Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES

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INVENTORIES
9 Months Ended
Sep. 30, 2018
Inventory Disclosure [Abstract]  
INVENTORIES
INVENTORIES
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:
 
September 30, 2018
 
December 31, 2017
Raw and packaging materials
$
7,212,539

 
$
6,843,479

Work in progress
2,157,068

 
718,085

Finished products
380,152

 
1,093,314

Total:
$
9,749,759

 
$
8,654,878