Quarterly report pursuant to Section 13 or 15(d)

Revenue

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Revenue
3 Months Ended
Mar. 31, 2019
Revenue Recognition and Deferred Revenue [Abstract]  
REVENUE
3. REVENUE

  

Revenue Recognition

 

Net sales include products and shipping and handling charges, net of estimates for customer allowances. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when we satisfy our performance obligations under the contract. We recognize revenue by transferring the promised products to the customer, with the majority of revenue recognized at the point in time the customer obtains control of the products. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of our contracts have a single performance obligation and are short term in nature.

 

Accounts Receivable

 

Credit is extended based upon an evaluation of the customer’s financial condition. Accounts receivable are stated at their estimated net realizable value. The allowance for doubtful accounts is based on an analysis of customer accounts and our historical experience with accounts receivable write-offs. 

 

The Company has elected the following practical expedients allowed under ASU 2014-09:

 

· Performance obligations are satisfied within one year from a given reporting date, consequently we omit disclosure of the transaction price apportioned to remaining performance obligations on open orders

 

Disaggregation of Revenue

 

Our revenues related to the following types of business were as follows for the periods ended March 31:

 

    Three Months Ended  
    2019     2018  
Automotive   $ 240,000     $ 404,854  
Aviation     -       -  
Other     124,182       155,375  
Total revenues   $ 364,182     $ 560,229