Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 3,277,000	$ 3,250,000
Accounts receivable, less allowances of $43,000 and $40,000, respectively	1,359,000	978,000
Inventories, less reserves for obsolescence of $7,946,000, and $7,848,000, respectively (Note 2)	4,546,000	4,990,000
Prepaid expenses and other current assets	110,000	80,000
Total current assets	9,292,000	9,298,000
Property and equipment, net	3,790,000	3,866,000
Other assets (Note 3)	258,000	403,000
Total assets	13,340,000	13,567,000
Current Liabilities:
Accounts payable	986,000	848,000
Accrued liabilities	290,000	358,000
Total current liabilities	1,276,000	1,206,000
Long-term debt from related party (Note 4)	0	500,000
Total Liabilities	1,276,000	1,706,000
Commitments and contingencies (Notes 5 and 7)
Shareholders’ Equity:
Preferred stock, $0.001 par value. Authorized 5,000,000 shares; None issued or outstanding	0	0
Additional paid-in capital	10,764,000	10,744,000
Accumulated other comprehensive income	146,000	144,000
Retained earnings	1,051,000	867,000
Total Shareholders’ Equity - Taitron Components Inc	11,967,000	11,761,000
Noncontrolling interest in subsidiary	97,000	100,000
Total Shareholders’ Equity	12,064,000	11,861,000
Total Liabilities and Shareholders’ Equity	13,340,000	13,567,000
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).