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Inventories

12 Months Ended

Dec. 31, 2011

NOTE 3– INVENTORIES

Inventories at December 31, 2011 and 2010 are summarized as follows (in thousands):


	2011			2010

Advanced technology vehicles	$	713		$	1,163
Vehicles-conventional		4,630			345
Work in Process		2,234			-

Parts and supplies		4,879			656
Finished goods		240			277

		12,696			2,441
Less - inventory reserve		(1,578	)		(619	)

	$	11,118		$	1,822

Changes in the Company's inventory reserve during the years ended December 31, 2011 and 2010 are as follows (in thousands):


	2011		2010
Balance as of January 1,	$	619	$	259
Balance carried from Jonway Auto		292		-
Provision for slow moving inventory		667		360

Balance as of December 31,	$	1,578	$	619

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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