Quarterly report pursuant to Section 13 or 15(d)

INVENTORY

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INVENTORY
 9 Months Ended
Sep. 30, 2022
Inventory Disclosure [Abstract]  
INVENTORY

NOTE 3 – INVENTORY

 

Inventory consists of the following:

           
    September 30,
2022		    

December 31,

2021

  
Raw materials   $ 1,709,012     $ 1,822,306  
Work in process     118,186       45,444  
Finished goods     194,757       341,265  
Total inventory   $ 2,021,955     $ 2,209,015  

 

The Company has recognized a loss of $1,650,838 on inventory and inventory deposits for Grunt parts for the nine months ended September 30, 2022 to reduce inventories for Grunts to their net realizable value. There were no losses recognized in the nine months ended September 30, 2021. The Company has purchase commitments for future payments due for inventory where initial deposits were paid as of September 30, 2022. The total additional payments due subsequent to September 30, 2022 are $878,511.