| Disaggregation of revenues |
| |
|
|
|
Hospitality |
|
|
Education |
|
|
Multiple Dwelling Units |
|
|
Government |
|
|
Total |
|
| |
Product |
|
|
$ |
6,410,615 |
|
|
$ |
652,019 |
|
|
$ |
472,462 |
|
|
$ |
81,319 |
|
|
$ |
7,616,415 |
|
| |
Recurring |
|
|
|
668,039 |
|
|
|
128,872 |
|
|
|
18,653 |
|
|
|
– |
|
|
|
815,564 |
|
| |
|
|
|
$ |
7,078,654 |
|
|
$ |
780,891 |
|
|
$ |
491,115 |
|
|
$ |
81,319 |
|
|
$ |
8,431,979 |
|
|
| Impact of the adoption of the 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 12 Months Ended December
31, 2018
|
|
| |
|
As Reported |
|
|
Pro-Forma as if Previous Accounting
Guidance was in Effect
(Unaudited)
|
|
|
Effect
of Change
Higher/(Lower)
(Unaudited)
|
|
| Income Statement: |
|
|
|
|
|
|
|
|
|
|
|
|
| Sales |
|
$ |
8,431,979 |
|
|
$ |
9,254,508 |
|
|
$ |
(822,529 |
) |
| Cost of Goods Sold |
|
|
4,662,086 |
|
|
|
4,878,490 |
|
|
|
(216,403 |
) |
| Net loss |
|
$ |
(3,016,750 |
) |
|
$ |
(2,410,624 |
) |
|
$ |
606,126 |
|
| |
|
As
of December 31, 2018
|
|
| |
|
As Reported |
|
|
Pro-Forma as if Previous Accounting
Guidance was in Effect
(Unaudited)
|
|
|
Effect
of Change
Higher/(Lower)
(Unaudited)
|
|
| Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Contract Assets |
|
$ |
314,749 |
|
|
|
– |
|
|
$ |
314,749 |
|
| Inventories |
|
|
1,790,992 |
|
|
|
1,585,124 |
|
|
|
205,798 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Contract Liabilities - ST |
|
|
1,070,502 |
|
|
|
– |
|
|
|
1,070,502 |
|
| Contract Liabilities - LT |
|
|
162,121 |
|
|
|
– |
|
|
|
162,121 |
|
| Customer Deposits |
|
|
– |
|
|
|
751,801 |
|
|
|
(751,801 |
) |
| Deferred Revenue - Current |
|
|
– |
|
|
|
233,122 |
|
|
|
(233,122 |
) |
| Deferred Revenue – Long Term |
|
|
– |
|
|
|
162,121 |
|
|
|
(162,121 |
) |
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated Deficit |
|
$ |
(123,171,406 |
) |
|
|
(122,565,280 |
) |
|
$ |
606,126 |
|
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, Revenue
from Contracts with Customers (Topic 606).
| |
|
December 31, 2017 |
|
|
Transition Adjustments |
|
|
January 1, 2018
|
|
| Balance Sheet: |
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Contract Assets |
|
$ |
– |
|
|
|
349,000 |
|
|
$ |
349,000 |
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Contract Liabilities |
|
|
– |
|
|
|
1,415,446 |
|
|
|
1,415,446 |
|
| Customer Deposit |
|
|
124,380 |
|
|
|
(124,380 |
) |
|
|
– |
|
| Deferred Revenue – Current |
|
|
292,106 |
|
|
|
(292,106 |
) |
|
|
– |
|
| Deferred Revenue – Long Term |
|
|
219,960 |
|
|
|
(219,960 |
) |
|
|
– |
|
| Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| Accumulated Deficit |
|
$ |
(119,724,656 |
) |
|
|
(430,000 |
) |
|
$ |
(120,154,656 |
) |
|