| INVENTORIES, NET |
NOTE 6 – INVENTORIES, NET
As of March 31, 2026 and December 31, 2025, inventories
consisted of the following
| | |
As of | |
| | |
March 31,
2026 | | |
December 31,
2025 | |
| Raw materials | |
$ | 10,490,073 | | |
$ | 10,165,798 | |
| Revolving material | |
| 1,218,866 | | |
| 1,172,449 | |
| Consigned processing material | |
| 54,744 | | |
| 28,671 | |
| Work-in-progress | |
| 2,599,322 | | |
| 2,334,681 | |
| Finished goods | |
| 12,968,469 | | |
| 12,290,156 | |
| Less: inventory impairment | |
| (1,628,118 | ) | |
| (1,614,719 | ) |
| Inventories, net | |
$ | 25,703,356 | | |
$ | 24,377,036 | |
Changes in the inventory reserves are as follows:
| |
|
For the
three months
ended
March 31,
2026 |
|
|
For the
Year Ended
December 31,
2025 |
|
| Beginning balance |
|
$ |
1,614,719 |
|
|
$ |
541,421 |
|
| Inventory write-downs |
|
|
- |
|
|
|
1,042,942 |
|
| Effect of foreign exchange change |
|
|
13,399 |
|
|
|
30,356 |
|
| Ending balance |
|
$ |
1,628,118 |
|
|
$ |
1,614,719 |
|
|