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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 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

	Nine Months ended September 30, 2012	Nine Months ended September 30, 2011	Three Months ended September 30, 2012	Three Months ended September 30, 2011
Number of significant customers	3	4	2	3
Aggregate dollar amount of net sales to significant customers	$10.6 million	$13.0 million	$3.4 million	$4.1 million
Percentage of net sales to significant customers	41.3%	50.1%	35.6%	49.6%

Schedule of earnings per share

		Three Months Ended September 30, 2012			Three Months Ended September 30, 2011			Nine Months Ended September 30, 2012			Nine Months Ended September 30, 2011
Net income (loss)	$	(272,961	)	$	1,828,444		$	(1,592,020	)	$	4,399,273
Preferred dividend requirements		(229,527	)		(342,217	)		(688,581	)		(1,026,651	)
Effect of dilutive securities:
Convertible debt interest and loan fees		—			2,259			—			(6,955	)
Earnings (loss) available to common shareholders	$	(502,488	)	$	1,488,486		$	(2,280,601	)	$	3,365,667
Average common shares outstanding		26,972,818			24,027,053			25,870,073			24,005,761
Dilutive stock equivalents from stock options		—			1,815,360			—			2,250,601
Shares issuable upon conversion of convertible debt		—			108,391			—			108,391
Average common and common equivalent shares outstanding - assuming dilution		26,972,818			25,950,804			25,870,073			26,364,753
Basic earnings (loss) per share	$	(0.02	)	$	0.06		$	(0.09	)	$	0.14
Diluted earnings (loss) per share	$	(0.02	)	$	0.06		$	(0.09	)	$	0.13

- Definition

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.

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- Definition

Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.

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