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Note 4 - Inventory
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Inventory Disclosure [Text Block]

NOTE 4 - INVENTORY

 

Inventory consisted of the following at December 31, 2022 and December 31, 2021:

 

  

2022

  

2021

 

Furnace parts and supplies

 

$

66,495

  

$

213,224

 

Raw materials

  

2,474,227

   

2,144,067

 

Work in process

  

982,973

   

1,671,290

 

Finished goods and filtration systems

  

1,201,533

   

1,660,916

 

Reserve for excess and obsolescence

  

(663,227

)

  

(268,470

)

Net Inventory

 

$

4,062,001

  

$

5,421,027

 

 

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. The increase in the reserve for excess and obsolescence is mainly explained by changes in product and sales mix, due to both market driven and strategic changes implemented during the year, and furthermore new and more conservative processes implemented as part of the ERP implementation.