Quarterly report pursuant to Section 13 or 15(d)

NOTE 5 - BUSINESS COMBINATION (Tables)

v2.4.0.8
NOTE 5 - BUSINESS COMBINATION (Tables)
6 Months Ended
Jun. 30, 2014
Business Combinations [Abstract]  
Business Acquisition, Pro Forma Information [Table Text Block] The Company’s condensed consolidated financial statements for the three months and six months June 30, 2014 include the results of ESC since date of acquisition. For the quarter ended June 30, 2014, the ESC operations had a net loss of $10,600 that was included in the Company’s Condensed Consolidated Statement of Operations for the three and six months ended June 30, 2014, which consisted of approximately $124,000 in revenues and $134,600 in expenses. The following unaudited pro forma information does not purport to present what the Company’s actual results would have been had the acquisition occurred on January 1, 2013, nor is the financial information indicative of the results of future operations. The following table represents the unaudited consolidated pro forma results of operations for the six months ended June 30, 2014 and 2013 as if the acquisition occurred on January 1, 2013. Operating expenses have been increased for the amortization expense associated with the estimated fair value adjustment as of June 30, 2014 of expected definite lived intangible assets, for a net adjustment of $35,000 for the six months ended June 30, 2014 and 2013.

 Pro Forma
 
Six Months Ended June 30, 2014
   
Six Months Ended June 30, 2013
 
Net sales
 
$
10,914,502
   
$
8,689,400
 
Operating expenses
   
4,163,349
     
3,246,483
 
Income  before taxes
   
396,646
     
158,321
 
Net income
 
$
235,125
   
$
158,321
 
Basic income per common share
 
$
0.00
   
$
0.00
 
Diluted income per common share
 
$
0.00
   
$
0.00