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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Mar. 31, 2017
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  
Summary of stock option activity

 

 

Shares

 

Weighted-
Average
Exercise
Price Per
Share

 

Weighted-
Average
Remaining
Contractual
Term 
(in years)

 

Aggregate

Intrinsic Value

 

Outstanding - January 1, 2017

 

37,750

 

$

  4.75

 

 

 

 

 

Exercised

 

 

 

 

 

 

 

Cancelled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding - March 31, 2017

 

37,750

 

$

  4.75

 

3.97

 

$

6,525

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable - March 31, 2017

 

37,750

 

$

  4.75

 

3.97

 

$

6,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of inventories

 

 

March 31

 

December 31

 

 

 

2017

 

2016

 

Raw Materials

 

$

15,414,139

 

$

14,533,690

 

Work in Process

 

4,179,472

 

4,104,968

 

Finished Goods

 

2,896,642

 

2,688,596

 

Reserves

 

(815,017

)

(673,413

)

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

21,675,236

 

$

20,653,841

 

 

 

 

 

 

 

 

 

 

Schedule of other intangible assets

 

 

March 31, 2017

 

 

 

Gross

 

 

 

 

 

 

 

Carrying

 

Accumulated

 

Net Book

 

 

 

Amount

 

Amortization

 

Value

 

Customer Relationships

 

$

1,302,000

 

$

253,165

 

$

1,048,835

 

Trade Names

 

$

814,000

 

$

71,225

 

$

742,775

 

Intellectual Property

 

$

100,000

 

$

2,778

 

$

97,222

 

Bond Issue Costs

 

$

79,373

 

$

56,884

 

$

22,489

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

$

2,295,373

 

$

384,052

 

$

1,911,321

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2016

 

 

 

Gross

 

 

 

 

 

 

 

Carrying

 

Accumulated

 

Net Book

 

 

 

Amount

 

Amortization

 

Value

 

Customer Relationships

 

$

1,302,000

 

$

216,998

 

$

1,085,002

 

Trade Names

 

$

814,000

 

$

61,050

 

$

752,950

 

Intellectual Property

 

$

 

$

 

$

 

Bond Issue Costs

 

$

79,373

 

$

55,561

 

$

23,812

 

 

 

 

 

 

 

 

 

 

 

 

Totals

 

$

2,195,373

 

$

333,609

 

$

1,861,764

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of estimated future amortization expense

Remainder of 2017

 

$

168,000

 

2018

 

224,000

 

2019

 

224,000

 

2020

 

196,000

 

2021

 

188,000

 

Thereafter

 

911,321

 

 

 

 

 

Total

 

$

1,911,321