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Inventory
6 Months Ended
Jun. 30, 2022
Inventory Disclosure [Abstract]  
Inventory

Note 3. Inventory

Inventory - current, net of allowance, consisted of the following as of the dates indicated:

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Raw materials

 

$

1,095,588

 

 

$

1,253,111

 

Work in process

 

 

263,524

 

 

 

312,803

 

Finished goods

 

 

676,278

 

 

 

447,145

 

Total gross inventory - current

 

 

2,035,390

 

 

 

2,013,059

 

Less inventory allowance

 

 

(79,468

)

 

 

(25,306

)

 

 

$

1,955,922

 

 

$

1,987,753

 

Inventory - non-current, net of excess inventory allowance, consisted of the following and was included in other non-current assets in the condensed consolidated balance sheets as of the dates indicated:

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Raw materials - non-current

 

 

912,094

 

 

 

711,296

 

Less excess inventory allowance

 

 

(94,048

)

 

 

 

 

 

$

818,046

 

 

$

711,296

 

 

For the three and six months ended June 30, 2022, the Company recorded a specific inventory reserve of ($1,970) and $52,063, respectively, to adjust estimated inventory value for the projected expiration of a specific inventory item, in addition to adjustments to the provision for excess inventory of $5,978 and $11,298 respectively for the three and six months ended June 30, 2022.

For the three and six months ended June 30, 2021, the Company recorded adjustments to provision for excess inventory of $671 and $5,507, respectively. Adjustments in these periods to the allowance for estimated shrinkage, obsolescence and excess inventory have been included in cost of product and product-related services revenue in the accompanying condensed consolidated statements of operations.

In addition, for the three and six months ended June 30, 2022, the Company recorded a provision for excess inventory of $94,048 primarily related to the write-down of excess quantities of raw materials, whose inventory levels were higher than our updated forecasts of future demand for those products.

HTG EdgeSeq instruments at customer locations under evaluation agreements are included in finished goods inventory. Finished goods inventory under evaluation was $0.2 million as of both June 30, 2022 and December 31, 2021.