TeraWulf (WULF) 10-Q 14 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	1-May-15
Document and Entity Information
Entity Registrant Name	IKONICS CORP
Entity Central Index Key	1083301
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,018,253
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONDENSED_BALANCE_SHEETS

CONDENSED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$1,938,280	$1,936,214
Short-term investments	1,861,000	1,766,000
Trade receivables, less allowance of $57,000 in 2015 and $49,000 in 2014	1,750,431	2,096,328
Inventories	2,743,362	2,630,650
Prepaid expenses and other assets	266,065	86,400
Income taxes receivable	414,576	163,651
Deferred income taxes	178,000	178,000
Total current assets	9,151,714	8,857,243
PROPERTY, PLANT, AND EQUIPMENT, at cost:
Land and buildings	6,414,837	6,247,781
Machinery and equipment	4,138,183	3,956,561
Office equipment	781,609	754,220
Vehicles	247,356	247,356
Gross property, plant, and equipment, at cost	11,581,985	11,205,918
Less accumulated depreciation	5,949,913	5,789,070
Net property, plant, and equipment, at cost	5,632,072	5,416,848
INTANGIBLE ASSETS, less accumulated amortization of $205,361 in 2015 and $198,918 in 2014	365,424	353,871
Total assets	15,149,210	14,627,962
CURRENT LIABILITIES:
Accounts payable	857,707	371,181
Accrued compensation	334,564	294,706
Other accrued liabilities	297,643	78,610
Total current liabilities	1,489,914	744,497
DEFERRED INCOME TAXES	545,000	545,000
Total liabilities	2,034,914	1,289,497
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 2,018,253 shares in 2015 and 2014	201,825	201,825
Additional paid-in capital	2,686,085	2,681,307
Retained earnings	10,226,386	10,455,333
Total stockholders' equity	13,114,296	13,338,465
Total liabilities and stockholders' equity	$15,149,210	$14,627,962

CONDENSED_BALANCE_SHEETS_Paren

CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
CONDENSED BALANCE SHEETS
Trade receivables, allowance (in dollars)	$57,000	$49,000
INTANGIBLE ASSETS, accumulated amortization (in dollars)	$205,361	$198,918
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	2,018,253	2,018,253
Common stock, shares outstanding	2,018,253	2,018,253

CONDENSED_STATEMENTS_OF_OPERAT

CONDENSED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CONDENSED STATEMENTS OF OPERATIONS
NET SALES	$3,597,889	$4,464,577
COST OF GOODS SOLD	2,497,214	2,705,424
Gross profit (loss)	1,100,675	1,759,153
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	1,415,597	1,300,650
RESEARCH AND DEVELOPMENT EXPENSES	155,844	143,330
INCOME (LOSS) FROM OPERATIONS	-470,766	315,173
OTHER	1,696	1,958
INCOME (LOSS) BEFORE INCOME TAXES	-469,070	317,131
INCOME TAX EXPENSE (BENEFIT)	-240,123	112,216
NET INCOME (LOSS)	($228,947)	$204,915
INCOME (LOSS) PER COMMON SHARE:
Basic (in dollars per share)	($0.11)	$0.10
Diluted (in dollars per share)	($0.11)	$0.10
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	2,018,253	2,012,765
Diluted (in shares)	2,018,253	2,015,992

CONDENSED_STATEMENTS_OF_CASH_F

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	($228,947)	$204,915
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	160,843	158,576
Amortization	6,443	6,443
Stock based compensation	4,778	2,553
Changes in operating assets and liabilities:
Trade receivables	345,897	-162,220
Inventories	-112,712	-333,655
Prepaid expenses and other assets	-179,665	-58,704
Income taxes receivable	-250,925	16,400
Accounts payable	486,526	346,398
Accrued liabilities	258,891	87,351
Income taxes payable		85,940
Net cash provided by operating activities	491,129	353,997
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment	-376,067	-123,852
Proceeds from sale of equipment and vehicles		7,591
Purchases of intangibles	-17,996	-16,648
Purchases of short-term investments	-650,000	-350,000
Proceeds from maturity of short-term investments	555,000	554,807
Net cash (used in) provided by investing activities	-489,063	71,898
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options		13,050
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	2,066	438,945
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	1,936,214	1,704,300
CASH AND CASH EQUIVALENTS AT END OF PERIOD	1,938,280	2,143,245
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for income taxes	$10,802	$9,876

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Basis of Presentation
Basis of Presentation
	1.Basis of Presentation
	The condensed balance sheet of IKONICS Corporation (the “Company”) as of March 31, 2015, and the related condensed statements of operations and cash flows for the three months ended March 31, 2015 and 2014 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, 2015, 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, 2014.
	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, 2015
Short-Term Investments
Short-Term Investments
	2.Short-Term Investments
	The Company’s $1,861,000 of short-term investments at March 31, 2015 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 0.5%.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2015
Inventories
Inventories
	3.Inventories
	The major components of inventory are as follows:
		Mar 31, 2015			Dec 31, 2014
	Raw materials	$	2,079,845		$	2,020,151
	Work-in-progress	442,000			407,964
	Finished goods	1,535,921			1,517,151
	Reduction to LIFO cost	(1,314,404		)	(1,314,616		)
	Total Inventory	$	2,743,362		$	2,630,650

Earnings_Per_Common_Share_EPS

Earnings Per Common Share (EPS)	3 Months Ended
	Mar. 31, 2015
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, 2015	Mar 31, 2014
	Weighted average common shares outstanding	2,018,253	2,012,765
	Dilutive effect of stock options	—	3,227
	Weighted average common and common equivalent shares outstanding	2,018,253	2,015,992
	If the Company was in a net income position in the first quarter of 2015, 8,668 options with a weighted average exercise price of $13.99 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, 2015
Stock-based Compensation
Stock Options
	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 110,989 shares of common stock are reserved and available for additional grants of equity awards under the plan at March 31, 2015.
	The Company charged compensation cost of approximately $4,800 against income for the three months ended March 31, 2015 and $2,600 for the three months ended March 31, 2014.  As of March 31, 2015, there was approximately $45,000 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 $13,000 for the three months ended March 31, 2014.  No stock options were exercised during the three months ended March 31, 2015.
	The fair value of options granted during the three months ended March 31, 2015 was estimated using the Black-Scholes option pricing model with the following assumptions:
		2015
	Dividend yield	0%
	Expected volatility	42.4%
	Years	Five Years
	Risk-free interest rate	1.5%
	Fair value of each option on grant date	$
		6.14
	There were 5,000 options granted during the first three months ended March 31, 2015.  No options were granted during the first three months of 2014.
	Stock option activity during the three months ended March 31, 2015 was as follows:
			Weighted
			Average
			Exercise
		Shares	Price
	Outstanding at beginning of period	4,918	$	15.78
	Granted	5,000	15.79
	Exercised	—	—
	Forfeited	—	—
	Outstanding at March 31, 2015	9,918	15.79
	Exercisable at March 31, 2015	916	9.81
	The aggregate intrinsic value of all options outstanding and for those exercisable at March 31, 2015 was approximately $20,100 and $6,000, respectively.

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2015
Segment Information
Segment Information
	6.Segment Information
	The Company’s reportable segments are strategic business units that offer different products and have varied customer bases.  There are five reportable segments:  Domestic, Export, IKONICS Imaging, Digital Texturing (DTX) and Advanced Material Solutions (AMS).  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.  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 and prototyping.  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, 2014.
	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, 2015:
								IKONICS
		Domestic			Export			Imaging		DTX			AMS			Unalloc.			Total
	Net sales	$	1,377,789		$	1,118,294		$	893,765	$	95,394		$	112,647		$	—		$	3,597,889
	Cost of goods sold	840,956			884,328			460,371		73,091			238,468			—			2,497,214
	Gross profit (loss)	536,833			233,966			433,394		22,303			(125,821		)	—			1,100,675
	Selling general and adminstrative*	316,167			154,720			261,256		35,532			102,102			545,820			1,415,597
	Research and development*	—			—			—		—			—			155,844			155,844
	Income (loss) from operations	$	220,666		$	79,246		$	172,138	$	(13,229	)	$	(227,923	)	$	(701,664	)	$	(470,766	)
	For the three months ended March 31, 2014:
								IKONICS
		Domestic			Export			Imaging		DTX			AMS			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
	*  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, 2015 and December 31, 2014 were as follows:
		Mar 31, 2015			Dec 31, 2014
	Domestic	$	829,957		$	1,068,170
	Export	577,119			640,464
	IKONICS Imaging	224,658			254,483
	DTX	59,881			86,507
	AMS	78,647			85,170
	Unallocated	(19,831		)	(38,466		)
	Total	$	1,750,431		$	2,096,328

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Taxes
Income Taxes
	7.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, 2015 and 2014, 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 2012, 2013, and 2014.

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Mar. 31, 2015
Inventories
Schedule of major components of inventories		Mar 31, 2015			Dec 31, 2014
	Raw materials	$	2,079,845		$	2,020,151
	Work-in-progress	442,000			407,964
	Finished goods	1,535,921			1,517,151
	Reduction to LIFO cost	(1,314,404		)	(1,314,616		)
	Total Inventory	$	2,743,362		$	2,630,650

Earnings_Per_Common_Share_EPS_

Earnings Per Common Share (EPS) (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Common Share (EPS)
Summary of shares used in the calculation of diluted EPS		Three Months Ended
		Mar 31, 2015	Mar 31, 2014
	Weighted average common shares outstanding	2,018,253	2,012,765
	Dilutive effect of stock options	—	3,227
	Weighted average common and common equivalent shares outstanding	2,018,253	2,015,992

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Stock-based Compensation
Assumptions used in estimating fair value of stock options
		2015
	Dividend yield	0%
	Expected volatility	42.4%
	Years	Five Years
	Risk-free interest rate	1.5%
	Fair value of each option on grant date	$
		6.14
Stock option activity	Stock option activity during the three months ended March 31, 2015 was as follows:
			Weighted
			Average
			Exercise
		Shares	Price
	Outstanding at beginning of period	4,918	$	15.78
	Granted	5,000	15.79
	Exercised	—	—
	Forfeited	—	—
	Outstanding at March 31, 2015	9,918	15.79
	Exercisable at March 31, 2015	916	9.81

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Information
Schedule of financial information with respect to the reportable segments
	For the three months ended March 31, 2015:
								IKONICS
		Domestic			Export			Imaging		DTX			AMS			Unalloc.			Total
	Net sales	$	1,377,789		$	1,118,294		$	893,765	$	95,394		$	112,647		$	—		$	3,597,889
	Cost of goods sold	840,956			884,328			460,371		73,091			238,468			—			2,497,214
	Gross profit (loss)	536,833			233,966			433,394		22,303			(125,821		)	—			1,100,675
	Selling general and adminstrative*	316,167			154,720			261,256		35,532			102,102			545,820			1,415,597
	Research and development*	—			—			—		—			—			155,844			155,844
	Income (loss) from operations	$	220,666		$	79,246		$	172,138	$	(13,229	)	$	(227,923	)	$	(701,664	)	$	(470,766	)
	For the three months ended March 31, 2014:
								IKONICS
		Domestic			Export			Imaging		DTX			AMS			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
	*  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
		Mar 31, 2015			Dec 31, 2014
	Domestic	$	829,957		$	1,068,170
	Export	577,119			640,464
	IKONICS Imaging	224,658			254,483
	DTX	59,881			86,507
	AMS	78,647			85,170
	Unallocated	(19,831		)	(38,466		)
	Total	$	1,750,431		$	2,096,328

ShortTerm_Investments_Details

Short-Term Investments (Details) (Certificates of Deposit, USD $)	3 Months Ended
	Mar. 31, 2015
Short-term investments
Fully insured certificates of deposit	1,861,000
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)	0.50%

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Inventories
Raw materials	$2,079,845	$2,020,151
Work-in-progress	442,000	407,964
Finished goods	1,535,921	1,517,151
Reduction to LIFO cost	-1,314,404	-1,314,616
Total inventory	$2,743,362	$2,630,650

Earnings_Per_Common_Share_EPS_1

Earnings Per Common Share (EPS) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Shares used in calculation of diluted EPS
Weighted average common shares outstanding	2,018,253	2,012,765
Dilutive effect of stock options		3,227
Weighted average common and common equivalent shares outstanding	2,018,253	2,015,992
Outstanding options to purchase shares of common stock not included	8,668
Weighted average exercise price of outstanding options not included (in dollars per share)	$13.99
Stock Options
Anti-dilutive securities
Anti-dilutive securities outstanding (in shares)		0

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Stock options
Number of shares of common stock authorized for issuance	442,750
Common stock reserved for future grants (in shares)	110,989
Proceeds from the exercise of stock		$13,050
Stock Options
Stock options
Compensation cost recognized	4,800	2,600
Unrecognized compensation cost	45,000
Period during which compensation cost is expected to be recognized	3 years
Proceeds from the exercise of stock	$13,000
Exercised (in shares)	0
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) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2015
Assumptions used to determine fair value of stock options granted
Granted (in shares)	0
Shares
Granted (in shares)	0
Weighted Average Exercise Price
Aggregate intrinsic value of all options outstanding		$20,100
Aggregate intrinsic value of all options exercisable		$6,000
Stock Options
Assumptions used to determine fair value of stock options granted
Dividend yield (as a percent)		0.00%
Expected volatility (as a percent)		42.40%
Expected life of option		5 years
Risk-free interest rate (as a percent)		1.50%
Fair value of each option on grant date (in dollars per share)		$6.14
Granted (in shares)		5,000
Shares
Outstanding at beginning of period (in shares)		4,918
Granted (in shares)		5,000
Exercised (in shares)		0
Outstanding at end of period (in shares)		9,918
Exercisable at end of period (in shares)		916
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per shares)		$15.78
Granted (in dollars per share)		$15.79
Outstanding at end of period (in dollars per share)		$15.79
Exercisable at end of period (in dollars per share)		$9.81

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	segment
Segment Reporting Information
Number of reportable segments	5
Financial information with respect to the reportable segments
Net sales	$3,597,889	$4,464,577
Cost of goods sold	2,497,214	2,705,424
Gross profit (loss)	1,100,675	1,759,153
Selling general and administrative	1,415,597	1,300,650
Research and development	155,844	143,330
INCOME (LOSS) FROM OPERATIONS	-470,766	315,173
Trade receivables by segment
Trade receivables	1,750,431		2,096,328
Corporate, Non-Segment
Financial information with respect to the reportable segments
Selling general and administrative	545,820	488,359
Research and development	155,844	143,330
INCOME (LOSS) FROM OPERATIONS	-701,664	-631,689
Trade receivables by segment
Trade receivables	-19,831		-38,466
Domestic
Financial information with respect to the reportable segments
Net sales	1,377,789	1,510,164
Cost of goods sold	840,956	883,104
Gross profit (loss)	536,833	627,060
Selling general and administrative	316,167	296,351
INCOME (LOSS) FROM OPERATIONS	220,666	330,709
Trade receivables by segment
Trade receivables	829,957		1,068,170
Export
Financial information with respect to the reportable segments
Net sales	1,118,294	1,186,713
Cost of goods sold	884,328	874,901
Gross profit (loss)	233,966	311,812
Selling general and administrative	154,720	124,128
INCOME (LOSS) FROM OPERATIONS	79,246	187,684
Trade receivables by segment
Trade receivables	577,119		640,464
IKONICS Imaging
Financial information with respect to the reportable segments
Net sales	893,765	1,561,804
Cost of goods sold	460,371	655,999
Gross profit (loss)	433,394	905,805
Selling general and administrative	261,256	244,348
INCOME (LOSS) FROM OPERATIONS	172,138	661,457
Trade receivables by segment
Trade receivables	224,658		254,483
DTX
Financial information with respect to the reportable segments
Net sales	95,394	112,517
Cost of goods sold	73,091	79,763
Gross profit (loss)	22,303	32,754
Selling general and administrative	35,532	35,209
INCOME (LOSS) FROM OPERATIONS	-13,229	-2,455
Trade receivables by segment
Trade receivables	59,881		86,507
Micro-Machining
Financial information with respect to the reportable segments
Net sales	112,647	93,379
Cost of goods sold	238,468	211,657
Gross profit (loss)	-125,821	-118,278
Selling general and administrative	102,102	112,255
INCOME (LOSS) FROM OPERATIONS	-227,923	-230,533
Trade receivables by segment
Trade receivables	$78,647		$85,170

Income_Taxes_Details

Income Taxes (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014
Deferred tax amounts included in balance sheet
Unrecognized tax benefits	$0	$0