General form of registration statement for all companies including face-amount certificate companies

Inventory

v3.22.2.2
Inventory
 6 Months Ended 12 Months Ended
Jun. 30, 2022
Dec. 31, 2021
Inventory Disclosure [Abstract]    
Inventory

Note 4 – Inventory

 

Inventories are stated at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. 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 June 30, 2022 and December 31, 2021, respectively.

 

    June 30,     December 31,  
    2022     2021  
Raw materials   $ 25,105     $ 31,233  
Work in progress     105,805       81,182  
Finished goods     206,096       108,246  
Inventory gross     337,006       220,661  
Less obsolescence     (21,284 )     (22,066 )
Total inventory   $ 315,722     $ 198,595  

 

Note 6 – Inventory

 

Inventories are stated at the lower of cost or net realizable value. Cost is determined on a standard cost basis that approximates the first-in, first-out (FIFO) method. 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 December 31, 2021 and 2020, respectively.

 

    December 31,     December 31,  
    2021     2020  
Raw materials   $ 31,233     $ 27,514  
Work in progress     81,182       181,272  
Finished goods     108,246       104,673  
 Inventory gross     220,661       313,459  
Less obsolescence     (22,066 )     (46,307 )
Total inventory   $ 198,595     $ 267,152