Annual report pursuant to Section 13 and 15(d)

Accrued Expenses

v3.20.4
Accrued Expenses
12 Months Ended
Dec. 31, 2020
Accrued Expenses  
Accrued Expenses

Note 9 — Accrued Expenses

Accrued expenses consisted of the following:

December 31, 

December 31, 

    

2020

    

2019

Accrued Wages and Related Costs

$

582,924

$

394,669

Accrued Professional Services

 

187,323

 

217,721

Accrued Warranty Obligations

 

143,898

 

98,893

Other Accrued Expenses

 

68,888

 

174,614

Total

$

983,033

$

885,897

The Company has warranty obligations in connection with the sale of certain of its products. The warranty period for its products is generally twelve (12) months except in certain European countries where it can be up to twenty-four (24) months for some consumer-focused 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 years ended December 31, 2020, 2019 and 2018 were as follows:

Accrued Warranty Obligations at December 31,  2017

    

$

167,503

Reductions for Settling Warranties

 

(257,173)

Warranty Issued During Year

 

307,717

Accrued Warranty Obligations at December 31,  2018

 

218,047

Reductions for Settling Warranties

 

(204,583)

Warranty Issued During Year

 

85,429

Accrued Warranty Obligation at December 31, 2019

$

98,893

Reductions for Settling Warranties

 

(193,503)

Warranties Issued During Period

 

238,508

Accrued Warranty Obligations at December 31, 2020

$

143,898