Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses

v3.20.1
Accrued Expenses
3 Months Ended
Mar. 31, 2020
Accrued Expenses  
Accrued Expenses

Note 7 – Accrued Expenses

Accrued expenses consisted of the following:

 

 

 

 

 

 

 

 

 

    

March 31, 

    

December 31, 

 

 

2020

 

2019

 

 

 

 

 

 

 

Accrued Wages and Related Costs

 

$

286,126

 

$

394,669

Accrued Professional Services

 

 

69,690

 

 

217,721

Accrued Warranty Obligations

 

 

99,115

 

 

98,893

Other Accrued Expenses

 

 

100,090

 

 

174,614

 

 

 

 

 

 

 

Total

 

$

555,021

 

$

885,897

 

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. 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, 2020 and the balance as of December 31, 2019 were as follows:

 

 

 

 

 

Accrued Warranty Obligation at December 31, 2019

    

$

98,893

Reductions for Settling Warranties

 

 

(17,122)

Warranties Issued During Period

 

 

17,344

 

 

 

 

Accrued Warranty Obligations at March 31, 2020

 

$

99,115