Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 01, 2016 | |
Document and Entity Information | ||
Entity Registrant Name | IKONICS CORP | |
Entity Central Index Key | 1,083,301 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,018,753 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,065,364 | $ 2,248,466 |
Trade receivables, less allowance of $70,000 in 2016 and $122,000 in 2015 | 2,221,256 | 2,165,194 |
Inventories | 2,254,034 | 2,119,805 |
Prepaid expenses and other assets | 182,122 | 85,648 |
Income taxes receivable | 242,131 | 102,778 |
Total current assets | 5,964,907 | 6,721,891 |
PROPERTY, PLANT, AND EQUIPMENT, at cost: | ||
Land and building | 6,366,352 | 6,391,555 |
Machinery and equipment | 4,427,722 | 4,275,910 |
Office equipment | 943,511 | 933,596 |
Vehicles | 272,141 | 272,141 |
Construction in progress | 3,103,129 | 2,491,432 |
Gross property, plant, and equipment, at cost | 15,112,855 | 14,364,634 |
Less accumulated depreciation | (6,546,593) | (6,407,304) |
Net property, plant, and equipment, at cost | 8,566,262 | 7,957,330 |
INTANGIBLE ASSETS, less accumulated amortization of $130,004 in 2016 and $123,957 in 2015 | 344,291 | 336,096 |
Total assets | 14,875,460 | 15,015,317 |
CURRENT LIABILITIES: | ||
Accounts payable - Trade | 591,050 | 420,245 |
Accounts payable - Construction | 96,166 | 333,339 |
Accrued compensation | 397,033 | 350,518 |
Other accrued liabilities | 94,561 | 31,000 |
Total current liabilities | 1,178,810 | 1,135,102 |
DEFERRED INCOME TAXES | 385,000 | 385,000 |
Total liabilities | 1,563,810 | 1,520,102 |
STOCKHOLDERS' EQUITY: | ||
Common stock, par value $.10 per share; authorized 4,750,000 shares; issued and outstanding 2,018,753 shares in 2016 and 2,018,253 in 2015 | 201,875 | 201,825 |
Additional paid-in capital | 2,712,247 | 2,703,050 |
Retained earnings | 10,397,528 | 10,590,340 |
Total stockholders' equity | 13,311,650 | 13,495,215 |
Total liabilities and stockholders' equity | $ 14,875,460 | $ 15,015,317 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
CONDENSED BALANCE SHEETS | ||
Trade receivables, allowance (in dollars) | $ 70,000 | $ 122,000 |
INTANGIBLE ASSETS, accumulated amortization (in dollars) | $ 130,004 | $ 123,957 |
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 | 2,018,753 | 2,018,253 |
Common stock, shares outstanding | 2,018,753 | 2,018,253 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CONDENSED STATEMENTS OF OPERATIONS | ||
NET SALES | $ 4,013,210 | $ 3,597,889 |
COST OF GOODS SOLD | 2,716,536 | 2,497,214 |
GROSS PROFIT | 1,296,674 | 1,100,675 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 1,439,116 | 1,415,597 |
RESEARCH AND DEVELOPMENT EXPENSES | 177,864 | 155,844 |
LOSS FROM OPERATIONS | (320,306) | (470,766) |
OTHER | 114 | 1,696 |
LOSS BEFORE INCOME TAXES | (320,192) | (469,070) |
INCOME TAX BENEFIT | (127,380) | (240,123) |
NET LOSS | $ (192,812) | $ (228,947) |
LOSS PER COMMON SHARE: | ||
Basic (in dollars per share) | $ (0.10) | $ (0.11) |
Diluted (in dollars per share) | $ (0.10) | $ (0.11) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||
Basic (in shares) | 2,018,335 | 2,018,253 |
Diluted (in shares) | 2,018,335 | 2,018,253 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (192,812) | $ (228,947) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 162,751 | 160,843 |
Amortization | 6,047 | 6,443 |
Stock based compensation | 5,248 | 4,778 |
Loss on sale and disposal of property, plant and equipment | 8,001 | |
Changes in working capital components: | ||
Trade receivables | (56,062) | 345,897 |
Inventories | (134,229) | (112,712) |
Prepaid expenses and other assets | (96,474) | (179,665) |
Income tax receivable | (139,119) | (250,925) |
Accounts payable | 170,805 | 486,526 |
Accrued expenses | 110,076 | 258,891 |
Net cash provided by (used in) operating activities | (155,768) | 491,129 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant, equipment and construction in progress | (1,017,857) | (376,067) |
Proceeds from sales of equipment | 1,000 | |
Purchases of intangibles | (14,242) | (17,996) |
Purchases of short-term investments | (650,000) | |
Proceeds on sale of short-term investments | 555,000 | |
Net cash used in investing activities | (1,031,099) | (489,063) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of stock options | 3,765 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (1,183,102) | 2,066 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 2,248,466 | 1,936,214 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 1,065,364 | 1,938,280 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Construction in progress included in construction payable | 96,166 | |
Cash paid for income taxes | $ 11,740 | $ 10,802 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation | |
Basis of Presentation | 1. Basis of Presentation The condensed balance sheet of IKONICS Corporation (the “Company”) as of March 31, 2016, and the related condensed statements of operations for the three months ended March 31, 2016 and 2015, and cash flows for the three months ended March 31, 2016 and 2015 , 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, 2016, 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, 2015. The results of operations for interim periods are not necessarily indicative of results that will be realized for the full fiscal year. For comparability, certain 2015 amounts related to deferred tax assets and liabilities have been reclassified to conform with classifications adopted in 2016. The reclassifications had no impact on net loss or stockholders’ equity. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventories | |
Inventories | 2. Inventories The major components of inventories are as follows: Mar 31, 2016 Dec 31, 2015 Raw materials $ $ Work-in-progress Finished goods Reduction to LIFO cost Total Inventory $ $ |
Earnings Per Common Share (EPS)
Earnings Per Common Share (EPS) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Common Share (EPS) | |
Earnings Per Common Share (EPS) | 3. 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 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. The options disclosed in Note 4 have been excluded from the computation because of their antidilutive effect. Shares used in the calculation of diluted EPS are summarized below: Three Months Ended Mar 31, 2016 Mar 31, 2015 Weighted average common shares outstanding Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation | |
Stock-Based Compensation | 4. Stock-Based Compensation The Company maintains a stock incentive plan which authorizes the issuance of up to 442,750 shares of common stock. Of those shares, 11,668 were subject to outstanding options and 108,739 were reserved for future grants at March 31, 2016. 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 the 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. The Company charged compensation cost of approximately $5,000 against income for the three months ended March 31, 2016 and 2015. As of March 31, 2016, there was approximately $35,000 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 500 stock options were approximately $4,000 for the three months ended March 31, 2016. 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% Expected life of option Five Years Risk-free interest rate 1.5% Fair value of each option on grant date $ 6.14 There wer e 5, 000 opti ons granted during the three months ended March 31, 2015. No options were granted during the first three months of 2016. Stock option activity during the three months ended March 31, 2016 was as follows: Weighted Average Exercise Shares Price Outstanding at January 1, 2016 $ Exercised Outstanding at March 31, 2016 $ Exercisable at March 31, 2016 $ The aggregate intrinsic value of all options outstanding and exercisable at March 31, 2016 was approximately $ 1,000 . |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2016 | |
Commitments | |
COMMITMENTS | 5. Commitments Building: During 2015, the Company committed to proceed with a 27,300 square-foot building expansion project. The new structure will contain a 20,500 square-foot production floor in addition to offices and ancillary facilities and is expected to cost $3.5 million. The expansion will be in addition to the current 35,000 square-foot IKONICS building on its Morgan Park site in western Duluth, which houses AMS production, warehousing, shipping and film conversion for all IKONICS business units. All AMS activities will relocate to the new facility, with an expected project completion date during the second quarter of 2016. Through March 31, 2016, the Company had incurred costs of $2.8 million, of which, $82,000 was included in construction accounts payable. Costs incurred to date are reflected in construction in progress on the balance sheet as of March 31, 2016. ERP System: During 2015, the Company committed to the purchase and implementation of a new Enterprise Resource Planning (ERP) system. The new ERP system will better support and accommodate IKONICS’ operations and replace the Company’s existing ERP system. The total ERP system project is expected to cost approximately $400,000 , and is expected to be completed by the third quarter of 2016. Through March 31, 2016, the Company had incurred costs of $271,000 , of which, $14,000 was included in construction accounts payable. Costs incurred to date are reflected in construction in progress on the balance sheet as of March 31, 2016. Line of Credit: The Company has a bank line of credit providing for borrowings of up to $2,050,000 , expiring on May 31, 2017. The line of credit is collateralized by the Company’s assets and bears interest at 1.8 percentage points over the 30 ‑day LIBOR rate. The Company did not utilize this line of credit during the first three months of 2016 or 2015 and there were no borrowings outstanding as of March 31, 2016 and December 31, 2015. There are no financial covenants related to the line of credit. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
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 and weight reduction 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, 2015. Management evaluates the performance of each segment based on the components of divisional income. Assets and liabilities are not allocated 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, 2016: IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ $ $ $ $ $ — $ Cost of goods sold — Gross profit (loss) — Selling, general and administrative* Research and development* — — — — — Income (loss) from operations $ $ $ $ $ $ $ For the three months ended March 31, 2015: IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ $ $ $ $ $ — $ Cost of goods sold — Gross profit (loss) — Selling, general and administrative* Research and development* — — — — — Income (loss) from operations $ $ $ $ $ $ $ * The Company does not allocate all selling, general and administrative expenses or any research and development expenses to its operating segments for internal reporting. Trade receivables by segment as of March 31, 2016 and December 31, 2015 were as follows: Mar 31, 2016 Dec 31, 2015 Domestic $ $ Export IKONICS Imaging DTX AMS Unallocated Total $ $ |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and 2015, 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, in each case for tax years 2013, 2014, and 2015. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Event | |
Subsequent Event | 8. Subsequent Event On April 29, 2016, the Company obtained a term note from a bank totaling $3,415,000 aggregate principal amount. The note carries monthly payments of $18,000 and bears an interest of 2.14% per year. The interest rate is fixed for 5 year s and will reset after that period. The note matures in May 2041 and is secured by the Company’s facility located in Morgan Park, MN. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventories | |
Schedule of major components of inventories | Mar 31, 2016 Dec 31, 2015 Raw materials $ $ Work-in-progress Finished goods Reduction to LIFO cost Total Inventory $ $ |
Earnings Per Common Share (EP15
Earnings Per Common Share (EPS) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Common Share (EPS) | |
Summary of shares used in the calculation of diluted EPS | Three Months Ended Mar 31, 2016 Mar 31, 2015 Weighted average common shares outstanding Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation | |
Assumptions used in estimating fair value of stock options | 2015 Dividend yield 0% Expected volatility 42.4% Expected life of option Five Years Risk-free interest rate 1.5% Fair value of each option on grant date $ 6.14 |
Stock option activity | Weighted Average Exercise Shares Price Outstanding at January 1, 2016 $ Exercised Outstanding at March 31, 2016 $ Exercisable at March 31, 2016 $ |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Information | |
Schedule of financial information with respect to the reportable segments | For the three months ended March 31, 2016: IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ $ $ $ $ $ — $ Cost of goods sold — Gross profit (loss) — Selling, general and administrative* Research and development* — — — — — Income (loss) from operations $ $ $ $ $ $ $ For the three months ended March 31, 2015: IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ $ $ $ $ $ — $ Cost of goods sold — Gross profit (loss) — Selling, general and administrative* Research and development* — — — — — Income (loss) from operations $ $ $ $ $ $ $ * The Company does not allocate all selling, 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, 2016 Dec 31, 2015 Domestic $ $ Export IKONICS Imaging DTX AMS Unallocated Total $ $ |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Inventories | ||
Raw materials | $ 1,841,369 | $ 1,640,098 |
Work-in-progress | 395,789 | 375,229 |
Finished goods | 1,226,083 | 1,336,707 |
Reduction to LIFO cost | (1,209,207) | (1,232,229) |
Total inventory | $ 2,254,034 | $ 2,119,805 |
Earnings Per Common Share (EP19
Earnings Per Common Share (EPS) (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Shares used in calculation of diluted EPS | ||
Weighted average common shares outstanding | 2,018,335 | 2,018,253 |
Weighted average common and common equivalent shares outstanding | 2,018,335 | 2,018,253 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plan and Expense Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Stock-Based Compensation | ||
Common stock reserved for future grants (in shares) | 108,739 | |
Compensation cost recognized | $ 5,000 | $ 5,000 |
Unrecognized compensation cost | $ 35,000 | |
Period during which compensation cost is expected to be recognized | 3 years | |
Proceeds from the exercise of stock | $ 3,765 | |
Maximum | ||
Stock-Based Compensation | ||
Number of shares of common stock authorized for issuance | 442,750 | |
Stock Options | ||
Stock-Based Compensation | ||
Proceeds from the exercise of stock | $ 4,000 | |
Exercise of stock options (in shares) | 500 | 0 |
Stock Options | Minimum | ||
Stock-Based Compensation | ||
Price range of stock award (as a percent) | 85.00% | |
Period over which options become exercisable | 1 year | |
Stock Options | Maximum | ||
Stock-Based Compensation | ||
Price range of stock award (as a percent) | 110.00% | |
Expiration period of options granted | 7 years | |
Period over which options become exercisable | 3 years |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions and Activity (Details) - Stock Options - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
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 | |
Other disclosures | ||
Granted (in shares) | 0 | 5,000 |
Shares | ||
Outstanding at beginning of period (in shares) | 12,168 | |
Exercised (in shares) | (500) | 0 |
Outstanding at end of period (in shares) | 11,668 | |
Exercisable at end of period (in shares) | 3,999 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of period (in dollars per shares) | $ 15.47 | |
Exercised (in dollars per share) | 7.53 | |
Outstanding at end of period (in dollars per share) | 15.80 | |
Exercisable at end of period (in dollars per share) | $ 15.22 | |
Aggregate intrinsic value of all options outstanding | $ 1,000 |
Commitments - (Details)
Commitments - (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($)ft² | Dec. 31, 2015USD ($) | |
Building and ERP System | ||
Construction accounts payable | $ 96,166 | $ 333,339 |
Line Of Credit. | ||
Line of Credit | ||
Maximum borrowing capacity | 2,050,000 | |
Outstanding borrowings | $ 0 | $ 0 |
Line Of Credit. | 30-day LIBOR | ||
Line of Credit | ||
Variable rate margin | 1.80% | |
Morgan Park site | ||
Building and ERP System | ||
Area of property | ft² | 35,000 | |
Building Expansion Commitment | ||
Building and ERP System | ||
Construction in progress, costs incurred to date | $ 2,800,000 | |
Construction accounts payable | $ 82,000 | |
Building Expansion Commitment | Production Floor | ||
Building and ERP System | ||
Area of property | ft² | 20,500 | |
Building Expansion Commitment | Expansion Project | ||
Building and ERP System | ||
Area of property | ft² | 27,300 | |
Expected cost | $ 3,500,000 | |
ERP Commitment | ||
Building and ERP System | ||
Expected cost | 400,000 | |
Construction in progress, costs incurred to date | 271,000 | |
Construction accounts payable | $ 14,000 |
Segment Information (Details)
Segment Information (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($)segment | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information | |||
Number of reportable segments | segment | 5 | ||
Financial information with respect to the reportable segments | |||
Net sales | $ 4,013,210 | $ 3,597,889 | |
Cost of goods sold | 2,716,536 | 2,497,214 | |
GROSS PROFIT | 1,296,674 | 1,100,675 | |
Selling general and administrative | 1,439,116 | 1,415,597 | |
Research and development | 177,864 | 155,844 | |
Income (loss) from operations | (320,306) | (470,766) | |
Trade receivables by segment | |||
Trade receivables | 2,221,256 | $ 2,165,194 | |
Unalloc. | |||
Financial information with respect to the reportable segments | |||
Selling general and administrative | 546,671 | 545,820 | |
Research and development | 177,864 | 155,844 | |
Income (loss) from operations | (724,535) | (701,664) | |
Trade receivables by segment | |||
Trade receivables | (29,902) | (102,188) | |
Domestic | |||
Financial information with respect to the reportable segments | |||
Net sales | 1,353,728 | 1,377,789 | |
Cost of goods sold | 846,399 | 840,956 | |
GROSS PROFIT | 507,329 | 536,833 | |
Selling general and administrative | 359,397 | 316,167 | |
Income (loss) from operations | 147,932 | 220,666 | |
Trade receivables by segment | |||
Trade receivables | 856,957 | 1,206,077 | |
Export | |||
Financial information with respect to the reportable segments | |||
Net sales | 1,243,185 | 1,118,294 | |
Cost of goods sold | 962,489 | 884,328 | |
GROSS PROFIT | 280,696 | 233,966 | |
Selling general and administrative | 143,031 | 154,720 | |
Income (loss) from operations | 137,665 | 79,246 | |
Trade receivables by segment | |||
Trade receivables | 772,104 | 528,372 | |
IKONICS Imaging | |||
Financial information with respect to the reportable segments | |||
Net sales | 1,117,698 | 893,765 | |
Cost of goods sold | 539,782 | 460,371 | |
GROSS PROFIT | 577,916 | 433,394 | |
Selling general and administrative | 251,371 | 261,256 | |
Income (loss) from operations | 326,545 | 172,138 | |
Trade receivables by segment | |||
Trade receivables | 423,531 | 341,980 | |
DTX | |||
Financial information with respect to the reportable segments | |||
Net sales | 76,880 | 95,394 | |
Cost of goods sold | 35,424 | 73,091 | |
GROSS PROFIT | 41,456 | 22,303 | |
Selling general and administrative | 34,743 | 35,532 | |
Income (loss) from operations | 6,713 | (13,229) | |
Trade receivables by segment | |||
Trade receivables | 38,444 | 26,314 | |
Micro-Machining | |||
Financial information with respect to the reportable segments | |||
Net sales | 221,719 | 112,647 | |
Cost of goods sold | 332,442 | 238,468 | |
GROSS PROFIT | (110,723) | (125,821) | |
Selling general and administrative | 103,903 | 102,102 | |
Income (loss) from operations | (214,626) | $ (227,923) | |
Trade receivables by segment | |||
Trade receivables | $ 160,122 | $ 164,639 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Deferred tax amounts included in balance sheet | ||
Unrecognized tax benefits | $ 0 | $ 0 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event - Term note | Apr. 29, 2016USD ($) |
Aggregate principal amount | $ 3,415,000 |
Monthly payments of debt | $ 18,000 |
Fixed interest rate (as a percentage) | 2.14% |
Time period in which interest rate is fixed | 5 years |