Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 15, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | CVD EQUIPMENT CORP | ||
Entity Central Index Key | 766,792 | ||
Trading Symbol | cvv | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 6,458,714 | ||
Entity Public Float | $ 58,029,593 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 14,210,909 | $ 21,677,186 |
Accounts receivable, net | 2,058,617 | 607,522 |
Costs and estimated earnings in excess of billings on contracts in progress | 8,397,024 | 2,596,518 |
Inventories, net | 2,965,623 | 3,286,539 |
Other current assets | 167,425 | 235,537 |
Total Current Assets | 27,799,598 | 28,403,302 |
Property, plant and equipment, net | 28,839,457 | 14,344,924 |
Construction in progress | 94,058 | |
Deferred income taxes | 1,609,186 | 2,440,334 |
Other assets | 67,847 | 68,450 |
Intangible assets, net | 662,162 | 253,624 |
Total Assets | 58,978,250 | 45,604,692 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 1,174,968 | 743,132 |
Accrued expenses | 2,738,373 | 1,942,818 |
Current maturities of long-term debt | 647,324 | 300,000 |
Current portion acquisition related contingent payments | 100,000 | |
Billings in excess of costs and estimated earnings on contracts in progress | 466,313 | 5,262,339 |
Deferred revenue | 291,953 | 77,633 |
Total Current Liabilities | 5,418,931 | 8,325,922 |
Long-term acquisition related contingent payments | 200,000 | |
Long-term debt, net of current portion | 12,705,683 | 2,965,508 |
Total Long-Term Liabilities | 12,905,683 | 2,965,508 |
Total Liabilities | 18,324,614 | 11,291,430 |
Commitments and Contingencies (Note 16) | ||
Stockholders’ Equity: | ||
Common stock - $0.01 par value – 20,000,000 shares authorized; issued and outstanding 6,458,714 at December 31, 2017 and 6,346,590 shares at December 31, 2016 | 64,587 | 63,466 |
Additional paid-in capital | 25,209,316 | 24,131,474 |
Retained earnings | 15,379,733 | 10,118,322 |
Total Stockholders’ Equity | 40,653,636 | 34,313,262 |
Total Liabilities and Stockholders’ Equity | $ 58,978,250 | $ 45,604,692 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 6,458,714 | 6,346,590 |
Common stock, shares outstanding (in shares) | 6,458,714 | 6,346,590 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue | $ 41,128,639 | $ 20,955,347 |
Cost of revenue | 23,528,427 | 13,850,824 |
Gross profit | 17,600,212 | 7,104,523 |
Operating expenses | ||
Research and development | 437,157 | 433,844 |
Selling and shipping | 1,404,938 | 1,097,661 |
General and administrative | 8,539,244 | 6,926,487 |
Gain on settlement | (628,905) | |
Total operating expenses | 10,381,339 | 7,829,087 |
Operating income/(loss) | 7,218,873 | (724,564) |
Other income (expense): | ||
Interest income | 80,518 | 28,233 |
Interest expense | (106,280) | (79,861) |
Other income/(expense) | 2,244 | 123,006 |
Total other (expense)/income net | (23,518) | 71,378 |
Income/(loss) before income tax expense/(benefit) | 7,195,355 | (653,186) |
Income tax expense/(benefit) | 1,933,944 | (504,061) |
Net income/(loss) | $ 5,261,411 | $ (149,124) |
Basic income/(loss) per common share (in dollars per share) | $ 0.83 | $ (0.02) |
Diluted income/(loss) per common share (in dollars per share) | $ 0.82 | $ (0.02) |
Weighted average common shares Outstanding-basic (in shares) | 6,375,848 | 6,285,815 |
Weighted average common shares Outstanding-diluted (in shares) | 6,387,464 | 6,285,815 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2015 | 6,198,135 | |||
Balance at Dec. 31, 2015 | $ 61,981 | $ 22,895,202 | $ 10,267,446 | $ 33,224,629 |
Exercise of stock options (in shares) | 100,000 | 100,000 | ||
Exercise of stock options | $ 1,000 | 461,000 | $ 462,000 | |
Stock-based compensation (in shares) | 48,455 | |||
Stock-based compensation | $ 485 | 775,272 | 775,757 | |
Net income/(loss) | (149,124) | $ (149,124) | ||
Balance (in shares) at Dec. 31, 2016 | 6,346,590 | 6,346,590 | ||
Balance at Dec. 31, 2016 | $ 63,466 | 24,131,474 | 10,118,322 | $ 34,313,262 |
Exercise of stock options (in shares) | 36,800 | 34,000 | ||
Exercise of stock options | $ 368 | 145,852 | $ 146,220 | |
Stock-based compensation (in shares) | 75,324 | |||
Stock-based compensation | $ 753 | 931,990 | 932,743 | |
Net income/(loss) | 5,261,411 | $ 5,261,411 | ||
Balance (in shares) at Dec. 31, 2017 | 6,458,714 | 6,458,714 | ||
Balance at Dec. 31, 2017 | $ 64,587 | $ 25,209,316 | $ 15,379,733 | $ 40,653,636 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash flows from operating activities: | |||
Net income/(loss) | $ 5,261,411 | $ (149,124) | |
Adjustments to reconcile net income/(loss) to net cash used in operating activities | |||
Stock-based compensation | 932,743 | 775,757 | |
Depreciation and amortization | [1] | 867,277 | 813,657 |
Deferred income tax benefit | 831,148 | (435,495) | |
Deferred revenue | (80,187) | ||
Provision for doubtful accounts | 1,413 | (16,395) | |
Increase/(decrease) in operating assets | |||
Accounts receivable | (1,452,507) | 2,500,124 | |
Cost in excess of billings on contracts in progress | (5,800,506) | 2,038,500 | |
Inventories, net | 345,916 | (290,109) | |
Other current assets | 68,112 | (68,473) | |
Increase/(decrease) in operating liabilities | |||
Accounts payable | 431,836 | 435,129 | |
Accrued expenses | 795,552 | (1,503,062) | |
Current maturities of long-term debt | (280,000) | ||
Billings in excess of costs and estimated earnings on contracts in progress | (4,796,025) | 5,262,339 | |
Deferred revenue | 214,320 | (230,050) | |
Total adjustments | (7,640,908) | 9,001,922 | |
Net cash (used in)/provided by operating activities | (2,379,497) | 8,852,798 | |
Cash flows from investing activities: | |||
Restricted cash | 200,000 | ||
Capital expenditures | (889,298) | (112,493) | |
Purchase of building | (14,000,886) | ||
Purchase of Mesoscribe Technologies | (419,813) | (500,000) | |
Purchase of assets Tantaline A/S | (419,813) | (500,000) | |
Deposits | (10,503) | 1,550 | |
Net cash (used in) investing activities | (15,320,500) | (410,943) | |
Cash flows from financing activities | |||
Net proceeds from stock options exercised | 146,220 | 462,000 | |
Proceeds from mortgage payable | 10,387,500 | ||
Payments of long-term debt | (300,000) | (300,000) | |
Net cash provided by financing activities | 10,233,720 | 162,000 | |
Net (decrease)/increase in cash and cash equivalents | (7,466,277) | 8,603,855 | |
Cash and cash equivalents at beginning of year | 21,677,186 | 13,073,331 | |
Cash and cash equivalents at end of year | 14,210,909 | 21,677,186 | |
Supplemental disclosure of cash flow information: | |||
Income taxes paid | 601,800 | 101,352 | |
Interest paid | $ 71,263 | $ 79,861 | |
[1] | Includes amortization expense of $45,645 and $31,356 for the years ending December 31, 2017 and 2016, respectively. Such amortization expense relates to other capitalized and intangible assets. |
Note 1 - Business Description
Note 1 - Business Description | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
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. one |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 2 Principles of Consolidation The consolidated financial statements include the accounts of CVD Equipment Corporation and its wholly owned subsidiar ies. In December 1998, April 1999, five 411519R, 555 555 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 of inventories at the lower of cost or market; allowance for doubtful accounts receivable; valuation allowances for deferred tax assets, impairment considerations of long-lived assets and stock-based compensation and costs associated with product warranties. Revenue Recognition. We earn revenue from the sale of custom equipment to customers around the world. A large portion of our revenue is derived from contracts relating to the design, development or manufacture of complex equipment to a buyer’s specification and is recognized in accordance with FASB ASC 605 35. of-completion accounting method and generally recognize revenue based on the relationship of total costs incurred to total projected costs. Profits expected to be realized on such contracts are based on total estimated sales for the contract compared to total estimated costs, including warranty costs, at completion of the contract. Direct costs which include materials, labor and overhead are charged to work-in-progress (including our contracts-in-progress) inventory or cost of sales. Indirect costs relating to long-term contracts, which include expenses such as general and administrative, are charged to expense as incurred and are not We have been engaged in the production and delivery of goods on a continual basis under contractual arrangements for many years. Historically, we have demonstrated an ability to accurately estimate total revenues and total expenses relating to our long-term contracts. However, there exist many inherent risks and uncertainties in estimating revenues, expenses and progress toward completion, particularly on larger or longer-term contracts. If we do not may may Adoption of New Revenue Standard In May 2014, No. 2014 09, 606 five December 15, 2016; August 2015, No. 2015 14 2014 09 one The Company has completed its assessment of the impact that the standard will have on revenue recognition. The Company has reviewed contracts for all material revenue streams and assessed potential impacts on the Company ’s consolidated financial statements, results of operations, disclosures, and internal controls over financial reporting. The Company currently recognizes a significant majority of its revenue over time. Management has determined that this will remain materially consistent upon adoption of the new standard and no first 2018 Inventories Inventories are valued at the lower of cost (determined on the first first net realizable value. Income Taxes On December 22, 2017, 1986, not 35% 21%; December 31, 2017. 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 not 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 The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than- not 50% income taxes also addresses derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. The Company does not December 31, 2017 The Company and its subsidiar ies 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, Delaware, Michigan, Minnesota, New Hampshire and Wisconsin. The Company is no 2014. Long Lived Assets and Intangibles Long-lived assets consist primarily of property, plant, and equipment. Intangibles consist of patents, copyrights and intellectual property, licensing agreements and certifications. Long-lived assets are reviewed for impairment whenever events or circumstances indicate their carrying value may not 360 10 35, no December 31, 2017 2016. Computer Software The Company follows ASC 350 40, $427,000 $2,000 December 31, 2017 2016, three five $36,000 $18,000 December 31, 2017 2016, Intangible Assets The cost of intangible assets is being amortized on a straight-line basis over their estimated initial useful lives which ranged from 5 20 2017 2016 $46,000 $31,000, Research & Development Research and development costs are expensed as incurred. In 2012 2017, $2,220,000 $437,000 2016, $2,448,000 $434,000 Accounts Receivable Accounts receivable is presented net of an allowance for doubtful accounts of $4,000 $2,000 December 31, 2017 2016, may Product Warranty The Company records warranty costs as incurred and does not , based on historical experience. However, it is reasonably possible that this estimate may Earnings Per Share Basic 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 had cash and cash equivalents of $ 14.2 $21.7 December 31, 2017 2016. 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 al lowances 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, net, accounts payable and accrued expenses, deferred revenue 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. Business Combination The Company has accounted for its acquisitions of the assets of both Tantaline A/S and Mesoscribe Technologies, Inc. using the acquisition method. The Company has allocated the purchase price to the assets acquired based on their estimated fair values at the acquisition dates. Acquisition-Related Contingent Consideration Acquisition-related contingent consideration represents an obligation of the Company to transfer additional assets or equity interests if specified future events occur or conditions are met. This contingency is accounted for at fair value either as a liability or equity depending on the terms of the acquisition agreement. The Company determines the estimated fair value of contingent consideration as of the acquisition date, and subsequently at the end of each reporting period. In doing so, the Company makes significant estimates and assumptions regarding future events or conditions being achieved under the subject contingent agreement as well as the appropriate discount rate to apply. Stock-Based Compensation The Company records stock-based compensation in accordance with the provisions set forth in ASC 718, using the modified prospective method. ASC 718 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 $42,000 $28,000 December 31, 2017 2016, Recently Adopt ed A ccounting Pronouncement In May 2014, No. 2014 09, 606 five December 15, 2016; August 2015, No. 2015 14 2014 09 one The Company has completed its assessment of the impact that the standard will have on revenue recognition. The Company has reviewed contracts for all material revenue streams and ’s consolidated financial statements, results of operations, disclosures, and internal controls over financial reporting. The Company currently recognizes a significant majority of its revenue over time. Management has determined that this will remain materially consistent upon adoption of the new standard and no first 2018 In February 2016 No. 2016 02, 842 2016 02 2016 02 not 12 not 2016 02 December 15, 2018. may 842 842 2016 02. We believe there is no not 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 |
Note 3 - Contracts in Progress
Note 3 - Contracts in Progress | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
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: 2017 2016 Costs incurred on contracts in progress $ 22,079,680 $ 4,678,192 Estimated earnings 16,499,697 10,733,826 38,579,377 15,412,018 Billings to date (30,648,666 ) (18,077,839 ) $ 7,930,711 $ (2,665,821 ) 2017 2016 Included in accompanying balance sheets Under the following captions: Costs and estimated earnings in excess of billings on contracts in progress $ 8,397,024 $ 2,596,518 Billings in excess of costs and estimated earnings on contracts in progress $ (466,313 ) $ (5,262,339 ) |
Note 4 - Inventories
Note 4 - Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 4 - Inventories Inventories consist of: 2017 20 16 Raw materials $ 2,549,016 $ 3,062,830 Work-in-process 389,630 159,482 Finished goods 26,977 64,227 Totals $ 2,965,623 $ 3,286,539 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | Note 5 – Property, Plant and Equipment Major classes of property, plant and equipment consist of the following : 2017 2016 Land $ 6,929,000 $ 2,220,000 Buildings 15,917,925 6,631,039 Building improvements 5,805,045 5,615,823 Machinery and equipment 3,246,877 2,671,333 Furniture and fixtures 563,959 547,144 Computer equipment 587,147 479,534 Software 427,441 --- Transportation equipment 65,994 65,994 Lab equipment 1,979,181 1,975,533 Totals at cost 35,522,568 20,206,400 Less: Accumulated depreciation and amortization (6,683,111 ) (5,861,476 ) Property, plant and equipment, net $ 28,839,457 $ 14,344,924 Deprec iation and amortization expense (1) $ 867,277 $ 813,657 ( 1 Includes amortization expense of $ 45,645 $31,356 December 31, 2017 2016, intangible assets. |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 6 – Intangible Assets 2017 Weighted Average Accumulated Carrying Intangible Assets Amortization Period Cost Amortization Amount Patents , Copyrights and Intellectual Property 18 839,831 177,669 662,162 Licensing Agreement 5 10,000 10,000 0 Certifications 3 58,722 58,722 0 Other 5 21,492 21,492 0 Totals $ 930,045 $ 267,883 $ 662,162 2016 Weighted Average Accumulated Carrying Intangible Assets Amortization Period Cost Amortization Amount Patents , Copyrights and Intellectual property 18 396,757 143,133 253,624 Licensing agreement 5 10,000 10,000 0 Certifications 3 58,722 58,722 0 Other 5 21,492 21,492 0 Totals $ 486,971 $ 233,347 $ 253,624 The estimated amortization expense related to intangible assets for each of the five fter as of December 31, 2016 Year Ended 2018 $ 56,533 2019 56,533 2020 56,533 2021 56,533 2022 56,533 Thereafter 379,497 Total $ 662,162 |
Note 7 - Financing Arrangements
Note 7 - Financing Arrangements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | Note 7 – Financing Arrangements The Company has a revolving credit facility with HSBC Bank, USA, N.A. (“HSBC”) providing up to $7 September 1, 2018. December 31, 2017. The Company has a loan agreement with HSBC which is secured by a mortgage against our Central Islip facility. The loan is payable in 120 $25,000 March 2022. December 31, 2017 December 31, 2016 $3.0 $3.3 1.75% 3.3118% 2.5610% December 31, 2017 2016 On October 31, 2017 Pursuant to the Asset Purchase Agreement, the purchase price for the assets acquired in the Acquisition was $800,000.00, $500,000 d $300,000 may two 2 twelve 12 $100,000 On November 30, 2017, 555 11722. $13,850,000 ’s newly formed wholly-owned subsidiary, 555 $10,387,500, 555 11722 November 30, 2017 ( November 30, 2017, The Loan is payable in 60 $62,777.60 3.9148%. December 1, 2022. As a condition of the Bank making the Loan, the Company was required to guaranty Assignee ’s obligations under the Loan pursuant that certain Unlimited Guaranty, dated November 30, 2017 ( |
Note 8 - Long-term Debt
Note 8 - Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | Note 8 – Long-term Debt Long-term debt as of December 31 201 7 20 16 HSBC $10,387,500 Mortgage payable secured by real Property, buildings and improvements at 555 N Research Place, Central Islip, NY payable in monthly principle Installments of $62,777.60 including interest at a rate of 3.9148%, maturing on December 1, 2022 $ 10,387,500 $ --- Mesoscribe Technologies, Inc. $300,000 acquisition related contingent payment $ 300,000 --- HSBC $6,000,000 Mortgage payable secured by real uildings 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. 2,965,508 3,265,508 Total long-term debt 13,653,008 3,265,508 Less: Current maturities 747,325 300,000 Long-term debt $ 12,905,683 $ 2,965,508 Future maturities of long-t erm debt as of December 31, 2017 2018 $ 747,324 2019 861,364 2020 674,893 2021 691,125 2022 10,678,302 Thereafter -- Total long-term debt $ 13,653,008 |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 9 – Earnings per Share The calculation of basic and diluted weighted average common shares outstanding is as follows: 2017 2016 Weighted average common shares outstanding basic earnings per share 6,375,848 6,285,815 Effect of potential common share issuance: Stock options 11,616 --- Weighted average common shares outstanding Diluted earnings per share 6,387,464 6,285,815 Stock options to purchase 387,930 207,930 December 31, 2017. December 31, 2017, 22,930 284,730 124,730 December 31, 2016. December 31, 2016 none |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 1 0 – Income Taxes The Tax Cuts and Jobs Act was enacted on December 22, 2017. 35% 21. In accordance with the accounting standard ASC 740 As a result of the reduction of the corporate income tax rate to 21%, $689,000. December 31, 2017, $427,000 not 2032 2037. ’s history of taxable income and the character of that income, management believes it is more likely than not The expense/(benefit) for income taxes includes the following: 201 7 2016 Current: Federal $ 1,091,216 $ (71,070 ) State 11,580 2,504 Total current tax provision 1,102,796 (68,566 ) Deferred: Federal 831,148 (435,495 ) State - --- Total deferred tax provision 831,148 (435,495 ) Income tax (benefit)/expense $ 1,933,944 $ (504,061 ) In March 2014, The tax effects of temporary differences giving rise to significant portions of the net deferred taxes are as follows: 201 7 201 6 Allowance for doubtful accounts $ 773 $ 771 Inventory capitalization 6,813 19,071 Depreciation and amortization 70,272 (211,014 ) Investment tax credits ---- 475,000 Research & development tax credits 496,930 1,278,690 Compensation costs 838,643 1,000,073 Vacation accrual 179,309 333,396 Net operating loss carryforward --- (7,280 ) Capital loss carryforward 16,446 26,627 Net long-term deferred tax asset 1,609,186 2,915,334 Less valuation allowance --- (475,000 ) Net long-term deferred tax asset $ 1,609,186 $ 2,440,334 The reconciliation of the federal statutory income tax rate to our effective tax rate is as follows: 2017 2016 Expected provision at federal statutory tax rate (34%) $ 2,740,010 $ (222,083 ) State taxes, net of federal benefit 11,580 2,504 Stock-based compensation expense (161,429 ) (269,163 ) Net operating loss carryforward 7,280 (21,412 ) Federal research & development credit (781,760 ) (144,522 ) Other permanent differences 118,263 150,615 Income tax expense/(benefit) $ 1,933,944 $ (504,061 ) The Company ’s foreign entity CVD Tantaline ApS incurred a loss of approximately $865,000, $190,000 December 31, 2017, 22% no December 31, 2016. |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-based Payments [Text Block] | NOTE 1 1 – Stockholders’ e quity 2001 In November 2006, July 2001, may were awarded by the Board of Directors or by a committee appointed by the Board. Under the plan, an aggregate of 300,000 $.01 four one July 22, 2011. 2007 On December 12, 2007, ’s 2007 750,000 may December 12, 2017. 2017, 75,324 three 140,000 ’s common stock. In 2016, 42,320 December, 2017. 2016 On December 9, 2016, ’s 2016 “2016 750,000 reserved for issuance pursuant to options or restricted stock that may 2016 December 9, 2026. No 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 value of the shares on the date such option is granted. The stock options generally expire seven ten $933,000 $776,000 December 31, 2017 2016, A summary of the stock option activity related to the 2001 2007 January 1, 201 6 December 31, 2017 2001 Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 201 6 Number of shares 124,480 -0- 64,750 -0- 59,730 59,730 Weighted average exercise price Per share $ 4.57 -0- 4.62 -0- $ 4.51 $ 4.51 Year ended December 31, 201 7 Number of shares 59,730 -0- 36,800 -0- 22,930 22,930 Weighted average exercise price Per share $ 4.51 -0- 3.97 -0- $ 5.36 $ 5.36 2007 Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 201 6 Number of shares 100,000 125,000 -0- -0- 225,000 65,000 Weighted average exercise price Per share $ 11.17 8.04 -0- -0- $ 9.43 $ 9.97 Year ended December 31, 201 7 Number of shares 225,000 140,000 -0- -0- 365,000 185,000 Weighted average exercise price Per share $ 9.43 10.82 -0- -0- $ 12.35 $ 13.76 The Company has 387,930 two December 31, 2017. The following table summarizes information about the outstanding and exercisable options at December 31, 201 7. Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Exercis e Number Remaining Exercise Intrinsic Number Exercise Intrinsic Price Range Outstanding Contractual Price Value Exercisable Price Value $4.00 - 7.00 15,930 2.00 $ 4.25 $ 117,404 15,930 $ 4.25 $ 117,404 $7.00 - 10.00 7,000 3.00 $ 7.90 $ 26,040 9,800 $ 7.90 $ 26,040 $10.01 - 12.00 240,000 8.3 $ 10.96 $ 158,400 65,000 $ 11.17 $ 27,000 $12.01 - 15.00 125,000 4.5 $ 15.00 $ 0 125,000 $ 15.00 $ 0 The intrinsic value of the 34,000 December 31, 2017 $256,000. The intrinsic value of the 100,000 December 31, 2016 $203,000. Restricted Stock Awards The following table summarizes restricted stock awards for the year s ended December 31, 2017 2016: Weighted Shares of Average Grant Restricted Date Fair Stock Value Unvested outstanding at January 1, 2016 4,000 $ 10.97 Granted 17,524 $ 8.45 Vested (21,524 ) $ 12.84 Forfeited/Cancelled - Unvested outstanding at December 31, 201 6 0 $ 0 Granted 9,300 $ 9.70 Vested (9,300 ) $ 9.70 Forfeited/Cancelled - Unvested outstanding at December 31, 201 7 -0- $ The total fair value of shares of restricted stock awards vested for the years ended December 31, 201 7 2016 $90,000 $276,000 The fair value of the outstanding restricted stock awards will be recorded as stock compensation expense over the vesting period. Restricted Stock Units The following table summarizes restricted stock units for the year s ended December 31, 2017 December 31, 2016: Weighted Shares of Average Grant Restricted Date Fair Stock Units Value Unvested outstanding at January 1, 201 6 94,580 $ 12.55 Granted 60,400 $ 8.56 Vested (33,890 ) $ 12.43 Forfeited/Cancelled (7,000 ) $ 11.68 Unvested outstanding at December 31, 201 6 114,090 $ 10.47 Granted 39,720 $ 10.88 Vested (58,776 ) $ 10.83 Forfeited/Cancelled (125 ) $ 14.61 Unvested outstanding at December 31, 201 7 94,909 $ 10.43 The total fair value of vested restricted stock units was $ 637,000 $421,000 December 31, 2017 2016. The fair value of the outstanding restricted stock units will be recorded as stock compensation expense over the vesting period. As of December 31, 201 7, $990,000 1.58 During the years ended December 31, 2017 2016, $933,000 $776,000 718. |
Note 12 - Defined Contribution
Note 12 - Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 1 2 – Defined Contribution Plan On August 1, 1998, 401 401 is eligible to become a participant after three Participants may December 31, 201 7 2016, $13,325 $14,636, No 2017 2016. |
Note 13 - Significant Risks and
Note 13 - Significant Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | Note 1 3 – Significant Risks and U ncertainties Cash and Cash Equivalents The Company places most of its temporary cash investments with financial institutions, which from time to time may December 31, 20 17 December 31, 2016 $12,198,000 $20,157,000 respectively. Sales Concentration s Revenue to a single customer in any one 10.0% One 66.1% 45.3% 2017 2016. not may Export sales to unaffiliated customers represented approximately 9.6% 11.9% December 31, 2017 2016, 2017 2016 not |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 1 4 – Segment Reporting The Company adopted ASC 280, 2 2 no $1.2 The following table presents certain information regarding the Company ’s segments as of December 31, 2017 CVD SDC Eliminations Consolidated Assets $ 54,387,955 $ 4,902,027 $ (311,732 ) $ 58,978,250 Revenue $ 35,697,372 $ 7,426,890 $ (1,995,623 ) $ 41,128,639 Interest Expense 106,280 -- 106,280 Depreciation and Amortization 804,900 62,377 867,277 Capital expenditures 14,888,801 1,383 14,890,184 Pretax earnings/(loss) 5,227,131 1,968,224 7,195,355 The following table presents certain information regarding the Company ’s segments as of December 31, 2016 CVD SDC Eliminations Consolidated Assets $ 43,300,131 $ 4,558,111 $ (2,253,550 ) $ 45,604,692 Revenue $ 18,568,132 $ 2,934,831 $ (547,616 ) $ 20,955,347 Interest Expense 78,322 1,539 79,861 Depreciation and Amortization 750,680 62,978 813,658 Capital expenditures 606,643 5,850 612,493 Pretax (loss)/earnings (211,576 ) (441,610 ) (653,186 ) |
Note 15 - Business Acquisition
Note 15 - Business Acquisition | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 15 – Business acquisition On December 16, 2016, 2007, Pursuant to the asset Purchase Agreement, the purchase price for the assets acquired in the Acquisition was $500,000, The Company accounted for this acquisition using the acquisition method. The Company allocated the purchase price to the acquired assets based on their estimated fair values at the acquisition date as summarized in the following table. Inventory $ 10,000 Machinery and equipment 286,900 Intellectual property 203,100 Net tangible assets acquired $ 500,000 On October 31, and wholly-owned indirect subsidiary of CVD Equipment Corporation (the “Company”) and MesoScribe Technologies, Inc., a Delaware corporation (“Seller”) entered into an Asset Purchase Agreement (the “Asset Purchase Agreement”). Pursuant to the Asset Purchase Agreement, among other things, Buyer acquired (the “Acquisition”) substantially all of the operating assets and business of the Seller (excluding cash, accounts receivable and other specified excluded assets), as more particularly described in the Asset Purchase Agreement. Pursuant to the Asset Purchase Agreement, the purchase price for the assets acquired in the Acquisition was $800,000.00, $500,000 $300,000 may acquisition related contingent consideration based upon the achievement of certain revenue thresholds and other criteria set forth in the Asset Purchase Agreement with respect to each of the two 2 twelve 12 The Company accounted for this acquisition using the acquisition method. The Company allocated the purchase price to the acquired assets based on their estimated fair values at the acquisition date as summarized in the following table. Inventory $ 25,000 Machinery and equipment 350,000 Intellectual property 425,000 Net tangible assets acquired $ 800,000 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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 subsidiar ies. In December 1998, April 1999, five 411519R, 555 555 |
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 of inventories at the lower of cost or market; allowance for doubtful accounts receivable; valuation allowances for deferred tax assets, impairment considerations of long-lived assets and stock-based compensation and costs associated with product warranties. |
Revenue Recognition, Percentage-of-Completion Method [Policy Text Block] | Revenue Recognition. We earn revenue from the sale of custom equipment to customers around the world. A large portion of our revenue is derived from contracts relating to the design, development or manufacture of complex equipment to a buyer’s specification and is recognized in accordance with FASB ASC 605 35. of-completion accounting method and generally recognize revenue based on the relationship of total costs incurred to total projected costs. Profits expected to be realized on such contracts are based on total estimated sales for the contract compared to total estimated costs, including warranty costs, at completion of the contract. Direct costs which include materials, labor and overhead are charged to work-in-progress (including our contracts-in-progress) inventory or cost of sales. Indirect costs relating to long-term contracts, which include expenses such as general and administrative, are charged to expense as incurred and are not We have been engaged in the production and delivery of goods on a continual basis under contractual arrangements for many years. Historically, we have demonstrated an ability to accurately estimate total revenues and total expenses relating to our long-term contracts. However, there exist many inherent risks and uncertainties in estimating revenues, expenses and progress toward completion, particularly on larger or longer-term contracts. If we do not may may Adoption of New Revenue Standard In May 2014, No. 2014 09, 606 five December 15, 2016; August 2015, No. 2015 14 2014 09 one The Company has completed its assessment of the impact that the standard will have on revenue recognition. The Company has reviewed contracts for all material revenue streams and assessed potential impacts on the Company ’s consolidated financial statements, results of operations, disclosures, and internal controls over financial reporting. The Company currently recognizes a significant majority of its revenue over time. Management has determined that this will remain materially consistent upon adoption of the new standard and no first 2018 |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of cost (determined on the first first net realizable value. |
Income Tax, Policy [Policy Text Block] | Income Taxes On December 22, 2017, 1986, not 35% 21%; December 31, 2017. 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 not 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 The Company recognizes the tax benefit from an uncertain tax position only if it is more-likely-than- not 50% income taxes also addresses derecognition, classification, interest and penalties on income taxes, and accounting in interim periods. The Company does not December 31, 2017 The Company and its subsidiar ies 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, Delaware, Michigan, Minnesota, New Hampshire and Wisconsin. The Company is no 2014. |
Property, Plant and Equipment, Policy [Policy Text Block] | Long Lived Assets and Intangibles Long-lived assets consist primarily of property, plant, and equipment. Intangibles consist of patents, copyrights and intellectual property, licensing agreements and certifications. Long-lived assets are reviewed for impairment whenever events or circumstances indicate their carrying value may not 360 10 35, no December 31, 2017 2016. |
Internal Use Software, Policy [Policy Text Block] | Computer Software The Company follows ASC 350 40, $427,000 $2,000 December 31, 2017 2016, three five $36,000 $18,000 December 31, 2017 2016, |
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 initial useful lives which ranged from 5 20 2017 2016 $46,000 $31,000, |
Research and Development Expense, Policy [Policy Text Block] | Research & Development Research and development costs are expensed as incurred. In 2012 2017, $2,220,000 $437,000 2016, $2,448,000 $434,000 |
Receivables, Policy [Policy Text Block] | Accounts Receivable Accounts receivable is presented net of an allowance for doubtful accounts of $4,000 $2,000 December 31, 2017 2016, may |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranty The Company records warranty costs as incurred and does not , based on historical experience. However, it is reasonably possible that this estimate may |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Basic 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 had cash and cash equivalents of $ 14.2 $21.7 December 31, 2017 2016. |
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 al lowances 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, net, accounts payable and accrued expenses, deferred revenue 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. |
Business Combinations Policy [Policy Text Block] | Business Combination The Company has accounted for its acquisitions of the assets of both Tantaline A/S and Mesoscribe Technologies, Inc. using the acquisition method. The Company has allocated the purchase price to the assets acquired based on their estimated fair values at the acquisition dates. Acquisition-Related Contingent Consideration Acquisition-related contingent consideration represents an obligation of the Company to transfer additional assets or equity interests if specified future events occur or conditions are met. This contingency is accounted for at fair value either as a liability or equity depending on the terms of the acquisition agreement. The Company determines the estimated fair value of contingent consideration as of the acquisition date, and subsequently at the end of each reporting period. In doing so, the Company makes significant estimates and assumptions regarding future events or conditions being achieved under the subject contingent agreement as well as the appropriate discount rate to apply. |
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, using the modified prospective method. ASC 718 |
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 $42,000 $28,000 December 31, 2017 2016, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopt ed A ccounting Pronouncement In May 2014, No. 2014 09, 606 five December 15, 2016; August 2015, No. 2015 14 2014 09 one The Company has completed its assessment of the impact that the standard will have on revenue recognition. The Company has reviewed contracts for all material revenue streams and ’s consolidated financial statements, results of operations, disclosures, and internal controls over financial reporting. The Company currently recognizes a significant majority of its revenue over time. Management has determined that this will remain materially consistent upon adoption of the new standard and no first 2018 In February 2016 No. 2016 02, 842 2016 02 2016 02 not 12 not 2016 02 December 15, 2018. may 842 842 2016 02. We believe there is no not 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 |
Note 3 - Contracts in Progress
Note 3 - Contracts in Progress (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule Of Cost And Estimated Earnings In Excess Of Billings [Table Text Block] | 2017 2016 Costs incurred on contracts in progress $ 22,079,680 $ 4,678,192 Estimated earnings 16,499,697 10,733,826 38,579,377 15,412,018 Billings to date (30,648,666 ) (18,077,839 ) $ 7,930,711 $ (2,665,821 ) 2017 2016 Included in accompanying balance sheets Under the following captions: Costs and estimated earnings in excess of billings on contracts in progress $ 8,397,024 $ 2,596,518 Billings in excess of costs and estimated earnings on contracts in progress $ (466,313 ) $ (5,262,339 ) |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2017 20 16 Raw materials $ 2,549,016 $ 3,062,830 Work-in-process 389,630 159,482 Finished goods 26,977 64,227 Totals $ 2,965,623 $ 3,286,539 |
Note 5 - Property, Plant and 25
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2017 2016 Land $ 6,929,000 $ 2,220,000 Buildings 15,917,925 6,631,039 Building improvements 5,805,045 5,615,823 Machinery and equipment 3,246,877 2,671,333 Furniture and fixtures 563,959 547,144 Computer equipment 587,147 479,534 Software 427,441 --- Transportation equipment 65,994 65,994 Lab equipment 1,979,181 1,975,533 Totals at cost 35,522,568 20,206,400 Less: Accumulated depreciation and amortization (6,683,111 ) (5,861,476 ) Property, plant and equipment, net $ 28,839,457 $ 14,344,924 Deprec iation and amortization expense (1) $ 867,277 $ 813,657 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Weighted Average Accumulated Carrying Intangible Assets Amortization Period Cost Amortization Amount Patents , Copyrights and Intellectual Property 18 839,831 177,669 662,162 Licensing Agreement 5 10,000 10,000 0 Certifications 3 58,722 58,722 0 Other 5 21,492 21,492 0 Totals $ 930,045 $ 267,883 $ 662,162 Weighted Average Accumulated Carrying Intangible Assets Amortization Period Cost Amortization Amount Patents , Copyrights and Intellectual property 18 396,757 143,133 253,624 Licensing agreement 5 10,000 10,000 0 Certifications 3 58,722 58,722 0 Other 5 21,492 21,492 0 Totals $ 486,971 $ 233,347 $ 253,624 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ended 2018 $ 56,533 2019 56,533 2020 56,533 2021 56,533 2022 56,533 Thereafter 379,497 Total $ 662,162 |
Note 8 - Long-term Debt (Tables
Note 8 - Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | 201 7 20 16 HSBC $10,387,500 Mortgage payable secured by real Property, buildings and improvements at 555 N Research Place, Central Islip, NY payable in monthly principle Installments of $62,777.60 including interest at a rate of 3.9148%, maturing on December 1, 2022 $ 10,387,500 $ --- Mesoscribe Technologies, Inc. $300,000 acquisition related contingent payment $ 300,000 --- HSBC $6,000,000 Mortgage payable secured by real uildings 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. 2,965,508 3,265,508 Total long-term debt 13,653,008 3,265,508 Less: Current maturities 747,325 300,000 Long-term debt $ 12,905,683 $ 2,965,508 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2018 $ 747,324 2019 861,364 2020 674,893 2021 691,125 2022 10,678,302 Thereafter -- Total long-term debt $ 13,653,008 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2017 2016 Weighted average common shares outstanding basic earnings per share 6,375,848 6,285,815 Effect of potential common share issuance: Stock options 11,616 --- Weighted average common shares outstanding Diluted earnings per share 6,387,464 6,285,815 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 201 7 2016 Current: Federal $ 1,091,216 $ (71,070 ) State 11,580 2,504 Total current tax provision 1,102,796 (68,566 ) Deferred: Federal 831,148 (435,495 ) State - --- Total deferred tax provision 831,148 (435,495 ) Income tax (benefit)/expense $ 1,933,944 $ (504,061 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 7 201 6 Allowance for doubtful accounts $ 773 $ 771 Inventory capitalization 6,813 19,071 Depreciation and amortization 70,272 (211,014 ) Investment tax credits ---- 475,000 Research & development tax credits 496,930 1,278,690 Compensation costs 838,643 1,000,073 Vacation accrual 179,309 333,396 Net operating loss carryforward --- (7,280 ) Capital loss carryforward 16,446 26,627 Net long-term deferred tax asset 1,609,186 2,915,334 Less valuation allowance --- (475,000 ) Net long-term deferred tax asset $ 1,609,186 $ 2,440,334 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2017 2016 Expected provision at federal statutory tax rate (34%) $ 2,740,010 $ (222,083 ) State taxes, net of federal benefit 11,580 2,504 Stock-based compensation expense (161,429 ) (269,163 ) Net operating loss carryforward 7,280 (21,412 ) Federal research & development credit (781,760 ) (144,522 ) Other permanent differences 118,263 150,615 Income tax expense/(benefit) $ 1,933,944 $ (504,061 ) |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
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, 201 6 Number of shares 124,480 -0- 64,750 -0- 59,730 59,730 Weighted average exercise price Per share $ 4.57 -0- 4.62 -0- $ 4.51 $ 4.51 Year ended December 31, 201 7 Number of shares 59,730 -0- 36,800 -0- 22,930 22,930 Weighted average exercise price Per share $ 4.51 -0- 3.97 -0- $ 5.36 $ 5.36 Beginning Granted Exercised Canceled Ending Balance During During During Balance Outstanding Period Period Period Outstanding Exercisable Year ended December 31, 201 6 Number of shares 100,000 125,000 -0- -0- 225,000 65,000 Weighted average exercise price Per share $ 11.17 8.04 -0- -0- $ 9.43 $ 9.97 Year ended December 31, 201 7 Number of shares 225,000 140,000 -0- -0- 365,000 185,000 Weighted average exercise price Per share $ 9.43 10.82 -0- -0- $ 12.35 $ 13.76 |
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 Exercis e Number Remaining Exercise Intrinsic Number Exercise Intrinsic Price Range Outstanding Contractual Price Value Exercisable Price Value $4.00 - 7.00 15,930 2.00 $ 4.25 $ 117,404 15,930 $ 4.25 $ 117,404 $7.00 - 10.00 7,000 3.00 $ 7.90 $ 26,040 9,800 $ 7.90 $ 26,040 $10.01 - 12.00 240,000 8.3 $ 10.96 $ 158,400 65,000 $ 11.17 $ 27,000 $12.01 - 15.00 125,000 4.5 $ 15.00 $ 0 125,000 $ 15.00 $ 0 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Weighted Shares of Average Grant Restricted Date Fair Stock Value Unvested outstanding at January 1, 2016 4,000 $ 10.97 Granted 17,524 $ 8.45 Vested (21,524 ) $ 12.84 Forfeited/Cancelled - Unvested outstanding at December 31, 201 6 0 $ 0 Granted 9,300 $ 9.70 Vested (9,300 ) $ 9.70 Forfeited/Cancelled - Unvested outstanding at December 31, 201 7 -0- $ Weighted Shares of Average Grant Restricted Date Fair Stock Units Value Unvested outstanding at January 1, 201 6 94,580 $ 12.55 Granted 60,400 $ 8.56 Vested (33,890 ) $ 12.43 Forfeited/Cancelled (7,000 ) $ 11.68 Unvested outstanding at December 31, 201 6 114,090 $ 10.47 Granted 39,720 $ 10.88 Vested (58,776 ) $ 10.83 Forfeited/Cancelled (125 ) $ 14.61 Unvested outstanding at December 31, 201 7 94,909 $ 10.43 |
Note 14 - Segment Reporting (Ta
Note 14 - Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | CVD SDC Eliminations Consolidated Assets $ 54,387,955 $ 4,902,027 $ (311,732 ) $ 58,978,250 Revenue $ 35,697,372 $ 7,426,890 $ (1,995,623 ) $ 41,128,639 Interest Expense 106,280 -- 106,280 Depreciation and Amortization 804,900 62,377 867,277 Capital expenditures 14,888,801 1,383 14,890,184 Pretax earnings/(loss) 5,227,131 1,968,224 7,195,355 CVD SDC Eliminations Consolidated Assets $ 43,300,131 $ 4,558,111 $ (2,253,550 ) $ 45,604,692 Revenue $ 18,568,132 $ 2,934,831 $ (547,616 ) $ 20,955,347 Interest Expense 78,322 1,539 79,861 Depreciation and Amortization 750,680 62,978 813,658 Capital expenditures 606,643 5,850 612,493 Pretax (loss)/earnings (211,576 ) (441,610 ) (653,186 ) |
Note 15 - Business Acquisition
Note 15 - Business Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Inventory $ 10,000 Machinery and equipment 286,900 Intellectual property 203,100 Net tangible assets acquired $ 500,000 Inventory $ 25,000 Machinery and equipment 350,000 Intellectual property 425,000 Net tangible assets acquired $ 800,000 |
Note 2 - Summary of Significa33
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Number of Wholly Owned Subsidiaries | 5 | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | |||
Asset Impairment Charges | $ 0 | $ 0 | ||
Capitalized Computer Software, Net | 427,000 | 2,000 | ||
Capitalized Computer Software, Amortization | 36,000 | 18,000 | ||
Amortization of Intangible Assets | 46,000 | 31,000 | ||
Research and Development Expense | 437,157 | 433,844 | ||
Allowance for Doubtful Accounts Receivable, Current | 4,000 | 2,000 | ||
Cash and Cash Equivalents, at Carrying Value | 14,210,909 | 21,677,186 | $ 13,073,331 | |
Shipping, Handling and Transportation Costs | 42,000 | 28,000 | ||
Including External Customer Orders [Member] | ||||
Research and Development Expense | $ 2,220,000 | $ 2,448,000 | ||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 20 years | |||
Computer Software, Intangible Asset [Member] | Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Computer Software, Intangible Asset [Member] | Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Scenario, Forecast [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 3 - Contracts in Progres34
Note 3 - Contracts in Progress - Costs, Estimated Earnings, and Billings on Uncompleted Contracts (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Costs incurred on contracts in progress | $ 22,079,680 | $ 4,678,192 |
Estimated earnings | 16,499,697 | 10,733,826 |
Total | 38,579,377 | 15,412,018 |
Billings to date | (30,648,666) | (18,077,839) |
Cost in excess of billing, net | 7,930,711 | (2,665,821) |
Included in accompanying balance sheets | ||
Costs and estimated earnings in excess of billings on contracts in progress | 8,397,024 | 2,596,518 |
Billings in excess of costs and estimated earnings on contracts in progress | $ (466,313) | $ (5,262,339) |
Note 4 - Inventories - Componen
Note 4 - Inventories - Components of Inventories (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Raw materials | $ 2,549,016 | $ 3,062,830 |
Work-in-process | 389,630 | 159,482 |
Finished goods | 26,977 | 64,227 |
Totals | $ 2,965,623 | $ 3,286,539 |
Note 5 - Property, Plant and 36
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Amortization | $ 45,645 | $ 31,356 |
Note 5 - Property, Plant and 37
Note 5 - Property, Plant and Equipment - Major Classes of Property, Plant and Equipment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Property, plant and equipment, gross | $ 35,522,568 | $ 20,206,400 | |
Less: Accumulated depreciation and amortization | (6,683,111) | (5,861,476) | |
Property, plant and equipment, net | 28,839,457 | 14,344,924 | |
Depreciation and amortization | [1] | 867,277 | 813,657 |
Land [Member] | |||
Property, plant and equipment, gross | 6,929,000 | 2,220,000 | |
Building [Member] | |||
Property, plant and equipment, gross | 15,917,925 | 6,631,039 | |
Building Improvements [Member] | |||
Property, plant and equipment, gross | 5,805,045 | 5,615,823 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment, gross | 3,246,877 | 2,671,333 | |
Furniture and Fixtures [Member] | |||
Property, plant and equipment, gross | 563,959 | 547,144 | |
Computer Equipment [Member] | |||
Property, plant and equipment, gross | 587,147 | 479,534 | |
Software Development [Member] | |||
Property, plant and equipment, gross | 427,441 | ||
Transportation Equipment [Member] | |||
Property, plant and equipment, gross | 65,994 | 65,994 | |
Lab Equipment [Member] | |||
Property, plant and equipment, gross | $ 1,979,181 | $ 1,975,533 | |
[1] | Includes amortization expense of $45,645 and $31,356 for the years ending December 31, 2017 and 2016, respectively. Such amortization expense relates to other capitalized and intangible assets. |
Note 6 - Intangible Assets - Su
Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Finite-lived intangible assets, gross | $ 930,045 | $ 486,971 |
Finite-lived intangible assets, accumulated amortization | 267,883 | 233,347 |
Intangible assets, net | $ 662,162 | $ 253,624 |
Patents, Copyrights and Intellectual Property [Member] | ||
Weighted Average Amortization Period (Year) | 18 years | 18 years |
Finite-lived intangible assets, gross | $ 839,831 | $ 396,757 |
Finite-lived intangible assets, accumulated amortization | 177,669 | 143,133 |
Intangible assets, net | $ 662,162 | $ 253,624 |
Licensing Agreements [Member] | ||
Weighted Average Amortization Period (Year) | 5 years | 5 years |
Finite-lived intangible assets, gross | $ 10,000 | $ 10,000 |
Finite-lived intangible assets, accumulated amortization | 10,000 | 10,000 |
Intangible assets, net | $ 0 | $ 0 |
Certifications [Member] | ||
Weighted Average Amortization Period (Year) | 3 years | 3 years |
Finite-lived intangible assets, gross | $ 58,722 | $ 58,722 |
Finite-lived intangible assets, accumulated amortization | 58,722 | 58,722 |
Intangible assets, net | $ 0 | $ 0 |
Other Intangible Assets [Member] | ||
Weighted Average Amortization Period (Year) | 5 years | 5 years |
Finite-lived intangible assets, gross | $ 21,492 | $ 21,492 |
Finite-lived intangible assets, accumulated amortization | 21,492 | 21,492 |
Intangible assets, net | $ 0 | $ 0 |
Note 6 - Intangible Assets - Es
Note 6 - Intangible Assets - Estimated Amortization Expense Related to Intangible Assets (Details) | Dec. 31, 2016USD ($) |
2,018 | $ 56,533 |
2,019 | 56,533 |
2,020 | 56,533 |
2,021 | 56,533 |
2,022 | 56,533 |
Thereafter | 379,497 |
Total | $ 662,162 |
Note 7 - Financing Arrangemen40
Note 7 - Financing Arrangements (Details Textual) | Nov. 30, 2017USD ($) | Oct. 31, 2017USD ($) | Mar. 31, 2012USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Long-term Debt | $ 13,653,008 | ||||
Payments to Acquire Businesses, Gross | 419,813 | $ 500,000 | |||
Business Combination, Contingent Consideration, Liability, Current | 100,000 | ||||
Asset Purchase Agreement [Member] | |||||
Business Combination, Contingent Consideration, Liability, Current | $ 100,000 | ||||
MesoScribe Technologies, Inc [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 300,000 | ||||
MesoScribe Technologies, Inc [Member] | Asset Purchase Agreement [Member] | |||||
Business Combination, Consideration Transferred | 800,000 | ||||
Payments to Acquire Businesses, Gross | 500,000 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 300,000 | ||||
Creative Bath Products, Inc [Member] | |||||
Purchase Commitment, Amount | $ 13,850,000 | ||||
Loan [Member] | |||||
Debt Instrument, Periodic Payment | $ 62,777.60 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.9148% | ||||
Debt Instrument, Face Amount | $ 10,387,500 | ||||
HSBC Bank Mortgage Loan [Member] | HSBC Bank [Member] | |||||
Debt Instrument, Number of Payments | 120 | ||||
Debt Instrument, Periodic Payment | $ 25,000 | ||||
Long-term Debt | $ 3,000,000 | $ 3,300,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.3118% | 2.561% | |||
HSBC Bank Mortgage Loan [Member] | HSBC Bank [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||
HSBC Bank [Member] | Loan [Member] | |||||
Debt Instrument, Number of Payments | 60 | ||||
Debt Instrument, Periodic Payment | $ 62,777.60 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.9148% | ||||
Debt Instrument, Face Amount | $ 10,387,500 | ||||
HSBC Bank [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,000,000 |
Note 8 - Long-term Debt - Summa
Note 8 - Long-term Debt - Summary of Long-term Debt (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Total long-term debt | $ 13,653,008 | $ 3,265,508 |
Less: Current maturities | 747,325 | 300,000 |
Long-term debt | 12,905,683 | 2,965,508 |
MesoScribe Technologies, Inc [Member] | ||
Contingent Liability | 300,000 | |
Loan [Member] | ||
Secured debt | 10,387,500 | |
HSBC Bank Mortgage Loan [Member] | ||
Secured debt | $ 2,965,508 | $ 3,265,508 |
Note 8 - Long-term Debt - Sum42
Note 8 - Long-term Debt - Summary of Long-term Debt (Details) (Parentheticals) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
MesoScribe Technologies, Inc [Member] | ||
Acquisition related contingent payment | $ 300,000 | |
Loan [Member] | ||
Debt instrument, face amount | 10,387,500 | |
Monthly installents | $ 62,777.60 | |
Interest rate | 3.9148% | |
HSBC Bank Mortgage Loan [Member] | ||
Debt instrument, face amount | $ 6,000,000 | $ 6,000,000 |
Monthly installents | $ 25,000 | $ 25,000 |
HSBC Bank Mortgage Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Variable rate | 1.75% | 1.75% |
HSBC Bank Mortgage Loan [Member] | Prime Rate [Member] | ||
Variable rate | 0.50% | 0.50% |
Note 8 - Long-term Debt - Futur
Note 8 - Long-term Debt - Future Maturities of Long-term Debt (Details) | Dec. 31, 2017USD ($) |
2,018 | $ 747,324 |
2,019 | 861,364 |
2,020 | 674,893 |
2,021 | 691,125 |
2,022 | 10,678,302 |
Thereafter | |
Total long-term debt | $ 13,653,008 |
Note 9 - Earnings Per Share (De
Note 9 - Earnings Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 207,930 | 124,730 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 387,930 | 284,730 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 22,930 | 0 |
Note 9 - Earnings Per Share - C
Note 9 - Earnings Per Share - Calculation of Basic and Diluted Weighted Average Common Shares (Details) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted average common shares outstanding basic earnings per share (in shares) | 6,375,848 | 6,285,815 |
Effect of potential common share issuance: | ||
Stock options (in shares) | 11,616 | |
Weighted average common shares outstanding | ||
Diluted earnings per share (in shares) | 6,387,464 | 6,285,815 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Increase (Decrease) in Deferred Tax Assets | $ (689,000) | ||
Net Income (Loss) Attributable to Parent | 5,261,411 | $ (149,124) | |
Deferred Tax Assets, Gross | 1,609,186 | 2,915,334 | |
CVD Tantaline ApS [Member] | DENMARK | |||
Net Income (Loss) Attributable to Parent | (865,000) | $ 0 | |
Deferred Tax Assets, Gross | $ 190,000 | ||
CVD Tantaline ApS [Member] | DENMARK | Foreign Tax Authority [Member] | The Danish Ministry of Taxation [Member] | |||
Effective Income Tax Rate Reconciliation, at Foreign Statutory Income Tax Rate, Percent | 22.00% | ||
Research Tax Credit Carryforward [Member] | |||
Tax Credit Carryforward, Amount | $ 427,000 | ||
Scenario, Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 10 - Income Taxes - Compon
Note 10 - Income Taxes - Components of Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Current: | ||
Federal | $ 1,091,216 | $ (71,070) |
State | 11,580 | 2,504 |
Total current tax provision | 1,102,796 | (68,566) |
Deferred: | ||
Federal | 831,148 | (435,495) |
State | ||
Total deferred tax provision | 831,148 | (435,495) |
Income tax (benefit)/expense | $ 1,933,944 | $ (504,061) |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts | $ 773 | $ 771 |
Inventory capitalization | 6,813 | 19,071 |
Depreciation and amortization | 70,272 | |
Depreciation and amortization | (211,014) | |
Investment tax credits | 475,000 | |
Research & development tax credits | 496,930 | 1,278,690 |
Compensation costs | 838,643 | 1,000,073 |
Vacation accrual | 179,309 | 333,396 |
Net operating loss carryforward | (7,280) | |
Capital loss carryforward | 16,446 | 26,627 |
Net long-term deferred tax asset | 1,609,186 | 2,915,334 |
Less valuation allowance | (475,000) | |
Deferred income taxes | $ 1,609,186 | $ 2,440,334 |
Note 10 - Income Taxes - Effect
Note 10 - Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Expected provision at federal statutory tax rate (34%) | $ 2,740,010 | $ (222,083) |
State taxes, net of federal benefit | 11,580 | 2,504 |
Stock-based compensation expense | (161,429) | (269,163) |
Net operating loss carryforward | 7,280 | (21,412) |
Federal research & development credit | (781,760) | (144,522) |
Other permanent differences | 118,263 | 150,615 |
Income tax (benefit)/expense | $ 1,933,944 | $ (504,061) |
Note 11 - Stockholders' Equit50
Note 11 - Stockholders' Equity (Details Textual) - USD ($) | Dec. 09, 2016 | Nov. 30, 2006 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 12, 2007 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||||
Allocated Share-based Compensation Expense | $ 933,000 | $ 776,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 387,930 | 284,730 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 34,000 | 100,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 256,000 | $ 203,000 | ||||
Selling, General and Administrative Expenses [Member] | ||||||
Allocated Share-based Compensation Expense | 933,000 | 776,000 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 90,000 | 276,000 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 637,000 | $ 421,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 990,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 211 days | |||||
Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | |||||
Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||||
The 2001 Non-qualified Stock Option Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 300,000 | |||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||||
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 | 0 | 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 22,930 | 59,730 | 124,480 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 36,800 | 64,750 | ||||
The 2007 Share Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 750,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 140,000 | 125,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 365,000 | 225,000 | 100,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 0 | ||||
The 2007 Share Incentive Plan [Member] | Directors and Key Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 75,324 | 42,320 | ||||
The 2007 Share Incentive Plan [Member] | Three Key Employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 140,000 | |||||
The 2016 Share Incentive Plan [Member] | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 750,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 0 |
Note 11 - Stockholders' Equit51
Note 11 - Stockholders' Equity - Stock Option Plan (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Beginning balance, number outstanding (in shares) | 284,730 | |
Exercise of stock options (in shares) | 34,000 | 100,000 |
Ending balance, number outstanding (in shares) | 387,930 | 284,730 |
Number of shares exercisable (in shares) | 207,930 | 124,730 |
The 2001 Non-qualified Stock Option Plan [Member] | ||
Beginning balance, number outstanding (in shares) | 59,730 | 124,480 |
Granted during period (in shares) | 0 | 0 |
Exercise of stock options (in shares) | 36,800 | 64,750 |
Canceled during period (in shares) | 0 | 0 |
Ending balance, number outstanding (in shares) | 22,930 | 59,730 |
Number of shares exercisable (in shares) | 22,930 | 59,730 |
Beginning balance, weighted average exercise price (in dollars per share) | $ 4.51 | $ 4.57 |
Granted during period, weighted average exercise price (in dollars per share) | 0 | 0 |
Exercised during period, weighted average exercise price (in dollars per share) | 3.97 | 4.62 |
Canceled during period, weighted average exercise price (in dollars per share) | 0 | 0 |
Ending balance, weighted average exercise price (in dollars per share) | 5.36 | 4.51 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 5.36 | $ 4.51 |
The 2007 Share Incentive Plan [Member] | ||
Beginning balance, number outstanding (in shares) | 225,000 | 100,000 |
Granted during period (in shares) | 140,000 | 125,000 |
Exercise of stock options (in shares) | 0 | 0 |
Canceled during period (in shares) | 0 | 0 |
Ending balance, number outstanding (in shares) | 365,000 | 225,000 |
Number of shares exercisable (in shares) | 185,000 | 65,000 |
Beginning balance, weighted average exercise price (in dollars per share) | $ 9.43 | $ 11.17 |
Granted during period, weighted average exercise price (in dollars per share) | 10.82 | 8.04 |
Exercised during period, weighted average exercise price (in dollars per share) | 0 | 0 |
Canceled during period, weighted average exercise price (in dollars per share) | 0 | 0 |
Ending balance, weighted average exercise price (in dollars per share) | 12.35 | 9.43 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 13.76 | $ 9.97 |
Note 11 - Stockholders' Equit52
Note 11 - Stockholders' Equity - Outstanding and Exercisable Options (Details) | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Exercise Price Range 1 [Member] | |
Exercise price range, lower limit (in dollars per share) | $ 4 |
Exercise price range, upper limit (in dollars per share) | $ 7 |
Number of options outstanding (in shares) | shares | 15,930 |
Number of options outstanding, weighted average remaining contractual term (Year) | 2 years |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 4.25 |
Number of options outstanding, intrinsic value | $ | $ 117,404 |
Number of options exercisable (in shares) | shares | 15,930 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 4.25 |
Number of options exercisable, intrinsic value | $ | $ 117,404 |
Exercise Price Range 2 [Member] | |
Exercise price range, lower limit (in dollars per share) | $ 7 |
Exercise price range, upper limit (in dollars per share) | $ 10 |
Number of options outstanding (in shares) | shares | 7,000 |
Number of options outstanding, weighted average remaining contractual term (Year) | 3 years |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 7.90 |
Number of options outstanding, intrinsic value | $ | $ 26,040 |
Number of options exercisable (in shares) | shares | 9,800 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 7.90 |
Number of options exercisable, intrinsic value | $ | $ 26,040 |
Exercise Price Range 3 [Member] | |
Exercise price range, lower limit (in dollars per share) | $ 10.01 |
Exercise price range, upper limit (in dollars per share) | $ 12 |
Number of options outstanding (in shares) | shares | 240,000 |
Number of options outstanding, weighted average remaining contractual term (Year) | 8 years 109 days |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 10.96 |
Number of options outstanding, intrinsic value | $ | $ 158,400 |
Number of options exercisable (in shares) | shares | 65,000 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 11.17 |
Number of options exercisable, intrinsic value | $ | $ 27,000 |
Exercise Price Range 4 [Member] | |
Exercise price range, lower limit (in dollars per share) | $ 12.01 |
Exercise price range, upper limit (in dollars per share) | $ 15 |
Number of options outstanding (in shares) | shares | 125,000 |
Number of options outstanding, weighted average remaining contractual term (Year) | 4 years 182 days |
Number of options outstanding, weighted average exercise price (in dollars per share) | $ 15 |
Number of options outstanding, intrinsic value | $ | $ 0 |
Number of options exercisable (in shares) | shares | 125,000 |
Number of options exercisable, weighted average exercise price (in dollars per share) | $ 15 |
Number of options exercisable, intrinsic value | $ | $ 0 |
Note 11 - Stockholders' Equit53
Note 11 - Stockholders' Equity - Restricted Stock and Restricted Stock Units Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock [Member] | ||
Unvested outstanding at beginning of period (in shares) | 0 | 4,000 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 0 | $ 10.97 |
Granted (in shares) | 9,300 | 17,524 |
Granted, weighted average grant date fair value (in dollars per share) | $ 9.70 | $ 8.45 |
Vested (in shares) | (9,300) | (21,524) |
Vested, weighted average grant date fair value (in dollars per share) | $ 9.70 | $ 12.84 |
Forfeited/Cancelled (in shares) | 0 | 0 |
Forfeited/Cancelled, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 |
Unvested outstanding at end of period (in shares) | 0 | 0 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 0 | $ 0 |
Forfeited/Cancelled (in shares) | 0 | 0 |
Restricted Stock Units (RSUs) [Member] | ||
Unvested outstanding at beginning of period (in shares) | 114,090 | 94,580 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 10.47 | $ 12.55 |
Granted (in shares) | 39,720 | 60,400 |
Granted, weighted average grant date fair value (in dollars per share) | $ 10.88 | $ 8.56 |
Vested (in shares) | (58,776) | (33,890) |
Vested, weighted average grant date fair value (in dollars per share) | $ 10.83 | $ 12.43 |
Forfeited/Cancelled (in shares) | 125 | 7,000 |
Forfeited/Cancelled, weighted average grant date fair value (in dollars per share) | $ 14.61 | $ 11.68 |
Unvested outstanding at end of period (in shares) | 94,909 | 114,090 |
Unvested outstanding at beginning of period, weighted average grant date fair value (in dollars per share) | $ 10.43 | $ 10.47 |
Forfeited/Cancelled (in shares) | (125) | (7,000) |
Note 12 - Defined Contributio54
Note 12 - Defined Contribution Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Defined Contribution Plan, Administrative Expense | $ 13,325 | $ 14,636 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 |
Note 13 - Significant Risks a55
Note 13 - Significant Risks and Uncertainties (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash, Uninsured Amount | $ 12,198,000 | $ 20,157,000 |
Export Sales To Unaffiliated Customers As Percentage Of Total Sales | 9.60% | 11.90% |
Number Of Major Customers | 1 | 1 |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Customer A [Member] | ||
Concentration Risk, Percentage | 66.10% | 45.30% |
Note 14 - Segment Reporting (De
Note 14 - Segment Reporting (Details Textual) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Number of Operating Segments | 2 |
Start-up Costs | $ 1.2 |
Note 14 - Segment Reporting - S
Note 14 - Segment Reporting - Segment Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Assets | $ 58,978,250 | $ 45,604,692 | |
Revenue | 41,128,639 | 20,955,347 | |
Interest Expense | 106,280 | 79,861 | |
Depreciation and Amortization | [1] | 867,277 | 813,657 |
Capital expenditures | 14,890,184 | 612,493 | |
Pretax earnings/(loss) | 7,195,355 | (653,186) | |
Intersegment Eliminations [Member] | |||
Assets | (311,732) | (2,253,550) | |
Revenue | (1,995,623) | (547,616) | |
Interest Expense | |||
Depreciation and Amortization | |||
Capital expenditures | |||
Pretax earnings/(loss) | |||
CVD [Member] | Operating Segments [Member] | |||
Assets | 54,387,955 | 43,300,131 | |
Revenue | 35,697,372 | 18,568,132 | |
Interest Expense | 106,280 | 78,322 | |
Depreciation and Amortization | 804,900 | 750,680 | |
Capital expenditures | 14,888,801 | 606,643 | |
Pretax earnings/(loss) | 5,227,131 | (211,576) | |
SDC [Member] | Operating Segments [Member] | |||
Assets | 4,902,027 | 4,558,111 | |
Revenue | 7,426,890 | 2,934,831 | |
Interest Expense | 1,539 | ||
Depreciation and Amortization | 62,377 | 62,978 | |
Capital expenditures | 1,383 | 5,850 | |
Pretax earnings/(loss) | $ 1,968,224 | $ (441,610) | |
[1] | Includes amortization expense of $45,645 and $31,356 for the years ending December 31, 2017 and 2016, respectively. Such amortization expense relates to other capitalized and intangible assets. |
Note 15 - Business Acquisitio58
Note 15 - Business Acquisition (Details Textual) - USD ($) | Oct. 31, 2017 | Dec. 16, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Payments to Acquire Businesses, Gross | $ 419,813 | $ 500,000 | ||
Tantaline A/S of Nordborg [Member] | Asset Purchase Agreement [Member] | ||||
Payments to Acquire Businesses, Gross | $ 500,000 | |||
MesoScribe Technologies, Inc [Member] | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 300,000 | |||
MesoScribe Technologies, Inc [Member] | Asset Purchase Agreement [Member] | ||||
Payments to Acquire Businesses, Gross | $ 500,000 | |||
Business Combination, Consideration Transferred | 800,000 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 300,000 |
Note 15 - Business Acquisitio59
Note 15 - Business Acquisition - Acquisitions (Details) - USD ($) | Dec. 31, 2017 | Dec. 16, 2016 |
Tantaline A/S of Nordborg [Member] | ||
Inventory | $ 10,000 | |
Machinery and equipment | 286,900 | |
Intellectual property | 203,100 | |
Net tangible assets acquired | 500,000 | |
Net tangible assets acquired | $ 500,000 | |
MesoScribe Technologies, Inc [Member] | ||
Inventory | $ 25,000 | |
Machinery and equipment | 350,000 | |
Intellectual property | 425,000 | |
Net tangible assets acquired | 800,000 | |
Net tangible assets acquired | $ 800,000 |