Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets

v3.23.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Current Assets    
Cash $ 16,719,968 $ 18,891,232
Accounts receivable 956,098 383,786
Inventory 2,163,521 1,286,612
Unbilled revenue 141,702
VAT receivable 509,538 432,769
Prepaid expenses – current portion 77,688 45,679
Total Current Assets 20,426,813 21,181,780
Property and equipment, net 1,159,041 1,245,802
Right of use assets, net 806,249 854,862
Intangible assets, net 43,750 50,001
Equity method investment 5,228,361 5,260,525
Prepaid expenses – long term portion 49,226 49,078
Total Other Assets 6,127,586 6,214,466
Total Assets 27,713,440 28,642,048
Current Liabilities    
Accounts payable and accrued expenses 1,795,298 1,518,095
Contract liabilities 33,820 36,415
Note payable Coronavirus loans– current portion 61,840 60,490
Due to related party 26,548 28,467
Operating lease liabilities - current 207,733 208,660
Income taxes payable 96,347 94,244
Liabilities from discontinued operations 112,397 112,397
Total Current Liabilities 2,333,983 2,058,768
Long Term Liabilities:    
Notes payable Coronavirus – long term 144,293 156,266
Operating lease liabilities – long term 607,720 649,895
Total Liabilities 3,085,996 2,864,929
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, 14,441,025 and 14,402,025 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively) 1,444 1,440
Additional paid-in capital 57,023,736 56,963,200
Accumulated deficit (32,334,034) (31,146,804)
Accumulated other comprehensive loss (63,702) (40,717)
Total Stockholders’ Equity 24,627,444 25,777,119
Total Liabilities and Stockholders’ Equity $ 27,713,440 $ 28,642,048