Quarterly report pursuant to Section 13 or 15(d)

Inventory

v3.24.3
Inventory
9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Inventory

Note 4 - Inventory

As of September 30, 2024, and December 31, 2023, inventory consisted of the following:

 

 

September 30,
2024

 

 

December 31,
2023

 

Raw materials

 

$

1,578,538

 

 

$

1,475,657

 

Work in process

 

 

928,875

 

 

 

703,117

 

Finished goods

 

 

2,372,918

 

 

 

3,021,205

 

Total Inventory

 

$

4,880,331

 

 

$

5,199,979

 

Reserves for inventory obsolescence are recorded as necessary to reduce obsolete inventory to estimated net realizable value or to specifically reserve for obsolete inventory. Sales of previously reserved inventory net of write-downs and write-offs for the three and nine months ended September 30, 2024 were $0 and $14,904, respectively. Sales of previously reserved inventory net of write-downs and write-offs for the three and nine months ended September 30, 2023 were $(88,306) and $(22,978), respectively.