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5. INVENTORIES | 12 Months Ended
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Dec. 31, 2020
Inventory Disclosure [Abstract] |
INVENTORIES | Inventories consist of the following at December 31:
|  | 2020 |  |  | 2019 |
Materials |  | $ | 1,238,332 |  |  | $ | 911,054 |
Work in process |  |  | 84,203 |  |  |  | 10,284 |
Finished goods |  |  | 15,182,305 |  |  |  | 6,519,012 |
Total |  | $ | 16,504,840 |  |  | $ | 7,440,350 |
Finished goods includes consigned inventory held by our customers of $2,293,017 and $1,841,400 at December 31, 2020 and 2019, respectively and includes in-transit inventory of $6,243,165 and $1,930,358 at December 31, 2020 and 2019, respectively. The Company reviews inventory for obsolete and slow-moving products each quarter and makes provisions based on its estimate of the probability that the material will not be consumed or that it will be sold below cost. The provision for inventory reserves was negligible for both years ended December 31, 2020 and year ended December 31, 2019.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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