INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Income tax expense in the consolidated statements of income and comprehensive income consists of:

	Years Ended December 31,
	2014		2013
Current:
Federal	$	123,000	$	(317,000)
State and local		109,000		108,000
Foreign		7,000		—
Total current		239,000		(209,000)
Deferred:
Federal		1,830,000		1,471,000
State and local		208,000		117,000
Reversal of State and Local Valuation Allowance		(574,000)		—
Foreign		(6,000)		—
Total deferred		1,458,000		1,588,000
Totals	$	1,697,000	$	1,379,000

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Deferred tax assets (liabilities) consist of:

	December 31,
	2014		2013
Deferred tax assets—current:
Bad debt reserves	$	52,000	$	86,000
Inventory reserves		1,066,000		989,000
Warranty and other reserves		220,000		314,000
		1,338,000		1,389,000
Valuation allowance		—		(11,000)
		1,338,000		1,378,000
Deferred tax (liabilities)—current:
Prepaid expenses		(189,000)		(210,000)
Net deferred tax assets—current	$	1,149,000	$	1,168,000
Deferred tax assets—non-current
Federal net operating loss	$	206,000	$	2,195,000
State net operating loss		208,000		614,000
Tax credits		243,000		128,000
Stock based compensation		521,000		455,000
Other		95,000		1,000
		1,273,000		3,393,000
Valuation allowance		—		(617,000)
		1,273,000		2,776,000
Deferred tax (liabilities)—non-current:
Depreciation		(1,036,000)		(1,032,000)
Intangibles		(2,864,000)		(144,000)
Goodwill		(93,000)		(6,000)
		(3,993,000)		(1,182,000)
Net deferred tax (liabilities) assets —non-current	$	(2,720,000)	$	1,594,000

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

A reconciliation of the Federal statutory rate to the total effective tax rate applicable to income from continuing operations is as follows:

	Years ended December 31,
	2014		2013
Federal income tax computed at statutory rates	34.0	%	34.0	%
(Decrease) increase in taxes resulting from:
State and local taxes, net of Federal tax benefit	4.1		3.2
Change in valuation allowance	(10.0)		(0.6)
Expenses not deductible for tax purposes - net	5.1		0.5
Lapse of statute of limitation on uncertain tax position	—		(6.8)
Reversal of liabilities (1)	11.3		—
Other	0.4		(0.3)
Income tax expense	44.9	%	30.0	%

(1)

As the result of the expiration of various state statute of limitations pertaining to approximately $1.2 million of unpaid vendor invoices belonging to a formerly deconsolidated subsidiary, for which claims for payment were not submitted, the Company was required to recognize a gain for income tax purposes.

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

The Company follows the authoritative guidance issued by the FASB that pertains to the accounting for uncertain tax matters. A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows:

Balance at January 1, 2013	$	315,000
Interest accrual		14,000
Lapse of statute of limitation on uncertain tax position		(329,000)
Balance at January 1, 2014		—
Additions for tax positions related to current year acquisition		866,000
Interest accrual		14,000
Balance at December 31, 2014	$	880,000