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Inventories - net | 12 Months Ended
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Jun. 30, 2014
Inventory Disclosure [Abstract] |
Inventories - net | 3. Inventories – net The components of inventories include the following:
|  | June 30, 2014 |  | June 30, 2013
Raw materials |  | $ | 1,659,893 |  |  | $ | 628,956 |
Work in process |  |  | 865,041 |  |  |  | 493,536 |
Finished goods |  |  | 1,063,126 |  |  |  | 874,311 |
Reserve for obsolescence |  |  | (265,077 | ) |  |  | (226,122 | )
|  | $ | 3,322,983 |  |  | $ | 1,770,681 |
During fiscal years 2014 and 2013, the Company evaluated all reserved items and disposed of $77,564 and $9,174, respectively, of parts and wrote them off against the reserve. In the second quarter of fiscal 2014, gross tooling costs of $889,000, less accumulated amortization of approximately $463,000, were reclassified from fixed assets and $20,102 was reclassified from prepaid expenses into inventory. The value of tooling in raw materials was $912,573 at June 30, 2014. Inventory increase $1.55 million from June 30, 2013 primarily due to higher tool inventory, the start-up of the LPOI2 Zhenjiang facility and the ramp up of infrared production. $913,000 of this inventory change was related to tooling. $466,000 was due to a re-class of tooling from fixed assets and prepaid expenses to inventory. The remainder of the tooling change was due to a business decision to increase the level of raw material used in the fabrication of our tooling.

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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 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: 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 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 + Details
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