Inventory

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

Inventory

Inventories, consisting of materials, labor, and manufacturing overhead, are stated at the lower of cost (first-in, first-out) or market and consist of the following at December 31:

	2014			2013
Raw materials	$	3,098,000		$	3,098,000
Work-in-process		222,000			222,000
Finished goods		449,000			449,000
Reserve for obsolescence		(3,401,000	)		(3,342,000	)
	$	368,000		$	427,000

Inventory reserve charged to operations amounted to $59,000 and $1,660,000 during 2014 and 2013, respectively. Inventory valuation adjustments and other inventory write-offs in 2014 and 2013 amounted to $0 and $692,000, respectively.