Annual report pursuant to Section 13 and 15(d)

Accrued Expenses

v3.19.1
Accrued Expenses
12 Months Ended
Dec. 31, 2018
Payables and Accruals [Abstract]  
Accrued Expenses
Note 11 — Accrued Expenses
 
Accrued expenses consisted of the following: 
 
 
 
December 31,

2018
 
 
December 31,

2017
 
Accrued Wages and Related Costs
 
$
461,619
 
 
$
163,305
 
Accrued Compensation
 
 
 
 
 
327,469
 
Accrued Professional Services
 
 
138,438
 
 
 
531,728
 
Accrued Warranty Obligations
 
 
218,047
 
 
 
167,503
 
Accrued Interest
 
 
 
 
 
171,435
 
Other Accrued Expenses
 
 
795,974
 
 
 
28,331
 
 
 
 
 
 
 
 
 
 
Total
 
$
1,614,078
 
 
$
1,389,771
 
 
Included in Other Accrued Expenses was $750,000 for the second and third payments described above in Note 9 related to the TDG Amendment.
 
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 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, 2018, 2017 and 2016 were as follows:
 
Accrued Warranty Obligations at December 31, 2015
 
$
64,002
 
Reductions for Settling Warranties
 
 
(103,265
)
Warranty Issued During Year
 
 
80,395
 
Accrued Warranty Obligations at December 31, 2016
 
 
41,132
 
 
 
 
 
 
Reductions for Settling Warranties
 
 
(157,035
)
Warranty Issued During Year
 
 
283,406
 
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