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Business and Basis of Presentation
9 Months Ended
Sep. 30, 2014
Business and Basis of Presentation [Abstract]  
Business and Basis of Presentation

Note 2 – Business and Basis of Presentation

 

Principles of consolidation

 

The accompanying interim consolidated financial statements of Kogeto, Inc. include the accounts of its wholly-owned subsidiaries, Kogeto Technologies, Inc. and Kogeto Lucy, LLC. All significant intercompany transactions and balances have been eliminated in consolidation. We reclassified certain prior year amounts in our consolidated financial statements to conform to the current year presentation.
 

Nature of Business

 

Kogeto, Inc. provides integrated hardware, software and web services to deliver 360° panoramic video to consumers and businesses. Our products are the consumer-grade Dot® and the professional-grade LucyTM. Dot® is a 360 panoramic video lens which attaches to Apple's iPhone 4, 4s, 5 and 5s via a proprietary bracket. LucyTM is our professional-grade 360° panoramic video camera. In addition, we provide professional video production services for 360° panoramic video.  In 2014, production of our Lucy product was discontinued and will be replaced by Jo, our new lower-cost next generation professional-grade 360° panoramic video camera and production of our Dot product has been discontinued and is waiting for the development of an enhanced version of this product after we have successfully launched Jo. Jo is in the final stages of hardware and software development for production in December 2014 and is expected to be shipping in the first quarter of 2015.

 

Unaudited Interim Financial Information

 

The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X for interim financial information. Accordingly, they do not include all the information and disclosures required by GAAP for complete financial statements. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014, or for any other interim period or other future year. In the opinion of management, the unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation. These unaudited condensed consolidated financial statements and related notes should be read in conjunction with the consolidated financial statements and notes for the fiscal year ended December 31, 2013, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission (the “SEC”) on May 27, 2014, and the Current Report on Form 8-K/A (Amendment No. 4) filed with the SEC on October 7, 2014.