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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Inventory Valuation
    March 31,   December 31,
    2018   2017
    (unaudited)    
Raw Materials   $ 5,290,000     $ 5,346,000  
Work In Progress     19,065,000       19,947,000  
Finished Goods     10,930,000       10,122,000  
Inventory Reserve     (4,398,000 )     (4,274,000 )
Total Inventory   $ 30,887,000     $ 31,141,000  
Credit and Concentration Risks
Customer   Percentage of Sales
    March 2018   March 2017
     (Unaudited)    (Unaudited)
1   34.5   18.9
2   28.6   21.5
3   10.0   *
4   **   19.9

 

*Customer was less than 10% of sales at March 31, 2017.

**Customer was less than 10% of sales at March 31, 2018. 

 

There were three customers that represented 71.9% of gross accounts receivable and three customers that represented 68.7% of gross accounts receivable at March 31, 2018 and December 31, 2017, respectively. This is set forth in the table below.

 

Customer   Percentage of Receivables
    March 2018   December 2017
    (Unaudited)    
1   43.2   41.9
2   16.3   14.6
3   12.4   *
4   **   12.2

 

*Customer was less than 10% of gross accounts receivable at December 31, 2017.

**Customer was less than 10% of gross accounts receivable at March 31, 2018.
Earnings per share
    March 31, 2018 (Unaudited)   March 31, 2017 (Unaudited)
         
Weighted average shares outstanding used to compute basic earnings per share     26,116,262       7,650,165  
Effect of dilutive stock options and warrants     —       —  
Weighted average shares outstanding and dilutive securities used to compute dilutive earnings per share     26,116,262       7,650,165  
Anti-dilutive Securities

    March 31, 2018   March 31, 2017
    (Unaudited)   (Unaudited)
Stock Options     354,000       513,000  
Warrants     1,480,000       520,000  
      1,834,000       1,033,000  

 

    March 31, 2018   March 31, 2017
    (Unaudited)   (Unaudited)
Convertible Preferred Stock     -       2,517,000  
Stock Options     695,000       3,000  
Warrants     480,000       321,000  
      1,175,000       2,841,000