Quarterly report pursuant to Section 13 or 15(d)

NOTE 2: INVENTORIES

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NOTE 2: INVENTORIES
3 Months Ended
Mar. 31, 2015
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]
NOTE 2:                      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 business segments decreased from December 31, 2014, $349,000 in the Training and Simulation Division and $371,000 in the Battery Division:
 

 
 
March 31, 2015
 
 
December 31, 2014
 
 
 
(Unaudited)
 
 
 
 
Raw and packaging materials
 
$
6,573,446
 
 
$
8,195,623
 
Work in progress
 
 
2,101,486
 
 
 
683,083
 
Finished products
 
 
416,922
 
 
 
933,077
 
Total:
 
$
9,091,854
 
 
$
9,811,783