Deferred Revenue

3 Months Ended

Mar. 31, 2016

8. Deferred Revenue

Deferred revenue consists of the following:


	March 31,	December 31,
	2016	2015

Product shipped, revenue deferred	$ 455,314	$ 366,388
Customer deposits	1,050,000	2,505,000
Deferred service and license fees	6,903,861	6,583,745
Total deferred revenue	8,409,175	9,455,133
Less: Long-term deferred revenue	(1,782,155)	(2,009,198)
Total current deferred revenue	$ 6,627,020	$ 7,445,935

- 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.

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