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Note 7 - Inventories

9 Months Ended

Mar. 31, 2013

Note 7 - Inventories

Inventories are stated at the lower of cost (first-in, first-out basis) or market. Inventories are comprised as follows (in thousands):

	March 31, 2013			June 30, 2012
Raw materials	$	2,020		$	3,961
Finished goods		1,349			2,235
Subtotal		3,369			6,196
Less: Inventory reserve		(784	)		(1,721	)
Net inventory balance	$	2,585		$	4,475

Net inventories have declined by approximately $1.9 million as we have transitioned to our outsourced manufacturing model.

- 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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