Annual report pursuant to Section 13 and 15(d)

Inventory

v3.19.1
Inventory
 12 Months Ended
Dec. 31, 2018
Inventory Disclosure [Abstract]  
Inventory
Inventory

Inventory consists of finished goods stated at the lower of cost or net realizable value with cost determined on a first-in, first-out basis. The Company reviews the composition of inventory at each reporting period in order to identify obsolete, slow-moving, quantities in excess of expected demand, or otherwise non-saleable items. 

Inventory consisted of the following as of December 31, 2018 and 2017:

 
 
December 31,
 
 
2018
 
2017
Raw materials
 
$
11,392

 
$
—

Finished goods
 
1,427,935

 
560,499

Inventory reserve
 
(328,547
)
 
(178,346
)
Inventory, net
 
$
1,110,780

 
$
382,153



During the years ended December 31, 2018 and 2017, the Company recorded a related charge to cost of goods sold for obsolete inventory of $150,201 and $178,346, respectively.