INVENTORY (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2015

Dec. 31, 2014

NOTE 5.

INVENTORY

As of September 30, 2015, our inventory was composed of Altrazeal® finished goods, manufacturing costs incurred in the production of Altrazeal®, and raw materials. Inventories are stated at the lower of cost (first in, first out method) or market. We regularly review inventories on hand and write down the carrying value of our inventories for excess and potentially obsolete inventories based on historical usage and estimated future usage. In assessing the ultimate realization of our inventories, we are required to make judgments as to future demand requirements. As actual future demand or market conditions may vary from those projected by us, adjustment to inventories may be required.

The components of inventory, at the different stages of production, consisted of the following at September 30, 2015 and December 31, 2014:

Inventory		September 30, 2015	December 31, 2014
	Raw materials	$ 45,087	$ 41,648
	Work-in-progress	546,749	271,571
	Finished goods	20,476	12,438
	Total	$ 612,312	$ 325,657

NOTE 6.

INVENTORY

As of December 31, 2014 and 2013, our inventory was comprised of Altrazeal® finished goods, manufacturing costs incurred in the production of Altrazeal®, and raw materials. Inventories are stated at the lower of cost (first in, first out method) or market. We regularly review inventories on hand and write down the carrying value of our inventories for excess and potentially obsolete inventories based on historical usage and estimated future usage. In assessing the ultimate realization of our inventories, we are required to make judgments as to future demand requirements. As actual future demand or market conditions may vary from those projected by us, adjustment to inventories may be required. For the years ended December 31, 2014 and 2013, we wrote off approximately $19,000 and $60,000, respectively, in obsolete inventories.

The components of inventory, at the different stages of production, consisted of the following at December 31:

Inventory		2014	2013
	Raw materials	$ 41,648	$ 10,148
	Work-in-progress	271,571	299,464
	Finished goods	12,438	85,993
	Total	$ 325,657	$ 395,605