FINANCING AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2015

FINANCING ARRANGEMENTS

Summary of long-term debt balances

Description	2015			2014
Term notes payable—Wells Fargo Bank, N.A.
Real estate term notes bearing interest at three month LIBOR + 2.75% maturing March 31, 2027, and December 31, 2027 with combined monthly payments of approximately $19,000 plus interest, secured by substantially all assets.	$	2,645,495		$	2,875,560
Equipment notes bearing interest at three month LIBOR + 2.75% maturing May 2018 with a combined monthly payments of approximately $46,000 plus interest, secured by substantially all assets		2,633,740			1,569,781
Industrial revenue bond payable to the City of Blue Earth, Minnesota which bears a variable interest rate (approx. 0.24% at December 31, 2014), and has a maturity date of June 1, 2021, with principal of $80,000 payable annually on June 1		280,000			360,000
Devicix Acquistion Note 1 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019		903,128			—
Devicix Acquistion Note 2 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019		1,174,066			—
		7,636,429			4,805,341
Discount on Devicix Notes Payable		(142,072	)		—
Debt issuance Costs		(44,175	)		—
Total long-term debt		7,450,182			4,805,341
Current maturities of long-term debt		(1,495,513	)		(732,835	)
Long-term debt—net of current maturities	$	5,954,669		$	4,072,506

Schedule of future maturity requirements for long-term debt

Years Ending December 31,	Amount
2016	$	1,495,513
2017		1,521,580
2018		2,265,317
2019		628,791
2020		230,067
Future		1,495,161
	$	7,636,429