4. Inventories

Inventories, net of reserves, consisted of the following:

	As of December 31,
	2020		2019
Current:
Raw materials	$	1,182	$	847
Finished goods		9,281		10,594
Total	$	10,463	$	11,441
Long-term:
Raw materials	$	1,977	$	1,915
Finished goods		2,613		4,369
Total	$	4,590	$	6,284

Long-term inventory represents inventory held in excess of our current (next 12 months) requirements based on our recent sales and forecasted level of sales. We have developed programs to reduce the inventory to normal operating levels in the near future. We expect to sell the above inventory, net of reserves, at or above the stated cost and believe that no loss will be incurred on its sale.

The losses incurred on valuation of inventory at the lower of cost or market value and write-off of obsolete inventory amounted to $1,517 and $891 during the years ended December 31, 2020 and 2019, respectively.