INVENTORIES

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

8. INVENTORIES

As of December 31, 2023 and 2022, inventories consist of:

	December 31, 2023			December 31, 2022
Raw materials	$	3,379		$	3,472
Finished goods		1,336,771			510,733
Inventories, gross	$	1,340,150		$	514,205
Allowance for slow-moving or obsolete inventories		(89,583	)		(157,847	)
Inventories, net	$	1,250,567		$	356,358

For the year ended December 31, 2023, there was a reversal of impairments for obsolete inventories in the amount of approximately $53,000. For the year ended December 31, 2022, impairments expense for obsolete inventories were approximately $64,000. For the year ended December 31, 2021, there was a reversal of impairments for obsolete inventories in the amount of approximately $214,000. Impairment charges on inventories are included with administrative expenses.

TAOPING INC.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS