Document and Entity Information
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Document and Entity Information
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3 Months Ended | |
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Mar. 31, 2017
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May 10, 2017
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| Document and Entity Information [Abstract] | ||
| Entity Registrant Name | MICRON SOLUTIONS INC /DE/ | |
| Entity Central Index Key | 0000819689 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Smaller Reporting Company | |
| Document Type | 10-Q | |
| Document Period End Date | Mar. 31, 2017 | |
| Document Fiscal Year Focus | 2017 | |
| Document Fiscal Period Focus | Q1 | |
| Amendment Flag | false | |
| Entity Common Stock, Shares Outstanding | 2,820,999 |
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements of Operations
Condensed Consolidated Statements of Cash Flows
Basis of Presentation
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Basis of Presentation
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3 Months Ended |
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Mar. 31, 2017
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| Basis of Presentation [Abstract] | |
| Basis of Presentation | The consolidated financial statements (the "financial statements") include the accounts of Micron Solutions, Inc.® (“Micron Solutions”) and its subsidiary, Micron Products, Inc.® ("Micron" and together with Micron Solutions, the “Company”). All intercompany balances and transactions have been eliminated in consolidation. The unaudited interim condensed consolidated financial statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC"). Accordingly, certain information and footnote disclosures normally included in complete financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted pursuant to such rules and regulations. These financial statements and related notes should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on March 22, 2017. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. The Company's balance sheet at December 31, 2016 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by GAAP for complete financial statements. The information presented reflects, in the opinion of the management of the Company, all adjustments necessary for a fair presentation of the financial results for the interim periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Operating matters and liquidity At March 31, 2017, the outstanding balance on the Company’s revolver under its credit facility was $2,610,795. The revolver has a maturity date of June 2017 (see Note 6). On May 9, 2017, the bank approved the renewal of the revolver for a one year term, expiring June 30, 2018 under substantially the same terms as the current revolver (see Note 10). While the Company has experienced net losses in seven of its last nine quarters, the Company believes that the renewal of the revolver, cash flows from its operations, together with its existing working capital, increased booked orders and other resources will be sufficient to fund operations at current levels and repay debt obligations over the next twelve months; however, there can be no assurance that the Company will be able to do so. Assessment of going concern The Company follows accounting standard ASU No. 2014-15, ―Presentation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The new accounting standard requires management to evaluate whether there are conditions that give rise to substantial doubt as to the Company’s ability to continue as a going concern within one year from the date of issuance of these financial statements. Substantial doubt exists when conditions and events, considered in the aggregate, indicate that it is probable that a company will be unable to meet its obligations as they become due within one year after the financial statement issuance date. Management evaluations include identifying relevant conditions and events that were known and reasonably knowable as of the date these financial statements have been issued. At December 31, 2016, the Company identified certain conditions and events which in the aggregate required management to perform an assessment of the Company’s ability to continue as a going concern. These conditions included the Company’s ability to renew the revolver which matures in June 2017 negative financial history and the Company’s limited liquidity to meet the working capital needs to support the Company’s operations. Similar conditions exist as of March 31, 2017. Management’s assessment included an analysis of the Company’s financial forecasts. Management’s assessment also considered the Company’s history of meeting financial covenants and being able to renew and refinance its debt obligations. Based on the renewal of the Company’s revolver (see Note 10), cash forecasts, expected fulfillment of booked orders from existing customers, new customer prospects, and the closing on the sale of certain real estate held for sale, the Company expects to continue to meet its financial covenants and its obligations for the next year.
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Earnings Per Share (_EPS_)
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Earnings Per Share ("EPS")
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3 Months Ended |
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Mar. 31, 2017
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| Earnings Per Share ("EPS") [Abstract] | |
| Earnings Per Share ("EPS") | 2. Earnings per Share ("EPS") Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding. The computation of diluted earnings (loss) per share is similar to the computation of basic earnings (loss) per share except that the denominator is increased to include the average number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. In addition, the numerator is adjusted for any changes in net income (loss) that would result from the assumed conversions of those potential shares. For the three months ended March 31, 2017 and 2016 all shares are anti-dilutive. For this reason the EPS table has been removed.
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Inventories
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Inventories
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Mar. 31, 2017
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| Inventories [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventories | 3. Inventories Inventories consist of the following:
Silver included in raw materials, work-in-process and finished goods inventory had an estimated cost of $600,092 and $521,746 as of March 31, 2017 and December 31, 2016, respectively.
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Property, Plant and Equipment, net
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Property, Plant and Equipment, net
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Mar. 31, 2017
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| Property, Plant and Equipment, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment, net | 4. Property, Plant and Equipment, net Property, plant and equipment, net consist of the following:
For the three months ended March 31, 2017 and 2016, the Company recorded depreciation expense of $395,120 and $361,001, respectively.
In January 2016, the Company entered into a Purchase and Sale Agreement (Agreement) with a Buyer (collectively the “Parties”) to sell two unoccupied buildings, with approximately 52,000 square feet, and land, at its Fitchburg, Massachusetts campus. In December 2016, the Parties entered into a First Amendment to the Purchase and Sale Agreement (the First Amendment) which extended the time to close to January 13, 2018. As part of the consideration for extending the Agreement the Buyer agreed to pay certain extension fees.
In January 2017, the Parties entered into a Second Amendment to the Purchase and Sale Agreement (the Second Amendment) to further extend the time to close to July 2018. The Second Amendment permits the Buyer to assign the Agreement to a third party and extends the extension fees through July 2018 or the culmination of the agreement. At March 31, 2017 and December 31, 2016, the real estate under agreement was classified as Assets Held for Sale valued at $688,750. The carrying value approximated the fair value less the cost to sell.
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Intangible Assets, net
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Intangible Assets, net
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Mar. 31, 2017
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| Intangible Assets, net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangibles Assets, net | 5. Intangible Assets, net The Company assesses the impairment of long-lived assets and intangible assets with finite lives annually or whenever events or changes in circumstances indicate that the carrying value may not be fully recoverable. For the three months ended March 31, 2017 and 2016, the Company did not impair any intangible assets. Intangible assets consist of the following:
For the three months ended March 31, 2017 and 2016, the Company recorded amortization expense of $439.
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Debt
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Debt
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Mar. 31, 2017
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| Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 6. Debt The following table sets forth the items which comprise debt for the Company:
Bank Debt The Company has a multi-year credit facility with a Massachusetts based bank. This credit facility consists of a revolving line of credit (the "revolver"), a commercial term loan and an equipment line of credit. The debt is secured by substantially all assets of the Company with the exception of real property. Revolver The revolver provides for borrowings up to 80% of eligible accounts receivable and 50% of eligible raw materials inventory. The interest rate on the revolver is calculated at the bank's prime rate plus 0.25% (3.75% at March 31, 2017). The revolver has a maturity date of June 2017. Amounts available to borrow under the revolver are $848,719 at March 31, 2017. On May 9, 2017, the Company’s bank approved the renewal of the Company’s revolver for a one year term, expiring June 30, 2018, under substantially the same terms as the current revolver, subject to certain closing requirements. The Company expects to close on the renewal prior to the end of June 2017. Commercial term loan In November 2016, the Company refinanced its bank term debt, including the commercial term loan and three equipment term loans, along with $500,000 from the revolver, into a new $2,481,943 consolidated five year commercial term loan with a maturity date in November 2021. The interest rate on the loan is a fixed 4.65% per annum and the loan requires monthly payments of principal and interest of approximately $46,500. Equipment line of credit In November 2016, the Company entered into an equipment line of credit that allows for advances of up to $1.0 million under the Company's multi-year credit facility. The term of this equipment line of credit is six years, maturing in November 2022, inclusive of a maximum one-year draw period. Repayment shall consist of monthly interest only payments, equal to the bank's prime rate plus 0.25% as to each advance commencing on the date of the loan through the earlier of: (i) one year from the date of the loan or (ii) the date upon which the equipment line of credit is fully advanced (the “Conversion Date”). On the Conversion Date, principal and interest payments will be due and payable monthly in an amount sufficient to pay the loan in full based upon an amortization schedule commensurate with the remaining term of the loan. At March 31, 2017, $416,949 has been drawn on the equipment line of credit. At December 31, 2016, $102,500 had been drawn on the equipment line of credit. Debt issuance costs The amount of the commercial term loan presented in the table above is net of debt issuance costs of $39,712 and $45,858 at March 31, 2017 and December 31, 2016 respectively. Bank covenants The bank facility contains both financial and non-financial covenants. The financial covenants include maintaining certain debt coverage and leverage ratios. The non-financial covenants relate to various matters including notice prior to executing further borrowings and security interests, mergers or consolidations, acquisitions, guarantees, sales of assets other than in the normal course of business, leasing, changes in ownership and payment of dividends. The Company was in compliance with all bank covenants as of March 31, 2017. Other Debt Equipment notes In January 2013, the Company entered into two equipment notes totaling $272,500 with a financing company to acquire production equipment. The notes bear interest at the fixed rate of 4.66% and require monthly payments of principal and interest of approximately $5,000 over a five year term maturing in January 2018. Subordinated promissory notes In December 2013, the Company completed a private offering in which the Company sold an aggregate of $500,000 in subordinated promissory notes. The unsecured notes required quarterly interest-only payments at a rate of 10% per annum for the first two years. In December 2015, the interest rate increased to 12% per annum. The Company’s two largest beneficial owners of stock and a director participated in the private offering as follows: REF Securities, LLP, beneficial owner of approximately 13% of the Company’s common stock, invested $100,000 in the offering; the Chambers Medical Foundation (the “Foundation”), beneficial owner of approximately 10% of the Company’s common stock, invested $100,000 in the offering; and Mr. E.P. Marinos, a director, invested $50,000 in the offering. The Company’s Chairman of the Board is a co-trustee of the Foundation but has held no dispositive powers since his appointment as such.
In October 2016, the Company and six of the seven investors in the private offering, aggregating $450,000 of the notes, including the three related parties holding $250,000 of the notes, agreed to extend the maturity dates of the notes to December 31, 2018 at a rate of 10% per annum. One investor did not extend the maturity date and that $50,000 note was paid at maturity in December 2016. The notes are subordinated to all indebtedness of the Company pursuant to its multi-year bank credit facility. In connection with the subordinated promissory notes, the Company issued 100,000 warrants to purchase the Company's common stock, including 20,000 warrants to REF Securities, LLP, 20,000 warrants to the Foundation and 10,000 warrants to Mr. Marinos. The warrants were exercisable through December 2016 at an exercise price of $3.51 per share. In 2014, 30,000 warrants were exercised, including 20,000 by the Foundation. No warrants were exercised in 2015 or 2016. In October 2016, in connection with the extension of the maturity dates of the subordinated promissory notes, the expiration date of the remaining 70,000 warrants was extended to December 31, 2018. The exercise price remained unchanged at $3.51 per share. The 70,000 warrants remain unexercised at March 31, 2017. In the fourth quarter of 2016, the Company calculated the incremental fair value of extending the expiration date of the Notes and Warrants and determined that the amendment represented a debt modification in accordance with the guidance outlined in ASC-470, “Debt”. Using the Black-Scholes model, and the 10% test, the Company determined that the incremental fair value of the warrants to be $18,310 which was recorded as a reduction against the Notes and an increase in Additional Paid-in Capital. The discount on the notes is being recognized as non-cash interest expense over the term of the notes. The Company recorded $2,218 and $6,921 for three months ended March 31, 2017 and 2016 of non-cash interest expense related to the amortization of the discount. The unamortized discount which is net against the outstanding balance of the subordinated promissory notes is $15,771 at March 31, 2017 and $17,989 at December 31, 2016.
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Income Taxes
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Income Taxes
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3 Months Ended |
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Mar. 31, 2017
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| Income Taxes [Abstract] | |
| Income Taxes | 7. Income Taxes No provision for income taxes has been recorded in the three months ended March 31, 2017 or 2016, respectively. The Company has a full valuation allowance against its deferred tax assets as of March 31, 2017 and December 31, 2016. At March 31, 2017 the Company has federal and state net operating loss carryforwards totaling $9,124,000 and $10,780,000, respectively, which begin to expire in 2030. The Company also has federal and state tax credit carryovers of $305,800 and $188,000 respectively. The federal and state tax credits begin to expire in 2026 and 2027, respectively.
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Commitments and Contingencies
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Commitments and Contingencies
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3 Months Ended |
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Mar. 31, 2017
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| Commitments and Contingencies [Abstract] | |
| Commitments and Contingencies | 8. Commitments and Contingencies Legal matters In the ordinary course of its business, the Company is involved in various legal proceedings involving a variety of matters. The Company does not believe there are any pending legal proceedings that will have a material impact on the Company’s financial position or results of operations. Off-balance sheet arrangements In the second quarter of 2016 the Company consolidated its operating leases. Lease expense under all operating leases was approximately $7,230 and $3,322 for the three months ended March 31, 2017 and 2016, respectively.
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Shareholders' Equity
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Shareholders' Equity
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Mar. 31, 2017
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| Shareholders' Equity | 9. Shareholders’ Equity Stock options and share-based incentive plan The following table sets forth the stock option transactions for the three months ended March 31, 2017:
For the three months ended March 31, 2017 and 2016, share-based compensation expense related to stock options amounted to $14,971 and $15,133, respectively, and is included in general and administrative expenses. For the three months ended March 31, 2017, no options were granted, exercised, forfeited or expired. For the three months ended March 31, 2016, no options were granted, forfeited or expired. For the three months ended March 31, 2016, 15,000 options were exercised generating proceeds of $51,150. Warrants For the three months ended March 31, 2017 and 2016, there were no warrants exercised. As of March 31, 2017, 70,000 warrants remain unexercised including 20,000 by the Company’s largest beneficial owner, REF Securities, LLP, and 10,000 by Mr. E. P. Marino, a director of the Company. The warrants expire in December 2018. Common Stock For the three months ended March 31, 2017, the Company granted 4,360 shares of the Company’s common stock with a fair value of $11,250 for director fess in lieu of cash payments. For the three months ended March 31, 2016 there were no such stock grants.
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Subsequent Events
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Subsequent Events
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3 Months Ended |
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Mar. 31, 2017
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| Subsequent Events [Abstract] | |
| Subsequent Events | 10. Subsequent Events Bank debt In May 2017, the Company’s bank approved the renewal of the Company’s revolving line of credit for a one year term, maturing in June 2018, under substantially the same terms as the current revolver, subject to the Company meeting certain closing requirements. The Company expects to receive a commitment letter from the bank in May 2017 and expects to close on the renewal in June 2017.
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Inventories (Tables)
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Inventories (Tables)
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Mar. 31, 2017
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Property, Plant and Equipment, net (Tables)
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Property, Plant and Equipment, net (Tables)
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Mar. 31, 2017
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Intangible Assets, net (Tables)
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Intangible Assets, net (Tables)
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Mar. 31, 2017
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| Intangibles Assets |
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Debt (Tables)
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Debt (Tables)
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Mar. 31, 2017
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| Summary of Debt |
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Shareholders' Equity (Tables)
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Shareholders' Equity (Tables)
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Mar. 31, 2017
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| Shareholders' Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock Option Transactions |
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Basis of Presentation (Details)
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Basis of Presentation (Details) (USD $)
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3 Months Ended | |
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Mar. 31, 2017
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Dec. 31, 2016
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| Revolving line of credit | 2,610,795 | $ 1,785,795 |
| Revolving Credit Facility [Member] | ||
| Debt instrument, renewal period | 1 year |
Inventories (Details)
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Inventories (Details) (USD $)
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Mar. 31, 2017
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Dec. 31, 2016
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| Inventories [Abstract] | ||
| Raw materials | $ 1,055,210 | $ 1,027,474 |
| Work-in-process | 726,121 | 537,858 |
| Finished goods | 1,571,952 | 1,494,753 |
| Total | 3,353,283 | 3,060,085 |
| Silver inventory | $ 600,092 | $ 521,746 |
Property, Plant and Equipment, net (Narrative) (Details)
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Property, Plant and Equipment, net (Narrative) (Details) (USD $)
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1 Months Ended | 3 Months Ended | ||
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Jan. 31, 2016
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sqft
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Mar. 31, 2017
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Mar. 31, 2016
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Dec. 31, 2016
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| Property, Plant and Equipment, net [Abstract] | ||||
| Depreciation expense | $ 395,120 | $ 361,001 | ||
| Number of unoccupied buildings with letter of intent to sale | 2 | |||
| Area of building | 52,000 | |||
| Assets held for sale, net | $ 688,750 | $ 688,750 | ||
Property, Plant and Equipment, net (Property, Plant and Equipment, net) (Details)
Intangible Assets, net (Narrative) (Details)
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Intangible Assets, net (Narrative) (Details) (USD $)
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3 Months Ended | |
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Mar. 31, 2017
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Mar. 31, 2016
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| Intangible Assets, net [Abstract] | ||
| Amortization expense | $ 439 | $ 439 |
Intangible Assets, net (Intangible Assets) (Details)
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Intangible Assets, net (Intangible Assets) (Details) (USD $)
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3 Months Ended | |
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Mar. 31, 2017
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Dec. 31, 2016
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| Intangible Assets [Line Items] | ||
| Gross | $ 45,112 | $ 39,831 |
| Accumulated Amortization | 10,177 | 9,738 |
| Net | 34,935 | 30,093 |
| Patents and Trademarks [Member] | ||
| Intangible Assets [Line Items] | ||
| Estimated Useful Life (in years) | 10 years | |
| Gross | 26,290 | 26,290 |
| Accumulated Amortization | 10,177 | 9,738 |
| Net | 16,113 | 16,552 |
| Patents and Trademarks Pending | ||
| Intangible Assets [Line Items] | ||
| Gross | 18,822 | 13,541 |
| Net | $ 18,822 | $ 13,541 |
Debt (Bank Debt Narrative) (Details)
Debt (Other Debt Narrative) (Details)
Debt (Summary of Debt) (Details)
Income Taxes (Narrative) (Details)
Commitments and Contingencies (Details)
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Commitments and Contingencies (Details) (USD $)
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3 Months Ended | |
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Mar. 31, 2017
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Mar. 31, 2016
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| Commitments and Contingencies [Abstract] | ||
| Operating lease expense, office equipment | $ 7,230 | $ 3,322 |
Shareholders' Equity (Narrative) (Details)
Shareholders' Equity (Stock Option Transactions) (Details)