Ascent Industries (ACNT) 10-Q 7 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Synalloy Corporation
Entity Central Index Key	95,953
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		8,802,206
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 18,950	$ 14,706
Accounts receivable, less allowance for doubtful accounts of $5,000 and $35,000, respectively	41,370,921	28,704,481
Inventories, net	90,571,141	72,125,181
Prepaid expenses and other current assets	18,707,741	6,802,072
Total current assets	150,668,753	107,646,440
Non-current assets
Property, plant and equipment, net of accumulated depreciation of $53,278,938 and $50,451,436 respectively	35,605,480	35,080,009
Goodwill	6,003,525	6,003,525
Intangible assets, net of accumulated amortization of $11,710,526 and $10,568,479 respectively	9,738,474	10,880,521
Deferred charges, net and other non-current assets	265,441	263,655
Total assets	202,281,673	159,874,150
Current liabilities
Accounts payable	27,357,477	24,256,812
Accrued expenses and other current liabilities	11,025,061	8,993,454
Total current liabilities	38,382,538	33,250,266
Long-term debt	53,933,944	25,913,557
Deferred income taxes	1,260,805	635,910
Long-term deferred gain, sale-leaseback	5,766,213	5,933,350
Long-term portion of earn-out liability	3,748,503	3,170,099
Other long-term liabilities	1,365,907	1,270,542
Total non-current liabilities	66,075,372	36,923,458
Commitments and contingencies – See Note 11
Shareholders' equity
Common stock, par value $1 per share; authorized 24,000,000 shares; issued 10,300,000 shares	10,300,000	10,300,000
Capital in excess of par value	35,496,900	35,193,152
Retained earnings	65,630,953	58,129,382
Accumulated other comprehensive loss	0	(10,864)
Shareholders' equity before treasury stock	111,427,853	103,611,670
Less cost of common stock in treasury: 1,497,793 and 1,566,769 shares, respectively	13,604,090	13,911,244
Total shareholders' equity	97,823,763	89,700,426
Total liabilities and shareholders' equity	$ 202,281,673	$ 159,874,150

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) - (Parenthetical) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Assets
Accounts receivable, allowance for doubtful accounts	$ 5,000	$ 35,000
Property, plant and equipment, accumulated depreciation	53,278,938	50,451,436
Intangible assets, accumulated amortization	$ 11,710,526	$ 10,568,479
Shareholders' equity
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	24,000,000	24,000,000
Common stock, shares issued (in shares)	10,300,000	10,300,000
Common stock in treasury, at cost (in shares)	1,497,793	1,566,769

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Net sales	$ 71,893,763	$ 51,511,045	$ 130,374,365	$ 93,714,624
Cost of sales	56,177,441	43,333,118	103,424,624	78,133,119
Gross profit	15,716,322	8,177,927	26,949,741	15,581,505
Selling, general and administrative expense	7,738,752	6,281,988	13,594,872	12,170,664
Acquisition related costs	690,217	386,519	690,217	744,996
Operating income	7,287,353	1,509,420	12,664,652	2,665,845
Other expense (income)
Interest expense	403,852	341,005	717,835	521,320
Change in fair value of interest rate swaps	(19,255)	16,927	(92,458)	(24,503)
Earn-out adjustment	2,307,598	(3,391)	2,461,658	(3,391)
Other, net	(59,112)	0	29,185	0
Income before income taxes	4,654,270	1,154,879	9,548,432	2,172,419
Provision for income taxes	976,998	325,000	2,035,998	641,000
Net income	$ 3,677,272	$ 829,879	$ 7,512,434	$ 1,531,419
Net income per common share:
Basic (in dollars shares)	$ 0.42	$ 0.10	$ 0.86	$ 0.18
Diluted (in dollars shares)	$ 0.41	$ 0.10	$ 0.85	$ 0.18
Weighted average shares outstanding:
Basic (in shares)	8,776,239	8,699,488	8,761,182	8,686,714
Dilutive effect from stock options and grants (in shares)	87,537	23,650	72,804	17,616
Diluted (in shares)	8,863,776	8,723,138	8,833,986	8,704,330

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating activities
Net income	$ 7,512,434	$ 1,531,419
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation expense	2,874,216	2,545,195
Amortization expense	1,147,916	1,211,225
Amortization of debt issuance costs	45,492	27,219
Deferred income taxes	624,895	(450,864)
Earn-out adjustment	2,461,658	(3,391)
Reduction of losses on accounts receivable	(30,000)	(18,958)
Provision for losses on inventories	746,960	229,044
Gain on disposal of property, plant and equipment	(17,762)	0
Amortization of deferred gain on sale-leaseback	(167,137)	(167,136)
Straight line lease cost on sale-leaseback	184,344	203,265
Change in fair value of interest rate swaps	(92,458)	(24,503)
Change in fair value of equity securities	29,185	0
Change in environmental reserves	0	15,298
Issuance of treasury stock for director fees	276,000	287,475
Employee stock option and grant compensation	416,179	330,238
Changes in operating assets and liabilities:
Accounts receivable	(12,768,096)	(12,193,408)
Inventories	(19,192,920)	(5,281,753)
Other assets and liabilities, net	(2,105,247)	(526,153)
Accounts payable	3,100,665	5,109,121
Accrued expenses	1,372,968	2,170,359
Accrued income taxes	889,103	(560,732)
Net cash used in operating activities	(12,691,605)	(5,567,040)
Investing activities
Purchases of property, plant and equipment	(3,381,925)	(2,831,976)
Purchases of equity securities	(336,951)	(3,831,521)
Cash placed in escrow for acquisition of the galvanized pipe and tube assets of MUSA	0	(11,953,513)
Cash placed in escrow for acquisition of the galvanized pipe and tube assets of MUSA	(10,378,281)	0
Net cash used in investing activities	(14,097,157)	(18,617,010)
Financing activities
Net borrowings from line of credit	28,020,386	24,241,144
Payments on capital lease obligation	(52,549)	(67,260)
Payments of debt issuance costs	53,146	0
Payments on earn-out liability to MUSA	(1,172,065)	0
Proceeds from exercised stock options	50,380	0
Net cash provided by financing activities	26,793,006	24,173,884
Increase in cash and cash equivalents	4,244	(10,166)
Cash and cash equivalents at beginning of period	14,706	62,873
Cash and cash equivalents at end of period	18,950	52,707
Supplemental disclosure
Interest	613,918	345,009
Income taxes	$ 471,000	$ 1,659,565

Basis of Financial Statement Pr

Basis of Financial Statement Presentation	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included as required by Regulation S-X, Rule 10-01. Operating results for the six-month period ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 .

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Adoption of Recently Issued Accounting Standards In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers (Topic 606) ". Topic 606 supersedes the revenue recognition requirements in Topic 605 “Revenue Recognition” (Topic 605), and requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted Topic 606 as of January 1, 2018 using the modified retrospective transition method. The adoption of this Topic did not have an effect on the Company's consolidated financial statements. See Note 3 for further details. In January 2016, the FASB issued ASU No. 2016-01, " Financial Instruments (Topic 825)", to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The standard is effective for all public companies for annual and interim reporting periods beginning after December 15, 2017. The standard requires equity investments (except for those under the equity method of accounting) to be measured at fair value, with changes in fair value recognized in net income. The amendments in the update supersede the guidance to classify equity securities with readily determinable fair values into different categories, and require equity securities to be measured at fair value with changes recognized in net income as opposed to other comprehensive income. The Company adopted ASU 2016-01 effective January 1, 2018 and the effects of this standard are included in the accompanying condensed consolidated financial statements for the three-month and six-month periods ended June 30, 2018. The Company applied the amendments by means of a cumulative effective adjustment to the balance sheet as of January 1, 2018, which resulted in a reclassification of $10,864 from Accumulated Other Comprehensive Loss to Retained Earnings. In January 2017, the FASB issued ASU No. 2017-01 “ Business Combinations (Topic 805): Clarifying the Definition of a Business. ” ASU 2017-01 provides guidance to evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. If substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single asset or a group of similar assets, the assets acquired (or disposed of) are not considered a business. The Company adopted ASU 2017-01 as of January 1, 2018 on a prospective basis. The adoption of this Topic did not have an effect on the Company's consolidated financial statements as of June 30, 2018. In May 2017, the FASB issued ASU 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting," which amends the scope of modification accounting for share-based payment arrangements, provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017. We adopted ASU 2017-09 as of January 1, 2018 on a prospective basis. The adoption of this Topic did not have an impact on the Company's consolidated financial statements as of June 30, 2018. Recently Issued Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) ,” to increase the transparency and comparability of lease recognition and disclosure. The update establishes a right of use ("ROU") model which requires lessees to recognize lease contracts with a term greater than one year on the balance sheet as ROU assets and lease liabilities. Leases will be classified as either financing or operating which will determine expense classification and recognition. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and must be applied using the modified retrospective approach. Early adoption is permitted. While the Company expects ASU 2016-02 to add material ROU assets and lease liabilities to the consolidated balance sheets related to its current land and building operating leases, it is evaluating other effects that the new standard will have on the consolidated financial statements as well as its business processes, internal controls, and accounting policies. As part of its assessment, the Company is reviewing its lease portfolio and identifying which attributes of its leases will be impacted by ASU 2016-02.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Revenues	Revenues Adoption of ASC Topic 606, "Revenue from Contracts with Customers" On January 1, 2018, the Company adopted Topic 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. The Company operates as a manufacturer of various products, and revenue is comprised of short-term contracts with point-in-time performance obligations. As a result, the Company did not identify any differences in its recognition of revenue between Topic 606 and Topic 605. Accordingly, there was no adjustment required to opening retained earnings for the cumulative impact of adopting Topic 606 and no impact to revenues for the three-month or six-month periods ended June 30, 2018 as a result of applying Topic 606. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers upon shipment, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. The following table presents the Company's revenues, disaggregated by product group. Substantially all of the Company's revenues are derived from contracts with customers where performance obligations are satisfied at a point-in-time. Three Months Ended Six Months Ended Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Storage tank and vessel $ 9,071,649 $ 6,057,865 $ 14,847,421 $ 12,331,705 Seamless carbon steel pipe and tube 8,403,288 6,391,212 16,835,901 12,112,688 Stainless steel pipe 38,899,542 26,639,245 70,183,404 44,353,889 Specialty chemicals 15,519,284 12,422,723 28,507,639 24,916,342 Total revenues $ 71,893,763 $ 51,511,045 $ 130,374,365 $ 93,714,624 Arrangements with Multiple Performance Obligations Our contracts with customers may include multiple performance obligations. For such arrangements, revenue for each performance obligation is based on its standalone selling price and revenue is recognized as each performance obligation is satisfied. The Company generally determines standalone selling prices based on the prices charged to customers using the adjusted market assessment approach or expected cost plus margin. Deferred Revenues Deferred revenues are recorded when cash payments are received in advance of satisfying the performance obligation, including amounts which are refundable. The deferred revenue balance increased $55,163 during the first six months of 2018 to $240,037 as of June 30, 2018 due to receiving $1,481,644 in advance of satisfying our performance obligations during the period, offset by $1,426,481 of revenue that was recognized during the period after satisfying the performance obligations that were included in the beginning deferred revenue balance or received during the current period. Deferred revenues are included in "Accrued expenses and other current liabilities" on the accompanying Condensed Consolidated Balance Sheets. Our payment terms vary by the financial strength or location of our customer and the products offered. The length of time between invoicing and when payment is due is not significant. For certain customers, payment is required before the products or services are delivered to the customer. Practical Expedients and Elections When shipping and handling activities are performed after a customer obtains control of goods, the Company reflects shipping and handling activities as part of satisfying the obligation of providing goods to the customer. In some instances, the Company withholds various states' sales taxes upon shipments into those states. Accordingly, management makes an accounting policy election to exclude from the measurement of the transaction price all taxes assessed by a governmental authority that are imposed on and concurrent with a specific revenue-producing transaction and collected from a customer. The Company expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within selling, general, and administrative expenses. The Company does not disclose the value of unsatisfied performance obligations since contracts are expected to be completed within one year.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by either specific identification or weighted average methods. The components of inventories are as follows: Jun 30, 2018 Dec 31, 2017 Raw materials $ 46,202,040 $ 37,748,316 Work-in-process 16,477,860 9,491,408 Finished goods 27,891,241 24,885,457 $ 90,571,141 $ 72,125,181

Stock options and restricted st

Stock options and restricted stock	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock options and restricted stock	Stock options and restricted stock During the first six months of 2018, stock options for 40,606 shares of common stock were exercised by officers or employees for an aggregate exercise price of $474,378 . No options were exercised by employees or directors in 2017. Stock compensation expense for the three and six-months ended June 30, 2018 was $223,979 and $416,179 , respectively. Stock compensation expense for the three and six-months ended June 30, 2017 was approximately $210,000 and $330,000 , respectively. On February 7, 2018, the Compensation & Long-Term Incentive Committee (the "Committee") of the Company's Board of Directors approved stock grants under the Company's 2015 Stock Awards Plan to certain management employees of the Company where 65,527 shares with a market price of $12.47 per share were granted under the Plan. These stock awards vest in either 20 percent or 33 percent increments annually on a cumulative basis, beginning one year after the date of grant. In order for the awards to vest, the employee must be in the continuous employment of the Company since the date of the award. Any portion of an award that has not vested is forfeited upon termination of employment. The Company may terminate any portion of the award that has not vested upon an employee's failure to comply with all conditions of the award or the 2015 Stock Awards Plan. An employee is not entitled to any voting rights with respect to any shares not yet vested, and the shares are not transferable. The diluted earnings per share calculations exclude the effect of potentially dilutive shares when the inclusion of those shares in the calculation would have an anti-dilutive effect. For the six months ended June 30, 2018 and June 30, 2017 the Company had weighted average shares of common stock, in the form of stock grants and options, of 36,815 and 144,064 , respectively, which were not included in the diluted earnings per share calculation as their effect was anti-dilutive.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The Company is no longer subject to U.S. federal examinations for years before 2014 or state income tax examinations for years before 2013. During the first six-months of 2018, the Company did not identify nor reserve for any unrecognized tax benefits. The effective tax rate was 21 percent for the three and six-month periods ended June 30, 2018 , respectively. The effective tax rate was 28 percent and 30 percent for the three and six-month periods ended June 30, 2017 . The prior year effective tax rate was different than the 34 percent statutory rate primarily due to state tax expense, net of federal benefit and other permanent differences, including the manufacturer's exemption. On December 22, 2017, the Tax Cuts and Jobs Act (“The Act”) was signed into law by the President of the United States, enacting significant changes to the Internal Revenue Code effective January 1, 2018. The Act included a number of provisions including, but not limited to, a permanent reduction of the U.S. corporate tax rate from a blended 35 percent to 21 percent, eliminating the deduction for domestic production activities, limiting the tax deductibility of interest expense, accelerating the expensing of certain business assets and reducing the amount of executive pay that could qualify as a tax deduction. Many effects of The Act are international in nature, such as the one-time transition tax, base erosion anti-abuse tax and the global intangible low-taxed income tax, and thus would not pertain to the Company as it has no international operations. In December 2017, the Company recorded $381,000 of income tax benefit related to adopting various provisions of the Act. Under Staff Accounting Bulletin No. 118 (“SAB 118”) our income tax benefit is provisional in nature and is subject to further clarification of the new law, including but not limited to U.S. state conformity that cannot be estimated at this time and measurement of underlying tax basis in certain business assets. The ultimate impact may differ from provisional amounts due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, and additional regulatory guidance that may be issued. Further guidance may be forthcoming from federal and state agencies, which could result in additional adjustments. The accounting is expected to be completed no later than the filing of the 2017 U.S. corporate income tax return in 2018.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Segment Information	Segment Information The following table summarizes certain information regarding segments of the Company's operations: Three Months Ended Six Months Ended Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Net sales Metals Segment $ 56,374,479 $ 39,088,322 $ 101,866,726 $ 68,798,282 Specialty Chemicals Segment 15,519,284 12,422,723 28,507,639 24,916,342 $ 71,893,763 $ 51,511,045 $ 130,374,365 $ 93,714,624 Operating income Metals Segment $ 9,090,516 $ 2,359,054 $ 15,107,047 $ 3,923,568 Specialty Chemicals Segment 1,106,672 1,137,911 1,970,161 2,645,371 Unallocated corporate expenses 2,219,618 1,601,026 3,722,339 3,158,098 Acquisition related costs 690,217 386,519 690,217 744,996 Operating income 7,287,353 1,509,420 12,664,652 2,665,845 Interest expense 403,852 341,005 717,835 521,320 Change in fair value of interest rate swaps (19,255 ) 16,927 (92,458 ) (24,503 ) Earn-out adjustment 2,307,598 (3,391 ) 2,461,658 (3,391 ) Other loss (income), net (59,112 ) — 29,185 — Income before income taxes $ 4,654,270 $ 1,154,879 $ 9,548,432 $ 2,172,419 As of Jun 30, 2018 Dec 31, 2017 Identifiable assets Metals Segment $ 158,144,084 $ 130,456,857 Specialty Chemicals Segment 29,549,710 25,394,078 Corporate 14,587,879 4,023,215 $ 202,281,673 $ 159,874,150 Goodwill Metals Segment $ 4,648,795 $ 4,648,795 Specialty Chemicals Segment 1,354,730 1,354,730 $ 6,003,525 $ 6,003,525

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company makes estimates of fair value in accounting for certain transactions, in testing and measuring impairment and in providing disclosures of fair value in its condensed consolidated financial statements. The Company determines the fair values of its financial instruments for disclosure purposes by maximizing the use of observable inputs and minimizing the use of unobservable inputs. Fair value disclosures for assets and liabilities are grouped into three levels. The levels prioritize the inputs used to measure the fair value of the assets or liabilities. These levels are: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted prices that are observable for assets and liabilities, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are less active. Level 3 - Unobservable inputs that are supported by little or no market activity for assets or liabilities and includes certain pricing models, discounted cash flow methodologies and similar techniques. The Company's financial instruments include cash and cash equivalents, accounts receivable, derivative instruments, accounts payable, earn-out liabilities, revolving line of credit and equity investments. For short-term instruments, other than those required to be reported at fair value on a recurring basis and for which additional disclosures are included below, management concluded the historical carrying value is a reasonable estimate of fair value because of the short period of time between the origination of such instruments and their expected realization. Therefore, as of June 30, 2018 and December 31, 2017, the carrying amount for cash and cash equivalents, accounts receivable, accounts payable and the Company's revolving line of credit, which is based on a variable interest rate, approximates their fair value. During the second quarter of 2018, the Company recorded a gain on the investment in equity securities of $59,112 which is included in "Other expense (income)" on the accompanying Condensed Consolidated Statements of Operations. The fair value of equity securities held by the Company as of June 30, 2018 and December 31, 2017 was $845,000 and $537,233 , respectively, and is included in “Prepaid expenses and other current assets” on the accompanying Consolidated Balance Sheets. The equity securities are classified as a Level 1 financial instrument. The Company has one interest rate swap contract, which is classified as a Level 2 financial instrument as it is not actively traded and is valued using pricing models that use observable market inputs. The fair value of the contract was an asset of $220,440 and $127,981 at June 30, 2018 and December 31, 2017 , respectively. The interest rate swap was priced using discounted cash flow techniques. Changes in its fair value were recorded to other income (expense) with corresponding offsetting entries to current assets or liabilities, as appropriate. Significant inputs to the discounted cash flow model include projected future cash flows based on projected one-month LIBOR and the average margin for companies with similar credit ratings and similar maturities. It is classified as Level 2 as it is not actively traded and is valued using pricing models that use observable market inputs. To manage the impact on earnings of fluctuating nickel prices, the Company occasionally enters into six-month forward option contracts, which are classified as Level 2. At June 30, 2018, the Company did not have any such contracts in place. At December 31, 2017, the Company had contracts in place with notional quantities totaling approximately 1,351,494 pounds with strike prices ranging from $3.75 to $4.64 per pound. The fair value of the option contract in place at December 31, 2017 was an asset of $9,027 . The fair value of the contracts was priced using discounted cash flows techniques based on forward curves and volatility levels by asset class determined on the basis of observable market inputs, when available. Changes in their fair value were recorded to "Other expense (income)" with corresponding offsetting entries to other current assets. The fair value of the forward option contracts approximates their carrying value. The fair value of contingent consideration liabilities ("earn-out") resulting from the Bristol Metals-Munhall acquisition discussed in Note 9 is classified as Level 3. The fair value was estimated by applying the Monte Carlo Simulation approach using management's projection of pounds shipped and price per unit. Each quarter-end the Company re-evaluates its assumptions and adjusts to the updated fair value. The following table presents a summary of changes in fair value of the Company's earn-out liability during the period: Balance at December 31, 2017 $ 4,833,850 Earn-out payments to MUSA (1,172,065 ) Change in fair value during the period 2,461,658 Balance at June 30, 2018 $ 6,123,443 There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 in the three-month or six-month periods ended June 30, 2018 or year ended December 31, 2017 . During the first six months of 2018, there have been no changes in the fair value methodologies used by the Company.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Acquisitions	Acquisitions On February 28, 2017, the Company's subsidiary Bristol Metals, LLC ("BRISMET"), acquired the stainless steel pipe and tube assets of MUSA located in Munhall, PA ("Bristol Metals-Munhall"). Bristol Metals-Munhall's results of operations since acquisition are reflected in the Company's consolidated statements of operations as follows: Three Months Ended Six Months Ended Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Revenues $ 14,771,010 $ 7,299,734 $ 25,739,242 $ 8,411,926 Pre-tax income (loss) (38,142 ) 211,703 1,019,497 390,896 Pre-tax loss for the second quarter of 2018 includes a $2,307,598 charge related to an increase in the fair value of the stainless steel earn-out liability during the period, as compared to a gain of $3,391 in the second quarter of 2017. For the six months ended June 30, 2018, charges related to the earn-out liability fair value adjustments totaled $2,461,658 as compared to a gain of $3,391 for the six months ended June 30, 2017.

Long-term Debt

Long-term Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Long-term Debt	Long-term Debt On June 29, 2018 the Company amended its Credit Agreement with its bank to increase the limit of the asset based line of credit (the "Line") by $15,000,000 to a maximum of $80,000,000 . As a result of the amendment, the interest rate on the Line is now calculated using One Month LIBOR plus a spread of 1.65 percent . None of the other provisions of the Credit Agreement were changed as a result of this amendment. Pursuant to the Credit Agreement, the Company is subject to certain covenants including maintaining a minimum fixed charge coverage ratio and a limitation on the Company’s maximum amount of capital expenditures per year, which is in line with currently projected needs. At June 30, 2018 , the Company was in compliance with all debt covenants.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies The Company is from time-to-time subject to various claims, possible legal actions for product liability and other damages, and other matters arising out of the normal conduct of the Company's business. Management is not currently aware of any asserted or unasserted matters which could have a material effect on the financial condition or results of operations of the Company.

Leases

Leases	6 Months Ended
	Jun. 30, 2018
Leases [Abstract]
Leases	Leases On June 29, 2018, the Company and Store Master Funding XII, LLC, an affiliate of Store Capital Corporation (“Store”), entered into an Amended and Restated Master Lease Agreement (the “Master Lease”), pursuant to which the Company will lease the Munhall, PA facility, purchased by Store from MUSA on June 29, 2018, for the remainder of the initial term of 20 years set forth in the Master Lease, with two renewal options of ten years each. The lease includes a rent escalator equal to the lesser of 1.25 times the percentage increase in the Consumer Price Index since the previous increase or 2 percent. The amount of future minimum lease payments under operating leases are as follows: Remainder of 2018 $ 1,408,869 2019 2,859,865 2020 2,917,062 2021 2,975,404 2022 3,034,912 2023 3,095,610 Thereafter 45,337,403

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On May 29, 2018, BRISMET, a subsidiary of the Company's Metals Segment, entered into an asset purchase agreement to acquire the galvanized tube assets and operations of MUSA located in Munhall, PA. The effective date of the transaction was July 1, 2018, which was funded through an increase to the Company's current credit facility. The purchase price for the transaction totaled $10,378,281 , which was placed into an escrow account on June 29, 2018, and is recorded in "Prepaid expenses and other current assets" on the accompanying Condensed Consolidated Balance Sheet at June 30, 2018. The assets purchased and liabilities assumed from MUSA include accounts receivable, inventory, equipment, and accounts payable. Because the transaction closed on July 1, 2018, the purchase accounting is not complete at the time of this filing. On August 7, 2018, the Company announced that its Board of Directors has approved an annual dividend of $0.25 per share, to be paid in December of 2018.

Basis of Financial Statement 19

Basis of Financial Statement Presentation (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Financial Statement Presentation	Basis of Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included as required by Regulation S-X, Rule 10-01. Operating results for the six-month period ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . For further information, refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017 .
Adoption of Recently Issued Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Adoption of Recently Issued Accounting Standards In May 2014, the FASB issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers (Topic 606) ". Topic 606 supersedes the revenue recognition requirements in Topic 605 “Revenue Recognition” (Topic 605), and requires entities to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company adopted Topic 606 as of January 1, 2018 using the modified retrospective transition method. The adoption of this Topic did not have an effect on the Company's consolidated financial statements. See Note 3 for further details. In January 2016, the FASB issued ASU No. 2016-01, " Financial Instruments (Topic 825)", to address certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The standard is effective for all public companies for annual and interim reporting periods beginning after December 15, 2017. The standard requires equity investments (except for those under the equity method of accounting) to be measured at fair value, with changes in fair value recognized in net income. The amendments in the update supersede the guidance to classify equity securities with readily determinable fair values into different categories, and require equity securities to be measured at fair value with changes recognized in net income as opposed to other comprehensive income. The Company adopted ASU 2016-01 effective January 1, 2018 and the effects of this standard are included in the accompanying condensed consolidated financial statements for the three-month and six-month periods ended June 30, 2018. The Company applied the amendments by means of a cumulative effective adjustment to the balance sheet as of January 1, 2018, which resulted in a reclassification of $10,864 from Accumulated Other Comprehensive Loss to Retained Earnings. In January 2017, the FASB issued ASU No. 2017-01 “ Business Combinations (Topic 805): Clarifying the Definition of a Business. ” ASU 2017-01 provides guidance to evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. If substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single asset or a group of similar assets, the assets acquired (or disposed of) are not considered a business. The Company adopted ASU 2017-01 as of January 1, 2018 on a prospective basis. The adoption of this Topic did not have an effect on the Company's consolidated financial statements as of June 30, 2018. In May 2017, the FASB issued ASU 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting," which amends the scope of modification accounting for share-based payment arrangements, provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting under ASC 718. ASU 2017-09 is effective for fiscal years beginning after December 15, 2017. We adopted ASU 2017-09 as of January 1, 2018 on a prospective basis. The adoption of this Topic did not have an impact on the Company's consolidated financial statements as of June 30, 2018. Recently Issued Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, “ Leases (Topic 842) ,” to increase the transparency and comparability of lease recognition and disclosure. The update establishes a right of use ("ROU") model which requires lessees to recognize lease contracts with a term greater than one year on the balance sheet as ROU assets and lease liabilities. Leases will be classified as either financing or operating which will determine expense classification and recognition. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and must be applied using the modified retrospective approach. Early adoption is permitted. While the Company expects ASU 2016-02 to add material ROU assets and lease liabilities to the consolidated balance sheets related to its current land and building operating leases, it is evaluating other effects that the new standard will have on the consolidated financial statements as well as its business processes, internal controls, and accounting policies. As part of its assessment, the Company is reviewing its lease portfolio and identifying which attributes of its leases will be impacted by ASU 2016-02.
Revenue from Contracts with Customers	On January 1, 2018, the Company adopted Topic 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under Topic 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under Topic 605. The Company operates as a manufacturer of various products, and revenue is comprised of short-term contracts with point-in-time performance obligations. As a result, the Company did not identify any differences in its recognition of revenue between Topic 606 and Topic 605. Accordingly, there was no adjustment required to opening retained earnings for the cumulative impact of adopting Topic 606 and no impact to revenues for the three-month or six-month periods ended June 30, 2018 as a result of applying Topic 606. Revenue Recognition Revenues are recognized when control of the promised goods or services is transferred to our customers upon shipment, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue by Product Group	The following table presents the Company's revenues, disaggregated by product group. Substantially all of the Company's revenues are derived from contracts with customers where performance obligations are satisfied at a point-in-time. Three Months Ended Six Months Ended Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Storage tank and vessel $ 9,071,649 $ 6,057,865 $ 14,847,421 $ 12,331,705 Seamless carbon steel pipe and tube 8,403,288 6,391,212 16,835,901 12,112,688 Stainless steel pipe 38,899,542 26,639,245 70,183,404 44,353,889 Specialty chemicals 15,519,284 12,422,723 28,507,639 24,916,342 Total revenues $ 71,893,763 $ 51,511,045 $ 130,374,365 $ 93,714,624

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2018
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	The components of inventories are as follows: Jun 30, 2018 Dec 31, 2017 Raw materials $ 46,202,040 $ 37,748,316 Work-in-process 16,477,860 9,491,408 Finished goods 27,891,241 24,885,457 $ 90,571,141 $ 72,125,181

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of Segment Information	The following table summarizes certain information regarding segments of the Company's operations: Three Months Ended Six Months Ended Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Net sales Metals Segment $ 56,374,479 $ 39,088,322 $ 101,866,726 $ 68,798,282 Specialty Chemicals Segment 15,519,284 12,422,723 28,507,639 24,916,342 $ 71,893,763 $ 51,511,045 $ 130,374,365 $ 93,714,624 Operating income Metals Segment $ 9,090,516 $ 2,359,054 $ 15,107,047 $ 3,923,568 Specialty Chemicals Segment 1,106,672 1,137,911 1,970,161 2,645,371 Unallocated corporate expenses 2,219,618 1,601,026 3,722,339 3,158,098 Acquisition related costs 690,217 386,519 690,217 744,996 Operating income 7,287,353 1,509,420 12,664,652 2,665,845 Interest expense 403,852 341,005 717,835 521,320 Change in fair value of interest rate swaps (19,255 ) 16,927 (92,458 ) (24,503 ) Earn-out adjustment 2,307,598 (3,391 ) 2,461,658 (3,391 ) Other loss (income), net (59,112 ) — 29,185 — Income before income taxes $ 4,654,270 $ 1,154,879 $ 9,548,432 $ 2,172,419 As of Jun 30, 2018 Dec 31, 2017 Identifiable assets Metals Segment $ 158,144,084 $ 130,456,857 Specialty Chemicals Segment 29,549,710 25,394,078 Corporate 14,587,879 4,023,215 $ 202,281,673 $ 159,874,150 Goodwill Metals Segment $ 4,648,795 $ 4,648,795 Specialty Chemicals Segment 1,354,730 1,354,730 $ 6,003,525 $ 6,003,525

Fair Value of Financial Instr23

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Disclosures [Abstract]
Summary of Changes in Fair Value of Company's Earn-Out Liability	The following table presents a summary of changes in fair value of the Company's earn-out liability during the period: Balance at December 31, 2017 $ 4,833,850 Earn-out payments to MUSA (1,172,065 ) Change in fair value during the period 2,461,658 Balance at June 30, 2018 $ 6,123,443

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Schedule of Results of Operations Since Acquisition	Bristol Metals-Munhall's results of operations since acquisition are reflected in the Company's consolidated statements of operations as follows: Three Months Ended Six Months Ended Jun 30, 2018 Jun 30, 2017 Jun 30, 2018 Jun 30, 2017 Revenues $ 14,771,010 $ 7,299,734 $ 25,739,242 $ 8,411,926 Pre-tax income (loss) (38,142 ) 211,703 1,019,497 390,896

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2018
Leases [Abstract]
Schedule of Future Minimum Lease Payments Under Operating Lease	The amount of future minimum lease payments under operating leases are as follows: Remainder of 2018 $ 1,408,869 2019 2,859,865 2020 2,917,062 2021 2,975,404 2022 3,034,912 2023 3,095,610 Thereafter 45,337,403

Recently Issued Accounting St26

Recently Issued Accounting Standards - Narrative (Details) - Accounting Standards Update 2016-01	Dec. 31, 2017USD ($)
Accumulated Other Comprehensive Loss
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle	$ (10,864)
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle	$ 10,864

Revenues - Schedule of Disaggre

Revenues - Schedule of Disaggregated Revenues by Source (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Total revenues	$ 71,893,763	$ 51,511,045	$ 130,374,365	$ 93,714,624
Storage tank and vessel
Disaggregation of Revenue [Line Items]
Total revenues	9,071,649	6,057,865	14,847,421	12,331,705
Seamless carbon steel pipe and tube
Disaggregation of Revenue [Line Items]
Total revenues	8,403,288	6,391,212	16,835,901	12,112,688
Stainless steel pipe
Disaggregation of Revenue [Line Items]
Total revenues	38,899,542	26,639,245	70,183,404	44,353,889
Specialty chemicals
Disaggregation of Revenue [Line Items]
Total revenues	$ 15,519,284	$ 12,422,723	$ 28,507,639	$ 24,916,342

Revenues - Narrative (Details)

Revenues - Narrative (Details)	6 Months Ended
	Jun. 30, 2018USD ($)
Revenue from Contract with Customer [Abstract]
Increase in deferred revenue balance	$ 55,163
Deferred revenue	240,037
Payments received in advance of satisfying performance obligations	1,481,644
Deferred revenue, revenue recognized in period	$ 1,426,481

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Raw materials	$ 46,202,040	$ 37,748,316
Work-in-process	16,477,860	9,491,408
Finished goods	27,891,241	24,885,457
Total inventories	$ 90,571,141	$ 72,125,181

Stock options and restricted 30

Stock options and restricted stock (Details) - USD ($)	Feb. 07, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense		$ 223,979	$ 416,179	$ 210,000	$ 330,000
Antidilutive securities excluded from computation of earnings per share, amount (in shares)				36,815	144,064
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercised (in shares)				40,606		0
Aggregate exercise price of options exercised				$ 474,378
2015 Stock Awards Plan | Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instruments other options, grants in period (in shares)	65,527
Equity instruments other than options, grants in period, weighted average grant date fair value (in dollars per share)	$ 12.47
Period after option grant before options can be exercised (in years)	1 year
Minimum | 2015 Stock Awards Plan | Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting rate (percent)	20.00%
Maximum | 2015 Stock Awards Plan | Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual vesting rate (percent)	33.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Effective tax rate		21.00%	28.00%	21.00%	30.00%
Income tax benefit	$ 381,000

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment Reporting Information [Line Items]
Net sales	$ 71,893,763	$ 51,511,045	$ 130,374,365	$ 93,714,624
Operating income	7,287,353	1,509,420	12,664,652	2,665,845
Acquisition related costs	690,217	386,519	690,217	744,996
Interest expense	403,852	341,005	717,835	521,320
Change in fair value of interest rate swaps	(19,255)	16,927	(92,458)	(24,503)
Earn-out adjustment	2,307,598	(3,391)	2,461,658	(3,391)
Other loss (income), net	(59,112)	0	29,185	0
Income before income taxes	4,654,270	1,154,879	9,548,432	2,172,419
Identifiable assets	202,281,673		202,281,673		$ 159,874,150
Goodwill	6,003,525		6,003,525		6,003,525
Operating segment
Segment Reporting Information [Line Items]
Net sales	71,893,763	51,511,045	130,374,365	93,714,624
Operating segment | Metals Segment
Segment Reporting Information [Line Items]
Net sales	56,374,479	39,088,322	101,866,726	68,798,282
Operating income	9,090,516	2,359,054	15,107,047	3,923,568
Identifiable assets	158,144,084		158,144,084		130,456,857
Goodwill	4,648,795		4,648,795		4,648,795
Operating segment | Specialty Chemicals Segment
Segment Reporting Information [Line Items]
Net sales	15,519,284	12,422,723	28,507,639	24,916,342
Operating income	1,106,672	1,137,911	1,970,161	2,645,371
Identifiable assets	29,549,710		29,549,710		25,394,078
Goodwill	1,354,730		1,354,730		1,354,730
Corporate
Segment Reporting Information [Line Items]
Unallocated corporate expenses	2,219,618	1,601,026	3,722,339	3,158,098
Identifiable assets	14,587,879		14,587,879		$ 4,023,215
Segment reconciling items
Segment Reporting Information [Line Items]
Acquisition related costs	690,217	386,519	690,217	744,996
Interest expense	403,852	341,005	717,835	521,320
Change in fair value of interest rate swaps	(19,255)	16,927	(92,458)	(24,503)
Earn-out adjustment	2,307,598	(3,391)	2,461,658	(3,391)
Other loss (income), net	$ (59,112)	$ 0	$ 29,185	$ 0

Fair Value of Financial Instr33

Fair Value of Financial Instruments - Narrative (Details)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)financial_instrument	Jun. 30, 2018USD ($)financial_instrument	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)lb$ / lb
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on investment in equity securities	$ 59,112	$ (29,185)	$ 0
Fair value of equity securities	$ 845,000	$ 845,000		$ 537,233
Derivative asset, number of instruments held | financial_instrument	1	1
Commodity Option | Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value, gross asset				$ 9,027
Notional quantities of contracts in place | lb				1,351,494
Term Loan | Interest Rate Swap | Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Variable rate basis on interest rate swap		LIBOR
Term Loan | Palmer of Texas | Interest Rate Swap | Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative asset, fair value, gross asset	$ 220,440	$ 220,440		$ 127,981
Minimum | Commodity Option | Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative strike price (in usd per lb) | $ / lb				3.75
Maximum | Commodity Option | Level 2 Inputs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative strike price (in usd per lb) | $ / lb				4.64

Fair Value of Financial Instr34

Fair Value of Financial Instruments - Summary of Changes in Fair Value of Company's Earn-Out Liability (Details) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Earn-out payments to MUSA	$ 1,172,065	$ 0
Level 3 Inputs
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2017	4,833,850
Earn-out payments to MUSA	(1,172,065)
Change in fair value during the period	2,461,658
Balance at June 30, 2018	$ 6,123,443

Acquisitions (Details)

Acquisitions (Details) - MUSA - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Business Acquisition [Line Items]
Revenues	$ 14,771,010	$ 7,299,734	$ 25,739,242	$ 8,411,926
Pre-tax income (loss)	(38,142)	211,703	1,019,497	390,896
Change in fair value of earn-out liability	$ 2,307,598	$ 3,391	$ 2,461,658	$ 3,391

Long-term Debt - Narrative (Det

Long-term Debt - Narrative (Details) - Revolving Credit Facility - ABL Line Of Credit, Due October 30, 2020	Jun. 29, 2018USD ($)
Line of Credit Facility [Line Items]
Increase in limit on line of credit	$ 15,000,000
Maximum borrowing capacity	$ 80,000,000
London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread	1.65%

Leases (Details)

Leases (Details)	Jun. 29, 2018renewal_option
Leases [Abstract]
Initial term of operating lease	20 years
Number of renewal options	2
Number of years in each renewal option	10 years
Rent escalator	125.00%
Maximum rent escalator percentage	2.00%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details)	Jun. 30, 2018USD ($)
Leases [Abstract]
Remainder of 2018	$ 1,408,869
2,019	2,859,865
2,020	2,917,062
2,021	2,975,404
2,022	3,034,912
2,023	3,095,610
Thereafter	$ 45,337,403

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Aug. 07, 2018	Jul. 01, 2018	Jun. 30, 2018	Jun. 30, 2017
Subsequent Event [Line Items]
Purchase price of MUSA, cash held in escrow			$ 10,378,281	$ 0
Subsequent Event
Subsequent Event [Line Items]
Purchase price of MUSA, cash held in escrow		$ 10,378,281
Dividends declared (in usd per share)	$ 0.25