Note 5 – Inventory

Inventory is stated at lower of cost or net realizable value using the weighted average cost method and is evaluated at least annually for impairment. Write-downs for potentially obsolete or excess inventory are made based on management's analysis of inventory levels, historical obsolescence and future sales forecasts. For the three months ended March 31, 2020 and 2019, inventory write-down charges recorded were $0 and $76, respectively.

Inventory at March 31, 2020 and December 31, 2019 consisted of the following: