Quarterly report pursuant to Section 13 or 15(d)

Revenue Recognition and Contracts with Customers (Tables)

v3.8.0.1
Revenue Recognition and Contracts with Customers (Tables)
3 Months Ended
Mar. 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)
 
$
 
 
 
 
 
 
 
 
 
 
 
 
Shareholders’ Equity
 
 
 
 
 
 
 
 
 
 
Accumulated Deficit
 
$
(96,472,452)
 
$
81,724
 
$
(96,390,728)
 
Company’s total revenue was comprised of four major product lines
During the quarter ended March 31, 2018, the Company’s total revenue was comprised of four major product lines: Smart Glasses and Video Eyewear sales, OEM product sales, Waveguide sales, and Engineering services. The following table summarizes the revenue recognized by major product line for the quarter ended March 31, 2018:
 
 
 
Three Months Ended March 31,
 
 
 
2018
 
2017
 
Revenues
 
 
 
 
 
 
 
Smart Glasses and Video Eyewear Sales
 
$
1,212,771
 
$
959,383
 
OEM Product Sales
 
 
114,170
 
 
 
Waveguide Sales
 
 
36,438
 
 
 
Engineering Services
 
 
180,516
 
 
251,280
 
Total Revenue
 
$
1,543,895
 
$
1,210,663
 
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 quarter ended March 31, 2018:
 
 
 
% of Total Net Sales
 
Point in Time
 
 
81
%
Input Method
 
 
12
%
Output Method
 
 
7
%
Total
 
 
100
%