General form of registration statement for all companies including face-amount certificate companies

Significant Accounting Policies (Tables)

v3.21.1
Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Schedule of product warranty liability

The following table shows the changes in the aggregate product warranty liability for the year’s ended December 31, 2020 and December 31, 2019, respectively:

 

    2020     2019  
Balance as of beginning of year   $ 75,000     $ 75,000  
Less: Payments made     (63,606 )     (59,668 )
Add: Provision for current years warranty     63,606       59,668  
                 
Balance as of end of year   $ 75,000     $ 75,000