INVENTORY |
12 Months Ended |
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Dec. 31, 2015 | |
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| INVENTORY |
NOTE 3 – INVENTORY
As of December 31, 2015 and 2014, the Company has $131,759 and $144,893, respectively of finished goods inventory. And $372,187 and $0 of work in process inventory, respectively. Inventory is carried at the lower of cost or market.
During the year ended December 31, 2015 the Company determined that it was in its best interest to no longer pursue the marketing and production of two of its initial products. As of December 31, 2015, the Company impaired the remaining $42,232 of inventory to cost of goods. |
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- Definition The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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