Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses

v3.19.1
Accrued Expenses
3 Months Ended
Mar. 31, 2019
Payables and Accruals [Abstract]  
Accrued Expenses
Note 6 – Accrued Expenses
 
Accrued expenses consisted of the following:
 
 
 
March 31,
 
 
December 31,
 
 
 
2019
 
 
2018
 
 
 
 
 
 
 
 
Accrued Wages and Related Costs
 
$
281,286
 
 
$
461,619
 
Accrued Professional Services
 
 
123,967
 
 
 
138,438
 
Accrued Warranty Obligations
 
 
241,530
 
 
 
218,047
 
Other Accrued Expenses
 
 
296,227
 
 
 
795,974
 
 
 
 
 
 
 
 
 
 
Total
 
$
943,010
 
 
$
1,614,078
 
 
Included in Other Accrued Expenses as of March 31, 2019
is $250,000 
for the final payment described above in Note 5 related to the TDG Amendment. As of December 31, 2018, there was $750,000 in Other Accrued Expenses 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 three months ended March 31, 2019 and the balance as of December 31, 2018 were as follows:
 
Accrued Warranty Obligation at December 31, 2018
 
$
218,047
 
Reductions for Settling Warranties
 
 
(62,394
)
Warranties Issued During Period
 
 
85,877
 
 
 
 
 
 
Accrued Warranty Obligations at March 31, 2019
 
$
241,530