| INVENTORIES, NET |
NOTE 6 – INVENTORIES, NET As of September 30, 2026 and December 31, 2025, inventories consisted of the following | | | As of | | | | | September 30,
2026 | | | December 31,
2025 | | | Raw materials | | $ | 11,199,172 | | | $ | 10,165,798 | | | Revolving material | | | 1,324,242 | | | | 1,172,449 | | | Consigned processing material | | | 23,093 | | | | 28,671 | | | Work-in-progress | | | 2,772,327 | | | | 2,334,681 | | | Finished goods | | | 11,844,454 | | | | 12,290,156 | | | Less: inventory impairment | | | (1,464,252 | ) | | | (1,614,719 | ) | | Inventories, net | | $ | 25,699,036 | | | $ | 24,377,036 | | Changes in the inventory reserves are as follows: | | | For the
nine months
ended
September 30,
2026 | | | For the
Year Ended
December 31,
2025 | | | Beginning balance | | $ | 1,614,719 | | | $ | 541,421 | | | (Release of) inventory write-downs | | | (189,022 | ) | | | 1,042,942 | | | Effect of foreign exchange change | | | 38,555 | | | | 30,356 | | | Ending balance | | $ | 1,464,252 | | | $ | 1,614,719 | |
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