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Note 5 - Product Warranties

9 Months Ended

Jul. 31, 2020

Notes to Financial Statements

Product Warranty Disclosure [Text Block]

(5) Product Warranties

As of July 31, 2020 and October 31, 2019, the Company’s accrual for estimated product warranty claims totaled $110,000 and $120,000, respectively, and is included in accounts payable and accrued expenses. Warranty claims expense for the three months and nine months ended July 31, 2020 totaled $44,347 and $55,736, respectively. Warranty claims expense for the three months and nine months ended July 31, 2019 totaled $69,075 and $225,629, respectively.

The following table summarizes the changes in the Company’s accrual for product warranties during the nine months ended July 31, 2020 and 2019:

		Nine Months Ended
		July 31
		2020				2019
Balance at beginning of period		$	120,000			$	180,000
Liabilities accrued for warranties issued during the period			141,033				222,520
Warranty claims and costs paid during the period			(65,736	)			(205,629	)
Changes in liability for pre-existing warranties during the period			(85,297	)			3,109
Balance at end of period		$	110,000			$	200,000

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- References

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- Definition

The entire disclosure for standard and extended product warranties and other product guarantee contracts, including a tabular reconciliation of the changes in the guarantor's aggregate product warranty liability for the reporting period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-URI http://asc.fasb.org/topic&trid=2155896

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