0000930413-16-007782.txt : 20160804 0000930413-16-007782.hdr.sgml : 20160804 20160804080941 ACCESSION NUMBER: 0000930413-16-007782 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 59 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160804 DATE AS OF CHANGE: 20160804 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: 161805870 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 c85731_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 June 30, 2016

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 July 29, 2016: 18,721,346

WIRELESS TELECOM GROUP, INC.

Table of Contents

PART I. FINANCIAL INFORMATION	Page

Item 1 -- Financial Statements:

Condensed Consolidated Balance Sheets as of June 30, 2016 (unaudited) and December 31, 2015		3

Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2016 (unaudited) and 2015 (unaudited)		4

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2016 (unaudited) and 2015 (unaudited)		5

Condensed Consolidated Statement of Shareholders’ Equity for the Six Months Ended June 30, 2016 (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		21

Item 3 -- Quantitative and Qualitative Disclosures About Market Risk		28

Item 4 -- Controls and Procedures		28

PART II. OTHER INFORMATION

Item 1 -- Legal Proceedings		29

Item 1A -- Risk Factors		29

Item 2 -- Unregistered Sales of Equity Securities and Use of Proceeds		29

Item 3 -- Defaults Upon Senior Securities		29

Item 4 -- Mine Safety Disclosures		29

Item 5 -- Other Information		29

Item 6 -- Exhibits		29

Signatures		31

Exhibit Index		32

PART 1 – FINANCIAL INFORMATION

Item 1 – Financial Statements

WIRELESS TELECOM GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

- ASSETS -

	June 30,			December 31,
	2016			2015
	(unaudited)
CURRENT ASSETS:
Cash and cash equivalents	$	8,614,114		$	9,726,007
Accounts receivable - net of allowance for doubtful accounts of $66,922 and $105,568 for 2016 and 2015, respectively		4,691,077			5,451,161
Inventories - net of reserves of $1,231,657 and $1,110,288, respectively		8,666,393			8,068,728
Prepaid expenses and other current assets		545,880			586,889
TOTAL CURRENT ASSETS		22,517,464			23,832,785
PROPERTY, PLANT AND EQUIPMENT - NET		2,054,118			1,742,888
OTHER ASSETS:
Goodwill		1,351,392			1,351,392
Deferred income taxes		7,545,318			7,013,929
Other assets		722,133			765,330
TOTAL OTHER ASSETS		9,618,843			9,130,651
TOTAL ASSETS	$	34,190,425		$	34,706,324

- LIABILITIES AND SHAREHOLDERS’ EQUITY -

CURRENT LIABILITIES:
Accounts payable	$	1,349,301		$	1,046,651
Accrued expenses and other current liabilities		510,185			648,010
Equipment leases payable		36,484			73,760
TOTAL CURRENT LIABILITIES		1,895,970			1,768,421

LONG TERM LIABILITIES:
Deferred rent		52,754			33,452

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, 29,756,224 and 29,627,891 shares issued, 18,721,346 and 18,636,008 shares outstanding, respectively		297,562			296,279
Additional paid-in-capital		40,061,286			39,865,331
Retained earnings		12,706,333			13,500,853
Treasury stock at cost, 11,034,878 and 10,991,883 shares, respectively		(20,823,480	)		(20,758,012	)
TOTAL SHAREHOLDERS’ EQUITY		32,241,701			32,904,451
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	34,190,425		$	34,706,324

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 Six Months
	Ended June 30,					Ended June 30,
	2016			2015		2016			2015

NET REVENUES	$	7,610,104		$	8,213,297	$	13,978,519		$	16,840,988

COST OF REVENUES		4,271,214			4,646,812		7,919,515			9,410,853

GROSS PROFIT		3,338,890			3,566,485		6,059,004			7,430,135

OPERATING EXPENSES
Research and development		1,029,941			956,465		2,094,262			1,872,901
Sales and marketing		1,236,081			1,342,033		2,487,257			2,687,438
General and administrative		1,426,256			1,120,093		2,751,524			2,383,175
TOTAL OPERATING EXPENSES		3,692,278			3,418,591		7,333,043			6,943,514

OPERATING INCOME (LOSS)		(353,388	)		147,894		(1,274,039	)		486,621

OTHER EXPENSE (INCOME) - NET		10,266			300		51,870			(2,966	)

NET INCOME (LOSS) BEFORE INCOME TAXES		(363,654	)		147,594		(1,325,909	)		489,587

PROVISION (BENEFIT) FOR INCOME TAXES		(145,461	)		63,589		(531,389	)		211,728

NET INCOME (LOSS)	$	(218,193	)	$	84,005	$	(794,520	)	$	277,859

INCOME (LOSS) PER COMMON SHARE:

BASIC	$	(0.01	)	$	0.00	$	(0.04	)	$	0.01

DILUTED	$	(0.01	)	$	0.00	$	(0.04	)	$	0.01

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 Six Months
	Ended June 30,
	2016			2015

CASH FLOWS (USED) BY OPERATING ACTIVITIES
Net income (loss)	$	(794,520	)	$	277,859
Adjustments to reconcile net income (loss) to net cash (used) by operating activities:
Depreciation and amortization		232,696			223,755
Share-based compensation expense		197,238			171,926
Deferred rent		19,302			11,151
Deferred income taxes		(531,389	)		149,695
Provision for doubtful accounts		(38,646	)		9,193
Inventory reserves		121,369			—
Changes in assets and liabilities:
Accounts receivable		798,730			(911,565	)
Inventories		(719,034	)		(524,008	)
Prepaid expenses and other assets		84,206			495,857
Accounts payable		302,650			304,058
Accrued expenses and other current liabilities		(137,824	)		(836,203	)
Net cash (used) by operating activities		(465,222	)		(628,282	)

CASH FLOWS (USED) BY INVESTING ACTIVITIES
Capital expenditures		(502,023	)		(280,717	)

CASH FLOWS (USED) BY FINANCING ACTIVITIES
Proceeds from exercise of stock options		—			23,400
Repayments of equipment leases payable		(79,180	)		(95,877	)
Repurchase of common stock - 42,995 shares		(65,468	)		—
Net cash (used) by financing activities		(144,648	)		(72,477	)

NET (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,111,893	)		(981,476	)

Cash and cash equivalents, at beginning of period		9,726,007			10,723,513
CASH AND CASH EQUIVALENTS, AT END OF PERIOD	$	8,614,114		$	9,742,037

SUPPLEMENTAL INFORMATION:

Cash paid during the period for income taxes	$	35,938		$	63,762

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Capital expenditures	$	(41,904	)	$	—

Equipment leases payable	$	41,904		$	—

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, 2015		29,627,891	$	296,279	$	39,865,331		$	13,500,853		$	(20,758,012	)	$	32,904,451

Net (loss)		—		—		—			(794,520	)		—			(794,520	)
Stock issued under equity compensation plan		128,333		1,283		(1,283	)		—			—			—
Share-based compensation expense		—		—		197,238			—			—			197,238
Repurchase of treasury stock		—		—		—			—			(65,468	)		(65,468	)

Balances at June 30, 2016		29,756,224	$	297,562	$	40,061,286		$	12,706,333		$	(20,823,480	)	$	32,241,701

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 June 30, 2016, the condensed consolidated statements of operations for the three and six-month periods ended June 30, 2016 and 2015, and the condensed consolidated statements of cash flows for the six-month periods ended June 30, 2016 and 2015, and the condensed consolidated statement of shareholders’ equity for the six-month period ended June 30, 2016 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, 2015. 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, estimated fair values of stock options and vesting periods of performance-based stock options and restricted stock) 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 six-month periods ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year ending December 31, 2016.

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 six-months ended June 30, 2016, one customer accounted for approximately 12% and 11%, respectively, of the Company’s consolidated revenues. For the three and six-months ended June 30, 2015, no customer accounted for 10% or more of the Company’s consolidated revenues. At June 30, 2016, two customers each represented approximately 10% of the Company’s gross accounts receivable. At December 31, 2015, no customer represented 10% or more of the Company’s gross accounts receivable.

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

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

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

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.

NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS

In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting,” which relates to the accounting for employee share-based payments. This standard addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02 “Leases”, which creates new accounting and reporting guidelines for leasing arrangements. The new standard will require organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. The standard will also require new disclosure to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early application permitted. The new standard is to be applied using a modified retrospective approach. The Company is in the process of evaluating the impact of the new pronouncement on its consolidated financial statements.

In July 2015, the FASB issued 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 May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606). 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. 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. As a result, ASU 2014-09 will be effective for annual and interim periods beginning after December 15, 2016. 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.

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

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 had a domestic net operating loss carryforward at June 30, 2016 of approximately $18,200,000 which expires in 2029. The Company also had a German net operating loss carryforward at June 30, 2016 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 June 30, 2016, management believed 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:

	June 30,			December 31,
	2016			2015
Net deferred tax asset:
Uniform capitalization of inventory costs for tax purposes	$	170,262		$	158,599
Reserves on inventories		492,663			444,115
Accruals		50,000			10,000
Tax effect of goodwill		(524,040	)		(507,524	)
Book depreciation over tax		(55,463	)		(43,514	)
Other timing differences		150,117			105,725
Net operating loss carryforward		14,273,913			13,858,662
		14,557,452			14,026,063
Valuation allowance for deferred tax assets		(7,012,134	)		(7,012,134	)
	$	7,545,318		$	7,013,929

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.

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 3 – INCOME TAXES (Continued)

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

	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016			2015
Current:
Federal	$	—		$	2,826	$	—		$	17,457
State		—			13,292		—			44,576
Deferred:
Federal		(126,988	)		41,442		(463,903	)		134,717
State		(18,473	)		6,029		(67,486	)		14,978
	$	(145,461	)	$	63,589	$	(531,389	)	$	211,728

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 June 30, 2016 and December 31, 2015, the Company 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 concluded that there were no significant uncertain tax positions requiring recognition or disclosure in its condensed consolidated financial statements.

NOTE 4 - INCOME (LOSS) PER COMMON SHARE

Basic earnings (loss) per share is calculated by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) 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 June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Weighted average common shares outstanding		18,622,116		19,524,258		18,614,350		19,510,434
Potentially dilutive stock options		352,073		834,984		425,691		1,045,116
Weighted average common shares outstanding, assuming dilution		18,974,189		20,359,242		19,040,041		20,555,550

Common stock options are included in the diluted earnings (loss) 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 (loss) per share, because the effects are anti-dilutive, was 2,919,662 and 1,727,192 for the three-months ended June 30, 2016 and 2015, respectively. For the six-months ended June 30, 2016 and 2015, the weighted average number of shares of common stock underlying options not included in diluted earnings (loss) per share was 2,894,178 and 1,522,742, respectively.

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 5 – INVENTORIES

Inventory carrying value is net of inventory reserves of $1,231,657 and $1,110,288 at June 30, 2016 and December 31, 2015, respectively.

Inventories consist of:

	June 30,		December 31,
	2016		2015
Raw materials	$	4,028,133	$	3,993,052
Work-in-process		792,985		628,140
Finished goods		3,845,275		3,447,536
	$	8,666,393	$	8,068,728

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 June 30, 2016 and December 31, 2015 related to one of the Company’s reporting units, Microlab. Management’s qualitative assessment performed in the fourth quarter of 2015 did not indicate any impairment of Microlab’s goodwill as its fair value was 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 six-month periods ended June 30, 2016 include share-based compensation expense totaling $98,619 and $197,238, respectively. Results for the three and six-month periods ended June 30, 2015 included share-based compensation expense totaling $85,963 and $171,926, 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.

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 7 - ACCOUNTING FOR SHARE BASED COMPENSATION (Continued)

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 June 30, 2016, there were 1,286,001 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 or the Compensation Committee of the 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 following summarizes the components of share-based compensation expense by equity type for the three and six-months ended June 30:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Service-based Restricted Common Stock	$	55,500	$	49,800	$	111,000	$	99,600
Performance-based Stock Options		28,650		30,035		57,300		60,070
Service-based Stock Options		9,116		—		18,232		—
Performance-based Restricted Common Stock		5,353		6,128		10,706		12,256
Total Share-Based Compensation Expense	$	98,619	$	85,963	$	197,238	$	171,926

Stock-based compensation for the three and six-months ended June 30, 2016 and 2015 is included in general and administrative expenses in the accompanying condensed consolidated statement of operations.

Restricted Common Stock Awards:

On June 8, 2016, the Company granted 150,000 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 $1.33 per share. On June 30, 2016, Timothy Whelan, the Company’s newly appointed Chief Executive Officer, forfeited the 30,000 shares of restricted common stock that were granted to him on June 8, 2016 as a non-employee director in connection with his appointment as Chief Executive Officer of the Company. The remaining 120,000 shares of restricted common stock granted on June 8, 2016 will fully vest on the date of the Company’s next annual shareholders meeting to be held in June 2017, or a vesting period of approximately one year, provided that the director’s service continues through the vesting date. The total compensation expense to be recognized over the one-year vesting period with respect to the remaining 120,000 shares of restricted common stock is $159,600.

On June 30, 2016, the Company granted 8,333 shares of restricted common stock to its newly appointed Chief Executive Officer under the 2012 Plan. The shares were granted at a price of $1.34 per share and will vest in sixteen equal quarterly installments over a period of four years, provided that the executive officer’s service with the Company continues through each quarterly vesting date, so that the shares will fully vest on June 30, 2020. The total compensation expense to be recognized over the four-year vesting period is $11,166.

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 7 - ACCOUNTING FOR SHARE BASED COMPENSATION (Continued)

Non-vested Restricted Shares	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2016		187,000		$	2.01
Granted		158,333		$	1.33
Forfeited		(30,000	)	$	1.33
Vested		(100,000	)	$	2.22
Non-vested at June 30, 2016		215,333		$	1.51

Under the terms of the performance-based restricted common stock award agreements pertaining to the 87,000 shares of restricted stock granted to employees in 2013, 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 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. For the performance-based restricted stock awarded in 2013, 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 the unamortized balance as of that determination date.

As of June 30, 2016, the unearned compensation related to Company granted restricted common stock was $267,124 of which $159,600 (pertaining to 120,000 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 2017, the vesting date, and $11,166 (pertaining to 8,333 service-based restricted common stock awards) will be amortized on a straight-line basis through June 30, 2020, the date which they will have fully vested. The remaining balance of $96,358 (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 implicit service period.

Performance-Based Stock Option Awards:

A summary of performance-based stock option activity, and related information for the six-months ended June 30, 2016 follows:

	Options		Weighted Average Exercise Price
Outstanding, January 1, 2016		1,965,000	$	1.32
Granted		200,000	$	1.36
Exercised		—		—
Forfeited		—		—
Expired		—		—
Outstanding, June 30, 2016		2,165,000	$	1.32

Options exercisable:
June 30, 2016		1,090,000	$	0.96

The aggregate intrinsic value of performance-based stock options outstanding and exercisable as of June 30, 2016 and December 31, 2015 was $449,750 and $846,350, respectively.

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

NOTE 7 - ACCOUNTING FOR SHARE BASED COMPENSATION (Continued)

On September 8, 2015, the Company granted a performance-based stock option to a non-executive officer employee to acquire 50,000 shares of common stock at an exercise price of $1.83 per share, which represented the closing price of the Company’s common stock as reported on the NYSE MKT on the date of grant. The per share fair-value of this performance-based option 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%.

Under the terms of the performance-based stock option agreements granted prior to 2016, 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 the stock option awards granted in 2013 and grants made subsequent thereto (but on or prior to the date of determination) 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 the unamortized balance as of that determination date.

On May 16, 2016, the Company granted a performance-based stock option to a non-executive officer employee to acquire 200,000 shares of common stock at an exercise price of $1.36 per share, which represented the closing price of the Company’s common stock as reported on the NYSE MKT on the date of grant. The per share fair-value of this performance-based option was $0.78. 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 1.26% and expected option life of four years. The volatility assumption was 77.54% and the forfeiture rate was assumed to be 0%.

Under the terms of the performance-based stock option agreement granted on May 16, 2016, the award will incrementally vest and become exercisable upon achievement of specific annualized revenue targets in the Company’s network solutions segment. As of June 30, 2016, the Company had not incurred expense relating to this performance-based stock option as management determined it was more likely than not that the revenue targets would not be achieved.

As of June 30, 2016, the unearned compensation related to the performance-based stock options to acquire 825,000 shares of common stock granted in August 2013 (with a weighted average per share exercise price of $1.77) and the performance-based stock option to acquire 50,000 shares of common stock granted in September 2015 (with a weighted average per share exercise price of $1.83) is $471,533 and $44,166, respectively, which have been, and are expected to be, amortized on a straight-line basis through December 31, 2020, the implicit service period. Unearned compensation in the amount of $155,810 related to the performance-based stock option granted in May 2016 (with a weighted average per share exercise price of $1.36) will begin to be amortized when achievement of specific annualized revenue targets in the Company’s network solutions segment are determined to be probable.

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

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 7 - ACCOUNTING FOR SHARE BASED COMPENSATION (Continued)

Service-Based Stock Option Awards:

A summary of service-based stock option activity, and related information for the six-months ended June 30, 2016 follows:

	Options			Weighted Average Exercise Price
Outstanding, January 1, 2016		523,000		$	2.23
Granted		750,000		$	1.34
Exercised		—			—
Forfeited		(70,000	)	$	1.34
Expired		(120,000	)	$	2.72
Outstanding, June 30, 2016		1,083,000		$	1.61

Options exercisable:
June 30, 2016		282,167		$	2.41

The aggregate intrinsic value of service-based stock options outstanding (regardless of whether or not such options are exercisable) as of June 30, 2016 and December 31, 2015 was $7,600 and $0, respectively.

The aggregate intrinsic value of service-based stock options exercisable as of June 30, 2016 and December 31, 2015 was $967 and $0, respectively.

On November 19, 2015, the Company granted to the members of the Company’s Strategic Planning and Operating Committee service-based stock options to acquire 145,000 shares of common stock at an exercise price of $1.30 per share, which represented the closing price of the Company’s common stock as reported on the NYSE MKT on November 19, 2015, the date of grant. The per share fair-value of these service-based options was $0.75. 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 1.68% and expected option life of 4 years. The volatility assumption was 78.22% and the forfeiture rate was assumed to be 0%.

Under the terms of the service-based stock option agreements relating to the November 19, 2015 stock option grants, the awards vest in twelve equal quarterly installments over a period of three years and shall be fully vested on November 19, 2018.

On June 8, 2016, the Company granted to certain non-employee directors of the Company service-based stock options to acquire collectively 350,000 shares of common stock at an exercise price of $1.33 per share, which represented the closing price of the Company’s common stock as reported on the NYSE MKT on June 8, 2016, the date of grant. The per share fair-value of these service-based options was $0.76. 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 1.23% and expected option life of four years. The volatility assumption was 76.72% and the forfeiture rate was assumed to be 0%. These stock options were granted in connection with the annual compensation for services as a Company director. Such equity awards are intended to replace the cash component of the director compensation.

On June 30, 2016, the service-based stock option to acquire 70,000 shares of common stock that was granted to Timothy Whelan on June 8, 2016, was terminated, unvested, in connection with his appointment as Chief Executive Officer of the Company.

Under the terms of the remaining service-based stock option agreements relating to the June 8, 2016 stock option grants to the non-employee directors of the Company, the awards will fully vest on the date of the Company’s next annual shareholder’s meeting to be held in June 2017, or a vesting period of approximately one year, provided that the director’s service continues through the vesting date.

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 7 - ACCOUNTING FOR SHARE BASED COMPENSATION (Continued)

On June 30, 2016, the Company granted to Timothy Whelan, its newly appointed Chief Executive Officer, a service-based stock option to acquire 400,000 shares of common stock at an exercise price of $1.34 per share, which represented the closing price of the Company’s common stock as reported on the NYSE MKT on the date of grant. The per share fair-value of this service-based option was $0.76. 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 1.01% and expected option life of four years. The volatility assumption was 76.68% and the forfeiture rate was assumed to be 0%.

Under the terms of the service-based stock option agreements relating to the June 30, 2016 stock option grants, the awards vest in sixteen equal quarterly installments over a period of four years and shall be fully vested on June 30, 2020.

Under the terms of Mr. Whelan’s employment agreement, dated June 30, 2016, if Mr. Whelan’s employment is terminated by the Company without Cause, upon a Change of Control or by Mr. Whelan for Good Reason (as such terms are defined in his employment agreement), in each case, subject to his compliance with certain conditions, Mr. Whelan is entitled to (among other benefits) extension of the post-termination exercise period for all outstanding stock options of the Company’s common stock held by Mr. Whelan as of the date of his termination to the earlier of (a) the first anniversary of the date of termination, and (b) the date of expiration of the respective option, during which post-termination period such options shall continue to vest in accordance with their respective terms (to the extent not already fully vested).

As of June 30, 2016, the unearned compensation related to the service-based stock option to acquire 145,000 shares of common stock granted in November 2015 (with a weighted average per share exercise price of $1.30) was $91,155, which will be amortized on a straight-line basis over the service period through November 2018.

As of June 30, 2016, the unearned compensation related to the service-based stock option to acquire 280,000 shares granted in June 2016 (with a weighted average per share exercise price of $1.33) to non-executive directors was $211,461, which will be amortized on a straight-line basis over the service period through June 2017.

As of June 30, 2016, the unearned compensation related to the service-based stock option to acquire 400,000 shares granted in June 2016 (with a weighted average per share exercise price of $1.34) to the Company’s newly appointed Chief Executive Officer was $303,207, which will be amortized on a straight-line basis over the service period through June 2020.

At June 30, 2016, the Company’s service-based stock options granted prior to November 2015 were fully amortized.

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 Company’s operations of 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).

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 8 – SEGMENT INFORMATION (Continued)

Financial information by reportable segment for the three and six-months ended June 30, 2016 and 2015 is set forth below:

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net revenues by segment:
Network solutions	$	5,476,420		$	5,331,327		$	9,689,734		$	11,226,486
Test and measurement		2,133,684			2,881,970			4,288,785			5,614,502
Total consolidated net revenues of reportable segments	$	7,610,104		$	8,213,297		$	13,978,519		$	16,840,988

Segment income (loss):
Network solutions	$	1,044,335		$	723,556		$	1,384,261		$	1,694,947
Test and measurement		(366,652	)		137,748			(679,099	)		354,212
Income from reportable segments		677,683			861,304			705,162			2,049,159

Other unallocated amounts:
Corporate expenses		(1,031,071	)		(713,410	)		(1,979,201	)		(1,562,538	)
Other (expense) income - net		(10,266	)		(300	)		(51,870	)		2,966
Consolidated income (loss) before income tax provision (benefit)	$	(363,654	)	$	147,594		$	(1,325,909	)	$	489,587

Depreciation and amortization by segment:
Network solutions	$	57,957		$	55,069		$	113,704		$	106,130
Test and measurement		58,881			59,502			118,992			117,625
Total depreciation and amortization for reportable segments	$	116,838		$	114,571		$	232,696		$	223,755

Capital expenditures by segment (a):
Network solutions	$	228,149		$	30,841		$	283,379		$	175,598
Test and measurement		199,400			3,040			218,644			105,119
Total consolidated capital expenditures by reportable segment	$	427,549		$	33,881		$	502,023		$	280,717

Financial information by reportable segment as of June 30, 2016 and December 31, 2015:

	2016		2015
Total assets by segment:
Network solutions	$	11,168,936	$	10,638,961
Test and measurement		6,652,062		7,153,310
Total assets for reportable segments		17,820,998		17,792,271

Corporate assets, principally cash and cash equivalents and deferred and current taxes		16,369,427		16,914,053

Total consolidated assets	$	34,190,425	$	34,706,324


	(a)	Net of equipment lease payable of $41,904 (network solutions) for the six-months ended June 30, 2016.

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 8 – SEGMENT INFORMATION (Continued)

Consolidated net revenues by region were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Revenues by region	2016		2015		2016		2015
Americas	$	5,802,032	$	6,155,218	$	10,867,668	$	12,621,854
Europe, Middle East, Africa (EMEA)		1,493,030		1,559,426		2,441,387		3,295,268
Asia Pacific (APAC)		315,042		498,653		669,464		923,866
Total Sales	$	7,610,104	$	8,213,297	$	13,978,519	$	16,840,988

Net revenues 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 June 30, 2016 and 2015, revenues in the United States for all reportable segments amounted to $5,611,283 and $5,614,787, respectively. For the six-months ended June 30, 2016 and 2015, revenues in the United States for all reportable segments amounted to $10,383,454 and $11,407,261, respectively. Shipments to the EMEA region were largely concentrated in two countries, Israel and Germany. For the three-months ended June 30, 2016, revenues to Israel and Germany for all reportable segments amounted to $340,750 and $236,005 of all shipments to the EMEA region, respectively. For the three-months ended June 30, 2015, revenues to Israel and Germany for all reportable segments amounted to $364,921 and $194,708, respectively of all shipments to the EMEA region. For the six-months ended June 30, 2016, revenues to Israel and Germany amounted to $373,177 and $472,405 of all the shipments to the EMEA region, respectively. For the six-months ended June 30, 2015, revenues to Israel and Germany amounted to $908,315 and $661,552, respectively of all shipments to the EMEA region. Shipments to the APAC region were largely concentrated in China. For the three-months ended June 30, 2016 and 2015, revenues in China for all reportable segments amounted to $233,999 and $328,747, respectively. For the six-months ended June 30, 2016 and 2015, revenues in China for all reportable segments amounted to $421,169 and $597,329, 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.

Leases:

In May 2015, the Company and its landlord entered into an amendment to the existing 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 of which the Company has used approximately $165,000 to date. 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.

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 9 - COMMITMENTS AND CONTINGENCIES (Continued)

The following is a summary of the Company’s contractual obligations as of June 30, 2016:

Table of Contractual Obligations

			Payments by Period
			Less than						More than
	Total		1 Year		1-3 Years		4-5- Years		5 Years
Facility Leases	$	3,052,980	$	414,960	$	1,321,079	$	948,094	$	368,847
Operating and Equipment Leases		154,123		63,775		90,348		—		—
	$	3,207,103	$	478,735	$	1,411,427	$	948,094	$	368,847

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.

As of June 30, 2016, 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.

WIRELESS TELECOM GROUP, INC.
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)

NOTE 9 - COMMITMENTS AND CONTINGENCIES (Continued)

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.

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

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, 2015, 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.

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 June 30, 2016 and December 31, 2015, as well as for the three and six-months ended June 30, 2016 and 2015 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 June 30, 2016 (unaudited) and as of December 31, 2015; (ii) Condensed Consolidated Statements of Operations for the three and six-month periods ended June 30, 2016 (unaudited) and 2015 (unaudited); (iii) Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2016 (unaudited) and 2015 (unaudited); and (iv) Condensed Consolidated Statement of Shareholders’ Equity for the six-month period ended June 30, 2016 (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, 2015 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. Revenues 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 revenue 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 June 30, 2016 and December 31, 2015, 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 June 30, 2016 and 2015, 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, 2015.

For the six-months ended June 30, 2016 as compared to the corresponding period of the previous year, consolidated net revenues were approximately $13,979,000 and $16,841,000, respectively, a decrease of approximately $2,862,000 or 17.0%. For the three-months ended June 30, 2016 as compared to the corresponding period of the previous year, consolidated net revenues were approximately $7,610,000 and $8,213,000, respectively, a decrease of approximately $603,000 or 7.3%.

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

The decrease in consolidated net revenues for the three and six-months ended June 30, 2016 was the result of a decline in sales order flow for the Company’s network solutions products, which started in the second half of 2015 and continued through the first quarter of 2016, due to reductions in customer capital spending, particularly by certain domestic wireless operators. The Company also experienced a decline in sales order flow during the first quarter of 2016 in the Company’s test and measurement segment which was primarily due to a delay in the execution of orders on government projects, which impacted sales orders for the three and six-months ended June 30, 2016. During the three-months ended June 30, 2016, the Company realized increased carrier and government spending on specific projects the Company was pursuing, which resulted in a 43% increase in sales order flow (to approximately $8,800,000 across the Company’s two business segments) during the three-months ended June 30, 2016 as compared to the sales order flow realized during the first quarter of 2016. The Company expects customer sales order flow in the second half the year to be higher than that of the first half of 2016.

The Company expects long-term demand for its network solutions products to improve due to the continuing worldwide expansion of broadband coverage. Additionally, sales orders in the Company’s test and measurement segment decreased for the three and six-months ended June 30, 2016 as compared to the same periods of the previous year primarily due to a decrease in sales resulting from delays in program funding by governmental agencies supporting radar applications. The Company expects that in the second half of 2016, orders in the Company’s test and measurement segment will improve over the first half 2016,

Net revenues of the Company’s network solutions products for the six-months ended June 30, 2016 were approximately $9,690,000 as compared to approximately $11,227,000 for the six-months ended June 30, 2015, a decrease of approximately $1,537,000 or 13.7%. Net revenues of network solutions products accounted for approximately 69% and 67% of consolidated net revenues for each of the six-month periods ended June 30, 2016 and 2015, respectively. Net revenues of the Company’s network solutions products for the three-months ended June 30, 2016 were approximately $5,476,000 as compared to approximately $5,331,000 for the three-months ended June 30, 2015, an increase of approximately $145,000 or 2.7%. Net revenues of network solutions products accounted for approximately 72% and 65% of consolidated net revenues for each of the three-month periods ended June 30, 2016 and 2015, respectively.

Net revenues of the Company’s test and measurement products for the six-months ended June 30, 2016 were approximately $4,289,000 as compared to approximately $5,615,000 for the six-months ended June 30, 2015, a decrease of approximately $1,326,000 or 23.6%. Net revenues of test and measurement products accounted for approximately 31% and 33% of consolidated net revenues for each of the six-month periods ended June 30, 2016 and 2015, respectively. Net revenues of the Company’s test and measurement products for the three-months ended June 30, 2016 were approximately $2,134,000 as compared to approximately $2,882,000 for the three-months ended June 30, 2015, a decrease of approximately $748,000 or 26.0%. Net revenues of test and measurement products accounted for approximately 28% and 35% of consolidated net revenues for each of the three-month periods ended June 30, 2016 and 2015, respectively.

Gross profit on net consolidated revenues for the six-months ended June 30, 2016 was approximately $6,059,000 or 43.3% as compared to approximately $7,430,000 or 44.1% of net consolidated revenues for the six-months ended June 30, 2015. Gross profit on net consolidated revenues for the three-months ended June 30, 2016 was approximately $3,339,000 or 43.9% as compared to approximately $3,567,000 or 43.4% of net consolidated revenues for the three-months ended June 30, 2015.

Gross profit margins are lower for the six-months ended June 30, 2016 as compared to the same period of the previous year due to lower volumes. Consolidated gross profit margins decreased primarily due to fixed manufacturing costs being a higher percentage of cost on lower revenues for the six-months ended June 30, 2016 as compared to the same period in 2015.

Gross profit margins are higher for the three-months ended June 30, 2016 as compared to the same period of the previous year. Consolidated gross profit margins increased due to lower manufacturing labor costs during the three-months ended June 30, 2016 as compared to the same period in 2015, offset by lower volumes. The decrease in manufacturing labor costs are primarily the result of the Company’s cost reduction plans implemented in August 2015.

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

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 six-months ended June 30, 2016 were approximately $7,333,000 or 53% of net consolidated revenues as compared to approximately $6,944,000 or 41% of net consolidated revenues for the six-months ended June 30, 2015. Consolidated operating expenses were higher for the six-months ended June 30, 2016 due to increases in consolidated general and administrative expenses and consolidated research and development expenses of approximately $369,000 and $221,000, respectively, offset by a decrease in consolidated sales and marketing expenses of approximately $200,000. Consolidated operating expenses for the three-months ended June 30, 2016 were approximately $3,692,000 or 49% of net consolidated revenues as compared to approximately $3,419,000 or 42% of net consolidated revenues for the three-months ended June 30, 2015. Consolidated operating expenses were higher for the three-months ended June 30, 2016 due to increases in consolidated general and administrative expenses and consolidated research and development expenses of approximately $306,000 and $74,000, respectively, offset by a decrease in consolidated sales and marketing expenses of approximately $106,000. Consolidated operating expenses during the three and six-month periods ended June 30, 2016, included approximately $240,000 and $375,000, respectively, of costs related to the work of the Company’s Strategic Planning and Operating Committee’s strategic evaluations of business combinations.

The increase in consolidated general and administrative expenses for the six-months ended June 30, 2016 was primarily due to an increase in corporate professional fees of approximately $212,000 and other expenses of approximately $126,000. Consolidated research and development expenses increased for the six-months ended June 30, 2016 primarily due to an increase in costs associated with product development projects in both our network solutions and test and measurement segments of approximately $206,000. Consolidated sales and marketing expenses decreased for the six-months ended June 30, 2016 primarily due to lower non-employee sales commissions and lower salary expenses, offset by a slight increase in trade show expenses.

The increase in consolidated general and administrative expenses for the three-months ended June 30, 2016 was primarily due to an increase in corporate professional fees of approximately $305,000, an increase in travel expenses, and an increase in non-cash stock compensation expense. Consolidated research and development expenses increased for the three-months ended June 30, 2016 primarily due to an increase in costs associated with product development projects in both our network solutions and test and measurement segments.. Consolidated sales and marketing expenses decreased for the three-months ended June 30, 2016 primarily due to lower non-employee sales commission and lower salary expenses.

Other expenses (income) increased by approximately $10,000 and $55,000 for the three and six-months ended June 30, 2016, as compared to the corresponding periods of the previous year. The increase is primarily due to increases in costs in connection with the Company’s ground water management plan.

For the three and six-months ended June 30, 2016, the Company recorded a tax benefit of approximately $145,000 and $531,000, respectively. For the three and six-months ended June 30, 2015, the Company recorded tax expense of approximately $64,000 and $212,000, respectively. The tax benefit recorded for the three and six-months ended June 30, 2016 was primarily due to losses generated from the Company’s operations during the periods. The tax expense recorded for the three and six-months ended June 30, 2015 was primarily the result of income generated from the Company’s operations and was 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, when applicable.

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

For the six-months ended June 30, 2016, the Company realized a net loss of approximately $795,000 or $0.04 loss per share on a basic and diluted basis, as compared to net income of approximately $278,000 or $0.01 income per share on a basic and diluted basis for the corresponding period of the previous year, a decrease of approximately $1,073,000. For the three-months ended June 30, 2016, the Company realized a net loss of approximately $218,000 or $0.01 loss per share on a basic and diluted basis, as compared to net income of approximately $84,000 or $0.00 income per share on a basic and diluted basis for the corresponding period of the previous year, a decrease of approximately $302,000. The decreases were primarily due to the factors discussed above.

LIQUIDITY AND CAPITAL RESOURCES

The Company’s working capital has decreased by approximately $1,442,000 to approximately $20,622,000 at June 30, 2016, from approximately $22,064,000 at December 31, 2015. At June 30, 2016 and December 31, 2015, the Company had a current ratio of 11.9 to 1 and 13.5 to 1, respectively.

The Company had cash and cash equivalents of approximately $8,614,000 at June 30, 2016, compared to approximately $9,726,000 at December 31, 2015. 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.

The Company used cash for operating activities of approximately $465,000 for the six-month period ending June 30, 2016. The primary use of this cash was due to a net loss from operating activities, an increase in inventories, and a decrease in accrued expenses and other current liabilities, partially offset by a decrease in accounts receivable, an increase in accounts payable, and a decrease in prepaid expenses and other assets.

The Company used cash from operating activities of approximately $628,000 for the six-month period ending June 30, 2015. The primary use of this cash was due to an increase in accounts receivable, an increase in inventories and a decrease in accrued expenses and other current liabilities, partially offset by a decrease in prepaid expenses and other assets, an increase in accounts payable and net income from operations for the six-month period.

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 six-months ended June 30, 2016 and 2015 was approximately $502,000 and $281,000, respectively. The use of these funds was for capital expenditures.

Cash used for financing activities for the six-months ended June 30, 2016 was approximately $145,000. The use of these funds was for the repurchase of 42,995 shares of the Company’s outstanding common stock and for periodic payments on an equipment lease. Cash used for financing activities for the six-months ended June 30, 2015 was approximately $72,000. The use of these funds was for periodic payments on an equipment lease, partially offset by proceeds from the exercise of stock options.

The stock repurchase may continue to be modified or re-initiated at any time. The Company will continue to monitor market conditions and evaluate opportunities to allocate its capital, which may include the repurchasing of the Company’s outstanding common stock.

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

As of June 30, 2016, future minimum lease payments related to the Company’s facility lease and equipment leases are shown below:

Table of Contractual Obligations

			Payments by Period
			Less than						More than
	Total		1 Year		1-3 Years		4-5 Years		5 Years
Facility Leases	$	3,052,980	$	414,960	$	1,321,079	$	948,094	$	368,847
Operating and Equipment Leases		154,123		63,775		90,348		—		—
	$	3,207,103	$	478,735	$	1,411,427	$	948,094	$	368,847

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 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 June 30, 2016, 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.

In 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. The reduction in total headcount reduced annualized salary and benefit costs in 2015 by over $1,500,000, net of severance charges of $137,000, which have been reinvested by the Company in its business to improve the strength of its management team and support new product innovations. During the six-months ended June 30, 2016, the Company continued its restructuring efforts by instituting a plan to further reduce costs. As a result of this most recent effort, the Company expects to generate annualized cost reductions of approximately $600,000, net of severance charges of $50,000, which are being reinvested in strategic initiatives. The Company believes these cost reduction efforts, and continued diligent monitoring of its current operating expenses, will help position the Company for growth and ongoing development of new products.

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, 2015.

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, 2015.

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 the Company’s 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 June 27, 2016, and filed with the SEC on July 1, 2016)

10.1		Executive Employment Agreement, by and between Wireless Telecom Group, Inc. and Timothy Whelan, made as of June 30, 2016 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, dated June 30, 2016, and filed with the SEC on July 7, 2016)

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 June 30, 2016, filed on August 4, 2016, 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: August 4, 2016	/s/ Timothy Whelan
	Timothy Whelan
	Chief Executive Officer

Date: August 4, 2016	/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 June 30, 2016, filed on August 4, 2016, 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 c85731_ex31-1.htm

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Timothy Whelan, 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: August 4, 2016

	/s/ Timothy Whelan
	Timothy Whelan
	Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 3 c85731_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: August 4, 2016

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

EX-32.1 4 c85731_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 June 30, 2016 as filed with the Securities and Exchange Commission on the date hereof (the “Periodic Report”), I, Timothy Whelan, 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/ Timothy Whelan
	Timothy Whelan
	Chief Executive Officer
	August 4, 2016

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 c85731_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 June 30, 2016 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
	August 4, 2016

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 18721346 false 0000878828 Smaller Reporting Company 2016 Q2 2016-06-30

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES The condensed consolidated balance sheet as of June 30, 2016, the condensed consolidated statements of operations for the three and six-month periods ended June 30, 2016 and 2015, and the condensed consolidated statements of cash flows for the six-month periods ended June 30, 2016 and 2015, and the condensed consolidated statement of shareholders’ equity for the six-month period ended June 30, 2016 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, 2015. 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, estimated fair values of stock options and vesting periods of performance-based stock options and restricted stock) 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 six-month periods ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year ending December 31, 2016. 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 six-months ended June 30, 2016, one customer accounted for approximately 12% and 11%, respectively, of the Company’s consolidated revenues. For the three and six-months ended June 30, 2015, no customer accounted for 10% or more of the Company’s consolidated revenues. At June 30, 2016, two customers each represented approximately 10% of the Company’s gross accounts receivable. At December 31, 2015, no customer represented 10% or more of the Company’s gross accounts receivable. The carrying amounts of cash and cash equivalents, trade receivables, other current assets and liabilities 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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NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation:  Improvements to Employee Share-Based Payment Accounting,” which relates to the accounting for employee share-based payments. This standard addresses several aspects of the accounting for share-based payment award transactions, including:  (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 “Leases”, which creates new accounting and reporting guidelines for leasing arrangements. The new standard will require organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. The standard will also require new disclosure to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early application permitted. The new standard is to be applied using a modified retrospective approach. The Company is in the process of evaluating the impact of the new pronouncement on its consolidated financial statements. In July 2015, the FASB issued 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 May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606). 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. 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. As a result, ASU 2014-09 will be effective for annual and interim periods beginning after December 15, 2016. 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 March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation:  Improvements to Employee Share-Based Payment Accounting,” which relates to the accounting for employee share-based payments. This standard addresses several aspects of the accounting for share-based payment award transactions, including:  (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 “Leases”, which creates new accounting and reporting guidelines for leasing arrangements. The new standard will require organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. The standard will also require new disclosure to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early application permitted. The new standard is to be applied using a modified retrospective approach. The Company is in the process of evaluating the impact of the new pronouncement on its consolidated financial statements. In July 2015, the FASB issued 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 May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606). 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. 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. As a result, ASU 2014-09 will be effective for annual and interim periods beginning after December 15, 2016. 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 had a domestic net operating loss carryforward at June 30, 2016 of approximately $18,200,000 which expires in 2029. The Company also had a German net operating loss carryforward at June 30, 2016 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 June 30, 2016, management believed 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: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt"> </td><td style="color: black"> </td> <td colspan="2" style="color: black; text-align: center">June 30,</td><td style="color: black"> </td><td style="color: black"> </td> <td colspan="2" style="color: black; text-align: center">December 31,</td><td style="color: black"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: black; padding-bottom: 1px"> </td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; color: black; font-weight: bold"> </td><td style="color: black; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid">2015</td><td style="padding-bottom: 1px; color: black"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left">Net deferred tax asset:</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right"> </td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; color: black; text-align: left; padding-left: 10pt">Uniform capitalization of inventory costs for tax purposes</td><td style="width: 3%; color: black; font-weight: bold"> </td> <td style="width: 1%; color: black; font-weight: bold; text-align: left">$</td><td style="width: 12%; color: black; font-weight: bold; text-align: right">170,262</td><td style="width: 1%; color: black; font-weight: bold; text-align: left"> </td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 12%; color: black; text-align: right">158,599</td><td style="width: 1%; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Reserves on inventories</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">492,663</td><td style="font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">444,115</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; padding-left: 10pt">Accruals</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">50,000</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">10,000</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-left: 10pt">Tax effect of goodwill</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">(524,040</td><td style="color: black; font-weight: bold; text-align: left">)</td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">(507,524</td><td style="color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-left: 10pt">Book depreciation over tax</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">(55,463</td><td style="color: black; font-weight: bold; text-align: left">)</td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">(43,514</td><td style="color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-left: 10pt">Other timing differences</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">150,117</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">105,725</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt">Net operating loss carryforward</td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">14,273,913</td><td style="padding-bottom: 1px; color: black; font-weight: bold; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">13,858,662</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 9.5pt; padding-left: 10pt"> </td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">14,557,452</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">14,026,063</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt">Valuation allowance for deferred tax assets</td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">(7,012,134</td><td style="padding-bottom: 1px; color: black; font-weight: bold; text-align: left">)</td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">(7,012,134</td><td style="padding-bottom: 1px; color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 9.5pt; padding-bottom: 3px"> </td><td style="color: black; font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">7,545,318</td><td style="padding-bottom: 3px; color: black; font-weight: bold; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">7,013,929</td><td style="padding-bottom: 3px; color: black; text-align: left"> </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 (benefit) related to income from operations are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt"> </td><td> </td> <td colspan="6" style="text-align: center">Three Months Ended June 30,</td><td> </td><td> </td> <td colspan="6" style="text-align: center">Six Months Ended June 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: right; border-bottom: Black 1px solid">2015</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: right; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: right; border-bottom: Black 1px solid">2015</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Current:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; padding-left: 10pt">Federal</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">—</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,826</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">—</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">17,457</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt">State</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,292</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">—</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,576</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Deferred:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt">Federal</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(126,988</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,442</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">(463,903</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,717</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1px; padding-left: 10pt">State</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">(18,473</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">6,029</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">(67,486</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">14,978</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 9.5pt; padding-bottom: 3px"> </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">(145,461</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">$</td><td style="border-bottom: Black 3px double; text-align: right">63,589</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">(531,389</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">211,728</td><td style="padding-bottom: 3px; text-align: left"> </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 June 30, 2016 and December 31, 2015, the Company 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 concluded that there were 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.

18200000

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: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt"> </td><td style="color: black"> </td> <td colspan="2" style="color: black; text-align: center">June 30,</td><td style="color: black"> </td><td style="color: black"> </td> <td colspan="2" style="color: black; text-align: center">December 31,</td><td style="color: black"> </td></tr> <tr style="vertical-align: bottom"> <td style="color: black; padding-bottom: 1px"> </td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; color: black; font-weight: bold"> </td><td style="color: black; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid">2015</td><td style="padding-bottom: 1px; color: black"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left">Net deferred tax asset:</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right"> </td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right"> </td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; color: black; text-align: left; padding-left: 10pt">Uniform capitalization of inventory costs for tax purposes</td><td style="width: 3%; color: black; font-weight: bold"> </td> <td style="width: 1%; color: black; font-weight: bold; text-align: left">$</td><td style="width: 12%; color: black; font-weight: bold; text-align: right">170,262</td><td style="width: 1%; color: black; font-weight: bold; text-align: left"> </td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 12%; color: black; text-align: right">158,599</td><td style="width: 1%; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Reserves on inventories</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">492,663</td><td style="font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">444,115</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; padding-left: 10pt">Accruals</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">50,000</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">10,000</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-left: 10pt">Tax effect of goodwill</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">(524,040</td><td style="color: black; font-weight: bold; text-align: left">)</td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">(507,524</td><td style="color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-left: 10pt">Book depreciation over tax</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">(55,463</td><td style="color: black; font-weight: bold; text-align: left">)</td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">(43,514</td><td style="color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-left: 10pt">Other timing differences</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">150,117</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">105,725</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt">Net operating loss carryforward</td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">14,273,913</td><td style="padding-bottom: 1px; color: black; font-weight: bold; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">13,858,662</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 9.5pt; padding-left: 10pt"> </td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">14,557,452</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">14,026,063</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt">Valuation allowance for deferred tax assets</td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">(7,012,134</td><td style="padding-bottom: 1px; color: black; font-weight: bold; text-align: left">)</td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">(7,012,134</td><td style="padding-bottom: 1px; color: black; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 9.5pt; padding-bottom: 3px"> </td><td style="color: black; font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">7,545,318</td><td style="padding-bottom: 3px; color: black; font-weight: bold; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">7,013,929</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td></tr> </table>

170262

158599

492663 444115

50000

10000

-524040

-507524

-55463 -43514

150117

105725

14273913

13858662

14557452

14026063

7012134

7545318

7013929

The components of income tax expense (benefit) related to income from operations are as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt"> </td><td> </td> <td colspan="6" style="text-align: center">Three Months Ended June 30,</td><td> </td><td> </td> <td colspan="6" style="text-align: center">Six Months Ended June 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: right; border-bottom: Black 1px solid">2015</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: right; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: right; border-bottom: Black 1px solid">2015</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td>Current:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; padding-left: 10pt">Federal</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">—</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">2,826</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">$</td><td style="width: 10%; font-weight: bold; text-align: right">—</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">17,457</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt">State</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">—</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,292</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">—</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">44,576</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Deferred:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt">Federal</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(126,988</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,442</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">(463,903</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">134,717</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1px; padding-left: 10pt">State</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">(18,473</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">6,029</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">(67,486</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">14,978</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 9.5pt; padding-bottom: 3px"> </td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">(145,461</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">63,589</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">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">(531,389</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">211,728</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

2826

17457

13292

44576

-126988

41442

-463903

134717

-18473

6029

-67486

14978

NOTE 4 - INCOME (LOSS) PER COMMON SHARE Basic earnings (loss) per share is calculated by dividing income (loss) available to common shareholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) 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: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td colspan="6" style="text-align: center">Three Months Ended June 30,</td><td> </td><td> </td> <td colspan="6" style="text-align: center">Six Months Ended June 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </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">2016</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">2015</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">2016</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">2015</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; padding-left: 10pt; text-indent: -10pt">Weighted average common shares outstanding</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">18,622,116</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">19,524,258</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">18,614,350</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">19,510,434</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Potentially dilutive stock options</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">352,073</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">834,984</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">425,691</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">1,045,116</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Weighted average common shares outstanding, assuming dilution</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">18,974,189</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">20,359,242</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">19,040,041</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">20,555,550</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> Common stock options are included in the diluted earnings (loss) 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 (loss) per share, because the effects are anti-dilutive, was 2,919,662 and 1,727,192 for the three-months ended June 30, 2016 and 2015, respectively. For the six-months ended June 30, 2016 and 2015, the weighted average number of shares of common stock underlying options not included in diluted earnings (loss) per share was 2,894,178 and 1,522,742, respectively.

2919662

1727192

2894178

1522742

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td colspan="6" style="text-align: center">Three Months Ended June 30,</td><td> </td><td> </td> <td colspan="6" style="text-align: center">Six Months Ended June 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </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">2016</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">2015</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">2016</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">2015</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; padding-left: 10pt; text-indent: -10pt">Weighted average common shares outstanding</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">18,622,116</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">19,524,258</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">18,614,350</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">19,510,434</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Potentially dilutive stock options</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">352,073</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">834,984</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">425,691</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">1,045,116</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Weighted average common shares outstanding, assuming dilution</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">18,974,189</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">20,359,242</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">19,040,041</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">20,555,550</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

18622116

19524258

18614350

19510434

352073

834984

425691

1045116

18974189

20359242

19040041

20555550

NOTE 5 – INVENTORIES Inventory carrying value is net of inventory reserves of $1,231,657 and $1,110,288 at June 30, 2016 and December 31, 2015, respectively. <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 50pt"> <tr style="vertical-align: bottom"> <td style="text-align: left"></td><td> </td> <td colspan="2" style="text-align: center">June 30,</td><td> </td><td> </td> <td colspan="2" nowrap="nowrap" style="text-align: center">December 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; text-align: LEFT"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2015</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom;"> <td style="width: 33%; text-align: left">Inventories consist of:</td> <td style="width: 15%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 20%; font-weight: bold; text-align: right"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 6%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 22%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 33%; text-align: right">Raw materials</td><td style="width: 15%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 20%; font-weight: bold; text-align: right">4,028,133</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 6%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">3,993,052</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right">Work-in-process</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">792,985</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">628,140</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: right; padding-bottom: 1px">Finished goods</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1px solid; font-weight: bold; text-align: right">3,845,275</td><td style="padding-bottom: 1px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">3,447,536</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 9.5pt; text-align: center; padding-bottom: 3px"> </td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">8,666,393</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">8,068,728</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

Inventories consist of: <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 50pt"> <tr style="vertical-align: bottom"> <td style="text-align: left"></td><td> </td> <td colspan="2" style="text-align: center">June 30,</td><td> </td><td> </td> <td colspan="2" nowrap="nowrap" style="text-align: center">December 31,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; text-align: LEFT"> </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">2016</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">2015</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom;"> <td style="width: 33%; text-align: left">Inventories consist of:</td> <td style="width: 15%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 20%; font-weight: bold; text-align: right"> </td> <td style="width: 1%; font-weight: bold; text-align: left"> </td> <td style="width: 6%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 22%; text-align: right"> </td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 33%; text-align: right">Raw materials</td><td style="width: 15%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 20%; font-weight: bold; text-align: right">4,028,133</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 6%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 22%; text-align: right">3,993,052</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: right">Work-in-process</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">792,985</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">628,140</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: right; padding-bottom: 1px">Finished goods</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">3,845,275</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">3,447,536</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 9.5pt; text-align: center; padding-bottom: 3px"> </td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">8,666,393</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,068,728</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

4028133

3993052

792985

628140

3845275

3447536

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 June 30, 2016 and December 31, 2015 related to one of the Company’s reporting units, Microlab. Management’s qualitative assessment performed in the fourth quarter of 2015 did not indicate any impairment of Microlab’s goodwill as its fair value was 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 six-month periods ended June 30, 2016 include share-based compensation expense totaling $98,619 and $197,238, respectively. Results for the three and six-month periods ended June 30, 2015 included share-based compensation expense totaling $85,963 and $171,926, 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 June 30, 2016, there were 1,286,001 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 or the Compensation Committee of the 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 following summarizes the components of share-based compensation expense by equity type for the three and six-months ended June 30: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; text-align: left; padding-left: 10pt; text-indent: -10pt"> </td><td style="color: black"> </td> <td colspan="6" style="color: black; text-align: center">Three Months Ended June 30,</td><td style="color: black"> </td><td style="color: black"> </td> <td colspan="6" style="color: black; text-align: center">Six Months Ended June 30,</td><td style="color: black"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; text-align: left; padding-left: 10pt; text-indent: -10pt"> </td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; color: black; font-weight: bold"> </td><td style="color: black; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid">2015</td><td style="padding-bottom: 1px; color: black"> </td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; color: black; font-weight: bold"> </td><td style="color: black; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid">2015</td><td style="padding-bottom: 1px; color: black"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Service-based Restricted Common Stock</td><td style="width: 3%; color: black; font-weight: bold"> </td> <td style="width: 1%; color: black; font-weight: bold; text-align: left">$</td><td style="width: 10%; color: black; font-weight: bold; text-align: right">55,500</td><td style="width: 1%; color: black; font-weight: bold; text-align: left"> </td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 10%; color: black; text-align: right">49,800</td><td style="width: 1%; color: black; text-align: left"> </td><td style="width: 3%; color: black; font-weight: bold"> </td> <td style="width: 1%; color: black; font-weight: bold; text-align: left">$</td><td style="width: 10%; color: black; font-weight: bold; text-align: right">111,000</td><td style="width: 1%; color: black; font-weight: bold; text-align: left"> </td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 10%; color: black; text-align: right">99,600</td><td style="width: 1%; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Performance-based Stock Options</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">28,650</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">30,035</td><td style="color: black; text-align: left"> </td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">57,300</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">60,070</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Service-based Stock Options</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">9,116</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">—</td><td style="color: black; text-align: left"> </td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">18,232</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">—</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Performance-based Restricted Common Stock</td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">5,353</td><td style="padding-bottom: 1px; color: black; font-weight: bold; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">6,128</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">10,706</td><td style="padding-bottom: 1px; color: black; font-weight: bold; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">12,256</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total Share-Based Compensation Expense</td><td style="color: black; font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">98,619</td><td style="padding-bottom: 3px; color: black; font-weight: bold; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">85,963</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">197,238</td><td style="padding-bottom: 3px; color: black; font-weight: bold; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">171,926</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td></tr> </table> Stock-based compensation for the three and six-months ended June 30, 2016 and 2015 is included in general and administrative expenses in the accompanying condensed consolidated statement of operations. Restricted Common Stock Awards: On June 8, 2016, the Company granted 150,000 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 $1.33 per share. On June 30, 2016, Timothy Whelan, the Company’s newly appointed Chief Executive Officer, forfeited the 30,000 shares of restricted common stock that were granted to him on June 8, 2016 as a non-employee director in connection with his appointment as Chief Executive Officer of the Company. The remaining 120,000 shares of restricted common stock granted on June 8, 2016 will fully vest on the date of the Company’s next annual shareholders meeting to be held in June 2017, or a vesting period of approximately one year, provided that the director’s service continues through the vesting date. The total compensation expense to be recognized over the one-year vesting period with respect to the remaining 120,000 shares of restricted common stock is $159,600. On June 30, 2016, the Company granted 8,333 shares of restricted common stock to its newly appointed Chief Executive Officer under the 2012 Plan. The shares were granted at a price of $1.34 per share and will vest in sixteen equal quarterly installments over a period of four years, provided that the executive officer’s service with the Company continues through each quarterly vesting date, so that the shares will fully vest on June 30, 2020. The total compensation expense to be recognized over the four-year vesting period is $11,166. A summary of the status of the Company’s non-vested restricted common stock, as granted under the Company’s approved equity compensation plans, as of June 30, 2016, and changes during the six-months ended June 30, 2016, are presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1px solid">Non-vested Restricted Shares</td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Number of Shares</td><td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1px solid">Weighted Average Grant Date Fair Value</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: justify">Non-vested at January 1, 2016</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">187,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">2.01</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">158,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.33</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(30,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.33</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1px; padding-left: 10pt">Vested</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">(100,000</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">$</td><td style="border-bottom: Black 1px solid; text-align: right">2.22</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px">Non-vested at June 30, 2016</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">215,333</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1.51</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> Under the terms of the performance-based restricted common stock award agreements pertaining to the 87,000 shares of restricted stock granted to employees in 2013, 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 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. For the performance-based restricted stock awarded in 2013, 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 the unamortized balance as of that determination date. As of June 30, 2016, the unearned compensation related to Company granted restricted common stock was $267,124 of which $159,600 (pertaining to 120,000 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 2017, the vesting date, and $11,166 (pertaining to 8,333 service-based restricted common stock awards) will be amortized on a straight-line basis through June 30, 2020, the date which they will have fully vested. The remaining balance of $96,358 (pertaining to 87,000 performance-based shares of restricted common stock awarded in 2013) will be amortized on a straight-line basis through December 31, 2020, the implicit service period. Performance-Based Stock Option Awards: A summary of performance-based stock option activity, and related information for the six-months ended June 30, 2016 follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; text-align: justify"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Options</td><td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Weighted Average Exercise Price</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%">Outstanding, January 1, 2016</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,965,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">1.32</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; padding-left: 10pt">Expired</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">—</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">—</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 3px">Outstanding, June 30, 2016</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">2,165,000</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</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: left; padding-left: 10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Options exercisable:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">June 30, 2016</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 and exercisable as of June 30, 2016 and December 31, 2015 was $449,750 and $846,350, respectively. On September 8, 2015, the Company granted a performance-based stock option to a non-executive officer employee to acquire 50,000 shares of common stock at an exercise price of $1.83 per share, which represented the closing price of the Company’s common stock as reported on the NYSE MKT on the date of grant. The per share fair-value of this performance-based option 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%. Under the terms of the performance-based stock option agreements granted prior to 2016, 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 the stock option awards granted in 2013 and grants made subsequent thereto (but on or prior to the date of determination) 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 the unamortized balance as of that determination date. On May 16, 2016, the Company granted a performance-based stock option to a non-executive officer employee to acquire 200,000 shares of common stock at an exercise price of $1.36 per share, which represented the closing price of the Company’s common stock as reported on the NYSE MKT on the date of grant. The per share fair-value of this performance-based option was $0.78. 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 1.26% and expected option life of four years. The volatility assumption was 77.54% and the forfeiture rate was assumed to be 0%. Under the terms of the performance-based stock option agreement granted on May 16, 2016, the award will incrementally vest and become exercisable upon achievement of specific annualized revenue targets in the Company’s network solutions segment. As of June 30, 2016, the Company had not incurred expense relating to this performance-based stock option as management determined it was more likely than not that the revenue targets would not be achieved. As of June 30, 2016, the unearned compensation related to the performance-based stock options to acquire 825,000 shares of common stock granted in August 2013 (with a weighted average per share exercise price of $1.77) and the performance-based stock option to acquire 50,000 shares of common stock granted in September 2015 (with a weighted average per share exercise price of $1.83) is $471,533 and $44,166, respectively, which have been, and are expected to be, amortized on a straight-line basis through December 31, 2020, the implicit service period. Unearned compensation in the amount of $155,810 related to the performance-based stock option granted in May 2016 (with a weighted average per share exercise price of $1.36) will begin to be amortized when achievement of specific annualized revenue targets in the Company’s network solutions segment are determined to be probable. The Company’s performance-based stock options granted prior to 2013 (consisting of options to acquire 1,090,000 shares) are fully amortized. Service-Based Stock Option Awards: A summary of service-based stock option activity, and related information for the six-months ended June 30, 2016 follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr> <td style="font-size: 9.5pt; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; vertical-align: bottom">Options</td><td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1px solid">Weighted Average Exercise Price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 63%; padding-left: 10pt; text-indent: -10pt">Outstanding, January 1, 2016</td><td style="width: 5%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 4%; text-align: right">523,000</td><td style="width: 2%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">2.23</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-indent: -10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">750,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.34</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 20pt; text-indent: -10pt">Exercised</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-indent: -10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(70,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.34</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Expired</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(120,000</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">$</td><td style="border-bottom: Black 1px solid; text-align: right">2.72</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Outstanding, June 30, 2016</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">1,083,000</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1.61</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Options exercisable:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-indent: -10pt">June 30, 2016</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2.41</td></tr> </table> The aggregate intrinsic value of service-based stock options outstanding (regardless of whether or not such options are exercisable) as of June 30, 2016 and December 31, 2015 was $7,600 and $0, respectively. The aggregate intrinsic value of service-based stock options exercisable as of June 30, 2016 and December 31, 2015 was $967 and $0, respectively. On November 19, 2015, the Company granted to the members of the Company’s Strategic Planning and Operating Committee service-based stock options to acquire 145,000 shares of common stock at an exercise price of $1.30 per share, which represented the closing price of the Company’s common stock as reported on the NYSE MKT on November 19, 2015, the date of grant. The per share fair-value of these service-based options was $0.75. 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 1.68% and expected option life of 4 years. The volatility assumption was 78.22% and the forfeiture rate was assumed to be 0%. Under the terms of the service-based stock option agreements relating to the November 19, 2015 stock option grants, the awards vest in twelve equal quarterly installments over a period of three years and shall be fully vested on November 19, 2018. On June 8, 2016, the Company granted to certain non-employee directors of the Company service-based stock options to acquire collectively 350,000 shares of common stock at an exercise price of $1.33 per share, which represented the closing price of the Company’s common stock as reported on the NYSE MKT on June 8, 2016, the date of grant. The per share fair-value of these service-based options was $0.76. 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 1.23% and expected option life of four years. The volatility assumption was 76.72% and the forfeiture rate was assumed to be 0%. These stock options were granted in connection with the annual compensation for services as a Company director. Such equity awards are intended to replace the cash component of the director compensation. On June 30, 2016, the service-based stock option to acquire 70,000 shares of common stock that was granted to Timothy Whelan on June 8, 2016, was terminated, unvested, in connection with his appointment as Chief Executive Officer of the Company. Under the terms of the remaining service-based stock option agreements relating to the June 8, 2016 stock option grants to the non-employee directors of the Company, the awards will fully vest on the date of the Company’s next annual shareholder’s meeting to be held in June 2017, or a vesting period of approximately one year, provided that the director’s service continues through the vesting date. On June 30, 2016, the Company granted to Timothy Whelan, its newly appointed Chief Executive Officer, a service-based stock option to acquire 400,000 shares of common stock at an exercise price of $1.34 per share, which represented the closing price of the Company’s common stock as reported on the NYSE MKT on the date of grant. The per share fair-value of this service-based option was $0.76. 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 1.01% and expected option life of four years. The volatility assumption was 76.68% and the forfeiture rate was assumed to be 0%. Under the terms of the service-based stock option agreements relating to the June 30, 2016 stock option grants, the awards vest in sixteen equal quarterly installments over a period of four years and shall be fully vested on June 30, 2020. Under the terms of Mr. Whelan’s employment agreement, dated June 30, 2016, if Mr. Whelan’s employment is terminated by the Company without Cause, upon a Change of Control or by Mr. Whelan for Good Reason (as such terms are defined in his employment agreement), in each case, subject to his compliance with certain conditions, Mr. Whelan is entitled to (among other benefits) extension of the post-termination exercise period for all outstanding stock options of the Company’s common stock held by Mr. Whelan as of the date of his termination to the earlier of (a) the first anniversary of the date of termination, and (b) the date of expiration of the respective option, during which post-termination period such options shall continue to vest in accordance with their respective terms (to the extent not already fully vested). As of June 30, 2016, the unearned compensation related to the service-based stock option to acquire 145,000 shares of common stock granted in November 2015 (with a weighted average per share exercise price of $1.30) was $91,155, which will be amortized on a straight-line basis over the service period through November 2018. As of June 30, 2016, the unearned compensation related to the service-based stock option to acquire 280,000 shares granted in June 2016 (with a weighted average per share exercise price of $1.33) to non-executive directors was $211,461, which will be amortized on a straight-line basis over the service period through June 2017. As of June 30, 2016, the unearned compensation related to the service-based stock option to acquire 400,000 shares granted in June 2016 (with a weighted average per share exercise price of $1.34) to the Company’s newly appointed Chief Executive Officer was $303,207, which will be amortized on a straight-line basis over the service period through June 2020. At June 30, 2016, the Company’s service-based stock options granted prior to November 2015 were fully amortized.

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

98619

85963

2000000

1658045

1286001

P10Y

P5Y

P10Y

150000

1.33

30000

120000

P1Y

159600

8333

1.34

P4Y

11166

87000

267124

159600 96358

449750

846350

50000

1.83

1.03

0.00

0.0153

P4Y

0.7546

0.00

200000

1.36

0.78

0.00

0.0126

P4Y

0.7754

0.00

825000

1.77

471533

44166

155810

1090000

7600

967

145000

1.30

0.75

0.00

0.0168

P4Y

0.7822

0.00 12 P3Y

350000

1.33

0.76

0.00

0.0123

P4Y

0.7672

0.00 70000

P1Y

400000

1.34

0.76

0.00

0.0101

P4Y

0.7668

0.00 16 P4Y

145000

1.30

91155

280000

1.33

211461

303207

The following summarizes the components of share-based compensation expense by equity type for the three and six-months ended June 30: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; text-align: left; padding-left: 10pt; text-indent: -10pt"> </td><td style="color: black"> </td> <td colspan="6" style="color: black; text-align: center">Three Months Ended June 30,</td><td style="color: black"> </td><td style="color: black"> </td> <td colspan="6" style="color: black; text-align: center">Six Months Ended June 30,</td><td style="color: black"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; text-align: left; padding-left: 10pt; text-indent: -10pt"> </td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; color: black; font-weight: bold"> </td><td style="color: black; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid">2015</td><td style="padding-bottom: 1px; color: black"> </td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; color: black; font-weight: bold"> </td><td style="color: black; padding-bottom: 1px"> </td> <td colspan="2" style="color: black; text-align: center; border-bottom: Black 1px solid">2015</td><td style="padding-bottom: 1px; color: black"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%; color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Service-based Restricted Common Stock</td><td style="width: 3%; color: black; font-weight: bold"> </td> <td style="width: 1%; color: black; font-weight: bold; text-align: left">$</td><td style="width: 10%; color: black; font-weight: bold; text-align: right">55,500</td><td style="width: 1%; color: black; font-weight: bold; text-align: left"> </td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 10%; color: black; text-align: right">49,800</td><td style="width: 1%; color: black; text-align: left"> </td><td style="width: 3%; color: black; font-weight: bold"> </td> <td style="width: 1%; color: black; font-weight: bold; text-align: left">$</td><td style="width: 10%; color: black; font-weight: bold; text-align: right">111,000</td><td style="width: 1%; color: black; font-weight: bold; text-align: left"> </td><td style="width: 3%; color: black"> </td> <td style="width: 1%; color: black; text-align: left">$</td><td style="width: 10%; color: black; text-align: right">99,600</td><td style="width: 1%; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Performance-based Stock Options</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">28,650</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">30,035</td><td style="color: black; text-align: left"> </td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">57,300</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">60,070</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-left: 10pt; text-indent: -10pt">Service-based Stock Options</td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">9,116</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">—</td><td style="color: black; text-align: left"> </td><td style="color: black; font-weight: bold"> </td> <td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black; font-weight: bold; text-align: right">18,232</td><td style="color: black; font-weight: bold; text-align: left"> </td><td style="color: black"> </td> <td style="color: black; text-align: left"> </td><td style="color: black; text-align: right">—</td><td style="color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="color: black; text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Performance-based Restricted Common Stock</td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">5,353</td><td style="padding-bottom: 1px; color: black; font-weight: bold; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">6,128</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td><td style="color: black; font-weight: bold; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; font-weight: bold; text-align: right">10,706</td><td style="padding-bottom: 1px; color: black; font-weight: bold; text-align: left"> </td><td style="color: black; padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; color: black; text-align: left"> </td><td style="border-bottom: Black 1px solid; color: black; text-align: right">12,256</td><td style="padding-bottom: 1px; color: black; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="color: black; text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total Share-Based Compensation Expense</td><td style="color: black; font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">98,619</td><td style="padding-bottom: 3px; color: black; font-weight: bold; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">85,963</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td><td style="color: black; font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; font-weight: bold; text-align: right">197,238</td><td style="padding-bottom: 3px; color: black; font-weight: bold; text-align: left"> </td><td style="color: black; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; color: black; text-align: left">$</td><td style="border-bottom: Black 3px double; color: black; text-align: right">171,926</td><td style="padding-bottom: 3px; color: black; text-align: left"> </td></tr> </table>

55500

49800

111000

99600

28650

30035

57300

60070

9116

18232

5353

6128

10706

12256

98619

85963

197238

171926

A summary of the status of the Company’s non-vested restricted common stock, as granted under the Company’s approved equity compensation plans, as of June 30, 2016, and changes during the six-months ended June 30, 2016, are presented below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1px solid">Non-vested Restricted Shares</td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Number of Shares</td><td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1px solid">Weighted Average Grant Date Fair Value</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%; text-align: justify">Non-vested at January 1, 2016</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">187,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">2.01</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,333</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.33</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">Forfeited</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">$</td><td style="text-align: right">1.33</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1px; padding-left: 10pt">Vested</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(100,000</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left">$</td><td style="border-bottom: Black 1px solid; text-align: right">2.22</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: justify; padding-bottom: 3px">Non-vested at June 30, 2016</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">215,333</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">1.51</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

187000

2.01

158333

1.33

30000

1.33

100000

2.22

215333

1.51

A summary of performance-based stock option activity, and related information for the six-months ended June 30, 2016 follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; 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">Weighted Average Exercise Price</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 56%">Outstanding, January 1, 2016</td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1,965,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 20%; text-align: right">1.32</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">200,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.36</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="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="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="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="padding-bottom: 3px">Outstanding, June 30, 2016</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">2,165,000</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">$</td><td style="border-bottom: Black 3px double; text-align: right">1.32</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left; padding-left: 10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt">Options exercisable:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">June 30, 2016</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,090,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.96</td><td style="text-align: left"> </td></tr> </table>

1965000

1.32

200000

1.36

2165000

1.32

1090000

0.96

A summary of service-based stock option activity, and related information for the six-months ended June 30, 2016 follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 75%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr> <td style="font-size: 9.5pt; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid; vertical-align: bottom">Options</td><td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" nowrap="nowrap" style="text-align: center; border-bottom: Black 1px solid">Weighted Average Exercise Price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 63%; padding-left: 10pt; text-indent: -10pt">Outstanding, January 1, 2016</td><td style="width: 5%"> </td> <td style="width: 2%; text-align: left"> </td><td style="width: 4%; text-align: right">523,000</td><td style="width: 2%; text-align: left"> </td><td style="width: 5%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">2.23</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-indent: -10pt">Granted</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">750,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.34</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-left: 20pt; text-indent: -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></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-indent: -10pt">Forfeited</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(70,000</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1.34</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Expired</td><td style="padding-bottom: 1px"> </td> <td style="padding-bottom: 1px; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">(120,000</td><td style="padding-bottom: 1px; text-align: left">)</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left">$</td><td style="border-bottom: Black 1px solid; text-align: right">2.72</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Outstanding, June 30, 2016</td><td style="padding-bottom: 3px"> </td> <td style="padding-bottom: 3px; text-align: left"> </td><td style="border-bottom: Black 3px double; text-align: right">1,083,000</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">$</td><td style="border-bottom: Black 3px double; text-align: right">1.61</td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Options exercisable:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 30pt; text-indent: -10pt">June 30, 2016</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">282,167</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">2.41</td></tr> </table>

523000

2.23

750000

1.34

70000

1.34

120000

2.72

1083000

1.61

282167

2.41

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 Company’s operations of 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 six-months ended June 30, 2016 and 2015 is set forth below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt"> </td><td style="padding-bottom: 1px"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1px solid">Three Months Ended June 30,</td><td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1px solid">Six Months Ended June 30,</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </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">2016</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">2015</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">2016</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">2015</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-decoration: underline; text-align: left; padding-left: 10pt; text-indent: -10pt">Net revenues by segment:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left; padding-left: 20pt; text-indent: -10pt">Network solutions</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">5,476,420</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,331,327</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">$</td><td style="width: 10%; font-weight: bold; text-align: right">9,689,734</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">11,226,486</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Test and measurement</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">2,133,684</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">2,881,970</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">4,288,785</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">5,614,502</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total consolidated net revenues of reportable segments</td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">7,610,104</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,213,297</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">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">13,978,519</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">16,840,988</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-decoration: underline; text-align: left; padding-left: 10pt; text-indent: -10pt">Segment income (loss):</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Network solutions</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,044,335</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">723,556</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,384,261</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,694,947</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Test and measurement</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">(366,652</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">137,748</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">(679,099</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">354,212</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Income from reportable segments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">677,683</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">861,304</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">705,162</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,049,159</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Other unallocated amounts:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Corporate expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,031,071</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(713,410</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">(1,979,201</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,562,538</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Other (expense) income - net</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">(10,266</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">(300</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">(51,870</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">2,966</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Consolidated income (loss) before income tax provision (benefit)</td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">(363,654</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">147,594</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">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">(1,325,909</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">489,587</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-decoration: underline; text-align: left; padding-left: 10pt; text-indent: -10pt">Depreciation and amortization by segment:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Network solutions</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">57,957</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">55,069</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">113,704</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">106,130</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Test and measurement</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">58,881</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">59,502</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">118,992</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">117,625</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total depreciation and amortization for reportable segments</td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">116,838</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">114,571</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">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">232,696</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">223,755</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-decoration: underline; text-align: left; padding-left: 10pt; text-indent: -10pt">Capital expenditures by segment (a):</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Network solutions</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">228,149</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30,841</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">283,379</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">175,598</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Test and measurement</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">199,400</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">3,040</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">218,644</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">105,119</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total consolidated capital expenditures by reportable segment</td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">427,549</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">33,881</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">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">502,023</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">280,717</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top"> <td style="width: 36pt"> </td> <td style="width: 18pt">(a)</td> <td>Net of equipment lease payable of $41,904 (network solutions) for the six-months ended June 30, 2016.</td> </tr> </table> Financial information by reportable segment as of June 30, 2016 and December 31, 2015: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-bottom: 1px; text-align: left; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2016</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center">2015</td><td style="padding-bottom: 1px; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-decoration: underline; text-align: left; padding-left: 10pt; text-indent: -10pt">Total assets by segment:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: left; padding-left: 20pt; text-indent: -10pt">Network solutions</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">11,168,936</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: 12%; text-align: right">10,638,961</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Test and measurement</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">6,652,062</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">7,153,310</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Total assets for reportable segments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">17,820,998</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,792,271</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Corporate assets, principally cash and cash equivalents and deferred and current taxes</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">16,369,427</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">16,914,053</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total consolidated assets</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">34,190,425</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">$</td><td style="border-bottom: Black 3px double; text-align: right">34,706,324</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> Consolidated net revenues by region were as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">Three Months Ended June 30,</td><td> </td><td> </td> <td colspan="6" style="text-align: center">Six Months Ended June 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1px solid">Revenues by region</td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2015</td><td style="padding-bottom: 1px"> </td><td style="font-weight: bold; padding-bottom: 1px"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1px solid">2016</td><td style="padding-bottom: 1px; font-weight: bold"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">2015</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 40%">Americas</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">5,802,032</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,155,218</td><td style="width: 1%; text-align: left"> </td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">10,867,668</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">12,621,854</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">1,493,030</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,559,426</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">2,441,387</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,295,268</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; 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">315,042</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">498,653</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">669,464</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">923,866</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; 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">7,610,104</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">$</td><td style="border-bottom: Black 3px double; text-align: right">8,213,297</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">13,978,519</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">16,840,988</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> Net revenues 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 June 30, 2016 and 2015, revenues in the United States for all reportable segments amounted to $5,611,283 and $5,614,787, respectively. For the six-months ended June 30, 2016 and 2015, revenues in the United States for all reportable segments amounted to $10,383,454 and $11,407,261, respectively. Shipments to the EMEA region were largely concentrated in two countries, Israel and Germany. For the three-months ended June 30, 2016, revenues to Israel and Germany for all reportable segments amounted to $340,750 and $236,005 of all shipments to the EMEA region, respectively. For the three-months ended June 30, 2015, revenues to Israel and Germany for all reportable segments amounted to $364,921 and $194,708, respectively of all shipments to the EMEA region. For the six-months ended June 30, 2016, revenues to Israel and Germany amounted to $373,177 and $472,405 of all the shipments to the EMEA region, respectively. For the six-months ended June 30, 2015, revenues to Israel and Germany amounted to $908,315 and $661,552, respectively of all shipments to the EMEA region. Shipments to the APAC region were largely concentrated in China. For the three-months ended June 30, 2016 and 2015, revenues in China for all reportable segments amounted to $233,999 and $328,747, respectively. For the six-months ended June 30, 2016 and 2015, revenues in China for all reportable segments amounted to $421,169 and $597,329, respectively.

41904

5611283

5614787

10383454

11407261

340750

236005

364921

194708

373177

472405

908315

661552

233999

328747

421169

597329

Financial information by reportable segment for the three and six-months ended June 30, 2016 and 2015 is set forth below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt"> </td><td style="padding-bottom: 1px"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1px solid">Three Months Ended June 30,</td><td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="6" style="text-align: center; border-bottom: Black 1px solid">Six Months Ended June 30,</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </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">2016</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">2015</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">2016</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">2015</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-decoration: underline; text-align: left; padding-left: 10pt; text-indent: -10pt">Net revenues by segment:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left; padding-left: 20pt; text-indent: -10pt">Network solutions</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 10%; font-weight: bold; text-align: right">5,476,420</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">5,331,327</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">$</td><td style="width: 10%; font-weight: bold; text-align: right">9,689,734</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">11,226,486</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Test and measurement</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">2,133,684</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">2,881,970</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">4,288,785</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">5,614,502</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total consolidated net revenues of reportable segments</td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">7,610,104</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,213,297</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">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">13,978,519</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">16,840,988</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-decoration: underline; text-align: left; padding-left: 10pt; text-indent: -10pt">Segment income (loss):</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Network solutions</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,044,335</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">723,556</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">1,384,261</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">1,694,947</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Test and measurement</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">(366,652</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">137,748</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">(679,099</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">354,212</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Income from reportable segments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">677,683</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">861,304</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">705,162</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,049,159</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Other unallocated amounts:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Corporate expenses</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">(1,031,071</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(713,410</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">(1,979,201</td><td style="font-weight: bold; text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,562,538</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Other (expense) income - net</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">(10,266</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">(300</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">(51,870</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">2,966</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Consolidated income (loss) before income tax provision (benefit)</td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">(363,654</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">147,594</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">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">(1,325,909</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left">)</td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">489,587</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-decoration: underline; text-align: left; padding-left: 10pt; text-indent: -10pt">Depreciation and amortization by segment:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Network solutions</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">57,957</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">55,069</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">113,704</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">106,130</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Test and measurement</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">58,881</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">59,502</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">118,992</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">117,625</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total depreciation and amortization for reportable segments</td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">116,838</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">114,571</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">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">232,696</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">223,755</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-decoration: underline; text-align: left; padding-left: 10pt; text-indent: -10pt">Capital expenditures by segment (a):</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Network solutions</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">228,149</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">30,841</td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">283,379</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">175,598</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Test and measurement</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">199,400</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">3,040</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">218,644</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">105,119</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total consolidated capital expenditures by reportable segment</td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">427,549</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">33,881</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">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">502,023</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">280,717</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table><table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif"> <tr style="vertical-align: top"> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top"> <td style="width: 36pt"> </td> <td style="width: 18pt">(a)</td> <td>Net of equipment lease payable of $41,904 (network solutions) for the six-months ended June 30, 2016.</td> </tr> </table>

5476420

5331327

9689734

11226486

2133684

2881970

4288785

5614502

1044335 723556 1384261 1694947 -366652 137748 -679099 354212 677683 861304 705162 2049159 -1031071 -713410 -1979201 -1562538

-10266

-300

-51870

2966

57957

55069

113704

106130

58881

59502

118992

117625

116838

114571

232696

223755

228149

30841

283379

175598

199400

3040

218644

105119

427549

33881

Financial information by reportable segment as of June 30, 2016 and December 31, 2015: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 85%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-bottom: 1px; text-align: left; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-weight: bold; padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; font-weight: bold; text-align: center">2016</td><td style="padding-bottom: 1px; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1px; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1px solid; text-align: center">2015</td><td style="padding-bottom: 1px; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-decoration: underline; text-align: left; padding-left: 10pt; text-indent: -10pt">Total assets by segment:</td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 66%; text-align: left; padding-left: 20pt; text-indent: -10pt">Network solutions</td><td style="width: 3%; font-weight: bold"> </td> <td style="width: 1%; font-weight: bold; text-align: left">$</td><td style="width: 12%; font-weight: bold; text-align: right">11,168,936</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">10,638,961</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 20pt; text-indent: -10pt">Test and measurement</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">6,652,062</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">7,153,310</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Total assets for reportable segments</td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right">17,820,998</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,792,271</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; padding-bottom: 1px; padding-left: 10pt; text-indent: -10pt">Corporate assets, principally cash and cash equivalents and deferred and current taxes</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">16,369,427</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">16,914,053</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt"> </td> <td style="font-size: 9.5pt; text-align: left"> </td><td style="font-size: 9.5pt; text-align: right"> </td><td style="font-size: 9.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 3px; padding-left: 10pt; text-indent: -10pt">Total consolidated assets</td><td style="font-weight: bold; padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">34,190,425</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">34,706,324</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table> 11168936 10638961 6652062 7153310 17820998 17792271 16369427 16914053 Consolidated net revenues by region were as follows: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="6" style="text-align: center">Three Months Ended June 30,</td><td> </td><td> </td> <td colspan="6" style="text-align: center">Six Months Ended June 30,</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1px solid">Revenues 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">2016</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">2015</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">2016</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">2015</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">$</td><td style="width: 10%; font-weight: bold; text-align: right">5,802,032</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">6,155,218</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">$</td><td style="width: 10%; font-weight: bold; text-align: right">10,867,668</td><td style="width: 1%; font-weight: bold; text-align: left"> </td><td style="width: 3%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">12,621,854</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">1,493,030</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,559,426</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">2,441,387</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,295,268</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="text-align: left; 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">315,042</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">498,653</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">669,464</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">923,866</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; 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">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">7,610,104</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">8,213,297</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">$</td><td style="border-bottom: Black 3px double; font-weight: bold; text-align: right">13,978,519</td><td style="padding-bottom: 3px; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">16,840,988</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

5802032

6155218

10867668

12621854

1493030

1559426

2441387

3295268

315042

498653

669464

923866

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 an amendment to the existing 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 of which the Company has used approximately $165,000 to date. 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 June 30, 2016: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td colspan="21" style="text-align: center; border-bottom: Black 1px solid">Table of Contractual Obligations</td></tr> <tr style="vertical-align: bottom"> <td colspan="21" style="font-size: 9.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; text-align: justify"> </td><td style="font-size: 9.5pt; padding-bottom: 1px"> </td> <td colspan="2" style="font-size: 9.5pt; text-align: justify"> </td><td style="padding-bottom: 1px; font-size: 9.5pt"> </td><td style="padding-bottom: 1px"> </td> <td colspan="14" style="text-align: center; border-bottom: Black 1px solid">Payments by Period</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; text-align: justify"> </td><td style="font-size: 9.5pt"> </td> <td colspan="2" style="font-size: 9.5pt; text-align: center"> </td><td style="font-size: 9.5pt"> </td><td> </td> <td colspan="2" style="text-align: center">Less than</td><td> </td><td style="font-size: 9.5pt"> </td> <td colspan="2" style="font-size: 9.5pt; text-align: center"> </td><td style="font-size: 9.5pt"> </td><td style="font-size: 9.5pt"> </td> <td colspan="2" style="font-size: 9.5pt; text-align: center"> </td><td style="font-size: 9.5pt"> </td><td> </td> <td colspan="2" style="text-align: center">More than</td><td> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; text-align: justify"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1px solid">Total</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">1 Year</td><td style="padding-bottom: 1px"> </td><td style="padding-bottom: 1px"> </td> <td colspan="2" style="text-align: center; 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text-align: right">1,321,079</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">948,094</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">368,847</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1px">Operating and Equipment Leases</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">154,123</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">63,775</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">90,348</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">—</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">—</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 9.5pt; text-align: justify; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">3,207,103</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">$</td><td style="border-bottom: Black 3px double; text-align: right">478,735</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,411,427</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">$</td><td style="border-bottom: Black 3px double; text-align: right">948,094</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">368,847</td><td style="padding-bottom: 3px; text-align: left"> </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 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 June 30, 2016, 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.

P1Y

2023-03-31

33000 41000 300000 165000

The leasecan 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 June 30, 2016: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 93%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 36pt"> <tr style="vertical-align: bottom"> <td colspan="21" style="text-align: center; border-bottom: Black 1px solid">Table of Contractual Obligations</td></tr> <tr style="vertical-align: bottom"> <td colspan="21" style="font-size: 9.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; text-align: justify"> </td><td style="font-size: 9.5pt; padding-bottom: 1px"> </td> <td colspan="2" style="font-size: 9.5pt; text-align: justify"> </td><td style="padding-bottom: 1px; font-size: 9.5pt"> </td><td style="padding-bottom: 1px"> </td> <td colspan="14" style="text-align: center; border-bottom: Black 1px solid">Payments by Period</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-size: 9.5pt; 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border-bottom: Black 1px solid">1-3 Years</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">4-5- Years</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">5 Years</td><td style="padding-bottom: 1px"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="width: 35%; text-align: justify">Facility Leases</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">3,052,980</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">414,960</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,321,079</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">948,094</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">368,847</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1px">Operating and Equipment Leases</td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">154,123</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">63,775</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">90,348</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">—</td><td style="padding-bottom: 1px; text-align: left"> </td><td style="padding-bottom: 1px"> </td> <td style="border-bottom: Black 1px solid; text-align: left"> </td><td style="border-bottom: Black 1px solid; text-align: right">—</td><td style="padding-bottom: 1px; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(229,255,255)"> <td style="font-size: 9.5pt; text-align: justify; padding-bottom: 3px"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">3,207,103</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">$</td><td style="border-bottom: Black 3px double; text-align: right">478,735</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">1,411,427</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">$</td><td style="border-bottom: Black 3px double; text-align: right">948,094</td><td style="padding-bottom: 3px; text-align: left"> </td><td style="padding-bottom: 3px"> </td> <td style="border-bottom: Black 3px double; text-align: left">$</td><td style="border-bottom: Black 3px double; text-align: right">368,847</td><td style="padding-bottom: 3px; text-align: left"> </td></tr> </table>

3052980

414960

1321079

948094

368847

154123

63775

90348

3207103

478735

1411427

948094

368847

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net of allowance for doubtful accounts of $66,922 and $105,568 for 2016 and 2015, respectively Allowance for doubtful accounts (in Dollars) Inventories - net of reserves of $1,231,657 and $1,110,288, respectively Inventories, net of reserves (in Dollars) Inventory Valuation Reserves Prepaid expenses and other current assets TOTAL CURRENT ASSETS PROPERTY, PLANT AND EQUIPMENT - NET Goodwill Deferred income taxes Other assets TOTAL OTHER ASSETS TOTAL ASSETS Total consolidated assets Accounts payable Accrued expenses and other current liabilities Equipment leases payable TOTAL CURRENT LIABILITIES Deferred rent 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, 29,756,224 and 29,627,891 shares issued, 18,721,346 and 18,636,008 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, 11,034,878 and 10,991,883 shares, respectively Treasury stock, shares TOTAL SHAREHOLDERS’ EQUITY Balances Balances TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY Income Statement [Abstract] NET REVENUES Net revenues by segment Revenues COST OF REVENUES GROSS PROFIT Research and development Sales and marketing General and administrative TOTAL OPERATING EXPENSES OPERATING INCOME (LOSS) OTHER EXPENSE (INCOME) - 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net Depreciation and amortization 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 CASH FLOWS (USED) BY OPERATING ACTIVITIES Adjustments to reconcile net income (loss) to net cash (used) by operating activities: Changes in assets and liabilities: EX-101.PRE 11 wtt-20160630_pre.xml XML 12 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2016	Jul. 29, 2016
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		18,721,346
Amendment Flag	false
Entity Central Index Key	0000878828
Entity Filer Category	Smaller Reporting Company
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q2

XML 13 R2.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 8,614,114	$ 9,726,007
Accounts receivable - net of allowance for doubtful accounts of $66,922 and $105,568 for 2016 and 2015, respectively	4,691,077	5,451,161
Inventories - net of reserves of $1,231,657 and $1,110,288, respectively	8,666,393	8,068,728
Prepaid expenses and other current assets	545,880	586,889
TOTAL CURRENT ASSETS	22,517,464	23,832,785
PROPERTY, PLANT AND EQUIPMENT - NET	2,054,118	1,742,888
OTHER ASSETS:
Goodwill	1,351,392	1,351,392
Deferred income taxes	7,545,318	7,013,929
Other assets	722,133	765,330
TOTAL OTHER ASSETS	9,618,843	9,130,651
TOTAL ASSETS	34,190,425	34,706,324
CURRENT LIABILITIES:
Accounts payable	1,349,301	1,046,651
Accrued expenses and other current liabilities	510,185	648,010
Equipment leases payable	36,484	73,760
TOTAL CURRENT LIABILITIES	1,895,970	1,768,421
LONG TERM LIABILITIES:
Deferred rent	52,754	33,452
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, 29,756,224 and 29,627,891 shares issued, 18,721,346 and 18,636,008 shares outstanding, respectively	297,562	296,279
Additional paid-in-capital	40,061,286	39,865,331
Retained earnings	12,706,333	13,500,853
Treasury stock at cost, 11,034,878 and 10,991,883 shares, respectively	(20,823,480)	(20,758,012)
TOTAL SHAREHOLDERS’ EQUITY	32,241,701	32,904,451
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 34,190,425	$ 34,706,324

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Allowance for doubtful accounts (in Dollars)	$ 66,922	$ 105,568
Inventories, net of reserves (in Dollars)	$ 1,231,657	$ 1,110,288
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	29,756,224	29,627,891
Common stock, shares outstanding	18,721,346	18,636,008
Treasury stock, shares	11,034,878	10,991,883

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
NET REVENUES	$ 7,610,104	$ 8,213,297	$ 13,978,519	$ 16,840,988
COST OF REVENUES	4,271,214	4,646,812	7,919,515	9,410,853
GROSS PROFIT	3,338,890	3,566,485	6,059,004	7,430,135
OPERATING EXPENSES
Research and development	1,029,941	956,465	2,094,262	1,872,901
Sales and marketing	1,236,081	1,342,033	2,487,257	2,687,438
General and administrative	1,426,256	1,120,093	2,751,524	2,383,175
TOTAL OPERATING EXPENSES	3,692,278	3,418,591	7,333,043	6,943,514
OPERATING INCOME (LOSS)	(353,388)	147,894	(1,274,039)	486,621
OTHER EXPENSE (INCOME) - NET	10,266	300	51,870	(2,966)
NET INCOME (LOSS) BEFORE INCOME TAXES	(363,654)	147,594	(1,325,909)	489,587
PROVISION (BENEFIT) FOR INCOME TAXES	(145,461)	63,589	(531,389)	211,728
NET INCOME (LOSS)	$ (218,193)	$ 84,005	$ (794,520)	$ 277,859
INCOME (LOSS) PER COMMON SHARE:
BASIC (in Dollars per share)	$ (0.01)	$ 0.00	$ (0.04)	$ 0.01
DILUTED (in Dollars per share)	$ (0.01)	$ 0.00	$ (0.04)	$ 0.01

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)

6 Months Ended

Jun. 30, 2016

Jun. 30, 2015

CASH FLOWS (USED) BY OPERATING ACTIVITIES

Net income (loss)

$ (794,520)

$ 277,859

Adjustments to reconcile net income (loss) to net cash (used) by operating activities:

Depreciation and amortization

232,696

223,755

Share-based compensation expense

197,238

171,926

Deferred rent

19,302

11,151

Deferred income taxes

(531,389)

149,695

Provision for doubtful accounts

(38,646)

9,193

Inventory reserves

121,369

Changes in assets and liabilities:

Accounts receivable

798,730

(911,565)

Inventories

(719,034)

(524,008)

Prepaid expenses and other assets

84,206

495,857

Accounts payable

302,650

304,058

Accrued expenses and other current liabilities

(137,824)

(836,203)

Net cash (used) by operating activities

(465,222)

(628,282)

CASH FLOWS (USED) BY INVESTING ACTIVITIES

Capital expenditures

^[1]

(502,023)

(280,717)

CASH FLOWS (USED) BY FINANCING ACTIVITIES

Proceeds from exercise of stock options

23,400

Repayments of equipment leases payable

(79,180)

(95,877)

Repurchase of common stock - 42,995 shares

(65,468)

Net cash (used) by financing activities

(144,648)

(72,477)

NET (DECREASE) IN CASH AND CASH EQUIVALENTS

(1,111,893)

(981,476)

Cash and cash equivalents, at beginning of period

9,726,007

10,723,513

CASH AND CASH EQUIVALENTS, AT END OF PERIOD

8,614,114

9,742,037

SUPPLEMENTAL INFORMATION:

Cash paid during the period for income taxes

35,938

$ 63,762

SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:

Capital expenditures

(41,904)

Equipment leases payable

$ 41,904

[1]	Net of equipment lease payable of $41,904 (network solutions) for the six-months ended June 30, 2016.

XML 17 R6.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals)	6 Months Ended
	Jun. 30, 2016 shares
Common stock repurchase, shares	42,995

XML 18 R7.htm IDEA: XBRL DOCUMENT

CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - 6 months ended Jun. 30, 2016 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Total
Balances at Dec. 31, 2015	$ 296,279	$ 39,865,331	$ 13,500,853	$ (20,758,012)	$ 32,904,451
Balances, Shares (in Shares) at Dec. 31, 2015	29,627,891				18,636,008
Net (loss)			(794,520)		$ (794,520)
Stock issued under equity compensation plan	$ 1,283	(1,283)
Stock issued under equity compensation plan (in Shares)	128,333
Share-based compensation expense		197,238			197,238
Repurchase of treasury stock				(65,468)	(65,468)
Balances at Jun. 30, 2016	$ 297,562	$ 40,061,286	$ 12,706,333	$ (20,823,480)	$ 32,241,701
Balances, Shares (in Shares) at Jun. 30, 2016	29,756,224				18,721,346

XML 19 R8.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES

6 Months Ended

Jun. 30, 2016

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES

The results of operations for the three and six-month periods ended June 30, 2016 are not necessarily indicative of the results to be expected for the full year ending December 31, 2016.

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

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

XML 20 R9.htm IDEA: XBRL DOCUMENT

RECENT ACCOUNTING PRONOUNCEMENTS

6 Months Ended

Jun. 30, 2016

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]

NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

+ References + Details

XML 21 R10.htm IDEA: XBRL DOCUMENT

INCOME TAXES

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

NOTE 3 – INCOME TAXES

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

	June 30,			December 31,
	2016			2015
Net deferred tax asset:
Uniform capitalization of inventory costs for tax purposes	$	170,262		$	158,599
Reserves on inventories		492,663			444,115
Accruals		50,000			10,000
Tax effect of goodwill		(524,040	)		(507,524	)
Book depreciation over tax		(55,463	)		(43,514	)
Other timing differences		150,117			105,725
Net operating loss carryforward		14,273,913			13,858,662
		14,557,452			14,026,063
Valuation allowance for deferred tax assets		(7,012,134	)		(7,012,134	)
	$	7,545,318		$	7,013,929

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

	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016			2015
Current:
Federal	$	—		$	2,826	$	—		$	17,457
State		—			13,292		—			44,576
Deferred:
Federal		(126,988	)		41,442		(463,903	)		134,717
State		(18,473	)		6,029		(67,486	)		14,978
	$	(145,461	)	$	63,589	$	(531,389	)	$	211,728

XML 22 R11.htm IDEA: XBRL DOCUMENT

INCOME (LOSS) PER COMMON SHARE

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 4 - INCOME (LOSS) PER COMMON SHARE

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Weighted average common shares outstanding		18,622,116		19,524,258		18,614,350		19,510,434
Potentially dilutive stock options		352,073		834,984		425,691		1,045,116
Weighted average common shares outstanding, assuming dilution		18,974,189		20,359,242		19,040,041		20,555,550

XML 23 R12.htm IDEA: XBRL DOCUMENT

INVENTORIES

6 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

NOTE 5 – INVENTORIES

Inventory carrying value is net of inventory reserves of $1,231,657 and $1,110,288 at June 30, 2016 and December 31, 2015, respectively.

	June 30,		December 31,
	2016		2015
Inventories consist of:
Raw materials	$	4,028,133	$	3,993,052
Work-in-process		792,985		628,140
Finished goods		3,845,275		3,447,536
	$	8,666,393	$	8,068,728

XML 24 R13.htm IDEA: XBRL DOCUMENT

GOODWILL

6 Months Ended

Jun. 30, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

NOTE 6 - GOODWILL

- Definition

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.

+ References + Details

XML 25 R14.htm IDEA: XBRL DOCUMENT

ACCOUNTING FOR SHARE BASED COMPENSATION

6 Months Ended

Jun. 30, 2016

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

Incentive Compensation Plan:

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Service-based Restricted Common Stock	$	55,500	$	49,800	$	111,000	$	99,600
Performance-based Stock Options		28,650		30,035		57,300		60,070
Service-based Stock Options		9,116		—		18,232		—
Performance-based Restricted Common Stock		5,353		6,128		10,706		12,256
Total Share-Based Compensation Expense	$	98,619	$	85,963	$	197,238	$	171,926

Restricted Common Stock Awards:

Non-vested Restricted Shares	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2016		187,000		$	2.01
Granted		158,333		$	1.33
Forfeited		(30,000	)	$	1.33
Vested		(100,000	)	$	2.22
Non-vested at June 30, 2016		215,333		$	1.51

Performance-Based Stock Option Awards:

A summary of performance-based stock option activity, and related information for the six-months ended June 30, 2016 follows:

	Options		Weighted Average Exercise Price
Outstanding, January 1, 2016		1,965,000	$	1.32
Granted		200,000	$	1.36
Exercised		—		—
Forfeited		—		—
Expired		—		—
Outstanding, June 30, 2016		2,165,000	$	1.32

Options exercisable:
June 30, 2016		1,090,000	$	0.96

The aggregate intrinsic value of performance-based stock options outstanding and exercisable as of June 30, 2016 and December 31, 2015 was $449,750 and $846,350, respectively.

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

Service-Based Stock Option Awards:

A summary of service-based stock option activity, and related information for the six-months ended June 30, 2016 follows:

	Options			Weighted Average Exercise Price
Outstanding, January 1, 2016		523,000		$	2.23
Granted		750,000		$	1.34
Exercised		—			—
Forfeited		(70,000	)	$	1.34
Expired		(120,000	)	$	2.72
Outstanding, June 30, 2016		1,083,000		$	1.61

Options exercisable:
June 30, 2016		282,167		$	2.41

The aggregate intrinsic value of service-based stock options exercisable as of June 30, 2016 and December 31, 2015 was $967 and $0, respectively.

At June 30, 2016, the Company’s service-based stock options granted prior to November 2015 were fully amortized.

- Definition

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.

+ References + Details

XML 26 R15.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

NOTE 8 – SEGMENT INFORMATION

Financial information by reportable segment for the three and six-months ended June 30, 2016 and 2015 is set forth below:

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net revenues by segment:
Network solutions	$	5,476,420		$	5,331,327		$	9,689,734		$	11,226,486
Test and measurement		2,133,684			2,881,970			4,288,785			5,614,502
Total consolidated net revenues of reportable segments	$	7,610,104		$	8,213,297		$	13,978,519		$	16,840,988

Segment income (loss):
Network solutions	$	1,044,335		$	723,556		$	1,384,261		$	1,694,947
Test and measurement		(366,652	)		137,748			(679,099	)		354,212
Income from reportable segments		677,683			861,304			705,162			2,049,159

Other unallocated amounts:
Corporate expenses		(1,031,071	)		(713,410	)		(1,979,201	)		(1,562,538	)
Other (expense) income - net		(10,266	)		(300	)		(51,870	)		2,966
Consolidated income (loss) before income tax provision (benefit)	$	(363,654	)	$	147,594		$	(1,325,909	)	$	489,587

Depreciation and amortization by segment:
Network solutions	$	57,957		$	55,069		$	113,704		$	106,130
Test and measurement		58,881			59,502			118,992			117,625
Total depreciation and amortization for reportable segments	$	116,838		$	114,571		$	232,696		$	223,755

Capital expenditures by segment (a):
Network solutions	$	228,149		$	30,841		$	283,379		$	175,598
Test and measurement		199,400			3,040			218,644			105,119
Total consolidated capital expenditures by reportable segment	$	427,549		$	33,881		$	502,023		$	280,717


	(a)	Net of equipment lease payable of $41,904 (network solutions) for the six-months ended June 30, 2016.

Financial information by reportable segment as of June 30, 2016 and December 31, 2015:

	2016		2015
Total assets by segment:
Network solutions	$	11,168,936	$	10,638,961
Test and measurement		6,652,062		7,153,310
Total assets for reportable segments		17,820,998		17,792,271

Corporate assets, principally cash and cash equivalents and deferred and current taxes		16,369,427		16,914,053

Total consolidated assets	$	34,190,425	$	34,706,324

Consolidated net revenues by region were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Revenues by region	2016		2015		2016		2015
Americas	$	5,802,032	$	6,155,218	$	10,867,668	$	12,621,854
Europe, Middle East, Africa (EMEA)		1,493,030		1,559,426		2,441,387		3,295,268
Asia Pacific (APAC)		315,042		498,653		669,464		923,866
Total Sales	$	7,610,104	$	8,213,297	$	13,978,519	$	16,840,988

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

XML 27 R16.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

NOTE 9 - COMMITMENTS AND CONTINGENCIES

Warranties:

Leases:

The following is a summary of the Company’s contractual obligations as of June 30, 2016:

Table of Contractual Obligations

			Payments by Period
			Less than						More than
	Total		1 Year		1-3 Years		4-5- Years		5 Years
Facility Leases	$	3,052,980	$	414,960	$	1,321,079	$	948,094	$	368,847
Operating and Equipment Leases		154,123		63,775		90,348		—		—
	$	3,207,103	$	478,735	$	1,411,427	$	948,094	$	368,847

Environmental Contingencies:

Line of Credit:

Risks and Uncertainties:

XML 28 R17.htm IDEA: XBRL DOCUMENT

Accounting Policies, by Policy (Policies)	6 Months Ended
Accounting Policies, by Policy (Policies)	Jun. 30, 2016
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09, “Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting,” which relates to the accounting for employee share-based payments. This standard addresses several aspects of the accounting for share-based payment award transactions, including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This standard will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company is in the process of evaluating the impact of the adoption of ASU 2016-09 on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 “Leases”, which creates new accounting and reporting guidelines for leasing arrangements. The new standard will require organizations that lease assets to recognize assets and liabilities on the balance sheet related to the rights and obligations created by those leases, regardless of whether they are classified as finance or operating leases. Consistent with current guidance, the recognition, measurement, and presentation of expenses and cash flows arising from a lease primarily will depend on its classification as a finance or operating lease. The standard will also require new disclosure to help financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. The new standard will be effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early application permitted. The new standard is to be applied using a modified retrospective approach. The Company is in the process of evaluating the impact of the new pronouncement on its consolidated financial statements. In July 2015, the FASB issued 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 May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (Topic 606). 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. 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. As a result, ASU 2014-09 will be effective for annual and interim periods beginning after December 15, 2016. 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.”

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

XML 29 R18.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

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

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

	June 30,			December 31,
	2016			2015
Net deferred tax asset:
Uniform capitalization of inventory costs for tax purposes	$	170,262		$	158,599
Reserves on inventories		492,663			444,115
Accruals		50,000			10,000
Tax effect of goodwill		(524,040	)		(507,524	)
Book depreciation over tax		(55,463	)		(43,514	)
Other timing differences		150,117			105,725
Net operating loss carryforward		14,273,913			13,858,662
		14,557,452			14,026,063
Valuation allowance for deferred tax assets		(7,012,134	)		(7,012,134	)
	$	7,545,318		$	7,013,929

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

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

	Three Months Ended June 30,					Six Months Ended June 30,
	2016			2015		2016			2015
Current:
Federal	$	—		$	2,826	$	—		$	17,457
State		—			13,292		—			44,576
Deferred:
Federal		(126,988	)		41,442		(463,903	)		134,717
State		(18,473	)		6,029		(67,486	)		14,978
	$	(145,461	)	$	63,589	$	(531,389	)	$	211,728

XML 30 R19.htm IDEA: XBRL DOCUMENT

INCOME (LOSS) PER COMMON SHARE (Tables)

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Weighted average common shares outstanding		18,622,116		19,524,258		18,614,350		19,510,434
Potentially dilutive stock options		352,073		834,984		425,691		1,045,116
Weighted average common shares outstanding, assuming dilution		18,974,189		20,359,242		19,040,041		20,555,550

XML 31 R20.htm IDEA: XBRL DOCUMENT

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2016

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories consist of:

	June 30,		December 31,
	2016		2015
Inventories consist of:
Raw materials	$	4,028,133	$	3,993,052
Work-in-process		792,985		628,140
Finished goods		3,845,275		3,447,536
	$	8,666,393	$	8,068,728

XML 32 R21.htm IDEA: XBRL DOCUMENT

ACCOUNTING FOR SHARE BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2016

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 six-months ended June 30:

	Three Months Ended June 30,				Six Months Ended June 30,
	2016		2015		2016		2015
Service-based Restricted Common Stock	$	55,500	$	49,800	$	111,000	$	99,600
Performance-based Stock Options		28,650		30,035		57,300		60,070
Service-based Stock Options		9,116		—		18,232		—
Performance-based Restricted Common Stock		5,353		6,128		10,706		12,256
Total Share-Based Compensation Expense	$	98,619	$	85,963	$	197,238	$	171,926

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

Non-vested Restricted Shares	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested at January 1, 2016		187,000		$	2.01
Granted		158,333		$	1.33
Forfeited		(30,000	)	$	1.33
Vested		(100,000	)	$	2.22
Non-vested at June 30, 2016		215,333		$	1.51

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 six-months ended June 30, 2016 follows:

	Options		Weighted Average Exercise Price
Outstanding, January 1, 2016		1,965,000	$	1.32
Granted		200,000	$	1.36
Exercised		—		—
Forfeited		—		—
Expired		—		—
Outstanding, June 30, 2016		2,165,000	$	1.32

Options exercisable:
June 30, 2016		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 six-months ended June 30, 2016 follows:

	Options			Weighted Average Exercise Price
Outstanding, January 1, 2016		523,000		$	2.23
Granted		750,000		$	1.34
Exercised		—			—
Forfeited		(70,000	)	$	1.34
Expired		(120,000	)	$	2.72
Outstanding, June 30, 2016		1,083,000		$	1.61

Options exercisable:
June 30, 2016		282,167		$	2.41

XML 33 R22.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2016

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 six-months ended June 30, 2016 and 2015 is set forth below:

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Net revenues by segment:
Network solutions	$	5,476,420		$	5,331,327		$	9,689,734		$	11,226,486
Test and measurement		2,133,684			2,881,970			4,288,785			5,614,502
Total consolidated net revenues of reportable segments	$	7,610,104		$	8,213,297		$	13,978,519		$	16,840,988

Segment income (loss):
Network solutions	$	1,044,335		$	723,556		$	1,384,261		$	1,694,947
Test and measurement		(366,652	)		137,748			(679,099	)		354,212
Income from reportable segments		677,683			861,304			705,162			2,049,159

Other unallocated amounts:
Corporate expenses		(1,031,071	)		(713,410	)		(1,979,201	)		(1,562,538	)
Other (expense) income - net		(10,266	)		(300	)		(51,870	)		2,966
Consolidated income (loss) before income tax provision (benefit)	$	(363,654	)	$	147,594		$	(1,325,909	)	$	489,587

Depreciation and amortization by segment:
Network solutions	$	57,957		$	55,069		$	113,704		$	106,130
Test and measurement		58,881			59,502			118,992			117,625
Total depreciation and amortization for reportable segments	$	116,838		$	114,571		$	232,696		$	223,755

Capital expenditures by segment (a):
Network solutions	$	228,149		$	30,841		$	283,379		$	175,598
Test and measurement		199,400			3,040			218,644			105,119
Total consolidated capital expenditures by reportable segment	$	427,549		$	33,881		$	502,023		$	280,717


	(a)	Net of equipment lease payable of $41,904 (network solutions) for the six-months ended June 30, 2016.

Schedule Of Segment Reporting Information Total Assets By Segment [Table Text Block]

Financial information by reportable segment as of June 30, 2016 and December 31, 2015:

	2016		2015
Total assets by segment:
Network solutions	$	11,168,936	$	10,638,961
Test and measurement		6,652,062		7,153,310
Total assets for reportable segments		17,820,998		17,792,271

Corporate assets, principally cash and cash equivalents and deferred and current taxes		16,369,427		16,914,053

Total consolidated assets	$	34,190,425	$	34,706,324

Schedule Of Net Consolidated Sales By Region [Table Text Block]

Consolidated net revenues by region were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
Revenues by region	2016		2015		2016		2015
Americas	$	5,802,032	$	6,155,218	$	10,867,668	$	12,621,854
Europe, Middle East, Africa (EMEA)		1,493,030		1,559,426		2,441,387		3,295,268
Asia Pacific (APAC)		315,042		498,653		669,464		923,866
Total Sales	$	7,610,104	$	8,213,297	$	13,978,519	$	16,840,988

XML 34 R23.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2016

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 June 30, 2016:

Table of Contractual Obligations

			Payments by Period
			Less than						More than
	Total		1 Year		1-3 Years		4-5- Years		5 Years
Facility Leases	$	3,052,980	$	414,960	$	1,321,079	$	948,094	$	368,847
Operating and Equipment Leases		154,123		63,775		90,348		—		—
	$	3,207,103	$	478,735	$	1,411,427	$	948,094	$	368,847

XML 35 R24.htm IDEA: XBRL DOCUMENT

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
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	1	0	1	0
Number of Significant Customer Respect to Accounts Receivable	2		2		0
Customer One [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Details) [Line Items]
Concentration Risk, Percentage	12.00%		11.00%
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 Two [Member]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND POLICIES (Details) [Line Items]
Percentage Of Accounts Receivable Attributable To Significant Customer			10.00%

XML 36 R25.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Details)	6 Months Ended
INCOME TAXES (Details)	Jun. 30, 2016 USD ($)
INCOME TAXES (Details) [Line Items]
Operating Loss Carryforwards Expiration Period	2029
Minimum [Member]
INCOME TAXES (Details) [Line Items]
Percentage of Largest Benefit to Tax Benefits Recognized	50.00%
Domestic Tax Authority [Member]
INCOME TAXES (Details) [Line Items]
Operating Loss Carryforwards	$ 18,200,000
Foreign Tax Authority [Member]
INCOME TAXES (Details) [Line Items]
Operating Loss Carryforwards	23,400,000
Operating Loss Carryforwards, Valuation Allowance	$ 7,012,134

XML 37 R26.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Details) - Schedule of deferred tax assets and liabilities - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Net deferred tax asset:
Uniform capitalization of inventory costs for tax purposes	$ 170,262	$ 158,599
Reserves on inventories	492,663	444,115
Accruals	50,000	10,000
Tax effect of goodwill	(524,040)	(507,524)
Book depreciation over tax	(55,463)	(43,514)
Other timing differences	150,117	105,725
Net operating loss carryforward	14,273,913	13,858,662
	14,557,452	14,026,063
Valuation allowance for deferred tax assets	(7,012,134)	(7,012,134)
	$ 7,545,318	$ 7,013,929

XML 38 R27.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Details) - Schedule of income tax expense related to income from operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Current:
Federal		$ 2,826		$ 17,457
State		13,292		44,576
Deferred:
Federal	$ (126,988)	41,442	$ (463,903)	134,717
State	(18,473)	6,029	(67,486)	14,978
	$ (145,461)	$ 63,589	$ (531,389)	$ 211,728

XML 39 R28.htm IDEA: XBRL DOCUMENT

INCOME (LOSS) PER COMMON SHARE (Details) - shares	3 Months Ended		6 Months Ended
INCOME (LOSS) PER COMMON SHARE (Details) - shares	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2,919,662	1,727,192	2,894,178	1,522,742

XML 40 R29.htm IDEA: XBRL DOCUMENT

INCOME (LOSS) PER COMMON SHARE (Details) - Schedule of weighted average number of shares - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of weighted average number of shares [Abstract]
Weighted average common shares outstanding	18,622,116	19,524,258	18,614,350	19,510,434
Potentially dilutive stock options	352,073	834,984	425,691	1,045,116
Weighted average common shares outstanding, assuming dilution	18,974,189	20,359,242	19,040,041	20,555,550

XML 41 R30.htm IDEA: XBRL DOCUMENT

INVENTORIES (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 1,231,657	$ 1,110,288

XML 42 R31.htm IDEA: XBRL DOCUMENT

INVENTORIES (Details) - Schedule of inventory current - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Inventories consist of:
Raw materials	$ 4,028,133	$ 3,993,052
Work-in-process	792,985	628,140
Finished goods	3,845,275	3,447,536
	$ 8,666,393	$ 8,068,728

XML 43 R32.htm IDEA: XBRL DOCUMENT

GOODWILL (Details) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
GOODWILL (Details) [Line Items]
Goodwill	$ 1,351,392	$ 1,351,392
Microlab [Member]
GOODWILL (Details) [Line Items]
Goodwill	$ 1,351,392	$ 1,351,392

XML 44 R33.htm IDEA: XBRL DOCUMENT

ACCOUNTING FOR SHARE BASED COMPENSATION (Details)		1 Months Ended					3 Months Ended		6 Months Ended		12 Months Ended
ACCOUNTING FOR SHARE BASED COMPENSATION (Details)	Jun. 08, 2016 USD ($) $ / shares shares	Jun. 30, 2016 USD ($) $ / shares shares	May 31, 2016 USD ($) $ / shares shares	Nov. 19, 2015 $ / shares shares	Sep. 30, 2015 USD ($) $ / shares shares	Aug. 31, 2013 USD ($) $ / shares shares	Jun. 30, 2016 USD ($) $ / shares shares	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($) $ / shares shares	Jun. 30, 2015 USD ($)	Dec. 31, 2013 USD ($) shares	Dec. 31, 2015 USD ($)	Jun. 30, 2014 shares
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]
Share-based Compensation (in Dollars)							$ 98,619	$ 85,963	$ 197,238	$ 171,926
Stock or Units Available for Distributions (in Shares) \| shares									2,000,000
Share Based Compensation Arrangement By Share Based Payment Award Additional Number of Share Available for Grant (in Shares) \| shares													1,658,045
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) \| shares		1,286,001					1,286,001		1,286,001
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 (in Dollars)							$ 98,619	85,963	$ 197,238	171,926
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 (in Dollars)							28,650	30,035	$ 57,300	60,070
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in Dollars per share) \| $ / shares			$ 0.78		$ 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	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares) \| shares	150,000	8,333									87,000
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) \| $ / shares	$ 1.33	$ 1.34							$ 1.33
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares (in Shares) \| shares	30,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number (in Shares) \| shares	120,000
Allocated Share-based Compensation Expense (in Dollars)	$ 159,600	$ 11,166					55,500	$ 49,800	$ 111,000	$ 99,600
Number Of Equal Quarterly Installments Vested Awards		16
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition (in Dollars)		$ 267,124
Stock Based Compensation to be Amortized Next Fiscal Year (in Dollars)		159,600					159,600		159,600
Stock Based Compensation to be Amortized Depending on Certain Performance Conditions (in Dollars)		96,358					96,358		96,358
Performance 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, Outstanding, Aggregate Intrinsic Value (in Dollars)		$ 449,750					449,750		$ 449,750			$ 846,350
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) \| shares			200,000		50,000	825,000			200,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) \| $ / shares			$ 1.36		$ 1.83	$ 1.77			$ 1.36
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate			0.00%		0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate			1.26%		1.53%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term			4 years		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			77.54%		75.46%
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate			0.00%		0.00%
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars)			$ 155,810		$ 44,166	$ 471,533
Stock Granted, Value, Share-based Compensation, Gross (in Dollars)											$ 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, Award Vesting Period		1 year
Allocated Share-based Compensation Expense (in Dollars)							9,116		$ 18,232
Number Of Equal Quarterly Installments Vested Awards				12					16
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value (in Dollars)		$ 7,600					$ 7,600		$ 7,600			0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) \| shares	350,000	400,000		145,000					750,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) \| $ / shares	$ 1.33	$ 1.34		$ 1.30					$ 1.34
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Exercise Price (in Dollars per share) \| $ / shares	$ 0.76	$ 0.76		$ 0.75			$ 0.76		$ 0.76
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%			0.00%					0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.23%			1.68%					1.01%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	4 years			4 years					4 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	76.72%			78.22%					76.68%
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate	0.00%			0.00%					0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value (in Dollars)		$ 967					$ 967		$ 967			$ 0
Terms Of Equal Quarterly Installments Vested Awards				3 years					4 years
Share Based Compensation Arrangement By Share Based Payment Award Options Terminated Unvested (in Shares) \| shares		70,000
Service Based Stock Options [Member] \| Service Period Through November Two Thousand Eighteen [Member]
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) \| shares									145,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) \| $ / shares									$ 1.30
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars)		$ 91,155					91,155		$ 91,155
Service Based Stock Options [Member] \| Service Period Through June Two Thousand Seventeen [Member]
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) \| shares									280,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) \| $ / shares									$ 1.33
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars)		211,461					211,461		$ 211,461
Service Based Stock Options [Member] \| Service Period Through June Two Thousand Twenty [Member]
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options (in Dollars)		$ 303,207					$ 303,207		$ 303,207

XML 45 R34.htm IDEA: XBRL DOCUMENT

ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity type - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 08, 2016	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity type [Line Items]
Share Based Compensation			$ 98,619	$ 85,963	$ 197,238	$ 171,926
Restricted Stock [Member]
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity type [Line Items]
Share Based Compensation	$ 159,600	$ 11,166	55,500	49,800	111,000	99,600
Performance Shares [Member]
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity type [Line Items]
Share Based Compensation			28,650	30,035	57,300	60,070
Service Based Stock Options [Member]
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of share-based compensation expense, components by equity type [Line Items]
Share Based Compensation			9,116		18,232
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			$ 5,353	$ 6,128	$ 10,706	$ 12,256

XML 46 R35.htm IDEA: XBRL DOCUMENT

ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of non-vested restricted stock activity - Restricted Stock [Member] - $ / shares		1 Months Ended	6 Months Ended
	Jun. 08, 2016	Jun. 30, 2016	Jun. 30, 2016
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of non-vested restricted stock activity [Line Items]
Non-vested at January 1, 2016			187,000
Non-vested at January 1, 2016			$ 2.01
Granted			158,333
Granted	$ 1.33	$ 1.34	$ 1.33
Forfeited			(30,000)
Forfeited			$ 1.33
Vested			(100,000)
Vested			$ 2.22
Non-vested at June 30, 2016		215,333	215,333
Non-vested at June 30, 2016		$ 1.51	$ 1.51

XML 47 R36.htm IDEA: XBRL DOCUMENT

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			6 Months Ended
	May 31, 2016	Sep. 30, 2015	Aug. 31, 2013	Jun. 30, 2016
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of performance-based stock option activity, and related Information [Line Items]
Outstanding, January 1, 2016				1,965,000
Outstanding, January 1, 2016				$ 1.32
Granted	200,000	50,000	825,000	200,000
Granted	$ 1.36	$ 1.83	$ 1.77	$ 1.36
Outstanding, June 30, 2016				2,165,000
Outstanding, June 30, 2016				$ 1.32
Options exercisable:
June 30, 2016				1,090,000
June 30, 2016				$ 0.96

XML 48 R37.htm IDEA: XBRL DOCUMENT

ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of service-based stock option activity, and related Information - Service Based Stock Options [Member] - $ / shares		1 Months Ended		6 Months Ended
	Jun. 08, 2016	Jun. 30, 2016	Nov. 19, 2015	Jun. 30, 2016
ACCOUNTING FOR SHARE BASED COMPENSATION (Details) - Schedule of service-based stock option activity, and related Information [Line Items]
Outstanding, January 1, 2016				523,000
Outstanding, January 1, 2016				$ 2.23
Granted	350,000	400,000	145,000	750,000
Granted	$ 1.33	$ 1.34	$ 1.30	$ 1.34
Forfeited				(70,000)
Forfeited				$ 1.34
Expired				(120,000)
Expired				$ 2.72
Outstanding, June 30, 2016		1,083,000		1,083,000
Outstanding, June 30, 2016		$ 1.61		$ 1.61
Options exercisable:
June 30, 2016		282,167		282,167
June 30, 2016		$ 2.41		$ 2.41

XML 49 R38.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Details)	3 Months Ended		6 Months Ended
SEGMENT INFORMATION (Details)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 USD ($)	Jun. 30, 2015 USD ($)
SEGMENT INFORMATION (Details) [Line Items]
Number of Reportable Segments			2
Capital Lease Obligations Incurred			$ 41,904
Network Solutions [Member]
SEGMENT INFORMATION (Details) [Line Items]
Capital Lease Obligations Incurred			41,904
United States [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenue, Net	$ 5,611,283	$ 5,614,787	10,383,454	$ 11,407,261
Israel [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenue, Net	340,750	364,921	373,177	908,315
Germany [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenue, Net	236,005	194,708	472,405	661,552
China [Member]
SEGMENT INFORMATION (Details) [Line Items]
Revenue, Net	$ 233,999	$ 328,747	$ 421,169	$ 597,329

XML 50 R39.htm IDEA: XBRL DOCUMENT

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

3 Months Ended

6 Months Ended

Jun. 30, 2016

Jun. 30, 2015

Jun. 30, 2016

Jun. 30, 2015

Net revenues by segment:

Net revenues by segment

$ 7,610,104

$ 8,213,297

$ 13,978,519

$ 16,840,988

Segment income (loss):

Segment income (loss)

677,683

861,304

705,162

2,049,159

Other unallocated amounts:

Corporate expenses

(1,031,071)

(713,410)

(1,979,201)

(1,562,538)

Other (expense) income - net

(10,266)

(300)

(51,870)

2,966

Consolidated income (loss) before income tax provision (benefit)

(363,654)

147,594

(1,325,909)

489,587

Depreciation and amortization by segment:

Depreciation and amortization by segment

116,838

114,571

232,696

223,755

Capital expenditures by segment (a):

Capital expenditures by segment

^[1]

427,549

33,881

502,023

280,717

Network Solutions [Member]

Net revenues by segment:

Net revenues by segment

5,476,420

5,331,327

9,689,734

11,226,486

Segment income (loss):

Segment income (loss)

1,044,335

723,556

1,384,261

1,694,947

Depreciation and amortization by segment:

Depreciation and amortization by segment

57,957

55,069

113,704

106,130

Capital expenditures by segment (a):

Capital expenditures by segment

^[1]

228,149

30,841

283,379

175,598

Test and Measurement [Member]

Net revenues by segment:

Net revenues by segment

2,133,684

2,881,970

4,288,785

5,614,502

Segment income (loss):

Segment income (loss)

(366,652)

137,748

(679,099)

354,212

Depreciation and amortization by segment:

Depreciation and amortization by segment

58,881

59,502

118,992

117,625

Capital expenditures by segment (a):

Capital expenditures by segment

^[1]

$ 199,400

$ 3,040

$ 218,644

$ 105,119

[1]	Net of equipment lease payable of $41,904 (network solutions) for the six-months ended June 30, 2016.

XML 51 R40.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Details) - Schedule of segment reporting information total assets by segment - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Total assets by segment:
Total assets by segment	$ 17,820,998	$ 17,792,271
Corporate assets, principally cash and cash equivalents and deferred and current taxes	16,369,427	16,914,053
Total consolidated assets	34,190,425	34,706,324
Network Solutions [Member]
Total assets by segment:
Total assets by segment	11,168,936	10,638,961
Test and Measurement [Member]
Total assets by segment:
Total assets by segment	$ 6,652,062	$ 7,153,310

XML 52 R41.htm IDEA: XBRL DOCUMENT

SEGMENT INFORMATION (Details) - Schedule of net consolidated sales from operations by region - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
SEGMENT INFORMATION (Details) - Schedule of net consolidated sales from operations by region [Line Items]
Revenues	$ 7,610,104	$ 8,213,297	$ 13,978,519	$ 16,840,988
Americas [Member]
SEGMENT INFORMATION (Details) - Schedule of net consolidated sales from operations by region [Line Items]
Revenues	5,802,032	6,155,218	10,867,668	12,621,854
Europe, Middle East, Africa [Member]
SEGMENT INFORMATION (Details) - Schedule of net consolidated sales from operations by region [Line Items]
Revenues	1,493,030	1,559,426	2,441,387	3,295,268
Asia Pacific [Member]
SEGMENT INFORMATION (Details) - Schedule of net consolidated sales from operations by region [Line Items]
Revenues	$ 315,042	$ 498,653	$ 669,464	$ 923,866

XML 53 R42.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details)	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Details)	Jun. 30, 2016 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
Allowance Used for Improvement	$ 165,000
Description of Lessor Leasing Arrangements, Operating Leases	The leasecan 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 ofcredit with a bank. The credit facility provides borrowing availability of up to 100% of the Company’s money market accountbalance and 99% of the Company’s short-term investment securities (U.S. Treasury bills) and, under the terms and conditionsof the loan agreement, the facility is fully secured by the Company’s money fund account and short-term investment holdingsheld 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

XML 54 R43.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations	Jun. 30, 2016 USD ($)
COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations [Line Items]
Contractual Obligations, Total	$ 3,207,103
Contractual Obligations, Less than 1 Year	478,735
Contractual Obligations, 1-3 Years	1,411,427
Contractual Obligations, 4-5 Years	948,094
Contractual Obligations, More than 5 Years	368,847
Facility Leases [Member]
COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations [Line Items]
Contractual Obligations, Total	3,052,980
Contractual Obligations, Less than 1 Year	414,960
Contractual Obligations, 1-3 Years	1,321,079
Contractual Obligations, 4-5 Years	948,094
Contractual Obligations, More than 5 Years	368,847
Operating and Equipment Leases [Member]
COMMITMENTS AND CONTINGENCIES (Details) - Schedule of contractual obligations [Line Items]
Contractual Obligations, Total	154,123
Contractual Obligations, Less than 1 Year	63,775
Contractual Obligations, 1-3 Years	$ 90,348

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