Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition and Contracts with Customers (Tables)

v3.10.0.1
Revenue Recognition and Contracts with Customers (Tables)
9 Months Ended
Sep. 30, 2018
Revenue from Contract with Customer [Abstract]  
Detailed effect to our consolidated balance sheet Refer to the following table for the detailed effect to our consolidated balance sheet upon adoption:
 
 
 
Balance at
December 31,
2017
 
 
New Revenue
Standard
Adjustment
 
 
Balance at
January 1,
2018
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Unearned Revenue
 
$
81,724
 
 
$
(81,724
)
 
$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Deficit
 
$
(96,472,452
)
 
$
81,724
 
 
$
(96,390,728
)
Company's total revenue was comprised of four major product lines The following table summarizes the revenue recognized by major product line:
 
 
 
Three Months Ended
September 30,
 
 
Nine Months Ended
 September 30,
 
 
 
2018
 
 
2017
 
 
2018
 
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Smart Glasses and iWear Video Headphones Sales
 
$
1,839,250
 
 
$
1,093,413
 
 
$
4,959,496
 
 
$
2,841,439
 
OEM Product Sales
 
 
 
 
 
 
 
 
766,065
 
 
 
 
Waveguide Sales
 
 
3,250
 
 
 
45,000
 
 
 
127,900
 
 
 
161,305
 
Engineering Services
 
 
80,900
 
 
 
266,687
 
 
 
261,416
 
 
 
938,281
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue
 
$
1,923,400
 
 
$
1,405,100
 
 
$
6,114,877
 
 
$
3,941,025
 
Company's net sales by revenue recognition method as a percentage of total net sales
The following table presents a summary of the Company’s net sales by revenue recognition method as a percentage of total net sales for the nine months ended September 30, 2018:
 
 
 
% of Total Net Sales
 
Point-in-Time
 
 
96
%
Over Time - Input Method
 
 
4
%
Total
 
 
100
%