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Note 4 - Inventories

3 Months Ended

Mar. 31, 2012

4. Inventories

Inventories are valued at the lower of cost, using the first-in, first-out (“FIFO”) method, or market. Inventories at March 31, 2012 and December 31, 2011 consist of:


		March 31, 2012		December 31, 2011
		(Unaudited)		(Audited)
		(amounts in thousands)
Raw materials	$	1,135	$	1,070
Work in progress		56		16
Finished goods		8		109
Total	$	1,199	$	1,195

- 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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