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Revenue

12 Months Ended

Dec. 31, 2019

Revenue

Revenue

2 - Revenue

Disaggregation of Revenue

We disaggregate revenue from contracts with customers by geographic region and revenue type as we believe it best depicts the nature, amount, timing and uncertainty of our revenue and cash flow.

Revenue information by geographic region is as follows:

		For the Years Ended December 31,
		2019			2018			2017
United States		$	30,930,267		$	24,508,026		$	19,500,680
International			7,586,874			5,930,957			3,580,912
Total revenue		$	38,517,141		$	30,438,983		$	23,081,592

Revenue information by type is as follows:

		For the Years Ended December 31,
		2019			2018			2017
Devices:
MRI compatible IV infusion pump system		$	18,052,406		$	14,536,998		$	13,621,769
MRI compatible patient vital signs monitoring systems			9,709,233			6,655,618			1,848,616
Total Devices revenue			27,761,639			21,192,616			15,470,385
Disposables, services and other			8,914,822			7,728,624			6,613,999
Amortization of extended warranty agreements			1,840,680			1,517,743			997,208
Total revenue		$	38,517,141		$	30,438,983		$	23,081,592

Contract Liabilities

Our contract liabilities consist of:

		As of December 31,
		2019			2018
Advance payments from customers		$	12,765		$	180,425
Shipments in-transit			4,250			9,582
Extended warranty agreements			4,284,872			3,415,782
Total		$	4,301,887		$	3,605,789

Changes in the contract liabilities during the period are as follows:

		Deferred
		Revenue
Contract liabilities, December 31, 2017		$	3,621,256
Increases due to cash received from customers			2,222,217
Decreases due to recognition of revenue			(2,237,684)
Contract liabilities, December 31, 2018		$	3,605,789
Increases due to cash received from customers			3,337,181
Decreases due to recognition of revenue			(2,641,083)
Contract liabilities, December 31, 2019		$	4,301,887

Capitalized Contract Costs

Our total capitalized contract costs as of December 31, 2019 and December 31, 2018 were $352,250 and $181,248, respectively. Expense for the years ended December 31, 2019, 2018 and 2017 related to the amortization of capitalized contract costs were immaterial to our financial statements.

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- References

No definition available.

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- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-URI http://asc.fasb.org/topic&trid=2122369

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