ImmuCell (ICCC) 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 05, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	IMMUCELL CORP /DE/
Entity Central Index Key	811,641
Amendment Flag	false
Trading Symbol	ICCC
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,848,390

Unaudited Condensed Balance She

Unaudited Condensed Balance Sheets - USD ($)	Mar. 31, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 4,252,020	$ 5,150,344
Short-term investments	2,978,355	5,474,013
Inventory	2,098,934	2,126,899
Accounts receivable, net	1,011,662	992,390
Prepaid expenses and other current assets	570,898	604,482
Total current assets	10,911,869	14,348,128
PROPERTY, PLANT AND EQUIPMENT, net	14,124,778	9,846,293
DEFERRED TAX ASSETS		201,003
INTANGIBLE ASSETS, net	167,160	171,936
GOODWILL	95,557	95,557
OTHER ASSETS, net	34,264	34,264
TOTAL ASSETS	25,333,628	24,697,181
CURRENT LIABILITIES:
Accounts payable and accrued expenses	1,620,291	1,891,763
Current portion of bank debt	142,057	133,269
Deferred revenue		33,856
Total current liabilities	1,762,348	2,058,888
LONG-TERM LIABILITIES:
Bank debt, net of current portion	3,123,627	2,878,805
Deferred tax liabilities	57,574
Interest rate swaps	21,611	37,346
Total long-term liabilities	3,202,812	2,916,151
TOTAL LIABILITIES	4,965,160	4,975,039
CONTINGENT LIABILITIES AND COMMITMENTS (See Note 15)
STOCKHOLDERS' EQUITY:
Common stock, $0.10 par value per share, 10,000,000 and 10,000,000 shares authorized, 5,044,838 and 5,044,838 shares issued and 4,848,390 and 4,847,390 shares outstanding, as of March 31, 2017 and December 31, 2016, respectively	504,484	504,484
Additional paid-in capital	18,576,209	18,526,383
Retained earnings	1,731,362	1,147,120
Treasury stock, at cost, 196,448 and 197,448 shares as of March 31, 2017 and December 31, 2016, respectively	(429,756)	(431,943)
Accumulated other comprehensive (loss)	(13,831)	(23,902)
Total stockholders' equity	20,368,468	19,722,142
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 25,333,628	$ 24,697,181

Unaudited Condensed Balance Sh3

Unaudited Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	5,044,838	5,044,838
Common stock, shares outstanding	4,848,390	4,847,390
Treasury stock, shares	196,448	197,448

Unaudited Condensed Statements

Unaudited Condensed Statements of Income - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Product sales	$ 3,543,930	$ 2,986,359
Costs of goods sold	1,391,997	1,228,799
Gross margin	2,151,933	1,757,560
Sales and marketing expenses	514,475	418,998
Administrative expenses	379,633	337,155
Product development expenses	339,616	302,443
Operating expenses	1,233,724	1,058,596
NET OPERATING INCOME	918,209	698,964
Other expenses, net	30,242	23,387
INCOME BEFORE INCOME TAXES	887,967	675,577
Income tax expense	303,725	223,129
NET INCOME	$ 584,242	$ 452,448
Weighted average common shares outstanding:
Basic	4,847,557	3,833,056
Diluted	4,940,293	3,944,350
NET INCOME PER SHARE:
Basic	$ 0.12	$ 0.12
Diluted	$ 0.12	$ 0.11

Unaudited Condensed Statements5

Unaudited Condensed Statements of Comprehensive Income - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statements of Other Comprehensive Income [Abstract]
Net income	$ 584,242	$ 452,448
Other comprehensive income (loss):
Interest rate swaps, before taxes	15,735	(101,678)
Income tax applicable to interest rate swaps	(5,665)	36,604
Other comprehensive income (loss), net of taxes	10,070	(65,074)
Total comprehensive income	$ 594,312	$ 387,374

Unaudited Condensed Statements6

Unaudited Condensed Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 584,242	$ 452,448
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation	213,466	162,547
Amortization	4,776	9,308
Non-cash interest expense	2,941	1,309
Deferred income taxes	252,912	222,004
Stock-based compensation	46,763	8,908
Gain on disposal of fixed assets	(3,663)
Provision for uncollectible accounts, net	1,080	560
Changes in:
Accounts receivable, gross	(20,352)	(702,315)
Accrued interest income	13,658	(5,934)
Inventory	27,965	2,305
Prepaid expenses and other current assets	33,584	(71,269)
Accounts payable and accrued expenses	128,069	(167,112)
Deferred revenue	(33,856)
Net cash provided by (used for) operating activities	1,251,585	(87,241)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment	(4,932,828)	(311,480)
Acquisition of certain business assets		(368,219)
Maturities of investments	2,731,000	496,000
Purchases of investments	(249,000)	(1,984,000)
Proceeds from sale of fixed assets	45,000
Net cash used for investing activities	(2,405,828)	(2,167,699)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from public offering, net		5,313,223
Proceeds from debt issuance	340,000
Debt principal repayments	(35,295)	(33,414)
Debt issuance costs	(54,036)	(36,893)
Proceeds from exercise of stock options	5,250
Net cash provided by financing activities	255,919	5,242,916
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(898,324)	2,987,976
BEGINNING CASH AND CASH EQUIVALENTS	5,150,344	1,573,328
ENDING CASH AND CASH EQUIVALENTS	4,252,020	4,561,304
CASH PAID FOR:
Income taxes		1,125
Interest expense	36,556	38,713
NON-CASH ACTIVITIES:
Change in capital expenditures included in accounts payable and accrued expenses	(399,541)	100,678
Net change in fair value of interest rate swaps	(10,070)	65,074
Fixed asset disposals, gross	$ 431,970

Business Operations

Business Operations	3 Months Ended
	Mar. 31, 2017
Business Operations [Abstract]
BUSINESS OPERATIONS	1. BUSINESS OPERATIONS ImmuCell Corporation (the “Company”, “we”, “us”, “our”) is an 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 II Item 1A

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 condensed financial statements reflecting all adjustments 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 and Short-Term Investments We consider all highly liquid investment instruments that mature within three months of their purchase dates to be cash equivalents. Cash equivalents are principally invested in securities backed by the U.S. government. Certain cash balances in excess of Federal Deposit Insurance Corporation (FDIC) limits 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 $3,751,720 and $4,650,044 as of March 31, 2017 and December 31, 2016, respectively. We account for investments in marketable securities in accordance with Codification Topic 320, Investments – Debt and Equity Securities (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 net realizable value (determined as the estimated selling price in the normal course of business, less reasonably predictable costs of completion, disposal and transportation). Work-in-process and finished goods inventories include materials, labor and manufacturing overhead. See Note 4. (d) Accounts Receivable Accounts receivable are carried at the original invoice amount less an estimate made for doubtful collection and product returns. 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. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded as income when received. Accounts receivable are 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 accounts receivable. 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 facility we are constructing to produce the active ingredient, Nisin, for Mast Out ® (f) Intangible Assets and Goodwill 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. We have recorded intangible assets related to customer relationships, non-compete agreements, and developed technology, each with defined useful lives. We have classified as goodwill the amounts paid in excess of fair value of the net assets (including tax attributes) acquired in purchase transactions. We assess the impairment of intangible assets and goodwill that have indefinite lives at the reporting unit level on an annual basis (as of December 31 st (g) Fair Value Measurements In determining fair value measurements, we follow the provisions of Codification Topic 820, Fair Value Measurements and Disclosures Level 1 - Pricing inputs are quoted prices available in active markets for identical assets or liabilities as of the measurement date. Level 2 - Pricing inputs are quoted prices for similar assets or liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 3 - Pricing inputs are unobservable for the assets or liabilities, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement, and considers factors specific to the investment. Our held to maturity securities are comprised of investments in bank certificates of deposit. The value of these securities is disclosed in Note 3. We also hold money market mutual funds in a brokerage account, which are classified as cash equivalents and measured at fair value. The fair value of these investments is based on their closing published net asset value. We assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with our accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the three-month period ended March 31, 2017 and the year ended December 31, 2016, there were no transfers between levels. As of March 31, 2017 and December 31, 2016, our Level 1 assets measured at fair value by quoted prices in active markets consisted of bank savings accounts and money market funds. As of March 31, 2017 and December 31, 2016, our bank certificates of deposit were classified as Level 2 and were measured by significant other observable inputs. As of March 31, 2017 and December 31, 2016, our interest rate swaps were classified as Level 2 and were measured by observable market data in combination with expected cash flows for each instrument. There were no assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2017 or December 31, 2016. As of March 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash and money market accounts $ 4,252,020 - - $ 4,252,020 Bank certificates of deposit - $ 2,978,355 - $ 2,978,355 Liabilities: Interest rate swaps - $ 21,611 - $ 21,611 As of December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Cash and money market accounts $ 5,150,344 - - $ 5,150,344 Bank certificates of deposit - $ 5,474,013 - $ 5,474,013 Liabilities: Interest rate swaps - $ 37,346 - $ 37,346 (h) Valuation of Long-Lived Assets We periodically evaluate our long-lived assets, consisting principally of fixed assets and amortizable intangible assets, for potential impairment. In accordance with the applicable accounting guidance for the treatment of long-lived assets, we review the carrying value of our long-lived assets or asset group that is held and used, including intangible assets subject to amortization, for impairment whenever events and circumstances indicate that the carrying value of the assets may not be recoverable. Under the held and used approach, the asset or asset group to be tested for impairment should represent the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. We evaluate our long-lived assets whenever events or circumstances suggest that the carrying amount of an asset or group of assets may not be recoverable from the estimated undiscounted future cash flows. No impairment was recognized during the three-month period ended March 31, 2017 or the year ended December 31, 2016. (i) Concentration of Risk 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. Sales to significant customers that amounted to 10% or more of total product sales are detailed in the following table: Three-Month Period Ended March 31, 2017 2016 Patterson Companies, Inc. 40 % 37 % AmerisourceBergen Corporation 26 % 21 % 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 March 31, As of December 31, Patterson Companies, Inc. 28 % 31 % AmerisourceBergen Corporation 27 % 33 % ANIMART LLC(1) 12 % * (1) * Amount is less than 10%. 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. (j) 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 11. (k) Revenue Recognition We sell products that provide immediate immunity to newborn dairy and beef cattle. We recognize revenue when four criteria are met. 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 do not bill for or collect sales tax because our sales are generally made to distributors and thus our sales to them are not subject to sales tax. We generally have experienced an immaterial amount of product returns. (l) Expense Recognition Advertising costs are expensed when incurred, which is generally during the month in which the advertisement is published. Advertising expenses amounted to $29,057 and $10,492 during the three-month periods ended March 31, 2017 and 2016, respectively. All product development expenses are expensed as incurred, as are all related patent costs. We capitalize costs to produce inventory during the production cycle, and these costs are charged to costs of goods sold when the inventory is sold to a customer. (m) Income Taxes We account for income taxes in accordance with Codification Topic 740, Income Taxes (n) Stock-Based Compensation We account for stock-based compensation in accordance with Codification Topic 718, Compensation-Stock Compensation (o) 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 2017 2016 Weighted average number of shares outstanding 4,847,557 3,833,056 Effect of dilutive stock options 92,736 111,294 Diluted number of shares outstanding 4,940,293 3,944,350 Outstanding stock options not included in the calculation because the effect would be anti-dilutive 184,000 14,000 (p) 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. Although we regularly assess these estimates, actual amounts could differ from those estimates. Changes in estimates are recorded during the period in which they become known. Significant estimates include our inventory valuation, goodwill, accrued expenses, costs of goods sold accounts, and useful lives of intangible assets. (q) New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements-Going Concern”, 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 In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-Term Investments	3 Months Ended
	Mar. 31, 2017
Cash, Cash Equivalents and Short-Term Investments [Abstract]
CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS	3. CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Cash, cash equivalents and short-term investments (at amortized cost plus accrued interest) consisted of the following: As of March 31, As of December 31, (Decrease) Cash and cash equivalents $ 4,252,020 $ 5,150,344 $ (898,324 ) Short-term investments 2,978,355 5,474,013 (2,495,658 ) Total $ 7,230,375 $ 10,624,357 $ (3,393,982 ) Held to maturity securities (certificates of deposit) are carried at amortized cost. The cost of securities sold is determined based on the specific identification method. Realized gains and losses, and declines in value judged to be other than temporary, are included in investment income. As of March 31, 2017 and December 31, 2016, the fair value of held to maturity securities consisted of the following: As of March 31, As of December 31, Amortized cost $ 2,968,000 $ 5,450,000 Accrued interest 10,355 24,013 Gross unrealized gains 590 2,073 Gross unrealized losses (27 ) (59 ) Estimated fair value $ 2,978,918 $ 5,476,027

Inventory

Inventory	3 Months Ended
	Mar. 31, 2017
Inventory [Abstract]
INVENTORY	4. INVENTORY Inventory consisted of the following: As of March 31, 2017 As of December 31, 2016 (Decrease) Increase Raw materials $ 313,648 $ 318,443 ($ 4,795 ) Work-in-process 1,208,713 968,810 239,903 Finished goods 576,573 839,646 (263,073 ) Total $ 2,098,934 $ 2,126,899 ($ 27,965 )

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2017
Accounts Receivable [Abstract]
ACCOUNTS RECEIVABLE	5. ACCOUNTS RECEIVABLE Accounts receivable consisted of the following: As of March 31, 2017 As of December 31, 2016 Increase (Decrease) Trade accounts receivable, gross $ 1,034,068 $ 1,013,716 $ 20,352 Allowance for bad debt and product returns (22,406 ) (21,326 ) (1,080 ) Trade accounts receivable, net $ 1,011,662 $ 992,390 $ 19,272

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2017
Prepaid Expenses and Other Current Assets [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	6. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following: As of March 31, 2017 As of December 31, 2016 Increase (Decrease) Prepaid expenses $ 186,291 $ 126,523 $ 59,768 Other receivables 76,232 144,848 (68,616 ) Security deposits (1) 308,375 333,111 (24,736 ) Total $ 570,898 $ 604,482 ($ 33,584 ) (1)

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following: Estimated Useful Lives (in years) As of March 31, 2017 As of December 31, 2016 (Decrease) Increase Laboratory and manufacturing 5-10 $ 5,360,730 $ 5,562,938 ($ 202,208 ) Building and improvements 10-33 5,373,019 5,037,512 335,507 Office furniture and equipment 5-10 655,022 653,462 1,560 Construction in progress (1) 7,481,083 3,694,509 3,786,574 Land 526,998 347,114 179,884 Property, plant and equipment, gross 19,396,852 15,295,535 4,101,317 Accumulated depreciation (5,272,074 ) (5,449,242 ) 177,168 Property, plant and equipment, net $ 14,124,778 $ 9,846,293 $ 4,278,485 (1) Mast Out ®

Business Acquisition

Business Acquisition	3 Months Ended
	Mar. 31, 2017
Business Acquisition [Abstract]
BUSINESS ACQUISITION	8. BUSINESS ACQUISITION On January 4, 2016, we acquired certain business assets and processes 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 ®

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2017
Intangible Assets [Abstract]
INTANGIBLE ASSETS	9. INTANGIBLE ASSETS The intangible assets described in Note 8 are being amortized to cost of goods sold over their useful lives, which are estimated to be 10 years. Intangible amortization expense was $4,776 during the three-month period ended March 31, 2017. The net value of these intangibles was $167,160 as of March 31, 2017. A summary of intangible amortization expense estimated for the periods subsequent to March 31, 2017 is as follows: Period Amount Nine months ending December 31, 2017 $ 14,328 Year ending December 31, 2018 $ 19,104 Year ending December 31, 2019 $ 19,104 Year ending December 31, 2020 $ 19,104 Year ending December 31, 2021 $ 19,104 After December 31, 2021 $ 76,416 Total $ 167,160 Intangible assets as of March 31, 2017 consisted of the following: Gross Carrying Value Accumulated Amortization Net Book Value Developed technology $ 184,100 ($ 23,013 ) $ 161,087 Customer relationships 1,300 (162 ) 1,138 Non-compete agreements 5,640 (705 ) 4,935 Total $ 191,040 ($ 23,880 ) $ 167,160 Intangible assets as of December 31, 2016 consisted of the following: Gross Carrying Value Accumulated Amortization Net Book Value Developed technology $ 184,100 ($ 18,410 ) $ 165,690 Customer relationships 1,300 (130 ) 1,170 Non-compete agreements 5,640 (564 ) 5,076 Total $ 191,040 ($ 19,104 ) $ 171,936

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2017
Accounts Payable and Accrued Expenses [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	10. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following: As of March 31, 2017 As of December 31, 2016 (Decrease) Increase Accounts payable – capital $ 850,321 $ 1,249,862 ($ 399,541 ) Accounts payable – trade 316,506 257,397 59,109 Accrued payroll 230,251 200,477 29,774 Accrued professional fees 58,250 82,500 (24,250 ) Accrued other 164,963 101,527 63,436 Total $ 1,620,291 $ 1,891,763 ($ 271,472 )

Bank Debt

Bank Debt	3 Months Ended
	Mar. 31, 2017
Bank Debt [Abstract]
BANK DEBT	11. BANK DEBT During the first quarter of 2016, we entered into bank debt agreements covering certain additional credit facilities with TD Bank N.A. aggregating up to approximately $4.5 million. As a result of loan amendments entered into with TD Bank N.A. on March 1, 2017, these credit facilities now aggregate up to approximately $6.5 million, subject to certain restrictions set forth in the agreements. These amendments were accounted for as modifications, and the related debt issuance costs are being amortized over the new terms. The first instrument is comprised of a construction loan of up to $2.5 million and not to exceed 80% of the cost of equipment installed in the to-be-constructed commercial-scale Nisin production facility for Mast Out ® We have in place two credit facilities with TD Bank N.A. not to exceed 80% of the appraised value of our corporate headquarters and production and research facility in Portland. Proceeds from a $1.0 million mortgage note were received during the third quarter of 2010. Based on a fifteen-year amortization schedule, a balloon principal payment of $451,885 will be due during the third quarter of 2020. Proceeds from a $2.5 million mortgage note were received during the third quarter of 2015. Based on a twenty-year amortization schedule, a balloon principal payment of approximately $1.55 million will be due during the third quarter of 2025. Additionally, proceeds from a $340,000 mortgage note, which is secured by the 4,114 square foot warehouse and storage facility we acquired adjacent to our Nisin production plant, were received during the first quarter of 2017. This note bears interest at a variable rate equal to the one-month LIBOR plus a margin of 2.25% (which was equal to 3.23% as of March 31, 2017) with monthly principal and interest payments due for ten years based on a twenty-year amortization table. These three notes are secured by substantially all of our assets and are subject to certain financial covenants. Principal payments (net of debt issuance costs) due under debt outstanding as of March 31, 2017 are reflected in the following table by the year that payments are due: Period $1,000,000 Mortgage Note $2,500,000 Mortgage Note $340,000 Mortgage Note (1) Debt Issuance Costs Total Nine-month period ending December 31, 2017 $ 46,104 $ 61,965 $ 9,192 ($ 11,614 ) $ 105,647 Year ending December 31, 2018 64,876 86,097 12,607 (15,485 ) 148,095 Year ending December 31, 2019 68,908 89,997 13,019 (15,485 ) 156,439 Year ending December 31, 2020 493,696 94,005 13,446 (14,851 ) 586,296 Year ending December 31, 2021 - 98,538 13,886 (13,837 ) 98,587 After December 31, 2021 - 1,951,228 277,850 (58,458 ) 2,170,620 Total $ 673,584 $ 2,381,830 $ 340,000 ($ 129,730 ) $ 3,265,684 (1) We hedged our interest rate exposure on the $1.0 million and the $2.5 million mortgage notes with interest rate swap agreements that effectively converted floating interest rates based on the one-month LIBOR plus a margin of 3.25% and 2.25% to the fixed rates of 6.04% and 4.38%, respectively. As of March 31, 2017, the variable rates on these two mortgage notes were 4.13% and 3.23%, 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 income (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 $3,055,414 as of March 31, 2017. 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 Three-Month Periods Years Ended 2017 2016 2016 2015 Payments required by interest rate swaps $ 11,676 $ 15,200 $ 58,346 $ 32,515 Other comprehensive income (loss), net of taxes $ 10,070 ($ 65,074 ) $ 26,354 ($ 26,925 ) In connection with the credit facilities entered into during the third quarters of 2010 and 2015 and the first quarters of 2016 and 2017, we incurred debt issue costs of $26,489, $34,125, $46,734 and $54,036, respectively, which costs are being recorded as a component of other expenses over the terms of the credit facilities. The $500,000 line of credit with TD Bank N.A. was first entered into during the third quarter of 2010 and has been renewed approximately annually since then and is available as needed and has been extended through May 31, 2018. The line of credit, which is subject to certain financial covenants, was unused as of March 31, 2017 and December 31, 2016. 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

Stockholders' Equity	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity [Abstract]
STOCKHOLDERS' EQUITY	12. STOCKHOLDERS’ EQUITY On October 28, 2015, we filed a registration statement on Form S-3 with the Securities and Exchange Commission (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 to the Company of approximately $5,313,000 after deducting underwriting discounts and offering expenses incurred in connection with the equity financing. On October 21, 2016, we closed on a private placement of 659,880 shares of common stock to nineteen institutional and accredited investors at $5.25 per share, raising gross proceeds of approximately $3,464,000, resulting in net proceeds to the Company of approximately $3,161,000 after deducting placement agent fees and other estimated expenses incurred in connection with the equity financing. At the June 15, 2016 Annual Meeting of Stockholders, our stockholders voted to approve 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. In June 2000, our stockholders approved the 2000 Stock Option and Incentive Plan (the “2000 Plan”) pursuant to the provisions of the Internal Revenue Code of 1986, under which employees and certain service providers may be granted options to purchase shares of the Company’s common stock at i) no less than fair market value on the date of grant in the case of incentive stock options and ii) no less than 85% of fair market value on the date of grant in the case of non-qualified stock options. Vesting requirements are determined by the Compensation and Stock Option Committee of the Board of Directors on a case by case basis. Originally, 250,000 shares of common stock were reserved for issuance under the 2000 Plan. The stockholders of the Company approved an increase in this number to 500,000 shares in June 2001. All options granted under the 2000 Plan expire no later than ten years from the date of grant. The 2000 Plan expired in February 2010, after which date no further options could be granted under the 2000 Plan. However, outstanding options under the 2000 Plan may be exercised in accordance with their terms. In June 2010, our stockholders approved the 2010 Stock Option and Incentive Plan (the “2010 Plan”) pursuant to the provisions of the Internal Revenue Code of 1986, under which employees and certain service providers may be granted options to purchase shares of the Company’s common stock at i) no less than fair market value on the date of grant in the case of incentive stock options and ii) no less than 85% of fair market value on the date of grant in the case of non-qualified stock options. At that time, 300,000 shares of common stock were reserved for issuance under the 2010 Plan and subsequently no additional shares have been reserved for the 2010 Plan. Vesting requirements are determined by the Compensation and Stock Option Committee of the Board of Directors on a case by case basis. All options granted under the 2010 Plan expire no later than ten years from the date of grant. Activity under the stock option plans described above was as follows: 2000 Plan 2010 Plan Weighted Aggregate Intrinsic Value (1) Outstanding at December 31, 2015 131,500 106,500 $ 3.57 $ 945,000 Grants - 46,000 $ 6.98 Terminations (5,000 ) (12,000 ) $ 6.16 Exercises - (16,000 ) $ 5.59 Outstanding at December 31, 2016 126,500 124,500 $ 3.89 $ 517,000 Grants - 124,000 $ 5.84 Terminations (5,000 ) (1,000 ) $ 4.90 Exercises (1,000 ) - $ 5.25 Outstanding at March 31, 2017 120,500 247,500 $ 4.53 $ 369,000 Vested at March 31, 2017 120,500 41,500 $ 2.64 $ 468,000 Vested and expected to vest at March 31, 2017 120,500 247,500 $ 4.53 $ 369,000 Reserved for future grants - 32,500 (1) During the three-month period ended March 31, 2017, one employee who is also a director exercised stock options covering 1,000 shares for cash, resulting in total proceeds of $5,250. During the year ended December 31, 2016, one employee and one director exercised stock options covering the aggregate of 16,000 shares, of which 6,000 were exercised for cash, resulting in total proceeds of $31,900, and 10,000 of these options were exercised by the surrender of 7,334 shares of common stock with a fair market value of $57,425 at the time of exercise and $75 in cash. At March 31, 2017, 368,000 shares of common stock were reserved for future issuance under all outstanding stock options described above, and an additional 32,500 shares of common stock were reserved for the potential issuance of stock option grants in the future under the 2010 Plan. The weighted average remaining life of the options outstanding under the 2000 Plan and the 2010 Plan as of March 31, 2017 was approximately 6 years and 1 month. The weighted average remaining life of the options exercisable under these plans as of March 31, 2017 was approximately 2 years and 2 months. The exercise prices of the options outstanding as of March 31, 2017 ranged from $1.70 to $8.21 per share. The 124,000 stock options granted during the three-month period ended March 31, 2017 had exercise prices between $5.78 and $5.84 per share. The 46,000 stock options granted during 2016 had exercise prices between $6.27 and $8.21 per share. The aggregate intrinsic value of options exercised during 2017 and 2016 approximated $350 and $32,000, respectively. The weighted-average grant date fair values of options granted during 2017 and 2016 were $3.47 and $4.16 per share, respectively. As of March 31, 2017, total unrecognized stock-based compensation related to non-vested stock options aggregated $587,817, which will be recognized over a weighted average period of two years and eleven months. The fair value of each stock option grant has been estimated on the date of grant using the Black-Scholes option pricing model, for the purpose discussed in Note 2(n), with the following weighted-average assumptions for the three-month period ended March 31, 2017 and for the year ended December 31, 2016: Three-Month Period Ended Year Ended December 31, 2017 2016 Risk-free interest rate 1.9 % 1.2 % Dividend yield 0 % 0 % Expected volatility 62 % 63 % Expected life 6.5 years 6.5 years The risk-free interest rate is based on U.S. Treasury yields for a maturity approximating the expected option term, while the other assumptions are derived from averages of our historical data. 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. On June 6, 2008 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, 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. 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. On June 10, 2014, our Board of Directors voted to authorize an amendment to the Rights Agreement to extend the final expiration date by an additional three years to September 19, 2017. As of June 16, 2014, we entered into an amendment to the Rights Agreement with the Rights Agent reflecting such extension. During the second quarter of 2015, we amended our Common Stock Rights Plan by removing a provision that prevented a new group of directors elected following the emergence of an Acquiring Person (an owner of more than 20% of our stock) from controlling the Rights Plan by maintaining exclusive authority over the Rights Plan with pre-existing directors. We did this because such provisions have come to be viewed with disfavor by Delaware courts. No other changes have been made to the terms of the Rights or the Rights Agreement.

Other Expenses, Net

Other Expenses, Net	3 Months Ended
	Mar. 31, 2017
Other Expenses, Net [Abstract]
OTHER EXPENSES, NET	13. OTHER EXPENSES, NET Other expenses, net, consisted of the following: Three-Month Periods Ended March 31, 2017 2016 Interest expense $ 39,902 $ 36,907 Interest income (5,957 ) (13,335 ) Other gains (3,703 ) (185 ) Other expenses, net $ 30,242 $ 23,387

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Taxes [Abstract]
INCOME TAXES	14. INCOME TAXES Our income tax expense aggregated $303,725 and $223,129 (amounting to 34% and 33% of our income before income taxes, respectively) during the three-month periods ended March 31, 2017 and 2016, respectively. As of March 31, 2017, we had federal general business tax credit carryforwards of approximately $98,000 that expire in 2032 through 2036 (if not utilized before then) and state tax credit carryforwards of approximately $136,000 that expire in 2023 through 2036 (if not utilized before then). 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 ® The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the estimated future tax effects of temporary differences between book and tax treatment of assets and liabilities and carryforwards to the extent they are realizable. We record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. While we consider future taxable income and ongoing prudent and feasible tax planning strategies in assessing the need for a valuation allowance, in the event we were to determine that we would be able to realize our deferred tax assets in the future in excess of the net recorded amount, a reduction of the valuation allowance would increase income in the period such determination was made. Likewise, should we determine that we would not be able to realize all or part of our net deferred tax asset in the future, a reduction to the deferred tax asset would be charged to income in the period such determination was made. 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 2013. 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.

Contingent Liabilities and Comm

Contingent Liabilities and Commitments	3 Months Ended
	Mar. 31, 2017
Contingent Liabilities and Commitments [Abstract]
CONTINGENT LIABILITIES AND COMMITMENTS	15. CONTINGENT LIABILITIES AND COMMITMENTS 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 The development, manufacturing and marketing of animal health care products entails an inherent risk that liability claims will be asserted against us during the normal course of business. We are aware of no such claims against us as of the date of this filing. We feel that we have reasonable levels of liability insurance to support our operations. 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, 2017. We are committed to purchasing certain key parts (syringes) and services (formulation, filling and packaging of Drug Product) pertaining to Mast Out ® During the second quarter of 2009, we entered into an exclusive license with the Baylor College of Medicine covering the underlying rotavirus vaccine technology used to generate the specific antibodies for our product line extension ( First Defense ® ™ During the third quarter of 2016, we initiated construction of our Nisin production facility for Mast Out ® Mast Out ®

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Information [Abstract]
SEGMENT INFORMATION	16. SEGMENT INFORMATION We principally operate in the business segment described in Note 1. Pursuant to Codification Topic 280, Segment Reporting Sales of the First Defense ®

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	17. 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 Defense ® Wipe Out ® CMT

Employee Benefits

Employee Benefits	3 Months Ended
	Mar. 31, 2017
Employee Benefits [Abstract]
EMPLOYEE BENEFITS	18. 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 $18,709 and $17,326 into the plan for the three-month periods ended March 31, 2017 and 2016, respectively.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS We have evaluated subsequent events through the time of filing on May 11, 2017, the date we have issued this Quarterly Report on Form 10-Q. As of such date, except as described below, there were no material, reportable subsequent events. During the second quarter of 2017, our $500,000 line of credit with TD Bank N.A. was extended through May 31, 2018.

Summary of Significant Accoun26

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of Presentation We have prepared the accompanying unaudited condensed financial statements reflecting all adjustments 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 and Short-Term Investments	(b) Cash, Cash Equivalents and Short-Term Investments We consider all highly liquid investment instruments that mature within three months of their purchase dates to be cash equivalents. Cash equivalents are principally invested in securities backed by the U.S. government. Certain cash balances in excess of Federal Deposit Insurance Corporation (FDIC) limits 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 $3,751,720 and $4,650,044 as of March 31, 2017 and December 31, 2016, respectively. We account for investments in marketable securities in accordance with Codification Topic 320, Investments – Debt and Equity Securities
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 net realizable value (determined as the estimated selling price in the normal course of business, less reasonably predictable costs of completion, disposal and transportation). Work-in-process and finished goods inventories include materials, labor and manufacturing overhead. See Note 4.
Accounts Receivable	(d) Accounts Receivable Accounts receivable are carried at the original invoice amount less an estimate made for doubtful collection and product returns. 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. Accounts receivable are written off when deemed uncollectible. Recoveries of accounts receivable previously written off are recorded as income when received. Accounts receivable are 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 accounts receivable. See Note 5
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 facility we are constructing to produce the active ingredient, Nisin, for Mast Out ®
Intangible Assets and Goodwill	(f) Intangible Assets and Goodwill 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. We have recorded intangible assets related to customer relationships, non-compete agreements, and developed technology, each with defined useful lives. We have classified as goodwill the amounts paid in excess of fair value of the net assets (including tax attributes) acquired in purchase transactions. We assess the impairment of intangible assets and goodwill that have indefinite lives at the reporting unit level on an annual basis (as of December 31 st
Fair Value Measurements	(g) Fair Value Measurements In determining fair value measurements, we follow the provisions of Codification Topic 820, Fair Value Measurements and Disclosures Level 1 - Pricing inputs are quoted prices available in active markets for identical assets or liabilities as of the measurement date. Level 2 - Pricing inputs are quoted prices for similar assets or liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 3 - Pricing inputs are unobservable for the assets or liabilities, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgement, and considers factors specific to the investment. Our held to maturity securities are comprised of investments in bank certificates of deposit. The value of these securities is disclosed in Note 3. We also hold money market mutual funds in a brokerage account, which are classified as cash equivalents and measured at fair value. The fair value of these investments is based on their closing published net asset value. We assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with our accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the three-month period ended March 31, 2017 and the year ended December 31, 2016, there were no transfers between levels. As of March 31, 2017 and December 31, 2016, our Level 1 assets measured at fair value by quoted prices in active markets consisted of bank savings accounts and money market funds. As of March 31, 2017 and December 31, 2016, our bank certificates of deposit were classified as Level 2 and were measured by significant other observable inputs. As of March 31, 2017 and December 31, 2016, our interest rate swaps were classified as Level 2 and were measured by observable market data in combination with expected cash flows for each instrument. There were no assets or liabilities measured at fair value on a nonrecurring basis as of March 31, 2017 or December 31, 2016. As of March 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash and money market accounts $ 4,252,020 - - $ 4,252,020 Bank certificates of deposit - $ 2,978,355 - $ 2,978,355 Liabilities: Interest rate swaps - $ 21,611 - $ 21,611 As of December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Cash and money market accounts $ 5,150,344 - - $ 5,150,344 Bank certificates of deposit - $ 5,474,013 - $ 5,474,013 Liabilities: Interest rate swaps - $ 37,346 - $ 37,346
Valuation of Long-Lived Assets	(h) Valuation of Long-Lived Assets We periodically evaluate our long-lived assets, consisting principally of fixed assets and amortizable intangible assets, for potential impairment. In accordance with the applicable accounting guidance for the treatment of long-lived assets, we review the carrying value of our long-lived assets or asset group that is held and used, including intangible assets subject to amortization, for impairment whenever events and circumstances indicate that the carrying value of the assets may not be recoverable. Under the held and used approach, the asset or asset group to be tested for impairment should represent the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets and liabilities. We evaluate our long-lived assets whenever events or circumstances suggest that the carrying amount of an asset or group of assets may not be recoverable from the estimated undiscounted future cash flows. No impairment was recognized during the three-month period ended March 31, 2017 or the year ended December 31, 2016.
Concentration of Risk	(i) Concentration of Risk 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. Sales to significant customers that amounted to 10% or more of total product sales are detailed in the following table: Three-Month Period Ended March 31, 2017 2016 Patterson Companies, Inc. 40 % 37 % AmerisourceBergen Corporation 26 % 21 % 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 March 31, 2017 As of December 31, 2016 Patterson Companies, Inc. 28 % 31 % AmerisourceBergen Corporation 27 % 33 % ANIMART LLC (1) 12 % * (1) *Amount is less than 10%. 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	(j) 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 11.
Revenue Recognition	(k) Revenue Recognition We sell products that provide immediate immunity to newborn dairy and beef cattle. We recognize revenue when four criteria are met. 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 do not bill for or collect sales tax because our sales are generally made to distributors and thus our sales to them are not subject to sales tax. We generally have experienced an immaterial amount of product returns.
Expense Recognition	(l) Expense Recognition Advertising costs are expensed when incurred, which is generally during the month in which the advertisement is published. Advertising expenses amounted to $29,057 and $10,492 during the three-month periods ended March 31, 2017 and 2016, respectively. All product development expenses are expensed as incurred, as are all related patent costs. We capitalize costs to produce inventory during the production cycle, and these costs are charged to costs of goods sold when the inventory is sold to a customer.
Income Taxes	(m) Income Taxes We account for income taxes in accordance with Codification Topic 740, Income Taxes
Stock-Based Compensation	(n) Stock-Based Compensation We account for stock-based compensation in accordance with Codification Topic 718, Compensation-Stock Compensation
Net Income Per Common Share	(o) 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, 2017 2016 Weighted average number of shares outstanding 4,847,557 3,833,056 Effect of dilutive stock options 92,736 111,294 Diluted number of shares outstanding 4,940,293 3,944,350 Outstanding stock options not included in the calculation because the effect would be anti-dilutive 184,000 14,000
Use of Estimates	(p) 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. Although we regularly assess these estimates, actual amounts could differ from those estimates. Changes in estimates are recorded during the period in which they become known. Significant estimates include our inventory valuation, goodwill, accrued expenses, costs of goods sold accounts, and useful lives of intangible assets.
New Accounting Pronouncements	(q) New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements-Going Concern”, 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 In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies [Abstract]
Schedule of financial assets measured at fair value on nonrecurring basis	As of March 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash and money market accounts $ 4,252,020 - - $ 4,252,020 Bank certificates of deposit - $ 2,978,355 - $ 2,978,355 Liabilities: Interest rate swaps - $ 21,611 - $ 21,611 As of December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Cash and money market accounts $ 5,150,344 - - $ 5,150,344 Bank certificates of deposit - $ 5,474,013 - $ 5,474,013 Liabilities: Interest rate swaps - $ 37,346 - $ 37,346
Schedule of sales to significant customers	Three-Month Period Ended March 31, 2017 2016 Patterson Companies, Inc. 40 % 37 % AmerisourceBergen Corporation 26 % 21 % Robert J. Matthews Company * 10 %
Schedule of accounts receivable due from significant customers	As of March 31, 2017 As of December 31, 2016 Patterson Companies, Inc. 28 % 31 % AmerisourceBergen Corporation 27 % 33 % ANIMART LLC (1) 12 % * (1) *Amount is less than 10%.
Schedule of weighted average and diluted number of shares outstanding	Three-Month Periods Ended March 31, 2017 2016 Weighted average number of shares outstanding 4,847,557 3,833,056 Effect of dilutive stock options 92,736 111,294 Diluted number of shares outstanding 4,940,293 3,944,350 Outstanding stock options not included in the calculation because the effect would be anti-dilutive 184,000 14,000

Cash, Cash Equivalents and Sh28

Cash, Cash Equivalents and Short-Term Investments (Tables)	3 Months Ended
	Mar. 31, 2017
Cash, Cash Equivalents and Short-Term Investments [Abstract]
Schedule of cash, cash equivalents and short-term investments	As of March 31, As of December 31, (Decrease) Cash and cash equivalents $ 4,252,020 $ 5,150,344 $ (898,324 ) Short-term investments 2,978,355 5,474,013 (2,495,658 ) Total $ 7,230,375 $ 10,624,357 $ (3,393,982 )
Schedule of held to maturity securities	As of March 31, 2017 As of December 31, 2016 Amortized cost $ 2,968,000 $ 5,450,000 Accrued interest 10,355 24,013 Gross unrealized gains 590 2,073 Gross unrealized losses (27 ) (59 ) Estimated fair value $ 2,978,918 $ 5,476,027

Inventory (Tables)

Inventory (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory [Abstract]
Schedule of inventory	As of March 31, 2017 As of December 31, 2016 (Decrease) Increase Raw materials $ 313,648 $ 318,443 ($ 4,795 ) Work-in-process 1,208,713 968,810 239,903 Finished goods 576,573 839,646 (263,073 ) Total $ 2,098,934 $ 2,126,899 ($ 27,965 )

Accounts Receivable (Tables)

Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2017
Accounts Receivable [Abstract]
Schedule of accounts receivable	As of March 31, 2017 As of December 31, 2016 Increase (Decrease) Trade accounts receivable, gross $ 1,034,068 $ 1,013,716 $ 20,352 Allowance for bad debt and product returns (22,406 ) (21,326 ) (1,080 ) Trade accounts receivable, net $ 1,011,662 $ 992,390 $ 19,272

Prepaid Expenses and Other Cu31

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Prepaid Expenses and Other Current Assets [Abstract]
Schedule of prepaid expenses and other current assets	As of March 31, 2017 As of December 31, 2016 Increase (Decrease) Prepaid expenses $ 186,291 $ 126,523 $ 59,768 Other receivables 76,232 144,848 (68,616 ) Security deposits (1) 308,375 333,111 (24,736 ) Total $ 570,898 $ 604,482 ($ 33,584 ) (1)

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2017
Property, Plant and Equipment [Abstract]
Schedule of property, plant and equipment	Estimated Useful Lives (in years) As of March 31, 2017 As of December 31, 2016 (Decrease) Increase Laboratory and manufacturing 5-10 $ 5,360,730 $ 5,562,938 ($ 202,208 ) Building and improvements 10-33 5,373,019 5,037,512 335,507 Office furniture and equipment 5-10 655,022 653,462 1,560 Construction in progress (1) 7,481,083 3,694,509 3,786,574 Land 526,998 347,114 179,884 Property, plant and equipment, gross 19,396,852 15,295,535 4,101,317 Accumulated depreciation (5,272,074 ) (5,449,242 ) 177,168 Property, plant and equipment, net $ 14,124,778 $ 9,846,293 $ 4,278,485 (1) Mast Out ®

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Intangible Assets [Abstract]
Summary of intangible amortization expense	Period Amount Nine months ending December 31, 2017 $ 14,328 Year ending December 31, 2018 $ 19,104 Year ending December 31, 2019 $ 19,104 Year ending December 31, 2020 $ 19,104 Year ending December 31, 2021 $ 19,104 After December 31, 2021 $ 76,416 Total $ 167,160
Schedule of intangible assets	Intangible assets as of March 31, 2017 consisted of the following: Gross Carrying Value Accumulated Amortization Net Book Value Developed technology $ 184,100 ($ 23,013 ) $ 161,087 Customer relationships 1,300 (162 ) 1,138 Non-compete agreements 5,640 (705 ) 4,935 Total $ 191,040 ($ 23,880 ) $ 167,160 Intangible assets as of December 31, 2016 consisted of the following: Gross Carrying Value Accumulated Amortization Net Book Value Developed technology $ 184,100 ($ 18,410 ) $ 165,690 Customer relationships 1,300 (130 ) 1,170 Non-compete agreements 5,640 (564 ) 5,076 Total $ 191,040 ($ 19,104 ) $ 171,936

Accounts Payable and Accrued 34

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2017
Accounts Payable and Accrued Expenses [Abstract]
Schedule of accounts payable and accrued expenses	As of March 31, 2017 As of December 31, 2016 (Decrease) Increase Accounts payable – capital $ 850,321 $ 1,249,862 ($ 399,541 ) Accounts payable – trade 316,506 257,397 59,109 Accrued payroll 230,251 200,477 29,774 Accrued professional fees 58,250 82,500 (24,250 ) Accrued other 164,963 101,527 63,436 Total $ 1,620,291 $ 1,891,763 ($ 271,472 )

Bank Debt (Tables)

Bank Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Bank Debt [Abstract]
Schedule of principal payments due under debt outstanding	Period $1,000,000 Mortgage Note $2,500,000 Mortgage Note $340,000 Mortgage Note (1) Debt Issuance Costs Total Nine-month period ending December 31, 2017 $ 46,104 $ 61,965 $ 9,192 ($ 11,614 ) $ 105,647 Year ending December 31, 2018 64,876 86,097 12,607 (15,485 ) 148,095 Year ending December 31, 2019 68,908 89,997 13,019 (15,485 ) 156,439 Year ending December 31, 2020 493,696 94,005 13,446 (14,851 ) 586,296 Year ending December 31, 2021 - 98,538 13,886 (13,837 ) 98,587 After December 31, 2021 - 1,951,228 277,850 (58,458 ) 2,170,620 Total $ 673,584 $ 2,381,830 $ 340,000 ($ 129,730 ) $ 3,265,684
Schedule of interest rate swaps classified as level 2 fair value	Three-Month Periods Years Ended 2017 2016 2016 2015 Payments required by interest rate swaps $ 11,676 $ 15,200 $ 58,346 $ 32,515 Other comprehensive income (loss), net of taxes $ 10,070 ($ 65,074 ) $ 26,354 ($ 26,925 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2017
Stockholders' Equity [Abstract]
Schedule of activity under the stock option plans	2000 Plan 2010 Plan Weighted Aggregate Intrinsic Value (1) Outstanding at December 31, 2015 131,500 106,500 $ 3.57 $ 945,000 Grants - 46,000 $ 6.98 Terminations (5,000 ) (12,000 ) $ 6.16 Exercises - (16,000 ) $ 5.59 Outstanding at December 31, 2016 126,500 124,500 $ 3.89 $ 517,000 Grants - 124,000 $ 5.84 Terminations (5,000 ) (1,000 ) $ 4.90 Exercises (1,000 ) - $ 5.25 Outstanding at March 31, 2017 120,500 247,500 $ 4.53 $ 369,000 Vested at March 31, 2017 120,500 41,500 $ 2.64 $ 468,000 Vested and expected to vest at March 31, 2017 120,500 247,500 $ 4.53 $ 369,000 Reserved for future grants - 32,500 (1)
Schedule of fair value stock option grant using black-scholes option valuation model with the weighted-average assumptions	Three-Month Period Ended Year Ended December 31, 2017 2016 Risk-free interest rate 1.9 % 1.2 % Dividend yield 0 % 0 % Expected volatility 62 % 63 % Expected life 6.5 years 6.5 years

Other Expenses, Net (Tables)

Other Expenses, Net (Tables)	3 Months Ended
	Mar. 31, 2017
Other Expenses, Net [Abstract]
Schedule of other expenses, net	Three-Month Periods Ended March 31, 2017 2016 Interest expense $ 39,902 $ 36,907 Interest income (5,957 ) (13,335 ) Other gains (3,703 ) (185 ) Other expenses, net $ 30,242 $ 23,387

Summary of Significant Accoun38

Summary of Significant Accounting Policies (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Interest rate swaps [Member]
Liabilities:
Liabilities fair value nonrecurring basis	$ 21,611	$ 37,346
Cash and money market accounts [Member]
Assets:
Assets fair value nonrecurring basis	4,252,020	5,150,344
Bank certificates of deposit [Member]
Assets:
Assets fair value nonrecurring basis	2,978,355	5,474,013
Level 1 [Member] | Interest rate swaps [Member]
Liabilities:
Liabilities fair value nonrecurring basis
Level 1 [Member] | Cash and money market accounts [Member]
Assets:
Assets fair value nonrecurring basis	4,252,020	5,150,344
Level 1 [Member] | Bank certificates of deposit [Member]
Assets:
Assets fair value nonrecurring basis
Level 2 [Member] | Interest rate swaps [Member]
Liabilities:
Liabilities fair value nonrecurring basis	21,611	37,346
Level 2 [Member] | Cash and money market accounts [Member]
Assets:
Assets fair value nonrecurring basis
Level 2 [Member] | Bank certificates of deposit [Member]
Assets:
Assets fair value nonrecurring basis	2,978,355	5,474,013
Level 3 [Member] | Interest rate swaps [Member]
Liabilities:
Liabilities fair value nonrecurring basis
Level 3 [Member] | Cash and money market accounts [Member]
Assets:
Assets fair value nonrecurring basis
Level 3 [Member] | Bank certificates of deposit [Member]
Assets:
Assets fair value nonrecurring basis

Summary of Significant Accoun39

Summary of Significant Accounting Policies (Details 1)	3 Months Ended
	Mar. 31, 2017		Mar. 31, 2016
Patterson Companies, Inc. [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage	40.00%		37.00%
AmerisourceBergen Corporation [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage	26.00%		21.00%
Robert J. Matthews Company [Member]
Revenue, Major Customer [Line Items]
Concentration risk percentage		[1]	10.00%
[1]	Amount is less than 10%.

Summary of Significant Accoun40

Summary of Significant Accounting Policies (Details 2)		Mar. 31, 2017	Dec. 31, 2016
Patterson Companies, Inc. [Member]
Revenue, Major Customer [Line Items]
Accounts receivable due from significant customers		28.00%	31.00%
AmerisourceBergen Corporation [Member]
Revenue, Major Customer [Line Items]
Accounts receivable due from significant customers		27.00%	33.00%
ANIMART LLC [Member]
Revenue, Major Customer [Line Items]
Accounts receivable due from significant customers	[1]	12.00%		[2]
[1]	Assumes that the acquisition of Animal Medic by ANIMART LLC (which closed during the third quarter of 2016) had occurred as of the beginning of the periods being reported.
[2]	Amount is less than 10%.

Summary of Significant Accoun41

Summary of Significant Accounting Policies (Details 3) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net Income Per Common Share
Weighted average number of shares outstanding	4,847,557	3,833,056
Effect of dilutive stock options	92,736	111,294
Diluted number of shares outstanding	4,940,293	3,944,350
Outstanding stock options not included in the calculation because the effect would be anti-dilutive	184,000	14,000

Summary of Significant Accoun42

Summary of Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Summary of Significant Accounting Policies (Textual)
Federal deposit insurance corporation limits	$ 250,000
U.S. government aggregated amount	$ 3,751,720		$ 4,650,044
Decrease to income before income taxes, description	Less than $0.01	Less than $0.01
Advertising expense	$ 29,057	$ 10,492
Stock-based compensation	$ 46,763	$ 8,908
Reclassification of current deferred tax liabilities				$ 19,588
Concentration risk percentage, description	Sales to significant customers that amounted to 10% or more of total product sales.

Cash, Cash Equivalents and Sh43

Cash, Cash Equivalents and Short-Term Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Schedule of Cash, cash equivalents short-term investments
Cash and cash equivalents	$ 4,252,020	$ 4,561,304	$ 5,150,344	$ 1,573,328
Short-term investments	2,978,355		5,474,013
Total	7,230,375		$ 10,624,357
(Decrease) in cash and cash equivalents	(898,324)	$ 2,987,976
(Decrease) in short-term investments	(2,495,658)
(Decrease) in Total	$ (3,393,982)

Cash, Cash Equivalents and Sh44

Cash, Cash Equivalents and Short-Term Investments (Details 1) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Schedule of held to maturity securities
Amortized cost	$ 2,968,000	$ 5,450,000
Accrued interest	10,355	24,013
Gross unrealized gains	590	2,073
Gross unrealized losses	(27)	(59)
Estimated fair value	$ 2,978,918	$ 5,476,027

Inventory (Details)

Inventory (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Schedule of inventory
Raw materials	$ 313,648		$ 318,443
Work-in-process	1,208,713		968,810
Finished goods	576,573		839,646
Total	2,098,934		$ 2,126,899
(Decrease) Increase in Raw materials	(4,795)
(Decrease) Increase in Work-in-process	239,903
(Decrease) Increase in Finished goods	(263,073)
(Decrease) Increase in inventory, Total	$ (27,965)	$ (2,305)

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Schedule of accounts receivable
Trade accounts receivable, gross	$ 1,034,068	$ 1,013,716
Allowance for bad debt and product returns	(22,406)	(21,326)
Trade accounts receivable, net	1,011,662	$ 992,390
Increase (Decrease) in Trade accounts receivable, gross	20,352
Increase (Decrease) in Allowance for bad debt and product returns	(1,080)
Increase (Decrease) in Trade accounts receivable, net	$ 19,272

Prepaid Expenses and Other Cu47

Prepaid Expenses and Other Current Assets (Details) - USD ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Prepaid Expenses and Other Current Assets [Abstract]
Prepaid expenses		$ 186,291		$ 126,523
Other receivables		76,232		144,848
Security deposits	[1]	308,375		333,111
Total		570,898		$ 604,482
Increase (Decrease) in Prepaid expenses		59,768
Increase (Decrease) in Other receivables		(68,616)
Increase (Decrease) in Security deposits	[1]	(24,736)
Increase (Decrease) in Prepaid expense and other assets, Total		$ (33,584)	$ 71,269
[1]	This balance as of December 31, 2016 included an option payment of $20,500 towards land (which we did not exercise) that was subsequently applied to the purchase of a warehouse facility during the first quarter of 2017.

Prepaid Expenses and Other Cu48

Prepaid Expenses and Other Current Assets (Details Textual)	Dec. 31, 2016USD ($)
Prepaid Expenses and Other Current Assets (Textual)
Option to purchase additional land	$ 20,500

Property, Plant and Equipment49

Property, Plant and Equipment (Details) - USD ($)		3 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Laboratory and manufacturing equipment		$ 5,360,730	$ 5,562,938
Building and improvements		5,373,019	5,037,512
Office furniture and equipment		655,022	653,462
Construction in progress	[1]	7,481,083	3,694,509
Land		526,998	347,114
Property, plant and equipment, gross		19,396,852	15,295,535
Accumulated depreciation		(5,272,074)	(5,449,242)
Property, plant and equipment, net		14,124,778	$ 9,846,293
(Decrease) Increase in Property, plant and equipment, gross		4,101,317
(Decrease) Increase in Accumulated depreciation		177,168
(Decrease) Increase in Property, plant and equipment, net		4,278,485
Laboratory and manufacturing equipment [Member]
Property, Plant and Equipment [Line Items]
(Decrease) Increase in Property, plant and equipment, gross		$ (202,208)
Laboratory and manufacturing equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives		10 years
Laboratory and manufacturing equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives		5 years
Building and improvements [Member]
Property, Plant and Equipment [Line Items]
(Decrease) Increase in Property, plant and equipment, gross		$ 335,507
Building and improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives		33 years
Building and improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives		10 years
Office furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
(Decrease) Increase in Property, plant and equipment, gross		$ 1,560
Office furniture and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives		10 years
Office furniture and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Estimated Useful Lives		5 years
Construction in progress [Member]
Property, Plant and Equipment [Line Items]
(Decrease) Increase in Property, plant and equipment, gross	[1]	$ 3,786,574
Land [Member]
Property, Plant and Equipment [Line Items]
(Decrease) Increase in Property, plant and equipment, gross		$ 179,884
[1]	Construction in progress consisted principally of costs incurred in connection with the building and equipping of our Nisin production plant for Mast Out®.

Business Acquisition (Details)

Business Acquisition (Details) - USD ($)	Jan. 04, 2016	Dec. 31, 2016	Mar. 31, 2017	Sep. 30, 2016
Business Acquisition (Textual)
Total purchase price	$ 532,000
Amount paid on acquisition	368,000
Technology transfer payment				$ 97,000
Aggregate royalties to be paid	67,000
Estimated fair values of accounts payable and accrued expenses		$ 30,000	$ 30,000
Payments for business acquisition		$ 8,200
Estimated fair values of inventory	113,000
Estimated fair values of machinery and equipment	132,000
Estimated fair values of intangible assets	191,000
Estimated fair values of goodwill	$ 96,000

Intangible Assets (Details)

Intangible Assets (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Summary of intangible amortization expense
Nine months ending December 31, 2017	$ 14,328
Year ending December 31, 2018	19,104
Year ending December 31, 2019	19,104
Year ending December 31, 2020	19,104
Year ending December 31, 2021	19,104
After December 31, 2021	76,416
Total	$ 167,160	$ 171,936

Intangible Assets (Details 1)

Intangible Assets (Details 1) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 191,040	$ 191,040
Accumulated Amortization	(23,880)	(19,104)
Net Book Value	167,160	171,936
Developed technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	184,100	184,100
Accumulated Amortization	(23,013)	(18,410)
Net Book Value	161,087	165,690
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	1,300	1,300
Accumulated Amortization	(162)	(130)
Net Book Value	1,138	1,170
Non-compete agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	5,640	5,640
Accumulated Amortization	(705)	(564)
Net Book Value	$ 4,935	$ 5,076

Intangible Assets (Details Text

Intangible Assets (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Intangible Assets (Textual)
Intangible amortization expense	$ 4,776
Intangible asset amortized, useful lives	10 years
Net value	$ 167,160	$ 171,936

Accounts Payable and Accrued 54

Accounts Payable and Accrued Expenses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Accounts Payable and Accrued Expenses [Abstract]
Accounts payable - capital	$ 850,321	$ 1,249,862
Accounts payable - trade	316,506	257,397
Accrued payroll	230,251	200,477
Accrued professional fees	58,250	82,500
Accrued other	164,963	101,527
Total	1,620,291	$ 1,891,763
(Decrease) Increase in Accounts payable - capital	(399,541)
(Decrease) Increase in Accounts payable - trade	59,109
(Decrease) Increase in Accrued payroll	29,774
(Decrease) Increase in Accrued professional fees	(24,250)
(Decrease) Increase in Accrued other	63,436
(Decrease) Increase in Total	$ (271,472)

Bank Debt (Details)

Bank Debt (Details)	Mar. 31, 2017USD ($)
Debt Instrument [Line Items]
Nine-month period ending December 31, 2017	$ 105,647
Year ending December 31, 2018	148,095
Year ending December 31, 2019	156,439
Year ending December 31, 2020	586,296
Year ending December 31, 2021	98,587
After December 31, 2021	2,170,620
Total	3,265,684
$1,000,000 Mortgage Note [Member]
Debt Instrument [Line Items]
Nine-month period ending December 31, 2017	46,104
Year ending December 31, 2018	64,876
Year ending December 31, 2019	68,908
Year ending December 31, 2020	493,696
Year ending December 31, 2021
After December 31, 2021
Total	673,584
$2,500,000 Mortgage Note [Member]
Debt Instrument [Line Items]
Nine-month period ending December 31, 2017	61,965
Year ending December 31, 2018	86,097
Year ending December 31, 2019	89,997
Year ending December 31, 2020	94,005
Year ending December 31, 2021	98,538
After December 31, 2021	1,951,228
Total	2,381,830
$340,000 Mortgage Note [Member]
Debt Instrument [Line Items]
Nine-month period ending December 31, 2017	9,192	[1]
Year ending December 31, 2018	12,607	[1]
Year ending December 31, 2019	13,019	[1]
Year ending December 31, 2020	13,446	[1]
Year ending December 31, 2021	13,886	[1]
After December 31, 2021	277,850	[1]
Total	340,000	[1]
Debt Issuance Costs [Member]
Debt Instrument [Line Items]
Nine-month period ending December 31, 2017	(11,614)
Year ending December 31, 2018	(15,485)
Year ending December 31, 2019	(15,485)
Year ending December 31, 2020	(14,851)
Year ending December 31, 2021	(13,837)
After December 31, 2021	(58,458)
Total	$ (129,730)
[1]	This note bears interest at a variable rate equal to the one-month LIBOR plus a margin of 2.25%. Figures in this table are estimated using an interest rate of approximately 3.2%. The actual interest rate and principal payments will be different.

Bank Debt (Details 1)

Bank Debt (Details 1) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Bank Debt [Abstract]
Payments required by interest rate swaps	$ 11,676	$ 15,200	$ 58,346	$ 32,515
Other comprehensive income (loss), net of taxes	$ 10,070	$ (65,074)	$ 26,354	$ (26,925)

Bank Debt (Details Textual)

Bank Debt (Details Textual)	3 Months Ended				12 Months Ended
	Mar. 31, 2017USD ($)ft²	Mar. 31, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2010USD ($)	Dec. 31, 2016	Mar. 01, 2017USD ($)
Bank Debt (Textual)
LIBOR, Description	One-month LIBOR plus a margin of 2.25%. Figures in this table are estimated using an interest rate of approximately 3.2%.
Debt issuance costs	$ 54,036	$ 46,734	$ 34,125	$ 26,489
TD Bank NA [Member]
Bank Debt (Textual)
Line of credit		$ 4,500,000				$ 6,500,000
LIBOR, Description	This note bears interest at a variable rate equal to the one-month LIBOR plus a margin of 2.25% (which was equal to 3.23% as of March 31, 2017).
TD Bank NA [Member] | Construction Loan One [Member]
Bank Debt (Textual)
Line of credit facility, Description		The first instrument is comprised of a construction loan of up to $2.5 million and not to exceed 80% of the cost of equipment installed in the to-be-constructed commercial-scale Nisin production facility for Mast Out®. Effective March 1, 2017, this loan amount was increased by $1.44 million to $3.94 million. As amended, interest only will be payable at a variable rate equal to the one-month LIBOR plus a margin of 2.25% through July 2018, at which time the loan converts to a seven-year term loan facility at the same variable interest rate with monthly principal and interest payments due based on a seven-year amortization schedule.
TD Bank NA [Member] | Construction Loan One [Member] | Maximum [Member]
Bank Debt (Textual)
Loan amount						1,440,000
TD Bank NA [Member] | Construction Loan One [Member] | Minimum [Member]
Bank Debt (Textual)
Loan amount						3,940,000
TD Bank NA [Member] | Construction Loan Two [Member]
Bank Debt (Textual)
Line of credit facility, Description		The second instrument is comprised of a construction loan of up to $2.0 million and not to exceed 80% (75% prior to the March 1, 2017 amendment) of the appraised value of the to-be-constructed commercial-scale Nisin production facility in Portland, Maine. Effective March 1, 2017, this loan amount was increased by $560,000 to $2.56 million. As amended, interest only will be payable at a variable rate equal to the one-month LIBOR plus a margin of 2.25% through January 2018, at which time the loan converts to a nine-year term loan facility at the same variable interest rate with monthly principal and interest payments due based on a twenty-year amortization schedule with a balloon principal payment of approximately $1.654 million due in January 2027.
TD Bank NA [Member] | Construction Loan Two [Member] | Maximum [Member]
Bank Debt (Textual)
Loan amount						2,560,000
TD Bank NA [Member] | Construction Loan Two [Member] | Minimum [Member]
Bank Debt (Textual)
Loan amount						$ 560,000
Nisin production plant [Member]
Bank Debt (Textual)
Proceeds from mortgage note	$ 340,000
LIBOR, Description	This note bears interest at a variable rate equal to the one-month LIBOR plus a margin of 2.25% (which was equal to 3.23% as of March 31, 2017) with monthly principal and interest payments due for ten years based on a twenty-year amortization table.
Warehouse and storage facility area | ft²	4,114
Interest Rate Swap [Member]
Bank Debt (Textual)
Long-term debt, percentage bearing fixed interest, percentage rate			4.38%	6.04%
Derivative notional amount	$ 3,055,414		$ 2,500,000	$ 1,000,000
LIBOR, Description	Interest rate exposure on the $1.0 million and the $2.5 million mortgage notes with interest rate swap agreements that effectively converted floating interest rates based on the one-month LIBOR plus a margin of 3.25% and 2.25% to the fixed rates of 6.04% and 4.38%, respectively.
Mortgages One [Member]
Bank Debt (Textual)
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 fixed interest, percentage rate	4.13%
Mortgages Two [Member]
Bank Debt (Textual)
Proceeds from mortgage note			$ 2,500,000
Debt instrument term			20 years
Balloon principal payment			$ 1,550,000
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	3.23%
Line of Credit [Member]
Bank Debt (Textual)
Extended date of line of credit	May 31, 2018
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.				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.
Line of Credit [Member] | TD Bank NA [Member]
Bank Debt (Textual)
Line of credit	$ 500,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding balance, Weighted Average Exercise Price		$ 3.89	$ 3.57
Grants, Weighted Average Exercise Price		5.84	6.98
Terminations, Weighted Average Exercise Price		4.90	6.16
Exercises, Weighted Average Exercise Price		5.25	5.59
Outstanding balance, Weighted Average Exercise Price		4.53	$ 3.89
Exercisable, Weighted Average Exercise Price		2.64
Weighted average exercise price vested and expected to vest		$ 4.53
Aggregate Intrinsic Value
Outstanding balance, Aggregate Intrinsic Value	[1]	$ 517,000	$ 945,000
Outstanding balance, Aggregate Intrinsic Value	[1]	369,000	$ 517,000
Exercisable, Aggregate Intrinsic Value	[1]	468,000
Weighted average exercise price aggregate intrinsic value	[1]	$ 369,000
2000 Plan [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning Balance, Outstanding		126,500	131,500
Grants
Terminations		(5,000)	(5,000)
Exercises		(1,000)
Ending balance, Outstanding		120,500	126,500
Vested		120,500
Vested and expected to vest		120,500
Aggregate Intrinsic Value
Reserved for future grants
2010 Plan [Member] | Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning Balance, Outstanding		124,500	106,500
Grants		124,000	46,000
Terminations		(1,000)	(12,000)
Exercises			(16,000)
Ending balance, Outstanding		247,500	124,500
Vested		41,500
Vested and expected to vest		247,500
Aggregate Intrinsic Value
Reserved for future grants		32,500
[1]	Intrinsic value is the difference between the fair market value as of the date indicated and as of the date of the option grant.

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Stockholders' Equity [Abstract]
Risk-free interest rate	1.90%	1.20%
Dividend yield	0.00%	0.00%
Expected volatility	62.00%	63.00%
Expected life	6 years 6 months	6 years 6 months

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual)

Feb. 03, 2016USD ($)$ / sharesshares

Jan. 06, 2016USD ($)$ / shares

Sep. 30, 1995$ / shares

Oct. 21, 2016USD ($)$ / sharesshares

Oct. 28, 2015USD ($)

Jun. 30, 2010shares

Jun. 30, 2000shares

Mar. 31, 2017USD ($)Director$ / sharesshares

Mar. 31, 2016USD ($)$ / shares

Jun. 30, 2015

Dec. 31, 2016USD ($)EmployeeDirector$ / sharesshares

Dec. 31, 2015$ / shares

Dec. 31, 2014$ / shares

Aug. 05, 2011

Jun. 06, 2008

Jun. 30, 2001shares

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 | $ / shares

$ 5.25

Closing share price | $ / shares

$ 8.08

Common stock, shares authorized

10,000,000

10,000,000

Proceeds from exercise of stock options | $

$ 5,250

Exercise prices of options outstanding | $ / shares

$ 4.53

$ 3.89

$ 3.57

$ 3.42

Private Placement [Member]

Stockholders' Equity (Textual)

Gross proceeds | $

$ 3,464,000

Net proceeds | $

$ 3,161,000

Common stock shares sold

659,880

Closing share price | $ / shares

$ 5.25

Employee [Member]

Stockholders' Equity (Textual)

Common stock reserved for issuance under the plan

368,000

Stock Option [Member]

Stockholders' Equity (Textual)

Aggregate intrinsic value of options exercised | $

$ 350

$ 32,000

Weighted-average grant date fair values of options granted | $ / shares

$ 3.47

$ 4.16

Weighted average remaining life of options exercisable

2 years 11 months

Total unrecognized stock-based compensation related to non-vested stock options | $

$ 587,817

Number of director exercised stock options | Director

1

1

Share-based payment, description

Exercised stock options covering 1,000 shares for cash, resulting in total proceeds of $5,250.

The aggregate of 16,000 shares, of which 6,000 were exercised for cash, resulting in total proceeds of $31,900, and 10,000 of these options were exercised by the surrender of 7,334 shares of common stock with a fair market value of $57,425 at the time of exercise and $75 in cash.

Stock Option [Member] | 46,000 stock options granted [Member]

Stockholders' Equity (Textual)

Stock option granted during the period

46,000

Stock Option [Member] | 16,000 stock options granted [Member]

Stockholders' Equity (Textual)

Stock option granted during the period

16,000

Stock Option [Member] | Minimum [Member]

Stockholders' Equity (Textual)

Sale of stock, per share | $ / shares

$ 5.78

Exercise prices of options outstanding | $ / shares

1.70

$ 1.70

Stock Option [Member] | Minimum [Member] | 46,000 stock options granted [Member]

Stockholders' Equity (Textual)

Exercise prices of options outstanding | $ / shares

6.27

Stock Option [Member] | Maximum [Member]

Stockholders' Equity (Textual)

Sale of stock, per share | $ / shares

5.84

Exercise prices of options outstanding | $ / shares

$ 8.21

8.21

Stock Option [Member] | Maximum [Member] | 46,000 stock options granted [Member]

Stockholders' Equity (Textual)

Exercise prices of options outstanding | $ / shares

$ 8.21

Stock Option [Member] | Employee [Member]

Stockholders' Equity (Textual)

Number of stock options exercised

16,000

Proceeds from exercise of stock options | $

$ 31,900

Number of employee exercised stock options | Employee

1

2000 Plan [Member] | Stock Option [Member]

Stockholders' Equity (Textual)

Common stock reserved for issuance under the plan

Number of stock options exercised

(1,000)

Stock option granted during the period

2000 Plan [Member] | Stock Option [Member] | Employee [Member]

Stockholders' Equity (Textual)

Stock option and incentive plan, description

No less than 85% of fair market value on the date of grant in the case of non-qualified stock options.

Common stock reserved for issuance under the plan

250,000

500,000

Stock option expiration period

10 years

6 years 1 month

Weighted average remaining life of options exercisable

2 years 2 months

2010 Plan [Member] | Stock Option [Member]

Stockholders' Equity (Textual)

Common stock reserved for issuance under the plan

32,500

Number of stock options exercised

(16,000)

Stock option granted during the period

124,000

46,000

2010 Plan [Member] | Stock Option [Member] | Employee [Member]

Stockholders' Equity (Textual)

Stock option and incentive plan, description

No less than 85% of fair market value on the date of grant in the case of non-qualified stock options.

Common stock reserved for issuance under the plan

300,000

Stock option expiration period

10 years

6 years 1 month

Common Stock Rights Plan [Member]

Stockholders' Equity (Textual)

Share-based payment, description

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).

Common stock purchase price | $ / shares

$ 70

Employee stock, plan 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).

During the second quarter of 2015, we amended our Common Stock Rights Plan by removing a provision that prevented a new group of directors elected following the emergence of an Acquiring Person (an owner of more than 20% of our stock) from controlling the Rights Plan by maintaining exclusive authority over the Rights Plan with pre-existing directors.

Sale of common stock, description

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.

Outstanding rights price per share | $ / shares

$ 0.005

Common Stock Rights Plan [Member] | Minimum [Member]

Stockholders' Equity (Textual)

Ownership percentage

18.00%

15.00%

Common Stock Rights Plan [Member] | Maximum [Member]

Stockholders' Equity (Textual)

Ownership percentage

20.00%

18.00%

Other Expenses, Net (Details)

Other Expenses, Net (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Expenses, Net [Abstract]
Interest expense	$ 39,902	$ 36,907
Interest income	(5,957)	(13,335)
Other gains	(3,703)	(185)
Other expenses, net	$ 30,242	$ 23,387

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Taxes (Textual)
Income tax expense	$ 303,725	$ 223,129
Federal general business tax credit carryforwards	$ 98,000
Tax credit carryforward, description	We had federal general business tax credit carryforwards of approximately $98,000 that expire in 2032 through 2036 (if not utilized before then) and state tax credit carryforwards of approximately $136,000 that expire in 2023 through 2036 (if not utilized before then).
Investment	$ 820,000
State tax credit carryforwards	136,000
Intangible asset	$ 965,000
Amortization period	15 years
Income before income taxes percentage	34.00%	33.00%
Investment Income [Member]
Income Taxes (Textual)
Investment	$ 1,112,000

Contingent Liabilities and Co63

Contingent Liabilities and Commitments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Sep. 30, 2016	Jun. 30, 2009
Contingent Liabilities and Commitments (Textual)
Termination fee	$ 100,000
Capital expenditure	7,315,000
Payment of capital expenditure	6,468,000
Production of inventory	529,000
Other obligations	67,000
Construction costs	11,245,000	$ 20,000,000
Milestone payment			$ 150,000
Capital expenditures committed	6,831,000
Construction cost payable	$ 13,532,000
Royalty, percentage			4.00%

Segment Information (Details)

Segment Information (Details) - Sales Revenue, Net [Member]	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Segment Information (Textual)
Concentration risk percentage	92.00%	92.00%
U.S. dairy and beef industries [Member]
Segment Information (Textual)
Concentration risk percentage	77.00%	89.00%
Foreign dairy and beef industries [Member]
Segment Information (Textual)
Concentration risk percentage	18.00%	9.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Related Party Transactions (Textual)
Revenues from transactions with related party	$ 196,708	$ 158,387
Accounts receivable, related parties	33,828		$ 3,221
Related party transaction, expenses from transactions with related party	$ 1,177	$ 975

Employee Benefits (Details)

Employee Benefits (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Employee Benefits (Textual)
Employee savings plan, description	All employees completing one month of service with the Company are eligible to participate.
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	$ 18,709	$ 17,326

Subsequent Events (Details)

Subsequent Events (Details)	Jun. 30, 2017USD ($)
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Line of credit	$ 500,000