Document Entity Information
Document Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 05, 2017 | |
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 | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 4,996,228 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 4,423,650 | $ 3,522,620 |
Investment securities, available-for-sale, at fair value | 1,060,116 | 1,050,220 |
Accounts receivable, net | ||
Trade - billed (less allowance for doubtful accounts of $193,872 and $347,087) | 5,793,791 | 7,187,630 |
Trade - unbilled | 362,740 | 270,622 |
Inventories | ||
Raw materials | 587,726 | 642,467 |
Finished goods | 3,207,325 | 1,936,350 |
Prepaid expenses and other assets | 469,490 | 370,597 |
Refundable income taxes | 0 | 251,115 |
Deferred taxes | 0 | 640,000 |
Total current assets | 15,904,838 | 15,871,621 |
Property and equipment, net | 8,460,394 | 8,007,518 |
Other assets | 163,193 | 173,086 |
Total assets | 24,528,425 | 24,052,225 |
Current liabilities | ||
Accounts payable - trade | 1,738,082 | 2,139,760 |
Accrued expenses and other liabilities | 974,606 | 1,018,083 |
Accrued compensation | 622,637 | 882,749 |
Income taxes payable | 60,619 | 0 |
Current maturities of notes payable | 627,094 | 587,523 |
Customer deposits | 903,233 | 431,480 |
Total current liabilities | 4,926,271 | 5,059,595 |
Notes payable - less current maturities | 3,348,408 | 3,345,511 |
Deferred tax liability | 939,000 | 1,404,000 |
Total liabilities | 9,213,679 | 9,809,106 |
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; 5,192,148 and 5,085,348 issued and 5,030,148 and 4,941,428 outstanding, respectively | 50,436 | 49,823 |
Additional paid-in capital | 5,405,005 | 5,192,339 |
Treasury stock, at cost, 40,920 shares | (102,300) | (102,300) |
Accumulated other comprehensive loss, net | (23,766) | (24,913) |
Retained earnings | 9,985,371 | 9,128,170 |
Total stockholders’ equity | 15,314,746 | 14,243,119 |
Total liabilities and stockholders' equity | $ 24,528,425 | $ 24,052,225 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2017 | Dec. 31, 2015 |
Current Assets: | ||
Allowance for doubtful accounts | $ 193,872 | $ 347,087 |
Allowance for reserve | $ 66,567 | $ 66,567 |
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 | 5,192,148 | 5,085,348 |
Common stock, shares outstanding | 5,030,148 | 4,941,428 |
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 | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue | ||||
Products sales and leasing | $ 7,470,298 | $ 6,233,706 | $ 7,470,298 | $ 6,233,706 |
Shipping and installation revenue | 1,595,518 | 1,492,663 | 1,595,518 | 1,492,663 |
Royalties | 431,426 | 328,715 | 431,426 | 328,715 |
Total revenue | 9,497,242 | 8,055,084 | ||
Cost of goods sold | 6,180,954 | 6,777,091 | 6,180,954 | 6,777,091 |
Gross profit | 3,316,288 | 1,277,993 | ||
Operating expenses | ||||
General and administrative expenses | 1,350,045 | 833,811 | 1,350,045 | 833,811 |
Selling expenses | 609,804 | 590,806 | 609,804 | 590,806 |
Total operating expenses | 1,959,849 | 1,424,617 | ||
Operating income (loss) | 1,356,439 | (146,624) | ||
Interest income (expense) | ||||
Interest expense | (46,427) | (28,149) | (46,427) | (28,149) |
Interest income | 9,627 | 9,235 | 9,627 | 9,235 |
Gain on sale of assets | 12,711 | 5,868 | 12,711 | 5,868 |
Other income | 10,851 | 6,893 | 10,851 | 6,893 |
Total other expense | (13,238) | (6,153) | ||
Income (loss) before income tax expense | 1,343,201 | (152,777) | ||
Income tax expense (benefit) | 486,000 | (63,000) | $ 486,000 | $ (63,000) |
Net income (loss) | $ 857,201 | $ (89,777) | ||
Basic and diluted earnings per share (in dollars per share) | $ 0.17 | $ (0.02) | ||
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 5,008,908 | 4,919,548 | 5,008,908 | 4,919,548 |
Diluted (in shares) | 5,051,848 | 4,919,548 | 5,051,848 | 4,919,548 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) Statement - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 857,201 | $ (89,777) | |
Other comprehensive income, net of tax: | |||
Net unrealized holding gain | 1,147 | [1] | 3,332 |
Comprehensive income (loss) | $ 858,348 | $ (86,445) | |
[1] | Unrealized gains on available-for-sale securities are shown net of income tax expense of $1,000 and $2,000 for March 31, 2017 and 2016, respectively. |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on securities arising during period, tax | $ 1,000 | $ 1,000 | $ 2,000 | $ 2,000 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net income (loss) | $ 857,201 | $ (89,777) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 225,046 | 189,128 |
Gain on disposal of fixed assets | (12,711) | (5,868) |
Allowance for doubtful accounts | (153,215) | (26,484) |
Stock compensation | 151,032 | 0 |
Deferred taxes | 175,000 | 65,000 |
(Increase) decrease in | ||
Accounts receivable - billed | 1,547,054 | (466,818) |
Accounts receivable - unbilled | (92,118) | (541,181) |
Inventories | (1,216,234) | (116,958) |
Prepaid expenses and other assets | (97,959) | (103,138) |
Prepaid income taxes | 251,115 | (139,870) |
Accounts payable - trade | (352,264) | 125,850 |
Accrued expenses and other | (43,477) | 383,594 |
Accrued compensation | (260,112) | 259,919 |
Accrued income taxes payable | 60,619 | 0 |
Customer deposits | 471,753 | (248,123) |
Net cash provided by (used in) operating activities | 1,510,730 | (714,726) |
Cash flows from investing activities: | ||
Purchases of investment securities available-for-sale | (8,750) | (8,842) |
Purchases of property and equipment | (674,316) | (967,378) |
Proceeds from sale of fixed assets | 18,065 | 5,868 |
Net cash used in investing activities | (665,001) | (970,352) |
Cash flows from financing activities: | ||
Proceeds from long-term borrowings | 183,784 | 465,131 |
Repayments of long-term borrowings | (141,317) | (92,659) |
Dividends paid on common stock | (49,414) | 0 |
Proceeds from options exercised | 62,248 | 0 |
Net cash provided by financing activities | 55,301 | 372,472 |
Net increase (decrease) in cash and cash equivalents | 901,030 | (1,312,606) |
Cash and cash equivalents | ||
Beginning of period | 3,522,620 | 1,735,621 |
End of period | $ 4,423,650 | $ 423,015 |
Interim Financial Reporting
Interim Financial Reporting | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 . The condensed consolidated December 31, 2016 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 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. The Company expects the pronouncement to have a minimal impact on revenue recognition. Use of Estimates The preparation of the condensed 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition 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 at the time of delivery and will recognize the installation revenue at that time. The installation activities are usually completed the day of delivery or the following day. In utility building sales, the majority of the buildings are erected on the Company’s site and delivered completely installed. Leasing fees are paid at the beginning of the lease agreement and are recorded as deferred revenue. The deferred revenue is then recognized each month as lease income for the duration of the lease. Royalties are recognized as revenue as they are earned. The Company licenses certain products to other precast companies to produce the Company's products to our engineering specifications under the 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. The revenue from licensing agreements are recognized in the month earned. Certain sales of Soundwall, architectural precast panels and Slenderwall™ concrete products revenue is recognized using the percentage-of-completion method for recording revenues on long term contracts under ASC 605-35. Percent-of-completion contracts are estimated based on the number of units produced during the period multiplied by the unit rate stated in 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 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 expense, historically the amount of expense is minimal. |
Net Loss Per Common Share
Net Loss Per Common Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NET INCOME (LOSS) PER COMMON SHARE Basic earnings per common share exclude all common stock equivalents, 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 of the Company. Outstanding options are excluded from the diluted earnings per share calculation where they would have an anti-dilutive effect. There were no excluded options for the three months ended March 31, 2017 and 63,688 excluded for the three months ended March 31, 2016 . Three Months Ended March 31, 2017 2016 Basic income (loss) per share Net income (loss) $ 857,201 $ (89,777 ) Weighted average shares outstanding 5,008,908 4,919,548 Basic income (loss) per share $ 0.17 $ (0.02 ) Diluted income (loss) per share Net income (loss) $ 857,201 $ (89,777 ) Weighted average shares outstanding 5,008,908 4,919,548 Dilutive effect of stock options and restricted stock 42,940 — Total weighted average shares outstanding 5,051,848 4,919,548 Diluted income (loss) per share $ 0.17 $ (0.02 ) |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Notes Payable | NOTES PAYABLE The Company has a mortgage note payable to Summit Community Bank (the “Bank”), with a balance of $ 1,264,945 as of March 31, 2017 . 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 has a mortgage note payable to the Bank for the the purchase of the Columbia, South Carolina facility, guaranteed by the Company. Such loan is evidenced by a promissory note dated July 19, 2016. The note provides for a 15 year term, a fixed annual interest rate of 5.29% , monthly fixed payments of $10,673 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 balance of the loan at March 31, 2017 , was $1,278,944 . The Company additionally has 14 smaller installment loans with annual interest rates between 2.94% and 5.29% and varying balances totaling $1,431,612 . Under the loan agreement with the Bank, the Company is limited to $1,500,000 for annual capital expenditures. At March 31, 2017 , the Company was in compliance with all covenants pursuant to the loan agreement. The Company also has a $2,000,000 line of credit, secured by accounts receivable and inventory, of which none was outstanding at March 31, 2017 . 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, 2017. In addition, the Company has a commitment from the Bank in the amount of $1,500,000 for an equipment line of credit. Neither line of credit has been used |
Stock Options
Stock Options | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Options | STOCK COMPENSATION In accordance with ASC 718, the Company had no stock option expense for the three months ended March 31, 2017 and March 31, 2016 . 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 three months ended March 31, 2017 or the three months ended March 31, 2016 . The following table summarized options outstanding at March 31, 2017 Number of Shares Weighted Average Exercise Price Balance, December 31, 2016 68,133 $ 1.79 Granted — — Forfeited — — Exercised (32,800 ) (1.90 ) Outstanding options at March 31, 2017 35,333 $ 1.69 Outstanding exercisable options at March 31, 2017 35,333 $ 1.69 The intrinsic value of outstanding and exercisable options at March 31, 2017 was approximately $170,000 . The fair value of restricted stock awards is estimated to be the market price of the Company's common stock at the close of the date of grant. Restricted stock activity during the three months ended March 31, 2017 are as follows: Number of Shares Weighted Average Grant Date Fair Value per Share Balance, December 31, 2016 103,000 $ 4.95 Granted 74,000 5.45 Vested (15,000 ) (5.45 ) Forfeited — — Non-vested, end of period 162,000 $ 5.13 Awards are being amortized to expense ratably, on an annual basis, over a three year vesting term, except one grant in January 2017 for 15,000 shares of restricted stock, which vested upon grant. There was stock compensation expense of $151,032 for the three months ended March 31, 2017 and no expense for the three months ended March 31, 2016 , as the grants were made in December 2016 and January 2017. The total unrecognized compensation cost as of March 31, 2017 related to the non-vested restricted stock is $762,117 . |
Interim Financial Reporting (Po
Interim Financial Reporting (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 . The condensed consolidated December 31, 2016 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 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. The Company expects the pronouncement to have a minimal impact on revenue recognition. |
Use of Estimates | Use of Estimates The preparation of the condensed 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 condensed 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 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 at the time of delivery and will recognize the installation revenue at that time. The installation activities are usually completed the day of delivery or the following day. In utility building sales, the majority of the buildings are erected on the Company’s site and delivered completely installed. Leasing fees are paid at the beginning of the lease agreement and are recorded as deferred revenue. The deferred revenue is then recognized each month as lease income for the duration of the lease. Royalties are recognized as revenue as they are earned. The Company licenses certain products to other precast companies to produce the Company's products to our engineering specifications under the 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. The revenue from licensing agreements are recognized in the month earned. Certain sales of Soundwall, architectural precast panels and Slenderwall™ concrete products revenue is recognized using the percentage-of-completion method for recording revenues on long term contracts under ASC 605-35. Percent-of-completion contracts are estimated based on the number of units produced during the period multiplied by the unit rate stated in 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 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 expense, historically the amount of expense is minimal. |
Net Loss Per Common Share (Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Loss Per Share, Basic and Diluted | Three Months Ended March 31, 2017 2016 Basic income (loss) per share Net income (loss) $ 857,201 $ (89,777 ) Weighted average shares outstanding 5,008,908 4,919,548 Basic income (loss) per share $ 0.17 $ (0.02 ) Diluted income (loss) per share Net income (loss) $ 857,201 $ (89,777 ) Weighted average shares outstanding 5,008,908 4,919,548 Dilutive effect of stock options and restricted stock 42,940 — Total weighted average shares outstanding 5,051,848 4,919,548 Diluted income (loss) per share $ 0.17 $ (0.02 ) |
Stock Options (Tables)
Stock Options (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock option activity | The following table summarized options outstanding at March 31, 2017 Number of Shares Weighted Average Exercise Price Balance, December 31, 2016 68,133 $ 1.79 Granted — — Forfeited — — Exercised (32,800 ) (1.90 ) Outstanding options at March 31, 2017 35,333 $ 1.69 Outstanding exercisable options at March 31, 2017 35,333 $ 1.69 |
Interim Financial Reporting (De
Interim Financial Reporting (Details) | 3 Months Ended |
Mar. 31, 2017 | |
Deferred Revenue Arrangement [Line Items] | |
Licensing contract term | 5 years |
Minimum | |
Deferred Revenue Arrangement [Line Items] | |
Royalty percent earned on licensing agreement | 4.00% |
Maximum | |
Deferred Revenue Arrangement [Line Items] | |
Royalty percent earned on licensing agreement | 6.00% |
Net Loss Per Common Share (Deta
Net Loss Per Common Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Basic income (loss) per share | ||||
Net income (loss) | $ 857,201 | $ (89,777) | ||
Weighted average shares outstanding (in shares) | 5,008,908 | 4,919,548 | 5,008,908 | 4,919,548 |
Basic income (loss) per share (in dollars per share) | $ 0.17 | $ (0.02) | ||
Diluted income (loss) per share | ||||
Dilutive effect of stock options (in shares) | 42,940 | 0 | ||
Total weighted average shares outstanding (in shares) | 5,051,848 | 4,919,548 | 5,051,848 | 4,919,548 |
Diluted income (loss) per share (in dollars per share) | $ 0.17 | $ (0.02) | $ 0.17 | $ (0.02) |
Notes Payable (Details)
Notes Payable (Details) | Jul. 19, 2016USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2017USD ($) |
Debt Instrument [Line Items] | |||
Limit on annual capital expenditures | $ 1,500,000 | ||
Notes payable to banks | Purchase of Columbia, South Carolina facility | |||
Debt Instrument [Line Items] | |||
Notes payable to banks | 1,278,944 | ||
Debt instrument, term (in years) | 15 years | ||
Fixed interest rate on debt (percentage) | 5.29% | ||
Debt instrument monthly payment | $ 10,673 | ||
Notes payable to banks | Smaller installment loans | |||
Debt Instrument [Line Items] | |||
Debt instrument, number of loans | 14 | ||
Long-term debt | $ 1,431,612 | ||
Notes payable to banks | Smaller installment loans | Minimum | |||
Debt Instrument [Line Items] | |||
Fixed interest rate on debt (percentage) | 2.94% | ||
Notes payable to banks | Smaller installment loans | Maximum | |||
Debt Instrument [Line Items] | |||
Fixed interest rate on debt (percentage) | 5.29% | ||
Summit Community Bank | Notes payable to banks | |||
Debt Instrument [Line Items] | |||
Notes payable to banks | $ 1,264,945 | ||
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 | ||
Summit Community Bank | Line of credit | |||
Debt Instrument [Line Items] | |||
Line of credit / commitment from Bank | 2,000,000 | ||
Summit Community Bank | Letter of credit | |||
Debt Instrument [Line Items] | |||
Line of credit / commitment from Bank | $ 1,500,000 |
Stock Options (Details)
Stock Options (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jan. 31, 2017 | Mar. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Mar. 31, 2017 | |
Number of Shares | ||||||||
Balance, Beginning of period (shares) | 68,133 | 68,133 | ||||||
Granted (shares) | 0 | |||||||
Forfeited (shares) | 0 | |||||||
Exercised (shares) | (32,800) | |||||||
Balance, End of period (shares) | 35,333 | |||||||
Outstanding exercisable options at end of quarter (shares) | 35,333 | |||||||
Weighted Average Exercise Price (in dollars per share) | ||||||||
Beginning balance (usd per share) | $ 1.79 | $ 1.79 | $ 1.69 | |||||
Granted (usd per share) | 0 | |||||||
Forfeited (usd per share) | 0 | |||||||
Exercised (usd per share) | (1.90) | |||||||
Ending balance (usd per share) | $ 1.79 | 1.79 | ||||||
Outstanding exercisable options at end of quarter (usd per share) | $ 1.69 | |||||||
Intrinsic value of exercisable options | $ 170,000 | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Weighted Average Exercise Price (in dollars per share) | ||||||||
Granted (usd per share) | $ 5.45 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Beginning Balance (in shares) | 103,000 | 103,000 | ||||||
Grants (in shares) | 15,000 | 74,000 | ||||||
Vested (in shares) | (15,000) | |||||||
Forfeited (in shares) | 0 | |||||||
Ending Balance (in shares) | 162,000 | |||||||
Weighted Average Grant Date Fair Value, Beginning Balance (in dollars per share) | $ 4.95 | $ 4.95 | ||||||
Weighted Average Grant Date Fair Value, vested (in dollars per share) | (5.45) | |||||||
Weighted Average Grant Date Fair Value, forfeited (in dollars per share) | 0 | |||||||
Weighted Average Grant Date Fair Value, Ending Balance (in dollars per share | $ 5.13 | |||||||
Vesting period | 3 years | |||||||
Stock option expense | $ 151,032 | $ 0 | ||||||
Compensation not yet recognized | $ 762,117 | |||||||
Employee Stock Option | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ||||||||
Stock option expense | $ 0 | $ 0 | $ 0 | $ 0 |