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INVENTORIES

9 Months Ended

Sep. 30, 2013

Inventory Disclosure [Abstract]

NOTE 7 – INVENTORIES

Inventories are comprised of the following as of:

		September 30, 2013				December 31, 2012
		(Unaudited)
Raw materials		$	147,277			$	167,413

Finished goods			809,888				218,406

Less: inventory reserve			(77,843	)			(27,843	)

Inventory, net		$	879,322			$	357,976

During the three-month period ended September 30, 2013, the Company recorded a $50,000 non-cash general and administrative expense related to inventory impairment. This charge relates to slow-moving and/or obsolete inventory at the Company’s retail stores. The Company reviews its inventory on a periodic basis to identify products that are slow moving and/or obsolete, and if such products are identified, the Company records the appropriate inventory impairment charge at such time.

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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