Annual report pursuant to Section 13 and 15(d)

Inventory, Net

v3.23.1
Inventory, Net
 12 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
Inventory, Net

Note 4 - Inventory, net

As of December 31, inventory consisted of the following:

 

 

 

 

 

 

 

 

 

 

2022

 

 

2021

 

Raw materials

 

$

1,614,712

 

 

$

2,188,284

 

Work in process

 

 

308,569

 

 

 

2,128,894

 

Finished goods

 

 

6,335,361

 

 

 

2,898,803

 

Inventory, net

 

$

8,258,642

 

 

$

7,215,981

 

 

Reserves for inventory obsolescence are recorded as necessary to reduce obsolete inventory to estimated net realizable value or to specifically reserve for obsolete inventory. As of December 31, 2022 and 2021, the reserve for slow moving and obsolete inventory was $508,827 and $170,482, respectively.