Quarterly report pursuant to Section 13 or 15(d)

Accounts Payable and Accrued Expenses

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Accounts Payable and Accrued Expenses
9 Months Ended
Sep. 30, 2020
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, 2019     September 30, 2020  
          (Unaudited)  
Accounts payable   $ 15,400     $ 8,939  
Accrued warranty     632       700  
Accrued compensation     5,517       5,124  
Contract liabilities     849       704  
Government authorities     2,172       3,473  
Other current liabilities     310       213  
                 
    $ 24,880     $ 19,153  

 

The Company’s products are warranted against defects in materials and workmanship for a period of one to three 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 Condensed Consolidated Balance Sheets as of December 31, 2019 and September 30, 2020.

 

The following table summarizes warranty activity for the nine-month periods ended September 30, 2019 and 2020:

 

    Nine Months Ended  
    September 30,  
    2019     2020  
          (Unaudited)  
Accrued warranty reserve, beginning of period   $ 422     $ 742  
Accrual for product warranties issued     204       639  
Product replacements and other warranty expenditures     (165 )     (565 )
Expiration of warranties     (124 )     19  
                 
Accrued warranty reserve, end of period (a)   $ 337     $ 835  

 

(a) Includes non-current accrued warranty in other long-term liabilities at December 31, 2019 and September 30, 2020 of $110 and $135, respectively.