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INVENTORY | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2011 | Dec. 31, 2010
INVENTORY | 5. INVENTORY As of September 30, 2011 and December 31, 2010, the Company’s inventory consisted of VeraTemp® thermometers, DisintegratorPlus® and other finished products including components, assemblies and packaging materials related thereto as follows:
|  | September 30, |  |  | December 31, |
|  | 2011 |  |  | 2010 |
Finished goods |  | $ | 118,748 |  |  | $ | 105,091 |
Work in progress |  |  | 171,252 |  |  |  | 95,919 |
|  | $ | 290,000 |  |  | $ | 201,010
| 5. INVENTORY During 2010, the Company established assembly and packaging operations at it Cleveland, Ohio warehouse. As of December 31, 2010 and 2009, the Company’s inventory consisted of Vera Temp thermometers, Thermofocus thermometers, Disintegrator Plus® and other finished products including components, assemblies and packaging materials related thereto as follows:
|  | 2010 |  |  | 2009 |
Finished goods |  | $ | 105,091 |  |  | $ | 687,147 |
Work in progress |  |  | 95,919 |  |  |  | - |
Reserve for consigned product |  |  | - |  |  |  | (166,808 | )
|  | $ | 201,010 |  |  | $ | 520,339 |
During the second quarter of 2010, the Company began phasing out distribution of the Thermofocus thermometer due in part to falling customer demand and high product costs, and began accepting orders for the new Vera Temp Non-Contact thermometer. At various points during 2010, the Company determined that the estimated market value of the then remaining thermometer units on-hand had permanently fallen below their carrying cost. Therefore, during 2010 the Company recorded lower of cost or market adjustments aggregating $256,948 to reduce the thermometer inventory carrying value to estimated net realizable value. The estimated net realizable value was determined from recent selling prices of the product. The Company ceased distributing product on a consignment basis in 2009 and entered into a final settlement agreement with a consignment customer in 2010. As of December 31, 2010 and 2009, inventory reserves for previously consigned product were $0 and $166,808, respectively. During 2010 and 2009, the Company reversed $166,808 and $163,990, respectively, of its reserve against inventory as this product was either sold and collected, or deemed by management to be permanently lost, damaged or not recoverable. A summary of changes to the inventory reserve account is as follows:
|  | Balance, |  |  | Additions |  |  |  |  |  | Balance, |
|  | Beginning of |  |  | Charged to |  |  | Charged to |  |  |  |  |  | End of |
|  | Year |  |  | Cost or Expense |  |  | Other Accounts |  |  | Deductions |  |  | Year |
Inventory - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reserve for inventory lost or damaged |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2009 |  | $ | 272,025 |  |  | $ | 58,773 |  |  | $ | - |  |  | $ | (163,990 | ) |  | $ | 166,808 |
2010 |  |  | 166,808 |  |  |  | - |  |  |  | - |  |  |  | (166,808 | ) |  |  | -

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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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 3 -Section A -Paragraph 9 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
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