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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 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

 

 

 

Years Ended December 31,

 

 

 

2013

 

2012

 

2011

 

Number of significant customers

 

2

 

3

 

4

 

Aggregate dollar amount of net sales to significant customers

 

$9.3 million

 

$13.7 million

 

$16.2 million

 

Percentage of net sales to significant customers

 

30.2%

 

40.6%

 

50.6%

 
Schedule of earnings per share

 

 

 

Years Ended December 31,

 

 

 

2013

 

 

2012

 

 

2011

 

Net income (loss)

$

 

(6,213,852

)

$

 

(4,132,892

)

$

 

1,418,482

 

Preferred dividend requirements

 

(916,065

)

 

(918,108

)

 

(964,047

)

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Convertible debt interest and loan fees

 

—

 

 

—

 

 

(10,120

)

Earnings (loss) applicable to common shareholders after assumed conversions

$

 

(7,129,917

)

$

 

(5,051,000

)

$

 

444,315

 

Average common shares outstanding

 

26,999,698

 

 

26,219,728

 

 

24,171,238

 

Dilutive stock equivalents from stock options

 

—

 

 

—

 

 

2,101,825

 

Shares issuable upon conversion of convertible debt

 

—

 

 

—

 

 

81,723

 

Average common and common equivalent shares outstanding - assuming dilution

 

26,999,698

 

 

26,219,728

 

 

26,354,786

 

Basic earnings (loss) per share

$

 

(0.26

)

$

 

(0.19

)

$

 

0.02

 

Diluted earnings (loss) per share

$

 

(0.26

)

$

 

(0.19

)

$

 

0.02