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Note 5 - Inventories

6 Months Ended

Jun. 30, 2011

NOTE 5: INVENTORIES

Inventories consist of:

	June 30, 2011			December 31, 2010
	(Unaudited)

Raw materials	$	1,977,747		$	2,010,820
Work-in-process		1,184,560			1,388,516
Finished goods		42,848			180,526
Totals		3,205,155			3,579,862
Less: Reserve for obsolescence		(200,000	)		(100,000	)
	$	3,005,155		$	3,479,862

During the six months ended June 30, 2011, the Company recorded certain inventory write-downs of $560,000. The Company did not record any inventory write-down during the six months ended June 30, 2010.

Idle inventory includes $1,150,000 of equipment returned from a terminated contract which was valued at the lower of cost or market. (See Note 12)

- 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.

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