Note 4 - Inventories, net

6 Months Ended

Jun. 30, 2014

Inventories consist of the following:



	June 30, 2014		December 31, 2013
Raw materials	$	915,578	$	947,765
Work-in-process	827,759		266,431
Finished goods	1,344,220		1,121,095
Total	$	3,087,557	$	2,335,291

The cost of silver in inventory that is included in raw materials, work-in-process and finished goods had an estimated cost of $480,600 and $382,332 as of June 30, 2014 and December 31, 2013, respectively. Work-in-process increased $561,328 from December 31, 2013 to June 30, 2014. This increase is primarily due to in-process tooling of $431,660.

- 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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