Annual report pursuant to Section 13 and 15(d)

Deferred Revenue

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Deferred Revenue
 12 Months Ended
Dec. 31, 2020
Deferred Revenue Disclosure [Abstract]  
Deferred Revenue

11. DEFERRED REVENUE

 

The Company is the recipient of various private and governmental grants, rebates and marketing incentives. Reimbursements of periodic expenses are recognized as income when the related expense is incurred. Private and government grants and rebates related to EV charging stations and their installation are deferred and amortized in a manner consistent with the recognition of the related depreciation expense of the related asset over their useful lives.

 

Grant, rebate and incentive revenue recognized during the years ended December 31, 2020 and 2019 was $21,558 and $22,396, respectively. During the year ended December 31, 2020, the Company recognized $452,556 of revenue related to warranty and network fees, of which, $145,693 was included within deferred revenue as of December 31, 2019.

 

Deferred revenue consists of the following:

 

    December 31,  
    2020     2019  
             
Interenergy   $ -     $ 338,817  
PA Turnpike     -       8,287  
AFIG-PAT     70,356       75,382  
Prepaid network and maintenance fees     288,119       145,692  
Other     72,743       -  
Total deferred revenue     431,218       568,178  
Deferred revenue, non-current portion     (6,654 )     (565 )
Current portion of deferred revenue   $ 424,564     $ 567,613  

 

It is anticipated that deferred revenue as of December 31, 2020 will be recognized as follows:

 

For the Year Ending      
December 31,   Revenue  
       
2021   $ 424,564  
2022     6,654  
Total   $ 431,218