FINANCING ARRANGEMENTS (Tables)

12 Months Ended

Dec. 31, 2017

FINANCING ARRANGEMENTS

Summary of long-term debt balances

	December 31,			December 31,
	2017			2016
Term note payable - Bank of America
Real estate term note bearing interest at one-month LIBOR + 2.25% (4.5% as of December 31, 2017) maturing June 15, 2022 with monthly payments of approximately $41,000 plus interest secured by substantially all assets.	$	4,751,054		$	—
Term notes payable - Wells Fargo Bank, N.A.
Real estate term notes bearing interest at three month LIBOR + 2.75% paid in full in 2017 via refinancing with Bank of America	—			2,415,428
Equipment notes bearing interest at three month LIBOR + 2.75% paid in full in 2017 via refinancing with Bank of America	—			2,489,624
Industrial revenue bond payable to the City of Blue Earth, Minnesota which bears a variable interest rate had a maturity date on June 1, 2021, with principal of $80,000 payable annually on June 1. Bond redeemed on August 15, 2017.	—			200,000
Devicix Acquistion Note 1 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019.	393,834			643,585
Devicix Acquistion Note 2 payable to DeLange Holdings bears interest rate of 4.0% per annum, maturing July 1, 2019.	511,984			836,661
	5,656,872			6,585,298
Discount on Devicix Notes Payable	(62,776		)	(102,424		)
Debt issuance Costs	(238,468		)	(25,896		)
Total long-term debt	5,355,628			6,456,978
Current maturities of long-term debt	(1,002,586		)	(1,565,347		)
Long-term debt - net of current maturities	$	4,353,042		$	4,891,631

Schedule of future maturity requirements for long-term debt

Years Ending December 31,	Amount
2018	$	1,095,722
2019	805,880
2020	497,892
2021	497,892
2022	497,892
Future	2,261,594
	$	5,656,872

Schedule of future minimum non-cancelable capital leases

Years Ending
December 31,	Amount
2018	$	386,657
2019	393,960
2020	393,960
2021	393,960
2022	255,331
Total noncancelable future lease commitments	$	1,823,868
Less: interest	(226,077		)
Present value of obligations under capital leases	$	1,597,791