Inventories

6 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventories

(5)       Inventories

Inventories consisted of the following at June 30, 2021 and December 31, 2020:

	June 30, 2021		December 31, 2020
Raw materials	$	33,609	$	33,609
Work in process		634,060		803,171
Finished goods		1,112		1,007
	$	668,781	$	837,787

Work in process also includes costs to irradiate cobalt-60 material under a contract with the DOE. This material has been placed in the ATR and the Company made progress payments to purchase this material. During the second quarter and fourth quarter of 2020, the Company modified its agreement with the DOE due to delays in delivery of Cobalt material. As a result, the DOE refunded certain payments made by INIS in relation to this material and INIS stopped paying the scheduled payments for the inventory. At June 30, 2021, and at December 31, 2020, this cobalt target inventory had a carrying value of $0 and $383,312, respectively.

The Company has contracted with several customers for the sale of some of this product material and has collected advance payments for project management, up-front handling, and other production costs from those customers. The advance payments from customers were recorded as unearned revenue which are recognized in the Company’s condensed consolidated financial statements as cobalt products are completed and shipped. For the six months ended June 30, 2021 and 2020, the Company recognized approximately $157,890 and $22,000, respectively, of revenue in its condensed consolidated statements of operations for customer orders filled during the period under these cobalt contracts. For the three-months ended June 30, 2021 and 2020, the Company recognized approximately $150,090 and $11,500, respectively of revenue in its condensed consolidated statements of operations for customer orders filled during the period under these cobalt contracts.