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Inventory

3 Months Ended

Mar. 31, 2015

3 — Inventory

Inventory consists of:

	March 31, 2015		December 31, 2014
	(unaudited)
Raw materials	$	1,649,720	$	1,541,688
Work in process	181,583		126,188
Finished goods	397,768		457,962
Total	$	2,229,071	$	2,125,838

The Company reviews its inventory on a periodic basis for excess, obsolete or impaired inventory and records a reserve for items identified. As of March 31, 2015 and December 31, 2014, the Company maintained an allowance for excess and obsolete inventory of $70,511 and $62,069, respectively.

- 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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