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Balance Sheets - USD ($)
Jun. 30, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 1,925,179 $ 850,028
Short-term investments 1,984,000 2,489,000
Accounts receivable, net 734,966 1,005,292
Inventory 646,112 945,755
Prepaid expenses and other assets 290,137 148,399
Current portion of deferred tax asset 55,087 30,463
Total current assets 5,635,481 5,468,937
PROPERTY, PLANT AND EQUIPMENT, net 4,816,054 3,837,647
LONG-TERM PORTION OF DEFERRED TAX ASSET 773,326 1,230,340
OTHER ASSETS, net 17,492 18,930
LONG-TERM INVESTMENTS 0 496,000
TOTAL ASSETS 11,242,353 11,051,854
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 503,831 851,677
Current portion of bank debt 79,983 150,382
Deferred revenue 0 6,690
Total current liabilities 583,814 1,008,749
LONG-TERM LIABILITIES:    
Long-term portion of bank debt 717,834 745,920
Interest rate swap 37,006 38,817
Total long-term liabilities 754,840 784,737
TOTAL LIABILITIES 1,338,654 1,793,486
STOCKHOLDERS' EQUITY:    
Common stock, $0.10 par value per share, 8,000,000 shares authorized, 3,261,148 shares issued as of June 30, 2015 and December 31, 2014 326,115 326,115
Capital in excess of par value 10,082,781 10,042,305
Accumulated deficit (1,427) (574,567)
Treasury stock, at cost, 220,114 and 234,114 shares as of June 30, 2015 and December 31, 2014, respectively (481,527) (512,154)
Accumulated other comprehensive loss (22,243) (23,331)
Total stockholders' equity 9,903,699 9,258,368
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 11,242,353 $ 11,051,854