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INVENTORY
12 Months Ended
Dec. 31, 2023
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]

3 - INVENTORY

 

Inventory, consisting principally of products held for resale, is stated at the lower of cost, using the first-in, first-out method, and net realizable value. The amount presented in the accompanying consolidated balance sheets is net of valuation allowances of $5,141,000 and $5,069,000 at December 31, 2023 and 2022, respectively.

 

Based upon regular evaluations of inventory to identify costs in excess of the lower of cost and net realizable value and slow-moving inventory, we increased our reserves by $74,000 and $180,000 for the years ended December 31, 2023 and 2022, respectively, while also applying $2,000 and $3,000 of our existing reserves to the underlying inventory values during the years ended December 31, 2023 and 2022, respectively.