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Inventories

6 Months Ended

Jun. 30, 2012

Note 4 - Inventories

Inventories are valued at the lower of cost (first-in, first-out method) or market, and include material, labor and manufacturing overhead. At June 30, 2012 and December 31, 2011, inventories consisted of the following:

	June 30,		December 31,
	2012		2011
Raw materials	$	10,091,767	$	10,068,589
Work in process		2,440,035		1,217,968
Finished goods		12,709,730		9,889,197
Total	$	25,241,532	$	21,175,754

Included in our finished goods inventory at June 30, 2012 and December 31, 2011, are $2.6 million and $2.7 million, respectively, of demonstration products that are used by our sales organization.

At June 30, 2012 and December 31, 2011, we had $0.6 million and $0.8 million, respectively of consumer product inventory held on consignment in finished goods. Please see Note 2 for further information about our consumer product inventory.

- 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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