Inventories

The Company's net inventories consisted of the following as of December 31:



	2016		2015

Raw materials and work in process	$	2,810,711	$	2,576,621
Consigned inventory	277,324		235,636
Finished goods	2,283,694		1,457,886
Total inventories	$	5,371,729	$	4,270,143

Caldolor inventory on hand at December 31, 2015 and earlier, had varying original expiration dates ranging from the second quarter of 2014 and extending through January 2016. During 2013 and again in 2014, the Company provided stability data to the Food and Drug Administration ("FDA") supporting the extension of the Caldolor product expiration dates by an additional year to January 2017. The FDA notified the Company that it had approved both requests to extend the original shelf life of the Caldolor 800mg vials from five to six years in January 2014 and from six to seven years in March 2015. During 2016, the Company began to receive new Caldolor 800 mg supplies, with a six year shelf life and began to sell the new inventory in the United States.

At December 31, 2016 and 2015, the Company has recognized and maintained cumulative charges for potential obsolescence and discontinuance losses, primarily for Caldolor prior to December 31, 2015, of approximately $0.3 million and $2.7 million, respectively.

In connection with the acquisition of certain product rights related to the Kristalose brand, the Company is responsible for the purchase of the active pharmaceutical ingredient ("API") for Kristalose and maintains the inventory at the third-party packager. As the API is consumed in production, the value of the API is transferred from raw materials to finished goods. API for the Company's Vaprisol brand is also included in the raw materials inventory total at December 31, 2016 and 2015. Consigned inventory represents Authorized Generic inventory stored with Perrigo until shipment.