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INVENTORIES | 6 Months Ended
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Jun. 30, 2018
Inventory Disclosure [Abstract] |
INVENTORIES | 6. INVENTORIES The components of inventories are summarized below:
|  | June 30, |  |  | December 31, |
|  | 2018 |  |  | 2017 |
|  | (Unaudited) |  |  |  |
Raw materials |  | $ | 10,551 |  |  | $ | 9,229 |
Work in process |  |  | 3,709 |  |  |  | 3,295 |
Finished goods |  |  | 13,341 |  |  |  | 10,919 |
Provision for excess and obsolete inventory |  |  | (428 | ) |  |  | (251 | )
Total inventories |  | $ | 27,173 |  |  | $ | 23,192 |
Inventories are stated at the lower of cost as net realizable basis determined on a FIFO method. Included in raw materials and finished goods at June 30, 2018 and December 31, 2017 are goods in transit of approximately $4.8 million and $3.1 million, respectively. At June 30, 2018 and December 31, 2017, raw materials in the amount of $4.7 million and $3.0 million, respectively, not pledged to our secured creditor were used for collateral to secure short term borrowings under a product financing arrangement. This short term borrowing agreement provides the Company with the ability to acquire raw materials utilized in connection with its manufacturing process. The Company generally satisfies its obligations within 60 days of the initial borrowings, which yields an interest expense that is immaterial. The aggregate borrowings under this agreement amounted to $3.7 million and $5.4 million as of June 30, 2018 and December 31, 2017, respectively.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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