Quarterly report pursuant to Section 13 or 15(d)

Inventories

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Inventories
9 Months Ended
Sep. 30, 2015
Inventory Disclosure [Abstract]  
Inventories

NOTE 6 – INVENTORIES

 

Inventories consist of raw materials (which consists principally of components), work in process and finished goods. Inventory, consisting mostly of raw materials (which principally consist of components) are stated at the lower of cost or market on the first-in, first-out basis, or market. Inventories are classified as current assets. 

 

Inventories consisted of the following as of:

 

    September 30, 2015     December 31, 2014  
Raw Materials   $ 1,403,602     $ 729,981  
Work in process     142,713       384,213  
Finished goods     354,737       70,763  
    $ 1,901,052     $ 1,184,957  

 

During the year ended December 31, 2014, the Company evaluated its inventory and wrote down inventory by approximately $111,000, which has been included in the accompanying Consolidated Statements of Operations. There was no such write down for the nine months ended September 30, 2015 and 2014.