Annual report pursuant to Section 13 and 15(d)

Product warranty

v3.20.1
Product warranty
 12 Months Ended
Dec. 31, 2019
Guarantees [Abstract]  
Product warranty
Product warranty
The Company reserves an estimate of its exposure to warranty claims based on both current and historical product sales data and warranty costs incurred. The majority of the Company’s products carry a one-year warranty. The Company assesses the adequacy of its recorded warranty liability annually and adjusts the amount as necessary. The warranty liability is included in accrued expenses on the accompanying consolidated balance sheets.
Changes in the Company’s warranty reserve were as follows:
Warranty reserve, December 31, 2017
$
133,500

Warranty provision for units sold
348,100

Costs of warranty incurred
(341,000
)
Warranty reserve, December 31, 2018
140,600

Warranty provision for units sold
535,700

Costs of warranty incurred
(471,000
)
Warranty reserve, December 31, 2019
$
205,300