Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

January 1, 2018,

the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)

606,

Revenue from Contracts with Customers and all the related amendments (the “new revenue standard”) with respect to all contracts using the modified retrospective method. As a majority of the Company’s sales revenue continues to be recognized when products are shipped from its manufacturing facility, and there was

change in the recognition model historically applied to active license and royalty contracts under the new revenue standard, there was

adjustment to the opening balance of retained earnings. The impact to the Company’s results of operations is

not

expected to be material, on an on-going basis, because the analysis of the Company’s contracts under the new revenue standard supports a recognition model consistent with the Company’s current revenue recognition model. Revenue on the majority of the Company’s contracts will continue to be recognized over time because of the continuous transfer of control to the customer.

Products-

Product revenues are primarily generated from the sale and prototyping of molds and bulk alloy products. Revenue is recognized when i) persuasive evidence of an arrangement exists, ii) delivery has occurred, iii) the sales price is fixed or determinable, iv) collection is probable and v) all obligations have been substantially performed pursuant to the terms of the arrangement. When the Company receives consideration, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a sales contract, it records deferred revenue, which represents a contract liability. The Company will recognize deferred revenue as products revenue after it has transferred control of the goods or services to the customer and all revenue recognition criteria are met. Such amounts are

not

expected to be material on an ongoing basis.

Licensing and royalties-

License revenue arrangements in general provide for the grant of an exclusive or non-exclusive right to manufacture and/or sell products covered by patented technologies owned or controlled by the Company. The intellectual property rights granted

may

be perpetual in nature, extending until the expiration of the related patents, or can be granted for a defined period of time. Licensing revenues that are

one

-time fees upon the granting of the license are recognized when i) the license term begins in a manner consistent with the nature of the transaction and the earnings process is complete, ii) when collectability is reasonably assured or upon receipt of an upfront fee, and iii) when all other revenue recognition criteria have been met. Pursuant to the terms of these agreements, the Company has

further obligation with respect to the grant of the license. Licensing revenues that are related to royalties are recognized as the royalties are earned over the related period.

Practical Expedients and Exemptions-

The Company generally expenses sales commissions when incurred because the amortization period would have been

one

year or less. These costs are recorded within selling, marketing, general and administrative expenses. The Company does

not

disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of

one

year or less and (ii) contracts for which the Company recognizes revenue at the amount for which it has the right to invoice for services performed.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and

Cash Equivalents

The Company considers all highly liquid investments with maturity dates of

three

months or less when purchased to be cash equivalents. The Company limits the amount of credit exposure to each individual financial institution and places its temporary cash into investments of high credit quality with a financial institution that exceeds federally insured limits. The Company has

not

experienced any losses related to these balances and believes its credit risk to be minimal. As of

June 30, 2018

and

December 31, 2017,

the Company held deposits of

$15,023

and

$0,

respectively, in such highly liquid investments.

Inventory, Policy [Policy Text Block]

Inventory

Inventory is stated at the lower of weighted-average cost or net realizable value. Inventory is recorded at actual cost when purchased and then expensed at weighted-average cost as used in production and/or shipped to satisfy customer orders. We perform an analysis of our inventory balances at least quarterly to determine If the carrying amount of inventories exceeds their net realizable value. The analysis of estimated net realizable value is based on the forecasted pipeline for customer orders, market trends and historical pricing. If the carrying amount exceeds the estimated net realizable value, the carrying amount is reduced to the estimated net realizable value.

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets

The Company reviews long-lived assets to be held and used in operations for impairment whenever events or changes in circumstances indicate that the carrying value of an asset

may

be impaired. These evaluations

may

result from significant decreases in the overall market outlook for the Company’s technology or the market price of an asset, a significant adverse change in the extent or manner in which an asset is being used in its physical condition, a significant adverse change in legal factors or in the business climate that could affect the value of an asset, as well as economic or operational analyses. An impairment loss is recognized when the estimated fair value of the assets is less than the carrying value of the assets. Based on the Company’s review of both qualitative and quantitative factors

impairment charges have been recognized during the

six

months ended

June 30, 2018

and

2017,

respectively.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value

Measurements

The estimated fair values of financial instruments reported in the consolidated financial statements have been determined using available market information and valuation methodologies, as applicable. The fair value of cash and restricted cash approximate their carrying value due to their short maturities and are classified as Level

instruments within the fair value hierarchy.

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Entities are required to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value based upon the following fair value hierarchy:

Level

—

Quoted prices in active markets for identical assets or liabilities;

Level

—

Observable inputs other than Level

prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are

not

active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and

Level

—

Unobservable inputs that are supported by little or

market activity and that are significant to the fair value of the assets or liabilities.

The Company has several financial instruments, namely warrant liabilities that are recorded at fair value on a periodic basis using Level

measurement inputs. These instruments are evaluated under the hierarchy of FASB ASC Subtopic

480

10,

FASB ASC Paragraph

815

and FASB ASC Subparagraph

815

addressing the accounting for certain financial instruments with characteristics of both liabilities and equity and derivative accounting. The fair value of such instruments is estimated using the Black-Scholes option pricing model. Due to the presence of certain anti-dilution and exercise price reset provisions, such instruments are required to be classified as liabilities (see Note

As of

June 30, 2018,

the following table represents the Company’s fair value hierarchy for items that are required to be measured at fair value on a recurring basis:

	Fair Value		Level 1		Level 2		Level 3

Warrant liabilities (long-term)		2,184		-		2,184		-

As of

December 31, 2017,

the following table represents the Company’s fair value hierarchy for items that are required to be measured at fair value on a recurring basis:

	Fair Value		Level 1		Level 2		Level 3

Warrant liabilities (long-term)		2,192		-		2,192		-

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Leases

February 2016,

the FASB issued an accounting standards update which modifies the accounting for leasing arrangements, particularly those arrangements classified as operating leases. This update will require entities to recognize the assets and liabilities arising from operating leases on the balance sheet. This guidance is effective for fiscal and interim periods beginning after

December 15, 2018

and is required to be applied retrospectively to all leasing arrangements. The adoption of this guidance is

not

expected to have a significant impact on the Company’s consolidated financial statements.

Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants and the Securities and Exchange Commission (“SEC”) did

not

or are

not

believed by management to have a material impact on the Company's present or future consolidated financial statements.