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Note 4 - Inventories, net

3 Months Ended

Jun. 30, 2014

Note 4 – Inventories, net

Inventories consist of:

	June 30, 2014			March 31, 2014

Purchased parts	$	3,169,621		$	3,085,070
Work-in-process		1,597,284			1,134,714
Finished goods		11,633			10,607
Less: Inventory reserve		(210,000	)		(205,000	)
	$	4,568,538		$	4,025,391

- 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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