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Inventories

12 Months Ended

Jun. 30, 2015

Inventory Disclosure [Abstract]

Inventories

3. Inventories – net

The components of inventories include the following:

	June 30, 2015				June 30, 2014
Raw materials	$	1,730,153			$	1,659,893
Work in process		919,444				865,041
Finished goods		812,643				1,063,126
Reserve for obsolescence		(280,863	)			(265,077	)
	$	3,181,377			$	3,322,983

During fiscal 2015 and 2014, the Company evaluated all reserved items and disposed of $85,261 and $77,564, respectively, of inventory parts and wrote them off against the reserve for obsolescence.

The value of tooling in raw materials was approximately $1.06 million at June 30, 2015 and approximately $913,000 at June 30, 2014.

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- References

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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 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 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

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