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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2015		Three Months Ended September 30, 2014		Nine Months ended September 30, 2015		Nine Months ended September 30, 2014
Number of significant customers		2		3		2		2
Aggregate dollar amount of net sales to significant customers		$5.1 million		$6.0 million		$10.3 million		$9.0 million
Percentage of net sales to significant customers		53.5%		55.0%		46.0%		37.6%

Schedule of earnings per share

		Three Months Ended September 30, 2015			Three Months Ended September 30, 2014			Nine Months Ended September 30, 2015			Nine Months Ended September 30, 2014
Net income (loss)	$	(254,826	)	$	371,425		$	5,239,459		$	(3,056,790	)
Preferred dividend requirements		(227,499	)		(228,999	)		(682,802	)		(686,997	)

Earnings (loss) applicable to common shareholders after assumed conversions	$	(482,325	)	$	142,426		$	4,556,657		$	(3,743,787	)

Average common shares outstanding		27,873,447			27,394,061			27,759,333			27,326,966

Average common and common equivalent shares outstanding – assuming dilution		27,873,447			29,173,359			29,436,008			27,326,966

Basic earnings (loss) per share	$	(0.02	)	$	0.01		$	0.16		$	(0.14	)

Diluted earnings (loss) per share	$	(0.02	)	$	0.00		$	0.15		$	(0.14	)