Inventories

12 Months Ended

Dec. 31, 2021

Inventories

Inventories

Note 4 - Inventories

Inventories consisted of the following:

	As of December 31,
	2021		2020
Raw materials	$	578,608	$	378,547
Finished goods		1,428,620		1,087,194
Low-value consumption goods		102,491		69,774
Work in progress		307,297		609,440
Total Inventory		2,417,016		2,144,955
Less: reserve for obsolete inventories		0		176,805
Total	$	2,417,016	$	1,968,150

Inventory includes raw material, work in progress, and finished goods. The Company reviews its inventories periodically to determine if any reserves are necessary for potential obsolescence or if a write-down is necessary if the carrying value exceeds net realizable value. We recorded reserve for obsolete inventories of $176,805 and $0 as of December 31, 2020 and 2021, respectively. For 2021, no obsolete inventory reserve is needed after a through inventory valuation was carried out.