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5. Inventory
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6 Months Ended |
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Jun. 30, 2014
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| Inventory Disclosure [Abstract] | |
| 5. Inventory |
During the second quarter of 2014, the Company began a strategic initiative to restructure its product sales business by phasing out the direct sale of physical products including DVDs and CDs and shifting to a licensing model. On July 14, 2014, the Company employed Stone Newman in the newly created position of President – Worldwide Consumer Products wherein he will manage all consumer products, licensing and merchandising sales and rights for the Company’s brands and programming (See Note 18 – Subsequent Events).
As of June 30, 2014, the Company determined that a portion of its inventory may not be saleable and recorded an additional reserve of $174,963 bringing the total reserve to $274,241. This additional reserve has been recorded as a loss on inventory.
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- Details
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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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