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Inventory, net

3 Months Ended

Mar. 31, 2015

Note 10 – Inventory, net

Inventory is stated at the lower of cost or market using the first-in first-out method and consists entirely of finished goods. The Company’s inventory as of March 31, 2015 and December 31, 2014 was as follows:

	March 31, 2015		December 31, 2014
	(Unaudited)		(Audited)
Total Gross Inventory, Finished Goods	$	308,000	$	297,000
Less: Inventory reserve		(100,000)		(111,000)
Total Inventory	$	208,000	$	186,000

- 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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