NOTE 4 - Inventories

Inventories, net of reserves are valued at lower of cost (first-in, first-out method) or net realizable value. The Company regularly reviews parts and finished goods inventories on hand and, when necessary, records a provision for excess or obsolete inventories. The Company also regularly reviews the period over which its inventories will be converted to sales. Any inventories expected to convert to sales beyond 12 months from the balance sheet date are classified as non-current.

Inventories, net of reserves consist of the following as of June 30, (in thousands):


	2020		2019
Component parts	$	22,877	$	21,543
Work-in-process		7,276		5,377
Finished product		11,602		7,918
	$	41,755	$	34,838

Classification of inventories, net of reserves:
Current	$	35,231	$	29,576
Non-current		6,524		5,262
	$	41,755	$	34,838