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Inventories, net | 12 Months Ended
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Dec. 31, 2021
Inventories, net |
2. Inventories, Net | 2. Inventories, net On July 1, 2021, the Company changed its accounting for inventory to burden the material at the time of purchase receipts. Prior to July 1, 2021, the Company applied the material burden at the time the inventory was issued to work in progress. The Company believes that this method improves financial reporting by better reflecting the current value of inventory on the consolidated balance sheets, by providing better matching of revenues and expenses. The fiscal 2020 financial statements have been retrospectively adjusted to apply the new inventory change. The cumulative effect of this change on periods prior to those presented herein resulted in a net decrease in accumulated deficit of approximately $1,158 as of January 1, 2020. Inventories, which are presented net of allowance for slow-moving, excess, and obsolete inventory, consisted of the following:
|  | December 31, |
|  | 2021 |  |  |  | 2020 (as adjusted) |
Finished goods |  | $ | 2,335 |  |  | $ | 2,206 |
Work in process |  |  | 4,527 |  |  |  | 3,672 |
Raw materials |  |  | 10,116 |  |  |  | 4,667 |
|  | $ | 16,978 |  |  | $ | 10,545 |
Changes in the allowance for slow-moving, excess, and obsolete inventory are as follows:
|  | Years Ended December 31, |
|  | 2021 |  |  |  | 2020 (as adjusted) |
Balance, beginning of year |  | $ | 588 |  |  | $ | 823 |
Charged to cost of sales |  |  | 700 |  |  |  | 194 |
Disposal of inventory |  |  | - |  |  |  | (429 | )
Balance, end of year |  | $ | 1,288 |  |  | $ | 588 |
For the year ended December 31, 2020, the Company wrote off obsolete inventory that had been fully allowed for previously, which had no material impact to the Company’s consolidated balance sheets or consolidated statements of operations. As a result of the retrospective application of this change in accounting method, the following financial statement line items within the accompanying fiscal 2020 Consolidated financial statements were adjusted as follows:
|  | As Originally Reported ($) |  |  | Effect of Change ($) |  |  | As Reported under Change in Accounting Principle ($) |
Consolidated Balance Sheets |
Assets |  |  |  |  |  |  |  |  |
Inventories, net as of December 31, 2020 |  |  | 9,441 |  |  |  | 1,104 |  |  |  | 10,545 |
Liabilities & Shareholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated deficit as of December 31, 2020 |  |  | (6,797 | ) |  |  | 1,104 |  |  |  | (5,693 | )
Consolidated Income Statements |  |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold: |  |  |  |  |  |  |  |  |  |  |  |
Year ended December 31, 2020 |  |  | 26,055 |  |  |  | 54 |  |  |  | 26,109 |
Income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Year ended December 31, 2020 |  |  | 251 |  |  |  | (54 | ) |  |  | 197 |
Net income: |  |  |  |  |  |  |  |  |  |  |  |
Year ended December 31, 2020 |  |  | 248 |  |  |  | (54 | ) |  |  | 194 |
Net income per share-basic and diluted: |  |  |  |  |  |  |  |  |  |  |  |
Year ended December 31, 2020 |  |  | 0.02 |  |  |  | - |  |  |  | 0.02 |
Consolidated Statements of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |
Net income as of December 31, 2020 |  |  | 248 |  |  |  | (54 | ) |  |  | 194 |
Inventories allowance |  |  | 126 |  |  |  | 68 |  |  |  | 194 |
Change in inventories |  |  | 3,946 |  |  |  | (14 | ) |  |  | 3,932 |

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- References No definition available. + Details
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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 + Details
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Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
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