Annual report pursuant to Section 13 and 15(d)

Inventories

v2.4.1.9
Inventories
12 Months Ended
Dec. 31, 2014
Inventory Disclosure [Abstract]  
Inventories

NOTE 6 – INVENTORIES

 

Inventories consist of raw materials; 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:

 

    December 31,  
    2014     2013  
Raw Materials   $ 729,981     $ 517,842  
Work in process     384,213       150,503  
Finished goods     70,763       278,460  
    $ 1,184,957     $ 946,805  

 

During the twelve months 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 expense in 2013.