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. There were no inventory write-down charges for the three months ended March 31, 2021 and 2020.

Inventory at March 31, 2021 and December 31, 2020 consisted of the following: