Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 17, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | Electronic Systems Technology Inc | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Entity Central Index Key | 752,294 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 4,986,048 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | elst |
ELECTRONIC SYSTEMS TECHNOLOGY,
ELECTRONIC SYSTEMS TECHNOLOGY, INC. BALANCE SHEETS (Interim period unaudited) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | |
Current assets | |||
Cash and cash equivalents | $ 391,064 | $ 208,101 | |
Certificates of deposit investments | 750,000 | 1,000,000 | |
Accounts receivable, net | 117,783 | 98,941 | |
Inventories | 729,371 | 762,517 | |
Accrued interest receivable | 4,771 | 5,137 | |
Prepaid expenses | 5,758 | 8,039 | |
Total current assets | 1,998,747 | 2,082,735 | |
Property and equipment, net of depreciation | 28,675 | 31,444 | |
Total assets | 2,027,422 | 2,114,179 | |
Current liabilities | |||
Accounts payable | 33,424 | 18,969 | |
Accrued liabilities | 24,462 | 21,882 | |
Refundable deposits | 3,937 | 3,937 | |
Total current liabilities | 61,823 | 44,788 | |
Total liabilities | 61,823 | 44,788 | |
COMMITMENTS | [1] | 0 | 0 |
Stockholders' equity | |||
Common stock, $0.001 par value 50,000,000 shares authorized 4,986,048 and 4,986,048 shares issued and outstanding respectively | 4,986 | 4,986 | |
Additional paid-in capital | 944,161 | 944,161 | |
Retained earnings | 1,016,452 | 1,120,244 | |
Total stockholders' equity | 1,965,599 | 2,069,391 | |
Total liabilities and stockholders' equity | $ 2,027,422 | $ 2,114,179 | |
[1] | Note 6 |
Statement of Financial Position
Statement of Financial Position - Parenthetical - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of financial position | ||
Common Stock, Par Value | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares Issued | 4,986,048 | 4,986,048 |
Common Stock, Shares Outstanding | 4,986,048 | 4,986,048 |
ELECTRONIC SYSTEMS TECHNOLOGY,4
ELECTRONIC SYSTEMS TECHNOLOGY, INC. STATEMENTS OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income statement | ||
PRODUCT SALES, net | $ 305,564 | $ 361,422 |
SITE SUPPORT | 2,264 | 17,364 |
COST OF SALES and SITE SUPPORT | (163,583) | (183,315) |
GROSS PROFIT | 144,245 | 195,471 |
OPERATING EXPENSES | ||
General and administrative | 82,811 | 88,134 |
Research and development | 60,637 | 80,015 |
Marketing and sales | 108,320 | 114,499 |
Total operating expenses | 251,768 | 282,648 |
OPERATING LOSS | (107,523) | (87,177) |
OTHER INCOME | ||
Interest income | 3,731 | 2,690 |
Total other income | 3,731 | 2,690 |
NET LOSS BEFORE INCOME TAX | (103,792) | (84,487) |
Benefit (provision) for income tax | 0 | 0 |
NET LOSS | $ (103,792) | $ (84,487) |
Basic and diluted loss per share | $ (0.02) | $ (0.02) |
Weighted average shares | 4,986,048 | 5,057,667 |
ELECTRONIC SYSTEMS TECHNOLOGY,5
ELECTRONIC SYSTEMS TECHNOLOGY, INC. STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (103,792) | $ (84,487) |
Noncash items included in net loss: | ||
Depreciation | 2,769 | 4,985 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (18,842) | (75,616) |
Inventories | 33,147 | 108,211 |
Accrued interest receivable | 365 | 3,808 |
Prepaid expenses | 2,281 | 2,305 |
Accounts payable | 14,455 | 41,262 |
Refundable deposits | (905) | |
Accrued liabilities | 2,580 | 7,172 |
NET CASH PROVIDED (USED) IN OPERATING ACTIVITIES | (67,037) | 6,735 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Certificates of deposit redeemed | 250,000 | 250,000 |
NET CASH PROVIDED FROM INVESTING ACTIVITIES | 250,000 | 250,000 |
CASH FLOWS USED IN FINANCING ACTIVITIES: | ||
Repurchase of shares | (3,352) | |
NET CASH USED IN FINANCING ACTIVITIES | (3,352) | |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 182,963 | 253,383 |
Cash and cash equivalents at beginning of period | 208,101 | 502,971 |
Cash and cash equivalents at end of period | $ 391,064 | $ 756,354 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 1 - Basis of Presentation | NOTE 1 - BASIS OF PRESENTATION The financial statements of Electronic Systems Technology, Inc. (the "Company") presented in this Form 10Q are unaudited and reflect, in the opinion of Management, a fair presentation of operations for the three month periods ended March 31, 2018 and March 31, 2017. All adjustments of a normal recurring nature and necessary for a fair presentation of the results for the periods covered have been made. Certain information and footnote disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission. In preparation of the financial statements, certain amounts and balances have been reformatted from previously filed reports including classification of components of cash and cash equivalents to conform to the format of this quarterly presentation. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Form 10K for the year ended December 31, 2017, as filed with Securities and Exchange Commission. In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall with various SEC Staff Accounting Bulletins providing interpretive guidance. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 defers the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. The Company has performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it will not change the timing of revenue recognition or amounts of revenue recognized compared to how revenue is recognized under current policies. ASU No. 2014-09 will require additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. See Note 5 In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of implementing this update on the financial statements. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company determined the impact of implementing this update is immaterial. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The adoption of this standard did not have a material impact on the financial statements. In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company will apply the provisions of the update to potential future acquisitions occurring after January 1, 2018. The Company estimates that for 2018 the anticipated effective annual federal income tax rate will be 0%. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The results of operations for the three-month period ended March 31, 2018 are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period. |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 2 - Inventories | NOTE 2 - INVENTORIES Inventories are stated at lower of direct cost or net realizable value with cost determined using the FIFO (first in, first out) method. Inventories consist of the following: March 31 2018 December 31 2017 Parts $ 134,551 $ 143,452 Work in progress 221,975 201,526 Finished goods 372,845 417,539 Total inventory $ 729,371 762,517 |
Note 3 - Earnings (Loss) Per Sh
Note 3 - Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 3 - Earnings (Loss) Per Share | NOTE 3 - EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share excludes dilution and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share reflects potential dilution occurring if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. At March 31, 2018 and 2017, the Company had 150,000 outstanding stock options that could have a dilutive effect on future periods income. However, diluted earnings per share are not presented because their effect would be antidilutive due to Companys losses. |
Note 4 - Stock Options
Note 4 - Stock Options | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 4 - Stock Options | NOTE 4 - STOCK OPTIONS As of March 31, 2018, the Company had outstanding stock options which have been granted periodically to individual employees and directors with no less than three years of continuous tenure with the Company. The Board of Directors did not issue stock options during the first quarter ended March 31, 2018. A summary of option activity during the quarter ended March 31, 2018 is as follows: Number Outstanding Weighted-Average Exercise Price Per Share Weighted-Average Remaining Life (Years) Approximate Aggregate Intrinsic Value Outstanding and Exercisable at December 31, 2017 150,000 $ 0.40 - - Granted - - - - Expired - - - - Outstanding and Exercisable at March 31, 2018 150,000 $ 0.40 2.4 $ 7,500 |
Note 5 - Asu No. 2014-09 Disclo
Note 5 - Asu No. 2014-09 Disclosure | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 5 - Asu No. 2014-09 Disclosure | NOTE 5 ASU No. 2014-09 DISCLOSURE In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 deferred the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. We adopted ASU No. 2014-09 as of January 1, 2018 using the modified-retrospective transition approach. The impact of adoption of the update to our financial statements for the three months ended March 31, 2017 would have not been material. We performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it does not change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies. Our revenues involve a relatively limited number of types of contracts and customers. In addition, our revenue contracts do not involve multiple types of performance obligations. Revenues from product sales are recognized, and the transaction price is known, when the goods are shipped or delivered and title and risk of loss passes to the customer. Adoption of ASU No. 2014-09 involves additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. For product sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment. We have determined the performance obligation is met and title is transferred to the customer upon shipment of products because, at that time, 1) legal title is transferred to the customer, 2) the customer has accepted the product and obtained the ability to realize all of the benefits from the product, 3) the product specifications are known, have been communicated to the customer, and the customer has the significant risks and rewords of ownership to it, 4) it is very unlikely the product will be rejected by a customer upon physical receipt, and 5) we have the right to payment for the product. Revenues from site support and engineering services are recognized as the Company performs the services, which is when the performance obligation is determined to be met. Sales and accounts receivable for product sales are recorded net of charges for certain sales incentives and discounts, and applicable state and local sales taxes, which represent components of the transaction price. Charges are estimated by us upon shipment of the product based on contractual terms, and actual charges typically do not vary materially from our estimates. The Company does not generally sell its products with the right of return. Therefore, returns are accounted for when they occur and are accepted. The Company warrants its products as free of manufacturing defects and provides a refund of the purchase price, repair or replacement of the product for a period of one year from the date of installation by the first user/customer. No allowance for estimated warranty repairs or product returns has been recorded. Warranty expenses are immaterial based on the Companys historical warranty experience. Our trade accounts receivable balance related to sales to customers was $117,783 at March 31, 2018 and $98,941 at December 31, 2017 and included no allowance for doubtful accounts. We have determined our sales do not include a significant financing component, as payment is received at the time the performance obligation is satisfied. We do not incur significant costs to obtain sales, nor costs to fulfill sales orders which are not addressed by other standards. Therefore, we have not recognized an asset for such costs as of March 31, 2018 or December 31, 2017. |
Note 6 - Commitments
Note 6 - Commitments | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 6 - Commitments | NOTE 6 - COMMITMENTS The Company leases its facilities from a port authority for $5,445 per month for three years, expiring in September 2020, with annual increases based upon the Consumer Price Index |
Note 7 - Segment Reporting
Note 7 - Segment Reporting | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 7 - Segment Reporting | NOTE 7 - SEGMENT REPORTING Domestic Sales for the three-month period ending March 31, 2018, were $302,588 which was an increase of $2,106 compared to the same period in 2017. For the three month period ending March 31, 2018 and 2017, Site Support revenue was $0 and $17,364 compared to the same period in 2017. Foreign Sales for the three-month period ending March 31, 2018 were $5,240 which was a decrease of $73,064 compared to the same period in 2017. For the three month period ending March 31, 2018 and 2017, Site Support revenue was $2,264 and $0, respectively was recognized. Sales to one Domestic customer was greater than 10% of the total sales for the quarter. |
Note 8 - Stock Repurchase
Note 8 - Stock Repurchase | 3 Months Ended |
Mar. 31, 2018 | |
Notes | |
Note 8 - Stock Repurchase | NOTE 8 STOCK REPURCHASE On January 13, 2016, the Companys Board of Directors approved a resolution authorizing the repurchase of up to $100,000 of the Companys common stock at the price of $0.38 per share. The Companys share repurchase program does not obligate it to acquire any specific number of shares. On March 2, 2016, the Companys Board of Director approved a resolution authorizing the repurchase of an additional $150,000 of the Companys common stock at the price of $0.38 per share. Under the program (the Stock Repurchase Plan), shares may be repurchased in open market transactions, complying with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the Exchange Act). Shares repurchased are retired. As of March 31, 2018, $184,405 remains of $250,000 approved by the board. 97,764 and 74,885 shares were repurchased in 2016 and 2017 respectively, bringing the total number of shares repurchased to 172,619. During the three-month period ending March 31, 2018, there were no shares repurchased. |
Note 1 - Basis of Presentation_
Note 1 - Basis of Presentation: New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Policies | |
New Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall with various SEC Staff Accounting Bulletins providing interpretive guidance. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 defers the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. The Company has performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it will not change the timing of revenue recognition or amounts of revenue recognized compared to how revenue is recognized under current policies. ASU No. 2014-09 will require additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. See Note 5 In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of implementing this update on the financial statements. In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company determined the impact of implementing this update is immaterial. In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The adoption of this standard did not have a material impact on the financial statements. In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company will apply the provisions of the update to potential future acquisitions occurring after January 1, 2018. The Company estimates that for 2018 the anticipated effective annual federal income tax rate will be 0%. Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. The results of operations for the three-month period ended March 31, 2018 are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period. |
Note 2 - Inventories_ Schedule
Note 2 - Inventories: Schedule of Inventory, Current (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Tables/Schedules | |
Schedule of Inventory, Current | March 31 2018 December 31 2017 Parts $ 134,551 $ 143,452 Work in progress 221,975 201,526 Finished goods 372,845 417,539 Total inventory $ 729,371 762,517 |
Note 4 - Stock Options_ Share-b
Note 4 - Stock Options: Share-based Compensation, Stock Options, Activity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Tables/Schedules | |
Share-based Compensation, Stock Options, Activity | Number Outstanding Weighted-Average Exercise Price Per Share Weighted-Average Remaining Life (Years) Approximate Aggregate Intrinsic Value Outstanding and Exercisable at December 31, 2017 150,000 $ 0.40 - - Granted - - - - Expired - - - - Outstanding and Exercisable at March 31, 2018 150,000 $ 0.40 2.4 $ 7,500 |
Note 2 - Inventories_ Schedul17
Note 2 - Inventories: Schedule of Inventory, Current (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Details | ||
Inventory, Parts and Components, Net of Reserves | $ 134,551 | $ 143,452 |
Inventory, Work in Process, Gross | 221,975 | 201,526 |
Inventory, Finished Goods, Gross | 372,845 | 417,539 |
Inventories | $ 729,371 | $ 762,517 |
Note 3 - Earnings (Loss) Per 18
Note 3 - Earnings (Loss) Per Share (Details) | 3 Months Ended |
Mar. 31, 2018shares | |
Details | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 150,000 |
Note 4 - Stock Options_ Share19
Note 4 - Stock Options: Share-based Compensation, Stock Options, Activity (Details) | 3 Months Ended | |
Mar. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017$ / sharesshares | |
Details | ||
Number Outstanding | shares | 150,000 | 150,000 |
Weighted Average Exercise Price | $ / shares | $ 0.40 | $ 0.40 |
Weighted Average Remaining Life Years | 2.4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ | $ 7,500 |
Note 5 - Asu No. 2014-09 Disc20
Note 5 - Asu No. 2014-09 Disclosure (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Details | ||
Revenue Recognition, New Accounting Pronouncement, Material Effect, Description | In May 2014, the Financial Accounting Standards Board ('FASB') issued Accounting Standards Update ('ASU') No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 deferred the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. We adopted ASU No. 2014-09 as of January 1, 2018 using the modified-retrospective transition approach. The impact of adoption of the update to our financial statements for the three months ended March 31, 2017 would have not been material. | |
Revenue Recognition, New Accounting Pronouncement, Timing | We performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it does not change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies. | |
Revenue Recognition Accounting Policy, Gross and Net Revenue Disclosure | Sales and accounts receivable for product sales are recorded net of charges for certain sales incentives and discounts, and applicable state and local sales taxes, which represent components of the transaction price. Charges are estimated by us upon shipment of the product based on contractual terms, and actual charges typically do not vary materially from our estimates. | |
Accounts receivable, net | $ 117,783 | $ 98,941 |
Note 6 - Commitments (Details)
Note 6 - Commitments (Details) | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Details | |
Operating Leases, Rent Expense | $ 5,445 |
Note 7 - Segment Reporting (Det
Note 7 - Segment Reporting (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Details | ||
Domestic sales revenues | $ 302,588 | |
Increase decrease domestic sales | 2,106 | |
Domestic site support revenue | 0 | $ 17,364 |
Foreign sales | 5,240 | |
Increase decrease foreign sales | 73,064 | |
Foreign site support revenue | $ 2,264 | $ 0 |
Sales to customers in excess of 10% of total sales | Sales to one Domestic customer was greater than 10% of the total sales for the quarter. |
Note 8 - Stock Repurchase (Deta
Note 8 - Stock Repurchase (Details) - shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Details | |||
Employee Stock Ownership Plan (ESOP), Terms of Repurchase Obligation | On January 13, 2016, the Company’s Board of Directors approved a resolution authorizing the repurchase of up to $100,000 of the Company’s common stock at the price of $0.38 per share. The Company’s share repurchase program does not obligate it to acquire any specific number of shares. On March 2, 2016, the Company’s Board of Director approved a resolution authorizing the repurchase of an additional $150,000 of the Company’s common stock at the price of $0.38 per share. Under the program (the “Stock Repurchase Plan”), shares may be repurchased in open market transactions, complying with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Shares repurchased are retired. As of March 31, 2018, $184,405 remains of $250,000 approved by the board. | ||
Stock repurchased, stock | 74,885 | 97,764 |