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Inventories, Net

12 Months Ended

Dec. 31, 2014

Inventories, Net [Abstract]

INVENTORIES, NET

NOTE 4 – INVENTORIES, NET

Inventories, net at December 31, 2014 and 2013 consisted of the following:

(In thousand $)		December 31, 2014				December 31, 2013
Raw materials		$	1,638			$	137
Work in process			2				-
Finished goods			443				6
			2,083				143
Less: inventory reserves			(269	)			-
Inventories, net		$	1,814			$	143

Inventories at December 31, 2014 increased compared to December 31, 2013 primarily due to a production campaign to build inventories in anticipation of launching our own core branded products in 2015. During 2014, the Company recorded inventory reserves of $269 related to slow-moving and off-grade inventories and packaging materials manufactured for MHP and Cenegenics. There was no inventory reserves recorded for the year ended December 31, 2013.

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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