Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 01, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | IKONICS CORP | |
Entity Central Index Key | 0001083301 | |
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 | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 617,246 | $ 1,623,137 |
Short-term investments | 2,940,000 | 2,695,000 |
Trade receivables, less allowance of $112,000 in 2019 and $53,000 in 2018 | 1,821,114 | 2,215,215 |
Inventories | 2,840,176 | 2,046,588 |
Prepaid expenses and other assets | 259,839 | 375,362 |
Income taxes receivable | 113,321 | 2,768 |
Total current assets | 8,591,696 | 8,958,070 |
PROPERTY, PLANT, AND EQUIPMENT, at cost: | ||
Land and building | 9,500,429 | 9,500,429 |
Machinery and equipment | 5,022,691 | 4,964,816 |
Office equipment | 1,564,978 | 1,559,728 |
Vehicles | 245,674 | 245,679 |
Property, plant, and equipment, Gross | 16,333,772 | 16,270,652 |
Less accumulated depreciation | (8,298,897) | (8,185,910) |
Total property, plant and equipment at cost, net | 8,034,875 | 8,084,742 |
INTANGIBLE ASSETS, less accumulated amortization of $155,908 in 2019 and $149,740 in 2018 | 372,693 | 376,406 |
Total assets | 16,999,264 | 17,419,218 |
CURRENT LIABILITIES | ||
Current portion of long-term debt | 129,582 | 129,282 |
Accounts payable | 860,106 | 647,528 |
Accrued compensation | 236,935 | 366,900 |
Other accrued liabilities | 143,019 | 159,821 |
Total current liabilities | 1,369,642 | 1,303,531 |
LONG-TERM LIABILTIES | ||
Long-term debt, less current portion | 2,788,703 | 2,821,657 |
Deferred income taxes | 183,000 | 183,000 |
Total long-term liabilities | 2,971,703 | 3,004,657 |
Total liabilities | 4,341,345 | 4,308,188 |
COMMITMENTS AND CONTINGENCIES | ||
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 1,983,553 shares in 2019 and 2018. | 198,355 | 198,355 |
Additional paid-in-capital | 2,724,944 | 2,723,024 |
Retained earnings | 9,734,620 | 10,189,651 |
Total stockholders' equity | 12,657,919 | 13,111,030 |
Total liabilities and stockholders' equity | $ 16,999,264 | $ 17,419,218 |
Condensed Balance Sheets (Cur_2
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Trade receivables, allowances | $ 112,000 | $ 53,000 |
Intangible assets, accumulated amortization | $ 155,908 | $ 149,740 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Net sales | $ 3,528,691 | $ 4,071,478 |
Cost of goods sold | 2,519,572 | 2,709,059 |
GROSS PROFIT | 1,009,119 | 1,362,419 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 1,381,965 | 1,348,983 |
RESEARCH AND DEVELOPMENT EXPENSES | 178,842 | 154,076 |
LOSS FROM OPERATIONS | (551,688) | (140,640) |
INTEREST EXPENSE | (22,275) | (19,935) |
OTHER | 16,194 | 9,421 |
LOSS BEFORE INCOME TAXES | (557,769) | (151,154) |
INCOME TAX BENEFIT | (102,738) | (20,416) |
NET LOSS | $ (455,031) | $ (130,738) |
LOSS PER COMMON SHARE: | ||
Basic (in dollars per share) | $ (0.23) | $ (0.07) |
Diluted (in dollars per share) | $ (0.23) | $ (0.07) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||
Basic (in shares) | 1,983,553 | 1,983,553 |
Diluted (in shares) | 1,983,553 | 1,983,553 |
Statements of Stockholders̵
Statements of Stockholders’ Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
BALANCE (in shares) at Dec. 31, 2017 | 1,983,553 | |||
BALANCE at Dec. 31, 2017 | $ 198,355 | $ 2,709,390 | $ 10,050,186 | $ 12,957,931 |
Net loss | (130,738) | (130,738) | ||
Stock based compensation | 2,893 | 2,893 | ||
BALANCE (in shares) at Mar. 31, 2018 | 1,983,553 | |||
BALANCE at Mar. 31, 2018 | $ 198,355 | 2,712,283 | 9,919,448 | $ 12,830,086 |
BALANCE (in shares) at Dec. 31, 2018 | 1,983,553 | 1,983,553 | ||
BALANCE at Dec. 31, 2018 | $ 198,355 | 2,723,024 | 10,189,651 | $ 13,111,030 |
Net loss | (455,031) | (455,031) | ||
Stock based compensation | 1,920 | $ 1,920 | ||
BALANCE (in shares) at Mar. 31, 2019 | 1,983,553 | 1,983,553 | ||
BALANCE at Mar. 31, 2019 | $ 198,355 | $ 2,724,944 | $ 9,734,620 | $ 12,657,919 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (455,031) | $ (130,738) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation | 162,033 | 199,906 |
Amortization | 8,932 | 9,442 |
Stock based compensation | 1,920 | 2,893 |
Net gain on sale and disposal of property, plant and equipment | (7,487) | |
Deferred income taxes | 12,839 | |
Loss on intangible asset abandonment | 343 | |
Changes in working capital components: | ||
Trade receivables | 394,101 | 158,353 |
Inventories | (793,588) | (282,766) |
Prepaid expenses and other assets | 115,523 | (25,586) |
Income tax receivable | (110,553) | (40,622) |
Accounts payable | 212,578 | 286,829 |
Accrued expenses | (146,767) | (77,854) |
Net cash (used in) provided by operating activities | (617,996) | 112,696 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant and equipment | (117,075) | (49,004) |
Proceeds from sales of property and equipment | 12,396 | |
Purchases of intangibles assets | (2,797) | (15,572) |
Purchases of short-term investments | (1,715,000) | (1,205,000) |
Proceeds on sale of short-term investments | 1,470,000 | 1,425,000 |
Net cash (used in) provided by investing activities | (352,476) | 155,424 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment on long-term debt | (35,419) | (35,632) |
Net cash used in financing activities | (35,419) | (35,632) |
NET (DECREASE) INCREADE IN CASH AND CASH EQUIVALENTS | (1,005,891) | 232,488 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,623,137 | 929,700 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 617,246 | 1,162,188 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Cash paid for interest | 19,367 | 17,038 |
Cash paid for income taxes, net | $ 7,815 | $ 7,367 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019, three March 31, 2019 2018, three March 31, 2019 2018, three March 31, 2019 2018, 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, 2019, 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, 2018. The results of operations for interim periods are not |
Note 2 - Short-term Investments
Note 2 - Short-term Investments | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Short-term Investments [Text Block] | 2. Short-Term Investments The Company’s $2.9 March 31, 2019 12 four six 2.25% 2.50% |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. Inventories The major components of inventories are as follows: Mar 31, 2019 Dec 31, 2018 Raw materials $ 2,127,147 $ 1,767,458 Work-in-progress 393,802 370,075 Finished goods 1,632,673 1,196,516 Reduction to LIFO cost (1,313,446 ) (1,287,461 ) Total Inventories $ 2,840,176 $ 2,046,588 |
Note 4 - Earnings Per Common Sh
Note 4 - Earnings Per Common Share (EPS) | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. Earnings Per Common Share (EPS) Basic EPS is calculated using net loss divided by the weighted average of common shares outstanding. Diluted EPS is calculated similarly 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. The options disclosed in Note 6 Shares used in the calculation of diluted EPS are summarized below: Three Months Ended Mar 31, 2019 Mar 31, 2018 Weighted average common shares outstanding 1,983,553 1,983,553 Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding 1,983,553 1,983,553 If the Company was in a net income position for the first three 2019, no 18,000 $13.22 If the Company was in a net income position for the first three 2018, no 18,168 $13.81 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 5. Stock-Based Compensation The Company maintains a stock incentive plan which authorizes the issuance of up to 442,750 18,000 102,157 March 31, 2019. 85% 110% seven one three The Company charged compensation cost of approximately $2,000 $3,000 three March 31, 2019 2018, 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. No three March 31, 2019 2018, no three March 31, 2019 2018. Stock option activity during the three March 31, 2019 Weighted Average Exercise Shares Price Outstanding at January 1, 2019 18,000 $ 13.22 Granted — — Exercised — — Expired and forfeited — — Outstanding at March 31, 2019 18,000 $ 13.22 Exercisable at March 31, 2019 12,247 $ 15.09 The aggregate intrinsic value of all options outstanding and exercisable at March 31, 2019 $0. |
Note 6 - Segment Information
Note 6 - Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 6. Segment Information The Company’s reportable segments are strategic business units that offer different products and have varied customer bases. There are four 2019, one 2019 2019, 2019 2018 10 December 31, 2018. Management evaluates the performance of each segment based on the components of divisional income (loss). Assets and liabilities are not For the three March 31, 2019: IKONICS IKONICS Chromaline Imaging DTX AMS Unalloc. Total Net sales $ 2,029,341 $ 1,088,806 $ 92,760 $ 317,784 $ — $ 3,528,691 Cost of goods sold 1,553,610 585,504 34,046 346,412 — 2,519,572 Gross profit (loss) 475,731 503,302 58,714 (28,628 ) — 1,009,119 Selling general and adminstrative* 445,003 322,453 34,605 88,148 491,756 1,381,965 Research and development* — — — — 178,842 178,842 Income (loss) from operations $ 30,728 $ 180,849 $ 24,109 $ (116,776 ) $ (670,598 ) $ (551,688 ) For the three March 31, 2018: IKONICS IKONICS Chromaline Imaging DTX AMS Unalloc. Total Net sales $ 2,340,810 $ 1,219,348 $ 88,666 $ 422,654 $ — $ 4,071,478 Cost of goods sold 1,664,878 623,611 25,392 395,178 — 2,709,059 Gross profit 675,932 595,737 63,274 27,476 — 1,362,419 Selling general and adminstrative* 425,329 285,025 34,852 84,783 518,994 1,348,983 Research and development* — — — — 154,076 154,076 Income (loss) from operations $ 250,603 $ 310,712 $ 28,422 $ (57,307 ) $ (673,070 ) $ (140,640 ) *The Company does not Trade receivables by segment as of March 31, 2019 December 31, 2018 Mar 31, 2019 Dec 31, 2018 Chromaline $ 1,200,281 $ 1,550,411 IKONICS Imaging 416,230 360,551 DTX 40,775 15,692 AMS 238,700 331,708 Unallocated (74,872 ) (43,147 ) Total $ 1,821,114 $ 2,215,215 |
Note 7 - Income Taxes
Note 7 - Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 7. Income Taxes The Company recorded its interim provision for income taxes by applying the estimated annual effective tax rate to the year-to-date pre-tax loss and adjusting for discrete tax items recorded in the period. Deferred income taxes result from temporary differences between the reporting of amounts for financial statement purposes and income tax purposes. These differences relate primarily to different methods used for income tax reporting purposes, including for depreciation and amortization, warranty and vacation accruals, and deductions related to allowances for doubtful accounts receivable and inventory reserves. The provision for income taxes (benefits) included current federal and state income tax expense (benefit), as well as deferred federal and state income tax expense. The effective tax rate for the three March 31, 2019 18.4%, 13.5% three March 31, 2018. $103,000 $20,000 three March 31, 2019 2018, The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority is more-likely -than- not not 50% March 31, 2019 no The Company is not 2017 December 22, 2017. January 1, 2018, 35% 21% |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Mar 31, 2019 Dec 31, 2018 Raw materials $ 2,127,147 $ 1,767,458 Work-in-progress 393,802 370,075 Finished goods 1,632,673 1,196,516 Reduction to LIFO cost (1,313,446 ) (1,287,461 ) Total Inventories $ 2,840,176 $ 2,046,588 |
Note 4 - Earnings Per Common _2
Note 4 - Earnings Per Common Share (EPS) (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Mar 31, 2019 Mar 31, 2018 Weighted average common shares outstanding 1,983,553 1,983,553 Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding 1,983,553 1,983,553 |
Note 5 - Stock-based Compensa_2
Note 5 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted Average Exercise Shares Price Outstanding at January 1, 2019 18,000 $ 13.22 Granted — — Exercised — — Expired and forfeited — — Outstanding at March 31, 2019 18,000 $ 13.22 Exercisable at March 31, 2019 12,247 $ 15.09 |
Note 6 - Segment Information (T
Note 6 - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | IKONICS IKONICS Chromaline Imaging DTX AMS Unalloc. Total Net sales $ 2,029,341 $ 1,088,806 $ 92,760 $ 317,784 $ — $ 3,528,691 Cost of goods sold 1,553,610 585,504 34,046 346,412 — 2,519,572 Gross profit (loss) 475,731 503,302 58,714 (28,628 ) — 1,009,119 Selling general and adminstrative* 445,003 322,453 34,605 88,148 491,756 1,381,965 Research and development* — — — — 178,842 178,842 Income (loss) from operations $ 30,728 $ 180,849 $ 24,109 $ (116,776 ) $ (670,598 ) $ (551,688 ) IKONICS IKONICS Chromaline Imaging DTX AMS Unalloc. Total Net sales $ 2,340,810 $ 1,219,348 $ 88,666 $ 422,654 $ — $ 4,071,478 Cost of goods sold 1,664,878 623,611 25,392 395,178 — 2,709,059 Gross profit 675,932 595,737 63,274 27,476 — 1,362,419 Selling general and adminstrative* 425,329 285,025 34,852 84,783 518,994 1,348,983 Research and development* — — — — 154,076 154,076 Income (loss) from operations $ 250,603 $ 310,712 $ 28,422 $ (57,307 ) $ (673,070 ) $ (140,640 ) Mar 31, 2019 Dec 31, 2018 Chromaline $ 1,200,281 $ 1,550,411 IKONICS Imaging 416,230 360,551 DTX 40,775 15,692 AMS 238,700 331,708 Unallocated (74,872 ) (43,147 ) Total $ 1,821,114 $ 2,215,215 |
Note 2 - Short-term Investmen_2
Note 2 - Short-term Investments (Details Textual) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Short-term Investments, Total | $ 2,940,000 | $ 2,695,000 |
Certificates of Deposit [Member] | Minimum [Member] | ||
Certificate of Deposit Maturity Period | 120 days | |
Certificate of Deposit Interest Rate | 2.25% | |
Certificates of Deposit [Member] | Maximum [Member] | ||
Certificate of Deposit Maturity Period | 180 days | |
Certificate of Deposit Interest Rate | 2.50% |
Note 3 - Inventories - Major Co
Note 3 - Inventories - Major Components of Inventories (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Raw materials | $ 2,127,147 | $ 1,767,458 |
Work-in-progress | 393,802 | 370,075 |
Finished goods | 1,632,673 | 1,196,516 |
Reduction to LIFO cost | (1,313,446) | (1,287,461) |
Total Inventories | $ 2,840,176 | $ 2,046,588 |
Note 4 - Earnings Per Common _3
Note 4 - Earnings Per Common Share (EPS) (Details Textual) - Share-based Payment Arrangement, Option [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation Of Earnings Per Share Amount Based on Net Income Position | 18,000 | 18,168 |
Share Based Compensation Arrangement by Share Based Payment Award Options With AntiDilutive Effect Weighted Average Exercise Price Based on Net Income Position | $ 13.22 | $ 13.81 |
Note 4 - Earnings Per Common _4
Note 4 - Earnings Per Common Share (EPS) - Summary of Calculation of Diluted EPS (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Weighted average common shares outstanding (in shares) | 1,983,553 | 1,983,553 |
Dilutive effect of stock options (in shares) | ||
Weighted average common and common equivalent shares outstanding (in shares) | 1,983,553 | 1,983,553 |
Note 5 - Stock-based Compensa_3
Note 5 - Stock-based Compensation (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
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, Number of Shares Available for Grant | 102,157 | ||
Share-based Payment Arrangement, Expense | $ 2,000 | $ 3,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 0 | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 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 | ||
Maximum [Member] | Share-based Payment Arrangement, 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] | Share-based Payment Arrangement, 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 5 - Stock-based Compensa_4
Note 5 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Outstanding, Shares (in shares) | 18,000 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 13.22 | |
Granted, Shares (in shares) | 0 | 0 |
Granted, Weighted Average Exercise Price (in dollars per share) | ||
Exercised, Shares (in shares) | 0 | 0 |
Exercised, Weighted Average Exercise Price (in dollars per share) | ||
Expired and forfeited, Shares (in shares) | ||
Expired and forfeited, Weighted Average Exercise Price (in dollars per share) | ||
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 6 - Segment Information (D
Note 6 - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2019 | |
Number of Reportable Segments | 4 |
Note 6 - Segment Information -
Note 6 - Segment Information - Reportable Segments (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Net sales | $ 3,528,691 | $ 4,071,478 | ||
Cost of goods sold | 2,519,572 | 2,709,059 | ||
Gross profit (loss) | 1,009,119 | 1,362,419 | ||
Selling general and adminstrative* | 1,381,965 | 1,348,983 | ||
Research and development* | 178,842 | 154,076 | ||
Income (loss) from operations | (551,688) | (140,640) | ||
Trade receivables | 1,821,114 | $ 2,215,215 | ||
Segment Reconciling Items [Member] | ||||
Net sales | 3,528,691 | 4,071,478 | ||
Cost of goods sold | 2,519,572 | 2,709,059 | ||
Gross profit (loss) | 1,009,119 | 1,362,419 | ||
Selling general and adminstrative* | [1] | 1,381,965 | 1,348,983 | |
Research and development* | [1] | 178,842 | 154,076 | |
Income (loss) from operations | (551,688) | (140,640) | ||
Trade receivables | (74,872) | (43,147) | ||
Chromaline [Member] | Operating Segments [Member] | ||||
Trade receivables | 1,200,281 | 1,550,411 | ||
Ikonics Imaging [Member] | Operating Segments [Member] | ||||
Net sales | 92,760 | 88,666 | ||
Cost of goods sold | 34,046 | 25,392 | ||
Gross profit (loss) | 58,714 | 63,274 | ||
Selling general and adminstrative* | [1] | 34,605 | 34,852 | |
Research and development* | [1] | |||
Income (loss) from operations | 24,109 | 28,422 | ||
Trade receivables | 416,230 | 360,551 | ||
Domestic [Member] | Operating Segments [Member] | ||||
Net sales | 2,029,341 | 2,340,810 | ||
Cost of goods sold | 1,553,610 | 1,664,878 | ||
Gross profit (loss) | 475,731 | 675,932 | ||
Selling general and adminstrative* | [1] | 445,003 | 425,329 | |
Research and development* | [1] | |||
Income (loss) from operations | 30,728 | 250,603 | ||
Export [Member] | Operating Segments [Member] | ||||
Net sales | 1,088,806 | 1,219,348 | ||
Cost of goods sold | 585,504 | 623,611 | ||
Gross profit (loss) | 503,302 | 595,737 | ||
Selling general and adminstrative* | [1] | 322,453 | 285,025 | |
Research and development* | [1] | |||
Income (loss) from operations | 180,849 | 310,712 | ||
DTX [Member] | Operating Segments [Member] | ||||
Net sales | 317,784 | 422,654 | ||
Cost of goods sold | 346,412 | 395,178 | ||
Gross profit (loss) | (28,628) | 27,476 | ||
Selling general and adminstrative* | [1] | 88,148 | 84,783 | |
Research and development* | [1] | |||
Income (loss) from operations | (116,776) | (57,307) | ||
Trade receivables | 40,775 | 15,692 | ||
AMS [Member] | Operating Segments [Member] | ||||
Net sales | ||||
Cost of goods sold | ||||
Gross profit (loss) | ||||
Selling general and adminstrative* | [1] | 491,756 | 518,994 | |
Research and development* | [1] | 178,842 | 154,076 | |
Income (loss) from operations | (670,598) | $ (673,070) | ||
Trade receivables | $ 238,700 | $ 331,708 | ||
[1] | The Company does not allocate all selling, general and administrative expenses or any research and development expenses to its operating segments for internal reporting. |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 18.40% | 13.50% | 21.00% | 35.00% |
Income Tax Expense (Benefit), Total | $ (102,738) | $ (20,416) | ||
Unrecognized Tax Benefits, Ending Balance | $ 0 |