(4) Inventories

Inventories at December 31, 2015 and March 31, 2015 consisted of:


	December 31, 2015		March 31, 2015
Raw materials	$	6,966,251	$	7,261,568
Work-in-process		139,006		25,842
Finished products		1,896,908		2,066,643
	$	9,002,165	$	9,354,053


	December 31, 2015		March 31, 2015
Inventories- current	$	3,102,678	$	9,354,053
Inventories- noncurrent		5,899,487		-
	$	9,002,165	$	9,354,053

We maintain raw material inventories of electronic components, motor parts and other materials to meet our expected manufacturing needs for proprietary products and for products manufactured to the design specifications of our customers. Some of these components may become obsolete or impaired due to bulk purchases in excess of customer requirements. Accordingly, we periodically assesses our raw material and finished product inventories for potential impairment of value based on then available information, expectations and estimates and establish impairment reserves as appropriate. We concluded that there were no impairments for obsolete inventory during the nine month periods ended December 31, 2015 and 2014, and we had no reserve for obsolete inventory as of December 31, 2015 or March 31, 2015.

As of December 31, 2015, inventory of $5,899,487 shown on the balance sheet as a noncurrent asset represents that portion of the PP135 inventory in excess of amounts expected to be sold in the next twelve months. Management believes that there will be adequate demand for this noncurrent inventory.