| 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 |
) |
|