Accounts Payable and Accrued Expenses
|6 Months Ended|
Jun. 30, 2017
|Payables and Accruals [Abstract]|
|Accounts Payable and Accrued Expenses||
NOTE 15 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES
Accounts payable and accrued expenses consist of the following:
Included in accounts payable and accrued expenses at December 31, 2016 and June 30, 2017 is accrued severance of $609,000 and $312,000, respectively, to Kenneth Ehrman and Norman L. Ellis, the former Chief Executive Officer and Chief Operating Officer of the Company, respectively. The accrued severance is payable in equal monthly installments of approximately $37,000 as of June 30, 2017.
The Company’s products are warranted against defects in materials and workmanship for a period of 12 months from the date of acceptance of the product by the customer. The customers may purchase an extended warranty providing coverage up to a maximum of 60 months. A provision for estimated future warranty costs is recorded for expected or historical warranty matters related to equipment shipped and is included in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets as of December 31, 2016 and June 30, 2017.
The following table summarizes warranty activity for the six-month periods ended June 30, 2016 and 2017:
The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
Reference 1: http://www.xbrl.org/2003/role/presentationRef