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INVENTORIES | 12 Months Ended
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Dec. 31, 2024
Inventory Disclosure [Abstract] |
INVENTORIES | NOTE 4 — INVENTORIES Inventories consist of the following: SCHEDULE OF INVENTORIES
|  | December 31, 2024 |  |  | December 31, 2023 |
Products and accessories |  | $ | 18,001,768 |  |  | $ | 16,777,928 |
Parts |  |  | 1,113,872 |  |  |  | 899,188 |
Inventories in transit |  |  | 4,861,016 |  |  |  | 5,399,964 |
Freight and duty |  |  | 3,751,884 |  |  |  | 3,163,732 |
Inventory, gross |  |  | 27,728,540 |  |  |  | 26,240,812 |
Less: inventory allowance |  |  | (469,900 | ) |  |  | (439,900 | )
Inventories, net |  | $ | 27,258,640 |  |  | $ | 25,800,912 |
MASSIMO GROUP AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 4 — INVENTORIES (continued) The movement of inventory allowance are as follow: SCHEDULE OF INVENTORY ALLOWANCE
|  | December 31, 2024 |  |  | December 31, 2023 |
Beginning balance |  | $ | 439,900 |  |  | $ | - |
Addition of provision |  |  | 30,000 |  |  |  | 439,900 |
Ending balance |  | $ | 469,900 |  |  | $ | 439,900 |
Impairment provision of inventories recorded for lower of cost or net realizable value adjustments were $30,000 and $439,900 for the years ended December 31, 2024 and 2023, respectively. Partial inventories of $21,606,371 and $19,961,227 as of December 31, 2024 and 2023, respectively, were pledged for the Company’s line of credit facility at Cathay Bank and Midfirst Bank respectively (See Note 12).

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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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