Annual report pursuant to Section 13 and 15(d)

Inventory

v3.24.1
Inventory
 12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventory

Note 4 - Inventory

As of December 31, inventory consisted of the following:

 

 

 

December 31,
2023

 

 

December 31,
2022

 

Raw materials

 

$

1,475,657

 

 

$

1,614,712

 

Work in process

 

 

703,117

 

 

 

308,569

 

Finished goods

 

 

3,021,205

 

 

 

6,335,361

 

Total Inventory

 

$

5,199,979

 

 

$

8,258,642

 

 

Reserves for inventory obsolescence are recorded as necessary to reduce obsolete inventory to estimated net realizable value or to specifically reserve for obsolete inventory. Write-downs and write-offs included in cost of goods sold for the years ended December 31, 2023 and 2022 was $82,391 and $694,662, respectively.