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Supplemental Balance Sheet Disclosures | 9 Months Ended
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Jun. 30, 2013
Supplemental Balance Sheet Disclosures |
Supplemental Balance Sheet Disclosures | 2.Supplemental Balance Sheet Disclosures Inventories Inventories are stated at the lower of cost (first-in, first-out) or market, net of reserve for excess and obsolete inventory, and consist of the following:
|  | June 30, |  | September 30, |
|  | 2013 |  | 2012 |
Raw materials |  | $ | 2,730,869 |  | $ | 2,752,833 |
Work-in-process |  | 1,153,838 |  | 555,495 |
Finished goods |  | 154,171 |  | 493,219 |
|  | $ | 4,038,878 |  | $ | 3,801,547 |
Prepaid expenses and other current assets Prepaid expenses and other current assets consist of the following:
|  | June 30, |  | September 30, |
|  | 2013 |  | 2012 |
Revenue recognized not yet invoiced |  | $ | 5,188,095 |  | $ | 1,595,436 |
Prepaid insurance |  | 157,704 |  | 176,340 |
Other |  | 214,921 |  | 259,868 |
|  | $ | 5,560,720 |  | $ | 2,031,644 |
Revenue recognized not yet invoiced represents principally sales recorded under the percentage-of-completion method of accounting that have not been billed to customers in accordance with applicable contract terms. Property and equipment Property and equipment, net consists of the following balances:
|  | June 30, |  | September 30, |
|  | 2013 |  | 2012 |
Computer equipment |  | $ | 2,153,406 |  | $ | 2,090,556 |
Corporate airplane |  | 3,128,504 |  | 3,082,186 |
Furniture and office equipment |  | 1,062,296 |  | 1,076,849 |
Manufacturing facility |  | 5,631,001 |  | 5,605,616 |
Equipment |  | 4,681,006 |  | 4,378,714 |
Land |  | 1,021,245 |  | 1,021,245 |
|  | 17,677,458 |  | 17,255,166 |
Less: Accumulated depreciation and amortization |  | (10,242,432 | ) | (10,040,788 | )
|  | $ | 7,435,026 |  | $ | 7,214,378 |
Depreciation and amortization related to property and equipment was approximately $113,000 and $111,000 for the three months ended June 30, 2013 and 2012, respectively. The corporate airplane is utilized primarily in support of product development and has been depreciated to its estimated salvage value. Depreciation and amortization related to property and equipment was approximately $330,000 and $362,000 for the nine months ended June 30, 2013 and 2012, respectively. Other assets Other assets consist of the following:
|  | June 30, |  | September 30, |
|  | 2013 |  | 2012 |
Intangible assets, net of accumulated amortization of $477,637 and $441,637 at June 30, 2013 and September 30, 2012, respectively |  | $ | 122,600 |  | $ | 158,600 |
Intangible assets consist of licensing and certification rights which are amortized over a defined number of units. No impairment charges were recorded in the nine months ended June 30, 2013 and 2012. Total amortization expense was approximately $7,000 and $1,000 for the three months ended June 30, 2013 and 2012, respectively. Total amortization expense for the nine months ended June 30, 2013 and 2012 was $36,000 and $48,000, respectively. Because the intangible assets are being amortized over a defined number of units, the timing of future amortization expense is not determinable. Accrued expenses Accrued expenses consist of the following:
|  | June 30, |  | September 30, |
|  | 2013 |  | 2012 |
Warranty |  | $ | 689,173 |  | $ | 850,499 |
Salary, benefits and payroll taxes |  | 491,787 |  | 531,862 |
Professional fees |  | 413,711 |  | 330,858 |
Income taxes payable |  | 399,870 |  | 132,980 |
Materials on order |  | 26,583 |  | 43,374 |
Other |  | 1,660,358 |  | 834,239 |
|  | $ | 3,681,482 |  | $ | 2,723,812 |
Other includes an accrual of $640,000 recorded for the estimated liability related to a legal matter described in Note 6 — Contingencies below.
|  | Three Months Ending |  | Nine Months Ending |
|  | June 30, 2013 |  | June 30, 2013 |
Warranty accrual, beginning of period |  | $ | 744,722 |  | $ | 850,499 |
Accrued expense for the three and nine months ended June 30, 2013 |  | (17,485 | ) | (42,302 | )
Warranty cost for the three and nine months ended June 30, 2013 |  | (38,064 | ) | (119,024 | )
Warranty accrual, end of period |  | $ | 689,173 |  | $ | 689,173 |

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