4. Inventory |
6 Months Ended |
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Jun. 30, 2015 | |
| Notes to Financial Statements | |
| Note 4. Inventory |
During the year ended December 31, 2014, the Company began the production of equipment to be sold to its customers. As of June 30, 2015 and December 31, 2014, costs totaling $6,120,700 and $5,714,905, respectively, were incurred for component purchases and progress billings from subcontractors on these projects. These costs will be recorded as cost of sales as the systems are commissioned for use by the Company’s customers. The Company also held product supply inventory valued at $261,378 and $70,000 as of June 30, 2015 and December 31, 2014, respectively. |
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- References No definition available.
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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