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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2013
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

 

 

 

 

Three Months ended
March 31, 2013

 

Three Months ended
March 31, 2012

 

Number of significant customers

 

1

 

3

 

Aggregate dollar amount of net sales to significant customers

 

$1.4 million

 

$3.2 million

 

Percentage of net sales to significant customers

 

19.2%

 

42.7

%

 
Schedule of earnings per share

 

 

 

 

Three Months
Ended
March 31, 2013

 

 

Three Months
Ended
March 31, 2012

 

Net loss

$

(1,409,533

)

$

(714,429

)

Preferred dividend requirements

 

(229,068

)

 

(229,527

)

Loss available to common shareholders after assumed conversions

$

(1,638,601

)

$

(943,956

)

Average common shares outstanding

 

27,238,495

 

 

25,318,700

 

Average common and common equivalent shares outstanding - assuming dilution

 

27,238,495

 

 

25,318,700

 

Basic loss per share

$

(0.06

)

$

(0.04

)

Diluted loss per share

$

(0.06

)

$

(0.04

)