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Inventories

3 Months Ended

Mar. 31, 2015

NOTE 3 – INVENTORIES

At March 31, 2015 and December 31, 2014, inventories consisted of the following:

	March 31, 2015			December 31, 2014
Raw materials	$	1,318,368		$	835,589
Work-in-process		1,854,069			1,454,999
Finished goods		2,214,649			2,132,080
		5,387,086			4,422,668
Less: reserve for obsolete inventories		(182,521	)		(181,646	)
	$	5,204,565		$	4,241,022

For the three months ended March 31, 2015 and 2014, the Company did not make any change for reserve for obsolete inventories.

- 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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