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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2016

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, 2016		Three Months ended March 31, 2015
Number of significant customers		3		3
Aggregate dollar amount of net sales to significant customers		$3.1 million		$3.5 million
Percentage of net sales to significant customers		52.6%		57.4%

Schedule of earnings per share

		Three Months Ended March 31, 2016			Three Months Ended March 31, 2015
Net loss	$	(939,091	)	$	(944,345	)
Preferred dividend requirements		(176,249	)		(227,749	)

Loss applicable to common shareholders after assumed conversions	$	(1,115,340	)	$	(1,172,094	)

Average common shares outstanding		28,624,874			27,663,500

Average common and common equivalent shares outstanding — assuming dilution		28,624,874			27,663,500

Basic loss per share	$	(0.04	)	$	(0.04	)

Diluted loss per share	$	(0.04	)	$	(0.04	)