XML 42 R29.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 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

		Years Ended December 31,
		2016			2015			2014
Number of significant customers		1			2			3
Aggregate dollar amount of net sales to significant customers		$	9.4 million		$	13.5 million		$	16.5 million
Percentage of net sales to significant customers		31.4		%	45.7		%	47.9		%

Schedule of earnings (loss) per share

		Years Ended December 31,
		2016			2015			2014
Net income (loss)		$	(3,694,907	)	$	4,314,318		$	(2,354,605	)
Preferred dividend requirements		(704,996		)	(709,351		)	(915,225		)
Deemed capital contribution on extinguishment of preferred stock		—			2,305,678			—

Income (loss) applicable to common shareholders after assumed conversions		$	(4,399,903	)	$	5,910,645		$	(3,269,830	)

Average common shares outstanding		29,354,437			27,822,593			27,375,450

Average common and common equivalent shares outstanding - assuming dilution		29,354,437			29,481,294			27,375,450

Basic earnings (loss) per share		$	(0.15	)	$	0.21		$	(0.12	)

Diluted earnings (loss) per share		$	(0.15	)	$	0.20		$	(0.12	)

Schedule of share-based compensation costs

		Years Ended December 31,
		2016			2015			2014
Cost of sales		$	141,782		$	—		$	—
Sales and marketing		77,583			—			—
Research and development		23,623			—			—
General and administrative		144,738			—			—

		$	387,726		$	—		$	—