Post-effective amendment to a registration statement that is not immediately effective upon filing

INVENTORIES

v3.20.4
INVENTORIES
12 Months Ended
Sep. 30, 2020
INVENTORIES  
INVENTORIES

5.          INVENTORIES

Inventories consist of the following:

 

 

 

 

 

 

 

 

    

September 30, 

    

September 30, 

 

 

2020

 

2019

Goods-in-process

 

$

1,028,378

 

$

328,500

 

 

 

 

 

 

 

Raw Material

 

 

 —

 

 

18,147

Inventory Reserves

 

 

(60,385)

 

 

 —

Total

 

$

967,993

 

$

346,647

 

The increase in inventory is due to continued manufacturing and receipt of product in preparation for commercialization. There was no reserve as of September 30, 2019. Included in research and development expense for the year ended September 30, 2020 is an increase to the inventory reserve of $60,385 which the majority of which is attributable to required product testing during the manufacturing process. In determining net realizable value, appropriate consideration is given to obsolescence, excessive levels, deterioration, and other factors in evaluating net realizable value.