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4. Inventories

12 Months Ended

Dec. 31, 2012

Notes to Financial Statements

Inventories, net of reserves consist of the following at December 31:

		2011				2012
Materials		$	815,357			$	720,113
Work in process			25,641				––
Finished goods (including $822,000 and $489,400 held by customers at December 31, 2011 and 2012, respectively)			1,881,785				1,910,273
Total		$	2,722,783			$	2,630,386

The Company reviews inventory for obsolete and slow moving products each quarter and make provisions based on our estimate of the probability that the material will not be consumed or that it will be sold below cost. The Company recorded a $13.8 thousand increase and $155.2 thousand decrease in the provision for slow moving and obsolete inventory during the years ended December 31, 2011 and 2012, respectively.

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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