Stereotaxis
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10-Q
STEREOTAXIS, INC. filed this Form 10-Q on 08/08/2018
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3. Inventories

 

Inventories consist of the following:

 

   June 30, 2018   December 31, 2017 
         
Raw materials  $2,480,765   $2,528,270 
Work in process   353,800    4,836 
Finished goods   2,967,617    2,515,637 
Reserve for obsolescence   (4,256,789)   (3,901,772)
Total inventory  $1,545,393   $1,146,971 

 

4. Prepaid Expenses and Other Assets

 

Prepaid expenses and other assets consist of the following:

 

   June 30, 2018   December 31, 2017 
         
Prepaid expenses  $337,491   $575,501 
Prepaid commissions   371,046    - 
Deferred financing costs   -    24,658 
Deposits   437,256    194,358 
Total prepaid expenses and other assets   1,145,793    794,517 
Less: Noncurrent prepaid expenses and other assets   (262,037)   (44,432)
Total current prepaid expenses and other assets  $883,756   $750,085 

 

Effective with the January 1, 2018 adoption of ASC 606, the Company determined that sales commissions paid in connection with multi-year service contracts met the requirements to be capitalized as the Company expects to generate future economic benefits from the related revenue generating contracts. Previously, sales commissions on multi-year service contracts were expensed as incurred. The Company is amortizing this asset over the economic life of the related contracts.

 

5. Property and Equipment

 

Property and equipment consist of the following:

 

   June 30, 2018   December 31, 2017 
         
Equipment  $6,640,694   $7,295,698 
Leasehold improvements   2,592,338    2,592,339 
    9,233,032    9,888,037 
Less: Accumulated depreciation   (8,866,585)   (9,295,349)
Net property and equipment  $366,447   $592,688 

 

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