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BASIS OF PRESENTATION
9 Months Ended
Sep. 30, 2013
BASIS OF PRESENTATION [Abstract]  
BASIS OF PRESENTATION

 BASIS OF PRESENTATION

 

OurPet's Company follows accounting standards set by the Financial Accounting Standards Board ("FASB"). FASB sets generally accepted accounting principles to ensure the consistent reporting of the financial condition, results of operations, and cash flows. The accompanying unaudited, condensed, consolidated financial statements for the nine month period ended September 30, 2013 and September 30, 2012 have been prepared in accordance with such generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q, including the requirements of Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements. They include the accounts of OurPet's Company and its wholly-owned subsidiaries, Virtu, and SMP Company, Incorporated (collectively, "OurPet's" or the "Company"). The December 31, 2012 Condensed Consolidated Balance Sheet information contained in this Form 10-Q was derived from the 2012 audited, consolidated financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America for an annual report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position, results of operations, and cash flows for the interim periods presented have been included. All intercompany transactions have been eliminated. These condensed, consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes for the fiscal year ended December 31, 2012 that are included in the Company's Form 10-K filed with the Securities and Exchange Commission on March 29, 2013. Operating results for the nine month period ended September 30, 2013 are not necessarily indicative of the results that may be expected for future fiscal periods.