Annual report pursuant to Section 13 and 15(d)

INVENTORY

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INVENTORY
 12 Months Ended
Dec. 31, 2022
Inventory Disclosure [Abstract]  
INVENTORY

NOTE 3 – INVENTORY

 

Inventory consists of the following at December 31:

             
    2022     2021  
             
Raw materials   $ 3,060,160     $ 1,822,306  
Work in process     439,839       45,444  
Finished goods     2,145,884       341,265  
Total inventory   $ 5,645,883     $ 2,209,015  

 

The Company has recognized a loss of $1,692,217 on inventory and inventory deposits for Grunt parts for the year ended December 31, 2022 to reduce inventories for Grunts to their net realizable value. The Company has purchase commitments for future payments due for inventory where initial deposits were paid as of December 31, 2022. The total additional payments due subsequent to December 31, 2022 are $1,708,595.  

 

The Company recognized a loss of $5,450,007 on inventory and inventory deposits for Grunt parts for the year ended December 31, 2021 to reduce inventories related to the vehicle to their net realizable value. Of this loss, $1,506,849 represented an accrual for purchase commitments for future payments due for inventory where deposits were paid as of December 31, 2021.