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Note 2 - Inventory
6 Months Ended
Jun. 30, 2020
Notes to Financial Statements  
Inventory Disclosure [Text Block]

NOTE 2 - INVENTORY

 

Inventory consisted of the following at June 30, 2020 and December 31, 2019:

 

  

June 30,

2020

  

December 31,

2019

 

Furnace parts and supplies

 $834,710  $621,991 

Raw materials

  1,980,305   2,125,921 

Work in process

  2,124,366   1,624,499 

Finished goods and filtration systems

  1,084,111   1,492,135 

Reserve for obsolescence

  (666,878

)

  (665,308

)

Net Inventory

 $5,356,614  $5,199,238 

 

Inventory valuation adjustments for excess and obsolete inventory are calculated based on current inventory levels, movements, expected useful lives, and estimated future demand for the products.