Quarterly report pursuant to Section 13 or 15(d)

Inventory

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

Note 5 – Inventory

 

Inventories are stated at the lower of cost or market. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. Market is determined based on net realizable value. Appropriate consideration is given to obsolescence, excessive levels, deterioration, and other factors in evaluating net realizable value. Our cannabis products consist of cannabis flower grown in-house, along with produced extracts. Inventory consisted of the following at September 30, 2021 and December 31, 2020, respectively.

 

    September 30,     December 31,  
    2021     2020  
Raw materials   $ 48,807     $ 27,514  
Work in progress     435,698       181,272  
Finished goods     92,518       104,673  
 Inventory gross     577,023       313,459  
Less obsolescence     (50,343 )     (46,307 )
Total inventory   $ 526,680     $ 267,152