SMG Industries (SMGI) 10-K 28 Mar 16 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 25, 2016	Jun. 30, 2015
Document Information [Line Items]
Entity Registrant Name	SMG Indium Resources Ltd.
Entity Central Index Key	1,426,506
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Trading Symbol	SMGI
Entity Public Float			$ 1,677,271
Entity Common Stock, Shares Outstanding		1,744,569

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current Assets:
Cash and cash equivalents	$ 960,351	$ 4,797,122
Prepaid expenses and other current assets	43,064	25,616
Total Assets	1,003,415	4,822,738
Current Liabilities:
Accounts payable and accrued expenses	73,180	189,258
Total Liabilities	$ 73,180	$ 189,258
Commitments and Contingencies
Stockholders' Equity:
Preferred stock - $0.001 par value: authorized 1,000,000 shares at December 31, 2015 and 2014; issued and outstanding none at December 31, 2015 and 2014	$ 0	$ 0
Common stock - $0.001 par value: authorized 25,000,000 shares at December 31, 2015 and 2014; issued 1,883,639 shares at December 31, 2015 and 2014; and outstanding 1,744,569 and 1,883,639 shares at December 31, 2015 and 2014, respectively	1,884	1,884
Additional paid-in capital	7,270,764	10,318,409
Accumulated deficit	(6,147,715)	(5,686,813)
Less treasury stock at cost:139,070 shares at December 31, 2015 and none at December 31, 2014	(194,698)	0
Total Stockholders' Equity	930,235	4,633,480
Total Liabilities and Stockholders' Equity	$ 1,003,415	$ 4,822,738

BALANCE SHEETS _Parenthetical_

BALANCE SHEETS [Parenthetical] - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	1,883,639	1,883,639
Common stock, shares outstanding	1,744,569	1,883,639
Treasury Stock, Shares	139,070	0

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Costs and Expenses [Abstract]
Net sales	$ 0	$ 21,083,763
Cost of sales	0	15,261,816
Gross profit	0	5,821,947
Operating costs:
Operating expenses - related party fees	90,000	651,565
Other selling, general and administrative expenses	378,336	400,030
Total operating costs	468,336	1,051,595
Operating (loss) income	(468,336)	4,770,352
Other income:
Interest income	7,434	18,165
Other income	0	60,017
Net (loss) income before income taxes	(460,902)	4,848,534
Income tax expense	0	(90,000)
Net (loss) income	$ (460,902)	$ 4,758,534
Net (Loss) Income Per Share
Basic (in dollars per share)	$ (0.25)	$ 0.59
Diluted (in dollars per share)	$ (0.25)	$ 0.59
Weighted Average Number of Shares Outstanding
Basic (in shares)	1,846,300	8,013,091
Diluted (in shares)	1,846,300	8,013,926

STATEMENTS OF CHANGES IN STOCKH

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Treasury Stock [Member]
Balance at Dec. 31, 2013	$ 16,063,538	$ 8,833	$ 27,221,563	$ (10,445,347)	$ (721,511)
Balance (In shares) at Dec. 31, 2013		8,832,301
Common shares repurchased in Tender Offer	(16,193,792)	$ (6,678)	(16,187,114)	0	0
Common shares repurchased in Tender Offer (In shares)		(6,678,358)
Treasury shares retired	0	$ (271)	(721,240)	0	721,511
Treasury shares retired (in shares)		(270,304)
Awards of stock options to an officer	5,200	$ 0	5,200	0	0
Net loss	4,758,534	0	0	4,758,534	0
Balance at Dec. 31, 2014	4,633,480	$ 1,884	10,318,409	(5,686,813)	0
Balance (In shares) at Dec. 31, 2014		1,883,639
Awards of stock options to an officer	5,350	$ 0	5,350	0	0
Purchase of 139,070 treasury shares	(194,698)	0	0	0	(194,698)
Cash distributions to stockholders	(3,052,995)	0	(3,052,995)	0	0
Net loss	(460,902)	0	0	(460,902)	0
Balance at Dec. 31, 2015	$ 930,235	$ 1,884	$ 7,270,764	$ (6,147,715)	$ (194,698)
Balance (In shares) at Dec. 31, 2015		1,883,639

STATEMENTS OF CHANGES IN STOCK6

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY [Parenthetical]	12 Months Ended
	Dec. 31, 2015shares
Treasury Stock, Shares, Acquired	139,070

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net (loss) income	$ (460,902)	$ 4,758,534
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Share-based compensation	5,350	5,200
Changes in operating assets and liabilities:
(Increase) decrease in prepaid expenses and other current assets	(17,448)	8,316
Decrease in inventory - indium	0	14,318,244
Decrease in inventory repurchase right	0	943,573
Decrease in accounts payable and accrued expenses	(116,078)	(109,056)
Decrease in unconditional sale and purchase agreement repurchase obligation	0	(1,001,474)
Decrease in deferred income	0	(22,718)
Net cash (used in) provided by operating activities	(589,078)	18,900,619
Cash flow from financing activities
Cash distributions to stockholders	(3,052,995)	0
Purchase of treasury stock	(194,698)	0
Purchase of common shares in Tender Offer, including expenses of the offer	0	(16,193,792)
Net cash used in financing activities	(3,247,693)	(16,193,792)
Net (decrease) increase in cash and cash equivalents	(3,836,771)	2,706,827
Cash and cash equivalents, at beginning of year	4,797,122	2,090,295
Cash and cash equivalents, at end of year	960,351	4,797,122
Supplemental cash flow disclosure - cash paid for income taxes	$ 85,867	$ 31,623

Organization and Nature of Busi

Organization and Nature of Business	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 — Organization and Nature of Business Organization and Nature of Business SMG Indium Resources Ltd. (the “Company”) is a corporation established pursuant to the laws of the State of Delaware on January 7, 2008. From inception, the Company operated in a single-segment business whose primary business purpose was to stockpile indium, a specialty metal that is being increasingly used as a raw material in a wide variety of consumer electronics manufacturing applications. As of December 31, 2014, the Company sold all of the indium held in its stockpile. As a result, the Company is no longer in the business of purchasing and selling indium. The Company’s board of directors has begun evaluating strategic options including the acquisition of a new line of business or the sale or full liquidation of the Company. However, there can be no assurance that the Company will enter into any such transaction, and if so, on terms favorable. In December 2014, the Company repurchased 6,678,358 78 16.1 2.41 1,883,639 650 139,070 0.2 1.40 1,744,569 In December 2015, the Company's board of directors approved a cash distribution to stockholders in the amount of $ 1.75 3.05 The Company entered into a Management Services Agreement, as amended and restated on May 10, 2011 (the “MSA”), with a related party, Specialty Metals Group Advisors, LLC (“SMG Advisors” or the “ Former Manager”). The primary responsibilities of the Former Manager was: (i) purchasing, lending, leasing and selling indium; (ii) submitting written reports to the Company’s board of directors detailing the delivery and payment particulars regarding each purchase and sale of indium; (iii) arranging for the storage of indium; (iv) preparing a biweekly report on the net market value (“NMV”), as defined below; (v) preparing any regulatory filings or special reports to the Company’s stockholders and board of directors; and (vi) managing the general business affairs of the Company. The MSA terminated on December 31, 2014. Pursuant to the MSA, the Company paid a Manager fee of $ 0.7

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2 — Summary of Significant Accounting Policies The preparation of the financial statements and related disclosure in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenue and expenses during the reporting period. The most significant estimates relate to share-based compensation, income tax, and revenue recognition. Actual results could differ from those estimates under different assumptions and conditions. The Company considers all highly liquid instruments with original maturities of 90 days or less at the time of purchase to be cash equivalents. The Company presents both basic and diluted earnings per share (“EPS”) on the face of the statement of operations. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all potentially dilutive common shares outstanding during the period including stock options and warrants, using the treasury-stock method. If anti-dilutive, the effect of potentially dilutive common shares is ignored. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock option or warrants. For the year ended December 31, 2015, all potentially issuable shares of common stock have been excluded from the calculation because their effect would be antidilutive due to the Company’s net loss. For the year ended December 31, 2014, potential shares of common stock that resulted from the assumed exercise of outstanding stock options, with exercise prices less than the average market price of the Company’s common stock for the year, were calculated using the treasury stock method. All other potentially issuable shares of common stock have been excluded from the calculation because their effect would be anti-dilutive. During 2014, the stockpile of indium was used for “direct sales”, “lease” and/or “lending” transactions. There were no such transactions in 2015. Under a “direct sale” transaction, the Company recorded revenue when there was pervasive evidence that an arrangement existed, delivery had occurred, the price was fixed or determinable and collectibility was reasonably assured. Cost of sales was recorded for the indium carrying value based on specific-identification method. There were no uncollectible accounts and no right of return. Approximately 87 Under indium “lending” transactions, the Company would exchange a specified tonnage and purity of indium for cash. Title and the risks and rewards of such indium ownership would pass to the purchaser/counterparty in the lending transaction. The Company would simultaneously enter into an agreement with such counterparty in which it would unconditionally commit to purchase and the counterparty would unconditionally commit to sell a specified tonnage and purity of indium that would be delivered to the Company at a fixed price and at a fixed future date in exchange for cash (the Unconditional Sale and Purchase Agreement or “USPA”). The USPA would also contain terms providing the counterparty with disincentives (“penalty fees”) for nonperformance of the return of indium to the Company as a means to assure its future supply of indium. The Company accounted for any USPA transaction on a combined basis (sale and purchase) and evaluated whether, and in what period, other income was recognized based on the specific terms of any arrangements. In 2014, we sold the indium to the counterparty in a USPA at a negotiated price. Income arising from leasing transactions was reported as other income. Indium “lease” transactions were generally for a period of less than one year. Under the lease, a specified amount of indium was leased to the customer for a period of time. At the end of the lease, the lessee was obligated to return the equivalent quantity and purity of the indium that was delivered to the lessee at the beginning of the lease. The monthly rental income was recorded as other income over the term of the lease. In certain circumstances, the Company sold the indium to the lessee at a negotiated price. Income taxes are accounted under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The portion of any deferred tax asset for which it is more likely than not that a tax benefit will not be realized must then be offset by recording a valuation allowance. A valuation allowance has been established against all of the deferred tax assets, as it is more likely than not that these assets will not be realized due to the fact that there is uncertainty as to whether these assets will be realized due to the fact that we cannot predict when the Company will return to profitability, if at all . The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. The Company measures the cost of employee services received in exchange for an award of equity instruments (share-based payments or “SBP”) based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the SBP award—the requisite service period (vesting period). For SBP awards subject to conditions, compensation is not recognized until the performance condition is probable of occurrence. The grant-date fair value of share options is estimated using the Black-Scholes-Merton option pricing model. Compensation expense for SBP awards granted to nonemployees is remeasured each period as the underlying options vest. The Company recorded non-cash charges for SBP of approximately $ 5 Year Ended December 31, 2015 2014 Expected dividend yield 0% 0% Expected option term (years) 5 5 Expected volatility 13% 9% Risk-free interest rate 1.32%-1.71% 1.66-1.73% The weighted average fair value at the date of grant for options granted during the years ended December 31, 2015 and 2014 was $ 0.27 0.26 The Company classifies as equity any common stock purchase contracts that: (i) require physical settlement or net-share settlement or give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement) and (ii) are indexed to the Company’s common stock. The Company classifies as assets or liabilities any common stock purchase contracts that: (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement), or (iii) are not indexed to the Company’s common stock. The Company assesses classification of its equity-classified contracts at each reporting date to determine whether a change in classification between assets and liabilities is required. The Company’s outstanding common stock purchase contracts were accounted for as equity through December 31, 2015. The Company maintains cash deposits with banks that at times exceed applicable Federal Deposit Insurance Corporation limits. The Company reduces its exposure to credit risk by maintaining such deposits with high-quality financial institutions. The Company has not experienced any losses in such accounts. At December 31, 2015, the Company had cash on deposit of approximately $ 0.7 250 The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. For cash and cash equivalents, accounts payable and accrued expenses and other current liabilities, and prepaid expenses and other current assets, the carrying amount approximated the fair value because of the immediate or short-term nature of those instruments. The FASB recently issued ASU “Presentation of Financial Statements (Topic 205) Liquidation Basis of Accounting” On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”

Indium USPA and Lease Transacti

Indium USPA and Lease Transactions	12 Months Ended
	Dec. 31, 2015
Leases, Operating [Abstract]
Operating Leases And Lending Disclosure [Text Block]	Note 3 — Indium USPA and Lease Transactions During the second quarter of 2013, the Company entered into a lease agreement for a certain tonnage of indium that expired in 2014. During 2014, the lessee elected to purchase the indium under the lease at negotiated prices based on the spot price of indium. There were no lease transactions in 2015. During the year ended December 31, 2015 and 2014, the Company recorded other income of approximately $ 0 60

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 4 — Stockholders’ Equity Preferred Stock The Company is authorized to issue 1,000,000 Common Stock In December 2015, the Company's board of directors approved a cash distribution to stockholders in the amount of $ 1.75 3.05 During the third quarter of 2015, the Company’s board of directors approved a program to repurchase up to $ 650 139,070 0.2 1.40 1,744,569 In December 2014, the Company purchased 6,678,358 16.1 2.41 78 1,883,639 270,304 Equity Compensation Plan In January 2008, the Company’s board of directors adopted, and the Company’s stockholders approved, the 2008 Equity Incentive Plan (the “Plan”). Under the Plan, the Company may grant incentive stock options, nonqualified stock options, restricted and unrestricted stock awards and other stock-based awards. Pursuant to the Plan, 845,000 280,001 Stock Options In both 2015 and 2014, the Company awarded its chief financial officer (“CFO”) five-year fully vested options to acquire 20,000 5 Weighted Aggregate Aggregate Exercise Price Average Number Exercise Price Range Exercise Price Outstanding, December 31, 2014 544,999 $ 2,551,193 $1.78-7.50 $ 4.68 Granted 20,000 37,500 1.80-2.00 $ 1.88 Exercise - - - - Cancelled, Forfeited or Expired - - - - Outstanding, December 31, 2015 564,999 $ 2,588,693 $1.78-7.50 $ 4.58 The weighted average grant date fair value was $ 0.27 0.26 0.8 0 9 Warrants As of December 31, 2015, the Company has outstanding warrants exercisable for 6,753,701 5.75 8.00

Net Income Per Share

Net Income Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	Note 5 —Net Income Per Share Per share data is based on the weighted average number of shares of the Company’s common stock during the relevant year. Basic net income per share is calculated using the weighted average number of outstanding shares of common stock. Diluted net income per share computations, as calculated under the treasury stock method, include the weighted average number of shares of additional common stock issuable for stock options, warrants and unit purchase options. For the Year Ended December 31, 2015 2014 (in thousands, except per share amounts) Net (loss) income $ (461) $ 4,758 Basic Net (Loss) Income Per Share Weighted average basic common shares outstanding 1,846 8,013 Basic net (loss) income per share $ (0.25) $ 0.59 Diluted Net (Loss) Income Per Share Weighted average basic common shares outstanding 1,846 8,013 Dilutive effect of stock options outstanding - 1 Weighted average dilutive common shares 1,846 8,014 Diluted (loss) income per share $ (0.25) $ 0.59 Stock option and warrant shares excluded from the weighted average dilutive common shares because the effect would be antidilutive 7,318 7,924

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 6 — Related-Party Transactions In March 2015, the Company’s chief executive officer and chief operating officer resigned and Ailon Grushkin, the Company’s chairman of the board of directors and president, was named chief executive officer. In March 2015, the Company also entered into a Consulting Agreement with Nano-Cap Advisors LLC (2015 Nano Agreement). Mr. Grushkin is the only member of Nano. Pursuant to the terms of the 2015 Nano Agreement, Nano provided services normally provided by a chief executive officer of the Company, as determined and directed by the Company, and provided office facilities for the Company. The Company paid Nano $ 90 The Company engaged a relative of one of its directors to perform outsourced secretarial services for the Company at an annual compensation of $ 20 The Company believes that all related-party transactions were made on terms no less favorable to the Company than could have been obtained from unaffiliated parties.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 7 — Income Taxes Year Ended December 31, 2015 2014 Current $ - $ 90 Deferred 164 - Valuation allowance (164) - Income tax expense $ - $ 90 34 For the Year Ended December 31, 2015 2014 Federal income tax provision at statutory rates 34.0 % 34.0 % State income tax, net of federal benefit 1.2 % 1.2 % Change in valuation allowance (35.1) % (31.9) % Other (0.1) % (1.4) % Effective tax rate 0 % 1.9 % December 31, Deferred tax assets: 2015 2014 Net operating tax loss carryforwards 1,281 $ 1,119 Expenses not currently deductible 79 103 Total 1,360 1,222 Valuation allowance (1,360) (1,222) Net deferred taxes $ - $ - A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The valuation allowances for 2015 and 2014 have been applied to offset the deferred tax assets in recognition of the uncertainty that such tax benefits will be realized as the Company expects to incur losses for the foreseeable future. The differences between book income and tax income relate principally to revenue recognition and stock compensation expenses. At December 31, 2015, the Company has available net operating loss carryforwards for federal and state income tax reporting purposes of approximately $ 3.6 operating loss may be limited if the company experiences a change in ownership of more than 50 percentage points within a three-year period. At December 31, 2015, the Company did not have any unrecognized tax benefits. All of the Company’s federal and state income tax returns, beginning in 2012, are subject to audit for those tax years.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	Note 8 — Accounts Payable and Accrued Expenses December 31, 2015 2014 Accrued professional services 36 36 Tax accrual 35 120 Accruesd bonus - 25 Other 2 8 $ 73 $ 189

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 9 — Commitments and Contingencies Compensation The Company has an arrangement with its CFO that provides for an annual base compensation of $ 60 5,000 25 10 1 5

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	Note 10 — Segment Information Through December 31, 2014, the Company operated in a single-segment business whose primary business purpose was to stockpile indium, a specialty metal that is being used as a raw material in a wide variety of consumer electronics manufacturing applications. Indium Corporation of America and Umicore USA Inc. each accounted for more than 10

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 11 — Subsequent Events The Company evaluates events that have occurred after the balance sheet date but before the financial statements are issued. Based upon the evaluation, the Company did not identify any recognized or unrecognized subsequent events that have required adjustment or disclosure in the financial statements except as disclosed below. In January 2016, the Company entered into an agreement with Nano to perform the services indicated in note 6 for an annual fee of $70 thousand in 2016. Also in January 2016, the Company entered into a consulting agreement with Richard A. Biele, a director, that provides for the payment of $50 thousand in 2016 to assist the Company in identifying, evaluating and negotiating strategic transactions including but not limited to the acquisition of a new line of business and or a reverse merger.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Use Of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the financial statements and related disclosure in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenue and expenses during the reporting period. The most significant estimates relate to share-based compensation, income tax, and revenue recognition. Actual results could differ from those estimates under different assumptions and conditions.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers all highly liquid instruments with original maturities of 90 days or less at the time of purchase to be cash equivalents.
Earnings Per Share, Policy [Policy Text Block]	Basic and Diluted Earnings per Share The Company presents both basic and diluted earnings per share (“EPS”) on the face of the statement of operations. Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS gives effect to all potentially dilutive common shares outstanding during the period including stock options and warrants, using the treasury-stock method. If anti-dilutive, the effect of potentially dilutive common shares is ignored. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock option or warrants. For the year ended December 31, 2015, all potentially issuable shares of common stock have been excluded from the calculation because their effect would be antidilutive due to the Company’s net loss. For the year ended December 31, 2014, potential shares of common stock that resulted from the assumed exercise of outstanding stock options, with exercise prices less than the average market price of the Company’s common stock for the year, were calculated using the treasury stock method. All other potentially issuable shares of common stock have been excluded from the calculation because their effect would be anti-dilutive.
Accounting For Direct Sales And Lending Transactions [Policy Text Block]	Accounting for Direct Sales, Lease and Lending Transactions During 2014, the stockpile of indium was used for “direct sales”, “lease” and/or “lending” transactions. There were no such transactions in 2015. Under a “direct sale” transaction, the Company recorded revenue when there was pervasive evidence that an arrangement existed, delivery had occurred, the price was fixed or determinable and collectibility was reasonably assured. Cost of sales was recorded for the indium carrying value based on specific-identification method. There were no uncollectible accounts and no right of return. Approximately 87 Under indium “lending” transactions, the Company would exchange a specified tonnage and purity of indium for cash. Title and the risks and rewards of such indium ownership would pass to the purchaser/counterparty in the lending transaction. The Company would simultaneously enter into an agreement with such counterparty in which it would unconditionally commit to purchase and the counterparty would unconditionally commit to sell a specified tonnage and purity of indium that would be delivered to the Company at a fixed price and at a fixed future date in exchange for cash (the Unconditional Sale and Purchase Agreement or “USPA”). The USPA would also contain terms providing the counterparty with disincentives (“penalty fees”) for nonperformance of the return of indium to the Company as a means to assure its future supply of indium. The Company accounted for any USPA transaction on a combined basis (sale and purchase) and evaluated whether, and in what period, other income was recognized based on the specific terms of any arrangements. In 2014, we sold the indium to the counterparty in a USPA at a negotiated price. Income arising from leasing transactions was reported as other income. Indium “lease” transactions were generally for a period of less than one year. Under the lease, a specified amount of indium was leased to the customer for a period of time. At the end of the lease, the lessee was obligated to return the equivalent quantity and purity of the indium that was delivered to the lessee at the beginning of the lease. The monthly rental income was recorded as other income over the term of the lease. In certain circumstances, the Company sold the indium to the lessee at a negotiated price.
Income Tax, Policy [Policy Text Block]	Income Taxes Income taxes are accounted under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The portion of any deferred tax asset for which it is more likely than not that a tax benefit will not be realized must then be offset by recording a valuation allowance. A valuation allowance has been established against all of the deferred tax assets, as it is more likely than not that these assets will not be realized due to the fact that there is uncertainty as to whether these assets will be realized due to the fact that we cannot predict when the Company will return to profitability, if at all . The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized.
Share-Based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Share-Based Payment Arrangements The Company measures the cost of employee services received in exchange for an award of equity instruments (share-based payments or “SBP”) based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the SBP award—the requisite service period (vesting period). For SBP awards subject to conditions, compensation is not recognized until the performance condition is probable of occurrence. The grant-date fair value of share options is estimated using the Black-Scholes-Merton option pricing model. Compensation expense for SBP awards granted to nonemployees is remeasured each period as the underlying options vest. The Company recorded non-cash charges for SBP of approximately $ 5 Year Ended December 31, 2015 2014 Expected dividend yield 0% 0% Expected option term (years) 5 5 Expected volatility 13% 9% Risk-free interest rate 1.32%-1.71% 1.66-1.73% The weighted average fair value at the date of grant for options granted during the years ended December 31, 2015 and 2014 was $ 0.27 0.26
Common Stock Purchase Contracts [Policy Text Block]	Common Stock Purchase Contracts The Company classifies as equity any common stock purchase contracts that: (i) require physical settlement or net-share settlement or give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement) and (ii) are indexed to the Company’s common stock. The Company classifies as assets or liabilities any common stock purchase contracts that: (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement), or (iii) are not indexed to the Company’s common stock. The Company assesses classification of its equity-classified contracts at each reporting date to determine whether a change in classification between assets and liabilities is required. The Company’s outstanding common stock purchase contracts were accounted for as equity through December 31, 2015.
Off-Balance-Sheet Credit Exposure, Policy [Policy Text Block]	Concentration of Credit Risk The Company maintains cash deposits with banks that at times exceed applicable Federal Deposit Insurance Corporation limits. The Company reduces its exposure to credit risk by maintaining such deposits with high-quality financial institutions. The Company has not experienced any losses in such accounts. At December 31, 2015, the Company had cash on deposit of approximately $ 0.7 250
Fair Value Of Financial Instruments, Policy [Policy Text Block]	Fair Value The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. For cash and cash equivalents, accounts payable and accrued expenses and other current liabilities, and prepaid expenses and other current assets, the carrying amount approximated the fair value because of the immediate or short-term nature of those instruments.
New Accounting Pronouncements, Policy [Policy Text Block]	The FASB recently issued ASU “Presentation of Financial Statements (Topic 205) Liquidation Basis of Accounting” On May 28, 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The fair value of each option granted during 2015 and 2014 was estimated on the date of grant using the Black-Scholes-Merton option pricing model with the weighted average assumptions in the following table: Year Ended December 31, 2015 2014 Expected dividend yield 0% 0% Expected option term (years) 5 5 Expected volatility 13% 9% Risk-free interest rate 1.32%-1.71% 1.66-1.73%

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	Summary stock option information is as follows: Weighted Aggregate Aggregate Exercise Price Average Number Exercise Price Range Exercise Price Outstanding, December 31, 2014 544,999 $ 2,551,193 $1.78-7.50 $ 4.68 Granted 20,000 37,500 1.80-2.00 $ 1.88 Exercise - - - - Cancelled, Forfeited or Expired - - - - Outstanding, December 31, 2015 564,999 $ 2,588,693 $1.78-7.50 $ 4.58

Net Income Per Share (Tables)

Net Income Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Diluted net income per share for all the years presented does not include securities if their effect was anti-dilutive. For the Year Ended December 31, 2015 2014 (in thousands, except per share amounts) Net (loss) income $ (461) $ 4,758 Basic Net (Loss) Income Per Share Weighted average basic common shares outstanding 1,846 8,013 Basic net (loss) income per share $ (0.25) $ 0.59 Diluted Net (Loss) Income Per Share Weighted average basic common shares outstanding 1,846 8,013 Dilutive effect of stock options outstanding - 1 Weighted average dilutive common shares 1,846 8,014 Diluted (loss) income per share $ (0.25) $ 0.59 Stock option and warrant shares excluded from the weighted average dilutive common shares because the effect would be antidilutive 7,318 7,924

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The components of income taxes are as follows, in thousands: Year Ended December 31, 2015 2014 Current $ - $ 90 Deferred 164 - Valuation allowance (164) - Income tax expense $ - $ 90
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Reconciliation between the provision for income taxes, computed by applying the statutory federal income tax rate of 34 For the Year Ended December 31, 2015 2014 Federal income tax provision at statutory rates 34.0 % 34.0 % State income tax, net of federal benefit 1.2 % 1.2 % Change in valuation allowance (35.1) % (31.9) % Other (0.1) % (1.4) % Effective tax rate 0 % 1.9 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Components of deferred tax asset are as follows, in thousands: December 31, Deferred tax assets: 2015 2014 Net operating tax loss carryforwards 1,281 $ 1,119 Expenses not currently deductible 79 103 Total 1,360 1,222 Valuation allowance (1,360) (1,222) Net deferred taxes $ - $ -

Accounts Payable and Accrued 24

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	Accounts Payable and accrued expenses consist of the following, in thousands: December 31, 2015 2014 Accrued professional services 36 36 Tax accrual 35 120 Accruesd bonus - 25 Other 2 8 $ 73 $ 189

Organization and Nature of Bu25

Organization and Nature of Business (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2015
Organization And Nature Of Business [Line Items]
Management Fee Expense			$ 700,000
Common Stock, Shares, Outstanding			1,883,639	1,744,569
Stock Repurchased During Period, Value			$ 16,193,792
Stock Repurchase Program, Authorized Amount	$ 650,000	$ 650,000
Treasury Stock Acquired, Average Cost Per Share	$ 1.40	$ 1.40
Ordinary Dividends Paid Amount Per Share				$ 1.75
Cash Distributions to Stockholders Amount				$ 3,050,000
Common Stock [Member]
Organization And Nature Of Business [Line Items]
Stock Repurchased During Period, Value	$ 200,000	$ 200,000	$ 6,678
Stock Repurchased During Period, Shares	139,070	139,070	6,678,358
Percentage Of Outstanding Shares Repurchased			78.00%
Purchase Price Per Share	$ 1.40	$ 1.40	$ 2.41
Cash Distributions to Stockholders Amount				$ 3,050,000

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies [Line Items]
Expected dividend yield	0.00%	0.00%
Expected option term (years)	5 years	5 years
Expected volatility	13.00%	9.00%
Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Risk-free interest rate	1.71%	1.73%
Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Risk-free interest rate	1.32%	1.66%

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies [Line Items]
Share Based Payment Expense	$ 5	$ 5
Measurement Of Recognized Income Tax Position Description	Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized.
Cash, Uninsured Amount	$ 700
Cash, FDIC Insured Amount	$ 250
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Weighted Average Grant Date Fair Value	$ 0.27	$ 0.26
Sales Revenue, Net [Member] | Asia [Member]
Summary Of Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		87.00%

Indium USPA and Lease Transac28

Indium USPA and Lease Transactions (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Indium USPA and Lease Transactions [Line Items]
Other Income	$ 0	$ 60,017
Leased Indium [Member]
Indium USPA and Lease Transactions [Line Items]
Other Income	$ 0	$ 60,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Employee Stock Option [Member]	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Schedule of Capitalization, Equity [Line Items]
Outstanding - Aggregate Number - Beginning Balance | shares	544,999
Granted - Aggregate Number | shares	20,000
Exercise - Aggregate Number | shares	0
Cancelled, Forfeited or Expired - Aggregate Number | shares	0
Outstanding - Aggregate Number - Ending Balance | shares	564,999
Outstanding - Aggregate Exercise Price - Beginning Balance | $	$ 2,551,193
Granted - Aggregate Exercise Price | $	37,500
Exercise - Aggregate Exercise Price | $	0
Cancelled, Forfeited or Expired - Aggregate Exercise Price | $	0
Outstanding - Aggregate Exercise Price - Ending Balance | $	$ 2,588,693
Outstanding - Weighted Average Exercise Price - Beginning Balance	$ 4.68
Granted - Weighted Average Exercise Price	1.88
Exercise - Weighted Average Exercise Price	0
Cancelled, Forfeited or Expired - Weighted Average Exercise Price	0
Outstanding - Weighted Average Exercise Price - Ending Balance	4.58
Maximum [Member]
Schedule of Capitalization, Equity [Line Items]
Outstanding - Weighted Average Exercise Price - Beginning Balance	7.50
Granted - Weighted Average Exercise Price	2
Outstanding - Weighted Average Exercise Price - Ending Balance	7.50
Minimum [Member]
Schedule of Capitalization, Equity [Line Items]
Outstanding - Weighted Average Exercise Price - Beginning Balance	1.78
Granted - Weighted Average Exercise Price	1.80
Outstanding - Weighted Average Exercise Price - Ending Balance	$ 1.78

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Dec. 31, 2015	Dec. 31, 2014
Schedule of Capitalization, Equity [Line Items]
Preferred Stock, Shares Authorized			1,000,000	1,000,000
Stock Repurchased During Period, Value				$ 16,193,792
Common Stock, Shares, Outstanding			1,744,569	1,883,639
Share-based Compensation			$ 5,350	$ 5,200
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value			$ 0	$ 9,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)			$ 0.27	$ 0.26
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term			9 months 18 days
Description Of Warrants Terms For Redemption			The warrants contain a call feature that permits the Company to redeem the warrants at a price of $0.01 per warrant at any time after the warrants become exercisable, upon providing at least 30 days advance written notice of redemption, and if, and only if, the last sales price of the Companys common stock equals or exceeds $8.00 per share for any 20 trading days within a 30-trading-day period ending three business days before the Company sends the notice of redemption. In addition, the Company may not redeem the warrants unless the warrants comprising the units sold in the IPO and the shares of common stock underlying those warrants are covered by an effective registration statement from the beginning of the measurement period through the date scheduled for the redemption. If the foregoing conditions are satisfied and the Company calls the warrants for redemption, each warrant holder shall then be entitled to exercise their warrants prior to the date scheduled for redemption. The redemption provisions for the Companys warrants have been established at a price that is intended to avail to the warrant holders a premium in the market price as compared to the initial exercise price. There can be no assurance, however, that the price of the common stock will exceed either the redemption price of $8.00 or the warrant exercise price of $5.75 after the Company calls the warrants for redemption.
Stock Repurchase Program, Authorized Amount	$ 650,000	$ 650,000
Investment Warrants Expiration Date			May 4, 2016
Dividends Paid Amount Per Share			$ 1.75
Cash Distributions to Stockholders Amount			$ 3,050,000
Equity Incentive Plan 2008 [Member]
Schedule of Capitalization, Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			280,001
Common Stock, Capital Shares Reserved for Future Issuance			845,000
Chief Financial Officer [Member]
Schedule of Capitalization, Equity [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			20,000	20,000
Warrant [Member]
Schedule of Capitalization, Equity [Line Items]
Class of Warrant or Right, Outstanding			6,753,701
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 5.75
Class of Warrants Redemption Price			$ 8
Common Stock [Member]
Schedule of Capitalization, Equity [Line Items]
Stock Repurchased During Period, Shares	139,070	139,070		6,678,358
Stock Repurchased During Period, Value	$ 200,000	$ 200,000		$ 6,678
Treasury Stock, Shares, Retired				(270,304)
Purchase Price Per Share	$ 1.40	$ 1.40		$ 2.41
Percentage Of Outstanding Shares Repurchased				78.00%
Cash Distributions to Stockholders Amount			$ 3,050,000

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net Income Loss Per Share [Line Items]
Net (loss) income	$ (460,902)	$ 4,758,534
Basic Net (Loss) Income Per Share
Weighted average basic common shares outstanding	1,846,300	8,013,091
Basic net (loss) income per share	$ (0.25)	$ 0.59
Diluted Net (Loss) Income Per Share
Weighted average basic common shares outstanding	1,846,300	8,013,091
Dilutive effect of stock options outstanding	0	1,000
Weighted average dilutive common shares	1,846,300	8,013,926
Diluted (loss) income per share	$ (0.25)	$ 0.59
Stock option and warrant shares excluded from the weighted average dilutive common shares because the effect would be antidilutive	7,318,000	7,924,000

Related-Party Transactions (Det

Related-Party Transactions (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Amount Paid To Relative Of Officer For Secretarial Service	$ 20	$ 20
Amount To Be Paid For Consulting Services	$ 90

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Current	$ 0	$ 90,000
Deferred	164,000	0
Valuation allowance	(164,000)	0
Income tax expense	$ 0	$ 90,000

Income Taxes (Details 1)

Income Taxes (Details 1)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Federal income tax provision at statutory rates	34.00%	34.00%
State income tax, net of federal benefit	1.20%	1.20%
Change in valuation allowance	(35.10%)	(31.90%)
Other	(0.10%)	(1.40%)
Effective tax rate	0.00%	1.90%

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Net operating tax loss carryforwards	$ 1,281	$ 1,119
Expenses not currently deductible	79	103
Total	1,360	1,222
Valuation allowance	(1,360)	(1,222)
Net deferred taxes	$ 0	$ 0

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards	$ 3.6
Operating Loss Carryforwards, Limitations on Use	operating loss may be limited if the company experiences a change in ownership of more than 50 percentage points within a three-year period.
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%	34.00%

Accounts Payable and Accrued 37

Accounts Payable and Accrued Expenses (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Accrued professional services	$ 36,000	$ 36,000
Tax accrual	35,000	120,000
Accruesd bonus	0	25,000
Other	2,000	8,000
Accounts Payable and Accrued Liabilities, Current	$ 73,180	$ 189,258

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Loss Contingencies [Line Items]
Annual Base Compensation Payable To Chief Financial Officer, Quarterly Compensation, Amount		$ 60
Quarterly Base Compensation Payable To Chief Financial Officer Options To Be Granted Maximum Number (in shares)		5,000
Compensation Payable To Non Executive Board Member Annual Compensation Amount		$ 10
Compensation Payable To Non Executive Board Member For Each Meeting Attended In Person, Amount		1
Amount Paid To Relative Of Officer For Secretarial Service		$ 20	$ 20
Annual Bonus Compensation Payable	$ 25

Segment Information (Details Te

Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2014
Major Customers Accounted Percentage of Sales	10.00%

Subsequent Events (Details Text

Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Thousands	1 Months Ended
	Jan. 31, 2016USD ($)
Director [Member]
Related Party Transaction, Amounts of Transaction	$ 50
Nano-Cap Advisors LLC [Member]
Related Party Transaction, Amounts of Transaction	$ 70