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Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

INVENTORIES

6. INVENTORIES

Inventories as of December 31, 2020 and 2019 consist of the following:

		2020				2019
Raw materials		$	-			$	25,985
Work in progress			-				779
Finished goods			147,533				1,060,615
Total inventories		$	147,533			$	1,087,379
Less: inventory impairment loss			(58,930	)			(2,363	)
Inventories, net			88,603				1,085,016

During the years ended December 31, 2020, 2019 and 2018, write-downs of inventories to lower of cost or net realizable value of $58,930, $2,363 and $0, respectively, were charged to costs of revenue in relation to the Company’s operations. Subsequent sale of impaired inventory items is recorded as credits to inventory write-downs previously recorded.

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- Definition

The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 330
-URI http://asc.fasb.org/topic&trid=2126998

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