Quarterly report pursuant to Section 13 or 15(d)

NOTE 3: INVENTORIES

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NOTE 3: INVENTORIES
3 Months Ended
Mar. 31, 2017
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]
NOTE 3:          INVENTORIES

Inventories are stated at the lower of cost or market value. Cost is determined using the average cost method or the FIFO method. The Company periodically evaluates the quantities on hand relative to current and historical selling prices and historical and projected sales volume. Based on these evaluations, provisions are made in each period to write down inventory to its net realizable value. Inventory write-offs are provided to cover risks arising from slow-moving items, technological obsolescence, excess inventories, and for market prices lower than cost. Inventories in the Training and Simulation Division decreased $151,000 from December 31, 2016 and decreased $368,000 in the Power Systems Division in that same time period:

   
March 31, 2017
   
December 31, 2016
 
   
(Unaudited)
       
Raw and packaging materials
 
$
8,439,929
   
$
8,512,006
 
Work in progress
   
707,051
     
917,582
 
Finished products
   
651,577
     
888,433
 
Total:
 
$
9,798,557
   
$
10,318,021