Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'IKONICS CORP | ' |
Entity Central Index Key | '0001083301 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 2,014,253 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $2,143,245 | $1,704,300 |
Short-term investments | 1,260,071 | 1,464,878 |
Trade receivables, less allowance of $46,000 in 2014 and $62,000 in 2013 | 2,213,073 | 2,050,853 |
Inventories | 2,888,597 | 2,554,942 |
Prepaid expenses and other assets | 162,391 | 103,687 |
Income taxes receivable | ' | 16,400 |
Deferred income taxes | 150,000 | 150,000 |
Total current assets | 8,817,377 | 8,045,060 |
PROPERTY, PLANT, AND EQUIPMENT, at cost: | ' | ' |
Land and building | 6,123,890 | 6,123,890 |
Machinery and equipment | 3,877,477 | 3,781,282 |
Office equipment | 725,229 | 722,567 |
Vehicles | 237,341 | 237,194 |
Gross property, plant, and equipment, at cost | 10,963,937 | 10,864,933 |
Less accumulated depreciation | 5,372,156 | 5,230,837 |
Net property, plant, and equipment, at cost | 5,591,781 | 5,634,096 |
INTANGIBLE ASSETS, less accumulated amortization of $179,586 in 2014 and $173,143 in 2013 | 332,852 | 322,647 |
Total assets | 14,742,010 | 14,001,803 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 878,692 | 532,294 |
Accrued compensation | 327,943 | 274,936 |
Other accrued liabilities | 102,099 | 67,755 |
Income taxes payable | 77,601 | ' |
Total current liabilities | 1,386,335 | 874,985 |
DEFERRED INCOME TAXES | 527,000 | 527,000 |
Total liabilities | 1,913,335 | 1,401,985 |
STOCKHOLDERS' EQUITY: | ' | ' |
Preferred stock, par value $.10 per share; authorized 250,000 shares; issued none | ' | ' |
Common stock, par value $.10 per share; authorized 4,750,000 shares; issued and outstanding 2,014,253 shares in 2014 and 2,012,170 shares in 2013 | 201,425 | 201,217 |
Additional paid-in capital | 2,615,772 | 2,592,038 |
Retained earnings | 10,011,478 | 9,806,563 |
Total stockholders' equity | 12,828,675 | 12,599,818 |
Total liabilities and stockholders' equity | $14,742,010 | $14,001,803 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
CONDENSED BALANCE SHEETS | ' | ' |
Trade receivables, allowance (in dollars) | $46,000 | $62,000 |
INTANGIBLE ASSETS, accumulated amortization (in dollars) | $179,586 | $173,143 |
Preferred stock, par value (in dollars per share) | $0.10 | $0.10 |
Preferred stock, shares authorized | 250,000 | 250,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $0.10 | $0.10 |
Common stock, shares authorized | 4,750,000 | 4,750,000 |
Common stock, shares issued | 2,014,253 | 2,012,170 |
Common stock, shares outstanding | 2,014,253 | 2,012,170 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
CONDENSED STATEMENTS OF OPERATIONS | ' | ' |
NET SALES | $4,464,577 | $4,022,272 |
COST OF GOODS SOLD | 2,705,424 | 2,558,013 |
GROSS PROFIT | 1,759,153 | 1,464,259 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 1,300,650 | 1,465,546 |
RESEARCH AND DEVELOPMENT EXPENSES | 143,330 | 172,515 |
INCOME (LOSS) FROM OPERATIONS | 315,173 | -173,802 |
INTEREST INCOME | 1,958 | 2,215 |
INCOME (LOSS) BEFORE INCOME TAXES | 317,131 | -171,587 |
INCOME TAX EXPENSE (BENEFIT) | 112,216 | -83,837 |
NET INCOME (LOSS) | $204,915 | ($87,750) |
INCOME (LOSS) PER COMMON SHARE: | ' | ' |
Basic (in dollars per share) | $0.10 | ($0.04) |
Diluted (in dollars per share) | $0.10 | ($0.04) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ' | ' |
Basic (in shares) | 2,012,765 | 2,000,555 |
Diluted (in shares) | 2,015,992 | 2,000,555 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income (loss) | $204,915 | ($87,750) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation | 158,576 | 135,123 |
Amortization | 6,443 | 13,537 |
Stock based compensation | 2,553 | 2,617 |
Deferred income taxes | ' | 65,000 |
Changes in operating assets and liabilities: | ' | ' |
Trade receivables | -162,220 | -124,341 |
Inventories | -333,655 | -286,326 |
Prepaid expenses and other assets | -58,704 | -27,766 |
Income taxes receivable | 16,400 | -72,207 |
Accounts payable | 346,398 | 148,885 |
Accrued liabilities | 87,351 | 59,925 |
Income taxes payable | 85,940 | -74,275 |
Net cash provided by (used in) operating activities | 353,997 | -247,578 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property, plant and equipment | -123,852 | -207,453 |
Proceeds from sale of equipment and vehicles | 7,591 | ' |
Purchases of intangibles | -16,648 | -35,840 |
Purchases of short-term investments | -350,000 | -204,806 |
Proceeds from maturity of short-term investments | 554,807 | 203,483 |
Net cash provided by (used in) investing activities | 71,898 | -244,616 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from exercise of stock options | 13,050 | 40,997 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 438,945 | -451,197 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,704,300 | 967,943 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 2,143,245 | 516,746 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' |
Cash received (paid) for income taxes, net of taxes paid of $10,671 in 2013 | ($9,876) | $2,355 |
CONDENSED_STATEMENTS_OF_CASH_F1
CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2013 | |
CONDENSED STATEMENTS OF CASH FLOWS | ' |
Income taxes, paid | $10,671 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis of Presentation | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The balance sheet of IKONICS Corporation (the “Company”) as of March 31, 2014, and the related statements of operations and cash flows for the three months ended March 31, 2014 and 2013 have been prepared without being audited. | |
In the opinion of management, these statements reflect all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of IKONICS Corporation as of March 31, 2014, and the results of operations and cash flows for all periods presented. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America, have been condensed or omitted. Therefore, these statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
The results of operations for interim periods are not necessarily indicative of results that will be realized for the full fiscal year. |
ShortTerm_Investments
Short-Term Investments | 3 Months Ended |
Mar. 31, 2014 | |
Short-Term Investments | ' |
Short-Term Investments | ' |
2. Short-Term Investments | |
The Company’s $1,260,000 of short-term investments at March 31, 2014 is comprised of fully insured certificates of deposit with original maturities ranging from six to twelve months and interest rates ranging from 0.3% to 1.0%. |
Inventories
Inventories | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventories | ' | |||||||
Inventories | ' | |||||||
3. Inventories | ||||||||
The major components of inventory are as follows: | ||||||||
Mar 31, 2014 | Dec 31, 2013 | |||||||
Raw materials | $ | 2,133,757 | $ | 1,952,398 | ||||
Work-in-progress | 362,568 | 389,501 | ||||||
Finished goods | 1,658,622 | 1,461,264 | ||||||
Reduction to LIFO cost | (1,266,350 | ) | (1,248,221 | ) | ||||
Total Inventory | $ | 2,888,597 | $ | 2,554,942 |
Earnings_Per_Common_Share_EPS
Earnings Per Common Share (EPS) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Common Share (EPS) | ' | |||||
Earnings Per Common Share (EPS) | ' | |||||
4. Earnings Per Common Share (EPS) | ||||||
Basic EPS is calculated using net income (loss) divided by the weighted average of common shares outstanding. Diluted EPS is similar to Basic EPS except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the potential dilutive common shares, such as those shares subject to options, had been issued. | ||||||
Shares used in the calculation of diluted EPS are summarized below: | ||||||
Three Months Ended | ||||||
Mar 31, 2014 | Mar 31, 2013 | |||||
Weighted average common shares outstanding | 2,012,765 | 2,000,555 | ||||
Dilutive effect of stock options | 3,227 | — | ||||
Weighted average common and common equivalent shares outstanding | 2,015,992 | 2,000,555 | ||||
If the Company was in a net income position in the first quarter of 2013, 14,252 options with a weighted average exercise price of $7.19 would have been included as part of the weighted average common and common equivalent shares outstanding as the options would have been dilutive. There were no anti-dilutive options for the three months ended March 31, 2014. |
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Stock-based Compensation | ' | ||||||
Stock-based Compensation | ' | ||||||
5. Stock-based Compensation | |||||||
The Company has a stock incentive plan for the issuance of up to 442,750 shares of common stock. The plan provides for granting eligible participants stock options or other stock awards, as described by the plan, at option prices ranging from 85% to 110% of fair market value at date of grant. Options granted expire up to seven years after the date of grant. Such options generally become exercisable over a one to three year period. A total of 117,239 shares of common stock are reserved and available for additional grants of equity awards under the plan at March 31, 2014. | |||||||
The Company charged compensation cost of approximately $2,600 against income for the three months ended March 31, 2014 and 2013. As of March 31, 2014, there was approximately $16,000 of unrecognized compensation cost related to unvested share-based compensation awards granted. That cost is expected to be recognized over the next three years. | |||||||
The Company receives a tax deduction for certain stock option exercises during the period in which the options are exercised, generally for the excess of the market price at the time the stock options are exercised over the exercise price of the options, which increases the APIC pool, which is the amount that represents the pool of excess tax benefits available to absorb tax shortages. There were no excess tax benefits recognized during the three month periods ended March 31, 2014 and 2013. The Company’s APIC pool totaled approximately $111,000 at each of March 31, 2014 and December 31, 2013. | |||||||
Proceeds from the exercise of stock options were approximately $13,000 for the three months ended March 31, 2014 and $41,000 for the three months ended March 31, 2013. | |||||||
Stock option activity during the three months ended March 31, 2014 was as follows: | |||||||
Shares | Weighted | ||||||
Average | |||||||
Exercise | |||||||
Price | |||||||
Outstanding at beginning of period | 11,417 | $ | 8.87 | ||||
Exercised | (2,083 | ) | 6.26 | ||||
Forfeited | (1,666 | ) | 7.77 | ||||
Outstanding at March 31, 2014 | 7,668 | 9.82 | |||||
Exercisable at March 31, 2014 | 2,083 | 6.87 | |||||
The aggregate intrinsic value of all options outstanding and for those exercisable at March 31, 2014 was approximately $75,800 and $26,700, respectively. |
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
6. Segment Information | ||||||||||||||||||||||||
The Company’s reportable segments are strategic business units that offer different products or have varied customer bases. There are five reportable segments: Domestic, Export, IKONICS Imaging, Digital Texturing (DTX) and Micro-Machining. Domestic sells screen printing film, emulsions, and inkjet receptive film to distributors located in the United States and Canada. IKONICS Imaging sells photo resistant film, art supplies, glass, metal medium and related abrasive etching equipment to end user customers located in the United States and Canada. Micro-Machining provides sound deadening technology to the aerospace industry along with products and services for etched composites, ceramics, glass and silicon wafers. DTX includes products and customers related to patented and proprietary inkjet technology used for mold texturing. Export sells primarily the same products as Domestic and the IKONICS Imaging products not related to Micro-Machining or DTX. In previous periods, the segment designated as Other included both Micro-Machining and DTX. Beginning in 2013, the Company began to report DTX and Micro-Machining as separate segments. The accounting policies applied to determine the segment information are the same as those described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | ||||||||||||||||||||||||
Management evaluates the performance of each segment based on the components of divisional income, and does not allocate assets and liabilities to segments except for trade receivables which are allocated based on the previous segmentation. Financial information with respect to the reportable segments follows: | ||||||||||||||||||||||||
For the three months ended March 31, 2014: | ||||||||||||||||||||||||
IKONICS | Micro- | |||||||||||||||||||||||
Domestic | Export | Imaging | DTX | Machining | Unalloc. | Total | ||||||||||||||||||
Net sales | $ | 1,510,164 | $ | 1,186,713 | $ | 1,561,804 | $ | 112,517 | $ | 93,379 | $ | — | $ | 4,464,577 | ||||||||||
Cost of goods sold | 883,104 | 874,901 | 655,999 | 79,763 | 211,657 | — | 2,705,424 | |||||||||||||||||
Gross profit (loss) | 627,060 | 311,812 | 905,805 | 32,754 | (118,278 | ) | — | 1,759,153 | ||||||||||||||||
Selling general and adminstrative* | 296,351 | 124,128 | 244,348 | 35,209 | 112,255 | 488,359 | 1,300,650 | |||||||||||||||||
Research and development* | — | — | — | — | — | 143,330 | 143,330 | |||||||||||||||||
Income (loss) from operations | $ | 330,709 | $ | 187,684 | $ | 661,457 | $ | (2,455 | ) | $ | (230,533 | ) | $ | (631,689 | ) | $ | 315,173 | |||||||
For the three months ended March 31, 2013: | ||||||||||||||||||||||||
IKONICS | Micro- | |||||||||||||||||||||||
Domestic | Export | Imaging | DTX | Machining | Unalloc. | Total | ||||||||||||||||||
Net sales | $ | 1,516,271 | $ | 1,441,459 | $ | 843,471 | $ | 101,258 | $ | 119,813 | — | $ | 4,022,272 | |||||||||||
Cost of goods sold | 905,158 | 1,105,090 | 413,749 | 14,762 | 119,254 | — | 2,558,013 | |||||||||||||||||
Gross profit (loss) | 611,113 | 336,369 | 429,722 | 86,496 | 559 | — | 1,464,259 | |||||||||||||||||
Selling general and adminstrative* | 342,637 | 153,746 | 281,438 | 104,097 | 101,621 | 482,007 | 1,465,546 | |||||||||||||||||
Research and development* | — | — | — | — | — | 172,515 | 172,515 | |||||||||||||||||
Income (loss) from operations | $ | 268,476 | $ | 182,623 | $ | 148,284 | $ | (17,601 | ) | $ | (101,062 | ) | (654,522 | ) | $ | (173,802 | ) | |||||||
* The Company does not allocate all general and administrative expenses or any research and development expenses to its operating segments for internal reporting. | ||||||||||||||||||||||||
Accounts receivable by segment as of March 31, 2014 and December 31, 2013 were as follows: | ||||||||||||||||||||||||
Mar 31, 2014 | Dec 31, 2013 | |||||||||||||||||||||||
Domestic | $ | 867,803 | $ | 1,012,057 | ||||||||||||||||||||
Export | 734,440 | 667,343 | ||||||||||||||||||||||
IKONICS Imaging | 524,719 | 339,537 | ||||||||||||||||||||||
DTX | 52,693 | 26,910 | ||||||||||||||||||||||
Micro-Machining | 46,000 | 40,222 | ||||||||||||||||||||||
Unallocated | (12,582 | ) | (35,216 | ) | ||||||||||||||||||||
Total | $ | 2,213,073 | $ | 2,050,853 | ||||||||||||||||||||
SelfFunded_Medical_Insurance
Self-Funded Medical Insurance | 3 Months Ended |
Mar. 31, 2014 | |
Self-Funded Medical Insurance | ' |
Self-Funded Medical Insurance | ' |
7. Self-Funded Medical Insurance | |
The Company records estimates for claim liabilities based on information provided by the third-party administrators, historical claims experience, the life cycle of claims, expected costs of claims incurred but not paid, and expected costs to settle unpaid claims. The Company regularly monitors its estimated insurance-related liabilities. Actual claims experience may differ from the Company’s estimates. Costs related to the administration of the plan and related claims are expensed as incurred. The total liability for self-funded medical insurance was $55,000 as of March 31, 2014 and December 31, 2013, respectively and is included within other accrued expenses in the balance sheets. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes | ' |
Income Taxes | ' |
8. Income Taxes | |
The Company reports a liability for unrecognized tax benefits taken or expected to be taken when they are uncertain. As of March 31, 2014 and 2013, there was no liability for unrecognized tax benefits. | |
The Company is subject to taxation in the United States and various states. The material jurisdictions that are subject to examination by tax authorities primarily include Minnesota and the United States, for tax years 2010, 2011, 2012, and 2013. |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventories | ' | |||||||
Schedule of major components of inventory | ' | |||||||
Mar 31, 2014 | Dec 31, 2013 | |||||||
Raw materials | $ | 2,133,757 | $ | 1,952,398 | ||||
Work-in-progress | 362,568 | 389,501 | ||||||
Finished goods | 1,658,622 | 1,461,264 | ||||||
Reduction to LIFO cost | (1,266,350 | ) | (1,248,221 | ) | ||||
Total Inventory | $ | 2,888,597 | $ | 2,554,942 |
Earnings_Per_Common_Share_EPS_
Earnings Per Common Share (EPS) (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Earnings Per Common Share (EPS) | ' | |||||
Schedule of shares used in the calculation of diluted EPS | ' | |||||
Three Months Ended | ||||||
Mar 31, 2014 | Mar 31, 2013 | |||||
Weighted average common shares outstanding | 2,012,765 | 2,000,555 | ||||
Dilutive effect of stock options | 3,227 | — | ||||
Weighted average common and common equivalent shares outstanding | 2,015,992 | 2,000,555 |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Stock-based Compensation | ' | ||||||
Stock option activity | ' | ||||||
Shares | Weighted | ||||||
Average | |||||||
Exercise | |||||||
Price | |||||||
Outstanding at beginning of period | 11,417 | $ | 8.87 | ||||
Exercised | (2,083 | ) | 6.26 | ||||
Forfeited | (1,666 | ) | 7.77 | ||||
Outstanding at March 31, 2014 | 7,668 | 9.82 | |||||
Exercisable at March 31, 2014 | 2,083 | 6.87 | |||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Segment Information | ' | |||||||||||||||||||||||
Schedule of financial information with respect to the reportable segments | ' | |||||||||||||||||||||||
For the three months ended March 31, 2014: | ||||||||||||||||||||||||
IKONICS | Micro- | |||||||||||||||||||||||
Domestic | Export | Imaging | DTX | Machining | Unalloc. | Total | ||||||||||||||||||
Net sales | $ | 1,510,164 | $ | 1,186,713 | $ | 1,561,804 | $ | 112,517 | $ | 93,379 | $ | — | $ | 4,464,577 | ||||||||||
Cost of goods sold | 883,104 | 874,901 | 655,999 | 79,763 | 211,657 | — | 2,705,424 | |||||||||||||||||
Gross profit (loss) | 627,060 | 311,812 | 905,805 | 32,754 | (118,278 | ) | — | 1,759,153 | ||||||||||||||||
Selling general and adminstrative* | 296,351 | 124,128 | 244,348 | 35,209 | 112,255 | 488,359 | 1,300,650 | |||||||||||||||||
Research and development* | — | — | — | — | — | 143,330 | 143,330 | |||||||||||||||||
Income (loss) from operations | $ | 330,709 | $ | 187,684 | $ | 661,457 | $ | (2,455 | ) | $ | (230,533 | ) | $ | (631,689 | ) | $ | 315,173 | |||||||
For the three months ended March 31, 2013: | ||||||||||||||||||||||||
IKONICS | Micro- | |||||||||||||||||||||||
Domestic | Export | Imaging | DTX | Machining | Unalloc. | Total | ||||||||||||||||||
Net sales | $ | 1,516,271 | $ | 1,441,459 | $ | 843,471 | $ | 101,258 | $ | 119,813 | — | $ | 4,022,272 | |||||||||||
Cost of goods sold | 905,158 | 1,105,090 | 413,749 | 14,762 | 119,254 | — | 2,558,013 | |||||||||||||||||
Gross profit (loss) | 611,113 | 336,369 | 429,722 | 86,496 | 559 | — | 1,464,259 | |||||||||||||||||
Selling general and adminstrative* | 342,637 | 153,746 | 281,438 | 104,097 | 101,621 | 482,007 | 1,465,546 | |||||||||||||||||
Research and development* | — | — | — | — | — | 172,515 | 172,515 | |||||||||||||||||
Income (loss) from operations | $ | 268,476 | $ | 182,623 | $ | 148,284 | $ | (17,601 | ) | $ | (101,062 | ) | (654,522 | ) | $ | (173,802 | ) | |||||||
* The Company does not allocate all general and administrative expenses or any research and development expenses to its operating segments for internal reporting. | ||||||||||||||||||||||||
Schedule of accounts receivable by segment | ' | |||||||||||||||||||||||
Mar 31, 2014 | Dec 31, 2013 | |||||||||||||||||||||||
Domestic | $ | 867,803 | $ | 1,012,057 | ||||||||||||||||||||
Export | 734,440 | 667,343 | ||||||||||||||||||||||
IKONICS Imaging | 524,719 | 339,537 | ||||||||||||||||||||||
DTX | 52,693 | 26,910 | ||||||||||||||||||||||
Micro-Machining | 46,000 | 40,222 | ||||||||||||||||||||||
Unallocated | (12,582 | ) | (35,216 | ) | ||||||||||||||||||||
Total | $ | 2,213,073 | $ | 2,050,853 |
ShortTerm_Investments_Details
Short-Term Investments (Details) (Certificates of deposit, USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Short-term investments | ' |
Fully insured certificates of deposit | 1,260,000 |
Minimum | ' |
Short-term investments | ' |
Maturity period | '6 months |
Interest rate (as a percent) | 0.30% |
Maximum | ' |
Short-term investments | ' |
Maturity period | '12 months |
Interest rate (as a percent) | 1.00% |
Inventories_Details
Inventories (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Inventories | ' | ' |
Raw materials | $2,133,757 | $1,952,398 |
Work-in-progress | 362,568 | 389,501 |
Finished goods | 1,658,622 | 1,461,264 |
Reduction to LIFO cost | -1,266,350 | -1,248,221 |
Total Inventory | $2,888,597 | $2,554,942 |
Earnings_Per_Common_Share_EPS_1
Earnings Per Common Share (EPS) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Shares used in calculation of diluted EPS | ' | ' |
Weighted average common shares outstanding | 2,012,765 | 2,000,555 |
Dilutive effect of stock options | 3,227 | ' |
Weighted average common and common equivalent shares outstanding | 2,015,992 | 2,000,555 |
Stock options | ' | ' |
Anti-dilutive securities | ' | ' |
Outstanding options to purchase shares of common stock with dilutive effect | ' | 14,252 |
Weighted average exercise price of outstanding options with dilutive effect (in dollars per share) | ' | 7.19 |
Anti-dilutive securities (in shares) | 0 | ' |
Stockbased_Compensation_Detail
Stock-based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Stock options | ' | ' | ' |
Number of shares of common stock authorized for issuance | 442,750 | ' | ' |
Common stock reserved for additional grants (in shares) | 117,239 | ' | ' |
Excess tax benefit from exercise of stock option | $0 | $0 | ' |
Total of Company's APIC pool | 111,000 | ' | 111,000 |
Proceeds from the exercise of stock | 13,050 | 40,997 | ' |
Stock Options | ' | ' | ' |
Stock options | ' | ' | ' |
Compensation cost recognized | 2,600 | 2,600 | ' |
Unrecognized compensation cost | 16,000 | ' | ' |
Period during which compensation cost is expected to be recognized | '3 years | ' | ' |
Proceeds from the exercise of stock | $13,000 | $41,000 | ' |
Stock Options | Minimum | ' | ' | ' |
Stock options | ' | ' | ' |
Option price range(as a percent) | 85.00% | ' | ' |
Period over which options become exercisable | '1 year | ' | ' |
Stock Options | Maximum | ' | ' | ' |
Stock options | ' | ' | ' |
Option price range(as a percent) | 110.00% | ' | ' |
Expiration period of options granted | '7 years | ' | ' |
Period over which options become exercisable | '3 years | ' | ' |
Stockbased_Compensation_Detail1
Stock-based Compensation (Details 2) (Stock Options, USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Stock Options | ' |
Shares | ' |
Outstanding at beginning of period (in shares) | 11,417 |
Exercised (in shares) | -2,083 |
Forfeited (in shares) | -1,666 |
Outstanding at end of period (in shares) | 7,668 |
Exercisable at end of period (in shares) | 2,083 |
Weighted Average Exercise Price | ' |
Outstanding at beginning of period (in dollars per share) | $8.87 |
Exercised (in dollars per share) | $6.26 |
Forfeited (in dollars per share) | $7.77 |
Outstanding at end of period (in dollars per share) | $9.82 |
Exercisable at end of period (in dollars per share) | $6.87 |
Aggregate intrinsic value of all options outstanding | $75,800 |
Aggregate intrinsic value of all options exercisable | $26,700 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
item | |||
Segment Reporting Information | ' | ' | ' |
Number of reportable segments | 5 | ' | ' |
Financial information with respect to the reportable segments | ' | ' | ' |
Net sales | $4,464,577 | $4,022,272 | ' |
Cost of goods sold | 2,705,424 | 2,558,013 | ' |
GROSS PROFIT | 1,759,153 | 1,464,259 | ' |
Selling general and administrative | 1,300,650 | 1,465,546 | ' |
Research and development | 143,330 | 172,515 | ' |
INCOME (LOSS) FROM OPERATIONS | 315,173 | -173,802 | ' |
Accounts receivable by segment | ' | ' | ' |
Accounts receivable | 2,213,073 | ' | 2,050,853 |
Unalloc. | ' | ' | ' |
Financial information with respect to the reportable segments | ' | ' | ' |
Selling general and administrative | 488,359 | 482,007 | ' |
Research and development | 143,330 | 172,515 | ' |
INCOME (LOSS) FROM OPERATIONS | -631,689 | -654,522 | ' |
Accounts receivable by segment | ' | ' | ' |
Accounts receivable | -12,582 | ' | -35,216 |
Domestic | ' | ' | ' |
Financial information with respect to the reportable segments | ' | ' | ' |
Net sales | 1,510,164 | 1,516,271 | ' |
Cost of goods sold | 883,104 | 905,158 | ' |
GROSS PROFIT | 627,060 | 611,113 | ' |
Selling general and administrative | 296,351 | 342,637 | ' |
INCOME (LOSS) FROM OPERATIONS | 330,709 | 268,476 | ' |
Accounts receivable by segment | ' | ' | ' |
Accounts receivable | 867,803 | ' | 1,012,057 |
Export | ' | ' | ' |
Financial information with respect to the reportable segments | ' | ' | ' |
Net sales | 1,186,713 | 1,441,459 | ' |
Cost of goods sold | 874,901 | 1,105,090 | ' |
GROSS PROFIT | 311,812 | 336,369 | ' |
Selling general and administrative | 124,128 | 153,746 | ' |
INCOME (LOSS) FROM OPERATIONS | 187,684 | 182,623 | ' |
Accounts receivable by segment | ' | ' | ' |
Accounts receivable | 734,440 | ' | 667,343 |
IKONICS Imaging | ' | ' | ' |
Financial information with respect to the reportable segments | ' | ' | ' |
Net sales | 1,561,804 | 843,471 | ' |
Cost of goods sold | 655,999 | 413,749 | ' |
GROSS PROFIT | 905,805 | 429,722 | ' |
Selling general and administrative | 244,348 | 281,438 | ' |
INCOME (LOSS) FROM OPERATIONS | 661,457 | 148,284 | ' |
Accounts receivable by segment | ' | ' | ' |
Accounts receivable | 524,719 | ' | 339,537 |
DTX | ' | ' | ' |
Financial information with respect to the reportable segments | ' | ' | ' |
Net sales | 112,517 | 101,258 | ' |
Cost of goods sold | 79,763 | 14,762 | ' |
GROSS PROFIT | 32,754 | 86,496 | ' |
Selling general and administrative | 35,209 | 104,097 | ' |
INCOME (LOSS) FROM OPERATIONS | -2,455 | -17,601 | ' |
Accounts receivable by segment | ' | ' | ' |
Accounts receivable | 52,693 | ' | 26,910 |
Micro-Machining | ' | ' | ' |
Financial information with respect to the reportable segments | ' | ' | ' |
Net sales | 93,379 | 119,813 | ' |
Cost of goods sold | 211,657 | 119,254 | ' |
GROSS PROFIT | -118,278 | 559 | ' |
Selling general and administrative | 112,255 | 101,621 | ' |
INCOME (LOSS) FROM OPERATIONS | -230,533 | -101,062 | ' |
Accounts receivable by segment | ' | ' | ' |
Accounts receivable | $46,000 | ' | $40,222 |
SelfFunded_Medical_Insurance_D
Self-Funded Medical Insurance (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Self-Funded Medical Insurance | ' | ' |
Total liability for self-funded medical insurance | $55,000 | $55,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | Mar. 31, 2014 | Mar. 31, 2013 |
Deferred tax amounts included in balance sheet | ' | ' |
Unrecognized tax benefits | $0 | $0 |