TeraWulf (WULF) 10-Q 14 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 08, 2014
Document and Entity Information	'	'
Entity Registrant Name	'IKONICS CORP	'
Entity Central Index Key	'0001083301	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-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	'	2,018,086
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

CONDENSED_BALANCE_SHEETS

CONDENSED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
CURRENT ASSETS:	'	'
Cash and cash equivalents	$1,129,716	$1,704,300
Short-term investments	2,015,930	1,464,878
Trade receivables, less allowance of $49,000 in 2014 and $62,000 in 2013	2,244,039	2,050,853
Inventories	2,631,347	2,554,942
Prepaid expenses and other assets	135,400	103,687
Income taxes receivable	72,743	16,400
Deferred income taxes	150,000	150,000
Total current assets	8,379,175	8,045,060
PROPERTY, PLANT, AND EQUIPMENT, at cost:	'	'
Land and buildings	6,251,620	6,123,890
Machinery and equipment	3,972,896	3,781,282
Office equipment	740,811	722,567
Vehicles	247,356	237,194
Gross property, plant, and equipment, at cost	11,212,683	10,864,933
Less accumulated depreciation	5,507,780	5,230,837
Net property, plant, and equipment, at cost	5,704,903	5,634,096
INTANGIBLE ASSETS, less accumulated amortization of $186,030 in 2014 and $173,143 in 2013	348,350	322,647
Total assets	14,432,428	14,001,803
CURRENT LIABILITIES:	'	'
Accounts payable	511,723	532,294
Accrued compensation	244,889	274,936
Other accrued liabilities	66,383	67,755
Total current liabilities	822,995	874,985
DEFERRED INCOME TAXES	527,000	527,000
Total liabilities	1,349,995	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 2,018,086 shares in 2014 and 2,012,170 shares in 2013	201,809	201,217
Additional paid-in capital	2,670,714	2,592,038
Retained earnings	10,209,910	9,806,563
Total stockholders' equity	13,082,433	12,599,818
Total liabilities and stockholders' equity	$14,432,428	$14,001,803

CONDENSED_BALANCE_SHEETS_Paren

CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
CONDENSED BALANCE SHEETS	'	'
Trade receivables, allowance (in dollars)	$49,000	$62,000
INTANGIBLE ASSETS, accumulated amortization (in dollars)	$186,030	$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 outstanding	2,018,086	2,012,170

CONDENSED_STATEMENTS_OF_INCOME

CONDENSED STATEMENTS OF INCOME (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
CONDENSED STATEMENTS OF INCOME	'	'	'	'
NET SALES	$4,924,747	$4,654,745	$9,389,323	$8,677,017
COST OF GOODS SOLD	3,213,875	2,770,787	5,919,298	5,328,800
GROSS PROFIT	1,710,872	1,883,958	3,470,025	3,348,217
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	1,240,413	1,329,056	2,541,063	2,794,602
RESEARCH AND DEVELOPMENT EXPENSES	177,479	153,412	320,809	325,927
INCOME FROM OPERATIONS	292,980	401,490	608,153	227,688
INTEREST INCOME	1,552	1,744	3,510	3,959
INCOME BEFORE INCOME TAXES	294,532	403,234	611,663	231,647
INCOME TAX EXPENSE	96,100	110,122	208,316	26,285
NET INCOME	$198,432	$293,112	$403,347	$205,362
EARNINGS PER COMMON SHARE:	'	'	'	'
Basic (in dollars per share)	$0.10	$0.15	$0.20	$0.10
Diluted (in dollars per share)	$0.10	$0.15	$0.20	$0.10
WEIGHTED AVERAGE COMMON SHARES:	'	'	'	'
Basic (in shares)	2,016,885	2,007,623	2,014,836	2,004,108
Diluted (in shares)	2,019,721	2,012,552	2,016,774	2,007,724

CONDENSED_STATEMENTS_OF_CASH_F

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$403,347	$205,362
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	320,140	275,433
Amortization	12,887	26,448
Stock based compensation	11,502	6,380
Gain on disposal of property, plant and equipment	3,102	-2,979
Deferred income taxes	'	65,000
Changes in working capital components:	'	'
Trade receivables	-193,186	-323,479
Inventories	-76,405	246,113
Prepaid expenses and other assets	-31,713	-51,591
Income taxes receivable	-33,307	-17,925
Accounts payable	-20,571	-276,851
Accrued expenses	-31,419	-64,178
Income taxes payable	'	-69,625
Net cash provided by operating activities	364,377	18,108
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchases of property, plant and equipment	-403,212	-358,097
Proceeds from disposal of property, plant and equipment	9,163	24,507
Purchases of intangibles	-38,590	-59,762
Purchases of short-term investments	-1,510,000	-413,934
Proceeds on sale of short-term investments	958,948	1,027,219
Net cash used in investing activities	-983,691	219,933
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from exercise of stock options	44,730	63,492
NET INCREASE IN CASH AND CASH EQUIVALENTS	-574,584	301,533
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	1,704,300	1,704,300
CASH AND CASH EQUIVALENTS AT END OF YEAR	1,129,716	1,269,476
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	'	'
Cash paid for income taxes, net of taxes received of $13,026 in 2014 and $13,026 paid in 2013.	($241,624)	$48,835

CONDENSED_STATEMENTS_OF_CASH_F1

CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	12 Months Ended
	Dec. 31, 2013
CONDENSED STATEMENTS OF CASH FLOWS	'
Income taxes, received	$13,026

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Basis of Presentation	'
Basis of Presentation	'
	1.Basis of Presentation
	The balance sheet of  IKONICS Corporation (the “Company”) as of  June 30, 2014, and the related statements of operations for the three and six months ended June 30, 2014 and 2013, and cash flows for the six months ended June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 2014
Short-Term Investments	'
Short-Term Investments	'
	2.Short-Term Investments
	The Company’s $2,016,000 of short-term investments, at June 30, 2014, is comprised of fully insured certificates of deposit with original maturities ranging from three to twelve months and interest rates ranging from 0.2% to 1.0%.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2014
Inventories	'
Inventories	'
	3.Inventories
	The major components of inventories are as follows:
		June 30, 2014			Dec 31, 2013
	Raw materials	$	2,144,243		$	1,952,398
	Work-in-progress	439,070			389,501
	Finished goods	1,330,217			1,461,264
	Reduction to LIFO cost	(1,282,183		)	(1,248,221		)
	Total Inventory	$	2,631,347		$	2,554,942

Earnings_Per_Common_Share_EPS

Earnings Per Common Share (EPS)	6 Months Ended
	Jun. 30, 2014
Earnings Per Common Share (EPS)	'
Earnings Per Common Share (EPS)	'
	4.Earnings Per Common Share (EPS)
	Basic EPS is calculated using net income 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 or restricted stock, had been issued.
	Shares used in the calculation of diluted EPS are summarized below:
		Three Months Ended
		June 30, 2014	June 30, 2013
	Weighted average common shares outstanding	2,016,885	2,007,623
	Dilutive effect of stock options and restricted stock	2,836	4,929
	Weighted average common and common equivalent shares outstanding	2,019,721	2,012,552
		Six Months Ended
		June 30, 2014	June 30, 2013
	Weighted average common shares outstanding	2,014,836	2,004,108
	Dilutive effect of stock options and restricted stock	1,938	3,616
	Weighted average common and common equivalent shares outstanding	2,016,774	2,007,724
	Options to purchase 1,250 shares of common stock with a weighted average price of $28.25 were outstanding during the three and six months ended June 30, 2014, but were excluded from the computation of common share equivalents because they were anti-dilutive.  For six months ended June 30, 2013, options to purchase 3,750 shares of common stock with a weighted average price of $12.56 were outstanding but were excluded from the computation of common share equivalents because they were anti-dilutive.  There were no anti-dilutive options outstanding during the quarter ended June 30, 2013.

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2014
Stock-Based Compensation	'
Stock-Based Compensation	'
	5.Stock-Based Compensation
	The Company maintains a stock incentive plan which authorizes the issuance of up to 442,750 shares of common stock. Of those shares, 5,085 were subject to outstanding options, 3,000 were related to non-vested restricted stock, and 112,989 were reserved for future grants at June 30, 2014.  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 the 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.  Restricted stock vests in equal increments over a three-year period.
	The Company charged compensation cost of approximately $8,900 against income for the three months ended June 30, 2014 and approximately $3,800 for the three months ended June 30, 2013.  For the first six months of 2014, the Company charged compensation cost of approximately $11,500 against income and approximately $6,400 for the same period in 2013.  As of June 30, 2014, there was approximately $106,000 of unrecognized compensation cost related to unvested share-based compensation awards granted.  Subsequent to June 30, 2014, the 3,000 shares of restricted stock were forfeited prior to vesting.  No additional compensation expense related to the restricted stock will be recognized in future periods.  Over the next three years, the Company expects to recognize approximately $27,000 of compensation expense related to unvested share-based compensation awards.
	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 or six month periods ended June 30, 2014 and 2013.  The Company’s APIC pool totaled approximately $111,000 at June 30, 2014 and December 31, 2013.
	Proceeds from the exercise of stock options were approximately $45,000 and $63,000 for the six months ended June 30, 2014 and 2013, respectively.
	The fair value of options granted during the six months ended June 30, 2014 and 2013 was estimated using the Black-Scholes option pricing model with the following assumptions:
		2014			2013
	Dividend yield	0		%	0		%
	Expected volatility	44.3		%	43.9		%
	Expected life of option	Five Years			Five Years
	Risk-free interest rate	1.7		%	0.7		%
	Fair value of each option on grant date	$	11.49		$	4.87
	There were 1,250 and 4,250 options granted during each of the six months ended June 30, 2014 and 2013, respectively.
	Stock option activity during the six months ended June 30, 2014 was as follows:
				Weighted
				Average
				Exercise
		Shares		Price
	Outstanding at January 1, 2014	11,417		$	8.87
	Granted	1,250		28.25
	Exercised	(5,916	)	7.56
	Expired and forfeited	(1,666	)	7.77
	Outstanding at June 30, 2014	5,085		15.51
	Exercisable at June 30, 2014	1,083		9.46
	The aggregate intrinsic value of all options outstanding and for those exercisable at June 30, 2014 was approximately $36,000 and $14,000, respectively.
	There were 3,000 shares of restricted stock granted during the six months ended June 30, 2014.  There were no restricted stock grants during the six months ended June 30, 2013.
	Restricted stock activity during the six months ended June 30, 2014 was as follows:
				Weighted
				Average
		Shares		Price
	Outstanding at January 1, 2014	0		$	—
	Granted	3,000		28.25
	Outstanding at June 30, 2014	3,000		28.25

Segment_Information

Segment Information	6 Months Ended
	Jun. 30, 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 the third quarter of 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.  Financial information with respect to the reportable segments follows:
	For the three months ended June 30, 2014:
								IKONICS					Micro-
		Domestic			Export			Imaging		DTX			Machining			Unalloc.			Total
	Net sales	$	2,089,767		$	1,626,682		$	1,046,592	$	94,612		$	67,094		$	—		$	4,924,747
	Cost of goods sold	1,220,452			1,194,219			510,508		84,705			203,991			—			3,213,875
	Gross profit (loss)	869,315			432,463			536,084		9,907			(136,897		)	—			1,710,872
	Selling general and adminstrative*	332,442			142,716			227,816		50,657			95,334			391,448			1,240,413
	Research and development*	—			—			—		—			—			177,479			177,479
	Income (loss) from operations	$	536,873		$	289,747		$	308,268	$	(40,750	)	$	(232,231	)	$	(568,927	)	$	292,980
	For the three months ended June 30, 2013:
								IKONICS					Micro-
		Domestic			Export			Imaging		DTX			Machining			Unalloc.			Total
	Net sales	$	2,003,601		$	1,497,478		$	923,134	$	128,059		$	102,473		$	—		$	4,654,745
	Cost of goods sold	1,103,787			1,039,050			488,048		21,787			118,115			—			2,770,787
	Gross profit (loss)	899,814			458,428			435,086		106,272			(15,642		)	—			1,883,958
	Selling general and adminstrative*	324,722			167,288			258,095		107,646			119,752			351,553			1,329,056
	Research and development*	—			—			—		—			—			153,412			153,412
	Income (loss) from operations	$	575,092		$	291,140		$	176,991	$	(1,374	)	$	(135,394	)	$	(504,965	)	$	401,490
	For the six months ended June 30, 2014:
								IKONICS					Micro-
		Domestic			Export			Imaging		DTX			Machining			Unalloc.			Total
	Net sales	$	3,599,931		$	2,813,394		$	2,608,396	$	207,129		$	160,473		$	—		$	9,389,323
	Cost of goods sold	2,103,556			2,069,119			1,166,507		164,468			415,648			—			5,919,298
	Gross profit (loss)	1,496,375			744,275			1,441,889		42,661			(255,175		)	—			3,470,025
	Selling general and adminstrative*	628,793			266,844			472,164		85,866			207,589			879,807			2,541,063
	Research and development*	—			—			—		—			—			320,809			320,809
	Income (loss) from operations	$	867,582		$	477,431		$	969,725	$	(43,205	)	$	(462,764	)	$	(1,200,616	)	$	608,153
	For the six months ended June 30, 2013:
								IKONICS					Micro-
		Domestic			Export			Imaging		DTX			Machining			Unalloc.			Total
	Net sales	$	3,519,872		$	2,938,937		$	1,766,605	$	229,317		$	222,286		$	—		$	8,677,017
	Cost of goods sold	2,008,945			2,144,140			901,797		36,549			237,369			—			5,328,800
	Gross profit (loss)	1,510,927			794,797			864,808		192,768			(15,083		)	—			3,348,217
	Selling general and adminstrative*	667,359			321,034			539,533		211,743			221,373			833,560			2,794,602
	Research and development*	—			—			—		—			—			325,927			325,927
	Income (loss) from operations	$	843,568		$	473,763		$	325,275	$	(18,975	)	$	(236,456	)	$	(1,159,487	)	$	227,688
	*  The Company does not allocate all general and administrative expenses or any research and development expenses to its operating segments for internal reporting.
	Trade receivables by segment as of June 30, 2014 and December 31, 2013 were as follows:
		June 30, 2014			Dec 31, 2013
	Domestic	$	959,026		$	1,012,057
	Export	1,033,589			667,343
	IKONICS Imaging	219,095			339,537
	DTX	20,154			26,910
	Micro-Machining	38,629			40,222
	Unallocated	(26,454		)	(35,216		)
	Total	$	2,244,039		$	2,050,853

SelfFunded_Medical_Insurance

Self-Funded Medical Insurance	6 Months Ended
	Jun. 30, 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 Company has reduced its risk under this self-funded plan by purchasing both specific and aggregate stop-loss insurance coverage for individual claims and total annual claims in excess of prescribed limits. The total liability for self-funded medical insurance was $60,000 as of June 30, 2014 and $55,000 as of December 31, 2013, respectively and is included within other accrued expenses in the balance sheets.

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 June 30, 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)	6 Months Ended
	Jun. 30, 2014
Inventories	'
Schedule of major components of inventories	'
		June 30, 2014			Dec 31, 2013
	Raw materials	$	2,144,243		$	1,952,398
	Work-in-progress	439,070			389,501
	Finished goods	1,330,217			1,461,264
	Reduction to LIFO cost	(1,282,183		)	(1,248,221		)
	Total Inventory	$	2,631,347		$	2,554,942

Earnings_Per_Common_Share_EPS_

Earnings Per Common Share (EPS) (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Common Share (EPS)	'
Summary of shares used in the calculation of diluted EPS	'
		Three Months Ended
		June 30, 2014	June 30, 2013
	Weighted average common shares outstanding	2,016,885	2,007,623
	Dilutive effect of stock options and restricted stock	2,836	4,929
	Weighted average common and common equivalent shares outstanding	2,019,721	2,012,552
		Six Months Ended
		June 30, 2014	June 30, 2013
	Weighted average common shares outstanding	2,014,836	2,004,108
	Dilutive effect of stock options and restricted stock	1,938	3,616
	Weighted average common and common equivalent shares outstanding	2,016,774	2,007,724

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2014
Stock-Based Compensation	'
Assumptions used in estimating fair value of stock options	'
		2014			2013
	Dividend yield	0		%	0		%
	Expected volatility	44.3		%	43.9		%
	Expected life of option	Five Years			Five Years
	Risk-free interest rate	1.7		%	0.7		%
	Fair value of each option on grant date	$	11.49		$	4.87
Stock option activity	'
				Weighted
				Average
				Exercise
		Shares		Price
	Outstanding at January 1, 2014	11,417		$	8.87
	Granted	1,250		28.25
	Exercised	(5,916	)	7.56
	Expired and forfeited	(1,666	)	7.77
	Outstanding at June 30, 2014	5,085		15.51
	Exercisable at June 30, 2014	1,083		9.46
Restricted stock activity	'
				Weighted
				Average
		Shares		Price
	Outstanding at January 1, 2014	0		$	—
	Granted	3,000		28.25
	Outstanding at June 30, 2014	3,000		28.25

Segment_Information_Tables

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2014
Segment Information	'
Schedule of financial information with respect to the reportable segments	'
	For the three months ended June 30, 2014:
								IKONICS					Micro-
		Domestic			Export			Imaging		DTX			Machining			Unalloc.			Total
	Net sales	$	2,089,767		$	1,626,682		$	1,046,592	$	94,612		$	67,094		$	—		$	4,924,747
	Cost of goods sold	1,220,452			1,194,219			510,508		84,705			203,991			—			3,213,875
	Gross profit (loss)	869,315			432,463			536,084		9,907			(136,897		)	—			1,710,872
	Selling general and adminstrative*	332,442			142,716			227,816		50,657			95,334			391,448			1,240,413
	Research and development*	—			—			—		—			—			177,479			177,479
	Income (loss) from operations	$	536,873		$	289,747		$	308,268	$	(40,750	)	$	(232,231	)	$	(568,927	)	$	292,980
	For the three months ended June 30, 2013:
								IKONICS					Micro-
		Domestic			Export			Imaging		DTX			Machining			Unalloc.			Total
	Net sales	$	2,003,601		$	1,497,478		$	923,134	$	128,059		$	102,473		$	—		$	4,654,745
	Cost of goods sold	1,103,787			1,039,050			488,048		21,787			118,115			—			2,770,787
	Gross profit (loss)	899,814			458,428			435,086		106,272			(15,642		)	—			1,883,958
	Selling general and adminstrative*	324,722			167,288			258,095		107,646			119,752			351,553			1,329,056
	Research and development*	—			—			—		—			—			153,412			153,412
	Income (loss) from operations	$	575,092		$	291,140		$	176,991	$	(1,374	)	$	(135,394	)	$	(504,965	)	$	401,490
	For the six months ended June 30, 2014:
								IKONICS					Micro-
		Domestic			Export			Imaging		DTX			Machining			Unalloc.			Total
	Net sales	$	3,599,931		$	2,813,394		$	2,608,396	$	207,129		$	160,473		$	—		$	9,389,323
	Cost of goods sold	2,103,556			2,069,119			1,166,507		164,468			415,648			—			5,919,298
	Gross profit (loss)	1,496,375			744,275			1,441,889		42,661			(255,175		)	—			3,470,025
	Selling general and adminstrative*	628,793			266,844			472,164		85,866			207,589			879,807			2,541,063
	Research and development*	—			—			—		—			—			320,809			320,809
	Income (loss) from operations	$	867,582		$	477,431		$	969,725	$	(43,205	)	$	(462,764	)	$	(1,200,616	)	$	608,153
	For the six months ended June 30, 2013:
								IKONICS					Micro-
		Domestic			Export			Imaging		DTX			Machining			Unalloc.			Total
	Net sales	$	3,519,872		$	2,938,937		$	1,766,605	$	229,317		$	222,286		$	—		$	8,677,017
	Cost of goods sold	2,008,945			2,144,140			901,797		36,549			237,369			—			5,328,800
	Gross profit (loss)	1,510,927			794,797			864,808		192,768			(15,083		)	—			3,348,217
	Selling general and adminstrative*	667,359			321,034			539,533		211,743			221,373			833,560			2,794,602
	Research and development*	—			—			—		—			—			325,927			325,927
	Income (loss) from operations	$	843,568		$	473,763		$	325,275	$	(18,975	)	$	(236,456	)	$	(1,159,487	)	$	227,688
	*  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 trade receivables by segment	'
		June 30, 2014			Dec 31, 2013
	Domestic	$	959,026		$	1,012,057
	Export	1,033,589			667,343
	IKONICS Imaging	219,095			339,537
	DTX	20,154			26,910
	Micro-Machining	38,629			40,222
	Unallocated	(26,454		)	(35,216		)
	Total	$	2,244,039		$	2,050,853

ShortTerm_Investments_Details

Short-Term Investments (Details) (Certificates Of Deposit [Member], USD $)	6 Months Ended
	Jun. 30, 2014
Short-term investments	'
Fully insured certificates of deposit	2,016,000
Minimum [Member]	'
Short-term investments	'
Maturity period	'3 months
Interest rate (as a percent)	0.20%
Maximum [Member]	'
Short-term investments	'
Maturity period	'12 months
Interest rate (as a percent)	1.00%

Inventories_Details

Inventories (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Inventories	'	'
Raw materials	$2,144,243	$1,952,398
Work-in-progress	439,070	389,501
Finished goods	1,330,217	1,461,264
Reduction to LIFO cost	-1,282,183	-1,248,221
Total inventories	$2,631,347	$2,554,942

Earnings_Per_Common_Share_EPS_1

Earnings Per Common Share (EPS) (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Shares used in calculation of diluted EPS	'	'	'	'
Weighted average common shares outstanding	2,016,885	2,007,623	2,014,836	2,004,108
Dilutive effect of stock options	2,836	4,929	1,938	3,616
Weighted average common and common equivalent shares outstanding	2,019,721	2,012,552	2,016,774	2,007,724
Employee Stock Option [Member]	'	'	'	'
Anti-dilutive securities	'	'	'	'
Anti-dilutive securities outstanding (in shares)	0	0	0	0
Share Based Compensation, Arrangement by Share Based Payment, Award, Options, Outstanding Number with Antidilutive Effect	'	'	1,250	3,750
Share Based Compensation Arrangement by Share Based Payment Award, Options Outstanding with Antidilutive Effect Weighted Average Exercise Price	28.25	12.56	28.25	12.56

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Stock options	'	'	'	'	'
Number of shares of common stock authorized for issuance	442,750	'	442,750	'	'
Common stock reserved for future grants (in shares)	112,989	'	112,989	'	'
Excess tax benefit from exercise of stock option	$0	$0	$0	$0	'
Total of Company's APIC pool	'	'	111,000	'	'
Proceeds from the exercise of stock	'	'	44,730	63,492	'
Employee Stock Option [Member]	'	'	'	'	'
Stock options	'	'	'	'	'
Outstanding options (in shares)	5,085	'	5,085	'	11,417
Compensation cost recognized	8,900	3,800	11,500	6,400	'
Unrecognized compensation cost	106,000	'	106,000	'	'
Expected compensation expense related to share-based compensation awards	'	'	27,000	'	'
Period during which compensation cost is expected to be recognized	'	'	'3 years	'	'
Proceeds from the exercise of stock	'	'	$45,000	$63,000	'
Employee Stock Option [Member] | Minimum [Member]	'	'	'	'	'
Stock options	'	'	'	'	'
Option price range(as a percent)	'	'	85.00%	'	'
Period over which options become exercisable	'	'	'1 year	'	'
Employee Stock Option [Member] | Maximum [Member]	'	'	'	'	'
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	'	'
Restricted Stock [Member]	'	'	'	'	'
Stock options	'	'	'	'	'
Period over which options become exercisable	'	'	'3 years	'	'

StockBased_Compensation_Detail1

Stock-Based Compensation (Details 2) (USD $)	6 Months Ended				1 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jul. 31, 2014
			Employee Stock Option [Member]	Employee Stock Option [Member]	Restricted Stock [Member]
Assumptions used to determine fair value of stock options granted	'	'	'	'	'
Dividend yield (as a percent)	'	'	0.00%	0.00%	'
Expected volatility (as a percent)	'	'	44.30%	43.90%	'
Expected life of option	'	'	'5 years	'5 years	'
Risk-free interest rate (as a percent)	'	'	1.70%	0.70%	'
Fair value of each option on grant date (in dollars per share)	'	'	$11.49	$4.87	'
Granted (in shares)	1,250	4,250	1,250	'	'
Shares	'	'	'	'	'
Outstanding at January 1, 2014 (in shares)	'	'	11,417	'	'
Granted (in shares)	1,250	4,250	1,250	'	'
Exercised (in shares)	'	'	-5,916	'	'
Expired and forfeited (in shares)	'	'	-1,666	'	3,000
Outstanding at June 30, 2014 (in shares)	'	'	5,085	'	'
Exercisable at June 30, 2014 (in shares)	'	'	1,083	'	'
Weighted Average Exercise Price	'	'	'	'	'
Outstanding at January 1, 2014 (in shares)	'	'	$8.87	'	'
Granted (in dollars per share)	'	'	$28.25	'	'
Exercised (in dollars per share)	'	'	$7.56	'	'
Expired and forfeited (in dollars per share)	'	'	$7.77	'	'
Outstanding at June 30, 2014 (in dollars per share)	'	'	$15.51	'	'
Exercisable at June 30, 2014 (in dollars per share)	'	'	$9.46	'	'
Aggregate intrinsic value of all options outstanding	$36,000	'	'	'	'
Aggregate intrinsic value of all options exercisable	$14,000	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'	'	'	'	'
Granted (in shares)	3,000	'	'	'	'
Outstanding at June 30, 2014	3,000	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]	'	'	'	'	'
Granted	$28.25	'	'	'	'
Outstanding at June 30, 2014 (in dollars per share)	$28.25	'	'	'	'

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
			segment
Segment Reporting Information	'	'	'	'	'
Number of reportable segments	'	'	5	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Net sales	$4,924,747	$4,654,745	$9,389,323	$8,677,017	'
Cost of goods sold	3,213,875	2,770,787	5,919,298	5,328,800	'
GROSS PROFIT	1,710,872	1,883,958	3,470,025	3,348,217	'
Selling general and administrative	1,240,413	1,329,056	2,541,063	2,794,602	'
Research and development	177,479	153,412	320,809	325,927	'
INCOME FROM OPERATIONS	292,980	401,490	608,153	227,688	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	2,244,039	'	2,244,039	'	2,050,853
Corporate Non Segment [Member]	'	'	'	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Selling general and administrative	391,448	351,553	879,807	833,560	'
Research and development	177,479	153,412	320,809	325,927	'
INCOME FROM OPERATIONS	-568,927	-504,965	-1,200,616	-1,159,487	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	-26,454	'	-26,454	'	-35,216
Domestic [Member]	'	'	'	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Net sales	2,089,767	2,003,601	3,599,931	3,519,872	'
Cost of goods sold	1,220,452	1,103,787	2,103,556	2,008,945	'
GROSS PROFIT	869,315	899,814	1,496,375	1,510,927	'
Selling general and administrative	332,442	324,722	628,793	667,359	'
INCOME FROM OPERATIONS	536,873	575,092	867,582	843,568	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	959,026	'	959,026	'	1,012,057
Export [Member]	'	'	'	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Net sales	1,626,682	1,497,478	2,813,394	2,938,937	'
Cost of goods sold	1,194,219	1,039,050	2,069,119	2,144,140	'
GROSS PROFIT	432,463	458,428	744,275	794,797	'
Selling general and administrative	142,716	167,288	266,844	321,034	'
INCOME FROM OPERATIONS	289,747	291,140	477,431	473,763	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	1,033,589	'	1,033,589	'	667,343
Company Imaging [Member]	'	'	'	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Net sales	1,046,592	923,134	2,608,396	1,766,605	'
Cost of goods sold	510,508	488,048	1,166,507	901,797	'
GROSS PROFIT	536,084	435,086	1,441,889	864,808	'
Selling general and administrative	227,816	258,095	472,164	539,533	'
INCOME FROM OPERATIONS	308,268	176,991	969,725	325,275	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	219,095	'	219,095	'	339,537
Digital Texturing [Member]	'	'	'	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Net sales	94,612	128,059	207,129	229,317	'
Cost of goods sold	84,705	21,787	164,468	36,549	'
GROSS PROFIT	9,907	106,272	42,661	192,768	'
Selling general and administrative	50,657	107,646	85,866	211,743	'
INCOME FROM OPERATIONS	-40,750	-1,374	-43,205	-18,975	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	20,154	'	20,154	'	26,910
Micro Machining [Member]	'	'	'	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Net sales	67,094	102,473	160,473	222,286	'
Cost of goods sold	203,991	118,115	415,648	237,369	'
GROSS PROFIT	-136,897	-15,642	-255,175	-15,083	'
Selling general and administrative	95,334	119,752	207,589	221,373	'
INCOME FROM OPERATIONS	-232,231	-135,394	-462,764	-236,456	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	$38,629	'	$38,629	'	$40,222

SelfFunded_Medical_Insurance_D

Self-Funded Medical Insurance (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Self-Funded Medical Insurance	'	'
Total liability for self-funded medical insurance	$60,000	$55,000

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013
Income Taxes	'	'
Unrecognized tax benefits	$0	$0