Quarterly report pursuant to sections 13 or 15(d)

Inventories

Inventories

3 Months Ended

Mar. 31, 2013

4.	Inventories:

Inventories consist of the following:


	(Unaudited)
	March 31 2013			December 31, 2012
Raw materials	$	1,298,351		$	1,552,267
Finished goods		2,606,721			2,693,439

		3,905,072			4,245,706
Less: inventory reserve		(1,493,579	)		(1,669,253	)

Net inventories	$	2,411,493		$	2,576,453

During March 2013, the Company notified Seesmart’s logistics supplier of the Company’s intent to terminate its relationship. At March 31, 2013, all inventories were returned to Seesmart.

- 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.

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