long-term debt, net of current portion, net of debt issuance costs 3,519,933 3,696,578
Lease liability, net of current portion 4,467,894 4,734,128
Financing obligation - related party operating lease 7,500,000 7,500,000
Deferred tax liability, net 1,555 1,555
Deferred Stock Compensation Liability 358,390 89,828
Warrant liability 790 20,625
TOTAL LIABILITIES 29,662,690 23,123,581
COMMITMENTS AND CONTINGENCIES (Note 12)
STOCKHOLDERS' EQUITY (DEFICIT)    
Preferred stock - $0.0001 par value, 10,000,000 shares authorized, 0 shares issued and outstanding
Additional paid-in-capital 136,716,539 133,687,587
Accumulated deficit (130,982,196) (117,251,616)
TOTAL STOCKHOLDERS' EQUITY 5,734,580 16,436,185
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 35,397,270 39,559,766
Related Party [Member]    
CURRENT LIABILITIES    
Promissory notes payable, net of debt discount and debt issuance costs 1,014,836  
Nonrelated Party [Member]    
CURRENT LIABILITIES    
Promissory notes payable, net of debt discount and debt issuance costs 2,580,156  
Class A Common Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock 196 172
Class V Common Stock [Member]    
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock $ 41 $ 42