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Inventories, Net

12 Months Ended

Dec. 31, 2022

Inventories, Net

Inventories, Net

Note 4 — Inventories, Net

Inventories consisted of the following:

​

​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
​		2022			2021
​	​	​	​	​	​	​
Purchased Parts and Components	​	$	10,399,527	​	$	11,580,766
Work-in-Process	​		344,242	​		226,126
Finished Goods	​		1,941,689	​		1,472,534
Less: Reserve for Obsolescence	​		(1,417,489)	​		(1,127,444)
​	​	​	​	​	​	​
Inventories, Net	​	$	11,267,969	​	$	12,151,982

​

For the year ended December 31, 2022, the Company increased its general Reserve for Obsolescence provision by $290,405 related to some of its accessories. The total write-down and obsolescence provision for finished goods and components recorded for the years ended December 31, 2021 and 2020 was $519,950 and $1,273,835, respectively.

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- References

No definition available.

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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 https://asc.fasb.org/topic&trid=2126998

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