Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 3,250,000	$ 4,018,000
Accounts receivable, less allowances of $40,000 and $49,000, respectively	978,000	233,000
Inventories, less reserves for obsolescence of $7,848,000, and $8,537,000, respectively (Note 2)	4,990,000	5,055,000
Prepaid expenses and other current assets	80,000	73,000
Total current assets	9,298,000	9,379,000
Property and equipment, net (Note 3)	3,866,000	4,032,000
Other assets (Note 4)	403,000	471,000
Total assets	13,567,000	13,882,000
Current Liabilities:
Accounts payable	848,000	857,000
Accrued liabilities	358,000	338,000
Total current liabilities	1,206,000	1,195,000
Long-term debt from related party (Note 5)	500,000	1,000,000
Total Liabilities	1,706,000	2,195,000
Commitments and contingencies (Notes 6, 11 and 12)
Shareholders’ Equity:
Preferred stock, $0.001 par value. Authorized 5,000,000 shares; None issued or outstanding	0	0
Additional paid-in capital	10,744,000	10,701,000
Accumulated other comprehensive income	144,000	156,000
Retained earnings	867,000	720,000
Total Shareholders’ Equity - Taitron Components Inc	11,761,000	11,583,000
Noncontrolling interest in subsidiary	100,000	104,000
Total Shareholders’ Equity	11,861,000	11,687,000
Total Liabilities and Shareholders’ Equity	13,567,000	13,882,000
Common Class A [Member]
Shareholders’ Equity:
Common Stock, value, issued	5,000	5,000
Common Class B [Member]
Shareholders’ Equity:
Common Stock, value, issued	$ 1,000	$ 1,000

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

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- Definition

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).