Smith-Midland (SMID) 10-Q 14 Nov 17 2017 Q3 Quarterly report Financial data

Document Entity Information

Document Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 03, 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	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		5,013,228

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 2,454,503	$ 3,522,620
Investment securities, available-for-sale, at fair value	1,084,761	1,050,220
Accounts receivable, net
Trade - billed (less allowance for doubtful accounts of $228,206 and $347,087)	10,767,243	7,187,630
Trade - unbilled	194,554	270,622
Inventories
Raw materials	940,718	642,467
Finished goods	2,056,601	1,936,350
Prepaid expenses and other assets	521,379	370,597
Refundable income taxes	154,720	251,115
Total current assets	18,174,479	15,231,621
Property and equipment, net	9,903,333	8,007,518
Other assets	144,514	173,086
Total assets	28,222,326	23,412,225
Current liabilities
Accounts payable - trade	2,552,369	2,139,760
Accrued expenses and other liabilities	472,230	293,641
Deferred revenue	1,345,857	724,442
Accrued compensation	1,014,355	882,749
Current maturities of notes payable	638,103	587,523
Customer deposits	1,482,026	431,480
Total current liabilities	7,504,940	5,059,595
Notes payable - less current maturities	3,043,839	3,345,511
Deferred tax liability	701,000	764,000
Total liabilities	11,249,779	9,169,106
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; 5,216,148 and 5,085,348 issued and 5,013,228 and 4,941,428 outstanding, respectively	50,946	49,823
Additional paid-in capital	5,597,589	5,192,339
Treasury stock, at cost, 40,920 shares	(102,300)	(102,300)
Accumulated other comprehensive loss, net	(18,965)	(24,913)
Retained earnings	11,445,277	9,128,170
Total stockholders’ equity	16,972,547	14,243,119
Total liabilities and stockholders' equity	$ 28,222,326	$ 23,412,225

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
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
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue
Products sales and leasing	$ 9,614,336	$ 9,784,308	$ 24,998,000	$ 23,173,987
Shipping and installation revenue	1,383,289	2,077,943	5,320,792	5,572,877
Royalties	483,179	533,750	1,387,307	1,344,240
Total revenue	11,480,804	12,396,001	31,706,099	30,091,104
Cost of goods sold	8,243,291	8,273,621	22,275,067	22,621,805
Gross profit	3,237,513	4,122,380	9,431,032	7,469,299
Operating expenses
General and administrative expenses	1,442,722	966,702	3,925,456	2,698,129
Selling expenses	564,453	501,269	1,825,303	1,629,771
Total operating expenses	2,007,175	1,467,971	5,750,759	4,327,900
Operating income (loss)	1,230,338	2,654,409	3,680,273	3,141,399
Interest income (expense)
Interest expense	(43,501)	(50,126)	(134,640)	(111,675)
Interest income	9,047	0	27,935	28,205
Gain on sale of assets	15,499	7,254	32,017	21,297
Other income	10,871	33,770	34,522	51,229
Total other expense	(8,084)	(9,102)	(40,166)	(10,944)
Income before income tax expense	1,222,254	2,645,307	3,640,107	3,130,455
Income tax expense (benefit)	474,000	954,000	1,323,000	1,110,000
Net income (loss)	$ 748,254	$ 1,691,307	$ 2,317,107	$ 2,020,455
Basic and diluted earnings per share (in dollars per share)	$ 0.15	$ 0.34
Weighted average number of common shares outstanding:
Basic (in shares)	5,054,148	4,924,366	5,036,102	4,924,366
Diluted (in shares)	5,099,387	4,964,965	5,075,199	4,958,473
Basic income (loss) per share (in dollars per share)			$ 0.46	$ 0.41

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) Statement - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2017		Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 748,254		$ 1,691,307	$ 2,317,107	$ 2,020,455
Other comprehensive income, net of tax:
Net unrealized holding gain	(965)	[1]	(7,017)	6,373	7,773
Comprehensive income	$ 747,289		$ 1,684,290	$ 2,323,480	$ 2,028,228
[1]	Unrealized losses on available-for-sale securities are shown net of income tax benefit of $0 and $5,000 for September 30, 2017 and 2016, respectively.

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on securities arising during period, tax	$ 0	$ 5,000	$ 4,000	$ 5,000

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities
Net income	$ 2,317,107	$ 2,020,455
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	694,497	569,897
Gain on disposal of fixed assets	(32,017)	(20,296)
Allowance for doubtful accounts	(118,881)	(33,017)
Stock compensation	289,596	0
Deferred taxes	(63,000)	265,000
(Increase) decrease in
Accounts receivable - billed	(3,460,732)	(3,149,856)
Accounts receivable - unbilled	76,068	(97,435)
Inventories	(418,502)	(13,296)
Prepaid expenses and other assets	(149,086)	(110,709)
Refundable income taxes	96,395	355,597
Accounts payable - trade	462,023	266,769
Accrued expenses and other liabilities	178,589	261,816
Deferred revenue	621,415	175,839
Accrued compensation	131,606	199,149
Customer deposits	1,050,546	195,799
Net cash provided by operating activities	1,675,624	885,712
Cash flows from investing activities:
Purchases of investment securities available-for-sale	(28,594)	(31,990)
Purchases of property and equipment	(2,568,788)	(3,289,669)
Proceeds from sale of fixed assets	37,369	20,296
Net cash used in investing activities	(2,560,013)	(3,301,363)
Cash flows from financing activities:
Line of credit borrowings	0	1,450,000
Line of credit payments	0	(1,450,000)
Proceeds from long-term borrowings	183,784	1,887,322
Repayments of long-term borrowings	(434,876)	(310,357)
Dividends paid on common stock	(49,414)	0
Proceeds from options exercised	116,778	48,400
Net cash (used in) provided by financing activities	(183,728)	1,625,365
Net decrease in cash and cash equivalents	(1,068,117)	(790,286)
Cash and cash equivalents
Beginning of period	3,522,620	1,735,621
End of period	$ 2,454,503	$ 945,335

Interim Financial Reporting

Interim Financial Reporting	9 Months Ended
	Sep. 30, 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 May 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard will be effective for the Company on January 1, 2018, which is the effective date for public companies. Early application is permitted as of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. The Company has conducted a preliminary analysis of the impact of ASU No. 2014-09 on its financial statements and related disclosures preliminarily and has not identified any significant changes to its revenue recognition policies. The Company has not yet selected a transition method, and believes the standard will have minimal effect on its consolidated financial statements. 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 can be performed by the customer; however, the Company installs 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 building sales, buildings can be erected on the Company’s site and delivered completely installed; or delivered by panel and erected on the job-site, typically within one day. 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 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 revenues 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. Percentage-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. Segment Reporting Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and assess performance. The Company currently operates in one operating and reportable business segment for financial reporting purposes. Reclassifications Certain minor reclassifications have been made to prior year amounts to conform to current year presentation.

Net Loss Per Common Share

Net Loss Per Common Share	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Net Income Per Common Share	NET INCOME PER COMMON SHARE Basic earnings per common share exclude all common stock equivalents, primarily stock options and restricted stock awards, and is computed using the weighted average number of common shares outstanding during the period. The diluted earnings 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. Three Months Ended 2017 2016 Basic income per share Net income $ 748,254 $ 1,691,307 Weighted average shares outstanding 5,054,148 4,924,366 Basic income per share $ 0.15 $ 0.34 Diluted income per share Net income $ 748,254 $ 1,691,307 Weighted average shares outstanding 5,054,148 4,924,366 Dilutive effect of stock options and restricted stock 45,239 40,599 Total weighted average shares outstanding 5,099,387 4,964,965 Diluted income per share $ 0.15 $ 0.34 Nine Months Ended 2017 2016 Basic income per share Net income $ 2,317,107 $ 2,020,455 Weighted average shares outstanding 5,036,102 4,924,366 Basic income per share $ 0.46 $ 0.41 Diluted income per share Net income $ 2,317,107 $ 2,020,455 Weighted average shares outstanding 5,036,102 4,924,366 Dilutive effect of stock options and restricted stock 39,097 34,107 Total weighted average shares outstanding 5,075,199 4,958,473 Diluted income per share $ 0.46 $ 0.41

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 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 $ 1,135,930 as of September 30, 2017 . The note has a maturity date of September 20, 2021 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. 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 September 30, 2017 was $1,249,190 . The Company additionally has 14 smaller installment loans with annual interest rates between 2.94% and 5.29% and varying balances totaling $1,296,822 . The loan covenant with the Bank was modified for 2017, increasing the annual capital expenditures limit from $1.5 million to $3.5 million . The Company is in compliance with all covenants pursuant to the loan agreement. The Company had a $2,000,000 line of credit, secured by accounts receivable and inventory, which was expired at September 30, 2017 . The Company is currently in the process of renewing the line of credit limits with the Bank and expects to be completed by the end of 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

Stock Options

Stock Options	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2017 and September 30, 2016 . The Company uses the Black-Scholes option-pricing model to measure the fair value of stock options granted to employees. In 2016, the Company's Board of Directors replaced the 2008 Stock Option Plan with the 2016 Equity Incentive Plan, which does not provide for the issuance of options. Consequently, the Company cannot issue any additional options, if, and until, a new stock option plan is approved by the Board of Directors. The following table summarizes options outstanding at September 30, 2017 Number of Shares Weighted Average Exercise Price Balance, December 31, 2016 68,133 $ 1.79 Granted — — Forfeited (1,000 ) (2.15 ) Exercised (56,800 ) (2.05 ) Outstanding options at September 30, 2017 10,333 $ 1.21 Outstanding exercisable options at September 30, 2017 10,333 $ 1.21 The intrinsic value of outstanding and exercisable options at September 30, 2017 was approximately $70,000 . 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 nine months ended September 30, 2017 is 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 $289,596 for the nine months ended September 30, 2017 and no stock compensation expense for the nine months ended September 30, 2016 , as the grants were made in December 2016 and January 2017. The total unrecognized compensation cost as of September 30, 2017 related to the non-vested restricted stock is $623,550 .

Interim Financial Reporting (Po

Interim Financial Reporting (Policies)	9 Months Ended
	Sep. 30, 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
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 can be performed by the customer; however, the Company installs 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 building sales, buildings can be erected on the Company’s site and delivered completely installed; or delivered by panel and erected on the job-site, typically within one day. 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 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 revenues 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. Percentage-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. Segment Reporting Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and assess performance. The Company currently operates in one operating and reportable business segment for financial reporting purposes.

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2017
Earnings Per Share [Abstract]
Schedule of Loss Per Share, Basic and Diluted	Three Months Ended 2017 2016 Basic income per share Net income $ 748,254 $ 1,691,307 Weighted average shares outstanding 5,054,148 4,924,366 Basic income per share $ 0.15 $ 0.34 Diluted income per share Net income $ 748,254 $ 1,691,307 Weighted average shares outstanding 5,054,148 4,924,366 Dilutive effect of stock options and restricted stock 45,239 40,599 Total weighted average shares outstanding 5,099,387 4,964,965 Diluted income per share $ 0.15 $ 0.34 Nine Months Ended 2017 2016 Basic income per share Net income $ 2,317,107 $ 2,020,455 Weighted average shares outstanding 5,036,102 4,924,366 Basic income per share $ 0.46 $ 0.41 Diluted income per share Net income $ 2,317,107 $ 2,020,455 Weighted average shares outstanding 5,036,102 4,924,366 Dilutive effect of stock options and restricted stock 39,097 34,107 Total weighted average shares outstanding 5,075,199 4,958,473 Diluted income per share $ 0.46 $ 0.41

Stock Options (Tables)

Stock Options (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock option activity	The following table summarizes options outstanding at September 30, 2017 Number of Shares Weighted Average Exercise Price Balance, December 31, 2016 68,133 $ 1.79 Granted — — Forfeited (1,000 ) (2.15 ) Exercised (56,800 ) (2.05 ) Outstanding options at September 30, 2017 10,333 $ 1.21 Outstanding exercisable options at September 30, 2017 10,333 $ 1.21

Interim Financial Reporting (De

Interim Financial Reporting (Details)	9 Months Ended
	Sep. 30, 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
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2015
Basic income per share
Net income	$ 748,254	$ 1,691,307	$ 2,317,107	$ 2,020,455
Weighted average shares outstanding (in shares)	5,054,148	4,924,366	5,036,102	4,924,366
Basic income (loss) per share (in dollars per share)			$ 0.46	$ 0.41
Diluted income per share
Dilutive effect of stock options (in shares)	45,239	40,599	39,097	34,107
Total weighted average shares outstanding (in shares)	5,099,387	4,964,965	5,075,199	4,958,473
Diluted income (loss) per share (in dollars per share)	$ 0.15	$ 0.34		$ 0.46	$ 0.41

Notes Payable (Details)

Notes Payable (Details)	Jul. 19, 2016USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016
Notes payable to banks | Purchase of Columbia, South Carolina facility
Debt Instrument [Line Items]
Notes payable to banks		$ 1,249,190
Fixed interest rate on debt (percentage)	5.29%
Debt instrument monthly payment	$ 10,673
Debt instrument, term (in years)	15 years
Notes payable to banks | Smaller installment loans
Debt Instrument [Line Items]
Debt instrument, number of loans			14
Long-term debt		1,296,822
Annual capital expenditures limit	$ 1,500,000	$ 3,500,000
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		$ 1,135,930
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	Sep. 30, 2017	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2017	Sep. 30, 2016
Number of Shares
Balance, Beginning of period (shares)	68,133				68,133
Granted (shares)					0
Forfeited (shares)					(1,000)
Exercised (shares)					(56,800)
Balance, End of period (shares)		10,333			10,333
Outstanding exercisable options at end of quarter (shares)		10,333
Weighted Average Exercise Price (in dollars per share)
Beginning balance (usd per share)	$ 1.79	$ 1.21			$ 1.79
Granted (usd per share)					0
Forfeited (usd per share)					(2.15)
Exercised (usd per share)					(2.05)
Ending balance (usd per share)	$ 1.79				1.79
Outstanding exercisable options at end of quarter (usd per share)		$ 1.21
Intrinsic value of exercisable options		$ 70,000
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			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			$ 5.13
Vesting period					3 years
Stock option expense				$ 0	$ 289,596
Compensation not yet recognized		$ 623,550
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