Quarterly report pursuant to Section 13 or 15(d)

Organization and Summary of Significant Accounting Policies (Tables)

v3.20.2
Organization and Summary of Significant Accounting Policies (Tables)
9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Disaggregated Net Sales

The following table shows the Company’s disaggregated net sales by product type:

 

    Three months ended
September 30,
 
   

2020

(Unaudited)

   

2019

(Unaudited)

 
DC power systems   $ 2,414     $ 6,776  
Accessories     87       163  
Total net sales   $ 2,501     $ 6,939  

 

    Nine months ended
September 30,
 
   

2020

(Unaudited)

   

2019

(Unaudited)

 
DC power systems   $ 6,200     $ 23,379  
Accessories     288       543  
Total net sales   $ 6,488     $ 23,922  

 

The following table shows the Company’s disaggregated net sales by customer type:

 

    Three months ended
September 30,
 
   

2020

(Unaudited)

   

2019

(Unaudited)

 
Telecom   $ 2,491     $ 6,753  
Government/Military     2       40  
Marine     1        
Other (backup DC power to various industries)     7       146  
Total net sales   $ 2,501     $ 6,939  

 

    Nine months ended
September 30,
 
   

2020

(Unaudited)

   

2019

(Unaudited)

 
Telecom   $ 6,294     $ 22,497  
Government/Military     9       588  
Marine     5       61  
Other (backup DC power to various industries)     180       776  
Total net sales   $ 6,488     $ 23,922  
Schedule of Components of Inventories

As of September 30, 2020 and December 31, 2019, the components of inventories were as follows:

 

   

September 30,

2020

(unaudited)

   

December 31,

2019

 
             
Raw materials   $ 9,482     $ 8,651  
Finished goods     4,898       5,861  
      14,380       14,512  
Less: Inventory reserve     (3,000 )     (600 )
Total Inventories, net   $ 11,380     $ 13,912  
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  

September 30,

2020

(unaudited)

   

December 31,

2019

 
Balance at beginning of the period   $ 375     $ 175  
Payments     (408 )     (530 )
Provision for warranties     408       730  
Balance at end of the period   $ 375     $ 375  
Schedule of Diluted Earnings Per share

The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive:

 

   

September 30,

2020

(Unaudited)

   

September 30,

2019
(Unaudited)

 
Options     140,000       360,000  
Warrants     465,000       115,000  
Total     605,000       475,000