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Inventory
 3 Months Ended
Mar. 31, 2022
Inventory Disclosure [Abstract]  
Inventory

Note 3 – Inventory

 

Inventory consisted of the following:

 

   March 31,   December 31, 
   2022   2021 
Finished goods  $913,887   $272,199 
Work in progress   971    1,050 
Raw materials   186,115    196,456 
Allowance for excess & obsolete inventory   (95,055)   (91,379)
Inventory, net  $1,005,918   $378,326 

 

Overhead expenses of $16,555 and $13,589 were included in the inventory balance as of March 31, 2022, and December 31, 2021, respectively.

 

The inventory balance at March 31, 2022 includes $692,195 for inventory in transit from one of our suppliers that was delivered to our customer in April of 2022.

 

Advance payments on inventory purchases are recorded in prepaid expenses until title for such inventory passes to the Company. Prepaid expenses included approximately $1,579,000 and $1,069,000 in advance payments for inventory for the periods ended March 31, 2022, and December 31, 2021, respectively.

 

 

CEA Industries Inc.

Notes to Condensed Consolidated Financial Statements

March 31, 2022

(in US Dollars except share numbers)

(Unaudited)