v3.20.1

Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 1,209,935	$ 1,621,309
Receivables on government contracts	623,998	587,848
Prepaid expenses and other current assets	451,801	273,004
Total current assets	2,285,734	2,482,161
Property and equipment
Operating lease-right to use asset	322,978	353,685
Equipment	429,354	404,091
Leasehold improvements	21,306	21,306
Furniture & fixtures	43,174	43,174
Less: accumulated depreciation	(227,822)	(171,956)
Property and equipment, net	588,990	650,300
Intangible assets	141,158	141,158
Less: accumulated amortization	(101,683)	(96,394)
Intangible assets, net	39,475	44,764
Deferred tax assets		682
Total assets	2,914,199	3,177,907
Liabilities and shareholders' equity
Accrued payroll and payroll taxes	275,035	327,246
Accounts payable and accrued expenses	59,131	41,299
Lease obligation, current portion	128,939	126,633
Deferred revenue	8,750	17,000
Total current liabilities	471,855	512,178
Lease obligation, net of current portion	211,642	244,655
Deferred tax liability	21,674
Total liabilities	705,171	756,833
Shareholders' equity:
Preferred stock, convertible, par value $.01 per share, authorized 5,000,000 shares, none issued and outstanding
Common stock, par value $.01 per share, authorized 60,000,000 shares, issued and outstanding 35,588,775 shares	355,889	355,889
Capital in excess of par value	10,133,259	10,129,020
Accumulated deficit	(8,280,120)	(8,063,835)
Total shareholders' equity	2,209,028	2,421,074
Total liabilities and shareholders' equity	$ 2,914,199	$ 3,177,907

The amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale, as well as the amount of lessee's right to use underlying asset under operating lease.

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No definition available.

MIKROS SYSTEMS CORP 10-Q