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3. Inventories, net

6 Months Ended

Jun. 30, 2014

Notes to Financial Statements

NOTE 3 - Inventories, net

The components of inventory, net of reserves for slow-moving, excess or obsolete inventory, consist of the following:

		June 30, 2014				December 31, 2013
Finished goods		$	2,742			$	3,525
Work in process			4,689				5,702
Raw materials			2,853				2,348
		$	10,284			$	11,575

Reserves for slow-moving, excess, or obsolete inventory are used to state the Company’s inventories at the lower of cost or market. The reserves for slow-moving, excess, or obsolete inventory were approximately $1,694 at June 30, 2014, compared with approximately $2,960 at December 31, 2013. During the first quarter of 2014, the Company disposed of obsolete inventory that had been fully reserved previously. There was no material impact to the Company’s balance sheet or statement of operations that resulted from this transaction.

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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