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 |