Inventory

12 Months Ended

Dec. 31, 2019

Inventory Disclosure [Abstract]

Inventory

INVENTORY

Inventory consists of raw material and finished goods stated at the lower of cost or net realizable value with cost determined on a first-in, first-out basis. The Company reviews the composition of inventory at each reporting period in order to identify obsolete, slow-moving, quantities in excess of expected demand, or otherwise non-saleable items.

Inventory consisted of the following as of December 31, 2019 and 2018:

	Year Ended December 31,
(in thousands)	2019		2018
Raw Materials	$	—	$	147
Finished Goods	—		95
Inventory, Net	$	—	$	242

During the years ended December 31, 2019 and 2018, the Company recorded a related charge to cost of goods sold for obsolete inventory of $26,000 and $124,000, respectively. The Company's recognized approximately $456,000 for inventory impairment during the year ended December 31, 2019. The loss on impairment was due to the Company's strategic decision to discontinue the sale and commercialization of Prestalia.