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Accrued Expenses

12 Months Ended

Dec. 31, 2023

Note 10 — Accrued Expenses

Accrued expenses consisted of the following:


	December 31,		December 31,
	2023		2022

Accrued Wages and Related Costs	$	1,711,707	$	843,537
Accrued Professional Services		362,100		263,800
Accrued Warranty Obligations		188,249		159,927
Other Accrued Expenses		154,387		403,275

Total	$	2,416,443	$	1,670,539

Included in Accrued Wages and Related Costs was $1,033,859 in severance costs for staff reductions that took place in January as part of the Company’s cost reduction initiative, which was approved on December 18, 2023 and announced on January 17, 2024.

The Company has warranty obligations in connection with the sale of certain of its products. The warranty period for its products is generally twelve (12) months, unless the customer purchases an extended warranty for an additional twelve (12) months. The costs incurred to provide for these warranty obligations are estimated and recorded as an accrued liability at the time of sale. The Company estimates its future warranty costs based upon product-based historical performance rates and related costs to repair.

The changes in the Company’s accrued warranty obligations for the years ended December 31, 2023, 2022 and 2021 were as follows:


Accrued Warranty Obligations at December 31, 2020	$	143,898
Reductions for Settling Warranties		(342,392)
Warranty Issued During Year		383,538
Accrued Warranty Obligations at December 31, 2021		185,044
Reductions for Settling Warranties		(408,655)
Warranty Issued During Year		383,538
Accrued Warranty Obligations at December 31, 2022	$	159,927
Reductions for Settling Warranties		(286,851)
Warranties Issued During Year		315,173

Accrued Warranty Obligations at December 31, 2023	$	188,249