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 $ 20,939,762 $ 1,504,225
Accounts receivable 2,233,211 2,777,607
Inventory 795,164 991,131
Prepaid expenses and other assets 183,621 267,393
Total current assets 24,151,758 5,540,356
Security deposits 5,175 10,175
Property and equipment, net 1,595,958 1,828,592
Right of use asset - operating lease 10,639 51,563
Intellectual property, net 1,704,063 1,909,597
Total assets 27,467,593 9,340,283
Current liabilities    
Accounts payable and accrued expenses (related party $107,454 and $25,000 at December 31, 2023 and December 31, 2022, respectively) 1,558,450 2,946,835
Income tax payable 437,821 0
Current portion of operating lease liability 11,157 43,262
Customer credits 167,000 167,000
Accrued salaries 8,936 67,478
Total current liabilities 2,183,364 3,224,575
Operating lease liability 0 11,289
Secured note payable, net of discount - related party 239,466 219,962
Unsecured note payable, net of discount and issuance costs - related party 10,979,723 9,663,056
Profit share liability - related party 14,847,937 3,638,260
Total liabilities 28,250,490 16,757,142
Stockholders' deficit    
Preferred stock, $0.001 par value: 2,000,000 shares authorized, no shares issued 0 0
Common stock, $0.001 par value; 150,000,000 shares authorized 94,360,107 and 93,087,796 shares issued and outstanding as of December 31, 2023 and December 31, 2022 respectively. 94,360 93,088
Additional paid-in capital 61,917,119 61,188,442
Accumulated deficit (62,794,376) (68,698,389)
Total stockholders' deficit (782,897) (7,416,859)
Total liabilities and stockholders' deficit $ 27,467,593 $ 9,340,283