Quarterly report pursuant to Section 13 or 15(d)

C. REVENUE (Tables)

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C. REVENUE (Tables)
3 Months Ended
Mar. 31, 2018
Notes to Financial Statements  
Summary of product and recurring revenues disaggregated by industry
    Hospitality     Education     Multiple Dwelling Units     Government     Total  
Recurring   $ 90,924     $ 10,460     $ 154     $     $ 101,538  
Product     1,249,228       227,507       19,441       7,482       1,503,658  
    $ 1,340,152     $ 237,967     $ 19,595     $ 7,482     $ 1,605,196  
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

March 31, 2018

 
    As Reported    

Balance Without Adoption of

ASC 606

   

Effect of

Change Higher/(Lower)

 
Income Statement:                        
Sales   $ 1,605,196     $ 1,708,196     $ (103,000 )
Cost of Goods Sold     1,054,234       1,088,734       (34,500 )
Net loss   $ 1,184,166     $ 1,115,666     $ 68,500  

      

    March 31, 2018  
    As Reported    

Balance Without Adoption of

ASC 606

   

Effect of

Change Higher/(Lower)

 
Balance Sheet:                        
Assets                        
Contract Assets   $ 644,479           $ 644,479  
Accounts Receivable, net           65,400       (65,400 )
Inventories     843,488       1,046,335       (202,847 )
Liabilities                        
Contract Liabilities     1,670,616             1,670,616  
Customer Deposits           199,483       (199,483 )
Deferred Revenue - Current           357,975       (357,975 )
Deferred Revenue – Long Term           238,426       (238,426 )
Equity                        
Accumulated Deficit           498,500     $ (498,500 )

     

Summary of cumulative effect of changes made to consolidated balance sheet

The table below presents the cumulative effect of the changes made to our consolidated balance sheet as of January 1, 2018 after the adoption of ASU 2014-09.  

 

    December 31, 2017     Transition Adjustments    

January 1,

2018

 
Balance Sheet:                        
Assets                        
Contract Assets           110,000     $ 110,000  
Inventories     777,202       239,000       1,016,202  
Liabilities                        
Contract Liabilities           779,000       779,000  
Equity                        
Accumulated Deficit   $ (119,724,656 )     (430,000 )   $ (120,154,656 )