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Significant Accounting Policies (Policy)

6 Months Ended

Jul. 02, 2016

Basis of presentation: The financial statements and accompanying notes have been prepared on a consolidated basis and reflect the consolidated financial position of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated from these financial statements. The Company’s fiscal year ends on the Saturday closest to December 31. Every fifth or sixth fiscal year, the inclusion of an extra week occurs due to the Company’s floating year-end date. The fiscal year 2015ended on January 2, 2016 consisted of normal 52 weeks. The fiscal year 2016 ending on December 31, 2016 will also include the normal 52 weeks.

Inventories

Inventories: Inventories are comprised of raw materials, work-in-processand finished goods. They are stated at the lower of cost, determined by the first-in, first-out method (FIFO) method, or market. Labor and overhead has been added to inventory that was manufactured or characterized by the Company. The amounts of major classes of inventory as ofJuly 2, 2016 and January 2, 2016 are as follows:

	July 2, 2016			January 2, 2016
Natural product fine chemicals	$	1,031,287		$	1,239,338
Bulk ingredients		3,601,516			7,195,461
		4,632,803			8,434,799
Less valuation allowance		(108,000	)		(261,000	)
	$	4,524,803		$	8,173,799

- Definition

Disclosure of accounting policy for major classes of inventories, bases of stating inventories (for example, lower of cost or market), methods by which amounts are added and removed from inventory classes (for example, FIFO, LIFO, or average cost), loss recognition on impairment of inventories, and situations in which inventories are stated above cost. If inventory is carried at cost, this disclosure includes the nature of the cost elements included in inventory.

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