Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Apr. 02, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | $ 9,718,221 | ||
Trading Symbol | PARF | ||
Entity Common Stock, Shares Outstanding | 519,600 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash | $ 8,668,012 | $ 9,240,638 |
Accounts Receivable, Net of Allowance for Doubtful Accounts of $ -0- and Allowance for Returns of $1,138,431 (2017) and $1,215,153 (2016) | 2,298,796 | 2,108,608 |
Inventories, Net | 9,207,279 | 8,305,033 |
Income Tax Receivable | 92,850 | 0 |
Prepaid Expenses and Other Current Assets | 224,384 | 296,851 |
Total Current Assets | 20,491,321 | 19,951,130 |
PROPERTY, PLANT AND EQUIPMENT, Net | 4,271,727 | 4,162,636 |
GOODWILL | 413,280 | 413,280 |
OTHER ASSETS | 345,415 | 393,994 |
TOTAL ASSETS | 25,521,743 | 24,921,040 |
CURRENT LIABILITIES: | ||
Short-Term Debt | 541,572 | 42,938 |
Accounts Payable | 638,896 | 808,696 |
Accrued Expenses | 489,783 | 689,177 |
Total Current Liabilities | 1,670,251 | 1,540,811 |
DEFERRED INCOME TAXES | 111,983 | 126,482 |
Total Liabilities | 1,782,234 | 1,667,293 |
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 | 22,549,007 | 22,063,245 |
Stockholders' Equity before Treasury Stock | 24,012,728 | 23,526,966 |
Treasury Stock, at Cost, 63,494 Shares | 273,219 | 273,219 |
Total Stockholders’ Equity | 23,739,509 | 23,253,747 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 25,521,743 | $ 24,921,040 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for Doubtful Accounts (in dollars) | $ 0 | $ 0 |
Allowance For Returns | $ 1,138,431 | $ 1,215,153 |
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, 2017 | Dec. 31, 2016 | |
NET SALES | $ 21,964,403 | $ 23,230,386 |
COSTS AND EXPENSES: | ||
Cost of Goods Sold | 17,122,293 | 17,122,466 |
Selling, General and Administrative Expenses | 3,940,064 | 4,275,683 |
Amortization Expense | 6,000 | 68,203 |
Total Costs and Expenses | 21,068,357 | 21,466,352 |
INCOME FROM OPERATIONS | 896,046 | 1,764,034 |
OTHER INCOME - NET | 8,493 | 4,334 |
INCOME BEFORE PROVISION FOR INCOME TAXES | 904,539 | 1,768,368 |
PROVISION FOR INCOME TAXES | 288,877 | 661,503 |
NET INCOME | $ 615,662 | $ 1,106,865 |
EARNINGS PER SHARE: | ||
Basic (in dollars per share) | $ 1.19 | $ 2.13 |
Diluted (in dollars per share) | $ 1.19 | $ 2.13 |
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, 2015 | $ 22,224,822 | $ 174,928 | $ 1,288,793 | $ 21,034,320 | $ (273,219) |
Cash Dividends | (77,940) | (77,940) | |||
Net Income | 1,106,865 | 1,106,865 | |||
Balance at Dec. 31, 2016 | 23,253,747 | 174,928 | 1,288,793 | 22,063,245 | (273,219) |
Cash Dividends | (129,900) | (129,900) | |||
Net Income | 615,662 | 615,662 | |||
Balance at Dec. 31, 2017 | $ 23,739,509 | $ 174,928 | $ 1,288,793 | $ 22,549,007 | $ (273,219) |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Stockholders' Equity [Parenthetical] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Dividend Declared (in dollars per share) | $ 0.25 | $ 0.15 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 615,662 | $ 1,106,865 |
Adjustments to Reconcile Net Income to Net Cash (used in) provided by Operating Activities: | ||
Provision for Sales Returns | (76,722) | 148,839 |
Provision for Estimated Inventory Returns | (66,099) | (99,609) |
Provision for Deferred Income Taxes | (14,499) | 53,191 |
Depreciation and Amortization | 415,381 | 460,673 |
Decrease (Increase) in: | ||
Accounts Receivable | (113,466) | (75,141) |
Inventories | (836,147) | (25,755) |
Prepaid Expenses and Other Current Assets | 72,467 | 20,115 |
Income Tax Receivable | (92,850) | 77,574 |
Other Assets | 7,704 | (16,354) |
Increase (Decrease) in: | ||
Accounts Payable | (169,800) | 192,768 |
Accrued Expenses | (199,394) | (154,674) |
Net Cash (used in) provided by Operating Activities | (457,763) | 1,688,492 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Property, Plant and Equipment | (544,472) | (630,626) |
Proceeds from Sale of Equipment | 26,000 | |
Change in Cash Surrender Value of Life Insurance | 40,875 | 8,675 |
Net Cash used in Investing Activities | (477,597) | (621,951) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Line of Credit Origination Costs | (36,000) | 0 |
Proceeds from Short-Term Debt | 1,624,351 | 323,626 |
Dividends Paid | (129,900) | (77,940) |
Payments on Short-Term Debt | (1,095,717) | (863,527) |
Net Cash provided by (used in) Financing Activities | 362,734 | (617,841) |
NET CHANGE IN CASH | (572,626) | 448,700 |
CASH, at Beginning of Year | 9,240,638 | 8,791,938 |
CASH, at End of Year | 8,668,012 | 9,240,638 |
Cash Paid During the Year for: | ||
Income Taxes | $ 396,225 | $ 718,046 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
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 operation 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, 2017 and 2016. 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 net realizable value. 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 The Company’s long-lived assets other than goodwill are reviewed for potential impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. During the years ended December 31, 2017 and 2016, the Company determined that its long-lived assets were not impaired. The Company considers freight delivery costs to be selling expenses and has included $ 590,107 611,322 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. Employee contributions are voluntary and subject to Internal Revenue Service limitations. The Company provides a matching contribution subject to annual review of the Company’s financial performance. For the years ended December 31, 2017 and 2016, the Company incurred $ 26,630 21,691 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 2016 consolidated financial statements in order to conform to the classifications used in 2017. In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers, In April 2015, the FASB issued Accounting Standards Update No. 2015-03, 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). The Company continues to make progress in their due diligence and assessment of the impact of the new standard across its operations and the consolidated financial statements, which will consist primarily of recording right of use assets and corresponding lease liabilities on the balance sheet for operating leases. 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, 2017 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 2: INVENTORIES 2017 2016 Supplies $ 194,346 $ 165,446 Raw Materials 5,855,658 5,254,103 Work in Progress 1,077,716 1,026,657 Finished Goods 2,079,559 1,858,827 Total $ 9,207,279 $ 8,305,033 Included in Finished Goods inventory are estimated returns related to the Provision for Sales Returns totaling $ 854,558 920,657 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, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 3: PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: 2017 2016 Land and Improvements $ 656,040 $ 656,040 Buildings and Improvements 7,944,723 7,611,446 Machinery and Equipment 13,289,669 13,075,187 Vehicles 705,189 749,274 Furniture and Fixtures 721,511 721,511 Total 23,317,132 22,813,458 Less: Accumulated Depreciation 19,045,405 18,650,822 Net $ 4,271,727 $ 4,162,636 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, 2017 and 2016 was $ 409,381 392,470 |
SHORT-TERM DEBT
SHORT-TERM DEBT | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Short-term Debt [Text Block] | NOTE 4: SHORT-TERM DEBT 2017 2016 Letters of credit and other short-term debt under a revolving line of credit with a bank. $ 541,572 $ 42,938 TOTAL $ 541,572 $ 42,938 On July 31, 2017, Paradise, Inc. renewed its revolving line of credit with SunTrust Bank through July 31, 2019. 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 LIBOR plus 1.75 Amortization expense of loan origination costs for the years ended December 31, 2017 and 2016 was $ 6,000 8,000 |
OPERATING LEASES
OPERATING LEASES | 12 Months Ended |
Dec. 31, 2017 | |
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 $ 79,457 84,330 Years Ending Operating December 31, Leases 2018 $ 43,285 2019 23,372 2020 6,966 Total Minimum Lease Payments $ 73,623 |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 6: ACCRUED EXPENSES Accrued Expenses consisted of the following: 2017 2016 Accrued Payroll and Bonuses $ 196,558 $ 231,245 Accrued Brokerage Payable 181,900 230,432 Coupon Reimbursement 41,325 60,000 Accrued Credits Due to Customers 70,000 167,500 Total $ 489,783 $ 689,177 |
PROVISION FOR FEDERAL AND STATE
PROVISION FOR FEDERAL AND STATE INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 7: PROVISION FOR FEDERAL AND STATE INCOME TAXES 2017 2016 Current Federal Taxes $ 268,609 $ 522,999 Current State Taxes 34,767 85,313 Current Provision 303,376 608,312 Deferred Federal Taxes (13,100) 48,060 Deferred State Taxes (1,399) 5,131 Deferred Provision (14,499) 53,191 Total Provision $ 288,877 $ 661,503 2017 2016 Statutory tax $ 307,543 $ 601,245 State income tax, net of federal tax 32,835 64,192 Nondeductible expenses (4,463) (23,774) Change in deferred taxes due to enacted changes in tax law (47,033) - Other (5) 19,840 $ 288,877 $ 661,503 2017 2016 Current deferred tax assets (liabilities): Allowance for Sales Returns and Related Provision for Return of Finished Goods $ 75,226 $ 110,819 Inventory Valuation 184,580 244,468 Prepaid Expenses (98,653) (112,188) Total deferred tax assets - current $ 161,153 $ 243,099 Non current deferred tax assets (liabilities): Tax over Book Depreciation and Amortization $ (273,136) $ (369,581) Total deferred tax liabilities - noncurrent $ (273,136) $ (369,581) Net deferred tax liability $ (111,983) $ (126,482) 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. On December 22, 2017, federal legislation was enacted which reduced the corporate tax rate from 35 21 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, 2017 and 2016, 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, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 8: BUSINESS SEGMENT DATA 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 2017 2016 NET SALES IN EACH SEGMENT Candied Fruit: Sales to Unaffiliated Customers $ 17,012,007 $ 15,957,022 Molded Plastics: Sales to Unaffiliated Customers 4,952,396 7,273,364 Net Sales $ 21,964,403 $ 23,230,386 YEAR ENDED YEAR ENDED 2017 2016 THE OPERATING PROFIT OF EACH SEGMENT IS LISTED BELOW Candied Fruit $ 4,594,138 $ 4,763,316 Molded Plastics 247,972 1,276,401 Operating Profit of Segments 4,842,110 6,039,717 General Corporate Expenses, Net (3,905,263) (4,234,000) General Corporate Depreciation and Amortization Expense (40,801) (41,683) Other Income 8,493 4,334 Income Before Provision for Income Taxes $ 904,539 $ 1,768,368 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 2017 2016 Identifiable Assets of Each Segment are Listed Below: Candied Fruit $ 11,185,329 $ 9,946,683 Molded Plastics 4,231,006 4,211,696 Identifiable Assets 15,416,335 14,158,379 General Corporate Assets 10,105,408 10,762,661 Total Assets $ 25,521,743 $ 24,921,040 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 2017 2016 Depreciation and Amortization Expense of Each Segment are Listed Below: Candied Fruit $ 216,607 $ 268,124 Molded Plastics 157,973 150,866 Segment Depreciation and Amortization Expense 374,580 418,990 General Corporate Depreciation and Amortization Expense 40,801 41,683 Total Depreciation and Amortization Expense $ 415,381 $ 460,673 YEAR ENDED YEAR ENDED 2017 2016 Capital Expenditures of Each Segment are Listed Below: Candied Fruit $ 492,425 $ 270,117 Molded Plastics 41,757 278,970 Segment Capital Expenditures 534,182 549,087 General Corporate Capital Expenditures 10,290 81,539 Total Capital Expenditures $ 544,472 $ 630,626 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, 2017 | |
Major Customers [Abstract] | |
Major Customers [Text Block] | NOTE 9: MAJOR CUSTOMERS During 2017, the Company derived 17 10 13 18 63 56 9 13 |
MAJOR VENDORS
MAJOR VENDORS | 12 Months Ended |
Dec. 31, 2017 | |
Major Vendors [Abstract] | |
Major Vendors [Text Block] | NOTE 10: MAJOR VENDORS During 2017 and 2016, the Company purchased 35 48 10 38 |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 were approximately $ 8,188,000 8,794,000 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 12: SUBSEQUENT EVENT On April 2, 2018 0.15 April 13, 2018 |
SIGNIFICANT ACCOUNTING POLICI20
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016. 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 net realizable value. 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] | Long-lived Assets The Company’s long-lived assets other than goodwill are reviewed for potential impairment whenever events or circumstances indicate that the carrying amounts may not be recoverable. During the years ended December 31, 2017 and 2016, the Company determined that its long-lived assets were not impaired. |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling Expenses The Company considers freight delivery costs to be selling expenses and has included $ 590,107 611,322 |
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. Employee contributions are voluntary and subject to Internal Revenue Service limitations. The Company provides a matching contribution subject to annual review of the Company’s financial performance. For the years ended December 31, 2017 and 2016, the Company incurred $ 26,630 21,691 |
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 2016 consolidated financial statements in order to conform to the classifications used in 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | Impact of Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers, In April 2015, the FASB issued Accounting Standards Update No. 2015-03, 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). The Company continues to make progress in their due diligence and assessment of the impact of the new standard across its operations and the consolidated financial statements, which will consist primarily of recording right of use assets and corresponding lease liabilities on the balance sheet for operating leases. 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, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | 2017 2016 Supplies $ 194,346 $ 165,446 Raw Materials 5,855,658 5,254,103 Work in Progress 1,077,716 1,026,657 Finished Goods 2,079,559 1,858,827 Total $ 9,207,279 $ 8,305,033 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment consisted of the following: 2017 2016 Land and Improvements $ 656,040 $ 656,040 Buildings and Improvements 7,944,723 7,611,446 Machinery and Equipment 13,289,669 13,075,187 Vehicles 705,189 749,274 Furniture and Fixtures 721,511 721,511 Total 23,317,132 22,813,458 Less: Accumulated Depreciation 19,045,405 18,650,822 Net $ 4,271,727 $ 4,162,636 |
SHORT-TERM DEBT (Tables)
SHORT-TERM DEBT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt [Table Text Block] | 2017 2016 Letters of credit and other short-term debt under a revolving line of credit with a bank. $ 541,572 $ 42,938 TOTAL $ 541,572 $ 42,938 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | At December 31, 2017, future minimum payments required under leases with terms greater than one year are as follows: Years Ending Operating December 31, Leases 2018 $ 43,285 2019 23,372 2020 6,966 Total Minimum Lease Payments $ 73,623 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued Expenses consisted of the following: 2017 2016 Accrued Payroll and Bonuses $ 196,558 $ 231,245 Accrued Brokerage Payable 181,900 230,432 Coupon Reimbursement 41,325 60,000 Accrued Credits Due to Customers 70,000 167,500 Total $ 489,783 $ 689,177 |
PROVISION FOR FEDERAL AND STA26
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The Company’s provision for income taxes was as follows: 2017 2016 Current Federal Taxes $ 268,609 $ 522,999 Current State Taxes 34,767 85,313 Current Provision 303,376 608,312 Deferred Federal Taxes (13,100) 48,060 Deferred State Taxes (1,399) 5,131 Deferred Provision (14,499) 53,191 Total Provision $ 288,877 $ 661,503 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The income tax provision differs from the amount of tax determined by applying the Federal statutory rate as follows: 2017 2016 Statutory tax $ 307,543 $ 601,245 State income tax, net of federal tax 32,835 64,192 Nondeductible expenses (4,463) (23,774) Change in deferred taxes due to enacted changes in tax law (47,033) - Other (5) 19,840 $ 288,877 $ 661,503 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Net deferred tax assets and liabilities were comprised of the following: 2017 2016 Current deferred tax assets (liabilities): Allowance for Sales Returns and Related Provision for Return of Finished Goods $ 75,226 $ 110,819 Inventory Valuation 184,580 244,468 Prepaid Expenses (98,653) (112,188) Total deferred tax assets - current $ 161,153 $ 243,099 Non current deferred tax assets (liabilities): Tax over Book Depreciation and Amortization $ (273,136) $ (369,581) Total deferred tax liabilities - noncurrent $ (273,136) $ (369,581) Net deferred tax liability $ (111,983) $ (126,482) |
BUSINESS SEGMENT DATA (Tables)
BUSINESS SEGMENT DATA (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Net Sales [Member] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 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 2017 2016 NET SALES IN EACH SEGMENT Candied Fruit: Sales to Unaffiliated Customers $ 17,012,007 $ 15,957,022 Molded Plastics: Sales to Unaffiliated Customers 4,952,396 7,273,364 Net Sales $ 21,964,403 $ 23,230,386 |
Operating Profit [Member] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | YEAR ENDED YEAR ENDED 2017 2016 THE OPERATING PROFIT OF EACH SEGMENT IS LISTED BELOW Candied Fruit $ 4,594,138 $ 4,763,316 Molded Plastics 247,972 1,276,401 Operating Profit of Segments 4,842,110 6,039,717 General Corporate Expenses, Net (3,905,263) (4,234,000) General Corporate Depreciation and Amortization Expense (40,801) (41,683) Other Income 8,493 4,334 Income Before Provision for Income Taxes $ 904,539 $ 1,768,368 |
Identifiable Assets [Member] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | YEAR ENDED YEAR ENDED 2017 2016 Identifiable Assets of Each Segment are Listed Below: Candied Fruit $ 11,185,329 $ 9,946,683 Molded Plastics 4,231,006 4,211,696 Identifiable Assets 15,416,335 14,158,379 General Corporate Assets 10,105,408 10,762,661 Total Assets $ 25,521,743 $ 24,921,040 |
Depreciation And Amortization Expense [Member] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | YEAR ENDED YEAR ENDED 2017 2016 Depreciation and Amortization Expense of Each Segment are Listed Below: Candied Fruit $ 216,607 $ 268,124 Molded Plastics 157,973 150,866 Segment Depreciation and Amortization Expense 374,580 418,990 General Corporate Depreciation and Amortization Expense 40,801 41,683 Total Depreciation and Amortization Expense $ 415,381 $ 460,673 |
Capital Expenditures [Member] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | YEAR ENDED YEAR ENDED 2017 2016 Capital Expenditures of Each Segment are Listed Below: Candied Fruit $ 492,425 $ 270,117 Molded Plastics 41,757 278,970 Segment Capital Expenditures 534,182 549,087 General Corporate Capital Expenditures 10,290 81,539 Total Capital Expenditures $ 544,472 $ 630,626 |
SIGNIFICANT ACCOUNTING POLICI28
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill | $ 413,280 | $ 413,280 |
Freight Costs | 590,107 | 611,322 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 26,630 | $ 21,691 |
Weighted Average Number of Shares Outstanding, Basic | 519,600 | 519,600 |
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, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
Supplies | $ 194,346 | $ 165,446 |
Raw Materials | 5,855,658 | 5,254,103 |
Work in Progress | 1,077,716 | 1,026,657 |
Finished Goods | 2,079,559 | 1,858,827 |
Total | $ 9,207,279 | $ 8,305,033 |
INVENTORIES (Details Textual)
INVENTORIES (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Estimated Returns In Finished Goods Inventory | $ 854,558 | $ 920,657 |
PROPERTY, PLANT AND EQUIPMENT31
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Land and Improvements | $ 656,040 | $ 656,040 |
Buildings and Improvements | 7,944,723 | 7,611,446 |
Machinery and Equipment | 13,289,669 | 13,075,187 |
Vehicles | 705,189 | 749,274 |
Furniture and Fixtures | 721,511 | 721,511 |
Total | 23,317,132 | 22,813,458 |
Less: Accumulated Depreciation | 19,045,405 | 18,650,822 |
Net | $ 4,271,727 | $ 4,162,636 |
PROPERTY, PLANT AND EQUIPMENT32
PROPERTY, PLANT AND EQUIPMENT (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation | $ 409,381 | $ 392,470 |
SHORT-TERM DEBT (Details)
SHORT-TERM DEBT (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Short-term Debt [Line Items] | ||
Short-term Debt, Total | $ 541,572 | $ 42,938 |
Revolving Credit Facility [Member] | ||
Short-term Debt [Line Items] | ||
Short-term Debt, Total | $ 541,572 | $ 42,938 |
SHORT-TERM DEBT (Details Textua
SHORT-TERM DEBT (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2017 | |
Debt Instrument, Interest Rate Terms | LIBOR plus 1.75% | ||
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. | ||
Amortization of Debt Issuance Costs | $ 6,000 | $ 8,000 | |
Revolving Credit Facility [Member] | |||
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, 2017USD ($) |
2,018 | $ 43,285 |
2,019 | 23,372 |
2,020 | 6,966 |
Total Minimum Lease Payments | $ 73,623 |
OPERATING LEASES (Details Textu
OPERATING LEASES (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leases, Rent Expense | $ 79,457 | $ 84,330 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule Of Accrued Expenses [Line Items] | ||
Accrued Payroll and Bonuses | $ 196,558 | $ 231,245 |
Accrued Brokerage Payable | 181,900 | 230,432 |
Coupon Reimbursement | 41,325 | 60,000 |
Accrued Credits Due to Customers | 70,000 | 167,500 |
Total | $ 489,783 | $ 689,177 |
PROVISION FOR FEDERAL AND STA38
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | ||
Federal Taxes | $ 268,609 | $ 522,999 |
State Taxes | 34,767 | 85,313 |
Current Provision | 303,376 | 608,312 |
Deferred: | ||
Federal Taxes | (13,100) | 48,060 |
State Taxes | (1,399) | 5,131 |
Deferred Provision | (14,499) | 53,191 |
Total Provision | $ 288,877 | $ 661,503 |
PROVISION FOR FEDERAL AND STA39
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statutory tax | $ 307,543 | $ 601,245 |
State income tax, net of federal tax | 32,835 | 64,192 |
Nondeductible expenses | (4,463) | (23,774) |
Change in deferred taxes due to enacted changes in tax law | (47,033) | 0 |
Other | (5) | 19,840 |
Total Provision | $ 288,877 | $ 661,503 |
PROVISION FOR FEDERAL AND STA40
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Details 2) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current deferred tax assets (liabilities): | ||
Allowance for Sales Returns and Related Provision for Return of Finished Goods | $ 75,226 | $ 110,819 |
Inventory Valuation | 184,580 | 244,468 |
Prepaid Expenses | (98,653) | (112,188) |
Total deferred tax assets - current | 161,153 | 243,099 |
Non current deferred tax assets (liabilities): | ||
Tax over Book Depreciation and Amortization | (273,136) | (369,581) |
Total deferred tax liabilities - noncurrent | (273,136) | (369,581) |
The Net Deferred Tax (Liability )Asset is reflected in the Balance Sheet under these captions: | ||
Net deferred tax liability | $ (111,983) | $ (126,482) |
PROVISION FOR FEDERAL AND STA41
PROVISION FOR FEDERAL AND STATE INCOME TAXES (Details Textual) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |
Scenario, Plan [Member] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
BUSINESS SEGMENT DATA (Details)
BUSINESS SEGMENT DATA (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combination Segment Allocation [Line Items] | ||
Sales to Unaffiliated Customers | $ 21,964,403 | $ 23,230,386 |
Candied Fruit [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Sales to Unaffiliated Customers | 17,012,007 | 15,957,022 |
Molded Plastics [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Sales to Unaffiliated Customers | $ 4,952,396 | $ 7,273,364 |
BUSINESS SEGMENT DATA (Details
BUSINESS SEGMENT DATA (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combination Segment Allocation [Line Items] | ||
Operating Profit of Segments | $ 4,842,110 | $ 6,039,717 |
General Corporate Expenses, Net | (3,905,263) | (4,234,000) |
General Corporate Depreciation and Amortization Expense | (40,801) | (41,683) |
Other Income | 8,493 | 4,334 |
Income Before Provision for Income Taxes | 904,539 | 1,768,368 |
Candied Fruit [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Operating Profit of Segments | 4,594,138 | 4,763,316 |
Molded Plastics [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Operating Profit of Segments | $ 247,972 | $ 1,276,401 |
BUSINESS SEGMENT DATA (Detail44
BUSINESS SEGMENT DATA (Details 2) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Business Combination Segment Allocation [Line Items] | ||
Total Assets | $ 25,521,743 | $ 24,921,040 |
Candied Fruit [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Total Assets | 11,185,329 | 9,946,683 |
Molded Plastics [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Total Assets | 4,231,006 | 4,211,696 |
Identifiable Assets [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Total Assets | 15,416,335 | 14,158,379 |
General Corporate Assets [Member] | ||
Business Combination Segment Allocation [Line Items] | ||
Total Assets | $ 10,105,408 | $ 10,762,661 |
BUSINESS SEGMENT DATA (Detail45
BUSINESS SEGMENT DATA (Details 3) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Depreciation and Amortization Expense of Each Segment are Listed Below: | ||
Segment Depreciation and Amortization Expense | $ 374,580 | $ 418,990 |
General Corporate Depreciation and Amortization Expense | 40,801 | 41,683 |
Total Depreciation and Amortization Expense | 415,381 | 460,673 |
Candied Fruit [Member] | ||
Depreciation and Amortization Expense of Each Segment are Listed Below: | ||
Segment Depreciation and Amortization Expense | 216,607 | 268,124 |
Molded Plastics [Member] | ||
Depreciation and Amortization Expense of Each Segment are Listed Below: | ||
Segment Depreciation and Amortization Expense | $ 157,973 | $ 150,866 |
BUSINESS SEGMENT DATA (Detail46
BUSINESS SEGMENT DATA (Details 4) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Capital Expenditures of Each Segment are Listed Below: | ||
Segment Capital Expenditures | $ 534,182 | $ 549,087 |
General Corporate Capital Expenditures | 10,290 | 81,539 |
Total Capital Expenditures | 544,472 | 630,626 |
Candied Fruit [Member] | ||
Capital Expenditures of Each Segment are Listed Below: | ||
Segment Capital Expenditures | 492,425 | 270,117 |
Molded Plastics [Member] | ||
Capital Expenditures of Each Segment are Listed Below: | ||
Segment Capital Expenditures | $ 41,757 | $ 278,970 |
BUSINESS SEGMENT DATA (Detail47
BUSINESS SEGMENT DATA (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Business Combination Segment Allocation [Line Items] | ||
Goodwill | $ 413,280 | $ 413,280 |
MAJOR CUSTOMERS (Details Textua
MAJOR CUSTOMERS (Details Textual) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
WalMart Stores [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 17.00% | 13.00% |
Entity Wide Accounts Receivable Major Customer Percentage | 63.00% | 56.00% |
Aqua Cal [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 18.00% |
Entity Wide Accounts Receivable Major Customer Percentage | 9.00% | 13.00% |
MAJOR VENDORS (Details Textual)
MAJOR VENDORS (Details Textual) - Supplier Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cost of Goods, Total [Member] | ||
Major Vendor [Line Items] | ||
Concentration Risk, Percentage | 35.00% | 48.00% |
Total Accounts Payable [Member] | ||
Major Vendor [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 38.00% |
CONCENTRATION OF CREDIT RISK (D
CONCENTRATION OF CREDIT RISK (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Ceded Credit Risk [Line Items] | ||
Cash, Uninsured Amount | $ 8,188,000 | $ 8,794,000 |
SUBSEQUENT EVENT (Details Textu
SUBSEQUENT EVENT (Details Textual) - Subsequent Event [Member] | Apr. 02, 2018$ / shares |
Dividends Payable, Date Declared | Apr. 2, 2018 |
Dividends Payable, Amount Per Share | $ 0.15 |
Dividends Payable, Date of Record | Apr. 13, 2018 |