Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

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INVENTORIES
9 Months Ended
Sep. 30, 2019
Inventory Disclosure [Abstract]  
INVENTORIES
INVENTORIES
Inventories are stated at the lower of cost or net realizable value. The Company periodically evaluates the quantities on hand relative to current and historical selling prices and historical and projected sales volume and based on these evaluations, provisions are made in each period to write down inventory to its net realizable value. For the nine months ended September 30, 2019 and 2018 the Company wrote off approximately $104,246 and $558,000, respectively, of obsolete inventory, which has been included in the cost of revenues.
Inventories by component are as follows:
 
September 30, 2019
 
December 31, 2018
Raw and packaging materials
$
7,496,211

 
$
7,912,883

Work in progress
958,912

 
1,626,960

Finished products
450,406

 
372,905

Total:
$
8,905,529

 
$
9,912,748