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INVENTORIES

9 Months Ended

Apr. 30, 2015

3.	INVENTORIES

The Company’s inventory consisted of the following at April 30, 2015 and July 31, 2014 (in thousands):

	April 30, 2015		July 31, 2014
Work-in-progress, spare parts and accessories	$	11	$	9
Finished goods		444		446
Total inventories	$	455	$	455

Although it does not plan to do so, if the Company were to dispose of the inventory outside the course of normal business, the amount recovered by the Company could be substantially less than cost.

- 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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