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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 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

 

 

 

 

Nine Months ended
September 30, 2013

 

Nine Months ended
September 30, 2012

 

Three Months ended
September 30, 2013

 

Three Months ended
September 30, 2012

 

Number of significant customers

 

2

 

3

 

3

 

2

 

Aggregate dollar amount of net sales to significant customers

 

$7.6 million

 

$10.6 million

 

$4.3 million

 

$3.4 million

 

Percentage of net sales to significant customers

 

32.9%

 

41.3%

 

47.4%

 

35.6%

 
Schedule of earnings per share

 

 

 

 

Three Months
Ended
September 30, 2013

 

 

Three Months
Ended
September 30, 2012

 

 

Nine Months
Ended
September 30, 2013

 

 

Nine Months
Ended
September 30, 2012

 

Net loss

$

(940,384

)

$

(272,961

)

$

(4,788,653

)

$

(1,592,020

)

Preferred dividend requirements

 

(228,999

)

 

(229,527

)

 

(687,065

)

 

(688,581

)

Loss applicable to common shareholders

$

(1,169,383

)

$

(502,488

)

$

(5,475,718

)

$

(2,280,601

)

Weighted average common shares outstanding - basic and diluted

 

26,719,608

 

 

26,972,818

 

 

27,000,158

 

 

25,870,073

 

Basic loss per share

$

(0.04

)

$

(0.02

)

$

(0.20

)

$

(0.09

)

Diluted loss per share

$

(0.04

)

$

(0.02

)

$

(0.20

)

$

(0.09

)