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5. INVENTORIES

12 Months Ended

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

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