Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2024

Accrued Liabilities and Other Liabilities [Abstract]

NOTE 8 – ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued expenses and other liabilities consist of the following on December 31:


	December 31,		December 31,
	2024		2023
Accrued compensation and related liabilities	$	1,008,278	$	1,023,902
Deferred revenue	$	218,499		299,514
Customer deposits	$	26,607		27,447
Warranty reserve	$	501,726		607,809
Trade and other taxes	$	495,105		392,336
Other accrued expenses	$	2,556,461		851,511
	$	4,806,675	$	3,202,519

The table below presents the deferred revenue, warranties and deposit balances along with the significant activity affecting balances during the years ended December 31, 2024 and 2023:


	December 31,			December 31,
Deferred revenue	2024			2023
Beginning balance	$	299,514		$	378,952
Deferral of revenue during the period		162,798			311,086
Recognition of unearned revenue from beginning of period		(222,638	)		(329,550	)
Recognition of unearned revenue from additions		(21,175	)		(60,974	)
Ending balance	$	218,499		$	299,514


	December 31,			December 31,
Customer deposits	2024			2023
Beginning balance	$	27,447		$	461,696
Additions during the period		13,852,530			5,585,056
Deposits recognized from beginning of period		(15,491	)		(46,120	)
Deposits recognized from additions		(13,837,879	)		(5,973,185	)
Ending balance	$	26,607		$	27,447

As of December 31, 2024, the Company had approximately $167,220 of remaining performance obligations under fully funded contracts for customer funded development. The Company currently expects to recognize the remaining performance obligations as revenue in fiscal 2025. Customer funded development is revenue from customers for which the Company's performance obligations are satisfied over time and for which the customer receives benefits as the Company performs. Products revenue performance obligations are typically satisfied at a point in time, predominately upon shipment.