Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 15-May-15 | |
Entity Registrant Name | MIKROS SYSTEMS CORP | |
Entity Central Index Key | 317340 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 32,018,753 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE |
Condensed_Balance_Sheets_Unaud
Condensed Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $1,159,075 | $1,161,634 |
Receivables on government contracts | 1,176,498 | 1,575,954 |
Prepaid expenses and other current assets | 112,621 | 105,197 |
Deferred tax asset, current | 28,065 | 28,065 |
Total current assets | 2,476,259 | 2,870,850 |
Property and equipment: | ||
Equipment | 64,379 | 61,686 |
Furniture & fixtures | 14,728 | 14,728 |
Less: accumulated depreciation | -63,873 | -62,123 |
Property and equipment, net | 15,234 | 14,291 |
Patents and trademarks | 1,383 | 1,383 |
Less: accumulated amortization | -1,208 | -1,173 |
Intangible assets, net | 175 | 210 |
Deferred tax assets | 110,935 | 140,935 |
Total assets | 2,602,603 | 3,026,286 |
Liabilities and shareholders' equity | ||
Accrued payroll and payroll taxes | 346,433 | 493,308 |
Accounts payable and accrued expenses | 241,929 | 688,534 |
Accrued warranty expense | 63,400 | 33,500 |
Total current liabilities | 651,762 | 1,215,342 |
Long-term liabilities | 6,197 | 7,770 |
Total liabilities | 657,959 | 1,223,112 |
Shareholders' equity: | ||
Common stock, par value $.01 per share, authorized 60,000,000 shares, issued and outstanding 32,018,753 shares at March 31, 2015 and December 31, 2014 | 320,188 | 320,188 |
Capital in excess of par value | 11,629,409 | 11,628,728 |
Accumulated deficit | -10,105,877 | -10,246,666 |
Total shareholders' equity | 1,864,194 | 1,722,724 |
Total liabilities and shareholders' equity | 2,602,603 | 3,026,286 |
Series C Preferred Stock [Member] | ||
Liabilities and shareholders' equity | ||
Redeemable series C preferred stock par value $.01 per share, authorized 150,000 shares, issued and outstanding 5,000 shares (involuntary liquidation value - $80,450) | 80,450 | 80,450 |
Series B Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock | 11,024 | 11,024 |
Convertible Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock | 2,550 | 2,550 |
Series D Preferred Stock [Member] | ||
Shareholders' equity: | ||
Preferred stock | $6,900 | $6,900 |
Condensed_Balance_Sheets_Unaud1
Condensed Balance Sheets (Unaudited) (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, authorized (in shares) | 60,000,000 | 60,000,000 |
Common stock, issued (in shares) | 32,018,753 | 32,018,753 |
Common stock, outstanding (in shares) | 32,018,753 | 32,018,753 |
Series C Preferred Stock [Member] | ||
Par value (in dollars per share) | $0.01 | $0.01 |
Authorized (in shares) | 150,000 | 150,000 |
Issued (in shares) | 5,000 | 5,000 |
Outstanding (in shares) | 5,000 | 5,000 |
Liquidation value | $80,450 | $80,450 |
Series B Preferred Stock [Member] | ||
Par value (in dollars per share) | $0.01 | $0.01 |
Authorized (in shares) | 1,200,000 | 1,200,000 |
Issued (in shares) | 1,102,433 | 1,102,433 |
Outstanding (in shares) | 1,102,433 | 1,102,433 |
Liquidation value | 1,102,433 | 1,102,433 |
Convertible Preferred Stock [Member] | ||
Par value (in dollars per share) | $0.01 | $0.01 |
Authorized (in shares) | 2,000,000 | 2,000,000 |
Issued (in shares) | 255,000 | 255,000 |
Outstanding (in shares) | 255,000 | 255,000 |
Liquidation value | 255,000 | 255,000 |
Series D Preferred Stock [Member] | ||
Par value (in dollars per share) | $0.01 | $0.01 |
Authorized (in shares) | 690,000 | 690,000 |
Issued (in shares) | 690,000 | 690,000 |
Outstanding (in shares) | 690,000 | 690,000 |
Liquidation value | $1,518,000 | $1,518,000 |
Condensed_Statement_of_Operati
Condensed Statement of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Contract Revenues | $2,476,039 | $883,340 |
Cost of sales | 1,461,905 | 412,679 |
Gross profit | 1,014,134 | 470,661 |
Expenses: | ||
Engineering | 1,544 | 1,649 |
General and administrative | 322,023 | 284,131 |
Total expenses | 744,438 | 510,033 |
Income (loss) from operations | 269,696 | -39,372 |
Interest income | 93 | 128 |
Net income (loss) before income taxes | 269,789 | -39,244 |
Income tax expense (benefit) | 129,000 | -31,210 |
Net income (loss) and comprehensive income (loss) | 140,789 | -8,034 |
Basic weighted average number of common shares outstanding (in shares) | 31,947,753 | 31,884,320 |
Diluted weighted average number of common shares outstanding (in shares) | 35,553,766 | 31,884,320 |
Engineering [Member] | ||
Expenses: | ||
Engineering | $422,415 | $225,902 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Cash flows from operating activities | ||
Net income (loss) | $140,789 | ($8,034) |
Depreciation and amortization | 1,785 | 1,332 |
Deferred tax benefit (expense) | 30,000 | -29,907 |
Share-based compensation expense | 681 | 3,848 |
Changes in assets and liabilities: | ||
Decrease (increase) in receivables on government contracts | 399,456 | -52,314 |
Increase in prepaid expenses and other current assets | -7,424 | -38,225 |
Decrease in accrued payroll and payroll taxes | -146,875 | -15,869 |
(Decrease) increase in accounts payable and accrued expenses | -446,605 | 7,890 |
Increase in accrued warranty expense | 29,900 | 3,931 |
Decrease in long-term liabilities | -1,573 | -1,141 |
Net cash provided by (used in) operating activities | 134 | -128,489 |
Cash flows from investing activities: | ||
Purchase of property and equipment | -2,693 | -6,430 |
Net cash used in investing activities | -2,693 | -6,430 |
Cash flows from financing activities: | ||
Proceeds received upon the exercise of stock options | 350 | |
Net cash provided by financing activities | 350 | |
Net decrease in cash and cash equivalents | -2,559 | -134,569 |
Cash and cash equivalents, beginning of period | 1,161,634 | 1,028,146 |
Cash and cash equivalents, end of period | 1,159,075 | 893,577 |
Supplemental cash flow information | ||
Cash paid during the period for income taxes | $7,900 | $558 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE |
1 | |
– | |
Basis | |
of | |
Presentation | |
The financial statements included herein have been prepared by Mikros Systems Corporation (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to such rules and regulations. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. | |
In the opinion of the Company’s management, the accompanying unaudited interim condensed financial statements contain all adjustments, consisting solely of those which are of a normal recurring nature, necessary to present fairly its financial position as of March 31, 2015, and the results of its operations and its cash flows for the three months ended March 31, 2015 and 2014. Changes in the Company’s stockholders’ equity from December 31, 2014 are a result of share-based compensation expense of $681 and net income of $140,789 for the three months ended March 31, 2015. | |
Interim results are not necessarily indicative of results for the full fiscal year. |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | NOTE |
2 | |
– | |
Recent | |
Accounting | |
Pronouncements | |
There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s condensed financial statements, from those disclosed in the Company’s 2014 Annual Report on Form 10-K. |
Note_3_Significant_Accounting_
Note 3 - Significant Accounting Policies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Significant Accounting Policies [Text Block] | NOTE | ||||||||
3 | |||||||||
– | |||||||||
Significant | |||||||||
Accounting | |||||||||
Policies | |||||||||
Revenue | |||||||||
Recognition | |||||||||
The Company is engaged in research and development contracts with the federal government to develop certain technology to be utilized by the U.S. Department of Defense (“DoD”). The contracts are cost plus fixed fee contracts and revenue is recognized on the basis of such measurement of partial performance as will reflect reasonably assured realization or delivery of completed articles. Fees earned under the Company’s contracts may also be accrued as they are billable, under the terms of the agreements, unless such accrual is not reasonably related to the proportionate performance of the total work or services to be performed by the Company from inception to completion. Under the terms of certain contracts, fixed fees are not recognized until the receipt of full payment has become unconditional, that is, when the product has been delivered and accepted by the Federal government. Backlog represents the estimated amount of future revenues to be recognized under negotiated contracts as work is performed. The Company’s backlog includes future ADEPT units to be developed and delivered to the Federal government. | |||||||||
Unbilled revenue reflects work performed, but not yet billed at the time, per contractual requirements. The Company had unbilled revenues of $96,505 and $34,366, included in receivables on government contracts as of March 31, 2015 and December 31, 2014, respectively. Billings to customers in excess of revenue earned are classified as advanced billings, and shown as a liability. As of March 31, 2015 and December 31, 2014, the Company had no advanced billings. | |||||||||
Warranty Expense | |||||||||
The Company provides a limited warranty, as defined by the related warranty agreements, for its production units. The Company’s warranties require the Company to repair or replace defective products during such warranty period. The Company estimates the costs that may be incurred under its warranty and records a liability in the amount of such costs at the time product revenue is recognized. Factors that affect the Company’s warranty liability include the number of units sold, expected and anticipated rates of warranty claims, and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amount as necessary. During the three months ended March 31, 2015 and 2014, the Company recognized warranty expense of $29,900 and $4,600, respectively. Since the inception of the ADEPT IDIQ contract in March 2010, the Company has delivered 137 ADEPT units. As of March 31, 2015, there are 21 ADEPT units that remain under the limited warranty coverage. As of March 31, 2015 and December 31, 2014, the Company had an accrued warranty expense of $63,400 and $33,500, respectively. | |||||||||
The following table reflects the reserve for product warranty activity as of March 31, 2015 and December 31, 2014: | |||||||||
2015 | 2014 | ||||||||
Reserve for product warranty, beginning of period | $ | 33,500 | $ | 35,190 | |||||
Provision for product warranty | 29,900 | 51,210 | |||||||
Product warranty expirations | - | (52,900 | ) | ||||||
Reserve for product warranty, end of period | $ | 63,400 | $ | 33,500 | |||||
Research and Development Costs | |||||||||
Research and Development expenditures for the research and development of the Company's products are expensed when incurred, and are included in general and administrative expenses. The Company recognized research and development costs of $1,544 and $1,649 for the three months ended March 31, 2015 and 2014, respectively. |
Note_4_Income_Loss_Per_Share
Note 4 - Income (Loss) Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes to Financial Statements | |||||||||
Earnings Per Share [Text Block] | NOTE 4 – Income (Loss) Per Share | ||||||||
For periods with net income, net income per common share information is computed using the two-class method. Under the two-class method, basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. No such adjustment to earnings is made during periods with a net loss, as the holders of the convertible preferred shares have no obligation to fund losses. | |||||||||
The Company’s calculation of earnings per share is as follows: | |||||||||
31-Mar-15 | 31-Mar-14 | ||||||||
Basic earnings per common share: | |||||||||
Net income (loss) applicable to common shareholders – basic | $ | 140,789 | $ | -8,034 | |||||
Portion allocable to common shareholders | 99.20% | 100.00% | |||||||
Net income allocable to common shareholders | 139,663 | -8,034 | |||||||
Weighted average basic shares outstanding | 31,947,753 | 31,884,320 | |||||||
Basic earnings per share | $ | - | $ | - | |||||
Dilutive earnings per common share: | |||||||||
Net income allocable to common shareholders | 139,663 | -8,034 | |||||||
Add: undistributed earnings allocated to participating securities | 1,126 | - | |||||||
Numerator for diluted earnings per common share | 140,789 | -8,034 | |||||||
Weighted average basic shares outstanding | 31,947,753 | 31,884,320 | |||||||
Diluted effect: | |||||||||
Stock options | 28,000 | - | |||||||
Unvested restricted stock awards | 15,714 | ||||||||
Conversion equivalent of dilutive Series B Convertible Preferred Stock | 3,307,299 | - | |||||||
Conversion equivalent of dilutive Convertible Preferred Stock | 255,000 | - | |||||||
Weighted average dilutive shares outstanding | 35,553,766 | 31,884,320 | |||||||
Dilutive earnings per share | $ | - | $ | - | |||||
The table below sets forth the calculation of the percentage of net earnings (loss) allocable to common shareholders under the two-class method: | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Weighted average participating common shares | 31,947,753 | 31,884,320 | |||||||
Denominator: | |||||||||
Weighted average participating common shares | 31,947,753 | 31,884,320 | |||||||
Add: Weighted average shares of Convertible Preferred Stock | 255,000 | - | |||||||
Weighted average participating shares | 32,202,753 | 31,884,320 | |||||||
Portion allocable to common shareholders | 99.20% | 100.00% | |||||||
Diluted earnings (loss) per share for the three months ended March 31, 2015 and 2014 do not reflect the following potential common shares, as the effect would be antidilutive. | |||||||||
March 31, | March 31, | ||||||||
2015 | 2014 | ||||||||
Stock options | 610,000 | 638,000 | |||||||
Unvested restricted stock awards | - | 89,000 | |||||||
Convertible preferred stock | - | 3,562,299 | |||||||
Total | 610,000 | 4,289,299 | |||||||
Note_5_Income_Tax_Matters
Note 5 - Income Tax Matters | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE |
5 | |
– | |
Income | |
Tax | |
Matters | |
The Company conducts an on-going analysis to review its net deferred tax asset and the need for a related valuation allowance. As a result of this analysis and the actual results of operations, the Company has (decreased) increased its net deferred tax assets by ($30,000) and $29,907 during the three months ended March 31, 2015 and 2014, respectively. The change in deferred tax assets is attributable to the utilization of income tax attributes, primarily federal net operating losses, as the Company anticipates annual earnings from operations to continue. |
Note_6_ShareBased_Compensation
Note 6 - Share-Based Compensation | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE |
6 | |
– | |
Share | |
Based | |
Compensation | |
During the three months ended March 31, 2015 and 2014, the Company did not issue stock option awards. During the three months ended March 31, 2014, 7,000 shares were exercised for proceeds in the amount of $350. The Company recognized stock-based compensation expense for stock options of $37 and $3,027 for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and 2014, there were outstanding options to purchase 638,000 shares of common stock. The intrinsic value of the options as of March 31, 2015 is $3,080. | |
As of March 31, 2015 and 2014, there were 44,000 and 103,000 restricted stock awards outstanding, respectively. The Company recognized stock-based compensation expense for restricted stock of $644 and of $821 for the three months ended March 31, 2015 and 2014, respectively. | |
As of March 31, 2015, there was $4,057 of unrecognized stock-based compensation expense related to all outstanding equity awards that will be recognized in future periods. |
Note_7_Related_Party_Transacti
Note 7 - Related Party Transactions | 3 Months Ended |
Mar. 31, 2015 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 7 – Related Party Transactions |
Paul Casner, the chairman of the Company’s board of directors, also serves as the executive chairman and CEO of Atair Aerospace Incorporation. During 2014, Atair provided subcontracting services to the Company relating to the design of the chassis component within the ADEPT units. During the three months ended March 31, 2014, the Company incurred subcontracting service costs from Atair of $24,689. The Company did not incur any of these service costs in 2015. |
Significant_Accounting_Policie
Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue | ||||||||
Recognition | |||||||||
The Company is engaged in research and development contracts with the federal government to develop certain technology to be utilized by the U.S. Department of Defense (“DoD”). The contracts are cost plus fixed fee contracts and revenue is recognized on the basis of such measurement of partial performance as will reflect reasonably assured realization or delivery of completed articles. Fees earned under the Company’s contracts may also be accrued as they are billable, under the terms of the agreements, unless such accrual is not reasonably related to the proportionate performance of the total work or services to be performed by the Company from inception to completion. Under the terms of certain contracts, fixed fees are not recognized until the receipt of full payment has become unconditional, that is, when the product has been delivered and accepted by the Federal government. Backlog represents the estimated amount of future revenues to be recognized under negotiated contracts as work is performed. The Company’s backlog includes future ADEPT units to be developed and delivered to the Federal government. | |||||||||
Unbilled revenue reflects work performed, but not yet billed at the time, per contractual requirements. The Company had unbilled revenues of $96,505 and $34,366, included in receivables on government contracts as of March 31, 2015 and December 31, 2014, respectively. Billings to customers in excess of revenue earned are classified as advanced billings, and shown as a liability. As of March 31, 2015 and December 31, 2014, the Company had no advanced billings. | |||||||||
Standard Product Warranty, Policy [Policy Text Block] | |||||||||
Warranty Expense | |||||||||
The Company provides a limited warranty, as defined by the related warranty agreements, for its production units. The Company’s warranties require the Company to repair or replace defective products during such warranty period. The Company estimates the costs that may be incurred under its warranty and records a liability in the amount of such costs at the time product revenue is recognized. Factors that affect the Company’s warranty liability include the number of units sold, expected and anticipated rates of warranty claims, and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amount as necessary. During the three months ended March 31, 2015 and 2014, the Company recognized warranty expense of $29,900 and $4,600, respectively. Since the inception of the ADEPT IDIQ contract in March 2010, the Company has delivered 137 ADEPT units. As of March 31, 2015, there are 21 ADEPT units that remain under the limited warranty coverage. As of March 31, 2015 and December 31, 2014, the Company had an accrued warranty expense of $63,400 and $33,500, respectively. | |||||||||
The following table reflects the reserve for product warranty activity as of March 31, 2015 and December 31, 2014: | |||||||||
2015 | 2014 | ||||||||
Reserve for product warranty, beginning of period | $ | 33,500 | $ | 35,190 | |||||
Provision for product warranty | 29,900 | 51,210 | |||||||
Product warranty expirations | - | (52,900 | ) | ||||||
Reserve for product warranty, end of period | $ | 63,400 | $ | 33,500 | |||||
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and Development Costs | ||||||||
Research and Development expenditures for the research and development of the Company's products are expensed when incurred, and are included in general and administrative expenses. The Company recognized research and development costs of $1,544 and $1,649 for the three months ended March 31, 2015 and 2014, respectively. |
Note_3_Significant_Accounting_1
Note 3 - Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Product Warranty Liability [Table Text Block] | 2015 | 2014 | |||||||
Reserve for product warranty, beginning of period | $ | 33,500 | $ | 35,190 | |||||
Provision for product warranty | 29,900 | 51,210 | |||||||
Product warranty expirations | - | (52,900 | ) | ||||||
Reserve for product warranty, end of period | $ | 63,400 | $ | 33,500 |
Note_4_Income_Loss_Per_Share_T
Note 4 - Income (Loss) Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Notes Tables | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 31-Mar-15 | 31-Mar-14 | |||||||
Basic earnings per common share: | |||||||||
Net income (loss) applicable to common shareholders – basic | $ | 140,789 | $ | -8,034 | |||||
Portion allocable to common shareholders | 99.20% | 100.00% | |||||||
Net income allocable to common shareholders | 139,663 | -8,034 | |||||||
Weighted average basic shares outstanding | 31,947,753 | 31,884,320 | |||||||
Basic earnings per share | $ | - | $ | - | |||||
Dilutive earnings per common share: | |||||||||
Net income allocable to common shareholders | 139,663 | -8,034 | |||||||
Add: undistributed earnings allocated to participating securities | 1,126 | - | |||||||
Numerator for diluted earnings per common share | 140,789 | -8,034 | |||||||
Weighted average basic shares outstanding | 31,947,753 | 31,884,320 | |||||||
Diluted effect: | |||||||||
Stock options | 28,000 | - | |||||||
Unvested restricted stock awards | 15,714 | ||||||||
Conversion equivalent of dilutive Series B Convertible Preferred Stock | 3,307,299 | - | |||||||
Conversion equivalent of dilutive Convertible Preferred Stock | 255,000 | - | |||||||
Weighted average dilutive shares outstanding | 35,553,766 | 31,884,320 | |||||||
Dilutive earnings per share | $ | - | $ | - | |||||
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | March 31, | March 31, | |||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Weighted average participating common shares | 31,947,753 | 31,884,320 | |||||||
Denominator: | |||||||||
Weighted average participating common shares | 31,947,753 | 31,884,320 | |||||||
Add: Weighted average shares of Convertible Preferred Stock | 255,000 | - | |||||||
Weighted average participating shares | 32,202,753 | 31,884,320 | |||||||
Portion allocable to common shareholders | 99.20% | 100.00% | |||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | March 31, | March 31, | |||||||
2015 | 2014 | ||||||||
Stock options | 610,000 | 638,000 | |||||||
Unvested restricted stock awards | - | 89,000 | |||||||
Convertible preferred stock | - | 3,562,299 | |||||||
Total | 610,000 | 4,289,299 | |||||||
Note_1_Basis_of_Presentation_D
Note 1 - Basis of Presentation (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Allocated Share-based Compensation Expense | $681 | $3,848 |
Net Income (Loss) Attributable to Parent | $140,789 | ($8,034) |
Note_3_Significant_Accounting_2
Note 3 - Significant Accounting Policies (Details Textual) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Customer Advances, Current | $0 | $0 | |
Government Contract Receivable, Unbilled Amounts | 96,505 | 34,366 | |
Product Warranty Expense | 29,900 | 4,600 | |
Standard Product Warranty Accrual, Current | 63,400 | 33,500 | |
Research and Development Expense | $1,544 | $1,649 | |
IDIQ Agreement [Member] | ADEPT Units [Member] | |||
Units Delivered | 137 | ||
Units to be Delivered | 21 |
Note_3_Significant_Accounting_3
Note 3 - Significant Accounting Policies - Reserve for Product Warranty Activity (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Reserve for product warranty, beginning of period | $33,500 | $35,190 |
Provision for product warranty | 29,900 | 51,210 |
Product warranty expirations | -52,900 | |
Reserve for product warranty, end of period | $63,400 | $33,500 |
Note_4_Income_Loss_Per_Share_W
Note 4 - Income (Loss) Per Share - Weighted Average Shares Outstanding (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Basic earnings per common share: | ||
Net Income (Loss) Attributable to Parent | $140,789 | ($8,034) |
Portion allocable to common shareholders | 99.20% | 100.00% |
Net income allocable to common shareholders | 139,663 | -8,034 |
Weighted average basic shares outstanding (in shares) | 31,947,753 | 31,884,320 |
Dilutive earnings per common share: | ||
Net income allocable to common shareholders | 139,663 | -8,034 |
Add: undistributed earnings allocated to participating securities | 1,126 | |
Numerator for diluted earnings per common share | $140,789 | ($8,034) |
Weighted average basic shares outstanding (in shares) | 31,947,753 | 31,884,320 |
Diluted effect: | ||
Stock options (in shares) | 28,000 | |
Unvested restricted stock awards (in shares) | 15,714 | |
Weighted average dilutive shares outstanding (in shares) | 35,553,766 | 31,884,320 |
Preferred Stock Series B Convertible [Member] | ||
Diluted effect: | ||
Unvested restricted stock awards (in shares) | 3,307,299 | |
Convertible Preferred Stock [Member] | ||
Diluted effect: | ||
Unvested restricted stock awards (in shares) | 255,000 |
Note_4_Income_Loss_Per_Share_P
Note 4 - Income (Loss) Per Share - Percentage of Net Earnings Allocable to Common Shareholders (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Weighted average participating common shares (in shares) | 31,947,753 | 31,884,320 |
Add: Weighted average shares of Convertible Preferred Stock (in shares) | 255,000 | |
Weighted average participating shares (in shares) | 32,202,753 | 31,884,320 |
Portion allocable to common shareholders | 99.20% | 100.00% |
Note_4_Income_Loss_Per_Share_D
Note 4 - Income (Loss) Per Share - Diluted Net Earnings (Loss) Per Share (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive shares (in shares) | 610,000 | 4,289,299 |
Stock Compensation Plan [Member] | ||
Antidilutive shares (in shares) | 610,000 | 638,000 |
Restricted Stock [Member] | ||
Antidilutive shares (in shares) | 89,000 | |
Convertible Debt Securities [Member] | ||
Antidilutive shares (in shares) | 3,562,299 |
Note_5_Income_Tax_Matters_Deta
Note 5 - Income Tax Matters (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | ($30,000) | $29,907 |
Note_6_ShareBased_Compensation1
Note 6 - Share-Based Compensation (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 638,000 | 638,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 7,000 | |
Proceeds from Stock Options Exercised | $350 | |
Allocated Share-based Compensation Expense | 681 | 3,848 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 3,080 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 4,057 | |
Employee Stock Option [Member] | ||
Allocated Share-based Compensation Expense | 37 | 3,027 |
Restricted Stock [Member] | ||
Allocated Share-based Compensation Expense | $644 | $821 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 44,000 | 103,000 |
Note_7_Related_Party_Transacti1
Note 7 - Related Party Transactions (Details Textual) (Board of Directors Chairman [Member], Management Consulting Services [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Board of Directors Chairman [Member] | Management Consulting Services [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $0 | $24,689 |