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INVENTORIES | 9 Months Ended
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Sep. 30, 2024
Inventory Disclosure [Abstract] |
INVENTORIES | NOTE 4 — INVENTORIES Inventories consist of the following: SCHEDULE OF INVENTORIES
|  | September 30, 2024 |  |  | December 31, 2023 |
Products |  | $ | 22,898,515 |  |  | $ | 16,777,928 |
Parts and accessories |  |  | 1,360,713 |  |  |  | 899,188 |
Inventories in transit |  |  | 2,045,793 |  |  |  | 5,399,964 |
Freight and duty |  |  | 4,938,625 |  |  |  | 3,163,732 |
Inventory, gross |  |  | 31,243,646 |  |  |  | 26,240,812 |
Less: inventory allowance |  |  | (329,900 | ) |  |  | (439,900 | )
Inventories, net |  | $ | 30,913,746 |  |  | $ | 25,800,912 |
A reversal of impairment provision of inventories recorded for lower of cost or net realizable value adjustments were $110,000, $110,000, $nil and $nil for the three and nine months ended September 30, 2024 and 2023, respectively. The inventories which are pledged for the Company’s line of credit facility at Cathay Bank/Midfirst Bank are $24,741,508 and $19,961,227 as of September 30, 2024 and December 31, 2023, respectively (See Note 12). MASSIMO GROUP AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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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 + Details
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