Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2022
Dec. 31, 2021
CURRENT ASSETS:    
Cash $ 1,121,092 $ 893,720
Accounts receivable, net 3,418,263 1,738,543
Contract assets 425,722 3,449
Inventory 1,428,360 298,338
Prepaid expenses and other current assets 441,320 354,613
Total Current Assets 6,834,757 3,288,663
Property and equipment, net 629,490 603,253
Operating lease right of use asset 4,689,931 4,925,765
Security deposit 600,000 600,000
Software development costs, net 265,208
Patents and trademarks, net 69,733 66,482
TOTAL ASSETS 13,089,119 9,484,163
CURRENT LIABILITIES:    
Accounts payable 2,290,390 1,044,500
Notes payable - financing agreements 74,575 52,503
Accrued expenses 453,023 618,093
Equipment financing agreements-current portion 22,851 80,335
Operating lease obligation-current portion 696,869 315,302
Contract liabilities 957,997 1,829,311
Total Current Liabilities 4,495,705 3,940,044
Equipment financing agreement, less current portion 22,851
Operating lease obligation, less current portion 4,542,943 4,739,783
Total Liabilities 9,038,648 8,702,678
Commitments and Contingencies (Note 10)
STOCKHOLDERS' EQUITY:    
Preferred Stock, Value, Issued
Common stock: $0.001 par value; 500,000,000 shares authorized, 7,156,876 and 4,111,047 shares issued, 7,155,552 and 4,109,723 shares outstanding at December 31, 2022 and 2021, respectively 7,156 4,111
Additional paid-in-capital 56,562,600 46,431,874
Accumulated deficit (52,361,834) (45,497,051)
Sub-total 4,207,923 938,937
Less: Treasury stock (1,324 shares of common stock at December 31, 2022 and 2021) (157,452) (157,452)
Total Stockholders' Equity 4,050,471 781,485
Total Liabilities and Stockholders' Equity 13,089,119 9,484,163
Convertible Series A Preferred Stock [Member]    
STOCKHOLDERS' EQUITY:    
Preferred Stock, Value, Issued
Convertible Series B Preferred Stock [Member]    
STOCKHOLDERS' EQUITY:    
Preferred Stock, Value, Issued 1
Convertible Series C Preferred Stock [Member]    
STOCKHOLDERS' EQUITY:    
Preferred Stock, Value, Issued 2
Convertible Series D Preferred Stock [Member]    
STOCKHOLDERS' EQUITY:    
Preferred Stock, Value, Issued $ 1