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Inventories, Net

12 Months Ended

Dec. 31, 2025

Inventories, Net

Inventories, Net

Note 3 — Inventories, Net

Inventories consisted of the following:

​

​	​	​	​	​	​	​
​	​	December 31,		​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024
​	​	​	​	​	​	​
Purchased Parts and Components	​	$	5,369,273	​	$	8,615,537
Work-in-Process	​		198,207	​		264,715
Finished Goods	​		2,689,458	​		3,877,549
Less: Reserve for Obsolescence	​		(6,068,188)	​		(7,944,575)
​	​	​	​	​	​	​
Inventories, Net	​	$	2,188,750	​	$	4,813,226

​

In addition to its normal Reserve for Obsolescence provision, the Company reserved as of December 31, 2025 additional provisions for expected surplus component parts and obsolescence in excess of its currently planned existing product builds in 2026 on most of its existing smart glass product models in anticipation of the planned introduction of newer models, which would logically replace the existing models when introduced. The disposal value of the excess components that could not be used in future models is unknown, so a 100% obsolescence provision has been accrued.

​

During the year ended December 31, 2025, the Company recorded an additional provision for gross inventory of $503,400 and converted into finished goods or physically disposed of $2,379,787 of inventory that was fully provisioned for in the previous year. During the year ended December 31, 2024, the Company recorded an obsolescence provision for gross inventory of $4,167,917 and disposed of $1,998,893 of inventory that was fully provisioned for.

​

The total obsolescence provisions totaled $6,068,188 and $7,944,575 for the years ended December 31, 2025 and 2024, respectively. The changes to these provisions are included in Cost of Sales on the Consolidated Statements of Operations.

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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
-Topic 330
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/330/tableOfContent

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