Inventory

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

INVENTORY

8. INVENTORY

Inventory is valued at the lower of cost or net realizable value (“NRV”). The cost of inventory is calculated on a standard cost basis, which approximates weighted average actual cost. NRV is determined as the market value for finished goods, replacement cost for raw materials and finished goods market value less cost to complete for work in progress inventory. The Company regularly reviews inventory quantities on hand and records an impairment for excess and obsolete inventory, when necessary, based on factors including its estimated forecast of product demand, the stage of the product life cycle and production requirements for the units in question. Indirect manufacturing costs and direct labor expenses are allocated systematically to the total production inventory.

Inventory consisted of the following as of March 31, 2021 and December 31, 2020:

(Amounts in US$’s)	March 31, 2021			December 31, 2020
Raw materials	$	2,562,567		$	1,765,398
Work in progress		579,349			461,188
Finished goods		4,128,729			3,305,020
Total inventory		7,270,645			5,531,606
Reserve		(1,124,567	)		(993,174	)
Total inventory, net	$	6,146,078		$	4,538,432