Quarterly report pursuant to Section 13 or 15(d)

Inventories

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Inventories
9 Months Ended
Dec. 31, 2011
Inventories [Abstract]  
Inventories
2. 
Inventories:

Inventories are stated at the lower of cost or market. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis and includes material, labor and manufacturing overhead costs. Any excess and obsolete provision is only released if and when the related inventory is sold or scrapped.  The Company did not sell or scrap previously reserved inventory during the nine months ended December 31, 2011 and 2010.  The inventory provision balance for the periods ended December 31, 2011 and 2010 was $0 and $547, respectively.  The inventory provision for the nine month period ended December 31, 2010 was related to the DRIE products, which were sold in the prior fiscal year.
 
Net inventories for the periods presented were zero.  All remaining inventory was included in the sale of the DRIE related assets in the prior fiscal year.

Prior to the sale of the DRIE assets in the prior fiscal year, the Company periodically analyzed any systems that were in finished goods inventory to determine if they were suitable for current customer requirements.  At that time, the Company's policy was that, if after approximately 18 months, it determines that a sale will not take place within the next twelve months and the system would be useable for customer demonstrations or training, it is transferred to fixed assets.  Otherwise, it was expensed.