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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 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

 

 

 

Years Ended December 31,

 

 

 

2014

 

2013

 

2012

 

Number of significant customers

 
3 

 
2 

 
3 

 

Aggregate dollar amount of net sales to significant customers

 

$

16.5 million

 

$

9.3 million

 

$

13.7 million

 

Percentage of net sales to significant customers

 
47.9 

%
30.2 

%
40.6 

%

 

Schedule of earnings per share

 

 

 

Years Ended December 31,

 

 

 

2014

 

2013

 

2012

 

Net loss

 

$
(2,354,605

)

$
(6,213,852

)

$
(4,132,892

)

Preferred dividend requirements

 
(915,225

)
(916,065

)
(918,108

)

Loss applicable to common shareholders after assumed conversions

 

$
(3,269,830

)

$
(7,129,917

)

$
(5,051,000

)

Average common shares outstanding

 
27,375,450

 
26,999,698

 
26,219,728

 

Average common and common equivalent shares outstanding - assuming dilution

 
27,375,450

 
26,999,698

 
26,219,728

 

Basic loss per share

 

$
(0.12

)

$
(0.26

)

$
(0.19

)

Diluted loss per share

 

$
(0.12

)

$
(0.26

)

$
(0.19

)