Smith-Midland (SMID) 10-Q 11 Aug 16 2016 Q2 Quarterly report Financial data

Document Entity Information

Document Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 05, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	SMITH MIDLAND CORP
Entity Central Index Key	924,719
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		4,878,628

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 779,504	$ 1,735,621
Investment securities, available-for-sale, at fair value	1,084,309	1,041,790
Accounts receivable, net
Trade - billed (less allowance for doubtful accounts of $345,118 and $375,919)	7,977,742	6,795,215
Trade - unbilled	636,201	197,363
Inventories
Raw materials	929,434	724,143
Finished goods	1,773,335	1,770,141
Prepaid expenses and other assets	384,901	194,429
Refundable income taxes	542,190	383,820
Deferred taxes	558,000	665,000
Total current assets	14,665,616	13,507,522
Property and equipment, net	5,953,514	5,073,867
Other assets	192,952	268,721
Total assets	20,812,082	18,850,110
Current liabilities
Accounts payable - trade	2,497,565	1,743,945
Accrued expenses and other liabilities	1,010,211	974,785
Accrued compensation	858,907	449,723
Income taxes payable	748,012	435,717
Customer deposits	586,176	923,943
Total current liabilities	5,700,871	4,528,113
Notes payable - less current maturities	2,283,935	2,076,675
Deferred tax liability	1,089,000	855,000
Total liabilities	9,073,806	7,459,788
Commitments and contingencies	0	0
Stockholders’ equity
Preferred stock, $.01 par value; authorized 1,000,000 shares, none issued and outstanding	0	0
Common stock, $.01 par value; authorized 8,000,000 shares; 4,919,548 issued and 4,878,628 outstanding	49,195	49,195
Additional paid-in capital	5,110,398	5,110,398
Treasury stock, at cost, 40,920 shares	(102,300)	(102,300)
Accumulated other comprehensive loss, net	9,450	(9,357)
Retained earnings	6,671,533	6,342,386
Total stockholders’ equity	11,738,276	11,390,322
Total liabilities and stockholders' equity	$ 20,812,082	$ 18,850,110

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Allowance for doubtful accounts	$ 296,276	$ 356,253
Stockholders' equity
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	4,893,548	4,881,548
Common stock, shares outstanding	4,893,548	4,881,548
Treasury stock, at cost	40,920	40,920
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue
Products sales and leasing	$ 7,155,973	$ 5,600,996	$ 13,389,679	$ 8,869,733
Shipping and installation revenue	2,002,271	813,894	3,494,934	1,413,147
Royalties	481,775	482,675	810,490	814,810
Total revenue	9,640,019	6,897,565	17,695,103	11,097,690
Cost of goods sold	7,571,093	5,229,992	14,348,184	8,900,125
Gross profit	2,068,926	1,667,573	3,346,919	2,197,565
Operating expenses
General and administrative expenses	897,616	746,357	1,731,427	1,621,064
Selling expenses	537,696	514,760	1,128,502	1,018,774
Total operating expenses	1,435,312	1,261,117	2,859,929	2,639,838
Gain on sale of assets	8,175	6,373	14,043	11,627
Other income	10,566	3,949	17,459	14,556
Operating income (loss)	652,355	416,778	518,492	(416,090)
Interest income (expense)
Interest expense	(35,580)	(23,737)	(63,729)	(50,730)
Interest income	21,149	816	30,385	1,308
Total other expense	(14,431)	(22,921)	(33,344)	(49,422)
Income before income tax expense	637,924	393,857	485,148	(465,512)
Income tax expense (benefit)	(219,000)	(149,000)	(156,000)	186,000
Net income (loss)	$ 418,924	$ 244,857	$ 329,148	$ (279,512)
Basic income (loss) per share (in dollars per share)	$ 0.09	$ 0.05	$ 0.07	$ (0.06)
Diluted income (loss) per share (in dollars per share)	$ 0.08	$ 0.05	$ 0.07	$ (0.06)
Weighted average number of common shares outstanding:
Basic (in shares)	4,919,548	4,892,686	4,919,548	4,892,686
Diluted (in shares)	4,967,059	4,938,234	4,970,769	4,892,686

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) Statement - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax	$ 8,000	$ 4,000	$ 10,000	$ 6,000
Net income	418,924	244,857	329,148	(279,512)
Other comprehensive gain (loss), net of tax:
Net unrealized holding gain (loss)	19,327	(10,438)	24,790	(16,206)
Comprehensive income	$ 438,251	$ 234,419	$ 353,938	$ (295,718)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on securities arising during period, tax	$ 8,000	$ 4,000	$ 10,000	$ 6,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net income (loss)	$ 329,148	$ (279,512)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	381,011	333,931
Gain on disposal of fixed assets	(14,043)	(11,627)
Deferred taxes	341,000	(165,505)
Allowance for doubtful accounts	(30,801)	(95,261)
(Increase) decrease in operating assets and liabilities:
Accounts receivable - billed	(1,151,726)	(2,206,076)
Accounts receivable - unbilled	(438,838)	144,739
Inventories	(208,485)	(156,018)
Prepaid expenses and other assets	(114,703)	(92,405)
Prepaid income taxes	(158,370)	(31,805)
Increase (decrease) in:
Accounts payable - trade	753,620	680,725
Accrued expenses and other	35,426	193,304
Accrued compensation	409,184	146,904
Customer deposits	(337,767)	580,235
Net cash used in operating activities	(205,344)	(958,371)
Cash flows from investing activities:
Purchases of investment securities available-for-sale	(23,712)	(17,943)
Purchases of property and equipment	(1,260,659)	(506,893)
Proceeds from sale of fixed assets	14,043	15,421
Net cash used in investing activities	(1,270,328)	(509,415)
Cash flows from financing activities:
Proceeds from long-term borrowings	715,131	0
Repayments of long-term borrowings	(195,576)	(183,979)
Proceeds from options exercised	0	21,100
Net cash provided (used) in financing activities	519,555	(162,879)
Net decrease in cash and cash equivalents	(956,117)	(1,630,665)
Cash and cash equivalents
Beginning of period	1,735,621	$ 3,572,405
End of period	$ 779,504

Interim Financial Reporting

Interim Financial Reporting	6 Months Ended
	Jun. 30, 2016
INTERIM FINANCIAL REPORTING [Abstract]
Interim Financial Reporting	INTERIM FINANCIAL REPORTING Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, and with the instructions to Form 10-Q and Article 10 and Regulation S-X. Accordingly, we have condensed or omitted certain information and footnote disclosures that are included in our annual financial statements. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2015 . The condensed consolidated December 31, 2015 balance sheet was derived from audited financial statements included in the Form 10-K. In the opinion of management, these condensed consolidated financial statements reflect all adjustments (which consist of normal, recurring adjustments) necessary for a fair presentation of the financial position and results of operations and cash flows for the periods presented. The results disclosed in the condensed consolidated statements of operations are not necessarily indicative of the results to be expected in any future periods. Recent Accounting Pronouncements In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation,” to simplify the accounting and reporting for employee share-based payments. This amendment involves several aspects of the accounting for share-based payment transactions, including accounting for income taxes as it pertains to the timing of when excess tax benefits are recognized and to the recognition of excess tax benefits and tax deficiencies in the statements of income, forfeitures, minimum statutory tax withholding requirements, as well as classification of excess tax benefits and employee taxes paid in the statement of cash flows. This amendment will be effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments provide specific transition and disclosure guidance for each provision. The Company has not yet evaluated the effect the adoption of this ASU will have on its consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing (Topic 606), which amends the revenue guidance on identifying performance obligations and accounting for licenses of intellectual property. The effective date and transition of this amendment is the same as the effective date and transition of ASU 2014-09. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements and related disclosures. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition Smith-Midland Corporation (the "Company") primarily recognizes revenue on the sale of its standard precast concrete products at shipment date, including revenue derived from any projects to be completed under short-term contracts. Installation of the Company’s standard products is typically performed by the customer; however, in some circumstances, the Company will install certain products which are accomplished at the time of delivery. The installation activities of smaller buildings are usually performed at the Company's site and shipped completed to the customers site. In larger utility building sales, the buildings are erected on the customers site within one or two days, depending on style and size. The value assigned to each component is determined by an estimate provided to the customer at the time of the sale. We use our best estimate to determine the sales price, which is consistent with our pricing strategy of the business and considers product configuration, geography and other market specific factors. Leasing fees from barrier rental agreements are paid at the beginning of the operating lease agreement and recorded to a deferred revenue account. As the revenue is earned each month during the contract, the amount earned is recorded as lease income and an equivalent amount is debited to deferred revenue. Royalties are recognized as a percent of sales of the licensed product sold by the licensee on a monthly basis. The Company licenses certain other precast companies to produce its licensed products to our engineering specifications under licensing agreements. The agreements are typically for five year terms and require royalty payments from 4% to 6% which are paid on a monthly basis. With respect to certain sales of Soundwall panels, architectural precast panels and Slenderwall™ precast panels, revenue is recognized using the percentage-of-completion method for recording revenues on long term contracts pursuant to ASC 605-35-25 using the units-of-production as the basis to measure progress toward completing the contract. The contracts are executed by both parties and clearly stipulate the requirements for progress payments and a schedule of delivery dates. Provisions for estimated losses on contracts are made in the period in which such losses are determined. Shipping revenues and costs are recognized in the period the shipping services are provided to the customer. Smith-Midland products are typically sold pursuant to an implicit warranty as to merchantability only. Warranty claims are reviewed and resolved on a case by case method. Although the Company does incur costs for these types of expenses, historically the amount of expense is immaterial.

Net Loss Per Common Share

Net Loss Per Common Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Net Income Per Common Share	NET INCOME (LOSS) PER COMMON SHARE Basic earnings (loss) per common share exclude all common stock equivalent, primarily stock options, and is computed using the weighted average number of common shares outstanding during the period. The diluted earnings (loss) per common share calculation reflects the potential dilutive effect of securities that could share in earnings (loss) of the Company. Outstanding options are excluded from the diluted earnings per share calculation where they would have an anti-dilutive effect. Three Months Ended June 30, 2016 2015 Basic income per share Income available to common shareholders $ 418,924 $ 244,857 Weighted average shares outstanding 4,919,548 4,892,686 Basic income per share $ 0.09 $ 0.05 Diluted income per share Income available to common shareholders $ 418,924 $ 244,857 Weighted average shares outstanding 4,919,548 4,892,686 Dilutive effect of stock options 47,511 45,548 Total weighted average shares outstanding 4,967,059 4,938,234 Diluted income per share $ 0.08 $ 0.05 Six Months Ended June 30, 2016 2015 Basic income (loss) per share Income (loss) available to common shareholders $ 329,148 $ (279,512 ) Weighted average shares outstanding 4,919,548 4,892,686 Basic income (loss) per share $ 0.07 $ (0.06 ) Diluted income (loss) per share Income (loss) available to common shareholders $ 329,148 $ (279,512 ) Weighted average shares outstanding 4,919,548 4,892,686 Dilutive effect of stock options 51,221 — Total weighted average shares outstanding 4,970,769 4,892,686 Diluted income (loss) per share $ 0.07 $ (0.06 )

Notes Payable

Notes Payable	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Notes Payable	NOTES PAYABLE The Company has a mortgage note payable to Summit Community Bank (the “Bank”), with a balance of $1,453,369 as of June 30, 2016 . The note has a term of approximately eight years and a fixed interest rate of 3.99% annually with monthly payments of $25,642 and is secured by principally all of the assets of the Company. Under the terms of the note, the Bank will permit chattel mortgages on purchased equipment not to exceed $250,000 for any one individual loan so long as the Company is not in default. The Company additionally has eight smaller installment loans with interest rates between 2.99% and 3.99% and varying balances totaling $ 558,566 . Also, the Company is limited to $1,000,000 for annual capital expenditures. At June 30, 2016 , the Company was in compliance with all covenants pursuant to the loan agreement except for the limitation for the purchase of capital assets in the amount of $1,000,000 for which the Company received a waiver from the bank. The Company also has a $2,000,000 line of credit, of which $602,022 was outstanding at June 30, 2016 . The Company used the line of credit to purchase a capital asset that will be refinanced as an installment note payable in the short term. The line is evidenced by a commercial revolving promissory note with the Bank, which carries a variable interest rate equal to the Wall Street Journal's prime rate and matures on September 12, 2016. In addition, the Company has a commitment from the Bank in the amount of $1,000,000 for an equipment line of credit, of which, $427,110 has been used and $417,990 was outstanding at June 30, 2016.

Stock Options

Stock Options	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options	STOCK OPTIONS In accordance with ASC 718, the Company had no stock option expense for the three and six months ended June 30, 2016 and June 30, 2015 . The Company uses the Black-Scholes option-pricing model to measure the fair value of stock options granted to employees. The Company did not not issue any stock options for the six months ended June 30, 2016 or the six months ended June 30, 2015 . The following table summarized options outstanding at June 30, 2016 Number of Shares Weighted Average Exercise Price Balance, December 31, 2015 190,933 $ 1.77 Granted — — Forfeited (60,000 ) (2.21 ) Exercised — — Outstanding options at June 30, 2016 130,933 $ 1.56 Outstanding exercisable options at June 30, 2016 130,933 $ 1.56 The intrinsic value of outstanding and exercisable options at June 30, 2016 was approximately $116,000 .

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS Through the date of the filing of this Form 10-Q, the Company has evaluated events and transactions occurring subsequent to June 30, 2016 and has determined that there have been no significant events or transactions that provide additional evidence about conditions of the Company that existed as of the balance sheet date except for those discussed below. On July 21, 2016, pursuant to a Contract For Purchase and Sale, effective on such date (the “Purchase Agreement”), between Nelson Cherry Properties, LLC and Smith-Columbia Corporation (“Purchaser”), a wholly-owned subsidiary of the Company, Purchaser consummated the purchase of the land, building and fixtures of a precast concrete production facility located near Columbia, South Carolina for a purchase price of $1,550,000 . The facility is located on 39 acres of land and has approximately 40,000 square feet of production and office space. The purchase was financed by a new 15 year bank facility with the Company’s current bank in the amount of $1,317,500 , with the balance provided from cash resources. For several months prior to the closing, Purchaser had rented the facilities from Seller to enable Purchaser to begin to manufacture Smith-Midland precast concrete products. On July 21, 2016, in order to finance the purchase described above, the Company borrowed $1,317,500 from Summit Community Bank (the “Bank”). Such loan is evidenced by a promissory note, dated July 19, 2016 (the “Note”). The Note provides for a 15 year term, a fixed annual interest rate of 5.29% , monthly fixed payments of $10,672.91 and a security interest in favor of the Bank in respect of the land, building and fixtures purchased with the proceeds of the loan. The security interest is described in a Commercial Security Agreement, dated July 19, 2016, between the Company and the Bank.

Interim Financial Reporting (Po

Interim Financial Reporting (Policies)	6 Months Ended
	Jun. 30, 2016
INTERIM FINANCIAL REPORTING [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) for interim financial information, and with the instructions to Form 10-Q and Article 10 and Regulation S-X. Accordingly, we have condensed or omitted certain information and footnote disclosures that are included in our annual financial statements. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K for the year ended December 31, 2015 . The condensed consolidated December 31, 2015 balance sheet was derived from audited financial statements included in the Form 10-K. In the opinion of management, these condensed consolidated financial statements reflect all adjustments (which consist of normal, recurring adjustments) necessary for a fair presentation of the financial position and results of operations and cash flows for the periods presented. The results disclosed in the condensed consolidated statements of operations are not necessarily indicative of the results to be expected in any future periods.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2016, the FASB issued ASU No. 2016-09, “Compensation-Stock Compensation,” to simplify the accounting and reporting for employee share-based payments. This amendment involves several aspects of the accounting for share-based payment transactions, including accounting for income taxes as it pertains to the timing of when excess tax benefits are recognized and to the recognition of excess tax benefits and tax deficiencies in the statements of income, forfeitures, minimum statutory tax withholding requirements, as well as classification of excess tax benefits and employee taxes paid in the statement of cash flows. This amendment will be effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments provide specific transition and disclosure guidance for each provision. The Company has not yet evaluated the effect the adoption of this ASU will have on its consolidated financial statements. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing (Topic 606), which amends the revenue guidance on identifying performance obligations and accounting for licenses of intellectual property. The effective date and transition of this amendment is the same as the effective date and transition of ASU 2014-09. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements and related disclosures.
Reclassification	.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition Smith-Midland Corporation (the "Company") primarily recognizes revenue on the sale of its standard precast concrete products at shipment date, including revenue derived from any projects to be completed under short-term contracts. Installation of the Company’s standard products is typically performed by the customer; however, in some circumstances, the Company will install certain products which are accomplished at the time of delivery. The installation activities of smaller buildings are usually performed at the Company's site and shipped completed to the customers site. In larger utility building sales, the buildings are erected on the customers site within one or two days, depending on style and size. The value assigned to each component is determined by an estimate provided to the customer at the time of the sale. We use our best estimate to determine the sales price, which is consistent with our pricing strategy of the business and considers product configuration, geography and other market specific factors. Leasing fees from barrier rental agreements are paid at the beginning of the operating lease agreement and recorded to a deferred revenue account. As the revenue is earned each month during the contract, the amount earned is recorded as lease income and an equivalent amount is debited to deferred revenue. Royalties are recognized as a percent of sales of the licensed product sold by the licensee on a monthly basis. The Company licenses certain other precast companies to produce its licensed products to our engineering specifications under licensing agreements. The agreements are typically for five year terms and require royalty payments from 4% to 6% which are paid on a monthly basis. With respect to certain sales of Soundwall panels, architectural precast panels and Slenderwall™ precast panels, revenue is recognized using the percentage-of-completion method for recording revenues on long term contracts pursuant to ASC 605-35-25 using the units-of-production as the basis to measure progress toward completing the contract. The contracts are executed by both parties and clearly stipulate the requirements for progress payments and a schedule of delivery dates. Provisions for estimated losses on contracts are made in the period in which such losses are determined. Shipping revenues and costs are recognized in the period the shipping services are provided to the customer. Smith-Midland products are typically sold pursuant to an implicit warranty as to merchantability only. Warranty claims are reviewed and resolved on a case by case method. Although the Company does incur costs for these types of expenses, historically the amount of expense is immaterial.

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Schedule of Loss Per Share, Basic and Diluted	Three Months Ended June 30, 2016 2015 Basic income per share Income available to common shareholders $ 418,924 $ 244,857 Weighted average shares outstanding 4,919,548 4,892,686 Basic income per share $ 0.09 $ 0.05 Diluted income per share Income available to common shareholders $ 418,924 $ 244,857 Weighted average shares outstanding 4,919,548 4,892,686 Dilutive effect of stock options 47,511 45,548 Total weighted average shares outstanding 4,967,059 4,938,234 Diluted income per share $ 0.08 $ 0.05 Six Months Ended June 30, 2016 2015 Basic income (loss) per share Income (loss) available to common shareholders $ 329,148 $ (279,512 ) Weighted average shares outstanding 4,919,548 4,892,686 Basic income (loss) per share $ 0.07 $ (0.06 ) Diluted income (loss) per share Income (loss) available to common shareholders $ 329,148 $ (279,512 ) Weighted average shares outstanding 4,919,548 4,892,686 Dilutive effect of stock options 51,221 — Total weighted average shares outstanding 4,970,769 4,892,686 Diluted income (loss) per share $ 0.07 $ (0.06 )

Stock Options (Tables)

Stock Options (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock option activity	The following table summarized options outstanding at June 30, 2016 Number of Shares Weighted Average Exercise Price Balance, December 31, 2015 190,933 $ 1.77 Granted — — Forfeited (60,000 ) (2.21 ) Exercised — — Outstanding options at June 30, 2016 130,933 $ 1.56 Outstanding exercisable options at June 30, 2016 130,933 $ 1.56

Interim Financial Reporting (De

Interim Financial Reporting (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2016
Deferred Revenue Arrangement [Line Items]
Licensing contract term		5 years
Minimum [Member]
Deferred Revenue Arrangement [Line Items]
Royalty percent earned on licensing agreement	4.00%	4.00%
Maximum [Member]
Deferred Revenue Arrangement [Line Items]
Royalty percent earned on licensing agreement	6.00%	6.00%
Scenario, Adjustment [Member]
Deferred Revenue Arrangement [Line Items]
Revenues	$ 240

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Basic income per share
Income available to common shareholders	$ 418,924	$ 244,857	$ 329,148	$ (279,512)
Weighted average shares outstanding (in shares)	4,919,548	4,892,686	4,919,548	4,892,686
Basic income (loss) per share (in dollars per share)	$ 0.09	$ 0.05	$ 0.07	$ (0.06)
Diluted income per share
Dilutive effect of stock options (in shares)	47,511	45,548	51,221	0
Total weighted average shares outstanding (in shares)	4,967,059	4,938,234	4,970,769	4,892,686
Diluted income (loss) per share (in dollars per share)	$ 0.08	$ 0.05	$ 0.07	$ (0.06)

Notes Payable (Details)

Notes Payable (Details)	6 Months Ended
	Jun. 30, 2016USD ($)loan
Debt Instrument [Line Items]
Capital assets purchase amount limit	$ 1,000,000
Notes Payable to Banks [Member] | Smaller Installment Loans [Member]
Debt Instrument [Line Items]
Long-term debt	$ 558,566
Debt instrument, number of loans | loan	8
Notes Payable to Banks [Member] | Smaller Installment Loans [Member] | Minimum [Member]
Debt Instrument [Line Items]
Fixed interest rate on debt (percentage)	2.99%
Notes Payable to Banks [Member] | Smaller Installment Loans [Member] | Maximum [Member]
Debt Instrument [Line Items]
Fixed interest rate on debt (percentage)	3.99%
Summit Community Bank [Member] | Notes Payable to Banks [Member]
Debt Instrument [Line Items]
Long-term debt	$ 1,453,369
Debt instrument, term (in years)	8 years
Fixed interest rate on debt (percentage)	3.99%
Debt instrument monthly payment	$ 25,642
Limit on chattel mortgages on purchased equipment	250,000
Limit on annual capital expenditures	1,000,000
Summit Community Bank [Member] | Line of Credit [Member]
Debt Instrument [Line Items]
Long-term debt	602,022
Line of credit / commitment from Bank	2,000,000
Summit Community Bank [Member] | Letter of Credit [Member]
Debt Instrument [Line Items]
Line of credit / commitment from Bank	1,000,000
Proceeds from lines of credit	427,110
Long-term line of credit	$ 417,990

Stock Options (Details)

Stock Options (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Number of Shares
Balance, Beginning of period (shares)			190,933
Granted (shares)			0
Forfeited (shares)			(60,000)
Exercised (shares)			0
Balance, End of period (shares)	130,933		130,933
Outstanding exercisable options at end of quarter (shares)	130,933
Weighted Average Exercise Price (in dollars per share)
Beginning balance (usd per share)	$ 1.56		$ 1.77
Granted (usd per share)			0
Forfeited (usd per share)			(2.21)
Exercised (usd per share)			0
Ending balance (usd per share)			$ 1.77
Outstanding exercisable options at end of quarter (usd per share)	$ 1.56
Intrinsic value of exercisable options	$ 116,000
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock option expense	$ 0	$ 0	$ 0	$ 0

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events (Details)	Jul. 21, 2016USD ($)ft²a	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Subsequent Event [Line Items]
Purchases of property and equipment		$ 1,260,659	$ 506,893
Subsequent Event [Member] | Precast Concrete Production Facility in Columbia, South Carolina [Member]
Subsequent Event [Line Items]
Purchases of property and equipment	$ 1,550,000
Area of land (in acres) | a	39
Area of facility purchased (in sqft) | ft²	40,000
Subsequent Event [Member] | Notes Payable to Banks [Member] | Precast Concrete Production Facility in Columbia, South Carolina [Member]
Subsequent Event [Line Items]
Debt instrument, term (in years)	15 years
Debt instrument, face amount	$ 1,317,500
Debt instrument, interest rate	5.29%
Debt instrument monthly payment	$ 10,672.91