Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v3.23.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Current Assets:    
Cash $ 4,343,426 $ 8,678,665
Accounts receivable, net 78,313 177,315
Accounts receivable – related party 34,507 15,176
Inventories 103,772 22,889
Other receivables 0 13,057
Prepaid expenses 142,342 301,270
Marketable securities 105,470 0
Deposit - current portion 0 5,968
Total Current Assets 4,807,830 9,214,340
Property and equipment, net 4,228,630 4,353,340
Operating lease right-of-use asset 253,336 420,137
Deposits 33,264 33,933
Total Assets 9,323,060 14,021,750
Current Liabilities:    
Accounts payable and accrued liabilities 267,685 293,354
Treasury stock payable 1,000,000 0
Other current liabilities 6,496 23,902
Loan, current portion 0 132,618
Lease liability, current portion 113,058 121,568
Total Current Liabilities 1,387,239 571,442
Non-Current Liabilities:    
Lease liability, less current portion 165,952 302,387
Loan, less current portion 0 25,929
Other liability 12,335 0
Total Non-Current Liabilities 178,287 328,316
Total Liabilities 1,565,526 899,758
Contingencies (Note 13)
Stockholders' Equity:    
Common stock, par value $0.001 per share, 75,000,000 shares authorized; 43,530,915 and 43,259,741 shares issued and outstanding as of December 31, 2022 and 2021, respectively 43,531 43,259
Treasury stock (400,000 and 0 shares held at December 31, 2022 and 2021, respectively) (2,000,000) 0
Additional paid-in capital 27,536,499 24,093,075
Shares to be issued, common shares 48,075 1,922,753
Accumulated deficit (17,864,028) (12,937,091)
Accumulated other comprehensive loss (6,543) (4)
Total Stockholders' Equity 7,757,534 13,121,992
Total Liabilities and Stockholders' Equity $ 9,323,060 $ 14,021,750