Quarterly report pursuant to Section 13 or 15(d)

C. REVENUE (Tables)

v3.10.0.1
C. REVENUE (Tables)
9 Months Ended
Sep. 30, 2018
Revenue from Contract with Customer [Abstract]  
Summary of product and recurring revenues disaggregated by industry

The following table presents the Company’s product and recurring revenues disaggregated by industry for the three months ended September 30, 2018.

               

      Hospitality     Education    

Multiple

Dwelling Units

    Government     Total  
  Recurring     $ 103,157     $ 40,344     $ 1,469     $     $ 144,970  
  Product       1,222,543       (4,159 )     100,604       58       1,319,046  
        $ 1,325,700     $ 36,185     $ 102,073     $ 58     $ 1,464,016  

 

The following table presents the Company’s product and recurring revenues disaggregated by industry for the nine months ended September 30, 2018.

 

      Hospitality     Education     Multiple Dwelling Units     Government     Total  
  Recurring     $ 330,652     $ 58,449     $ 10,764     $     $ 399,865  
  Product       4,755,219       647,079       166,454       74,757       5,643,509  
        $ 5,085,871     $ 705,528     $ 177,218     $ 74,757     $ 6,043,374  

 

Summary of impacts of adoption of new revenue standard

The tables below present the impacts of our adoption of the new revenue standard on our income statement and balance sheet.

   

   

For the Three Months Ended

September 30, 2018

 
    As Reported    

Balance Without Adoption of

ASC 606

   

Effect of

Change Higher/(Lower)

 
Income Statement:                        
Sales   $ 1,464,016     $ 1,673,809     $ (209,793 )
Cost of Goods Sold     949,911       1,017,131       (67,220 )
Net loss   $ (1,281,008 )   $ (1,138,435 )   $ 142,573  

      

   

For the Nine Months Ended

September 30, 2018

 
    As Reported    

Balance Without Adoption of

ASC 606

   

Effect of

Change Higher/(Lower)

 
Income Statement:                        
Sales   $ 6,043,374     $ 6,436,657     $ (393,193 )
Cost of Goods Sold     3,427,357       3,571, 876       (124,520 )
Net loss   $ (2,671,756 )   $ (2,403,083 )   $ 268,673  

 

    As of September 30, 2018  
    As Reported    

Balance Without Adoption of

ASC 606

   

Effect of

Change Higher/(Lower)

 
Balance Sheet:                        
Assets                        
Contract Assets   $ 356,292     $     $ 356,292  
Accounts Receivable, net     1,223,039       1,432,832       (209,793 )
Inventories     1,889,985       1,526,465       363,520  
Liabilities                        
Contract Liabilities     1,045,237             1,045,237  
Customer Deposits           201,143       (201,143 )
Deferred Revenue - Current           486,136       (486,136 )
Deferred Revenue – Long Term           179,304       (179,304 )
Equity                        
Accumulated Deficit   $ 122,826,412     $ 122,137,739     $ (688,673 )

  

Summary of cumulative effect of changes made to consolidated balance sheet

    December 31, 2017     Transition Adjustments    

January 1,

2018

 
Balance Sheet:                        
Assets                        
Contract Assets   $     $ 110,000     $ 110,000  
Inventories     1,259,536       239,000       1,498,536  
Liabilities                        
Contract Liabilities           779,000       779,000  
Equity                        
Accumulated Deficit   $ (119,724,656 )   $ (430,000 )   $ (120,154,656 )