TeraWulf (WULF) 10-Q 13 Aug 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 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)		1,980,811
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Title of 12(b) Security	Common Stock

Condensed Balance Sheets (Curre

Condensed Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 297,186	$ 1,623,137
Short-term investments	2,940,000	2,695,000
Trade receivables, less allowance of $53,000 in 2019 and 2018	2,223,445	2,215,215
Inventories	2,512,249	2,046,588
Prepaid expenses and other assets	262,325	375,362
Income taxes receivable	185,219	2,768
Total current assets	8,420,424	8,958,070
PROPERTY, PLANT, AND EQUIPMENT, at cost:
Land and building	9,500,429	9,500,429
Machinery and equipment	5,132,719	4,964,816
Office equipment	1,565,456	1,559,728
Vehicles	245,674	245,679
Property, plant, and equipment, Gross	16,444,278	16,270,652
Less accumulated depreciation	(8,457,143)	(8,185,910)
Total property, plant and equipment at cost, net	7,987,135	8,084,742
INTANGIBLE ASSETS, less accumulated amortization of $168,488 in 2019 and $149,740 in 2018	292,380	376,406
Total assets	16,699,939	17,419,218
CURRENT LIABILITIES
Current portion of long-term debt	131,385	129,282
Accounts payable	533,424	647,528
Accrued compensation	331,334	366,900
Other accrued liabilities	242,284	159,821
Total current liabilities	1,238,427	1,303,531
LONG-TERM LIABILITIES
Long-term debt, less current portion	2,755,353	2,821,657
Deferred income taxes	183,000	183,000
Total long-term liabilities	2,938,353	3,004,657
Total liabilities	4,176,780	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 1,980,811 shares in 2019 and 1,983,553 in 2018.	198,081	198,355
Additional paid-in-capital	2,723,099	2,723,024
Retained earnings	9,601,979	10,189,651
Total stockholders' equity	12,523,159	13,111,030
Total liabilities and stockholders' equity	$ 16,699,939	$ 17,419,218

Condensed Balance Sheets (Cur_2

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Trade receivables, allowances	$ 53,000	$ 53,000
Intangible assets, accumulated amortization	$ 168,488	$ 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)	1,980,811	1,983,553
Common stock, share outstanding (in shares)	1,980,811	1,983,553

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net sales		$ 4,596,411	$ 4,634,177	$ 8,125,102	$ 8,705,655
Cost of goods sold		3,167,982	2,971,862	5,687,554	5,680,921
GROSS PROFIT		1,428,429	1,662,315	2,437,548	3,024,734
Selling general and administrative*	[1]	1,338,861	1,308,963	2,720,826	2,657,946
Research and development*	[1]	270,465	156,472	449,307	310,548
(LOSS) INCOME FROM OPERATIONS		(180,897)	196,880	(732,585)	56,240
INTEREST EXPENSE		(22,515)	(23,807)	(44,790)	(43,742)
OTHER		17,303	11,805	33,497	21,226
(LOSS) INCOME BEFORE INCOME TAXES		(186,109)	184,878	(743,878)	33,724
INCOME TAX (BENEFIT) EXPENSE		(70,398)	39,542	(173,136)	19,126
NET (LOSS) INCOME		$ (115,711)	$ 145,336	$ (570,742)	$ 14,598
(LOSS) INCOME PER COMMON SHARE
Basic (in dollars per share)		$ (0.06)	$ 0.07	$ (0.29)	$ 0.01
Diluted (in dollars per share)		$ (0.06)	$ 0.07	$ (0.29)	$ 0.01
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Weighted average common shares outstanding (in shares)		1,982,275	1,983,553	1,982,910	1,983,553
Diluted (in shares)		1,982,275	1,983,553	1,982,910	1,983,553
[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.

Statements of Stockholders' Equ

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) income			14,598	14,598
Stock based compensation		6,473		6,473
BALANCE (in shares) at Jun. 30, 2018	1,983,553
BALANCE at Jun. 30, 2018	$ 198,355	2,715,863	10,064,784	12,979,002
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
Net (loss) income			145,336	145,336
Stock based compensation		3,580		3,580
BALANCE (in shares) at Jun. 30, 2018	1,983,553
BALANCE at Jun. 30, 2018	$ 198,355	2,715,863	10,064,784	$ 12,979,002
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) income			(570,742)	(570,742)
Common stock repurchased (in shares)	(2,742)
Common stock repurchased	$ (274)	(3,765)	(16,930)	(20,969)
Stock based compensation		3,840		$ 3,840
BALANCE (in shares) at Jun. 30, 2019	1,980,811			1,980,811
BALANCE at Jun. 30, 2019	$ 198,081	2,723,099	9,601,979	$ 12,523,159
BALANCE (in shares) at Mar. 31, 2019	1,983,553
BALANCE at Mar. 31, 2019	$ 198,355	2,724,944	9,734,620	12,657,919
Net (loss) income			(115,711)	(115,711)
Common stock repurchased (in shares)	(2,742)
Common stock repurchased	$ (274)	(3,765)	(16,930)	(20,969)
Stock based compensation		1,920		$ 1,920
BALANCE (in shares) at Jun. 30, 2019	1,980,811			1,980,811
BALANCE at Jun. 30, 2019	$ 198,081	$ 2,723,099	$ 9,601,979	$ 12,523,159

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (570,742)	$ 14,598
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation	321,062	395,787
Amortization	24,308	18,615
Stock based compensation	3,840	6,473
Net gain on sale and disposal of property and equipment	(8,481)
Deferred income taxes		12,839
Loss on intangible asset abandonment	71,600
Changes in working capital components:
Trade receivables	(8,230)	321,347
Inventories	(465,661)	(385,481)
Prepaid expenses and other assets	113,037	(16,184)
Income tax receivable	(182,451)	(1,365)
Accounts payable	(114,104)	508,323
Accrued expenses	46,897	2,962
Net cash (used in) provided by operating activities	(768,925)	877,914
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(230,570)	(324,392)
Proceeds from sales of property and equipment	15,596
Purchases of intangibles assets	(6,322)	(32,354)
Purchases of short-term investments	(3,185,000)	(2,920,000)
Proceeds on sale of short-term investments	2,940,000	2,895,000
Net cash used in investing activities	(466,296)	(381,746)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment on long-term debt	(69,761)	(70,040)
Repurchase of common stock	(20,969)
Net cash used in financing activities	(90,730)	(70,040)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,325,951)	426,128
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	1,623,137	929,700
CASH AND CASH EQUIVALENTS AT END OF PERIOD	297,186	1,355,828
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest	39,812	36,711
Cash paid for income taxes, net	$ 9,315	$ 7,652

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Jun. 30, 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 June 30, 2019, three six June 30, 2019 2018, three six June 30, 2019 2018, six June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Cash, Cash Equivalents, and Short-term Investments [Text Block]	2. Short-Term Investments The Company’s $2.9 June 30, 2019 12 five six 2.25% 2.40%

Note 3 - Inventories

Note 3 - Inventories	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Inventory Disclosure [Text Block]	3. Inventories The major components of inventories are as follows: Jun 30, 2019 Dec 31, 2018 Raw materials $ 1,794,771 $ 1,767,458 Work-in-progress 449,081 370,075 Finished goods 1,596,497 1,196,516 Reduction to LIFO cost (1,328,100 ) (1,287,461 ) Total Inventories $ 2,512,249 $ 2,046,588

Note 4 - Earnings Per Common Sh

Note 4 - Earnings Per Common Share (EPS)	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	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 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 5 Shares used in the calculation of diluted EPS are summarized below: Three Months Ended Jun 30, 2019 Jun 30, 2018 Weighted average common shares outstanding 1,982,275 1,983,553 Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding 1,982,275 1,983,553 Six Months Ended Jun 30, 2019 Jun 30, 2018 Weighted average common shares outstanding 1,982,910 1,983,553 Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding 1,982,910 1,983,553 If the Company was in a net income position for the three six June 30, 2019, 16,000 $12.17 For the three six June 30, 2018, 18,000 $13.22

Note 5 - Stock-based Compensati

Note 5 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	5. Stock-Based Compensation The Company maintains a 2019 “2019 2019 1995 "1995 April 2019. 1995 442,750 16,000 June 30, 2019. 1995 2019 102,157 1995 no Under the terms of the 2019 may 2019 102,157. 2019 750 1995 2019 2019 2019 102,907. June 30, 2019 no 2019 The Company charged compensation cost of approximately $1,900 three June 30, 2019 $3,600 three June 30, 2018. first six 2019, $3,800 $6,500 2018. June 30, 2019, $8,800 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, which increases additional paid in capital and reduces income taxes payable. No six June 30, 2019 June 30, 2018. There were no six June 30, 2019. six June 30, 2018, 2,750 six June 30, 2018 2018 Dividend yield 0 Expected volatility 40.0% Expected life of option (years) 5 Risk-free interest rate 2.8% Fair value of each option on grant date $3.38 Stock option activity during the six June 30, 2019 Weighted Average Exercise Shares Price Outstanding at January 1, 2019 18,000 $ 13.22 Granted — — Exercised — — Expired and forfeited (2,000 ) 21.69 Outstanding at June 30, 2019 16,000 $ 12.17 Exercisable at June 30, 2019 13,415 $ 12.83 The aggregate intrinsic value of all options outstanding and exercisable at June 30, 2019 $0.

Note 6 - Segment Information

Note 6 - Segment Information	6 Months Ended
	Jun. 30, 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 June 30, 2019: IKONICS IKONICS Chromaline Imaging DTX AMS Unalloc. Total Net sales $ 3,107,116 $ 958,128 $ 112,601 $ 418,566 $ — $ 4,596,411 Cost of goods sold 2,280,224 501,006 51,547 335,205 — 3,167,982 Gross profit 826,892 457,122 61,054 83,361 — 1,428,429 Selling general and administrative* 467,091 248,050 34,761 88,362 500,597 1,338,861 Research and development* — — — — 270,465 270,465 Income (loss) from operations $ 359,801 $ 209,072 $ 26,293 $ (5,001 ) $ (771,062 ) $ (180,897 ) For the three June 30, 2018: IKONICS IKONICS Chromaline Imaging DTX AMS Unalloc. Total Net sales $ 3,099,892 $ 968,933 $ 94,322 $ 471,030 $ — $ 4,634,177 Cost of goods sold 2,037,949 509,613 33,612 390,688 — 2,971,862 Gross profit 1,061,943 459,320 60,710 80,342 — 1,662,315 Selling general and administrative* 441,393 244,633 32,596 97,477 492,864 1,308,963 Research and development* — — — — 156,472 156,472 Income (loss) from operations $ 620,550 $ 214,687 $ 28,114 $ (17,135 ) $ (649,336 ) $ 196,880 For the six June 30, 2019: IKONICS IKONICS Chromaline Imaging DTX AMS Unalloc. Total Net sales $ 5,136,457 $ 2,046,934 $ 205,361 $ 736,350 $ — $ 8,125,102 Cost of goods sold 3,833,834 1,086,510 85,593 681,617 — 5,687,554 Gross profit 1,302,623 960,424 119,768 54,733 — 2,437,548 Selling general and administrative* 912,094 570,503 69,366 176,510 992,353 2,720,826 Research and development* — — — — 449,307 449,307 Income (loss) from operations $ 390,529 $ 389,921 $ 50,402 $ (121,777 ) $ (1,441,660 ) $ (732,585 ) For the six June 30, 2018: IKONICS IKONICS Chromaline Imaging DTX AMS Unalloc. Total Net sales $ 5,440,702 $ 2,188,281 $ 182,988 $ 893,684 $ — $ 8,705,655 Cost of goods sold 3,702,827 1,133,224 59,004 785,866 — 5,680,921 Gross profit 1,737,875 1,055,057 123,984 107,818 — 3,024,734 Selling general and administrative* 866,722 529,658 67,448 182,260 1,011,858 2,657,946 Research and development* — — — — 310,548 310,548 Income (loss) from operations $ 871,153 $ 525,399 $ 56,536 $ (74,442 ) $ (1,322,406 ) $ 56,240 *The Company does not Trade receivables by segment as of June 30, 2019 December 31, 2018 Jun 30, 2019 Dec 31, 2018 Chromaline $ 1,568,512 $ 1,550,411 IKONICS Imaging 323,741 360,551 DTX 26,559 15,692 AMS 298,714 331,708 Unallocated 5,919 (43,147 ) Total $ 2,223,445 $ 2,215,215

Note 7 - Income Taxes

Note 7 - Income Taxes	6 Months Ended
	Jun. 30, 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 income (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, amortization, 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 June 30, 2019 37.8%, 21.4% three June 30, 2018. $70,000 $40,000 three June 30, 2019 2018, The effective tax rate for the six June 30, 2019 23.3%, 56.7% six June 30, 2018. $173,000 $19,000 six June 30, 2019 2018, The income tax provision for the 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% June 30, 2019 no The Company is not 2017 December 22, 2017. January 1, 2018, 35% 21%

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Inventory, Current [Table Text Block]	Jun 30, 2019 Dec 31, 2018 Raw materials $ 1,794,771 $ 1,767,458 Work-in-progress 449,081 370,075 Finished goods 1,596,497 1,196,516 Reduction to LIFO cost (1,328,100 ) (1,287,461 ) Total Inventories $ 2,512,249 $ 2,046,588

Note 4 - Earnings Per Common _2

Note 4 - Earnings Per Common Share (EPS) (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Three Months Ended Jun 30, 2019 Jun 30, 2018 Weighted average common shares outstanding 1,982,275 1,983,553 Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding 1,982,275 1,983,553 Six Months Ended Jun 30, 2019 Jun 30, 2018 Weighted average common shares outstanding 1,982,910 1,983,553 Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding 1,982,910 1,983,553

Note 5 - Stock-based Compensa_2

Note 5 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	2018 Dividend yield 0 Expected volatility 40.0% Expected life of option (years) 5 Risk-free interest rate 2.8% Fair value of each option on grant date $3.38
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 (2,000 ) 21.69 Outstanding at June 30, 2019 16,000 $ 12.17 Exercisable at June 30, 2019 13,415 $ 12.83

Note 6 - Segment Information (T

Note 6 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2019
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	IKONICS IKONICS Chromaline Imaging DTX AMS Unalloc. Total Net sales $ 3,107,116 $ 958,128 $ 112,601 $ 418,566 $ — $ 4,596,411 Cost of goods sold 2,280,224 501,006 51,547 335,205 — 3,167,982 Gross profit 826,892 457,122 61,054 83,361 — 1,428,429 Selling general and administrative* 467,091 248,050 34,761 88,362 500,597 1,338,861 Research and development* — — — — 270,465 270,465 Income (loss) from operations $ 359,801 $ 209,072 $ 26,293 $ (5,001 ) $ (771,062 ) $ (180,897 ) IKONICS IKONICS Chromaline Imaging DTX AMS Unalloc. Total Net sales $ 3,099,892 $ 968,933 $ 94,322 $ 471,030 $ — $ 4,634,177 Cost of goods sold 2,037,949 509,613 33,612 390,688 — 2,971,862 Gross profit 1,061,943 459,320 60,710 80,342 — 1,662,315 Selling general and administrative* 441,393 244,633 32,596 97,477 492,864 1,308,963 Research and development* — — — — 156,472 156,472 Income (loss) from operations $ 620,550 $ 214,687 $ 28,114 $ (17,135 ) $ (649,336 ) $ 196,880 IKONICS IKONICS Chromaline Imaging DTX AMS Unalloc. Total Net sales $ 5,136,457 $ 2,046,934 $ 205,361 $ 736,350 $ — $ 8,125,102 Cost of goods sold 3,833,834 1,086,510 85,593 681,617 — 5,687,554 Gross profit 1,302,623 960,424 119,768 54,733 — 2,437,548 Selling general and administrative* 912,094 570,503 69,366 176,510 992,353 2,720,826 Research and development* — — — — 449,307 449,307 Income (loss) from operations $ 390,529 $ 389,921 $ 50,402 $ (121,777 ) $ (1,441,660 ) $ (732,585 ) IKONICS IKONICS Chromaline Imaging DTX AMS Unalloc. Total Net sales $ 5,440,702 $ 2,188,281 $ 182,988 $ 893,684 $ — $ 8,705,655 Cost of goods sold 3,702,827 1,133,224 59,004 785,866 — 5,680,921 Gross profit 1,737,875 1,055,057 123,984 107,818 — 3,024,734 Selling general and administrative* 866,722 529,658 67,448 182,260 1,011,858 2,657,946 Research and development* — — — — 310,548 310,548 Income (loss) from operations $ 871,153 $ 525,399 $ 56,536 $ (74,442 ) $ (1,322,406 ) $ 56,240 Jun 30, 2019 Dec 31, 2018 Chromaline $ 1,568,512 $ 1,550,411 IKONICS Imaging 323,741 360,551 DTX 26,559 15,692 AMS 298,714 331,708 Unallocated 5,919 (43,147 ) Total $ 2,223,445 $ 2,215,215

Note 2 - Short-term Investmen_2

Note 2 - Short-term Investments (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 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	150 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	2.40%

Note 3 - Inventories - Major Co

Note 3 - Inventories - Major Components of Inventories (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Raw materials	$ 1,794,771	$ 1,767,458
Work-in-progress	449,081	370,075
Finished goods	1,596,497	1,196,516
Reduction to LIFO cost	(1,328,100)	(1,287,461)
Total Inventories	$ 2,512,249	$ 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation Of Earnings Per Share Amount Based on Net Income Position	16,000	18,000	16,000	18,000
Share Based Compensation Arrangement by Share Based Payment Award Options With AntiDilutive Effect Weighted Average Exercise Price Based on Net Income Position	$ 12.17	$ 13.22	$ 12.17	$ 13.22

Note 4 - Earnings Per Common _4

Note 4 - Earnings Per Common Share (EPS) - Summary of Calculation of Diluted EPS (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Weighted average common shares outstanding (in shares)	1,982,275	1,983,553	1,982,910	1,983,553
Dilutive effect of stock options (in shares)
Weighted average common and common equivalent shares outstanding (in shares)	1,982,275	1,983,553	1,982,910	1,983,553

Note 5 - Stock-based Compensa_3

Note 5 - Stock-based Compensation (Details Textual) - USD ($)	2 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Apr. 30, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	16,000	16,000		16,000			18,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				0	2,750
Share-based Payment Arrangement, Expense		$ 1,900	$ 3,600	$ 3,800	$ 6,500
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 8,800	8,800		$ 8,800
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition				3 years
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, Exercisable, Intrinsic Value	$ 0	$ 0		$ 0
The 1995 Incentive Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance	16,000	16,000		16,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant						102,157
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period	750
The 2019 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	102,907	102,907		102,907		102,157
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				0
Maximum [Member] | The 1995 Incentive Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	442,750	442,750		442,750

Note 5 - Stock-based Compensa_4

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

Note 5 - Stock-based Compensa_5

Note 5 - Stock-based Compensation - Stock Option Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Outstanding, Shares (in shares)	18,000
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 13.22
Granted, Shares (in shares)	0	2,750
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)	(2,000)
Expired and forfeited, Weighted Average Exercise Price (in dollars per share)	$ 21.69
Outstanding, Shares (in shares)	16,000
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 12.17
Exercisable, Shares (in shares)	13,415
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 12.83

Note 6 - Segment Information (D

Note 6 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2019
Number of Reportable Segments	4

Note 6 - Segment Information -

Note 6 - Segment Information - Reportable Segments (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Net sales		$ 4,596,411	$ 4,634,177	$ 8,125,102	$ 8,705,655
Cost of goods sold		3,167,982	2,971,862	5,687,554	5,680,921
Gross profit		1,428,429	1,662,315	2,437,548	3,024,734
Selling general and administrative*	[1]	1,338,861	1,308,963	2,720,826	2,657,946
Research and development*	[1]	270,465	156,472	449,307	310,548
Income (loss) from operations		(180,897)	196,880	(732,585)	56,240
Trade receivables		2,223,445		2,223,445		$ 2,215,215
Segment Reconciling Items [Member]
Net sales
Cost of goods sold
Gross profit
Selling general and administrative*	[1]	500,597	492,864	992,353	1,011,858
Research and development*	[1]	270,465	156,472	449,307	310,548
Income (loss) from operations		(771,062)	(649,336)	(1,441,660)	(1,322,406)
Trade receivables		5,919		5,919		(43,147)
Chromaline [Member] | Operating Segments [Member]
Net sales		3,107,116	3,099,892	5,136,457	5,440,702
Cost of goods sold		2,280,224	2,037,949	3,833,834	3,702,827
Gross profit		826,892	1,061,943	1,302,623	1,737,875
Selling general and administrative*	[1]	467,091	441,393	912,094	866,722
Research and development*	[1]
Income (loss) from operations		359,801	620,550	390,529	871,153
Trade receivables		1,568,512		1,568,512		1,550,411
Ikonics Imaging [Member] | Operating Segments [Member]
Net sales		958,128	968,933	2,046,934	2,188,281
Cost of goods sold		501,006	509,613	1,086,510	1,133,224
Gross profit		457,122	459,320	960,424	1,055,057
Selling general and administrative*	[1]	248,050	244,633	570,503	529,658
Research and development*	[1]
Income (loss) from operations		209,072	214,687	389,921	525,399
Trade receivables		323,741		323,741		360,551
DTX [Member] | Operating Segments [Member]
Net sales		112,601	94,322	205,361	182,988
Cost of goods sold		51,547	33,612	85,593	59,004
Gross profit		61,054	60,710	119,768	123,984
Selling general and administrative*	[1]	34,761	32,596	69,366	67,448
Research and development*	[1]
Income (loss) from operations		26,293	28,114	50,402	56,536
Trade receivables		26,559		26,559		15,692
AMS [Member] | Operating Segments [Member]
Net sales		418,566	471,030	736,350	893,684
Cost of goods sold		335,205	390,688	681,617	785,866
Gross profit		83,361	80,342	54,733	107,818
Selling general and administrative*	[1]	88,362	97,477	176,510	182,260
Research and development*	[1]
Income (loss) from operations		(5,001)	$ (17,135)	(121,777)	$ (74,442)
Trade receivables		$ 298,714		$ 298,714		$ 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		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, Percent, Total	37.80%	(21.40%)	23.30%	(56.70%)	21.00%	35.00%
Income Tax Expense (Benefit), Total	$ (70,398)	$ 39,542	$ (173,136)	$ 19,126
Unrecognized Tax Benefits, Ending Balance	$ 0		$ 0