SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2016

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of estimated useful lives of property, plant and equipment

Production equipment	3 to 13 years
Office furniture and equipment	3 to 10 years
Buildings	39 years
Building improvements	15 years
Automobiles	7 years

Schedule of significant customers

	Three Months ended September 30, 2016	Three Months ended September 30, 2015	Nine Months ended September 30, 2016	Nine Months ended September 30, 2015
Number of significant customers	2	2	1	2
Aggregate dollar amount of net sales to significant customers	$3.5 million	$5.1 million	$7.1 million	$10.3 million
Percentage of net sales to significant customers	39.3%	53.5%	31.6%	46.0%

Schedule of earnings per share

		Three Months Ended September 30, 2016			Three Months Ended September 30, 2015			Nine Months Ended September 30, 2016			Nine Months Ended September 30, 2015
Net income (loss)	$	(125,304	)	$	(254,826	)	$	(1,721,089	)	$	5,239,459
Preferred dividend requirements		(176,249	)		(227,499	)		(528,747	)		(682,802	)
Earnings (loss) applicable to common shareholders after assumed conversions	$	(301,553	)	$	(482,325	)	$	(2,249,836	)	$	4,556,657
Average common shares outstanding		29,649,874			27,873,447			29,252,652			27,759,333
Average common and common equivalent shares outstanding – assuming dilution		29,649,874			27,873,447			29,252,652			29,436,008
Basic earnings (loss) per share	$	(0.01	)	$	(0.02	)	$	(0.08	)	$	0.16
Diluted earnings (loss) per share	$	(0.01	)	$	(0.02	)	$	(0.08	)	$	0.15