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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2015
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
March 31, 2015

 

 

Three Months
ended
March 31, 2014

 

Number of significant customers

 
3 

 

 
3 

 

Aggregate dollar amount of net sales to significant customers

 

$3.5 million

 

 

$3.0 million

 

Percentage of net sales to significant customers

 
57.4% 

 

 
49.1% 

 

 

Schedule of earnings per share

 

 

 

 

Three Months
Ended
March 31, 2015

 

 

Three Months
Ended
March 31, 2014

 

Net loss

 

$
(944,345

) 

$
(2,038,392

)

Preferred dividend requirements

 

 
(227,749

) 

 
(228,999

)

Loss applicable to common shareholders after assumed conversions

 

$
(1,172,094

) 

$
(2,267,391

)

Average common shares outstanding

 

 
27,663,500

 

 
27,258,689

 

Average common and common equivalent shares outstanding — assuming dilution

 

 
27,663,500

 

 
27,258,689

 

Basic loss per share

 

$
(0.04

) 

$
(0.08

)

Diluted loss per share

 

$
(0.04

) 

$
(0.08

)