Annual report pursuant to Section 13 and 15(d)

Revenue Recognition and Contracts with Customers (Tables)

v3.19.1
Revenue Recognition and Contracts with Customers (Tables)
12 Months Ended
Dec. 31, 2018
Revenue from Contract with Customer [Abstract]  
Detailed effect to our consolidated balance sheet Refer to the following table for the detailed effect to our consolidated balance sheet upon adoption:
 
 
 
Balance at

December 31,

2017
 
 
New Revenue

Standard

Adjustment
 
 
Balance at 

January 1,

2018
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Unearned Revenue
 
$
81,724
 
 
$
(81,724
)
 
$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stockholders’ Equity
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Deficit
 
$
(96,472,452
)
 
$
81,724
 
 
$
(96,390,728
)
Company's total revenue was comprised of four major product lines The following table summarizes the revenue recognized by major product line:
 
 
 
For the Years Ended December 31,
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
 
 
2017
 
 
2016
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
 
 
 
 
Smart Glasses and iWear Video Headphones Sales
 
$
6,512,202
 
 
$
4,197,633
 
 
$
1,878,124
 
OEM Product Sales
 
 
994,500
 
 
 
 
 
 
 
Waveguide Sales
 
 
185,400
 
 
 
351,056
 
 
 
109,754
 
Engineering Services
 
 
402,266
 
 
 
989,064
 
 
 
139,500
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue
 
$
8,094,368
 
 
$
5,537,753
 
 
$
2,127,378
 
Company's net sales by revenue recognition method as a percentage of total net sales
The following table presents a summary of the Company’s net sales by revenue recognition method as a percentage of total net sales for the year ended December 31, 2018:
 
 
 
% of Total Net Sales
 
Point-in-Time – Output Method
 
 
95
%
Over Time 
 Input Method
 
 
5
%
Total
 
 
100
%