NOTE 3 – INVENTORY

Inventory consists of the following:

The Company has purchase commitments for future payments due for inventory where initial deposits were paid as of September 30, 2023. The total additional payments due subsequent to September 30, 2023 are $252,548. In June 2023, the Company wrote down all remaining Torrot branded inventory in the amount of $84,000. In September 2023, the Company wrote down the Volcon co-branded Torrot youth motorcycles in the amount of $1,622,262 to reduce their cost to the estimated net realizable value.