Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2023
Dec. 31, 2022
Current Assets:    
Cash $ 428,254 $ 4,343,426
Accounts receivable, net 164,398 78,313
Accounts receivable – related party 0 34,507
Inventories 282,071 103,772
Other receivables 20,519 0
Prepaid expenses 96,301 142,342
Marketable securities 36,735 105,470
Total Current Assets 1,028,278 4,807,830
Property and equipment, net 4,080,663 4,228,630
Operating lease right-of-use asset 201,048 253,336
Deposits 24,135 33,264
Total Assets 5,334,124 9,323,060
Current Liabilities:    
Accounts payable and accrued liabilities 482,523 267,685
Treasury stock payable 0 1,000,000
Related party loan 1,000,000 0
Other current liabilities 84,951 6,496
Lease liability, current portion 90,172 113,058
Total Current Liabilities 1,657,646 1,387,239
Non-Current Liabilities:    
Lease liability, less current portion 118,517 165,952
Other liability 12,335 12,335
Total Non-Current Liabilities 130,852 178,287
Total Liabilities 1,788,498 1,565,526
Contingencies (Note 12)
Stockholders' Equity:    
Common stock, par value $0.001 per share, 75,000,000 shares authorized; 64,771,817 and 65,296,383 shares issued and outstanding as of December 31, 2023 and 2022, respectively 64,771 65,297
Treasury stock (1,163,040 and 600,000 shares held at December 31, 2023 and 2022, respectively) (434,048) (2,000,000)
Additional paid-in capital 26,436,161 27,514,733
Shares to be issued, common shares (41,643 and 16,875 shares at December 31, 2023 and 2022, respectively) 74,476 48,075
Accumulated deficit (22,582,170) (17,864,028)
Accumulated other comprehensive loss (13,564) (6,543)
Total Stockholders' Equity 3,545,626 7,757,534
Total Liabilities and Stockholders' Equity $ 5,334,124 $ 9,323,060