Accrued Expenses

9 Months Ended

Sep. 30, 2017

Payables and Accruals [Abstract]

Accrued Expenses

NOTE 4. Accrued Expenses

Accrued compensation and related costs consisted of the following as of:

	September 30, 2017		December 31, 2016
Salaries and wages payable	$	431,741	$	93,832
401(k) contributions payable		16,971		25,729
Accrued paid time off		254,211		190,518
Profit sharing payable		406,811		307,503
Total accrued compensation and related costs	$	1,109,734	$	617,582

Accrued expenses and other current liabilities consisted of the following as of:

	September 30, 2017		December 31, 2016
Manufacturer’s warranties	$	135,000	$	122,000
Taxes payable		61,045		32,668
Other		31,643		40,000
Total accrued expenses and other current liabilities	$	227,688	$	194,668

Profit Sharing

As part of the benefit package maintained by the Company, the Profit Sharing program pays a percentage of Company annual profits as a cash bonus to active and eligible employees. The cash payment is typically split into two equal payments and distributed pro-rata to employees in April and October of the following year. For the nine months ending September 30, 2017 and 2016, the percentage of annual net profit used for estimating the calculations was 15%. Profit sharing expense was $113,976 and $(3,379) for the three months ended September 30, 2017 and 2016, respectively. Profit sharing expense was $403,709 and $325,678 for the nine months ended September 30, 2017 and 2016, respectively.