|3 Months Ended|
Mar. 31, 2017
|Payables and Accruals [Abstract]|
Note 4 Accrued Expenses
Accrued expenses consisted of the following:
Included in the above accrued compensation are amounts owed to officers of the Company for services rendered that remain outstanding from prior to 2015, as well as 2016 declared bonuses. The pre-2015 amounts are not subject to a fixed repayment schedule and they bear interest at a rate of 8% per year, compounding monthly. Those amounts were $333,609 as of March 31, 2017 and $358,720 as of December 31, 2016. The related interest amounts included in Accrued Interest was $156,914 and $141,645 respectively at March 31, 2017 and December 31, 2016. The 2016 bonuses included in Accrued Compensation were $290,000 as of March 31, 2017 and December 31, 2016.
The Company has warranty obligations in connection with the sale of certain of its products. The warranty period for its products is generally one year except in certain European countries where it is two years for some of our products. The costs incurred to provide for these warranty obligations are estimated and recorded as an accrued liability at the time of sale. The Company estimates its future warranty costs based on product-based historical performance rates and related costs to repair. The changes in the Company’s accrued warranty obligations for the quarter ended March 31, 2017 and December 31, 2016 were as follows:
The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
Reference 1: http://www.xbrl.org/2003/role/presentationRef