ImmuCell (ICCC) 10-Q 13 Nov 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 08, 2013
Document Information [Line Items]	'	'
Entity Registrant Name	'IMMUCELL CORP /DE/	'
Entity Central Index Key	'0000811641	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'ICCC	'
Entity Common Stock, Shares Outstanding	'	3,019,034
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
ASSETS	'	'
Cash and cash equivalents	$2,935,362	$2,673,719
Short-term investments	2,738,000	2,240,000
Trade accounts receivable, net of allowance for doubtful accounts of $14,579 as of September 30, 2013 and $15,111 as of December 31, 2012	376,092	574,146
Other receivables	27,163	36,860
Income taxes receivable	48	348
Inventory	1,490,524	1,649,002
Prepaid expenses	160,277	157,930
Current portion of deferred tax asset	16,074	31,177
Total current assets	7,743,540	7,363,182
NET PROPERTY, PLANT AND EQUIPMENT, at cost	2,252,692	2,357,609
LONG-TERM PORTION OF DEFERRED TAX ASSET	1,055,300	1,245,982
OTHER ASSETS, net	14,155	63,634
TOTAL ASSETS	11,065,687	11,030,407
LIABILITIES AND STOCKHOLDERS' EQUITY	'	'
Accrued expenses	212,082	255,568
Accounts payable	166,278	228,711
Current portion of bank debt	188,117	181,491
Total current liabilities	566,477	665,770
LONG-TERM LIABILITIES:	'	'
Long-term portion of bank debt	944,895	1,086,568
Interest rate swap	42,994	83,386
Total long-term liabilities	987,889	1,169,954
TOTAL LIABILITIES	1,554,366	1,835,724
STOCKHOLDERS' EQUITY:	'	'
Common stock, $0.10 par value per share, 8,000,000 shares authorized, 3,261,148 shares issued as of September 30, 2013 and December 31, 2012	326,115	326,115
Capital in excess of par value	9,997,407	9,973,146
Accumulated deficit	-256,705	-524,803
Treasury stock, at cost, 242,114 shares as of September 30, 2013 and December 31, 2012	-529,655	-529,655
Accumulated other comprehensive loss	-25,841	-50,120
Total stockholders' equity	9,511,321	9,194,683
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$11,065,687	$11,030,407

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2013	Dec. 31, 2012
Allowance for doubtful accounts (in dollars)	$14,579	$15,111
Common stock, par value (in dollars per share)	$0.10	$0.10
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	3,261,148	3,261,148
Treasury stock, shares	242,114	242,114

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Product sales	$1,234,701	$1,076,749	$4,447,928	$3,968,984
Costs of goods sold	618,984	455,791	1,994,967	1,664,940
Gross margin	615,717	620,958	2,452,961	2,304,044
Product development expenses	290,853	223,771	829,190	683,285
Sales and marketing expenses	258,237	252,562	725,508	686,772
Administrative expenses	226,594	230,751	707,841	701,484
Operating expenses	775,684	707,084	2,262,539	2,071,541
NET OPERATING (LOSS) INCOME	-159,967	-86,126	190,422	232,503
Other revenues (expenses), net	236,868	-8,265	267,646	-29,136
INCOME (LOSS) BEFORE INCOME TAXES	76,901	-94,391	458,068	203,367
Income tax expense (benefit)	19,565	-30,817	189,970	96,992
NET INCOME (LOSS)	$57,336	($63,574)	$268,098	$106,375
Weighted average common shares outstanding:	'	'	'	'
Basic (in shares)	3,019,034	3,019,034	3,019,034	3,018,049
Diluted (in shares)	3,085,300	3,019,034	3,081,984	3,111,099
NET INCOME (LOSS) PER SHARE:	'	'	'	'
Basic (in dollars per share)	$0.02	($0.02)	$0.09	$0.04
Diluted (in dollars per share)	$0.02	($0.02)	$0.09	$0.03

STATEMENTS_OF_COMPREHENSIVE_IN

STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net income (loss)	$57,336	($63,574)	$268,098	$106,375
Other comprehensive income (loss):	'	'	'	'
Interest rate swap, before taxes	90	-7,156	40,392	-20,831
Income tax applicable to interest rate swap	-36	2,854	-16,113	8,310
Other comprehensive income (loss), net of taxes	54	-4,302	24,279	-12,521
Total comprehensive income (loss)	$57,390	($67,876)	$292,377	$93,854

STATEMENTS_OF_STOCKHOLDERS_EQU

STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
BALANCE at Dec. 31, 2011	$9,020,433	$326,115	$9,911,914	($614,315)	($562,469)	($40,812)
BALANCE (in shares) at Dec. 31, 2011	'	3,261,148	'	'	257,114	'
Net income	106,375	0	0	106,375	0	0
Other comprehensive loss, net of taxes	-12,521	0	0	0	0	-12,521
Exercise of stock options	50,800	0	17,986	0	32,814	0
Exercises of stock options (in shares)	'	0	'	'	-15,000	'
Tax benefits related to stock options	6,842	0	6,842	0	0	0
Stock-based compensation	27,480	0	27,480	0	0	0
BALANCE at Sep. 30, 2012	9,199,409	326,115	9,964,222	-507,940	-529,655	-53,333
BALANCE (in shares) at Sep. 30, 2012	'	3,261,148	'	'	242,114	'
BALANCE at Dec. 31, 2012	9,194,683	326,115	9,973,146	-524,803	-529,655	-50,120
BALANCE (in shares) at Dec. 31, 2012	'	3,261,148	'	'	242,114	'
Net income	268,098	0	0	268,098	0	0
Other comprehensive loss, net of taxes	24,279	0	0	0	0	24,279
Stock-based compensation	24,261	0	24,261	0	0	0
BALANCE at Sep. 30, 2013	$9,511,321	$326,115	$9,997,407	($256,705)	($529,655)	($25,841)
BALANCE (in shares) at Sep. 30, 2013	'	3,261,148	'	'	242,114	'

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$268,098	$106,375
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation	293,116	304,511
Amortization	2,175	2,156
Deferred income taxes	189,672	89,245
Stock-based compensation	24,261	27,480
Loss on disposal of fixed assets	36	288
Changes in:	'	'
Receivables	208,051	-83,290
Inventory	158,478	-133,305
Prepaid expenses and other assets	44,957	-66,403
Accrued expenses	-43,486	-98,618
Accounts payable	-130,532	41,138
Deferred revenue	0	-8,250
Net cash provided by operating activities	1,014,826	181,327
CASH FLOWS FROM INVESTING ACTIVITES :	'	'
Purchase of property, plant and equipment	-120,136	-249,571
Maturities of short-term investments	2,240,000	3,183,000
Purchases of short-term investments	-2,738,000	-2,240,000
Net cash (used for) provided by investing activities	-618,136	693,429
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Debt principal repayments	-135,047	-128,610
Proceeds from exercise of stock options	0	50,800
Tax benefits related to stock options	0	6,842
Net cash used for financing activities	-135,047	-70,968
NET INCREASE IN CASH AND CASH EQUIVALENTS	261,643	803,788
BEGINNING CASH AND CASH EQUIVALENTS	2,673,719	781,516
ENDING CASH AND CASH EQUIVALENTS	2,935,362	1,585,304
INCOME TAXES PAID	0	-605
INTEREST EXPENSE PAID	-51,118	-57,637
NON-CASH ACTIVITIES:	'	'
Change in capital expenditures included in accounts payable	68,100	-25,762
Net change in fair value of interest rate swap	($24,279)	$12,521

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation Of Financial Statements [Abstract]	'
Nature of Operations [Text Block]	'
	1.             BASIS OF PRESENTATION
	We have prepared the accompanying financial statements without audit reflecting all adjustments, all of which are of a normal recurring nature, that are, in our opinion, necessary in order to make the financial statements not misleading.  We follow accounting standards set by the Financial Accounting Standards Board (FASB).  The FASB sets generally accepted accounting principles (GAAP) that we follow to ensure we consistently report our financial condition, results of operations, earnings per share and cash flows.  References to GAAP in these footnotes are to the FASB Accounting Standards Codification™ (Codification).  Certain information and footnote disclosures normally included in the annual financial statements have been condensed or omitted.  Accordingly, we believe that although the disclosures are adequate to make the information presented not misleading, these financial statements should be read in conjunction with the financial statements for the year ended December 31, 2012 and the notes thereto, contained in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission.

CASH_CASH_EQUIVALENTS_AND_SHOR

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	9 Months Ended
	Sep. 30, 2013
Cash, Cash Equivalents, and Short-Term Investments [Abstract]	'
Cash, Cash Equivalents, and Short-term Investments [Text Block]	'
	2.             CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS
	We consider all highly liquid investment instruments that mature within three months of their purchase dates to be cash equivalents.  Cash equivalents are principally invested in securities backed by the U.S. government.  Certain cash balances in excess of Federal Deposit Insurance Corporation (FDIC) limits per financial institution are maintained in money market accounts at financial institutions that are insured, in part, by the Securities Investor Protection Corporation.  Short-term investments are classified as held to maturity and are comprised principally of certificates of deposit that mature in more than three months from their purchase dates and not more than twelve months from the balance sheet date and are held at different financial institutions that are insured by the FDIC within the FDIC insurance limit of $250,000 per institution per depositor.  Cash, cash equivalents and short-term investments consisted of the following:
		As of		As of		Increase
		September 30, 2013		December 31, 2012
	Cash and cash equivalents	$	2,935,362	$	2,673,719	$	261,643
	Short-term investments		2,738,000		2,240,000		498,000
	Total	$	5,673,362	$	4,913,719	$	759,643

INVENTORY

INVENTORY	9 Months Ended
	Sep. 30, 2013
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
	3.              INVENTORY
	Inventory includes raw materials, work-in-process and finished goods and is recorded at the lower of cost, on the first-in, first-out method, or market (net realizable value).  Work-in-process and finished goods inventories include materials, labor and manufacturing overhead.  Inventory consisted of the following:
		As of		As of		Increase
		September 30, 2013		December 31, 2012		(Decrease)
	Raw materials	$	282,846	$	198,441	$	84,405
	Work-in-process		874,365		986,243		-111,878
	Finished goods		333,313		464,318		-131,005
	Inventory	$	1,490,524	$	1,649,002	$	-158,478

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	9 Months Ended
	Sep. 30, 2013
Property, Plant and Equipment [Abstract]	'
Property, Plant and Equipment Disclosure [Text Block]	'
	4.              PROPERTY, PLANT AND EQUIPMENT
	Property, plant and equipment consisted of the following, at cost:
		As of		As of
		September 30, 2013		December 31, 2012
	Laboratory and manufacturing equipment	$	3,089,573	$	3,029,559
	Building and improvements		2,903,695		2,785,698
	Office furniture and equipment		317,456		312,979
	Construction in progress		4,370		—
	Land		50,000		50,000
	Property, plant and equipment, gross		6,365,094		6,178,236
	Less: accumulated depreciation		4,112,402		3,820,627
	Property, plant and equipment, net	$	2,252,692	$	2,357,609

OTHER_ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2013
Other Assets [Abstract]	'
Other Assets Disclosure [Text Block]	'
	5.              OTHER ASSETS
	Other assets consisted of the following:
		As of		As of
		September 30, 2013		December 31, 2012
	Security deposits	$	550	$	250
	Debt issue costs		26,489		26,489
	Other(1)		—		47,604
	Other assets, gross		27,039		74,343
	Less: accumulated amortization of debt issue costs		12,884		10,709
	Other assets, net	$	14,155	$	63,634
	(1)  This asset was written off to product development expenses during the third quarter of 2013.

BANK_DEBT

BANK DEBT	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	6.           BANK DEBT
	During the third quarter of 2010, we agreed to terms of certain credit facilities with TD Bank, N.A. aggregating up to approximately $2,100,000, which are secured by substantially all of our assets.  TD Bank, N.A. is a wholly owned subsidiary of TD Financial Group, which is a multinational bank with approximately $800 billion in assets and over 22 million clients worldwide.  These credit facilities are comprised of a $1,000,000 ten-year mortgage loan, a $600,000 fifty-four month note and a $500,000 line of credit.  Proceeds from the $1,000,000 mortgage were received during the third quarter of 2010.  Based on a 15-year amortization schedule, a balloon principal payment of $451,885 will be due in the third quarter of 2020.  We hedged our interest rate exposure on this mortgage loan with an interest rate swap agreement that effectively converted a floating interest rate to the fixed rate of 6.04%. All derivatives are recognized on the balance sheet at their fair value.  The agreement has been determined to be highly effective in hedging the variability of the identified cash flows and has been designated as a cash flow hedge of the variability in the hedged interest payments.  Changes in the fair value of the interest rate swap agreement are recorded in other comprehensive income (loss), net of taxes.  The original notional amount of the interest rate swap agreement of $1,000,000 amortizes in accordance with the amortization of the mortgage loan.  As the result of our decision to hedge this interest rate risk, we recorded accumulated other comprehensive loss in the amount of ($25,841) and ($50,120) as of September 30, 2013 and December 31, 2012, respectively, which reflects the fair value of the interest rate swap liability, net of taxes.  The fair value of the interest rate swap has been determined using observable market-based inputs or unobservable inputs that are corroborated by market data.  Accordingly, the interest rate swap is classified as level 2 within the fair value hierarchy provided in Codification Topic 820, Fair Value Measurements and Disclosures.  Proceeds from the $600,000 note were received during the first quarter of 2011. Interest on the note is variable at the higher rate of 4.25% or the one month London Interbank Offered Rate (LIBOR) plus 3.25%.  The $500,000 line of credit is available as needed and has been extended through May 31, 2014 and is renewable annually thereafter.  Interest on any borrowings against the line of credit will be variable at the higher rate of 4.25% or the one month LIBOR plus 3.50%.  These credit facilities are subject to certain financial covenants.  During the third quarter of 2013, the covenant requiring us to maintain at least $1,000,000 in otherwise unrestricted cash was removed.  We are in compliance with all applicable covenants as of September 30, 2013.  Principal payments due under debt outstanding as of September 30, 2013 are reflected in the following table by the period that payments are due:
	Period	$1,000,000 mortgage		$600,000 note		Total
	Three months ending December 31, 2013	$	12,465	$	33,945	$	46,410
	Twelve months ending December 31, 2014		50,900		139,490		190,390
	Twelve months ending December 31, 2015		54,044		96,248		150,292
	Twelve months ending December 31, 2016		57,384		—		57,384
	Twelve months ending December 31, 2017		61,056		—		61,056
	Twelve months ending December 31, 2018		64,876		—		64,876
	After December 31, 2018		562,604		—		562,604
	Total outstanding	$	863,329	$	269,683	$	1,133,012

OTHER_REVENUES_EXPENSES_NET

OTHER REVENUES (EXPENSES), NET	9 Months Ended
	Sep. 30, 2013
Other Income and Expenses [Abstract]	'
Other Income and Other Expense Disclosure [Text Block]	'
	7.              OTHER REVENUES (EXPENSES), NET
	Other revenues (expenses), net, consisted of the following:
		For the Three-Month				For the Nine-Month
		Periods Ended September 30,				Periods Ended September 30,
			2013	2012		2013		2012
	License option fee(1)	$	250,000	$	—	$	250,000	$	—
	Royalty income		—		6,028		-3,000		14,598
	Interest income		3,271		4,437		9,789		13,817
	Interest expense		-16,522		-18,670		-50,623		-57,134
	Other		119		-60		61,480		-417
	Other revenues (expenses), net	$	236,868	$	-8,265	$	267,646	$	-29,136
	(1) During the second quarter of 2013, we received a $250,000 exclusive option payment from a prospective partner for the development and marketing of Mast Out®.  This payment was recorded as deferred revenue upon receipt.  During the third quarter of 2013, this prospective partner decided not to execute a license after its final due diligence.  Accordingly, the deferred revenue was recognized during the third quarter of 2013.  At the same time, $47,604 in capitalized expenses pertaining to the development of Mast Out® were written off.

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2013
Share-Based Compensation [Abstract]	'
Compensation and Employee Benefit Plans [Text Block]	'
	8.              STOCK-BASED COMPENSATION
	We account for stock-based compensation in accordance with Codification Topic 718, Compensation-Stock Compensation, which generally requires us to recognize non-cash compensation expense for stock-based payments using the fair-value-based method.  The fair value of each stock option grant has been estimated on the date of grant using the Black-Scholes option pricing model. Accordingly, we recorded compensation expense pertaining to stock-based compensation of $7,940 and $9,463 during the three-month periods ended September 30, 2013 and 2012, respectively, and $24,261 and $27,480 during the nine-month periods ended September 30, 2013 and 2012, respectively.

INCOME_TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	9.              INCOME TAXES
	We account for income taxes in accordance with Codification Topic 740, Income Taxes,which requires that we recognize a current tax liability or asset for current taxes payable or refundable and a deferred tax liability or asset for the estimated future tax effects of temporary differences and carryforwards to the extent they are realizable.  We believe it is more likely than not that the deferred tax assets will be realized through future taxable income and future tax effects of temporary differences between book income and taxable income.  Accordingly, we have not established a valuation allowance for the deferred tax assets.  Codification Topic 740-10 clarifies the accounting for income taxes by prescribing a minimum recognition threshold that a tax position must meet before being recognized in the financial statements.  In the ordinary course of business, there are transactions and calculations where the ultimate tax outcome is uncertain.  In addition, we are subject to periodic audits and examinations by the IRS and other taxing authorities.  We have evaluated the positions taken on our filed tax returns.  We have concluded that no uncertain tax positions exist as of September 30, 2013.  Although we believe that our estimates are reasonable, actual results could differ from these estimates.

NET_INCOME_LOSS_PER_COMMON_SHA

NET INCOME (LOSS) PER COMMON SHARE	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	10.            NET INCOME (LOSS) PER COMMON SHARE
	The net income (loss) per common share has been computed in accordance with Codification Topic 260-10, Earnings Per Share.  The basic net income per share has been computed by dividing the net income by the weighted average number of common shares outstanding during this period.  The diluted net income per share has been computed by dividing the net income by the weighted average number of shares outstanding during the period plus all outstanding stock options with an exercise price that is less than the average market price of the common stock during the period less the number of shares that could have been repurchased at this average market price with the proceeds from the hypothetical stock option exercises.  The net loss per common share for the three-month period ended September 30, 2012 has been computed by dividing the net loss by the weighted average number of common shares outstanding during the period, without giving consideration to outstanding stock options because the impact would be anti-dilutive.

COMMON_STOCK_RIGHTS_PLAN

COMMON STOCK RIGHTS PLAN	9 Months Ended
	Sep. 30, 2013
Common Stock Rights Plan [Abstract]	'
Common Stock Rights Plan [Text Block]	'
	11.            COMMON STOCK RIGHTS PLAN
	In September 1995, our Board of Directors adopted a Common Stock Rights Plan (the Rights Plan) and declared a dividend of one common share purchase right (a Right) for each of the then outstanding shares of the common stock of the Company.  Each Right entitles the registered holder to purchase from the Company one share of common stock at an initial purchase price of $70.00 per share, subject to adjustment.  The description and terms of the Rights are set forth in a Rights Agreement between the Company and American Stock Transfer & Trust Co., as Rights Agent.
	The Rights (as amended) become exercisable and transferable apart from the common stock upon the earlier of i) 10 days following a public announcement that a person or group (Acquiring Person) has, without the prior consent of the Continuing Directors (as such term is defined in the Rights Agreement), acquired beneficial ownership of 20% or more of the outstanding common stock or ii) 10 days following commencement of a tender offer or exchange offer the consummation of which would result in ownership by a person or group of 20% or more of the outstanding common stock (the earlier of such dates being called the Distribution Date).
	Upon the Distribution Date, the holder of each Right not owned by the Acquiring Person would be entitled to purchase common stock at a discount to the initial purchase price of $70.00 per share, effectively equal to one half of the market price of a share of common stock on the date the Acquiring Person becomes an Acquiring Person.  If, after the Distribution Date, the Company should consolidate or merge with any other entity and the Company were not the surviving company, or, if the Company were the surviving company, all or part of the Company’s common stock were changed or exchanged into the securities of any other entity, or if more than 50% of the Company’s assets or earning power were sold, each Right would entitle its holder to purchase, at the Rights’ then current purchase price, a number of shares of the acquiring company’s common stock having a market value at that time equal to twice the Right’s exercise price.
	At any time after a person or group becomes an Acquiring Person and prior to the acquisition by such person or group of 50% or more of the outstanding common stock, the Board of Directors of the Company may exchange the Rights (other than Rights owned by such person or group which have become void), in whole or in part, at an exchange ratio of one share of common stock per Right (subject to adjustment).  At any time prior to 14 days following the date that any person or group becomes an Acquiring Person (subject to extension by the Board of Directors), the Board of Directors of the Company may redeem the then outstanding Rights in whole, but not in part, at a price of $0.005 per Right, subject to adjustment.
	On June 8, 2005, our Board of Directors voted to authorize an amendment of the Rights Agreement to extend the Final Expiration Date by an additional three years to September 19, 2008.  As of June 30, 2005, we entered into an amendment to the Rights Agreement with the Rights Agent reflecting such extension.  No other changes were made to the terms of the Rights or the Rights Agreement at that time.  On June 6, 2008, our Board of Directors voted to authorize amendments of the Rights Agreement to extend the Final Expiration Date by an additional three years to September 19, 2011 and to increase the ownership threshold for determining Acquiring Person status from 15% to 18%.  As of June 30, 2008, we entered into an amendment to the Rights Agreement with the Rights Agent reflecting such extension and threshold increase.  No other changes were made to the terms of the Rights or the Rights Agreement at that time.  On August 5, 2011, our Board of Directors voted to authorize amendments of the Rights Agreement to extend the Final Expiration Date by an additional three years to September 19, 2014 and to increase the ownership threshold for determining Acquiring Person status from 18% to 20%.  As of August 9, 2011, we entered into an amendment to the Rights Agreement with the Rights Agent reflecting such extension and threshold increase.  No other changes were made to the terms of the Rights or the Rights Agreement at that time.
	Our Board of Directors believes that there is some risk that the potential value of the Mast Out® product development initiative may not be fairly reflected in the market price of our common stock, as it fluctuates from time to time, and that opportunistic buyers could take advantage of that disparity to the detriment of our stockholders.  If this were to happen and result in a potential threat through an unsolicited acquisition effort or otherwise, our Board of Directors feels that the Rights Plan could enhance stockholder value by providing management with negotiating leverage.

SEGMENT_AND_SIGNIFICANT_CUSTOM

SEGMENT AND SIGNIFICANT CUSTOMER INFORMATION	9 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	12.            SEGMENT AND SIGNIFICANT CUSTOMER INFORMATION
	Pursuant to Codification Topic 280, Segment Reporting, we operate in one reportable business segment, that being the development, acquisition, manufacture and sale of products that improve the health and productivity of cows for the dairy and beef industries.  Almost all of our internally funded product development expenses are in support of such products.  Our primary customers for the majority of our product sales (89% and 83% for the three-month periods ended September 30, 2013 and 2012, respectively, and 84% and 81% for the nine-month periods ended September 30, 2013 and 2012, respectively) are in the U.S. dairy and beef industries.  Product sales to international customers, who are also in the dairy and beef industries, aggregated 11% and 17% of our total product sales for the three-month periods ended September 30, 2013 and 2012, respectively, and 14% and 16% of our total product sales for the nine-month periods ended September 30, 2013 and 2012, respectively.
	The percentage of our total sales that were made to significant customers that amounted to 10% or more of total product sales are detailed in the following table:
		For the Three-Month				For the Nine-Month
		Periods Ended September 30,				Periods Ended September 30,
		2013		2012		2013		2012
	Animal Health International, Inc.	40	%	35	%	38	%	35	%
	MWI Veterinary Supply Company(1)	16	%	17	%	15	%	14	%
	(1) Assuming that the acquisition of IVESCO by MWI Veterinary Supply Company (which closed as of November 1, 2013) had closed as of the beginning of the periods being reported, these figures would be 21% and 22% for three-month periods ended September 30, 2013 and 2012, respectively, and 22% and 20% for the nine-month periods ended September 30, 2013 and 2012, respectively.
	Accounts receivable due from significant customers that amounted to 10% or more of total trade accounts receivable are detailed in the following table:
		As of		As of
		September 30, 2013		December 31, 2012
	Animal Health International, Inc.	31	%	28	%
	MWI Veterinary Supply Company(2)	20	%	14	%
	Robert J. Matthews Company	11	%	*
	TCS BioSciences, Ltd.	*		15	%
	(2)Adjusting for the assumption described in note 1 above, these figures would be 28% and 19% as of September 30, 2013 and December 31, 2012, respectively.
	*Amount is less than 10%.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	13.          RELATED PARTY TRANSACTIONS
	Dr. David S. Tomsche (Chairman of our Board of Directors) is a controlling owner of Leedstone Inc. (formerly Stearns Veterinary Outlet, Inc.), a domestic distributor of ImmuCell products (First DefenseÒ, Wipe OutÒDairy Wipes, and CMT) and of J-t Enterprises of Melrose, Inc., a Japanese export company.  His affiliated companies purchased $288,360 and $221,105 of products from ImmuCell during the nine-month periods ended September 30, 2013 and 2012, respectively, on terms consistent with those offered to other distributors of similar status.  Our accounts receivable (subject to standard and customary payment terms) due from these affiliated companies aggregated $34,184 and $27,348 as of September 30, 2013 and December 31, 2012, respectively.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	14.          SUBSEQUENT EVENTS
	We have adopted the disclosure provisions of Codification Topic 855-10-50-1, Subsequent Events, which provides guidance to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued.  Entities are required to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected.  This disclosure should alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial statements being presented.  Codification Topic 855-10-50-1 requires additional disclosures only, and therefore did not have an impact on our financial condition, results of operations, earnings per share and cash flows.    Public entities must evaluate subsequent events through the date that financial statements are issued.  Accordingly, we have evaluated subsequent events through the time of filing on November 13, 2013, the date we have issued this Quarterly Report on Form 10-Q.

CASH_CASH_EQUIVALENTS_AND_SHOR1

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2013
Cash, Cash Equivalents, and Short-Term Investments [Abstract]	'
Schedule of Cash, Cash Equivalents and Short-term Investments [Table Text Block]	'
	Cash, cash equivalents and short-term investments consisted of the following:
		As of		As of		Increase
		September 30, 2013		December 31, 2012
	Cash and cash equivalents	$	2,935,362	$	2,673,719	$	261,643
	Short-term investments		2,738,000		2,240,000		498,000
	Total	$	5,673,362	$	4,913,719	$	759,643

INVENTORY_Tables

INVENTORY (Tables)	9 Months Ended
	Sep. 30, 2013
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
	Inventory consisted of the following:
		As of		As of		Increase
		September 30, 2013		December 31, 2012		(Decrease)
	Raw materials	$	282,846	$	198,441	$	84,405
	Work-in-process		874,365		986,243		-111,878
	Finished goods		333,313		464,318		-131,005
	Inventory	$	1,490,524	$	1,649,002	$	-158,478

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2013
Property, Plant and Equipment [Abstract]	'
Property, Plant and Equipment [Table Text Block]	'
	Property, plant and equipment consisted of the following, at cost:
		As of		As of
		September 30, 2013		December 31, 2012
	Laboratory and manufacturing equipment	$	3,089,573	$	3,029,559
	Building and improvements		2,903,695		2,785,698
	Office furniture and equipment		317,456		312,979
	Construction in progress		4,370		—
	Land		50,000		50,000
	Property, plant and equipment, gross		6,365,094		6,178,236
	Less: accumulated depreciation		4,112,402		3,820,627
	Property, plant and equipment, net	$	2,252,692	$	2,357,609

OTHER_ASSETS_Tables

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2013
Other Assets, Noncurrent Disclosure [Abstract]	'
Schedule of Other Assets, Noncurrent [Table Text Block]	'
	Other assets consisted of the following:
		As of		As of
		September 30, 2013		December 31, 2012
	Security deposits	$	550	$	250
	Debt issue costs		26,489		26,489
	Other(1)		—		47,604
	Other assets, gross		27,039		74,343
	Less: accumulated amortization of debt issue costs		12,884		10,709
	Other assets, net	$	14,155	$	63,634
	(1)  This asset was written off to product development expenses during the third quarter of 2013.

BANK_DEBT_Tables

BANK DEBT (Tables)	9 Months Ended
	Sep. 30, 2013
Debt Disclosure [Abstract]	'
Schedule Of Principal Payments Due [Table Text Block]	'
	Principal payments due under debt outstanding as of September 30, 2013 are reflected in the following table by the period that payments are due:
	Period	$1,000,000 mortgage		$600,000 note		Total
	Three months ending December 31, 2013	$	12,465	$	33,945	$	46,410
	Twelve months ending December 31, 2014		50,900		139,490		190,390
	Twelve months ending December 31, 2015		54,044		96,248		150,292
	Twelve months ending December 31, 2016		57,384		—		57,384
	Twelve months ending December 31, 2017		61,056		—		61,056
	Twelve months ending December 31, 2018		64,876		—		64,876
	After December 31, 2018		562,604		—		562,604
	Total outstanding	$	863,329	$	269,683	$	1,133,012

OTHER_REVENUES_EXPENSES_NET_Ta

OTHER REVENUES (EXPENSES), NET (Tables)	9 Months Ended
	Sep. 30, 2013
Other Income and Expenses [Abstract]	'
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	'
	Other revenues (expenses), net, consisted of the following:
		For the Three-Month				For the Nine-Month
		Periods Ended September 30,				Periods Ended September 30,
			2013	2012		2013		2012
	License option fee(1)	$	250,000	$	—	$	250,000	$	—
	Royalty income		—		6,028		-3,000		14,598
	Interest income		3,271		4,437		9,789		13,817
	Interest expense		-16,522		-18,670		-50,623		-57,134
	Other		119		-60		61,480		-417
	Other revenues (expenses), net	$	236,868	$	-8,265	$	267,646	$	-29,136
	(1) During the second quarter of 2013, we received a $250,000 exclusive option payment from a prospective partner for the development and marketing of Mast Out®.  This payment was recorded as deferred revenue upon receipt.  During the third quarter of 2013, this prospective partner decided not to execute a license after its final due diligence.  Accordingly, the deferred revenue was recognized during the third quarter of 2013.  At the same time, $47,604 in capitalized expenses pertaining to the development of Mast Out® were written off.

SEGMENT_AND_SIGNIFICANT_CUSTOM1

SEGMENT AND SIGNIFICANT CUSTOMER INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
Schedule Of Sales To Significant Customers [Table Text Block]	'
	The percentage of our total sales that were made to significant customers that amounted to 10% or more of total product sales are detailed in the following table:
		For the Three-Month				For the Nine-Month
		Periods Ended September 30,				Periods Ended September 30,
		2013		2012		2013		2012
	Animal Health International, Inc.	40	%	35	%	38	%	35	%
	MWI Veterinary Supply Company(1)	16	%	17	%	15	%	14	%
	(1) Assuming that the acquisition of IVESCO by MWI Veterinary Supply Company (which closed as of November 1, 2013) had closed as of the beginning of the periods being reported, these figures would be 21% and 22% for three-month periods ended September 30, 2013 and 2012, respectively, and 22% and 20% for the nine-month periods ended September 30, 2013 and 2012, respectively.
Schedule Of Accounts Receivable Due From Significant Customers [Table Text Block]	'
	Accounts receivable due from significant customers that amounted to 10% or more of total trade accounts receivable are detailed in the following table:
		As of		As of
		September 30, 2013		December 31, 2012
	Animal Health International, Inc.	31	%	28	%
	MWI Veterinary Supply Company(2)	20	%	14	%
	Robert J. Matthews Company	11	%	*
	TCS BioSciences, Ltd.	*		15	%
	(2)Adjusting for the assumption described in note 1 above, these figures would be 28% and 19% as of September 30, 2013 and December 31, 2012, respectively.
	*Amount is less than 10%.

CASH_CASH_EQUIVALENTS_AND_SHOR2

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Dec. 31, 2011
Cash and cash equivalents	$2,935,362	$1,585,304	$2,673,719	$781,516
Short-term investments	2,738,000	'	2,240,000	'
Total	5,673,362	'	4,913,719	'
Increase (Decrease) in cash and cash equivalents	261,643	803,788	'	'
Increase (Decrease) in short-term investments	498,000	'	'	'
Increase (Decrease) in cash and cash equivalents and short term investments	$759,643	'	'	'

CASH_CASH_EQUIVALENTS_AND_SHOR3

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Details Textual) (USD $)	Sep. 30, 2013
Cash FDIC insurance amount limit	$250,000

INVENTORY_Details

INVENTORY (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Raw materials	$282,846	'	$198,441
Work-in-process	874,365	'	986,243
Finished goods	333,313	'	464,318
Inventory	1,490,524	'	1,649,002
Increase (Decrease) in Raw materials inventories	84,405	'	'
Increase (Decrease) in Work-in-process inventories	-111,878	'	'
Increase (Decrease) in Finished goods Inventories	-131,005	'	'
Increase (Decrease) in inventories	($158,478)	$133,305	'

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Laboratory and manufacturing equipment	$3,089,573	$3,029,559
Building and improvements	2,903,695	2,785,698
Office furniture and equipment	317,456	312,979
Construction in progress	4,370	0
Land	50,000	50,000
Property, plant and equipment, gross	6,365,094	6,178,236
Less: accumulated depreciation	4,112,402	3,820,627
Property, plant and equipment, net	$2,252,692	$2,357,609

OTHER_ASSETS_Details

OTHER ASSETS (Details) (USD $)	Sep. 30, 2013		Dec. 31, 2012
Security deposits	$550		$250
Debt issue costs	26,489		26,489
Other(1)	0	[1]	47,604	[1]
Other assets, gross	27,039		74,343
Less: accumulated amortization of debt issue costs	12,884		10,709
Other assets, net	$14,155		$63,634
[1]	This asset was written off to product development expenses during the third quarter of 2013.

BANK_DEBT_Details

BANK DEBT (Details) (USD $)	Sep. 30, 2013
Three months ending December 31, 2013	$46,410
Twelve months ending December 31, 2014	190,390
Twelve months ending December 31, 2015	150,292
Twelve months ending December 31, 2016	57,384
Twelve months ending December 31, 2017	61,056
Twelve months ending December 31, 2018	64,876
After December 31, 2018	562,604
Total outstanding	1,133,012
Mortgages [Member]	'
Three months ending December 31, 2013	12,465
Twelve months ending December 31, 2014	50,900
Twelve months ending December 31, 2015	54,044
Twelve months ending December 31, 2016	57,384
Twelve months ending December 31, 2017	61,056
Twelve months ending December 31, 2018	64,876
After December 31, 2018	562,604
Total outstanding	863,329
Note Payable [Member]	'
Three months ending December 31, 2013	33,945
Twelve months ending December 31, 2014	139,490
Twelve months ending December 31, 2015	96,248
Twelve months ending December 31, 2016	0
Twelve months ending December 31, 2017	0
Twelve months ending December 31, 2018	0
After December 31, 2018	0
Total outstanding	$269,683

BANK_DEBT_Details_Textual

BANK DEBT (Details Textual) (USD $)	3 Months Ended				9 Months Ended		3 Months Ended		9 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2011	Sep. 30, 2010	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2013	Sep. 30, 2010	Sep. 30, 2010	Sep. 30, 2010	Sep. 30, 2013	Sep. 30, 2010	Sep. 30, 2013
					TD Bank NA [Member]	Interest Rate Swap [Member]	Mortgages [Member]	Note Payable [Member]	Note Payable [Member]	Line Of Credit [Member]	Line Of Credit [Member]
Secured Debt	'	$2,100,000	'	'	'	'	$1,000,000	$600,000	'	$500,000	'
Debt Instrument, Maturity Date, Description	'	'	'	'	'	'	'ten-year	'fifty-four month	'	'The $500,000 line of credit is available as needed and has been extended through May 31, 2014 and is renewable annually thereafter	'
Proceeds from Issuance of Long-term Debt	'	1,000,000	'	'	'	'	'	'	'	'	'
Mortgage Loans on Real Estate, Periodic Payment Terms, Balloon Payment to be Received	'	451,885	'	'	'	'	'	'	'	'	'
Mortgage Loans on Real Estate, Periodic Payment Terms	'	'	'	'	'	'	'will be due in the third quarter of 2020	'	'	'	'
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	'	'	'	'	'	6.04%	'	'	'	'	'
Derivative, Notional Amount	'	'	'	'	'	1,000,000	'	'	'	'	'
Accumulated other comprehensive loss	'	'	-25,841	-50,120	'	'	'	'	'	'	'
Proceeds from Notes Payable	600,000	'	'	'	'	'	'	'	'	'	'
Debt Instrument, Description of Variable Rate Basis	'	'	'	'	'	'	'	'	'Interest on the note is variable at the higher rate of 4.25% or the one month London Interbank Offered Rate (LIBOR) plus 3.25%	'	'Interest on any borrowings against the line of credit will be variable at the higher rate of 4.25% or the one month LIBOR plus 3.50%
Assets	'	'	$11,065,687	$11,030,407	$800,000,000,000	'	'	'	'	'	'
Number Of Clients	'	'	'	'	22,000,000	'	'	'	'	'	'

OTHER_REVENUES_EXPENSES_NET_De

OTHER REVENUES (EXPENSES), NET (Details) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
License option fee (1)	$250,000	[1]	$0	[1]	$250,000	[1]	$0	[1]
Royalty income	0		6,028		-3,000		14,598
Interest income	3,271		4,437		9,789		13,817
Interest expense	-16,522		-18,670		-50,623		-57,134
Other	119		-60		61,480		-417
Other revenues (expenses), net	$236,868		($8,265)		$267,646		($29,136)
[1]	During the second quarter of 2013, we received a $250,000 exclusive option payment from a prospective partner for the development and marketing of Mast OutB.. This payment was recorded as deferred revenue upon receipt. During the third quarter of 2013, this prospective partner decided not to execute a license after its final due diligence. Accordingly, the deferred revenue was recognized during the third quarter of 2013. At the same time, $47,604 in capitalized expenses pertaining to the development of Mast OutB. were written off.

OTHER_REVENUES_EXPENSES_NET_De1

OTHER REVENUES (EXPENSES), NET (Details Textual) (USD $)	3 Months Ended
	Sep. 30, 2013	Jun. 30, 2013
ExclusiveOptionPaymentReceivedOnDevelopmentAndMarketing	'	$250,000
CapitalizedExpenditureForDevelopment	$47,604	'

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details Textual) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Stock-based compensation	$7,940	$9,463	$24,261	$27,480

COMMON_STOCK_RIGHTS_PLAN_Detai

COMMON STOCK RIGHTS PLAN (Details Textual) (USD $)	1 Months Ended			9 Months Ended
	Aug. 31, 2011	Jun. 30, 2008	Jun. 30, 2005	Sep. 30, 2013	Aug. 05, 2011	Jun. 06, 2008
Initial Purchase Price Per Share Of Common Stock	'	'	'	$70	'	'
Rights Exercisable Period Description	'	'	'	'The Rights (as amended) become exercisable and transferable apart from the common stock upon the earlier of i) 10 days following a public announcement that a person or group (Acquiring Person) has, without the prior consent of the Continuing Directors (as such term is defined in the Rights Agreement), acquired beneficial ownership of 20% or more of the outstanding common stock or ii) 10 days following commencement of a tender offer or exchange offer the consummation of which would result in ownership by a person or group of 20% or more of the outstanding common stock (the earlier of such dates being called the Distribution Date).	'	'
Rights Expiration Date	19-Sep-14	19-Sep-11	19-Sep-08	'	'	'
Minimum Ownership Threshold Limit	'	'	'	'	18.00%	15.00%
Maximum Ownership Threshold Limit	'	'	'	'	20.00%	18.00%
Common Stock Rights Redemption Price Description	'	'	'	'Company may redeem the then outstanding Rights in whole, but not in part, at a price of $0.005 per Right	'	'

SEGMENT_AND_SIGNIFICANT_CUSTOM2

SEGMENT AND SIGNIFICANT CUSTOMER INFORMATION (Details)	3 Months Ended				9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Animal Health International, Inc [Member]	'		'		'		'
Total product sales	40.00%		35.00%		38.00%		35.00%
MWI Veterinary Supply Company [Member]	'		'		'		'
Total product sales	16.00%	[1]	17.00%	[1]	15.00%	[1]	14.00%	[1]
[1]	Assuming that the acquisition of IVESCO by MWI Veterinary Supply Company (which closed as of November 1, 2013) had closed as of the beginning of the periods being reported, these figures would be 21% and 22% for three-month periods ended September 30, 2013 and 2012, respectively, and 22% and 20% for the nine-month periods ended September 30, 2013 and 2012, respectively.

SEGMENT_AND_SIGNIFICANT_CUSTOM3

SEGMENT AND SIGNIFICANT CUSTOMER INFORMATION (Details 1)	Sep. 30, 2013		Dec. 31, 2012
Animal Health International, Inc [Member]	'		'
Accounts receivable due from significant customers	31.00%		28.00%
MWI Veterinary Supply Company [Member]	'		'
Accounts receivable due from significant customers	20.00%	[1]	14.00%	[1]
Robert J. Matthews Company [Member]	'		'
Accounts receivable due from significant customers	11.00%		'	[2]
TCS BioSciences, Ltd [Member]	'		'
Accounts receivable due from significant customers	'	[2]	15.00%
[1]	Adjusting for the assumption described in note 1 above, these figures would be 28% and 19% as of September 30, 2013 and December 31, 2012, respectively.
[2]	Amount is less than 10%.

SEGMENT_AND_SIGNIFICANT_CUSTOM4

SEGMENT AND SIGNIFICANT CUSTOMER INFORMATION (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Domestic Tax Authority [Member]	'	'	'	'	'
Total product sales	89.00%	83.00%	84.00%	81.00%	'
Foreign Country [Member]	'	'	'	'	'
Total product sales	11.00%	17.00%	14.00%	16.00%	'
Robert J. Matthews Company [Member]	'	'	'	'	'
Accounts Receivable Due From Significant Customers Less Than 10 Percentage	'	'	'	'	10.00%
TCS BioSciences, Ltd [Member]	'	'	'	'	'
Accounts Receivable Due From Significant Customers Less Than 10 Percentage	10.00%	'	10.00%	'	'
MWI Veterinary Supply Company [Member]	'	'	'	'	'
Acquisition Of Total Product Sales Percentage	21.00%	22.00%	22.00%	20.00%	'
Adjustment For Acquisition Of Total Product Sales Percentage	28.00%	'	28.00%	'	19.00%

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Textual) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Revenues from Transactions with Related Party	$288,360	$221,105	'
Accounts receivable, related parties	$34,184	'	$27,348

SUBSEQUENT_EVENTS_Details_Text

SUBSEQUENT EVENTS (Details Textual) (Subsequent Event [Member])	9 Months Ended
	Sep. 30, 2013
Subsequent Event [Member]	'
Subsequent Event, Description	'Codification Topic 855-10-50-1, Subsequent Events, which provides guidance to establish general standards of accounting for and disclosures of events that occur after the balance sheet date but before financial statements are issued. Entities are required to disclose the date through which subsequent events were evaluated as well as the rationale for why that date was selected. This disclosure should alert all users of financial statements that an entity has not evaluated subsequent events after that date in the set of financial statements being presented. Codification Topic 855-10-50-1 requires additional disclosures only, and therefore did not have an impact on our financial condition, results of operations, earnings per share and cash flows.