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Inventory
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Inventory

Note 5 – Inventory

Inventory

As of June 30, 2024 the Company's inventory consisted of raw materials, material overhead, labor, and manufacturing overhead, categorized as follows:

 

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Finished goods

 

$

1,436,574

 

 

$

222,051

 

Packaging materials

 

 

1,247,513

 

 

 

815,883

 

Inventory in transit

 

 

2,568,537

 

 

 

571,970

 

Work in progress

 

 

3,610,687

 

 

 

691,290

 

Raw materials

 

 

1,456,178

 

 

 

1,822,052

 

Total inventory

 

$

10,319,489

 

 

$

4,123,246

 

Prepaid Inventory

The company had reported a total of $1,150,132 and $563,131 in prepaid inventory as of June 30, 2024 and December 31, 2023, respectively. Prepaid inventory primarily consists of deposits and advance payments to suppliers for the purchase of raw materials and finished goods expected to be received and utilized in production within the next financial period, which have not been shipped as of the balance sheet date.

The Company accounts for prepaid inventory at cost, which includes all charges necessary to bring the inventory items to their present location and condition. Upon shipment of the inventory, these amounts are reclassified from prepaid inventory to the appropriate inventory accounts on the balance sheet.