Quarterly report pursuant to Section 13 or 15(d)

INVENTORY

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INVENTORY
6 Months Ended
Jun. 30, 2015
Notes to Financial Statements  
Note 6. INVENTORY

Inventory consists of raw materials for Edible Garden’s herb product lines and IVXX’s line of cannabis pure concentrates. Work-In-Progress consists of live plants grown for Edible Garden’s herb product line. Cost of goods sold is calculated using the average costing method. We review our inventory periodically to determine net realizable value. We write down inventory, if required, based on forecasted demand. These factors are impacted by market and economic conditions, new products introductions, and require estimates that may include uncertain elements. Inventory at June 30, 2015 and December 31, 2014 consisted of the following: 

 

    June 30,     December 31,  
    2015     2014  
 Raw Materials   $ 346,024     $ 479,682  
 Work-In-Progress     209,720       190,498  
    $ 555,744     $ 670,180