TeraWulf (WULF) 10-Q 14 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 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-Sep-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	'	2,018,253
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

CONDENSED_BALANCE_SHEETS

CONDENSED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
CURRENT ASSETS:	'	'
Cash and cash equivalents	$2,203,954	$1,704,300
Short-term investments	1,796,000	1,464,878
Trade receivables, less allowance of $53,000 in 2014 and $62,000 in 2013	2,049,053	2,050,853
Inventories	2,689,129	2,554,942
Prepaid expenses and other assets	133,554	103,687
Income taxes receivable	124,977	16,400
Deferred income taxes	150,000	150,000
Total current assets	9,146,667	8,045,060
PROPERTY, PLANT, AND EQUIPMENT, at cost:	'	'
Land and buildings	6,247,781	6,123,890
Machinery and equipment	3,943,389	3,781,282
Office equipment	774,226	722,567
Vehicles	247,356	237,194
Gross property, plant, and equipment, at cost	11,212,752	10,864,933
Less accumulated depreciation	5,664,928	5,230,837
Net property, plant, and equipment, at cost	5,547,824	5,634,096
INTANGIBLE ASSETS, less accumulated amortization of $192,475 in 2014 and $173,143 in 2013	348,944	322,647
Total assets	15,043,435	14,001,803
CURRENT LIABILITIES:	'	'
Accounts payable	797,080	532,294
Accrued compensation	374,427	274,936
Other accrued liabilities	120,067	67,755
Total current liabilities	1,291,574	874,985
DEFERRED INCOME TAXES	527,000	527,000
Total liabilities	1,818,574	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	2,674,171	2,592,038
Retained earnings	10,348,881	9,806,563
Total stockholders' equity	13,224,861	12,599,818
Total liabilities and stockholders' equity	$15,043,435	$14,001,803

CONDENSED_BALANCE_SHEETS_Paren

CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2014	Dec. 31, 2013
CONDENSED BALANCE SHEETS	'	'
Trade receivables, allowance (in dollars)	$53,000	$62,000
INTANGIBLE ASSETS, accumulated amortization (in dollars)	$192,475	$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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONDENSED STATEMENTS OF INCOME	'	'	'	'
NET SALES	$4,478,014	$4,217,125	$13,867,337	$12,894,142
COST OF GOODS SOLD	2,850,049	2,575,557	8,769,347	7,904,357
GROSS PROFIT	1,627,965	1,641,568	5,097,990	4,989,785
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	1,282,161	1,330,199	3,823,224	4,124,801
RESEARCH AND DEVELOPMENT EXPENSES	169,145	149,864	489,954	475,791
INCOME FROM OPERATIONS	176,659	161,505	784,812	389,193
OTHER	103	1,372	3,613	5,331
INCOME BEFORE INCOME TAXES	176,762	162,877	788,425	394,524
INCOME TAX EXPENSE	37,791	46,715	246,107	73,000
NET INCOME	$138,971	$116,162	$542,318	$321,524
EARNINGS PER COMMON SHARE:	'	'	'	'
Basic (in dollars per share)	$0.07	$0.06	$0.27	$0.16
Diluted (in dollars per share)	$0.07	$0.06	$0.27	$0.16
WEIGHTED AVERAGE COMMON SHARES:	'	'	'	'
Basic (in shares)	2,018,412	2,008,836	2,016,789	2,005,702
Diluted (in shares)	2,019,806	2,015,125	2,018,237	2,010,334

CONDENSED_STATEMENTS_OF_CASH_F

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$542,318	$321,524
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	477,287	416,068
Amortization	19,332	39,620
Stock based compensation	14,958	10,143
Gain on sale and disposal of property, plant and equipment	-45,659	-2,979
Deferred income taxes	'	65,000
Changes in working capital components:	'	'
Trade receivables	1,800	160,598
Inventories	-134,187	163,166
Prepaid expenses and other assets	-29,867	-10,785
Income taxes receivable	-85,540	-91,671
Accounts payable	264,786	66,132
Accrued expenses	151,803	83,191
Income taxes payable	'	-69,397
Net cash provided by operating activities	1,177,031	1,150,610
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchases of property, plant and equipment	-407,119	-585,806
Proceeds from disposal of property, plant and equipment	61,763	24,507
Purchases of intangibles	-45,629	-69,309
Purchases of short-term investments	-2,296,000	-1,814,878
Proceeds from sale of short-term investments	1,964,878	1,442,939
Net cash used in investing activities	-722,107	-1,002,547
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from exercise of stock options	44,730	63,492
NET INCREASE IN CASH AND CASH EQUIVALENTS	499,654	211,555
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	1,704,300	1,704,300
CASH AND CASH EQUIVALENTS AT END OF PERIOD	2,203,954	1,179,498
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.	$331,648	$169,068

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	9 Months Ended
	Sep. 30, 2014
Basis of Presentation	'
Basis of Presentation	'
	1.Basis of Presentation
	The balance sheet of  IKONICS Corporation (the “Company”) as of  September 30, 2014, and the related statements of income for the three and nine months ended September 30, 2014 and 2013, and cash flows for the nine months ended September 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 September 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	9 Months Ended
	Sep. 30, 2014
Short-Term Investments	'
Short-Term Investments	'
	2.Short-Term Investments
	The Company’s $1,796,000 of short-term investments, at September 30, 2014, is comprised of fully insured certificates of deposit with original maturities ranging from four to twelve months and interest rates ranging from 0.2% to 0.5%.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2014
Inventories	'
Inventories	'
	3.Inventories
	The major components of inventories are as follows:
		Sep 30, 2014			Dec 31, 2013
	Raw materials	$	2,100,641		$	1,952,398
	Work-in-progress	518,352			389,501
	Finished goods	1,362,237			1,461,264
	Reduction to LIFO cost	(1,292,101		)	(1,248,221		)
	Total Inventory	$	2,689,129		$	2,554,942

Earnings_Per_Common_Share_EPS

Earnings Per Common Share (EPS)	9 Months Ended
	Sep. 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, had been issued.
	Shares used in the calculation of diluted EPS are summarized below:
		Three Months Ended
		Sep 30, 2014	Sep 30, 2013
	Weighted average common shares outstanding	2,018,412	2,008,836
	Dilutive effect of stock options	1,394	6,289
	Weighted average common and common equivalent shares outstanding	2,019,806	2,015,125
		Nine Months Ended
		Sep 30, 2014	Sep 30, 2013
	Weighted average common shares outstanding	2,016,789	2,005,702
	Dilutive effect of stock options	1,448	4,632
	Weighted average common and common equivalent shares outstanding	2,018,237	2,010,334
	Options to purchase 1,250 shares of common stock with a weighted average price of $28.25 were outstanding during the three and nine months ended September 30, 2014, 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 and nine months ended September 30, 2013.

StockBased_Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 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, and 115,989 were reserved for future grants at September 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.
	The Company charged compensation cost of approximately $3,500 against income for the three months ended September 30, 2014 and approximately $3,800 for the three months ended September 30, 2013.  For the first nine months of 2014, the Company charged compensation cost of approximately $15,000 against income and approximately $10,100 for the same period in 2013.  As of September 30, 2014, there was approximately $23,000 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 additional paid in capital and reduces income taxes payable.
	Proceeds from the exercise of stock options were approximately $45,000 and $63,000 for the nine months ended September 30, 2014 and 2013, respectively.
	The fair value of options granted during the nine months ended September 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	44.30%		43.90%
	Expected life of option	Five Years		Five Years
	Risk-free interest rate	1.70%		0.70%
	Fair value of each option on grant date	$11.49		$4.72
	There were 1,250 and 4,250 options granted during each of the nine months ended September 30, 2014 and 2013, respectively.
	Stock option activity during the nine months ended September 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 September 30, 2014	5,085		15.51
	Exercisable at September 30, 2014	1,083		9.46
	The aggregate intrinsic value of all options outstanding and for those exercisable at September 30, 2014 was approximately $41,000 and $14,000, respectively.
	There were 3,000 shares of restricted stock granted and subsequently forfeited prior to vesting during the nine months ended September 30, 2014.  There were no restricted stock grants during the nine months ended September 30, 2013.
	Restricted stock activity during the nine months ended September 30, 2014 was as follows:
				Weighted
				Average
		Shares		Price
	Outstanding at January 1, 2014	0		$	—
	Granted	3,000		28.25
	Forfeited	3,000		28.25
	Outstanding at September 30, 2014	0		$	—

Segment_Information

Segment Information	9 Months Ended
	Sep. 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 Advanced Materials Solutions (AMS).  AMS was previously branded as 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, and related abrasive etching equipment to end user customers located in the United States and Canada.  AMS 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 AMS or DTX.  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 September 30, 2014:
							IKONICS
		Domestic		Export			Imaging			DTX			AMS			Unalloc.			Total
	Net sales	$	2,059,074	$	1,299,652		$	998,778		$	44,850		$	75,660		$	—		$	4,478,014
	Cost of goods sold	1,175,363		916,063			468,290			90,968			199,365			—			2,850,049
	Gross profit (loss)	883,711		383,589			530,488			(46,118		)	(123,705		)	—			1,627,965
	Selling general and adminstrative*	343,502		136,811			235,238			35,864			109,481			421,265			1,282,161
	Research and development*	—		—			—			—			—			169,145			169,145
	Income (loss) from operations	$	540,209	$	246,778		$	295,250		$	(81,982	)	$	(233,186	)	$	(590,410	)	$	176,659
	For the three months ended September 30, 2013:
								IKONICS
		Domestic		Export				Imaging			DTX			AMS			Unalloc.			Total
	Net sales	$	1,881,210	$	1,310,281			$	874,442		$	104,339		$	46,853		$	—		$	4,217,125
	Cost of goods sold	1,048,869		967,923				414,656			20,774			123,335			—			2,575,557
	Gross profit (loss)	832,341		342,358				459,786			83,565			(76,482		)	—			1,641,568
	Selling general and adminstrative*	305,297		127,346				234,096			128,968			106,974			427,518			1,330,199
	Research and development*	—		—				—			—			—			149,864			149,864
	Income (loss) from operations	$	527,044	$		215,012		$	225,690		$	(45,403	)	$	(183,456	)	$	(577,382	)	$	161,505
	For the nine months ended September 30, 2014:
							IKONICS
		Domestic		Export			Imaging			DTX			AMS			Unalloc.			Total
	Net sales	$	5,659,005	$	4,113,046		$	3,607,174		$	251,979		$	236,133		$	—		$	13,867,337
	Cost of goods sold	3,278,919		2,985,182			1,634,797			255,436			615,013			—			8,769,347
	Gross profit (loss)	2,380,086		1,127,864			1,972,377			(3,457		)	(378,880		)	—			5,097,990
	Selling general and adminstrative*	972,295		403,655			707,402			121,730			317,070			1,301,072			3,823,224
	Research and development*	—		—			—			—			—			489,954			489,954
	Income (loss) from operations	$	1,407,791	$	724,209		$	1,264,975		$	(125,187	)	$	(695,950	)	$	(1,791,026	)	$	784,812
	For the nine months ended September 30, 2013:
							IKONICS
		Domestic		Export			Imaging			DTX			AMS			Unalloc.			Total
	Net sales	$	5,401,082	$	4,249,218		$	2,641,047		$	333,656		$	269,139		$	—		$	12,894,142
	Cost of goods sold	3,057,814		3,112,063			1,316,453			57,323			360,704			—			7,904,357
	Gross profit (loss)	2,343,268		1,137,155			1,324,594			276,333			(91,565		)	—			4,989,785
	Selling general and adminstrative*	972,656		448,380			773,629			340,711			328,346			1,261,079			4,124,801
	Research and development*	—		—			—			—			—			475,791			475,791
	Income (loss) from operations	$	1,370,612	$	688,775		$	550,965		$	(64,378	)	$	(419,911	)	$	(1,736,870	)	$	389,193
	*  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 September 30, 2014 and December 31, 2013 were as follows:
		Sep 30, 2014		Dec 31, 2013
	Domestic	$	937,607	$	1,012,057
	Export	701,733		667,343
	IKONICS Imaging	328,746		339,537
	DTX	14,238		26,910
	AMS	64,559		40,222
	Unallocated	2,170		(35,216		)
	Total	$	2,049,053	$	2,050,853

SelfFunded_Medical_Insurance

Self-Funded Medical Insurance	9 Months Ended
	Sep. 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 $73,000 as of September 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	9 Months Ended
	Sep. 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 September 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 2011, 2012, and 2013.

Inventories_Tables

Inventories (Tables)	9 Months Ended
	Sep. 30, 2014
Inventories	'
Schedule of major components of inventories	'
		Sep 30, 2014			Dec 31, 2013
	Raw materials	$	2,100,641		$	1,952,398
	Work-in-progress	518,352			389,501
	Finished goods	1,362,237			1,461,264
	Reduction to LIFO cost	(1,292,101		)	(1,248,221		)
	Total Inventory	$	2,689,129		$	2,554,942

Earnings_Per_Common_Share_EPS_

Earnings Per Common Share (EPS) (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Common Share (EPS)	'
Summary of shares used in the calculation of diluted EPS	'
		Three Months Ended
		Sep 30, 2014	Sep 30, 2013
	Weighted average common shares outstanding	2,018,412	2,008,836
	Dilutive effect of stock options	1,394	6,289
	Weighted average common and common equivalent shares outstanding	2,019,806	2,015,125
		Nine Months Ended
		Sep 30, 2014	Sep 30, 2013
	Weighted average common shares outstanding	2,016,789	2,005,702
	Dilutive effect of stock options	1,448	4,632
	Weighted average common and common equivalent shares outstanding	2,018,237	2,010,334

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2014
Stock-Based Compensation	'
Assumptions used in estimating fair value of stock options	'
		2014		2013
	Dividend yield	0%		0%
	Expected volatility	44.30%		43.90%
	Expected life of option	Five Years		Five Years
	Risk-free interest rate	1.70%		0.70%
	Fair value of each option on grant date	$11.49		$4.72
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 September 30, 2014	5,085		15.51
	Exercisable at September 30, 2014	1,083		9.46
Restricted stock activity	'
				Weighted
				Average
		Shares		Price
	Outstanding at January 1, 2014	0		$	—
	Granted	3,000		28.25
	Forfeited	3,000		28.25
	Outstanding at September 30, 2014	0		$	—

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2014
Segment Information	'
Schedule of financial information with respect to the reportable segments	'
	For the three months ended September 30, 2014:
							IKONICS
		Domestic		Export			Imaging			DTX			AMS			Unalloc.			Total
	Net sales	$	2,059,074	$	1,299,652		$	998,778		$	44,850		$	75,660		$	—		$	4,478,014
	Cost of goods sold	1,175,363		916,063			468,290			90,968			199,365			—			2,850,049
	Gross profit (loss)	883,711		383,589			530,488			(46,118		)	(123,705		)	—			1,627,965
	Selling general and adminstrative*	343,502		136,811			235,238			35,864			109,481			421,265			1,282,161
	Research and development*	—		—			—			—			—			169,145			169,145
	Income (loss) from operations	$	540,209	$	246,778		$	295,250		$	(81,982	)	$	(233,186	)	$	(590,410	)	$	176,659
	For the three months ended September 30, 2013:
								IKONICS
		Domestic		Export				Imaging			DTX			AMS			Unalloc.			Total
	Net sales	$	1,881,210	$	1,310,281			$	874,442		$	104,339		$	46,853		$	—		$	4,217,125
	Cost of goods sold	1,048,869		967,923				414,656			20,774			123,335			—			2,575,557
	Gross profit (loss)	832,341		342,358				459,786			83,565			(76,482		)	—			1,641,568
	Selling general and adminstrative*	305,297		127,346				234,096			128,968			106,974			427,518			1,330,199
	Research and development*	—		—				—			—			—			149,864			149,864
	Income (loss) from operations	$	527,044	$		215,012		$	225,690		$	(45,403	)	$	(183,456	)	$	(577,382	)	$	161,505
	For the nine months ended September 30, 2014:
							IKONICS
		Domestic		Export			Imaging			DTX			AMS			Unalloc.			Total
	Net sales	$	5,659,005	$	4,113,046		$	3,607,174		$	251,979		$	236,133		$	—		$	13,867,337
	Cost of goods sold	3,278,919		2,985,182			1,634,797			255,436			615,013			—			8,769,347
	Gross profit (loss)	2,380,086		1,127,864			1,972,377			(3,457		)	(378,880		)	—			5,097,990
	Selling general and adminstrative*	972,295		403,655			707,402			121,730			317,070			1,301,072			3,823,224
	Research and development*	—		—			—			—			—			489,954			489,954
	Income (loss) from operations	$	1,407,791	$	724,209		$	1,264,975		$	(125,187	)	$	(695,950	)	$	(1,791,026	)	$	784,812
	For the nine months ended September 30, 2013:
							IKONICS
		Domestic		Export			Imaging			DTX			AMS			Unalloc.			Total
	Net sales	$	5,401,082	$	4,249,218		$	2,641,047		$	333,656		$	269,139		$	—		$	12,894,142
	Cost of goods sold	3,057,814		3,112,063			1,316,453			57,323			360,704			—			7,904,357
	Gross profit (loss)	2,343,268		1,137,155			1,324,594			276,333			(91,565		)	—			4,989,785
	Selling general and adminstrative*	972,656		448,380			773,629			340,711			328,346			1,261,079			4,124,801
	Research and development*	—		—			—			—			—			475,791			475,791
	Income (loss) from operations	$	1,370,612	$	688,775		$	550,965		$	(64,378	)	$	(419,911	)	$	(1,736,870	)	$	389,193
	*  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	'
		Sep 30, 2014		Dec 31, 2013
	Domestic	$	937,607	$	1,012,057
	Export	701,733		667,343
	IKONICS Imaging	328,746		339,537
	DTX	14,238		26,910
	AMS	64,559		40,222
	Unallocated	2,170		(35,216		)
	Total	$	2,049,053	$	2,050,853

ShortTerm_Investments_Details

Short-Term Investments (Details) (Certificates of Deposit [Member], USD $)	9 Months Ended
	Sep. 30, 2014
Short-term investments	'
Fully insured certificates of deposit	1,796,000
Minimum [Member]	'
Short-term investments	'
Maturity period	'4 months
Interest rate (as a percent)	0.20%
Maximum [Member]	'
Short-term investments	'
Maturity period	'12 months
Interest rate (as a percent)	0.50%

Inventories_Details

Inventories (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Inventories	'	'
Raw materials	$2,100,641	$1,952,398
Work-in-progress	518,352	389,501
Finished goods	1,362,237	1,461,264
Reduction to LIFO cost	-1,292,101	-1,248,221
Total inventories	$2,689,129	$2,554,942

Earnings_Per_Common_Share_EPS_1

Earnings Per Common Share (EPS) (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Shares used in calculation of diluted EPS	'	'	'	'
Weighted average common shares outstanding	2,018,412	2,008,836	2,016,789	2,005,702
Dilutive effect of stock options	1,394	6,289	1,448	4,632
Weighted average common and common equivalent shares outstanding	2,019,806	2,015,125	2,018,237	2,010,334
Employee Stock Option [Member]	'	'	'	'
Anti-dilutive securities	'	'	'	'
Anti-dilutive securities outstanding (in shares)	'	0	'	0
Share Based Compensation, Arrangement by Share Based Payment, Award, Options, Outstanding Number with Antidilutive Effect	1,250	'	1,250	'
Share Based Compensation Arrangement by Share Based Payment Award, Options Outstanding with Antidilutive Effect Weighted Average Exercise Price	28.25	'	28.25	'

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 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)	115,989	'	115,989	'	'
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	3,500	3,800	15,000	10,100	'
Unrecognized compensation cost	23,000	'	23,000	'	'
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	'	'	'	'	'
Expiration period of options granted	'	'	'3 years	'	'

StockBased_Compensation_Detail1

Stock-Based Compensation (Details 2) (USD $)	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Assumptions used to determine fair value of stock options granted	'	'
Granted (in shares)	1,250	4,250
Shares	'	'
Granted (in shares)	1,250	4,250
Weighted Average Exercise Price	'	'
Aggregate intrinsic value of all options outstanding	$41,000	'
Aggregate intrinsic value of all options exercisable	$14,000	'
Employee Stock Option [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	4.72
Granted (in shares)	1,250	'
Shares	'	'
Outstanding at January 1, 2014 (in shares)	11,417	'
Granted (in shares)	1,250	'
Exercised (in shares)	-5,916	'
Expired and forfeited (in shares)	-1,666	'
Outstanding at September 30, 2014 (in shares)	5,085	'
Exercisable at September 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 September 30, 2014 (in dollars per share)	$15.51	'
Exercisable at September 30, 2014 (in dollars per share)	$9.46	'
Restricted Stock [Member]	'	'
Assumptions used to determine fair value of stock options granted	'	'
Granted (in shares)	'	0
Shares	'	'
Granted (in shares)	'	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]	'	'
Outstanding at January 1, 2014 (in shares)	0	'
Granted (in shares)	3,000	'
Forfeited (in shares)	3,000	'
Outstanding at September 30, 2014	0	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]	'	'
Granted	$28.25	'
Forfeited	$28.25	'

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
			segment
Segment Reporting Information	'	'	'	'	'
Number of reportable segments	'	'	5	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Net sales	$4,478,014	$4,217,125	$13,867,337	$12,894,142	'
Cost of goods sold	2,850,049	2,575,557	8,769,347	7,904,357	'
GROSS PROFIT	1,627,965	1,641,568	5,097,990	4,989,785	'
Selling general and administrative	1,282,161	1,330,199	3,823,224	4,124,801	'
Research and development	169,145	149,864	489,954	475,791	'
INCOME FROM OPERATIONS	176,659	161,505	784,812	389,193	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	2,049,053	'	2,049,053	'	2,050,853
Corporate, Non-Segment [Member]	'	'	'	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Selling general and administrative	421,265	427,518	1,301,072	1,261,079	'
Research and development	169,145	149,864	489,954	475,791	'
INCOME FROM OPERATIONS	-590,410	-577,382	-1,791,026	-1,736,870	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	2,170	'	2,170	'	-35,216
Domestic	'	'	'	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Net sales	2,059,074	1,881,210	5,659,005	5,401,082	'
Cost of goods sold	1,175,363	1,048,869	3,278,919	3,057,814	'
GROSS PROFIT	883,711	832,341	2,380,086	2,343,268	'
Selling general and administrative	343,502	305,297	972,295	972,656	'
INCOME FROM OPERATIONS	540,209	527,044	1,407,791	1,370,612	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	937,607	'	937,607	'	1,012,057
Export	'	'	'	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Net sales	1,299,652	1,310,281	4,113,046	4,249,218	'
Cost of goods sold	916,063	967,923	2,985,182	3,112,063	'
GROSS PROFIT	383,589	342,358	1,127,864	1,137,155	'
Selling general and administrative	136,811	127,346	403,655	448,380	'
INCOME FROM OPERATIONS	246,778	215,012	724,209	688,775	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	701,733	'	701,733	'	667,343
IKONICS Imaging	'	'	'	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Net sales	998,778	874,442	3,607,174	2,641,047	'
Cost of goods sold	468,290	414,656	1,634,797	1,316,453	'
GROSS PROFIT	530,488	459,786	1,972,377	1,324,594	'
Selling general and administrative	235,238	234,096	707,402	773,629	'
INCOME FROM OPERATIONS	295,250	225,690	1,264,975	550,965	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	328,746	'	328,746	'	339,537
DTX	'	'	'	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Net sales	44,850	104,339	251,979	333,656	'
Cost of goods sold	90,968	20,774	255,436	57,323	'
GROSS PROFIT	-46,118	83,565	-3,457	276,333	'
Selling general and administrative	35,864	128,968	121,730	340,711	'
INCOME FROM OPERATIONS	-81,982	-45,403	-125,187	-64,378	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	14,238	'	14,238	'	26,910
AMS	'	'	'	'	'
Financial information with respect to the reportable segments	'	'	'	'	'
Net sales	75,660	46,853	236,133	269,139	'
Cost of goods sold	199,365	123,335	615,013	360,704	'
GROSS PROFIT	-123,705	-76,482	-378,880	-91,565	'
Selling general and administrative	109,481	106,974	317,070	328,346	'
INCOME FROM OPERATIONS	-233,186	-183,456	-695,950	-419,911	'
Trade receivables by segment	'	'	'	'	'
Trade receivables	$64,559	'	$64,559	'	$40,222

SelfFunded_Medical_Insurance_D

Self-Funded Medical Insurance (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
Self-Funded Medical Insurance	'	'
Total liability for self-funded medical insurance	$73,000	$55,000

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2013
Deferred tax amounts included in balance sheet	'	'
Unrecognized tax benefits	$0	$0