C. REVENUE (Tables)
|
6 Months Ended |
Jun. 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 June 30,
2018.
| |
|
Hospitality |
|
|
Education |
|
|
Multiple Dwelling
Units |
|
|
Government |
|
|
Total |
|
| Recurring |
|
$ |
133,468 |
|
|
$ |
11,055 |
|
|
$ |
8,834 |
|
|
$ |
– |
|
|
$ |
153,357 |
|
| Product |
|
|
2,061,985 |
|
|
|
645,658 |
|
|
|
47,636 |
|
|
|
65,526 |
|
|
|
2,820,805 |
|
| |
|
$ |
2,195,453 |
|
|
$ |
656,713 |
|
|
$ |
56,470 |
|
|
$ |
65,526 |
|
|
$ |
2,974,162 |
|
The following
table presents the Company’s product and recurring revenues disaggregated by industry for the six months ended June 30,
2018.
| |
|
Hospitality |
|
|
Education |
|
|
Multiple Dwelling
Units |
|
|
Government |
|
|
Total |
|
| Recurring |
|
$ |
224,730 |
|
|
$ |
21,310 |
|
|
$ |
8,855 |
|
|
$ |
– |
|
|
$ |
254,895 |
|
| Product |
|
|
3,543,140 |
|
|
|
639,928 |
|
|
|
67,962 |
|
|
|
73,433 |
|
|
|
4,324,463 |
|
| |
|
$ |
3,767,870 |
|
|
$ |
661,238 |
|
|
$ |
76,817 |
|
|
$ |
73,433 |
|
|
$ |
4,579,358 |
|
|
| 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 June
30, 2018
|
|
| |
|
As
Reported |
|
|
Balance
Without Adoption of ASC
606
|
|
|
Effect
of Change
Higher/(Lower)
|
|
| Income Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
| Sales |
|
$ |
2,974,162 |
|
|
$ |
3,054,562 |
|
|
$ |
(80,400 |
) |
| Cost of Goods Sold |
|
|
1,443,211 |
|
|
|
1,466,011 |
|
|
|
(22,800 |
) |
| Net loss |
|
$ |
206,582 |
|
|
$ |
148,982 |
|
|
$ |
57,600 |
|
| |
|
For
the Six Months Ended June
30, 2018
|
|
| |
|
As
Reported |
|
|
Balance
Without Adoption of ASC
606
|
|
|
Effect
of Change
Higher/(Lower)
|
|
| Income Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
| Sales |
|
$ |
4,579,358 |
|
|
$ |
4,762,758 |
|
|
$ |
(183,400 |
) |
| Cost of Goods Sold |
|
|
2,497,446 |
|
|
|
2,554,746 |
|
|
|
(57,300 |
) |
| Net loss |
|
$ |
1,390,748 |
|
|
$ |
1,264,648 |
|
|
$ |
126,100 |
|
| |
|
As
of June 30, 2018 |
|
| |
|
As
Reported |
|
|
Balance
Without Adoption of ASC
606
|
|
|
Effect
of Change
Higher/(Lower)
|
|
| Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Contract Assets |
|
$ |
353,684 |
|
|
|
– |
|
|
$ |
353,684 |
|
| Inventories |
|
|
982,568 |
|
|
|
1,164,932 |
|
|
|
(182,364 |
) |
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Contract Liabilities |
|
|
1,047,010 |
|
|
|
– |
|
|
|
1,047,010 |
|
| Customer Deposits |
|
|
– |
|
|
|
66,226 |
|
|
|
(66,226 |
) |
| Deferred Revenue - Current |
|
|
– |
|
|
|
47,439 |
|
|
|
(47,439 |
) |
| Deferred Revenue – Long Term |
|
|
– |
|
|
|
205,925 |
|
|
|
(205,925 |
) |
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated Deficit |
|
|
– |
|
|
|
556,100 |
|
|
$ |
(556,100 |
) |
|
| 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 |
) |
|