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INVENTORIES

9 Months Ended

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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- References

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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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