Quarterly report pursuant to Section 13 or 15(d)

INVENTORY, NET

v3.21.2
INVENTORY, NET
9 Months Ended
Sep. 30, 2021
Inventory Disclosure [Abstract]  
INVENTORY, NET

NOTE 6. INVENTORY, NET

 

Inventory consisted of the following:

 

    September 30,     December 31,  
    2021     2020  
Raw materials   $ 2,507,785     $ 634,085  
Work-in-progress     -       -  
Finished goods     162,497       539,169  
 Inventory   $ 2,670,282     $ 1,173,254  

 

Depreciation expense for fleet inventory for the three months ended September 30, 2021 and 2020 was $23,886 and $0, and for the nine months ended September 30, 2021 and 2020, $71,658 and $0, respectively. Management has determined that no reserve for inventory obsolescence was required as of September 30, 2021 and December 31, 2020. However, $388,735 of obsolete 411 finished goods inventory was written of in Q3 2021.