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)
6 Months Ended
Jun. 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
June 30,
 
   

2020

(Unaudited)

   

2019

(Unaudited)

 
DC power systems   $ 1,074     $ 8,906  
Accessories     52       330  
Total net sales   $ 1,126     $ 9,236  

 

    Six months ended
June 30,
 
   

2020

(Unaudited)

   

2019

(Unaudited)

 
DC power systems   $ 3,819     $ 16,570  
Accessories     168       413  
Total net sales   $ 3,987     $ 16,983  

 

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

 

    Three months ended
June 30,
 
   

2020

(Unaudited)

   

2019

(Unaudited)

 
Telecom   $ 1,096     $ 9,051  
Government/Military     4       165  
Marine     2       18  
Other (backup DC power to various industries)     24       2  
Total net sales   $ 1,126     $ 9,236  

 

    Six months ended
June 30,
 
   

2020

(Unaudited)

   

2019

(Unaudited)

 
Telecom   $ 3,834     $ 16,364  
Government/Military     8       537  
Marine     3       80  
Other (backup DC power to various industries)     142       2  
Total net sales   $ 3,987     $ 16,983  

Schedule of Components of Inventories

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

 

   

June 30, 2020

(unaudited)

   

December 31,

2019

 
             
Raw materials   $ 9,256     $ 8,651  
Finished goods     5,227       5,861  
      14,483       14,512  
Less: Inventory reserve     (600 )     (600 )
Total Inventories, net   $ 13,883     $ 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  

June 30, 2020

(unaudited)

   

December 31,

2019

 
Balance at beginning of the period   $ 375     $ 175  
Payments     (244 )     (530 )
Provision for warranties     244       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:

 

   

June 30,

2020

(Unaudited)

   

June 30,

2019
(Unaudited)

 
Options     140,000       360,000  
Warrants     115,000       115,000  
Total     255,000       475,000