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Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2019
Revenue Recognition |
Schedule of disaggregation of revenue by geographic region and type | Revenue information by geographic region is as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | (unaudited) |  | (unaudited)
United States |  | $ | 7,561,054 |  | $ | 5,732,044 |  | $ | 14,634,788 |  | $ | 11,709,151
International |  |  | 1,664,542 |  |  | 1,644,741 |  |  | 3,028,401 |  |  | 2,775,785
Total revenue |  | $ | 9,225,596 |  | $ | 7,376,785 |  | $ | 17,663,189 |  | $ | 14,484,936
Revenue information by type is as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
|  | 2019 |  | 2018 |  | 2019 |  | 2018
|  | (unaudited) |  | (unaudited)
Devices: |  |  |  |  |  |  |  |  |  |  |  |
MRI Compatible IV Infusion Pump Systems |  | $ | 4,550,542 |  | $ | 3,590,538 |  | $ | 8,743,296 |  | $ | 7,216,160
MRI Compatible Patient Vital Signs Monitoring Systems |  |  | 1,891,031 |  |  | 1,505,518 |  |  | 3,657,639 |  |  | 2,709,374
Total Devices Revenue |  |  | 6,441,573 |  |  | 5,096,056 |  |  | 12,400,935 |  |  | 9,925,534
Disposables and Services |  |  | 2,313,755 |  |  | 1,909,043 |  |  | 4,350,428 |  |  | 3,848,134
Amortization of extended warranty agreements |  |  | 470,268 |  |  | 371,686 |  |  | 911,826 |  |  | 711,268
Total revenue |  | $ | 9,225,596 |  | $ | 7,376,785 |  | $ | 17,663,189 |  | $ | 14,484,936
Schedule of deferred revenue and changes in the contract liabilities | Our contract liabilities consist of:
|  | June 30, |  | December 31,
|  | 2019 |  | 2018
|  | (unaudited) |  |  |
Advance payments from customers |  | $ | 75,830 |  | $ | 180,425
Shipments in-transit |  |  | 121,599 |  |  | 9,582
Extended warranty agreements |  |  | 3,658,078 |  |  | 3,415,782
Total |  | $ | 3,855,507 |  | $ | 3,605,789
Changes in the contract liabilities during the periods presented are as follows:
|  | Deferred
|  | Revenue
Contract liabilities, December 31, 2018 |  | $ | 3,605,789
Increases due to cash received from customers |  |  | 1,646,638
Decreases due to recognition of revenue |  |  | (1,396,920)
Contract liabilities, June 30, 2019 |  | $ | 3,855,507
|  | Deferred
|  | Revenue
Contract liabilities, December 31, 2017 |  | $ | 3,621,256
Increases due to cash received from customers |  |  | 1,314,024
Decreases due to recognition of revenue |  |  | (1,008,979)
Contract liabilities, June 30, 2018 |  | $ | 3,926,301
Schedule of capitalized contract costs |
|  | June 30, |  | December 31,
|  | 2019 |  | 2018
|  | (unaudited) |  |  |
Capitalized contract costs |  | $ | 192,078 |  | $ | 181,248

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