Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses

v3.21.2
Accrued Expenses
9 Months Ended
Sep. 30, 2021
Accrued Expenses  
Accrued Expenses

Note 7 – Accrued Expenses

Accrued expenses consisted of the following:

September 30, 

December 31, 

    

2021

    

2020

Accrued Wages and Related Costs

$

587,961

$

582,924

Accrued Professional Services

 

218,506

 

187,323

Accrued Warranty Obligations

 

194,092

 

143,898

Other Accrued Expenses

 

584,766

 

68,888

Total

$

1,585,325

$

983,033

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. 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 upon product-based historical performance rates and related costs to repair.

The changes in the Company’s accrued warranty obligations for the nine months ended September 30, 2021 and the balance as of December 31, 2020 were as follows:

Accrued Warranty Obligations at December 31, 2020

$

143,898

Reductions for Settling Warranties

 

(239,534)

Warranties Issued During Period

 

289,728

Accrued Warranty Obligations at September 30, 2021

$

194,092