Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONSOLIDATED BALANCE SHEETS

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UNAUDITED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current assets    
Cash and cash equivalents $ 4,226,201 $ 2,272,256
Accounts receivable, net 9,208,166 10,540,150
Inventories, net 8,227,567 6,823,930
Prepaid expenses and other current assets 820,677 666,330
Total current assets 22,482,611 20,302,666
Property and equipment, net 3,370,759 1,759,086
Deposits and other 52,204 49,966
Deferred tax assets, net 3,048,692 2,505,632
Goodwill 7,120,510 7,914,211
Intangible assets, net 1,520,717 3,525,257
Total Assets 37,595,493 36,056,818
Current liabilities    
Accounts payable 3,594,863 3,708,865
Accrued expenses and other liabilities 3,569,015 3,930,718
Borrowings on bank lines of credit (Note 8) 220,794 422,960
Current portion of notes payable, net of debt discount of $7,019 and $0, respectively (Note 8) 1,628,571 1,156,915
Current portion of related-party notes payable, net of debt discount of $23,060 and $0, respectively (Note 8) 547,813  
Total current liabilities 9,561,056 9,219,458
Notes payable, net of current portion and debt discount of $3,802 and $0, respectively (Note 8) 241,795 265,038
Related-party notes payable, net of current portion and debt discount of $12,491 and $0, respectively (Note 8) 345,586  
Total liabilities 10,148,437 9,484,496
Commitments and contingencies (Note 10 and 11)
Stockholders’ equity    
Common stock, $.0001 par value; 50,000,000 shares authorized; 16,101,460 and 14,216,328 shares issued and outstanding, respectively 1,610 1,422
Additional paid-in capital 30,359,503 27,424,113
Noncontrolling interest 500 500
Accumulated other comprehensive (loss) income (65,240) 1,142
Accumulated deficit (2,849,317) (854,855)
Total stockholders’ equity 27,447,056 26,572,322
Total liabilities and stockholders' equity $ 37,595,493 $ 36,056,818