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

Inventory

v3.23.4
Inventory
 9 Months Ended 12 Months Ended
Sep. 30, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Inventory

Note 5 – 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 September 30, 2023 and December 31, 2022, respectively.

 

 

    September 30,     December 31,  
    2023     2022  
Raw materials   $ 21,934     $ 18,580  
Work in progress     30,174       1,464  
Finished goods     316,100       80,858  
Inventory gross     368,208       100,902  
Less obsolescence     (55,472 )     (46,749 )
Total inventory   $ 312,736     $ 54,153  

 

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, 2022 and 2021, respectively.

 

    December 31,     December 31,  
    2022     2021  
Raw materials   $ 18,580     $ 31,233  
Work in progress     1,464       81,182  
Finished goods     80,858       108,246  
Inventory gross     100,902       220,661  
Less obsolescence     (46,749 )     (22,066 )
Total inventory   $ 54,153     $ 198,595