| 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 |
) |
|