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Inventories, Net

9 Months Ended

Sep. 30, 2013

4. Inventories, Net

The Company’s inventory consists of the following:

	September 30, 2013		December 31, 2012
Marine Fuel	$	37,859,755	$	9,349,662
Less: inventory reserve		(189,299)		(46,749)
Total Inventory, Net	$	37,670,456	$	9,302,913

As of September 30, 2013 and December 31, 2012, fuel inventory in the amount of $-0- and $3,016,425, respectively, has been pledged as collateral for certain bank loans. See Note 12 below.

- 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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