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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2014

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, 2014		Six Months ended June 30, 2013		Three Months ended June 30, 2014		Three Months ended June 30, 2013
Number of significant customers		1		2		1		2
Aggregate dollar amount of net sales to significant customers		$3.8 million		$4.7 million		$2.1 million		$3.0 million
Percentage of net sales to significant customers		29.7%		33.8%		30.6%		44.5%

Schedule of earnings per share

		Three Months Ended June 30, 2014			Three Months Ended June 30, 2013			Six Months Ended June 30, 2014			Six Months Ended June 30, 2013
Net loss	$	(1,389,823	)	$	(2,438,736	)	$	(3,428,215	)	$	(3,848,269	)
Preferred dividend requirements		(228,999	)		(228,999	)		(457,998	)		(458,067	)
Loss applicable to common shareholders after assumed conversions	$	(1,618,822	)	$	(2,667,735	)	$	(3,886,213	)	$	(4,306,336	)
Average common shares outstanding		27,332,483			27,042,370			27,295,586			27,140,433
Average common and common equivalent shares outstanding - assuming dilution		27,332,483			27,042,370			27,295,586			27,140,433
Basic loss per share	$	(0.06	)	$	(0.10	)	$	(0.14	)	$	(0.16	)
Diluted loss per share	$	(0.06	)	$	(0.10	)	$	(0.14	)	$	(0.16	)

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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