Annual report pursuant to Section 13 and 15(d)

Accrued Expenses

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Accrued Expenses
12 Months Ended
Dec. 31, 2013
Payables and Accruals [Abstract]  
Accrued Expenses
Note 16 — Accrued Expenses
 
Accrued expenses consisted of the following: 
 
 
 
December
31, 2013
 
December
31, 2012
 
Accrued Wages and Related Costs
 
$
91,385
 
$
31,197
 
Accrued Compensation
 
 
360,670
 
 
181,322
 
Accrued Professional Services
 
 
69,500
 
 
181,227
 
Accrued Warranty Obligations
 
 
31,619
 
 
93,788
 
Other Accrued Expenses
 
 
1,090
 
 
32,138
 
 
 
 
 
 
 
 
 
Total
 
$
554,264
 
$
519,672
 
 
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, 2013 and 2012 were as follows:
 
Accrued Warranty Obligations at December 31, 2011
 
$
118,611
 
Reductions for Settling Warranties
 
 
(126,308)
 
Warranty Issued During Year
 
 
101,485
 
 
 
 
 
 
Accrued Warranty Obligations at December 31, 2012
 
$
93,788
 
Reductions for Settling Warranties
 
 
(74,287)
 
Warranty Issued During Year
 
 
12,118
 
Accrued Warranty Obligations at December 31, 2013
 
$
31,619