v3.25.2

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2025	Dec. 31, 2024
Current Assets:
Cash	$ 674,481	$ 5,490,963
Accounts receivable, net	6,054,015	3,716,378
Contract assets, net	31,027,022	32,832,290
Inventory	1,025,172	918,288
Prepaid expenses and other current assets	541,084	634,534
Total Current Assets	39,321,774	43,592,453
Operating lease right-of-use assets	10,220,405	2,856,200
Property and equipment, net	643,476	767,904
Deferred tax asset, net	20,153,104	18,837,576
Goodwill	1,784,254	1,784,254
Other assets	132,954	143,615
Total Assets	72,255,967	67,982,002
Current Liabilities:
Accounts payable	15,179,687	11,097,685
Accrued expenses	4,727,857	7,922,316
Contract liabilities	1,896,936	2,430,663
Loss reserve	70,137	22,832
Current portion of line of credit	3,000,000	2,750,000
Current portion of long-term debt	10,822	26,483
Operating lease liabilities, current	1,367,604	2,162,154
Income taxes payable	2,348	58,209
Total Current Liabilities	26,255,391	26,470,342
Line of credit, net of current portion	13,140,000	14,640,000
Long-term operating lease liabilities	9,087,405	938,418
Total Liabilities	48,482,796	42,048,760
Commitments and Contingencies (see note 11)
Shareholders’ Equity:
Common stock - $.001 par value; authorized 50,000,000 shares, 12,978,259 and 12,978,741 shares, respectively, issued and outstanding	12,978	12,979
Additional paid-in capital	74,913,464	74,424,651
Accumulated deficit	(51,153,271)	(48,504,388)
Total Shareholders’ Equity	23,773,171	25,933,242
Total Liabilities and Shareholders’ Equity	$ 72,255,967	$ 67,982,002

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

CPI AEROSTRUCTURES INC 10-Q