Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 13, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CVD EQUIPMENT CORP | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 6,169,477 | ||
Entity Public Float | $61,986,440 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 766792 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets | ||
Cash and cash equivalents | $11,966,863 | $11,247,560 |
Accounts receivable, net | 6,463,050 | 2,883,443 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 2,498,662 | 1,577,969 |
Inventories, net | 4,842,059 | 4,497,349 |
Deferred income taxes | 2,887,960 | 1,443,321 |
Other current assets | 194,756 | 246,240 |
Total Current Assets | 28,853,350 | 21,895,882 |
Property, plant and equipment, net | 15,025,283 | 15,492,111 |
Construction in progress | 389,276 | 128,171 |
Deferred income taxes | 750,133 | 710,983 |
Restricted Cash | 400,000 | 800,000 |
Other assets | 82,559 | 70,376 |
Intangible assets, net | 55,871 | 44,116 |
Total Assets | 45,556,472 | 39,141,639 |
Current Liabilities | ||
Accounts payable | 1,682,838 | 468,072 |
Accrued expenses | 3,297,052 | 1,806,370 |
Current maturities of long-term debt | 720,000 | 720,000 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,328,508 | 252,890 |
Deferred revenue | 488,691 | 204,527 |
Accrued loss on litigation settlement | 4,925,000 | |
Total Current Liabilities | 12,442,089 | 3,451,859 |
Long-term debt, net of current portion | 3,845,508 | 4,565,508 |
Total Liabilities | 16,287,597 | 8,017,367 |
Commitments and Contingencies (Note 16) | ||
Common stock - $0.01 par value – 10,000,000 shares authorized: issued and outstanding, 6,162,027 shares at December 31, 2014 and 6,091,707 shares at December 31, 2013 | 61,620 | 60,917 |
Additional paid-in capital | 22,144,805 | 21,527,375 |
Retained earnings | 7,062,450 | 9,535,980 |
Total Stockholders’ Equity | 29,268,875 | 31,124,272 |
Total Liabilities and Stockholders’ Equity | $45,556,472 | $39,141,639 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 6,162,027 | 6,091,707 |
Common stock, shares outstanding | 6,162,027 | 6,091,707 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | $27,990,463 | $17,883,927 |
Cost of revenue | 16,465,084 | 11,173,893 |
Gross profit | 11,525,379 | 6,710,034 |
Operating expenses | ||
Research and development | 877,788 | 1,013,157 |
Selling and shipping | 1,282,101 | 1,027,296 |
General and administrative | 8,204,514 | 6,076,783 |
Loss on litigation settlement | 4,925,000 | |
Bad debt expense | 1,281,352 | |
(Gain) on sale of buildings | -887,477 | |
Total operating expenses | 15,289,403 | 8,516,111 |
Operating (loss) | -3,764,024 | -1,806,077 |
Other income (expense): | ||
Interest income | 33,159 | 29,931 |
Interest expense | -109,418 | -163,738 |
Other income/(expense) | 130,813 | -16,846 |
Total other income/(expense) net | 54,554 | -150,653 |
(Loss) before income tax expense | -3,709,470 | -1,956,730 |
Income tax (benefit) | -1,235,940 | -1,396,407 |
Net (loss) | ($2,473,530) | ($560,323) |
Basic (loss) per common share (in Dollars per share) | ($0.40) | ($0.09) |
Diluted (loss) per common share (in Dollars per share) | ($0.40) | ($0.09) |
Outstanding-basic (in Shares) | 6,129,831 | 6,071,375 |
Outstanding-diluted (in Shares) | 6,129,831 | 6,071,375 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2012 | $60,470 | $20,990,891 | $10,096,303 | $31,147,664 |
Balance (in Shares) at Dec. 31, 2012 | 6,046,970 | |||
Exercise of stock options | 167 | 75,569 | 75,736 | |
Exercise of stock options (in Shares) | 16,650 | 16,650 | ||
Stock-based compensation | 280 | 460,915 | 461,195 | |
Stock-based compensation (in Shares) | 28,087 | |||
Net (loss) | -560,323 | -560,323 | ||
Balance at Dec. 31, 2013 | 60,917 | 21,527,375 | 9,535,980 | 31,124,272 |
Balance (in Shares) at Dec. 31, 2013 | 6,091,707 | 6,091,707 | ||
Exercise of stock options | 280 | 101,920 | 102,200 | |
Exercise of stock options (in Shares) | 28,000 | 28,000 | ||
Stock-based compensation | 423 | 515,510 | 515,933 | |
Stock-based compensation (in Shares) | 42,320 | |||
Net (loss) | -2,473,530 | -2,473,530 | ||
Balance at Dec. 31, 2014 | $61,620 | $22,144,805 | $7,062,450 | $29,268,875 |
Balance (in Shares) at Dec. 31, 2014 | 6,162,027 | 6,162,027 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Cash flows from operating activities: | ||||
Net (loss) | ($2,473,530) | ($560,323) | ||
Stock-based compensation | 515,933 | 461,195 | ||
(Gain) on sale of buildings | -887,477 | |||
(Gain)/loss on sale of other fixed assets | -8,000 | 16,575 | ||
Depreciation and amortization | 797,928 | [1] | 646,422 | [1] |
Deferred income tax benefit | -1,483,789 | -1,396,407 | ||
Provision for doubtful accounts | -58,007 | 75,071 | ||
Accounts receivable | -3,521,600 | 1,556,610 | ||
Cost in excess of billings on uncompleted contracts | -920,693 | 1,152,135 | ||
Inventories, net | -344,709 | -1,754,444 | ||
Other current assets | 51,484 | -53,801 | ||
Accounts payable | 1,214,766 | -419,986 | ||
Accrued expenses | 1,490,682 | 450,982 | ||
Billings in excess of costs and estimated earnings on uncompleted contracts | 1,075,618 | -223,015 | ||
Accrued loss on litigation settlement | 4,925,000 | |||
Deferred revenue | 284,164 | -130,877 | ||
Total adjustments | 4,018,777 | -507,017 | ||
Net cash provided by/(used in) operating activities | 1,545,247 | -1,067,340 | ||
Cash flows from investing activities: | ||||
Restricted cash | 400,000 | |||
Capital expenditures | -617,761 | -2,071,557 | ||
Proceeds from sale of building | 3,619,899 | |||
Proceeds from sale of other fixed assets | 8,000 | |||
Deposits | 1,617 | 6,833 | ||
Net cash (used in)/provided by investing activities | -208,144 | 1,555,175 | ||
Cash flows from financing activities | ||||
Net proceeds from stock options exercised | 102,200 | 75,735 | ||
Payments of long-term debt | -720,000 | -3,037,334 | ||
Net cash (used in) financing activities | -617,800 | -2,961,599 | ||
Net increase/(decrease) in cash and cash equivalents | 719,303 | -2,473,764 | ||
Cash and cash equivalents at beginning of year | 11,247,560 | 13,721,324 | ||
Cash and cash equivalents at end of year | 11,966,863 | 11,247,560 | ||
Income taxes paid | 0 | 25 | ||
Interest paid | $109,418 | $163,738 | ||
[1] | Includes amortization expense of $20,007 and $20,434 for the years ending December 31, 2014 and 2013, respectively. Such amortization expense relates to other capitalized and intangible assets. |
Note_1_Business_Description
Note 1 - Business Description | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Business Description and Basis of Presentation [Text Block] | Note 1 – Business Description |
CVD Equipment Corporation and its subsidiaries (the “Company”), a New York corporation, was organized and commenced operations in October 1982. Its principal business activities include the manufacturing of chemical vapor deposition equipment, customized gas control systems, the manufacturing of process equipment suitable for the synthesis of a variety of one-dimensional nanostructures and nanomaterials and a line of furnaces, all of which are used primarily to produce semiconductors and other electronic components. The Company engages in business throughout the United States and internationally. |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Note 2 - Summary of Significant Accounting Policies |
Principles of Consolidation | |
The consolidated financial statements include the accounts of CVD Equipment Corporation and its wholly owned subsidiaries. In December 1998, a subsidiary, Stainless Design Concepts, Ltd., was formed as a New York Corporation. In April 1999, this subsidiary was merged into CVD Equipment Corporation. The Company has two wholly owned subsidiaries: CVD Materials Corporation, which provides marketing for our Application Laboratory and FAE Holdings 411519R, LLC, a real estate holding company whose sole asset is its interest in the real estate and building housing our corporate headquarters. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
The Company’s significant estimates are the accounting for certain items such as revenues on long-term contracts recognized on the percentage-of-completion method, depreciation and amortization, valuation allowances for deferred tax assets, impairment considerations of long-lived assets and stock-based compensation. | |
Revenue Recognition | |
Product and service sales, including those based on time and materials type contracts, are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable, and collection is reasonably assured. Service sales, principally representing repair, maintenance and engineering activities are recognized over the contractual period or as services are rendered. | |
Revenues from fixed price contracts are recognized on the percentage of completion method, measured on the basis of incurred costs to estimated total costs for each contract. This “cost to cost” method is used because management considers it to be the best available measure of progress on these contracts. | |
Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. | |
Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. | |
The asset “Costs and estimated earnings in excess of billings on contracts in progress” represents gross revenues recognized in excess of amounts billed. | |
The liability “Billing in excess of costs and estimated earnings on contracts in progress” represents gross amounts billed in excess of revenues recognized. | |
Inventories | |
Inventories are valued at the lower of cost (determined on the first-in, first-out method) or market. | |
Income Taxes | |
Deferred tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statements and tax bases of assets and liabilities, as measured by using the future enacted tax rates. Deferred tax expense (benefit) is the result of changes in the deferred tax assets and liabilities. The Company records a valuation allowance against deferred tax assets when it is more likely than not that future tax benefits will not be utilized based on a lack of sufficient positive evidence. | |
Investment tax credits are accounted for by the flow-through method, reducing income taxes currently payable and the provision for income taxes in the period the assets giving rise to such credits are placed in service. To the extent such credits are not currently utilized on the Company’s tax return, deferred tax assets, subject to considerations about the need for a valuation allowance, are recognized for the carryforward amount. | |
The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The accounting guidance on accounting for uncertainty in income taxes also addresses derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. The Company does not believe it has any uncertain tax positions through the year ending December 31, 2014 which would have a material impact on the Company’s consolidated financial statements. | |
The Company and its subsidiaries file combined income tax returns in the U.S. Federal and New York State jurisdiction. In addition, the parent company files standalone tax returns in California, Michigan, Minnesota, New Hampshire and Wisconsin. The Company is no longer subject to U.S. federal and state income tax examinations for tax periods before 2011. | |
The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if any, in its income tax provision. The Company had no interest and penalties accrued at December 31, 2014 and 2013. | |
Long Lived Assets | |
Long-lived assets consist primarily of property, plant and equipment. Long-lived assets are reviewed for impairment whenever events or circumstances indicate their carrying value may not be recoverable. When such events or circumstances arise, an estimate of the future undiscounted cash flows produced by the asset, or the appropriate grouping of assets, is compared to the asset’s carrying value to determine if impairment exists pursuant to the requirements of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10-35, “Impairment or Disposal of Long-Lived Assets.” If the asset is determined to be impaired, the impairment loss is measured on the excess of its carrying value over its fair value. Assets to be disposed of are reported at the lower of their carrying value or net realizable value. The Company had no recorded impairment charges in the consolidated statement of operations during each of the years ended December 31, 2014 and 2013. | |
Construction in Progress | |
Construction in progress consists of amounts expended for renovating the new facility which was purchased on March 15, 2012. Expenditures for maintenance and repairs are charged to operations as incurred; additions, renewals and betterments are capitalized. | |
Computer Software | |
The Company follows ASC 350-40, “Internal Use Software.” This standard requires certain direct development costs associated with internal-use software to be capitalized including external direct costs of material and services and payroll costs for employees devoting time to the software projects. These costs totaled $25,185 and $10,890 for the years ended December 31, 2014 and 2013, respectively, and are included in Other Assets. All computer software is amortized using the straight-line method over its estimated useful life of three to five years. Amortization expense related to computer software totaled $11,386 and $7,433 for the years ended December 31, 2014 and 2013, respectively. | |
Intangible Assets | |
The cost of intangible assets is being amortized on a straight-line basis over their estimated useful lives ranging from 5 to 20 years. Amortization expense recorded by the Company in 2014 and 2013 totaled $20,007 and $6,964, respectively. | |
Research & Development | |
Research and development costs are expensed as incurred. With our efforts having been utilized exclusively on customer orders, it has historically been included as part of cost of revenue in the consolidated statements of operations. In 2012 we expanded our laboratory staff and began conducting research and development independently. In 2014 we incurred approximately $1,555,000 of research and development expenses of which $878,000 were independent of external customer orders compared to 2013, when we incurred approximately $1,837,000 of research and development expenses of which approximately $1,013,000 were independent of external customer orders. | |
Accounts Receivable | |
Accounts receivable is presented net of an allowance for doubtful accounts of $24,165 and $107,496 as of December 31, 2014 and 2013, respectively. The allowance is based on historical experience and management’s evaluation of the collectability of accounts receivable. Management believes the allowance is adequate. However, future estimates may fluctuate based on changes in economic and customer conditions. The Company doesn’t require collateral from its customers. | |
Product Warranty | |
The Company records warranty costs as incurred and does not provide for possible future costs. Management estimates such costs are immaterial, based on historical experience. However, it is reasonably possible that this estimate may differ in future periods. | |
Earnings Per Share | |
Basic net earnings per common share is computed by dividing the net income by the weighted average number of shares of common stock outstanding during each period. When applicable, diluted earnings per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be adjusted upon exercise of common stock options and warrants. | |
Potential common shares issued are calculated using the treasury stock method, which recognizes the use of proceeds that could be obtained upon the exercise of options and warrants in computing diluted earnings per share. It assumes that any proceeds would be used to purchase common stock at the average market price of the common stock during the period. | |
Cash and Cash Equivalents | |
The Company considers all highly liquid financial instruments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. | |
Concentration of Credit Risk | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company places its cash equivalents with high credit-quality financial institutions and invests its excess cash primarily in money market instruments. The Company has established guidelines relative to credit ratings and maturities that seek to maintain stability and liquidity. The Company sells products and services to various companies across several industries in the ordinary course of business. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses based upon historical experience. | |
Fair value of Financial Instruments | |
The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and customer deposits approximate fair value due to the relatively short term maturity of these instruments. The carrying value of long-term debt approximates fair value based on prevailing borrowing rates currently available for loans with similar terms and maturities. | |
Stock-Based Compensation | |
The Company records stock-based compensation in accordance with the provisions set forth in ASC 718, “Stock Compensation” using the modified prospective method. ASC 718 requires companies to recognize the cost of employee services received in exchange for awards of equity instruments based upon the grant date fair value of those awards. | |
Shipping and Handling | |
It is the Company’s policy to include freight charges billed to customers in total revenue. The amount included in revenue was $34,534 and $71,179 for the years ended December 31, 2014 and 2013, respectively. Included in selling and shipping expense is $23,358, and $49,232 for shipping and handling costs for each of the years ended 2014 and 2013, respectively. | |
Note 2 - Summary of Significant Accounting Policies (continued) | |
Recently Adopted Accounting Pronouncements | |
In July 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this Update permit the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the US Treasury rate and the London Interbank Offered Rate (“LIBOR”). The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
We believe there is no additional new accounting guidance adopted, but not yet effective that is relevant to the readers of our financial statements. However, there are numerous new proposals under development which, if and when enacted, may have a significant impact on our financial reporting. |
Note_3_Contracts_in_Progress
Note 3 - Contracts in Progress | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Contractors [Abstract] | |||||||||
Long-term Contracts or Programs Disclosure [Text Block] | Note 3 – Contracts in Progress | ||||||||
Costs and estimated earnings in excess of billings on percentage of completion type contracts in progress are summarized as follows: | |||||||||
2014 | 2013 | ||||||||
Costs incurred on contracts in progress | $ | 4,250,299 | $ | 1,807,628 | |||||
Estimated earnings | 4,541,377 | 1,229,038 | |||||||
8,791,677 | 3,036,666 | ||||||||
Billings to date | (7,621,523 | ) | (1,711,587 | ) | |||||
$ | 1,170,154 | $ | 1,325,079 | ||||||
2014 | 2013 | ||||||||
Included in accompanying balance sheets | |||||||||
Under the following captions: | |||||||||
Costs and estimated earnings in excess of billings on contracts in progress | $ | 2,498,662 | $ | 1,577,969 | |||||
Billings in excess of costs and estimated earnings on contracts in progress | $ | (1,328,508 | ) | $ | (252,890 | ) | |||
Note_4_Inventories
Note 4 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | Note 4 - Inventories | ||||||||
Inventories consist of: | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 4,307,913 | $ | 4,058,350 | |||||
Work-in-process | 419,731 | 300,460 | |||||||
Finished goods | 114,415 | 138,539 | |||||||
Totals | $ | 4,842,059 | $ | 4,497,349 | |||||
Note_5_Property_Plant_and_Equi
Note 5 - Property, Plant and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | Note 5 – Property, Plant and Equipment | ||||||||
Major classes of property, plant and equipment consist of the following: | |||||||||
2014 | 2013 | ||||||||
Land | $ | 2,220,000 | $ | 2,220,000 | |||||
Buildings | 6,631,039 | 6,631,039 | |||||||
Building improvements | 5,577,248 | 5,417,620 | |||||||
Machinery and equipment | 2,333,129 | 2,329,299 | |||||||
Furniture and fixtures | 712,549 | 703,999 | |||||||
Computer equipment | 636,819 | 576,111 | |||||||
Transportation equipment | 65,994 | 65,994 | |||||||
Lab equipment | 1,564,082 | 1,560,251 | |||||||
Totals at cost | 19,740,860 | 19,504,313 | |||||||
Less: Accumulated depreciation and amortization | (4,715,577 | ) | (4,012,202 | ) | |||||
$ | 15,025,283 | $ | 15,492,111 | ||||||
Depreciation and amortization expense (1) | $ | 797,928 | $ | 646,422 | |||||
-1 | Includes amortization expense of $20,007 and $20,434 for the years ending December 31, 2014 and 2013, respectively. Such amortization expense relates to other capitalized and intangible assets. | ||||||||
Note_6_Intangible_Assets
Note 6 - Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Intangible Assets Disclosure [Text Block] | Note 6 – Intangible Assets | ||||||||||||||||
2014 | |||||||||||||||||
Intangible Assets | Weighted Average Amortization Period | Cost | Accumulated Amortization | Carrying Amount | |||||||||||||
Patents & Copyrights | 17 | $ | 77,357 | $ | 33,153 | $ | 44,204 | ||||||||||
Intellectual Property | 15 | 100,000 | 88,333 | 11,667 | |||||||||||||
Licensing Agreement | 5 | 10,000 | 10,000 | 0 | |||||||||||||
Certifications | 3 | 58,722 | 58,722 | 0 | |||||||||||||
Other | 5 | 21,492 | 21,492 | 0 | |||||||||||||
Totals | $ | 267,571 | $ | 211,700 | $ | 55,871 | |||||||||||
2013 | |||||||||||||||||
Intangible Assets | Weighted Average Amortization Period | Cost | Accumulated Amortization | Carrying Amount | |||||||||||||
Patents & Copyrights | 17 | $ | 57,818 | $ | 30,369 | $ | 27,449 | ||||||||||
Intellectual Property | 15 | 100,000 | 83,333 | 16,667 | |||||||||||||
Licensing Agreement | 5 | 10,000 | 10,000 | 0 | |||||||||||||
Certifications | 3 | 58,722 | 58,722 | 0 | |||||||||||||
Other | 5 | 21,492 | 21,492 | 0 | |||||||||||||
Totals | $ | 248,032 | $ | 203,916 | $ | 44,116 | |||||||||||
The estimated amortization expense related to intangible assets for each of the five succeeding fiscal years and thereafter as of December 31, 2014 is as follows: | |||||||||||||||||
Year Ended | |||||||||||||||||
2015 | $ | 8,084 | |||||||||||||||
2016 | 8,018 | ||||||||||||||||
2017 | 4,580 | ||||||||||||||||
2018 | 2,915 | ||||||||||||||||
2019 | 2,869 | ||||||||||||||||
Thereafter | 29,405 | ||||||||||||||||
Total | $ | 55,871 | |||||||||||||||
Note_7_Financing_Arrangements
Note 7 - Financing Arrangements | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Short-term Debt [Text Block] | Note 7 – Financing Arrangements |
On August 5, 2014, the Company extended until August 5, 2015, under the same terms, its existing revolving credit facility with HSBC Bank, USA, N.A. (“HSBC”), which was due to expire. The original loan agreement with HSBC was entered into on August 5, 2011, and provided the Company with credit up to $9.1 million. This loan agreement consists of a $7 million revolving credit facility and a five (5) year term loan in the initial principal amount of $2.1 million. The obligations under the loan agreement are secured by substantially all of the Company’s personal property. Additionally, borrowings under the term loan were initially collateralized by $1 million of restricted cash deposits, provided that, so long as no event of default has occurred and then continuing, HSBC would release $200,000 of the collateral on each anniversary of the closing date. The restricted balance at December 31, 2014 was $400,000. This restricted cash is a separate line item on the consolidated balance sheet. The Company makes monthly principal payments of $35,000 plus interest on the term loan which matures on August 1, 2016. The balances as of December 31, 2014 and December 31, 2013 were $700,000 and $1,120,000 respectively. Interest on the unpaid $700,000 principal balance on this facility accrues at either (i) the London Interbank Offered Rate (“LIBOR”) plus 1.75% or (ii) the bank’s prime rate minus 0.50%. The credit agreement also contains certain financial covenants. As of December 31, 2014, we were compliance with the terms of the covenants. | |
In March 2012, the Company entered into a mortgage loan agreement with HSBC for the initial principal amount of $6,000,000 (the “Loan”), through the town of Islip Industrial Development Agency. The Loan is secured by a mortgage against the property and building located at 355 South Technology Drive, Central Islip, New York. Interest presently accrues on the Loan, at our option, at the variable rate of LIBOR plus 1.75% which was 1.9108% and 1.9166% at December 31, 2014 and 2013 respectively. The balance on the mortgage at December 31, 2014 was $3,865,508. The Company makes monthly principal payments of $25,000 plus interest on the Loan which matures on March 15, 2022. |
Note_8_Longterm_Debt
Note 8 - Long-term Debt | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Long-term Debt [Text Block] | Long-term debt as of December 31 consists of the following: | ||||||||
2014 | 2013 | ||||||||
HSBC | |||||||||
$2,100,000 5 year term loan payable in monthly installments of $35,000 plus interest on the unpaid principal balance which accrues at a fixed rate of 3.045%. This term loan was secured by $1 million, provided that, so long as no event of default occurred and is then continuing, HSBC would release $200,000 of the collateral on each anniversary of the closing date. As of December 31, 2014, HSBC had released $600,000, to reduce the collateral to $400,000. | $ | 700,000 | $ | 1,120,000 | |||||
HSBC | |||||||||
$6,000,000 Mortgage payable secured by real property Buildings and improvements at 355 South Technology Drive, Central Islip, NY payable in monthly principle installments of $25,000 plus interest. Interest presently accrues at our option, at the variable rate of LIBOR plus 1.75% or HSBC’s prime rate minus 0.50% The loan matures on March 1, 2022. | 3,865,508 | 4,165,508 | |||||||
Totals | 4,565,508 | 5,285,508 | |||||||
Less: Current maturities | 720,000 | 720,000 | |||||||
Long-term debt | $ | 3,845,508 | $ | 4,565,508 | |||||
Future maturities of long-term debt as of December 31, 2014 are as follows: | |||||||||
2015 | $ | 720,000 | |||||||
2016 | 580,000 | ||||||||
2016 | 300,000 | ||||||||
2018 | 300,000 | ||||||||
2019 | 300,000 | ||||||||
Thereafter | 2,365,508 | ||||||||
$ | 4,565,508 | ||||||||
Note_9_Earnings_Per_Share
Note 9 - Earnings Per Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | Note 9 – Earnings per Share | ||||||||
The calculation of basic and diluted weighted average common shares outstanding is as follows: | |||||||||
2014 | 2013 | ||||||||
Weighted average common shares outstanding basic earnings per share | 6,129,831 | 6,071,375 | |||||||
Effect of potential common share issuance: | |||||||||
Stock options | --- | --- | |||||||
Weighted average common shares outstanding | |||||||||
Diluted earnings per share | 6,129,831 | 6,071,375 | |||||||
Stock options to purchase 259,730 shares of common stock were outstanding and 147,230 were exercisable at December 31, 2014. At December 31, 2014 and 2013 none of the outstanding options were included in the earnings per share calculation as their effect would have been anti-dilutive. |
Note_10_Income_Taxes
Note 10 - Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Disclosure [Text Block] | Note 10 – Income Taxes | ||||||||
At December 31, 2014, the Company had approximately $27,000 in capital loss carryforwards, $2,808,000 in net operating loss carryforwards, and $696,000 of federal research and development tax credits. | |||||||||
If not utilized, a portion of the capital loss carryover will expire in 2015, the investment tax credits expire from 2015 through 2029 and the research and development tax credits expire from 2029-2034. Based on the available objective evidence, including the Company’s history of taxable income and the character of that income, management believes it is more likely than not that these components of the Company’s deferred tax assets will be fully utilized. The Company has provided for a partial valuation allowance against its total net deferred tax assets at December 31, 2014 and December 31, 2013 of approximately $475,000 attributable to these components. | |||||||||
The (benefit) expense for income taxes includes the following: | |||||||||
2014 | 2013 | ||||||||
Current: | |||||||||
Federal | $ | 240,591 | $ | ---- | |||||
State | 7,258 | ---- | |||||||
Total current tax provision | 247,849 | ---- | |||||||
Deferred: | |||||||||
Federal | (1,865,134 | ) | (1,230,271 | ) | |||||
State | 381,345 | (166,136 | ) | ||||||
Total deferred tax provision | (1,483,789 | ) | (1,396,407 | ) | |||||
Income tax benefit | $ | (1,235,940 | ) | $ | (1,396,407 | ) | |||
The tax effects of temporary differences giving rise to significant portions of the net deferred taxes are as follows: | |||||||||
2014 | 2013 | ||||||||
Allowance for doubtful accounts | $ | 16,826 | $ | 45,148 | |||||
Inventory capitalization | 23,185 | 36,591 | |||||||
Depreciation and amortization | (371,669 | ) | (385,907 | ) | |||||
Investment tax credits | 475,000 | 600,000 | |||||||
Research & development tax credits | 696,865 | 683,495 | |||||||
Compensation costs | 375,080 | 239,876 | |||||||
Vacation accrual | 242,099 | 274,307 | |||||||
Accrued loss on legal settlement | 1,674,500 | ||||||||
Net operating loss carryforward | 1,674,500 | ||||||||
Capital loss carryforward | 26,627 | 1,135,794 | |||||||
Gross deferred tax asset | 4,113,093 | 2,629,304 | |||||||
Less valuation allowance | (475,000 | ) | (475,000 | ) | |||||
Net deferred tax asset | $ | 3,638,093 | $ | 2,154,304 | |||||
Net current deferred tax asset | 2,887,960 | 1,443,321 | |||||||
Net long-term deferred tax asset | 750,133 | 710,983 | |||||||
Net deferred tax asset | $ | 3,638,093 | $ | 2,154,304 | |||||
The reconciliation of the federal statutory income tax rate to our effective tax rate is as follows: | |||||||||
2014 | 2013 | ||||||||
Expected provision at federal statutory tax rate (34%) | $ | (1,261,218 | ) | $ | (665,288 | ) | |||
State taxes, net of federal benefit | 7,258 | (109,650 | ) | ||||||
Stock-based compensation expense | (307,737 | ) | (217,648 | ) | |||||
Deferred gain on sale of building | (301,742 | ) | |||||||
Capital loss carryforward | -- | 190,517 | |||||||
Net operating loss carryforward | (37,327 | ) | -- | ||||||
Federal research & development credit | (181,782 | ) | (248,444 | ) | |||||
Other permanent differences | 163,521 | (44,152 | ) | ||||||
Impact of New York State taxation change | 381,345 | ||||||||
Income tax benefit | $ | (1,235,940 | ) | $ | (1,396,407 | ) | |||
Note_11_Stockholders_Equity
Note 11 - Stockholders' Equity | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ||||||||||||||||||||||||||||||
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 11 – Stockholders’ equity | |||||||||||||||||||||||||||||
1989 Non-Qualified Stock Option Plan | ||||||||||||||||||||||||||||||
On June 15, 1989, the Company instituted a non-qualified stock option plan (the “Plan”). In connection therewith, 700,000 shares of the Company’s common stock were reserved for issuance pursuant to options that may be granted under the Plan through June 30, 2009. All options granted vest over a four-year period and expire between five to seven years after the date of grant. This 1989 Non-Qualified Stock Option Plan expired in June 2009. | ||||||||||||||||||||||||||||||
2001 Non-Qualified Stock Option Plan | ||||||||||||||||||||||||||||||
In November 2006, the Company registered a non-qualified stock option plan that the shareholders had approved in July 2001, covering key employees, officers, directors and other persons that may be considered as service providers to the Company. Options were awarded by the Board of Directors or by a committee appointed by the Board. Under the plan, an aggregate of 300,000 shares of Company common stock, $.01 par value, were reserved for issuance or transfer upon the exercise of options which are granted. Unless otherwise provided in the option agreement, options granted under the plan would vest over a four year period commencing one year from the anniversary date of the grant. There were no options granted in 2012. In 2011, 14,000 options were granted to outside directors at an exercise price of $7.90, which vested as to 25% on each of January 15, April 15, July 15 and October 15 of 2011. These options expire ten years after the date of grant. The stock option plan terminated on July 22, 2011. | ||||||||||||||||||||||||||||||
2007 Share Incentive Plan | ||||||||||||||||||||||||||||||
On December 12, 2007, shareholders approved the Company’s 2007 Share Incentive Plan (“Incentive Plan”), in connection therewith, 750,000 shares of the Company’s common stock are reserved for issuance pursuant to options or restricted stock that may be granted under the Share Incentive Plan through December 12, 2017. In 2013, 28,087 shares of stock were granted and issued to directors and key employees. In 2014, 42,320 shares of stock were granted and issued to directors and key employees. Also in 2014 options were granted to a key employee for 100,000 shares of the Company’s common stock. | ||||||||||||||||||||||||||||||
The purchase price of the common stock under each option plan shall be determined by the Committee, provided, however, that such purchase price shall not be less than the fair market value of the shares on the date such option is granted. The stock options generally expire seven to ten years after the date of grant. The Company recorded stock-based compensation of $515,933 and $461,195 for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||
A summary of the stock option activity related to the 1989 and 2001 Stock Option Plans and the 2007 Share Incentive Plan for the period from January 1, 2013 through December 31, 2014 is as follows: | ||||||||||||||||||||||||||||||
1989 Non-Qualified Stock Option Plan | ||||||||||||||||||||||||||||||
Beginning | Granted | Exercised | Canceled | Ending | ||||||||||||||||||||||||||
Balance | During | During | During | Balance | ||||||||||||||||||||||||||
Outstanding | Period | Period | Period | Outstanding | Exercisable | |||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||||
Number of shares | 41,900 | 0 | 6,650 | 0 | 35,250 | 35,250 | ||||||||||||||||||||||||
Weighted average exercise price | ||||||||||||||||||||||||||||||
Per share | $ | 4.82 | 0 | 0 | 0 | $ | 4.62 | $ | 4.62 | |||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||||
Number of shares | 35,250 | 0 | 0 | 0 | 35,250 | 35,250 | ||||||||||||||||||||||||
Weighted average exercise price | ||||||||||||||||||||||||||||||
Per share | $ | 4.62 | 0 | 0 | 0 | $ | 4.62 | $ | 4.62 | |||||||||||||||||||||
2001 Non-Qualified Stock Option Plan | ||||||||||||||||||||||||||||||
Beginning | Granted | Exercised | Canceled | Ending | ||||||||||||||||||||||||||
Balance | During | During | During | Balance | ||||||||||||||||||||||||||
Outstanding | Period | Period | Period | Outstanding | Exercisable | |||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||||
Number of shares | 162,480 | 0 | 10,000 | 0 | 152,480 | 127,480 | ||||||||||||||||||||||||
Weighted average exercise price | ||||||||||||||||||||||||||||||
Per share | $ | 4.35 | 0 | 0 | 0 | $ | 4.4 | $ | 4.35 | |||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||||
Number of shares | 152,480 | 0 | 28,000 | 0 | 124,480 | 111,980 | ||||||||||||||||||||||||
Weighted average exercise price | ||||||||||||||||||||||||||||||
Per share | $ | 4.35 | 0 | 0 | 0 | $ | 4.57 | $ | 4.56 | |||||||||||||||||||||
2007 Share Incentive Plan | ||||||||||||||||||||||||||||||
Beginning | Granted | Exercised | Canceled | Ending | ||||||||||||||||||||||||||
Balance | During | During | During | Balance | ||||||||||||||||||||||||||
Outstanding | Period | Period | Period | Outstanding | Exercisable | |||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||||
Number of shares | 200 | 0 | 0 | 200 | 0 | 0 | ||||||||||||||||||||||||
Weighted average exercise price | ||||||||||||||||||||||||||||||
Per share | $ | 11.51 | ||||||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||||
Number of shares | 0 | 100,000 | 0 | 0 | 100,000 | 0 | ||||||||||||||||||||||||
Weighted average exercise price | ||||||||||||||||||||||||||||||
Per share | $ | 11.17 | ||||||||||||||||||||||||||||
The Company has 259,730 of outstanding stock options under the three Plans at December 31, 2014. | ||||||||||||||||||||||||||||||
The following table summarizes information about the outstanding and exercisable options at December 31, 2014. | ||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||||||||
Exercise | Number | Remaining | Exercise | Intrinsic | Number | Exercise | Intrinsic | |||||||||||||||||||||||
Price Range | Outstanding | Contractual | Price | Value | Exercisable | Price | Value | |||||||||||||||||||||||
$3.00 | - | 3.99 | 34,000 | 2.95 | $ | 3.65 | $ | 365,160 | 34,000 | $ | 3.65 | $ | 365,160 | |||||||||||||||||
$4.00 | - | 4.49 | 15,930 | 5.04 | $ | 4.25 | $ | 161,530 | 15,930 | $ | 4.25 | $ | 161,530 | |||||||||||||||||
$4.50 | - | 4.99 | 100,000 | 2.78 | $ | 4.62 | $ | 977,000 | 75,000 | $ | 4.62 | $ | 854,875 | |||||||||||||||||
$5.00 | - | 7.99 | 9,800 | 6.04 | $ | 7.9 | $ | 63,602 | 9,800 | $ | 7.9 | $ | 63,602 | |||||||||||||||||
$8.00 | - | 12 | 100,000 | 9.8 | $ | 11.17 | $ | 322,000 | 0 | $ | 11.17 | $ | 0 | |||||||||||||||||
The intrinsic value of the 28,000 options exercised during the year ended December 31, 2014 was $310,520. The intrinsic value of the 16,650 options exercised during the year ended December 31, 2013 was $90,988. | ||||||||||||||||||||||||||||||
Restricted Stock Awards | ||||||||||||||||||||||||||||||
The following table summarizes restricted stock awards for the year ended December 31, 2014: | ||||||||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||||||||
Average Grant | ||||||||||||||||||||||||||||||
Shares of | Date Fair | |||||||||||||||||||||||||||||
Restricted Stock | Value | |||||||||||||||||||||||||||||
Unvested outstanding at January 1, 2013 | 16,000 | $ | 10.97 | |||||||||||||||||||||||||||
Granted | 7,800 | $ | 10.16 | |||||||||||||||||||||||||||
Vested | (11,800 | ) | $ | 10.43 | ||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2013 | 12,000 | $ | 10.97 | |||||||||||||||||||||||||||
Granted | 6,400 | $ | 14.24 | |||||||||||||||||||||||||||
Vested | (10,400 | ) | $ | 12.98 | ||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2014 | 8,000 | $ | 10.97 | |||||||||||||||||||||||||||
The total fair value of shares of restricted stock awards vested for the years ended December 31, 2014 and 2013 was approximately $135,000 and $123,000 respectively | ||||||||||||||||||||||||||||||
The fair value of the outstanding restricted stock awards will be recorded as stock compensation expense over the vesting period. As of December 31, 2014 there was $88,000 of unrecognized compensation costs related to restricted stock awards, which is to be recognized over a period of 1.35 years. | ||||||||||||||||||||||||||||||
Restricted Stock Units | ||||||||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||||||||
Shares of | Average Grant | |||||||||||||||||||||||||||||
Restricted | Date Fair | |||||||||||||||||||||||||||||
Stock Units | Value | |||||||||||||||||||||||||||||
Unvested outstanding at January 1, 2013 | 30,575 | $ | 8.29 | |||||||||||||||||||||||||||
Granted | 133,955 | $ | 11.66 | |||||||||||||||||||||||||||
Vested | (20,287 | ) | $ | 9.38 | ||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2013 | 144,243 | $ | 11.26 | |||||||||||||||||||||||||||
Granted | - | |||||||||||||||||||||||||||||
Vested | (37,925 | ) | $ | 10.09 | ||||||||||||||||||||||||||
Forfeited/Cancelled | (2,500 | ) | $ | 10.71 | ||||||||||||||||||||||||||
Unvested outstanding at December 31, 2014 | 103,319 | $ | 11.71 | |||||||||||||||||||||||||||
The total fair value of vested restricted stock units was $383,000 and $190,000 respectively for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||||||||||
The fair value of the outstanding restricted stock units will be recorded as stock compensation expense over the vesting period. As of December 31, 2014, there was $1,210,000 of total unrecognized compensation costs related to restricted stock units, which is expected to be recognized over a weighted-average period of 2.19 years. | ||||||||||||||||||||||||||||||
During the years ended December 31, 2013 and 2012, the Company recorded into selling and general administrative expense approximately $462,000 and $235,000 for the cost of employee and director services received in exchange for equity instruments based on the grant-date fair value of those instruments in accordance with the provisions of ASC 718. | ||||||||||||||||||||||||||||||
On August 1, 1998, the Company adopted a 401(k) Plan for the benefit of all eligible employees. All employees as of the effective date of the 401(k) Plan became eligible. An employee who became employed after August 1, 1998 would become a participant after three months of continuous service. | ||||||||||||||||||||||||||||||
Participants may elect to contribute from their compensation any amount up to the maximum deferral allowed by the Internal Revenue Code. Employer contributions are optional. During the years ended December 31, 2014 and 2013, the Company incurred administrative costs totaling $2,800 and $2,380 respectively. No discretionary employer contribution has been made for 2014 and 2013. |
Note_12_Defined_Contribution_P
Note 12 - Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | Note 12 – Defined Contribution Plan (continued) |
$2,800 and $2,380 respectively. No discretionary employer contribution has been made for 2014 and 2013. |
Note_13_Significant_Risks_and_
Note 13 - Significant Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | Note 13 – Significant Risks and Uncertainties |
Cash and Cash Equivalents | |
The Company places most of its temporary cash investments with financial institutions, which from time to time may exceed the Federal Deposit Insurance Corporation limit. The amount atrisk at December 31, 2014 and at December 31, 2013 was $10,216,263 and $9,834,765, respectively. | |
Sales Concentrations | |
Revenue to a single customer in any one year can exceed 10.0% of our total sales. One customer represented 50.2% and 23.7% respectively, of our annual revenues in fiscal years 2014 and 2013. We are not dependent on any single customer, and the loss of any key customer would have to be replaced by others, as we have previously, or our inability to do so may have a material adverse effect on our business and financial condition. | |
Export sales to unaffiliated customers represented approximately 20.2% and 27.3% of sales for the years ended December 31, 2014 and 2013, respectively. Export sales in both 2014 and 2013 were primarily to customers in Europe and Asia. All contracts are denominated in U.S. dollars. The Company does not enter into any foreign exchange contracts. |
Note_14_Related_Party_Transact
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 14 – Related Party Transactions |
The Company maintains bank accounts and deposits cash in Community National Bank. Conrad Gunther, a director of the Company, is a Senior Vice President and Senior Loan Officer at Community National Bank. The Company does not pay any fees to Mr. Gunther or Community National Bank in connection with this investment vehicle. |
Note_15_Segment_Reporting
Note 15 - Segment Reporting | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment Reporting Disclosure [Text Block] | Note 15 – Segment Reporting | ||||||||||||||||
The Company adopted ASC 280, “Segment Reporting.” The Company operates through (2) segments, CVD and SDC. The CVD division is utilized for silicon, silicon germanium, silicon carbide and gallium arsenide processes. SDC is the Company’s ultra-high purity manufacturing division in Saugerties, New York. The accounting policies of CVD and SDC are the same as those described in the summary of significant accounting policies (see Note 2). The Company evaluates performance based on several factors, of which the primary financial measure is earnings before taxes. | |||||||||||||||||
The following table presents certain information regarding the Company’s segments as of December 31, 2014 and for the year then ended: | |||||||||||||||||
CVD | SDC | Eliminations | Consolidated | ||||||||||||||
Assets | $ | 44,953,847 | $ | 4,733,926 | $ | (4,131,301 | ) | $ | 45,556,472 | ||||||||
Revenue | $ | 23,831,036 | $ | 5,580,212 | $ | (1,420,785 | ) | $ | 27,990,463 | ||||||||
Interest Expense | 100,829 | 8,589 | 109,418 | ||||||||||||||
Depreciation and Amortization | 728,995 | 68,933 | 797,928 | ||||||||||||||
Capital expenditures | 571,240 | 46,521 | 617,761 | ||||||||||||||
Pretax (loss)/earnings | (4,877,892 | ) | 1,168,422 | (3,709,470 | ) | ||||||||||||
The following table presents certain information regarding the Company’s segments as of December 31, 2013 and for the year then ended: | |||||||||||||||||
CVD | SDC | Eliminations | Consolidated | ||||||||||||||
Assets | $ | 39,783,689 | $ | 6,334,352 | $ | (6,976,402 | ) | $ | 39,141,639 | ||||||||
Revenue | $ | 13,136,083 | $ | 5,155,641 | $ | (407,797 | ) | $ | 17,883,927 | ||||||||
Interest Expense | 162,914 | 824 | 163,738 | ||||||||||||||
Depreciation and amortization | 571,046 | 75,376 | 646,422 | ||||||||||||||
Capital expenditures | 1,954,621 | 116,936 | 2,071,557 | ||||||||||||||
Pretax (loss)/earnings | (2,697,114 | ) | 740,384 | (1,956,730 | ) | ||||||||||||
Note_16_Commitments_and_Contin
Note 16 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Note 16 - Commitments and Contingencies |
Legal Proceedings | |
Effective as of January 29, 2015, CVD Equipment Corporation (the “Company”), Taiwan Glass International Corporation (“Taiwan Glass”) and Capital One, National Association (“Capital One”) entered into an agreement (the “Settlement Agreement”) pursuant to which the parties settled that certain previously disclosed action pending in the United States District Court for the Southern District of New York under Docket No. 10-CV-0573 (the “Action”). | |
Pursuant to the terms of the Settlement Agreement, we paid Taiwan Glass the sum of $4,925,000, (said sum being inclusive of interest) and all claims and counterclaims asserted in the Action were settled and dismissed with prejudice. In addition, (a) Taiwan Glass executed limited releases in favor of each of the Company and Capital One concerning the claims asserted by Taiwan Glass in the Action; (b) we executed a limited release in favor of Taiwan Glass concerning the claims asserted by us against Taiwan Glass in the Action; and (c) Capital One executed a limited release in favor of Taiwan Glass concerning the claims asserted by Capital One against Taiwan Glass in the Action. | |
In addition, the parties caused to be filed with the Court a Stipulation of Dismissal dismissing the claims and counterclaims asserted against all parties in the Action with prejudice. Taiwan Glass agreed to notify the appropriate authorities in Taiwan that its disputes with the Company and the Company’s directors, officers, employees and agents have been amicably resolved on a business- like basis and the Complaint made by Taiwan Glass in Taiwan is hereby withdrawn. | |
On January 19, 2015, CVD Equipment Corporation (the “Company”) received an Arbitration Demand and Complaint which was filed with the American Arbitration Association by Development Specialists, Inc., an Illinois corporation (“DSI”), solely in its capacity as an assignee for the benefit of creditors of CM Manufacturing, Inc. f/k/a Stion Corporation (“Stion”), a Delaware corporation, (collectively the “Plaintiff”). | |
In its compliant, the Plaintiff claims, among other things, that the Company breached its agreement with Stion by failing to design, engineer, manufacture and timely deliver a certain custom furnace used in the manufacture of solar panels. The Plaintiff also asserts claims relating to breach of warranty, conversion, misappropriation of trade secrets and a declaration that DSI is not liable under the Company’s Proof of Claim which was previously filed in connection with Stion’s October 2013 Assignment for the Benefit of Creditors. Plaintiff seeks monetary damages of approximately $6.9 million plus interest and attorney’s fees, certain injunctive relief and other unspecified money damages. | |
The Company believes that these claims have no merit and intends to vigorously defend its interests in this matter. | |
On February 5, 2015, the Company interposed an Answer denying Plaintiff’s claims and raising (15) Affirmative Defenses. Additionally, on March 24, 2015, the Company served and filed a Motion to Dismiss. A decision on this motion is expected shortly. If the Company’s Motion is granted, then the case will be dismissed, otherwise a brief period for discovery will follow and the Arbitration hearing is scheduled to take place the week of August 31, 2015. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
The consolidated financial statements include the accounts of CVD Equipment Corporation and its wholly owned subsidiaries. In December 1998, a subsidiary, Stainless Design Concepts, Ltd., was formed as a New York Corporation. In April 1999, this subsidiary was merged into CVD Equipment Corporation. The Company has two wholly owned subsidiaries: CVD Materials Corporation, which provides marketing for our Application Laboratory and FAE Holdings 411519R, LLC, a real estate holding company whose sole asset is its interest in the real estate and building housing our corporate headquarters. All significant intercompany accounts and transactions have been eliminated in consolidation. | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
The Company’s significant estimates are the accounting for certain items such as revenues on long-term contracts recognized on the percentage-of-completion method, depreciation and amortization, valuation allowances for deferred tax assets, impairment considerations of long-lived assets and stock-based compensation. | |
Revenue Recognition, Percentage-of-Completion Method [Policy Text Block] | Revenue Recognition |
Product and service sales, including those based on time and materials type contracts, are recognized when persuasive evidence of an arrangement exists, product delivery has occurred or services have been rendered, pricing is fixed or determinable, and collection is reasonably assured. Service sales, principally representing repair, maintenance and engineering activities are recognized over the contractual period or as services are rendered. | |
Revenues from fixed price contracts are recognized on the percentage of completion method, measured on the basis of incurred costs to estimated total costs for each contract. This “cost to cost” method is used because management considers it to be the best available measure of progress on these contracts. | |
Contract costs include all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and depreciation costs. | |
Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, and estimated profitability, and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. | |
The asset “Costs and estimated earnings in excess of billings on contracts in progress” represents gross revenues recognized in excess of amounts billed. | |
The liability “Billing in excess of costs and estimated earnings on contracts in progress” represents gross amounts billed in excess of revenues recognized. | |
Inventory, Policy [Policy Text Block] | Inventories |
Inventories are valued at the lower of cost (determined on the first-in, first-out method) or market. | |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Deferred tax assets and liabilities are determined based on the estimated future tax effects of temporary differences between the financial statements and tax bases of assets and liabilities, as measured by using the future enacted tax rates. Deferred tax expense (benefit) is the result of changes in the deferred tax assets and liabilities. The Company records a valuation allowance against deferred tax assets when it is more likely than not that future tax benefits will not be utilized based on a lack of sufficient positive evidence. | |
Investment tax credits are accounted for by the flow-through method, reducing income taxes currently payable and the provision for income taxes in the period the assets giving rise to such credits are placed in service. To the extent such credits are not currently utilized on the Company’s tax return, deferred tax assets, subject to considerations about the need for a valuation allowance, are recognized for the carryforward amount. | |
The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than-not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. The accounting guidance on accounting for uncertainty in income taxes also addresses derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. The Company does not believe it has any uncertain tax positions through the year ending December 31, 2014 which would have a material impact on the Company’s consolidated financial statements. | |
The Company and its subsidiaries file combined income tax returns in the U.S. Federal and New York State jurisdiction. In addition, the parent company files standalone tax returns in California, Michigan, Minnesota, New Hampshire and Wisconsin. The Company is no longer subject to U.S. federal and state income tax examinations for tax periods before 2011. | |
The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if any, in its income tax provision. The Company had no interest and penalties accrued at December 31, 2014 and 2013. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long Lived Assets |
Long-lived assets consist primarily of property, plant and equipment. Long-lived assets are reviewed for impairment whenever events or circumstances indicate their carrying value may not be recoverable. When such events or circumstances arise, an estimate of the future undiscounted cash flows produced by the asset, or the appropriate grouping of assets, is compared to the asset’s carrying value to determine if impairment exists pursuant to the requirements of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10-35, “Impairment or Disposal of Long-Lived Assets.” If the asset is determined to be impaired, the impairment loss is measured on the excess of its carrying value over its fair value. Assets to be disposed of are reported at the lower of their carrying value or net realizable value. The Company had no recorded impairment charges in the consolidated statement of operations during each of the years ended December 31, 2014 and 2013. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Construction in Progress |
Construction in progress consists of amounts expended for renovating the new facility which was purchased on March 15, 2012. Expenditures for maintenance and repairs are charged to operations as incurred; additions, renewals and betterments are capitalized. | |
Internal Use Software, Policy [Policy Text Block] | Computer Software |
The Company follows ASC 350-40, “Internal Use Software.” This standard requires certain direct development costs associated with internal-use software to be capitalized including external direct costs of material and services and payroll costs for employees devoting time to the software projects. These costs totaled $25,185 and $10,890 for the years ended December 31, 2014 and 2013, respectively, and are included in Other Assets. All computer software is amortized using the straight-line method over its estimated useful life of three to five years. Amortization expense related to computer software totaled $11,386 and $7,433 for the years ended December 31, 2014 and 2013, respectively. | |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets |
The cost of intangible assets is being amortized on a straight-line basis over their estimated useful lives ranging from 5 to 20 years. Amortization expense recorded by the Company in 2014 and 2013 totaled $20,007 and $6,964, respectively. | |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research & Development |
Research and development costs are expensed as incurred. With our efforts having been utilized exclusively on customer orders, it has historically been included as part of cost of revenue in the consolidated statements of operations. In 2012 we expanded our laboratory staff and began conducting research and development independently. In 2014 we incurred approximately $1,555,000 of research and development expenses of which $878,000 were independent of external customer orders compared to 2013, when we incurred approximately $1,837,000 of research and development expenses of which approximately $1,013,000 were independent of external customer orders. | |
Receivables, Policy [Policy Text Block] | Accounts Receivable |
Accounts receivable is presented net of an allowance for doubtful accounts of $24,165 and $107,496 as of December 31, 2014 and 2013, respectively. The allowance is based on historical experience and management’s evaluation of the collectability of accounts receivable. Management believes the allowance is adequate. However, future estimates may fluctuate based on changes in economic and customer conditions. The Company doesn’t require collateral from its customers. | |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty |
The Company records warranty costs as incurred and does not provide for possible future costs. Management estimates such costs are immaterial, based on historical experience. However, it is reasonably possible that this estimate may differ in future periods. | |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share |
Basic net earnings per common share is computed by dividing the net income by the weighted average number of shares of common stock outstanding during each period. When applicable, diluted earnings per common share is determined using the weighted-average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be adjusted upon exercise of common stock options and warrants. | |
Potential common shares issued are calculated using the treasury stock method, which recognizes the use of proceeds that could be obtained upon the exercise of options and warrants in computing diluted earnings per share. It assumes that any proceeds would be used to purchase common stock at the average market price of the common stock during the period. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
The Company considers all highly liquid financial instruments purchased with an original maturity of three months or less at the date of purchase to be cash equivalents. | |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk |
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and accounts receivable. The Company places its cash equivalents with high credit-quality financial institutions and invests its excess cash primarily in money market instruments. The Company has established guidelines relative to credit ratings and maturities that seek to maintain stability and liquidity. The Company sells products and services to various companies across several industries in the ordinary course of business. The Company routinely assesses the financial strength of its customers and maintains allowances for anticipated losses based upon historical experience. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair value of Financial Instruments |
The carrying amounts of financial instruments including cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, and customer deposits approximate fair value due to the relatively short term maturity of these instruments. The carrying value of long-term debt approximates fair value based on prevailing borrowing rates currently available for loans with similar terms and maturities. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation |
The Company records stock-based compensation in accordance with the provisions set forth in ASC 718, “Stock Compensation” using the modified prospective method. ASC 718 requires companies to recognize the cost of employee services received in exchange for awards of equity instruments based upon the grant date fair value of those awards. | |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling |
It is the Company’s policy to include freight charges billed to customers in total revenue. The amount included in revenue was $34,534 and $71,179 for the years ended December 31, 2014 and 2013, respectively. Included in selling and shipping expense is $23,358, and $49,232 for shipping and handling costs for each of the years ended 2014 and 2013, respectively. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements |
In July 2013, the FASB issued Accounting Standards Update (“ASU”) 2013-10, Derivatives and Hedging (Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes. The amendments in this Update permit the Fed Funds Effective Swap Rate to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the US Treasury rate and the London Interbank Offered Rate (“LIBOR”). The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendments are effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists at the reporting date. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments in this ASU are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. For nonpublic entities, the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted. This ASU is not expected to have a significant impact on the Company’s financial statements. | |
We believe there is no additional new accounting guidance adopted, but not yet effective that is relevant to the readers of our financial statements. However, there are numerous new proposals under development which, if and when enacted, may have a significant impact on our financial reporting. |
Note_3_Contracts_in_Progress_T
Note 3 - Contracts in Progress (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Contractors [Abstract] | |||||||||
Schedule of Cost and Estimated Earnings In Excess of Billings [Table Text Block] | 2014 | 2013 | |||||||
Costs incurred on contracts in progress | $ | 4,250,299 | $ | 1,807,628 | |||||
Estimated earnings | 4,541,377 | 1,229,038 | |||||||
8,791,677 | 3,036,666 | ||||||||
Billings to date | (7,621,523 | ) | (1,711,587 | ) | |||||
$ | 1,170,154 | $ | 1,325,079 | ||||||
2014 | 2013 | ||||||||
Included in accompanying balance sheets | |||||||||
Under the following captions: | |||||||||
Costs and estimated earnings in excess of billings on contracts in progress | $ | 2,498,662 | $ | 1,577,969 | |||||
Billings in excess of costs and estimated earnings on contracts in progress | $ | (1,328,508 | ) | $ | (252,890 | ) |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | 2014 | 2013 | |||||||
Raw materials | $ | 4,307,913 | $ | 4,058,350 | |||||
Work-in-process | 419,731 | 300,460 | |||||||
Finished goods | 114,415 | 138,539 | |||||||
Totals | $ | 4,842,059 | $ | 4,497,349 |
Note_5_Property_Plant_and_Equi1
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | 2014 | 2013 | |||||||
Land | $ | 2,220,000 | $ | 2,220,000 | |||||
Buildings | 6,631,039 | 6,631,039 | |||||||
Building improvements | 5,577,248 | 5,417,620 | |||||||
Machinery and equipment | 2,333,129 | 2,329,299 | |||||||
Furniture and fixtures | 712,549 | 703,999 | |||||||
Computer equipment | 636,819 | 576,111 | |||||||
Transportation equipment | 65,994 | 65,994 | |||||||
Lab equipment | 1,564,082 | 1,560,251 | |||||||
Totals at cost | 19,740,860 | 19,504,313 | |||||||
Less: Accumulated depreciation and amortization | (4,715,577 | ) | (4,012,202 | ) | |||||
$ | 15,025,283 | $ | 15,492,111 | ||||||
Depreciation and amortization expense (1) | $ | 797,928 | $ | 646,422 |
Note_6_Intangible_Assets_Table
Note 6 - Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Intangible Assets | Weighted Average Amortization Period | Cost | Accumulated Amortization | Carrying Amount | ||||||||||||
Patents & Copyrights | 17 | $ | 77,357 | $ | 33,153 | $ | 44,204 | ||||||||||
Intellectual Property | 15 | 100,000 | 88,333 | 11,667 | |||||||||||||
Licensing Agreement | 5 | 10,000 | 10,000 | 0 | |||||||||||||
Certifications | 3 | 58,722 | 58,722 | 0 | |||||||||||||
Other | 5 | 21,492 | 21,492 | 0 | |||||||||||||
Totals | $ | 267,571 | $ | 211,700 | $ | 55,871 | |||||||||||
Intangible Assets | Weighted Average Amortization Period | Cost | Accumulated Amortization | Carrying Amount | |||||||||||||
Patents & Copyrights | 17 | $ | 57,818 | $ | 30,369 | $ | 27,449 | ||||||||||
Intellectual Property | 15 | 100,000 | 83,333 | 16,667 | |||||||||||||
Licensing Agreement | 5 | 10,000 | 10,000 | 0 | |||||||||||||
Certifications | 3 | 58,722 | 58,722 | 0 | |||||||||||||
Other | 5 | 21,492 | 21,492 | 0 | |||||||||||||
Totals | $ | 248,032 | $ | 203,916 | $ | 44,116 | |||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ended | ||||||||||||||||
2015 | $ | 8,084 | |||||||||||||||
2016 | 8,018 | ||||||||||||||||
2017 | 4,580 | ||||||||||||||||
2018 | 2,915 | ||||||||||||||||
2019 | 2,869 | ||||||||||||||||
Thereafter | 29,405 | ||||||||||||||||
Total | $ | 55,871 |
Note_8_Longterm_Debt_Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block [Abstract] | |||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | 2014 | 2013 | |||||||
HSBC | |||||||||
$2,100,000 5 year term loan payable in monthly installments of $35,000 plus interest on the unpaid principal balance which accrues at a fixed rate of 3.045%. This term loan was secured by $1 million, provided that, so long as no event of default occurred and is then continuing, HSBC would release $200,000 of the collateral on each anniversary of the closing date. As of December 31, 2014, HSBC had released $600,000, to reduce the collateral to $400,000. | $ | 700,000 | $ | 1,120,000 | |||||
HSBC | |||||||||
$6,000,000 Mortgage payable secured by real property Buildings and improvements at 355 South Technology Drive, Central Islip, NY payable in monthly principle installments of $25,000 plus interest. Interest presently accrues at our option, at the variable rate of LIBOR plus 1.75% or HSBC’s prime rate minus 0.50% The loan matures on March 1, 2022. | 3,865,508 | 4,165,508 | |||||||
Totals | 4,565,508 | 5,285,508 | |||||||
Less: Current maturities | 720,000 | 720,000 | |||||||
Long-term debt | $ | 3,845,508 | $ | 4,565,508 | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | 2015 | $ | 720,000 | ||||||
2016 | 580,000 | ||||||||
2016 | 300,000 | ||||||||
2018 | 300,000 | ||||||||
2019 | 300,000 | ||||||||
Thereafter | 2,365,508 | ||||||||
$ | 4,565,508 |
Note_9_Earnings_Per_Share_Tabl
Note 9 - Earnings Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2014 | 2013 | |||||||
Weighted average common shares outstanding basic earnings per share | 6,129,831 | 6,071,375 | |||||||
Effect of potential common share issuance: | |||||||||
Stock options | --- | --- | |||||||
Weighted average common shares outstanding | |||||||||
Diluted earnings per share | 6,129,831 | 6,071,375 |
Note_10_Income_Taxes_Tables
Note 10 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2014 | 2013 | |||||||
Current: | |||||||||
Federal | $ | 240,591 | $ | ---- | |||||
State | 7,258 | ---- | |||||||
Total current tax provision | 247,849 | ---- | |||||||
Deferred: | |||||||||
Federal | (1,865,134 | ) | (1,230,271 | ) | |||||
State | 381,345 | (166,136 | ) | ||||||
Total deferred tax provision | (1,483,789 | ) | (1,396,407 | ) | |||||
Income tax benefit | $ | (1,235,940 | ) | $ | (1,396,407 | ) | |||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2014 | 2013 | |||||||
Allowance for doubtful accounts | $ | 16,826 | $ | 45,148 | |||||
Inventory capitalization | 23,185 | 36,591 | |||||||
Depreciation and amortization | (371,669 | ) | (385,907 | ) | |||||
Investment tax credits | 475,000 | 600,000 | |||||||
Research & development tax credits | 696,865 | 683,495 | |||||||
Compensation costs | 375,080 | 239,876 | |||||||
Vacation accrual | 242,099 | 274,307 | |||||||
Accrued loss on legal settlement | 1,674,500 | ||||||||
Net operating loss carryforward | 1,674,500 | ||||||||
Capital loss carryforward | 26,627 | 1,135,794 | |||||||
Gross deferred tax asset | 4,113,093 | 2,629,304 | |||||||
Less valuation allowance | (475,000 | ) | (475,000 | ) | |||||
Net deferred tax asset | $ | 3,638,093 | $ | 2,154,304 | |||||
Net current deferred tax asset | 2,887,960 | 1,443,321 | |||||||
Net long-term deferred tax asset | 750,133 | 710,983 | |||||||
Net deferred tax asset | $ | 3,638,093 | $ | 2,154,304 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2014 | 2013 | |||||||
Expected provision at federal statutory tax rate (34%) | $ | (1,261,218 | ) | $ | (665,288 | ) | |||
State taxes, net of federal benefit | 7,258 | (109,650 | ) | ||||||
Stock-based compensation expense | (307,737 | ) | (217,648 | ) | |||||
Deferred gain on sale of building | (301,742 | ) | |||||||
Capital loss carryforward | -- | 190,517 | |||||||
Net operating loss carryforward | (37,327 | ) | -- | ||||||
Federal research & development credit | (181,782 | ) | (248,444 | ) | |||||
Other permanent differences | 163,521 | (44,152 | ) | ||||||
Impact of New York State taxation change | 381,345 | ||||||||
Income tax benefit | $ | (1,235,940 | ) | $ | (1,396,407 | ) |
Note_11_Stockholders_Equity_Ta
Note 11 - Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Beginning | Granted | Exercised | Canceled | Ending | |||||||||||||||||||||||||
Balance | During | During | During | Balance | ||||||||||||||||||||||||||
Outstanding | Period | Period | Period | Outstanding | Exercisable | |||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||||
Number of shares | 41,900 | 0 | 6,650 | 0 | 35,250 | 35,250 | ||||||||||||||||||||||||
Weighted average exercise price | ||||||||||||||||||||||||||||||
Per share | $ | 4.82 | 0 | 0 | 0 | $ | 4.62 | $ | 4.62 | |||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||||
Number of shares | 35,250 | 0 | 0 | 0 | 35,250 | 35,250 | ||||||||||||||||||||||||
Weighted average exercise price | ||||||||||||||||||||||||||||||
Per share | $ | 4.62 | 0 | 0 | 0 | $ | 4.62 | $ | 4.62 | |||||||||||||||||||||
Beginning | Granted | Exercised | Canceled | Ending | ||||||||||||||||||||||||||
Balance | During | During | During | Balance | ||||||||||||||||||||||||||
Outstanding | Period | Period | Period | Outstanding | Exercisable | |||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||||
Number of shares | 162,480 | 0 | 10,000 | 0 | 152,480 | 127,480 | ||||||||||||||||||||||||
Weighted average exercise price | ||||||||||||||||||||||||||||||
Per share | $ | 4.35 | 0 | 0 | 0 | $ | 4.4 | $ | 4.35 | |||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||||
Number of shares | 152,480 | 0 | 28,000 | 0 | 124,480 | 111,980 | ||||||||||||||||||||||||
Weighted average exercise price | ||||||||||||||||||||||||||||||
Per share | $ | 4.35 | 0 | 0 | 0 | $ | 4.57 | $ | 4.56 | |||||||||||||||||||||
Beginning | Granted | Exercised | Canceled | Ending | ||||||||||||||||||||||||||
Balance | During | During | During | Balance | ||||||||||||||||||||||||||
Outstanding | Period | Period | Period | Outstanding | Exercisable | |||||||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||||||||||||
Number of shares | 200 | 0 | 0 | 200 | 0 | 0 | ||||||||||||||||||||||||
Weighted average exercise price | ||||||||||||||||||||||||||||||
Per share | $ | 11.51 | ||||||||||||||||||||||||||||
Year ended December 31, 2014 | ||||||||||||||||||||||||||||||
Number of shares | 0 | 100,000 | 0 | 0 | 100,000 | 0 | ||||||||||||||||||||||||
Weighted average exercise price | ||||||||||||||||||||||||||||||
Per share | $ | 11.17 | ||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||||||||
Average | Average | Average | ||||||||||||||||||||||||||||
Exercise | Number | Remaining | Exercise | Intrinsic | Number | Exercise | Intrinsic | |||||||||||||||||||||||
Price Range | Outstanding | Contractual | Price | Value | Exercisable | Price | Value | |||||||||||||||||||||||
$3.00 | - | 3.99 | 34,000 | 2.95 | $ | 3.65 | $ | 365,160 | 34,000 | $ | 3.65 | $ | 365,160 | |||||||||||||||||
$4.00 | - | 4.49 | 15,930 | 5.04 | $ | 4.25 | $ | 161,530 | 15,930 | $ | 4.25 | $ | 161,530 | |||||||||||||||||
$4.50 | - | 4.99 | 100,000 | 2.78 | $ | 4.62 | $ | 977,000 | 75,000 | $ | 4.62 | $ | 854,875 | |||||||||||||||||
$5.00 | - | 7.99 | 9,800 | 6.04 | $ | 7.9 | $ | 63,602 | 9,800 | $ | 7.9 | $ | 63,602 | |||||||||||||||||
$8.00 | - | 12 | 100,000 | 9.8 | $ | 11.17 | $ | 322,000 | 0 | $ | 11.17 | $ | 0 | |||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted | |||||||||||||||||||||||||||||
Average Grant | ||||||||||||||||||||||||||||||
Shares of | Date Fair | |||||||||||||||||||||||||||||
Restricted Stock | Value | |||||||||||||||||||||||||||||
Unvested outstanding at January 1, 2013 | 16,000 | $ | 10.97 | |||||||||||||||||||||||||||
Granted | 7,800 | $ | 10.16 | |||||||||||||||||||||||||||
Vested | (11,800 | ) | $ | 10.43 | ||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2013 | 12,000 | $ | 10.97 | |||||||||||||||||||||||||||
Granted | 6,400 | $ | 14.24 | |||||||||||||||||||||||||||
Vested | (10,400 | ) | $ | 12.98 | ||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2014 | 8,000 | $ | 10.97 | |||||||||||||||||||||||||||
Weighted | ||||||||||||||||||||||||||||||
Shares of | Average Grant | |||||||||||||||||||||||||||||
Restricted | Date Fair | |||||||||||||||||||||||||||||
Stock Units | Value | |||||||||||||||||||||||||||||
Unvested outstanding at January 1, 2013 | 30,575 | $ | 8.29 | |||||||||||||||||||||||||||
Granted | 133,955 | $ | 11.66 | |||||||||||||||||||||||||||
Vested | (20,287 | ) | $ | 9.38 | ||||||||||||||||||||||||||
Forfeited/Cancelled | - | |||||||||||||||||||||||||||||
Unvested outstanding at December 31, 2013 | 144,243 | $ | 11.26 | |||||||||||||||||||||||||||
Granted | - | |||||||||||||||||||||||||||||
Vested | (37,925 | ) | $ | 10.09 | ||||||||||||||||||||||||||
Forfeited/Cancelled | (2,500 | ) | $ | 10.71 | ||||||||||||||||||||||||||
Unvested outstanding at December 31, 2014 | 103,319 | $ | 11.71 |
Note_15_Segment_Reporting_Tabl
Note 15 - Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | CVD | SDC | Eliminations | Consolidated | |||||||||||||
Assets | $ | 44,953,847 | $ | 4,733,926 | $ | (4,131,301 | ) | $ | 45,556,472 | ||||||||
Revenue | $ | 23,831,036 | $ | 5,580,212 | $ | (1,420,785 | ) | $ | 27,990,463 | ||||||||
Interest Expense | 100,829 | 8,589 | 109,418 | ||||||||||||||
Depreciation and Amortization | 728,995 | 68,933 | 797,928 | ||||||||||||||
Capital expenditures | 571,240 | 46,521 | 617,761 | ||||||||||||||
Pretax (loss)/earnings | (4,877,892 | ) | 1,168,422 | (3,709,470 | ) | ||||||||||||
CVD | SDC | Eliminations | Consolidated | ||||||||||||||
Assets | $ | 39,783,689 | $ | 6,334,352 | $ | (6,976,402 | ) | $ | 39,141,639 | ||||||||
Revenue | $ | 13,136,083 | $ | 5,155,641 | $ | (407,797 | ) | $ | 17,883,927 | ||||||||
Interest Expense | 162,914 | 824 | 163,738 | ||||||||||||||
Depreciation and amortization | 571,046 | 75,376 | 646,422 | ||||||||||||||
Capital expenditures | 1,954,621 | 116,936 | 2,071,557 | ||||||||||||||
Pretax (loss)/earnings | (2,697,114 | ) | 740,384 | (1,956,730 | ) |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $0 | $0 |
Impairment of Long-Lived Assets Held-for-use | 0 | 0 |
Capitalized Computer Software, Net | 25,185 | 10,890 |
Capitalized Computer Software, Amortization | 11,386 | 7,433 |
Amortization of Intangible Assets | 20,007 | 6,964 |
Research and Development Expense | 877,788 | 1,013,157 |
Allowance for Doubtful Accounts Receivable, Current | 24,165 | 107,496 |
Freight Costs | 34,534 | 71,179 |
Shipping, Handling and Transportation Costs | 23,358 | 49,232 |
Software and Software Development Costs [Member] | Minimum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Software and Software Development Costs [Member] | Maximum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Minimum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 5 years | |
Maximum [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 20 years | |
Including External Customer Orders [Member] | ||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Research and Development Expense | $1,555,000 | $1,837,000 |
Note_3_Contracts_in_Progress_D
Note 3 - Contracts in Progress (Details) - Costs, Estimated Earnings, and Billings on Uncompleted Contracts (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Costs, Estimated Earnings, and Billings on Uncompleted Contracts [Abstract] | ||
Costs incurred on contracts in progress | $4,250,299 | $1,807,628 |
Estimated earnings | 4,541,377 | 1,229,038 |
8,791,677 | 3,036,666 | |
Billings to date | -7,621,523 | -1,711,587 |
1,170,154 | 1,325,079 | |
Costs and estimated earnings in excess of billings on contracts in progress | 2,498,662 | 1,577,969 |
Billings in excess of costs and estimated earnings on contracts in progress | ($1,328,508) | ($252,890) |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Inventories [Abstract] | ||
Raw materials | $4,307,913 | $4,058,350 |
Work-in-process | 419,731 | 300,460 |
Finished goods | 114,415 | 138,539 |
Totals | $4,842,059 | $4,497,349 |
Note_5_Property_Plant_and_Equi2
Note 5 - Property, Plant and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | ||
Amortization | $20,007 | $20,434 |
Note_5_Property_Plant_and_Equi3
Note 5 - Property, Plant and Equipment (Details) - Major Classes of Property, Plant and Equipment (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | $19,740,860 | $19,504,313 | ||
Less: Accumulated depreciation and amortization | -4,715,577 | -4,012,202 | ||
15,025,283 | 15,492,111 | |||
Depreciation and amortization expense (1) | 797,928 | [1] | 646,422 | [1] |
Land [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 2,220,000 | 2,220,000 | ||
Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 6,631,039 | 6,631,039 | ||
Building Improvements [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 5,577,248 | 5,417,620 | ||
Machinery and Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 2,333,129 | 2,329,299 | ||
Furniture and Fixtures [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 712,549 | 703,999 | ||
Computer Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 636,819 | 576,111 | ||
Transportation Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | 65,994 | 65,994 | ||
Lab Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property and equipment, gross | $1,564,082 | $1,560,251 | ||
[1] | Includes amortization expense of $20,007 and $20,434 for the years ending December 31, 2014 and 2013, respectively. Such amortization expense relates to other capitalized and intangible assets. |
Note_6_Intangible_Assets_Detai
Note 6 - Intangible Assets (Details) - Intangible Assets (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $267,571 | $248,032 |
Accumulated Amortization | 211,700 | 203,916 |
Carrying Amount | 55,871 | 44,116 |
Patents and Copyrights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 17 years | 17 years |
Cost | 77,357 | 57,818 |
Accumulated Amortization | 33,153 | 30,369 |
Carrying Amount | 44,204 | 27,449 |
Intellectual Property [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 15 years | 15 years |
Cost | 100,000 | 100,000 |
Accumulated Amortization | 88,333 | 83,333 |
Carrying Amount | 11,667 | 16,667 |
Licensing Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 5 years | 5 years |
Cost | 10,000 | 10,000 |
Accumulated Amortization | 10,000 | 10,000 |
Carrying Amount | 0 | 0 |
Certifications [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 3 years | 3 years |
Cost | 58,722 | 58,722 |
Accumulated Amortization | 58,722 | 58,722 |
Carrying Amount | 0 | 0 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period | 5 years | 5 years |
Cost | 21,492 | 21,492 |
Accumulated Amortization | 21,492 | 21,492 |
Carrying Amount | $0 | $0 |
Note_6_Intangible_Assets_Detai1
Note 6 - Intangible Assets (Details) - Estimated Amortization Expense Related to Intangible Assets (USD $) | Dec. 31, 2014 |
Estimated Amortization Expense Related to Intangible Assets [Abstract] | |
2015 | $8,084 |
2016 | 8,018 |
2017 | 4,580 |
2018 | 2,915 |
2019 | 2,869 |
Thereafter | 29,405 |
Total | $55,871 |
Note_7_Financing_Arrangements_
Note 7 - Financing Arrangements (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Aug. 05, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2012 | |
Note 7 - Financing Arrangements (Details) [Line Items] | ||||
Restricted Cash and Cash Equivalents | $400,000 | |||
Long-term Debt | 4,565,508 | 5,285,508 | ||
HSBC Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Note 7 - Financing Arrangements (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
HSBC Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | ||||
Note 7 - Financing Arrangements (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
HSBC Bank [Member] | Revolving Credit Facility [Member] | ||||
Note 7 - Financing Arrangements (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 7,000,000 | |||
HSBC Bank [Member] | Five-Year Term Loan [Member] | ||||
Note 7 - Financing Arrangements (Details) [Line Items] | ||||
Debt Instrument, Term | 5 years | |||
Debt Instrument, Face Amount | 2,100,000 | |||
Debt Instrument, Collateral Amount | 1,000,000 | |||
Debt Instrument, Collateral Release Amount | 200,000 | |||
Debt Instrument, Periodic Payment | 35,000 | |||
Loans Payable to Bank | 700,000 | 1,120,000 | ||
HSBC Bank [Member] | HSBC Bank Mortgage Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Note 7 - Financing Arrangements (Details) [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
HSBC Bank [Member] | HSBC Bank Mortgage Loan [Member] | ||||
Note 7 - Financing Arrangements (Details) [Line Items] | ||||
Debt Instrument, Face Amount | 6,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 1.91% | 1.92% | ||
Long-term Debt | 3,865,508 | |||
HSBC Bank [Member] | ||||
Note 7 - Financing Arrangements (Details) [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 9,100,000 |
Note_8_Longterm_Debt_Details_L
Note 8 - Long-term Debt (Details) - Long-term Debt (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Totals | $4,565,508 | $5,285,508 |
Less: Current maturities | 720,000 | 720,000 |
Long-term debt | 3,845,508 | 4,565,508 |
Five-Year Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | 700,000 | 1,120,000 |
HSBC Bank Mortgage Loan [Member] | ||
Debt Instrument [Line Items] | ||
Secured debt | $3,865,508 | $4,165,508 |
Note_8_Longterm_Debt_Details_L1
Note 8 - Long-term Debt (Details) - Long-term Debt (Parentheticals) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Five-Year Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
DP5bt instrumP5nt, facP5 amount | $2,100,000 | $2,100,000 |
DP5bt instrumP5nt, term | 5 years | 5 years |
Monthly installmP5nts | 35,000 | 35,000 |
IntP5rP5st rate | 3.05% | 3.05% |
CollatP5ral | 400,000 | 600,000 |
HSBC Bank Mortgage Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument [Line Items] | ||
Variable rate | 1.75% | 1.75% |
HSBC Bank Mortgage Loan [Member] | Prime Rate [Member] | ||
Debt Instrument [Line Items] | ||
Variable rate | 0.50% | 0.50% |
HSBC Bank Mortgage Loan [Member] | ||
Debt Instrument [Line Items] | ||
DP5bt instrumP5nt, facP5 amount | 6,000,000 | 6,000,000 |
Monthly installmP5nts | $25,000 | $25,000 |
Note_8_Longterm_Debt_Details_F
Note 8 - Long-term Debt (Details) - Future Maturities of Long-term Debt (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Future Maturities of Long-term Debt [Abstract] | ||
2015 | $720,000 | |
2016 | 580,000 | |
2016 | 300,000 | |
2018 | 300,000 | |
2019 | 300,000 | |
Thereafter | 2,365,508 | |
$4,565,508 | $5,285,508 |
Note_9_Earnings_Per_Share_Deta
Note 9 - Earnings Per Share (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 259,730 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 147,230 | |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 0 | 0 |
Note_9_Earnings_Per_Share_Deta1
Note 9 - Earnings Per Share (Details) - Calculation of Basic and Diluted Weighted Average Common Shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Calculation of Basic and Diluted Weighted Average Common Shares [Abstract] | ||
Weighted average common shares outstanding basic earnings per share | 6,129,831 | 6,071,375 |
Effect of potential common share issuance: | ||
Stock options | 0 | 0 |
Diluted earnings per share | 6,129,831 | 6,071,375 |
Note_10_Income_Taxes_Details
Note 10 - Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Note 10 - Income Taxes (Details) [Line Items] | ||
Operating Loss Carryforwards | $2,808,000 | |
Deferred Tax Assets, Valuation Allowance | 475,000 | 475,000 |
Capital Loss Carryforward [Member] | ||
Note 10 - Income Taxes (Details) [Line Items] | ||
Tax Credit Carryforward, Amount | 27,000 | |
Research Tax Credit Carryforward [Member] | ||
Note 10 - Income Taxes (Details) [Line Items] | ||
Tax Credit Carryforward, Amount | $696,000 |
Note_10_Income_Taxes_Details_C
Note 10 - Income Taxes (Details) - Components of Income Taxes (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | ||
Federal | $240,591 | $0 |
State | 7,258 | 0 |
Total current tax provision | 247,849 | 0 |
Deferred: | ||
Federal | -1,865,134 | -1,230,271 |
State | 381,345 | -166,136 |
Total deferred tax provision | -1,483,789 | -1,396,407 |
Income tax benefit | ($1,235,940) | ($1,396,407) |
Note_10_Income_Taxes_Details_D
Note 10 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Tax Assets and Liabilities [Abstract] | ||
Allowance for doubtful accounts | $16,826 | $45,148 |
Inventory capitalization | 23,185 | 36,591 |
Depreciation and amortization | -371,669 | -385,907 |
Investment tax credits | 475,000 | 600,000 |
Research & development tax credits | 696,865 | 683,495 |
Compensation costs | 375,080 | 239,876 |
Vacation accrual | 242,099 | 274,307 |
Accrued loss on legal settlement | 1,674,500 | |
Net operating loss carryforward | 1,674,500 | |
Capital loss carryforward | 26,627 | 1,135,794 |
Gross deferred tax asset | 4,113,093 | 2,629,304 |
Less valuation allowance | -475,000 | -475,000 |
Net deferred tax asset | 3,638,093 | 2,154,304 |
Net current deferred tax asset | 2,887,960 | 1,443,321 |
Net long-term deferred tax asset | 750,133 | 710,983 |
Net deferred tax asset | $3,638,093 | $2,154,304 |
Note_10_Income_Taxes_Details_E
Note 10 - Income Taxes (Details) - Effective Income Tax Rate Reconcilliation (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconcilliation [Abstract] | ||
Expected provision at federal statutory tax rate (34%) | ($1,261,218) | ($665,288) |
State taxes, net of federal benefit | 7,258 | -109,650 |
Stock-based compensation expense | -307,737 | -217,648 |
Deferred gain on sale of building | -301,742 | |
Capital loss carryforward | 190,517 | |
Net operating loss carryforward | -37,327 | |
Federal research & development credit | -181,782 | -248,444 |
Other permanent differences | 163,521 | -44,152 |
Impact of New York State taxation change | 381,345 | |
Income tax benefit | ($1,235,940) | ($1,396,407) |
Note_10_Income_Taxes_Details_E1
Note 10 - Income Taxes (Details) - Effective Income Tax Rate Reconcilliation (Parentheticals) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconcilliation [Abstract] | ||
Federal statutory tax rate | 34.00% | 34.00% |
Note_11_Stockholders_Equity_De
Note 11 - Stockholders' Equity (Details) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 15, 1989 | Nov. 30, 2006 | Dec. 12, 2007 | |
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | |||||
Allocated Share-based Compensation Expense | $515,933 | $461,195 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 259,730 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 28,000 | 16,650 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 310,520 | 90,988 | |||||
Selling, General and Administrative Expenses [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Allocated Share-based Compensation Expense | 462,000 | 235,000 | |||||
Restricted Stock [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 135,000 | 123,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 88,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 127 days | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 383,000 | 190,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $1,210,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 69 days | ||||||
Minimum [Member] | The 1989 Non-Qualified Stock Option Plan [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||||
Minimum [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||||||
Maximum [Member] | The 1989 Non-Qualified Stock Option Plan [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||||||
Maximum [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Director [Member] | The 2001 Non-Qualified Stock Option Plan [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 14,000 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $7.90 | ||||||
Directors and Key Employees [Member] | The 2007 Share Incentive Plan [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 42,320 | 28,087 | |||||
Key Employee [Member] | The 2007 Share Incentive Plan [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 100,000 | ||||||
The 1989 Non-Qualified Stock Option Plan [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 700,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 0 | |||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $0 | $0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 35,250 | 35,250 | 41,900 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 0 | 6,650 | |||||
The 2001 Non-Qualified Stock Option Plan [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 300,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 0 | 0 | 0 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in Dollars per share) | $0 | $0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 25% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 124,480 | 152,480 | 162,480 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 28,000 | 10,000 | |||||
The 2007 Share Incentive Plan [Member] | |||||||
Note 11 - Stockholders' Equity (Details) [Line Items] | |||||||
Common Stock, Capital Shares Reserved for Future Issuance (in Shares) | 750,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 100,000 | 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 100,000 | 0 | 200 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in Shares) | 0 | 0 |
Note_11_Stockholders_Equity_De1
Note 11 - Stockholders' Equity (Details) - Stock Option Plan (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 11 - Stockholders' Equity (Details) - Stock Option Plan [Line Items] | |||
Number of shares, exercised during period | 28,000 | 16,650 | |
Number of shares, ending balance outstanding | 259,730 | ||
Number of shares, exercisable | 147,230 | ||
The 1989 Non-Qualified Stock Option Plan [Member] | |||
Note 11 - Stockholders' Equity (Details) - Stock Option Plan [Line Items] | |||
Number of shares, beginning balance outstanding | 35,250 | 41,900 | |
Number of shares, granted during period | 0 | 0 | |
Number of shares, exercised during period | 0 | 6,650 | |
Number of shares, canceled during period | 0 | 0 | |
Number of shares, ending balance outstanding | 35,250 | 35,250 | |
Number of shares, exercisable | 35,250 | 35,250 | |
Weighted average exercise price per share, beginning balance outstanding (in Dollars per share) | $4.62 | $4.82 | |
Weighted average exercise price per share, granted during period (in Dollars per share) | $0 | $0 | |
Weighted average exercise price per share, exercised during period (in Dollars per share) | $0 | $0 | |
Weighted average exercise price per share, canceled during period (in Dollars per share) | $0 | $0 | |
Weighted average exercise price per share, ending balance outstanding (in Dollars per share) | $4.62 | $4.62 | |
Weighted average exercise price per share, exercisable (in Dollars per share) | $4.62 | $4.62 | |
The 2001 Non-Qualified Stock Option Plan [Member] | |||
Note 11 - Stockholders' Equity (Details) - Stock Option Plan [Line Items] | |||
Number of shares, beginning balance outstanding | 152,480 | 162,480 | |
Number of shares, granted during period | 0 | 0 | 0 |
Number of shares, exercised during period | 28,000 | 10,000 | |
Number of shares, canceled during period | 0 | 0 | |
Number of shares, ending balance outstanding | 124,480 | 152,480 | 162,480 |
Number of shares, exercisable | 111,980 | 127,480 | |
Weighted average exercise price per share, beginning balance outstanding (in Dollars per share) | $4.40 | $4.35 | |
Weighted average exercise price per share, granted during period (in Dollars per share) | $0 | $0 | |
Weighted average exercise price per share, exercised during period (in Dollars per share) | $0 | $0 | |
Weighted average exercise price per share, canceled during period (in Dollars per share) | $0 | $0 | |
Weighted average exercise price per share, ending balance outstanding (in Dollars per share) | $4.57 | $4.40 | $4.35 |
Weighted average exercise price per share, exercisable (in Dollars per share) | $4.56 | $4.35 | |
The 2007 Share Incentive Plan [Member] | |||
Note 11 - Stockholders' Equity (Details) - Stock Option Plan [Line Items] | |||
Number of shares, beginning balance outstanding | 0 | 200 | |
Number of shares, granted during period | 100,000 | 0 | |
Number of shares, exercised during period | 0 | 0 | |
Number of shares, canceled during period | 0 | 200 | |
Number of shares, ending balance outstanding | 100,000 | 0 | |
Number of shares, exercisable | 0 | 0 | |
Weighted average exercise price per share, beginning balance outstanding (in Dollars per share) | $11.51 | ||
Weighted average exercise price per share, ending balance outstanding (in Dollars per share) | $11.17 |
Note_11_Stockholders_Equity_De2
Note 11 - Stockholders' Equity (Details) - Outstanding and Exercisable Options (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Exercise Price Range 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | $3 |
Exercise price range, upper limit | $3.99 |
Options outstanding, number outstanding (in Shares) | 34,000 |
Options outstanding, weighted average remaining contractual | 2 years 346 days |
Options outstanding, weighted average exercise price | $3.65 |
Options outstanding, intrinsic value (in Dollars) | $365,160 |
Options exercisable, numnber exercisable (in Shares) | 34,000 |
Options exercisable, weighted average exercise price | $3.65 |
Options exercisable, intrinsic value (in Dollars) | 365,160 |
Exercise Price Range 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | $4 |
Exercise price range, upper limit | $4.49 |
Options outstanding, number outstanding (in Shares) | 15,930 |
Options outstanding, weighted average remaining contractual | 5 years 14 days |
Options outstanding, weighted average exercise price | $4.25 |
Options outstanding, intrinsic value (in Dollars) | 161,530 |
Options exercisable, numnber exercisable (in Shares) | 15,930 |
Options exercisable, weighted average exercise price | $4.25 |
Options exercisable, intrinsic value (in Dollars) | 161,530 |
Exercise Price Range 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | $4.50 |
Exercise price range, upper limit | $4.99 |
Options outstanding, number outstanding (in Shares) | 100,000 |
Options outstanding, weighted average remaining contractual | 2 years 284 days |
Options outstanding, weighted average exercise price | $4.62 |
Options outstanding, intrinsic value (in Dollars) | 977,000 |
Options exercisable, numnber exercisable (in Shares) | 75,000 |
Options exercisable, weighted average exercise price | $4.62 |
Options exercisable, intrinsic value (in Dollars) | 854,875 |
Exercise Price Range 4 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | $5 |
Exercise price range, upper limit | $7.99 |
Options outstanding, number outstanding (in Shares) | 9,800 |
Options outstanding, weighted average remaining contractual | 6 years 14 days |
Options outstanding, weighted average exercise price | $7.90 |
Options outstanding, intrinsic value (in Dollars) | 63,602 |
Options exercisable, numnber exercisable (in Shares) | 9,800 |
Options exercisable, weighted average exercise price | $7.90 |
Options exercisable, intrinsic value (in Dollars) | 63,602 |
Exercise Price Range 5 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower limit | $8 |
Exercise price range, upper limit | $12 |
Options outstanding, number outstanding (in Shares) | 100,000 |
Options outstanding, weighted average remaining contractual | 9 years 292 days |
Options outstanding, weighted average exercise price | $11.17 |
Options outstanding, intrinsic value (in Dollars) | 322,000 |
Options exercisable, numnber exercisable (in Shares) | 0 |
Options exercisable, weighted average exercise price | $11.17 |
Options exercisable, intrinsic value (in Dollars) | $0 |
Note_11_Stockholders_Equity_De3
Note 11 - Stockholders' Equity (Details) - Restricted Stock and Restricted Stock Units Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Note 11 - Stockholders' Equity (Details) - Restricted Stock and Restricted Stock Units Activity [Line Items] | |||
Unvested outstanding | 8,000 | 12,000 | 16,000 |
Unvested outstanding, weighted average grant date fair value | $10.97 | $10.97 | $10.97 |
Granted | 6,400 | 7,800 | |
Granted, weighted average grant date fair value | $14.24 | $10.16 | |
Vested | -10,400 | -11,800 | |
Vested, weighted average grant date fair value | $12.98 | $10.43 | |
Restricted Stock Units (RSUs) [Member] | |||
Note 11 - Stockholders' Equity (Details) - Restricted Stock and Restricted Stock Units Activity [Line Items] | |||
Unvested outstanding | 103,319 | 144,243 | 30,575 |
Unvested outstanding, weighted average grant date fair value | $11.71 | $11.26 | $8.29 |
Granted | 133,955 | ||
Granted, weighted average grant date fair value | $11.66 | ||
Vested | -37,925 | -20,287 | |
Vested, weighted average grant date fair value | $10.09 | $9.38 | |
Forfeited/Cancelled | -2,500 | ||
Forfeited/Cancelled, weighted average grant date fair value | $10.71 |
Note_12_Defined_Contribution_P1
Note 12 - Defined Contribution Plan (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ||
Defined Contribution Plan, Administrative Expenses | $2,800 | $2,380 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $0 | $0 |
Note_13_Significant_Risks_and_1
Note 13 - Significant Risks and Uncertainties (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 13 - Significant Risks and Uncertainties (Details) [Line Items] | ||
Cash, Uninsured Amount (in Dollars) | $10,216,263 | $9,834,765 |
Number of Major Customers | 1 | 1 |
Export Sales to Unaffiliated Customers as Percentage of Total Sales | 20.20% | 27.30% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Note 13 - Significant Risks and Uncertainties (Details) [Line Items] | ||
Concentration Risk, Percentage | 50.20% | 23.70% |
Note_15_Segment_Reporting_Deta
Note 15 - Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 2 |
Note_15_Segment_Reporting_Deta1
Note 15 - Segment Reporting (Details) - Segment Information (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Segment Reporting Information [Line Items] | ||||
Assets | $45,556,472 | $39,141,639 | ||
Revenue | 27,990,463 | 17,883,927 | ||
Interest Expense | 109,418 | 163,738 | ||
Depreciation and Amortization | 797,928 | [1] | 646,422 | [1] |
Capital expenditures | 617,761 | 2,071,557 | ||
Pretax (loss)/earnings | -3,709,470 | -1,956,730 | ||
CVD [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 44,953,847 | 39,783,689 | ||
Revenue | 23,831,036 | 13,136,083 | ||
Interest Expense | 100,829 | 162,914 | ||
Depreciation and Amortization | 728,995 | 571,046 | ||
Capital expenditures | 571,240 | 1,954,621 | ||
Pretax (loss)/earnings | -4,877,892 | -2,697,114 | ||
SDC [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | 4,733,926 | 6,334,352 | ||
Revenue | 5,580,212 | 5,155,641 | ||
Interest Expense | 8,589 | 824 | ||
Depreciation and Amortization | 68,933 | 75,376 | ||
Capital expenditures | 46,521 | 116,936 | ||
Pretax (loss)/earnings | 1,168,422 | 740,384 | ||
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Assets | -4,131,301 | -6,976,402 | ||
Revenue | ($1,420,785) | ($407,797) | ||
[1] | Includes amortization expense of $20,007 and $20,434 for the years ending December 31, 2014 and 2013, respectively. Such amortization expense relates to other capitalized and intangible assets. |
Note_16_Commitments_and_Contin1
Note 16 - Commitments and Contingencies (Details) (Subsequent Event [Member], USD $) | 0 Months Ended | |
Jan. 19, 2015 | Jan. 29, 2015 | |
Note 16 - Commitments and Contingencies (Details) [Line Items] | ||
Payments for Legal Settlements | $4,925,000 | |
Pending Litigation [Member] | ||
Note 16 - Commitments and Contingencies (Details) [Line Items] | ||
Loss Contingency, Damages Sought, Value | $6,900,000 |