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INVENTORIES

12 Months Ended

Dec. 31, 2014

6. INVENTORIES

Inventories consist of the following:

	December 31,
	2013		2014
Raw materials	$	2,084,050	$	1,362,944
Work-in-process		4,666,821		5,411,360
Finished goods		3,749,385		2,807,480

Total	$	10,500,256	$	9,581,784

Inventory write-down was $14,821,620, $29,905,734 and $175,568 for the years ended December 31, 2012, 2013 and 2014, respectively.

- 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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