Quarterly report pursuant to Section 13 or 15(d)

INVENTORY, NET

v3.22.1
INVENTORY, NET
 3 Months Ended
Mar. 31, 2022
Inventory Disclosure [Abstract]  
INVENTORY, NET

NOTE 6. INVENTORY, NET

 

Inventory consisted of the following:

 

    March 31,     December 31,  
    2022     2021  
Raw materials   $ 3,585,607     $ 3,481,614  
Work-in-progress     91,969       51,441  
Finished goods     179,827       210,982  
 Total   $ 3,857,403     $ 3,744,037  

 

For the three months ended March 31, 2022 and 2021, depreciation recorded for fleet inventory was $23,892 and $23,886, respectively. Reserve for inventory was $388,735 as of December 31, 2021. Management has determined that no additional reserve for inventory obsolescence was required as of March 31, 2022.