Deferred Revenue

9 Months Ended

Sep. 30, 2016

8. Deferred Revenue

Deferred revenue consists of the following:


	September 30,	December 31,
	2016	2015

Product shipped, revenue deferred	$ 549,690	$ 366,388
Customer deposits	-	2,505,000
Deferred service and license fees	6,518,193	6,583,745
Total deferred revenue	7,067,883	9,455,133
Less: Long-term deferred revenue	(622,531)	(2,009,198)
Total current deferred revenue	$ 6,445,352	$ 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.

+ References + Details