Quarterly report pursuant to Section 13 or 15(d)

Inventory, Net

v3.23.1
Inventory, Net
 3 Months Ended
Mar. 31, 2023
Inventory Disclosure [Abstract]  
Inventory, Net

Note 4 - Inventory, net

As of March 31, 2023, and December 31, 2022, inventory consisted of the following:

 

 

March 31, 2023

 

 

December 31, 2022

 

Raw materials

 

$

1,810,084

 

 

$

1,614,712

 

Work in process

 

 

1,459,161

 

 

 

308,569

 

Finished goods

 

 

4,981,733

 

 

 

6,335,361

 

Total Inventory, net

 

$

8,250,978

 

 

$

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. As of March 31, 2023 and December 31, 2022 the reserve for slow moving and obsolete inventory was $609,575 and $708,858 respectively.