Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 11, 2017 | |
Document Information [Line Items] | ||
Entity Registrant Name | MIKROS SYSTEMS CORP | |
Entity Central Index Key | 317,340 | |
Trading Symbol | mkrs | |
Current Fiscal Year End Date | --12-31 | |
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) | 35,494,775 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Balance Sheets (Curre
Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 1,351,485 | $ 858,868 |
Receivables on government contracts | 1,146,026 | 1,704,301 |
Prepaid expenses and other current assets | 52,635 | 55,144 |
Total current assets | 2,550,146 | 2,618,313 |
Property and equipment | ||
Equipment | 103,253 | 95,693 |
Furniture & fixtures | 16,394 | 16,394 |
Less: accumulated depreciation | (90,725) | (86,436) |
Property and equipment, net | 28,922 | 25,651 |
Intangible assets | 129,704 | 128,916 |
Less: accumulated amortization | (38,236) | (32,947) |
Intangible assets, net | 91,468 | 95,969 |
Deferred tax assets | 169,822 | 204,991 |
Total assets | 2,840,358 | 2,944,924 |
Current liabilities: | ||
Accrued payroll and payroll taxes | 387,093 | 460,434 |
Accounts payable and accrued expenses | 362,114 | 338,872 |
Accrued warranty expense | 98,090 | 240,980 |
Deferred revenue | 0 | 7,500 |
Total current liabilities | 847,297 | 1,047,786 |
Long-term liabilities | 140,004 | 140,377 |
Total liabilities | 987,301 | 1,188,163 |
Shareholders' equity: | ||
Preferred stock, convertible, par value $.01 per share, authorized 5,000,000 shares, none issued and outstanding | ||
Common stock, par value $.01 per share, authorized 60,000,000 shares, issued and outstanding 35,476,775 and 35,424,775 shares, respectively | 354,769 | 354,249 |
Capital in excess of par value | 10,067,363 | 10,061,894 |
Accumulated deficit | (8,569,075) | (8,659,382) |
Total shareholders' equity | 1,853,057 | 1,756,761 |
Total liabilities and shareholders' equity | $ 2,840,358 | $ 2,944,924 |
Condensed Balance Sheets (Curr3
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
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) | 35,476,775 | 35,424,775 |
Common stock, outstanding (in shares) | 35,476,775 | 35,424,775 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Contract Revenues | $ 1,754,973 | $ 987,929 |
Cost of sales | 651,536 | 324,328 |
Gross margin | 1,103,437 | 663,601 |
Expenses: | ||
General and administrative | 408,903 | 336,148 |
Total expenses | 926,083 | 660,061 |
Income from operations | 177,354 | 3,540 |
Other income: | ||
Interest | 728 | 1,449 |
Net income before income taxes | 178,082 | 4,989 |
Income tax expense | 87,775 | 3,143 |
Net income available to common shareholders | $ 90,307 | $ 1,846 |
Income per common share - basic (in dollars per share) | ||
Basic weighted average number of shares outstanding (in shares) | 35,430,119 | 32,030,138 |
Income per common share - diluted (in dollars per share) | ||
Diluted weighted average number of shares outstanding (in shares) | 35,643,392 | 35,608,255 |
Engineering [Member] | ||
Expenses: | ||
Engineering | $ 517,180 | $ 323,913 |
Condensed Statements of Shareho
Condensed Statements of Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2017 - USD ($) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 35,424,775 | ||||
Balance at Dec. 31, 2016 | $ 354,249 | $ 10,061,894 | $ (8,659,382) | $ 1,756,761 | |
Stock compensation | 2,639 | $ 2,639 | |||
Exercise of non-restricted stock awards (in shares) | 22,000 | 22,000 | |||
Exercise of non-restricted stock awards | $ 220 | 3,130 | $ 3,350 | ||
Common shares issued to director (in shares) | 30,000 | ||||
Common shares issued to director | $ 300 | (300) | |||
Net income | 90,307 | 90,307 | |||
Balance (in shares) at Mar. 31, 2017 | 35,476,775 | ||||
Balance at Mar. 31, 2017 | $ 354,769 | $ 10,067,363 | $ (8,569,075) | $ 1,853,057 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities | ||
Net income | $ 90,307 | $ 1,846 |
Adjustments to reconcile net income to net cash provided by (used in ) operating activities: | ||
Depreciation and amortization | 9,578 | 9,456 |
Deferred tax expense | 35,169 | 1,381 |
Share-based compensation expense | 2,639 | 636 |
Changes in assets and liabilities: | ||
Decrease in receivables on government contracts | 558,275 | 25,130 |
Decrease (increase) in prepaid expenses and other current assets | 2,509 | (30,250) |
(Decrease) in accrued payroll and payroll taxes | (73,341) | (338,358) |
Increase (Decrease) in accounts payable and accrued expenses | 23,242 | (252,051) |
(Decrease) in accrued warranty expense | (142,890) | (28,284) |
(Decrease) increase in deferred revenue | (7,500) | 2,250 |
(Decrease) in long-term liabilities | (373) | (1,336) |
Net cash provided by (used in) operating activities | 497,615 | (609,580) |
Cash flows from investing activities: | ||
Payments related to intangible assets | (788) | |
Purchase of property and equipment | (7,560) | |
Net cash used in investing activities | (8,348) | |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 3,350 | 350 |
Net cash provided by financing activities: | 3,350 | 350 |
Net increase (decrease) in cash and cash equivalents | 492,617 | (609,230) |
Cash and cash equivalents, beginning of period | 858,868 | 2,858,655 |
Cash and cash equivalents, end of period | 1,351,485 | 2,249,425 |
Supplement cash flow information: | ||
Cash paid during the period for income taxes | $ 44,500 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 December 31, 2016. 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, 2017, three March 31, 2017 2016, January 1, 2017 March 31, 2017 three March 31, 2017 2016. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
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 2016 10 |
Note 3 - Significant Accounting
Note 3 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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 Diagnostic Electronic Portable Testset The Company recognizes revenue as it relates to the license of software when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collection is probable. The sale and/or license of software products and technology is deemed to have occurred when a customer either has taken possession of or has access to take immediate possession of the software or technology. Software license agreements include post-contract customer support ("PCS"). For the Company’s software and software-related multiple element arrangements, where customers purchase both software related products and software related services, the Company uses vendor-specific objective evidence (“VSOE”) of fair value for software and software-related services to separate the elements and account for them separately. VSOE exists when a company can support what the fair value of its software and/or software-related services is based on evidence of the prices charged when the same elements are sold separately. VSOE of fair value is required, generally, in order to separate the accounting for various elements in a software and related services arrangement. The Company has established VSOE of fair value for the majority of the PCS, professional services, and training. Given the limited number of sales related to this software, and the fact that the Company does not sell the PCS element separately, there is no VSOE currently available to bifurcate the PCS element from the contract. In accordance with Accounting Standards Codification Topic 985 605 25 10a, three March 31, 2017 2016 $7,500 $27,750, March 31, 2017 December 31, 2016, $0 $7,500, Unbilled revenue reflects work performed, but not billed at the time, per contractual requirements. As of March 31, 2017 December 31, 2016, $218,261 $235,421, March 31, 2017 December 31, 2016, 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 three March 31, 2017 2016, $(141,300) $(20,801), March 2010, 189 March 31, 2017, 26 The following table reflects the reserve for product warranty activity as of March 31, 2017 December 31, 2016: March 31, 2017 December 31, 2016 Beginning balance $ 240,980 $ 359,654 Provision for product warranty - 1,800 Product warranty expirations (141,300 ) (86,301 ) Product warranty costs paid (1,590 ) (34,173 ) Ending balance $ 98,090 $ 240,980 Research and Development Expense Research and Development expenditures for 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 as follows: Three months ended March 31, 2017 2016 Salaries $ 39,606 $ 19,552 Other costs 2,189 1,345 $ 41,795 $ 20,897 Intangible Assets The majority of the Company’s intangible assets is a license acquired during 2015. July 2015, Licenses are amortized using a straight-line method over their estimated life of six three March 31, 2017 2016, $5,250 $5,250, |
Note 4 - Income Per Share
Note 4 - Income Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 4 – Income Per Share Net income per common share information is as follows: Three Months Ended, March 31, 2017 2016 Basic earnings per common share: Net (loss) income allocable to common shareholders 90,307 1,846 Portion allocable to common shareholders 100.0 % 99.2 % Net income allocable to common shareholders 90,307 1,831 Weighted average basic shares outstanding 35,430,119 32,030,138 Basic (loss) income per common share $ - $ - Dilutive earnings per common share: Net (loss) income allocable to common shareholders 90,307 1,831 Add: undistributed earnings allocated to participating securities - 15 Numerator for diluted earnings per common share 90,307 1,846 Weighted average shares outstanding - basic 35,430,119 32,030,138 Diluted effect: Stock options 71,523 14,000 Unvested restricted stock 141,750 1,818 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 35,643,392 35,608,255 Dilutive (loss) income per common share $ - $ - The table below sets forth the calculation of the percentage of net earnings allocable to common shareholders under the two 2016 Three Months Ended, March 31, 2017 2016 Numerator: Weighted average participating common shares 35,430,119 32,030,138 Denominator: Weighted average participating common shares 35,430,119 32,030,138 Add: Weighted average shares of Convertible Preferred Stock - 255,000 Weighted average participating shares 35,430,119 32,285,138 Portion allocable to common shareholders 100.0 % 99.2 % Diluted net income per share for the three nine March 31, 2017 2016 Three Months Ended, March 31, 2016 2015 Stock options 335,000 610,000 Unvested restricted stock 30,000 - |
Note 5 - Income Tax Matters
Note 5 - Income Tax Matters | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 5 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 its net deferred tax assets by $35,169 $1,381 three March 31, 2017 2016, At March 31, 2017, 2017 49.3%. $87,775 three March 31, 2017 2017. March 31, 2017, |
Note 6 - Share-based Compensati
Note 6 - Share-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 6 On January 30, 2017, 30,000 $0.37 March 31, 2017, $11,100 January 2017 three March 31, 2017, 22,000 $3,350. March 31, 2017 $40,530. The Company recognized stock-based compensation expense for restricted stock of $2,639 $636 three March 31, 2017 2016, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | 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 2016 10 |
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 Diagnostic Electronic Portable Testset The Company recognizes revenue as it relates to the license of software when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable, and collection is probable. The sale and/or license of software products and technology is deemed to have occurred when a customer either has taken possession of or has access to take immediate possession of the software or technology. Software license agreements include post-contract customer support ("PCS"). For the Company’s software and software-related multiple element arrangements, where customers purchase both software related products and software related services, the Company uses vendor-specific objective evidence (“VSOE”) of fair value for software and software-related services to separate the elements and account for them separately. VSOE exists when a company can support what the fair value of its software and/or software-related services is based on evidence of the prices charged when the same elements are sold separately. VSOE of fair value is required, generally, in order to separate the accounting for various elements in a software and related services arrangement. The Company has established VSOE of fair value for the majority of the PCS, professional services, and training. Given the limited number of sales related to this software, and the fact that the Company does not sell the PCS element separately, there is no VSOE currently available to bifurcate the PCS element from the contract. In accordance with Accounting Standards Codification Topic 985 605 25 10a, three March 31, 2017 2016 $7,500 $27,750, March 31, 2017 December 31, 2016, $0 $7,500, Unbilled revenue reflects work performed, but not billed at the time, per contractual requirements. As of March 31, 2017 December 31, 2016, $218,261 $235,421, March 31, 2017 December 31, 2016, |
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 three March 31, 2017 2016, $(141,300) $(20,801), March 2010, 189 March 31, 2017, 26 The following table reflects the reserve for product warranty activity as of March 31, 2017 December 31, 2016: March 31, 2017 December 31, 2016 Beginning balance $ 240,980 $ 359,654 Provision for product warranty - 1,800 Product warranty expirations (141,300 ) (86,301 ) Product warranty costs paid (1,590 ) (34,173 ) Ending balance $ 98,090 $ 240,980 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expense Research and Development expenditures for 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 as follows: Three months ended March 31, 2017 2016 Salaries $ 39,606 $ 19,552 Other costs 2,189 1,345 $ 41,795 $ 20,897 |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets The majority of the Company’s intangible assets is a license acquired during 2015. July 2015, Licenses are amortized using a straight-line method over their estimated life of six three March 31, 2017 2016, $5,250 $5,250, |
Note 3 - Significant Accounti14
Note 3 - Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | March 31, 2017 December 31, 2016 Beginning balance $ 240,980 $ 359,654 Provision for product warranty - 1,800 Product warranty expirations (141,300 ) (86,301 ) Product warranty costs paid (1,590 ) (34,173 ) Ending balance $ 98,090 $ 240,980 |
Research and Development Expense [Table Text Block] | Three months ended March 31, 2017 2016 Salaries $ 39,606 $ 19,552 Other costs 2,189 1,345 $ 41,795 $ 20,897 |
Note 4 - Income Per Share (Tabl
Note 4 - Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended, March 31, 2017 2016 Basic earnings per common share: Net (loss) income allocable to common shareholders 90,307 1,846 Portion allocable to common shareholders 100.0 % 99.2 % Net income allocable to common shareholders 90,307 1,831 Weighted average basic shares outstanding 35,430,119 32,030,138 Basic (loss) income per common share $ - $ - Dilutive earnings per common share: Net (loss) income allocable to common shareholders 90,307 1,831 Add: undistributed earnings allocated to participating securities - 15 Numerator for diluted earnings per common share 90,307 1,846 Weighted average shares outstanding - basic 35,430,119 32,030,138 Diluted effect: Stock options 71,523 14,000 Unvested restricted stock 141,750 1,818 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 35,643,392 35,608,255 Dilutive (loss) income per common share $ - $ - |
Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method [Table Text Block] | Three Months Ended, March 31, 2017 2016 Numerator: Weighted average participating common shares 35,430,119 32,030,138 Denominator: Weighted average participating common shares 35,430,119 32,030,138 Add: Weighted average shares of Convertible Preferred Stock - 255,000 Weighted average participating shares 35,430,119 32,285,138 Portion allocable to common shareholders 100.0 % 99.2 % |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended, March 31, 2016 2015 Stock options 335,000 610,000 Unvested restricted stock 30,000 - |
Note 3 - Significant Accounti16
Note 3 - Significant Accounting Policies (Details Textual) | 3 Months Ended | 84 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Licenses Revenue | $ 7,500 | $ 27,750 | ||
Deferred Revenue, Current | 0 | $ 0 | $ 7,500 | |
Government Contract Receivable, Unbilled Amounts | 218,261 | 218,261 | 235,421 | |
Product Warranty (Recovery) Expense | (141,300) | (20,801) | ||
Customer Advances, Current | $ 0 | $ 0 | $ 0 | |
Licenses [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||
Amortization of Intangible Assets | $ 5,250 | $ 5,250 | ||
IDIQ Agreement [Member] | ADEPT Units [Member] | ||||
Units Delivered | 189 | |||
Units to be Delivered | 26 | 26 |
Note 3 - Significant Accounti17
Note 3 - Significant Accounting Policies - Reserve for Product Warranty Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Beginning balance | $ 240,980 | $ 359,654 |
Provision for product warranty | 1,800 | |
Product warranty expirations | (141,300) | (86,301) |
Product warranty costs paid | (1,590) | (34,173) |
Ending balance | $ 98,090 | $ 240,980 |
Note 3 - Significant Accounti18
Note 3 - Significant Accounting Policies - Research and Development Expense (Details) - General and Administrative Expense [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Research and Development Expense | $ 41,795 | $ 20,897 |
Research and Development, Salaries [Member] | ||
Research and Development Expense | 39,606 | 19,552 |
Research and Development, Other Costs [Member] | ||
Research and Development Expense | $ 2,189 | $ 1,345 |
Note 4 - Income Per Share - Wei
Note 4 - Income Per Share - Weighted Average Shares Outstanding (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Net (loss) income allocable to common shareholders | $ 90,307 | $ 1,846 |
Portion allocable to common shareholders | 100.00% | 99.20% |
Net income allocable to common shareholders | $ 90,307 | $ 1,831 |
Weighted average basic shares outstanding (in shares) | 35,430,119 | 32,030,138 |
Basic (loss) income per common share (in dollars per share) | ||
Add: undistributed earnings allocated to participating securities | $ 15 | |
Numerator for diluted earnings per common share | $ 90,307 | $ 1,846 |
Stock options (in shares) | 71,523 | 14,000 |
Conversion equivalent of dilutive Series B Convertible Preferred Stock (in shares) | 255,000 | |
Weighted average dilutive shares outstanding (in shares) | 35,643,392 | 35,608,255 |
Dilutive (loss) income per common share (in dollars per share) | ||
Series B Preferred Stock [Member] | ||
Conversion equivalent of dilutive Series B Convertible Preferred Stock (in shares) | 3,307,299 | |
Restricted Stock [Member] | ||
Unvested restricted stock (in shares) | 141,750 | 1,818 |
Note 4 - Income Per Share - Per
Note 4 - Income Per Share - Percentage of Net Earnings Allocable to Common Shareholders (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Weighted average participating common shares (in shares) | 35,430,119 | 32,030,138 |
Weighted average participating common shares (in shares) | 35,430,119 | 32,030,138 |
Add: Weighted average shares of Convertible Preferred Stock (in shares) | 255,000 | |
Weighted average participating shares (in shares) | 35,430,119 | 32,285,138 |
Portion allocable to common shareholders | 100.00% | 99.20% |
Note 4 - Income Per Share - Dil
Note 4 - Income Per Share - Diluted Net Earnings (Loss) Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Stock Option [Member] | ||
Antidilutive shares (in shares) | 335,000 | 610,000 |
Restricted Stock [Member] | ||
Antidilutive shares (in shares) | 30,000 |
Note 5 - Income Tax Matters (De
Note 5 - Income Tax Matters (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 35,169 | $ 1,381 |
Effective Income Tax Rate Reconciliation, Percent | 49.30% | |
Income Tax Expense (Benefit) | $ 87,775 | $ 3,143 |
Note 6 - Share-based Compensa23
Note 6 - Share-based Compensation (Details Textual) - USD ($) | Jan. 30, 2017 | Mar. 31, 2017 | Mar. 31, 2016 |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 30,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 11,100 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 22,000 | ||
Proceeds from Stock Options Exercised | $ 3,350 | $ 350 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 40,530 | ||
Restricted Stock [Member] | |||
Share Price | $ 0.37 | ||
Allocated Share-based Compensation Expense | $ 2,639 | $ 636 |