v3.24.1
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
NET REVENUES:    
Product $ 7,439,045 $ 9,376,465
Post contract support 4,692,487 5,008,328
Other services 168,052 164,348
Total revenues 12,299,584 14,549,141
COST OF NET REVENUES:    
Product 4,767,159 4,554,340
Post contract support one 1,681,267 1,494,583
Other services 86,841 79,205
Total cost of revenues 6,535,267 6,128,128
GROSS PROFIT 5,764,317 8,421,013
RESEARCH AND DEVELOPMENT EXPENSES 2,729,492 3,614,814
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 9,675,190 7,630,012
TOTAL OPERATING EXPENSES 12,404,682 11,244,826
OPERATING LOSS (6,640,365) (2,823,813)
OTHER INCOME (EXPENSE):    
Gain from change in fair value of warrants 1,341,120 0
Gain from change in fair value of earnout liability 21,976,349 0
Loss from change in fair value of convertible debt (240,784) 0
Interest income 0 42,565
Interest expense (55,685) (75,256)
Other expense 9,501 0
Other income- PPP loan forgiveness 0 1,146,235
Other income- employee retention tax credit 0 1,232,776
Total other (expense) income, net 23,011,499 2,346,320
INCOME (LOSS) BEFORE PROVISON FOR INCOME TAXES 16,371,134 (477,493)
Provision for income taxes 0 (10,000)
NET INCOME (LOSS) 16,371,134 (487,493)
OTHER COMPREHENSIVE (LOSS) GAIN:    
Foreign currency translation loss, net (2,702) (10,106)
TOTAL COMPREHENSIVE INCOME (LOSS) $ 16,368,432 $ (497,599)
NET INCOME (LOSS) PER SHARE:    
Basic $ 1.20 $ (0.04)
Diluted $ 0.80 $ (0.04)
Weighted average shares of common stock outstanding    
Basic 13,671,376 13,387,344
Diluted 20,390,663 13,387,344

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