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INVENTORIES | 12 Months Ended
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Jun. 30, 2014
Notes to Financial Statements |
INVENTORIES (IN THOUSANDS, EXCEPT EARNINGS PER SHARE AND NUMBER OF SHARES) | Inventories consisted of the following:
|  | For the Year Ended June 30, |
|  | 2014 |  |  | 2013 |
Raw materials |  | $ | 1,165 |  |  | $ | 1,072 |
Work in progress |  |  | 583 |  |  |  | 1,930 |
Finished goods |  |  | 184 |  |  |  | 356 |
Less: provision for obsolete inventory |  |  | (844 | ) |  |  | (912 | )
Currency translation effect |  |  | 18 |  |  |  | 17 |
|  | $ | 1,106 |  |  | $ | 2,463 |
The following table represents the changes in provision for obsolete inventory:
| For the Year Ended June 30, |
| 2014 |  | 2013 |
Beginning | $ | 912 |  |  | $ | 884 |
Additions charged to expenses |  | - |  |  |  | 38 |
Usage - disposition |  | (76 | ) |  |  | (14 | )
Currency translation effect |  | 8 |  |  |  | 4 |
Ending | $ | 844 |  |  | $ | 912 |

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- 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 Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.6) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 6 -Subparagraph a, b, c -Article 5 + Details
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