Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash $ 4,340,947 $ 1,121,092
Accounts receivable 717,346 3,418,263
Contract assets 1,426,312 425,722
Inventory 1,529,530 1,428,360
Prepaid expenses and other current assets 532,381 441,320
Total Current Assets 8,546,516 6,834,757
Property and equipment, net 579,689 629,490
Operating lease right of use asset 4,612,830 4,689,931
Security deposit 600,000 600,000
Software development costs, net 454,280 265,208
Patents and trademarks, net 75,017 69,733
TOTAL ASSETS 14,868,332 13,089,119
CURRENT LIABILITIES:    
Accounts payable 1,282,184 2,290,390
Notes payable - financing agreements 193,094 74,575
Accrued expenses 367,652 453,023
Equipment financing payable-current portion 11,566 22,851
Operating lease obligations-current portion 764,820 696,869
Contract liabilities 2,066,861 957,997
Total Current Liabilities 4,686,177 4,495,705
Operating lease obligations, less current portion 4,466,884 4,542,943
Total Liabilities 9,153,061 9,038,648
Commitments and Contingencies (Note 4)
STOCKHOLDERS' EQUITY:    
Preferred Stock, Value, Issued
Common stock: $0.001 par value; 500,000,000 shares authorized, 7,169,339 and 7,156,876 shares issued, 7,168,015 and 7,155,552 shares outstanding at March 31, 2023 and December 31, 2022, respectively 7,168 7,156
Additional paid-in-capital 60,371,067 56,562,600
Accumulated deficit (54,505,517) (52,361,834)
Sub-total 5,872,723 4,207,923
Less: Treasury stock (1,324 shares of common stock at March 31, 2023 and December 31, 2022) (157,452) (157,452)
Total Stockholders’ Equity 5,715,271 4,050,471
Total Liabilities and Stockholders’ Equity 14,868,332 13,089,119
Convertible Series A Preferred Stock [Member]    
STOCKHOLDERS' EQUITY:    
Preferred Stock, Value, Issued
Convertible Series B Preferred Stock [Member]    
STOCKHOLDERS' EQUITY:    
Preferred Stock, Value, Issued
Convertible Series C Preferred Stock [Member]    
STOCKHOLDERS' EQUITY:    
Preferred Stock, Value, Issued
Convertible Series D Preferred Stock [Member]    
STOCKHOLDERS' EQUITY:    
Preferred Stock, Value, Issued 1 1
Convertible Series E Preferred Stock [Member]    
STOCKHOLDERS' EQUITY:    
Preferred Stock, Value, Issued $ 4