Annual report pursuant to Section 13 and 15(d)

Accounts Payable and Accrued Expenses

v3.20.1
Accounts Payable and Accrued Expenses
12 Months Ended
Dec. 31, 2019
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

NOTE 13 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consist of the following:

 

    December 31,  
    2018     2019  
             
Accounts payable   $ 6,644     $ 15,400  
Accrued warranty     422       632  
Accrued compensation     870       5,517  
Contract liabilities     -       849  
Government authorities     -       2,172  
Other current liabilities     91       310  
                 
    $ 8,027     $ 24,880  

 

The Company’s products are warranted against defects in materials and workmanship for a period of 1-3 years from the date of acceptance of the product by the customer. The customers may purchase an extended warranty providing coverage up to a maximum of 60 months. A provision for estimated future warranty costs is recorded for expected or historical warranty matters related to equipment shipped and is included in accounts payable and accrued expenses in the Consolidated Balance Sheets as of December 31, 2018 and 2019.

 

The following table summarizes warranty activity during the years ended December 31, 2018 and 2019:

 

    Year Ended  
    2018     2019  
             
Accrued warranty reserve, beginning of year   $ 535     $ 422  
Accrued warranties assumed             483  
Accrual for product warranties issued     192       574  
Product replacements and other warranty expenditures     (182 )     484 )
Expiration of warranties     (123 )     (253 )
                 
Accrued warranty reserve, end of period (a)   $ 422     $ 742  

 

(a) Includes accrued warranty and other liabilities at December 31, 2018 and 2019 of $-0- and $110, respectively.