RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS (Tables)

3 Months Ended

Mar. 31, 2013

RESTATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS [Abstract]

Schedule of Condensed Balance Sheet [Table Text Block]

Following is the effect of the restatement on the Company's March 31, 2013 unaudited financial statements:

	As Previously
Balance Sheet	Reported		Adjustment		As Restated
Cash	$	4,816,706	$		$	4,816,706
Accounts Receivable		1,742,535				1,742,535
Inventories:
Raw Materials and Supplies		4,304,019				4,304,019
Work in Process		108,946				108,946
Finished Goods		6,978,282		(560,824)		6,417,458
Income Tax Receivable		150,219		210,029		360,248
Deferred Income Tax Asset		152,250				152,250
Prepaid Expenses and Other Current Assets		150,948				150,948
		18,403,905		(350,795)		18,053,110
Property, Plant and Equipment		3,984,192				3,984,192
Goodwill		413,280				413,280
Intangibles		408,276				408,276
Other Assets		253,477				253,477
		5,059,225				5,059,225
TOTAL ASSETS	$	23,463,130	$	(350,795)	$	23,112,335
Short Term Debt	$	799,786	$		$	799,786
Accounts Payable		1,324,236				1,324,236
Accrued Liabilities		385,953				385,953
Income Taxes Payable		-				-
		2,509,975				2,509,975
Deferred Income Tax Liability		272,063				272,063
TOTAL LIABILITIES		2,782,038				2,782,038
Common Stock		174,928				174,928
Capital in Excess of Par Value		1,288,793				1,288,793
Retained Earnings		19,490,590		(350,795)		19,139,795
Treasury Stock		(273,219)				(273,219)
		20,681,092		(350,795)		20,330,297
TOTAL LIABILITIES AND EQUITY	$	23,463,130	$	(350,795)	$	23,112,335

Schedule of Condensed Income Statement [Table Text Block]

	As Previously
Income Statement	Reported		Adjustment		As Restated
Net Sales	$	3,061,604	$		$	3,061,604
Cost of Goods Sold		2,040,555		560,824		2,601,379
Selling, General &
Administrative Expenses		884,858				884,858
Amortization Expense		35,971				35,971
Total Expense		2,961,384		560,824		3,522,208
Income (Loss) from Operations		100,220		(560,824)		(460,604)
Other Income		101,600				101,600
Income (Loss) before Income Taxes		201,820		(560,824)		(359,004)
Income Tax (Expense) Benefit		(75,575)		210,029		134,454
Net Income (Loss)	$	126,245	$	(350,795)	$	(224,550)
Income (Loss) per common share	$	0.24	$	(0.67)	$	(0.43)
Dividend per common share	$	0.15	$		$	0.15

Schedule of Condensed Cash Flow Statement [Table Text Block]

	As Previously
Cash Flow	Reported		Adjustment		As Restated
Cash Flows from Operating Activities:
Net (Loss) Income	$	126,245	$	(350,795)	$	(224,550)
Adjustments to Reconcile Net Income to
Net Cash Used in Operating Activities:
Depreciation and Amortization		151,237				151,237
Accounts Receivable		150,625				150,625
Inventories		(2,534,868)		560,824		(1,974,044)
Prepaid Expenses and
Other Current Assets		145,778				145,778
Income Tax Receivable		75,575		(210,029)		(134,454)
Other Assets		23,958				23,958
Accounts Payable		949,169				949,169
Accrued Liabilities		(785,685)				(785,685)
Income Taxes Payable		-		-		-
Net Cash Used in Operating Activities		(1,697,966)		-		(1,697,966)
Cash Flows from Investing Activities:
Purchase of Property and Equipment		(153,335)				(153,335)
Net Cash Used in Investing Activities		(153,335)				(153,335)
Cash Flows from Financing Activities:
Net Proceeds from Short Term Debt		283,920				283,920
Net Cash Provided by Financing Activities		283,920				283,920
Net Decrease in Cash		(1,567,381)				(1,567,381)
Cash, at Beginning of Period		6,384,087				6,384,087
Cash, at End of Period	$	4,816,706	$		$	4,816,706
Supplemental Cash Flow Information:
Cash paid for:
Income Tax	$	-	$	-	$	-
Noncash financing activity:
Dividends Declared	$	77,940	$	-	$	77,940