Quarterly report pursuant to Section 13 or 15(d)

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.8.0.1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of components of inventory

As of March 31, 2018 and December 31, 2017, the components of inventories were as follows:

 

   

March 31,

2018 

(unaudited)

     December 31,
2017 		 
                 
Raw materials   $ 3,711,497     $ 2,716,392  
Finished goods     2,048,250       3,100,661  
      5,759,747       5,817,053  
Less: Inventory reserve     (330,000 )     (330,000 )
Total Inventories, net   $ 5,429,747     $ 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:

 

Changes in estimates for warranties  

March 31,

2018

(unaudited)

    

December 31,

2017

  
Balance at beginning of the period   $ 175,000     $ 175,000  
Payments     (33,484 )     (364,463 )
Provision for warranties     33,484       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,

2018

(Unaudited)

    

March 31,

2017
(Unaudited)

  
Options       30,000       —  
Warrants       115,000       115,000  
Total       145,000       115,000