Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Information

v3.19.1
Balance Sheet Information
6 Months Ended
Mar. 31, 2019
Balance Sheet Information [Abstract]  
Balance Sheet Information

Note 5 – Balance Sheet Information



Inventory



Inventories are valued at the lower of cost or net realizable value.  The cost is determined using the first-in, first-out (“FIFO”) method.  Inventories are also written down for management’s estimates of product which will not sell prior to its expiration date.  Write-downs of inventories establish a new cost basis which is not increased for future increases in the net realizable value of inventories or changes in estimated obsolescence.



Inventory consisted of the following at March 31, 2019 and September 30, 2018:  







 

 

 

 

 



March 31,

 

September 30,



2019

 

2018

FC2

 

 

 

 

 

Raw material

$

599,772 

 

$

366,220 

Work in process

 

62,710 

 

 

77,669 

Finished goods

 

2,786,083 

 

 

2,232,864 

Inventory, gross

 

3,448,565 

 

 

2,676,753 

Less: inventory reserves

 

(451,041)

 

 

(391,861)

FC2, net

 

2,997,524 

 

 

2,284,892 

PREBOOST®

 

 

 

 

 

Finished goods

 

677 

 

 

17,138 

Inventory, net

$

2,998,201 

 

$

2,302,030 



Fixed Assets



We record equipment, furniture and fixtures, and leasehold improvements at historical cost.  Expenditures for maintenance and repairs are recorded to expense. Depreciation and amortization are primarily computed using the straight-line method.  Depreciation and amortization are computed over the estimated useful lives of the respective assets which range as follows:







 



 

Manufacturing equipment

510 years

Office equipment

35 years

Furniture and fixtures

710 years



Leasehold improvements are depreciated on a straight-line basis over the lesser of the remaining lease term or the estimated useful lives of the improvements.



Plant and equipment consisted of the following at March 31, 2019 and September 30, 2018:







 

 

 

 

 

 



 

March 31,
2019

 

September 30,
2018



 

 

 

 

 

 

Equipment, furniture and fixtures

 

$

4,018,333 

 

$

4,018,284 

Leasehold improvements

 

 

287,686 

 

 

287,686 



 

 

4,306,019 

 

 

4,305,970 

Less: accumulated depreciation and amortization

 

 

(3,985,217)

 

 

(3,901,418)

Plant and equipment, net

 

$

320,802 

 

$

404,552