Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 6,377,000	$ 5,313,000
Accounts receivable, less allowances of $7,000, and $19,000 respectively	722,000	1,022,000
Inventories, less reserves for obsolescence of $6,144,000, and $5,893,000, respectively (Note 2)	3,384,000	3,588,000
Prepaid expenses and other current assets	86,000	85,000
Total current assets	10,569,000	10,008,000
Property and equipment, net	3,264,000	3,386,000
Other assets (Note 3)	205,000	205,000
Total assets	14,038,000	13,599,000
Current liabilities:
Accounts payable	501,000	462,000
Accrued liabilities	441,000	322,000
Total current liabilities	942,000	784,000
Long-term debt (Note 4)	163,000	0
Total Liabilities	1,105,000	784,000
Commitments and contingencies (Note 6)
Shareholders' equity:
Preferred stock, $0.001 par value. Authorized 5,000,000 shares; None issued or outstanding	0	0
Additional paid-in capital	11,037,000	10,959,000
Accumulated other comprehensive income	33,000	38,000
Retained earnings	1,757,000	1,712,000
Total shareholders’ equity - Taitron Components Inc	12,833,000	12,715,000
Noncontrolling interest in subsidiary	100,000	100,000
Total equity	12,933,000	12,815,000
Total liabilities and equity	14,038,000	13,599,000
Common Class A [Member]
Shareholders' equity:
Common stock	5,000	5,000
Common Class B [Member]
Shareholders' equity:
Common stock	$ 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).