ImmuCell (ICCC) 10-Q 11 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 09, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	IMMUCELL CORP /DE/
Entity Central Index Key	811,641
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,016
Entity Common Stock, Shares Outstanding		4,178,844

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 4,561,304	$ 1,573,328
Short-term investments	5,952,000	4,464,000
Accounts receivable, net	1,455,859	754,104
Inventory	980,901	870,207
Prepaid expenses and other assets	297,900	211,777
Total current assets	13,247,964	7,873,416
PROPERTY, PLANT AND EQUIPMENT, net	6,100,802	5,718,814
LONG-TERM INVESTMENTS	487,000	487,000
DEFERRED TAX ASSET	266,717	452,117
OTHER ASSETS, net	279,540	8,920
TOTAL ASSETS	20,382,023	14,540,267
CURRENT LIABILITIES:
Accounts payable and accrued expenses	761,736	662,165
Current portion of bank debt	128,610	130,780
Total current liabilities	890,346	792,945
LONG-TERM LIABILITIES:
Long-term portion of bank debt	2,988,149	3,054,977
Interest rate swaps	180,203	78,525
Total long-term liabilities	3,168,352	3,133,502
TOTAL LIABILITIES	4,058,698	3,926,447
STOCKHOLDERS' EQUITY:
Common stock, $0.10 par value per share, 8,000,000 shares authorized, 4,384,958 and 3,261,148 shares issued as of March 31, 2016 and December 31, 2015, respectively	438,496	326,115
Capital in excess of par value	15,359,940	10,150,190
Accumulated surplus	1,091,120	638,672
Treasury stock, at cost, 206,114 shares as of March 31, 2016 and December 31, 2015	(450,901)	(450,901)
Accumulated other comprehensive loss	(115,330)	(50,256)
Total stockholders' equity	16,323,325	10,613,820
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 20,382,023	$ 14,540,267

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
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	4,384,958	3,261,148
Treasury stock, shares	206,114	206,114

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Product sales	$ 2,986,359	$ 3,101,491
Costs of goods sold	1,228,799	1,250,566
Gross margin	1,757,560	1,850,925
Sales and marketing expenses	418,998	388,903
Administrative expenses	337,155	311,305
Product development expenses	302,443	330,665
Operating expenses	1,058,596	1,030,873
NET OPERATING INCOME	698,964	820,052
Other expenses, net	23,387	5,450
INCOME BEFORE INCOME TAXES	675,577	814,602
Income tax expense	223,129	335,520
NET INCOME	$ 452,448	$ 479,082
Weighted average common shares outstanding:
Basic	3,833,056	3,027,345
Diluted	3,944,350	3,143,576
NET INCOME PER SHARE:
Basic	$ 0.12	$ 0.16
Diluted	$ 0.11	$ 0.15

Statements of Comprehensive Inc

Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Other Comprehensive Income [Abstract]
Net income	$ 452,448	$ 479,082
Other comprehensive (loss):
Interest rate swaps, before taxes	(101,678)	(6,498)
Income tax applicable to interest rate swaps	36,604	2,592
Other comprehensive (loss), net of taxes	(65,074)	(3,906)
Total comprehensive income	$ 387,374	$ 475,176

Statements of Stockholders' Equ

Statements of Stockholders' Equity (Unaudited) - USD ($)	Total	Common Stock	Capital in Excess of Par Value	Accumulated (Deficit) Surplus	Treasury Stock	Accumulated Other Comprehensive (Loss)
Balance at Dec. 31, 2014	$ 9,258,368	$ 326,115	$ 10,042,305	$ (574,567)	$ (512,154)	$ (23,331)
Balance (in shares) at Dec. 31, 2014		3,261,148			234,114
Net income	479,082	$ 0	0	479,082	$ 0	0
Other comprehensive (loss), net of taxes	(3,906)	0	0	0	0	(3,906)
Stock-based compensation	4,478	0	4,478	0	0	0
Exercise of stock options	5,250	0	3,062	0	$ 2,188	0
Exercise of stock options, Shares					(1,000)
Balance at Mar. 31, 2015	9,743,272	$ 326,115	10,049,845	(95,485)	$ (509,966)	(27,237)
Balance (in shares) at Mar. 31, 2015		3,261,148			233,114
Balance at Dec. 31, 2015	10,613,820	$ 326,115	10,150,190	638,672	$ (450,901)	(50,256)
Balance (in shares) at Dec. 31, 2015		3,261,148			206,114
Net income	452,448	$ 0	0	452,448	$ 0	0
Other comprehensive (loss), net of taxes	(65,074)	0	0	0	0	(65,074)
Issuance of common shares, net of $586,779 in costs	5,313,223	$ 112,381	5,200,842	0	0	0
Issuance of common shares, net of $586,779 in costs, Shares		1,123.810
Stock-based compensation	8,908	$ 0	8,908	0	0	0
Balance at Mar. 31, 2016	$ 16,323,325	$ 438,496	$ 15,359,940	$ 1,091,120	$ (450,901)	$ (115,330)
Balance (in shares) at Mar. 31, 2016		4,384,958			206,114

Statements of Stockholders' Eq7

Statements of Stockholders' Equity (Unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2016USD ($)
Statement Of Stockholders Equity [Abstract]
Issuance of common shares, net of costs	$ 586,779

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 452,448	$ 479,082
Adjustments to reconcile net income to net cash (used for) provided by operating activities:
Depreciation	162,547	115,664
Amortization	10,617	720
Deferred income taxes	222,004	332,718
Stock-based compensation	$ 8,908	4,478
(Gain) on disposal of fixed assets		(5,306)
Changes in:
Receivables	$ (701,755)	250,438
Inventory	2,305	367,092
Prepaid expenses and other assets	(77,203)	(30,222)
Accounts payable and accrued expenses	(167,112)	(112,903)
Net cash (used for) provided by operating activities	(87,241)	1,401,761
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(311,480)	(988,459)
Purchase of certain business assets	(368,219)	0
Maturities of investments	496,000	1,245,000
Purchases of investments	(1,984,000)	0
Proceeds from sale of fixed assets	0	5,565
Net cash (used for) provided by investing activities	(2,167,699)	262,106
CASH FLOWS FROM FINANCING ACTIVITIES:
Debt principal repayments	(33,414)	(49,057)
Debt issuance costs	(36,893)	0
Proceeds from exercise of stock options	0	5,250
Proceeds from public offering	5,900,002	0
Payments for public offering costs	(586,779)	0
Net cash provided by (used for) financing activities	5,242,916	(43,807)
NET INCREASE IN CASH AND CASH EQUIVALENTS	2,987,976	1,620,060
BEGINNING CASH AND CASH EQUIVALENTS	1,573,328	850,028
ENDING CASH AND CASH EQUIVALENTS	4,561,304	2,470,088
INCOME TAXES PAID	1,125	2,800
INTEREST EXPENSE PAID	38,713	13,050
NON-CASH ACTIVITIES:
Change in capital expenditures included in accounts payable and accrued expenses	100,678	(151,588)
Net change in fair value of interest rate swaps	$ 65,074	$ 3,906

Business Operations

Business Operations	3 Months Ended
	Mar. 31, 2016
Business Operations [Abstract]
BUSINESS OPERATIONS	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 was originally incorporated in Maine in 1982 and reincorporated in Delaware in 1987, in conjunction with its initial public offering of common stock. We market products that provide immediate immunity to newborn dairy and beef cattle. We are developing product line extensions of our existing products and are in the late stages of developing a novel product that addresses mastitis, the most significant cause of economic loss to the dairy industry. These products help reduce the need to use traditional antibiotics in food producing animals. The Company is subject to certain risks associated with its stage of development including dependence on key individuals, competition from other larger companies, the successful sale of existing products and the development and acquisition of additional commercially viable products with appropriate regulatory approvals, where applicable. These and other risks to our company are further detailed under PART I: ITEM 1A– RISK FACTORS

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (a) Basis of presentation We have prepared the accompanying unaudited financial statements 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 (b) Cash, Cash Equivalents, Short-Term Investments 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 secured, in part, by the Securities Investor Protection Corporation. Amounts in excess of these FDIC limits per bank that are not invested in securities backed by the U.S. government aggregated $4,061,004 and $1,073,028 as of March 31, 2016 and December 31, 2015, respectively. 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. Long-term investments are classified as held to maturity and are comprised principally of certificates of deposit that mature in more than twelve months from the balance sheet date. Short-term and long-term investments are held at different financial institutions that are insured by the FDIC, within the FDIC limits per financial institution. See Note 3. (c) 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. See Note 4. (d) Trade Receivables Trade receivables are carried at the original invoice amount less an estimate made for doubtful collection. Management determines the allowance for doubtful accounts on a monthly basis by identifying troubled accounts and by using historical experience applied to an aging of accounts. Trade receivables are written off when deemed uncollectible. Recoveries of trade receivables previously written off are recorded as income when received. A trade receivable is considered to be past due if any portion of the receivable balance is outstanding for more than 30 days. Interest is charged on past due trade receivables. See Note 5. (e) Property, Plant and Equipment We depreciate property, plant and equipment on the straight-line method by charges to operations in amounts estimated to expense the cost of the assets from the date they are first put into service to the end of the estimated useful lives of the assets. The cost of our building (which was acquired in 1993) and the 2001 and 2007 additions thereto are being depreciated through 2023. We are depreciating the building addition that was completed during the first quarter of 2015 over twenty-five years. Related building improvements are depreciated over ten year periods. Large and durable fixed assets are depreciated over their useful lives that are generally estimated to be five to ten years. Other fixed assets and computer equipment are depreciated over their useful lives that are generally estimated to be five and three years, respectively. See Note 7. (f) Intangible Assets We amortize intangible assets on the straight-line method by charges to operations in amounts estimated to expense the cost of the assets from the date they are first put into service to the end of the estimated useful lives of the assets. The estimated life of the intellectual property intangible asset described in Note 6 is ten years. We continually assess that these assets are realizable in accordance with the impairment provisions of Codification Topic 360, Accounting for the Impairment or Disposal of Long-Lived Assets (g) Disclosure of Fair Value of Financial Instruments and Concentration of Risk Financial instruments consist mainly of cash, cash equivalents, short-term investments, long-term investments, accounts receivable, accounts payable, bank debt and interest rate swaps. Financial instruments that potentially subject the Company to concentrations of credit risk are principally cash, cash equivalents, short-term investments, long-term investments and accounts receivable. We make short-term and long-term investments in financial instruments that are insured by the FDIC. We account for fair value measurements in accordance with Codification Topic 820, Fair Value Measurements and Disclosures Concentration of credit risk with respect to accounts receivable is principally limited to certain customers to whom we make substantial sales. To reduce risk, we routinely assess the financial strength of our customers and, as a consequence, believe that our accounts receivable credit risk exposure is limited. We maintain an allowance for potential credit losses, but historically we have not experienced significant credit losses related to an individual customer or groups of customers in any particular industry or geographic area. We believe that supplies and raw materials for the production of our products are available from more than one vendor or farm. Our policy is to maintain more than one source of supply for the components used in our products. However, there is a risk that we could have difficulty in efficiently acquiring essential supplies. (h) Interest Rate Swap Agreements All derivatives are recognized on the balance sheet at their fair value. We entered into interest rate swap agreements in 2010 and 2015. On the dates the agreements were entered into, we designated the derivatives as hedges of the variability of cash flows to be paid related to our long-term debt. The agreements have been determined to be highly effective in hedging the variability of identified cash flows, so changes in the fair market value of the interest rate swap agreements are recorded as comprehensive income (loss), until earnings are affected by the variability of cash flows (e.g. when periodic settlements on a variable-rate asset or liability are recorded in earnings). We formally documented the relationship between the interest rate swap agreements and the related hedged items. We also formally assess, both at the interest rate swap agreements’ inception and on an ongoing basis, whether the agreements are highly effective in offsetting changes in cash flow of hedged items. See Note 9. (i) Revenue Recognition We recognize revenue in accordance with Staff Accounting Bulletin (SAB) No. 104, “Revenue Recognition”. SAB No. 104 requires that four criteria are met before revenue is recognized. These include i) persuasive evidence that an arrangement exists, ii) delivery has occurred or services have been rendered, iii) the seller’s price is fixed and determinable and iv) collectability is reasonably assured. We recognize revenue at the time of shipment (including to distributors) for substantially all products, as title and risk of loss pass to the customer on delivery to the common carrier after concluding that collectability is reasonably assured. We recognize service revenue at the time the service is performed. (j) Expense Recognition Advertising costs are expensed when incurred, which is generally during the month in which the advertisement is published. Advertising expenses amounted to $10,492 and $29,221 during the three-month periods ended March 31, 2016 and 2015, respectively. All product development expenses are expensed as incurred, as are all related patent costs. (k) Income Taxes We account for income taxes in accordance with Codification Topic 740, Income Taxes (l) Stock-Based Compensation We account for stock-based compensation in accordance with Codification Topic 718, Compensation-Stock Compensation (m) Net Income Per Common Share Net Income per common share has been computed in accordance with Codification Topic 260-10, Earnings Per Share. Three-Month Periods Ended March 31, 2016 2015 Weighted average number of shares outstanding 3,833,056 3,027,345 Effect of dilutive stock options 111,294 116,231 Diluted number of shares outstanding 3,944,350 3,143,576 Outstanding stock options not included in the calculation because the effect would be anti-dilutive 14,000 4,000 (n) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual amounts could differ from those estimates. (o) New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest In July 2015, the FASB issued ASU No. 2015-11, Inventory In November 2015, the FASB issued ASU No. 2015-17, Income Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases

Cash, Cash Equivalents, Short-T

Cash, Cash Equivalents, Short-Term Investments and Long-Term Investments	3 Months Ended
	Mar. 31, 2016
Cash, Cash Equivalents, Short-Term Investments and Long-Term Investments [Abstract]
CASH, CASH EQUIVALENTS, SHORT-TERM INVESTMENTS AND LONG-TERM INVESTMENTS	3. CASH, CASH EQUIVALENTS, SHORT-TERM INVESTMENTS AND LONG-TERM INVESTMENTS Cash, cash equivalents, short-term investments and long-term investments consisted of the following: As of March 31, 2016 As of December 31, 2015 Increase Cash and cash equivalents $ 4,561,304 $ 1,573,328 $ 2,987,976 Short-term investments 5,952,000 4,464,000 1,488,000 Subtotal 10,513,304 6,037,328 4,475,976 Long-term investments 487,000 487,000 0 Total $ 11,000,304 $ 6,524,328 $ 4,475,976

Inventory

Inventory	3 Months Ended
	Mar. 31, 2016
Inventory [Abstract]
INVENTORY	4. INVENTORY Inventory consisted of the following: As of March 31, 2016 As of December 31, 2015 Increase (Decrease) Raw materials $ 429,640 $ 284,331 $ 145,309 Work-in-process 424,781 452,024 (27,243 ) Finished goods 126,480 133,852 (7,372 ) Total $ 980,901 $ 870,207 $ 110,694

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2016
Accounts Receivable[Abstract]
ACCOUNTS RECEIVABLE	5. ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: As of March 31, 2016 As of December 31, 2015 Increase (Decrease) Trade accounts receivable, gross $ 1,442,148 $ 736,195 $ 705,953 Accumulated allowance for bad debt and product returns (18,652 ) (18,092 ) (560 ) Trade accounts receivable, net 1,423,496 718,103 705,393 Other receivables 32,363 36,001 (3,638 ) Accounts receivable, net $ 1,455,859 $ 754,104 $ 701,755

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets	3 Months Ended
	Mar. 31, 2016
Prepaid Expenses and Other Assets [Abstract]
PREPAID EXPENSES AND OTHER ASSETS	6. PREPAID EXPENSES AND OTHER ASSETS Prepaid expenses and other assets consisted of the following: As of March 31, 2016 As of Increase (Decrease) Prepaid expenses and other assets (1) $ 253,700 $ 183,396 $ 70,304 Security deposits 44,200 28,381 15,819 Current subtotal 297,900 211,777 86,123 Intangible asset (business acquisition) (2) 288,848 0 288,848 Accumulated amortization of intangible asset (9,308 ) 0 (9,308 ) Security deposits 0 8,920 (8,920 ) Long-term subtotal 279,540 8,920 270,620 Total $ 577,440 $ 220,697 $ 356,743 (1) (2) First Defense ®

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following, at cost: As of As of Increase Laboratory and manufacturing equipment $ 5,139,329 $ 3,766,556 $ 1,372,773 Building and improvements 4,935,842 4,716,204 219,638 Office furniture and equipment 569,129 568,188 941 Construction in progress (1) 18,751 1,084,924 (1,066,173 ) Land 348,827 333,486 15,341 Property, plant and equipment, gross 11,011,878 10,469,358 542,520 Accumulated depreciation (4,911,076 ) (4,750,544 ) (160,532 ) Property, plant and equipment, net $ 6,100,802 $ 5,718,814 $ 381,988 (1)

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2016
Accounts Payable and Accrued Expenses [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	8. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following: As of March 31, 2016 As of December 31, 2015 Increase (Decrease) Accounts payable – capital $ 102,188 $ 1,510 $ 100,678 Accounts payable – trade 185,247 199,105 (13,858 ) Accrued payroll 173,565 242,690 (69,125 ) Accrued clinical studies 0 68,428 (68,428 ) Accrued professional fees 48,200 56,450 (8,250 ) Accrued other 252,536 93,982 158,554 Total $ 761,736 $ 662,165 $ 99,571

Bank Debt

Bank Debt	3 Months Ended
	Mar. 31, 2016
Bank Debt [Abstract]
BANK DEBT	9. BANK DEBT During the first quarter of 2016, we entered into a bank debt agreement covering certain additional credit facilities with TD Bank N.A. aggregating approximately $4.5 million comprised of: (a) a $2.5 million construction loan, drawable over an 18-month period at up to 80% of the cost of equipment installed in the to be constructed commercial-scale production facility for Mast Out ® Mast Out ® We have in place certain credit facilities with TD Bank, N.A. (a wholly owned subsidiary of TD Financial Group, which is a multinational bank with approximately $944 billion in assets and over 22 million clients worldwide) which are secured by substantially all of our assets. Proceeds from the $1,000,000 mortgage note were received during the third quarter of 2010. Based on a 15-year amortization schedule, a balloon principal payment of approximately $451,885 will be due during the third quarter of 2020. Proceeds from the $2,500,000 mortgage note were received during the third quarter of 2015. Based on a 20-year amortization schedule, a balloon principal payment of approximately $1,550,007 will be due during the third quarter of 2025. Principal payments due under debt outstanding as of March 31, 2016 are reflected in the following table by the year that payments are due: Period $1,000,000 Mortgage Note $2,500,000 Mortgage Note Debt Issuance Costs Total Nine months ending December 31, 2016 $ 43,341 $ 59,085 $ (6,834 ) $ 95,592 Year ending December 31, 2017 61,056 82,308 (9,111 ) 134,253 Year ending December 31, 2018 64,876 86,097 (9,111 ) 141,862 Year ending December 31, 2019 68,908 89,997 (9,111 ) 149,794 Year ending December 31, 2020 493,696 94,005 (8,478 ) 579,223 After December 31, 2020 0 2,049,766 (33,731 ) 2,016,035 Total $ 731,877 $ 2,461,258 $ (76,376 ) $ 3,116,759 We hedged our interest rate exposure on these mortgage notes with interest rate swap agreements that effectively converted floating interest rates based on the one-month LIBOR plus a bank profit margin to the fixed rates of 6.04% and 4.38%, respectively. As of March 31, 2016, the variable rates on these two mortgage notes were 3.69% and 2.68%, respectively. All derivatives are recognized on the balance sheet at their fair value. At the time of the closings and thereafter, the agreements were determined to be highly effective in hedging the variability of the identified cash flows and have been designated as cash flow hedges of the variability in the hedged interest payments. Changes in the fair value of the interest rate swap agreements are recorded in other comprehensive (loss), net of taxes. The original notional amounts of the interest rate swap agreements of $1,000,000 and $2,500,000 amortize in accordance with the amortization of the mortgage notes. The notional amount of the interest rate swaps was $3,193,135 as of March 31, 2016. Payments required by the interest rate swaps totaled $15,200 and $5,219 during the three-month periods ended March 31, 2016 and 2015, respectively. As the result of our decision to hedge this interest rate risk, we recorded other comprehensive (loss), net of taxes, in the amount of ($65,074) and ($3,906) during the three-month periods ended March 31, 2016 and 2015, respectively, which reflects the change in the fair value of the interest rate swap (liabilities), net of taxes. The fair values of the interest rate swaps have been determined using observable market-based inputs or unobservable inputs that are corroborated by market data. Accordingly, the interest rate swaps are classified as level 2 within the fair value hierarchy provided in Codification Topic 820, Fair Value Measurements and Disclosures Proceeds from a $600,000 note bearing interest at 4.25% were received during the first quarter of 2011. This note was repaid during the third quarter of 2015. The $500,000 line of credit is available as needed and has been extended through May 31, 2017 and is renewable annually thereafter. The line of credit was unused as of March 31, 2016 and December 31, 2015. Interest on any borrowings against the line of credit would be variable at the higher of 4.25% per annum or the one-month LIBOR plus 3.5% per annum. These credit facilities are subject to certain financial covenants. We are in compliance with all applicable covenants as of March 31, 2016. In connection with certain credit facilities entered into during the third quarters of 2010 and 2015 and the first quarter of 2016, we incurred debt issue costs of $26,489, $34,125 and $36,893, respectively, which costs are being amortized to other expenses over the terms of the credit facilities.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	10. STOCKHOLDERS’ EQUITY On October 28, 2015, we filed a registration statement on Form S-3 with the SEC for the potential issuance of up to $10,000,000 in equity (subject to certain limitations). This registration statement became effective on November 10, 2015. Under this form of registration statement, we were limited to raising gross proceeds of no more than one-third of the market capitalization of our common stock (as determined by the high price within the preceding 60 days leading up to a sale of securities) held by non-affiliates (non-insiders) of the Company within a twelve-month period. This limit was approximately $5,958,000, based on the closing price of $8.08 per share as of January 6, 2016. On February 3, 2016, we sold 1,123,810 shares of common stock at a price to the public of $5.25 per share in an underwritten public offering, raising gross proceeds of approximately $5,900,000, resulting in net proceeds of approximately $5,313,000 (after deducting underwriting discounts and offering expenses) to the Company. The Company’s Board of Directors has approved an amendment to the Company’s Certificate of Incorporation to increase the number of shares of common stock authorized for issuance from 8,000,000 to 10,000,000. The amendment is subject to stockholder approval at the Company’s June 15, 2016 Annual Meeting of Stockholders.

Other Expenses, Net

Other Expenses, Net	3 Months Ended
	Mar. 31, 2016
Other Expenses, Net [Abstract]
OTHER EXPENSES, NET	11. OTHER EXPENSES, NET Other expenses, net, consisted of the following: Three-Month Periods Ended March 31, 2016 2015 Interest income ($ 13,335 ) ($ 2,982 ) Interest expense 35,598 13,071 Debt issuance amortization 1,309 720 Other (gains) (185 ) (5,359 ) Other expenses, net $ 23,387 $ 5,450

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Taxes [Abstract]
INCOME TAXES	12. INCOME TAXES Our income tax expense aggregated $223,129 and $335,520 (amounting to 33% and 41% of the income before income taxes, respectively) for the three-month periods ended March 31, 2016 and 2015, respectively. In 2015, we utilized approximately $1,700,000 of net operating loss carryforwards to offset otherwise taxable income. As of December 31, 2015, we had federal net operating loss carryforwards of approximately $115,000 that we expect to utilize against taxable income in 2016. Additionally, we have federal general business tax credit carryforwards of approximately $262,000 that expire in 2027 through 2034, if not utilized before then, as well as approximately $78,000 of state tax credits. The $965,000 licensing payment that we made during the fourth quarter of 2004 was treated as an intangible asset and is being amortized over 15 years, for tax return purposes only. Approximately $1,112,000 of our investment in a small-scale facility to produce the Drug Substance (our Active Pharmaceutical Ingredient, Nisin) for Mast Out ® Deferred tax assets are recognized only when it is probable that sufficient taxable income will be available in future periods against which deductible temporary differences and credits may be utilized. However, the amount of the deferred tax asset could be reduced if projected income is not achieved due to various factors, such as unfavorable business conditions. If projected income is not expected to be achieved, we would decrease the deferred tax asset to the amount that we believe can be realized. Net operating loss carryforwards, credits, and other tax attributes are subject to review and possible adjustment by the Internal Revenue Service. Section 382 of the Internal Revenue Code contains provisions that could place annual limitations on the future utilization of net operating loss carryforwards and credits in the event of a change in ownership of the Company, as defined. The Company files income tax returns in the U.S. federal jurisdiction and several state jurisdictions. With few exceptions, the Company is no longer subject to income tax examinations by tax authorities for years before 2012. We currently have no tax examinations in progress. We also have not paid additional taxes, interest or penalties as a result of tax examinations nor do we have any unrecognized tax benefits for any of the periods in the accompanying financial statements.

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2016
Commitments and Contingent Liabilities [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	13. COMMITMENTS AND CONTINGENT LIABILITIES Our bylaws, as amended, in effect provide that the Company will indemnify its officers and directors to the maximum extent permitted by Delaware law. In addition, we make similar indemnity undertakings to each director through a separate indemnification agreement with that director. The maximum payment that we may be required to make under such provisions is theoretically unlimited and is impossible to determine. We maintain directors’ and officers’ liability insurance, which may provide reimbursement to the Company for payments made to, or on behalf of, officers and directors pursuant to the indemnification provisions. Our indemnification obligations were grandfathered under the provisions of Codification Topic 460 , Guarantees As of March 31, 2016, we had committed approximately $238,000 to capital expenditures, $602,000 to the production of inventory and an additional $101,000 to other obligations. We enter into agreements with third parties in the ordinary course of business under which we are obligated to indemnify such third parties from and against various risks and losses. The precise terms of such indemnities vary with the nature of the agreement. In many cases, we limit the maximum amount of our indemnification obligations, but in some cases those obligations may be theoretically unlimited. We have not incurred material expenses in discharging any of these indemnification obligations, and based on our analysis of the nature of the risks involved, we believe that the fair value of the liabilities potentially arising under these agreements is minimal. Accordingly, we have recorded no liabilities for such obligations as of March 31, 2016. The development, manufacturing and marketing of animal health care products entails an inherent risk that liability claims will be asserted against us. We feel that we have reasonable levels of liability insurance to support our operations.

Segment and Significant Custome

Segment and Significant Customer Information	3 Months Ended
	Mar. 31, 2016
Segment and Significant Customer Information [Abstract]
SEGMENT AND SIGNIFICANT CUSTOMER INFORMATION	14. SEGMENT AND SIGNIFICANT CUSTOMER INFORMATION We principally operate in the business segment described in Note 1. Pursuant to Codification Topic 280, Segment Reporting Our primary customers for the majority of our product sales (89% and 83% for the three-month periods ended March 31, 2016 and 2015, 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 9% and 16% of our total product sales for the three-month periods ended March 31, 2016 and 2015, respectively. Sales to significant customers that amounted to 10% or more of total product sales are detailed in the following table: Three-Month Periods 2016 2015 Animal Health International, Inc. (1) 37 % 42 % MWI Animal Health (2) 21 % 26 % Robert J. Matthews Company 10 % * Accounts receivable due from significant customers amounted to the percentages of total trade accounts receivable as detailed in the following table: As of As of December 31, 2015 Animal Health International, Inc.(1) 35 % 26 % MWI Animal Health(2) 20 % 27 % ANIMART LLC(3) * 11 % (1) (2) (3) *Amount is less than 10%.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	15. 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 CMT

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2016
Employee Benefits [Abstract]
EMPLOYEE BENEFITS	16. EMPLOYEE BENEFITS We have a 401(k) savings plan (the Plan) in which all employees completing one month of service with the Company are eligible to participate. Participants may contribute up to the maximum amount allowed by the Internal Revenue Service. Since August 2012, we have matched 100% of the first 3% of each employee’s salary that is contributed to the Plan and 50% of the next 2% of each employee’s salary that is contributed to the Plan. Under this matching plan, we paid $17,326 and $16,726 into the Plan for the three-month periods ended March 31, 2016 and 2015, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS We have adopted the disclosure provisions of Codification Topic 855-10-50-1, Subsequent Events

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Basis of presentation	(a) Basis of presentation We have prepared the accompanying unaudited financial statements 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
Cash, Cash Equivalents, Short-Term Investments and Long-Term Investments	(b) Cash, Cash Equivalents, Short-Term Investments 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 secured, in part, by the Securities Investor Protection Corporation. Amounts in excess of these FDIC limits per bank that are not invested in securities backed by the U.S. government aggregated $4,061,004 and $1,073,028 as of March 31, 2016 and December 31, 2015, respectively. 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. Long-term investments are classified as held to maturity and are comprised principally of certificates of deposit that mature in more than twelve months from the balance sheet date. Short-term and long-term investments are held at different financial institutions that are insured by the FDIC, within the FDIC limits per financial institution. See Note 3.
Inventory	(c) 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. See Note 4.
Trade Receivables	(d) Trade Receivables
Property, Plant and Equipment	(e) Property, Plant and Equipment We depreciate property, plant and equipment on the straight-line method by charges to operations in amounts estimated to expense the cost of the assets from the date they are first put into service to the end of the estimated useful lives of the assets. The cost of our building (which was acquired in 1993) and the 2001 and 2007 additions thereto are being depreciated through 2023. We are depreciating the building addition that was completed during the first quarter of 2015 over twenty-five years. Related building improvements are depreciated over ten year periods. Large and durable fixed assets are depreciated over their useful lives that are generally estimated to be five to ten years. Other fixed assets and computer equipment are depreciated over their useful lives that are generally estimated to be five and three years, respectively. See Note 7.
Intangible Assets	(f) Intangible Assets We amortize intangible assets on the straight-line method by charges to operations in amounts estimated to expense the cost of the assets from the date they are first put into service to the end of the estimated useful lives of the assets. The estimated life of the intellectual property intangible asset described in Note 6 is ten years. We continually assess that these assets are realizable in accordance with the impairment provisions of Codification Topic 360, Accounting for the Impairment or Disposal of Long-Lived Assets
Disclosure of Fair Value of Financial Instruments and Concentration of Risk	(g) Disclosure of Fair Value of Financial Instruments and Concentration of Risk Financial instruments consist mainly of cash, cash equivalents, short-term investments, long-term investments, accounts receivable, accounts payable, bank debt and interest rate swaps. Financial instruments that potentially subject the Company to concentrations of credit risk are principally cash, cash equivalents, short-term investments, long-term investments and accounts receivable. We make short-term and long-term investments in financial instruments that are insured by the FDIC. We account for fair value measurements in accordance with Codification Topic 820, Fair Value Measurements and Disclosures Concentration of credit risk with respect to accounts receivable is principally limited to certain customers to whom we make substantial sales. To reduce risk, we routinely assess the financial strength of our customers and, as a consequence, believe that our accounts receivable credit risk exposure is limited. We maintain an allowance for potential credit losses, but historically we have not experienced significant credit losses related to an individual customer or groups of customers in any particular industry or geographic area. We believe that supplies and raw materials for the production of our products are available from more than one vendor or farm. Our policy is to maintain more than one source of supply for the components used in our products. However, there is a risk that we could have difficulty in efficiently acquiring essential supplies.
Interest Rate Swap Agreements	(h) Interest Rate Swap Agreements All derivatives are recognized on the balance sheet at their fair value. We entered into interest rate swap agreements in 2010 and 2015. On the dates the agreements were entered into, we designated the derivatives as hedges of the variability of cash flows to be paid related to our long-term debt. The agreements have been determined to be highly effective in hedging the variability of identified cash flows, so changes in the fair market value of the interest rate swap agreements are recorded as comprehensive income (loss), until earnings are affected by the variability of cash flows (e.g. when periodic settlements on a variable-rate asset or liability are recorded in earnings). We formally documented the relationship between the interest rate swap agreements and the related hedged items. We also formally assess, both at the interest rate swap agreements’ inception and on an ongoing basis, whether the agreements are highly effective in offsetting changes in cash flow of hedged items. See Note 9.
Revenue Recognition	(i) Revenue Recognition We recognize revenue in accordance with Staff Accounting Bulletin (SAB) No. 104, “Revenue Recognition”. SAB No. 104 requires that four criteria are met before revenue is recognized. These include i) persuasive evidence that an arrangement exists, ii) delivery has occurred or services have been rendered, iii) the seller’s price is fixed and determinable and iv) collectability is reasonably assured. We recognize revenue at the time of shipment (including to distributors) for substantially all products, as title and risk of loss pass to the customer on delivery to the common carrier after concluding that collectability is reasonably assured. We recognize service revenue at the time the service is performed.
Expense Recognition	(j) Expense Recognition Advertising costs are expensed when incurred, which is generally during the month in which the advertisement is published. Advertising expenses amounted to $10,492 and $29,221 during the three-month periods ended March 31, 2016 and 2015, respectively. All product development expenses are expensed as incurred, as are all related patent costs.
Income Taxes	(k) Income Taxes We account for income taxes in accordance with Codification Topic 740, Income Taxes
Stock-Based Compensation	(l) Stock-Based Compensation We account for stock-based compensation in accordance with Codification Topic 718, Compensation-Stock Compensation
Net Income Per Common Share	(m) Net Income Per Common Share Net Income per common share has been computed in accordance with Codification Topic 260-10, Earnings Per Share. Three-Month Periods Ended March 31, 2016 2015 Weighted average number of shares outstanding 3,833,056 3,027,345 Effect of dilutive stock options 111,294 116,231 Diluted number of shares outstanding 3,944,350 3,143,576 Outstanding stock options not included in the calculation because the effect would be anti-dilutive 14,000 4,000
Use of Estimates	(n) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual amounts could differ from those estimates.
New Accounting Pronouncements	(o) New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest In July 2015, the FASB issued ASU No. 2015-11, Inventory In November 2015, the FASB issued ASU No. 2015-17, Income Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Summary of Significant Accounting Policies [Abstract]
Schedule of weighted average and diluted number of shares outstanding	Three-Month Periods Ended March 31, 2016 2015 Weighted average number of shares outstanding 3,833,056 3,027,345 Effect of dilutive stock options 111,294 116,231 Diluted number of shares outstanding 3,944,350 3,143,576 Outstanding stock options not included in the calculation because the effect would be anti-dilutive 14,000 4,000

Cash, Cash Equivalents, Short28

Cash, Cash Equivalents, Short-Term Investments and Long-Term Investments (Tables)	3 Months Ended
	Mar. 31, 2016
Cash, Cash Equivalents, Short-Term Investments and Long-Term Investments [Abstract]
Schedule of cash, cash equivalents and short-term investments and long-term investments	As of March 31, 2016 As of December 31, 2015 Increase Cash and cash equivalents $ 4,561,304 $ 1,573,328 $ 2,987,976 Short-term investments 5,952,000 4,464,000 1,488,000 Subtotal 10,513,304 6,037,328 4,475,976 Long-term investments 487,000 487,000 0 Total $ 11,000,304 $ 6,524,328 $ 4,475,976

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory [Abstract]
Schedule of inventory	As of March 31, 2016 As of December 31, 2015 Increase (Decrease) Raw materials $ 429,640 $ 284,331 $ 145,309 Work-in-process 424,781 452,024 (27,243 ) Finished goods 126,480 133,852 (7,372 ) Total $ 980,901 $ 870,207 $ 110,694

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2016
Accounts Receivable[Abstract]
Schedule of accounts receivable	As of March 31, 2016 As of December 31, 2015 Increase (Decrease) Trade accounts receivable, gross $ 1,442,148 $ 736,195 $ 705,953 Accumulated allowance for bad debt and product returns (18,652 ) (18,092 ) (560 ) Trade accounts receivable, net 1,423,496 718,103 705,393 Other receivables 32,363 36,001 (3,638 ) Accounts receivable, net $ 1,455,859 $ 754,104 $ 701,755

Prepaid Expenses and Other As31

Prepaid Expenses and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Prepaid Expenses and Other Assets [Abstract]
Schedule of prepaid expenses and other assets	As of March 31, 2016 As of Increase (Decrease) Prepaid expenses and other assets (1) $ 253,700 $ 183,396 $ 70,304 Security deposits 44,200 28,381 15,819 Current subtotal 297,900 211,777 86,123 Intangible asset (business acquisition) (2) 288,848 0 288,848 Accumulated amortization of intangible asset (9,308 ) 0 (9,308 ) Security deposits 0 8,920 (8,920 ) Long-term subtotal 279,540 8,920 270,620 Total $ 577,440 $ 220,697 $ 356,743 (1) (2) First Defense ®

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	As of March 31, 2016 As of December 31, 2015 Increase (Decrease) Laboratory and manufacturing equipment $ 5,139,329 $ 3,766,556 $ 1,372,773 Building and improvements 4,935,842 4,716,204 219,638 Office furniture and equipment 569,129 568,188 941 Construction in progress (1) 18,751 1,084,924 (1,066,173 ) Land 348,827 333,486 15,341 Property, plant and equipment, gross 11,011,878 10,469,358 542,520 Accumulated depreciation (4,911,076 ) (4,750,544 ) (160,532 ) Property, plant and equipment, net $ 6,100,802 $ 5,718,814 $ 381,988 (1)

Accounts Payable and Accrued 33

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2016
Accounts Payable and Accrued Expenses [Abstract]
Schedule of accounts payable and accrued expenses	As of March 31, 2016 As of December 31, 2015 Increase (Decrease) Accounts payable – capital $ 102,188 $ 1,510 $ 100,678 Accounts payable – trade 185,247 199,105 (13,858 ) Accrued payroll 173,565 242,690 (69,125 ) Accrued clinical studies 0 68,428 (68,428 ) Accrued professional fees 48,200 56,450 (8,250 ) Accrued other 252,536 93,982 158,554 Total $ 761,736 $ 662,165 $ 99,571

Bank Debt (Tables)

Bank Debt (Tables)	3 Months Ended
	Mar. 31, 2016
Bank Debt [Abstract]
Schedule of principal payments due under debt outstanding	Period $1,000,000 Mortgage Note $2,500,000 Mortgage Note Debt Issuance Costs Total Nine months ending December 31, 2016 $ 43,341 $ 59,085 ($ 6,834 ) $ 95,592 Year ending December 31, 2017 61,056 82,308 (9,111 ) 134,253 Year ending December 31, 2018 64,876 86,097 (9,111 ) 141,862 Year ending December 31, 2019 68,908 89,997 (9,111 ) 149,794 Year ending December 31, 2020 493,696 94,005 (8,478 ) 579,223 After December 31, 2020 0 2,049,766 (33,731 ) 2,016,035 Total $ 731,877 $ 2,461,258 $ (76,376 ) $ 3,116,759

Other Expenses, Net (Tables)

Other Expenses, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Other Expenses, Net [Abstract]
Schedule of other expenses, net	Three-Month Periods Ended March 31, 2016 2015 Interest income ($ 13,335 ) ($ 2,982 ) Interest expense 35,598 13,071 Debt issuance amortization 1,309 720 Other (gains) (185 ) (5,359 ) Other expenses, net $ 23,387 $ 5,450

Segment and Significant Custo36

Segment and Significant Customer Information (Tables)	3 Months Ended
	Mar. 31, 2016
Segment and Significant Customer Information [Abstract]
Schedule of sales to significant customers	Three-Month Periods 2016 2015 Animal Health International, Inc. (1) 37 % 42 % MWI Animal Health (2) 21 % 26 % Robert J. Matthews Company 10 % *
Schedule of accounts receivable due from significant customers	As of As of December 31, 2015 Animal Health International, Inc.(1) 35 % 26 % MWI Animal Health(2) 20 % 27 % ANIMART LLC(3) * 11 % (1) (2) (3) *Amount is less than 10%.

Summary of Significant Accoun37

Summary of Significant Accounting Policies (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net Income (Loss) Per Common Share
Weighted average number of shares outstanding	3,833,056	3,027,345
Effect of dilutive stock options	111,294	116,231
Diluted number of shares outstanding	3,944,350	3,143,576
Outstanding stock options not included in the calculation because the effect would be anti-dilutive	14,000	4,000

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Summary of Significant Accounting Policies (Textual)
Decrease (increase) in income (loss) before income taxes descripton	Less than $0.01	Less than $0.01
Stock-based compensation	$ 8,908	$ 4,478
Advertising expense	10,492	$ 29,221
Federal deposit insurance corporation limits	250,000
U.S. government aggregated amount	$ 4,061,004		$ 1,073,028
Estimated life of intellectual property intangible asset	10 years
Reclassification of debt issuance costs (net)			40,792
Reclassification of current deferred tax liabilities			$ 19,588
Building addition [Member]
Summary of Significant Accounting Policies (Textual)
Property, plant and equipment, useful life	25 years
Building and improvements [Member]
Summary of Significant Accounting Policies (Textual)
Property, plant and equipment, useful life	10 years
Large and durable fixed assets [Member] | Minimum [Member]
Summary of Significant Accounting Policies (Textual)
Property, plant and equipment, useful life	5 years
Large and durable fixed assets [Member] | Maximum [Member]
Summary of Significant Accounting Policies (Textual)
Property, plant and equipment, useful life	10 years
Computer equipment [Member]
Summary of Significant Accounting Policies (Textual)
Property, plant and equipment, useful life	3 years
Other fixed assets [Member]
Summary of Significant Accounting Policies (Textual)
Property, plant and equipment, useful life	5 years

Cash, Cash Equivalents, Short39

Cash, Cash Equivalents, Short-Term Investments and Long-Term Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2014
Schedule of Cash, cash equivalents, short-term investments and long-term investments
Cash and cash equivalents	$ 4,561,304	$ 2,470,088	$ 1,573,328	$ 850,028
Short-term investments	5,952,000		4,464,000
Subtotal	10,513,304		6,037,328
Long-term investments	487,000		487,000
Total	11,000,304		$ 6,524,328
Increase in cash and cash equivalents	2,987,976	$ 1,620,060
Increase in short-term investments	1,488,000
Increase in cash and cash equivalents and short term investments	4,475,976
Increase in long term investments	0
Increase in cash and cash equivalents short term and long term investments	$ 4,475,976

Inventory (Details)

Inventory (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of Inventory
Raw materials	$ 429,640		$ 284,331
Work-in-process	424,781		452,024
Finished goods	126,480		133,852
Total	980,901		$ 870,207
Increase (Decrease) in Raw materials	145,309
Increase (Decrease) in Work-in-process	(27,243)
Increase (Decrease) in Finished goods	(7,372)
Increase (Decrease) in inventory	$ (2,305)	$ (367,092)

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Schedule of accounts receivable
Trade accounts receivable, gross	$ 1,442,148		$ 736,195
Accumulated allowance for bad debt and product returns	(18,652)		(18,092)
Trade accounts receivable, net	1,423,496		718,103
Other receivables	32,363		36,001
Accounts receivable, net	1,455,859		$ 754,104
Increase (Decrease) in Trade accounts receivable, gross	705,953
Increase (Decrease) in Accumulated allowance for bad debt and product returns	(560)
Increase (Decrease) in Trade accounts receivable, net	705,393
Increase (Decrease) in Other receivables	(3,638)
Increase (Decrease) in Accounts receivable, net	$ 701,755	$ (250,438)

Prepaid Expenses and Other As42

Prepaid Expenses and Other Assets (Details) - USD ($)		3 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Prepaid Expenses and Other Assets [Abstract]
Prepaid expenses and other assets	[1]	$ 253,700	$ 183,396
Security deposits		44,200	28,381
Current subtotal		297,900	211,777
Intangible asset (business acquisition)	[2]	288,848	0
Accumulated amortization of intangible asset		(9,308)	0
Security deposits		0	8,920
Long-term subtotal		279,540	8,920
Total		577,440	$ 220,697
Increase (Decrease) in Prepaid expenses and other assets	[1]	70,304
Increase (Decrease) in Security deposits		15,819
Increase (Decrease) in Current subtotal		86,123
Increase (Decrease) in Intangible asset (business acquisition)	[2]	288,848
Increase (Decrease) in Accumulated amortization of intangible asset		(9,308)
Increase (Decrease) in Security deposits		(8,920)
Increase (Decrease) in Long-term subtotal		270,620
Increase (Decrease) in Prepaid expenses and other assets, Total		$ 356,743
[1]	During the first quarter of 2016, we paid $20,500 for an option to purchase additional land nearby to our Portland facility that could be used to construct an 8,000 square foot building should we decide to exercise the option before the end of 2016 for an additional $184,500.
[2]	On January 4, 2016, we acquired certain business assets from DAY 1 Technology, LLC of Minnesota. The acquired rights and know-how are primarily related to formulating our bovine antibodies into a gel solution for an oral delivery option to newborn calves via a syringe (or tube). This product format offers customers an alternative delivery option to the bolus (the standard delivery format of the bivalent First Defense product since first approval by the United States Department of Agriculture (USDA) and product launch in 1991) and could allow more market penetration. The formulation was developed for us and has been sold as a feed product without disease claims since 2012. This purchase also includes certain other related private-label products that could generate approximately $300,000 in annual sales. The estimated fair values of the assets purchased in this transaction included inventory of $113,000, machinery and equipment of $132,000 and certain intellectual property intangibles. The total purchase price was approximately $534,000. Approximately $368,000 of this amount was paid as of the closing date, and the remaining balance will be paid contingent upon successful technology transfer and as a royalty on related product sales made through December 31, 2018. The impact of the acquisition on our proforma prior year operations is not significant.

Prepaid Expenses and Other As43

Prepaid Expenses and Other Assets (Details Textual)	Jan. 04, 2016USD ($)	Mar. 31, 2016USD ($)ft²
Prepaid Expenses And Other Assets Textual [Abstract]
Option to purchase additional land		$ 20,500
Construction land for building | ft²		8,000
Option exercise additional value		$ 184,500
Estimated fair values of other related private-label products	$ 300,000
Estimated fair values of inventory	113,000
Estimated fair values of machinery and equipment	132,000
Total purchase price	534,000
Amount paid on acquisition	$ 368,000

Property, Plant and Equipment44

Property, Plant and Equipment (Details) - USD ($)		3 Months Ended
		Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Laboratory and manufacturing equipment		$ 5,139,329	$ 3,766,556
Building and improvements		4,935,842	4,716,204
Office furniture and equipment		569,129	568,188
Construction in progress(1)	[1]	18,751	1,084,924
Land		348,827	333,486
Property, plant and equipment, gross		11,011,878	10,469,358
Accumulated depreciation		(4,911,076)	(4,750,544)
Property, plant and equipment, net		6,100,802	$ 5,718,814
Increase (Decrease) in Property, plant and equipment, gross		542,520
Increase (Decrease) in Accumulated depreciation		(160,532)
Increase (Decrease) in Property, plant and equipment, net		381,988
Laboratory and manufacturing equipment [Member]
Property, Plant and Equipment [Line Items]
Increase (Decrease) in Property, plant and equipment, gross		1,372,773
Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Increase (Decrease) in Property, plant and equipment, gross		219,638
Office furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Increase (Decrease) in Property, plant and equipment, gross		941
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
Increase (Decrease) in Property, plant and equipment, gross	[1]	(1,066,173)
Land [Member]
Property, Plant and Equipment [Line Items]
Increase (Decrease) in Property, plant and equipment, gross		$ 15,341
[1]	As of March 31, 2016, construction in progress included $10,861 in payments related to the construction of our commercial-scale Nisin plant. As of December 31, 2015, construction in progress consisted principally of partial payments towards new manufacturing equipment.

Property, Plant and Equipment45

Property, Plant and Equipment (Details Textual)	3 Months Ended
	Mar. 31, 2016USD ($)
Property, Plant and Equipment [Abstract]
Payments related to construction	$ 10,861

Accounts Payable and Accrued 46

Accounts Payable and Accrued Expenses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Accounts Payable and Accrued Expenses [Abstract]
Accounts payable - capital	$ 102,188	$ 1,510
Accounts payable - trade	185,247	199,105
Accrued payroll	173,565	242,690
Accrued clinical studies	0	68,428
Accrued professional fees	48,200	56,450
Accrued other	252,536	93,982
Total	761,736	$ 662,165
(Decrease) Increase in Accounts payable - capital	100,678
(Decrease) Increase in Accounts payable - trade	(13,858)
(Decrease) Increase in Accrued payroll	(69,125)
(Decrease) Increase in Accrued clinical studies	(68,428)
(Decrease) Increase in Accrued professional fees	(8,250)
(Decrease) Increase in Accrued other	158,554
(Decrease) Increase in Accounts payable and accrued expenses	$ 99,571

Bank Debt (Details)

Bank Debt (Details)	Mar. 31, 2016USD ($)
Debt Instrument [Line Items]
Nine months ending December 31, 2016	$ 95,592
Year ending December 31, 2017	134,253
Year ending December 31, 2018	141,862
Year ending December 31, 2019	149,794
Year ending December 31, 2020	579,223
After December 31, 2020	2,016,035
Total	3,116,759
$1,000,000 Mortgage Note [Member]
Debt Instrument [Line Items]
Nine months ending December 31, 2016	43,341
Year ending December 31, 2017	61,056
Year ending December 31, 2018	64,876
Year ending December 31, 2019	68,908
Year ending December 31, 2020	493,696
After December 31, 2020	0
Total	731,877
$ 2,500,000 Mortgage Note [Member]
Debt Instrument [Line Items]
Nine months ending December 31, 2016	59,085
Year ending December 31, 2017	82,308
Year ending December 31, 2018	86,097
Year ending December 31, 2019	89,997
Year ending December 31, 2020	94,005
After December 31, 2020	2,049,766
Total	2,461,258
Debt Issuance Costs [Member]
Debt Instrument [Line Items]
Nine months ending December 31, 2016	(6,834)
Year ending December 31, 2017	(9,111)
Year ending December 31, 2018	(9,111)
Year ending December 31, 2019	(9,111)
Year ending December 31, 2020	(8,478)
After December 31, 2020	(33,731)
Total	$ (76,376)

Bank Debt (Details Textual)

Bank Debt (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015	Mar. 31, 2011	Sep. 30, 2010
Debt Instrument [Line Items]
Line of credit facility, Description	A wholly owned subsidiary of TD Financial Group, which is a multinational bank with approximately $944 billion in assets and over 22 million clients worldwide
Long-term debt, percentage bearing fixed interest, percentage rate				4.25%
Derivatives interest rate swap payments	$ 15,200		$ 5,219
Other comprehensive income (loss), net of tax	(65,074)		(3,906)
Proceeds from notes payable				$ 600,000
Debt issuance costs	36,893	$ 34,125	$ 0		$ 26,489
TD Bank NA [Member]
Debt Instrument [Line Items]
Line of credit	$ 4,500,000
TD Bank NA [Member] | Construction Loan One [Member]
Debt Instrument [Line Items]
Line of credit facility, Description	(a) a $2.5 million construction loan, drawable over an 18-month period at up to 80% of the cost of equipment installed in the to be constructed commercial-scale production facility for Mast Out®, during which interest only will be payable at a variable rate equal to the 30-day LIBOR plus 2.25%, which converts to a seven-year term loan facility at the end of construction at the same interest rate with monthly principal and interest payments based on a seven-year amortization schedule.
TD Bank NA [Member] | Construction Loans Two [Member]
Debt Instrument [Line Items]
Line of credit facility, Description	(b) a $2.0 million construction loan, drawable over a 12-month period at up to 75% of the appraised value of the to be constructed commercial-scale production facility for Mast Out®, during which interest only will be payable at a variable rate equal to the 30-day LIBOR plus 2.25%, which converts to a nine-year term loan facility at the end of construction at the same interest rate with monthly principal and interest payments based on a twenty-year amortization schedule.
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Long-term debt, percentage bearing fixed interest, percentage rate		4.38%			6.04%
Derivative notional amount	$ 3,193,135	$ 2,500,000			$ 1,000,000
Mortgages 1 [Member]
Debt Instrument [Line Items]
Proceeds from mortgage note					$ 1,000,000
Debt instrument term					15 years
Balloon principal payment					$ 451,885
Mortgage loans on real estate periodic payment terms					Will be due during the third quarter of 2020.
Long-term debt, percentage bearing variable interest, percentage rate	3.69%
Mortgages 2 [Member]
Debt Instrument [Line Items]
Proceeds from mortgage note		$ 2,500,000
Debt instrument term		20 years
Balloon principal payment		$ 1,550,007
Mortgage loans on real estate periodic payment terms		Will be due during the third quarter of 2025.
Long-term debt, percentage bearing variable interest, percentage rate	2.68%
Line Of Credit [Member]
Debt Instrument [Line Items]
Line of credit	$ 500,000
Extended date of line of credit	May 31, 2017
LIBOR, Description	Interest on any borrowings against the line of credit would be variable at the higher of 4.25% per annum or the one-month LIBOR plus 3.5% per annum.

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	Feb. 03, 2016	Jan. 06, 2016	Oct. 28, 2015	Mar. 31, 2016	Dec. 31, 2015
Stockholders' Equity (Textual)
Potential issuance or sale of equity			$ 10,000,000
Gross proceeds	$ 5,900,000	$ 5,958,000
Net proceeds	$ 5,313,000
Common stock shares sold	1,123,810
Sale of stock, per share	$ 5.25
Closing share price		$ 8.08
Common stock, shares authorized				8,000,000	8,000,000
Common stock shares authorized after amendment				10,000,000

Other Expenses, Net (Details)

Other Expenses, Net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Expenses, Net [Abstract]
Interest income	$ (13,335)	$ (2,982)
Interest expense	35,598	13,071
Debt issuance amortization	1,309	720
Other (gains)	(185)	(5,359)
Other expenses, net	$ 23,387	$ 5,450

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Dec. 31, 2004
Income Tax (Textual)
Income tax expense	$ 223,129	$ 335,520
Income tax rate percenatge	33.00%	41.00%
Net operating loss carryforward			$ 1,700,000
Federal net operating loss carryforwards			115,000
General business tax credit carryforwards			$ 262,000
Tax credit carryforward, description			Expire in 2027 through 2034
Payment for license				$ 965,000
Finite-Lived intangible assets, remaining amortization period			15 years
Investment			$ 820,000
State tax credits			78,000
Investment [Member]
Income Tax (Textual)
Investment			$ 1,112,000

Commitments and Contingent Li52

Commitments and Contingent Liabilities (Details)	Mar. 31, 2016USD ($)
Commitments and Contingencies Liabilities [Textual]
Capital expenditure	$ 238,000
Production of inventory	602,000
Other obligations	$ 101,000

Segment and Significant Custo53

Segment and Significant Customer Information (Details)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Revenue, Major Customer [Line Items]
Concentration risk percentage		10.00%
Animal Health International, Inc. [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage	[1]	37.00%	42.00%
MWI Animal Health [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage	[2]	21.00%	26.00%
Robert J. Matthews Company [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage		10.00%		[3]
[1]	During June 2015, Patterson Companies, Inc. (NASDAQ: PDCO) acquired Animal Health International, Inc.
[2]	During March 2015, AmerisourceBergen Corporation (NYSE: ABC) acquired MWI Animal Health.
[3]	Amount is less than 10%.

Segment and Significant Custo54

Segment and Significant Customer Information (Details 1)		Mar. 31, 2016		Dec. 31, 2015
Animal Health International, Inc. [Member]
Revenue, Major Customer [Line Items]
Accounts receivable due from significant customers	[1]	35.00%		26.00%
MWI Animal Health [Member]
Revenue, Major Customer [Line Items]
Accounts receivable due from significant customers	[2]	20.00%		27.00%
ANIMART LLC [Member]
Revenue, Major Customer [Line Items]
Accounts receivable due from significant customers	[4]		[3]	11.00%
[1]	During June 2015, Patterson Companies, Inc. (NASDAQ: PDCO) acquired Animal Health International, Inc.
[2]	During March 2015, AmerisourceBergen Corporation (NYSE: ABC) acquired MWI Animal Health.
[3]	Amount is less than 10%.
[4]	Assumes that the acquisition of Animal Medic by ANIMART LLC had occurred as of the beginning of the periods being reported.

Segment and Significant Custo55

Segment and Significant Customer Information (Details Textual)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment and Significant Customer Information (Textual)
Concentration risk percentage	10.00%
Sales Revenue, Net [Member] | U.S. dairy and beef industries [Member]
Segment and Significant Customer Information (Textual)
Concentration risk percentage	89.00%	83.00%
Sales Revenue, Net [Member] | Foreign dairy and beef industries [Member]
Segment and Significant Customer Information (Textual)
Concentration risk percentage	9.00%	16.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transactions (Textual)
Revenues from transactions with related party	$ 158,387	$ 192,642
Accounts receivable, related parties	63,404		$ 36,528
Related party transaction, expenses from transactions with related party	$ 975	$ 1,272

Employee Benefits (Details)

Employee Benefits (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Employee Benefits (Textual)
Employee savings plan description	One month.
Defined benefit plans general information	August 2012, we have matched 100% of the first 3% of each employee's salary that is contributed to the Plan and 50% of the next 2% of each employee's salary that is contributed to the Plan.
Defined benefit plan benefits paid	$ 17,326	$ 16,726