Company: BKTI
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001437749-25-009464
Chunk: 66

Company: BK Technologies Corp
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 66
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 periods in accordance with ASC 260 “Earnings per Share”. 

        F-
        11

         BK TECHNOLOGIES CORPORATION

         YEARS ENDED
         DECEMBER 31, 2024 AND
        2023

         NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

         (in thousands, except share data and percentages)

       1. Summary of Significant Accounting Policies (Continued)

   Comprehensive Income (loss)   Comprehensive income (loss) was equal to net income (loss) for the years ended  December 31, 2024 and 2023.

   Product Warranty   The Company offers two-year and five-year standard warranties to its customers, depending on the specific product and terms of the customer purchase agreement. The Company’s typical warranties require it to repair and replace defective products during the warranty period at no cost to the customer. At the time the product revenue is recognized, the Company records a liability for estimated costs under its warranties. The costs are estimated based on historical experience. The Company periodically assesses the adequacy of its recorded liability for product warranties and adjusts the amount as necessary.

   Recent Accounting Pronouncements   The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.   In  November 2023, the FASB issued Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The new standard became effective for annual periods beginning after  December 15, 2023, and interim periods within fiscal years beginning after  December 15, 2024. The Company evaluated the requirements for ASU 2023-07 and reported one reportable segment and included required disclosures. 

   Segment Reporting Disclosures   The Company has one reportable segment - Land Mobile Radio (LMR) Products and Solutions.   The LMR segment provides radio devises that are hand-held (portable) or installed in vehicles (mobile) and operate on private radio systems that are P25 compliant.  The Company derives revenue primarily in North America and manages the business activities on a consolidated basis.     The LMR radio products are used by public safety agencies of the federal government, state and local municipality P25 compliant radio systems.  The radio