TeraWulf (WULF) 10-Q 13 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 01, 2018
Document Information [Line Items]
Entity Registrant Name	IKONICS CORP
Entity Central Index Key	1,083,301
Trading Symbol	iknx
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		1,983,553
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Balance Sheets (Curre

Condensed Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 1,559,725	$ 929,700
Short-term investments	2,695,000	2,895,000
Trade receivables, less allowance of $58,000 in 2018 and $53,000 in 2017	1,975,741	2,190,260
Inventories	2,270,890	2,086,065
Prepaid expenses and other assets	210,570	168,242
Income taxes receivable	10,208	2,116
Total current assets	8,722,134	8,271,383
PROPERTY, PLANT, AND EQUIPMENT, at cost:
Land and building	9,507,589	9,207,790
Machinery and equipment	5,110,666	4,968,595
Office equipment	1,583,524	1,573,191
Vehicles	245,679	245,679
Property, plant, and equipment, Gross	16,447,458	15,995,255
Less accumulated depreciation	(8,232,338)	(7,693,594)
Total property, plant, and equipment, at cost	8,215,120	8,301,661
INTANGIBLE ASSETS, less accumulated amortization of $143,643 as of September 30, 2018 and $174,991 as of December 31, 2017	368,823	351,186
Total assets	17,306,077	16,924,230
CURRENT LIABILITIES
Current portion of long-term debt, net	128,247	130,899
Accounts payable	711,016	321,860
Accrued compensation	244,333	360,554
Other accrued liabilities	253,282	62,468
Total current liabilities	1,336,878	875,781
LONG-TERM LIABILITIES
Long-term debt, less current portion, net	2,854,529	2,946,518
Deferred income taxes	156,839	144,000
Total long-term liabilities	3,011,368	3,090,518
Total liabilities	4,348,246	3,966,299
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY
Preferred stock, par value $.10 per share; authorized 250,000 shares; none issued
Common stock, par value $.10 per share; authorized 4,750,000 shares; issued and outstanding 1,983,553 shares as of September 30, 2018 and December 31, 2017	198,355	198,355
Additional paid-in capital	2,719,444	2,709,390
Retained earnings	10,040,032	10,050,186
Total stockholders’ equity	12,957,831	12,957,931
Total liabilities and stockholders' equity	$ 17,306,077	$ 16,924,230

Condensed Balance Sheets (Cur_2

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Trade receivables, allowances	$ 58,000	$ 53,000
Intangible assets, accumulated amortization	$ 143,643	$ 174,991
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, authorized (in shares)	250,000	250,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	4,750,000	4,750,000
Common stock, share issued (in shares)	1,983,553	1,983,553
Common stock, share outstanding (in shares)	1,983,553	1,983,553

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net sales		$ 4,651,358	$ 3,984,100	$ 13,357,013	$ 12,298,453
Cost of goods sold		3,124,539	2,660,149	8,805,460	8,441,010
GROSS PROFIT		1,526,819	1,323,951	4,551,553	3,857,443
Selling, general and administrative*	[1]	1,368,845	1,305,455	4,026,791	4,209,705
Research and development*	[1]	179,915	168,686	490,463	519,160
INCOME (LOSS) FROM OPERATIONS		(21,941)	(150,190)	34,299	(871,422)
INTEREST EXPENSE		(23,298)	(20,832)	(67,040)	(62,475)
OTHER		13,760	6,309	34,986	17,364
INCOME (LOSS) BEFORE INCOME TAXES		(31,479)	(164,713)	2,245	(916,533)
INCOME TAX EXPENSE (BENEFIT)		(6,727)	(53,760)	12,399	(321,617)
NET LOSS		$ (24,752)	$ (110,953)	$ (10,154)	$ (594,916)
LOSS PER COMMON SHARE:
Basic (in dollars per share)		$ (0.01)	$ (0.06)	$ (0.01)	$ (0.30)
Diluted (in dollars per share)		$ (0.01)	$ (0.06)	$ (0.01)	$ (0.30)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic (in shares)		1,983,553	2,005,096	1,983,553	2,014,055
Diluted (in shares)		1,983,553	2,005,096	1,983,553	2,014,055
[1]	The Company does not allocate all general and administrative expenses or any research and development expenses to its operating segments for internal reporting.

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (10,154)	$ (594,916)
Adjustments to reconcile net loss to net cash provided by
Depreciation	587,836	634,648
Amortization	27,463	28,724
Stock based compensation	10,054	17,527
Net gain on sale and disposal of property, plant and equipment		(32,635)
Deferred income taxes	12,839
Changes in working capital components:
Trade receivables	214,519	692,269
Inventories	(184,825)	(560,137)
Prepaid expenses and other assets	(42,328)	257,696
Income tax receivable	(8,092)	(261,614)
Accounts payable	389,156	70,312
Accrued expenses	74,593	(104,254)
Net cash provided by operating activities	1,071,061	147,620
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment	(501,295)	(189,966)
Proceeds from sale of property and equipment		32,635
Purchases of intangible assets	(36,289)	(32,420)
Purchases of short-term investments	(4,145,000)	(1,915,000)
Proceeds on sale of short-term investments	4,345,000	3,246,000
Net cash provided by (used in) investing activities	(337,584)	1,141,249
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on long-term debt	(103,452)	(104,436)
Repurchase of common stock		(233,787)
Proceeds from exercise of stock options		1,885
Net cash used in financing activities	(103,452)	(336,338)
NET INCREASE IN CASH AND CASH EQUIVALENTS	630,025	952,531
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	929,700	1,048,713
CASH AND CASH EQUIVALENTS AT END OF PERIOD	1,559,725	2,001,244
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	58,084	53,574
Cash paid for income taxes, net	$ 7,652	$ 60,003

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Basis of Presentation The condensed balance sheet of IKONICS Corporation (the “Company”) as of September 30, 2018, three nine September 30, 2018 2017, nine September 30, 2018 2017, 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, 2018, 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 December 31, 2017. The results of operations for interim periods are not

Note 2 - Revenue

Note 2 - Revenue	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	2. Revenue The Company’s significant accounting policies are detailed in “Note 1: 10 December 31, 2017. May 2014, 2014 09, Topic 606. 606 August 2015, 2015 14, Revenue from Contracts with Customers (Topic 606 2014 09 one 606 605, Revenue Recognition On January 1, 2018, 606 606 not not not may Changes to the Company’s significant accounting policies as a result of adopting Topic 606 Revenue recognition. one Revenue from all customers is recognized when a performance obligation is satisfied by transferring control of a distinct good or service to a customer. Individually promised goods and services in a contract are considered a distinct performance obligation and accounted for separately if the customer can benefit from the individual good or service on its own or with other resources that are readily available to the customer and the good or service is separately identifiable from other promises in the arrangement. When an arrangement includes multiple performance obligations, the consideration is allocated between the performance obligations in proportion to their estimated standalone selling price. Costs related to products delivered are recognized in the period incurred, unless criteria for capitalization of costs are met. Costs of revenues consist primarily of direct labor, manufacturing overhead, materials and components. The Company does not The Company excludes government assessed and imposed taxes on revenue generating transactions that are invoiced to customers from revenue. The Company includes freight billed to customers in revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of goods sold. The timing of revenue recognition, billings and cash collections results in accounts receivable on the balance sheet. Performance obligations. The Company sells its products to both distributors and end-users. Each unit of product delivered under a customer order represents a distinct and separate performance obligation as the customer can benefit from each unit on its own or with other resources that are readily available to the customer and each unit of product is separately identifiable from other products in the arrangement. The transaction price for the Company’s products is the invoiced amount. The Company does not not 606 10 50 14 not one no one Revenue is recognized when transfer of control occurs as defined by the terms in the customer agreement. The Company immediately recognizes incidental items that are immaterial in the context of the contract. The Company has applied the practical expedient in paragraph 606 10 25 16A not 606 10 32 18 one not 30 90 The Company estimates returns based on an analysis of historical experience if the right to return products is granted to its customers. The Company does not not not no Trade receivables. not not Sales commissions not 340 40 25 4 one Product warranties not not may International revenue. 29% first nine 2018 33% first nine 2017.

Note 3 - Short-term Investments

Note 3 - Short-term Investments	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Cash, Cash Equivalents, and Short-term Investments [Text Block]	3. Short-Term Investments The Company’s $2.7 September 30, 2018 eleven six 1.80% 2.05%.

Note 4 - Inventories

Note 4 - Inventories	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	4. Inventories The major components of inventories are as follows: Sep 30, 2018 Dec 31, 2017 Raw materials $ 1,644,515 $ 1,428,924 Work-in-progress 375,122 423,186 Finished goods 1,490,116 1,416,547 Reduction to LIFO cost (1,238,863 ) (1,182,592 ) Total Inventories $ 2,270,890 $ 2,086,065

Note 5 - Earnings Per Common Sh

Note 5 - Earnings Per Common Share (EPS)	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	5. Earnings Per Common Share (EPS) Basic EPS is calculated using net 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 Sep 30, 2018 Sep 30, 2017 Weighted average common shares outstanding 1,983,553 2,005,096 Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding 1,983,553 2,005,096 Nine Months Ended Sep 30, 2018 Sep 30, 2017 Weighted average common shares outstanding 1,983,553 2,014,055 Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding 1,983,553 2,014,055 If the Company was in a net income position for the three nine September 30, 2018, 5,000 $8.76 13,000 $14.94 If the Company was in a net income position for the three September 30, 2017, 18,168 $13.81 If the Company was in a net income position for the first nine 2017, 2,250 $8.91 15,918 $14.51

Note 6 - Stock-based Compensati

Note 6 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. Stock-Based Compensation The Company maintains a stock incentive plan which authorizes the issuance of up to 442,750 18,000 102,157 September 30, 2018. 85% 110% seven one three The Company charged compensation cost of approximately $3,600 three September 30, 2018 $6,000 three September 30, 2017. first nine 2018, $10,100 $17,500 2017. September 30, 2018, $16,200 three 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. Proceeds from the exercise of 250 $2,000 nine September 30, 2017. no nine September 30, 2018. The fair value of options granted during the nine September 30, 2018 2017 2018 2017 Dividend yield 0% 0% Expected volatility 40.0% 41.3% Expected life of option (in years) 5 5 Risk-free interest rate 2.8% 1.8% Fair value of each option on grant date $ 3.38 $ 3.43 There were 2,750 2,250 nine September 30, 2018 2017, 2,918 nine September 30, 2018. Stock option activity during the nine September 30, 2018 Weighted Average Exercise Shares Price Outstanding at January 1, 2018 18,168 $ 13.81 Granted 2,750 8.63 Exercised — — Expired and forfeited (2,918 ) 12.56 Outstanding at September 30, 2018 18,000 13.22 Exercisable at September 30, 2018 12,247 $ 15.09 The aggregate intrinsic value of all options outstanding and for those exercisable at September 30, 2018 $3,800 $500,

Note 7 - Segment Information

Note 7 - Segment Information	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7. Segment Information The Company’s reportable segments are strategic business units that offer different products and have varied customer bases. There are five not 10 December 31, 2017. Management evaluates the performance of each segment based on the components of divisional income (loss). Assets and liabilities are not For the three September 30, 2018: IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ 1,893,513 $ 1,320,594 $ 810,240 $ 158,862 $ 468,149 $ — $ 4,651,358 Cost of goods sold 1,151,121 1,055,901 466,763 30,279 420,475 — 3,124,539 Gross profit 742,392 264,693 343,477 128,583 47,674 — 1,526,819 Selling, general and administrative* 346,137 127,647 256,094 42,922 91,876 504,169 1,368,845 Research and development* - - - - - 179,915 179,915 Income (loss) from operations $ 396,255 $ 137,046 $ 87,383 $ 85,661 $ (44,202 ) $ (684,084 ) $ (21,941 ) For the three September 30, 2017: IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ 1,790,331 $ 1,083,594 $ 731,289 $ 121,255 $ 257,631 $ — $ 3,984,100 Cost of goods sold 1,026,311 819,728 417,882 59,293 336,935 — 2,660,149 Gross profit (loss) 764,020 263,866 313,407 61,962 (79,304 ) — 1,323,951 Selling, general and administrative* 315,941 131,100 287,087 44,805 91,442 435,080 1,305,455 Research and development* - - - - - 168,686 168,686 Income (loss) from operations $ 448,079 $ 132,766 $ 26,320 $ 17,157 $ (170,746 ) $ (603,766 ) $ (150,190 ) For the nine September 30, 2018: IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ 5,229,971 $ 3,686,815 $ 2,736,544 $ 341,850 $ 1,361,833 $ — $ 13,357,013 Cost of goods sold 3,137,858 2,904,558 1,467,420 89,283 1,206,341 — 8,805,460 Gross profit 2,092,113 782,257 1,269,124 252,567 155,492 — 4,551,553 Selling, general and administrative* 965,754 388,205 772,299 110,370 274,136 1,516,027 4,026,791 Research and development* - - - - - 490,463 490,463 Income (loss) from operations $ 1,126,359 $ 394,052 $ 496,825 $ 142,197 $ (118,644 ) $ (2,006,490 ) $ 34,299 For the nine September 30, 2017: IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ 4,910,856 $ 3,510,691 $ 2,664,330 $ 707,730 $ 504,846 $ — $ 12,298,453 Cost of goods sold 2,887,111 2,755,371 1,394,675 453,712 950,141 — 8,441,010 Gross profit (loss) 2,023,745 755,320 1,269,655 254,018 (445,295 ) — 3,857,443 Selling, general and administrative* 1,001,434 516,958 824,692 130,301 292,562 1,443,758 4,209,705 Research and development* - - - - - 519,160 519,160 Income (loss) from operations $ 1,022,311 $ 238,362 $ 444,963 $ 123,717 $ (737,857 ) $ (1,962,918 ) $ (871,422 ) * The Company does not Trade receivables by segment as of September 30, 2018 December 31, 2017 Sep 30, 2018 Dec 31, 2017 Domestic $ 928,122 $ 1,119,228 Export 460,788 558,872 IKONICS Imaging 243,912 238,813 DTX 7,162 64,278 AMS 356,295 238,848 Unallocated (20,538 ) (29,779 ) Total $ 1,975,741 $ 2,190,260

Note 8 - Income Taxes

Note 8 - Income Taxes	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. Income Taxes The federal Tax Cut and Jobs Act of 2017 December 22, 2017. January 1, 2018, 35% 21% December 31, 2017. For the first nine 2018, $12,000, 21% $322,000 35.1%, first nine 2017. 2018 2017 first nine 2018 2017 The Company’s federal net operating loss carryforward and research and development credit carryover as of September 30, 2018 $141,000 $27,000, 2037. September 30, 2018 $61,000 $115,000, 2026. The valuation allowance balance of $91,000 September 30, 2018, not 2028. It has been the Company’s policy to recognize interest and penalties related to uncertain tax positions in income tax expense. As of September 30, 2018 December 31, 2017, no The Company is subject to federal and state taxation. As of September 30, 2018, no 2014.

Note 4 - Inventories (Tables)

Note 4 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Sep 30, 2018 Dec 31, 2017 Raw materials $ 1,644,515 $ 1,428,924 Work-in-progress 375,122 423,186 Finished goods 1,490,116 1,416,547 Reduction to LIFO cost (1,238,863 ) (1,182,592 ) Total Inventories $ 2,270,890 $ 2,086,065

Note 5 - Earnings Per Common _2

Note 5 - Earnings Per Common Share (EPS) (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended Sep 30, 2018 Sep 30, 2017 Weighted average common shares outstanding 1,983,553 2,005,096 Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding 1,983,553 2,005,096 Nine Months Ended Sep 30, 2018 Sep 30, 2017 Weighted average common shares outstanding 1,983,553 2,014,055 Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding 1,983,553 2,014,055

Note 6 - Stock-based Compensa_2

Note 6 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2018 2017 Dividend yield 0% 0% Expected volatility 40.0% 41.3% Expected life of option (in years) 5 5 Risk-free interest rate 2.8% 1.8% Fair value of each option on grant date $ 3.38 $ 3.43
Share-based Compensation, Stock Options, Activity [Table Text Block]	Weighted Average Exercise Shares Price Outstanding at January 1, 2018 18,168 $ 13.81 Granted 2,750 8.63 Exercised — — Expired and forfeited (2,918 ) 12.56 Outstanding at September 30, 2018 18,000 13.22 Exercisable at September 30, 2018 12,247 $ 15.09

Note 7 - Segment Information (T

Note 7 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ 1,893,513 $ 1,320,594 $ 810,240 $ 158,862 $ 468,149 $ — $ 4,651,358 Cost of goods sold 1,151,121 1,055,901 466,763 30,279 420,475 — 3,124,539 Gross profit 742,392 264,693 343,477 128,583 47,674 — 1,526,819 Selling, general and administrative* 346,137 127,647 256,094 42,922 91,876 504,169 1,368,845 Research and development* - - - - - 179,915 179,915 Income (loss) from operations $ 396,255 $ 137,046 $ 87,383 $ 85,661 $ (44,202 ) $ (684,084 ) $ (21,941 ) IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ 1,790,331 $ 1,083,594 $ 731,289 $ 121,255 $ 257,631 $ — $ 3,984,100 Cost of goods sold 1,026,311 819,728 417,882 59,293 336,935 — 2,660,149 Gross profit (loss) 764,020 263,866 313,407 61,962 (79,304 ) — 1,323,951 Selling, general and administrative* 315,941 131,100 287,087 44,805 91,442 435,080 1,305,455 Research and development* - - - - - 168,686 168,686 Income (loss) from operations $ 448,079 $ 132,766 $ 26,320 $ 17,157 $ (170,746 ) $ (603,766 ) $ (150,190 ) IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ 5,229,971 $ 3,686,815 $ 2,736,544 $ 341,850 $ 1,361,833 $ — $ 13,357,013 Cost of goods sold 3,137,858 2,904,558 1,467,420 89,283 1,206,341 — 8,805,460 Gross profit 2,092,113 782,257 1,269,124 252,567 155,492 — 4,551,553 Selling, general and administrative* 965,754 388,205 772,299 110,370 274,136 1,516,027 4,026,791 Research and development* - - - - - 490,463 490,463 Income (loss) from operations $ 1,126,359 $ 394,052 $ 496,825 $ 142,197 $ (118,644 ) $ (2,006,490 ) $ 34,299 IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ 4,910,856 $ 3,510,691 $ 2,664,330 $ 707,730 $ 504,846 $ — $ 12,298,453 Cost of goods sold 2,887,111 2,755,371 1,394,675 453,712 950,141 — 8,441,010 Gross profit (loss) 2,023,745 755,320 1,269,655 254,018 (445,295 ) — 3,857,443 Selling, general and administrative* 1,001,434 516,958 824,692 130,301 292,562 1,443,758 4,209,705 Research and development* - - - - - 519,160 519,160 Income (loss) from operations $ 1,022,311 $ 238,362 $ 444,963 $ 123,717 $ (737,857 ) $ (1,962,918 ) $ (871,422 ) Sep 30, 2018 Dec 31, 2017 Domestic $ 928,122 $ 1,119,228 Export 460,788 558,872 IKONICS Imaging 243,912 238,813 DTX 7,162 64,278 AMS 356,295 238,848 Unallocated (20,538 ) (29,779 ) Total $ 1,975,741 $ 2,190,260

Note 2 - Revenue (Details Textu

Note 2 - Revenue (Details Textual)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Non-US [Member] | Geographic Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage	29.00%	33.00%

Note 3 - Short-term Investmen_2

Note 3 - Short-term Investments (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Short-term Investments, Total	$ 2,695,000	$ 2,895,000
Certificates of Deposit [Member]
Certificate of Deposit Maturity Period	180 days
Certificates of Deposit [Member] | Minimum [Member]
Certificate of Deposit Interest Rate	1.80%
Certificates of Deposit [Member] | Maximum [Member]
Certificate of Deposit Interest Rate	2.05%

Note 4 - Inventories - Inventor

Note 4 - Inventories - Inventories (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Raw materials	$ 1,644,515	$ 1,428,924
Work-in-progress	375,122	423,186
Finished goods	1,490,116	1,416,547
Reduction to LIFO cost	(1,238,863)	(1,182,592)
Total Inventories	$ 2,270,890	$ 2,086,065

Note 5 - Earnings Per Common _3

Note 5 - Earnings Per Common Share (EPS) (Details Textual) - Employee Stock Option [Member] - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Antidilutive Securities Excluded from Computation Of Earnings Per Share Amount Based on Net Income Position	5,000	18,168	5,000	2,250
Share Based Compensation Arrangement by Share Based Payment Award Options Outstanding with Antidilutive Effect Weighted Average Exercise Price	$ 8.76		$ 8.76	$ 8.91
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	13,000		13,000	15,918
Share Based Compensation Arrangement by Share Based Payment Award Options With AntiDilutive Effect Weighted Average Exercise Price Based on Net Income Position	$ 14.94	$ 13.81	$ 14.94	$ 14.51

Note 5 - Earnings Per Common _4

Note 5 - Earnings Per Common Share (EPS) - Summary of Calculation of Diluted EPS (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Weighted average common shares outstanding (in shares)	1,983,553	2,005,096	1,983,553	2,014,055
Dilutive effect of stock options (in shares)
Weighted average common and common equivalent shares outstanding (in shares)	1,983,553	2,005,096	1,983,553	2,014,055

Note 6 - Stock-based Compensa_3

Note 6 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	18,000		18,000		18,168
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	102,157		102,157
Allocated Share-based Compensation Expense, Total	$ 3,600	$ 6,000	$ 10,100	$ 17,500
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options	16,200		$ 16,200
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			0	250
Proceeds from Stock Options Exercised				$ 1,885
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			2,750	2,250
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period			2,918
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	3,800		$ 3,800
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value	$ 500		$ 500
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	18,000		18,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			7 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	442,750		442,750
Maximum [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent			110.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Minimum [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent			85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			1 year

Note 6 - Stock-based Compensa_4

Note 6 - Stock-based Compensation - Assumptions (Details) - Employee Stock Option [Member] - $ / shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Dividend yield	0.00%	0.00%
Expected volatility	40.00%	41.30%
Expected life of option (in years) (Year)	5 years	5 years
Risk-free interest rate	2.80%	1.80%
Fair value of each option on grant date (in dollars per share)	$ 3.38	$ 3.43

Note 6 - Stock-based Compensa_5

Note 6 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Outstanding, Shares (in shares)	18,168
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 13.81
Granted, Shares (in shares)	2,750	2,250
Granted, Weighted Average Exercise Price (in dollars per share)	$ 8.63
Exercised, Shares (in shares)	0	250
Exercised, Weighted Average Exercise Price (in dollars per share)
Expired and forfeited, Shares (in shares)	(2,918)
Expired and forfeited, Weighted Average Exercise Price (in dollars per share)	$ 12.56
Outstanding, Shares (in shares)	18,000
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 13.22
Exercisable, Shares (in shares)	12,247
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 15.09

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	9 Months Ended
	Sep. 30, 2018
Number of Reportable Segments	5

Note 7 - Segment Information -

Note 7 - Segment Information - Segment Information (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Net sales		$ 4,651,358	$ 3,984,100	$ 13,357,013	$ 12,298,453
Cost of goods sold		3,124,539	2,660,149	8,805,460	8,441,010
Gross profit		1,526,819	1,323,951	4,551,553	3,857,443
Selling, general and administrative*	[1]	1,368,845	1,305,455	4,026,791	4,209,705
Research and development*	[1]	179,915	168,686	490,463	519,160
Income (loss) from operations		(21,941)	(150,190)	34,299	(871,422)
Selling, general and administrative*	[1]	1,368,845	1,305,455	4,026,791	4,209,705
Research and development*	[1]	179,915	168,686	490,463	519,160
Trade receivables		1,975,741		1,975,741		$ 2,190,260
Segment Reconciling Items [Member]
Net sales
Cost of goods sold
Gross profit
Selling, general and administrative*	[1]	504,169	435,080	1,516,027	1,443,758
Research and development*	[1]	179,915	168,686	490,463	519,160
Income (loss) from operations		(684,084)	(603,766)	(2,006,490)	(1,962,918)
Selling, general and administrative*	[1]	504,169	435,080	1,516,027	1,443,758
Research and development*	[1]	179,915	168,686	490,463	519,160
Trade receivables		(20,538)		(20,538)		(29,779)
Domestic [Member] | Operating Segments [Member]
Net sales		1,893,513	1,790,331	5,229,971	4,910,856
Cost of goods sold		1,151,121	1,026,311	3,137,858	2,887,111
Gross profit		742,392	764,020	2,092,113	2,023,745
Selling, general and administrative*	[1]	346,137	315,941	965,754	1,001,434
Research and development*	[1]
Income (loss) from operations		396,255	448,079	1,126,359	1,022,311
Selling, general and administrative*	[1]	346,137	315,941	965,754	1,001,434
Research and development*	[1]
Trade receivables		928,122		928,122		1,119,228
Export [Member] | Operating Segments [Member]
Net sales		1,320,594	1,083,594	3,686,815	3,510,691
Cost of goods sold		1,055,901	819,728	2,904,558	2,755,371
Gross profit		264,693	263,866	782,257	755,320
Selling, general and administrative*	[1]	127,647	131,100	388,205	516,958
Research and development*	[1]
Income (loss) from operations		137,046	132,766	394,052	238,362
Selling, general and administrative*	[1]	127,647	131,100	388,205	516,958
Research and development*	[1]
Trade receivables		460,788		460,788		558,872
Ikonics Imaging [Member] | Operating Segments [Member]
Net sales		810,240	731,289	2,736,544	2,664,330
Cost of goods sold		466,763	417,882	1,467,420	1,394,675
Gross profit		343,477	313,407	1,269,124	1,269,655
Selling, general and administrative*	[1]	256,094	287,087	772,299	824,692
Research and development*	[1]
Income (loss) from operations		87,383	26,320	496,825	444,963
Selling, general and administrative*	[1]	256,094	287,087	772,299	824,692
Research and development*	[1]
Trade receivables		243,912		243,912		238,813
DTX [Member] | Operating Segments [Member]
Net sales		158,862	121,255	341,850	707,730
Cost of goods sold		30,279	59,293	89,283	453,712
Gross profit		128,583	61,962	252,567	254,018
Selling, general and administrative*	[1]	42,922	44,805	110,370	130,301
Research and development*	[1]
Income (loss) from operations		85,661	17,157	142,197	123,717
Selling, general and administrative*	[1]	42,922	44,805	110,370	130,301
Research and development*	[1]
Trade receivables		7,162		7,162		64,278
AMS [Member] | Operating Segments [Member]
Net sales		468,149	257,631	1,361,833	504,846
Cost of goods sold		420,475	336,935	1,206,341	950,141
Gross profit		47,674	(79,304)	155,492	(445,295)
Selling, general and administrative*	[1]	91,876	91,442	274,136	292,562
Research and development*	[1]
Income (loss) from operations		(44,202)	(170,746)	(118,644)	(737,857)
Selling, general and administrative*	[1]	91,876	91,442	274,136	292,562
Research and development*	[1]
Trade receivables		$ 356,295		$ 356,295		$ 238,848
[1]	The Company does not allocate all general and administrative expenses or any research and development expenses to its operating segments for internal reporting.

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Percent, Total			21.00%	35.10%	35.00%
Income Tax Expense (Benefit), Total	$ (6,727)	$ (53,760)	$ 12,399	$ (321,617)
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	141,000		141,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	61,000		61,000
Deferred Tax Assets, Valuation Allowance, Total	91,000		91,000
Unrecognized Tax Benefits, Ending Balance	0		0		$ 0
Domestic Tax Authority [Member]
Deferred Tax Assets, Tax Credit Carryforwards, Research	27,000		27,000
State and Local Jurisdiction [Member]
Deferred Tax Assets, Tax Credit Carryforwards, Research	$ 115,000		$ 115,000