ACQUISITION (Tables)

6 Months Ended

Jun. 30, 2017

Business Combinations [Line Items]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

	Total
Cash paid at closing	$	7,000,000
Less: Working Capital Adjustment		(155,000)
Fair Value of Contingent Consideration		692,000
Total estimated purchase price	$	7,537,000

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The following table presents preliminary purchase price allocation:

Accounts receivable	$	789,000
Inventories		1,571,000
Other current assets		45,000
Land		131,000
Building		919,000
Machinery and equipment		1,196,000
Identifiable intangible assets:
Customer relationships		1,670,000
Trademarks and trade names		790,000
Non-compete agreements		17,000
Liabilities assumed		(110,000)
Goodwill		519,000
Total estimated purchase price	$	7,537,000

Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block]

The intangible assets subject to amortization will be amortized over 15 years for tax purposes. For financial reporting purposes, useful lives have been assigned as follows:

Customer relationships	15 years
Trademarks and trade names	Indefinite
Non-compete agreements	4 years

Business Acquisition, Pro Forma Information [Table Text Block]

	Three months ended		Six months ended
	June 30,		June 30,
	2016		2017		2016
Revenue	$	17,517,000	$	30,053,000	$	33,691,000
Net (Loss) Income	$	(5,168,000)	$	64,000	$	(4,964,000)
Earnings per share – Basic	$	(1.44)	$	0.02	$	(1.38)
Earnings per share – Diluted	$	(1.44)	$	0.02	$	(1.38)