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Note 5 - Inventories

12 Months Ended

Dec. 31, 2011

Note 5 - Inventories

Inventories consist of:

	2011			2010

Raw materials	$	1,986,880		$	2,010,820
Work-in-process*		507,943			1,388,516
Finished goods		37,250			180,526
Totals		2,532,073			3,579,862
Less: Reserve for Obsolescence		(300,000	)		(100,000	)
	$	2,232,073		$	3,479,862

*See supplemental cash flow information

Idle inventory of $975,000 includes $1,150,000 of equipment returned from a terminated contract less $175,000 which was disposed of during the quarter ended December 31, 2011. This inventory was valued at the lower of cost or market. (See Note 17)

- 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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