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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Schedule of inventories |
|  | 2017 |  | 2016 |
Raw materials |  | $ | 13,870,006 |  | $ | 14,533,690 |
Work in process |  | 3,112,407 |  | 4,104,968 |
Finished goods |  | 2,388,496 |  | 2,688,596 |
Reserves |  | (844,187 | ) | (673,413 | )
Total |  | $ | 18,526,722 |  | $ | 20,653,841 |
Schedule of estimated useful lives of property and equipment |
Buildings |  | 39 Years |
Leasehold improvements |  | 3-15 Years |
Manufacturing equipment |  | 3-7 Years |
Office and other equipment |  | 3-7 Years |
Schedule of property and equipment |
|  | 2017 |  | 2016 |
Land |  | $ | 359,500 |  | $ | 375,000 |
Building and Leasehold Improvements |  | 8,826,802 |  | 9,393,092 |
Manufacturing Equipment |  | 21,267,133 |  | 19,632,033 |
Office and Other Equipment |  | 6,034,726 |  | 5,455,459 |
Accumulated Depreciation |  | (26,312,628 | ) | (24,524,750 | )
Total Property and Equipment, net |  | $ | 10,175,533 |  | $ | 10,330,834 |
Schedule of other intangible assets |
|  | December 31, 2017 |
|  |  |  | Gross |  | Accumulated |  | Net Book |
|  |  |  | Carrying |  | Amortization |  | Value |
|  | Years |  | Amount |  | Amount |  | Amount |
Customer Relationships |  | 9 |  | 1,302,000 |  | 361,662 |  | 940,338 |
Intellectual Property |  | 3 |  | 100,000 |  | 27,786 |  | 72,214 |
Trade Names |  | 20 |  | 814,000 |  | 101,750 |  | 712,250 |
Other |  | 7 |  | 13,819 |  | — |  | 13,819 |
Totals |  |  |  | $ | 2,229,819 |  | $ | 491,198 |  | $ | 1,738,621 |
|  | December 31, 2016 |
|  |  |  | Gross |  | Accumulated |  | Net Book |
|  |  |  | Carrying |  | Amortization |  | Value |
|  | Years |  | Amount |  | Amount |  | Amount |
Bond Issue Costs |  | 15 |  | $ | 79,373 |  | $ | 55,561 |  | $ | 23,812 |
Customer Relationships |  | 9 |  | 1,302,000 |  | 216,998 |  | 1,085,002 |
Trade Names |  | 20 |  | 814,000 |  | 61,050 |  | 752,950 |
Totals |  |  |  | $ | 2,195,373 |  | $ | 333,609 |  | $ | 1,861,764 |
Schedule of estimated future amortization expense |
Year |  | Amount |
2018 |  | $ | 218,712 |
2019 |  | 218,712 |
2020 |  | 190,918 |
2021 |  | 185,376 |
2022 |  | 185,376 |
Thereafter |  | 725,708 |
|  | $ | 1,724,802 |
Schedule of reconciliation of basic and diluted share amounts |
|  | 2017 |  | 2016 |
Basic weighted average common shares outstanding |  | 2,745,602 |  | 2,747,424 |
Weighted average common stock equivalents from assumed exercise of stock options |  | — |  | 2,121 |
Diluted weighted average common shares outstanding |  | 2,745,602 |  | 2,749,545 |
Summary of recurring Level 3 fair value measurements of contingent consideration including significant unobservable inputs |
|  | December 31, 2017 |  | December 31, 2016 |
Discount Rate |  | 21.0 | % | 21.0 | %
Probability of payment |  | 33.3 | % | 33.3 | %
Projected fiscal years of payment(s) |  | 2018 - 2019 |  | 2017 - 2019 |
Summary of balance and activity of contingent consideration |
Beginning fair value of contingent liability, December 31, 2015 |  | $ | 851,000 |
Period change in valuation |  | (294,342 | )
Payments |  | (658 | )
Contingent liability balance, December 31, 2016 |  | 556,000 |
Period change in valuation |  | (483,465 | )
Payments |  | (2,579 | )
Contingent liability balance, December 31, 2017 |  | $ | 69,956 |
Balance Sheet Classification |  | 2017 |  | 2016 |
Other Accrued Liabilities |  | $ | 21,956 |  | $ | 21,700 |
Other Long-Term Liabilities |  | 48,000 |  | 534,300 |
Contingent liability balance |  | $ | 69,956 |  | $ | 556,000 |
Schedule of goodwill |
Carrying amount at December 31, 2015 |  | $ | 3,283,454 |
Changes to the carrying amount |  | — |
Carrying amount at December 31, 2016 |  | 3,283,454 |
Impairment of goodwill |  | (908,000 | )
Carrying amount at December 31,2017 |  | $ | 2,375,454 |
|  | Fair value as of mesurement date |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Impairment Charge |
Goodwill |  | $ | 2,375,454 |  | — |  | — |  | $ | 2,375,454 |  | $ | 908,000 |
Schedule of net sales by markets |
|  | 2017 |  | 2016 |
Aerospace and Defense |  | $ | 15,682,635 |  | $ | 16,114,759 |
Medical |  | 51,448,581 |  | 53,835,916 |
Industrial |  | 45,203,533 |  | 46,671,044 |
Total Net Sales |  | $ | 112,334,749 |  | $ | 116,621,719 |
Schedule of noncurrent assets, excluding deferred taxes, by country |
|  | United States |  | Mexico |  | China |  | Total |
December 31, 2017 |  |  |  |  |  |  |  |  |
Property and equipment, net |  | $ | 8,712,902 |  | $ | 1,003,040 |  | $ | 459,591 |  | $ | 10,175,533 |
Other assets |  | 4,114,075 |  | 7,726 |  | — |  | 4,121,801 |
December 31, 2016 |  |  |  |  |  |  |  |  |
Property and equipment, net |  | $ | 8,731,205 |  | $ | 1,238,087 |  | $ | 361,542 |  | $ | 10,330,834 |
Other assets |  | 5,145,218 |  | 7,726 |  | — |  | 5,152,944 |

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