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INVENTORIES

3 Months Ended

Mar. 31, 2015

NOTE 6. INVENTORIES

Inventories consist of finished goods, raw materials and work in process and are stated at the lower of cost or market and consist of the following (in thousands):

	March 31,			December 31,
	2015			2014

Raw materials	$	1,562		$	2,141
Work-in-process	1,269			1,348
Finished goods	4,065			4,984
Less: allowance for obsolescence	(441		)	(17		)
Total	$	6,455		$	8,456

As of March 31, 2015 and December 31, 2014, the unamortized portion of step-up related to Lazanda® inventories of $0.1 million and $0.2 million, respectively. The step-up in the value of Lazanda® inventories of $0.1 million was amortized to cost of sales as the acquired inventories were sold during the three months ended March 31, 2015.

- 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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