|9 Months Ended|
Sep. 30, 2018
|Inventory Disclosure [Abstract]|
Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out (“FIFO”) method. The Company periodically evaluates the quantities on hand relative to current and historical selling prices and historical and projected sales volume and based on these evaluations, provisions are made in each period to write down inventory to its net realizable value. For the nine months ended September 30, 2018 and 2017, the Company wrote off approximately $558,000 and $26,000, respectively, of obsolete inventory, which has been included in the cost of revenues.
Inventories by component are as follows:
The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef