Quarterly report pursuant to Section 13 or 15(d)

Inventory, Net

v3.21.2
Inventory, Net
6 Months Ended
Jun. 30, 2021
Inventory Disclosure [Abstract]  
Inventory, Net INVENTORY, NET
Inventory, net consists of the following:

June 30, 2021 December 31, 2020
Raw materials $ 44,283,636  $ 16,759,232 
Work in process 6,296,029  422,176 
Finished goods 8,478,042  277,419 
59,057,707  17,458,827 
Less: inventory reserve (9,552,589) (1,991,815)
Inventory, net $ 49,505,118  $ 15,467,012 

We write-down inventory for excess or obsolete inventories or when we believe the net realizable value of inventory is less than its carrying value. During the three months ended June 30, 2021 and 2020, we recorded write-downs of approximately $7.2 million and $0.1 million in Cost of Sales, respectively. During the six months ended June 30, 2021 and 2020, we recorded write-downs of $7.6 million and $0.2 million in Cost of Sales, respectively.