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3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2012
Summary Of Significant Accounting Policies Tables |
Credit and Concentration Risks | There were three customers that represented 65.3% and 75.5% of total sales for the years ended December 31, 2012 and 2011, respectively. This is set forth in the table below.
Customer |  | Percentage of Sales |
|  | 2012 |  |  | 2011 |
1 |  |  | 27.6 |  |  |  | 44.4 |
2 |  |  | 26.3 |  |  |  | 19.2 |
3 |  |  | 11.4 |  |  |  | 11.9 |
There were three customers that represented 54.6% of gross accounts receivable at December 31, 2012 and five customers that represented 82.2% of gross accounts receivable at December 31, 2011. This is set forth in the table below. F-9
Customer |  | Percentage of Receivables |
|  | December |  |  | December |
|  | 2012 |  |  | 2011 |
1 |  |  | 25.3 |  |  |  | 26.2 |
2 |  |  | 18.6 |  |  |  | 12.9 |
3 |  |  | 10.7 |  |  |  | 18.3 |
4 |  |  | * |  |  |  | 13.3 |
5 |  |  | * |  |  |  | 11.5 |
* Customer was less than 10% of receivables at December 31, 2012
Earnings per share | The following is a reconciliation of the denominators of basic and diluted earnings per share computations:
|  | 2012 |  |  | 2011 |
Weighted average shares outstanding used to compute basic earning per share |  |  | 4,680,581 |  |  |  | 3,579,114 |
Effect of dilutive stock options and warrants |  |  | 78,665 |  |  |  | 140 |
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share |  |  | 4,759,246 |  |  |  | 3,579,254 |
Anti-dilutive Securities | The following securities have been excluded from the calculation as their effect would be anti-dilutive:
|  | December 31, |
|  | 2012 |  |  | 2011 |
Stock Options |  |  | 11,948 |  |  |  | 291,316 |
Warrants |  |  | 118,835 |  |  |  | 19,865 |
|  |  | 130,783 |  |  |  | 311,181 |

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