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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2017

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

Schedule of significant customers

		Three Months ended September 30, 2017		Three Months ended September 30, 2016		Nine Months ended September 30, 2017		Nine Months ended September 30, 2016
Number of significant customers		3		2		2		1
Aggregate dollar amount of net sales to significant customers		$5.1 million		$3.5 million		$9.4 million		$7.1 million
Percentage of net sales to significant customers		49.1%		39.3%		37.5%		31.6%

Schedule of earnings per share

		Three Months Ended September 30, 2017			Three Months Ended September 30, 2016			Nine Months Ended September 30, 2017			Nine Months Ended September 30, 2016
Net loss	$	(66,626	)	$	(125,304	)	$	(2,605,917	)	$	(1,721,089	)
Preferred dividend requirements		(176,249	)		(176,249	)		(528,747	)		(528,747	)
Loss applicable to common shareholders after assumed conversions	$	(242,875	)	$	(301,553	)	$	(3,134,664	)	$	(2,249,836	)
Average common shares outstanding		32,166,454			29,649,874			31,722,010			29,252,652
Average common and common equivalent shares outstanding – assuming dilution		32,166,454			29,649,874			31,722,010			29,252,652
Basic loss per share	$	(0.01	)	$	(0.01	)	$	(0.10	)	$	(0.08	)
Diluted loss per share	$	(0.01	)	$	(0.01	)	$	(0.10	)	$	(0.08	)

Schedule of share-based compensation costs

		Three Months Ended September 30, 2017			Three Months Ended September 30, 2016			Nine Months Ended September 30, 2017			Nine Months Ended September 30, 2016
Cost of sales	$	74,683		$	37,995		$	270,800		$	37,995
Sales and marketing		38,578			20,723			143,255			20,723
Research and development		12,458			6,310			45,174			6,310
General and administrative		56,832			19,623			193,631			19,623
	$	182,551		$	84,651		$	652,860		$	84,651

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Tabular disclosure of the useful life of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.

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