Deferred Revenue

3 Months Ended

Mar. 31, 2017

8. Deferred Revenue

Deferred revenue consists of the following:


	March 31,	December 31,
	2017	2016

Product shipped, revenue deferred	$ 467,383	$ 549,709
Customer deposits	2,910,000	2,910,000
Deferred service and license fees	6,433,038	5,813,956
Total deferred revenue	9,810,421	9,273,665
Less: Long-term deferred revenue	(435,542)	(522,329)
Total current deferred revenue	$ 9,374,879	$ 8,751,336

- 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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