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Inventory

3 Months Ended

Mar. 31, 2013

Inventory [Abstract]

3. Inventory

Inventories are stated at the lower of cost or market. Cost is determined using the weighted average cost of raw materials, which approximates the first-in, first-out (“FIFO”) method, and includes allocations of manufacturing labor and overhead. Provisions are made to reduce potentially excess, obsolete or slow-moving inventories to their net realizable value. The reserve for excess and obsolete inventory decreased to $0.6 million at March 31, 2013, compared to $2.3 million at December 31, 2012. This decrease is attributable primarily to the disposal of the majority of the X3 CEW inventory that had been previously reserved. Inventories as of March 31, 2013 and December 31, 2012, consisted of the following:


		March 31, 2013				December 31, 2012
Raw materials		$	8,392,602			$	9,689,172
Work-in-process			107,078				131,492
Finished goods			3,927,553				3,492,167
Reserve for excess and obsolete inventory			(586,843	)			(2,319,622	)

Total inventory		$	11,840,390			$	10,993,209

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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