Micron Solutions (MICRD) 10-Q 12 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 12, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	ARRHYTHMIA RESEARCH TECHNOLOGY INC /DE/
Entity Central Index Key	819,689
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		2,816,639

Condenced Consolidated Balance

Condenced Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 220,299	$ 272,291
Trade accounts receivable, net of allowance for doubtful accounts of $60,000 at March 31, 2016 and December 31, 2015	3,339,549	2,798,353
Inventories	2,115,071	2,118,712
Prepaid expenses and other current assets	637,529	614,129
Total current assets	6,312,448	5,803,485
Property, plant and equipment, net	6,638,327	6,626,069
Assets held for sale, net	665,000	665,000
Intangible assets, net	18,206	18,645
Other assets	239,480	268,835
Total assets	13,873,461	13,382,034
Current liabilities:
Equipment line of credit, current portion	51,299	35,718
Term notes payable, current portion	596,255	589,635
Subordinated promissory notes	480,056	473,135
Accounts payable	1,671,531	1,553,388
Accrued expenses and other current liabilities	374,769	275,777
Customer deposits	359,662	93,407
Deferred revenue, current	258,543	272,837
Total current liabilities	3,792,115	3,293,897
Long-term liabilities:
Revolving line of credit, non-current portion	1,981,495	1,511,495
Equipment line of credit, non-current portion	285,551	301,132
Term notes payable, non-current portion	969,209	1,120,652
Deferred revenue, non-current	280,279	272,181
Total long-term liabilities	3,516,534	3,205,460
Total liabilities	$ 7,308,649	$ 6,499,357
Commitments and Contingencies
Shareholders' equity:
Preferred stock, $0.001 par value; 2,000,000 shares authorized, none issued	$ 0	$ 0
Common stock, $0.01 par value; 10,000,000 shares authorized; 3,926,491 issued, 2,816,639 outstanding at March 31, 2016 and 3,926,491 issued, 2,801,639 outstanding at December 31, 2015	39,265	39,265
Additional paid-in-capital	11,406,887	11,381,536
Treasury stock at cost, 1,109,852 shares at March 31, 2016 and 1,124,852 sahres at December 31,2015	(3,028,564)	(3,069,496)
Accumulated deficit	(1,852,776)	(1,468,628)
Total shareholders’ equity	6,564,812	6,882,677
Total liabilities and shareholders’ equity	$ 13,873,461	$ 13,382,034

Condenced Consolidated Balance3

Condenced Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Consolidated Balance Sheets [Abstract]
Allowance for doubtful accounts receivable, current	$ 60,000	$ 60,000
Preferred stock, par value per share	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	3,926,491	3,926,491
Common stock, shares outstanding	2,816,639	2,801,639
Treasury stock, shares	1,109,852	1,124,852

Condenced Consolidated Statemen

Condenced Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condenced Consolidated Statements of Operations [Abstract]
Net sales	$ 4,983,281	$ 5,858,342
Cost of sales	4,298,162	5,061,946
Gross profit	685,119	796,396
Selling and marketing	293,346	257,972
General and administrative	690,635	648,227
Research and development	25,843	92,561
Total operating expenses	1,009,824	998,760
Net loss from continuing operations	(324,705)	(202,364)
Other expense:
Interest expense	(60,220)	(65,693)
Other income, net	777	13,509
Total other expense, net	(59,443)	(52,184)
Loss from continuing operations before income taxes	(384,148)	(254,548)
Income tax provision	0	0
Net loss from continuing operations	(384,148)	(254,548)
Discontinued Operations:
Income from discontinued operations, net of tax provision of $0 for the three months ended March 31, 2016 and 2015	0	362,610
Net income (loss)	$ (384,148)	$ 108,062
Earnings (loss) per share - basic
Continuing operations	$ (0.14)	$ (0.09)
Discontinued operations	0	0.13
Earnings (loss) per share - basic	(0.14)	0.04
Earnings (loss) per share - diluted
Continuing operations	(0.14)	(0.09)
Discontinued operations	0	0.13
Earnings (loss) per share - diluted	$ (0.14)	$ 0.04
Weighted average common shares outstanding - basic	2,816,144	2,778,935
Weighted average common shares outstanding - diluted	2,816,144	2,877,599

Condenced Consolidated Stateme5

Condenced Consolidated Statements of Operations (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condenced Consolidated Statements of Operations [Abstract]
Tax provision, discontinued operations	$ 0	$ 0

Condenced Consolidated Stateme6

Condenced Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ (384,148)	$ 108,062
Income from discontinued operations	0	(362,610)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
(Gain) loss on sale of property, plant and equipment	0	(11,029)
Depreciation and amortization	361,440	356,382
Non-cash interest expense	6,921	6,921
Change in allowance for doubtful accounts	0	3,000
Share-based compensation expense	15,133	7,186
Changes in operating assets and liabilities:
Accounts receivable	(541,196)	(476,322)
Inventories	3,641	(11,947)
Prepaid expenses and other current assets	(23,400)	(96,785)
Other non-current assets	29,355	168,405
Accounts payable	118,143	411,677
Accrued expenses and other current liabilities	350,954	357,803
Other non-current liabilities	8,097	(185,641)
Net cash provided by (used in) operating activities	(55,060)	275,102
Cash flows from investing activities:
Purchases of property, plant and equipment	(373,259)	(242,390)
Proceeds from sale of property, plant and equipment	0	17,000
Cash paid for patents and trademarks	0	(1,057)
Net cash provided by (used in) investing activities	(373,259)	(226,447)
Cash flows from financing activities:
Proceeds from (payments on) revolving line of credit, net	470,000	250,000
Payments on term notes payable	(144,823)	(120,551)
Proceeds from stock option exercises	51,150	3,880
Net cash provided by (used in) financing activities	376,327	133,329
Net increase (decrease) in cash and cash equivalents	(51,992)	181,984
Cash and cash equivalents, beginning of period	272,291	209,398
Cash and cash equivalents, end of period	220,299	391,382
Supplemental Cash Flow Information
Cash paid for interest	$ 55,579	$ 53,705

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Basis of Presentation [Abstract]
Basis of Presentation	1. Ba sis of Presentation  The consolidated financial statements (the "financial statements") include the accounts of Arrhythmia Research Technology, Inc. ® (“ART”) and its subsidiary, Micron Products, Inc. ® ("Micron" and together with ART, the “Company”). ART discontinued operations of its wholly-owned Pennsylvania subsidiary, RMDDxUSA Corp. (“RMDDxUSA”) and that subsidiary’s Prince Edward Island subsidiary, RMDDx Corporation (“RMDDx” and collectively with RMDDxUSA,“WirelessDx”) in the third quarter of 2012. In May 2014, RMDDxUSA filed for bankruptcy and the Chapter 7 discharge order was issued on March 20, 2015 and the case was closed (see Note 10) . The WirelessDx results are presented herein as discontinued operations. All intercompany balances and transactions have been eliminated in consolidation.  The unaudited interim condensed consolidated financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures normally included in complete financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted pursuant to such rules and regulations. These financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on March 10, 2016 .  The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The Company's balance sheet at December 31, 2015 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP for complete financial statements.  The information presented reflects, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial results for the interim periods presented. 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 reporting period. Actual results could differ from those estimates.

Earnings per Share

Earnings per Share	3 Months Ended
	Mar. 31, 2016
Earnings per Share [Abstract]
Earnings per Share	2. Earnings per Share ("EPS")  Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding. The computation of diluted earnings (loss) per share is similar to the computation of basic earnings (loss) per share except that the denominator is increased to include the average number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. In addition, the numerator is adjusted for any changes in net income (loss) that would result from the assumed conversions of those potential shares.  The following table presents the calculation of both basic and diluted EPS:      Three Months Ended  March 31,  2016 2015  Income (loss) from continuing operations $ (384,148) $ (254,548)  Income from discontinued operations, net of tax — 362,610  Net income (loss) available to common shareholders $ (384,148) $ 108,062  Basic EPS:  Weighted average common shares outstanding 2,816,144 2,778,935  Earnings (loss) per share - basic  Continuing operations $ (0.14) $ (0.09)  Discontinued operations — 0.13  Consolidated basic EPS $ (0.14) $ 0.04  Diluted EPS:  Weighted average common shares outstanding 2,816,144 2,778,935  Assumed conversion of net common shares issuable under stock option plans — 62,164  Assumed conversion of net common shares issuable under warrants — 36,500  Weighted average common and common equivalent shares outstanding, diluted 2,816,144 2,877,599  Earnings (loss) per share - diluted  Continuing operations $ (0.14) $ (0.09)  Discontinued operations — 0.13  Consolidated diluted EPS $ (0.14) $ 0.04

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventories [Abstract]
Inventories	3. Inventories  Inventories consist of the following:      March 31, December 31,  2016 2015  Raw materials $ 744,320 $ 775,427  Work-in-process 397,850 265,113  Finished goods 972,901 1,078,172  Total $ 2,115,071 $ 2,118,712  Silver included in raw materials, work-in-process and finished goods inventory had an estimated cost of $297,851 and $313,738 as of March 31, 2016 and December 31, 2015 , respectively.

Property, Plant and Equipment,

Property, Plant and Equipment, net	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment, net [Abstract]
Property, Plant and Equipment, net	4. Property, Plant and Equipment, net  Property, plant and equipment, net consist of the following:      Asset Lives March 31, December 31,  (in years) 2016 2015  Machinery and equipment 3 to 15 $ 15,285,910 $ 15,168,377  Building and improvements 5 to 25 3,978,387 3,978,387  Vehicles 3 to 5 90,713 90,713  Furniture, fixtures, computers and software 3 to 5 1,439,381 1,437,692  Construction in progress 936,106 682,069  Total property, plant and equipment 21,730,497 21,357,238  Less: accumulated depreciation (15,092,170) (14,731,169)  Property, plant and equipment, net $ 6,638,327 $ 6,626,069  For the three months ended March 31, 2016 and 2015 , the Company recorded depreciation expense of $361,001 and $355,388 , respectively.  On December 4, 2015, the Company entered into a Letter of Intent to sell its two unoccupied buildings, with a total of approximately 52,000 square feet, and land, at its Fitchburg, Massachusetts campus. On January 13, 2016, the Company entered into a Purchase and Sale Agreement to sell these two buildings which have been classified as Assets Held for Sale at March 31, 2016 and December 31, 2015. The carrying value of the properties ( $665,000 ) approximated the fair value less the cost to sell. The Company expects the sale of the properties to be completed by the end of 2016 and does not expected any material impact on the statement of operations.

Intangible Assets, net

Intangible Assets, net	3 Months Ended
	Mar. 31, 2016
Intangible Assets, net [Abstract]
Intangibles Assets, net	5. Intangible Assets, net  The Company assesses the impairment of long-lived assets and intangible assets with finite lives annually or whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. For the three months ended March 31, 2016 and 2015, no impairment was required.  Intangible assets consist of the following:      Estimated March 31, 2016 December 31, 2015  Useful Life Accumulated Accumulated  (in years) Gross Amortization Net Gross Amortization Net  Patents and trademarks 10 $ 26,626 8,420 $ 18,206 $ 26,626 $ 7,981 $ 18,645  Total intangible assets $ 26,626 $ 8,420 $ 18,206 $ 26,626 $ 7,981 $ 18,645  For the three months ended March 31, 2016 and 2015 , the Company recorded amortization expense of $439 and $994 , respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2016
Debt [Abstract]
Debt	 6. Debt  The following table sets forth the items which comprise debt for the Company:     March 31, December 31,  2016 2015  Revolving line of credit $ 1,981,495 $ 1,511,495  Equipment line of credit $ 336,850 $ 336,850  Subordinated promissory notes $ 480,056 $ 473,135   Term notes payable:  Commercial term loan $ 638,199 $ 714,175  Equipment term loans 824,993 879,898  Equipment notes 102,272 116,214  Total term notes payable $ 1,565,464 $ 1,710,287   Total Debt $ 4,363,865 $ 4,031,767    Bank Debt  The revolving line of credit (the "revolver"), commercial term loan, two equipment term loans and an equipment line of credit are all under the terms of a multi-year credit facility with a bank as detailed below. The debt is secured by substantially all assets of the Company with the exception of real property.  Revolver  The revolver provides for borrowings up to 80% of eligible accounts receivable and 50% of eligible raw materials inventory. The interest rate on the revolver is calculated at the bank's prime rate plus 0.25% ( 3.75% at March 31, 2016 ). The revolver has a maturity date of June 2017 . Amounts available to borrow under the revolver are $264,731 at March 31, 2016.  Commercial term loan  The commercial term loan has a five year term with a maturity date in March 2018 . The interest rate on the loan is a fixed 4.25% per annum, and requires monthly payments of approximately $28,000 .  Equipment line of credit and equipment term loans  On March 29, 2013, the Company entered into an equipment line of credit that allowed for advances of up to $1.0 million and included a one -year draw period during which payments were interest only. The draw period ended March 29, 2014 and the then outstanding balance on the equipment line of credit of $740,999 was converted to an equipment term loan with a five -year term, maturing on of March 29, 2019 . The equipment term loan requires monthly payments of approximately $14,000 , consisting of principal and interest at a fixed rate of 4.65% .  On June 26, 2014, the Company entered into an equipment line of credit that allowed for advances of up to $1.0 million and included a one -year draw period during which payments were interest only. The draw period ended June 26, 2015 and the then outstanding balance on the equipment line of credit of $415,785 was converted to an equipment term loan with a five -year term, maturing on of June 26, 2020 . The equipment term loan requires monthly payments of approximately $8,000 , consisting of principal and interest at a fixed rate of 4.67% .  On June 19, 2015, the Company entered into a new equipment line of credit for $1.0 million under the Company's multi-year credit facility. At March 31, 2016 , the Company has drawn $336,850 on the new equipment line of credit. The term of this equipment line of credit is six years, maturing on June 19, 2021 , inclusive of a maximum one -year draw period. Repayment shall consist of monthly interest only payments, equal to the bank's prime rate plus 0.25% as to each advance commencing on the date of the loan through the earlier of: (i) one year from the date of the loan or (ii) the date upon which the equipment line of credit is fully advanced (the “Conversion Date”). On the Conversion Date, principal and interest payments will be due and payable monthly in an amount sufficient to pay the loan in full based upon an amortization schedule commensurate with the remaining term of the loan.  Other Debt  Equipment notes  In January 2013, the Company entered into two equipment notes totaling $272,500 with a financing company to acquire production equipment. The notes bear interest at the fixed rate of 4.66% and require monthly payments of principal and interest of approximately $5,000 over a five year term maturing in January 2018.  Subordinated promissory notes  In December 2013, the Company completed a private offering in which the Company sold an aggregate of $500,000 in subordinated promissory notes. The notes are unsecured and require quarterly interest-only payments at a rate of 10% per annum for the first two years, increasing to 12% per annum in December 2015. The notes mature in December 2016 at which point the outstanding balance is due in full. The subordinated promissory notes may be prepaid by the Company at any time following the first anniversary thereof without penalty. The notes are subordinated to all indebtedness of the Company pursuant to the bank credit facility.  In connection with the subordinated promissory notes, the Company issued warrants to purchase the Company's common stock at $3.51 per share. The warrants expire in December 2016. The proceeds were allocated between the notes and warrants on a relative fair value basis resulting in $416,950 allocated to the notes and $83,050 allocated to the warrants as part of Additional-Paid-in-Capital. The total discount on the notes is being recognized as non-cash interest expense over the term of the notes. The Company recorded $6,921 for the three months ended March 31, 2016 and 2015 of non-cash interest expense related to the amortization of the discount. The unamortized discount which is net against the outstanding balance of the subordinated promissory notes is $19,944 at March 31, 2016 and $26,865 at December 31, 2015 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Taxes [Abstract]
Income Taxes	7. Income Taxes  No provision for income taxes has been recorded in the three months ended March 31, 2016 or 2015, respectively. The Company has a full valuation allowance against its deferred tax assets as of March 31, 2016 and December 31, 2015 .  The Company has federal and state net operating loss carryforwards totaling $8,196,000 and $8,231,000 , respectively, which begin to expire in 2030. The Company also had federal and state tax credit carryovers of $361,000 and $380,000 respectively. The federal and state tax credits begin to expire in 202 9 and 2016, respectively. 

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies  Legal matters  In the ordinary course of its business, the Company is involved in various legal proceedings involving a variety of matters. The Company does not believe there are any pending legal proceedings that will have a material impact on the Company’s financial position or results of operations.  Off-balance sheet arrangements  T he Company has two operating leases for office equipment. Lease expense under all operating leases was approximately $1,822 for the three months ended March 31, 2016 and 2015. 

Stock Options and Share-Based I

Stock Options and Share-Based Incentive Plan	3 Months Ended
	Mar. 31, 2016
Stock Options and Share-Based Incentive Plan [Abstract]
Stock Options and Share-Based Incentive Plan	9. Stock Options and Share-Based Incentive Plan  Options  The following table sets forth the stock option transactions for the three months ended March 31, 2016 :      Weighted  Weighted average  Average remaining Aggregate  Number of Exercise contractual Intrinsic  options Price term (in years) Value  Outstanding at December 31, 2015 184,500 $ 6.21 6.80 $ 235,293  Granted — —  Exercised (15,000) 3.41  Forfeited — —  Expired — —  Outstanding at March 31, 2016 169,500 6.46 7.15 $ 186,843  Exercisable at March 31, 2016 73,500 $ 7.33 5.74 $ 58,115  Exercisable at December 31, 2015 83,500 $ 6.60 4.73 $ 106,565  For the three months ended March 31, 2016 and 2015 , share-based compensation expense related to stock options amounted to $15,133 and $7,186 , respectively, and is included in general and administrative expenses.  For the three months ended March 31, 2016 , there were no new options granted and no options expired or were forfeited. There were 15,000 options exercised generating proceeds of $51,150 .  For the three months ended March 31, 2015 , 25,000 options were granted , 7,500 options were forfeited and no options expired . Additionally, 1,100 options were exercised generating proceeds of $3,880 .  Warrants  For the three months ended March 31, 2016 and 2015 , there were no warrants exercised. As of March 31, 2016 , 70,000 warrants remain unexercised.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2016
Discontinued Operations [Abstract]
Discontinued Operations	10. Discontinued Operations  The Company's subsidiary, RMDDxUSA Corp. and its Prince Edward Island subsidiary RMDDx Corporation (collectively "WirelessDx"), discontinued operations 2012, filed for relief under Chapter 7 (Liquidation) of the United States Bankruptcy Code in 2014 and on March 20, 2015, the Chapter 7 Order was formally discharged and the case was closed.  For the three months ended March 31, 2015 , net income of $362,610 was recorded from discontinued operations as a result of the write-off of the remaining liabilities of $320,056 and the reversal of accumulated other comprehensive income of $42,553 from cumulative translation adjustments from RMDDx Corporation. 

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings per Share [Abstract]
Calculation of basic and diluted EPS	   Three Months Ended  March 31,  2016 2015  Income (loss) from continuing operations $ (384,148) $ (254,548)  Income from discontinued operations, net of tax — 362,610  Net income (loss) available to common shareholders $ (384,148) $ 108,062  Basic EPS:  Weighted average common shares outstanding 2,816,144 2,778,935  Earnings (loss) per share - basic  Continuing operations $ (0.14) $ (0.09)  Discontinued operations — 0.13  Consolidated basic EPS $ (0.14) $ 0.04  Diluted EPS:  Weighted average common shares outstanding 2,816,144 2,778,935  Assumed conversion of net common shares issuable under stock option plans — 62,164  Assumed conversion of net common shares issuable under warrants — 36,500  Weighted average common and common equivalent shares outstanding, diluted 2,816,144 2,877,599  Earnings (loss) per share - diluted  Continuing operations $ (0.14) $ (0.09)  Discontinued operations — 0.13  Consolidated diluted EPS $ (0.14) $ 0.04 

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventories [Abstract]
Inventories	   March 31, December 31,  2016 2015  Raw materials $ 744,320 $ 775,427  Work-in-process 397,850 265,113  Finished goods 972,901 1,078,172  Total $ 2,115,071 $ 2,118,712 

Intangible Assets, net (Tables)

Intangible Assets, net (Tables)	3 Months Ended
	Mar. 31, 2016
Intangible Assets, net [Abstract]
Intangibles Assets, net	   Estimated March 31, 2016 December 31, 2015  Useful Life Accumulated Accumulated  (in years) Gross Amortization Net Gross Amortization Net  Patents and trademarks 10 $ 26,626 8,420 $ 18,206 $ 26,626 $ 7,981 $ 18,645  Total intangible assets $ 26,626 $ 8,420 $ 18,206 $ 26,626 $ 7,981 $ 18,645 

Stock Options and Share-based20

Stock Options and Share-based Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2016
Stock Options and Share-Based Incentive Plan [Abstract]
Stock Option Transactions	   Weighted  Weighted average  Average remaining Aggregate  Number of Exercise contractual Intrinsic  options Price term (in years) Value  Outstanding at December 31, 2015 184,500 $ 6.21 6.80 $ 235,293  Granted — —  Exercised (15,000) 3.41  Forfeited — —  Expired — —  Outstanding at March 31, 2016 169,500 6.46 7.15 $ 186,843  Exercisable at March 31, 2016 73,500 $ 7.33 5.74 $ 58,115  Exercisable at December 31, 2015 83,500 $ 6.60 4.73 $ 106,565 

Earnings per share (Calculation

Earnings per share (Calculation of EPS ) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings per Share [Abstract]
Income (loss) from continuing operations	$ (384,148)	$ (254,548)
Income from discontinued operations, net of tax	0	362,610
Net income (loss) available to common shareholder	$ (384,148)	$ 108,062
Basic EPS:
Weighted average common shares outstanding	2,816,144	2,778,935
Earnings (loss) per share - basic
Continuing operations	$ (0.14)	$ (0.09)
Discontinued operations	0	0.13
Earnings (loss) per share - basic	$ (0.14)	$ 0.04
Diluted EPS:
Weighted average common shares outstanding	2,816,144	2,778,935
Assumed conversion of net common shares issuable under stock option plans	0	62,164
Assumed conversion of net common shares issuable under warrants	0	36,500
Weighted average common and common equivalent shares outstanding, diluted	2,816,144	2,877,599
Earnings (loss) per share - diluted
Continuing operations	$ (0.14)	$ (0.09)
Discontinued operations	0	0.13
Earnings (loss) per share - diluted	$ (0.14)	$ 0.04

Inventories (Details)

Inventories (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Inventories [Abstract]
Raw materials	$ 744,320	$ 775,427
Work-in-process	397,850	265,113
Finished goods	972,901	1,078,172
Total	2,115,071	2,118,712
Silver inventory	$ 297,851	$ 313,738

Property, Plant and Equipment23

Property, Plant and Equipment, net (Narrative) (Details)	Dec. 04, 2015ft²item	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Depreciation expense		$ 361,001	$ 355,388
Assets held for sale, net		$ 665,000		$ 665,000
Fitchburg, Massachusetts [Member]
Number of unoccupied buildings with letter of intent to sale | item	2
Area of unoccupied buildings | ft²	52,000

Property, Plant and Equipment24

Property, Plant and Equipment, net (Property, Plant and Equipment) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment
Machinery and equipment	$ 15,285,910	$ 15,168,377
Buildings and improvements	3,978,387	3,978,387
Vehicles	90,713	90,713
Furniture,fixtures, computers and software	1,439,381	1,437,692
Construction in progress	936,106	682,069
Total property, plant and equipment	21,730,497	21,357,238
Less: accumulated depreciation	(15,092,170)	(14,731,169)
Property, plant and equipment, net	$ 6,638,327	$ 6,626,069
Maximum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment
Useful life	15 years
Maximum [Member] | Building and Improvements [Member]
Property, Plant and Equipment
Useful life	25 years
Maximum [Member] | Vehicles [Member]
Property, Plant and Equipment
Useful life	5 years
Maximum [Member] | Furniture, Fixtures, Computers and Software [Member]
Property, Plant and Equipment
Useful life	5 years
Minimum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment
Useful life	3 years
Minimum [Member] | Building and Improvements [Member]
Property, Plant and Equipment
Useful life	5 years
Minimum [Member] | Vehicles [Member]
Property, Plant and Equipment
Useful life	3 years
Minimum [Member] | Furniture, Fixtures, Computers and Software [Member]
Property, Plant and Equipment
Useful life	3 years

Intangible Assets, net (Narrati

Intangible Assets, net (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Intangible Assets, net [Abstract]
Intangible asset impairment	$ 0	$ 0
Amortization expense	$ 439	$ 994

Intangible Assets, net (Intangi

Intangible Assets, net (Intangible Assets) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Intangible Assets [Line Items]
Gross	$ 26,626	$ 26,626
Accumulated Amortization	8,420	7,981
Net	$ 18,206	18,645
Patents and Trademarks [Member]
Intangible Assets [Line Items]
Estimated Useful Life (in years)	10 years
Gross	$ 26,626	26,626
Accumulated Amortization	8,420	7,981
Net	$ 18,206	$ 18,645

Debt (Bank Debt Narrative) (Det

Debt (Bank Debt Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Jun. 26, 2015USD ($)	Mar. 29, 2014USD ($)
Debt Instrument [Line Items]
Outstanding balance, line of credit	$ 1,981,495	$ 1,511,495
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Percent Borrowable of net Elegible Recievable	80.00%
Percent Borrowable of net Eligible Raw Materials Inventory	50.00%
Revolver, interest rate at end of period	3.75%
Amount available under line of credit facility	$ 264,731
Debt instrument, maturity date	Jun. 1, 2017
Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Spread on variable rate	0.25%
Equipment Line Of Credit 2013 [Member] | Equipment Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit, draw period	1 year
Maximum borrowing capacity	$ 1,000,000
Outstanding balance, line of credit				$ 740,999
Equipment Term Loan 2014 [Member] | Equipment Line of Credit [Member]
Debt Instrument [Line Items]
line of credit, interest during period	4.65%
Line of credit, maturity period	5 years
Approximate monthly principal and interest payment	$ 14,000
Debt instrument, maturity date	Mar. 29, 2019
Equipment Line Of Credit 2014 [Member] | Equipment Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit, draw period	1 year
Maximum borrowing capacity	$ 1,000,000
Outstanding balance, line of credit			$ 415,785
Equipment Term Loan 2015 [Member] | Equipment Line of Credit [Member]
Debt Instrument [Line Items]
line of credit, interest during period	4.67%
Line of credit, maturity period	5 years
Approximate monthly principal and interest payment	$ 8,000
Debt instrument, maturity date	Jun. 26, 2020
Equipment Line Of Credit 2015 [Member] | Equipment Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit, draw period	1 year
Maximum borrowing capacity	$ 1,000,000
Outstanding balance, line of credit	$ 336,850
Line of credit, maturity period	6 years
Debt instrument, maturity date	Jun. 19, 2021
Earliest repayment period, from date of loan	1 year
Equipment Line Of Credit 2015 [Member] | Equipment Line of Credit [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Spread on variable rate	0.25%
Term Debt And Equipment Notes [Member]
Debt Instrument [Line Items]
Number of Equipment Term Loans | item	2
Term Debt And Equipment Notes [Member] | Commercial Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate	4.25%
Line of credit, maturity date	5 years
Approximate monthly principal and interest payment	$ 28,000
Debt instrument, maturity date	Mar. 1, 2018

Debt (Other Debt Narrative) (De

Debt (Other Debt Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)item	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Dec. 19, 2013USD ($)$ / shares	Jan. 31, 2013USD ($)
Term Debt And Equipment Notes [Member]
Debt Instruments [Line Items]
Number of Equipment Notes | item	2
Term Debt And Equipment Notes [Member] | Equipment Term Loans [Member]
Debt Instruments [Line Items]
Number of Equipment Notes | item	2
Debt instrument, face amount					$ 272,500
Debt instrument, interest rate	4.66%
Approximate monthly principal and interest payment	$ 5,000
Debt instrument, term	5 years
Subordinated Promissory Notes [Member]
Debt Instruments [Line Items]
Debt instrument, face amount				$ 500,000
Debt, fair value	$ 416,950
Non-cash interest expense	6,921	$ 6,921
Unamortized discount	19,944		$ 26,865
Subordinated promissory notes, exercise price of warrants | $ / shares				$ 3.51
Subordinated Promissory Notes [Member] | Debt Instrument, Redemption, Period One [Member]
Debt Instruments [Line Items]
Interest rate				10.00%
Subordinated Promissory Notes [Member] | Debt Instrument, Redemption, Period Two [Member]
Debt Instruments [Line Items]
Interest rate				12.00%
Subordinated Promissory Notes [Member] | Additional Paid-in Capital, Attributable to Convertible Option [Member]
Debt Instruments [Line Items]
Debt instrument, face amount	$ 83,050

Debt (Summary of Debt) (Details

Debt (Summary of Debt) (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Revolving line of credit	$ 1,981,495	$ 1,511,495
Equipment line of credit	336,850	336,850
Subordinated promissory notes	480,056	473,135
Term notes payable	1,565,464	1,710,287
Total Debt	4,363,865	4,031,767
Term Debt And Equipment Notes [Member] | Commercial Term Loan [Member]
Debt Instrument [Line Items]
Commercial term loan	638,199	714,175
Term Debt And Equipment Notes [Member] | Equipment Term Loans [Member]
Debt Instrument [Line Items]
Equipment term laons	824,993	879,898
Term Debt And Equipment Notes [Member] | Equipment Notes [Member]
Debt Instrument [Line Items]
Equipment notes	$ 102,272	$ 116,214

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	Mar. 31, 2016USD ($)
Federal Tax Authority [Member]
Income Taxes [Line Items]
Tax credit carryforwards	$ 361,000
State Jurisdiction [Member]
Income Taxes [Line Items]
Tax credit carryforwards	380,000
Federal Tax Authority [Member]
Income Taxes [Line Items]
Net operating loss carryforwards	8,196,000
State Jurisdiction [Member]
Income Taxes [Line Items]
Net operating loss carryforwards	$ 8,231,000

Commitments and Contingencies -

Commitments and Contingencies - (Narrative) (Details)	3 Months Ended
	Mar. 31, 2016USD ($)agreement	Mar. 31, 2015USD ($)
Commitments and Contingencies [Abstract]
Number of operating lease agreements | agreement	2
Operating lease expense, office equipment | $	$ 1,822	$ 1,822

Stock Options and Share-based32

Stock Options and Share-based Incentive Plan (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Stock Options and Share-Based Incentive Plan [Abstract]
Share-based compensation expense	$ 15,133	$ 7,186
Number of options, granted in period	0	25,000
Number of options, expired in period	0	0
Number of options, forfeited in period	0	7,500
Number of options, exercised in period	15,000	1,100
Proceeds from stock options exercises	$ 51,150	$ 3,880
Warrants exercised	0	0
Warrants unexercised	70,000

Shareholders' Equity (Stock Opt

Shareholders' Equity (Stock Option Transactions) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Stock Options and Share-Based Incentive Plan [Abstract]
Number of options, outstanding, beginning balance	184,500
Weighted average exercise price, options outstanding	$ 6.46		$ 6.21
Weighted average remaining contractual term (in years), options outstanding	7 years 1 month 24 days		6 years 9 months 18 days
Aggregate intrinsic value, options outstanding	$ 186,843		$ 235,293
Number of options, granted in period	0	25,000
Weighted average exercise price, options granted in period	$ 0
Number of options, exercised in period	(15,000)	(1,100)
Weighted average exercise price, options exercised in period	$ 3.41
Number of options, forfeited in period	0	7,500
Weighted average exercise price, options forfeited in period	$ 0
Number of options, expired in period	0	0
Weighted average exercise price, options expired in period	$ 0
Number of options, outstanding, ending balance	169,500		184,500
Number of options, exercisable	73,500		83,500
Weighted average exercise price, options exercisable	$ 7.33		$ 6.60
Weighted average remaining contractual term (in years), options exercisable	5 years 8 months 27 days		4 years 8 months 23 days
Aggregate intrinsic value, options exercisable	$ 58,115		$ 106,565

Discontinued Operations (Narrat

Discontinued Operations (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Discontinued Operations [Line Items]
Income from discontinued operations, net of tax	$ 0	$ 362,610
Discontinued Operations [Member] | WirelessDx [Member]
Discontinued Operations [Line Items]
Income from discontinued operations, net of tax		362,610
Liabilities written off, discontinued operations		320,056
Accumulated other comprehensive income		$ 42,553