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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 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

		Six Months ended June 30, 2013		Six Months ended June 30, 2012		Three Months ended June 30, 2013		Three Months ended June 30, 2012
Number of significant customers		2		2		2		3
Aggregate dollar amount of net sales to significant customers		$4.7 million		$4.9 million		$3.0 million		$3.9 million
Percentage of net sales to significant customers		33.8%		30.0%		44.5%		45.2%

Schedule of earnings per share

		Three Months Ended June 30, 2013			Three Months Ended June 30, 2012			Six Months Ended June 30, 2013			Six Months Ended June 30, 2012
Net loss	$	(2,438,736	)	$	(604,630	)	$	(3,848,269	)	$	(1,319,059	)
Preferred dividend requirements		(228,999	)		(229,527	)		(458,067	)		(459,054	)
Loss available to common shareholders after assumed conversions	$	(2,667,735	)	$	(834,157	)	$	(4,306,336	)	$	(1,778,113	)
Average common shares outstanding		27,042,370			25,318,700			27,140,433			25,318,700

		Three Months Ended June 30, 2013			Three Months Ended June 30, 2012			Six Months Ended June 30, 2013			Six Months Ended June 30, 2012
Average common and common equivalent shares outstanding - assuming dilution		27,042,370			25,318,700			27,140,433			25,318,700
Basic loss per share	$	(0.10	)	$	(0.03	)	$	(0.16	)	$	(0.07	)
Diluted loss per share	$	(0.10	)	$	(0.03	)	$	(0.16	)	$	(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

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.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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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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