Uniroyal Global Engineered Products (UNIR) 10-Q 4 May 15 2016 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Apr. 05, 2015	4-May-15
Document and Entity Information:
Entity Registrant Name	INVISA INC
Entity Trading Symbol	INSA
Document Type	10-Q
Document Period End Date	5-Apr-15
Amendment Flag	FALSE
Entity Central Index Key	1172706
Current Fiscal Year End Date	-2
Entity Common Stock, Shares Outstanding		14,351,698
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Apr. 05, 2015	Dec. 28, 2014
CURRENT ASSETS
Cash and cash equivalents	$2,138,471	$604,234
Accounts receivable, net	16,354,138	14,607,787
Inventories, net	17,147,283	17,421,082
Other current assets	2,115,197	2,130,282
Related party receivable	16,144	74,931
Total Current Assets	37,771,233	34,838,316
PROPERTY AND EQUIPMENT	13,009,542	12,001,128
OTHER ASSETS
Intangible assets	3,545,361	3,668,956
Goodwill	1,079,175	1,079,175
Other long-term assets	1,373,462	1,295,965
Total Other Assets	5,997,998	6,044,096
TOTAL ASSETS	56,778,773	52,883,540
CURRENT LIABILITIES
Checks issued in excess of bank balance	719,727	438,145
Line of credit	17,353,679	16,396,306
Current maturities of long-term debt	473,118	522,095
Current maturities of capital lease obligations	538,509	96,071
Accounts payable	9,912,000	9,409,062
Accrued expenses	3,831,846	3,408,143
Related party payable	0	20,260
Current portion of postretirement benefit liability - health and life	115,039	115,039
Total Current Liabilities	32,943,918	30,405,121
LONG-TERM LIABILITIES
Long-term debt, less current portion	1,197,526	1,355,297
Capital lease obligations, less current portion	1,604,039	238,836
Related party lease financing obligations	2,162,562	2,162,393
Long-term debt to related parties	4,676,801	4,740,728
Postretirement benefit liability - health and life, less current portion	2,656,580	2,662,570
Other long-term liabilities	745,282	840,378
Total Long-Term Liabilities	13,042,790	12,000,202
Total Liabilities	45,986,708	42,405,323
STOCKHOLDERS' EQUITY
Convertible Preferred Stock: 5,000,000 shares authorized ($100 value):
Series A, 9,715 shares issued and outstanding	798,500	798,500
Series B, 2,702 shares issued and outstanding	270,160	270,160
Series C, 16,124 shares issued and outstanding	1,600,467	1,600,467
Preferred unit, Series A UEP Holdings, LLC, 200,000 units issued and outstanding ($100 issue price)	617,571	617,571
Preferred units, Series B UEP Holdings, LLC, 150,000 units issued and outstanding ($100 issue price)	463,179	463,179
Preferred stock, Engineered Products Acquisition limited, 50 shares issued and outstanding ($1.51 stated value)	75	75
Common stock, 95,000,000 shares authorized ($.001 par value) 14,351,698 and 14,351,398 shares issued and outstanding as of April 5, 2015 and December 28, 2014, respectively	14,352	14,352
Additional paid in capital	32,550,326	32,549,585
Accumulated deficit	-25,909,082	-26,626,634
Accumulated other comprehensive income	386,517	790,962
Total Stockholders' Equity	10,792,065	10,478,217
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$56,778,773	$52,883,540

CONSOLIDATED_BALANCE_SHEETS_PA

CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $)	Apr. 05, 2015	Dec. 28, 2014
Parentheticals
Preferred Stock Par value	$100	$100
Preferred Stock shares authorized	5,000,000	5,000,000
Series A Shares issued	9,715	9,715
Series A Shares outstanding	9,715	9,715
Series B Shares issued	2,702	2,702
Series B Shares outstanding	2,702	2,702
Series C Shares issued	16,124	16,124
Series C Shares outstanding	16,124	16,124
Series A UEP Holdings LLC par value	$100	$100
Series A UEP Holdings LLC shares issued	200,000	200,000
Series A UEP Holdings LLC shares outstanding	200,000	200,000
Series B UEP Holdings LLC par value	$100	$100
Series B UEP Holdings LLC shares issued	150,000	150,000
Series B UEP Holdings LLC shares outstanding	150,000	150,000
Preferred Stock,Engineered Products Acquisition limited shares Par value	$1.51	$1.51
Preferred Stock,Engineered Products Acquisition limited shares issued	50	50
Preferred Stock,Engineered Products Acquisition limited shares outstanding	50	50
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	95,000,000	95,000,000
Common Stock, shares issued	14,351,698	14,351,398
Common Stock, shares outstanding	14,351,698	14,351,398

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $)	3 Months Ended
	Apr. 05, 2015	Mar. 30, 2014
Revenues:
NET SALES	$27,514,935	$24,370,234
COST OF GOODS SOLD	22,159,872	19,933,135
Gross Profit	5,355,063	4,437,099
OPERATING EXPENSES:
Selling	1,327,926	1,172,411
General and administrative	1,955,776	1,849,043
Research and development	325,830	361,606
OPERATING EXPENSES	3,609,532	3,383,060
Operating Income	1,745,531	1,054,039
OTHER INCOME (EXPENSE):
Interest and other debt related expense	-387,417	-454,057
Other income	167,361	24,433
Net Other Expense	-220,056	-429,624
INCOME BEFORE TAX PROVISION	1,525,475	624,415
TAX PROVISION	114,818	28,655
NET INCOME	1,410,657	595,760
Preferred stock dividend	-693,105	0
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	717,552	595,760
OTHER COMPREHENSIVE INCOME (LOSS):
Minimum benefit liability adjustment	-45,229	-147,474
Foreign currency translation adjustment	-359,216	39,269
Unrealized gain (loss) on effective hedge:
Reclassification of amounts to earnings	0	16,499
Unrealized loss for the year	0	-1,395
COMPREHENSIVE INCOME TO COMMON SHAREHOLDERS	$313,107	$502,659
EARNINGS PER COMMON SHARE:
Basic	$0.05	$0.04
Diluted	$0.04	$0.03
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic	14,351,579	14,186,836
Diluted	19,108,412	18,943,669

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) (USD $)	Preferred A Shares	Preferred A Amount	Preferred B Shares	Preferred B Amount	Preferred C Shares	Preferred C Amount	UEPH Series A Units	UEPH Series A Amount	UEPH Series B Units	UEPH Series B Amount	EPAL Preferred Shares	EPAL Preferred Amount	Common Stock Shares	Common Stock Amount	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Total Equity
		USD ($)		USD ($)		USD ($)		USD ($)		USD ($)		USD ($)		USD ($)	USD ($)	USD ($)	USD ($)	USD ($)
Balance at Dec. 28, 2014	9,715	798,500	2,702	270,160	16,124	1,600,467	200,000	617,571	150,000	463,179	50	75	14,351,398	14,352	32,549,585	-26,626,634	790,962	10,478,217
Net Income		$0		$0		$0		$0		$0		$0		$0	$0	$1,410,657	$0	$1,410,657
Issuance of and subscription for common stock	0	0	0	0	0	0	0	0	0	0	0	0	300	0	741	0	0	741
Other comprehensive loss		0		0		0		0		0		0		0	0	0	-404,445	-404,445
Preferred stock dividend		$0		$0		$0		$0		$0		$0		$0	$0	($693,105)	$0	($693,105)
Balance at Apr. 05, 2015	9,715	798,500	2,702	270,160	16,124	1,600,467	200,000	617,571	150,000	463,179	50	75	14,351,698	14,352	32,550,326	-25,909,082	386,517	10,792,065

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	3 Months Ended
	Apr. 05, 2015	Mar. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
NET INCOME	$1,410,657	$595,760
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation	387,843	346,180
Contributed officer compensation	0	9,000
Amortization of intangible assets	5,001	14,451
Noncash postemployment health and life benefit	-24,594	-124,626
Changes in assets and liabilities:
Accounts receivable	-2,184,030	-1,215,130
Inventories	-86,654	88,244
Other current assets	-56,085	-159,114
Related party receivable	39,728	9,054
Other long-term assets	11,690	-106,073
Accounts payable	781,111	1,640,725
Accrued expenses	246,013	393,111
Postretirement benefit liability - health and life	-26,625	-27,437
Other long-term liabilities	-58,388	-20,258
Cash Flows provided by Operating Activities	445,667	1,443,887
CASH FLOWS FROM INVESTING ACTIVITIES
Capital expenditures	-1,505,680	-473,138
Cash Flows used in Investing Activities	-1,505,680	-473,138
CASH FLOWS FROM FINANCING ACTIVITIES
Checks issued in excess of bank balance	281,582	-96,631
Net advances (reductions) on line of credit	1,211,348	-837,252
Payments on long-term debt	-43,645	-48,896
Proceeds from issuance of long-term debt and capital leases obligations	1,720,589	562,561
Payments on capital lease obligations	-29,306	-49,236
Net payments on life insurance policies	-89,187	0
Proceeds from related party obligation	0	89,940
Payment of preferred dividends	-403,582	0
Purchase of treasury stock	0	-2,075
Distributions to members	0	-122,000
Cash Flows provided by (used in) Financing Activities	2,647,799	-503,589
Net Change in Cash and Cash Equivalents	1,587,786	467,160
Cash And Cash Equivalents - Beginning Of Period	604,234	311,029
Effects of currency translation on cash and cash equivalents	-53,549	4,743
CASH AND CASH EQUIVALENTS - END OF PERIOD	$2,138,471	$782,932

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Apr. 05, 2015
Basis of Presentation
Basis of Presentation		1	Basis of Presentation
	The accompanying interim unaudited consolidated financial statements have been prepared based upon Securities Exchange Commission rules that permit reduced disclosure for interim periods. Therefore, they do not include all information and footnote disclosure necessary for a complete presentation of Invisa. Inc.’s financial position, results of operations and cash flows, in conformity with generally accepted accounting principles. Invisa, Inc. (the “Company,” “Invisa,” “we,” or “us”) filed audited consolidated financial statements as of and for the years ended December 31, 2014 and 2013, which included all information and notes necessary for such complete presentation in conjunction with its 2014 Annual Report on Form 10-K.
	The results of operations for the interim period ended April 5, 2015 are not necessarily indicative of the results to be expected for any future period or the entire fiscal year. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2014, which are contained in the Company’s 2014 Annual Report on Form 10-K.
	On November 10, 2014 the Company acquired all of the ownership interests in Uniroyal Engineered Products, LLC (“Uniroyal”), a U.S. manufacturer of textured coatings, and all of the ordinary common stock of Engineered Products Acquisition Limited (“EPAL”), the holding company for Wardle Storeys (Group) Limited (“Wardle Storeys”), a European manufacturer of textured coatings and polymer films. At that time the Company’s fiscal year was January 1 to December 31. Prior to their acquisitions these companies had been on a 52/53 week year depending on the nearest Sunday to December 31. Effective with the current year, the Company is changing its fiscal year to correspond to the reporting periods of its subsidiaries. The current fiscal year will be a 53 week year and will end on January 3, 2016. The current year’s interim quarters will end on April 5, 2015, July 5, 2015 and October 4, 2015. The prior year comparatives have been adjusted to conform with a 52/53 week reporting cycle . This change will not have any significant effect on the previously filed Annual Report on Form 10-K for the year ended December 31, 2014.
	The accompanying interim unaudited consolidated financial statements contain all adjustments (consisting of normal recurring items) which are, in the opinion of management, necessary for a fair statement of the Company’s financial position as of April 5, 2015, the results of operations, comprehensive income and cash flows for the interim periods ended April 5, 2015 and March 30, 2014.
	The consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company uses the US dollar as the reporting currency for financial reporting. The financial position and results of operations of the Company’s UK-based operations are measured using the UK pound sterling as the functional currency. Foreign currency translation gains and losses are recorded as a change in other comprehensive income. Transaction gains and losses generated from the remeasurement of assets and liabilities denominated in currencies other than the functional currency of our foreign operations are included in Other (Expense) / Income on the consolidated statements of comprehensive income.

Noncash_Transactions_and_Suppl

Noncash Transactions and Supplemental Disclosure of Cash Flow Information	3 Months Ended
	Apr. 05, 2015
Noncash Transactions and Supplemental Disclosure of Cash Flow Information Text Block:
Noncash Transactions and Supplemental Disclosure of Cash Flow Information Text Block		2	Noncash Transactions and Supplemental Disclosure of Cash Flow Information
	During the year ended December 28, 2014, the Company had reduced borrowings on its line of credit by converting dollars to additional borrowings on its term loans with Wells Fargo Capital Finance, LLC of $573,972. During the three months ended April 5, 2015 and the three months ended  March 30, 2014, the Company paid down its term loans using available borrowings on its various lines of credit of $141,640 and $230,876, respectively.
	The Company entered into several new equipment leases during 2015 with a fair value of $171,045 which are accounted for as capital leases. The fair value was added to property and equipment and a corresponding amount to capital lease obligations.
	Supplemental disclosure of cash paid for:
			5-Apr-15		30-Mar-14
	Interest expense		$	370,822	$	317,830

Derivatives

Derivatives	3 Months Ended
	Apr. 05, 2015
Derivatives
Derivatives		3	Derivatives
	The Company recognizes all of its derivative instruments, which consist of interest rate swaps, as either assets or liabilities in the balance sheet at fair value. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, whether the hedge is a cash flow hedge or a fair value hedge.
	The Company incurs foreign currency risk on sales and purchases denominated in other currencies, primarily the British Pound Sterling and the Euro. Foreign currency exchange contracts are used by the Company principally to limit the exchange rate fluctuations of the Euro. The Euro risk is partially limited due to natural cash flows offsets. Currency exchange contracts are purchased for approximately 25% of the net risk. These contracts are not designated as cash flow hedges for accounting purposes. Changes in fair value of these contracts are reported in net earnings as part of other income and expense.

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	3 Months Ended
	Apr. 05, 2015
Fair Value of Financial Instruments:
Fair Value of Financial Instruments		4	Fair Value of Financial Instruments
	The Company’s short term financial instruments consist of the following: cash and cash equivalents, receivables and accounts payable. The Company adjusts the carrying value of financial assets denominated in other currencies such as cash, receivables, accounts payable and the lines of credit using the appropriate exchange rates at the balance sheet date. The Company believes that the carrying values of these short term financial instruments approximate their estimated fair values.
	The fair value of the Company’s long term debt is estimated based on current rates for similar instruments with the same remaining maturities. In determining the current interest rates for similar instruments the Company takes into account its risk of nonperformance. The Company believes that the carrying value of its long term debt approximates its estimated fair value.
	The fair value of the Company’s interest rate swaps are the estimated amounts that the Company would receive, or pay, to sell or transfer the swaps to a third party, taking into account current and future interest rates and the nonperformance risk of the Company and the counterparty. At April 5, 2015 and December 28, 2014 the Company did not have any interest rate swaps.
	The Company uses foreign currency exchange contracts which are recorded at their estimated fair values in the accompanying consolidated balance sheets. The fair values of the currency exchange contracts are based upon observable market transactions of spot and forward rates.
	For the three months ended April 5, 2015, there have been no changes in the application of valuation methods applied to similar assets and liabilities.

Foreign_Currency_Translation

Foreign Currency Translation	3 Months Ended
	Apr. 05, 2015
Foreign Currency Translation:
Foreign Currency Translation		5	Foreign Currency Translation
	The financial position and results of operations of the Company’s foreign subsidiaries are measured using the local currency as the functional currency. Assets and liabilities of operations denominated in foreign currencies are translated into U.S. dollars at exchange rates in effect at the balance sheet date, while revenues and expenses are translated at the weighted average exchange rates during the year. The resulting translation gains and losses on assets and liabilities are recorded in accumulated other comprehensive income (loss), and are excluded from net income until realized through a sale or liquidation of the investment.

Inventory

Inventory	3 Months Ended
	Apr. 05, 2015
Inventory
Inventory		6	Inventory
	Inventories consist of the following:
			5-Apr-15			28-Dec-14
	Raw materials		$	5,670,211		$	5,225,361
	Work-in-process			4,428,461			4,074,324
	Finished goods			7,984,061			9,103,269
				18,082,733			18,402,954
	Less:  Allowance for inventory obsolescence			(935,450	)		(981,872	)
	Total Inventories		$	17,147,283		$	17,421,082

Other_Current_Assets

Other Current Assets	3 Months Ended
	Apr. 05, 2015
Other Current Assets
Other Current Assets		7	Other Current Assets
	Other current assets consist of the following:
			5-Apr-15		28-Dec-14
	Current deferred tax asset, net of valuation allowance		$	938,330	$	1,076,138
	Other			1,176,867		1,054,144
	Total Other Current Assets		$	2,115,197	$	2,130,282

Other_Longterm_Assets

Other Long-term Assets	3 Months Ended
	Apr. 05, 2015
Other Long-term Assets:
Other Long-term Assets		8	Other Long-Term Assets
	Other long-term assets consist of the following:
			5-Apr-15		28-Dec-14
	Non-current deferred tax asset, net of valuation allowance		$	835,000	$	835,000
	Other			538,462		460,965
	Total Other Long-term Assets		$	1,373,462	$	1,295,965

Other_Longterm_Liabilities

Other Long-term Liabilities	3 Months Ended
	Apr. 05, 2015
Other Long-term Liabilities
Other Long-term Liabilities		9	Other Long-term Liabilities
	Other long-term liabilities consist of the following:
			5-Apr-15		28-Dec-14
	Non-current deferred tax liability		$	675,759	$	742,997
	Other			69,523		97,381
	Total Other Long-term Liabilities		$	745,282	$	840,378

Line_of_Credit

Line of Credit	3 Months Ended
	Apr. 05, 2015
Line of Credit
Line of Credit		10	Line of Credit
	The Company’s Uniroyal subsidiary has available a $30,000,000 line of credit financing agreement with Wells Fargo Capital Finance, LLC, which matures on October 17, 2019. Interest is payable monthly at the Eurodollar rate plus 2.25% or Wells Fargo Capital Finance, LLC's prime rate at the Company's election. The outstanding balance on the line of credit (“Uniroyal Line of Credit”) was $9,574,005 and $8,775,684 as of April 5, 2015 and December 28, 2014, respectively. The Company has classified the outstanding balance on this line of credit within current liabilities in the accompanying consolidated balance sheets.
	The Company’s Wardle Storeys subsidiary has available a £8,500,000 (approximately $13.2 million) line of credit financing agreement with Lloyds Bank Commercial Finance Limited and is subject a to six month notice by either party. The line has several tranches based on currency or underlying security. Interest is payable monthly at the base rate (UK LIBOR) plus 2.15% to 3.15% depending on the tranche. The outstanding balance on the line of credit (“Wardle Storeys Line of Credit”) was £5,255,411 and £4,888,972 ($7,779,674 and $7,620,622) as of April 5, 2015 and December 28, 2014, respectively. The Company has classified the outstanding balance on this line of credit within current liabilities in the accompanying balance sheets.

LongTerm_Debt

Long-Term Debt	3 Months Ended
	Apr. 05, 2015
Long-Term Debt
Long-Term Debt		11	Long-Term Debt
	Long-term debt consists of the following:
			Interest Rate		5-Apr-15			28-Dec-14
	Wells Fargo Capital Finance LLC			LIBOR + 2.25%	$	1,234,313		$	1,341,643
	Lloyds Bank Commercial Finance Limited			LIBOR + 3.15%		385,870			441,642
	Wells Fargo Equipment Finance			7.82%		—			26,894
	Wells Fargo Equipment Finance			11.43%		20,982			28,811
	Wells Fargo Equipment Finance			7.89%		4,937			6,519
	Susquehanna Commercial Finance, Inc.			12.70%		24,542			31,883
						1,670,644			1,877,392
	Current portion					(473,118	)		(522,095	)
					$	1,197,526		$	1,355,297

Related_Party_Obligations

Related Party Obligations	3 Months Ended
	Apr. 05, 2015
Related Party Obligations
Related Party Obligations		12	Related Party Obligations
	Long-term debt to related parties consists of the following:
			Interest Rate		5-Apr-15		28-Dec-14
	Senior subordinated promissory note			9.25%	$	2,000,000	$	2,000,000
	Secured promissory note			6.25%		1,206,744		1,270,671
	Senior secured promissory note			10.00%		1,470,057		1,470,057
					$	4,676,801	$	4,740,728
	The Company has a lease financing obligation under which it leases its main manufacturing facility and certain other property from the related party lessor entity, accrues interest at 18.20% and requires monthly principal and interest payments of $31,800, which are adjusted annually based on the consumer price index. This lease was modified to add new property in November 2014. The additional lease payment of $1,500 per month is included in the $31,800. The lease financing obligation matures during October 2033. The Company has security deposits of $267,500 held by the lessor entity. For the years 2014 through 2016 the amount of interest owed exceeds the amount of payments made, resulting in a net increase to the outstanding principal balance of the lease financing obligation. This obligation is shown in the accompanying financial statements as Related Party Lease Financing Obligation which has a balance of $2,163,595 (which includes the current portion of $1,033) and $2,162,393 as of April 5, 2015 and December 28, 2014, respectively.

Capital_Leases

Capital Leases	3 Months Ended
	Apr. 05, 2015
Capital Leases
Capital Leases		13	Capital Leases
	The Company has several equipment capital leases which expire from January 2015 through March 2020 with monthly lease payments ranging from approximately $1,176 to $20,979 per month. The capital lease obligations are secured by the related equipment. As of April 5, 2015 and December 28, 2014, assets recorded under capital leases are included in property and equipment in the accompanying balance sheets. Amortization of items under capital lease obligations has been included with depreciation expense on owned property and equipment in the accompanying statements of operations.
	The Company constructed a new manufacturing line at its UK facility at a cost of approximately $2,378,000. In March 2015, the Company entered into a financing lease and received a payment £1,136,697 (approximately $1,720,589) from the leasing company. The financing lease has 60 monthly payments of £20,979 (approximately $31,000) with an interest rate of 4.09%.
	The principal balance of the capital lease obligations are $2,142,548 and $334,907 as of April 5, 2015 and December 28, 2014, respectively with interest rates ranging from 3.84% to 14.47%.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	3 Months Ended
	Apr. 05, 2015
Accumulated Other Comprehensive Income Text Block:
Accumulated Other Comprehensive Income		14	Accumulated Other Comprehensive Income
	The changes in accumulated other comprehensive income (loss) were as follows:
			Minimum Benefit Liability Adjustments			Foreign Currency Translation Adjustment			Total
	Balance at December 28, 2014		$	702,067		$	88,895		$	790,962
	Other comprehensive losses before reclassifications						(359,216	)		(359,216	)
	Reclassification adjustment for gain (loss) included in net income			(45,229	)					(45,229	)
	Balance at April 5, 2015		$	656,838		$	(270,321	)	$	386,517
	The gain (loss) reclassified from accumulated other comprehensive income (loss) into income is recorded to the following income statement line items:
	Other Comprehensive Income Component		Income Statement Line Item
	Minimum Benefit Liability Adjustments		General and administrative expense
	Unrealized Gain (Loss) on Effective Hedge		Interest expense

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Apr. 05, 2015
Recent Accounting Pronouncements:
Recent Accounting Pronouncements		15	Recent Accounting Pronouncements
	Standards Board issued a new standard ASU No. 2014-09, "Revenue from Contracts with Customers." Under ASU 2014-09 recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new standard will be effective for the Company January 1, 2017. The Company is in the process of determining what impact, if any, the adoption of this ASU will have on its financial position, results of operations and cash flows.
	On February 18, 2015, the Financial Accounting Standards Board issued a new standard ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis." The new standard affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. It will be effective for the Company on January 1, 2016. The Company is in the process of determining what impact, if any, the adoption of this ASU will have on its financial position, results of operations and cash flows.

Earnings_Loss_per_Common_Share

Earnings (Loss) per Common Share	3 Months Ended
	Apr. 05, 2015
Earnings (Loss) per Common Share:
Earnings (Loss) per Common Share		16	Earnings (Loss) per Common Share
	The Company calculates basic net income per common share by dividing net income after the deduction of preferred stock or preference dividends by the weighted average number of common shares outstanding. The calculation of diluted net income per share is consistent with that of basic net income per common share but gives effect to all potential common shares (that is, securities such as options, warrants or convertible securities) that were outstanding during the period, unless the effect is antidilutive. At April 5, 2015 and December 28, 2014, the Company’s 28,541 shares of convertible preferred stock Series A, Series B and Series C can be converted into 4,756,833 common shares. This amount was added to the weighted average common shares to calculate the diluted earnings per share.

Subsequent_Events

Subsequent Events	3 Months Ended
	Apr. 05, 2015
Subsequent Events:
Subsequent Events		17	Subsequent Events
	The Company has evaluated subsequent events occurring through the date that the financial statements were issued, for events requiring recording or disclosure in the April 5, 2015 financial statements. There were no material events or transactions occurring during this period requiring recognition or disclosure.

Schedule_of_Noncash_Transactio

Schedule of Noncash Transactions and Supplemental Disclosure of Cash Flow Information (Tables)	3 Months Ended
	Apr. 05, 2015
Schedule of Noncash Transactions and Supplemental Disclosure of Cash Flow Information
Schedule of Noncash Transactions and Supplemental Disclosure of Cash Flow Information Text Block	Supplemental disclosure of cash paid for:
		5-Apr-15		30-Mar-14
	Interest expense	$	370,822	$	317,830

Schedule_of_Inventories_Tables

Schedule of Inventories (Tables)	3 Months Ended
	Apr. 05, 2015
Schedule of Inventories
Schedule of Inventories	Inventories consist of the following:
		5-Apr-15			28-Dec-14
	Raw materials	$	5,670,211		$	5,225,361
	Work-in-process		4,428,461			4,074,324
	Finished goods		7,984,061			9,103,269
			18,082,733			18,402,954
	Less:  Allowance for inventory obsolescence		(935,450	)		(981,872	)
	Total Inventories	$	17,147,283		$	17,421,082

Schedule_of_Other_Current_Asse

Schedule of Other Current Assets (Tables)	3 Months Ended
	Apr. 05, 2015
Schedule of Other Current Assets
Schedule of Other Current Assets	Other current assets consist of the following:
		5-Apr-15		28-Dec-14
	Current deferred tax asset, net of valuation allowance	$	938,330	$	1,076,138
	Other		1,176,867		1,054,144
	Total Other Current Assets	$	2,115,197	$	2,130,282

Schedule_of_Other_Longterm_Ass

Schedule of Other Long-term Assets (Tables)	3 Months Ended
	Apr. 05, 2015
Schedule of Other Long-term Assets
Schedule of Other Long-term Assets	Other long-term assets consist of the following:
		5-Apr-15		28-Dec-14
	Non-current deferred tax asset, net of valuation allowance	$	835,000	$	835,000
	Other		538,462		460,965
	Total Other Long-term Assets	$	1,373,462	$	1,295,965

Schedule_of_Other_Longterm_Lia

Schedule of Other Long-term Liabilities (Tables)	3 Months Ended
	Apr. 05, 2015
Schedule of Other Long-term Liabilities :
Schedule of Other Long-term Liabilities	Other long-term liabilities consist of the following:
		5-Apr-15		28-Dec-14
	Non-current deferred tax liability	$	675,759	$	742,997
	Other		69,523		97,381
	Total Other Long-term Liabilities	$	745,282	$	840,378

Schedule_of_LongTerm_Debt_Tabl

Schedule of Long-Term Debt (Tables)	3 Months Ended
	Apr. 05, 2015
Schedule of Long-Term Debt
Schedule of Long-Term Debt	Long-term debt consists of the following:
		Interest Rate		5-Apr-15			28-Dec-14
	Wells Fargo Capital Finance LLC		LIBOR + 2.25%	$	1,234,313		$	1,341,643
	Lloyds Bank Commercial Finance Limited		LIBOR + 3.15%		385,870			441,642
	Wells Fargo Equipment Finance		7.82%		—			26,894
	Wells Fargo Equipment Finance		11.43%		20,982			28,811
	Wells Fargo Equipment Finance		7.89%		4,937			6,519
	Susquehanna Commercial Finance, Inc.		12.70%		24,542			31,883
					1,670,644			1,877,392
	Current portion				(473,118	)		(522,095	)
				$	1,197,526		$	1,355,297

Schedule_of_Related_Party_Obli

Schedule of Related Party Obligations (Tables)	3 Months Ended
	Apr. 05, 2015
Schedule of Related Party Obligations
Schedule of Related Party Obligations	Long-term debt to related parties consists of the following:
		Interest Rate		5-Apr-15		28-Dec-14
	Senior subordinated promissory note		9.25%	$	2,000,000	$	2,000,000
	Secured promissory note		6.25%		1,206,744		1,270,671
	Senior secured promissory note		10.00%		1,470,057		1,470,057
				$	4,676,801	$	4,740,728

Schedule_of_Accumulated_Other_

Schedule of Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Apr. 05, 2015
Schedule of Accumulated Other Comprehensive Income
Schedule of Accumulated Other Comprehensive Income (Loss)	The changes in accumulated other comprehensive income (loss) were as follows:
		Minimum Benefit Liability Adjustments			Foreign Currency Translation Adjustment			Total
	Balance at December 28, 2014	$	702,067		$	88,895		$	790,962
	Other comprehensive losses before reclassifications					(359,216	)		(359,216	)
	Reclassification adjustment for gain (loss) included in net income		(45,229	)					(45,229	)
	Balance at April 5, 2015	$	656,838		$	(270,321	)	$	386,517

Schedule_of_gain_loss_reclassi

Schedule of gain (loss) reclassified from accumulated other comprehensive income (loss) into income (Tables)	3 Months Ended
	Apr. 05, 2015
Schedule of gain (loss) reclassified from accumulated other comprehensive income (loss) into income
Schedule of gain (loss) reclassified from accumulated other comprehensive income (loss) into income	The gain (loss) reclassified from accumulated other comprehensive income (loss) into income is recorded to the following income statement line items:
	Other Comprehensive Income Component	Income Statement Line Item
	Minimum Benefit Liability Adjustments	General and administrative expense
	Unrealized Gain (Loss) on Effective Hedge	Interest expense

Noncash_Transactions_and_Suppl1

Noncash Transactions and Supplemental Disclosure of Cash Flow Information (Details) (USD $)	3 Months Ended
	Apr. 05, 2015	Mar. 30, 2014
Noncash Transactions and Supplemental Disclosure of Cash Flow Information
Reduced borrowings on line of credit converting dollars to additional borrowings on term loans	$573,972
Paid down term loans using available borrowings on lines of credit	141,640	230,876
New equipment leases during the year with a fair value	171,045
Interest expense	$370,822	$317,830

Derivatives_Details

Derivatives (Details)	Apr. 05, 2015
Derivatives:
Currency exchange contracts purchased for the net risk	25.00%

Fair_Value_of_Financial_Instru1

Fair Value of Financial Instruments (Details) (USD $)	Apr. 05, 2015	Dec. 28, 2014
Fair Value of Financial Instruments Details
Interest rate swaps	$0	$0

Inventories_Details

Inventories (Details) (USD $)	Apr. 05, 2015	Dec. 28, 2014
Inventories consist of the following:
Raw materials	$5,670,211	$5,225,361
Work-in-process	4,428,461	4,074,324
Finished goods	7,984,061	9,103,269
Inventories gross	18,082,733	18,402,954
Less: Allowance for inventory obsolescence	-935,450	-981,872
Inventories, net	$17,147,283	$17,421,082

Other_Current_Assets_Details

Other Current Assets (Details) (USD $)	Apr. 05, 2015	Dec. 28, 2014
Other Current Assets Details
Current deferred tax asset, net of valuation allowance	$938,330	$1,076,138
Other	1,176,867	1,054,144
Total Other Current Assets	$2,115,197	$2,130,282

Other_Longterm_Assets_Details

Other Long-term Assets (Details) (USD $)	Apr. 05, 2015	Dec. 28, 2014
Other Long-term Assets Details
Non-current deferred tax asset, net of valuation allowance	$835,000	$835,000
Other	538,462	460,965
Total Other Long-term Assets	$1,373,462	$1,295,965

Other_Longterm_Liabilities_Det

Other Long-term Liabilities (Details) (USD $)	Apr. 05, 2015	Dec. 28, 2014
Other long-term liabilities consists of the following:
Non-current deferred tax liability	$675,759	$742,997
Other	69,523	97,381
Total Other Long-term Liabilities	$745,282	$840,378

Line_of_Credit_Narrative_Detai

Line of Credit (Narrative) (Details) (USD $)	Apr. 05, 2015	Dec. 28, 2014
Line of Credit Details
Line of credit Uniroyal subsidiary	$30,000,000
Monthly interest payments at the Eurodollar rate plus	2.25%
Outstanding balance on the line of credit	9,574,005	8,775,684
Line of credit financing Wardle Storeys	13,200,000
Interest is payable monthly at the base rate (UK LIBOR) plus minimum	2.15%
Interest is payable monthly at the base rate (UK LIBOR) plus maximum	3.15%
Outstanding balance on the line of credit	$7,779,674	$7,620,622

Longterm_debt_Details

Long-term debt (Details) (USD $)	Apr. 05, 2015	Dec. 28, 2014
Long-term debt consists of the following
Wells Fargo Capital Finance LLC LIBOR +	$1,234,313	$1,341,643
Lloyds Bank Commercial Finance Limited LIBOR +	385,870	441,642
Wells Fargo Equipment Finance	0	26,894
Wells Fargo Equipment Finance	20,982	28,811
Wells Fargo Equipment Finance	4,937	6,519
Susquehanna Commercial Finance, Inc.	24,542	31,883
Totals Long term debt	1,670,644	1,877,392
Less: Current portion	-473,118	-522,095
Long-Term Portion	$1,197,526	$1,355,297

Long_term_debt_Parentheticals_

Long term debt Parentheticals (Details)	Apr. 05, 2015
Long term debt Parentheticals
Wells Fargo Capital Finance LLC Interest rate payable monthly on loan LIBOR +	2.25%
Lloyds Bank Commercial Finance Limited Interest rate payable monthly on loan LIBOR +	3.15%
Interest rate on note due on January 1, 2015	7.82%
Interest rate on note due on October 1, 2015	11.43%
Interest rate on note due in December 2015	7.89%
Interest rate on note due in November 2015	12.70%

Longterm_debt_to_related_parti

Long-term debt to related parties consists of the following (Details) (USD $)	Apr. 05, 2015	Dec. 28, 2014
Long-term debt to related parties consists of the following
Senior subordinated promissory notes issued to the company CEO and Chairman	$2,000,000	$2,000,000
Secured promissory note issued to the company CEO and Chairman	1,206,744	1,270,671
Senior secured promissory note issued to Centurian Investors, Inc	1,470,057	1,470,057
Total Long-term Debt to Related Parties	$4,676,801	$4,740,728

Related_Party_Obligations_Pare

Related Party Obligations Parentheticals (Details) (USD $)	Apr. 05, 2015	Dec. 28, 2014
Related Party Obligations Parentheticals
Senior subordinated promissory note interest rate	9.25%	0.00%
Secured promissory note interest rate	6.25%	0.00%
Senior secured promissory note interest rate	10.00%	0.00%
Rate of interest payable on capital lease obligation	18.20%	0.00%
Monthly principal and interest payments to be made on capital lease obligation	$31,800	$0
Increase in the monthly payment due to Lease amendment	1,500	0
Security deposit made with the lessor entity at the inception of the lease financing arrangement	267,500	0
Related Party Lease Financing Obligation balance	$2,163,595	$2,162,393

Capital_Leases_Details

Capital Leases (Details) (USD $)	Apr. 05, 2015	Dec. 28, 2014
Capital Leases Details
Monthly lease payments minimum	$1,176
Monthly lease payments maximum	20,979
Interest rates minimum	3.84%
Interest rates maximum	14.47%
Principal balance of the capital lease obligations	2,142,548	334,907
Constructed a new manufacturing line at UK facility at a cost	2,378,000
Financing lease received a payment from the leasing company	1,720,589
Financing lease has 60 monthly payments	$31,000
Financing lease interest rate	4.09%

Changes_in_accumulated_other_c

Changes in accumulated other comprehensive income (loss) (Details) (USD $)	Minimum Benefit Liability Adjustments	Foreign Currency Translation Adjustment	Total
Balance. at Dec. 28, 2014	702,067	88,895	790,962
Other comprehensive losses before reclassifications	$0	($359,216)	($359,216)
Reclassification adjustment for gain (loss) included in net income	($45,229)	$0	($45,229)
Balance. at Apr. 05, 2015	656,838	-270,321	386,517

Earnings_Loss_per_Common_Share1

Earnings (Loss) per Common Share (Details)	Apr. 05, 2015	Dec. 28, 2014
Earnings (Loss) per Common Share Details
Shares of convertible preferred stock Series A, Series B and Series C	28,541	28,541
Shares of convertible preferred stock Series A, Series B and Series C convertible into common shares	4,756,833	4,756,833