XML 37 R12.htm IDEA: XBRL DOCUMENT

Inventory

12 Months Ended

Dec. 31, 2011

NOTE F – INVENTORY

Our inventory consists of the following:


	2011			2010
Artifacts	$	5,879,137		$	6,203,813
Packaging		159,160			219,101
Merchandise		412,865			486,857
Merchandise reserve		(392,203	)		(479,459	)

Total Inventory	$	6,058,959		$	6,430,312

Based on our estimates of the timing of future sales, $5,501,808 and $6,020,699 of artifact inventory for the fiscal years ended 2011 and 2010 were classified as non-current.

We have capitalized deferred recovery costs of approximately $2.6 million related to the "Black Swan" project that have been reserved for at 100 %. The reserve and capitalized deferred recovery costs will be eliminated once we exhaust all potential to secure ownership rights.

- 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+ Details