Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.0.8
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2014
Changes in Warranty Liability

Changes in the Company’s warranty liability for the six months ended June 30, 2014 and 2013 are as follows:

 

(in thousands)

    2014     2013  

Warranty liability, January 1

    $ 597      $ 346   

Provisions for current year sales

      112        208   

Current period claims

      (120 )      (87 ) 
  

 

 

    

 

 

  

Warranty liability, June 30

    $ 589      $ 467   
  

 

 

    

 

 

  
Summary of Changes in Allowance for Doubtful Accounts

The following summarizes the changes in the allowance for doubtful accounts for the periods indicated:

 

(in thousands)

    2014     2013  

Allowance for doubtful accounts, January 1

    $ 210      $ 57   

Additions

      45        11   

Write-offs

      (42 )      (6 ) 
  

 

 

    

 

 

  

Allowance for doubtful accounts, June 30

    $ 213      $ 62   
  

 

 

    

 

 

  
Estimated Useful Lives of Property and Equipment

The estimated useful lives of property and equipment are as follows:

 

     Estimated useful lives

Machinery and equipment

    3-7 years

Furniture and fixtures

    5-7 years

Computers and software

    3-7 years

Motor vehicles

    5 years

Leasehold improvements

    Lesser of lease term or estimated useful life
Valuation Assumptions used in Computation of Stock Option Expense

For the six months ended June 30, 2014, the Company computed expense for each group utilizing the following assumptions:

 

     Six Months Ended
June 30, 2014

Expected volatility

    75.8 – 81.1 %

Weighted-average volatility

    76.0 %

Risk-free interest rate

    0.4 – 0.9 %

Expected dividend

    0 %

Expected life in years

    3.5 – 8.6 Years