Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses

v3.22.2
Accrued Expenses
6 Months Ended
Jun. 30, 2022
Accrued Expenses  
Accrued Expenses

Note 8 – Accrued Expenses

Accrued expenses consisted of the following:

June 30, 

December 31, 

    

2022

    

2021

Accrued Wages and Related Costs

$

518,967

$

683,044

Accrued Professional Services

 

320,807

 

551,220

Accrued Warranty Obligations

 

178,229

 

185,044

Other Accrued Expenses

 

596,580

 

Total

$

1,614,583

$

1,419,308

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 expense at the time of sale. The Company estimates its future warranty costs based upon product-based historical performance rates and related costs to repair. Included in Other Accrued Expenses is $331,000 for external development work related to our Next Generation Smart Glasses which was completed through June 30, 2022 but not yet invoiced.

The changes in the Company’s accrued warranty obligations for the six months ended June 30, 2022 were as follows:

Accrued Warranty Obligations at December 31, 2021

$

185,044

Reductions for Settling Warranties

 

(168,873)

Warranties Issued During Year

 

162,058

Accrued Warranty Obligations at June 30, 2022

$

178,229