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

 

 

Three Months ended
September 30, 2014

 

Three Months ended
September 30, 2013

 

Nine Months ended
September 30, 2014

 

Nine Months ended
September 30, 2013

 

Number of significant customers

 
3 

 
3 

 
2 

 
2 

 

Aggregate dollar amount of net sales to significant customers

 

$6.0 million

 

$4.3 million

 

$9.0 million

 

$7.6 million

 

Percentage of net sales to significant customers

 
55.0% 

 
47.4% 

 
37.6% 

 
32.9% 

 

 

Schedule of earnings per share

 

 

Three Months
Ended
September 30, 2014

 

 

Three Months
Ended
September 30, 2013

 

 

Nine Months
Ended
September 30, 2014

 

 

Nine Months
Ended
September 30, 2013

 

Net income (loss)

$
371,425

 

$
(940,384

)

$
(3,056,790

)

$
(4,788,653

)

Preferred dividend requirements

 
(228,999

)

 
(228,999

)

 
(686,997

)

 
(687,065

)

Income (loss) applicable to common shareholders after assumed conversions

$
142,426

 

$
(1,169,383

)

$
(3,743,787

)

$
(5,475,718

)

Average common shares outstanding

 
27,394,061

 

 
26,719,608

 

 
27,326,966

 

 
27,000,158

 

Average common and common equivalent shares outstanding – assuming dilution

 
29,173,359

 

 
26,719,608

 

 
27,326,966

 

 
27,000,158

 

Basic earnings (loss) per share

$
0.01

 

$
(0.04

)

$
(0.14

)

$
(0.20

)

Diluted earnings (loss) per share

$
0.00

 

$
(0.04

)

$
(0.14

)

$
(0.20

)