Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.23.1
Consolidated Balance Sheets
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Current Assets    
Cash $ 18,891,232 $ 17,267,978
Accounts receivable, net 383,786 349,836
Inventory 1,286,612 1,019,696
Unbilled revenue 141,702 100,422
VAT receivable 432,769 491,417
Prepaid expenses – current portion 45,679 97,068
Other current assets 48,539
Total Current Assets 21,181,780 19,374,956
Property and equipment, net 1,245,802 1,042,859
Right of use assets, net 854,862 22,643
Intangible assets, net 50,001 75,000
Equity method investment 5,260,525
Prepaid expenses – long term portion 49,078 49,867
Total Other Assets 6,214,466 147,510
Total Assets 28,642,048 20,565,325
Current Liabilities    
Accounts payable and accrued expenses 1,518,095 1,063,344
Contract liabilities 36,415 36,765
Note payable Coronavirus loans– current portion 60,490 56,391
Due to related party 28,467 35,308
Operating lease liabilities - current 208,660 19,763
Income taxes payable 94,244 56,781
Stock subscription payable 1,400,000
Liabilities from discontinued operations 112,397 112,397
Total Current Liabilities 2,058,768 2,780,749
Long Term Liabilities:    
Notes payable Coronavirus – long term 156,266 253,757
Operating lease liabilities – long term 649,895
Total Liabilities 2,864,929 3,034,506
Commitments and Contingencies
Stockholders’ Equity    
Preferred stock, ($0.0001 par value; 3,333,333 shares authorized)
Common stock, ($0.0001 par value; 50,000,000 shares authorized, 14,402,025 and 7,053,146 shares issued and outstanding as of December 31, 2022, and 2021, respectively) 1,440 705
Additional paid-in capital 56,963,200 39,513,093
Accumulated deficit (31,146,804) (21,986,215)
Accumulated other comprehensive (loss) income (40,717) 3,236
Total Stockholders’ Equity 25,777,119 17,530,819
Total Liabilities and Stockholders’ Equity $ 28,642,048 $ 20,565,325