INVENTORIES, NET

9 Months Ended

Sep. 30, 2014

NOTE 3– INVENTORIES, NET

Inventories are summarized as follows (in thousands):

	September 30, 2014			December 31, 2013

Work in Process	$	3,017		$	2,228
Parts and supplies		4,315			2,906
Finished goods		4,500			4,881
		11,832			10,015
Less - inventory reserve		(1,960	)		(1,981	)
Inventories, net	$	9,872		$	8,034

Changes in the Company's inventory reserve are as follows (in thousands):

	September 30, 2014			December 31, 2013
Balance opening period	$	1,981		$	2,325
Current provision for Jonway Auto		-			(529	)
Current provision for inventory ZAP-net		(21	)		185
Balance end of period	$	1,960		$	1,981

- 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