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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2016

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Inventories consist of the following at:

	March 31, 2016		December 31, 2015
Raw materials	$	2,066,123	$	2,248,371
Work in process		495,502		370,340
Finished goods		821,648		959,314
	$	3,383,273	$	3,578,025

Schedule of weighted average shares used for computation of basic and diluted earnings per share

Basic earnings per share is computed by dividing net income or loss by the weighted-average number of common shares outstanding for the period. Diluted income per share reflects the potential dilution from the exercise or conversion of other securities into common stock, but only if dilutive. The following securities, presented on a common share equivalent basis for the three-month periods ended March 31, 2016 and 2015, have been included in the earnings per share computations:

	For the three months ended
	March 31, 2016	March 31, 2015
Basic	9,631,686	9,624,691

Diluted	9,631,686	9,624,691

Schedule of common share equivalent basis, used in diluted per share computations

No additional securities, are presented on a common share equivalent basis for the three-month periods ended March 31, 2016 and 2015, as each period has a loss and any additional shares would be anti-dilutive.

Assumptions made in calculating fair values of options

The assumptions made in calculating the fair values of options granted during the periods indicated are as follows:

	For the three months ended
	March 31, 2016	March 31, 2015
Expected term (in years)	5.0	n/a
Expected volatility	48.66 %	n/a
Expected dividend yield	0 %	n/a
Risk-free interest rate	0.90 %	n/a

Stock option activity

The following table provides stock option activity for the three months ended March 31, 2016:

Stock Options	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at December 31, 2015	649,478	$	3.75	3.21 years	$	1,032,362

Granted	60,000		5.64
Exercised	45,814		2.82
Forfeited/expired/cancelled	-		-
Outstanding at March 31, 2016	663,664	$	3.98	3.31 years	$	1,331,294

Exercisable at March 31, 2016	373,414	$	4.00	2.37 years	$	743,691

As of March 31, 2016, there was $387,433 of net unrecognized compensation cost related to stock options that have not vested, which is expected to be recognized over a weighted average period of approximately 2.32 years. The total fair value of stock options vested during the three-month periods ended March 31, 2016 and 2015 was approximately $174,371 and $357,484, respectively.

Net product sales by geographic area

	For the three months ended
	March 31, 2016		March 31, 2015
Africa	$	713,989	$	1,576,054
Asia		64,005		50,813
Europe		123,096		65,146
North America		2,389,024		1,319,002
South America		2,626,905		2,603,670
	$	5,917,019	$	5,614,685

Schedule of accounts payable and accrued liabilities

Accounts payable and accrued liabilities consist of:

	March 31, 2016		December 31, 2015
Accounts payable – suppliers	$	1,162,164	$	1,260,520
Accrued commissions		320,753		129,192
Accrued royalties / license fees		269,309		732,301
Accrued payroll		197,682		146,962
Accrued vacation		270,569		244,810
Accrued bonuses		-		177,700
Accrued expenses – other		195,645		109,947
TOTAL	$	2,416,122	$	2,801,432