Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 30, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | PARADISE INC | ||
Entity Central Index Key | 76,149 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 7,204,023 | ||
Trading Symbol | PARF | ||
Entity Common Stock, Shares Outstanding | 519,600 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash | $ 8,791,938 | $ 7,788,010 |
Accounts Receivable, Net of Allowance for Doubtful Accounts of $ -0- and Allowance for Returns of $1,066,314 (2015) and $912,789 (2014) | 2,182,306 | 3,046,669 |
Inventories | 8,179,669 | 7,484,909 |
Income Tax Receivable | 76,290 | 78,277 |
Prepaid Expenses and Other Current Assets | 318,250 | 306,951 |
Deferred Income Tax Asset | 241,834 | 277,291 |
Total Current Assets | 19,790,287 | 18,982,107 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Net of Accumulated Depreciation of $18,294,592 (2015) and $17,880,096 (2014) | 3,924,480 | 3,473,829 |
GOODWILL | 413,280 | 413,280 |
CUSTOMER BASE AND NON-COMPETE AGREEMENT | 62,092 | 187,977 |
OTHER ASSETS | 392,426 | 451,373 |
TOTAL ASSETS | 24,582,565 | 23,508,566 |
CURRENT LIABILITIES: | ||
Short-Term Debt | 582,839 | 112,879 |
Accounts Payable | 615,928 | 603,342 |
Accrued Expenses | 843,851 | 819,458 |
Total Current Liabilities | 2,042,618 | 1,535,679 |
DEFERRED INCOME TAX LIABILITY | 315,125 | 203,667 |
Total Liabilities | 2,357,743 | 1,739,346 |
STOCKHOLDERS’ EQUITY: | ||
Common Stock, $.30 Par Value, 2,000,000 Shares Authorized, 583,094 Shares Issued and 519,600 Shares Outstanding | 174,928 | 174,928 |
Capital in Excess of Par Value | 1,288,793 | 1,288,793 |
Retained Earnings | 21,034,320 | 20,578,718 |
Stockholders' Equity before Treasury Stock | 22,498,041 | 22,042,439 |
Less: Common Stock in Treasury, at Cost, 63,494 Shares | 273,219 | 273,219 |
Total Stockholders’ Equity | 22,224,822 | 21,769,220 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 24,582,565 | $ 23,508,566 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for Doubtful Accounts (in dollars) | $ 0 | $ 0 |
Allowance For Returns | 1,066,314 | 912,789 |
Accumulated depreciation (in dollars) | $ 18,294,592 | $ 17,880,096 |
Common stock, par value (in dollars per share) | $ 0.30 | $ 0.30 |
Common stock, shares authorized | 2,000,000 | 2,000,000 |
Common stock, shares issued | 583,094 | 583,094 |
Common stock, shares outstanding | 519,600 | 519,600 |
Treasury stock, shares | 63,494 | 63,494 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
NET SALES | $ 23,734,441 | $ 25,183,034 |
COSTS AND EXPENSES: | ||
Cost of Goods Sold | 18,005,311 | 19,750,152 |
Selling, General and Administrative Expenses | 4,790,856 | 4,565,688 |
Amortization Expense | 139,885 | 143,885 |
Interest Expense | 0 | 2,216 |
Total Costs and Expenses | 22,936,052 | 24,461,941 |
INCOME FROM OPERATIONS | 798,389 | 721,093 |
OTHER INCOME - NET | 19,885 | 52,301 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 818,274 | 773,394 |
PROVISION FOR INCOME TAXES | 305,516 | 283,828 |
NET INCOME | $ 512,758 | $ 489,566 |
EARNINGS PER SHARE: | ||
Basic (in dollars per share) | $ 0.99 | $ 0.94 |
Diluted (in dollars per share) | $ 0.99 | $ 0.94 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Total | Common Stock [Member] | Capital In Excess Of Par Value [Member] | Retained Earnings [Member] | Treasury Stock [Member] |
Balance at Dec. 31, 2013 | $ 21,336,810 | $ 174,928 | $ 1,288,793 | $ 20,146,308 | $ (273,219) |
Cash Dividends Declared, $.11 per Share | (57,156) | (57,156) | |||
Net Income | 489,566 | 489,566 | |||
Balance at Dec. 31, 2014 | 21,769,220 | 174,928 | 1,288,793 | 20,578,718 | (273,219) |
Cash Dividends Declared, $.11 per Share | (57,156) | (57,156) | |||
Net Income | 512,758 | 512,758 | |||
Balance at Dec. 31, 2015 | $ 22,224,822 | $ 174,928 | $ 1,288,793 | $ 21,034,320 | $ (273,219) |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Stockholders' Equity [Parenthetical] - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Dividend Declared (in dollars per share) | $ 0.11 | $ 0.11 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 512,758 | $ 489,566 |
Adjustments to Reconcile Net Income to Net Cash | ||
Provision for Sales Returns | 153,525 | 15,243 |
Provision for Estimated Inventory Returns | (132,227) | (10,595) |
Provision for Deferred Income Taxes | 146,915 | (40,520) |
Depreciation and Amortization | 579,604 | 623,502 |
Decrease (Increase) in: | ||
Accounts Receivable | 710,838 | (692,591) |
Inventories | (562,533) | 1,363,484 |
Prepaid Expenses and Other Current Assets | (11,299) | (2,139) |
Income Tax Receivable | 1,987 | 200,942 |
Other Assets | 38,095 | (213,784) |
Increase (Decrease) in: | ||
Accounts Payable | 12,596 | 295,521 |
Accrued Expenses | 24,393 | (104,082) |
Net Cash Provided by Operating Activities | 1,474,652 | 1,924,547 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Property, Plant and Equipment | (890,370) | (137,020) |
Change in Cash Surrender Value of Life Insurance | 6,842 | 28,394 |
Net Cash Used in Investing Activities | (883,528) | (108,626) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Short-Term Debt | 1,738,557 | 1,398,473 |
Dividends Paid | (57,156) | (57,156) |
Payments on Short-Term Debt | (1,268,597) | (1,285,594) |
Net Cash Provided by Financing Activities | 412,804 | 55,723 |
NET CHANGE IN CASH | 1,003,928 | 1,871,644 |
CASH, at Beginning of Year | 7,788,010 | 5,916,366 |
CASH, at End of Year | 8,791,938 | 7,788,010 |
Cash Paid During the Year for: | ||
Interest | 0 | 2,216 |
Income Taxes | $ 268,750 | $ 45,000 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 1: SIGNIFICANT ACCOUNTING POLICIES Paradise, Inc. operations are conducted through two business segments, candied fruit and molded plastics. The primary operations of the fruit segment is production of candied fruit, a basic fruitcake ingredient, sold to manufacturing bakers, institutional users, and retailers for use in home baking. Also, based on market conditions, the processing of frozen strawberry products, for sale to commercial and institutional users such as preserves, dairies, drink manufacturers, etc. The molded plastics segment provides production of plastic containers for the Company’s products and other molded plastics for sale to unaffiliated customers. Substantially all of the Company’s customers are located in the United States of America. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, after elimination of all material intercompany accounts, transactions and profits. The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The aggregated net fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, receivables, payables, accrued expenses and short-term borrowings. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values or they are receivable or payable on demand. Management reviews subsequent collections on accounts receivable and writes off all year-end balances that are not deemed collectible by the time the consolidated financial statements are issued. Additionally, management has provided for estimated product returns by applying an allowance against Accounts Receivable for the invoiced price of the returns. A provision to recognize a related estimate of finished goods returns has been added to inventories. Management considers the remaining accounts receivable to be fully collectible; accordingly, no allowance for doubtful accounts has been established as of December 31, 2015 and 2014. If accounts become uncollectible, they will be charged to operations when that determination is made. The Company does not have a policy to charge interest on past due amounts. Accounts Receivable are considered past due based on invoice terms. The Company recognizes revenue upon the shipment or delivery of goods, depending on the agreed upon terms with its customers. Inventories are valued at the lower of cost (first-in, first-out) or market. Cost includes material, labor, factory overhead and depreciation. Property, plant and equipment are stated at cost. Generally, the straight-line method is used in computing depreciation. Estimated useful lives of property, plant and equipment range from 3 40 Expenditures which significantly increase values or extend useful lives are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Upon sale or retirement of property, plant and equipment, the cost and related accumulated depreciation are eliminated from the respective accounts and the resulting gain or loss is included in the current earnings. Goodwill totaling $ 413,280 Customer Base and Non-Compete Agreement The customer base and non-compete agreement represents $ 1,258,000 Other Identifiable Intangible Assets Identifiable intangible assets included in Other Assets consist of debt issuance costs. Gross debt issuance costs, amounted to approximately $ 12,000 36,000 The Company’s identifiable intangible assets are reviewed for potential impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. During the years ended, December 31, 2015 and 2014, the Company determined that its identifiable intangible assets were not impaired. Amortization expense of intangible assets subject to amortization for the years ended December 31, 2015 and 2014 was $ 139,885 143,885 Accumulated amortization as of December 31, 2015 and 2014 totaled $ 1,200,908 1,097,023 Future amortization expense is anticipated to be $ 69,092 The Company considers freight delivery costs to be selling expenses and has included $ 634,425 668,862 The Company has a 401(k) retirement plan for all eligible employees. Eligibility requirements for employees are based on completing 1,000 hours of service by the end of the first twelve months of consecutive employment and being at least 21 years old 29,223 49,231 Basic and diluted earnings per common share are based on the weighted average number of shares outstanding and assumed to be outstanding of 519,600 Certain minor reclassifications have been made to the 2014 consolidated financial statements in order to conform to the classifications used in 2015. In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers, In April 2015, the FASB issued ASU No. 2015-03, Interest Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory Inventory In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes, In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)(ASU 2016-02). Except as noted above, the Company’s management does not believe that recent codified pronouncements by the Financial Accounting Standards Board (“FASB”) (including its EITF), the AICPA or the Securities and Exchange Commission will have a material impact on the Company’s current or future consolidated financial statements. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 2: INVENTORIES 2015 2014 Supplies $ 161,258 $ 168,275 Raw Materials 5,114,439 4,495,924 Work in Progress 785,711 987,614 Finished Goods 2,118,261 1,833,096 Total $ 8,179,669 $ 7,484,909 Included in Finished Goods inventory are estimated returns related to the Provision for Sales Returns totaling $ 821,048 688,821 Substantially all inventories are pledged as collateral for certain short-term obligations. |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3: PROPERTY, PLANT AND EQUIPMENT 2015 2014 Land and Improvements $ 656,040 $ 656,040 Buildings and Improvements 7,102,413 7,095,184 Machinery and Equipment 12,782,237 12,313,391 Vehicles 701,968 554,217 Furniture and Fixtures 723,912 735,093 Construction in Progress 252,502 - Total 22,219,072 21,353,925 Less: Accumulated Depreciation 18,294,592 17,880,096 NET $ 3,924,480 $ 3,473,829 All of the real property, machinery and equipment are pledged as collateral for the Company’s short-term debt obligations. Depreciation expense for the years ended December 31, 2015 and 2014 was $ 439,719 479,617 |
SHORT-TERM DEBT
SHORT-TERM DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Short-term Debt [Text Block] | SHORT-TERM DEBT 2015 2014 Letters of credit and other short-term debt under a revolving line of credit with a bank. $ 582,839 $ 112,879 TOTAL $ 582,839 $ 112,879 On July 31, 2015, Paradise, Inc. renewed its revolving line of credit with SunTrust Bank through July 31, 2017. This renewal provides for a maximum limit of $ 12 a borrowing limit of 80% of the Company’s eligible receivables plus the lessor of $6,000,000 or 50% of the Company’s eligible inventory from January 1 to May 31 and 60% from June 1 to December 31 of each year. 1,750,000 |
OPERATING LEASES
OPERATING LEASES | 12 Months Ended |
Dec. 31, 2015 | |
Leases, Operating [Abstract] | |
Operating Leases of Lessor Disclosure [Text Block] | NOTE 5: OPERATING LEASES The Company leases certain automobiles and office equipment under operating leases ranging in length from thirty-six to sixty months. Lease payments charged to operations amounted to $ 90,195 85,148 Years Ending Operating December 31, Leases 2016 $ 55,552 2017 32,179 2018 17,360 Total Minimum Lease Payments $ 105,091 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 6: ACCRUED EXPENSES 2015 2014 Accrued Payroll and Bonuses $ 274,064 $ 219,719 Accrued Brokerage Payable 173,580 294,739 Other Accrued Expenses 20,043 15,539 Coupon Reimbursement 60,446 70,795 Accrued Credit Due to Customers 128,410 132,329 Accrued Insurance Payable - 7,931 Income Taxes Payable 187,308 78,406 Total $ 843,851 $ 819,458 |
PROVISION FOR FEDERAL AND STATE
PROVISION FOR FEDERAL AND STATE INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 7: PROVISION FOR FEDERAL AND STATE INCOME TAXES 2015 2014 Current: Federal $ 102,950 $ 276,941 State 55,651 47,407 158,601 324,348 Deferred: Federal 132,743 (36,611) State 14,172 (3,909) 146,915 (40,520) Total Provision for Income Taxes $ 305,516 $ 283,828 2015 2014 Income Taxes Computed at Statutory Rate $ 278,213 $ 262,954 State Income Tax, Net of Federal Income Tax Benefit 29,703 28,074 Other, Net (2,400) (7,200) Provision for Income Taxes $ 305,516 $ 283,828 The Company recognizes deferred tax assets and liabilities for future tax consequences of events that have been previously recognized in the Company’s consolidated financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on provisions of the enacted tax law; the effects of future changes in tax laws or rates are not anticipated. 2015 2014 Deferred Tax Assets resulting from: Inventory Valuation $ 269,204 $ 193,012 Allowance for Sales Returns and Related Provision for Return of Finished Goods 92,294 84,279 Prepaid Expenses (119,664) - Total Deferred Tax Assets 241,834 277,291 Deferred Tax Liabilities resulting from: Tax over Book Depreciation (315,125) (203,667) Net Deferred Tax (Liability) Asset $ (73,291) $ 73,624 The Net Deferred Tax (Liability )Asset is reflected in the Balance Sheet under these captions: Current Deferred Income Tax Asset $ 241,834 $ 277,291 Long-Term Deferred Income Tax Liability (315,125) (203,667) $ (73,291) $ 73,624 The Company follows Accounting Standards Codification Topic 740, “Income Taxes” (“ASC Topic 740”). This standard provides interpretative guidance for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. Significant judgment is required in evaluating our tax positions and determining our provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the determination of the ultimate tax effects is uncertain. We record our tax provision based on current and future income taxes that will be due. In the determination of our provision, we have taken certain tax positions in the consideration of the effects of income and expenses that have been recognized and included in the accompanying consolidated financial statements that may or may not be recognized in the determination of current or future income taxes. We record a liability for these unrecognized tax benefits when we believe that certain positions might be challenged despite our belief that our tax return positions are fully supportable. We review our liability for unrecognized tax benefits quarterly and adjust it in light of changing facts and circumstances, such as the outcome of tax audit. As of December 31, 2015 and 2014, we do not expect that any of the tax positions taken by the Company, if challenged, would result in a significant tax liability. |
BUSINESS SEGMENT DATA
BUSINESS SEGMENT DATA | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 8: BUSINESS SEGMENT DATA The Company’s operations are conducted through two business segments. These segments, and the primary operations of each, are as follows: BUSINESS SEGMENT OPERATION Candied Fruit Production of candied fruit, a basic fruitcake ingredient, sold to manufacturing bakers, institutional users, and retailers for use in home baking. Also, based on market conditions, the processing of frozen strawberry products, for sale to commercial and institutional users such as preservers, dairies, drink manufacturers, etc. Molded Plastics Production of plastics containers and other molded plastics for sale to various food processors and others. YEAR ENDED YEAR ENDED 2015 2014 NET SALES IN EACH SEGMENT Candied Fruit: Sales to Unaffiliated Customers $ 16,202,626 $ 16,581,479 Molded Plastics: Sales to Unaffiliated Customers 7,531,815 8,601,555 Net Sales $ 23,734,441 $ 25,183,034 YEAR ENDED YEAR ENDED 2015 2014 THE OPERATING PROFIT OF EACH SEGMENT IS LISTED BELOW Candied Fruit $ 4,228,325 $ 3,150,602 Molded Plastics 1,360,920 2,138,395 Operating Profit of Segments 5,589,245 5,288,997 General Corporate Expenses, Net (4,707,382) (4,468,045) General Corporate Depreciation and Amortization Expense (83,474) (97,643) Interest Expense - (2,216) Other Income 19,885 52,301 Income Before Provision for Income Taxes $ 818,274 $ 773,394 Operating profit is composed of net sales, less direct costs and overhead costs associated with each segment. The candied fruit segment purchases items from the molded plastics segment at cost. These transactions are then eliminated during consolidation. Due to the high degree of integration between the segments of the Company, it is not practical to allocate general corporate expenses, interest, and other income between the various segments. YEAR ENDED YEAR ENDED 2015 2014 Identifiable Assets of Each Segment are Listed Below: Candied Fruit $ 9,161,755 $ 9,289,619 Molded Plastics 4,874,312 4,719,576 Identifiable Assets 14,036,067 13,922,189 General Corporate Assets 10,546,498 9,499,371 Total Assets $ 24,582,565 $ 23,508,566 Included in Identifiable Assets of the Molded Plastics Segment is goodwill totaling $ 413,280 Identifiable assets by segment are those assets that are principally used in the operations of each segment. General corporate assets are principally cash, land and buildings. YEAR ENDED YEAR ENDED 2015 2014 Depreciation and Amortization Expense of Each Segment are Listed Below: Candied Fruit $ 349,656 $ 370,970 Molded Plastics 146,474 154,959 Segment Depreciation and Amortization Expense 496,130 525,859 General Corporate Depreciation and Amortization Expense 83,474 97,643 Total Depreciation and Amortization Expense $ 579,604 $ 623,502 YEAR ENDED YEAR ENDED 2015 2014 Capital Expenditures of Each Segment are Listed Below: Candied Fruit $ 361,572 $ 59,630 Molded Plastics 387,780 77,390 Segment Capital Expenditures 749,352 137,020 General Corporate Capital Expenditures 141,018 - Total Capital Expenditures $ 890,370 $ 137,020 The Company conducts operations only within the United States. Foreign sales are insignificant; primarily all sales are to domestic companies. |
MAJOR CUSTOMERS
MAJOR CUSTOMERS | 12 Months Ended |
Dec. 31, 2015 | |
Major Customers [Abstract] | |
Major Customers [Text Block] | NOTE 9: MAJOR CUSTOMERS During 2015, the Company derived 14.4 16.4 15.9 19.5 75.9 80.9 14.5 15.5 |
MAJOR VENDORS
MAJOR VENDORS | 12 Months Ended |
Dec. 31, 2015 | |
Major Vendors [Abstract] | |
Major Vendors [Text Block] | NOTE 10: MAJOR VENDORS During 2015 and 2014, the Company purchased 44 28 |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Uninsured Deposits [Text Block] | NOTE 11: CONCENTRATION OF CREDIT RISK Cash is maintained at a major financial institution and, at times, balances may exceed federally insured limits. The Company’s deposits in excess of federally insured limits at December 31, 2015 and 2014 were approximately $ 8,593,000 7,615,000 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 12: SUBSEQUENT EVENT On March 17, 2016 April 15, 2016 |
SIGNIFICANT ACCOUNTING POLICI20
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, after elimination of all material intercompany accounts, transactions and profits. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The aggregated net fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash, receivables, payables, accrued expenses and short-term borrowings. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values or they are receivable or payable on demand. |
Accounts Receivable And Revenue Recognition Policy [Text Block] | Accounts Receivable and Revenue Recognition Management reviews subsequent collections on accounts receivable and writes off all year-end balances that are not deemed collectible by the time the consolidated financial statements are issued. Additionally, management has provided for estimated product returns by applying an allowance against Accounts Receivable for the invoiced price of the returns. A provision to recognize a related estimate of finished goods returns has been added to inventories. Management considers the remaining accounts receivable to be fully collectible; accordingly, no allowance for doubtful accounts has been established as of December 31, 2015 and 2014. If accounts become uncollectible, they will be charged to operations when that determination is made. The Company does not have a policy to charge interest on past due amounts. Accounts Receivable are considered past due based on invoice terms. The Company recognizes revenue upon the shipment or delivery of goods, depending on the agreed upon terms with its customers. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost (first-in, first-out) or market. Cost includes material, labor, factory overhead and depreciation. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are stated at cost. Generally, the straight-line method is used in computing depreciation. Estimated useful lives of property, plant and equipment range from 3 40 Expenditures which significantly increase values or extend useful lives are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Upon sale or retirement of property, plant and equipment, the cost and related accumulated depreciation are eliminated from the respective accounts and the resulting gain or loss is included in the current earnings. |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill totaling $ 413,280 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Identifiable Intangible Assets Customer Base and Non-Compete Agreement The customer base and non-compete agreement represents $ 1,258,000 Other Identifiable Intangible Assets Identifiable intangible assets included in Other Assets consist of debt issuance costs. Gross debt issuance costs, amounted to approximately $ 12,000 36,000 The Company’s identifiable intangible assets are reviewed for potential impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. During the years ended, December 31, 2015 and 2014, the Company determined that its identifiable intangible assets were not impaired. Amortization expense of intangible assets subject to amortization for the years ended December 31, 2015 and 2014 was $ 139,885 143,885 Accumulated amortization as of December 31, 2015 and 2014 totaled $ 1,200,908 1,097,023 Future amortization expense is anticipated to be $ 69,092 |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling Expenses The Company considers freight delivery costs to be selling expenses and has included $ 634,425 668,862 |
Postemployment Benefit Plans, Policy [Policy Text Block] | Employee Benefit Plan The Company has a 401(k) retirement plan for all eligible employees. Eligibility requirements for employees are based on completing 1,000 hours of service by the end of the first twelve months of consecutive employment and being at least 21 years old 29,223 49,231 |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic and diluted earnings per common share are based on the weighted average number of shares outstanding and assumed to be outstanding of 519,600 |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain minor reclassifications have been made to the 2014 consolidated financial statements in order to conform to the classifications used in 2015. |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-09, Revenue from Contracts with Customers, In April 2015, the FASB issued ASU No. 2015-03, Interest Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Costs. In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory Inventory In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes, In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842)(ASU 2016-02). Except as noted above, the Company’s management does not believe that recent codified pronouncements by the Financial Accounting Standards Board (“FASB”) (including its EITF), the AICPA or the Securities and Exchange Commission will have a material impact on the Company’s current or future consolidated financial statements. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 2015 2014 Supplies $ 161,258 $ 168,275 Raw Materials 5,114,439 4,495,924 Work in Progress 785,711 987,614 Finished Goods 2,118,261 1,833,096 Total $ 8,179,669 $ 7,484,909 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consisted of the following: 2015 2014 Land and Improvements $ 656,040 $ 656,040 Buildings and Improvements 7,102,413 7,095,184 Machinery and Equipment 12,782,237 12,313,391 Vehicles 701,968 554,217 Furniture and Fixtures 723,912 735,093 Construction in Progress 252,502 - Total 22,219,072 21,353,925 Less: Accumulated Depreciation 18,294,592 17,880,096 NET $ 3,924,480 $ 3,473,829 |
SHORT-TERM DEBT (Tables)
SHORT-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | 2015 2014 Letters of credit and other short-term debt under a revolving line of credit with a bank. $ 582,839 $ 112,879 TOTAL $ 582,839 $ 112,879 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2015, future minimum payments required under leases with terms greater than one year are as follows: Years Ending Operating December 31, Leases 2016 $ 55,552 2017 32,179 2018 17,360 Total Minimum Lease Payments $ 105,091 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued Expenses consisted of the following: 2015 2014 Accrued Payroll and Bonuses $ 274,064 $ 219,719 Accrued Brokerage Payable 173,580 294,739 Other Accrued Expenses 20,043 15,539 Coupon Reimbursement 60,446 70,795 Accrued Credit Due to Customers 128,410 132,329 Accrued Insurance Payable - 7,931 Income Taxes Payable 187,308 78,406 Total $ 843,851 $ 819,458 |
PROVISION FOR FEDERAL AND STA26
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provisions for income taxes are comprised of the following amounts: 2015 2014 Current: Federal $ 102,950 $ 276,941 State 55,651 47,407 158,601 324,348 Deferred: Federal 132,743 (36,611) State 14,172 (3,909) 146,915 (40,520) Total Provision for Income Taxes $ 305,516 $ 283,828 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation of the differences between the tax provisions attributable to income from continuing operations and the tax provision at the statutory Federal income tax rate follows: 2015 2014 Income Taxes Computed at Statutory Rate $ 278,213 $ 262,954 State Income Tax, Net of Federal Income Tax Benefit 29,703 28,074 Other, Net (2,400) (7,200) Provision for Income Taxes $ 305,516 $ 283,828 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax assets and liabilities at December 31, 2015 and 2014 were: 2015 2014 Deferred Tax Assets resulting from: Inventory Valuation $ 269,204 $ 193,012 Allowance for Sales Returns and Related Provision for Return of Finished Goods 92,294 84,279 Prepaid Expenses (119,664) - Total Deferred Tax Assets 241,834 277,291 Deferred Tax Liabilities resulting from: Tax over Book Depreciation (315,125) (203,667) Net Deferred Tax (Liability) Asset $ (73,291) $ 73,624 The Net Deferred Tax (Liability )Asset is reflected in the Balance Sheet under these captions: Current Deferred Income Tax Asset $ 241,834 $ 277,291 Long-Term Deferred Income Tax Liability (315,125) (203,667) $ (73,291) $ 73,624 |
BUSINESS SEGMENT DATA (Tables)
BUSINESS SEGMENT DATA (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net Sales [Member] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | YEAR ENDED YEAR ENDED 2015 2014 NET SALES IN EACH SEGMENT Candied Fruit: Sales to Unaffiliated Customers $ 16,202,626 $ 16,581,479 Molded Plastics: Sales to Unaffiliated Customers 7,531,815 8,601,555 Net Sales $ 23,734,441 $ 25,183,034 |
Identifiable Assets [Member] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | YEAR ENDED YEAR ENDED 2015 2014 Identifiable Assets of Each Segment are Listed Below: Candied Fruit $ 9,161,755 $ 9,289,619 Molded Plastics 4,874,312 4,719,576 Identifiable Assets 14,036,067 13,922,189 General Corporate Assets 10,546,498 9,499,371 Total Assets $ 24,582,565 $ 23,508,566 |
Operating Profit [Member] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | YEAR ENDED YEAR ENDED 2015 2014 THE OPERATING PROFIT OF EACH SEGMENT IS LISTED BELOW Candied Fruit $ 4,228,325 $ 3,150,602 Molded Plastics 1,360,920 2,138,395 Operating Profit of Segments 5,589,245 5,288,997 General Corporate Expenses, Net (4,707,382) (4,468,045) General Corporate Depreciation and Amortization Expense (83,474) (97,643) Interest Expense - (2,216) Other Income 19,885 52,301 Income Before Provision for Income Taxes $ 818,274 $ 773,394 |
Depreciation And Amortization Expense [Member] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | YEAR ENDED YEAR ENDED 2015 2014 Depreciation and Amortization Expense of Each Segment are Listed Below: Candied Fruit $ 349,656 $ 370,970 Molded Plastics 146,474 154,959 Segment Depreciation and Amortization Expense 496,130 525,859 General Corporate Depreciation and Amortization Expense 83,474 97,643 Total Depreciation and Amortization Expense $ 579,604 $ 623,502 |
Capital Expenditures [Member] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | YEAR ENDED YEAR ENDED 2015 2014 Capital Expenditures of Each Segment are Listed Below: Candied Fruit $ 361,572 $ 59,630 Molded Plastics 387,780 77,390 Segment Capital Expenditures 749,352 137,020 General Corporate Capital Expenditures 141,018 - Total Capital Expenditures $ 890,370 $ 137,020 |
SIGNIFICANT ACCOUNTING POLICI28
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2006 | |
Goodwill | $ 413,280 | $ 413,280 | |
Debt Issuance Cost | 12,000 | 36,000 | |
Amortization of Intangible Assets | 139,885 | 143,885 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 1,200,908 | 1,097,023 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 69,092 | ||
Freight Costs | 634,425 | 668,862 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 29,223 | $ 49,231 | |
Weighted Average Number of Shares Outstanding, Basic | 519,600 | 519,600 | |
Employee Benefit Plan Eligibility Requirements | Eligibility requirements for employees are based on completing 1,000 hours of service by the end of the first twelve months of consecutive employment and being at least 21 years old | ||
Customer Base and Non Compete Agreement [Member] | |||
Finite-lived Intangible Assets, Fair Value Disclosure | $ 1,258,000 | ||
Minimum [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Estimated Useful Lives | 40 years |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Supplies | $ 161,258 | $ 168,275 |
Raw Materials | 5,114,439 | 4,495,924 |
Work in Progress | 785,711 | 987,614 |
Finished Goods | 2,118,261 | 1,833,096 |
Total | $ 8,179,669 | $ 7,484,909 |
INVENTORIES (Details Textual)
INVENTORIES (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Estimated Returns In Finished Goods Inventory | $ 821,048 | $ 688,821 |
PROPERTY, PLANT AND EQUIPMENT31
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Land and Improvements | $ 656,040 | $ 656,040 |
Buildings and Improvements | 7,102,413 | 7,095,184 |
Machinery and Equipment | 12,782,237 | 12,313,391 |
Vehicles | 701,968 | 554,217 |
Furniture and Fixtures | 723,912 | 735,093 |
Construction in Progress | 252,502 | 0 |
Total | 22,219,072 | 21,353,925 |
Less: Accumulated Depreciation | 18,294,592 | 17,880,096 |
NET | $ 3,924,480 | $ 3,473,829 |
PROPERTY, PLANT AND EQUIPMENT32
PROPERTY, PLANT AND EQUIPMENT (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation | $ 439,719 | $ 479,617 |
SHORT-TERM DEBT (Details)
SHORT-TERM DEBT (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Short-term Debt [Line Items] | ||
Short-term Debt, Total | $ 582,839 | $ 112,879 |
Revolving Credit Facility [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt, Total | $ 582,839 | $ 112,879 |
SHORT-TERM DEBT (Details Textua
SHORT-TERM DEBT (Details Textual) - Revolving Credit Facility [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Jul. 31, 2015 | |
Debt Instrument, Interest Rate Terms | LIBOR plus 1.75% | |
Debt Instrument, Interest Rate, Effective Percentage | 2.00% | |
Revolving Loan Agreement Borrowing Limit Description | a borrowing limit of 80% of the Companys eligible receivables plus the lessor of $6,000,000 or 50% of the Companys eligible inventory from January 1 to May 31 and 60% from June 1 to December 31 of each year. | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,000,000 | |
Line of Credit Facility, Current Borrowing Capacity | $ 1,750,000 |
OPERATING LEASES (Details)
OPERATING LEASES (Details) | Dec. 31, 2015USD ($) |
2,016 | $ 55,552 |
2,017 | 32,179 |
2,018 | 17,360 |
Total Minimum Lease Payments | $ 105,091 |
OPERATING LEASES (Details Textu
OPERATING LEASES (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Rent Expense | $ 90,195 | $ 85,148 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Accrued Expenses [Line Items] | ||
Accrued Payroll and Bonuses | $ 274,064 | $ 219,719 |
Accrued Brokerage Payable | 173,580 | 294,739 |
Other Accrued Expenses | 20,043 | 15,539 |
Coupon Reimbursement | 60,446 | 70,795 |
Accrued Credit Due to Customers | 128,410 | 132,329 |
Accrued Insurance Payable | 0 | 7,931 |
Income Taxes Payable | 187,308 | 78,406 |
Total | $ 843,851 | $ 819,458 |
PROVISION FOR FEDERAL AND STA38
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | ||
Federal | $ 102,950 | $ 276,941 |
State | 55,651 | 47,407 |
Current Income Tax Expense (Benefit) | 158,601 | 324,348 |
Deferred: | ||
Federal | 132,743 | (36,611) |
State | 14,172 | (3,909) |
Deferred Income Tax Expense (Benefit) | 146,915 | (40,520) |
Total Provision for Income Taxes | $ 305,516 | $ 283,828 |
PROVISION FOR FEDERAL AND STA39
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes Computed at Statutory Rate | $ 278,213 | $ 262,954 |
State Income Tax, Net of Federal Income Tax Benefit | 29,703 | 28,074 |
Other, Net | (2,400) | (7,200) |
Total Provision for Income Taxes | $ 305,516 | $ 283,828 |
PROVISION FOR FEDERAL AND STA40
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Details 2) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets resulting from: | ||
Inventory Valuation | $ 269,204 | $ 193,012 |
Allowance for Sales Returns and Related Provision for Return of Finished Goods | 92,294 | 84,279 |
Prepaid Expenses | (119,664) | 0 |
Total Deferred Tax Assets | 241,834 | 277,291 |
Deferred Tax Liabilities resulting from: | ||
Tax over Book Depreciation | (315,125) | (203,667) |
Net Deferred Tax (Liability) Asset | (73,291) | 73,624 |
The Net Deferred Tax (Liability )Asset is reflected in the Balance Sheet under these captions: | ||
Current Deferred Income Tax Asset | 241,834 | 277,291 |
Long-Term Deferred Income Tax Liability | (315,125) | (203,667) |
Deferred Tax Assets, Net, Total | $ (73,291) | $ 73,624 |
BUSINESS SEGMENT DATA (Details)
BUSINESS SEGMENT DATA (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combination Segment Allocation [Line Items] | ||
Sales to Unaffiliated Customers | $ 23,734,441 | $ 25,183,034 |
Candied Fruit [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Sales to Unaffiliated Customers | 16,202,626 | 16,581,479 |
Molded Plastics [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Sales to Unaffiliated Customers | $ 7,531,815 | $ 8,601,555 |
BUSINESS SEGMENT DATA (Details
BUSINESS SEGMENT DATA (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combination Segment Allocation [Line Items] | ||
Operating Profit of Segments | $ 5,589,245 | $ 5,288,997 |
General Corporate Expenses, Net | (4,707,382) | (4,468,045) |
General Corporate Depreciation and Amortization Expense | (83,474) | (97,643) |
Interest Expense | 0 | (2,216) |
Other Income | 19,885 | 52,301 |
Income Before Provision for Income Taxes | 818,274 | 773,394 |
Candied Fruit [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Operating Profit of Segments | 4,228,325 | 3,150,602 |
Molded Plastics [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Operating Profit of Segments | $ 1,360,920 | $ 2,138,395 |
BUSINESS SEGMENT DATA (Detail43
BUSINESS SEGMENT DATA (Details 2) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Business Combination Segment Allocation [Line Items] | ||
Total Assets | $ 24,582,565 | $ 23,508,566 |
Candied Fruit [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Total Assets | 9,161,755 | 9,289,619 |
Molded Plastics [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Total Assets | 4,874,312 | 4,719,576 |
Identifiable Assets [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Total Assets | 14,036,067 | 13,922,189 |
General Corporate Assets [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Total Assets | $ 10,546,498 | $ 9,499,371 |
BUSINESS SEGMENT DATA (Detail44
BUSINESS SEGMENT DATA (Details 3) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation and Amortization Expense of Each Segment are Listed Below: | ||
Segment Depreciation and Amortization Expense | $ 496,130 | $ 525,859 |
General Corporate Depreciation and Amortization Expense | 83,474 | 97,643 |
Total Depreciation and Amortization Expense | 579,604 | 623,502 |
Candied Fruit [Member] | ||
Depreciation and Amortization Expense of Each Segment are Listed Below: | ||
Segment Depreciation and Amortization Expense | 349,656 | 370,970 |
Molded Plastics [Member] | ||
Depreciation and Amortization Expense of Each Segment are Listed Below: | ||
Segment Depreciation and Amortization Expense | $ 146,474 | $ 154,959 |
BUSINESS SEGMENT DATA (Detail45
BUSINESS SEGMENT DATA (Details 4) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Expenditures of Each Segment are Listed Below: | ||
Segment Capital Expenditures | $ 749,352 | $ 137,020 |
General Corporate Capital Expenditures | 141,018 | 0 |
Total Capital Expenditures | 890,370 | 137,020 |
Candied Fruit [Member] | ||
Capital Expenditures of Each Segment are Listed Below: | ||
Segment Capital Expenditures | 361,572 | 59,630 |
Molded Plastics [Member] | ||
Capital Expenditures of Each Segment are Listed Below: | ||
Segment Capital Expenditures | $ 387,780 | $ 77,390 |
BUSINESS SEGMENT DATA (Detail46
BUSINESS SEGMENT DATA (Details Textual) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Business Combination Segment Allocation [Line Items] | ||
Goodwill | $ 413,280 | $ 413,280 |
MAJOR CUSTOMERS (Details Textua
MAJOR CUSTOMERS (Details Textual) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
WalMart Stores [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 14.40% | 15.90% |
Entity Wide Accounts Receivable Major Customer Percentage | 75.90% | 80.90% |
Aqua Cal [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 16.40% | 19.50% |
Entity Wide Accounts Receivable Major Customer Percentage | 14.50% | 15.50% |
MAJOR VENDORS (Details Textual)
MAJOR VENDORS (Details Textual) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Major Vendor [Line Items] | ||
Purchase Of Inventory Percentage | 44.00% | 28.00% |
CONCENTRATION OF CREDIT RISK (D
CONCENTRATION OF CREDIT RISK (Details Textual) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Ceded Credit Risk [Line Items] | ||
Cash, Uninsured Amount | $ 8,593,000 | $ 7,615,000 |
SUBSEQUENT EVENT (Details Textu
SUBSEQUENT EVENT (Details Textual) - Subsequent Event [Member] | 1 Months Ended |
Mar. 17, 2016$ / shares | |
Dividends Payable, Date Declared | Mar. 17, 2016 |
Dividends Payable, Amount Per Share | $ 0.15 |
Dividends Payable, Date of Record | Apr. 15, 2016 |