ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
3 Months Ended |
Mar. 31, 2019 |
|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
| Disaggregation of Net Sales |
The following
table shows the Company’s disaggregated net sales by product type:
| |
|
Three months ended March 31, |
|
| |
|
2019
(Unaudited)
|
|
|
2018
(Unaudited)
|
|
| DC power systems |
|
$ |
7,605,2812 |
|
|
$ |
4,664,374 |
|
| Accessories |
|
|
141,503 |
|
|
|
207,538 |
|
| Total net sales |
|
$ |
7,746,785 |
|
|
$ |
4,871,912 |
|
The following table shows the Company’s
disaggregated net sales by customer type:
| |
|
Three months ended March 31, |
|
| |
|
2019
(Unaudited)
|
|
|
2018
(Unaudited)
|
|
| Telecom |
|
$ |
7,312,736 |
|
|
|
4,489,867 |
|
| Government/Military |
|
|
372,190 |
|
|
|
293,283 |
|
| Marine |
|
|
61,859 |
|
|
|
45,475 |
|
| Other (backup DC power to various industries) |
|
|
— |
|
|
|
43,287 |
|
| Total net sales |
|
$ |
7,746,785 |
|
|
|
4,871,912 |
|
|
| Schedule of components of inventory |
As of March 31, 2019 and
December 31, 2018, the components of inventories were as follows:
| |
|
March 31,
2019
(unaudited)
|
|
|
December 31,
2018
|
|
| |
|
|
|
|
|
|
| Raw materials |
|
$ |
7,218,854 |
|
|
$ |
6,060,448 |
|
| Finished goods |
|
|
3,228,094 |
|
|
|
2,741,321 |
|
| |
|
|
10,446,949 |
|
|
|
8,801,769 |
|
| Less: Inventory reserve |
|
|
(330,000 |
) |
|
|
(330,000 |
) |
| Total Inventories, net |
|
$ |
10,116,949 |
|
|
$ |
8,471,769 |
|
|
| 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:
| Changes in estimates for warranties |
|
March 31,
2019
(unaudited)
|
|
|
December 31,
2018
|
|
| Balance at beginning of the period |
|
$ |
175,000 |
|
|
$ |
175,000 |
|
| Payments |
|
|
(110,037 |
) |
|
|
(364,163 |
) |
| Provision for warranties |
|
|
110,037 |
|
|
|
364,163 |
|
| Balance at end of the period |
|
$ |
175,000 |
|
|
$ |
175,000 |
|
|
| 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:
| |
|
|
March 31,
2019
(Unaudited)
|
|
|
March 31,
2018
(Unaudited)
|
|
| Options |
|
|
|
360,000 |
|
|
|
30,000 |
|
| Warrants |
|
|
|
115,000 |
|
|
|
115,000 |
|
| Total |
|
|
|
475,000 |
|
|
|
145,000 |
|
|