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Deferred Revenue

6 Months Ended

Jun. 30, 2017

Revenue Recognition and Deferred Revenue [Abstract]

Deferred Revenue

NOTE 13 – DEFERRED REVENUE

On July 18, 2016, upon the acquisition of Boxlight Group, the Company assumed a $761,622 future performance obligation for separately priced extended warranties sold by Boxlight Group based on the assets acquired and liabilities assumed.

Deferred revenue consisted of the following for the three months ended June 30, 2017 and for the year ended December 31, 2016:

		June 30, 2017				December 31, 2016
Balance, beginning		$	767,726			$	-
Assumed from Boxlight Group			-				761,622
Additions			314,066				259,744
Amortization			(258,220	)			(253,640	)
Balance, ending		$	823,572			$	767,726
Deferred revenue – short-term		$	607,342			$	495,603
Deferred revenue – long-term		$	216,230			$	272,123

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- Definition

The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 430
-URI http://asc.fasb.org/topic&trid=2122452

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- References

No definition available.

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