Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
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, 2017 | |
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 | 2,019,003 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 |
CONDENSED BALANCE SHEETS
CONDENSED BALANCE SHEETS - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 608,340 | $ 1,048,713 |
Short-term investments | 3,338,000 | 3,246,000 |
Trade receivables, less allowance of $60,000 in 2017 and $54,000 in 2016 | 1,930,959 | 2,336,501 |
Inventories | 2,232,534 | 1,986,172 |
Prepaid expenses and other assets | 391,835 | 361,905 |
Income taxes receivable | 280,540 | 66,181 |
Total current assets | 8,782,208 | 9,045,472 |
PROPERTY, PLANT, AND EQUIPMENT, at cost: | ||
Land and building | 9,201,846 | 9,189,743 |
Machinery and equipment | 4,909,952 | 4,884,814 |
Office equipment | 1,590,032 | 1,566,856 |
Vehicles | 272,144 | 272,144 |
Gross property, plant, and equipment, at cost | 15,973,974 | 15,913,557 |
Less accumulated depreciation | (7,213,464) | (7,001,162) |
Net property, plant, and equipment, at cost | 8,760,510 | 8,912,395 |
INTANGIBLE ASSETS, less accumulated amortization of $155,552 in 2017 and $149,072 in 2016 | 339,329 | 338,127 |
Total assets | 17,882,047 | 18,295,994 |
CURRENT LIABILITIES: | ||
Current portion of long-term debt, net | 128,182 | 127,303 |
Accounts payable | 842,140 | 730,386 |
Accrued compensation | 242,469 | 388,600 |
Other accrued liabilities | 92,743 | 67,088 |
Total current liabilities | 1,305,534 | 1,313,377 |
LONG-TERM LIABILITIES | ||
Long-term debt, less current portion, net | 3,044,789 | 3,077,457 |
Deferred income taxes | 446,000 | 446,000 |
Total long-term liabilities | 3,490,789 | 3,523,457 |
Total liabilities | 4,796,323 | 4,836,834 |
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 2,018,753 shares in 2017 and 2016 | 201,875 | 201,875 |
Additional paid-in capital | 2,737,467 | 2,732,006 |
Retained earnings | 10,146,382 | 10,525,279 |
Total stockholders' equity | 13,085,724 | 13,459,160 |
Total liabilities and stockholders' equity | $ 17,882,047 | $ 18,295,994 |
CONDENSED BALANCE SHEETS (Paren
CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
CONDENSED BALANCE SHEETS | ||
Trade receivables, allowance | $ 60,000 | $ 54,000 |
INTANGIBLE ASSETS, accumulated amortization | $ 155,552 | $ 149,072 |
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 | 2,018,753 |
Common stock, shares outstanding | 2,018,753 | 2,018,753 |
CONDENSED STATEMENTS OF OPERATI
CONDENSED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CONDENSED STATEMENTS OF OPERATIONS | ||
NET SALES | $ 3,628,992 | $ 4,013,210 |
COST OF GOODS SOLD | 2,538,764 | 2,716,536 |
GROSS PROFIT | 1,090,228 | 1,296,674 |
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | 1,510,614 | 1,439,116 |
RESEARCH AND DEVELOPMENT EXPENSES | 165,770 | 177,864 |
LOSS FROM OPERATIONS | (586,156) | (320,306) |
INTEREST EXPENSE | (20,817) | |
OTHER | 5,153 | 114 |
LOSS BEFORE INCOME TAXES | (601,820) | (320,192) |
INCOME TAX BENEFIT | (222,923) | (127,380) |
NET LOSS | $ (378,897) | $ (192,812) |
LOSS PER COMMON SHARE: | ||
Basic (in dollars per share) | $ (0.19) | $ (0.10) |
Diluted (in dollars per share) | $ (0.19) | $ (0.10) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||
Basic (in shares) | 2,018,753 | 2,018,335 |
Diluted (in shares) | 2,018,753 | 2,018,335 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (378,897) | $ (192,812) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 212,302 | 162,751 |
Amortization | 9,574 | 6,047 |
Stock based compensation | 5,461 | 5,248 |
Net loss on sale and disposal of property, plant and equipment | 8,001 | |
Changes in working capital components: | ||
Trade receivables | 405,542 | (56,062) |
Inventories | (246,362) | (134,229) |
Prepaid expenses and other assets | (29,930) | (96,474) |
Income tax receivable | (214,359) | (139,119) |
Accounts payable | 111,754 | 170,805 |
Accrued expenses | (120,476) | 110,076 |
Net cash used in operating activities | (245,391) | (155,768) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant, equipment and construction in progress | (60,417) | (1,017,857) |
Proceeds from sale of equipment | 1,000 | |
Purchases of intangibles | (7,682) | (14,242) |
Purchases of short-term investments | (1,225,000) | |
Proceeds on sale of short-term investments | 1,133,000 | |
Net cash used in investing activities | (160,099) | (1,031,099) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on long-term debt | (34,883) | |
Proceeds from exercise of stock options | 3,765 | |
Net cash provided by (used in) financing activities | (34,883) | 3,765 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (440,373) | (1,183,102) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,048,713 | 2,248,466 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 608,340 | 1,065,364 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||
Construction in progress included in accounts payable | 96,166 | |
Cash paid for interest | 17,786 | |
Cash received (paid) for income taxes, net | $ 8,564 | $ (11,740) |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Basis of Presentation | |
Basis of Presentation | 1. The condensed balance sheet of IKONICS Corporation (the “Company”) as of March 31, 2017, and the related condensed statements of operations for the three months ended March 31, 2017 and 2016, and cash flows for the three months ended March 31, 2017 and 2016, 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, 2017, 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, 2016. The results of operations for interim periods are not necessarily indicative of results that will be realized for the full fiscal year. |
Short-Term Investments
Short-Term Investments | 3 Months Ended |
Mar. 31, 2017 | |
Short-Term Investments | |
Short-Term Investments | 2. The Company’s $3.3 million of short-term investments at March 31, 2017 is comprised of 14 fully insured certificates of deposit with original maturities ranging from nine to twelve months and interest rates ranging from 0.60% to 0.95% |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventories | |
Inventories | 3. The major components of inventories are as follows: Mar 31, 2017 Dec 31, 2016 Raw materials $ 1,555,975 $ 1,438,471 Work-in-progress 374,598 355,208 Finished goods 1,442,853 1,319,856 Reduction to LIFO cost (1,140,892) (1,127,363) Total Inventories $ $ 1,986,172 |
Earnings Per Common Share (EPS)
Earnings Per Common Share (EPS) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Common Share (EPS) | |
Earnings Per Common Share (EPS) | 4. 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 5 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, 2017 Mar 31, 2016 Weighted average common shares outstanding 2,018,753 2,018,335 Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding 2,018,753 2,018,335 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Stock-Based Compensation | |
Stock-Based Compensation | 5. The Company maintains a stock incentive plan which authorizes the issuance of up to 442,750 shares of common stock. Of those shares, 16,168 were subject to outstanding options and 104,239 were reserved for future grants at March 31, 2017. 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, 2017 and 2016. As of March 31, 2017, there was approximately $27,000 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, 2017, and there were no options granted for the three months ended March 31, 2017 or 2016. Stock option activity during the three months ended March 31, 2017 was as follows: Weighted Average Exercise Shares Price Outstanding at January 1, 2017 16,168 $ 14.40 Outstanding at March 31, 2017 16,168 $ 14.40 Exercisable at March 31, 2017 8,084 $ 15.49 The aggregate intrinsic value of all options outstanding and exercisable at March 31, 2017 was approximately $1,000. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Information | |
Segment Information | 6. 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, 2016. 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, 2017: IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ 1,303,569 $ 1,055,005 $ 989,986 $ 115,231 $ 165,201 $ — $ 3,628,992 Cost of goods sold 826,741 839,364 523,580 35,482 313,597 — 2,538,764 Gross profit (loss) 476,828 215,641 466,406 79,749 (148,396) — 1,090,228 Selling, general and administrative* 351,422 196,117 283,859 34,635 96,795 547,786 1,510,614 Research and development* — — — — — 165,770 165,770 Income (loss) from operations $ 125,406 $ 19,524 $ 182,547 $ 45,114 $ (245,191) $ (713,556) $ (586,156) For the three months ended March 31, 2016: IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ 1,353,728 $ 1,243,185 $ 1,117,698 $ 76,880 $ 221,719 $ — $ 4,013,210 Cost of goods sold 846,399 962,489 539,782 35,424 332,442 — 2,716,536 Gross profit (loss) 507,329 280,696 577,916 41,456 (110,723) — 1,296,674 Selling, general and administrative* 359,397 143,031 251,371 34,743 103,903 546,671 1,439,116 Research and development* — — — — — 177,864 177,864 Income (loss) from operations $ 147,932 $ 137,665 $ 326,545 $ 6,713 $ (214,626) $ (724,535) $ (320,306) * Trade receivables by segment as of March 31, 2017 and December 31, 2016 were as follows: Mar 31, 2017 Dec 31, 2016 Domestic $ $ 1,206,866 Export 551,803 IKONICS Imaging 363,602 DTX 52,935 AMS 177,374 Unallocated (16,079) Total $ $ 2,336,501 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Taxes | |
Income Taxes | 7. The Company reports a liability for unrecognized tax benefits taken or expected to be taken when they are uncertain. As of March 31, 2017 and 2016, 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 2014, 2015, and 2016. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventories | |
Schedule of major components of inventories | Mar 31, 2017 Dec 31, 2016 Raw materials $ 1,555,975 $ 1,438,471 Work-in-progress 374,598 355,208 Finished goods 1,442,853 1,319,856 Reduction to LIFO cost (1,140,892) (1,127,363) Total Inventories $ $ 1,986,172 |
Earnings Per Common Share (EP14
Earnings Per Common Share (EPS) (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Common Share (EPS) | |
Summary of shares used in the calculation of diluted EPS | Three Months Ended Mar 31, 2017 Mar 31, 2016 Weighted average common shares outstanding 2,018,753 2,018,335 Dilutive effect of stock options — — Weighted average common and common equivalent shares outstanding 2,018,753 2,018,335 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Stock-Based Compensation | |
Stock option activity | Weighted Average Exercise Shares Price Outstanding at January 1, 2017 16,168 $ 14.40 Outstanding at March 31, 2017 16,168 $ 14.40 Exercisable at March 31, 2017 8,084 $ 15.49 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Information | |
Schedule of financial information with respect to the reportable segments | For the three months ended March 31, 2017: IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ 1,303,569 $ 1,055,005 $ 989,986 $ 115,231 $ 165,201 $ — $ 3,628,992 Cost of goods sold 826,741 839,364 523,580 35,482 313,597 — 2,538,764 Gross profit (loss) 476,828 215,641 466,406 79,749 (148,396) — 1,090,228 Selling, general and administrative* 351,422 196,117 283,859 34,635 96,795 547,786 1,510,614 Research and development* — — — — — 165,770 165,770 Income (loss) from operations $ 125,406 $ 19,524 $ 182,547 $ 45,114 $ (245,191) $ (713,556) $ (586,156) For the three months ended March 31, 2016: IKONICS IKONICS Domestic Export Imaging DTX AMS Unalloc. Total Net sales $ 1,353,728 $ 1,243,185 $ 1,117,698 $ 76,880 $ 221,719 $ — $ 4,013,210 Cost of goods sold 846,399 962,489 539,782 35,424 332,442 — 2,716,536 Gross profit (loss) 507,329 280,696 577,916 41,456 (110,723) — 1,296,674 Selling, general and administrative* 359,397 143,031 251,371 34,743 103,903 546,671 1,439,116 Research and development* — — — — — 177,864 177,864 Income (loss) from operations $ 147,932 $ 137,665 $ 326,545 $ 6,713 $ (214,626) $ (724,535) $ (320,306) * |
Schedule of trade receivables by segment | Mar 31, 2017 Dec 31, 2016 Domestic $ $ 1,206,866 Export 551,803 IKONICS Imaging 363,602 DTX 52,935 AMS 177,374 Unallocated (16,079) Total $ $ 2,336,501 |
Short-Term Investments (Details
Short-Term Investments (Details) | 3 Months Ended | |
Mar. 31, 2017USD ($)item | Dec. 31, 2016USD ($) | |
Short-term investments | ||
Short-term Investments. | $ | $ 3,338,000 | $ 3,246,000 |
Certificates of Deposit | ||
Short-term investments | ||
Number of fully insured certificates of deposit | item | 14 | |
Certificates of Deposit | Minimum | ||
Short-term investments | ||
Maturity period | 9 months | |
Interest rate (as a percent) | 0.60% | |
Certificates of Deposit | Maximum | ||
Short-term investments | ||
Maturity period | 12 months | |
Interest rate (as a percent) | 0.95% |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Inventories | ||
Raw materials | $ 1,555,975 | $ 1,438,471 |
Work-in-progress | 374,598 | 355,208 |
Finished goods | 1,442,853 | 1,319,856 |
Reduction to LIFO cost | (1,140,892) | (1,127,363) |
Total inventories | $ 2,232,534 | $ 1,986,172 |
Earnings Per Common Share (EP19
Earnings Per Common Share (EPS) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Shares used in calculation of diluted EPS | ||
Weighted average common shares outstanding | 2,018,753 | 2,018,335 |
Weighted average common and common equivalent shares outstanding | 2,018,753 | 2,018,335 |
Stock Options. | ||
Dilutive effect | ||
Based on the Company's net income position, dilutive effect of stock options (in shares) | 250 | 250 |
Based on the Company's net income position, dilutive effect of stock options, weighted average exercise price (in dollars per share) | $ 7.54 | $ 7.54 |
Based on the Company's net income position, anti-dilutive securities (in shares) | 15,918 | 11,418 |
Based on the Company's net income position, anti-dilutive securities, weighted average exercise price (in dollars per share) | $ 14.51 | $ 15.99 |
Stock-Based Compensation - Plan
Stock-Based Compensation - Plan and Expense Information (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Stock-Based Compensation | |||
Common stock reserved for future grants (in shares) | 104,239 | ||
Compensation cost recognized | $ 5,000 | $ 5,000 | |
Unrecognized compensation cost | $ 27,000 | ||
Period during which compensation cost is expected to be recognized | 3 years | ||
Proceeds from exercise of stock options | $ 3,765 | ||
Maximum | |||
Stock-Based Compensation | |||
Number of shares of common stock authorized for issuance | 442,750 | ||
Stock Options. | |||
Stock-Based Compensation | |||
Outstanding options (in shares) | 16,168 | 16,168 | |
Exercise of stock options and related tax benefit (in shares) | 0 | 500 | |
Proceeds from exercise of stock options | $ 4,000 | ||
Granted (in shares) | 0 | 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, 2017 | Mar. 31, 2016 | |
Shares | ||
Outstanding at beginning of period (in shares) | 16,168 | |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | 0 | (500) |
Outstanding at end of period (in shares) | 16,168 | |
Exercisable at end of period (in shares) | 8,084 | |
Weighted Average Exercise Price | ||
Outstanding at beginning of period (in dollars per shares) | $ 14.40 | |
Outstanding at end of period (in dollars per share) | 14.40 | |
Exercisable at end of period (in dollars per share) | $ 15.49 | |
Aggregate intrinsic value of all options outstanding | $ 1,000 |
Segment Information (Details)
Segment Information (Details) | 3 Months Ended | ||
Mar. 31, 2017USD ($)segment | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information | |||
Number of reportable segments | segment | 5 | ||
Financial information with respect to the reportable segments | |||
Net sales | $ 3,628,992 | $ 4,013,210 | |
Cost of goods sold | 2,538,764 | 2,716,536 | |
GROSS PROFIT | 1,090,228 | 1,296,674 | |
Selling general and administrative | 1,510,614 | 1,439,116 | |
Research and development | 165,770 | 177,864 | |
Loss from operations | (586,156) | (320,306) | |
Trade receivables by segment | |||
Trade receivables | 1,930,959 | $ 2,336,501 | |
Unalloc. | |||
Financial information with respect to the reportable segments | |||
Selling general and administrative | 547,786 | 546,671 | |
Research and development | 165,770 | 177,864 | |
Loss from operations | (713,556) | (724,535) | |
Trade receivables by segment | |||
Trade receivables | (39,236) | (16,079) | |
Domestic | |||
Financial information with respect to the reportable segments | |||
Net sales | 1,303,569 | 1,353,728 | |
Cost of goods sold | 826,741 | 846,399 | |
GROSS PROFIT | 476,828 | 507,329 | |
Selling general and administrative | 351,422 | 359,397 | |
Loss from operations | 125,406 | 147,932 | |
Trade receivables by segment | |||
Trade receivables | 877,154 | 1,206,866 | |
Export | |||
Financial information with respect to the reportable segments | |||
Net sales | 1,055,005 | 1,243,185 | |
Cost of goods sold | 839,364 | 962,489 | |
GROSS PROFIT | 215,641 | 280,696 | |
Selling general and administrative | 196,117 | 143,031 | |
Loss from operations | 19,524 | 137,665 | |
Trade receivables by segment | |||
Trade receivables | 527,327 | 551,803 | |
IKONICS Imaging | |||
Financial information with respect to the reportable segments | |||
Net sales | 989,986 | 1,117,698 | |
Cost of goods sold | 523,580 | 539,782 | |
GROSS PROFIT | 466,406 | 577,916 | |
Selling general and administrative | 283,859 | 251,371 | |
Loss from operations | 182,547 | 326,545 | |
Trade receivables by segment | |||
Trade receivables | 286,048 | 363,602 | |
DTX | |||
Financial information with respect to the reportable segments | |||
Net sales | 115,231 | 76,880 | |
Cost of goods sold | 35,482 | 35,424 | |
GROSS PROFIT | 79,749 | 41,456 | |
Selling general and administrative | 34,635 | 34,743 | |
Loss from operations | 45,114 | 6,713 | |
Trade receivables by segment | |||
Trade receivables | 87,569 | 52,935 | |
Micro-Machining | |||
Financial information with respect to the reportable segments | |||
Net sales | 165,201 | 221,719 | |
Cost of goods sold | 313,597 | 332,442 | |
GROSS PROFIT | (148,396) | (110,723) | |
Selling general and administrative | 96,795 | 103,903 | |
Loss from operations | (245,191) | $ (214,626) | |
Trade receivables by segment | |||
Trade receivables | $ 192,097 | $ 177,374 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Deferred tax amounts included in balance sheet | ||
Unrecognized tax benefits | $ 0 | $ 0 |