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FINANCING ARRANGEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2017
FINANCING ARRANGEMENTS |
Summary of long-term debt balances |
|  | December 31, |  | December 31, |
|  | 2017 |  | 2016 |
Term note payable - Bank of America |  |  |  |  |
Real estate term note bearing interest at one-month LIBOR + 2.25% (4.5% as of December 31, 2017) maturing June 15, 2022 with monthly payments of approximately $41,000 plus interest secured by substantially all assets. |  | $ | 4,751,054 |  | $ | — |
Term notes payable - Wells Fargo Bank, N.A. |  |  |  |  |
Real estate term notes bearing interest at three month LIBOR + 2.75% paid in full in 2017 via refinancing with Bank of America |  | — |  | 2,415,428 |
Equipment notes bearing interest at three month LIBOR + 2.75% paid in full in 2017 via refinancing with Bank of America |  | — |  | 2,489,624 |
Industrial revenue bond payable to the City of Blue Earth, Minnesota which bears a variable interest rate had a maturity date on June 1, 2021, with principal of $80,000 payable annually on June 1. Bond redeemed on August 15, 2017. |  | — |  | 200,000 |
Devicix Acquistion Note 1 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019. |  | 393,834 |  | 643,585 |
Devicix Acquistion Note 2 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019. |  | 511,984 |  | 836,661 |
|  | 5,656,872 |  | 6,585,298 |
Discount on Devicix Notes Payable |  | (62,776 | ) | (102,424 | )
Debt issuance Costs |  | (238,468 | ) | (25,896 | )
Total long-term debt |  | 5,355,628 |  | 6,456,978 |
Current maturities of long-term debt |  | (1,002,586 | ) | (1,565,347 | )
Long-term debt - net of current maturities |  | $ | 4,353,042 |  | $ | 4,891,631 |
Schedule of future maturity requirements for long-term debt |
Years Ending December 31, |  | Amount |
2018 |  | $ | 1,095,722 |
2019 |  | 805,880 |
2020 |  | 497,892 |
2021 |  | 497,892 |
2022 |  | 497,892 |
Future |  | 2,261,594 |
|  | $ | 5,656,872 |
Schedule of future minimum non-cancelable capital leases |
Years Ending |  |  |
December 31, |  | Amount |
2018 |  | $ | 386,657 |
2019 |  | 393,960 |
2020 |  | 393,960 |
2021 |  | 393,960 |
2022 |  | 255,331 |
Total noncancelable future lease commitments |  | $ | 1,823,868 |
Less: interest |  | (226,077 | )
Present value of obligations under capital leases |  | $ | 1,597,791 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 + Details
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