XML 36 R8.htm IDEA: XBRL DOCUMENT

Inventories

6 Months Ended

Jun. 30, 2014

NOTE 3 - INVENTORIES

At June 30, 2014 and December 31, 2013, inventories consisted of the following:

	June 30, 2014			December 31, 2013
Raw materials	$	2,893,278		$	1,627,784
Work-in-process		3,631,881			1,778,650
Finished goods		1,571,008			1,509,606
		8,096,167			4,916,040
Less: reserve for obsolete inventory		(181,154	)		(182,482	)
	$	7,915,013		$	4,733,558

For the three and six months ended June 30, 2014 and 2013, the Company did not make any change for reserve for obsolete inventory.

- 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