Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Balance Sheets (Current Period Unaudited)

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2023
Dec. 31, 2022
Current Assets    
Cash $ 20,605,670 $ 18,891,232
Accounts receivable 589,119 383,786
Inventory 2,066,214 1,286,612
Unbilled revenue 175,410 141,702
VAT receivable 432,777 432,769
Prepaid expenses – current portion 347,341 45,679
Total Current Assets 24,216,531 21,181,780
Property and equipment, net 1,032,006 1,245,802
Right of use assets, net 756,819 854,862
Intangible assets, net 37,500 50,001
Equity method investment 4,820,888 5,260,525
Prepaid expenses – long term portion 49,373 49,078
Total Other Assets 5,664,580 6,214,466
Total Assets 30,913,117 28,642,048
Current Liabilities    
Accounts payable and accrued expenses 1,284,470 1,518,095
Contract liabilities 58,873 36,415
Note payable Coronavirus loans– current portion 63,171 60,490
Due to related party 20,000 28,467
Operating lease liabilities - current 204,465 208,660
Income taxes payable 160,974 94,244
Liabilities from discontinued operations 0 112,397
Total Current Liabilities 1,791,953 2,058,768
Long Term Liabilities:    
Notes payable Coronavirus – long term 131,607 156,266
Operating lease liabilities – long term 567,071 649,895
Total Liabilities 2,490,631 2,864,929
Commitments and Contingencies
Stockholders’ Equity    
Preferred stock ($0.0001 par value; 3,333,333 shares authorized) 0 0
Common stock ($0.0001 par value; 50,000,000 shares authorized, 18,699,596 and 14,402,025 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively) 1,870 1,440
Additional paid-in capital 65,171,061 56,963,200
Accumulated deficit (36,674,775) (31,146,804)
Accumulated other comprehensive loss (75,670) (40,717)
Total Stockholders’ Equity 28,422,486 25,777,119
Total Liabilities and Stockholders’ Equity $ 30,913,117 $ 28,642,048