SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2017

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of inventories

	2017			2016
Raw materials	$	13,870,006		$	14,533,690
Work in process	3,112,407			4,104,968
Finished goods	2,388,496			2,688,596
Reserves	(844,187		)	(673,413		)
Total	$	18,526,722		$	20,653,841

Schedule of estimated useful lives of property and equipment

Buildings	39 Years
Leasehold improvements	3-15 Years
Manufacturing equipment	3-7 Years
Office and other equipment	3-7 Years

Schedule of property and equipment

	2017			2016
Land	$	359,500		$	375,000
Building and Leasehold Improvements	8,826,802			9,393,092
Manufacturing Equipment	21,267,133			19,632,033
Office and Other Equipment	6,034,726			5,455,459
Accumulated Depreciation	(26,312,628		)	(24,524,750		)
Total Property and Equipment, net	$	10,175,533		$	10,330,834

Schedule of other intangible assets

	December 31, 2017
		Gross		Accumulated		Net Book
		Carrying		Amortization		Value
	Years	Amount		Amount		Amount
Customer Relationships	9	1,302,000		361,662		940,338
Intellectual Property	3	100,000		27,786		72,214
Trade Names	20	814,000		101,750		712,250
Other	7	13,819		—		13,819
Totals		$	2,229,819	$	491,198	$	1,738,621

	December 31, 2016
		Gross		Accumulated		Net Book
		Carrying		Amortization		Value
	Years	Amount		Amount		Amount
Bond Issue Costs	15	$	79,373	$	55,561	$	23,812
Customer Relationships	9	1,302,000		216,998		1,085,002
Trade Names	20	814,000		61,050		752,950
Totals		$	2,195,373	$	333,609	$	1,861,764

Schedule of estimated future amortization expense

Year	Amount
2018	$	218,712
2019	218,712
2020	190,918
2021	185,376
2022	185,376
Thereafter	725,708
	$	1,724,802

Schedule of reconciliation of basic and diluted share amounts

	2017	2016
Basic weighted average common shares outstanding	2,745,602	2,747,424
Weighted average common stock equivalents from assumed exercise of stock options	—	2,121
Diluted weighted average common shares outstanding	2,745,602	2,749,545

Summary of recurring Level 3 fair value measurements of contingent consideration including significant unobservable inputs

	December 31, 2017		December 31, 2016
Discount Rate	21.0	%	21.0	%
Probability of payment	33.3	%	33.3	%
Projected fiscal years of payment(s)	2018 - 2019		2017 - 2019

Summary of balance and activity of contingent consideration

Beginning fair value of contingent liability, December 31, 2015	$	851,000
Period change in valuation	(294,342		)
Payments	(658		)
Contingent liability balance, December 31, 2016	556,000
Period change in valuation	(483,465		)
Payments	(2,579		)
Contingent liability balance, December 31, 2017	$	69,956

Balance Sheet Classification	2017		2016
Other Accrued Liabilities	$	21,956	$	21,700
Other Long-Term Liabilities	48,000		534,300
Contingent liability balance	$	69,956	$	556,000

Schedule of goodwill

Carrying amount at December 31, 2015	$	3,283,454
Changes to the carrying amount	—
Carrying amount at December 31, 2016	3,283,454
Impairment of goodwill	(908,000		)
Carrying amount at December 31,2017	$	2,375,454

	Fair value as of mesurement date		Quoted prices in active markets for identical assets (Level 1)	Significant other observable inputs (Level 2)	Significant unobservable inputs (Level 3)		Impairment Charge
Goodwill	$	2,375,454	—	—	$	2,375,454	$	908,000

Schedule of net sales by markets

	2017		2016
Aerospace and Defense	$	15,682,635	$	16,114,759
Medical	51,448,581		53,835,916
Industrial	45,203,533		46,671,044
Total Net Sales	$	112,334,749	$	116,621,719

Schedule of noncurrent assets, excluding deferred taxes, by country

	United States		Mexico		China		Total
December 31, 2017
Property and equipment, net	$	8,712,902	$	1,003,040	$	459,591	$	10,175,533
Other assets	4,114,075		7,726		—		4,121,801
December 31, 2016
Property and equipment, net	$	8,731,205	$	1,238,087	$	361,542	$	10,330,834
Other assets	5,145,218		7,726		—		5,152,944