Quarterly report pursuant to Section 13 or 15(d)

NOTE 3: INVENTORIES

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NOTE 3: INVENTORIES
6 Months Ended
Jun. 30, 2016
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 at June 30, 2016 and December 31, 2015 were the following:

 
 
June 30, 2016
   
December 31, 2015
 
 
 
(Unaudited)
       
Raw and packaging materials
 
$
8,432,003
   
$
8,184,476
 
Work in progress
   
612,885
     
760,585
 
Finished products
   
628,344
     
662,775
 
Total:
 
$
9,673,232
   
$
9,607,836