INVENTORIES, NET

12 Months Ended

Dec. 31, 2013

NOTE 3- INVENTORIES, NET

Inventories, net at December 31, 2013 and 2012 are summarized as follows (in thousands):


	December 31, 2013			December 31, 2012

Work in Process	$	2,228		$	2,155
Parts and supplies		2,906			4,178
Finished goods		4,881			7,144
		10,015			13,477
Less - inventory reserve		(1,981	)		(2,325	)
Inventories, net	$	8,034		$	11,152

Changes in the Company's inventory reserve during the years ended December 31, 2013 and 2012 are as follows (in thousands):

	December 31, 2013			December 31, 2012
Balance opening period		2,325		$	1,577
Current provision for Jonway Auto		(529	)		-
Current provision for inventory ZAP-net		185			748
Balance end of period		1,981		$	2,325

- 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.

+ References+ Details