ImmuCell (ICCC) 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	8-May-14
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	'	3,027,034
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'

BALANCE_SHEETS

BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
CURRENT ASSETS:	'	'
Cash and cash equivalents	$2,239,731	$2,270,385
Short-term investments	2,736,000	2,985,000
Inventory	947,325	1,206,508
Accounts receivable, net	720,026	631,410
Prepaid expenses	158,089	159,117
Current portion of deferred tax asset	9,976	15,212
Total current assets	6,811,147	7,267,632
PROPERTY, PLANT AND EQUIPMENT, net	2,649,119	2,524,765
LONG-TERM PORTION OF DEFERRED TAX ASSET	1,146,615	1,154,681
LONG-TERM INVESTMENTS	496,000	0
OTHER ASSETS, net	12,916	13,636
TOTAL ASSETS	11,115,797	10,960,714
CURRENT LIABILITIES:	'	'
Accounts payable	366,007	152,153
Accrued expenses	282,988	293,076
Current portion of bank debt	192,680	190,390
Total current liabilities	841,675	635,619
LONG-TERM LIABILITIES:	'	'
Long-term portion of bank debt	847,144	896,224
Interest rate swap	35,344	33,002
Total long-term liabilities	882,488	929,226
TOTAL LIABILITIES	1,724,163	1,564,845
STOCKHOLDERS' EQUITY:	'	'
Common stock, $0.10 par value per share, 8,000,000 shares authorized, 3,261,148 shares issued as of March 31, 2014 and December 31, 2013	326,115	326,115
Capital in excess of par value	10,019,659	10,011,339
Accumulated deficit	-420,743	-407,408
Treasury stock, at cost, 234,114 and 235,114 shares as of March 31, 2014 and December 31, 2013, respectively	-512,153	-514,341
Accumulated other comprehensive loss	-21,244	-19,836
Total stockholders' equity	9,391,634	9,395,869
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$11,115,797	$10,960,714

BALANCE_SHEETS_Parenthetical

BALANCE SHEETS [Parenthetical] (USD $)	Mar. 31, 2014	Dec. 31, 2013
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	234,114	235,114

STATEMENTS_OF_OPERATIONS

STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Product sales	$2,081,752	$1,846,734
Costs of goods sold	931,857	793,167
Gross margin	1,149,895	1,053,567
Product development expenses	594,209	266,479
Sales and marketing expenses	285,305	221,408
Administrative expenses	257,820	239,014
Operating expenses	1,137,334	726,901
NET OPERATING INCOME	12,561	326,666
Other (expenses) revenues, net	-11,407	44,032
INCOME BEFORE INCOME TAXES	1,154	370,698
Income tax expense	14,489	166,388
NET (LOSS) INCOME	($13,335)	$204,310
Weighted average common shares outstanding:	'	'
Basic (in shares)	3,026,901	3,019,034
Diluted (in shares)	3,026,901	3,083,546
NET (LOSS) INCOME PER SHARE:	'	'
Basic (in dollars per share)	$0	$0.07
Diluted (in dollars per share)	$0	$0.07

STATEMENTS_OF_COMPREHENSIVE_LO

STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Net (loss) income	($13,335)	$204,310
Other comprehensive (loss) income:	'	'
Interest rate swap, before taxes	-2,342	9,666
Income tax applicable to interest rate swap	934	-3,856
Other comprehensive (loss) income, net of taxes	-1,408	5,810
Total comprehensive (loss) income	($14,743)	$210,120

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, 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 (loss) income	204,310	0	0	204,310	0	0
Other comprehensive income (loss), net of taxes	5,810	0	0	0	0	5,810
Stock-based compensation	8,381	0	8,381	0	0	0
BALANCE at Mar. 31, 2013	9,413,184	326,115	9,981,527	-320,493	-529,655	-44,310
BALANCE (in shares) at Mar. 31, 2013	'	3,261,148	'	'	242,114	'
BALANCE at Dec. 31, 2013	9,395,869	326,115	10,011,339	-407,408	-514,341	-19,836
BALANCE (in shares) at Dec. 31, 2013	'	3,261,148	'	'	235,114	'
Net (loss) income	-13,335	0	0	-13,335	0	0
Other comprehensive income (loss), net of taxes	-1,408	0	0	0	0	-1,408
Exercise of stock options	3,150	0	962	0	2,188	0
Exercises of stock options (in shares)	'	0	'	'	-1,000	'
Stock-based compensation	7,358	0	7,358	0	0	0
BALANCE at Mar. 31, 2014	$9,391,634	$326,115	$10,019,659	($420,743)	($512,153)	($21,244)
BALANCE (in shares) at Mar. 31, 2014	'	3,261,148	'	'	234,114	'

STATEMENTS_OF_CASH_FLOWS

STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net (loss) income	($13,335)	$204,310
Adjustments to reconcile net (loss) income to net cash provided by operating activities:	'	'
Depreciation	112,362	97,123
Amortization	719	719
Deferred income taxes	14,236	166,389
Stock-based compensation	7,358	8,381
Loss on disposal of fixed assets	0	37
Changes in:	'	'
Receivables	-88,616	-101,539
Inventory	259,183	206,025
Prepaid expenses and other assets	1,028	-44,666
Accounts payable	21,992	-68,510
Accrued expenses	-10,088	-22,969
Net cash provided by operating activities	304,839	445,300
CASH FLOWS FROM INVESTING ACTIVITES :	'	'
Purchase of property, plant and equipment	-44,853	-8,949
Maturities of short-term investments	1,494,000	500,000
Purchases of short-term investments	-1,245,000	-1,245,000
Purchases of long-term investments	-496,000	0
Net cash used for investing activities	-291,853	-753,949
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Debt principal repayments	-46,790	-44,633
Proceeds from exercise of stock options	3,150	0
Net cash used for financing activities	-43,640	-44,633
NET DECREASE IN CASH AND CASH EQUIVALENTS	-30,654	-353,282
BEGINNING CASH AND CASH EQUIVALENTS	2,270,385	2,673,719
ENDING CASH AND CASH EQUIVALENTS	2,239,731	2,320,437
INCOME TAXES PAID	252	0
INTEREST EXPENSE PAID	15,175	17,327
NON-CASH ACTIVITIES:	'	'
Change in capital expenditures included in accounts payable	191,862	8,357
Net change in fair value of interest rate swap	$1,408	($5,810)

BUSINESS_OPERATIONS

BUSINESS OPERATIONS	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation Of Financial Statements [Abstract]	'
Nature of Operations [Text Block]	'
	1	BUSINESS OPERATIONS
	ImmuCell Corporation (the Company) is a growing animal health company whose purpose is to create scientifically-proven and practical products that improve animal health and productivity in the dairy and beef industries. The Company has developed products that provide significant, immediate immunity to newly born dairy and beef cattle. The Company has also developed products that address mastitis, the most significant cause of economic loss to the dairy industry.

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation Of Financial Statements [Abstract]	'
Business Description and Basis of Presentation [Text Block]	'
	2	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 ensure that the financial statements are 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 prior year accounts have been reclassified to conform with the 2014 financial statement presentation. 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 ensure that the information presented is not misleading, these financial statements should be read in conjunction with the financial statements for the year ended December 31, 2013 and the notes thereto, contained in our Annual Report on Form 10-K as filed with the Securities and Exchange Commission.

CASH_CASH_EQUIVALENTS_SHORTTER

CASH, CASH EQUIVALENTS, SHORT-TERM AND LONG-TERM INVESTMENTS	3 Months Ended
	Mar. 31, 2014
Cash, Cash Equivalents, and Short-Term Investments [Abstract]	'
Cash, Cash Equivalents, and Short-term Investments [Text Block]	'
	3	CASH, CASH EQUIVALENTS, SHORT-TERM AND LONG-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 of $250,000 per financial institution per depositor 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. Long-term investments are similar to short-term investments except that they mature in more than twelve months from the balance sheet date. Amounts in excess of FDIC limits per bank that are not invested in securities backed by the U.S. government aggregate $1,739,000 and $1,770,000 at March 31, 2014 and December 31, 2013, respectively. Cash, cash equivalents, short-term and long-term investments consisted of the following:
			As of		As of		(Decrease)
			March 31, 2014		December 31, 2013		Increase
	Cash and cash equivalents		$	2,239,731	$	2,270,385	$	-30,654
	Short-term investments			2,736,000		2,985,000		-249,000
	Subtotal			4,975,731		5,255,385		-279,654
	Long-term investments			496,000		—		496,000
	Total		$	5,471,731	$	5,255,385	$	216,346

INVENTORY

INVENTORY	3 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
	4	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
			March 31, 2014		December 31, 2013		(Decrease)
	Raw materials		$	317,881	$	270,355	$	47,526
	Work-in-process			580,939		783,060		-202,121
	Finished goods			48,505		153,093		-104,588
	Inventory		$	947,325	$	1,206,508	$	-259,183

ACCOUNTS_RECEIVABLE

ACCOUNTS RECEIVABLE	3 Months Ended
	Mar. 31, 2014
Accounts Receivable, Net [Abstract]	'
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	'
	5	ACCOUNTS RECEIVABLE
	Accounts receivable consisted of the following:
			As of		As of		Increase
			March 31, 2014		December 31, 2013		(Decrease)
	Trade accounts receivable, gross		$	715,369	$	609,638	$	105,731
	Allowance for bad debt and product returns			-14,201		-13,952		-249
	Trade accounts receivable, net			701,168		595,686		105,482
	Other receivables			18,810		35,676		-16,866
	Income taxes receivable			48		48		—
	Accounts receivable, net		$	720,026	$	631,410	$	88,616

PROPERTY_PLANT_AND_EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	3 Months Ended
	Mar. 31, 2014
Property, Plant and Equipment [Abstract]	'
Property, Plant and Equipment Disclosure [Text Block]	'
	6	PROPERTY, PLANT AND EQUIPMENT
	Property, plant and equipment consisted of the following, at cost:
			As of		As of		Increase
			March 31, 2014		December 31, 2013
	Laboratory and manufacturing equipment		$	3,184,421	$	3,182,686	$	1,735
	Building and improvements			2,960,189		2,940,239		19,950
	Office furniture and equipment			378,419		354,243		24,176
	Construction in progress			194,449		9,600		184,849
	Land			50,000		50,000		—
	Property, plant and equipment, gross			6,767,478		6,536,768		230,710
	Less: accumulated depreciation			4,118,359		4,012,003		106,356
	Property, plant and equipment, net		$	2,649,119	$	2,524,765	$	124,354

BANK_DEBT

BANK DEBT	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	7	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. 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, which is renewable annually. 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 based on the London Interbank Offered Rate (LIBOR) of 3.41% as of March 31, 2014 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 (loss) income, 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. The notional amount of the interest rate swap was $838,399 as of March 31, 2014. Payments required by the interest rate swap totaled $5,566 and $5,781 during the three-month periods ended March 31, 2014 and 2013, respectively. As the result of our decision to hedge this interest rate risk, we recorded other comprehensive (loss) income, net of taxes, in the amount of ($1,408) and $5,810 for the three-month periods ended March 31, 2014 and 2013, respectively, which reflects the change in fair value of the interest rate swap asset (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 per annum of 4.25% or the LIBOR plus 3.25%. The $500,000 line of credit is available as needed and has been extended through May 31, 2015 and is renewable annually thereafter. The line of credit was unused as of March 31, 2014 and December 31, 2013. Interest on any borrowings against the line of credit would be variable at the higher rate per annum of 4.25% or the 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 March 31, 2014. Principal payments due under debt outstanding as of March 31, 2014 are reflected in the following table by the period that payments are due:
	Period		$1,000,000		$600,000		Total
			mortgage		note
	Nine months ending December 31, 2014		$	38,435	$	105,179	$	143,614
	Twelve months ending December 31, 2015			54,044		96,246		150,290
	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
	Twelve months ending December 31, 2019			68,908		—		68,908
	Eight months ending August 31, 2020			493,696		—		493,696
	Total outstanding		$	838,399	$	201,425	$	1,039,824

OTHER_EXPENSES_REVENUES_NET

OTHER (EXPENSES) REVENUES, NET	3 Months Ended
	Mar. 31, 2014
Other Income and Expenses [Abstract]	'
Other Income and Other Expense Disclosure [Text Block]	'
	8	OTHER (EXPENSES) REVENUES, NET
	Other (expenses) revenues, net, consisted of the following:
			For the Three-Month
			Periods Ended March 31,
			2014		2013
	Royalty income		$	—	$	-3,000
	Interest income			3,954		2,890
	Interest expense			-14,962		-17,222
	Other			-399		61,364
	Other (expenses) revenues, net		$	-11,407	$	44,032

STOCKBASED_COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2014
Share-Based Compensation [Abstract]	'
Compensation and Employee Benefit Plans [Text Block]	'
	9	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 $7,358 and $8,381 during the three-month periods ended March 31, 2014 and 2013, respectively. Codification Topic 718 requires us to reflect gross tax savings resulting from tax deductions in excess of expense reflected in our financial statements as a financing cash flow.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	10	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 Internal Revenue Service 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 March 31, 2014. Although we believe that our estimates are reasonable, actual results could differ from these estimates.

NET_LOSS_INCOME_PER_SHARE

NET (LOSS) INCOME PER SHARE	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	11	NET (LOSS) INCOME PER SHARE
	The Net (Loss) Income per common share has been computed in accordance with Codification Topic 260-10, Earnings Per Share. The Net Loss per common share 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. 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.

COMMON_STOCK_RIGHTS_PLAN

COMMON STOCK RIGHTS PLAN	3 Months Ended
	Mar. 31, 2014
Common Stock Rights Plan [Abstract]	'
Common Stock Rights Plan [Text Block]	'
	12	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	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	13	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 animal health and productivity in 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 (79% and 82% for the three-month periods ended March 31, 2014 and 2013, 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 14% and 17% of our total product sales for the three-month periods ended March 31, 2014 and 2013, 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
			Periods Ended March 31,
			2014				2013
	Animal Health International, Inc.			38	%			38	%
	MWI Veterinary Supply Company(1)			23	%			24	%
	(1) Assumes the acquisition of IVESCO by MWI Veterinary Supply Company (which closed as of November 1, 2013) had closed as of January 1, 2013.
	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
		March 31, 2014				December 31, 2013
	Animal Health International, Inc.			35	%			39	%
	MWI Veterinary Supply Company			31	%			26	%
	Robert J. Matthews Company			10	%			10	%

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	14	RELATED PARTY TRANSACTIONS
	Dr. David S. Tomsche (Chair 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 OutÒ Dairy Wipes, and CMT) and of Jt Enterprises of Melrose, Inc., an exporter. His affiliated companies purchased $125,768 and $104,528 of products from ImmuCell during the three-month periods ended March 31, 2014 and 2013, respectively, on terms consistent with those offered to other distributors of similar status. We made marketing-related payments of $4,405 and $2,697 to these affiliated companies during the three-month periods ended March 31, 2014 and 2013, respectively. Our accounts receivable (subject to standard and customary payment terms) due from these affiliated companies aggregated $51,064 and $31,445 as of March 31, 2014 and December 31, 2013, respectively.

COMMITMENTS_AND_CONTINGENT_LIA

COMMITMENTS AND CONTINGENT LIABILITIES	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	15	COMMITMENTS AND CONTINGENT LIABILITIES
	As of March 31, 2014, we had committed to contracts and purchase orders covering approximately $379,000 related to our planned investment to produce pharmaceutical-grade Nisin for Mast OutÒ.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	16	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 May 14, 2014, the date we have issued this Quarterly Report on Form 10-Q.

CASH_CASH_EQUIVALENTS_SHORTTER1

CASH, CASH EQUIVALENTS, SHORT-TERM AND LONG-TERM INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2014
Cash, Cash Equivalents, and Short-Term Investments [Abstract]	'
Schedule of Cash, Cash Equivalents and Short-term Investments [Table Text Block]	'
	Cash, cash equivalents, short-term and long-term investments consisted of the following:
		As of		As of		(Decrease)
		March 31, 2014		December 31, 2013		Increase
	Cash and cash equivalents	$	2,239,731	$	2,270,385	$	-30,654
	Short-term investments		2,736,000		2,985,000		-249,000
	Subtotal		4,975,731		5,255,385		-279,654
	Long-term investments		496,000		—		496,000
	Total	$	5,471,731	$	5,255,385	$	216,346

INVENTORY_Tables

INVENTORY (Tables)	3 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
	Inventory consisted of the following:
		As of		As of		Increase
		March 31, 2014		December 31, 2013		(Decrease)
	Raw materials	$	317,881	$	270,355	$	47,526
	Work-in-process		580,939		783,060		-202,121
	Finished goods		48,505		153,093		-104,588
	Inventory	$	947,325	$	1,206,508	$	-259,183

ACCOUNTS_RECEIVABLE_Tables

ACCOUNTS RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2014
Accounts Receivable, Net [Abstract]	'
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	'
	Accounts receivable consisted of the following:
		As of		As of		Increase
		March 31, 2014		December 31, 2013		(Decrease)
	Trade accounts receivable, gross	$	715,369	$	609,638	$	105,731
	Allowance for bad debt and product returns		-14,201		-13,952		-249
	Trade accounts receivable, net		701,168		595,686		105,482
	Other receivables		18,810		35,676		-16,866
	Income taxes receivable		48		48		—
	Accounts receivable, net	$	720,026	$	631,410	$	88,616

PROPERTY_PLANT_AND_EQUIPMENT_T

PROPERTY, PLANT AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2014
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		Increase
		March 31, 2014		December 31, 2013
	Laboratory and manufacturing equipment	$	3,184,421	$	3,182,686	$	1,735
	Building and improvements		2,960,189		2,940,239		19,950
	Office furniture and equipment		378,419		354,243		24,176
	Construction in progress		194,449		9,600		184,849
	Land		50,000		50,000		—
	Property, plant and equipment, gross		6,767,478		6,536,768		230,710
	Less: accumulated depreciation		4,118,359		4,012,003		106,356
	Property, plant and equipment, net	$	2,649,119	$	2,524,765	$	124,354

BANK_DEBT_Tables

BANK DEBT (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Schedule Of Principal Payments Due [Table Text Block]	'
	Principal payments due under debt outstanding as of March 31, 2014 are reflected in the following table by the period that payments are due:
	Period	$1,000,000		$600,000		Total
		mortgage		note
	Nine months ending December 31, 2014	$	38,435	$	105,179	$	143,614
	Twelve months ending December 31, 2015		54,044		96,246		150,290
	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
	Twelve months ending December 31, 2019		68,908		—		68,908
	Eight months ending August 31, 2020		493,696		—		493,696
	Total outstanding	$	838,399	$	201,425	$	1,039,824

OTHER_EXPENSES_REVENUES_NET_Ta

OTHER (EXPENSES) REVENUES, NET (Tables)	3 Months Ended
	Mar. 31, 2014
Other Income and Expenses [Abstract]	'
Schedule of Other Nonoperating Income (Expense) [Table Text Block]	'
	Other (expenses) revenues, net, consisted of the following:
		For the Three-Month
		Periods Ended March 31,
		2014		2013
	Royalty income	$	—	$	-3,000
	Interest income		3,954		2,890
	Interest expense		-14,962		-17,222
	Other		-399		61,364
	Other (expenses) revenues, net	$	-11,407	$	44,032

SEGMENT_AND_SIGNIFICANT_CUSTOM1

SEGMENT AND SIGNIFICANT CUSTOMER INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2014
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
			Periods Ended March 31,
			2014				2013
	Animal Health International, Inc.			38	%			38	%
	MWI Veterinary Supply Company(1)			23	%			24	%
	(1) Assumes the acquisition of IVESCO by MWI Veterinary Supply Company (which closed as of November 1, 2013) had closed as of January 1, 2013.
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
		March 31, 2014				December 31, 2013
	Animal Health International, Inc.			35	%			39	%
	MWI Veterinary Supply Company			31	%			26	%
	Robert J. Matthews Company			10	%			10	%

CASH_CASH_EQUIVALENTS_SHORTTER2

CASH, CASH EQUIVALENTS, SHORT-TERM AND LONG-TERM INVESTMENTS (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
Cash and Cash Equivalents [Line Items]	'	'	'	'
Cash and cash equivalents	$2,239,731	$2,320,437	$2,270,385	$2,673,719
Short-term investments	2,736,000	'	2,985,000	'
Subtotal	4,975,731	'	5,255,385	'
Long-term investments	496,000	'	0	'
Total	5,471,731	'	5,255,385	'
Increase (Decrease) in cash and cash equivalents	-30,654	-353,282	'	'
Increase (Decrease) in short-term investments	-249,000	'	'	'
Increase (Decrease) in cash and cash equivalents and short term investments	-279,654	'	'	'
Increase (Decrease) In Long Term Investments	496,000	'	'	'
Increase (Decrease) In Cash And Cash Equivalents Short Term And Long Term Investments	$216,346	'	'	'

CASH_CASH_EQUIVALENTS_SHORTTER3

CASH, CASH EQUIVALENTS, SHORT-TERM AND LONG-TERM INVESTMENTS (Details Textual) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Cash and Cash Equivalents [Line Items]	'	'
Cash FDIC insurance amount limit	$250,000	'
Amounts In Excess Of Fdic Limits	$1,739,000	$1,770,000

INVENTORY_Details

INVENTORY (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Inventory [Line Items]	'	'	'
Raw materials	$317,881	'	$270,355
Work-in-process	580,939	'	783,060
Finished goods	48,505	'	153,093
Inventory	947,325	'	1,206,508
Increase (Decrease) in Raw materials inventories	47,526	'	'
Increase (Decrease) in Work-in-process inventories	-202,121	'	'
Increase (Decrease) in Finished goods Inventories	-104,588	'	'
Increase (Decrease) in inventories	($259,183)	($206,025)	'

ACCOUNTS_RECEIVABLE_Details

ACCOUNTS RECEIVABLE (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]	'	'	'
Trade accounts receivable, gross	$715,369	'	$609,638
Allowance for bad debt and product returns	-14,201	'	-13,952
Trade accounts receivable, net	701,168	'	595,686
Other receivables	18,810	'	35,676
Income taxes receivable	48	'	48
Accounts receivable, net	720,026	'	631,410
Increase (Decrease) In Trade accounts receivable, gross	105,731	'	'
Increase (Decrease) In Allowance for bad debt and product returns	-249	'	'
Increase (Decrease) In Trade accounts receivable, net	105,482	'	'
Increase (Decrease) In Other receivables	-16,866	'	'
Increase (Decrease) In Income taxes receivable	0	'	'
Increase (Decrease) In Accounts receivable, net	$88,616	$101,539	'

PROPERTY_PLANT_AND_EQUIPMENT_D

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Property, Plant and Equipment [Line Items]	'	'
Laboratory and manufacturing equipment	$3,184,421	$3,182,686
Building and improvements	2,960,189	2,940,239
Office furniture and equipment	378,419	354,243
Construction in progress	194,449	9,600
Land	50,000	50,000
Property, plant and equipment, gross	6,767,478	6,536,768
Less: accumulated depreciation	4,118,359	4,012,003
Property, plant and equipment, net	2,649,119	2,524,765
Property, plant and equipment, gross (increase)	230,710	'
Less: accumulated depreciation (increase)	106,356	'
Property, plant and equipment, net (increase)	124,354	'
Laboratory and manufacturing equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, gross (increase)	1,735	'
Building and improvements [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, gross (increase)	19,950	'
Office furniture and equipment [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, gross (increase)	24,176	'
Construction in Progress [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, gross (increase)	184,849	'
Land [Member]	'	'
Property, Plant and Equipment [Line Items]	'	'
Property, plant and equipment, gross (increase)	$0	'

BANK_DEBT_Details

BANK DEBT (Details) (USD $)	Mar. 31, 2014
Debt Instrument [Line Items]	'
Nine months ending December 31, 2014	$143,614
Twelve months ending December 31, 2015	150,290
Twelve months ending December 31, 2016	57,384
Twelve months ending December 31, 2017	61,056
Twelve months ending December 31, 2018	64,876
Twelve months ending December 31, 2019	68,908
Eight months ending August 31, 2020	493,696
Total outstanding	1,039,824
Mortgages [Member]	'
Debt Instrument [Line Items]	'
Nine months ending December 31, 2014	38,435
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
Twelve months ending December 31, 2019	68,908
Eight months ending August 31, 2020	493,696
Total outstanding	838,399
Note Payable [Member]	'
Debt Instrument [Line Items]	'
Nine months ending December 31, 2014	105,179
Twelve months ending December 31, 2015	96,246
Twelve months ending December 31, 2016	0
Twelve months ending December 31, 2017	0
Twelve months ending December 31, 2018	0
Twelve months ending December 31, 2019	0
Eight months ending August 31, 2020	0
Total outstanding	$201,425

BANK_DEBT_Details_Textual

BANK DEBT (Details Textual) (USD $)	3 Months Ended				3 Months Ended		3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2011	Sep. 30, 2010	Mar. 31, 2014	Sep. 30, 2010	Sep. 30, 2010	Mar. 31, 2014	Sep. 30, 2010	Mar. 31, 2014	Sep. 30, 2010
					Interest Rate Swap [Member]	Interest Rate Swap [Member]	Mortgages [Member]	Note Payable [Member]	Note Payable [Member]	Line Of Credit [Member]	Line Of Credit [Member]
Debt Instrument [Line Items]	'	'	'	'	'	'	'	'	'	'	'
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, 2015 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	'	'	'	'	838,399	1,000,000	'	'	'	'	'
Proceeds from Notes Payable	'	'	600,000	'	'	'	'	'	'	'	'
Debt Instrument, Description of Variable Rate Basis	'	'	'	'	'London Interbank Offered Rate (LIBOR) of 3.41%	'	'	'Interest on the note is variable at the higher rate per annum of 4.25% or the LIBOR plus 3.25%.	'	'Interest on any borrowings against the line of credit would be variable at the higher rate per annum of 4.25% or the LIBOR plus 3.50%.	'
Derivatives Interest Rate Swap Payments	5,566	5,781	'	'	'	'	'	'	'	'	'
Other Comprehensive Income (Loss), Net Of Tax	($1,408)	$5,810	'	'	'	'	'	'	'	'	'

OTHER_EXPENSES_REVENUES_NET_De

OTHER (EXPENSES) REVENUES, NET (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income and other expenses [Line Items]	'	'
Royalty income	$0	($3,000)
Interest income	3,954	2,890
Interest expense	-14,962	-17,222
Other	-399	61,364
Other (expenses) revenues, net	($11,407)	$44,032

STOCKBASED_COMPENSATION_Detail

STOCK-BASED COMPENSATION (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock-based compensation	$7,358	$8,381

COMMON_STOCK_RIGHTS_PLAN_Detai

COMMON STOCK RIGHTS PLAN (Details Textual) (USD $)	1 Months Ended			3 Months Ended
	Aug. 31, 2011	Jun. 30, 2008	Jun. 30, 2005	Mar. 31, 2014	Aug. 05, 2011	Jun. 06, 2008
Common stock right plan [Line Items]	'	'	'	'	'	'
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, subject to adjustment.	'	'

SEGMENT_AND_SIGNIFICANT_CUSTOM2

SEGMENT AND SIGNIFICANT CUSTOMER INFORMATION (Details)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Animal Health International, Inc [Member]	'		'
Total product sales	38.00%		38.00%
MWI Veterinary Supply Company [Member]	'		'
Total product sales	23.00%	[1]	24.00%	[1]
[1]	Assumes the acquisition of IVESCO by MWI Veterinary Supply Company (which closed as of November 1, 2013) had closed as of January 1, 2013.

SEGMENT_AND_SIGNIFICANT_CUSTOM3

SEGMENT AND SIGNIFICANT CUSTOMER INFORMATION (Details 1)	Mar. 31, 2014	Dec. 31, 2013
Animal Health International, Inc [Member]	'	'
Accounts receivable due from significant customers	35.00%	39.00%
MWI Veterinary Supply Company [Member]	'	'
Accounts receivable due from significant customers	31.00%	26.00%
Robert J. Matthews Company [Member]	'	'
Accounts receivable due from significant customers	10.00%	10.00%

SEGMENT_AND_SIGNIFICANT_CUSTOM4

SEGMENT AND SIGNIFICANT CUSTOMER INFORMATION (Details Textual)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Domestic Tax Authority [Member]	'	'
Total product sales	79.00%	82.00%
Foreign Country [Member]	'	'
Total product sales	14.00%	17.00%

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Related Party Transaction [Line Items]	'	'	'
Revenues from Transactions with Related Party	$125,768	$104,528	'
Accounts receivable, related parties	51,064	'	31,445
Related Party Transaction, Expenses from Transactions with Related Party	$4,405	$2,697	'

COMMITMENTS_AND_CONTINGENT_LIA1

COMMITMENTS AND CONTINGENT LIABILITIES (Details Textual) (USD $)	Mar. 31, 2014
Commitments And Contingencies [Line Items]	'
Purchase Obligation, Total	$379,000

SUBSEQUENT_EVENTS_Details_Text

SUBSEQUENT EVENTS (Details Textual) (Subsequent Event [Member])	3 Months Ended
	Mar. 31, 2014
Subsequent Event [Member]	'
Subsequent Event [Line Items]	'
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.