0000930413-15-004337.txt : 20151116 0000930413-15-004337.hdr.sgml : 20151116 20151116171958 ACCESSION NUMBER: 0000930413-15-004337 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20150930 FILED AS OF DATE: 20151116 DATE AS OF CHANGE: 20151116 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WIRELESS TELECOM GROUP INC CENTRAL INDEX KEY: 0000878828 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 222582295 STATE OF INCORPORATION: NJ FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-11916 FILM NUMBER: 151236287 BUSINESS ADDRESS: STREET 1: EAST 64 MIDLAND AVE CITY: PARAMUS STATE: NJ ZIP: 07652 BUSINESS PHONE: 2012618797 MAIL ADDRESS: STREET 1: EAST 64 MIDLAND AVE CITY: PARAMUS STATE: NJ ZIP: 07652 FORMER COMPANY: FORMER CONFORMED NAME: NOISE COM INC/NJ DATE OF NAME CHANGE: 19930328 10-Q 1 c82979_10q.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the quarterly period ended September 30, 2015

OR

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	For the transition period from to

Commission file number

1-11916

WIRELESS TELECOM GROUP, INC.

(Exact name of registrant as specified in its charter)


New Jersey		22-2582295
(State or Other Jurisdiction		(I.R.S. Employer
of Incorporation or Organization)		Identification No.)
25 Eastmans Road Parsippany, New Jersey		07054
(Address of Principal Executive Offices)		(Zip Code)

(973) 386-9696

(Registrant’s Telephone Number, Including Area Code)

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (see the definitions of “large accelerated filer, accelerated filer and smaller reporting company” in Rule 12b-2 of the Exchange Act). (Check one):

Large accelerated filer o

Accelerated filer o

Non-accelerated filer o

Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

Number of shares of Common Stock outstanding as of November 9, 2015: 19,626,455

WIRELESS TELECOM GROUP, INC.

Table of Contents

PART I. FINANCIAL INFORMATION	Page

Item 1 – Financial Statements:

Condensed Consolidated Balance Sheets as of September 30, 2015 (unaudited) and December 31, 2014	3

Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2015 (unaudited) and 2014 (unaudited)	4

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2015 (unaudited) and 2014 (unaudited)	5

Condensed Consolidated Statement of Shareholders’ Equity for the Nine Months Ended September 30, 2015 (unaudited)	6

Notes to Interim Condensed Consolidated Financial Statements (unaudited)	7

Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations	18

Item 3 – Quantitative and Qualitative Disclosures About Market Risk	24

Item 4 – Controls and Procedures	24

PART II. OTHER INFORMATION

Item 1 – Legal Proceedings	25

Item 1A – Risk Factors	25

Item 2 – Unregistered Sales of Equity Securities and Use of Proceeds	25

Item 3 – Defaults Upon Senior Securities	25

Item 4 – Mine Safety Disclosures	25

Item 5 – Other Information	25

Item 6 – Exhibits	25

Signatures	27

Exhibit Index	28

PART 1 – FINANCIAL INFORMATION

Item 1 – Financial Statements

WIRELESS TELECOM GROUP, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

- ASSETS -

	September 30,			December 31,
	2015			2014
	(unaudited)
CURRENT ASSETS:
Cash and cash equivalents	$	10,778,097		$	10,723,513
Accounts receivable - net of allowance for doubtful accounts of $56,333 and $51,421 for 2015 and 2014, respectively		5,537,793			5,106,241
Inventories		8,716,387			8,541,077
Deferred income taxes - current		901,269			2,026,269
Prepaid expenses and other current assets		326,289			835,250
TOTAL CURRENT ASSETS		26,259,835			27,232,350
PROPERTY, PLANT AND EQUIPMENT - NET		1,722,181			1,689,289
OTHER ASSETS:
Goodwill		1,351,392			1,351,392
Deferred income taxes - non-current		6,171,458			5,263,380
Other assets		693,153			752,511
TOTAL OTHER ASSETS		8,216,003			7,367,283
TOTAL ASSETS	$	36,198,019		$	36,288,922

- LIABILITIES AND SHAREHOLDERS’ EQUITY -
CURRENT LIABILITIES:
Accounts payable	$	1,355,739		$	1,185,230
Accrued expenses and other current liabilities		539,486			1,307,043
Equipment leases payable - current		50,457			134,230
TOTAL CURRENT LIABILITIES		1,945,682			2,626,503

LONG TERM LIABILITIES:
Deferred rent		22,301			—
Equipment leases payable		—			32,054

COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred stock, $.01 par value, 2,000,000 shares authorized, none issued		—			—
Common stock, $.01 par value, 75,000,000 shares authorized, 29,640,891 and 29,510,891 shares issued, 19,626,455 and 19,496,455 shares outstanding, respectively		296,409			295,109
Additional paid-in-capital		39,775,698			39,530,325
Retained earnings		13,477,170			13,124,172
Treasury stock at cost, 10,014,436 shares		(19,319,241	)		(19,319,241	)
TOTAL SHAREHOLDERS’ EQUITY		34,230,036			33,630,365
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	36,198,019		$	36,288,922

The accompanying notes are an integral part of these condensed consolidated financial statements.

WIRELESS TELECOM GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	For the Three Months				For the Nine Months
	Ended September 30,				Ended September 30,
	2015		2014		2015		2014

NET SALES	$	8,339,155	$	11,372,215	$	25,180,143	$	30,996,462

COST OF SALES		4,715,944		5,607,564		14,126,798		16,036,139

GROSS PROFIT		3,623,211		5,764,651		11,053,345		14,960,323

OPERATING EXPENSES
Research and development		1,026,580		863,011		2,899,481		2,542,112
Sales and marketing		1,224,559		1,359,197		3,911,997		4,058,417
General and administrative		1,209,672		1,416,873		3,592,847		4,163,800
TOTAL OPERATING EXPENSES		3,460,811		3,639,081		10,404,325		10,764,329

OPERATING INCOME		162,400		2,125,570		649,020		4,195,994

OTHER EXPENSE - NET		5,880		27,568		2,913		65,396

NET INCOME BEFORE INCOME TAXES		156,520		2,098,002		646,107		4,130,598

PROVISION FOR INCOME TAXES		81,381		1,114,828		293,109		1,991,535

NET INCOME	$	75,139	$	983,174	$	352,998	$	2,139,063

INCOME PER COMMON SHARE:

BASIC	$	0.00	$	0.05	$	0.02	$	0.10

DILUTED	$	0.00	$	0.05	$	0.02	$	0.10

The accompanying notes are an integral part of these condensed consolidated financial statements.

WIRELESS TELECOM GROUP, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	For the Nine Months
	Ended September 30,
	2015			2014

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net income	$	352,998		$	2,139,063
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		338,826			361,760
Share-based compensation expense		223,273			234,801
Deferred rent		22,301			—
Deferred income taxes		216,922			1,536,650
Provision for doubtful accounts		4,912			(68,077	)
Inventory reserves		35,599			318,397
Changes in assets and liabilities:
Accounts receivable		(436,464	)		(1,280,746	)
Inventories		(210,909	)		(1,112,649	)
Prepaid expenses and other assets		568,319			55,685
Accounts payable		170,509			568,208
Accrued expenses and other current liabilities		(767,557	)		(146,850	)
Net cash provided by operating activities		518,729			2,606,242

CASH FLOWS (USED) BY INVESTING ACTIVITIES
Capital expenditures		(371,718	)		(267,328	)

CASH FLOWS (USED) BY FINANCING ACTIVITIES
Proceeds from exercise of stock options		23,400			117,000
Repayments of equipment lease payable		(115,827	)		(108,211	)
Repurchase of common stock - 0 and 4,815,110 shares, respectively		—			(9,630,219	)
Net cash (used by) financing activities		(92,427	)		(9,621,430	)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		54,584			(7,282,516	)

Cash and cash equivalents, at beginning of period		10,723,513			16,599,249

CASH AND CASH EQUIVALENTS, AT END OF PERIOD	$	10,778,097		$	9,316,733

SUPPLEMENTAL INFORMATION:

Cash paid during the period for income taxes	$	63,762		$	448,617

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures	$	—		$	(149,432	)

Equipment lease payable	$	—		$	149,432

The accompanying notes are an integral part of these condensed consolidated financial statements.

WIRELESS TELECOM GROUP, INC.

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(unaudited)

	Common Stock Issued		Common Stock Amount		Additional Paid In Capital			Retained Earnings		Treasury Stock			Total Shareholders’ Equity
Balances at December 31, 2014		29,510,891	$	295,109	$	39,530,325		$	13,124,172	$	(19,319,241	)	$	33,630,365

Net income		—		—		—			352,998		—			352,998
Stock issued under equity compensation plan		100,000		1,000		(1,000	)		—		—			—
Stock options exercised		30,000		300		23,100			—		—			23,400
Share-based compensation expense		—		—		223,273			—		—			223,273

Balances at September 30, 2015		29,640,891	$	296,409	$	39,775,698		$	13,477,170	$	(19,319,241	)	$	34,230,036

The accompanying notes are an integral part of these condensed consolidated financial statements.

WIRELESS TELECOM GROUP, INC.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES

The condensed consolidated balance sheet as of September 30, 2015, the condensed consolidated statements of operations for the three and nine-month periods ended September 30, 2015 and 2014, the condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2015 and 2014, and the condensed consolidated statement of shareholders’ equity for the nine-month period ended September 30, 2015 have been prepared by the Company (as defined below) without audit. The condensed consolidated financial statements include the accounts of Wireless Telecom Group, Inc., which operates one of its product lines under the trade name Noisecom, Inc. (“Noisecom”), and its wholly-owned subsidiaries Boonton Electronics Corporation (“Boonton”), Microlab/FXR (“Microlab”), WTG Foreign Sales Corporation and NC Mahwah, Inc., which are collectively referred to herein as, the “Company”. All intercompany transactions and balances have been eliminated in consolidation.

In the opinion of management, the accompanying condensed consolidated financial statements referred to above contain all necessary adjustments, consisting of normal accruals and recurring entries, which are necessary to fairly present the Company’s results for the interim periods being presented.

The accounting policies followed by the Company are set forth in Note 1 to the Company’s financial statements included in its annual report on Form 10-K for the year ended December 31, 2014. Specific reference is made to that report since certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) have been condensed or omitted from this report.

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including inventory valuation, accounts receivable valuation, valuation of deferred tax assets and estimated fair values of stock options) and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates.

The results of operations for the three and nine-month periods ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year ending December 31, 2015.

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable.

The Company maintains significant cash investments primarily with two financial institutions, which at times may exceed federally insured limits. The Company performs periodic evaluations of the relative credit rating of these institutions as part of its investment strategy.

The Company has limited concentration of credit risk in accounts receivable due to the large number of entities comprising our customer base and their dispersion across many different industries and geographies. Credit evaluations are performed on customers requiring credit over a certain amount. Credit risk is mitigated to a lesser extent through collateral such as letters of credit, bank guarantees or payment terms like cash in advance. Credit evaluation is performed independent of the Company’s sales team to ensure segregation of duties.

For the three and nine-months ended September 30, 2015, no customer accounted for 10% or more of the Company’s consolidated sales. For the three and nine-months ended September 30, 2014, one customer accounted for 10% and 11% of the Company’s consolidated sales, respectively. At September 30, 2015, no customer represented 10% or more of the Company’s gross accounts receivable. However, at December 31, 2014, one customer represented 11% of the Company’s gross accounts receivable balance.

The carrying amounts of cash and cash equivalents, trade receivables, other current assets and accounts payable approximate fair value due to the short-term nature of these instruments.

The Company considers all highly liquid investments purchased with maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of bank and money market accounts.

WIRELESS TELECOM GROUP, INC.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Continued)

Management has evaluated subsequent events and determined that there were no subsequent events or transactions requiring recognition or disclosure in the condensed consolidated financial statements through the date the financial statements were issued.

NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS

In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Simplifying the Measurement of Inventory.” ASU 2015-11 applies to inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments in ASU 2015-11 more closely align the measurement of inventory in US GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company is in the process of evaluating the impact of this ASU on its consolidated financial statements.

In June 2014, the FASB issued ASU 2014-12, “Compensation-Stock Compensation” (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period - Consensus of the FASB Emerging Issues Task Force. ASU 2014-12 requires an entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Additionally, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved, and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered; if the performance target becomes probable of being achieved before the end of the requisite service period, then the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. Finally, the total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest, and should be adjusted to reflect those awards that ultimately vest. An entity is required to adopt ASU 2014-12 for annual and interim periods beginning after December 15, 2015. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. The guidance, as stated in ASU 2014-09, is effective for annual and interim periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which defers the effective date by one year, with early adoption on the original effective date permitted. The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial statements, but does not expect the impact to be material.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed consolidated financial statements.

NOTE 3 – INCOME TAXES

The Company records deferred taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Accounting for Income Taxes.” ASC 740 requires recognition of deferred tax assets and liabilities for temporary differences between tax basis of assets and liabilities and the amounts at which they are carried in the financial statements, based upon the enacted rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. The Company periodically assesses the value of its deferred tax assets and determines the necessity for a valuation allowance.

WIRELESS TELECOM GROUP, INC.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 3 – INCOME TAXES (Continued)

The Company has a domestic net operating loss carryforward at September 30, 2015 of approximately $17,000,000 which expires in 2029. The Company also has a German net operating loss carryforward at September 30, 2015 of approximately $23,400,000.

Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in the appropriate tax jurisdictions in future years to obtain benefit from the reversal of net deductible temporary differences and from utilization of net operating losses. The Company’s valuation allowance of $7,012,134 is associated with the Company’s German net operating loss carryforward from an inactive German entity. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income are changed. As of September 30, 2015, management believes that it is more likely than not that the Company will fully realize the benefits of its deferred tax asset associated with its domestic net operating loss carryforward.

The deferred income tax assets (liabilities) are summarized as follows:

	September 30,			December 31,
Net deferred tax asset:	2015			2014
Uniform capitalization of inventory costs for tax purposes	$	165,160		$	168,119
Reserves on inventories		429,138			414,898
Allowance for doubtful accounts		22,533			20,568
Accruals		15,000			240,000
Tax effect of goodwill		(498,515)			(471,487	)
Deferred rent		10,036			—
Book depreciation over tax		(7,708	)		(17,699	)
Net operating loss carryforward		13,949,217			13,947,384
		14,084,861			14,301,783
Valuation allowance for deferred tax assets		(7,012,134	)		(7,012,134	)
	$	7,072,727		$	7,289,649

Under ASC 740, the Company must recognize the tax benefit from an uncertain position only if it is more-likely-than-not the tax position will be sustained on examination by the taxing authority, based on the technical merits of the position. The tax benefits recognized in the financial statements attributable to such position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon the ultimate resolution of the position.

The components of income tax expense related to income from operations are as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Current:
Federal	$	—	$	34,650	$	17,457	$	68,455
State		14,154		199,240		58,730		386,430
Deferred:
Federal		58,689		795,495		193,406		1,366,520
State		8,538		85,443		23,516		170,130
	$	81,381	$	1,114,828	$	293,109	$	1,991,535

The Company has analyzed its filing positions in all of the Federal and state jurisdictions where it is required to file income tax returns. As of September 30, 2015 and December 31, 2014, the Company has identified its Federal tax return and its state tax return in New Jersey as “major” tax jurisdictions, as defined, in which it is required to file income tax returns. Based on the evaluations noted above, the Company has concluded that there are no significant uncertain tax positions requiring recognition or disclosure in its condensed consolidated financial statements.

WIRELESS TELECOM GROUP, INC.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 4 - INCOME PER COMMON SHARE

Basic earnings per share is calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are calculated by using the weighted average number of shares of common stock outstanding and, when dilutive, potential shares from stock options and warrants to purchase common stock, using the treasury stock method.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014

Weighted average common shares outstanding		19,626,455		19,419,063		19,549,532		21,044,296
Potentially dilutive stock options		523,507		1,010,588		915,384		1,184,725
Weighted average common shares outstanding, assuming dilution		20,149,962		20,429,651		20,464,916		22,229,021

Common stock options are included in the diluted earnings per share calculation when the various option exercise prices are less than their relative average market price during the periods presented in this quarterly report. The weighted average number of shares of common stock underlying options not included in diluted earnings per share, because the effects are anti-dilutive, was 2,061,830 and 1,708,802 for the three-months ended September 30, 2015 and 2014, respectively. For the nine-months ended September 30, 2015 and 2014, the weighted average number of shares of common stock underlying options not included in diluted earnings per share was 1,691,515 and 1,627,182, respectively.

NOTE 5 – INVENTORIES

Inventory carrying value is net of inventory reserves of $1,072,846 and $1,037,247 at September 30, 2015 and December 31, 2014, respectively.

Inventories consist of:	September 30,		December 31,
	2015		2014

Raw materials	$	4,282,986	$	4,161,734
Work-in-process		732,975		735,364
Finished goods		3,700,426		3,643,979
	$	8,716,387	$	8,541,077

NOTE 6 - GOODWILL

Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase business combination. Goodwill is not amortized but rather is reviewed for impairment at least annually or more frequently if a triggering event occurs. Management first makes a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test described below. If, based on the qualitative assessment, the estimated fair value is well in excess of its carrying amount, management will not perform a quantitative assessment. If, however, the conclusion is that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, management then performs a two-step goodwill impairment test. Under the first step, the fair value of the reporting unit is compared with its carrying value, and, if an indication of goodwill impairment exists for the reporting unit, the Company must perform step two of the impairment test (measurement).

Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill as determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit’s goodwill.

WIRELESS TELECOM GROUP, INC.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 6 – GOODWILL (Continued)

The Company’s goodwill balance of $1,351,392 at September 30, 2015 and December 31, 2014 relates to one of the Company’s reporting units, Microlab. Management’s qualitative assessment performed in the fourth quarter of 2014 did not indicate any impairment of Microlab’s goodwill as its fair value is estimated to be in excess of its carrying value. Furthermore, no events have occurred since then that would change this assessment.

NOTE 7 - ACCOUNTING FOR SHARE BASED COMPENSATION

The Company follows the provisions of ASC 718, “Share-Based Payment.” The Company’s results for the three and nine-month periods ended September 30, 2015 include share-based compensation expense totaling $51,347 and $223,273, respectively. Results for the three and nine-month periods ended September 30, 2014 include share-based compensation expense totaling $154,268 and $234,801, respectively. Such amounts have been included in the Condensed Consolidated Statements of Operations within operating expenses.

Incentive Compensation Plan:

In 2012, the Company’s Board of Directors and shareholders approved the 2012 Incentive Compensation Plan (the “Initial 2012 Plan”), which provides for the grant of restricted stock awards, non-qualified stock options and incentive stock options in compliance with the Internal Revenue Code of 1986, as amended, to employees, officers, directors, consultants and advisors of the Company who are expected to contribute to the Company’s future growth and success. When originally approved, the Initial 2012 Plan provided for the grant of awards relating to 2,000,000 shares of common stock, plus those shares still available under the Company’s prior incentive compensation plan. In June 2014, the Company’s shareholders approved the Amended and Restated 2012 Incentive Compensation Plan (the “2012 Plan”) allowing for an additional 1,658,045 shares of the Company’s common stock to be available for future grants under the 2012 Plan. As of September 30, 2015, there were 2,364,000 shares available for issuance under the 2012 Plan, including those shares available under the Company’s prior incentive compensation plan as of such date.

All service-based options granted have ten-year terms from the date of grant and vest annually and become fully exercisable after a maximum of five years. Performance-based options granted have ten-year terms and vest and become fully exercisable when determinable performance targets are achieved. Performance targets are agreed to, and approved by, the Company’s Board of Directors.

Provisions of the 2012 Plan require that all awards that are stock options be made at exercise prices equal to or greater than the fair market value on the date of the grant. The Company did not grant stock option awards during either of the nine-month periods ended September 30, 2015 and 2014.

The following summarizes the components of share-based compensation expense by equity type for the three and nine-months ended September 30:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2015			2014		2015		2014
Service-based Restricted Common Stock	$	55,500		$	49,800	$	155,100	$	130,333
Performance-based Restricted Common Stock		(636	)		17,700		11,620		17,700
Performance-based Stock Options		(3,517	)		86,768		56,553		86,768
Total Share-Based Compensation Expense	$	51,347		$	154,268	$	223,273	$	234,801

Stock-based compensation for the three and nine-months ended September 30, 2015 and 2014 is included in general and administrative expenses in the accompanying condensed consolidated statement of operations.

WIRELESS TELECOM GROUP, INC.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 7 - ACCOUNTING FOR SHARE BASED COMPENSATION (Continued)

Restricted Common Stock Awards:

In June 2015, the Company granted 100,000 shares of restricted common stock to certain non-employee directors of the Company under the 2012 Plan. The shares were granted at a price of $2.22 per share and will fully vest on the date of the Company’s next annual shareholders meeting to be held in June 2016 (assuming continued service through such date), or a vesting period of approximately one year. The total compensation expense to be recognized over the vesting period is $222,000.

				Weighted Average
Non-vested Restricted Shares	Number of Shares			Grant Date Fair Value
Non-vested at January 1, 2015		180,000		$	2.09
Granted		100,000		$	2.22
Forfeited		(13,000	)	$	1.77
Vested		(80,000	)	$	2.49
Non-vested at September 30, 2015		187,000		$	2.01

Under the terms of the performance-based restricted common stock award agreements (pertaining to the 100,000 shares of restricted stock granted in 2013), the restricted stock will fully vest and become exercisable on the date on which the Company’s Board of Directors shall have determined that specific financial milestones have been met, provided the employee remains in the employ of the Company at such time; provided, however, upon a Change in Control (as defined in the award agreements and the 2012 Plan), the restricted stock shall automatically vest as permitted by the 2012 Plan. The Company’s Board of Directors adopted specific revenue and earnings performance targets as vesting conditions. During the first quarter of 2015, management determined the performance conditions related to these restricted stock awards are probable to be achieved by the year ending 2020. As a result, the Company adjusted the amortization of the fair market value of these awards over the revised implicit service period from December 2017 to December 2020. If management determines in future periods the achievement of performance conditions are probable to occur sooner than expected, the Company will accelerate the expensing of any unamortized balance as of that determination date.

As of September 30, 2015, the unearned compensation related to Company granted restricted common stock was $284,271 of which $166,500 (pertaining to 100,000 service-based restricted common stock awards) will be amortized on a straight-line basis through the date of the Company’s next annual shareholders meeting scheduled to be held in June 2016, the vesting date. The remaining balance of $117,771 (pertaining to 87,000 performance-based shares of restricted common stock awarded in 2013) will be amortized on a straight-line basis through December 31, 2020, the revised implicit service period.

Performance-Based Stock Option Awards:

A summary of performance-based stock option activity, and related information for the nine-months ended September 30, 2015 follows:

				Weighted Average
	Options			Exercise Price
Outstanding, January 1, 2015		2,070,000		$	1.33
Granted		50,000		$	1.83
Exercised		(30,000	)	$	0.78
Forfeited		(125,000	)	$	1.77
Expired		—			—
Outstanding, September 30, 2015		1,965,000		$	1.32

Options exercisable:
September 30, 2015		1,090,000		$	0.96

WIRELESS TELECOM GROUP, INC.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 7 - ACCOUNTING FOR SHARE BASED COMPENSATION (Continued)

The aggregate intrinsic value of performance-based stock options outstanding (regardless of whether or not such options are exercisable) as of September 30, 2015 and December 31, 2014 was $595,650 and $2,792,690, respectively. The aggregate intrinsic value of performance-based stock options exercisable as of September 30, 2015 and December 31, 2014 was $595,650 and $1,882,550, respectively.

Under the terms of the performance-based stock option agreements, the awards will fully vest and become exercisable on the date on which the Company’s Board of Directors shall have determined that specific financial performance milestones have been met, provided the employee remains in the employ of the Company at such time; provided, however, upon a Change in Control (as defined in the stock option agreements and the 2012 Plan), the stock options shall automatically vest as permitted by the 2012 Plan. During the first quarter of 2015, management determined the performance conditions related to these stock option awards are probable to be achieved by the year ending 2020. As a result, the Company adjusted the amortization of the fair market value of these awards over the revised implicit service period from December 2017 to December 2020. If management determines in future periods the achievement of performance conditions are probable to occur sooner than expected, the Company will accelerate the expensing of any unamortized balance as of that determination date.

On September 8, 2015, the Company granted performance-based stock options to acquire 50,000 shares of common stock at an exercise price of $1.83 per share, which represents the closing price of the Company’s common stock as reported on the NYSE MKT on September 8, 2015, the date of grant. The per share fair-value of these performance-based options granted during the three-month period ended September 30, 2015 was $1.03. The per share fair-value was estimated on the date of grant using the Black-Scholes option pricing method and included the following range of assumptions; dividend yield 0%, risk-free interest rate of 1.53% and expected option life of 4 years. Volatility assumption was 75.46% and the forfeiture rate was assumed to be 0%.

As of September 30, 2015, the unearned compensation related to the 950,000 performance-based stock options granted in August 2013 (with a weighted average per share exercise price of $1.77) and the 50,000 performance-based stock options granted in September 2015 (with a weighted average per share exercise price of $1.83) is $550,122 and $51,527, respectively, which will be amortized on a straight-line basis through December 31, 2020, the implicit service period.

The Company’s performance-based stock options granted prior to 2013 (consisting of 1,090,000 options) are fully amortized.

Service-Based Stock Option Awards:

A summary of service-based stock option activity, and related information for the nine-months ended September 30, 2015 follows:

				Weighted Average
	Options			Exercise Price
Outstanding, January 1, 2015		522,000		$	2.51
Granted		—			—
Exercised		—			—
Forfeited		—			—
Expired		(144,000	)	$	2.33
Outstanding, September 30, 2015		378,000		$	2.58

Options exercisable:
September 30, 2015		378,000		$	2.58

The aggregate intrinsic value of service-based stock options exercisable as of September 30, 2015 and December 31, 2014 was $0 and $102,640, respectively.

At September 30, 2015, the Company’s service-based stock options are fully amortized.

WIRELESS TELECOM GROUP, INC.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 8 – SEGMENT INFORMATION

The operating businesses of the Company are segregated into two reportable segments: (i) network solutions; and (ii) test and measurement. The network solutions segment is comprised primarily of the operations of Wireless Telecom Group Inc.’s subsidiary, Microlab. The test and measurement segment is comprised primarily of the operations of Wireless Telecom Group, Inc. which operates the Noisecom product line and the operations of its subsidiary, Boonton.

The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. The Company allocates resources and evaluates the performance of segments based on income or loss from operations, excluding interest, corporate expenses and other income (expenses).

Financial information by reportable segment for the three and nine-months ended September 30, 2015 and 2014:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Net sales by segment:
Network solutions	$	5,481,651		$	8,034,568		$	16,708,137		$	22,026,239
Test and measurement		2,857,504			3,337,647			8,472,006			8,970,223
Total consolidated net sales of reportable segments	$	8,339,155		$	11,372,215		$	25,180,143		$	30,996,462

Segment income:
Network solutions	$	901,277		$	2,772,136		$	2,596,224		$	6,484,802
Test and measurement		34,818			405,543			389,030			622,290
Income from reportable segments		936,095			3,177,679			2,985,254			7,107,092

Other unallocated amounts:
Corporate expenses		(773,695	)		(1,052,109	)		(2,336,234	)		(2,911,098	)
Other (expense) - net		5,880			(27,568	)		(2,913	)		(65,396	)
Consolidated income before income tax provision	$	156,520		$	2,098,002		$	646,107		$	4,130,598

Depreciation and amortization by segment:
Network solutions	$	58,317		$	42,828		$	164,447		$	117,942
Test and measurement		56,754			82,124			174,379			243,818
Total depreciation and amortization for reportable segments	$	115,071		$	124,952		$	338,826		$	361,760
Capital expenditures by segment:
Network solutions	$	91,000		$	35,317		$	266,599		$	198,008
		—			35,057			105,119			69,320
Total consolidated capital expenditures by reportable segment	$	91,000		$	70,374		$	371,718		$	267,328

WIRELESS TELECOM GROUP, INC.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 8 – SEGMENT INFORMATION (Continued)

Financial information by reportable segment as of September 30, 2015 and December 31, 2014:

	2015		2014
Total assets by segment:
Network solutions	$	11,066,273	$	11,088,332
Test and measurement		7,112,772		7,006,853
Total assets for reportable segments		18,179,045		18,095,185

Corporate assets, principally cash and cash equivalents and deferred and current taxes		18,018,974		18,193,737

Total consolidated assets	$	36,198,019	$	36,288,922

Net consolidated sales by region were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
Sales by region	2015		2014		2015		2014
Americas	$	6,539,352	$	8,521,225	$	19,161,206	$	23,624,414
Europe, Middle East, Africa (EMEA)		1,284,596		1,752,637		4,579,863		4,556,438
Asia Pacific (APAC)		515,207		1,098,353		1,439,074		2,815,610
Total Sales	$	8,339,155	$	11,372,215	$	25,180,143	$	30,996,462

Net sales are attributable to a geographic area based on the destination of the product shipment. The majority of shipments in the Americas are to customers located within the United States. For the three-months ended September 30, 2015 and 2014, sales in the United States for all reportable segments amounted to $6,087,609 and $8,089,561, respectively. For the nine-months ended September 30, 2015 and 2014, sales in the United States for all reportable segments amounted to $17,494,870 and $22,138,237, respectively. Shipments to the EMEA region were largely concentrated in two countries, Israel and Germany. For the three-months ended September 30, 2015, sales to Israel and Germany for all reportable segments amounted to $338,867 and $229,682 of all shipments to the EMEA region, respectively. For the three-months ended September 30, 2014, sales to Israel and Germany for all reportable segments amounted to $625,217 and $262,790, respectively of all shipments to the EMEA region. For the nine-months ended September 30, 2015, sales to Israel and Germany amounted to $1,247,182 and $891,234 of all the shipments to the EMEA region, respectively. For the nine-months ended September 30, 2014, sales to Israel and Germany amounted to $1,248,059 and $1,005,477, respectively of all shipments to the EMEA region. Shipments to the APAC region were largely concentrated in China. For the three-months ended September 30, 2015 and 2014, sales in China for all reportable segments amounted to $303,263 and $526,927, respectively. For the nine-months ended September 30, 2015 and 2014, sales in China for all reportable segments amounted to $900,592 and $1,049,909, respectively.

NOTE 9 - COMMITMENTS AND CONTINGENCIES

Warranties:

The Company typically provides one-year warranties on all of its products covering both parts and labor. The Company, at its option, repairs or replaces products that are defective during the warranty period if the proper preventive maintenance procedures have been followed by its customers. Historically, the Company’s warranty expense has been minimal.

WIRELESS TELECOM GROUP, INC.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 9 - COMMITMENTS AND CONTINGENCIES (Continued)

Leases:

In May 2015, the Company and its landlord entered into a lease agreement to remain at its principal corporate headquarters in Hanover Township, Parsippany, New Jersey through March 31, 2023. Monthly lease payments range from approximately $33,000 in year one to approximately $41,000 in year eight. Additionally, the Company has available an allowance of approximately $300,000 towards alterations and improvements to the premises through November 30, 2016. The lease can be renewed at the Company’s option for one five-year period at fair market value to be determined at term expiration.

The following is a summary of the Company’s contractual obligations as of September 30, 2015:

Table of Contractual Obligations

			Payments by Period
			Less than						More than
	Total		1 Year		1-3 Years		4-5- Years		5 Years
Facility Leases	$	3,355,885	$	405,873	$	1,292,148	$	927,332	$	730,532
Operating and Equipment Leases		201,955		63,776		138,179		—		—
	$	3,557,840	$	469,649	$	1,430,327	$	927,332	$	730,532

Environmental Contingencies:

In 1982, the Company and the New Jersey Department of Environmental Protection (the “NJDEP”) agreed upon a plan to correct ground water contamination at a site, formerly leased by Boonton, located in the township of Parsippany-Troy Hills, pursuant to which wells have been installed by the Company. The plan contemplates that the wells will be operated and that soil and water samples will be taken and analyzed until such time that contamination levels are satisfactory to the NJDEP. In 2014, the Company received approval for a groundwater permit from the NJDEP to carry out the final Remedial Action Work Plan and report. Under the final phase of the Remedial Action Work Plan, there will be limited and reduced monitoring and testing as long as concentrations at the site continue on a decreasing trend.

While management anticipates that the expenditures in connection with this site will not be substantial in future years, the Company could be subject to significant future liabilities and may incur significant future expenditures if further contaminants from Boonton’s testing are identified and the NJDEP requires additional remediation activities. Management is unable to estimate future remediation costs, if any, at this time. The Company will continue to be liable under the plan, in all future years, until such time as the NJDEP releases it from all obligations applicable thereto.

At this time, the Company believes that it is in material compliance with all environmental laws, does not anticipate any material expenditure to meet current or pending environmental requirements, and generally believes that its processes and products do not present any unusual environmental concerns. Besides the matter referred to above with the NJDEP, the Company is unaware of any existing, pending or threatened contingent liability that may have a material adverse effect on its ongoing business operations.

Line of Credit:

The Company maintains a line of credit with a bank. The credit facility provides borrowing availability of up to 100% of the Company’s money market account balance and 99% of the Company’s short-term investment securities (U.S. Treasury bills) and, under the terms and conditions of the loan agreement, the facility is fully secured by the Company’s money fund account and short-term investment holdings held with the bank. Advances under the facility will bear interest at a variable rate equal to the London InterBank Offered Rate (“LIBOR”) in effect at the time of borrowing. Additionally, under the terms and conditions of the loan agreement, there is no annual fee and any amount outstanding under the loan facility may be paid at any time in whole or in part without penalty.

WIRELESS TELECOM GROUP, INC.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 9 - COMMITMENTS AND CONTINGENCIES (Continued)

As of September 30, 2015, the Company had no borrowings outstanding under the facility and approximately $4,500,000 of borrowing availability. The Company has no current plans to borrow from this credit facility as it believes its present cash balances will adequately meet near-term working capital requirements.

Risks and Uncertainties:

Proprietary information and know-how are important to the Company’s commercial success. There can be no assurance that others will not either develop independently the same or similar information or obtain and use proprietary information of the Company. Certain key employees have signed confidentiality and non-compete agreements regarding the Company’s proprietary information.

The Company believes that its products do not infringe the proprietary rights of third parties. There can be no assurance, however, that third parties will not assert infringement claims in the future.

FORWARD LOOKING STATEMENTS

The statements contained in this Quarterly Report on Form 10-Q that are not historical facts, including, without limitation, the statements under “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believes,” “expects,” “intends,” “plans,” “may,” “will,” “should,” “anticipates” or “continues” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These statements are based on the Company’s current expectations of future events and are subject to a number of risks and uncertainties that may cause the Company’s actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, the ability of our management to successfully implement our business plan and strategy, product demand and development of competitive technologies in our market sector, the impact of competitive products and pricing, the loss of any significant customers, our abilities to protect our property rights, the effects of adoption of newly announced accounting standards, the effects of economic conditions and trade, legal and other economic risks, among others. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. These risks and uncertainties are disclosed from time to time in the Company’s filings with the Securities and Exchange Commission, the Company’s press releases and in oral statements made by or with the approval of authorized personnel of the Company. You should also consider carefully the statements in our Annual Report on Form 10-K for the year ended December 31, 2014, which address additional risks that could cause our actual results to differ from those set forth in any forward-looking statements. The Company’s forward-looking statements speak only as of the date of this Quarterly Report. The Company undertakes no obligation to publicly update or review any forward-looking statements whether as a result of new information, future developments or otherwise.

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

INTRODUCTION

The Company develops, manufactures and markets a wide variety of electronic noise sources, electronic testing and measuring instruments including power meters, voltmeters and modulation meters and high-power passive microwave components for wireless products. The majority of the Company’s current business relates to its network solutions products, which are primarily used by its customers in relation to commercial infrastructure development in support of the expansion and upgrade to distributed antenna systems (“DAS”). In addition, the Company’s products are used to test the performance and capability of cellular/PCS and satellite communication systems and to measure the power of radiofrequency (RF) and microwave systems. Other applications include radio, radar, wireless local area network (WLAN) and digital television.

The operating businesses of the Company are segregated into two reportable segments: (1) network solutions and (2) test and measurement. The network solutions segment is comprised primarily of the operations of the Company’s subsidiary, Microlab. The test and measurement segment is comprised primarily of the Company’s operations (Noisecom) and the operations of its subsidiary, Boonton. Additional financial information on the Company’s reportable segments as of September 30, 2015 and December 31, 2014, as well as for the three and nine-months ended September 30, 2015 and 2014 is included in Note 8 to the Company’s interim condensed consolidated financial statements set forth in this current report on Form 10-Q.

The financial information presented herein includes:

(i) Condensed Consolidated Balance Sheets as of September 30, 2015 (unaudited) and as of December 31, 2014; (ii) Condensed Consolidated Statements of Operations for the three and nine-month periods ended September 30, 2015 (unaudited) and 2014 (unaudited); (iii) Condensed Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2015 (unaudited) and 2014 (unaudited); and (iv) Condensed Consolidated Statement of Shareholders’ Equity for the nine-month period ended September 30, 2015 (unaudited).

CRITICAL ACCOUNTING POLICIES

Management’s discussion and analysis of the financial condition and results of operations are based upon the Company’s interim condensed consolidated financial statements, which were prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements required the Company to make estimates and judgments that affect the reported amounts of assets and liabilities (including inventory valuation, accounts receivable, valuation of deferred tax assets and estimated fair value of stock options) and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses for each period.

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

On a regular basis, management evaluates its assumptions, judgments and estimates. Management believes that there have been no material changes to the items that the Company disclosed as its significant accounting policies and estimates under Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the Company’s December 31, 2014 Form 10-K.

The following represents a summary of the Company’s critical accounting policies, defined as those policies that the Company believes are: (a) the most important to the portrayal of its financial condition and results of operations, and (b) that require management’s most difficult, subjective or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain.

Share-Based Compensation

The Company follows the provisions of ASC 718, “Share-Based Payment.” The fair value of options at the date of grant was estimated using the Black-Scholes option pricing model. For any performance-based or service-based options granted, the Company takes into consideration guidance under ASC 718 and SEC Staff Accounting Bulletin No. 107 (SAB 107) when reviewing and updating assumptions. The expected option life is derived from assumed exercise rates based upon historical exercise patterns and represents the period of time that options granted are expected to be outstanding. The expected volatility is based upon historical volatility of our shares using weekly price observations over an observation period of three years. The risk-free rate is based on the U.S. Treasury yield curve rate in effect at the time of grant for periods similar to the expected option life. The estimated forfeiture rate included in the option valuation is based on the Company’s past history of forfeitures. Due to the limited amount of forfeitures in the past, the Company’s estimated forfeiture rate has been zero.

Management estimates are necessary in determining compensation expense for stock options with performance-based vesting criteria. Compensation expense for this type of stock-based award is recognized over the period from the date the performance conditions are determined to be probable of occurring through the date the applicable conditions are expected to be met. If the performance conditions are not considered probable of being achieved, no expense is recognized until such time as the performance conditions are considered probable of being met, if ever. Management evaluates whether performance conditions are probable of occurring on a quarterly basis.

Revenue Recognition

Revenue from product shipments, including shipping and handling fees, is recognized once delivery has occurred provided that persuasive evidence of an arrangement exists, the price is fixed or determinable, and collectability is reasonably assured. Delivery is considered to have occurred when title and risk of loss have transferred to the customer. Sales to international distributors are recognized in the same manner. If title does not pass until the product reaches the customer’s delivery site, then recognition of revenue is deferred until that time. There are no formal sales incentives offered to any of the Company’s customers. Volume discounts may be offered from time to time to customers purchasing large quantities on a per transaction basis. There are no material special post shipment obligations or acceptance provisions that exist with any sales arrangements.

Valuation of Inventory

Raw material inventories are stated at the lower of cost (first-in, first-out method) or market. Finished goods and work-in-process are valued at average cost of production, which includes material, labor and manufacturing expenses.

Reserve on Inventory

The Company maintains reserves to reduce the value of inventory to the lower of cost or market and reserves for excess and obsolete inventory. The Company reviews inventory for excess and obsolescence based on its best estimates of future demand, product lifecycle status and product development plans. The Company uses historical information along with those future estimates to reduce the inventory cost basis to its estimated realizable value.

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Allowance for Doubtful Accounts

The Company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. A key consideration in estimating the allowance for doubtful accounts has been, and will continue to be, the Company’s customers’ payment history and aging of its accounts receivable balance. If the financial condition of any of the Company’s customers were to decline, additional allowances might be required.

Income Taxes

The Company records deferred taxes in accordance with ASC 740, “Accounting for Income Taxes.” This ASC requires recognition of deferred tax assets and liabilities for temporary differences between tax basis of assets and liabilities and the amounts at which they are carried in the financial statements, based upon the enacted rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized.

The Company periodically assesses the value of its deferred tax asset, a majority of which has been generated by a history of net operating losses and determines the necessity for a valuation allowance. The Company evaluates which portion, if any, will more likely than not be realized by offsetting future taxable income, taking into consideration any limitations that may exist on its use of its net operating loss carry-forwards.

Uncertain Tax Positions

The Company has analyzed its filing positions in all of the Federal and state jurisdictions where it is required to file income tax returns. As of September 30, 2015 and December 31, 2014, the Company has identified its U.S. Federal tax return and its state tax return in New Jersey as “major” tax jurisdictions, as defined, in which it is required to file income tax returns. Based on the evaluations noted above, the Company has concluded that there are no significant uncertain tax positions requiring recognition or disclosure in its condensed consolidated financial statements.

Based on a review of tax positions for all open years and contingencies as set out in the Company’s notes to the condensed consolidated financial statements, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740 during the periods ended September 30, 2015 and 2014, and the Company does not anticipate that it is reasonably possible that any material increase or decrease in its unrecognized tax benefits will occur within twelve months.

RESULTS OF OPERATIONS

The following discussion of our financial condition and results of operations should be read in conjunction with our interim condensed consolidated financial statements and the notes to those statements included in Part I, Item I of this Quarterly Report on Form 10-Q and in conjunction with the consolidated financial statements contained in our Annual Report on Form 10-K for the year ended December 31, 2014.

For the nine-months ended September 30, 2015 as compared to the corresponding period of the previous year, net consolidated sales decreased to approximately $25,180,000 from approximately $30,996,000, a decrease of approximately $5,816,000 or 18.8%. For the three-months ended September 30, 2015 as compared to the corresponding period of the previous year, net consolidated sales decreased to approximately $8,339,000 from approximately $11,372,000, a decrease of approximately $3,033,000 or 26.7%.

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

The decrease in net sales for the three and nine-months ended September 30, 2015 was primarily the result of continued softness in demand for the Company’s network solutions products due to reductions in customer capital spending, particularly by certain domestic wireless operators. While sales to wireless operators have decreased in 2015, the Company expects long-term demand for its network solutions products to improve due to the continuing worldwide expansion of broadband coverage. Additionally, sales in the Company’s test and measurement segment decreased for the three and nine-months ended September 30, 2015 as compared to the same periods of the previous year primarily due to a decrease in sales of the Company’s peak power test instruments. The Company shipped a significant number of units during the third quarter of 2014 in fulfillment of a large government contract.

Net sales of the Company’s network solutions products for the nine-months ended September 30, 2015 were approximately $16,708,000 as compared to approximately $22,026,000 for the nine-months ended September 30, 2014, a decrease of approximately $5,318,000 or 24.1%. Net sales of the Company’s network solutions products for the three-months ended September 30, 2015 were approximately $5,482,000 as compared to approximately $8,035,000 for the three-months ended September 30, 2014, a decrease of approximately $2,553,000 or 31.8%. Net sales of network solutions products accounted for approximately 66% and 71% of net consolidated sales for each of the three and nine-month periods ended September 30, 2015 and 2014, respectively.

Net sales of the Company’s test and measurement products for the nine-months ended September 30, 2015 were approximately $8,472,000 as compared to approximately $8,970,000 for the nine-months ended September 30, 2014, a decrease of approximately $498,000 or 5.6%. Net sales of the Company’s test and measurement products for the three-months ended September 30, 2015 were approximately $2,858,000 as compared to approximately $3,338,000 for the three-months ended September 30, 2014, a decrease of approximately $480,000 or 14.4%. Net sales of test and measurement products accounted for approximately 34% and 29% of net consolidated sales for each of the three and nine-month periods ended September 30, 2015 and 2014, respectively.

Gross profit on net consolidated sales for the nine-months ended September 30, 2015 was approximately $11,053,000 or 43.9% as compared to approximately $14,960,000 or 48.3% of net consolidated sales for the nine-months ended September 30, 2014. Gross profit on net consolidated sales for the three-months ended September 30, 2015 was approximately $3,623,000 or 43.4% as compared to approximately $5,765,000 or 50.7% of net consolidated sales for the three-months ended September 30, 2014.

Gross profit margins are lower for the three and nine-months ended September 30, 2015 as compared to the same periods of the previous year. Consolidated gross profit margins decreased primarily due to relatively unchanged manufacturing labor costs and relatively fixed manufacturing costs being applied to lower sales for the three and nine-months ended September 30, 2015 as compared to the same periods in 2014, as well as mix of product sold.

The Company’s products consist of several models with varying degrees of capabilities which can be customized to meet particular customer requirements. They may be incorporated directly into the electronic equipment concerned or may be stand-alone components or devices that are connected to, or used in conjunction with, such equipment from an external site, in the factory or in the field. Prices of products range from approximately $100 to $100,000 per unit, with most sales occurring between approximately $2,000 and $35,000 per unit. The Company can experience variations in gross profit based upon the mix of these products sold as well as variations due to revenue volume and economies of scale. The Company will continue to rigidly monitor costs associated with material acquisition, manufacturing and production.

Consolidated operating expenses for the nine-months ended September 30, 2015 were approximately $10,404,000 or 41% of net consolidated sales as compared to approximately $10,764,000 or 35% of net consolidated sales for the nine-months ended September 30, 2014. Consolidated operating expenses were lower for the nine-months ended September 30, 2015 due to decreases in consolidated general and administrative expenses and consolidated sales and marketing expenses of approximately $571,000 and $146,000, respectively, offset by an increase in consolidated research and development expenses of approximately $357,000. Consolidated operating expenses for the three-months ended September 30, 2015 were approximately $3,461,000 or 42% of net consolidated sales as compared to approximately $3,639,000 or 32% of net consolidated sales for the three-months ended September 30, 2014. Consolidated operating expenses were lower for the three-months ended September 30, 2015 due to decreases in consolidated general and administrative expenses and consolidated sales and marketing expenses of approximately $207,000 and $135,000, respectively, offset by an increase in consolidated research and development expenses of approximately $164,000.

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

Consolidated research and development expenses increased for the nine-months ended September 30, 2015 primarily due to an increase in costs associated with product development projects in our network solutions segment of approximately $259,000 and an increase in salary expenses of approximately $164,000. Consolidated sales and marketing expenses decreased for the nine-months ended September 30, 2015 primarily due to lower non-employee sales commission of approximately $120,000 and lower salary expenses of approximately $28,000, partially offset by an increase in trade show expenses of approximately $32,000. The decrease in consolidated general and administrative expenses for the nine-months ended September 30, 2015 was primarily due to lower variable compensation expense of approximately $475,000 and lower corporate legal and consulting fees of approximately $152,000, partially offset by higher salary expenses of approximately $62,000.

Consolidated research and development expenses increased for the three-months ended September 30, 2015 primarily due to an increase in salary expenses of approximately $102,000 and an increase in costs associated with product development projects in our network solutions segment of approximately $99,000. Consolidated sales and marketing expenses decreased for the three-months ended September 30, 2015 primarily due to lower non-employee sales commission of approximately $78,000 and lower salaries expenses of approximately $72,000 (due to lower accrued variable sales incentive compensation), partially offset by an increase in trade show expenses of approximately $23,000. The decrease in consolidated general and administrative expenses for the three-months ended September 30, 2015 was primarily due to lower variable compensation expense of approximately $150,000 and lower share-based compensation expense of approximately $103,000.

Other (income) expenses decreased by approximately $22,000 and $62,000 for the three and nine-months ended September 30, 2015, as compared to the corresponding periods of the previous year. The decrease is primarily due to reduced costs of approximately $26,000 and $64,000 recorded during the three and nine-months ended September 30, 2014, respectively, associated with the Company’s ground water management plan.

For the three and nine-months ended September 30, 2015, the Company recorded tax expense of approximately $81,000 and $293,000, respectively. For the three and nine-months ended September 30, 2014, the Company recorded tax expense of approximately $1,115,000 and $1,992,000, respectively. The tax expense is lower for the three and nine-months ended September 30, 2015 as compared to the same periods of the previous year due to a lower amount of income generated from the Company’s operations. The tax expense recorded is predominantly comprised of a non-cash deferred tax expense for Federal income taxes and a current provision for state income taxes for which the Company makes estimated tax payments on a quarterly basis.

For the nine-months ended September 30, 2015, the Company realized net income of approximately $353,000 or $0.02 income per share on a basic and diluted basis, as compared to net income of approximately $2,139,000 or $0.10 income per share on a basic and diluted basis for the corresponding period of the previous year, a decrease of approximately $1,786,000. For the three-months ended September 30, 2015, the Company realized net income of approximately $75,000 or $0.00 income per share on a basic and diluted basis, as compared to net income of approximately $983,000 or $0.05 income per share on a basic and diluted basis for the corresponding periods of the previous year, a decrease of approximately $908,000. The decreases were primarily due to the factors discussed above.

LIQUIDITY AND CAPITAL RESOURCES

The Company’s working capital has decreased by approximately $292,000 to approximately $24,314,000 at September 30, 2015, from approximately $24,606,000 at December 31, 2014. At September 30, 2015 and December 31, 2014, the Company had a current ratio of 13.5 to 1 and 10.4 to 1, respectively.

The Company had cash and cash equivalents of approximately $10,778,000 at September 30, 2015, compared to approximately $10,724,000 at December 31, 2014. The Company believes its current level of cash and cash equivalents is sufficient to fund the current operating, investing and financing activities.

The Company expects to realize tax benefits in future periods due to the available net operating loss carryforwards resulting from the disposition of a former wholly-owned subsidiary in 2010. Accordingly, future taxable income is expected to be offset by the utilization of net operating loss carryforwards and as a result, will increase the Company’s liquidity as cash needed to pay Federal income taxes will be substantially reduced.

ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Continued)

The Company realized cash from operating activities of approximately $519,000 for the nine-month period ending September 30, 2015. The primary source of this cash was due to net income from operations for the nine-month period, a decrease in prepaid expenses and other assets and an increase in accounts payable, partially offset by a decrease in accrued expenses and other current liabilities, an increase in accounts receivable and an increase in inventories.

The Company realized cash from operating activities of approximately $2,606,000 for the nine-month period ending September 30, 2014. The primary source of this cash was due to net income from operations for the nine-month period, an increase in accounts payable and a decrease in prepaid expenses and other assets, partially offset by an increase in accounts receivable, an increase in inventories and a decrease in accrued expenses and other current liabilities.

The Company has historically been able to turn over its accounts receivable approximately every two months. This average collection period has been sufficient to provide the working capital and liquidity necessary to operate the Company.

Net cash used for investing activities for the nine-months ended September 30, 2015 and 2014 was approximately $372,000 and $267,000, respectively. The use of these funds was for capital expenditures.

Cash used for financing activities for the nine-months ended September 30, 2015 was approximately $92,000. The use of these funds was for periodic payments on an equipment lease, partially offset by proceeds from the exercise of stock options. Cash used for financing activities for the nine-months ended September 30, 2014 was approximately $9,621,000. During the nine-months ended September 30, 2014, the Company repurchased 4,815,110 shares of its outstanding common stock from its largest shareholder at the time at a cost of approximately $9,630,000, or $2.00 per share. The use of the remainder of these funds was for periodic payments on an equipment lease, partially offset by proceeds from the exercise of stock options.

The following is a summary of the Company’s contractual obligations as of September 30, 2015:

Table of Contractual Obligations

			Payments by Period
	Total		Less than 1 Year		1-3 Years		4-5- Years		More than 5 Years
Facility Leases	$	3,355,885	$	405,873	$	1,292,148	$	927,332	$	730,532
Operating and Equipment Leases		201,955		63,776		138,179		—		—
	$	3,557,840	$	469,649	$	1,430,327	$	927,332	$	730,532

The Company maintains a line of credit with its investment bank. The credit facility provides borrowing availability of up to 100% of the Company’s money market account balance and 99% of the Company’s short-term investment securities (U.S. Treasury bills) and, under the terms and conditions of the loan agreement, the facility is fully secured by our money fund account and short-term investment holdings held with the bank. Advances under the facility will bear interest at a variable rate equal to LIBOR in effect at time of borrowing. Additionally, there is no annual fee and any amount outstanding under the loan facility may be paid at any time in whole or in part without penalty. As of September 30, 2015, the Company had no borrowings outstanding under the facility and approximately $4,500,000 of borrowing availability.

The Company may pursue strategic opportunities, including potential acquisitions, mergers, divestitures or other activities, which may require significant use of the Company’s capital resources. The Company may incur costs as a result of such activities and such activities may affect the Company’s liquidity in future periods.

Throughout 2015, the Company instituted cost reduction plans, which reduced overall headcount and other operating expenses, to better position it to take advantage of growth opportunities. During the year, there was a reduction in total headcount by approximately 15%, which is anticipated to reduce salary and benefit costs in 2015 by over $500,000, net of severance charges of $137,000. These reductions represent annualized cost savings of approximately $1,500,000. Concurrently, the Company has also reinvested in its business to improve the strength of its management team and new product innovations, which is expected to add annualized incremental cost of approximately $500,000. As a result of its cost reduction plans and business reinvestment initiatives, the Company expects net annualized savings of approximately $1,000,000, compared to the $500,000 realized in the current year. The Company will continue to closely monitor costs relative to market conditions and, if necessary, appropriately scale operating expenses to current and expected sales order activity.

The Company believes that its financial resources from working capital are adequate to meet its current needs. However, should current global economic conditions deteriorate, additional working capital funding may be required which may be difficult to obtain due to restrictive credit markets.

OFF-BALANCE SHEET ARRANGEMENTS

The Company does not have any off-balance sheet arrangements.

INFLATION AND SEASONALITY

The Company does not anticipate that inflation will significantly impact its business or its results of operations nor does it believe that its business is seasonal.

ITEM 3 - QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4 - CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, as of the end of the period covered by this report, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended. Our disclosure controls and procedures are designed to ensure that the information required to be included in our Securities and Exchange Commission (“SEC”) reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and that the information relating to Wireless Telecom Group, Inc., including our consolidated subsidiaries, is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, our principal executive officer and principal financial officer concluded that, as of the period covered by this report, our disclosure controls and procedures are effective.

(b) Changes in Internal Controls over Financial Reporting

In connection with the evaluation required by paragraph (d) of Rule 13a-15 under the Securities Exchange Act of 1934, as amended, there was no change identified in our internal control over financial reporting that occurred as of the end of the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

There have been no material developments in the legal proceedings described in Item 3 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2014.

Item 1A. RISK FACTORS

There have been no material changes in our risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

During the period covered by this report, we have not sold any unregistered equity securities.

Item 3. DEFAULTS UPON SENIOR SECURITIES

None.

Item 4. MINE SAFETY DISCLOSURES

Not applicable.

Item 5. OTHER INFORMATION

None.

Item 6. EXHIBITS

Exhibit No.		Description

3.1		Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to our Annual Report on Form 10-K/A filed with the SEC on April 22, 2005)

3.2		Amended and Restated By-Laws (incorporated by reference from Exhibit 3.1 to the Company’s Current Report on Form 8-K, dated October 12, 2012, and filed with the SEC on October 15, 2012)

31.1*		Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002 (Principal Executive Officer)

31.2*		Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002 (Principal Financial Officer)

32.1*		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (Principal Executive Officer)

32.2*		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (Principal Financial Officer)

101**		The following financial statements from Wireless Telecom Group, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, filed on November 16, 2015, formatted in Extensible Business Reporting Language (XBRL): (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of operations, (iii) condensed consolidated statements of cash flows, (iv) condensed consolidated statement of shareholders’ equity, and (v) the notes to interim condensed consolidated financial statements.

101.INS**		XBRL INSTANCE DOCUMENT

101.SCH**		XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

101.CAL**		XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT

101.DEF**		XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

101.LAB**		XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

101.PRE**		XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

*Filed herewith.

** Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	WIRELESS TELECOM GROUP, INC.
	(Registrant)

Date: November 16, 2015	/s/ Paul Genova
	Paul Genova
	Chief Executive Officer

Date: November 16, 2015	/s/ Robert Censullo
	Robert Censullo
	Chief Financial Officer

EXHIBIT INDEX

Exhibit No.		Description

3.1		Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to our Annual Report on Form 10-K/A filed with the SEC on April 22, 2005)

3.2		Amended and Restated By-Laws (incorporated by reference from Exhibit 3.1 to the Company’s Current Report on Form 8-K, dated October 12, 2012, and filed with the SEC on October 15, 2012)

31.1*		Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002 (Principal Executive Officer)

31.2*		Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002 (Principal Financial Officer)

32.1*		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (Principal Executive Officer)

32.2*		Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 (Principal Financial Officer)

101**		The following financial statements from Wireless Telecom Group, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, filed on November 16, 2015, formatted in Extensible Business Reporting Language (XBRL): (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of operations, (iii) condensed consolidated statements of cash flows, (iv) condensed consolidated statement of shareholders’ equity, and (v) the notes to interim condensed consolidated financial statements.

101.INS**		XBRL INSTANCE DOCUMENT

101.SCH**		XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT

101.CAL**		XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT

101.DEF**		XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT

101.LAB**		XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT

101.PRE**		XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT

*Filed herewith.

** Furnished herewith.

EX-31.1 2 c82979_ex31-1.htm

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Paul Genova, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Wireless Telecom Group, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)), for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and to the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: November 16, 2015

	/s/ Paul Genova
	Paul Genova
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 3 c82979_ex31-2.htm

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Robert Censullo, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Wireless Telecom Group, Inc.;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date: November 16, 2015

	/s/ Robert Censullo
	Robert Censullo
	Chief Financial Officer
	(Principal Financial Officer)

EX-32.1 4 c82979_ex32-1.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Wireless Telecom Group, Inc. (the “Company”) on Form 10-Q for the quarter ending September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Periodic Report”), I, Paul Genova, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Periodic Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Paul Genova
	Paul Genova
	Chief Executive Officer
	November 16, 2015

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

EX-32.2 5 c82979_ex32-2.htm

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Wireless Telecom Group, Inc. (the “Company”) on Form 10-Q for the quarter ending September 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the “Periodic Report”), I, Robert Censullo, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Periodic Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Periodic Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ Robert Censullo
	Robert Censullo
	Chief Financial Officer
	November 16, 2015

The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.

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WIRELESS TELECOM GROUP INC 10-Q --12-31 19626455 false 0000878828 Smaller Reporting Company 2015 Q3 2015-09-30

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES The condensed consolidated balance sheet as of September 30, 2015, the condensed consolidated statements of operations for the three and nine-month periods ended September 30, 2015 and 2014, the condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2015 and 2014, and the condensed consolidated statement of shareholders’ equity for the nine-month period ended September 30, 2015 have been prepared by the Company (as defined below) without audit. The condensed consolidated financial statements include the accounts of Wireless Telecom Group, Inc., which operates one of its product lines under the trade name Noisecom, Inc. (“Noisecom”), and its wholly-owned subsidiaries Boonton Electronics Corporation (“Boonton”), Microlab/FXR (“Microlab”), WTG Foreign Sales Corporation and NC Mahwah, Inc., which are collectively referred to herein as, the “Company”. All intercompany transactions and balances have been eliminated in consolidation. In the opinion of management, the accompanying condensed consolidated financial statements referred to above contain all necessary adjustments, consisting of normal accruals and recurring entries, which are necessary to fairly present the Company’s results for the interim periods being presented. The accounting policies followed by the Company are set forth in Note 1 to the Company’s financial statements included in its annual report on Form 10-K for the year ended December 31, 2014. Specific reference is made to that report since certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) have been condensed or omitted from this report. The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including inventory valuation, accounts receivable valuation, valuation of deferred tax assets and estimated fair values of stock options) and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. The results of operations for the three and nine-month periods ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year ending December 31, 2015. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company maintains significant cash investments primarily with two financial institutions, which at times may exceed federally insured limits. The Company performs periodic evaluations of the relative credit rating of these institutions as part of its investment strategy. The Company has limited concentration of credit risk in accounts receivable due to the large number of entities comprising our customer base and their dispersion across many different industries and geographies. Credit evaluations are performed on customers requiring credit over a certain amount. Credit risk is mitigated to a lesser extent through collateral such as letters of credit, bank guarantees or payment terms like cash in advance. Credit evaluation is performed independent of the Company’s sales team to ensure segregation of duties. For the three and nine-months ended September 30, 2015, 0 customer accounted for 10% or more of the Company’s consolidated sales. For the three and nine-months ended September 30, 2014, one customer accounted for 10% and 11% of the Company’s consolidated sales, respectively. At September 30, 2015, 0 customer represented 10% or more of the Company’s gross accounts receivable. However, at December 31, 2014, one customer represented 11% of the Company’s gross accounts receivable balance. The carrying amounts of cash and cash equivalents, trade receivables, other current assets and accounts payable approximate fair value due to the short-term nature of these instruments. The Company considers all highly liquid investments purchased with maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of bank and money market accounts. Management has evaluated subsequent events and determined that there were no subsequent events or transactions requiring recognition or disclosure in the condensed consolidated financial statements through the date the financial statements were issued.

2 0 0

0.10

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0 0.10 1 0.11

NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Simplifying the Measurement of Inventory.” ASU 2015-11 applies to inventory that is measured using first-in, first-out (FIFO) or average cost.  An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments in ASU 2015-11 more closely align the measurement of inventory in US GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company is in the process of evaluating the impact of this ASU on its consolidated financial statements. In June 2014, the FASB issued ASU 2014-12, “Compensation-Stock Compensation” (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period - Consensus of the FASB Emerging Issues Task Force. ASU 2014-12 requires an entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Additionally, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved, and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered; if the performance target becomes probable of being achieved before the end of the requisite service period, then the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. Finally, the total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest, and should be adjusted to reflect those awards that ultimately vest. An entity is required to adopt ASU 2014-12 for annual and interim periods beginning after December 15, 2015. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. The guidance, as stated in ASU 2014-09, is effective for annual and interim periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which defers the effective date by one year, with early adoption on the original effective date permitted. The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial statements, but does not expect the impact to be material. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed consolidated financial statements.

In June 2014, the FASB issued ASU 2014-12, “Compensation-Stock Compensation” (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period - Consensus of the FASB Emerging Issues Task Force. ASU 2014-12 requires an entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Additionally, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved, and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered; if the performance target becomes probable of being achieved before the end of the requisite service period, then the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. Finally, the total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest, and should be adjusted to reflect those awards that ultimately vest. An entity is required to adopt ASU 2014-12 for annual and interim periods beginning after December 15, 2015. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. The guidance, as stated in ASU 2014-09, is effective for annual and interim periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which defers the effective date by one year, with early adoption on the original effective date permitted. The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial statements, but does not expect the impact to be material. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed consolidated financial statements.

NOTE 3 – INCOME TAXES The Company records deferred taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Accounting for Income Taxes.” ASC 740 requires recognition of deferred tax assets and liabilities for temporary differences between tax basis of assets and liabilities and the amounts at which they are carried in the financial statements, based upon the enacted rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. The Company periodically assesses the value of its deferred tax assets and determines the necessity for a valuation allowance. The Company has a domestic net operating loss carryforward at September 30, 2015 of approximately $17,000,000 which expires in 2029. The Company also has a German net operating loss carryforward at September 30, 2015 of approximately $23,400,000. Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in the appropriate tax jurisdictions in future years to obtain benefit from the reversal of net deductible temporary differences and from utilization of net operating losses. The Company’s valuation allowance of $7,012,134 is associated with the Company’s German net operating loss carryforward from an inactive German entity. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income are changed. As of September 30, 2015, management believes that it is more likely than not that the Company will fully realize the benefits of its deferred tax asset associated with its domestic net operating loss carryforward. The deferred income tax assets (liabilities) are summarized as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: center; padding: 0 0 0 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0">September 30,</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0">December 31,</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; padding: 0 0 0 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center">2015</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center">2014</td> <td style="padding: 0; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif;"> <td style="width: 62%; text-align: left; padding: 0 0 0 0; font: 10pt Arial, Helvetica, Sans-Serif;">Net deferred tax asset:</td> <td style="width: 3%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 14%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 14%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,255,255)"> <td style="width: 62%; text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Uniform capitalization of inventory costs for tax purposes</td> <td style="width: 3%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 14%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">165,160</td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">$</td> <td style="width: 14%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">168,119</td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Reserves on inventories</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">429,138</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">414,898</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Allowance for doubtful accounts</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">22,533</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">20,568</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Accruals</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">15,000</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">240,000</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Tax effect of goodwill </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">(498,515)</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">(471,487</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">)</td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Deferred rent</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">10,036</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">—</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Book depreciation over tax</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">(7,708</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">(17,699</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">)</td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Net operating loss carryforward</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">13,949,217</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">13,947,384</td> <td style="padding: 0; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 0 10pt; text-indent: -10pt"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">14,084,861</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">14,301,783</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Valuation allowance for deferred tax assets</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">(7,012,134</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0">)</td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">(7,012,134</td> <td style="padding: 0; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0">)</td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; padding: 0 0 0 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">7,072,727</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">7,289,649</td> <td style="padding: 0; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> </tr> </table> Under ASC 740, the Company must recognize the tax benefit from an uncertain position only if it is more-likely-than-not the tax position will be sustained on examination by the taxing authority, based on the technical merits of the position. The tax benefits recognized in the financial statements attributable to such position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon the ultimate resolution of the position. The components of income tax expense related to income from operations are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="6" style="text-align: center; padding: 0; text-indent: 0">Three Months Ended</td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="6" style="text-align: center; padding: 0; text-indent: 0">Nine Months Ended</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="6" style="text-align: center; padding: 0; text-indent: 0">September 30,</td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="6" style="text-align: center; padding: 0; text-indent: 0">September 30,</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2015</td> <td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2014</td> <td style="padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2015</td> <td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2014</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding: 0; text-indent: 0">Current:</td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; padding: 0 0 0 10pt; text-indent: 0">Federal</td> <td style="width: 3%; font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; font-weight: bold; text-align: right; padding: 0; text-indent: 0">—</td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">34,650</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; font-weight: bold; text-align: right; padding: 0; text-indent: 0">17,457</td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">68,455</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding: 0 0 0 10pt; text-indent: 0">State</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: right; padding: 0; text-indent: 0">14,154</td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0">199,240</td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: right; padding: 0; text-indent: 0">58,730</td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0">386,430</td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0; text-indent: 0">Deferred:</td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding: 0 0 0 10pt; text-indent: 0">Federal</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: right; padding: 0; text-indent: 0">58,689</td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0">795,495</td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: right; padding: 0; text-indent: 0">193,406</td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0">1,366,520</td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0 0 0 10pt; text-indent: 0">State</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">8,538</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">85,443</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">23,516</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">170,130</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">81,381</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">1,114,828</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">293,109</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">1,991,535</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> </table> The Company has analyzed its filing positions in all of the Federal and state jurisdictions where it is required to file income tax returns. As of September 30, 2015 and December 31, 2014, the Company has identified its Federal tax return and its state tax return in New Jersey as “major” tax jurisdictions, as defined, in which it is required to file income tax returns. Based on the evaluations noted above, the Company has concluded that there are no significant uncertain tax positions requiring recognition or disclosure in its condensed consolidated financial statements.

The Company records deferred taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Accounting for Income Taxes.” ASC 740 requires recognition of deferred tax assets and liabilities for temporary differences between tax basis of assets and liabilities and the amounts at which they are carried in the financial statements, based upon the enacted rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. The Company periodically assesses the value of its deferred tax assets and determines the necessity for a valuation allowance.

17000000

2029

23400000

7012134

0.50

The deferred income tax assets (liabilities) are summarized as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: center; padding: 0 0 0 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt"></td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0">September 30,</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0">December 31,</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; padding: 0 0 0 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center">2015</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center">2014</td> <td style="padding: 0; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif;"> <td style="width: 62%; text-align: left; padding: 0 0 0 0; font: 10pt Arial, Helvetica, Sans-Serif;">Net deferred tax asset:</td> <td style="width: 3%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 14%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 14%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,255,255)"> <td style="width: 62%; text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Uniform capitalization of inventory costs for tax purposes</td> <td style="width: 3%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 14%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">165,160</td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">$</td> <td style="width: 14%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">168,119</td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Reserves on inventories</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">429,138</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">414,898</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Allowance for doubtful accounts</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">22,533</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">20,568</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Accruals</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">15,000</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">240,000</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Tax effect of goodwill </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">(498,515)</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">(471,487</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">)</td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Deferred rent</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">10,036</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">—</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Book depreciation over tax</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">(7,708</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">(17,699</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">)</td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Net operating loss carryforward</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">13,949,217</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">13,947,384</td> <td style="padding: 0; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 0 10pt; text-indent: -10pt"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">14,084,861</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0">14,301,783</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White"> <td style="text-align: justify; padding: 0 0 0 20pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt">Valuation allowance for deferred tax assets</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">(7,012,134</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0">)</td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">(7,012,134</td> <td style="padding: 0; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0">)</td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(229,255,255)"> <td style="text-align: left; padding: 0 0 0 10pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: -10pt"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">7,072,727</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">7,289,649</td> <td style="padding: 0; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> </tr> </table>

165160

168119

429138 414898 22533 20568

15000

240000

-498515

-471487

10036

-7708 -17699

13949217

13947384

14084861

14301783

7012134

7072727

7289649

The components of income tax expense related to income from operations are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="6" style="text-align: center; padding: 0; text-indent: 0">Three Months Ended</td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="6" style="text-align: center; padding: 0; text-indent: 0">Nine Months Ended</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="6" style="text-align: center; padding: 0; text-indent: 0">September 30,</td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="6" style="text-align: center; padding: 0; text-indent: 0">September 30,</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2015</td> <td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2014</td> <td style="padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2015</td> <td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2014</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding: 0; text-indent: 0">Current:</td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; padding: 0 0 0 10pt; text-indent: 0">Federal</td> <td style="width: 3%; font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; font-weight: bold; text-align: right; padding: 0; text-indent: 0">—</td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">34,650</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; font-weight: bold; text-align: right; padding: 0; text-indent: 0">17,457</td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">68,455</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding: 0 0 0 10pt; text-indent: 0">State</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: right; padding: 0; text-indent: 0">14,154</td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0">199,240</td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: right; padding: 0; text-indent: 0">58,730</td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0">386,430</td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0; text-indent: 0">Deferred:</td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding: 0 0 0 10pt; text-indent: 0">Federal</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: right; padding: 0; text-indent: 0">58,689</td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0">795,495</td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: right; padding: 0; text-indent: 0">193,406</td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0">1,366,520</td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding: 0 0 0 10pt; text-indent: 0">State</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">8,538</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">85,443</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">23,516</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">170,130</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">81,381</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">1,114,828</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">293,109</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">1,991,535</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> </table>

34650

17457

68455

14154

199240

58730

386430

58689

795495

193406

1366520

8538

85443

23516

170130

NOTE 4 - INCOME PER COMMON SHARE Basic earnings per share is calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are calculated by using the weighted average number of shares of common stock outstanding and, when dilutive, potential shares from stock options and warrants to purchase common stock, using the treasury stock method. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font: 10pt Arial,sans-serif"> </td> <td colspan="6" style="font: 10pt Arial,sans-serif; text-align: center">Three Months Ended September 30,</td> <td style="font: 10pt Arial,sans-serif"> </td> <td style="font: 10pt Arial,sans-serif"> </td> <td colspan="6" style="font: 10pt Arial,sans-serif; text-align: center">Nine Months Ended September 30,</td> <td style="font: 10pt Arial,sans-serif"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font: bold 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Arial,sans-serif; text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px; font: bold 10pt Arial,sans-serif"> </td> <td style="font: 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: 10pt Arial,sans-serif; border-bottom: Black 1px solid; text-align: center">2014</td> <td style="padding-bottom: 1px; font: 10pt Arial,sans-serif"> </td> <td style="font: bold 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Arial,sans-serif; text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px; font: bold 10pt Arial,sans-serif"> </td> <td style="font: 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: 10pt Arial,sans-serif; border-bottom: Black 1px solid; text-align: center">2014</td> <td style="padding-bottom: 1px; font: 10pt Arial,sans-serif"> </td> </tr> <tr style="background-color: White"> <td style="font: 10pt Arial,sans-serif; text-indent: -10pt; padding-left: 10pt"> </td> <td style="font: bold 10pt Arial,sans-serif"> </td> <td style="font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: bold 10pt Arial,sans-serif; text-align: right"> </td> <td style="font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif"> </td> <td style="font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; text-align: right"> </td> <td style="font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: bold 10pt Arial,sans-serif"> </td> <td style="font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: bold 10pt Arial,sans-serif; text-align: right"> </td> <td style="font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif"> </td> <td style="font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; text-align: right"> </td> <td style="font: 10pt Arial,sans-serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; font: 10pt Arial,sans-serif; text-indent: -10pt; padding-left: 10pt">Weighted average common shares outstanding</td> <td style="width: 3%; font: bold 10pt Arial,sans-serif"> </td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 10%; font: bold 10pt Arial,sans-serif; text-align: right">19,626,455</td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 3%; font: 10pt Arial,sans-serif"> </td> <td style="width: 1%; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 10%; font: 10pt Arial,sans-serif; text-align: right">19,419,063</td> <td style="width: 1%; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 3%; font: bold 10pt Arial,sans-serif"> </td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 10%; font: bold 10pt Arial,sans-serif; text-align: right">19,549,532</td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 3%; font: 10pt Arial,sans-serif"> </td> <td style="width: 1%; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 10%; font: 10pt Arial,sans-serif; text-align: right">21,044,296</td> <td style="width: 1%; font: 10pt Arial,sans-serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Potentially dilutive stock options</td> <td style="font: bold 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; text-align: right">523,507</td> <td style="padding-bottom: 1px; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; text-align: right">1,010,588</td> <td style="padding-bottom: 1px; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: bold 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; text-align: right">915,384</td> <td style="padding-bottom: 1px; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; text-align: right">1,184,725</td> <td style="padding-bottom: 1px; font: 10pt Arial,sans-serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Weighted average common shares outstanding, assuming dilution</td> <td style="font: bold 10pt Arial,sans-serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; text-align: right">20,149,962</td> <td style="padding-bottom: 3px; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; text-align: right">20,429,651</td> <td style="padding-bottom: 3px; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: bold 10pt Arial,sans-serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; text-align: right">20,464,916</td> <td style="padding-bottom: 3px; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; text-align: right">22,229,021</td> <td style="padding-bottom: 3px; font: 10pt Arial,sans-serif; text-align: left"> </td> </tr> </table> Common stock options are included in the diluted earnings per share calculation when the various option exercise prices are less than their relative average market price during the periods presented in this quarterly report. The weighted average number of shares of common stock underlying options not included in diluted earnings per share, because the effects are anti-dilutive, was 2,061,830 and 1,708,802 for the three-months ended September 30, 2015 and 2014, respectively. For the nine-months ended September 30, 2015 and 2014, the weighted average number of shares of common stock underlying options not included in diluted earnings per share was 1,691,515 and 1,627,182, respectively.

2061830

1708802

1691515

1627182

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font: 10pt Arial,sans-serif"> </td> <td colspan="6" style="font: 10pt Arial,sans-serif; text-align: center">Three Months Ended September 30,</td> <td style="font: 10pt Arial,sans-serif"> </td> <td style="font: 10pt Arial,sans-serif"> </td> <td colspan="6" style="font: 10pt Arial,sans-serif; text-align: center">Nine Months Ended September 30,</td> <td style="font: 10pt Arial,sans-serif"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt"> </td> <td style="font: bold 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Arial,sans-serif; text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px; font: bold 10pt Arial,sans-serif"> </td> <td style="font: 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: 10pt Arial,sans-serif; border-bottom: Black 1px solid; text-align: center">2014</td> <td style="padding-bottom: 1px; font: 10pt Arial,sans-serif"> </td> <td style="font: bold 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: bold 10pt Arial,sans-serif; text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px; font: bold 10pt Arial,sans-serif"> </td> <td style="font: 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td colspan="2" style="font: 10pt Arial,sans-serif; border-bottom: Black 1px solid; text-align: center">2014</td> <td style="padding-bottom: 1px; font: 10pt Arial,sans-serif"> </td> </tr> <tr style="background-color: White"> <td style="font: 10pt Arial,sans-serif; text-indent: -10pt; padding-left: 10pt"> </td> <td style="font: bold 10pt Arial,sans-serif"> </td> <td style="font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: bold 10pt Arial,sans-serif; text-align: right"> </td> <td style="font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif"> </td> <td style="font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; text-align: right"> </td> <td style="font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: bold 10pt Arial,sans-serif"> </td> <td style="font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: bold 10pt Arial,sans-serif; text-align: right"> </td> <td style="font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif"> </td> <td style="font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; text-align: right"> </td> <td style="font: 10pt Arial,sans-serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; font: 10pt Arial,sans-serif; text-indent: -10pt; padding-left: 10pt">Weighted average common shares outstanding</td> <td style="width: 3%; font: bold 10pt Arial,sans-serif"> </td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 10%; font: bold 10pt Arial,sans-serif; text-align: right">19,626,455</td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 3%; font: 10pt Arial,sans-serif"> </td> <td style="width: 1%; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 10%; font: 10pt Arial,sans-serif; text-align: right">19,419,063</td> <td style="width: 1%; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 3%; font: bold 10pt Arial,sans-serif"> </td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 10%; font: bold 10pt Arial,sans-serif; text-align: right">19,549,532</td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 3%; font: 10pt Arial,sans-serif"> </td> <td style="width: 1%; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="width: 10%; font: 10pt Arial,sans-serif; text-align: right">21,044,296</td> <td style="width: 1%; font: 10pt Arial,sans-serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; text-align: left; padding-bottom: 1px; text-indent: -10pt; padding-left: 10pt">Potentially dilutive stock options</td> <td style="font: bold 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; text-align: right">523,507</td> <td style="padding-bottom: 1px; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; text-align: right">1,010,588</td> <td style="padding-bottom: 1px; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: bold 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; text-align: right">915,384</td> <td style="padding-bottom: 1px; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; text-align: right">1,184,725</td> <td style="padding-bottom: 1px; font: 10pt Arial,sans-serif; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; text-align: left; padding-bottom: 3px; text-indent: -10pt; padding-left: 10pt">Weighted average common shares outstanding, assuming dilution</td> <td style="font: bold 10pt Arial,sans-serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; text-align: right">20,149,962</td> <td style="padding-bottom: 3px; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; text-align: right">20,429,651</td> <td style="padding-bottom: 3px; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: bold 10pt Arial,sans-serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; text-align: right">20,464,916</td> <td style="padding-bottom: 3px; font: bold 10pt Arial,sans-serif; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; text-align: right">22,229,021</td> <td style="padding-bottom: 3px; font: 10pt Arial,sans-serif; text-align: left"> </td> </tr> </table>

19626455

19419063

19549532

21044296

523507

1010588

915384

1184725

20149962

20429651

20464916

22229021

NOTE 5 – INVENTORIES Inventory carrying value is net of inventory reserves of $1,072,846 and $1,037,247 at September 30, 2015 and December 31, 2014, respectively. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0">September 30,</td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0">December 31,</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2015</td> <td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2014</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Inventories consist of:</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding: 0; text-indent: 0"> </td> <td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: right">Raw materials </td> <td style="width: 25%; font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 14%; font-weight: bold; text-align: right; padding: 0; text-indent: 0">4,282,986</td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 14%; text-align: right; padding: 0; text-indent: 0">4,161,734</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right">Work-in-process</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: right; padding: 0; text-indent: 0">732,975</td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0">735,364</td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: right">Finished goods</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">3,700,426</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">3,643,979</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">8,716,387</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">8,541,077</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> </table>

1072846

1037247

Inventories consist of: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 60%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0">September 30,</td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0">December 31,</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2015</td> <td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2014</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left">Inventories consist of:</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font-weight: bold; text-align: center; padding: 0; text-indent: 0"> </td> <td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; text-align: right">Raw materials </td> <td style="width: 25%; font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 14%; font-weight: bold; text-align: right; padding: 0; text-indent: 0">4,282,986</td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 14%; text-align: right; padding: 0; text-indent: 0">4,161,734</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right">Work-in-process</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: right; padding: 0; text-indent: 0">732,975</td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0">735,364</td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: right">Finished goods</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">3,700,426</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">3,643,979</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">8,716,387</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">8,541,077</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> </table>

4282986

4161734

732975

735364

3700426

3643979

NOTE 6 - GOODWILL Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase business combination. Goodwill is not amortized but rather is reviewed for impairment at least annually or more frequently if a triggering event occurs. Management first makes a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test described below. If, based on the qualitative assessment, the estimated fair value is well in excess of its carrying amount, management will not perform a quantitative assessment. If, however, the conclusion is that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, management then performs a two-step goodwill impairment test. Under the first step, the fair value of the reporting unit is compared with its carrying value, and, if an indication of goodwill impairment exists for the reporting unit, the Company must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill as determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit’s goodwill. The Company’s goodwill balance of $1,351,392 at September 30, 2015 and December 31, 2014 relates to one of the Company’s reporting units, Microlab. Management’s qualitative assessment performed in the fourth quarter of 2014 did not indicate any impairment of Microlab’s goodwill as its fair value is estimated to be in excess of its carrying value. Furthermore, no events have occurred since then that would change this assessment.

1351392

NOTE 7 - ACCOUNTING FOR SHARE BASED COMPENSATION The Company follows the provisions of ASC 718, “Share-Based Payment.” The Company’s results for the three and nine-month periods ended September 30, 2015 include share-based compensation expense totaling $51,347 and $223,273, respectively. Results for the three and nine-month periods ended September 30, 2014 include share-based compensation expense totaling $154,268 and $234,801, respectively. Such amounts have been included in the Condensed Consolidated Statements of Operations within operating expenses. Incentive Compensation Plan: In 2012, the Company’s Board of Directors and shareholders approved the 2012 Incentive Compensation Plan (the “Initial 2012 Plan”), which provides for the grant of restricted stock awards, non-qualified stock options and incentive stock options in compliance with the Internal Revenue Code of 1986, as amended, to employees, officers, directors, consultants and advisors of the Company who are expected to contribute to the Company’s future growth and success. When originally approved, the Initial 2012 Plan provided for the grant of awards relating to 2,000,000 shares of common stock, plus those shares still available under the Company’s prior incentive compensation plan. In June 2014, the Company’s shareholders approved the Amended and Restated 2012 Incentive Compensation Plan (the “2012 Plan”) allowing for an additional 1,658,045 shares of the Company’s common stock to be available for future grants under the 2012 Plan. As of September 30, 2015, there were 2,364,000 shares available for issuance under the 2012 Plan, including those shares available under the Company’s prior incentive compensation plan as of such date. All service-based options granted have ten-year terms from the date of grant and vest annually and become fully exercisable after a maximum of five years. Performance-based options granted have ten-year terms and vest and become fully exercisable when determinable performance targets are achieved. Performance targets are agreed to, and approved by, the Company’s Board of Directors. Provisions of the 2012 Plan require that all awards that are stock options be made at exercise prices equal to or greater than the fair market value on the date of the grant. The Company did not grant stock option awards during either of the nine-month periods ended September 30, 2015 and 2014. The following summarizes the components of share-based compensation expense by equity type for the three and nine-months ended September 30: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 86%; margin-left: 72pt; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 0 10pt; text-indent: -10pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="6" style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center; text-indent: 0">Three Months Ended September 30,</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="6" style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center; text-indent: 0">Nine Months Ended September 30, </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 0 10pt; text-align: justify; text-indent: -10pt"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2015</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2014</td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2015</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2014</td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 40%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt">Service-based Restricted Common Stock</td> <td style="width: 3%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">55,500</td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">49,800</td> <td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">155,100</td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">130,333</td> <td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt">Performance-based Restricted Common Stock</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">(636</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">17,700</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">11,620</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">17,700</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt">Performance-based Stock Options</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">(3,517</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0">)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">86,768</td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">56,553</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">86,768</td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 3px 10pt; text-align: left; text-indent: -10pt">Total Share-Based Compensation Expense</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">51,347</td> <td style="padding: 0 0 3px; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">154,268</td> <td style="padding: 0 0 3px; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">223,273</td> <td style="padding: 0 0 3px; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">234,801</td> <td style="padding: 0 0 3px; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> </tr> </table> Stock-based compensation for the three and nine-months ended September 30, 2015 and 2014 is included in general and administrative expenses in the accompanying condensed consolidated statement of operations. Restricted Common Stock Awards: In June 2015, the Company granted 100,000 shares of restricted common stock to certain non-employee directors of the Company under the 2012 Plan. The shares were granted at a price of $2.22 per share and will fully vest on the date of the Company’s next annual shareholders meeting to be held in June 2016 (assuming continued service through such date), or a vesting period of approximately one year. The total compensation expense to be recognized over the vesting period is $222,000. A summary of the status of the Company’s non-vested restricted common stock, as granted under the Company’s approved stock compensation plans, as of September 30, 2015, and changes during the nine-months ended September 30, 2015, are presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td colspan="2" style="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">Weighted Average</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif">Non-vested Restricted Shares</td> <td style="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif">Number of Shares</td> <td style="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif">Grant Date Fair Value</td> <td style="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 52%; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">Non-vested at January 1, 2015</td> <td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="width: 18%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">180,000</td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</td> <td style="width: 20%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">2.09</td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif">Granted</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">100,000</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">2.22</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif">Forfeited</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(13,000</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">1.77</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; padding-bottom: 1px; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif">Vested</td> <td style="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(80,000</td> <td style="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</td> <td style="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2.49</td> <td style="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">Non-vested at September 30, 2015</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">187,000</td> <td style="padding-bottom: 3px; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2.01</td> <td style="padding-bottom: 3px; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> </tr> </table> Under the terms of the performance-based restricted common stock award agreements (pertaining to the 100,000 shares of restricted stock granted in 2013), the restricted stock will fully vest and become exercisable on the date on which the Company’s Board of Directors shall have determined that specific financial milestones have been met, provided the employee remains in the employ of the Company at such time; provided, however, upon a Change in Control (as defined in the award agreements and the 2012 Plan), the restricted stock shall automatically vest as permitted by the 2012 Plan. The Company’s Board of Directors adopted specific revenue and earnings performance targets as vesting conditions. During the first quarter of 2015, management determined the performance conditions related to these restricted stock awards are probable to be achieved by the year ending 2020. As a result, the Company adjusted the amortization of the fair market value of these awards over the revised implicit service period from December 2017 to December 2020. If management determines in future periods the achievement of performance conditions are probable to occur sooner than expected, the Company will accelerate the expensing of any unamortized balance as of that determination date. As of September 30, 2015, the unearned compensation related to Company granted restricted common stock was $284,271 of which $166,500 (pertaining to 100,000 service-based restricted common stock awards) will be amortized on a straight-line basis through the date of the Company’s next annual shareholders meeting scheduled to be held in June 2016, the vesting date. The remaining balance of $117,771 (pertaining to 87,000 performance-based shares of restricted common stock awarded in 2013) will be amortized on a straight-line basis through December 31, 2020, the revised implicit service period. Performance-Based Stock Option Awards: A summary of performance-based stock option activity, and related information for the nine-months ended September 30, 2015 follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted Average</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Options</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Exercise Price</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 60%; text-align: justify">Outstanding, January 1, 2015</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">2,070,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">1.33</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">50,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1.83</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-left: 10pt">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(30,000</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.78</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(125,000</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1.77</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 1px; padding-left: 10pt">Expired</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 3px">Outstanding, September 30, 2015</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: right">1,965,000</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">1.32</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-left: 10pt">Options exercisable:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 20pt">September 30, 2015</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,090,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.96</td> <td style="text-align: left"> </td> </tr> </table> The aggregate intrinsic value of performance-based stock options outstanding (regardless of whether or not such options are exercisable) as of September 30, 2015 and December 31, 2014 was $595,650 and $2,792,690, respectively. The aggregate intrinsic value of performance-based stock options exercisable as of September 30, 2015 and December 31, 2014 was $595,650 and $1,882,550, respectively. Under the terms of the performance-based stock option agreements, the awards will fully vest and become exercisable on the date on which the Company’s Board of Directors shall have determined that specific financial performance milestones have been met, provided the employee remains in the employ of the Company at such time; provided, however, upon a Change in Control (as defined in the stock option agreements and the 2012 Plan), the stock options shall automatically vest as permitted by the 2012 Plan. During the first quarter of 2015, management determined the performance conditions related to these stock option awards are probable to be achieved by the year ending 2020. As a result, the Company adjusted the amortization of the fair market value of these awards over the revised implicit service period from December 2017 to December 2020. If management determines in future periods the achievement of performance conditions are probable to occur sooner than expected, the Company will accelerate the expensing of any unamortized balance as of that determination date. On September 8, 2015, the Company granted performance-based stock options to acquire 50,000 shares of common stock at an exercise price of $1.83 per share, which represents the closing price of the Company’s common stock as reported on the NYSE MKT on September 8, 2015, the date of grant. The per share fair-value of these performance-based options granted during the three-month period ended September 30, 2015 was $1.03. The per share fair-value was estimated on the date of grant using the Black-Scholes option pricing method and included the following range of assumptions; dividend yield 0%, risk-free interest rate of 1.53% and expected option life of 4 years. Volatility assumption was 75.46% and the forfeiture rate was assumed to be 0%. As of September 30, 2015, the unearned compensation related to the 950,000 performance-based stock options granted in August 2013 (with a weighted average per share exercise price of $1.77) and the 50,000 performance-based stock options granted in September 2015 (with a weighted average per share exercise price of $1.83) is $550,122 and $51,527, respectively, which will be amortized on a straight-line basis through December 31, 2020, the implicit service period. The Company’s performance-based stock options granted prior to 2013 (consisting of 1,090,000 options) are fully amortized. Service-Based Stock Option Awards: A summary of service-based stock option activity, and related information for the nine-months ended September 30, 2015 follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted Average</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Options</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Exercise Price</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 60%; text-align: justify">Outstanding, January 1, 2015</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">522,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">2.51</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-left: 10pt">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 1px; padding-left: 10pt">Expired</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(144,000</td> <td style="padding-bottom: 1px; text-align: left">)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left">$</td> <td style="border-bottom: Black 1px solid; text-align: right">2.33</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 3px">Outstanding, September 30, 2015</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: right">378,000</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">2.58</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-left: 10pt">Options exercisable:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 20pt">September 30, 2015</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">378,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">2.58</td> <td style="text-align: left"> </td> </tr> </table> The aggregate intrinsic value of service-based stock options exercisable as of September 30, 2015 and December 31, 2014 was $0 and $102,640, respectively. At September 30, 2015, the Company’s service-based stock options are fully amortized.

The Company follows the provisions of ASC 718, “Share-Based Payment.

51347

154268

2000000

1658045

2364000

P10Y

P5Y

P10Y

100000

2.22

P1Y

222000

284271

166500 June 2016 117771

87000

595650

2792690

595650

1882550

1.03

0.00

0.0153

P4Y

0.7546

0.00

950000

1.77

50000

1.83

550122

51527

1090000

102640

The following summarizes the components of share-based compensation expense by equity type for the three and nine-months ended September 30: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 86%; margin-left: 72pt; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 0 10pt; text-indent: -10pt"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="6" style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center; text-indent: 0">Three Months Ended September 30,</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="6" style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center; text-indent: 0">Nine Months Ended September 30, </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 0 10pt; text-align: justify; text-indent: -10pt"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2015</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2014</td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2015</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2014</td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 40%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt">Service-based Restricted Common Stock</td> <td style="width: 3%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">55,500</td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">49,800</td> <td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">155,100</td> <td style="width: 1%; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">130,333</td> <td style="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt">Performance-based Restricted Common Stock</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">(636</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0">)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">17,700</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">11,620</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">17,700</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt">Performance-based Stock Options</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">(3,517</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0">)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">86,768</td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">56,553</td> <td style="padding: 0; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 0; text-align: right; text-indent: 0">86,768</td> <td style="padding: 0; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 3px 10pt; text-align: left; text-indent: -10pt">Total Share-Based Compensation Expense</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">51,347</td> <td style="padding: 0 0 3px; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">154,268</td> <td style="padding: 0 0 3px; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">223,273</td> <td style="padding: 0 0 3px; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">234,801</td> <td style="padding: 0 0 3px; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: 0"> </td> </tr> </table>

55500

49800

155100

130333

-636

17700

11620

17700

-3517

86768

56553

86768

51347

154268

223273

234801

A summary of the status of the Company’s non-vested restricted common stock, as granted under the Company’s approved stock compensation plans, as of September 30, 2015, and changes during the nine-months ended September 30, 2015, are presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td colspan="2" style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td colspan="2" style="text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">Weighted Average</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif">Non-vested Restricted Shares</td> <td style="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif">Number of Shares</td> <td style="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif">Grant Date Fair Value</td> <td style="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif"> <td style="width: 52%; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">Non-vested at January 1, 2015</td> <td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="width: 18%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">180,000</td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="width: 3%; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</td> <td style="width: 20%; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">2.09</td> <td style="width: 1%; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif">Granted</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">100,000</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">2.22</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif">Forfeited</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">(13,000</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">$</td> <td style="text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">1.77</td> <td style="text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom; background-color: White; font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; padding-bottom: 1px; padding-left: 10pt; font: 10pt Arial, Helvetica, Sans-Serif">Vested</td> <td style="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">(80,000</td> <td style="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">)</td> <td style="padding-bottom: 1px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</td> <td style="border-bottom: Black 1px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2.49</td> <td style="padding-bottom: 1px; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255); font: 10pt Arial, Helvetica, Sans-Serif"> <td style="text-align: justify; padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif">Non-vested at September 30, 2015</td> <td style="font: bold 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">187,000</td> <td style="padding-bottom: 3px; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> <td style="padding-bottom: 3px; font: 10pt Arial, Helvetica, Sans-Serif"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">2.01</td> <td style="padding-bottom: 3px; font: bold 10pt Arial, Helvetica, Sans-Serif; text-align: left"> </td> </tr> </table>

180000

2.09

100000

2.22

13000

1.77

80000

2.49

187000

2.01

A summary of performance-based stock option activity, and related information for the nine-months ended September 30, 2015 follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: center"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted Average</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Options</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Exercise Price</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 60%; text-align: justify">Outstanding, January 1, 2015</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">2,070,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">1.33</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">50,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1.83</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-left: 10pt">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(30,000</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.78</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(125,000</td> <td style="text-align: left">)</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">1.77</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 1px; padding-left: 10pt">Expired</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">—</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 3px">Outstanding, September 30, 2015</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: right">1,965,000</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">1.32</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-left: 10pt">Options exercisable:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 20pt">September 30, 2015</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,090,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">0.96</td> <td style="text-align: left"> </td> </tr> </table>

2070000

1.33

50000

1.83

30000

0.78

125000

1.77

1965000

1.32

1090000

0.96

A summary of service-based stock option activity, and related information for the nine-months ended September 30, 2015 follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td colspan="2" style="text-align: right"> </td> <td> </td> <td> </td> <td colspan="2" style="text-align: center">Weighted Average</td> <td> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Options</td> <td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Exercise Price</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 60%; text-align: justify">Outstanding, January 1, 2015</td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 12%; text-align: right">522,000</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 18%; text-align: right">2.51</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Granted</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-left: 10pt">Exercised</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Forfeited</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">—</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 1px; padding-left: 10pt">Expired</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">(144,000</td> <td style="padding-bottom: 1px; text-align: left">)</td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left">$</td> <td style="border-bottom: Black 1px solid; text-align: right">2.33</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 3px">Outstanding, September 30, 2015</td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td> <td style="border-bottom: Black 3px double; text-align: right">378,000</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">2.58</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-left: 10pt">Options exercisable:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 20pt">September 30, 2015</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">378,000</td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right">2.58</td> <td style="text-align: left"> </td> </tr> </table>

522000

2.51

144000

2.33

378000

2.58

378000

2.58

NOTE 8 – SEGMENT INFORMATION The operating businesses of the Company are segregated into two reportable segments: (i) network solutions; and (ii) test and measurement. The network solutions segment is comprised primarily of the operations of Wireless Telecom Group Inc.’s subsidiary, Microlab. The test and measurement segment is comprised primarily of the operations of Wireless Telecom Group, Inc. which operates the Noisecom product line and the operations of its subsidiary, Boonton. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. The Company allocates resources and evaluates the performance of segments based on income or loss from operations, excluding interest, corporate expenses and other income (expenses). Financial information by reportable segment for the three and nine-months ended September 30, 2015 and 2014: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 87%; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding: 0 0 0 10pt; text-indent: -10pt; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td colspan="6" style="font: 10pt Arial,sans-serif; padding: 0; text-align: center; text-indent: 0; border-bottom: Black 1px solid">Three Months Ended September 30, </td> <td style="font-size: 10pt; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td colspan="6" style="font: 10pt Arial,sans-serif; padding: 0; text-align: center; text-indent: 0; border-bottom: Black 1px solid">Nine Months Ended September 30, </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2015</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: 10pt Arial,sans-serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2014</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2015</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: 10pt Arial,sans-serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2014</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-decoration: underline; text-align: left; text-indent: -10pt">Net sales by segment:</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Network solutions</td> <td style="width: 3%; font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">5,481,651</td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">8,034,568</td> <td style="width: 1%; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">16,708,137</td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">22,026,239</td> <td style="width: 1%; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Test and measurement</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">2,857,504</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">3,337,647</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">8,472,006</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">8,970,223</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px 10pt; text-align: left; text-indent: -10pt">Total consolidated net sales of reportable segments</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">8,339,155</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">11,372,215</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">25,180,143</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">30,996,462</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-decoration: underline; text-align: left; text-indent: -10pt">Segment income:</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Network solutions</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">901,277</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">2,772,136</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">2,596,224</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">6,484,802</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Test and measurement</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">34,818</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">405,543</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">389,030</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">622,290</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt">Income from reportable segments</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">936,095</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">3,177,679</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">2,985,254</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">7,107,092</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt">Other unallocated amounts:</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Corporate expenses</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(773,695</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">)</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(1,052,109</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">)</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(2,336,234</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">)</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(2,911,098</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Other (expense) - net</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">5,880</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(27,568</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0">)</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(2,913</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0">)</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(65,396</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px 10pt; text-align: left; text-indent: -10pt; vertical-align: top">Consolidated income before income tax provision</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">156,520</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">2,098,002</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">646,107</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">4,130,598</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-decoration: underline; text-align: left; text-indent: -10pt">Depreciation and amortization by segment:</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Network solutions</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">58,317</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">42,828</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">164,447</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">117,942</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Test and measurement</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">56,754</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">82,124</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">174,379</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">243,818</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px 10pt; text-align: left; text-indent: -10pt; vertical-align: top">Total depreciation and amortization for reportable segments</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">115,071</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">124,952</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">338,826</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">361,760</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-decoration: underline; text-align: left; text-indent: -10pt">Capital expenditures by segment:</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Network solutions</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">91,000</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">35,317</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">266,599</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">198,008</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Test and measurement</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">—</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">35,057</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">105,119</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">69,320</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px 10pt; text-align: left; text-indent: -10pt">Total consolidated capital expenditures by reportable segment</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">91,000</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">70,374</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">371,718</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">267,328</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> </table> Financial information by reportable segment as of September 30, 2015 and December 31, 2014: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 86%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify; padding: 0 0 0 10pt; text-indent: -10pt"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2015</td> <td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2014</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-decoration: underline; text-align: justify; padding: 0 0 0 10pt; text-indent: -10pt">Total assets by segment:</td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 3%; background-color: White"> </td> <td style="width: 67%; text-align: justify; padding: 0 0 0 20pt; text-indent: -10pt">Network solutions</td> <td style="width: 3%; font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; font-weight: bold; text-align: right; padding: 0; text-indent: 0">11,066,273</td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">11,088,332</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding: 0 0 0 20pt; text-indent: -10pt">Test and measurement</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">7,112,772</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">7,006,853</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding: 0 0 0 10pt; text-indent: -10pt">Total assets for reportable segments</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: right; padding: 0; text-indent: 0">18,179,045</td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0">18,095,185</td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify; padding: 0 0 0 10pt; text-indent: -10pt"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding: 0 0 0 10pt; text-indent: -10pt">Corporate assets, principally cash and cash equivalents and deferred and current taxes</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">18,018,974</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">18,193,737</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify; padding: 0 0 0 10pt; text-indent: -10pt"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding: 0 0 0 10pt; text-indent: -10pt">Total consolidated assets</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">36,198,019</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">36,288,922</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> </table> Net consolidated sales by region were as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 86%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1px solid">Three Months Ended September 30,</td> <td style="padding-bottom: 1px; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1px solid">Nine Months Ended September 30,</td> </tr> <tr style="background-color: White"> <td style="text-align: justify; border-bottom: Black 1px solid">Sales by region</td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2014</td> <td style="padding-bottom: 1px"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2014</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%">Americas</td> <td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right">6,539,352</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">8,521,225</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right">19,161,206</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">23,624,414</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Europe, Middle East, Africa (EMEA)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">1,284,596</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,752,637</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">4,579,863</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,556,438</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 1px">Asia Pacific (APAC)</td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: right">515,207</td> <td style="padding-bottom: 1px; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">1,098,353</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: right">1,439,074</td> <td style="padding-bottom: 1px; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">2,815,610</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 3px">Total Sales</td> <td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">8,339,155</td> <td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">11,372,215</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">25,180,143</td> <td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">30,996,462</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table> Net sales are attributable to a geographic area based on the destination of the product shipment. The majority of shipments in the Americas are to customers located within the United States. For the three-months ended September 30, 2015 and 2014, sales in the United States for all reportable segments amounted to $6,087,609 and $8,089,561, respectively. For the nine-months ended September 30, 2015 and 2014, sales in the United States for all reportable segments amounted to $17,494,870 and $22,138,237, respectively. Shipments to the EMEA region were largely concentrated in two countries, Israel and Germany. For the three-months ended September 30, 2015, sales to Israel and Germany for all reportable segments amounted to $338,867 and $229,682 of all shipments to the EMEA region, respectively. For the three-months ended September 30, 2014, sales to Israel and Germany for all reportable segments amounted to $625,217 and $262,790, respectively of all shipments to the EMEA region. For the nine-months ended September 30, 2015, sales to Israel and Germany amounted to $1,247,182 and $891,234 of all the shipments to the EMEA region, respectively. For the nine-months ended September 30, 2014, sales to Israel and Germany amounted to $1,248,059 and $1,005,477, respectively of all shipments to the EMEA region. Shipments to the APAC region were largely concentrated in China. For the three-months ended September 30, 2015 and 2014, sales in China for all reportable segments amounted to $303,263 and $526,927, respectively. For the nine-months ended September 30, 2015 and 2014, sales in China for all reportable segments amounted to $900,592 and $1,049,909, respectively.

6087609

8089561

17494870

22138237

338867

229682

625217

262790

1247182

891234

1248059

1005477

303263

526927

900592

1049909

Financial information by reportable segment for the three and nine-months ended September 30, 2015 and 2014: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 87%; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; padding: 0 0 0 10pt; text-indent: -10pt; text-align: left"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td colspan="6" style="font: 10pt Arial,sans-serif; padding: 0; text-align: center; text-indent: 0; border-bottom: Black 1px solid">Three Months Ended September 30, </td> <td style="font-size: 10pt; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td colspan="6" style="font: 10pt Arial,sans-serif; padding: 0; text-align: center; text-indent: 0; border-bottom: Black 1px solid">Nine Months Ended September 30, </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2015</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: 10pt Arial,sans-serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2014</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2015</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font: 10pt Arial,sans-serif; padding: 0; text-align: center; border-bottom: Black 1px solid; text-indent: 0">2014</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-decoration: underline; text-align: left; text-indent: -10pt">Net sales by segment:</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Network solutions</td> <td style="width: 3%; font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">5,481,651</td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">8,034,568</td> <td style="width: 1%; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">16,708,137</td> <td style="width: 1%; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="width: 3%; font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="width: 10%; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">22,026,239</td> <td style="width: 1%; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Test and measurement</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">2,857,504</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">3,337,647</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">8,472,006</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">8,970,223</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px 10pt; text-align: left; text-indent: -10pt">Total consolidated net sales of reportable segments</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">8,339,155</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">11,372,215</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">25,180,143</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">30,996,462</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-decoration: underline; text-align: left; text-indent: -10pt">Segment income:</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Network solutions</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">901,277</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">2,772,136</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">2,596,224</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">6,484,802</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Test and measurement</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">34,818</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">405,543</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">389,030</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">622,290</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt">Income from reportable segments</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">936,095</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">3,177,679</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">2,985,254</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">7,107,092</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt">Other unallocated amounts:</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Corporate expenses</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(773,695</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">)</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(1,052,109</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">)</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(2,336,234</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">)</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(2,911,098</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Other (expense) - net</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">5,880</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(27,568</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0">)</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(2,913</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0">)</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">(65,396</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px 10pt; text-align: left; text-indent: -10pt; vertical-align: top">Consolidated income before income tax provision</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">156,520</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">2,098,002</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">646,107</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">4,130,598</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-align: left; text-indent: -10pt"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-decoration: underline; text-align: left; text-indent: -10pt">Depreciation and amortization by segment:</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Network solutions</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">58,317</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">42,828</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">164,447</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">117,942</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Test and measurement</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">56,754</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">82,124</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">174,379</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">243,818</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px 10pt; text-align: left; text-indent: -10pt; vertical-align: top">Total depreciation and amortization for reportable segments</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">115,071</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">124,952</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">338,826</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">361,760</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 10pt; text-decoration: underline; text-align: left; text-indent: -10pt">Capital expenditures by segment:</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Network solutions</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">91,000</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">35,317</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">266,599</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0">$</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">198,008</td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 0 20pt; text-align: left; text-indent: -10pt">Test and measurement</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">—</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">35,057</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: bold 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">105,119</td> <td style="padding: 0; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; font: 10pt Arial,sans-serif; padding: 0; text-align: right; text-indent: 0">69,320</td> <td style="padding: 0; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px 10pt; text-align: left; text-indent: -10pt">Total consolidated capital expenditures by reportable segment</td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">91,000</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">70,374</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: bold 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: bold 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">371,718</td> <td style="padding: 0 0 3px; font: bold 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> <td style="font: 10pt Arial,sans-serif; padding: 0 0 3px; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; font: 10pt Arial,sans-serif; padding-top: 0; padding-right: 0; padding-left: 0; text-align: right; text-indent: 0">267,328</td> <td style="padding: 0 0 3px; font: 10pt Arial,sans-serif; text-align: left; text-indent: 0"> </td> </tr> </table>

5481651

8034568

16708137

22026239

2857504

3337647

8472006

8970223

901277 2772136 2596224 6484802 34818 405543 389030 622290 936095 3177679 2985254 7107092 -773695 -1052109 -2336234 -2911098

5880

-27568

-2913

-65396

58317

42828

164447

117942

56754

82124

174379

243818

115071

124952

338826

361760

91000

35317

266599

198008

35057

105119

69320

91000

70374

Financial information by reportable segment as of September 30, 2015 and December 31, 2014: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 86%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify; padding: 0 0 0 10pt; text-indent: -10pt"> </td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2015</td> <td style="padding: 0; font-weight: bold; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">2014</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-decoration: underline; text-align: justify; padding: 0 0 0 10pt; text-indent: -10pt">Total assets by segment:</td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 3%; background-color: White"> </td> <td style="width: 67%; text-align: justify; padding: 0 0 0 20pt; text-indent: -10pt">Network solutions</td> <td style="width: 3%; font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; font-weight: bold; text-align: right; padding: 0; text-indent: 0">11,066,273</td> <td style="width: 1%; font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">11,088,332</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: justify; padding: 0 0 0 20pt; text-indent: -10pt">Test and measurement</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">7,112,772</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">7,006,853</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding: 0 0 0 10pt; text-indent: -10pt">Total assets for reportable segments</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="font-weight: bold; text-align: right; padding: 0; text-indent: 0">18,179,045</td> <td style="font-weight: bold; text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0">18,095,185</td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify; padding: 0 0 0 10pt; text-indent: -10pt"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="background-color: White"> </td> <td style="text-align: left; padding: 0 0 0 10pt; text-indent: -10pt">Corporate assets, principally cash and cash equivalents and deferred and current taxes</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; font-weight: bold; text-align: right; text-indent: 0">18,018,974</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">18,193,737</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="text-align: justify; padding: 0 0 0 10pt; text-indent: -10pt"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> <td style="text-align: right; padding: 0; text-indent: 0"> </td> <td style="text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: justify; padding: 0 0 0 10pt; text-indent: -10pt">Total consolidated assets</td> <td style="font-weight: bold; padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; font-weight: bold; text-align: right; text-indent: 0">36,198,019</td> <td style="padding: 0; font-weight: bold; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">36,288,922</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> </table> 11066273 11088332 7112772 7006853 18179045 18095185 18018974 18193737 Net consolidated sales by region were as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 86%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1px solid">Three Months Ended September 30,</td> <td style="padding-bottom: 1px; text-align: center"> </td> <td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="7" style="text-align: center; border-bottom: Black 1px solid">Nine Months Ended September 30,</td> </tr> <tr style="background-color: White"> <td style="text-align: justify; border-bottom: Black 1px solid">Sales by region</td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2014</td> <td style="padding-bottom: 1px"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2015</td> <td style="padding-bottom: 1px; font-weight: bold"> </td> <td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2014</td> <td style="padding-bottom: 1px"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%">Americas</td> <td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right">6,539,352</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">8,521,225</td> <td style="width: 1%; text-align: left"> </td> <td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td> <td style="width: 10%; font-weight: bold; text-align: right">19,161,206</td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right">23,624,414</td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Europe, Middle East, Africa (EMEA)</td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">1,284,596</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">1,752,637</td> <td style="text-align: left"> </td> <td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td> <td style="font-weight: bold; text-align: right">4,579,863</td> <td style="font-weight: bold; text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,556,438</td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 1px">Asia Pacific (APAC)</td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: right">515,207</td> <td style="padding-bottom: 1px; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">1,098,353</td> <td style="padding-bottom: 1px; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: right">1,439,074</td> <td style="padding-bottom: 1px; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td> <td style="border-bottom: Black 1px solid; text-align: right">2,815,610</td> <td style="padding-bottom: 1px; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 3px">Total Sales</td> <td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">8,339,155</td> <td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">11,372,215</td> <td style="padding-bottom: 3px; text-align: left"> </td> <td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">25,180,143</td> <td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td> <td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td> <td style="border-bottom: Black 3px double; text-align: right">30,996,462</td> <td style="padding-bottom: 3px; text-align: left"> </td> </tr> </table>

6539352

8521225

19161206

23624414

1284596

1752637

4579863

4556438

515207

1098353

1439074

2815610

NOTE 9 - COMMITMENTS AND CONTINGENCIES Warranties: The Company typically provides one-year warranties on all of its products covering both parts and labor. The Company, at its option, repairs or replaces products that are defective during the warranty period if the proper preventive maintenance procedures have been followed by its customers. Historically, the Company’s warranty expense has been minimal. Leases: In May 2015, the Company and its landlord entered into a lease agreement to remain at its principal corporate headquarters in Hanover Township, Parsippany, New Jersey through March 31, 2023. Monthly lease payments range from approximately $33,000 in year one to approximately $41,000 in year eight. Additionally, the Company has available an allowance of approximately $300,000 towards alterations and improvements to the premises through November 30, 2016. The lease can be renewed at the Company’s option for one five-year period at fair market value to be determined at term expiration. The following is a summary of the Company’s contractual obligations as of September 30, 2015: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td colspan="21" style="text-align: center; padding: 0">Table of Contractual Obligations</td> </tr> <tr style="vertical-align: bottom"> <td colspan="21" style="text-align: center; padding: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: justify; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="14" style="text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">Payments by Period</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0">Less than</td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0">More than</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; padding: 0; text-align: center">Total</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; padding: 0; text-align: center">1 Year</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; padding: 0; text-align: center">1-3 Years</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; padding: 0; text-align: center">4-5- Years</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; padding: 0; text-align: center">5 Years</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 25%; text-align: justify; padding: 0; text-indent: 0">Facility Leases</td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">3,355,885</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">405,873</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">1,292,148</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">927,332</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">730,532</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding: 0; text-indent: 0; vertical-align: top">Operating and Equipment Leases</td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">201,955</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">63,776</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">138,179</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">—</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">—</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">3,557,840</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">469,649</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">1,430,327</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">927,332</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">730,532</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> </table> Environmental Contingencies: In 1982, the Company and the New Jersey Department of Environmental Protection (the “NJDEP”) agreed upon a plan to correct ground water contamination at a site, formerly leased by Boonton, located in the township of Parsippany-Troy Hills, pursuant to which wells have been installed by the Company. The plan contemplates that the wells will be operated and that soil and water samples will be taken and analyzed until such time that contamination levels are satisfactory to the NJDEP. In 2014, the Company received approval for a groundwater permit from the NJDEP to carry out the final Remedial Action Work Plan and report. Under the final phase of the Remedial Action Work Plan, there will be limited and reduced monitoring and testing as long as concentrations at the site continue on a decreasing trend. While management anticipates that the expenditures in connection with this site will not be substantial in future years, the Company could be subject to significant future liabilities and may incur significant future expenditures if further contaminants from Boonton’s testing are identified and the NJDEP requires additional remediation activities. Management is unable to estimate future remediation costs, if any, at this time. The Company will continue to be liable under the plan, in all future years, until such time as the NJDEP releases it from all obligations applicable thereto. At this time, the Company believes that it is in material compliance with all environmental laws, does not anticipate any material expenditure to meet current or pending environmental requirements, and generally believes that its processes and products do not present any unusual environmental concerns. Besides the matter referred to above with the NJDEP, the Company is unaware of any existing, pending or threatened contingent liability that may have a material adverse effect on its ongoing business operations. Line of Credit: The Company maintains a line of credit with a bank. The credit facility provides borrowing availability of up to 100% of the Company’s money market account balance and 99% of the Company’s short-term investment securities (U.S. Treasury bills) and, under the terms and conditions of the loan agreement, the facility is fully secured by the Company’s money fund account and short-term investment holdings held with the bank. Advances under the facility will bear interest at a variable rate equal to the London InterBank Offered Rate (“LIBOR”) in effect at the time of borrowing. Additionally, under the terms and conditions of the loan agreement, there is 0 annual fee and any amount outstanding under the loan facility may be paid at any time in whole or in part without penalty. As of September 30, 2015, the Company had 0 borrowings outstanding under the facility and approximately $4,500,000 of borrowing availability. The Company has no current plans to borrow from this credit facility as it believes its present cash balances will adequately meet near-term working capital requirements. Risks and Uncertainties: Proprietary information and know-how are important to the Company’s commercial success. There can be no assurance that others will not either develop independently the same or similar information or obtain and use proprietary information of the Company. Certain key employees have signed confidentiality and non-compete agreements regarding the Company’s proprietary information. The Company believes that its products do not infringe the proprietary rights of third parties. There can be no assurance, however, that third parties will not assert infringement claims in the future.

P1Y

2023-03-31

33000 41000 300000

The lease can be renewed at the Company’s option for one five-year period at fair market value to be determined at term expiration.

1 P5Y

1.00 0.99 0

4500000

The following is a summary of the Company’s contractual obligations as of September 30, 2015: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 72pt"> <tr style="vertical-align: bottom"> <td colspan="21" style="text-align: center; padding: 0">Table of Contractual Obligations</td> </tr> <tr style="vertical-align: bottom"> <td colspan="21" style="text-align: center; padding: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: justify; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="14" style="text-align: center; border-bottom: Black 1px solid; padding: 0; text-indent: 0">Payments by Period</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0">Less than</td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="text-align: center; padding: 0; text-indent: 0">More than</td> <td style="padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; padding: 0; text-align: center">Total</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; padding: 0; text-align: center">1 Year</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; padding: 0; text-align: center">1-3 Years</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; padding: 0; text-align: center">4-5- Years</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td colspan="2" style="border-bottom: Black 1px solid; padding: 0; text-align: center">5 Years</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 25%; text-align: justify; padding: 0; text-indent: 0">Facility Leases</td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">3,355,885</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">405,873</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">1,292,148</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">927,332</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> <td style="width: 3%; padding: 0; text-indent: 0"> </td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0">$</td> <td style="width: 10%; text-align: right; padding: 0; text-indent: 0">730,532</td> <td style="width: 1%; text-align: left; padding: 0; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding: 0; text-indent: 0; vertical-align: top">Operating and Equipment Leases</td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">201,955</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">63,776</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">138,179</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">—</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: left; text-indent: 0"> </td> <td style="border-bottom: Black 1px solid; padding: 0; text-align: right; text-indent: 0">—</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding: 0; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">3,557,840</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">469,649</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">1,430,327</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">927,332</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> <td style="padding: 0; text-indent: 0"> </td> <td style="border-bottom: Black 3px double; padding: 0; text-align: left; text-indent: 0">$</td> <td style="border-bottom: Black 3px double; padding: 0; text-align: right; text-indent: 0">730,532</td> <td style="padding: 0; text-align: left; text-indent: 0"> </td> </tr> </table>

3355885

405873

1292148

927332

730532

201955

63776

138179

3557840

469649

1430327

927332

730532

EX-101.SCH 7 wtt-20150930.xsd 001 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS link:presentationLink link:definitionLink link:calculationLink 002 - Statement - CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 003 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS link:presentationLink link:definitionLink link:calculationLink 004 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS link:presentationLink link:definitionLink link:calculationLink 005 - Statement - CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 006 - Statement - CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - INCOME TAXES link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - INCOME PER COMMON SHARE link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - INVENTORIES link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - GOODWILL link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - ACCOUNTING FOR SHARE BASED COMPENSATION link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - SEGMENT INFORMATION link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Accounting Policies, by Policy (Policies) link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - INCOME TAXES (Tables) link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - INCOME PER COMMON SHARE (Tables) link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - INVENTORIES (Tables) link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - ACCOUNTING FOR SHARE BASED COMPENSATION (Tables) link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - SEGMENT INFORMATION (Tables) link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - COMMITMENTS AND CONTINGENCIES (Tables) link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Details) link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - RECENT ACCOUNTING PRONOUNCEMENTS (Details) link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - INCOME TAXES (Details) link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - INCOME TAXES (Details) - Schedule of deferred tax assets and liabilities link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - INCOME TAXES (Details) - Schedule of income tax expense related to income from operations link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - INCOME PER COMMON SHARE (Details) link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - INCOME PER COMMON SHARE (Details) - Schedule of weighted average number of shares link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - INVENTORIES (Details) link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - INVENTORIES (Details) - Schedule of inventory current link:presentationLink link:definitionLink link:calculationLink 032 - Disclosure - GOODWILL (Details) link:presentationLink link:definitionLink link:calculationLink 033 - Disclosure - ACCOUNTING FOR SHARE BASED COMPENSATION (Details) link:presentationLink link:definitionLink link:calculationLink 034 - Disclosure - ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity type link:presentationLink link:definitionLink link:calculationLink 035 - Disclosure - ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of non-vested restricted stock activity link:presentationLink link:definitionLink link:calculationLink 036 - Disclosure - ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of performance-based stock option activity, and related Information link:presentationLink link:definitionLink link:calculationLink 037 - Disclosure - ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of service-based stock option activity, and related Information link:presentationLink link:definitionLink link:calculationLink 038 - Disclosure - SEGMENT INFORMATION (Details) link:presentationLink link:definitionLink link:calculationLink 039 - Disclosure - SEGMENT INFORMATION (Details) - Schedule of segment reporting financial information including total assets by segment link:presentationLink link:definitionLink link:calculationLink 040 - Disclosure - SEGMENT INFORMATION (Details) - Schedule of segment reporting information total assets by segment link:presentationLink link:definitionLink link:calculationLink 041 - Disclosure - SEGMENT INFORMATION (Details) - Schedule of net consolidated sales from operations by region link:presentationLink link:definitionLink link:calculationLink 042 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details) link:presentationLink link:definitionLink link:calculationLink 043 - Disclosure - COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations link:presentationLink link:definitionLink link:calculationLink 000 - Disclosure - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 wtt-20150930_cal.xml EX-101.DEF 9 wtt-20150930_def.xml EX-101.LAB 10 wtt-20150930_lab.xml Statement of Financial Position [Abstract] Cash and cash equivalents Cash and cash equivalents, at beginning of period CASH AND CASH EQUIVALENTS, AT END OF PERIOD Accounts receivable - net of allowance for doubtful accounts of $56,333 and $51,421 for 2015 and 2014, respectively Allowance for doubtful accounts (in Dollars) Inventories Deferred income taxes - current Prepaid expenses and other current assets TOTAL CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT - NET Goodwill Deferred income taxes - non-current Other assets TOTAL OTHER ASSETS TOTAL ASSETS Total consolidated assets Accounts payable Accrued expenses and other current liabilities Equipment leases payable - current TOTAL CURRENT LIABILITIES Deferred rent Equipment leases payable COMMITMENTS AND CONTINGENCIES Preferred stock, $.01 par value, 2,000,000 shares authorized, none issued Preferred stock, par value (in Dollars per share) Preferred stock, shares authorized Preferred stock, shares issued Common stock, $.01 par value, 75,000,000 shares authorized, 29,640,891 and 29,510,891 shares issued, 19,626,455 and 19,496,455 shares outstanding, respectively Common stock, par value (in Dollars per share) Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Balances, Shares (in Shares) Balances, Shares (in Shares) Additional paid-in-capital Retained earnings Treasury stock at cost, 10,014,436 shares Treasury stock, shares TOTAL SHAREHOLDERS’ EQUITY Balances Balances TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY Income Statement [Abstract] NET SALES Net sales by segment Revenues COST OF SALES GROSS PROFIT Research and development Sales and marketing General and administrative TOTAL OPERATING EXPENSES OPERATING INCOME OTHER EXPENSE - NET NET INCOME BEFORE INCOME TAXES Consolidated income before income tax provision PROVISION FOR INCOME TAXES NET INCOME Net income BASIC (in Dollars per share) DILUTED (in Dollars per share) Statement of Cash Flows [Abstract] Depreciation and amortization Share-based compensation expense Share-based Compensation Deferred rent Deferred income taxes Provision for doubtful accounts Inventory reserves Accounts receivable Inventories Prepaid expenses and other assets Accounts payable Accrued expenses and other current liabilities Net cash provided by operating activities Capital expenditures Capital expenditures by segment Proceeds from exercise of stock options Repayments of equipment lease payable Repurchase of common stock - 0 and 4,815,110 shares, respectively Common stock repurchase, shares Net cash (used by) financing activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS Cash paid during the period for income taxes Capital expenditures Equipment lease payable Statement of Stockholders' Equity [Abstract] Stock issued under equity compensation plan Stock issued under equity compensation plan (in Shares) Stock options exercised Stock options exercised (in Shares) Exercised Share-based compensation expense Equity Components [Axis] Common Stock [Member] Additional Paid-in Capital [Member] Retained Earnings [Member] Treasury Stock [Member] Accounting Policies [Abstract] Accounting Changes and Error Corrections [Abstract] Income Tax Disclosure [Abstract] Schedule of deferred tax assets and liabilities [Abstract] Uniform capitalization of inventory costs for tax purposes Reserves on inventories Allowance for doubtful accounts Accruals Tax effect of goodwill Deferred rent Book depreciation over tax Net operating loss carryforward Valuation allowance for deferred tax assets Schedule of income tax expense related to income from operations [Abstract] Federal State Federal State Earnings Per Share [Abstract] Schedule of weighted average number of shares [Abstract] Weighted average common shares outstanding Potentially dilutive stock options Weighted average common shares outstanding, assuming dilution Inventory Disclosure [Abstract] Schedule of inventory current [Abstract] Raw materials Work-in-process Finished goods Goodwill and Intangible Assets Disclosure [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Schedule of share-based compensation expense, components by equity type [Abstract] Award Type [Axis] Restricted Stock [Member] Share Based Compensation Allocated Share-based Compensation Expense Performance Based Restricted Common Stock [Member] Performance Shares [Member] Schedule of non-vested restricted stock activity [Abstract] Non-vested at January 1, 2015 Non-vested at September 30, 2015 Non-vested at January 1, 2015 Non-vested at September 30, 2015 Granted Granted Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) Forfeited Forfeited Vested Vested Performance Based Stock Options [Member] Schedule of performance-based stock option activity, and related Information [Abstract] Outstanding, January 1, 2015 Outstanding, September 30, 2015 Outstanding, January 1, 2015 Outstanding, September 30, 2015 Granted Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) Granted Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) Exercised Forfeited Forfeited September 30, 2015 September 30, 2015 Service Based Stock Options [Member] Schedule of service-based stock option activity, and related Information [Abstract] Expired Expired Segment Reporting [Abstract] Schedule of segment reporting financial information including total assets by segment [Abstract] Segments [Axis] Network Solutions [Member] Test and Measurement [Member] Segment income Corporate expenses Other (expense) - net Depreciation by segment Schedule of segment reporting information total assets by segment [Abstract] Total assets by segment Corporate assets, principally cash and cash equivalents and deferred and current taxes Schedule of net consolidated sales from operations by region [Abstract] Region [Axis] Americas [Member] Europe, Middle East, Africa [Member] Asia Pacific [Member] Commitments and Contingencies Disclosure [Abstract] Schedule of contractual obligations [Abstract] Lease Arrangement, Type [Axis] Facility Leases [Member] Contractual Obligations, Total Contractual Obligations, Less than 1 Year Contractual Obligations, 1-3 Years Contractual Obligations, 4-5 Years Contractual Obligations, More than 5 Years Operating and Equipment Leases [Member] CURRENT ASSETS: OTHER ASSETS: - LIABILITIES AND SHAREHOLDERS’ EQUITY - CURRENT LIABILITIES: LONG TERM LIABILITIES: SHAREHOLDERS’ EQUITY: OPERATING EXPENSES INCOME PER COMMON SHARE: EX-101.PRE 11 wtt-20150930_pre.xml XML 12 R39.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Details) - Schedule of segment reporting financial information including total assets by segment - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Net sales by segment:
Net sales by segment	$ 8,339,155	$ 11,372,215	$ 25,180,143	$ 30,996,462
Segment income:
Segment income	936,095	3,177,679	2,985,254	7,107,092
Other unallocated amounts:
Corporate expenses	(773,695)	(1,052,109)	(2,336,234)	(2,911,098)
Other (expense) - net	5,880	(27,568)	(2,913)	(65,396)
Consolidated income before income tax provision	156,520	2,098,002	646,107	4,130,598
Depreciation and amortization by segment:
Depreciation by segment	115,071	124,952	338,826	361,760
Capital expenditures by segment:
Capital expenditures by segment	91,000	70,374	371,718	267,328
Network Solutions [Member]
Net sales by segment:
Net sales by segment	5,481,651	8,034,568	16,708,137	22,026,239
Segment income:
Segment income	901,277	2,772,136	2,596,224	6,484,802
Depreciation and amortization by segment:
Depreciation by segment	58,317	42,828	164,447	117,942
Capital expenditures by segment:
Capital expenditures by segment	91,000	35,317	266,599	198,008
Test and Measurement [Member]
Net sales by segment:
Net sales by segment	2,857,504	3,337,647	8,472,006	8,970,223
Segment income:
Segment income	34,818	405,543	389,030	622,290
Depreciation and amortization by segment:
Depreciation by segment	$ 56,754	82,124	174,379	243,818
Capital expenditures by segment:
Capital expenditures by segment		$ 35,057	$ 105,119	$ 69,320

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INCOME TAXES (Details)
9 Months Ended

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INCOME TAXES (Details) [Line Items]

Operating Loss Carryforwards Expiration Period 2029

Domestic Tax Authority [Member]

INCOME TAXES (Details) [Line Items]

Operating Loss Carryforwards $ 17,000,000

Foreign Tax Authority [Member]

INCOME TAXES (Details) [Line Items]

Operating Loss Carryforwards 23,400,000

Operating Loss Carryforwards, Valuation Allowance $ 7,012,134

Minimum [Member]

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Percentage of Largest Benefit to Tax Benefits Recognized 50.00%

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COMMITMENTS AND CONTINGENCIES (Details)
9 Months Ended

Sep. 30, 2015

USD ($)

Commitments and Contingencies Disclosure [Abstract]

Warranties Period of Product 1 year

Lease Expiration Date Mar. 31, 2023

Monthly Leases Minimum Payments Due in Year One $ 33,000

Monthly Leases Maximum Payments Due in Year Eight 41,000

Allowance Received for Improvement $ 300,000

Description of Lessor Leasing Arrangements, Operating Leases The lease can be renewed at the Company’s option for one five-year period at fair market value to be determined at term expiration.

Lease Renewal Option 1

Lease Renewable Term 5 years

Line of Credit Facility, Borrowing Capacity, Description The Company maintains a line of credit with a bank. The credit facility provides borrowing availability of up to 100% of the Company’s money market account balance and 99% of the Company’s short-term investment securities (U.S. Treasury bills) and, under the terms and conditions of the loan agreement, the facility is fully secured by the Company’s money fund account and short-term investment holdings held with the bank.

Line of Credit Availability Equal to Percent of Money Market Account 100.00%

Line of Credit Availability Equal to Percent of Short-term Investment 99.00%

Line Of Credit Annual Fees Amount $ 0

Long-term Line of Credit 0

Line of Credit Facility, Maximum Borrowing Capacity $ 4,500,000

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ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of service-based stock option activity, and related Information - Service Based Stock Options [Member]
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Sep. 30, 2015

$ / shares

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Outstanding, January 1, 2015 522,000

Outstanding, January 1, 2015 | $ / shares $ 2.51

Expired (144,000)

Expired | $ / shares $ 2.33

Outstanding, September 30, 2015 378,000

Outstanding, September 30, 2015 | $ / shares $ 2.58

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RECENT ACCOUNTING PRONOUNCEMENTS
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Sep. 30, 2015

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]
NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS

In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, “Simplifying the Measurement of Inventory.” ASU 2015-11 applies to inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The amendments in ASU 2015-11 more closely align the measurement of inventory in US GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company is in the process of evaluating the impact of this ASU on its consolidated financial statements.

In June 2014, the FASB issued ASU 2014-12, “Compensation-Stock Compensation” (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period - Consensus of the FASB Emerging Issues Task Force. ASU 2014-12 requires an entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Additionally, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved, and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered; if the performance target becomes probable of being achieved before the end of the requisite service period, then the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. Finally, the total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest, and should be adjusted to reflect those awards that ultimately vest. An entity is required to adopt ASU 2014-12 for annual and interim periods beginning after December 15, 2015. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. The guidance, as stated in ASU 2014-09, is effective for annual and interim periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which defers the effective date by one year, with early adoption on the original effective date permitted. The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial statements, but does not expect the impact to be material.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed consolidated financial statements.

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COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations

Sep. 30, 2015

USD ($)

COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations [Line Items]

Contractual Obligations, Total $ 3,557,840

Contractual Obligations, Less than 1 Year 469,649

Contractual Obligations, 1-3 Years 1,430,327

Contractual Obligations, 4-5 Years 927,332

Contractual Obligations, More than 5 Years 730,532

Facility Leases [Member]

COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations [Line Items]

Contractual Obligations, Total 3,355,885

Contractual Obligations, Less than 1 Year 405,873

Contractual Obligations, 1-3 Years 1,292,148

Contractual Obligations, 4-5 Years 927,332

Contractual Obligations, More than 5 Years 730,532

Operating and Equipment Leases [Member]

COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations [Line Items]

Contractual Obligations, Total 201,955

Contractual Obligations, Less than 1 Year 63,776

Contractual Obligations, 1-3 Years $ 138,179

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INCOME PER COMMON SHARE (Details) - Schedule of weighted average number of shares - shares
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Schedule of weighted average number of shares [Abstract]

Weighted average common shares outstanding 19,626,455 19,419,063 19,549,532 21,044,296

Potentially dilutive stock options 523,507 1,010,588 915,384 1,184,725

Weighted average common shares outstanding, assuming dilution 20,149,962 20,429,651 20,464,916 22,229,021

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INCOME PER COMMON SHARE (Details) - shares
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Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Earnings Per Share [Abstract]

Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 2,061,830 1,708,802 1,691,515 1,627,182

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INVENTORIES (Details) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Inventory Disclosure [Abstract]

Inventory Valuation Reserves $ 1,072,846 $ 1,037,247

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INVENTORIES (Details) - Schedule of inventory current - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Inventories consist of:

Raw materials $ 4,282,986 $ 4,161,734

Work-in-process 732,975 735,364

Finished goods 3,700,426 3,643,979

$ 8,716,387 $ 8,541,077

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SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES
9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES

The condensed consolidated balance sheet as of September 30, 2015, the condensed consolidated statements of operations for the three and nine-month periods ended September 30, 2015 and 2014, the condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2015 and 2014, and the condensed consolidated statement of shareholders’ equity for the nine-month period ended September 30, 2015 have been prepared by the Company (as defined below) without audit. The condensed consolidated financial statements include the accounts of Wireless Telecom Group, Inc., which operates one of its product lines under the trade name Noisecom, Inc. (“Noisecom”), and its wholly-owned subsidiaries Boonton Electronics Corporation (“Boonton”), Microlab/FXR (“Microlab”), WTG Foreign Sales Corporation and NC Mahwah, Inc., which are collectively referred to herein as, the “Company”. All intercompany transactions and balances have been eliminated in consolidation.

In the opinion of management, the accompanying condensed consolidated financial statements referred to above contain all necessary adjustments, consisting of normal accruals and recurring entries, which are necessary to fairly present the Company’s results for the interim periods being presented.

The accounting policies followed by the Company are set forth in Note 1 to the Company’s financial statements included in its annual report on Form 10-K for the year ended December 31, 2014. Specific reference is made to that report since certain information and footnote disclosures normally included in financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) have been condensed or omitted from this report.

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities (including inventory valuation, accounts receivable valuation, valuation of deferred tax assets and estimated fair values of stock options) and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates.

The results of operations for the three and nine-month periods ended September 30, 2015 are not necessarily indicative of the results to be expected for the full year ending December 31, 2015.

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable.

The Company maintains significant cash investments primarily with two financial institutions, which at times may exceed federally insured limits. The Company performs periodic evaluations of the relative credit rating of these institutions as part of its investment strategy.

The Company has limited concentration of credit risk in accounts receivable due to the large number of entities comprising our customer base and their dispersion across many different industries and geographies. Credit evaluations are performed on customers requiring credit over a certain amount. Credit risk is mitigated to a lesser extent through collateral such as letters of credit, bank guarantees or payment terms like cash in advance. Credit evaluation is performed independent of the Company’s sales team to ensure segregation of duties.

For the three and nine-months ended September 30, 2015, 0 customer accounted for 10% or more of the Company’s consolidated sales. For the three and nine-months ended September 30, 2014, one customer accounted for 10% and 11% of the Company’s consolidated sales, respectively. At September 30, 2015, 0 customer represented 10% or more of the Company’s gross accounts receivable. However, at December 31, 2014, one customer represented 11% of the Company’s gross accounts receivable balance.

The carrying amounts of cash and cash equivalents, trade receivables, other current assets and accounts payable approximate fair value due to the short-term nature of these instruments.

The Company considers all highly liquid investments purchased with maturities of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of bank and money market accounts.

Management has evaluated subsequent events and determined that there were no subsequent events or transactions requiring recognition or disclosure in the condensed consolidated financial statements through the date the financial statements were issued.

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GOODWILL (Details) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

GOODWILL (Details) [Line Items]

Goodwill $ 1,351,392 $ 1,351,392

Microlab [Member]

GOODWILL (Details) [Line Items]

Goodwill $ 1,351,392 $ 1,351,392

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SEGMENT INFORMATION (Details) - Schedule of segment reporting information total assets by segment - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Total assets by segment:

Total assets by segment $ 18,179,045 $ 18,095,185

Corporate assets, principally cash and cash equivalents and deferred and current taxes 18,018,974 18,193,737

Total consolidated assets 36,198,019 36,288,922

Network Solutions [Member]

Total assets by segment:

Total assets by segment 11,066,273 11,088,332

Test and Measurement [Member]

Total assets by segment:

Total assets by segment $ 7,112,772 $ 7,006,853

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)

Sep. 30, 2015

Dec. 31, 2014

CURRENT ASSETS:

Cash and cash equivalents $ 10,778,097 $ 10,723,513

Accounts receivable - net of allowance for doubtful accounts of $56,333 and $51,421 for 2015 and 2014, respectively 5,537,793 5,106,241

Inventories 8,716,387 8,541,077

Deferred income taxes - current 901,269 2,026,269

Prepaid expenses and other current assets 326,289 835,250

TOTAL CURRENT ASSETS 26,259,835 27,232,350

PROPERTY, PLANT AND EQUIPMENT - NET 1,722,181 1,689,289

OTHER ASSETS:

Goodwill 1,351,392 1,351,392

Deferred income taxes - non-current 6,171,458 5,263,380

Other assets 693,153 752,511

TOTAL OTHER ASSETS 8,216,003 7,367,283

TOTAL ASSETS 36,198,019 36,288,922

CURRENT LIABILITIES:

Accounts payable 1,355,739 1,185,230

Accrued expenses and other current liabilities 539,486 1,307,043

Equipment leases payable - current 50,457 134,230

TOTAL CURRENT LIABILITIES 1,945,682 2,626,503

LONG TERM LIABILITIES:

Deferred rent $ 22,301

Equipment leases payable $ 32,054

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS’ EQUITY:

Preferred stock, $.01 par value, 2,000,000 shares authorized, none issued

Common stock, $.01 par value, 75,000,000 shares authorized, 29,640,891 and 29,510,891 shares issued, 19,626,455 and 19,496,455 shares outstanding, respectively $ 296,409 $ 295,109

Additional paid-in-capital 39,775,698 39,530,325

Retained earnings 13,477,170 13,124,172

Treasury stock at cost, 10,014,436 shares (19,319,241) (19,319,241)

TOTAL SHAREHOLDERS’ EQUITY 34,230,036 33,630,365

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 36,198,019 $ 36,288,922

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SEGMENT INFORMATION (Tables)
9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Schedule Of Segment Reporting Financial Information Including Total Assets By Segment [Table Text Block] Financial information by reportable segment for the three and nine-months ended September 30, 2015 and 2014:

Three Months Ended
September 30, Nine Months Ended
September 30,

2015 2014 2015 2014

Net sales by segment:

Network solutions $ 5,481,651 $ 8,034,568 $ 16,708,137 $ 22,026,239

Test and measurement 2,857,504 3,337,647 8,472,006 8,970,223

Total consolidated net sales of reportable segments $ 8,339,155 $ 11,372,215 $ 25,180,143 $ 30,996,462

Segment income:

Network solutions $ 901,277 $ 2,772,136 $ 2,596,224 $ 6,484,802

Test and measurement 34,818 405,543 389,030 622,290

Income from reportable segments 936,095 3,177,679 2,985,254 7,107,092

Other unallocated amounts:

Corporate expenses (773,695 ) (1,052,109 ) (2,336,234 ) (2,911,098 )

Other (expense) - net 5,880 (27,568 ) (2,913 ) (65,396 )

Consolidated income before income tax provision $ 156,520 $ 2,098,002 $ 646,107 $ 4,130,598

Depreciation and amortization by segment:

Network solutions $ 58,317 $ 42,828 $ 164,447 $ 117,942

Test and measurement 56,754 82,124 174,379 243,818

Total depreciation and amortization for reportable segments $ 115,071 $ 124,952 $ 338,826 $ 361,760

Capital expenditures by segment:

Network solutions $ 91,000 $ 35,317 $ 266,599 $ 198,008

Test and measurement — 35,057 105,119 69,320

Total consolidated capital expenditures by reportable segment $ 91,000 $ 70,374 $ 371,718 $ 267,328

Schedule Of Segment Reporting Information Total Assets By Segment [Table Text Block] Financial information by reportable segment as of September 30, 2015 and December 31, 2014:

2015 2014

Total assets by segment:

Network solutions $ 11,066,273 $ 11,088,332

Test and measurement 7,112,772 7,006,853

Total assets for reportable segments 18,179,045 18,095,185

Corporate assets, principally cash and cash equivalents and deferred and current taxes 18,018,974 18,193,737

Total consolidated assets $ 36,198,019 $ 36,288,922

Schedule Of Net Consolidated Sales By Region [Table Text Block] Net consolidated sales by region were as follows:

Three Months Ended
September 30, Nine Months Ended
September 30,

Sales by region 2015 2014 2015 2014

Americas $ 6,539,352 $ 8,521,225 $ 19,161,206 $ 23,624,414

Europe, Middle East, Africa (EMEA) 1,284,596 1,752,637 4,579,863 4,556,438

Asia Pacific (APAC) 515,207 1,098,353 1,439,074 2,815,610

Total Sales $ 8,339,155 $ 11,372,215 $ 25,180,143 $ 30,996,462

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ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of performance-based stock option activity, and related Information - Performance Based Stock Options [Member] - $ / shares
1 Months Ended 9 Months Ended

Sep. 30, 2015

Aug. 31, 2013

Sep. 30, 2015

ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of performance-based stock option activity, and related Information [Line Items]

Outstanding, January 1, 2015 2,070,000

Outstanding, January 1, 2015 $ 1.33

Granted 50,000 950,000 50,000

Granted $ 1.83 $ 1.77 $ 1.83

Exercised (30,000)

Exercised $ 0.78

Forfeited (125,000)

Forfeited $ 1.77

Outstanding, September 30, 2015 1,965,000 1,965,000

Outstanding, September 30, 2015 $ 1.32 $ 1.32

Options exercisable:

September 30, 2015 1,090,000 1,090,000

September 30, 2015 $ 0.96 $ 0.96

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SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Details)
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Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Details) [Line Items]

Number of Financial Institutions in Which Company Maintains Cash Investments 2

Number of significant customer respect to revenue 0 1 0 1

Number of Significant Customer Respect to Accounts Receivable 0 0 1

No Customer [Member]

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Details) [Line Items]

Concentration Risk, Percentage 10.00% 10.00%

Percentage Of Accounts Receivable Attributable To Significant Customer 10.00%

Customer One [Member]

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CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($)

Common Stock [Member]

Additional Paid-in Capital [Member]

Retained Earnings [Member]

Treasury Stock [Member]

Total

Balances at Dec. 31, 2014 $ 295,109 $ 39,530,325 $ 13,124,172 $ (19,319,241) $ 33,630,365

Balances, Shares (in Shares) at Dec. 31, 2014 29,510,891 19,496,455

Net income 352,998 $ 352,998

Stock issued under equity compensation plan $ 1,000 (1,000)

Stock issued under equity compensation plan (in Shares) 100,000

Stock options exercised $ 300 23,100 23,400

Stock options exercised (in Shares) 30,000

Share-based compensation expense 223,273 223,273

Balances at Sep. 30, 2015 $ 296,409 $ 39,775,698 $ 13,477,170 $ (19,319,241) $ 34,230,036

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Allowance for doubtful accounts (in Dollars) $ 56,333 $ 51,421

Preferred stock, par value (in Dollars per share) $ 0.01 $ 0.01

Preferred stock, shares authorized 2,000,000 2,000,000

Preferred stock, shares issued

Common stock, par value (in Dollars per share) $ 0.01 $ 0.01

Common stock, shares authorized 75,000,000 75,000,000

Common stock, shares issued 29,640,891 29,510,891

Common stock, shares outstanding 19,626,455 19,496,455

Treasury stock, shares 10,014,436 10,014,436

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Accounting Policies, by Policy (Policies)
9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]
In June 2014, the FASB issued ASU 2014-12, “Compensation-Stock Compensation” (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period - Consensus of the FASB Emerging Issues Task Force. ASU 2014-12 requires an entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Additionally, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved, and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered; if the performance target becomes probable of being achieved before the end of the requisite service period, then the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. Finally, the total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest, and should be adjusted to reflect those awards that ultimately vest. An entity is required to adopt ASU 2014-12 for annual and interim periods beginning after December 15, 2015. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. The guidance, as stated in ASU 2014-09, is effective for annual and interim periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which defers the effective date by one year, with early adoption on the original effective date permitted. The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial statements, but does not expect the impact to be material.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed consolidated financial statements.

Income Tax, Policy [Policy Text Block]
The Company records deferred taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Accounting for Income Taxes.” ASC 740 requires recognition of deferred tax assets and liabilities for temporary differences between tax basis of assets and liabilities and the amounts at which they are carried in the financial statements, based upon the enacted rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. The Company periodically assesses the value of its deferred tax assets and determines the necessity for a valuation allowance.

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]
The Company follows the provisions of ASC 718, “Share-Based Payment.

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Document And Entity Information - shares
9 Months Ended

Sep. 30, 2015

Nov. 09, 2015

Document and Entity Information [Abstract]

Entity Registrant Name WIRELESS TELECOM GROUP INC

Document Type 10-Q

Current Fiscal Year End Date --12-31

Entity Common Stock, Shares Outstanding 19,626,455

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Entity Central Index Key 0000878828

Entity Filer Category Smaller Reporting Company

Document Period End Date Sep. 30, 2015

Document Fiscal Year Focus 2015

Document Fiscal Period Focus Q3

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INCOME TAXES (Tables)
9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities [Table Text Block] The deferred income tax assets (liabilities) are summarized as follows:

September 30, December 31,

2015 2014

Net deferred tax asset:

Uniform capitalization of inventory costs for tax purposes $ 165,160 $ 168,119

Reserves on inventories 429,138 414,898

Allowance for doubtful accounts 22,533 20,568

Accruals 15,000 240,000

Tax effect of goodwill (498,515) (471,487 )

Deferred rent 10,036 —

Book depreciation over tax (7,708 ) (17,699 )

Net operating loss carryforward 13,949,217 13,947,384

14,084,861 14,301,783

Valuation allowance for deferred tax assets (7,012,134 ) (7,012,134 )

$ 7,072,727 $ 7,289,649

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] The components of income tax expense related to income from operations are as follows:

Three Months Ended Nine Months Ended

September 30, September 30,

2015 2014 2015 2014

Current:

Federal $ — $ 34,650 $ 17,457 $ 68,455

State 14,154 199,240 58,730 386,430

Deferred:

Federal 58,689 795,495 193,406 1,366,520

State 8,538 85,443 23,516 170,130

$ 81,381 $ 1,114,828 $ 293,109 $ 1,991,535

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

NET SALES $ 8,339,155 $ 11,372,215 $ 25,180,143 $ 30,996,462

COST OF SALES 4,715,944 5,607,564 14,126,798 16,036,139

GROSS PROFIT 3,623,211 5,764,651 11,053,345 14,960,323

OPERATING EXPENSES

Research and development 1,026,580 863,011 2,899,481 2,542,112

Sales and marketing 1,224,559 1,359,197 3,911,997 4,058,417

General and administrative 1,209,672 1,416,873 3,592,847 4,163,800

TOTAL OPERATING EXPENSES 3,460,811 3,639,081 10,404,325 10,764,329

OPERATING INCOME 162,400 2,125,570 649,020 4,195,994

OTHER EXPENSE - NET 5,880 27,568 2,913 65,396

NET INCOME BEFORE INCOME TAXES 156,520 2,098,002 646,107 4,130,598

PROVISION FOR INCOME TAXES 81,381 1,114,828 293,109 1,991,535

NET INCOME $ 75,139 $ 983,174 $ 352,998 $ 2,139,063

INCOME PER COMMON SHARE:

BASIC (in Dollars per share) $ 0.00 $ 0.05 $ 0.02 $ 0.10

DILUTED (in Dollars per share) $ 0.00 $ 0.05 $ 0.02 $ 0.10

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INVENTORIES
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Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]
NOTE 5 – INVENTORIES

Inventory carrying value is net of inventory reserves of $1,072,846 and $1,037,247 at September 30, 2015 and December 31, 2014, respectively.

September 30, December 31,

2015 2014

Inventories consist of:

Raw materials $ 4,282,986 $ 4,161,734

Work-in-process 732,975 735,364

Finished goods 3,700,426 3,643,979

$ 8,716,387 $ 8,541,077

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INCOME PER COMMON SHARE
9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]
NOTE 4 - INCOME PER COMMON SHARE

Basic earnings per share is calculated by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are calculated by using the weighted average number of shares of common stock outstanding and, when dilutive, potential shares from stock options and warrants to purchase common stock, using the treasury stock method.

Three Months Ended
September 30, Nine Months Ended
September 30,

2015 2014 2015 2014

Weighted average common shares outstanding 19,626,455 19,419,063 19,549,532 21,044,296

Potentially dilutive stock options 523,507 1,010,588 915,384 1,184,725

Weighted average common shares outstanding, assuming dilution 20,149,962 20,429,651 20,464,916 22,229,021

Common stock options are included in the diluted earnings per share calculation when the various option exercise prices are less than their relative average market price during the periods presented in this quarterly report. The weighted average number of shares of common stock underlying options not included in diluted earnings per share, because the effects are anti-dilutive, was 2,061,830 and 1,708,802 for the three-months ended September 30, 2015 and 2014, respectively. For the nine-months ended September 30, 2015 and 2014, the weighted average number of shares of common stock underlying options not included in diluted earnings per share was 1,691,515 and 1,627,182, respectively.

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COMMITMENTS AND CONTINGENCIES (Tables)
9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] The following is a summary of the Company’s contractual obligations as of September 30, 2015:

Table of Contractual Obligations

Payments by Period

Less than More than

Total 1 Year 1-3 Years 4-5- Years 5 Years

Facility Leases $ 3,355,885 $ 405,873 $ 1,292,148 $ 927,332 $ 730,532

Operating and Equipment Leases 201,955 63,776 138,179 — —

$ 3,557,840 $ 469,649 $ 1,430,327 $ 927,332 $ 730,532

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INCOME PER COMMON SHARE (Tables)
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Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]

Three Months Ended
September 30, Nine Months Ended
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2015 2014 2015 2014

Weighted average common shares outstanding 19,626,455 19,419,063 19,549,532 21,044,296

Potentially dilutive stock options 523,507 1,010,588 915,384 1,184,725

Weighted average common shares outstanding, assuming dilution 20,149,962 20,429,651 20,464,916 22,229,021

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SEGMENT INFORMATION
9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]
NOTE 8 – SEGMENT INFORMATION

The operating businesses of the Company are segregated into two reportable segments: (i) network solutions; and (ii) test and measurement. The network solutions segment is comprised primarily of the operations of Wireless Telecom Group Inc.’s subsidiary, Microlab. The test and measurement segment is comprised primarily of the operations of Wireless Telecom Group, Inc. which operates the Noisecom product line and the operations of its subsidiary, Boonton.

The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies. The Company allocates resources and evaluates the performance of segments based on income or loss from operations, excluding interest, corporate expenses and other income (expenses).

Financial information by reportable segment for the three and nine-months ended September 30, 2015 and 2014:

Three Months Ended
September 30, Nine Months Ended
September 30,

2015 2014 2015 2014

Net sales by segment:

Network solutions $ 5,481,651 $ 8,034,568 $ 16,708,137 $ 22,026,239

Test and measurement 2,857,504 3,337,647 8,472,006 8,970,223

Total consolidated net sales of reportable segments $ 8,339,155 $ 11,372,215 $ 25,180,143 $ 30,996,462

Segment income:

Network solutions $ 901,277 $ 2,772,136 $ 2,596,224 $ 6,484,802

Test and measurement 34,818 405,543 389,030 622,290

Income from reportable segments 936,095 3,177,679 2,985,254 7,107,092

Other unallocated amounts:

Corporate expenses (773,695 ) (1,052,109 ) (2,336,234 ) (2,911,098 )

Other (expense) - net 5,880 (27,568 ) (2,913 ) (65,396 )

Consolidated income before income tax provision $ 156,520 $ 2,098,002 $ 646,107 $ 4,130,598

Depreciation and amortization by segment:

Network solutions $ 58,317 $ 42,828 $ 164,447 $ 117,942

Test and measurement 56,754 82,124 174,379 243,818

Total depreciation and amortization for reportable segments $ 115,071 $ 124,952 $ 338,826 $ 361,760

Capital expenditures by segment:

Network solutions $ 91,000 $ 35,317 $ 266,599 $ 198,008

Test and measurement — 35,057 105,119 69,320

Total consolidated capital expenditures by reportable segment $ 91,000 $ 70,374 $ 371,718 $ 267,328

Financial information by reportable segment as of September 30, 2015 and December 31, 2014:

2015 2014

Total assets by segment:

Network solutions $ 11,066,273 $ 11,088,332

Test and measurement 7,112,772 7,006,853

Total assets for reportable segments 18,179,045 18,095,185

Corporate assets, principally cash and cash equivalents and deferred and current taxes 18,018,974 18,193,737

Total consolidated assets $ 36,198,019 $ 36,288,922

Net consolidated sales by region were as follows:

Three Months Ended
September 30, Nine Months Ended
September 30,

Sales by region 2015 2014 2015 2014

Americas $ 6,539,352 $ 8,521,225 $ 19,161,206 $ 23,624,414

Europe, Middle East, Africa (EMEA) 1,284,596 1,752,637 4,579,863 4,556,438

Asia Pacific (APAC) 515,207 1,098,353 1,439,074 2,815,610

Total Sales $ 8,339,155 $ 11,372,215 $ 25,180,143 $ 30,996,462

Net sales are attributable to a geographic area based on the destination of the product shipment. The majority of shipments in the Americas are to customers located within the United States. For the three-months ended September 30, 2015 and 2014, sales in the United States for all reportable segments amounted to $6,087,609 and $8,089,561, respectively. For the nine-months ended September 30, 2015 and 2014, sales in the United States for all reportable segments amounted to $17,494,870 and $22,138,237, respectively. Shipments to the EMEA region were largely concentrated in two countries, Israel and Germany. For the three-months ended September 30, 2015, sales to Israel and Germany for all reportable segments amounted to $338,867 and $229,682 of all shipments to the EMEA region, respectively. For the three-months ended September 30, 2014, sales to Israel and Germany for all reportable segments amounted to $625,217 and $262,790, respectively of all shipments to the EMEA region. For the nine-months ended September 30, 2015, sales to Israel and Germany amounted to $1,247,182 and $891,234 of all the shipments to the EMEA region, respectively. For the nine-months ended September 30, 2014, sales to Israel and Germany amounted to $1,248,059 and $1,005,477, respectively of all shipments to the EMEA region. Shipments to the APAC region were largely concentrated in China. For the three-months ended September 30, 2015 and 2014, sales in China for all reportable segments amounted to $303,263 and $526,927, respectively. For the nine-months ended September 30, 2015 and 2014, sales in China for all reportable segments amounted to $900,592 and $1,049,909, respectively.

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GOODWILL
9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]
NOTE 6 - GOODWILL

Goodwill represents the excess of the aggregate purchase price over the fair value of the net assets acquired in a purchase business combination. Goodwill is not amortized but rather is reviewed for impairment at least annually or more frequently if a triggering event occurs. Management first makes a qualitative assessment of whether it is more-likely-than-not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test described below. If, based on the qualitative assessment, the estimated fair value is well in excess of its carrying amount, management will not perform a quantitative assessment. If, however, the conclusion is that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, management then performs a two-step goodwill impairment test. Under the first step, the fair value of the reporting unit is compared with its carrying value, and, if an indication of goodwill impairment exists for the reporting unit, the Company must perform step two of the impairment test (measurement).

Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill as determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation. The residual fair value after this allocation is the implied fair value of the reporting unit’s goodwill.

The Company’s goodwill balance of $1,351,392 at September 30, 2015 and December 31, 2014 relates to one of the Company’s reporting units, Microlab. Management’s qualitative assessment performed in the fourth quarter of 2014 did not indicate any impairment of Microlab’s goodwill as its fair value is estimated to be in excess of its carrying value. Furthermore, no events have occurred since then that would change this assessment.

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The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.
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ACCOUNTING FOR SHARE BASED COMPENSATION
9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
NOTE 7 - ACCOUNTING FOR SHARE BASED COMPENSATION

The Company follows the provisions of ASC 718, “Share-Based Payment.” The Company’s results for the three and nine-month periods ended September 30, 2015 include share-based compensation expense totaling $51,347 and $223,273, respectively. Results for the three and nine-month periods ended September 30, 2014 include share-based compensation expense totaling $154,268 and $234,801, respectively. Such amounts have been included in the Condensed Consolidated Statements of Operations within operating expenses.

Incentive Compensation Plan:

In 2012, the Company’s Board of Directors and shareholders approved the 2012 Incentive Compensation Plan (the “Initial 2012 Plan”), which provides for the grant of restricted stock awards, non-qualified stock options and incentive stock options in compliance with the Internal Revenue Code of 1986, as amended, to employees, officers, directors, consultants and advisors of the Company who are expected to contribute to the Company’s future growth and success. When originally approved, the Initial 2012 Plan provided for the grant of awards relating to 2,000,000 shares of common stock, plus those shares still available under the Company’s prior incentive compensation plan. In June 2014, the Company’s shareholders approved the Amended and Restated 2012 Incentive Compensation Plan (the “2012 Plan”) allowing for an additional 1,658,045 shares of the Company’s common stock to be available for future grants under the 2012 Plan. As of September 30, 2015, there were 2,364,000 shares available for issuance under the 2012 Plan, including those shares available under the Company’s prior incentive compensation plan as of such date.

All service-based options granted have ten-year terms from the date of grant and vest annually and become fully exercisable after a maximum of five years. Performance-based options granted have ten-year terms and vest and become fully exercisable when determinable performance targets are achieved. Performance targets are agreed to, and approved by, the Company’s Board of Directors.

Provisions of the 2012 Plan require that all awards that are stock options be made at exercise prices equal to or greater than the fair market value on the date of the grant. The Company did not grant stock option awards during either of the nine-month periods ended September 30, 2015 and 2014.

The following summarizes the components of share-based compensation expense by equity type for the three and nine-months ended September 30:

Three Months Ended
September 30, Nine Months Ended
September 30,

2015 2014 2015 2014

Service-based Restricted Common Stock $ 55,500 $ 49,800 $ 155,100 $ 130,333

Performance-based Restricted Common Stock (636 ) 17,700 11,620 17,700

Performance-based Stock Options (3,517 ) 86,768 56,553 86,768

Total Share-Based Compensation Expense $ 51,347 $ 154,268 $ 223,273 $ 234,801

Stock-based compensation for the three and nine-months ended September 30, 2015 and 2014 is included in general and administrative expenses in the accompanying condensed consolidated statement of operations.

Restricted Common Stock Awards:

In June 2015, the Company granted 100,000 shares of restricted common stock to certain non-employee directors of the Company under the 2012 Plan. The shares were granted at a price of $2.22 per share and will fully vest on the date of the Company’s next annual shareholders meeting to be held in June 2016 (assuming continued service through such date), or a vesting period of approximately one year. The total compensation expense to be recognized over the vesting period is $222,000.

A summary of the status of the Company’s non-vested restricted common stock, as granted under the Company’s approved stock compensation plans, as of September 30, 2015, and changes during the nine-months ended September 30, 2015, are presented below:

Weighted Average

Non-vested Restricted Shares Number of Shares Grant Date Fair Value

Non-vested at January 1, 2015 180,000 $ 2.09

Granted 100,000 $ 2.22

Forfeited (13,000 ) $ 1.77

Vested (80,000 ) $ 2.49

Non-vested at September 30, 2015 187,000 $ 2.01

Under the terms of the performance-based restricted common stock award agreements (pertaining to the 100,000 shares of restricted stock granted in 2013), the restricted stock will fully vest and become exercisable on the date on which the Company’s Board of Directors shall have determined that specific financial milestones have been met, provided the employee remains in the employ of the Company at such time; provided, however, upon a Change in Control (as defined in the award agreements and the 2012 Plan), the restricted stock shall automatically vest as permitted by the 2012 Plan. The Company’s Board of Directors adopted specific revenue and earnings performance targets as vesting conditions. During the first quarter of 2015, management determined the performance conditions related to these restricted stock awards are probable to be achieved by the year ending 2020. As a result, the Company adjusted the amortization of the fair market value of these awards over the revised implicit service period from December 2017 to December 2020. If management determines in future periods the achievement of performance conditions are probable to occur sooner than expected, the Company will accelerate the expensing of any unamortized balance as of that determination date.

As of September 30, 2015, the unearned compensation related to Company granted restricted common stock was $284,271 of which $166,500 (pertaining to 100,000 service-based restricted common stock awards) will be amortized on a straight-line basis through the date of the Company’s next annual shareholders meeting scheduled to be held in June 2016, the vesting date. The remaining balance of $117,771 (pertaining to 87,000 performance-based shares of restricted common stock awarded in 2013) will be amortized on a straight-line basis through December 31, 2020, the revised implicit service period.

Performance-Based Stock Option Awards:

A summary of performance-based stock option activity, and related information for the nine-months ended September 30, 2015 follows:

Weighted Average

Options Exercise Price

Outstanding, January 1, 2015 2,070,000 $ 1.33

Granted 50,000 $ 1.83

Exercised (30,000 ) $ 0.78

Forfeited (125,000 ) $ 1.77

Expired — —

Outstanding, September 30, 2015 1,965,000 $ 1.32

Options exercisable:

September 30, 2015 1,090,000 $ 0.96

The aggregate intrinsic value of performance-based stock options outstanding (regardless of whether or not such options are exercisable) as of September 30, 2015 and December 31, 2014 was $595,650 and $2,792,690, respectively. The aggregate intrinsic value of performance-based stock options exercisable as of September 30, 2015 and December 31, 2014 was $595,650 and $1,882,550, respectively.

Under the terms of the performance-based stock option agreements, the awards will fully vest and become exercisable on the date on which the Company’s Board of Directors shall have determined that specific financial performance milestones have been met, provided the employee remains in the employ of the Company at such time; provided, however, upon a Change in Control (as defined in the stock option agreements and the 2012 Plan), the stock options shall automatically vest as permitted by the 2012 Plan. During the first quarter of 2015, management determined the performance conditions related to these stock option awards are probable to be achieved by the year ending 2020. As a result, the Company adjusted the amortization of the fair market value of these awards over the revised implicit service period from December 2017 to December 2020. If management determines in future periods the achievement of performance conditions are probable to occur sooner than expected, the Company will accelerate the expensing of any unamortized balance as of that determination date.

On September 8, 2015, the Company granted performance-based stock options to acquire 50,000 shares of common stock at an exercise price of $1.83 per share, which represents the closing price of the Company’s common stock as reported on the NYSE MKT on September 8, 2015, the date of grant. The per share fair-value of these performance-based options granted during the three-month period ended September 30, 2015 was $1.03. The per share fair-value was estimated on the date of grant using the Black-Scholes option pricing method and included the following range of assumptions; dividend yield 0%, risk-free interest rate of 1.53% and expected option life of 4 years. Volatility assumption was 75.46% and the forfeiture rate was assumed to be 0%.

As of September 30, 2015, the unearned compensation related to the 950,000 performance-based stock options granted in August 2013 (with a weighted average per share exercise price of $1.77) and the 50,000 performance-based stock options granted in September 2015 (with a weighted average per share exercise price of $1.83) is $550,122 and $51,527, respectively, which will be amortized on a straight-line basis through December 31, 2020, the implicit service period.

The Company’s performance-based stock options granted prior to 2013 (consisting of 1,090,000 options) are fully amortized.

Service-Based Stock Option Awards:

A summary of service-based stock option activity, and related information for the nine-months ended September 30, 2015 follows:

Weighted Average

Options Exercise Price

Outstanding, January 1, 2015 522,000 $ 2.51

Granted — —

Exercised — —

Forfeited — —

Expired (144,000 ) $ 2.33

Outstanding, September 30, 2015 378,000 $ 2.58

Options exercisable:

September 30, 2015 378,000 $ 2.58

The aggregate intrinsic value of service-based stock options exercisable as of September 30, 2015 and December 31, 2014 was $0 and $102,640, respectively.

At September 30, 2015, the Company’s service-based stock options are fully amortized.

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The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.
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COMMITMENTS AND CONTINGENCIES
9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]
NOTE 9 - COMMITMENTS AND CONTINGENCIES

Warranties:

The Company typically provides one-year warranties on all of its products covering both parts and labor. The Company, at its option, repairs or replaces products that are defective during the warranty period if the proper preventive maintenance procedures have been followed by its customers. Historically, the Company’s warranty expense has been minimal.

Leases:

In May 2015, the Company and its landlord entered into a lease agreement to remain at its principal corporate headquarters in Hanover Township, Parsippany, New Jersey through March 31, 2023. Monthly lease payments range from approximately $33,000 in year one to approximately $41,000 in year eight. Additionally, the Company has available an allowance of approximately $300,000 towards alterations and improvements to the premises through November 30, 2016. The lease can be renewed at the Company’s option for one five-year period at fair market value to be determined at term expiration.

The following is a summary of the Company’s contractual obligations as of September 30, 2015:

Table of Contractual Obligations

Payments by Period

Less than More than

Total 1 Year 1-3 Years 4-5- Years 5 Years

Facility Leases $ 3,355,885 $ 405,873 $ 1,292,148 $ 927,332 $ 730,532

Operating and Equipment Leases 201,955 63,776 138,179 — —

$ 3,557,840 $ 469,649 $ 1,430,327 $ 927,332 $ 730,532

Environmental Contingencies:

In 1982, the Company and the New Jersey Department of Environmental Protection (the “NJDEP”) agreed upon a plan to correct ground water contamination at a site, formerly leased by Boonton, located in the township of Parsippany-Troy Hills, pursuant to which wells have been installed by the Company. The plan contemplates that the wells will be operated and that soil and water samples will be taken and analyzed until such time that contamination levels are satisfactory to the NJDEP. In 2014, the Company received approval for a groundwater permit from the NJDEP to carry out the final Remedial Action Work Plan and report. Under the final phase of the Remedial Action Work Plan, there will be limited and reduced monitoring and testing as long as concentrations at the site continue on a decreasing trend.

While management anticipates that the expenditures in connection with this site will not be substantial in future years, the Company could be subject to significant future liabilities and may incur significant future expenditures if further contaminants from Boonton’s testing are identified and the NJDEP requires additional remediation activities. Management is unable to estimate future remediation costs, if any, at this time. The Company will continue to be liable under the plan, in all future years, until such time as the NJDEP releases it from all obligations applicable thereto.

At this time, the Company believes that it is in material compliance with all environmental laws, does not anticipate any material expenditure to meet current or pending environmental requirements, and generally believes that its processes and products do not present any unusual environmental concerns. Besides the matter referred to above with the NJDEP, the Company is unaware of any existing, pending or threatened contingent liability that may have a material adverse effect on its ongoing business operations.

Line of Credit:

The Company maintains a line of credit with a bank. The credit facility provides borrowing availability of up to 100% of the Company’s money market account balance and 99% of the Company’s short-term investment securities (U.S. Treasury bills) and, under the terms and conditions of the loan agreement, the facility is fully secured by the Company’s money fund account and short-term investment holdings held with the bank. Advances under the facility will bear interest at a variable rate equal to the London InterBank Offered Rate (“LIBOR”) in effect at the time of borrowing. Additionally, under the terms and conditions of the loan agreement, there is 0 annual fee and any amount outstanding under the loan facility may be paid at any time in whole or in part without penalty.

As of September 30, 2015, the Company had 0 borrowings outstanding under the facility and approximately $4,500,000 of borrowing availability. The Company has no current plans to borrow from this credit facility as it believes its present cash balances will adequately meet near-term working capital requirements.

Risks and Uncertainties:

Proprietary information and know-how are important to the Company’s commercial success. There can be no assurance that others will not either develop independently the same or similar information or obtain and use proprietary information of the Company. Certain key employees have signed confidentiality and non-compete agreements regarding the Company’s proprietary information.

The Company believes that its products do not infringe the proprietary rights of third parties. There can be no assurance, however, that third parties will not assert infringement claims in the future.

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ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity type - USD ($)
1 Months Ended 3 Months Ended 9 Months Ended

Jun. 30, 2015

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity type [Line Items]

Share Based Compensation $ 51,347 $ 154,268 $ 223,273 $ 234,801

Restricted Stock [Member]

ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity type [Line Items]

Share Based Compensation $ 222,000 55,500 49,800 155,100 130,333

Performance Based Restricted Common Stock [Member]

ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity type [Line Items]

Share Based Compensation (636) 17,700 11,620 17,700

Performance Shares [Member]

ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity type [Line Items]

Share Based Compensation $ (3,517) $ 86,768 $ 56,553 $ 86,768

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ACCOUNTING FOR SHARE BASED COMPENSATION (Tables)
9 Months Ended

Sep. 30, 2015

ACCOUNTING FOR SHARE BASED COMPENSATION (Tables) [Line Items]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] The following summarizes the components of share-based compensation expense by equity type for the three and nine-months ended September 30:

Three Months Ended
September 30, Nine Months Ended
September 30,

2015 2014 2015 2014

Service-based Restricted Common Stock $ 55,500 $ 49,800 $ 155,100 $ 130,333

Performance-based Restricted Common Stock (636 ) 17,700 11,620 17,700

Performance-based Stock Options (3,517 ) 86,768 56,553 86,768

Total Share-Based Compensation Expense $ 51,347 $ 154,268 $ 223,273 $ 234,801

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] A summary of the status of the Company’s non-vested restricted common stock, as granted under the Company’s approved stock compensation plans, as of September 30, 2015, and changes during the nine-months ended September 30, 2015, are presented below:

Weighted Average

Non-vested Restricted Shares Number of Shares Grant Date Fair Value

Non-vested at January 1, 2015 180,000 $ 2.09

Granted 100,000 $ 2.22

Forfeited (13,000 ) $ 1.77

Vested (80,000 ) $ 2.49

Non-vested at September 30, 2015 187,000 $ 2.01

Performance Based Stock Options [Member]

ACCOUNTING FOR SHARE BASED COMPENSATION (Tables) [Line Items]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] A summary of performance-based stock option activity, and related information for the nine-months ended September 30, 2015 follows:

Weighted Average

Options Exercise Price

Outstanding, January 1, 2015 2,070,000 $ 1.33

Granted 50,000 $ 1.83

Exercised (30,000 ) $ 0.78

Forfeited (125,000 ) $ 1.77

Expired — —

Outstanding, September 30, 2015 1,965,000 $ 1.32

Options exercisable:

September 30, 2015 1,090,000 $ 0.96

Service Based Stock Options [Member]

ACCOUNTING FOR SHARE BASED COMPENSATION (Tables) [Line Items]

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] A summary of service-based stock option activity, and related information for the nine-months ended September 30, 2015 follows:

Weighted Average

Options Exercise Price

Outstanding, January 1, 2015 522,000 $ 2.51

Granted — —

Exercised — —

Forfeited — —

Expired (144,000 ) $ 2.33

Outstanding, September 30, 2015 378,000 $ 2.58

Options exercisable:

September 30, 2015 378,000 $ 2.58

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INCOME TAXES (Details) - Schedule of deferred tax assets and liabilities - USD ($)

Sep. 30, 2015

Dec. 31, 2014

Net deferred tax asset:

Uniform capitalization of inventory costs for tax purposes $ 165,160 $ 168,119

Reserves on inventories 429,138 414,898

Allowance for doubtful accounts 22,533 20,568

Accruals 15,000 240,000

Tax effect of goodwill (498,515) (471,487)

Deferred rent 10,036

Book depreciation over tax (7,708) (17,699)

Net operating loss carryforward 13,949,217 13,947,384

14,084,861 14,301,783

Valuation allowance for deferred tax assets (7,012,134) (7,012,134)

$ 7,072,727 $ 7,289,649

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SEGMENT INFORMATION (Details) - Schedule of net consolidated sales from operations by region - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

SEGMENT INFORMATION (Details) - Schedule of net consolidated sales from operations by region [Line Items]

Revenues $ 8,339,155 $ 11,372,215 $ 25,180,143 $ 30,996,462

Americas [Member]

SEGMENT INFORMATION (Details) - Schedule of net consolidated sales from operations by region [Line Items]

Revenues 6,539,352 8,521,225 19,161,206 23,624,414

Europe, Middle East, Africa [Member]

SEGMENT INFORMATION (Details) - Schedule of net consolidated sales from operations by region [Line Items]

Revenues 1,284,596 1,752,637 4,579,863 4,556,438

Asia Pacific [Member]

SEGMENT INFORMATION (Details) - Schedule of net consolidated sales from operations by region [Line Items]

Revenues $ 515,207 $ 1,098,353 $ 1,439,074 $ 2,815,610

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

CASH FLOWS PROVIDED BY OPERATING ACTIVITIES

Net income $ 352,998 $ 2,139,063

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 338,826 361,760

Share-based compensation expense 223,273 234,801

Deferred rent 22,301

Deferred income taxes 216,922 1,536,650

Provision for doubtful accounts 4,912 (68,077)

Inventory reserves 35,599 318,397

Changes in assets and liabilities:

Accounts receivable (436,464) (1,280,746)

Inventories (210,909) (1,112,649)

Prepaid expenses and other assets 568,319 55,685

Accounts payable 170,509 568,208

Accrued expenses and other current liabilities (767,557) (146,850)

Net cash provided by operating activities 518,729 2,606,242

CASH FLOWS (USED) BY INVESTING ACTIVITIES

Capital expenditures (371,718) (267,328)

CASH FLOWS (USED) BY FINANCING ACTIVITIES

Proceeds from exercise of stock options 23,400 117,000

Repayments of equipment lease payable (115,827) (108,211)

Repurchase of common stock - 0 and 4,815,110 shares, respectively (9,630,219)

Net cash (used by) financing activities (92,427) (9,621,430)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 54,584 (7,282,516)

Cash and cash equivalents, at beginning of period 10,723,513 16,599,249

CASH AND CASH EQUIVALENTS, AT END OF PERIOD 10,778,097 9,316,733

SUPPLEMENTAL INFORMATION:

Cash paid during the period for income taxes $ 63,762 448,617

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Capital expenditures (149,432)

Equipment lease payable $ 149,432

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XML 55 R10.htm IDEA: XBRL DOCUMENT v3.3.0.814

INCOME TAXES
9 Months Ended

Sep. 30, 2015

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]
NOTE 3 – INCOME TAXES

The Company records deferred taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Accounting for Income Taxes.” ASC 740 requires recognition of deferred tax assets and liabilities for temporary differences between tax basis of assets and liabilities and the amounts at which they are carried in the financial statements, based upon the enacted rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. The Company periodically assesses the value of its deferred tax assets and determines the necessity for a valuation allowance.

The Company has a domestic net operating loss carryforward at September 30, 2015 of approximately $17,000,000 which expires in 2029. The Company also has a German net operating loss carryforward at September 30, 2015 of approximately $23,400,000.

Realization of the Company’s deferred tax assets is dependent upon the Company generating sufficient taxable income in the appropriate tax jurisdictions in future years to obtain benefit from the reversal of net deductible temporary differences and from utilization of net operating losses. The Company’s valuation allowance of $7,012,134 is associated with the Company’s German net operating loss carryforward from an inactive German entity. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income are changed. As of September 30, 2015, management believes that it is more likely than not that the Company will fully realize the benefits of its deferred tax asset associated with its domestic net operating loss carryforward.

The deferred income tax assets (liabilities) are summarized as follows:

September 30, December 31,

2015 2014

Net deferred tax asset:

Uniform capitalization of inventory costs for tax purposes $ 165,160 $ 168,119

Reserves on inventories 429,138 414,898

Allowance for doubtful accounts 22,533 20,568

Accruals 15,000 240,000

Tax effect of goodwill (498,515) (471,487 )

Deferred rent 10,036 —

Book depreciation over tax (7,708 ) (17,699 )

Net operating loss carryforward 13,949,217 13,947,384

14,084,861 14,301,783

Valuation allowance for deferred tax assets (7,012,134 ) (7,012,134 )

$ 7,072,727 $ 7,289,649

Under ASC 740, the Company must recognize the tax benefit from an uncertain position only if it is more-likely-than-not the tax position will be sustained on examination by the taxing authority, based on the technical merits of the position. The tax benefits recognized in the financial statements attributable to such position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon the ultimate resolution of the position.

The components of income tax expense related to income from operations are as follows:

Three Months Ended Nine Months Ended

September 30, September 30,

2015 2014 2015 2014

Current:

Federal $ — $ 34,650 $ 17,457 $ 68,455

State 14,154 199,240 58,730 386,430

Deferred:

Federal 58,689 795,495 193,406 1,366,520

State 8,538 85,443 23,516 170,130

$ 81,381 $ 1,114,828 $ 293,109 $ 1,991,535

The Company has analyzed its filing positions in all of the Federal and state jurisdictions where it is required to file income tax returns. As of September 30, 2015 and December 31, 2014, the Company has identified its Federal tax return and its state tax return in New Jersey as “major” tax jurisdictions, as defined, in which it is required to file income tax returns. Based on the evaluations noted above, the Company has concluded that there are no significant uncertain tax positions requiring recognition or disclosure in its condensed consolidated financial statements.

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INCOME TAXES (Details) - Schedule of income tax expense related to income from operations - USD ($)
3 Months Ended 9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Current:

Federal $ 34,650 $ 17,457 $ 68,455

State $ 14,154 199,240 58,730 386,430

Deferred:

Federal 58,689 795,495 193,406 1,366,520

State 8,538 85,443 23,516 170,130

$ 81,381 $ 1,114,828 $ 293,109 $ 1,991,535

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Sep. 30, 2015

USD ($)

Sep. 30, 2014

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Sep. 30, 2015

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Sep. 30, 2014

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SEGMENT INFORMATION (Details) [Line Items]

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United States [Member]

SEGMENT INFORMATION (Details) [Line Items]

Revenue, Net $ 6,087,609 $ 8,089,561 $ 17,494,870 $ 22,138,237

Israel [Member]

SEGMENT INFORMATION (Details) [Line Items]

Revenue, Net 338,867 625,217 1,247,182 1,248,059

Germany [Member]

SEGMENT INFORMATION (Details) [Line Items]

Revenue, Net 229,682 262,790 891,234 1,005,477

China [Member]

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Sep. 30, 2015

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block] Inventories consist of:

September 30, December 31,

2015 2014

Inventories consist of:

Raw materials $ 4,282,986 $ 4,161,734

Work-in-process 732,975 735,364

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ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]
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Stock or Units Available for Distributions (in Shares)						2,000,000
Share Based Compensation Arrangement By Share Based Payment Award Additional Number of Share Available for Grant (in Shares)										1,658,045
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares)	2,364,000			2,364,000		2,364,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						10 years
Share Based Compensation Arrangement by Share Based Payment Award Maximum Period Consider for Option Fully Exercisable						5 years
Allocated Share-based Compensation Expense				$ 51,347	154,268	$ 223,273	234,801
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate						0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate						1.53%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term						4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate						75.46%
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate						0.00%
Performance Shares [Member]
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						10 years
Allocated Share-based Compensation Expense				(3,517)	86,768	$ 56,553	86,768
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)						$ 1.03
Restricted Stock [Member]
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares)		100,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)		$ 2.22				$ 2.22
Allocated Share-based Compensation Expense		$ 222,000		55,500	$ 49,800	$ 155,100	$ 130,333
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition						284,271
Stock Based Compensation to be Amortized Next Fiscal Year	$ 166,500			166,500		$ 166,500
Stock Based Compensation to be Amortized Vesting Period						June 2016
Stock Based Compensation to be Amortized Depending on Certain Performance Conditions	117,771			117,771		$ 117,771
Performance Based Stock Options [Member]
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares)						87,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value	595,650			595,650		$ 595,650			$ 2,792,690
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 595,650			595,650		$ 595,650			1,882,550
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share)	$ 1.83		$ 1.77			$ 1.83
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)	50,000		950,000			50,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	$ 51,527		$ 550,122	51,527		$ 51,527
Stock Granted, Value, Share-based Compensation, Gross								$ 1,090,000
Service Based Stock Options [Member]
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value	$ 0			$ 0		$ 0			$ 102,640

INCOME TAXES (Details)	9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2015 USD ($)
INCOME TAXES (Details) [Line Items]
Operating Loss Carryforwards Expiration Period	2029
Domestic Tax Authority [Member]
INCOME TAXES (Details) [Line Items]
Operating Loss Carryforwards	$ 17,000,000
Foreign Tax Authority [Member]
INCOME TAXES (Details) [Line Items]
Operating Loss Carryforwards	23,400,000
Operating Loss Carryforwards, Valuation Allowance	$ 7,012,134
Minimum [Member]
INCOME TAXES (Details) [Line Items]
Percentage of Largest Benefit to Tax Benefits Recognized	50.00%

COMMITMENTS AND CONTINGENCIES (Details)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Sep. 30, 2015 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Warranties Period of Product	1 year
Lease Expiration Date	Mar. 31, 2023
Monthly Leases Minimum Payments Due in Year One	$ 33,000
Monthly Leases Maximum Payments Due in Year Eight	41,000
Allowance Received for Improvement	$ 300,000
Description of Lessor Leasing Arrangements, Operating Leases	The lease can be renewed at the Company’s option for one five-year period at fair market value to be determined at term expiration.
Lease Renewal Option	1
Lease Renewable Term	5 years
Line of Credit Facility, Borrowing Capacity, Description	The Company maintains a line of credit with a bank. The credit facility provides borrowing availability of up to 100% of the Company’s money market account balance and 99% of the Company’s short-term investment securities (U.S. Treasury bills) and, under the terms and conditions of the loan agreement, the facility is fully secured by the Company’s money fund account and short-term investment holdings held with the bank.
Line of Credit Availability Equal to Percent of Money Market Account	100.00%
Line of Credit Availability Equal to Percent of Short-term Investment	99.00%
Line Of Credit Annual Fees Amount	$ 0
Long-term Line of Credit	0
Line of Credit Facility, Maximum Borrowing Capacity	$ 4,500,000

ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of service-based stock option activity, and related Information - Service Based Stock Options [Member]	9 Months Ended
	Sep. 30, 2015 $ / shares shares
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of service-based stock option activity, and related Information [Line Items]
Outstanding, January 1, 2015	522,000
Outstanding, January 1, 2015 \| $ / shares	$ 2.51
Expired	(144,000)
Expired \| $ / shares	$ 2.33
Outstanding, September 30, 2015	378,000
Outstanding, September 30, 2015 \| $ / shares	$ 2.58
Options exercisable:
September 30, 2015	378,000
September 30, 2015 \| $ / shares	$ 2.58

COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations	Sep. 30, 2015 USD ($)
COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations [Line Items]
Contractual Obligations, Total	$ 3,557,840
Contractual Obligations, Less than 1 Year	469,649
Contractual Obligations, 1-3 Years	1,430,327
Contractual Obligations, 4-5 Years	927,332
Contractual Obligations, More than 5 Years	730,532
Facility Leases [Member]
COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations [Line Items]
Contractual Obligations, Total	3,355,885
Contractual Obligations, Less than 1 Year	405,873
Contractual Obligations, 1-3 Years	1,292,148
Contractual Obligations, 4-5 Years	927,332
Contractual Obligations, More than 5 Years	730,532
Operating and Equipment Leases [Member]
COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations [Line Items]
Contractual Obligations, Total	201,955
Contractual Obligations, Less than 1 Year	63,776
Contractual Obligations, 1-3 Years	$ 138,179

INCOME PER COMMON SHARE (Details) - shares	3 Months Ended		9 Months Ended
INCOME PER COMMON SHARE (Details) - shares	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,061,830	1,708,802	1,691,515	1,627,182

INVENTORIES (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 1,072,846	$ 1,037,247

INVENTORIES (Details) - Schedule of inventory current - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Inventories consist of:
Raw materials	$ 4,282,986	$ 4,161,734
Work-in-process	732,975	735,364
Finished goods	3,700,426	3,643,979
	$ 8,716,387	$ 8,541,077

GOODWILL (Details) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
GOODWILL (Details) [Line Items]
Goodwill	$ 1,351,392	$ 1,351,392
Microlab [Member]
GOODWILL (Details) [Line Items]
Goodwill	$ 1,351,392	$ 1,351,392

SEGMENT INFORMATION (Details) - Schedule of segment reporting information total assets by segment - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Total assets by segment:
Total assets by segment	$ 18,179,045	$ 18,095,185
Corporate assets, principally cash and cash equivalents and deferred and current taxes	18,018,974	18,193,737
Total consolidated assets	36,198,019	36,288,922
Network Solutions [Member]
Total assets by segment:
Total assets by segment	11,066,273	11,088,332
Test and Measurement [Member]
Total assets by segment:
Total assets by segment	$ 7,112,772	$ 7,006,853

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 10,778,097	$ 10,723,513
Accounts receivable - net of allowance for doubtful accounts of $56,333 and $51,421 for 2015 and 2014, respectively	5,537,793	5,106,241
Inventories	8,716,387	8,541,077
Deferred income taxes - current	901,269	2,026,269
Prepaid expenses and other current assets	326,289	835,250
TOTAL CURRENT ASSETS	26,259,835	27,232,350
PROPERTY, PLANT AND EQUIPMENT - NET	1,722,181	1,689,289
OTHER ASSETS:
Goodwill	1,351,392	1,351,392
Deferred income taxes - non-current	6,171,458	5,263,380
Other assets	693,153	752,511
TOTAL OTHER ASSETS	8,216,003	7,367,283
TOTAL ASSETS	36,198,019	36,288,922
CURRENT LIABILITIES:
Accounts payable	1,355,739	1,185,230
Accrued expenses and other current liabilities	539,486	1,307,043
Equipment leases payable - current	50,457	134,230
TOTAL CURRENT LIABILITIES	1,945,682	2,626,503
LONG TERM LIABILITIES:
Deferred rent	$ 22,301
Equipment leases payable		$ 32,054
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Preferred stock, $.01 par value, 2,000,000 shares authorized, none issued
Common stock, $.01 par value, 75,000,000 shares authorized, 29,640,891 and 29,510,891 shares issued, 19,626,455 and 19,496,455 shares outstanding, respectively	$ 296,409	$ 295,109
Additional paid-in-capital	39,775,698	39,530,325
Retained earnings	13,477,170	13,124,172
Treasury stock at cost, 10,014,436 shares	(19,319,241)	(19,319,241)
TOTAL SHAREHOLDERS’ EQUITY	34,230,036	33,630,365
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 36,198,019	$ 36,288,922

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Common stock repurchase, shares	0	4,815,110

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - 9 months ended Sep. 30, 2015 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balances at Dec. 31, 2014	$ 295,109	$ 39,530,325	$ 13,124,172	$ (19,319,241)	$ 33,630,365
Balances, Shares (in Shares) at Dec. 31, 2014	29,510,891				19,496,455
Net income			352,998		$ 352,998
Stock issued under equity compensation plan	$ 1,000	(1,000)
Stock issued under equity compensation plan (in Shares)	100,000
Stock options exercised	$ 300	23,100			23,400
Stock options exercised (in Shares)	30,000
Share-based compensation expense		223,273			223,273
Balances at Sep. 30, 2015	$ 296,409	$ 39,775,698	$ 13,477,170	$ (19,319,241)	$ 34,230,036
Balances, Shares (in Shares) at Sep. 30, 2015	29,640,891				19,626,455

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts (in Dollars)	$ 56,333	$ 51,421
Preferred stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	29,640,891	29,510,891
Common stock, shares outstanding	19,626,455	19,496,455
Treasury stock, shares	10,014,436	10,014,436

Accounting Policies, by Policy (Policies)	9 Months Ended
Accounting Policies, by Policy (Policies)	Sep. 30, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	In June 2014, the FASB issued ASU 2014-12, “Compensation-Stock Compensation” (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period - Consensus of the FASB Emerging Issues Task Force. ASU 2014-12 requires an entity to treat a performance target that affects vesting and that could be achieved after the requisite service period as a performance condition. The performance target should not be reflected in estimating the grant-date fair value of the award. Additionally, compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved, and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered; if the performance target becomes probable of being achieved before the end of the requisite service period, then the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. Finally, the total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest, and should be adjusted to reflect those awards that ultimately vest. An entity is required to adopt ASU 2014-12 for annual and interim periods beginning after December 15, 2015. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. The guidance, as stated in ASU 2014-09, is effective for annual and interim periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,” which defers the effective date by one year, with early adoption on the original effective date permitted. The Company is currently in the process of evaluating the impact the adoption of this ASU will have on the Company’s consolidated financial statements, but does not expect the impact to be material. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material impact on the accompanying condensed consolidated financial statements.
Income Tax, Policy [Policy Text Block]	The Company records deferred taxes in accordance with Accounting Standards Codification (“ASC”) 740, “Accounting for Income Taxes.” ASC 740 requires recognition of deferred tax assets and liabilities for temporary differences between tax basis of assets and liabilities and the amounts at which they are carried in the financial statements, based upon the enacted rates in effect for the year in which the differences are expected to reverse. The Company establishes a valuation allowance when necessary to reduce deferred tax assets to the amount expected to be realized. The Company periodically assesses the value of its deferred tax assets and determines the necessity for a valuation allowance.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	The Company follows the provisions of ASC 718, “Share-Based Payment.

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2015	Nov. 09, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	WIRELESS TELECOM GROUP INC
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		19,626,455
Amendment Flag	false
Entity Central Index Key	0000878828
Entity Filer Category	Smaller Reporting Company
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3

INCOME TAXES (Details) - Schedule of deferred tax assets and liabilities - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Net deferred tax asset:
Uniform capitalization of inventory costs for tax purposes	$ 165,160	$ 168,119
Reserves on inventories	429,138	414,898
Allowance for doubtful accounts	22,533	20,568
Accruals	15,000	240,000
Tax effect of goodwill	(498,515)	(471,487)
Deferred rent	10,036
Book depreciation over tax	(7,708)	(17,699)
Net operating loss carryforward	13,949,217	13,947,384
	14,084,861	14,301,783
Valuation allowance for deferred tax assets	(7,012,134)	(7,012,134)
	$ 7,072,727	$ 7,289,649

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
Net income	$ 352,998	$ 2,139,063
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	338,826	361,760
Share-based compensation expense	223,273	234,801
Deferred rent	22,301
Deferred income taxes	216,922	1,536,650
Provision for doubtful accounts	4,912	(68,077)
Inventory reserves	35,599	318,397
Changes in assets and liabilities:
Accounts receivable	(436,464)	(1,280,746)
Inventories	(210,909)	(1,112,649)
Prepaid expenses and other assets	568,319	55,685
Accounts payable	170,509	568,208
Accrued expenses and other current liabilities	(767,557)	(146,850)
Net cash provided by operating activities	518,729	2,606,242
CASH FLOWS (USED) BY INVESTING ACTIVITIES
Capital expenditures	(371,718)	(267,328)
CASH FLOWS (USED) BY FINANCING ACTIVITIES
Proceeds from exercise of stock options	23,400	117,000
Repayments of equipment lease payable	(115,827)	(108,211)
Repurchase of common stock - 0 and 4,815,110 shares, respectively		(9,630,219)
Net cash (used by) financing activities	(92,427)	(9,621,430)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	54,584	(7,282,516)
Cash and cash equivalents, at beginning of period	10,723,513	16,599,249
CASH AND CASH EQUIVALENTS, AT END OF PERIOD	10,778,097	9,316,733
SUPPLEMENTAL INFORMATION:
Cash paid during the period for income taxes	$ 63,762	448,617
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures		(149,432)
Equipment lease payable		$ 149,432

SEGMENT INFORMATION (Details)	3 Months Ended		9 Months Ended
SEGMENT INFORMATION (Details)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)
SEGMENT INFORMATION (Details) [Line Items]
Number of Reportable Segments			2
United States [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenue, Net	$ 6,087,609	$ 8,089,561	$ 17,494,870	$ 22,138,237
Israel [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenue, Net	338,867	625,217	1,247,182	1,248,059
Germany [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenue, Net	229,682	262,790	891,234	1,005,477
China [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenue, Net	$ 303,263	$ 526,927	$ 900,592	$ 1,049,909