Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 14, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | MICRON SOLUTIONS INC /DE/ | |
Entity Central Index Key | 0000819689 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 2,872,208 | |
Trading Symbol | micr | |
Entity Emerging Growth Company | false | |
Entity Small Business | true |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 1,684 | $ 1,715 |
Trade accounts receivable, net of allowance for doubtful accounts of $39,169 at March 31, 2019 and $40,000 at December 31, 2018 | 2,767,238 | 2,325,804 |
Inventories | 3,916,721 | 3,685,059 |
Assets held for sale, net | 688,750 | 688,750 |
Prepaid expenses and other current assets | 367,869 | 389,390 |
Total current assets | 7,742,262 | 7,090,718 |
Property, plant and equipment, net | 4,832,482 | 5,131,773 |
Intangible assets, net | 51,744 | 53,155 |
Other assets | 5,140 | 5,140 |
Total assets | 12,631,628 | 12,280,786 |
Current liabilities: | ||
Revolving line of credit | 2,794,903 | 2,025,592 |
Term notes payable, current portion | 389,420 | 389,420 |
Accounts payable | 1,009,687 | 1,200,298 |
Accrued expenses and other current liabilities | 798,180 | 459,108 |
Contract liabilities, current portion | 552,138 | 560,802 |
Total current liabilities | 5,544,328 | 4,635,220 |
Long-term liabilities: | ||
Term notes payable, non-current portion | 3,460,103 | 3,557,458 |
Total long-term liabilities | 3,460,103 | 3,557,458 |
Total liabilities | 9,004,431 | 8,192,678 |
Commitments and Contingencies | ||
Shareholders' equity: | ||
Preferred stock, $0.001 par value; 2,000,000 shares authorized, none issued | ||
Common stock, $0.01 par value; 10,000,000 shares authorized; 3,926,491 issued, 2,872,208 outstanding at March 31, 2019 and 3,926,491 issued, 2,861,008 outstanding at December 31, 2018 | 39,265 | 39,265 |
Additional paid-in-capital | 11,632,117 | 11,604,817 |
Treasury stock at cost, 1,054,283 shares at March 31, 2019 and 1,065,483 shares at December 31, 2018 | (2,876,928) | (2,907,490) |
Accumulated deficit | (5,167,257) | (4,648,484) |
Total shareholders’ equity | 3,627,197 | 4,088,108 |
Total liabilities and shareholders’ equity | $ 12,631,628 | $ 12,280,786 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Allowance for doubtful accounts receivable, current | $ 39,169 | $ 40,000 |
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 | 2,872,208 | 2,861,008 |
Treasury stock, shares | 1,054,283 | 1,065,483 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Codensed Consolidated Statements of Operations [Abstract] | ||
Net sales | $ 4,685,630 | $ 5,119,048 |
Cost of sales | 4,031,803 | 4,387,688 |
Gross profit | 653,827 | 731,360 |
Selling and marketing | 149,142 | 190,540 |
General and administrative | 884,875 | 604,035 |
Research and development | 27,177 | 27,921 |
Total operating expenses | 1,061,194 | 822,496 |
Net income (loss) from operations | (407,367) | (91,136) |
Other income (expense): | ||
Interest expense | (110,977) | (97,012) |
Other income (expense), net | (429) | 8,501 |
Total other expense, net | (111,406) | (88,511) |
Net loss before income tax provision (benefit) | (518,773) | (179,647) |
Income tax provision (benefit) | 0 | 0 |
Net loss | $ (518,773) | $ (179,647) |
Earnings (loss) per share - basic and diluted | $ (0.18) | $ (0.06) |
Weighted average common shares outstanding - basic and diluted | 2,866,608 | 2,842,105 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Total |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2017 | $ 39,265 | $ 11,532,207 | $ (2,966,798) | $ (3,536,186) | $ 5,068,488 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2017 | 3,926,491 | 1,087,217 | |||
Share-based compensation | 14,370 | 14,370 | |||
Issuance of common stock from treasury, shares | (5,661) | ||||
Issuance of common stock from treasury | 4,427 | $ 15,448 | 19,875 | ||
Net income (loss) | (179,647) | (179,647) | |||
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2018 | $ 39,265 | 11,551,004 | $ (2,951,350) | (3,729,824) | 4,909,095 |
Shares, Outstanding, Ending Balance at Mar. 31, 2018 | 3,926,491 | 1,081,556 | |||
Change in accounting principle - ASC 606 | (13,991) | (13,991) | |||
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2018 | $ 39,265 | 11,604,817 | $ (2,907,490) | (4,648,484) | 4,088,108 |
Shares, Outstanding, Beginning Balance at Dec. 31, 2018 | 3,926,491 | 1,065,483 | |||
Share-based compensation | 29,862 | 29,862 | |||
Issuance of common stock from treasury, shares | (11,200) | ||||
Issuance of common stock from treasury | (2,562) | $ 30,562 | 28,000 | ||
Net income (loss) | (518,773) | (518,773) | |||
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2019 | $ 39,265 | $ 11,632,117 | $ (2,876,928) | $ (5,167,257) | $ 3,627,197 |
Shares, Outstanding, Ending Balance at Mar. 31, 2019 | 3,926,491 | 1,054,283 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (518,773) | $ (179,647) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 375,026 | 395,763 |
Non-cash interest expense | 16,931 | 14,670 |
Change in allowance for doubtful accounts | 831 | |
Share-based compensation expense | 57,862 | 34,245 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (442,265) | (496,324) |
Inventories | (190,058) | 11,256 |
Prepaid expenses and other current assets | 21,521 | 106,774 |
Accounts payable | (200,811) | (155,701) |
Accrued expenses and other current liabilities | 339,071 | 54,812 |
Contract liabilities | (8,664) | 102,400 |
Net cash provided by (used in) operating activities | (549,329) | (111,752) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (105,727) | (95,536) |
Net cash provided by (used in) investing activities | (105,727) | (95,536) |
Cash flows from financing activities: | ||
Proceeds from (payments on) revolving line of credit, net | 769,311 | (282,975) |
Payments on term notes payable | (114,286) | (76,190) |
Payments of debt issuance costs | (26,570) | |
Payment on subordinated debt | (350,000) | |
Net cash provided by (used in) financing activities | 655,025 | (735,735) |
Net change in cash and cash equivalents | (31) | (943,023) |
Cash and cash equivalents, beginning of period | 1,715 | 956,988 |
Cash and cash equivalents, end of period | $ 1,684 | $ 13,965 |
Basis of Presentation and Accou
Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Basis of Presentation and Accounting Policies [Abstract] | |
Basis of Presentation and Accounting Policies | 1. Ba sis of Presentation and Accounting Policies The condensed consolidated financial statements (the "financial statements") include the accounts of Micron Solutions, Inc. (“Micron Solutions”) and its subsidiary, Micron Products, Inc. ("Micron" and together with Micron Solutions, the “Company”). All intercompany balances and transactions have been eliminated in consolidation. The 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 audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 19, 2019 . 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, 2018 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. Liquidity and Management’s Plan At March 31, 2019, the Company identified certain conditions and events which in the aggregate required management to perform an assessment of the Company’s ability to continue as a going concern. These conditions included the Company’s negative financial history and the Company’s ability to generate sufficient cash to support the Company’s operations and to meet debt service requirements under the Company’s credit agreement. As of March 31, 2019, the Company has $1,684 of cash and approximately $343,000 of borrowing capacity on its revolving line of credit. As a result of the above factors, management has performed an analysis to evaluate the entity’s ability to continue as a going concern for one year after the financial statements issuance date. Management’s analysis includes forecasting future revenues, expenditures and cash flows, taking into consideration past performance and the requirements under the credit agreement. Revenue and cash flow forecasts are dependent on the Company’s ability to fill booked orders from existing customers, its ability to close new and expanded business and to improve overall financial performance. Management also believes that it is probable that he Company will close on the sale of the vacant buildings, shown as assets held for sale on the consolidated balance sheets, on or about June 30, 2019 and the proceeds of approximately $700,000 will be applied against the Company’s revolver. Additionally, on March 7, 2019, the Company entered into the First Amendment to the Credit and Security Agreement in which the quarterly debt service coverage ratio measurement requirements for 2019 were amended to lessen the burden of compliance. Based on management’s analysis, the Company believes that cash flows from its operations, together with its existing working capital, booked orders, the sale of vacant buildings, its intent and ability to raise funds through existing investors, expen se management, and its Revolver will be sufficient to fund operations at current levels and repay debt obligations over the next twelve months from the financial statements issuance date; however, there can be no assurance that the Company will be able to do so. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases,” which requires a lessee to recognize lease liabilities for the lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and right-of-use assets, representing the lessee’s right to use, or to control the use of, specified assets for the lease term. The Company adopted the ASU January 1, 2019 and, based on its current portfolio of leases (which consists solely of an office equipment lease), no lease assets or liabilities have been recognized in these financial statements, Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial conditions. Revenue Recognition During the three months ended March 31, 2019, the Company recognized as revenue $122,610 of amounts recorded as Contract Liabilities at December 31, 2018. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventories [Abstract] | |
Inventories | 2. Inventories Inventories consist of the following: March 31, December 31, 2019 2018 Raw materials $ 1,181,520 $ 1,079,887 Work-in-process 949,342 1,105,272 Finished goods 1,785,860 1,499,900 Total $ 3,916,721 $ 3,685,059 Silver included in raw materials, work-in-process and finished goods inventory had an estimated cost of $588,263 and $461,272 as of March 31, 2019 and December 31, 2018 , respectively. |
Property, Plant and Equipment,
Property, Plant and Equipment, net | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment, net [Abstract] | |
Property, Plant and Equipment, net | 3. Property, Plant and Equipment, net Property, plant and equipment, net consist of the following: Asset Lives March 31, December 31, (in years) 2019 2018 Machinery and equipment 3 to 15 $ 18,061,341 $ 17,978,781 Building and improvements 5 to 25 3,991,951 3,991,951 Vehicles 3 to 5 98,119 98,119 Furniture, fixtures, computers and software 3 to 5 1,459,608 1,440,071 Construction in progress 140,321 168,094 Total property, plant and equipment 23,751,340 23,677,016 Less: accumulated depreciation (18,918,857) (18,545,243) Property, plant and equipment, net $ 4,832,482 $ 5,131,773 Construction in progress is generally comprised of internal tooling in process. For the three months ended March 31, 2019 and 2018 , the Company recorded depreciation expense of $373,614 and $394,787 , respectively. |
Assets Held For Sale
Assets Held For Sale | 3 Months Ended |
Mar. 31, 2019 | |
Assets Held For Sale [Abstract] | |
Assets Held For Sale | 4. Assets Held for Sale In January 2016, the Co mpany entered into a Purchase and Sale Agreement with a Buyer (collectively the “Parties”) to sell two unoccupied buildings, with a total of approximately 52,000 square feet, and land, at its Fitchburg, Massachusetts campus. As a result, the Company has since classified the property as Assets Held for Sale. The carrying value of $688,750 approximates the fair value less the expected cost to sell. The Parties have since entered into multiple amendments which provided for, among other things, an extension of the expiration date of the agreement to June 2019 in exchange for monthly extension fees. The closing is expected to take place by the end of June 2019. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt [Abstract] | |
Debt | 5. Debt The following table sets forth the items which comprise debt for the Company: March 31, December 31, 2019 2018 Revolving line of credit $ 2,794,903 $ 2,025,592 Total term notes payable, net of issuance costs $ 3,849,523 $ 3,946,878 Less current portion, net 389,420 389,420 Term notes payable, non-current, net 3,460,103 3,557,458 Total short and long term debt, net $ 6,644,426 $ 5,972,470 Availability to borrow under the Revolver is based on conditions defined in the credit agreement and amounts to $342,711 at March 31, 2019. The interest rate at March 31, 2019 was 5.74%. The interest rate on the Term Notes at March 31, 2019 was 5.99%. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 6. Income Taxes As of March 31, 2019, The Company continues to maintain a valuation allowance against all of its domestic and foreign deferred tax assets, except for its AMT Credit carryforward, which is treated as a refundable attribute under the new tax law. At March 31, 2019 , the Company has federal and state net operating loss carryforwards totaling $11,300,000 and $12,195,000 , respectively, which begin to expire in 2031. The Company also has federal and state tax credit carryovers of $306,000 and $278,000 respectively. The federal and state tax credits begin to expire in 2027 and 2019, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 7. 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 Lease expense under all operating leases for the three months ended March 31, 2019 and 2018 was $6,0 56 and $5,913 respectively. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Shareholders' Equity [Abstract] | |
Shareholders' Equity | 8. Shareholders’ Equity Stock options and share-based incentive plan The following table sets forth the stock option transactions for the year ended March 31, 2019 : Weighted Weighted average Average remaining Aggregate Number of Exercise contractual Intrinsic options Price term (in years) Value Outstanding at December 31, 2018 393,500 $ 4.89 7.22 $ 960 Granted 7,500 2.72 Forfeited (44,335) 4.08 Outstanding at March 31, 2019 356,665 $ 4.95 6.08 $ 3,435 Exercisable at March 31, 2019 205,487 $ 5.93 5.93 $ 2,760 Exercisable at December 31, 2018 182,164 $ 6.09 4.81 $ 960 For the three months ended March 31, 2019 and 2018, share based compensation expense related to stock options amounted to $27,689 and $14,370 , respectively. Share based compensation is included in general and administrative expenses. For the three months ended March 31, 2019, 7,500 op tions were granted with a fair value of $1.37 per share, no options were exercised, 44,335 options were forfeited du e to employee terminations and no options expired. For the three months ended March 31, 2018, 90,000 were granted with a fair value of $0.50 per share, no options were exercised and no options were forfeited or expired . Unrecognized stock based compensation expense related to stock options as of March 31, 2019 and 2018 was $132,523 a nd $110,490 , respectively. In March, 2019, the Company issued 15,000 restricted stock units with a fair value of $3.20 per share which vest on the one year anniversary of the grant. For the three months ended March 31, 2019 and 2018, share based compensation expense related to restricted stock units amounted to $2,173 and $0 , respectively. Unrecognized stock based compensation related to restricted stock units as of March 31, 2019 and 2018 was $ 45,827 and $0 , respectively. Common Stock For the three months ended March 31, 2019, the Company issued 11,200 shares of the Company’s common stock, with a fair value of $28,000 for director fees in lieu of cash payments. For the three months ended March 31, 2018, the Company issued 5,661 shares of the Company’s common stock, with a fair value of $19,875 for director fees in lieu of cash payments. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9 . Subsequent Events Changes in Officers and Directors On March 19, 2019, Mr. Derek T. Welch, the Company’s Chief Financial Officer tendered his resignation which was effective April 22, 2019. Upon his resignation, Mr. Laursen, the Company’s President and Chief Executive Officer was appointed Treasurer and principal financial and accounting officer. |
Basis of Presentation and Acc_2
Basis of Presentation and Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Basis of Presentation and Accounting Policies [Abstract] | |
Basis of Presentation | The condensed consolidated financial statements (the "financial statements") include the accounts of Micron Solutions, Inc. (“Micron Solutions”) and its subsidiary, Micron Products, Inc. ("Micron" and together with Micron Solutions, the “Company”). All intercompany balances and transactions have been eliminated in consolidation. The 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 audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 19, 2019 . 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, 2018 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. |
Liquidity And Management's Plan | Liquidity and Management’s Plan At March 31, 2019, the Company identified certain conditions and events which in the aggregate required management to perform an assessment of the Company’s ability to continue as a going concern. These conditions included the Company’s negative financial history and the Company’s ability to generate sufficient cash to support the Company’s operations and to meet debt service requirements under the Company’s credit agreement. As of March 31, 2019, the Company has $1,684 of cash and approximately $343,000 of borrowing capacity on its revolving line of credit. As a result of the above factors, management has performed an analysis to evaluate the entity’s ability to continue as a going concern for one year after the financial statements issuance date. Management’s analysis includes forecasting future revenues, expenditures and cash flows, taking into consideration past performance and the requirements under the credit agreement. Revenue and cash flow forecasts are dependent on the Company’s ability to fill booked orders from existing customers, its ability to close new and expanded business and to improve overall financial performance. Management also believes that it is probable that he Company will close on the sale of the vacant buildings, shown as assets held for sale on the consolidated balance sheets, on or about June 30, 2019 and the proceeds of approximately $700,000 will be applied against the Company’s revolver. Additionally, on March 7, 2019, the Company entered into the First Amendment to the Credit and Security Agreement in which the quarterly debt service coverage ratio measurement requirements for 2019 were amended to lessen the burden of compliance. Based on management’s analysis, the Company believes that cash flows from its operations, together with its existing working capital, booked orders, the sale of vacant buildings, its intent and ability to raise funds through existing investors, expen se management, and its Revolver will be sufficient to fund operations at current levels and repay debt obligations over the next twelve months from the financial statements issuance date; however, there can be no assurance that the Company will be able to do so. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases,” which requires a lessee to recognize lease liabilities for the lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and right-of-use assets, representing the lessee’s right to use, or to control the use of, specified assets for the lease term. The Company adopted the ASU January 1, 2019 and, based on its current portfolio of leases (which consists solely of an office equipment lease), no lease assets or liabilities have been recognized in these financial statements, Management does not expect any recently issued, but not yet effective, accounting standards to have a material effect on its results of operations or financial conditions. |
Revenue Recognition | Revenue Recognition During the three months ended March 31, 2019, the Company recognized as revenue $122,610 of amounts recorded as Contract Liabilities at December 31, 2018. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventories [Abstract] | |
Schedule Of Inventories | March 31, December 31, 2019 2018 Raw materials $ 1,181,520 $ 1,079,887 Work-in-process 949,342 1,105,272 Finished goods 1,785,860 1,499,900 Total $ 3,916,721 $ 3,685,059 |
Property, Plant and Equipment_2
Property, Plant and Equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Property, Plant and Equipment, net [Abstract] | |
Property, Plant and Equipment, net | Asset Lives March 31, December 31, (in years) 2019 2018 Machinery and equipment 3 to 15 $ 18,061,341 $ 17,978,781 Building and improvements 5 to 25 3,991,951 3,991,951 Vehicles 3 to 5 98,119 98,119 Furniture, fixtures, computers and software 3 to 5 1,459,608 1,440,071 Construction in progress 140,321 168,094 Total property, plant and equipment 23,751,340 23,677,016 Less: accumulated depreciation (18,918,857) (18,545,243) Property, plant and equipment, net $ 4,832,482 $ 5,131,773 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt [Abstract] | |
Summary of Debt | March 31, December 31, 2019 2018 Revolving line of credit $ 2,794,903 $ 2,025,592 Total term notes payable, net of issuance costs $ 3,849,523 $ 3,946,878 Less current portion, net 389,420 389,420 Term notes payable, non-current, net 3,460,103 3,557,458 Total short and long term debt, net $ 6,644,426 $ 5,972,470 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Shareholders' Equity [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, 2018 393,500 $ 4.89 7.22 $ 960 Granted 7,500 2.72 Forfeited (44,335) 4.08 Outstanding at March 31, 2019 356,665 $ 4.95 6.08 $ 3,435 Exercisable at March 31, 2019 205,487 $ 5.93 5.93 $ 2,760 Exercisable at December 31, 2018 182,164 $ 6.09 4.81 $ 960 |
Basis of Presentation and Acc_3
Basis of Presentation and Accounting Policies (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | |||
Cash and cash equivalents | $ 1,684 | $ 1,715 | |
Current borrowing capacity | 343,000 | ||
Revenue from contracts with customers | $ 122,610 | ||
Forecast [Member] | |||
Line of Credit Facility [Line Items] | |||
Repayment of revolver | $ 700,000 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Silver inventory | $ 588,263 | $ 461,272 |
Inventories (Schedule Of Invent
Inventories (Schedule Of Inventories) (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Inventories [Abstract] | ||
Raw materials | $ 1,181,520 | $ 1,079,887 |
Work-in-process | 949,342 | 1,105,272 |
Finished goods | 1,785,860 | 1,499,900 |
Total | $ 3,916,721 | $ 3,685,059 |
Property, Plant and Equipment_3
Property, Plant and Equipment, net (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Property, Plant and Equipment, net [Abstract] | ||
Depreciation expense | $ 373,614 | $ 394,787 |
Property, Plant and Equipment_4
Property, Plant and Equipment, net (Property, Plant and Equipment, net) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment | ||
Total property, plant and equipment | $ 23,751,340 | $ 23,677,016 |
Less: accumulated depreciation | (18,918,857) | (18,545,243) |
Property, plant and equipment, net | 4,832,482 | 5,131,773 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment | 18,061,341 | 17,978,781 |
Building and Improvements [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment | 3,991,951 | 3,991,951 |
Vehicles [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment | 98,119 | 98,119 |
Furniture, Fixtures, Computers and Software [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment | 1,459,608 | 1,440,071 |
Construction in Progress [Member] | ||
Property, Plant and Equipment | ||
Total property, plant and equipment | $ 140,321 | $ 168,094 |
Maximum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment | ||
Asset Lives (in years) | 15 years | |
Maximum [Member] | Building and Improvements [Member] | ||
Property, Plant and Equipment | ||
Asset Lives (in years) | 25 years | |
Maximum [Member] | Vehicles [Member] | ||
Property, Plant and Equipment | ||
Asset Lives (in years) | 5 years | |
Maximum [Member] | Furniture, Fixtures, Computers and Software [Member] | ||
Property, Plant and Equipment | ||
Asset Lives (in years) | 5 years | |
Minimum [Member] | Machinery and Equipment [Member] | ||
Property, Plant and Equipment | ||
Asset Lives (in years) | 3 years | |
Minimum [Member] | Building and Improvements [Member] | ||
Property, Plant and Equipment | ||
Asset Lives (in years) | 5 years | |
Minimum [Member] | Vehicles [Member] | ||
Property, Plant and Equipment | ||
Asset Lives (in years) | 3 years | |
Minimum [Member] | Furniture, Fixtures, Computers and Software [Member] | ||
Property, Plant and Equipment | ||
Asset Lives (in years) | 3 years |
Assets Held For Sale (Details)
Assets Held For Sale (Details) | 1 Months Ended |
Jan. 31, 2016ft²item | |
Assets Held For Sale [Abstract] | |
Number of unoccupied buildings with letter of intent to sale | item | 2 |
Area of building | ft² | 52,000 |
Debt (Summary of Debt) (Details
Debt (Summary of Debt) (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Debt [Abstract] | ||
Revolving line of credit | $ 2,794,903 | $ 2,025,592 |
Total term notes payable, net of issuance costs | 3,849,523 | 3,946,878 |
Less current portion, net | 389,420 | 389,420 |
Term notes payable, non-current, net | 3,460,103 | 3,557,458 |
Total short and long term debt, net | $ 6,644,426 | $ 5,972,470 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Loss Carryforwards [Line Items] | ||
Income tax provision (benefit) | $ 0 | $ 0 |
Federal Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | 306,000 | |
State Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Tax credit carryforwards | 278,000 | |
Federal Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 11,300,000 | |
State Jurisdiction [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 12,195,000 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Commitments and Contingencies [Abstract] | ||
Operating lease expense | $ 6,056 | $ 5,913 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options, granted in period | 7,500 | |
Number of options, forfeited in period | 44,335 | |
Common stock granted, shares | 11,200 | 5,661 |
Common stock granted, values | $ 28,000 | $ 19,875 |
Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 27,689 | $ 14,370 |
Number of options, granted in period | 7,500 | 90,000 |
Number of options, exercised in period | 0 | 0 |
Weighted average grant date fair value, options granted | $ 1.37 | $ 0.50 |
Number of options, forfeited in period | 44,335 | 0 |
Number of options, expired in period | 0 | 0 |
Unrecognized stock based compensation expense | $ 132,523 | $ 110,490 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 2,173 | 0 |
Unrecognized stock based compensation expense | $ 0 | |
Other than options, granted in period | 15,000 | |
Other than options, weighted average grant date fair value | $ 3.20 | |
Vesting period | 1 year |
Shareholders' Equity (Stock Opt
Shareholders' Equity (Stock Option Transactions) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Shareholders' Equity [Abstract] | ||
Number of options, outstanding, beginning balance | 393,500 | |
Number of options, Granted | 7,500 | |
Number of options, Forfeited | (44,335) | |
Number of options, outstanding, ending balance | 356,665 | 393,500 |
Number of options, exercisable | 205,487 | 182,164 |
Weighted Average Exercise Price, Outstanding, beginning of period | $ 4.89 | |
Weighted Average Exercise Price, Granted | 2.72 | |
Weighted Average Exercise Price, Forfeited | 4.08 | |
Weighted Average Exercise Price, Outstanding, ending of period | 4.95 | $ 4.89 |
Weighted Average Exercise Price, Exercisable | $ 5.93 | $ 6.09 |
Weighted average remaining contractual term (in years), Outstanding | 6 years 29 days | 7 years 2 months 19 days |
Weighted average remaining contractual term (in years), Exercisable | 5 years 11 months 5 days | 4 years 9 months 22 days |
Aggregate Intrinsic Value, Outstanding | $ 3,435 | $ 960 |
Aggregate Intrinsic Value, Exercisable | $ 2,760 | $ 960 |