Annual report pursuant to Section 13 and 15(d)

Accrued Expenses (Tables)

v3.3.1.900
Accrued Expenses (Tables)
12 Months Ended
Dec. 31, 2015
Payables and Accruals [Abstract]  
Components of Accrued Expenses
Accrued expenses consisted of the following:
 
 
 
December 31,
 
December 31,
 
 
 
2015
 
2014
 
Accrued Wages and Related Costs
 
$
102,792
 
$
101,445
 
Accrued Compensation
 
 
358,719
 
 
428,786
 
Accrued Professional Services
 
 
89,000
 
 
45,000
 
Accrued Warranty Obligations
 
 
64,002
 
 
39,624
 
Accrued Interest
 
 
109,984
 
 
75,471
 
Other Accrued Expenses
 
 
10,000
 
 
8,741
 
 
 
 
 
 
 
 
 
Total
 
$
734,497
 
$
699,067
 
Changes in Accrued Warranty Obligations
The changes in the Company’s accrued warranty obligations for the years ended December 31, 2015 and 2014 were as follows:
 
Accrued Warranty Obligations at December 31, 2013
 
$
31,619
 
Reductions for Settling Warranties
 
 
(96,460)
 
Warranty Issued During Year
 
 
104,465
 
 
 
 
 
 
Accrued Warranty Obligations at December 31, 2014
 
 
39,624
 
Reductions for Settling Warranties
 
 
(67,858)
 
Warranty Issued During Year
 
 
92,236
 
Accrued Warranty Obligations at December 31, 2015
 
$
64,002