|12 Months Ended|
Dec. 31, 2015
|Payables and Accruals [Abstract]|
Note 8 Accrued Expenses
Accrued expenses consisted of the following:
Included in the above accrued compensation amounts owed to officers of the Company for services rendered that remain outstanding. These amounts are not subject to a fixed repayment schedule and they bear interest at a rate of 8% per annum, compounding monthly. The amounts were $327,469 as of December 31, 2015 and $393,536 as of December 31, 2014. The related interest amounts included in Accrued Interest was $97,801 and $62,081 respectively at December 31, 2015 and December 31, 2014.
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 European countries where it is two years. 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, 2015 and 2014 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