0001052918-18-000272.txt : 20180713 0001052918-18-000272.hdr.sgml : 20180713 20180713165556 ACCESSION NUMBER: 0001052918-18-000272 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 41 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180713 DATE AS OF CHANGE: 20180713 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ELECTRONIC SYSTEMS TECHNOLOGY INC CENTRAL INDEX KEY: 0000752294 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS & ACCESSORIES [3670] IRS NUMBER: 911238077 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-27793 FILM NUMBER: 18953023 BUSINESS ADDRESS: STREET 1: 415 N QUAY ST., BLDG B CITY: KENNEWICK STATE: WA ZIP: 99336 BUSINESS PHONE: 5097359092 MAIL ADDRESS: STREET 1: 415 N QUAY ST., BLDG B CITY: KENNEWICK STATE: WA ZIP: 99336 10-Q 1 est10qjul13-18.htm ELECTRONIC SYSTEMS TECHNOLOGY INC FORM 10Q Electronic Systems Technology

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-Q


x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018


OR


¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

From ________________ to ________________



ELECTRONIC SYSTEMS TECHNOLOGY, INC.

(Exact name of registrant as specified in its charter)


Washington

000-27793

91-1238077

(State or other jurisdiction of incorporation)

(Commission File  Number)

(IRS Employer Identification No.)


415 N. Quay St. Bldg B1 Kennewick WA

 

99336

(Address of principal executive offices)

 

(Zip Code)


                 (509) 735-9092                  

(Registrant's telephone number, including area code)


                                             N/A                                            

(Former name, former address & former fiscal year, if changed since last report)


Indicate by check mark whether the registrant (1) has filed all documents and reports required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filings for the past 90 days.  YES x  NO  ¨


Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   YES x NO ¨


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  


Large Accelerated Filer   ¨

Accelerated Filer  ¨

Non-Accelerated Filer    ¨

(Do not check if a smaller reporting company)

Small Reporting Company    x

Emerging Growth Company  ¨


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  £


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ¨  No x


APPLICABLE ONLY TO CORPORATE ISSUERS:


As of June 30, 2018, the number of the Company's shares of common stock par value $0.001, outstanding was 4,986,048.



1




ELECTRONIC SYSTEMS TECHNOLOGY, INC.



FORM 10-Q

June 30, 2018

Index


PART I - FINANCIAL INFORMATION

3


Item 1.  Financial Statements.

3


Balance Sheets

3


Statements of Operations

4


Statements of Cash Flows

5


Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

10


Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

13


Item 4.  Evaluation of Disclosure Controls and Procedures.

13


PART II - OTHER INFORMATION

14


Item 1 Legal Proceedings

14


Item 2 Unregistered Sales of Equity Securities and Use of Proceeds

14


Item 3 Defaults Upon Senior Securities

14


Item 4 Mine Safety Disclosure

14


Item 5 Other Information

14


Item 6.  Exhibits

14








2




PART I - FINANCIAL INFORMATION


Item 1.  Financial Statements.


ELECTRONIC SYSTEMS TECHNOLOGY, INC.

BALANCE SHEETS

 

June 30, 2018

(Unaudited)

 

December, 31,

2017

ASSETS

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$           386,764

 

$       208,101

Certificates of deposit investments

850,000

 

1,000,000

Accounts receivable

171,406

 

98,941

Inventories

637,262

 

762,517

Accrued interest receivable

5,375

 

5,137

Prepaid expenses

10,050

 

8,039

          Total current assets

2,060,857

 

2,082,735

 

 

 

 

Property and equipment, net

25,906

 

31,444

 

 

 

 

               Total assets

$        2,086,763

 

$      2,114,179

 

 

 

 

LIABILITIES & STOCKHOLDERS' EQUITY

 

 

 

Current liabilities

 

 

 

Accounts payable

$             29,689

 

$          18,969

Accrued liabilities

22,598

 

21,882

Refundable deposits

-

 

3,937

    Total current liabilities

52,287

 

44,788

               Total liabilities

52,287

 

44,788

 

 

 

 

COMMITMENTS and CONTINGENCIES (NOTE 6)

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

Common stock, $0.001 par value 50,000,000 shares authorized 4,986,048 and 4,986,048 shares issued and outstanding, respectively

4,986

 

4,986

Additional paid-in capital

944,161

 

944,161

Retained earnings

1,085,329

 

1,120,244

          Total stockholders’ equity

2,034,476

 

2,069,391

               Total liabilities and stockholders’ equity

$        2,086,763

 

$    2,114,179


See notes to Financial Statements




3




ELECTRONIC SYSTEMS TECHNOLOGY, INC.

STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2018

 

Three Months Ended June 30, 2017

 

Six Months Ended June 30, 2018


Six Months Ended June 30, 2017

PRODUCT SALES, NET

 

$         463,629

 

$         365,468

 

$        769,193

 

$        726,890

SITE SUPPORT

 

8,285

 

15,145

 

10,548

 

32,509

     COST OF SALES

 

(214,615)

 

(164,895)

 

(378,197)

 

(348,210)

GROSS PROFIT

 

257,299

 

215,718

 

401,544

 

411,189

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

     General and administrative

 

65,347

 

65,302

 

148,160

 

153,436

     Research and development

 

30,791

 

56,310

 

91,427

 

136,325

     Marketing and sales

 

96,684

 

108,678

 

205,004

 

223,177

TOTAL OPERATING EXPENSE

 

192,822

 

230,290

 

444,591

 

512,938

 

 

 

 

 

 

 

 

 

OPERATING INCOME (LOSS)

 

64,477

 

(14,572)

 

(43,047)

 

(101,749)

 

 

 

 

 

 

 

 

 

OTHER INCOME

 

 

 

 

 

 

 

 

     Interest income

 

4,401

 

2,848

 

8,132

 

5,538

TOTAL OTHER INCOME

 

4,401

 

2,848

 

8,132

 

5,538

 

 

 

 

 

 

 

 

 

NET INCOME (LOSS) BEFORE

   INCOME TAX

 

68,878

 

(11,724)

 

(34,915)

 

(96,211)

     Benefit (provision) for income tax

 

-

 

-

 

-

 

-

NET INCOME (LOSS)

 

$       68,878

 

$       (11,724)

 

$        (34,915)

 

$        (96,211)

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per share

 

$.01

 

Nil

 

($0.01)

 

($0.02)

 

 

 

 

 

 

 

 

 

Weighted average shares used in computing income (loss) per share:

 

 

 

 

 

 

 

 

Basic average shares

 

4,986,048

 

5,040,803

 

4,986,048

 

5,038,043

Diluted average shares

 

4,994,212

 

5,040,803

 

4,986,048

 

5,038,043






See notes to Financial Statements





4








ELECTRONIC SYSTEMS TECHNOLOGY, INC.

STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

Six Months Ended June 30, 2018

 

Six Months Ended June 30, 2017

CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES:

 

 

 

Net loss

$            (34,915)

 

$            (96,211)

Noncash items included in net loss:

 

 

 

      Depreciation

5,538

 

9,969

Changes in operating assets and liabilities:

 

 

 

      Accounts receivable

(72,465)

 

(62,509)

      Inventories

125,255

 

(653)

      Accrued interest receivable

(238)

 

3,356

      Prepaid expenses

(2,011)

 

(6,126)

      Accounts payable

10,720

 

57,012

      Accrued liabilities

716

 

906

      Refundable deposits

(3,937)

 

(905)

NET CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES

28,663

 

(95,161)


CASH FLOWS PROVIDED (USED) IN INVESTING ACTIVITIES:

 

 

 

Certificates of deposit redeemed

250,000

 

 

Certificates of deposit purchased

(100,000)

 

-

NET CASH FLOWS PROVIDED BY INVESTING ACTIVITIES

150,000

 

-

 

 

 

 

CASH FLOWS USED IN FINANCING ACTIVITIES:

 

 

 

Repurchase of Shares

-

 

(20,695)

NET CASH USED IN FINANCING ACTIVITIES

-

 

(20,695)


NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

178,663

 

(115,856)

Cash and cash equivalents at beginning of period

208,101

 

502,971


Cash and cash equivalents at end of period

$           386,764

 

$           387,115





See notes to Financial Statements




5



ELECTRONIC SYSTEMS TECHNOLOGY, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)



NOTE 1 - BASIS OF PRESENTATION

 

The financial statements of Electronic Systems Technology, Inc. (the "Company") presented in this Form 10Q are unaudited and reflect, in the opinion of Management, a fair presentation of operations for the three and six-month periods ended June 30, 2018 and June 30, 2017.  All adjustments of a normal recurring nature and necessary for a fair presentation of the results for the periods covered have been made. Certain information and footnote disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission. In preparation of the financial statements, certain amounts and balances have been reformatted from previously filed reports including classification of components of cash and cash equivalents to conform to the format of this quarterly presentation.  These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Form 10K for the year ended December 31, 2017, as filed with Securities and Exchange Commission.


In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall with various SEC Staff Accounting Bulletins providing interpretive guidance. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 defers the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. The Company has performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it will not change the timing of revenue recognition or amounts of revenue recognized compared to how revenue is recognized under current policies. ASU No. 2014-09 will require additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. See Note 5.


In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of implementing this update on the financial statements.


In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company determined the impact of implementing this update is immaterial.


In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The adoption of this standard did not have a material impact on the financial statements.

 

In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company will apply the provisions of the update to potential future acquisitions occurring after January 1, 2018.


The Company estimates that for 2018 the anticipated effective annual federal income tax rate will be 0%.


Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.


The results of operations for the six-month period ended June 30, 2018 are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period.






6



ELECTRONIC SYSTEMS TECHNOLOGY, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)



NOTE 2 - INVENTORIES


Inventories are stated at lower of direct cost or net realizable value with cost determined using the FIFO (first in, first out) method.  Inventories consist of the following:


 

June 30,  

2018

December 31,

2017

Parts

$     122,420

$       143,452

Work in progress

200,696

201,526

Finished goods

314,146

417,539

 

$     637,262

$       762,517


NOTE 3 - INCOME (LOSS) PER SHARE


Basic income (loss) per share excludes dilution and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period.  Diluted income (loss) per share reflects potential dilution occurring if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The diluted weighted average number of common shares outstanding for the three-month period ended June 30, 2018 and 2017 was 4,994,212 and 5,040 803, respectively.  The primary weighted average number of common shares outstanding for the six months ended June 30, 2018 and 2017 was 4,986,048 and 5,038,043 respectively.  


NOTE 4 - STOCK OPTIONS


As of June 30, 2018, the Company had outstanding stock options which have been granted periodically to individual employees and directors with no less than three years of continuous tenure with the Company.  The Board of Directors did not issue stock options during the first six-months ended June 30, 2018.


A summary of option activity during the six months ended June 30, 2018 is as follows:


 


Number Outstanding

Weighted-Average

Exercise Price Per

Share

Weighted-Average

Remaining Life

(Years)

Approximate

Aggregate

Intrinsic Value

Outstanding and Exercisable at December 31, 2017

150,000

$0.40

 

 

Expired

(30,000)

0.40

 

 

Outstanding and Exercisable at June 30, 2018

120,000

$0.40

2.1

$2,400



7



ELECTRONIC SYSTEMS TECHNOLOGY, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)




NOTE 5 - ASU No. 2014-09 DISCLOSURE

 

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall.  The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets.  In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.  ASU No. 2015-14 deferred the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017.  We adopted ASU No. 2014-09 as of January 1, 2018 using the modified-retrospective transition approach.  The impact of adoption of the update to our financial statements for the six months ended June 30, 2018 would have not been material.


We performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it does not change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies.  Our revenues involve a relatively limited number of types of contracts and customers.  In addition, our revenue contracts do not involve multiple types of performance obligations.  Revenues from product sales are recognized, and the transaction price is known, when the goods are shipped or delivered, and title and risk of loss passes to the customer.


Adoption of ASU No. 2014-09 involves additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts.  

 


For product sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment.  We have determined the performance obligation is met and title is transferred to the customer upon shipment of products because, at that time, 1) legal title is transferred to the customer, 2) the customer has accepted the product and obtained the ability to realize all of the benefits from the product, 3) the product specifications are known, have been communicated to the customer, and the customer has the significant risks and rewords of ownership to it, 4) it is very unlikely the product will be rejected by a customer upon physical receipt, and 5) we have the right to payment for the product. Revenues from site support and engineering services are recognized as the Company performs the services, which is when the performance obligation is determined to be met.


Sales and accounts receivable for product sales are recorded net of charges for certain sales incentives and discounts, and applicable state and local sales taxes, which represent components of the transaction price. Charges are estimated by us upon shipment of the product based on contractual terms, and actual charges typically do not vary materially from our estimates.


The Company does not generally sell its products with the right of return.  Therefore, returns are accounted for when they occur and are accepted.  


The Company warrants its products as free of manufacturing defects and provides a refund of the purchase price, repair or replacement of the product for a period of one year from the date of installation by the first user/customer.  No allowance for estimated warranty repairs or product returns has been recorded. Warranty expenses are immaterial based on the Company’s historical warranty experience.


Our trade accounts receivable balance related to sales to customers was $171,406 at June 30, 2018 and $98,941 at December 31, 2017 and included no allowance for doubtful accounts.  


We have determined our sales do not include a significant financing component, as payment is received at the time the performance obligation is satisfied.


We do not incur significant costs to obtain sales, nor costs to fulfill sales orders which are not addressed by other standards.  Therefore, we have not recognized an asset for such costs as of June 30, 2018 or December 31, 2017.


NOTE 6 - COMMITMENTS and CONTINGENCIES


The Company leases its facilities from a port authority for $5,445 per month for three years, expiring in September 2020, with annual increases based upon the Consumer Price Index.





8



ELECTRONIC SYSTEMS TECHNOLOGY, INC.

NOTES TO FINANCIAL STATEMENTS

(Unaudited)



NOTE 7 - SEGMENT REPORTING


Segment information is prepared on the same basis that the Company's management reviews financial information for operational decision making purposes.    

  

During the quarter ended June 30, 2018, Domestic customers represented approximately 95% of total net revenues. Domestic product and Site Support sales revenues increased to $446,589 for the quarter ended June 30, 2018 compared to $309,556 for the quarter ended June 30, 2017. Year to date domestic sales revenues increased to $749,176 as of June 30, 2018 compared to $610,038 for the same period of 2017.  Foreign customers represented approximately 5% of total net revenues.  Foreign sales revenues decreased to $25,325 for the quarter ended June 30, 2018 compared to $71,057 for the quarter ended June 30, 2017. Year to date foreign sales revenues decreased to $30,565 as of June 30, 2018 compared to $149,361 for the same period of 2017.  During the three and six-months ended June 30, 2018, sales to three customers comprised more than 10% of the Company’s sales revenues and one customer respectively.  


 

For the three month period ended

June 30, 2018

For the six month period ended

June 30, 2018

Customer A:

27%

25%

Customer B:

15%

-

Customer C:

12%

-


Revenues from foreign countries during the second quarter and six-months of 2018 consist primarily of revenues from product sales to Columbia, Bolivia and Ireland.


NOTE 8 – STOCK REPURCHASE


On January 13, 2016, the Company’s Board of Directors approved a resolution authorizing the repurchase of up to $100,000 of the Company’s common stock at the price of $0.38 per share. The Company’s share repurchase program does not obligate it to acquire any specific number of shares. On March 2, 2016, the Company’s Board of Director approved a resolution authorizing the repurchase of an additional $150,000 of the Company’s common stock at the price of $0.38 per share. Under the program (the “Stock Repurchase Plan”), shares may be repurchased in open market transactions, complying with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Shares repurchased are retired. As of June 30, 2018, $184,405 remains of $250,000 approved by the board. 97,764 and 74,885 shares were repurchased in 2016 and 2017 respectively, bringing the total number of shares repurchased to 172,619. During the six-month period ended June 30, 2018, there were no shares repurchased.



9






Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.


MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL

CONDITION AND RESULTS OF OPERATION

 

Management’s discussion and analysis is intended to be read in conjunction with the Company’s unaudited financial statements and the integral notes thereto for the year ended December 31, 2017.  The following statements may be forward looking in nature and actual results may differ materially.


A.  Results of Operations

 

REVENUES:


Total revenues from the sale of the Company’s ESTeem wireless modem products and services increased to $471,914 for the second quarter of 2018, compared to $380,613 for the second quarter of 2017.  Gross revenues, including interest income, increased to $476,314 for the quarter ended June 30, 2018, from $383,461 for the same quarter of 2017.  Year to date sales increased to $779,741 as of June 30, 2018, as compared to $759,399 as of June 30, 2017. Year to date gross revenues, including interest income, increased to $787,873 as of June 30, 2018, compared to $764,936 as of June 30, 2017.  Management believes the increase in quarterly and year to date sales revenues is due to increased marketing efforts in the United States.


The Company's revenues have historically fluctuated from quarter to quarter due to timing factors such as customer order placement and product shipments to customers, as well as customer buying trends, and changes in the general economic environment.  The procurement process regarding plant and project automation, or project development, which usually surrounds the decision to purchase ESTeem products, can be lengthy.  This procurement process may involve bid activities unrelated to the ESTeem products, such as additional systems and subcontract work, as well as capital budget considerations on the part of the customer.  Because of the complexity of this procurement process, forecasts in regard to the Company's revenues become difficult to predict.


A percentage breakdown of EST's Domestic and Export Sales, for the second quarter of 2018 and 2017 are as follows:


 

For the second quarter of

 

2018

2017

Domestic Sales

95%

81%

Export Sales

5%

19%


Domestic Revenues


During the quarter ended June 30, 2018, the Company’s domestic operations represented 95% of the Company’s total sales revenues.  Domestic operations sell ESTeem modem products, accessories and service primarily through domestic resellers, as well as directly to end users of the Company’s products.  Domestic sales revenues increased to $446,589 for the quarter ended June 30, 2018 compared to $309,556 for the quarter ended June 30, 2017.  Management believes the increase in sales revenues is due to increased domestic sales for water/waste water and mining industrial automation projects during the first six months of 2018.  During the quarter ended June 30, 2018, three customers, comprised more than 10% of the Company’s sales revenues.  


Customer A: 27%

Customer B: 15%

Customer C: 12%


For the six-month period ended June 30, 2018, the Company’s domestic operations represented 96% of the Company’s total sales revenues.  Year to date domestic sales revenues increased to $749,176 as of June 30, 2018 compared to $610,038 for the same period of 2017. Management believes the increase in year to date sales revenues is due to increased marketing efforts in the United States during the first half of 2018.  




10






Foreign Revenues


The Company’s foreign operating segment represented 5% of the Company’s total net revenues for the quarter ended June 30, 2018.  The foreign operating segment is based wholly in the United States and maintains no assets outside of the United States.  The foreign operating segment sells ESTeem modem products, accessories and service primarily through foreign resellers, as well as directly to end customers of the Company’s products located outside the United States.  


During the quarter ended June 30, 2018, the Company had $25,325 in foreign export sales, amounting to 5% of total net revenues of the Company for the quarter, compared with foreign export sales of $71,057 for the same quarter of 2017.  Management believes the decrease in foreign sales revenues was due to decreased automation needs to lower operating expenses in Oil & Gas and Mining industries.  Revenues from foreign countries during the second quarter of 2018 consist primarily of revenues from product sales to Columbia, Bolivia and Ireland.  No foreign sales to a single customer comprised 10% or more of the Company's product sales for the quarter ended June 30, 2018.  Products purchased by foreign customers were used primarily in industrial automation applications.  We believe the majority of foreign export sales are the results EST foreign reseller activity, and the Company’s internet website presence.


For the six-month period ended June 30, 2018, the Company had $30,565 in foreign export sales, amounting to 4% of total sales revenues of the Company for the period, compared with foreign export sales of $149,361 for the same period of 2017. Management believes the decrease was due to the lack of Sales staff in the countries that the Company’s products are exported to.


BACKLOG:


The Corporation had a sales order backlog of approximately $425 as of June 30, 2018.  The Company’s customers generally place orders on an "as needed basis".  Shipment for most of the Company’s products is generally made within 1 to 15 working days after receipt of customer orders, with the exception of ongoing, scheduled projects, and custom designed equipment.


COST OF SALES:


Cost of sales percentage for the second quarter of 2018 and 2017 was 45% and 41%, respectively. The cost of sales increase for the second quarter of 2018 is the result of the product mix for items sold during the period.


OPERATING EXPENSES:


Operating expenses for the second quarter of 2018 decreased $37,468 from the second quarter of 2017.  The following is an outline of operating expenses:


For the quarter ended:

 

June 30, 2018

 

June 30, 2017

 

Increase (Decrease)

General and Administrative

 

$             65,347

 

$             65,302

 

$                     45

Research/Development

 

30,791

 

56,310

 

(25,519)

Marketing and Sales

 

96,684

 

108,678

 

(11,994)

Total Operating Expenses

 

$           192,882

 

$           230,290

 

$           (37,468)


GENERAL AND ADMINISTRATIVE:


During the second quarter of 2018, general and administrative expenses increased $45 to $65,347 from the same quarter of 2017.


RESEARCH AND DEVELOPMENT:


Research and development expenses decreased $25,519 to $30,791 during the second quarter of 2018 when compared with the same period in 2017 due to reduced payroll, services purchased and supplies.


MARKETING AND SALES:


During the second quarter of 2018, marketing and sales expenses decreased $11,994 to $96,684 from the same period in 2017, due to decreased payroll.




11






INTEREST INCOME:


The Corporation earned $4,401 in interest income during the quarter ended June 30, 2018.  Sources of this income were money market accounts and certificates of deposit.


NET INCOME (LOSS):


The Company had a net income of $68,878 for the second quarter of 2018, compared to a net loss of $11,724 for the same quarter of 2017.  For the six-month period ended June 30, 2018, the Company recorded a net loss of $34,915, compared with a net loss of $96,211 for the same period of 2017.  The increase in the Company’s net income is the result of increased sales revenues, decreased gross margins and reduced operating expenses during the second quarter of 2018.

 

TAXES:


The Company had a net income of $68,878 for the second quarter of 2018 compared to a net loss of $11,724 for the same quarter of 2017.  The increase in net income during 2018 is the result of increased sales revenues and decreased gross margins.


The Company has $65,964 of research and development tax credits available to reduce any Federal Income taxes that may be incurred in future periods as if June 30, 2018.


B.  Financial Condition, Liquidity and Capital Resources

 

The Corporation's current asset to current liabilities ratio at June 30, 2018 was 39.4:1 compared to 46.5:1 at December 31, 2017.  At June 30, 2018, the Company had cash and cash equivalents of $386,764; compared to cash and cash equivalent holdings of $208,101 at December 31, 2017.  The Company had certificates of deposit investments in the amount of $850,000 at June 30, 2018 compared to $1,000,000 at December 31, 2017.


Accounts receivable increased to $171,406 as of June 30, 2018, from December 31, 2017 levels of $98,941, due to sales revenue timing differences between the second quarter of 2018 and year-end 2017.  Inventories decreased to $637,262 as of June 30, 2018, from December 31, 2017 levels of $762,517, due primarily to a decrease of finished goods.  The Company's fixed assets, net of depreciation, decreased to $25,906 as of June 30, 2018, from December 31, 2017 levels of $31,444.


As of June 30, 2018, the Company’s accounts payable balance was $29,689 as compared with $18,969 at December 31, 2017, and reflects amounts owed for inventory items, contracted services, and state tax liabilities.  Accrued liabilities and refundable deposits as of June 30, 2018 were $22,598 compared with $21,882 at December 31, 2017, and reflect items such as accrued vacation benefits and payroll tax liabilities        


In Management's opinion, the Company's cash and cash equivalent reserves, and working capital at June 30, 2018 is sufficient to satisfy requirements for operations, capital expenditures, and other expenditures as may arise during the remainder of 2018.


The Company did not declare or issue any cash dividends during 2017 or through 2018.



FORWARD LOOKING STATEMENTS:  The above discussion may contain forward looking statements that involve a number of risks and uncertainties.  In addition to the factors discussed above, among other factors that could cause actual results to differ materially are the following: competitive factors such as rival wireless architectures and price pressures; availability of third party component products at reasonable prices; inventory risks due to shifts in market demand and/or price erosion of purchased components; change in product mix, and risk factors that are listed in the Company’s reports and registration statements filed with the Securities and Exchange Commission.




12






Item 3.  Quantitative and Qualitative Disclosures About Market Risk.


There is no established market for trading the common stock of the Company. The market for the Company’s common stock is limited, and as such shareholders may have difficulty reselling their shares when desired or at attractive market prices.  The Common Stock is not regularly quoted in the automated quotation system of a registered securities system or association.  Our common stock, par value $0.001 per share, is quoted on the OTC Markets Group QB (OTCQB) under the symbol “ELST”.  The OTCQB is a network of security dealers who buy and sell stock. The dealers are connected by a computer network which provides information on current “bids” and “asks” as well as volume information. The OTCQB is not considered a “national exchange”.  The “over-the-counter” quotations do not reflect inter-dealer prices, retail mark-ups commissions or actual transactions.  The Company’s common stock has continued to trade in low volumes and at low prices. Some investors view low-priced stocks as unduly speculative and therefore not appropriate candidates for investment. Many institutional investors have internal policies prohibiting the purchase or maintenance of positions in low-priced stocks.


Item 4.  Controls and Procedures.


An evaluation has been performed under the supervision and with the participation of our Management, including our Chief Executive Officer and Principal Accounting Officer, of the effectiveness of the design and the operation of our "disclosure controls and procedures" (as such term is defined in Rules 13a-15(e) under the Securities Exchange Act of 1934) as of March 31, 2018.  Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have determined that there was a material weakness affecting our internal control over financial reporting and, as a result of that weakness, our disclosure controls and procedures were not effective as of March 31, 2018.  


The material weakness is as follows:


We did not maintain effective controls to ensure appropriate segregation of duties as the same officer and employee was responsible for the initiating and recording of transactions, thereby creating segregation of duties weaknesses. Due to the (1) significance of segregation of duties to the preparation of reliable financial statements; (2) the significance of potential misstatement that could have resulted due to the deficient controls; and, (3) the absence of sufficient other mitigating controls; we determined that this control deficiency resulted in more than a remote likelihood that a material misstatement or lack of disclosure within the annual or interim financial statements will not be prevented or detected.


Changes in Internal Control Over Financial Reporting


There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 



13






PART II - OTHER INFORMATION


Item 1 Legal Proceedings


The Company is not involved in any material current of pending legal proceedings


Item 2 Unregistered Sales of Equity Securities and Use of Proceeds


None


Item 3 Defaults Upon Senior Securities


None


Item 4 Mine Safety Disclosure


Not Applicable


Item 5 Other Information


None


Item 6.  Exhibits



EXHIBIT  NUMBER


DESCRIPTION

31.1

Section 302 Certification, CEO

31.2

Section 302 Certification, CFO

32.1

Section 906 Certification, CEO

32.2

Section 906 Certification, CFO

101.INS

XBRL Instance Document

101.SCH

XBRL Taxonomy Extension Schema Document

101.CAL

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB

XBRL Taxonomy Extension Label Linkbase Document

101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document














14





SIGNATURES


In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 


 

ELECTRONIC SYSTEMS TECHNOLOGY, INC.

 

 

 

 

Date:   July 13, 2018

/s/ Michael W. Eller

Name:  Michael Eller

Title: Director/President

(Chief Executive Officer)

 

 

 

 

Date:   July 13, 2018

/s/ Michael W. Eller

Name:  Michael Eller

Title: Director/President

(Principal Accounting Officer)













15


EX-31 2 ex311.htm CERTIFICATION Certification

Exhibit 31.1

CERTIFICATION


I, Michael Eller, certify that:

1.

I have reviewed this quarterly report on Form 10-Q of Electronic Systems Technology, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects, the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ Michael Eller                              

Michael Eller

President

(Chief Executive Officer)

Date: July 13, 2018


A signed original of this written statement has been provided to the registrant and will be retained by the registrant to be furnished to the Securities and Exchange Commission or its staff upon request.



EX-31 3 ex312.htm CERTIFICATION Certification

Exhibit 31.2

CERTIFICATION


I, Michael Eller, certify that:


1.

I have reviewed this quarterly report on Form 10-Q of Electronic Systems Technology, Inc.;

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects, the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report.

4.

The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (fourth quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


/s/ Michael Eller                              

Michael Eller

President

Principal Accounting Officer

Date: July 13, 2018


A signed original of this written statement has been provided to the registrant and will be retained by the registrant to be furnished to the Securities and Exchange Commission or its staff upon request.




EX-32 4 ex321.htm CERTIFICATION Exhibit 32

Exhibit 32.1 – CEO Certification

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. 1350)

In connection with the quarterly report of Electronic Systems Technology Inc. (the "Company") on Form 10-Q for the quarter ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael Eller, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/ Michael Eller                              

Michael Eller

President

(Chief Executive Officer)

Date: July 13, 2018

This certification is being furnished to the Securities and Exchange Commission as an exhibit to the Quarterly Report and shall not be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended; and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.


A signed original of this written statement has been provided to the Registrant and will be retained by the Registrant to be furnished to the Securities and Exchange Commission or its staff upon request.






EX-32 5 ex322.htm CERTIFICATION Exhibit 32

Exhibit 32.2 – CFO Certification

CERTIFICATION

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
(18 U.S.C. 1350)

In connection with the quarterly report of Electronic Systems Technology Inc. (the "Company") on Form 10-Q for the quarter ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Michael Eller, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 


/s/ Michael Eller                              

Michael Eller

President

(Principal Accounting Officer)

Date: July 13, 2018

This certification is being furnished to the Securities and Exchange Commission as an exhibit to the Quarterly Report and shall not be deemed filed by the Company for purposes of §18 of the Securities Exchange Act of 1934, as amended.; and is not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.


A signed original of this written statement has been provided to the Registrant and will be retained by the Registrant to be furnished to the Securities and Exchange Commission or its staff upon request.







EX-101.INS 6 elst-20180630.xml 0.001 0.001 50000000 50000000 4986048 4986048 4986048 4986048 850000 1000000 5375 5137 10050 8039 2060857 2082735 25906 31444 2086763 2114179 29689 18969 22598 21882 3937 52287 44788 52287 44788 0 0 4986 4986 944161 944161 1085329 1120244 2034476 2069391 2086763 2114179 463629 365468 769193 726890 8285 15145 10548 32509 -214615 -164895 -378197 -348210 257299 215718 401544 411189 65347 65302 148160 153436 30791 56310 91427 136325 96684 108678 205004 223177 192822 230290 444591 512938 64477 -14572 -43047 -101749 4401 2848 8132 5538 4401 2848 8132 5538 68878 -11724 -34915 -96211 0 0 0 0 68878 -11724 0.01 0 -0.01 -0.02 4986048 5040803 4994212 5040803 4986048 5038043 -34915 -96211 5538 9969 -72465 -62509 125255 -653 -238 3356 -2011 -6126 10720 57012 716 906 -3937 -905 28663 -95161 250000 -100000 150000 -20695 -20695 178663 -115856 208101 502971 386764 387115 10-Q 2018-06-30 false Electronic Systems Technology Inc 0000752294 elst --12-31 4986048 Smaller Reporting Company Yes No No 2018 Q2 <!--egx--><p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'><b>NOTE 1 - BASIS OF PRESENTATION</b> </p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&#160;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>The financial statements of Electronic Systems Technology, Inc. (the &quot;Company&quot;) presented in this Form 10Q are unaudited and reflect, in the opinion of Management, a fair presentation of operations for the three and six-month periods ended June 30, 2018 and June 30, 2017.&#160; All adjustments of a normal recurring nature and necessary for a fair presentation of the results for the periods covered have been made. Certain information and footnote disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission. In preparation of the financial statements, certain amounts and balances have been reformatted from previously filed reports including classification of components of cash and cash equivalents to conform to the format of this quarterly presentation.&#160; These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Form 10K for the year ended December 31, 2017, as filed with Securities and Exchange Commission. </font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>In May 2014, the Financial Accounting Standards Board (&quot;FASB&quot;) issued Accounting Standards Update (&quot;ASU&quot;) No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall with various SEC Staff Accounting Bulletins providing interpretive guidance. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 defers the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. The Company has performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it will not change the timing of revenue recognition or amounts of revenue recognized compared to how revenue is recognized under current policies. ASU No. 2014-09 will require additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. See Note 5.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of implementing this update on the financial statements.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company determined the impact of implementing this update is immaterial.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The adoption of this standard did not have a material impact on the financial statements.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>&#160;</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company will apply the provisions of the update to potential future acquisitions occurring after January 1, 2018.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>The Company estimates that for 2018 the anticipated effective annual federal income tax rate will be 0%.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.</font></p> <p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold;text-align:left'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>The results of operations for the six-month period ended June 30, 2018 are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period.</font></p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>NOTE 2 - INVENTORIES</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'><font style='letter-spacing:-.15pt'>Inventories are stated at lower of direct cost or net realizable value with cost determined using the FIFO (first in, first out) method.&#160; Inventories consist of the following:</font></p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="132" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> </td> <td width="90" valign="top" style='width:67.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'>June 30,&#160; </p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'>2018</p> </td> <td width="104" valign="top" style='width:77.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'>December 31, </p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'>2017</p> </td> </tr> <tr align="left"> <td width="132" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-top:6.0pt'>Parts</p> </td> <td width="90" valign="bottom" style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-top:6.0pt;text-align:right'>$&#160;&#160;&#160;&#160; 122,420</p> </td> <td width="104" valign="top" style='width:77.85pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-top:6.0pt;text-align:right'>$&#160;&#160;&#160;&#160;&#160;&#160; 143,452</p> </td> </tr> <tr align="left"> <td width="132" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>Work in progress</p> </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>200,696</p> </td> <td width="104" valign="top" style='width:77.85pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>201,526</p> </td> </tr> <tr align="left"> <td width="132" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>Finished goods</p> </td> <td width="90" valign="bottom" style='width:67.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>314,146</p> </td> <td width="104" valign="top" style='width:77.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>417,539</p> </td> </tr> <tr align="left"> <td width="132" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>Total inventory</p> </td> <td width="90" valign="bottom" style='width:67.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-top:6.0pt;text-align:right'>$&#160;&#160;&#160;&#160; 637,262</p> </td> <td width="104" valign="top" style='width:77.85pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-top:6.0pt;text-align:right'>$&#160;&#160;&#160;&#160;&#160;&#160; 762,517</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>NOTE 3 - INCOME (LOSS) PER SHARE </p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>Basic income (loss) per share excludes dilution and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period.&#160; Diluted income (loss) per share reflects potential dilution occurring if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company<font style='letter-spacing:-.15pt'>. The diluted weighted average number of common shares outstanding for the three-month period ended June 30, 2018 and 2017 was </font><font style='letter-spacing:-.15pt'>4,994,212</font><font style='letter-spacing:-.15pt'> and </font><font style='letter-spacing:-.15pt'>5,040,803</font><font style='letter-spacing:-.15pt'>, respectively.&#160; The primary weighted average number of common shares outstanding for the six months ended June 30, 2018 and 2017 was </font><font style='letter-spacing:-.15pt'>4,986,048</font><font style='letter-spacing:-.15pt'> and </font><font style='letter-spacing:-.15pt'>5,038,043</font><font style='letter-spacing:-.15pt'> respectively.&#160; </font></p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>NOTE 4 - STOCK OPTIONS</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.1pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.1pt'><font style='layout-grid-mode:line'>As of June 30, 2018, the Company had outstanding stock options which have been granted periodically to individual employees and directors with no less than three years of continuous tenure with the Company.&#160; The Board of Directors did not issue stock options during the first six-months ended June 30, 2018. </font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.1pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>A summary of option activity during the six months ended June 30, 2018 is as follows: </p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="671" style='border-collapse:collapse'> <tr align="left"> <td width="202" valign="bottom" style='width:151.35pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> </td> <td width="90" valign="bottom" style='width:67.15pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'>&nbsp;</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Number Outstanding</font></p> </td> <td width="134" valign="bottom" style='width:100.3pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Weighted-Average </font></p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Exercise Price Per </font></p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Share</font></p> </td> <td width="130" valign="bottom" style='width:97.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Weighted-Average </font></p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Remaining Life</font></p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>(Years)</font></p> </td> <td width="116" valign="bottom" style='width:86.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Approximate </font></p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Aggregate </font></p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Intrinsic Value</font></p> </td> </tr> <tr align="left"> <td width="202" valign="bottom" style='width:151.35pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-left:16.5pt;text-indent:-16.5pt'><font style='letter-spacing:0pt;layout-grid-mode:line'>Outstanding and Exercisable at December 31, 2017</font></p> </td> <td width="90" valign="bottom" style='width:67.15pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='layout-grid-mode:line'>150,000</font></p> </td> <td width="134" valign="bottom" style='width:100.3pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='layout-grid-mode:line'>$</font><font style='layout-grid-mode:line'>0.40</font></p> </td> <td width="130" valign="bottom" style='width:97.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>&nbsp;</p> </td> <td width="116" valign="bottom" style='width:86.85pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="202" valign="bottom" style='width:151.35pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'><font style='letter-spacing:0pt;layout-grid-mode:line'>Expired</font></p> </td> <td width="90" valign="bottom" style='width:67.15pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='letter-spacing:0pt;layout-grid-mode:line'> (30,000)</font></p> </td> <td width="134" valign="bottom" style='width:100.3pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='letter-spacing:0pt;layout-grid-mode:line'>0.40</font></p> </td> <td width="130" valign="bottom" style='width:97.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>&nbsp;</p> </td> <td width="116" valign="bottom" style='width:86.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="202" valign="bottom" style='width:151.35pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-left:16.5pt;text-indent:-16.5pt'><font style='letter-spacing:0pt;layout-grid-mode:line'>Outstanding and Exercisable at June 30, 2018</font></p> </td> <td width="90" valign="bottom" style='width:67.15pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='letter-spacing:0pt;layout-grid-mode:line'>120,000</font></p> </td> <td width="134" valign="bottom" style='width:100.3pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='letter-spacing:0pt;layout-grid-mode:line'>$</font><font style='letter-spacing:0pt;layout-grid-mode:line'>0.40</font></p> </td> <td width="130" valign="bottom" style='width:97.6pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='letter-spacing:0pt;layout-grid-mode:line'>2.1</font></p> </td> <td width="116" valign="bottom" style='width:86.85pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='letter-spacing:0pt;layout-grid-mode:line'>$</font><font style='letter-spacing:0pt;layout-grid-mode:line'>2,400</font></p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'><b>NOTE 5 - ASU No. 2014-09 DISCLOSURE</b></p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&#160;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>In May 2014, the Financial Accounting Standards Board (&quot;FASB&quot;) issued Accounting Standards Update (&quot;ASU&quot;) No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall.&#160; The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets.&#160; In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.&#160; ASU No. 2015-14 deferred the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017.&#160; We adopted ASU No. 2014-09 as of January 1, 2018 using the modified-retrospective transition approach.&#160; The impact of adoption of the update to our financial statements for the six months ended June 30, 2018 would have not been material.</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>We performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it does not change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies.&#160; Our revenues involve a relatively limited number of types of contracts and customers.&#160; In addition, our revenue contracts do not involve multiple types of performance obligations.&#160; Revenues from product sales are recognized, and the transaction price is known, when the goods are shipped or delivered, and title and risk of loss passes to the customer.</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>Adoption of ASU No. 2014-09 involves additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>For product sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment.&#160; We have determined the performance obligation is met and title is transferred to the customer upon shipment of products because, at that time, 1) legal title is transferred to the customer, 2) the customer has accepted the product and obtained the ability to realize all of the benefits from the product, 3) the product specifications are known, have been communicated to the customer, and the customer has the significant risks and rewords of ownership to it, 4) it is very unlikely the product will be rejected by a customer upon physical receipt, and 5) we have the right to payment for the product. Revenues from site support and engineering services are recognized as the Company performs the services, which is when the performance obligation is determined to be met.</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>Sales and accounts receivable for product sales are recorded net of charges for certain sales incentives and discounts, and applicable state and local sales taxes, which represent components of the transaction price. Charges are estimated by us upon shipment of the product based on contractual terms, and actual charges typically do not vary materially from our estimates.</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>The Company does not generally sell its products with the right of return.&#160; Therefore, returns are accounted for when they occur and are accepted.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>The Company warrants its products as free of manufacturing defects and provides a refund of the purchase price, repair or replacement of the product for a period of one year from the date of installation by the first user/customer.&#160; No allowance for estimated warranty repairs or product returns has been recorded. Warranty expenses are immaterial based on the Company&#146;s historical warranty experience.</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>Our trade accounts receivable balance related to sales to customers was $171,406 at June 30, 2018 and $98,941 at December 31, 2017 and included no allowance for doubtful accounts.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>We have determined our sales do not include a significant financing component, as payment is received at the time the performance obligation is satisfied.</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>We do not incur significant costs to obtain sales, nor costs to fulfill sales orders which are not addressed by other standards.&#160; Therefore, we have not recognized an asset for such costs as of June 30, 2018 or December 31, 2017.</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'><b>NOTE 6 - COMMITMENTS and CONTINGENCIES</b></p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>The Company leases its facilities from a port authority for $5,445 per month for three years, expiring in September 2020, with annual increases based upon the Consumer Price Index. </p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <!--egx--><p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:center;letter-spacing:-.1pt;font-weight:bold;text-align:left'>NOTE 7 - SEGMENT REPORTING</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt'><font style='letter-spacing:-.1pt'>Segment information is prepared on the same basis that the Company's management reviews financial information for operational decision making purposes.&#160;&#160;&#160; </font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt'><font style='letter-spacing:-.1pt'>&#160; </font></p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>During the quarter ended June 30, 2018, Domestic customers represented approximately 95% of total net revenues. Domestic product and Site Support sales revenues increased to $446,589 for the quarter ended June 30, 2018 compared to $309,556 for the quarter ended June 30, 2017. Year to date domestic sales revenues increased to $749,176 as of June 30, 2018 compared to $610,038 for the same period of 2017.&#160; Foreign customers represented approximately 5% of total net revenues.&#160; Foreign sales revenues decreased to $25,325 for the quarter ended June 30, 2018 compared to $71,057 for the quarter ended June 30, 2017. Year to date foreign sales revenues decreased to $30,565 as of June 30, 2018 compared to $149,361 for the same period of 2017.&#160; During the three and six-months ended June 30, 2018, sales to three customers comprised more than 10% of the Company&#146;s sales revenues and one customer respectively.&#160; </p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="242" valign="top" style='width:181.2pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>&nbsp;</p> </td> <td width="219" valign="top" style='width:164.4pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>For the three month period ended</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>June 30, 2018</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>______________________________</p> </td> <td width="228" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>For the six month period ended</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>June 30, 2018</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>__________________________</p> </td> </tr> <tr align="left"> <td width="242" valign="top" style='width:181.2pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>Customer A:</p> </td> <td width="219" valign="top" style='width:164.4pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>27%</p> </td> <td width="228" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>25%</p> </td> </tr> <tr align="left"> <td width="242" valign="top" style='width:181.2pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>Customer B: </p> </td> <td width="219" valign="top" style='width:164.4pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>15%</p> </td> <td width="228" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>-</p> </td> </tr> <tr align="left"> <td width="242" valign="top" style='width:181.2pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>Customer C:</p> </td> <td width="219" valign="top" style='width:164.4pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>12%</p> </td> <td width="228" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>-</p> </td> </tr> </table> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>Revenues from foreign countries during the second quarter and six-months of 2018 consist primarily of revenues from product sales to Columbia, Bolivia and Ireland.</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <!--egx--><p align="left" style='margin:0in;margin-bottom:.0001pt;text-align:center;letter-spacing:-.1pt;font-weight:bold;text-align:left'>NOTE 8 &#150; STOCK REPURCHASE</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-top:6.0pt;text-align:justify'><font style='letter-spacing:0pt'>On January 13, 2016, the Company&#146;s Board of Directors approved a resolution authorizing the repurchase of up to $100,000 of the Company&#146;s common stock at the price of $0.38 per share. The Company&#146;s share repurchase program does not obligate it to acquire any specific number of shares. On March 2, 2016, the Company&#146;s Board of Director approved a resolution authorizing the repurchase of an additional $150,000 of the Company&#146;s common stock at the price of $0.38 per share. Under the program (the &#147;Stock Repurchase Plan&#148;), shares may be repurchased in open market transactions, complying with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). Shares repurchased are retired</font><font style='letter-spacing:0pt'>. As of June 30, 2018, $184,405 remains of $250,000 approved by the board. </font><font style='letter-spacing:0pt'>97,764</font><font style='letter-spacing:0pt'> and </font><font style='letter-spacing:0pt'>74,885</font><font style='letter-spacing:0pt'> shares were repurchased in 2016 and 2017 respectively, bringing the total number of shares repurchased to 172,619. During the six-month period ended June 30, 2018, there were no shares repurchased. </font></p> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>In May 2014, the Financial Accounting Standards Board (&quot;FASB&quot;) issued Accounting Standards Update (&quot;ASU&quot;) No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall with various SEC Staff Accounting Bulletins providing interpretive guidance. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 defers the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. The Company has performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it will not change the timing of revenue recognition or amounts of revenue recognized compared to how revenue is recognized under current policies. ASU No. 2014-09 will require additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. See Note 5.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of implementing this update on the financial statements.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company determined the impact of implementing this update is immaterial.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The adoption of this standard did not have a material impact on the financial statements.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>&#160;</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company will apply the provisions of the update to potential future acquisitions occurring after January 1, 2018.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>The Company estimates that for 2018 the anticipated effective annual federal income tax rate will be 0%.</font></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;letter-spacing:-.15pt;font-weight:bold'><font style='letter-spacing:-.1pt;font-weight:normal'>Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.</font></p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="132" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> </td> <td width="90" valign="top" style='width:67.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'>June 30,&#160; </p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'>2018</p> </td> <td width="104" valign="top" style='width:77.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'>December 31, </p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'>2017</p> </td> </tr> <tr align="left"> <td width="132" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-top:6.0pt'>Parts</p> </td> <td width="90" valign="bottom" style='width:67.5pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-top:6.0pt;text-align:right'>$&#160;&#160;&#160;&#160; 122,420</p> </td> <td width="104" valign="top" style='width:77.85pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-top:6.0pt;text-align:right'>$&#160;&#160;&#160;&#160;&#160;&#160; 143,452</p> </td> </tr> <tr align="left"> <td width="132" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>Work in progress</p> </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>200,696</p> </td> <td width="104" valign="top" style='width:77.85pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>201,526</p> </td> </tr> <tr align="left"> <td width="132" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>Finished goods</p> </td> <td width="90" valign="bottom" style='width:67.5pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>314,146</p> </td> <td width="104" valign="top" style='width:77.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>417,539</p> </td> </tr> <tr align="left"> <td width="132" valign="top" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>Total inventory</p> </td> <td width="90" valign="bottom" style='width:67.5pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-top:6.0pt;text-align:right'>$&#160;&#160;&#160;&#160; 637,262</p> </td> <td width="104" valign="top" style='width:77.85pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-top:6.0pt;text-align:right'>$&#160;&#160;&#160;&#160;&#160;&#160; 762,517</p> </td> </tr> </table> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" width="671" style='border-collapse:collapse'> <tr align="left"> <td width="202" valign="bottom" style='width:151.35pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'>&nbsp;</p> </td> <td width="90" valign="bottom" style='width:67.15pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'>&nbsp;</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Number Outstanding</font></p> </td> <td width="134" valign="bottom" style='width:100.3pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Weighted-Average </font></p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Exercise Price Per </font></p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Share</font></p> </td> <td width="130" valign="bottom" style='width:97.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Weighted-Average </font></p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Remaining Life</font></p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>(Years)</font></p> </td> <td width="116" valign="bottom" style='width:86.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Approximate </font></p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Aggregate </font></p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:center'><font style='letter-spacing:0pt;layout-grid-mode:line'>Intrinsic Value</font></p> </td> </tr> <tr align="left"> <td width="202" valign="bottom" style='width:151.35pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-left:16.5pt;text-indent:-16.5pt'><font style='letter-spacing:0pt;layout-grid-mode:line'>Outstanding and Exercisable at December 31, 2017</font></p> </td> <td width="90" valign="bottom" style='width:67.15pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='layout-grid-mode:line'>150,000</font></p> </td> <td width="134" valign="bottom" style='width:100.3pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='layout-grid-mode:line'>$</font><font style='layout-grid-mode:line'>0.40</font></p> </td> <td width="130" valign="bottom" style='width:97.6pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>&nbsp;</p> </td> <td width="116" valign="bottom" style='width:86.85pt;border:none;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="202" valign="bottom" style='width:151.35pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt'><font style='letter-spacing:0pt;layout-grid-mode:line'>Expired</font></p> </td> <td width="90" valign="bottom" style='width:67.15pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='letter-spacing:0pt;layout-grid-mode:line'> (30,000)</font></p> </td> <td width="134" valign="bottom" style='width:100.3pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='letter-spacing:0pt;layout-grid-mode:line'>0.40</font></p> </td> <td width="130" valign="bottom" style='width:97.6pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>&nbsp;</p> </td> <td width="116" valign="bottom" style='width:86.85pt;border:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'>&nbsp;</p> </td> </tr> <tr align="left"> <td width="202" valign="bottom" style='width:151.35pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-left:16.5pt;text-indent:-16.5pt'><font style='letter-spacing:0pt;layout-grid-mode:line'>Outstanding and Exercisable at June 30, 2018</font></p> </td> <td width="90" valign="bottom" style='width:67.15pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='letter-spacing:0pt;layout-grid-mode:line'>120,000</font></p> </td> <td width="134" valign="bottom" style='width:100.3pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='letter-spacing:0pt;layout-grid-mode:line'>$</font><font style='letter-spacing:0pt;layout-grid-mode:line'>0.40</font></p> </td> <td width="130" valign="bottom" style='width:97.6pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='letter-spacing:0pt;layout-grid-mode:line'>2.1</font></p> </td> <td width="116" valign="bottom" style='width:86.85pt;border:none;border-bottom:double windowtext 1.5pt;padding:0in 5.4pt 0in 5.4pt'> <p align="right" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;text-align:right'><font style='letter-spacing:0pt;layout-grid-mode:line'>$</font><font style='letter-spacing:0pt;layout-grid-mode:line'>2,400</font></p> </td> </tr> </table> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>&nbsp;</p> <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr align="left"> <td width="242" valign="top" style='width:181.2pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>&nbsp;</p> </td> <td width="219" valign="top" style='width:164.4pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>For the three month period ended</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>June 30, 2018</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>______________________________</p> </td> <td width="228" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>For the six month period ended</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>June 30, 2018</p> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>__________________________</p> </td> </tr> <tr align="left"> <td width="242" valign="top" style='width:181.2pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>Customer A:</p> </td> <td width="219" valign="top" style='width:164.4pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>27%</p> </td> <td width="228" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>25%</p> </td> </tr> <tr align="left"> <td width="242" valign="top" style='width:181.2pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>Customer B: </p> </td> <td width="219" valign="top" style='width:164.4pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>15%</p> </td> <td width="228" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>-</p> </td> </tr> <tr align="left"> <td width="242" valign="top" style='width:181.2pt;padding:0in 5.4pt 0in 5.4pt'> <p style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:justify'>Customer C:</p> </td> <td width="219" valign="top" style='width:164.4pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>12%</p> </td> <td width="228" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt'> <p align="center" style='margin:0in;margin-bottom:.0001pt;letter-spacing:-.1pt;margin-right:-.9pt;text-align:center'>-</p> </td> </tr> </table> 122420 143452 200696 201526 314146 417539 637262 762517 4994212 5040803 4986048 5038043 150000 0.40 -30000 0.40 120000 0.40 2.1 2400 In May 2014, the Financial Accounting Standards Board ('FASB') issued Accounting Standards Update ('ASU') No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 deferred the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. We adopted ASU No. 2014-09 as of January 1, 2018 using the modified-retrospective transition approach. The impact of adoption of the update to our financial statements for the six months ended June 30, 2018 would have not been material. We performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it does not change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies. Sales and accounts receivable for product sales are recorded net of charges for certain sales incentives and discounts, and applicable state and local sales taxes, which represent components of the transaction price. Charges are estimated by us upon shipment of the product based on contractual terms, and actual charges typically do not vary materially from our estimates. 171406 98941 5445 446589 309556 749176 610038 25325 71057 30565 149361 0.2700 0.2500 0.1500 0.1200 On January 13, 2016, the Company&#146;s Board of Directors approved a resolution authorizing the repurchase of up to $100,000 of the Company&#146;s common stock at the price of $0.38 per share. The Company&#146;s share repurchase program does not obligate it to acquire any specific number of shares. On March 2, 2016, the Company&#146;s Board of Director approved a resolution authorizing the repurchase of an additional $150,000 of the Company&#146;s common stock at the price of $0.38 per share. Under the program (the &#147;Stock Repurchase Plan&#148;), shares may be repurchased in open market transactions, complying with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). 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Document and Entity Information  
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Document Type 10-Q
Document Period End Date Jun. 30, 2018
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Current Fiscal Year End Date --12-31
Entity Common Stock, Shares Outstanding 4,986,048
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Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2018
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ELECTRONIC SYSTEMS TECHNOLOGY, INC. BALANCE SHEETS (Interim period unaudited) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 386,764 $ 208,101
Certificates of deposit investments 850,000 1,000,000
Accounts receivable 171,406 98,941
Inventories 637,262 762,517
Accrued interest receivable 5,375 5,137
Prepaid expenses 10,050 8,039
Total current assets 2,060,857 2,082,735
Property and equipment, net 25,906 31,444
Total assets 2,086,763 2,114,179
Current liabilities    
Accounts payable 29,689 18,969
Accrued liabilities 22,598 21,882
Refundable deposits   3,937
Total current liabilities 52,287 44,788
Total liabilities 52,287 44,788
COMMITMENTS and CONTINGENCIES 0 [1] 0
Stockholders' equity    
Common stock, $0.001 par value 50,000,000 shares authorized 4,986,048 and 4,986,048 shares issued and outstanding, respectively 4,986 4,986
Additional paid-in capital 944,161 944,161
Retained earnings 1,085,329 1,120,244
Total stockholders' equity 2,034,476 2,069,391
Total liabilities and stockholders' equity $ 2,086,763 $ 2,114,179
[1] Note 6
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Statement of Financial Position - Parenthetical - $ / shares
Jun. 30, 2018
Dec. 31, 2017
Statement of financial position    
Common Stock, Par Value $ 0.001 $ 0.001
Common Stock, Shares Authorized 50,000,000 50,000,000
Common Stock, Shares Issued 4,986,048 4,986,048
Common Stock, Shares Outstanding 4,986,048 4,986,048
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ELECTRONIC SYSTEMS TECHNOLOGY, INC. STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Income statement        
PRODUCT SALES, NET $ 463,629 $ 365,468 $ 769,193 $ 726,890
SITE SUPPORT 8,285 15,145 10,548 32,509
COST OF SALES (214,615) (164,895) (378,197) (348,210)
GROSS PROFIT 257,299 215,718 401,544 411,189
Operating Expenses        
General and administrative 65,347 65,302 148,160 153,436
Research and development 30,791 56,310 91,427 136,325
Marketing and sales 96,684 108,678 205,004 223,177
TOTAL OPERATING EXPENSE 192,822 230,290 444,591 512,938
OPERATING INCOME (LOSS) 64,477 (14,572) (43,047) (101,749)
OTHER INCOME        
Interest income 4,401 2,848 8,132 5,538
TOTAL OTHER INCOME 4,401 2,848 8,132 5,538
NET INCOME (LOSS) BEFORE INCOME TAX 68,878 (11,724) (34,915) (96,211)
Benefit (provision) for income tax 0 0 0 0
NET INCOME (LOSS) $ 68,878 $ (11,724) $ (34,915) $ (96,211)
Basic and diluted earnings per share $ 0.01 $ 0 $ (0.01) $ (0.02)
Weighted average shares used in computing income (loss) per share: Basic average shares 4,986,048 5,040,803 4,986,048 5,038,043
Weighted average shares used in computing income (loss) per share: Diluted average shares 4,994,212 5,040,803 4,986,048 5,038,043
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ELECTRONIC SYSTEMS TECHNOLOGY, INC. STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES:    
Net loss $ (34,915) $ (96,211)
Noncash items included in net loss:    
Depreciation 5,538 9,969
Changes in operating assets and liabilities:    
Accounts receivable (72,465) (62,509)
Inventories 125,255 (653)
Accrued interest receivable (238) 3,356
Prepaid expenses (2,011) (6,126)
Accounts payable 10,720 57,012
Accrued liabilities 716 906
Refundable deposits (3,937) (905)
NET CASH FLOWS PROVIDED (USED) BY OPERATING ACTIVITIES 28,663 (95,161)
CASH FLOWS PROVIDED (USED) IN INVESTING ACTIVITIES:    
Certificates of deposit redeemed 250,000  
Certificates of deposit purchased (100,000)  
NET CASH FLOWS PROVIDED BY INVESTING ACTIVITIES 150,000  
CASH FLOWS USED IN FINANCING ACTIVITIES:    
Repurchase of Shares   (20,695)
NET CASH USED IN FINANCING ACTIVITIES   (20,695)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 178,663 (115,856)
Cash and cash equivalents at beginning of period 208,101 502,971
Cash and cash equivalents at end of period $ 386,764 $ 387,115
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Note 1 - Basis of Presentation
6 Months Ended
Jun. 30, 2018
Notes  
Note 1 - Basis of Presentation

NOTE 1 - BASIS OF PRESENTATION

 

The financial statements of Electronic Systems Technology, Inc. (the "Company") presented in this Form 10Q are unaudited and reflect, in the opinion of Management, a fair presentation of operations for the three and six-month periods ended June 30, 2018 and June 30, 2017.  All adjustments of a normal recurring nature and necessary for a fair presentation of the results for the periods covered have been made. Certain information and footnote disclosure normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to the applicable rules and regulations of the Securities and Exchange Commission. In preparation of the financial statements, certain amounts and balances have been reformatted from previously filed reports including classification of components of cash and cash equivalents to conform to the format of this quarterly presentation.  These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's Form 10K for the year ended December 31, 2017, as filed with Securities and Exchange Commission.

 

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall with various SEC Staff Accounting Bulletins providing interpretive guidance. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 defers the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. The Company has performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it will not change the timing of revenue recognition or amounts of revenue recognized compared to how revenue is recognized under current policies. ASU No. 2014-09 will require additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. See Note 5.

 

In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of implementing this update on the financial statements.

 

In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company determined the impact of implementing this update is immaterial.

 

In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The adoption of this standard did not have a material impact on the financial statements.

 

In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company will apply the provisions of the update to potential future acquisitions occurring after January 1, 2018.

 

The Company estimates that for 2018 the anticipated effective annual federal income tax rate will be 0%.

 

Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.

 

The results of operations for the six-month period ended June 30, 2018 are not necessarily indicative of the results expected for the full fiscal year or for any other fiscal period.

 

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Note 2 - Inventories
6 Months Ended
Jun. 30, 2018
Notes  
Note 2 - Inventories

NOTE 2 - INVENTORIES

 

Inventories are stated at lower of direct cost or net realizable value with cost determined using the FIFO (first in, first out) method.  Inventories consist of the following:

 

 

 

June 30, 

2018

December 31,

2017

Parts

$     122,420

$       143,452

Work in progress

200,696

201,526

Finished goods

314,146

417,539

Total inventory

$     637,262

$       762,517

 

 

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Income (Loss) Per Share
6 Months Ended
Jun. 30, 2018
Notes  
Note 3 - Income (Loss) Per Share

NOTE 3 - INCOME (LOSS) PER SHARE

 

Basic income (loss) per share excludes dilution and is computed by dividing income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period.  Diluted income (loss) per share reflects potential dilution occurring if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The diluted weighted average number of common shares outstanding for the three-month period ended June 30, 2018 and 2017 was 4,994,212 and 5,040,803, respectively.  The primary weighted average number of common shares outstanding for the six months ended June 30, 2018 and 2017 was 4,986,048 and 5,038,043 respectively. 

 

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Stock Options
6 Months Ended
Jun. 30, 2018
Notes  
Note 4 - Stock Options

NOTE 4 - STOCK OPTIONS

 

As of June 30, 2018, the Company had outstanding stock options which have been granted periodically to individual employees and directors with no less than three years of continuous tenure with the Company.  The Board of Directors did not issue stock options during the first six-months ended June 30, 2018.

 

A summary of option activity during the six months ended June 30, 2018 is as follows:

 

 

 

 

Number Outstanding

Weighted-Average

Exercise Price Per

Share

Weighted-Average

Remaining Life

(Years)

Approximate

Aggregate

Intrinsic Value

Outstanding and Exercisable at December 31, 2017

150,000

$0.40

 

 

Expired

(30,000)

0.40

 

 

Outstanding and Exercisable at June 30, 2018

120,000

$0.40

2.1

$2,400

 

 

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Asu No. 2014-09 Disclosure
6 Months Ended
Jun. 30, 2018
Notes  
Note 5 - Asu No. 2014-09 Disclosure

NOTE 5 - ASU No. 2014-09 DISCLOSURE

 

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall.  The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets.  In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.  ASU No. 2015-14 deferred the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017.  We adopted ASU No. 2014-09 as of January 1, 2018 using the modified-retrospective transition approach.  The impact of adoption of the update to our financial statements for the six months ended June 30, 2018 would have not been material.

 

We performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it does not change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies.  Our revenues involve a relatively limited number of types of contracts and customers.  In addition, our revenue contracts do not involve multiple types of performance obligations.  Revenues from product sales are recognized, and the transaction price is known, when the goods are shipped or delivered, and title and risk of loss passes to the customer.

 

Adoption of ASU No. 2014-09 involves additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. 

 

For product sales, the performance obligation is met, the transaction price can be reasonably estimated, and revenue is recognized generally at the time of shipment.  We have determined the performance obligation is met and title is transferred to the customer upon shipment of products because, at that time, 1) legal title is transferred to the customer, 2) the customer has accepted the product and obtained the ability to realize all of the benefits from the product, 3) the product specifications are known, have been communicated to the customer, and the customer has the significant risks and rewords of ownership to it, 4) it is very unlikely the product will be rejected by a customer upon physical receipt, and 5) we have the right to payment for the product. Revenues from site support and engineering services are recognized as the Company performs the services, which is when the performance obligation is determined to be met.

 

Sales and accounts receivable for product sales are recorded net of charges for certain sales incentives and discounts, and applicable state and local sales taxes, which represent components of the transaction price. Charges are estimated by us upon shipment of the product based on contractual terms, and actual charges typically do not vary materially from our estimates.

 

The Company does not generally sell its products with the right of return.  Therefore, returns are accounted for when they occur and are accepted. 

 

The Company warrants its products as free of manufacturing defects and provides a refund of the purchase price, repair or replacement of the product for a period of one year from the date of installation by the first user/customer.  No allowance for estimated warranty repairs or product returns has been recorded. Warranty expenses are immaterial based on the Company’s historical warranty experience.

 

Our trade accounts receivable balance related to sales to customers was $171,406 at June 30, 2018 and $98,941 at December 31, 2017 and included no allowance for doubtful accounts. 

 

We have determined our sales do not include a significant financing component, as payment is received at the time the performance obligation is satisfied.

 

We do not incur significant costs to obtain sales, nor costs to fulfill sales orders which are not addressed by other standards.  Therefore, we have not recognized an asset for such costs as of June 30, 2018 or December 31, 2017.

 

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Commitments and Contingencies
6 Months Ended
Jun. 30, 2018
Notes  
Note 6 - Commitments and Contingencies

NOTE 6 - COMMITMENTS and CONTINGENCIES

 

The Company leases its facilities from a port authority for $5,445 per month for three years, expiring in September 2020, with annual increases based upon the Consumer Price Index.

 

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 7 - Segment Reporting
6 Months Ended
Jun. 30, 2018
Notes  
Note 7 - Segment Reporting

NOTE 7 - SEGMENT REPORTING

 

Segment information is prepared on the same basis that the Company's management reviews financial information for operational decision making purposes.   

 

During the quarter ended June 30, 2018, Domestic customers represented approximately 95% of total net revenues. Domestic product and Site Support sales revenues increased to $446,589 for the quarter ended June 30, 2018 compared to $309,556 for the quarter ended June 30, 2017. Year to date domestic sales revenues increased to $749,176 as of June 30, 2018 compared to $610,038 for the same period of 2017.  Foreign customers represented approximately 5% of total net revenues.  Foreign sales revenues decreased to $25,325 for the quarter ended June 30, 2018 compared to $71,057 for the quarter ended June 30, 2017. Year to date foreign sales revenues decreased to $30,565 as of June 30, 2018 compared to $149,361 for the same period of 2017.  During the three and six-months ended June 30, 2018, sales to three customers comprised more than 10% of the Company’s sales revenues and one customer respectively. 

 

 

 

For the three month period ended

June 30, 2018

______________________________

For the six month period ended

June 30, 2018

__________________________

Customer A:

27%

25%

Customer B:

15%

-

Customer C:

12%

-

 

Revenues from foreign countries during the second quarter and six-months of 2018 consist primarily of revenues from product sales to Columbia, Bolivia and Ireland.

 

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Stock Repurchase
6 Months Ended
Jun. 30, 2018
Notes  
Note 8 - Stock Repurchase

NOTE 8 – STOCK REPURCHASE

 

On January 13, 2016, the Company’s Board of Directors approved a resolution authorizing the repurchase of up to $100,000 of the Company’s common stock at the price of $0.38 per share. The Company’s share repurchase program does not obligate it to acquire any specific number of shares. On March 2, 2016, the Company’s Board of Director approved a resolution authorizing the repurchase of an additional $150,000 of the Company’s common stock at the price of $0.38 per share. Under the program (the “Stock Repurchase Plan”), shares may be repurchased in open market transactions, complying with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Shares repurchased are retired. As of June 30, 2018, $184,405 remains of $250,000 approved by the board. 97,764 and 74,885 shares were repurchased in 2016 and 2017 respectively, bringing the total number of shares repurchased to 172,619. During the six-month period ended June 30, 2018, there were no shares repurchased.

 

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 1 - Basis of Presentation: New Accounting Pronouncements (Policies)
6 Months Ended
Jun. 30, 2018
Policies  
New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall with various SEC Staff Accounting Bulletins providing interpretive guidance. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 defers the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. The Company has performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it will not change the timing of revenue recognition or amounts of revenue recognized compared to how revenue is recognized under current policies. ASU No. 2014-09 will require additional disclosures, where applicable, on (i) contracts with customers, (ii) significant judgments and changes in judgments in determining the timing of satisfaction of performance obligations and the transaction price, and (iii) assets recognized for costs to obtain or fulfill contracts. See Note 5.

 

In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The update modifies the classification criteria and requires lessees to recognize the assets and liabilities on the balance sheet for most leases. The update is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the potential impact of implementing this update on the financial statements.

 

In August 2016, the FASB issued ASU No. 2016-15 Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. The update provides guidance on classification for cash receipts and payments related to eight specific issues. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The Company determined the impact of implementing this update is immaterial.

 

In November 2016, the FASB issued ASU No. 2016-18 Statement of Cash Flows (Topic 230): Restricted Cash. The update requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The adoption of this standard did not have a material impact on the financial statements.

 

In January 2017, the FASB issued ASU No. 2017-01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company will apply the provisions of the update to potential future acquisitions occurring after January 1, 2018.

 

The Company estimates that for 2018 the anticipated effective annual federal income tax rate will be 0%.

 

Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Inventories: Schedule of Inventory, Current (Tables)
6 Months Ended
Jun. 30, 2018
Tables/Schedules  
Schedule of Inventory, Current

 

 

June 30, 

2018

December 31,

2017

Parts

$     122,420

$       143,452

Work in progress

200,696

201,526

Finished goods

314,146

417,539

Total inventory

$     637,262

$       762,517

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Stock Options: Schedule of Stock Options Roll Forward (Tables)
6 Months Ended
Jun. 30, 2018
Tables/Schedules  
Schedule of Stock Options Roll Forward

 

 

 

Number Outstanding

Weighted-Average

Exercise Price Per

Share

Weighted-Average

Remaining Life

(Years)

Approximate

Aggregate

Intrinsic Value

Outstanding and Exercisable at December 31, 2017

150,000

$0.40

 

 

Expired

(30,000)

0.40

 

 

Outstanding and Exercisable at June 30, 2018

120,000

$0.40

2.1

$2,400

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 7 - Segment Reporting: Segment Reporting, Disclosure of Major Customers (Tables)
6 Months Ended
Jun. 30, 2018
Tables/Schedules  
Segment Reporting, Disclosure of Major Customers

 

 

For the three month period ended

June 30, 2018

______________________________

For the six month period ended

June 30, 2018

__________________________

Customer A:

27%

25%

Customer B:

15%

-

Customer C:

12%

-

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 2 - Inventories: Schedule of Inventory, Current (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Details    
Inventory, Parts and Components, Net of Reserves $ 122,420 $ 143,452
Inventory, Work in Process, Gross 200,696 201,526
Inventory, Finished Goods, Gross 314,146 417,539
Inventories $ 637,262 $ 762,517
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 3 - Income (Loss) Per Share (Details) - shares
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Details        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 4,994,212 5,040,803    
Weighted average shares used in computing income (loss) per share: Basic average shares 4,986,048 5,040,803 4,986,048 5,038,043
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 4 - Stock Options: Schedule of Stock Options Roll Forward (Details)
6 Months Ended
Jun. 30, 2018
USD ($)
$ / shares
shares
Dec. 31, 2017
$ / shares
shares
Details    
Number Outstanding | shares 120,000 150,000
Weighted Average Exercise Price | $ / shares $ 0.40 $ 0.40
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | shares (30,000)  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Intrinsic Value | $ / shares $ 0.40  
Weighted Average Remaining Life Years 2.1  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ $ 2,400  
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 5 - Asu No. 2014-09 Disclosure (Details) - USD ($)
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Details    
Revenue Recognition, New Accounting Pronouncement, Material Effect, Description In May 2014, the Financial Accounting Standards Board ('FASB') issued Accounting Standards Update ('ASU') No. 2014-09 Revenue Recognition, replacing guidance currently codified in Subtopic 605-10 Revenue Recognition-Overall. The new ASU establishes a new five step principles-based framework in an effort to significantly enhance comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets. In August 2015, the FASB issued ASU No. 2015-14 Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. ASU No. 2015-14 deferred the effective date of ASU No. 2014-09 until annual and interim reporting periods beginning after December 15, 2017. We adopted ASU No. 2014-09 as of January 1, 2018 using the modified-retrospective transition approach. The impact of adoption of the update to our financial statements for the six months ended June 30, 2018 would have not been material.  
Revenue Recognition, New Accounting Pronouncement, Timing We performed an assessment of the impact of implementation of ASU No. 2014-09, and concluded it does not change the timing of revenue recognition or amounts of revenue recognized compared to how we recognize revenue under our current policies.  
Revenue Recognition Accounting Policy, Gross and Net Revenue Disclosure Sales and accounts receivable for product sales are recorded net of charges for certain sales incentives and discounts, and applicable state and local sales taxes, which represent components of the transaction price. Charges are estimated by us upon shipment of the product based on contractual terms, and actual charges typically do not vary materially from our estimates.  
Accounts receivable, net $ 171,406 $ 98,941
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 6 - Commitments and Contingencies (Details)
6 Months Ended
Jun. 30, 2018
USD ($)
Details  
Operating Leases, Rent Expense $ 5,445
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 7 - Segment Reporting (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Details        
Domestic sales revenues $ 446,589 $ 309,556 $ 749,176 $ 610,038
Foreign sales $ 25,325 $ 71,057 $ 30,565 $ 149,361
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 7 - Segment Reporting: Segment Reporting, Disclosure of Major Customers (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2018
Details    
Customer A 27.00% 25.00%
Customer B 15.00%  
Customer C 12.00%  
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Note 8 - Stock Repurchase (Details) - shares
6 Months Ended 12 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Dec. 31, 2016
Details      
Employee Stock Ownership Plan (ESOP), Terms of Repurchase Obligation On January 13, 2016, the Company’s Board of Directors approved a resolution authorizing the repurchase of up to $100,000 of the Company’s common stock at the price of $0.38 per share. The Company’s share repurchase program does not obligate it to acquire any specific number of shares. On March 2, 2016, the Company’s Board of Director approved a resolution authorizing the repurchase of an additional $150,000 of the Company’s common stock at the price of $0.38 per share. Under the program (the “Stock Repurchase Plan”), shares may be repurchased in open market transactions, complying with Rule 10b5-1 and Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Shares repurchased are retired    
Stock repurchased, stock   74,885 97,764
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