FINANCING ARRANGEMENTS (Tables)

6 Months Ended

Jun. 30, 2017

FINANCING ARRANGEMENTS

Summary of long-term debt balances

	June 30,			December 31,
	2017			2016
Term note payable - Bank of America Real estate term note bearing interest at one-month LIBOR + 2.25% maturing June 15, 2022 with monthly payments of approximately $41,000 plus interest secured by substantially all assets.	$	5,000,000		$	—
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.	—			2,415,428
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.	—			2,489,624
Industrial revenue bond payable to the City of Blue Earth, Minnesota which bears a variable interest rate (approx. 0.21% at June 30, 2017), and has a maturity date of June 1, 2021, with principal of $80,000 payable annually on June 1.	120,000			200,000
Devicix Acquistion Note 1 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019.	519,956			643,585
Devicix Acquistion Note 2 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019.	675,944			836,661
	6,315,900			6,585,298
Discount on Devicix Notes Payable	(82,600		)	(102,424		)
Debt issuance Costs	(264,660		)	(25,896		)
Total long-term debt	5,968,640			6,456,978
Current maturities of long-term debt	(1,064,876		)	(1,565,347		)
Long-term debt - net of current maturities	$	4,903,764		$	4,891,631