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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 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 |
|  | Years Ended December 31, |
|  | 2015 |  | 2014 |  | 2013 |
Number of significant customers |  | 2 |  | 3 |  | 2 |
Aggregate dollar amount of net sales to significant customers |  | $ | 13.5 million |  | $ | 16.5 million |  | $ | 9.3 million |
Percentage of net sales to significant customers |  | 45.7 | % | 47.9 | % | 30.2 | %
Schedule of earnings per share |
|  | Years Ended December 31, |
|  | 2015 |  | 2014 |  | 2013 |
Net income (loss) |  | $ | 4,314,318 |  | $ | (2,354,605 | ) | $ | (6,213,852 | )
Preferred dividend requirements |  | (709,351 | ) | (915,225 | ) | (916,065 | )
Deemed capital contribution on extinguishment of preferred stock |  |  | 2,305,678 |  |  | — |  |  | — |
Income (loss) applicable to common shareholders after assumed conversions |  | $ | 5,910,645 |  | $ | (3,269,830 | ) | $ | (7,129,917 | )
Average common shares outstanding |  | 27,822,593 |  | 27,375,450 |  | 26,999,698 |
Average common and common equivalent shares outstanding - assuming dilution |  | 29,481,294 |  | 27,375,450 |  | 26,999,698 |
Basic earnings (loss) per share |  | $ | 0.21 |  | $ | (0.12 | ) | $ | (0.26 | )
Diluted earnings (loss) per share |  | $ | 0.20 |  | $ | (0.12 | ) | $ | (0.26 | )

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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 + Details
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