4. Inventories

Inventories, net of reserves, consisted of the following:

	As of December 31,
	2019		2018
Current:
Raw materials	$	847	$	1,795
Finished goods		10,594		11,433
Total	$	11,441	$	13,228
Long-term:
Raw materials	$	1,915	$	2,165
Finished goods		4,369		6,788
Total	$	6,284	$	8,953

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 $891 and $787 during the years ended December 31, 2019 and 2018, respectively.