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Deferred Revenue

3 Months Ended

Mar. 31, 2018

Revenue Recognition and Deferred Revenue [Abstract]

Deferred Revenue

NOTE 9 – DEFERRED REVENUE

The Company has future performance obligations for separately priced extended warranties sold related to its Lamps for Life program and advances from customers. Deferred revenue consisted of the following as of March 31, 2018 and December 31, 2017:

		March 31, 2018				December 31, 2017
Balance, beginning of the period		$	1,302,717			$	767,726
Additions			71,903				1,070,528
Amortization or earned			(715,462	)			(535,537	)
Balance, ending of the period			659,158				1,302,717
Deferred revenue – short-term			483,243				1,127,423
Deferred revenue – long-term		$	175,915			$	175,294

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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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