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4. Inventories

12 Months Ended

Mar. 31, 2014

4. Inventories

Inventories consist of:

	March 31,
	2014			2013
Purchased parts	$	3,085,070		$	4,418,989
Work-in-process		1,134,714			1,636,325
Finished goods		10,607			385,867
Less: Allowance for obsolete inventory		(205,000	)		(200,000	)
	$	4,025,391		$	6,241,181

Work-in-process inventory includes $1,092,928 and $1,236,593 for government contracts at March 31, 2014 and 2013, respectively.

- 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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