ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Disaggregation of Net Sales |
Disaggregation of Net Sales
The following table shows
the Company’s disaggregated net sales by product type:
| |
|
Years End December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| DC power systems |
|
$ |
22,528,268 |
|
|
$ |
13,798,841 |
|
| Accessories |
|
|
1,518,086 |
|
|
|
619,885 |
|
| Total net sales |
|
$ |
24,046,354 |
|
|
$ |
14,418,726 |
|
The following table shows the Company’s
disaggregated net sales by customer type:
| |
|
Years End December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Telecom |
|
$ |
21,552,950 |
|
|
$ |
12,714,164 |
|
| Government/Military |
|
|
1,477,121 |
|
|
|
1,244,267 |
|
| Marine |
|
|
177,909 |
|
|
|
278,254 |
|
| Other (backup DC power to various industries) |
|
|
838,374 |
|
|
|
182,041 |
|
| Total net sales |
|
$ |
24,046,354 |
|
|
$ |
14,418,726 |
|
|
| Schedule of components of inventory |
As of December 31, 2018
and 2017, the components of inventories were as follows:
| |
|
Years End December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Raw materials |
|
$ |
6,060,448 |
|
|
$ |
2,716,392 |
|
| Finished goods |
|
|
2,741,321 |
|
|
|
3,100,661 |
|
| |
|
|
8,801,769 |
|
|
|
5,817,053 |
|
| Less: Inventory reserve |
|
|
(330,000 |
) |
|
|
(330,000 |
) |
| Total Inventories, net |
|
$ |
8,471,769 |
|
|
$ |
5,487,053 |
|
|
| Schedule of reconciliation of the product warranty liability |
The following
is a tabular reconciliation of the product warranty liability, excluding the deferred revenue related to the Company’s warranty
coverage:
| |
|
Years End December 31, |
|
| Changes in estimates for warranties |
|
2018 |
|
|
2017 |
|
| Balance at beginning of the period |
|
$ |
175,000 |
|
|
$ |
175,000 |
|
| Payments |
|
|
(244,454 |
) |
|
|
(364,163 |
) |
| Provision for warranties |
|
|
244,454 |
|
|
|
364,163 |
|
| |
|
|
|
|
|
|
|
|
| Balance at end of the period |
|
$ |
175,000 |
|
|
$ |
175,000 |
|
|
| Schedule of estimated life |
. Estimated
useful lives of the principal classes of assets are as follows:
| |
|
Estimated life |
| Production tooling, jigs, fixtures |
|
3-5 years |
| Shop equipment and machinery |
|
5 years |
| Vehicles |
|
3-5 years |
| Leasehold improvements |
|
Shorter of the lease term or estimated useful life |
| Office equipment |
|
5 years |
| Software |
|
5 years |
|
| Schedule of anti-dilutive |
The following potentially
dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive:
| |
|
December 31, |
|
| |
|
2018 |
|
|
2017 |
|
| Options |
|
|
360,000 |
|
|
|
30,000 |
|
| Warrants |
|
|
115,000 |
|
|
|
115,000 |
|
| Total |
|
|
475,000 |
|
|
|
145,000 |
|
|