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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of property, plant and equipment

Production equipment		3 to 13 years
Office furniture and equipment		3 to 10 years
Buildings		39 years
Building improvements		15 years
Automobiles		7 years

Schedule of significant customers in 2012 and 2011

		Six Months ended June 30, 2012		Six Months ended June 30, 2011		Three Months ended June 30, 2012		Three Months ended June 30, 2011
Number of significant customers		2		3		3		4
Aggregate dollar amount of net sales to significant customers		$4.9 million		$7.3 million		$3.9 million		$4.8 million
Percentage of net sales to significant customers		30.0%		41.2%		45.2%		59.7%

Schedule of earnings per share

			Three Months Ended June 30, 2012			Three Months Ended June 30, 2011			Six Months Ended June 30, 2012			Six Months Ended June 30, 2011
Net income (loss)		$	(604,630	)	$	846,872		$	(1,319,059	)	$	2,570,829
Preferred dividend requirements			(229,527	)		(342,217	)		(459,054	)		(684,434	)

			Three Months Ended June 30, 2012			Three Months Ended June 30, 2011			Six Months Ended June 30, 2012			Six Months Ended June 30, 2011
Effect of dilutive securities: Convertible debt interest and loan fees			—			—			—			(613	)
Earnings (loss) available to common shareholders after assumed conversions		$	(834,157	)	$	504,655		$	(1,778,113	)	$	1,885,782
Average common shares outstanding			25,318,700			24,004,118			25,318,700			23,995,116
Dilutive stock equivalents from stock options			—			2,184,958			—			2,443,619
Shares issuable upon conversion of convertible debt			—			—			—			134,778
Average common and common equivalent shares outstanding - assuming dilution			25,318,700			26,189,076			25,318,700			26,573,513
Basic earnings (loss) per share		$	(0.03	)	$	0.02		$	(0.07	)	$	0.08
Diluted earnings (loss) per share		$	(0.03	)	$	0.02		$	(0.07	)	$	0.07

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Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References

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-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.



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