0001144204-12-059708.txt : 20121106 0001144204-12-059708.hdr.sgml : 20121106 20121106160215 ACCESSION NUMBER: 0001144204-12-059708 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121106 DATE AS OF CHANGE: 20121106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCI Engineered Materials, Inc. CENTRAL INDEX KEY: 0000830616 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRICAL INDUSTRIAL APPARATUS [3620] IRS NUMBER: 310121318 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-31641 FILM NUMBER: 121183251 BUSINESS ADDRESS: STREET 1: 2839 CHARTER STREET CITY: COLUMBUS STATE: OH ZIP: 43228 BUSINESS PHONE: 6144860261 MAIL ADDRESS: STREET 1: 2839 CHARTER STREET CITY: COLUMBUS STATE: OH ZIP: 43228 FORMER COMPANY: FORMER CONFORMED NAME: SUPERCONDUCTIVE COMPONENTS INC DATE OF NAME CHANGE: 20000918 10-Q 1 v325592_10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2012

or

 

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________ to ___________

 

Commission file number: 0-31641

 

SCI ENGINEERED MATERIALS, INC.

(Exact name of registrant as specified in its charter)

 

Ohio 31-1210318
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

 

2839 Charter Street, Columbus, Ohio 43228

(Address of principal executive offices) (Zip Code)

 

(614) 486-0261

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨ Accelerated filer ¨ Non-accelerated filer ¨ Smaller reporting company x

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

 

3,820,898 shares of Common Stock, without par value, were outstanding at October 31, 2012.

 

 

1
 

 

FORM 10-Q

 

SCI ENGINEERED MATERIALS, INC.

 

Table of Contents

  

  Page No.
   
PART I. FINANCIAL INFORMATION  
   
Item 1. Financial Statements.  
   
Balance Sheets as of September 30, 2012 (unaudited) and December 31, 2011 3
   
Statements of Operations for the Three and Nine Months Ended September 30, 2012 and 2011 (unaudited) 5
   
Statements of Cash Flows for the Nine Months Ended September 30, 2012 and 2011 (unaudited) 6
   
Statement of Shareholders’ Equity for the Nine Months Ended September 30, 2012 (unaudited) 7
   
Notes to Financial Statements (unaudited) 8
   
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 14
   
Item 3. Quantitative and Qualitative Disclosures About Market Risk. N/A
   
Item 4. Controls and Procedures. 23
   
PART II. OTHER INFORMATION  
   
Item 1. Legal Proceedings. N/A
   
Item 1A.Risk Factors N/A
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. N/A
   
Item 3. Defaults Upon Senior Securities. N/A
   
Item 4. (Removed and Reserved). N/A
   
Item 5. Other Information. N/A
   
Item 6. Exhibits. 25
   
Signatures. 27

 

 

2
 

 

 

PART I.  FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
 
SCI ENGINEERED MATERIALS, INC.
 
BALANCE SHEETS

 

ASSETS 

 

   September 30,   December 31, 
   2012   2011 
   (UNAUDITED)     
Current Assets          
Cash  $591,378   $798,069 
Accounts receivable:          
Trade, less allowance for doubtful accounts of $15,000   638,237    488,031 
Contract   19,475    23,962 
Other   1,873    5,610 
Inventories   1,444,345    1,045,503 
Prepaid expenses   83,261    65,292 
Total current assets   2,778,569    2,426,467 
           
           
           
Property and Equipment, at cost          
Machinery and equipment   7,004,741    6,135,664 
Furniture and fixtures   137,911    134,666 
Leasehold improvements   317,870    317,870 
Construction in progress   -    323,326 
    7,460,522    6,911,526 
Less accumulated depreciation   (4,105,612)   (3,692,401)
    3,354,910    3,219,125 
           
           
Other Assets          
Deposits   15,333    18,425 
Deferred financing fees   40,902    51,779 
Intangibles   13,346    15,453 
Total other assets   69,581    85,657 
          
TOTAL ASSETS  $6,203,060   $5,731,249 

 

The accompanying notes are an integral part of these financial statements.

 

3
 

 

 SCI ENGINEERED MATERIALS, INC.
 
 BALANCE SHEETS, Continued
 
LIABILITIES AND SHAREHOLDERS' EQUITY

 

   September 30,   December 31, 
   2012   2011 
   (UNAUDITED)     
Current Liabilities          
Capital lease obligations, current portion  $220,645   $292,488 
Notes payable, current portion   314,978    432,064 
Accounts payable   406,767    363,790 
Customer deposits   652,749    255,122 
Accrued compensation   94,414    56,610 
Accrued expenses and other   96,829    213,995 
Total current liabilities   1,786,382    1,614,069 
           
Capital lease obligations, net of current portion   217,851    384,697 
Notes payable, net of current portion   1,118,165    665,706 
Total liabilities   3,122,398    2,664,472 
           
Commitments and contingencies          
           
Shareholders' Equity          
Convertible preferred stock, Series B, 10% cumulative,          
nonvoting, no par value, $10 stated value, optional          
redemption at 103%; optional shareholder conversion 2 shares for 1;          
24,152 shares issued and outstanding   411,792    393,678 
Common stock, no par value, authorized 15,000,000 shares;          
3,820,898 and 3,802,898 shares issued and outstanding, respectively   9,790,800    9,766,740 
Additional paid-in capital   1,739,101    1,678,981 
Accumulated deficit   (8,861,031)   (8,772,622)
    3,080,662    3,066,777 
           
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $6,203,060   $5,731,249 

 

The accompanying notes are an integral part of these financial statements.

 

4
 

 

SCI ENGINEERED MATERIALS, INC.
 
STATEMENTS OF OPERATIONS
 
THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011
 
(UNAUDITED)

 

   THREE MONTHS ENDED SEPT. 30,   NINE MONTHS ENDED SEPT. 30, 
   2012   2011   2012   2011 
                 
Product revenue  $1,926,040   $1,947,849   $6,387,799   $6,389,880 
Contract research revenue   56,363    140,569    181,363    493,740 
    1,982,403    2,088,418    6,569,162    6,883,620 
                     
Cost of product revenue   1,373,258    1,675,287    5,021,258    5,292,643 
Cost of contract research revenue   46,969    118,225    147,552    331,704 
    1,420,227    1,793,512    5,168,810    5,624,347 
                     
Gross profit   562,176    294,906    1,400,352    1,259,273 
                     
General and administrative expense   247,470    239,027    818,939    790,261 
                     
Research and development expense   62,646    133,205    230,035    495,392 
                     
Marketing and sales expense   139,381    131,096    399,185    407,068 
                     
Income (loss) from operations   112,679    (208,422)   (47,807)   (433,448)
                     
Other income (expense)                    
 Interest income   187    543    810    2,129 
 Interest expense   (20,030)   (20,042)   (65,214)   (57,708)
 (Loss) gain on disposal of equipment   (850)   -    (850)   425 
    (20,693)   (19,499)   (65,254)   (55,154)
                     
Income (loss) before provision for income tax   91,986    (227,921)   (113,061)   (488,602)
                     
Income tax (expense) benefit   (1,237)   (156,637)   24,652    (165,112)
                     
Net income (loss)   90,749    (384,558)   (88,409)   (653,714)
                     
Dividends on preferred stock   (6,038)   (6,038)   (18,114)   (18,114)
                     
INCOME (LOSS) APPLICABLE TO COMMON SHARES  $84,711   $(390,596)  $(106,523)  $(671,828)
                     
Earnings per share - basic and diluted (Note 6)                    
Income (loss) per common share                    
Basic  $0.02   $(0.10)  $(0.03)  $(0.18)
Diluted  $0.02   $(0.10)  $(0.03)  $(0.18)
                     
Weighted average shares outstanding                    
Basic   3,817,963    3,779,768    3,812,019    3,778,620 
Diluted   3,827,774    3,779,768    3,812,019    3,778,620 

 

The accompanying notes are an integral part of these financial statements.

 

5
 

 

SCI ENGINEERED MATERIALS, INC.
 
STATEMENTS OF CASH FLOWS
 
NINE MONTHS ENDED SEPTEMBER 30, 2012 AND 2011
 
(UNAUDITED)

 

         
   2012   2011 
CASH FLOWS FROM OPERATING ACTIVITIES        
 Net loss  $(88,409)  $(653,714)
 Adjustments to reconcile net loss to net cash provided by operating activities:          
   Depreciation and accretion   433,841    391,901 
   Amortization   2,107    2,316 
   Stock based compensation   102,294    88,349 
   Patent impairment   -    38,726 
   Loss (gain) on disposal of equipment   850    (425)
   Deferred income taxes   -    156,000 
   Inventory reserve   23,095    22,369 
   Credit for doubtful accounts   -    (530)
   Changes in operating assets and liabilities:          
       Accounts receivable   (141,982)   277,419 
       Inventories   (421,937)   (215,383)
       Prepaid expenses   (17,969)   (20,904)
       Other assets   13,969    (26,875)
       Accounts payable   42,977    85,777 
       Accrued expenses and customer deposits   311,786    311,650 
             Net cash provided by operating activities   260,622    456,676 
           
CASH FLOWS FROM INVESTING ACTIVITIES          
 Proceeds on sale of equipment   -    425 
 Purchases of property and equipment   (563,997)   (1,069,537)
             Net cash used in investing activities   (563,997)   (1,069,112)
           
CASH FLOWS FROM FINANCING ACTIVITIES          
 Proceeds from exercise of common stock options   -    12,150 
 Proceeds from notes payable   911,546    642,126 
 Principal payments on capital lease obligations and notes payable   (814,862)   (350,588)
 Payment of cumulative dividends on preferred stock   -    (24,152)
             Net cash provided by financing activities   96,684    279,536 
           
NET DECREASE IN CASH   (206,691)   (332,900)
           
CASH - Beginning of period   798,069    1,511,752 
           
CASH - End of period  $591,378   $1,178,852 
           
SUPPLEMENTAL DISCLOSURES OF CASH          
 FLOW INFORMATION          
Cash paid during the period for:          
Interest  $65,214   $57,708 
Income taxes   605    713 
           
SUPPLEMENTAL DISCLOSURES OF NONCASH          
FINANCING ACTIVITIES          
Property and equipment purchased by capital lease   -    185,000 
Increase in asset retirement obligation   6,480    4,968 

 

The accompanying notes are an integral part of these financial statements.

 

6
 

 

 

     SCI ENGINEERED MATERIALS, INC.
 
 STATEMENT OF SHAREHOLDERS' EQUITY
 
NINE MONTHS ENDED SEPTEMBER 30, 2012
 
(UNAUDITED)

 

                     
   Convertible       Additional         
   Preferred Stock,   Common   Paid-In   Accumulated     
   Series B   Stock   Capital   Deficit   Total 
Balance at January 1, 2012  $393,678   $9,766,740   $1,678,981   $(8,772,622)  $3,066,777 
                          
Accretion of cumulative dividends   18,114    -    (18,114)   -    - 
                          
Common stock issued (Note 3)   -    24,060    -    -    24,060 
                          
Stock based compensation expense (Note 3)   -    -    78,234    -    78,234 
                          
Net loss   -    -    -    (88,409)   (88,409)
                          
Balance at September 30, 2012  $411,792   $9,790,800   $1,739,101   $(8,861,031)  $3,080,662 

 

The accompanying notes are an integral part of these financial statements.      

 

 

7
 

SCI ENGINEERED MATERIALS, INC.

NOTES TO FINANCIAL STATEMENTS

 

Note 1. Business Organization and Purpose

 

SCI Engineered Materials, Inc. (“SCI”, or the “Company”), formerly Superconductive Components, Inc., an Ohio corporation, was incorporated in 1987. The Company operates in the Physical Vapor Deposition (“PVD”) industry in which it develops, commercializes technologies, and manufactures ceramics and metals for advanced applications in: Photonics, Solar, Thin Film Battery, and, to a lesser extent High Temperature Superconductor (“HTS”) materials.

 

Note 2. Summary of Significant Accounting Policies

 

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments considered necessary for fair presentation of the results of operations for the periods presented have been included. The financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2011. Interim results are not necessarily indicative of results for the full year.

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of 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.

 

Note 3. Common Stock and Stock Options

 

Stock Based Compensation - Compensation cost for all stock-based awards is based on the grant date fair value and recognized over the required service (vesting) period. Non cash stock based compensation expense was $31,415 and $27,056 for the three months ended September 30, 2012 and 2011, respectively. Non cash stock based compensation expense was $102,294 and $88,349 for the nine months ended September 30, 2012 and 2011, respectively. Unrecognized compensation expense was $531,203 as of September 30, 2012 and will be recognized through 2017. There was no tax benefit recorded for this compensation cost as the expense primarily relates to incentive stock options that do not qualify for a tax deduction until, and only if, a qualifying disposition occurs.

 

During the nine months ended September 30, 2012, the four non-employee board members each received compensation of 4,500 shares of common stock of the Company.

 

During the nine months ended September 30, 2011, a total of 8,000 stock options were exercised at an average price of $1.52. The total cash proceeds were $12,150.

 

 

8
 

   

SCI ENGINEERED MATERIALS, INC.

NOTES TO FINANCIAL STATEMENTS

 

Note 3. Common Stock and Stock Options (continued)

 

The cumulative status of options granted and outstanding at September 30, 2012, and December 31, 2011, as well as options which became exercisable in connection with the Stock Option Plans is summarized as follows:

 

Employee Stock Options

       Weighted 
       Average 
   Stock Options   Exercise Price 
           
Outstanding at January 1, 2011   783,750   $4.35 
 Exercised   (17,000)   1.55 
 Expired   (30,000)   1.90 
Outstanding at December 31, 2011   736,750   $4.52 
 Expired   (144,500)   1.59 
Outstanding at September 30, 2012   592,250   $5.23 
Options exercisable at December 31, 2011   419,375   $3.41 
Options exercisable at September 30, 2012   322,250   $4.59 

 

Non-Employee Director Stock Options

 

       Weighted 
       Average 
   Stock Options   Exercise Price 
         
Outstanding at January 1, 2011   282,500   $3.60 
 Exercised   (10,000)   1.50 
 Expired   (22,500)   1.46 
Outstanding at December 31, 2011   250,000   $3.87 
Outstanding at September 30, 2012   250,000   $3.87 
Shares exercisable at December 31, 2011   250,000   $3.87 
Shares exercisable at September 30, 2012   250,000   $3.87 

 

Exercise prices for options ranged from $1.00 to $6.00 at September 30, 2012. The weighted average option price for all options outstanding was $4.83 with a weighted average remaining contractual life of 4.3 years.

 

9
 

SCI ENGINEERED MATERIALS, INC.

NOTES TO FINANCIAL STATEMENTS

 

Note 4. Preferred Stock

 

On February 28, 2012 the Board of Directors voted not to authorize the payment of a cash dividend on convertible preferred stock, Series B, to shareholders of record as of December 31, 2011. Dividends on the Series B preferred stock accrue at 10% annually on the outstanding shares. Accrued Dividends on the Series B preferred stock were $6,038 for the three months ended September 30, 2012 and 2011 and $18,114 for the nine months ended September 30, 2012 and 2011. The Company had accrued dividends on Series B preferred stock of $163,026 and $138,874 at September 30, 2012 and 2011, respectively. These amounts are included in Convertible preferred stock, Series B, on the balance sheet.

 

Note 5. Inventories

 

Inventories consisted of the following:  September 30,   December 31, 
   2012   2011 
   (unaudited)     
Raw materials  $351,446   $273,992 
Work-in-process   986,229    664,216 
Finished goods   187,400    164,930 
Inventory reserve   (80,730)   (57,635)
   $1,444,345   $1,045,503 

 

 

Note 6. Earnings Per Share

 

Basic income (loss) per share is calculated as income available to (loss attributable to) common shareholders divided by the weighted average number of common shares outstanding. Diluted earnings per share is calculated as diluted income available (loss attributable) to common shareholders divided by the diluted weighted average number of common shares outstanding. Diluted weighted average number of common shares gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. Diluted earnings per share exclude all diluted potential shares if their effect is anti-dilutive. For the nine months ended September 30, 2012 and 2011, and the three months ended September 30, 2011, all convertible preferred stock and common stock options listed in Note 3 were excluded from diluted earnings per share due to being out-of-the-money or anti-dilutive. The following is provided to reconcile earnings per share.

          

   Three months ended Sept. 30,   Nine months ended Sept. 30, 
   2012   2011   2012   2011 
                 
Income (loss) applicable                    
 to common shares  $84,711   $(390,596)  $(106,523)  $(671,828)
                     
Weighted average common                    
shares outstanding - basic   3,817,963    3,779,768    3,812,019    3,778,620 
                     
Effect of dilutions   9,811    -    -    - 
                     
Weighted average                    
shares outstanding - diluted   3,827,774    3,779,768    3,812,019    3,778,620 

 

10
 

  

SCI ENGINEERED MATERIALS, INC.

NOTES TO FINANCIAL STATEMENTS

 

Note 7. Notes Payable

 

Subsequent to September 30, 2012, on October 16, 2012, the Company issued a new Promissory Note (the “Note”) in the amount of $213,000 to The Huntington National Bank, as Lender, with a maturity date of February 28, 2014. This Note replaced an existing promissory note to the Huntington National Bank which had a balance of $213,000 at September 30, 2012 and an original maturity date of December 31, 2012.

 

The Note is collateralized by the Company’s inventories, equipment and accounts receivable. Among other items, the Note provides for the following:

 

-Interest subject to change from time to time based on changes in LIBOR. The interest rate applied to the unpaid principal balance is at a rate of 4.0 percentage points over LIBOR. Under no circumstance will the interest rate be less than 5.00% per annum or more than the maximum rate allowed by applicable law.

 

-Interest only payments through December 31, 2012, with a $25,000 principal payment due December 31, 2012 and $25,000 due January 31, 2013. Monthly payments of approximately $5,000, including interest, beginning in January 2013 with remaining principal due at maturity in February 2014.

 

Debt maturities at September 30, 2012 reflect the terms of the above Note.

 

During 2010, the Company applied and was approved for a 166 Direct Loan to borrow up to $744,250 with the Ohio Department of Development (ODOD). This loan was finalized in February 2011. The term of the loan is 84 months at a fixed interest rate of 3%. There is also a 0.25% annual servicing fee charged monthly on the outstanding principal balance. Payments of approximately $10,100, including interest, are payable monthly through November 2018. The loan is collateralized by the related project equipment. As of September 30, 2012 there was an outstanding balance of $676,089 on this loan. During October 2012 the Company received the final draw on this loan in the amount of $22,183.

 

During 2010, the Company also applied and was approved for a 166 Direct Loan through the Advanced Energy Program with the Ohio Air Quality Development Authority (OAQDA) to borrow up to approximately $1.4 million (this maximum commitment by the OAQDA was subsequently reduced to $368,906 on March 20, 2012). The original loan was finalized in February 2011. The interest rate was 3% at December 31, 2011 and increased to 10% effective with the first amendment dated March 20, 2012. A second amendment dated June 12, 2012 returned the interest rate to 3% effective April 10, 2012. There is also an annual servicing fee of $1,600 charged quarterly. The loan is being amortized over 84 months through March 2018. Payments were interest only through March 2012. Thereafter, payments of approximately $16,900, including interest, are payable quarterly. The loan is collateralized by the related project equipment. As of September 30, 2012 there was an outstanding balance of $340,627 on this loan.

 

 

11
 

 

SCI ENGINEERED MATERIALS, INC.

NOTES TO FINANCIAL STATEMENTS

 

Note 7. Notes Payable (continued)

 

An Intercreditor Agreement exists as part of the above mentioned loans with agencies of the State of Ohio. The OAQDA and ODOD agree to shared lien and security interest through mutual covenants. These covenants include, but are not limited to, the creation of an agreed upon number of jobs, filing of quarterly and annual reports and various financial covenants. On March 20, 2012, the Company and OAQDA entered into The First Amendment to Loan Documents which, among other things, waived the debt service coverage requirement for all quarters through and including December 31, 2012. The Company is required to maintain a certain debt to tangible net worth ratio during 2012. On September 11, 2012, the OAQDA adopted a resolution which reduced the debt service coverage ratio effective March 31, 2013. The Company expects to maintain compliance with all covenants through September 30, 2013.

 

During 2006, the Company was approved for a 166 Direct Loan from the Ohio Department of Development in the amount of $400,000. These funds were received in July of 2008 and were used for the purchase of production equipment and to reduce the Company’s capital lease obligations on certain equipment. The term of the loan is 84 months at a fixed interest rate of 3%. There is also a 0.25% annual servicing fee to be charged monthly on the outstanding principal balance. The Company is making monthly servicing fee, interest and principal payments of approximately $6,000. The loan principal balance will be fully amortized at the end of the term in August 2015. The loan is collateralized by the related project equipment. As of September 30, 2012 the loan had a balance of $203,428. This loan is also subject to certain covenants, including job creation and retention. Due to market conditions the Company has informed ODOD that it does not expect to meet the agreed upon job creation covenant by December 31, 2012. Per the agreement, if the Company is unable to meet this requirement, the interest rate on the outstanding balance of the loan shall, at the option of ODOD, increase up to the rate of 6% per annum. ODOD has informed the Company that it will not increase the interest rate as a result of this information.

 

Note 8. Income Taxes

 

Following is the income tax benefit (expense) for the three and nine months ended September 30:

 

   Three months ended Sept. 30,   Nine months ended Sept. 30, 
   2012   2011   2012   2011 
Federal - deferred  $-   $(156,000)  $-   $(156,000)
State and local   (1,237)   (637)   24,652    (9,112)
   $(1,237)  $(156,637)  $24,652   $(165,112)

 

The tax benefit for the nine months ended September 30, 2012 was due to the reversal of an accrual. Deferred tax assets and liabilities result from temporary differences in the recognition of income and expense for tax and financial reporting purposes. A full valuation allowance has been recorded against the realizability of the net deferred tax assets at September 30, 2012 and December 31, 2011.   The Company has net operating loss carryforwards available for federal and state tax purposes of approximately $4,100,000, which expire in varying amounts through 2030.

 

12
 

 

SCI ENGINEERED MATERIALS, INC.

NOTES TO FINANCIAL STATEMENTS

 

Note 9. Liquidity

 

Management has forecasted the Company’s operating and investing plans and financing needs to determine its liquidity to meet cash flow requirements and believes it will have sufficient liquidity at least through September 30, 2013. This forecast was based on current cash levels, projected operating cash flows, currently available financing sources and debt obligations. The Company’s ability to maintain current operations is dependent upon its ability to achieve these forecasted results, which management believes will occur. The Company’s revolving line of credit arrangement with its senior lender expired on April 13, 2012.  There was no balance outstanding under this arrangement at maturity. The Company did not have the need to draw on the revolving line of credit since the original commitment date of January 13, 2009.  The Company does not anticipate the need for a similar credit facility in 2012; although management may pursue revolving credit arrangements as working capital requirements increase. As discussed in Note 7, the Company has successfully restructured its promissory note with Huntington National Bank.

 

 

 

13
 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion should be read in conjunction with the Financial Statements and Notes contained herein and with those in our Form 10-K for the year ended December 31, 2011.

 

Except for the historical information contained herein, the matters discussed in this Quarterly Report on Form 10-Q include certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Those statements include, but may not be limited to, all statements regarding our intent, belief, and expectations, such as statements concerning our future profitability and operating and growth strategy. Words such as “believe,” “anticipate,” “expect,” “will,” “may,” “should,” “intend,” “plan,” “estimate,” “predict,” “potential,” “continue,” “likely” and similar expressions are intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements contained in this Quarterly Report on Form 10-Q and in other statements we make involve risks and uncertainties including, without limitation, the factors set forth under the caption “Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2011, and other factors detailed from time to time in our other filings with the Securities and Exchange Commission. One or more of these factors have affected, and in the future could affect our business and financial condition and could cause actual results to differ materially from plans and projections. Although we believe the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that any of the forward-looking statements included in this Quarterly Report on Form 10-Q will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

 

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statements are made or reflect the occurrence of unanticipated events, unless necessary to prevent such statements from becoming misleading. New factors emerge from time to time and it is not possible for us to predict all factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 

Overview

 

SCI Engineered Materials, Inc. (“SCI”, “we” or the “Company”), formerly Superconductive Components, Inc., an Ohio corporation, was incorporated in 1987. We operate in the physical vapor deposition industry in which we develop, commercialize technologies, and manufacture ceramics and metals for advanced applications in: Photonics, Solar, Thin Film Battery, and, to a lesser extent High Temperature Superconductor (“HTS”) materials. Photonics currently represents the largest market for our targets. We have been gaining traction in the solar industry and we expect adoption of our products by current and new customers. Thin Film Battery is a developing market where manufacturers of batteries use our products to produce very small power supplies with small quantities of stored energy. We have added staff to our Technology group for the development of innovative products.

 

14
 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Executive Summary

 

During 2011 and the first nine months of 2012 we invested approximately $1.8 million in new equipment. We continued to develop transparent conductive oxide systems for the solar and glass industries and added domestic and international customers for these products. Despite short term uncertainties, the solar industry is projected to have strong growth for the next few decades. In addition, the Thin Film Solar (TFS) market, which we serve, is expected to gain market share during that period. Given current market opportunities, we continue to invest in research and development, marketing, and sales. These investments have resulted in ongoing production orders with periodic releases and intermittent repeat orders for several customers, as well as trial and qualification orders that were shipped to customers in the solar industry throughout 2011 and 2012. Early in July 2012, we received increased orders for solar products that were scheduled to ship during the third quarter of 2012. In August, a customer announced it was reorganizing its manufacturing operations which impacted our third quarter 2012 shipments. We had no shipments to this customer in September 2012. This customer represented 6% of our revenue for the nine months ended September 30, 2012. We continue to work closely with all of our customers and are positioned to meet their current and future product requirements.

 

During the period from 2007 through September 2012, we invested over $4 million in new equipment to increase our manufacturing capacity and expand our testing capabilities to position the Company to become a meaningful supplier of Zinc Oxide based Transparent Conductive Oxides (TCO) to the TFS industry.

 

We continue to invest in developing new products for all current markets including our ongoing efforts in transparent conductive oxide systems. These efforts include accelerating time to market for those products and involve research and development expense beyond the scope of specific government grants and awards.

 

We had net income of $90,749 for the three months ended September 30, 2012 compared to a net loss of $384,558 for the three months ended September 30, 2011. We had income applicable to common shares of $84,711 for the three months ended September 30, 2012 compared to a net loss of $390,596 for the same period in 2011. This improvement was attributed to the increase in gross profit and continued reduction in operating expenses.

 

 

15
 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

RESULTS OF OPERATIONS

 

Three and nine months ended September 30, 2012 (unaudited) compared to three and nine months ended September 30, 2011 (unaudited):

 

Revenue

 

For the three months ended September 30, 2012, we had total revenue of $1,982,403. This was a decrease of $106,015, or 5.1%, compared to the three months ended September 30, 2011. We experienced an increase in volume which was offset by a decrease in material cost resulting in a slight decrease in product revenue of $21,809, or 1.1%, for the three months ended September 30, 2012 compared to the same period in 2011. As anticipated, contract revenue was lower by approximately $84,000 in the third quarter of 2012 compared to the same time period in 2011 as two grants drew to a close in 2011.

 

For the nine months ended September 30, 2012, we had total revenue of $6,569,162. This was a decrease of $314,458 or 4.6 %, compared to the nine months ended September 30, 2011. Product revenue in 2012 remained constant despite the loss of a large customer which closed its manufacturing facility during the first quarter of 2011. We shipped approximately $450,000 to this customer during the first nine months of 2011. The loss of this customer’s revenue was offset by increased demand from new and existing customers. Contract revenue was lower by approximately $312,000 in the first nine months of 2012 compared to the first nine months of 2011 as two grants drew to a close in 2011. We do not rely on contract revenue as a main part of our business and do not believe that this reduction will have an adverse effect on our business.

 

Revenue from product sales is recognized upon shipment to customers. Provisions for discounts and rework costs for returns are established when products are shipped based on historical experience. Customer deposits represent cash received in advance of revenue earned.

 

Revenue from contract research provided for third parties is recognized on the percentage of completion method. Contract research revenue is recognized during the period qualifying expenses are incurred for the research that is performed as set forth under the terms of the grant award agreements.

 

Gross Profit/Margin

 

Gross profit was $562,176 for the three months ended September 30, 2012 compared to $294,906 for the same three months in 2011. This was an increase of $267,270, or 90.6%. The increase in gross profit was attributed to increased volume and lower production costs. Gross margin was 28.4% for the three months ended September 30, 2012 compared to 14.1% for the same period in 2011. The increase in gross margin can be attributed to an improved product mix and improved manufacturing efficiencies, which resulted in the higher gross profit.

 

Gross profit was $1,400,352 for the nine months ended September 30, 2012 compared to $1,259,273 for the same nine months in 2011. This was an increase of $141,079, or 11.2%. The increase in gross profit was attributed to increased volume and lower production costs. Gross margin was 21.3% for the first nine months of 2012 compared to 18.3% for the same period in 2011. The increase in gross margin can be attributed to an improved product mix and improved manufacturing efficiencies, which resulted in the higher gross profit.

 

16
 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

General and Administrative Expense

 

General and administrative expense for the three months ended September 30, 2012 increased to $247,470 from $239,027 for the three months ended September 30, 2011, or 3.5%. The third quarter of 2012 included higher professional fees of approximately $8,000, and also higher non-cash stock based compensation of approximately $6,000 compared to the third quarter of 2011.  These increases offset savings of approximately $11,000 in other areas that included compensation and office expense.      

 

General and administrative expense for the nine months ended September 30, 2012 increased to $818,939 from $790,261 for the nine months ended September 30, 2011, or 3.6%. The first nine months of 2012 included higher professional fees of approximately $18,000, and also higher non-cash stock based compensation of approximately $24,000 compared to the first nine months of 2011.  These increases offset savings of approximately $29,000 in other areas that included compensation, rent and office expense. We continue to monitor all expenses.     

 

Professional Fees

 

Included in general and administrative expense was $32,870 and $24,905 for professional fees for the three months ended September 30, 2012 and 2011, respectively. The increase was due to higher accounting and public relation fees during the third quarter of 2012 compared to the third quarter of 2011.

 

Included in general and administrative expense was $163,593 and $146,079 for professional fees for the nine months ended September 30, 2012 and 2011, respectively. An increase in accounting fees was partially offset by lower professional fees in other areas. These continued expenses are related to SEC compliance costs for legal, accounting and stockholder relations fees.

 

Research and Development Expense

 

Research and development expense for the three months ended September 30, 2012 was $62,646 compared to $133,205 for the same period in 2011, a decrease of 53.0%. The third quarter of 2011 included higher costs related to developing innovative transparent conductive oxide systems to further align our activities with customer needs.  Expense related to this area was lower by approximately $40,000 in the third quarter of 2012 compared to the same time period in 2011. Additional savings in the third quarter of 2012 of approximately $29,000 included other research areas and compensation. These research and development endeavors have moved us beyond the scope of our current federal and state grants and awards.

 

Research and development expense for the nine months ended September 30, 2012 was $230,035 compared to $495,392 for the same period in 2011, a decrease of 53.6%. Expense related to developing innovative transparent conductive oxide systems was lower by approximately $142,000 in the first nine months of 2012 compared to the same time period in 2011. Additional savings in the first nine months of 2012 of approximately $92,000 included reductions in spending in other research areas. The first nine months of 2011 also included a non-cash impairment charge of approximately $39,000.

 

 

17
 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Marketing and Sales Expense

 

Marketing and sales expense for the three months ended September 30, 2012 increased 6.3% to $139,381 from $131,096 for the same period in 2011. Compensation was slightly higher in the third quarter of 2012 due to the higher gross profit generated.

 

Marketing and sales expense for the nine months ended September 30, 2012 decreased 1.9% to $399,185 from $407,068 for the same period in 2011. This decrease was related to lower commissions to our outside manufacturing sales representatives and less travel expense.

 

Stock Compensation Expense

 

Included in operating expenses were non cash stock based compensation costs of $31,415 and $26,289 for the three months ended September 30, 2012 and 2011, respectively, and $101,271 and $85,113 for the nine months ended September 30, 2012 and 2011, respectively. Compensation cost for all stock-based awards is based on the grant date fair value and is recognized over the required service (vesting) period. Unrecognized non cash stock based compensation expense related to operating expense was $531,203 as of September 30, 2012 and will be recognized through 2017.

 

Interest Expense

 

Interest expense was $20,030 and $20,042 for the three months ended September 30, 2012 and 2011, respectively and $65,214 and $57,708 for the nine months ended September 30, 2012 and 2011, respectively. The year to date increase was due to the addition of loan proceeds received from agencies of the State of Ohio and a promissory note from our bank.

 

Income Tax Benefit (Expense)

Income tax expense was $1,237 for the three months ended September 30, 2012. Income tax benefit for the nine months ended September 30, 2012 was $24,652. Income tax expense for the three and nine months ended September 30, 2011 was $156,637 and $165,112, respectively. During the third quarter of 2011, we determined a full valuation allowance against our remaining deferred tax assets was necessary. As a result, we recorded a non-cash charge related to continuing operations of $156,000 during the third quarter of 2011. The valuation allowance does not impact our ability to utilize our net operating loss carryforwards to offset taxable earnings in the future.

 

Income taxes are accounted for using the asset and liability approach in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 740, Income Taxes ("ASC 740"). Deferred tax assets and liabilities reflect the impact of temporary differences between the carrying amount of assets and liabilities and their tax basis and are stated at tax rates expected to be in effect when taxes are actually paid or recovered.

  

 

18
 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Income/loss Applicable to Common Shares

 

Income applicable to common shares was $84,711 for the three months ended September 30, 2012 compared to a loss of $390,596 for the three months ended September 30, 2011. Loss applicable to common shares was $106,523 for the nine months ended September 30, 2012 compared to a loss of $671,828 for the nine months ended September 30, 2011. This improvement was attributed to the increase in gross profit, lower operating expense and less income tax expense during the first nine months of 2012 compared to the same time period in 2011.

 

Common Shares

 

The following schedule represents our outstanding common shares during the period of 2012 through 2019 assuming all outstanding stock options are exercised during the year of expiration. If each shareholder exercises his or her options, it would increase our common shares as of September 30, 2012 by 842,250 to 4,663,148 by December 31, 2019. Assuming all such options are exercised in the year of expiration, the effect on shares outstanding is illustrated as follows:

 

 

Options due to

expire

Potential

shares

outstanding

Weighted

average

exercise price

2013 30,250 3,851,148 $1.00
2014 180,000 4,031,148 $4.36
2015 140,000 4,171,148 $2.97
2016 36,000 4,207,148 $3.25
2017 - 4,207,148 -
2018 6,000 4,213,148 $3.10
2019 450,000 4,663,148 $6.00

  

Liquidity and Capital Resources

 

Cash and Working Capital

 

As of September 30, 2012 cash on hand was $591,378. Cash on-hand was $798,069 at December 31, 2011.

 

At September 30, 2012 working capital was $992,187 compared to $812,398 at December 31, 2011, an increase of $179,789 or 22.1 %. As discussed below cash decreased approximately $207,000 during the nine months ended September 30, 2012. Accounts receivable increased approximately $142,000. Inventories increased approximately $399,000 due to orders received late in the third quarter of 2012. Prepaid expenses increased approximately $18,000. Accounts payable increased approximately $43,000. Customer deposits increased by approximately $398,000 due to orders received late in the third quarter. Accrued expenses decreased approximately $79,000. Current capital lease obligations decreased by approximately $72,000 while current notes payable decreased by approximately $117,000 due to continued monthly payments and the replacement of the Huntington National Bank note previously mentioned.

 

 

19
 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Cash from Operations

 

Net cash provided by operating activities was approximately $261,000 for the nine months ended September 30, 2012 and $457,000 for the nine months ended September 30, 2011. In addition to the changes in various current assets and liabilities mentioned above, non cash expenses for depreciation, accretion and amortization increased to approximately $436,000 during the first nine months of 2012 from $394,000 during the first nine months of 2011, an increase of 10.6 %. This increase was related to depreciation from the purchase of additional machinery and equipment. Also, included in expenses were non cash stock based compensation costs of approximately $102,000 and $88,000 for the nine months ended September 30, 2012 and 2011, respectively.

 

Cash from Investing Activities

 

Cash of approximately $564,000 and $1,069,000 was used for investing activities during the nine months ended September 30, 2012 and 2011, respectively. The amounts invested were used to purchase machinery and equipment for increased production capacity and new product lines. Proceeds on sale of equipment totaled $425 for the nine months ended September 30, 2011.

 

Cash from Financing Activities

 

During the nine months ended September 30, 2012 cash of approximately $97,000 was provided by financing activities. Principal payments to third parties for capital lease obligations and notes payable approximated $815,000. Proceeds from notes payable were approximately $912,000 of which $462,000 was received from the Ohio Department of Development and used to pay a portion of the Note from The Huntington National Bank.

 

Cash of approximately $280,000 was provided by financing activities for the nine months ended September 30, 2011. Principal payments to third parties for capital lease obligations and notes payable approximated $351,000 and a payment of cumulative dividends on preferred stock was approximately $24,000. Proceeds received from the exercise of common stock options were $12,150. Proceeds from notes payable were approximately $642,000. We incurred a capital lease obligation of $185,000 for new production equipment during the first nine months of 2011.

 

Debt Facilities

 

Closing documents were signed in February 2011 for a 166 Direct Loan to borrow up to $744,250 with the Ohio Department of Development (ODOD). As of September 30, 2012 there was a balance of $676,089 on this loan. We received the final draw of approximately $22,000 during October 2012. ODOD also provided funding from the Rapid Outreach Grant in the amount of $25,000 for costs associated with the acquisition and installation of machinery and equipment.

 

On October 16, 2012, we issued a Promissory Note (the “Note”) in the amount of $213,000 to The Huntington National Bank, with a maturity date of February 28, 2014. This Note replaced a note to the Huntington National Bank which had a balance of $213,000 at September 30, 2012 and an original maturity date of December 31, 2012.

 

 

20
 

  

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

Debt Outstanding

 

Total debt outstanding increased during the first nine months of 2012 from approximately $1,775,000 to approximately $1,872,000 or 5.4%. We paid cash of approximately $815,000 towards principal amounts of capital lease obligations and notes payable during the first nine months of 2012.

 

Liquidity

 

We have forecasted our operating and investing plans and financing needs to determine our liquidity to meet cash flow requirements and believe we will have sufficient liquidity at least through September 30, 2013. This forecast was based on current cash levels, projected operating cash flows, currently available financing sources and debt obligations. Our ability to maintain current operations is dependent upon our ability to achieve these forecasted results which we believe will occur. Our revolving line of credit arrangement with our senior lender expired on April 13, 2012.  There was no balance outstanding at maturity. We did not have the need to draw on the revolving line of credit since the original commitment date of January 13, 2009.  We do not anticipate the need for a similar credit facility in 2012; although we may pursue revolving credit arrangements as working capital requirements increase.

 

Government Grants and Contracts

 

During the fourth quarter of 2009 we were notified we had been awarded a grant in the amount of $775,400 by the Ohio Department of Development’s Third Frontier Photovoltaic Program (TFPVP) to commercialize advanced technology for high power density rotatable ceramic sputtering targets. These targets are used in the manufacture of thin film photovoltaics. This technology will enable manufacturers to operate rotatable sputtering targets at higher power densities than current technology. The approval of the grant was received during January 2010 and the work on the contract commenced in the first quarter of 2010. Revenue totaled $172,254 during the first nine months of 2012 compared to $188,653 during the first nine months of 2011. Total expenditures for the project through September 30, 2012 were $639,951. The work on the contract is expected to continue at least through the first quarter of 2013.

 

During the third quarter of 2009 we received notification from the Department of Energy (DOE) of an Assistance Agreement in the amount of approximately $650,000. This grant provides support for Phase II of a Small Business Innovation Research (SBIR) award entitled “Homogenous BSCCO-2212 Round Wires for Very High Field Magnet Applications.” Revenue was $2,278 for the nine months ended September 30, 2012 compared to $253,153 for the same period in 2011. Total expenditures of the project through September 30, 2012 were $643,869. The work on the contract concluded, with the exception of final reporting, late in 2011. The final reporting was completed during the third quarter of 2012.

 

 

 

21
 

  

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (continued)

 

During the third quarter of 2008 we received notification from the Department of Energy of a Notice of Financial Assistance Award in the amount of approximately $750,000. This grant provides support for Phase II of a Small Business Innovation Research (SBIR) award entitled “Flux Pinning Additions to Increase Jc Performance in BSCCO-2212 Round Wire for Very High Field Magnets.” Revenue was $6,831 during the nine months ended September 30, 2012 and $51,934 during the nine months ended September 30, 2011. Total expenditures of the project through September 30, 2012 were $748,683. The work on the contract began during the third quarter of 2008 and was completed, with the exception of final reporting, during 2011. The final reporting was completed during the second quarter of 2012.

 

We anticipate that contract research revenue will be less in 2012 due to the two grants that were completed in 2011. We do not rely on contract revenue as a main part of our business and do not believe that this reduction will have an adverse effect on our business.

 

The granting agency may suspend or terminate the award in whole or in part if we fail to materially comply with the terms and conditions. We expect to complete each award while complying with the terms and conditions.

 

Off Balance Sheet Arrangements

 

We have no off balance sheet arrangements including special purpose entities.

 

Critical Accounting Policies

 

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States requires management to make judgments, assumptions and estimates that affect the amounts reported in the Financial Statements and accompanying notes. Note 2 to the Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2011 describes the significant accounting policies and methods used in the preparation of the Financial Statements. Estimates are used for, but not limited to, accounting for the allowance for doubtful accounts, inventory allowances, property and equipment depreciable lives, patents and licenses useful lives, revenue recognition, tax valuation, stock based compensation and assessing changes in which impairment of certain long-lived assets may occur. Actual results could differ from these estimates. The following critical accounting policies are impacted significantly by judgments, assumptions and estimates used in the preparation of the Financial Statements. The allowance for doubtful accounts is based on our assessment of the collectability of specific customer accounts and the aging of the accounts receivable. If there is a deterioration of a major customer’s credit worthiness or actual defaults are higher than our historical experience, our estimates of the recoverability of amounts due us could be adversely affected. Inventory purchases and commitments are based upon future demand forecasts. If there is a sudden and significant decrease in demand for our products or there is a higher risk of inventory obsolescence because of rapidly changing technology and customer requirements, we may be required to increase our inventory allowances and our gross margin could be adversely affected. Depreciable and useful lives estimated for property and equipment, licenses and patents are based on initial expectations of the period of time these assets and intangibles will benefit us. Changes in circumstances related to a change in our business, change in technology or other factors could result in these assets becoming impaired, which could adversely affect the value of these assets.

 

 

22
 

 

Item 4. Controls and Procedures

 

Evaluation of Disclosure Controls and Procedures

 

Our management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can only provide reasonable assurance of achieving the desired control objectives and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Due to a segregation of duties material weakness described below, and based on this evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that as of September 30, 2012, the Company’s disclosure controls and procedures were not effective, at the reasonable assurance level, in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Accounting Officer, as appropriate to allow timely discussions regarding required disclosure. Until we are able to hire additional employees, we will continue to report to the Audit Committee and the Board of Directors at least monthly (and more often as necessary). We believe this will continue to mitigate this weakness. This reporting includes balance sheets, statements of operations, statements of cash flows, and other detail supporting these statements. Accordingly, we believe that the financial statements included in this report fairly present, in all material respects, our financial condition, results of operation, changes in shareholder’s equity and cash flows for all periods presented.

 

Inherent Limitations over Internal Controls

 

Our internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Our internal control over financial reporting includes those policies and procedures that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of assets that could have a material effect on the financial statements.

 

 

23
 

 

Item 4. Controls and Procedures (continued)

 

Management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our internal controls will prevent or detect all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, any evaluation of the effectiveness of controls in future periods is subject to the risk that those internal controls may become inadequate because of changes in business conditions or that the degree of compliance with the policies or procedures may deteriorate.

 

Management previously disclosed a material weakness in internal control over financial reporting in its annual report on Form 10-K, filed on April 13, 2012 for the year ended December 31, 2011, relating to insufficient segregation of duties consistent with control objectives. Management is aware of the risks associated with the lack of segregation of duties due to the small number of employees currently working with general administrative and financial matters. Due to our size and nature, segregation of all conflicting duties may not always be possible and may not be economically feasible. However, to the extent possible, the initiation of transactions, the custody of assets and the recording of transactions shall be performed by separate individuals. In order to remediate this weakness, we will need to hire additional employees. Although we will periodically reevaluate this situation, at this point we consider that the risks associated with such lack of segregation of duties and the potential benefits of adding employees to segregate such duties are not cost justified. Until we are able to hire additional employees, we will continue to report to the Audit Committee and the Board of Directors at least monthly (and more often as necessary). We believe this will continue to mitigate this weakness. This reporting includes balance sheets, statements of operations, statements of cash flows, and other detail supporting these statements.

 

Changes in Internal Controls over Financial Reporting

 

There were no changes in our internal controls over financial reporting for the nine months ended September 30, 2012 that materially affected or were reasonably likely to materially affect our disclosure controls and procedures. Additionally, there were no changes in our internal controls that could materially affect our disclosure controls and procedures subsequent to the date of their evaluation.

 

 

24
 

 

Part II. Other Information

 

Item 6. Exhibits

  

3.1 Certificate of Second Amended and Restated Articles of Incorporation of Superconductive Components, Inc. (Incorporated by reference to Exhibit 3(a) to the Company’s initial Form 10-SB, filed on September 28, 2000)
   
3.2 Restated Code of Regulations of Superconductive Components, Inc. (Incorporated by reference to Exhibit 3(b) to the Company’s initial Form 10-SB, filed on September 28, 2000)
   
3.3 Amendment to Articles of Incorporation recording the change of the corporate name to SCI Engineered Materials, Inc. (Incorporated by reference to Exhibit 3.1 to the Company’s Quarterly Report on Form 10-QSB filed November 7, 2007).
   
4.1 SCI Engineered Materials, Inc. 2011 Stock Incentive Plan (Incorporated by reference to the Company’s Definitive Proxy Statement for the 2011 Annual Meeting of Shareholders held on June 10, 2011, filed April 28, 2011).
   
4.2 Superconductive Components, Inc. 2006 Stock Incentive Plan (Incorporated by reference to Appendix A to the Company’s Definitive Proxy Statement for the 2006 Annual Meeting of Shareholders held on June 9, 2006, filed May 1, 2006).
   
4.3 Description of the Material Terms of the Stock Option Grant and Cash Bonus Plan for Executive Officers (Incorporated by reference to the Company’s Current Report on Form 8-K, dated June 19, 2006, filed June 23, 2006)
   
4.4 Form of Incentive Stock Option Agreement under the Superconductive Components, Inc. 2006 Stock Incentive Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K dated June 19, 2006, filed June 23, 2006).
   
4.5 Form of Non-Statutory Stock Option Agreement under the Superconductive Components, Inc. 2006 Stock Incentive Plan (Incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K dated June 19, 2006, filed June 23, 2006).
   
4.6 Description of the Material Terms of the Stock Option Grant for Executive Officers and Board of Directors (Incorporated by reference to the Company’s Current Report on Form 8-K dated January 2, 2009, filed January 6, 2009).
   
4.7 Fourth Amended and Restated 1995 Stock Option Plan (Incorporated by reference to Exhibit 4(a) to the Company’s Registration Statement on Form S-8 (Registration No. 333-97583), filed on August 2, 2002)
   
4.8 Form of Non-Statutory Stock Option Agreement Under the Superconductive Components, Inc. Fourth Amended and Restated 1995 Stock Option Plan (Incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on December 22, 2005)

 

25
 

 

Item 6. Exhibits (continued)

 

10.1 Description of amendment to the Loan Agreement between the Company and The Ohio Air Quality Development Authority (Incorporated by reference to the Company’s Current Report on Form 8-K, filed March 26, 2012).
   
10.2 Description of amendment to the Loan Agreement between the Company and the Ohio Department of Development (Incorporated by reference to the Company’s Current Report on Form 8-K, filed April 9, 2012).
   
10.3 Description of amendment to the Loan Agreement between the Company and The Ohio Air Quality Development Authority (Incorporated by reference to the Company’s Current Report on Form 8-K, filed July 10, 2012).
   
10.4 Description of resolution to the Loan Agreement between the Company and The Ohio Air Quality Development Authority (Incorporated by reference to the Company’s Current Report on Form 8-K, filed October 19, 2012).
   
10.5 Description of Business Loan Agreement between the Company and The Huntington National Bank, dated as of October 15, 2012 (Incorporated by reference to the Company’s Current Report on Form 8-K, filed October 19, 2012). 
   
22.1 Description of matters submitted to vote of security holders (Incorporated by reference to the Company’s Current Report on Form 8-K, dated June 14, 2012).
   
31.1 Rule 13a-14(a) Certification of Principal Executive Officer.*
   
31.2 Rule 13a-14(a) Certification of Principal Financial Officer.*
   
32.1 Section 1350 Certification of Principal Executive Officer and Certification of Principal Financial Officer and Principal Accounting Officer.*
   
99.1 Press Release dated November 6, 2012, entitled “SCI Engineered Materials, Inc. Reports Third Quarter and Nine Month 2012 Results.”
   
101 The Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Balance Sheets at September 30, 2012 and December 31, 2011 (ii) Consolidated Statements of Operations for the three and nine months ended September 30, 2012 and 2011, (iii) Consolidated Statement of Changes in Equity for the nine months ended September 30, 2012, (iv) Consolidated Statements of Cash Flows for the nine months ended September 30, 2012 and 2011, (v) Notes to Financial Statements.

 

* Filed with this report

 

26
 

Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  SCI ENGINEERED MATERIALS, INC.
   
Date:  November 6, 2012 /s/ Daniel Rooney
  Daniel Rooney, Chairman of the Board of Directors, President and Chief Executive Officer
  (Principal Executive Officer)
   
  /s/ Gerald S. Blaskie
  Gerald S. Blaskie, Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

 

27

 

 

 EX-31.1 2 v325592_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Daniel Rooney, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of SCI Engineered Materials, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 6, 2012 /s/ Daniel Rooney
  Daniel Rooney
  Chairman of the Board of Directors,
  President and Chief Executive Officer
  (Principal Executive Officer)

 

 

 

 EX-31.2 3 v325592_ex31-2.htm EXHIBIT 31.2

 

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Gerald S. Blaskie, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of SCI Engineered Materials, Inc.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

 

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 6, 2012 /s/ Gerald S. Blaskie
  Gerald S. Blaskie
  Vice President and Chief Financial Officer
  (Principal Financial Officer and Principal Accounting Officer)

 

 

 

 

 

 EX-32.1 4 v325592_ex32-1.htm EXHIBIT 32.1

  

Exhibit 32.1

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of SCI Engineered Materials, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Daniel Rooney, Chairman of the Board of Directors, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

     (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

     (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

 

/s/ Daniel Rooney
  Daniel Rooney
  Chairman of the Board of Directors,
  President and Chief Executive Officer of
  SCI Engineered Materials, Inc.
  (Principal Executive Officer)
  November 6, 2012

 

  

 

 

 EX-32.2 5 v325592_ex32-2.htm EXHIBIT 32.2

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of SCI Engineered Materials, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Gerald S. Blaskie, Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

     (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

     (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

   
  /s/ Gerald S. Blaskie
  Gerald S. Blaskie
  Vice President and Chief Financial Officer of
  SCI Engineered Materials, Inc. (Principal Financial
Officer and Principal Accounting Officer)
November 6, 2012

 

 

 

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Inventories (Details) (USD $)
Sep. 30, 2012
Dec. 31, 2011
Raw materials $ 351,446 $ 273,992
Work-in-process 986,229 664,216
Finished goods 187,400 164,930
Inventory reserve (80,730) (57,635)
Inventories Total $ 1,444,345 $ 1,045,503
XML 15 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock and Stock Options
 9 Months Ended
Sep. 30, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

Note 3. Common Stock and Stock Options

 

Stock Based Compensation - Compensation cost for all stock-based awards is based on the grant date fair value and recognized over the required service (vesting) period. Non cash stock based compensation expense was $31,415 and $27,056 for the three months ended September 30, 2012 and 2011, respectively. Non cash stock based compensation expense was $102,294 and $88,349 for the nine months ended September 30, 2012 and 2011, respectively. Unrecognized compensation expense was $531,203 as of September 30, 2012 and will be recognized through 2017. There was no tax benefit recorded for this compensation cost as the expense primarily relates to incentive stock options that do not qualify for a tax deduction until, and only if, a qualifying disposition occurs.

 

During the nine months ended September 30, 2012, the four non-employee board members each received compensation of 4,500 shares of common stock of the Company.

 

During the nine months ended September 30, 2011, a total of 8,000 stock options were exercised at an average price of $1.52. The total cash proceeds were $12,150.

 

The cumulative status of options granted and outstanding at September 30, 2012, and December 31, 2011, as well as options which became exercisable in connection with the Stock Option Plans is summarized as follows:

 

Employee Stock Options

          Weighted  
          Average  
    Stock Options     Exercise Price  
                 
Outstanding at January 1, 2011     783,750     $ 4.35  
 Exercised     (17,000 )     1.55  
 Expired     (30,000 )     1.90  
Outstanding at December 31, 2011     736,750     $ 4.52  
 Expired     (144,500 )     1.59  
Outstanding at September 30, 2012     592,250     $ 5.23  
Options exercisable at December 31, 2011     419,375     $ 3.41  
Options exercisable at September 30, 2012     322,250     $ 4.59  

 

Non-Employee Director Stock Options

 

          Weighted  
          Average  
    Stock Options     Exercise Price  
             
Outstanding at January 1, 2011     282,500     $ 3.60  
 Exercised     (10,000 )     1.50  
 Expired     (22,500 )     1.46  
Outstanding at December 31, 2011     250,000     $ 3.87  
Outstanding at September 30, 2012     250,000     $ 3.87  
Shares exercisable at December 31, 2011     250,000     $ 3.87  
Shares exercisable at September 30, 2012     250,000     $ 3.87  

 

Exercise prices for options ranged from $1.00 to $6.00 at September 30, 2012. The weighted average option price for all options outstanding was $4.83 with a weighted average remaining contractual life of 4.3 years.
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Income Taxes (Details Textual) (USD $)
Sep. 30, 2012
Operating Loss Carryforwards $ 4,100,000
XML 18 R28.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes (Details) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Federal - deferred $ 0 $ (156,000) $ 0 $ (156,000)
State and local (1,237) (637) 24,652 (9,112)
Income tax (expense) benefit $ (1,237) $ (156,637) $ 24,652 $ (165,112)
XML 19 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
Significant Accounting Policies [Text Block]

Note 2. Summary of Significant Accounting Policies

 

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments considered necessary for fair presentation of the results of operations for the periods presented have been included. The financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2011. Interim results are not necessarily indicative of results for the full year.

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of 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.
XML 20 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (USD $)
Sep. 30, 2012
Dec. 31, 2011
ASSETS    
Cash $ 591,378 $ 798,069
Accounts receivable:    
Trade, less allowance for doubtful accounts of $15,000 638,237 488,031
Contract 19,475 23,962
Other 1,873 5,610
Inventories 1,444,345 1,045,503
Prepaid expenses 83,261 65,292
Total current assets 2,778,569 2,426,467
Property and Equipment, at cost    
Machinery and equipment 7,004,741 6,135,664
Furniture and fixtures 137,911 134,666
Leasehold improvements 317,870 317,870
Construction in progress 0 323,326
Property, Plant and Equipment, Gross 7,460,522 6,911,526
Less accumulated depreciation (4,105,612) (3,692,401)
Property, Plant and Equipment, Net 3,354,910 3,219,125
Other Assets    
Deposits 15,333 18,425
Deferred financing fees 40,902 51,779
Intangibles 13,346 15,453
Total other assets 69,581 85,657
TOTAL ASSETS 6,203,060 5,731,249
LIABILITIES AND SHAREHOLDERS' EQUITY    
Capital lease obligations, current portion 220,645 292,488
Notes payable, current portion 314,978 432,064
Accounts payable 406,767 363,790
Customer deposits 652,749 255,122
Accrued compensation 94,414 56,610
Accrued expenses and other 96,829 213,995
Total current liabilities 1,786,382 1,614,069
Capital lease obligations, net of current portion 217,851 384,697
Notes payable, net of current portion 1,118,165 665,706
Total liabilities 3,122,398 2,664,472
Commitments and contingencies      
Shareholders' Equity    
Common stock, no par value, authorized 15,000,000 shares; 3,820,898 and 3,802,898 shares issued and outstanding, respectively 9,790,800 9,766,740
Additional paid-in capital 1,739,101 1,678,981
Accumulated deficit (8,861,031) (8,772,622)
Total Shareholders' Equity 3,080,662 3,066,777
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,203,060 5,731,249
Convertible Preferred Stock Series B [Member]
    
Shareholders' Equity    
Convertible preferred stock, Series B, 10% cumulative, nonvoting, no par value, $10 stated value, optional redemption at 103%; optional shareholder conversion 2 shares for 1; 24,152 shares issued and outstanding $ 411,792 $ 393,678
XML 21 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENT OF SHAREHOLDERS' EQUITY (USD $)
Convertible Preferred Stock Series B [Member]
Common Stock [Member]
Additional Paid In Capital [Member]
Retained Earnings [Member]
Total
Balance at Dec. 31, 2011 $ 393,678 $ 9,766,740 $ 1,678,981 $ (8,772,622) $ 3,066,777
Accretion of cumulative dividends 18,114 0 (18,114) 0 0
Common stock issued (Note 3) 0 24,060 0 0 24,060
Stock based compensation expense (Note 3) 0 0 78,234 0 78,234
Net loss 0 0 0 (88,409) (88,409)
Balance at Sep. 30, 2012 $ 411,792 $ 9,790,800 $ 1,739,101 $ (8,861,031) $ 3,080,662
XML 22 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock and Stock Options (Details 1) (USD $)
 9 Months Ended 12 Months Ended
Sep. 30, 2011
Sep. 30, 2012
Dec. 31, 2011
Non Employee Director Stock Options [Member]
Sep. 30, 2012
Non Employee Director Stock Options [Member]
Stock Options - Outstanding (in shares)     282,500 250,000
Stock Options - Exercised (in shares)     (10,000)  
Stock Options - Expired (in shares)     (22,500)  
Stock Options - Outstanding (in shares)     250,000 250,000
Stock Options - shares exercisable (in shares)     250,000 250,000
Weighted Average Exercise Price - Outstanding (in dollars per share)   $ 4.83 $ 3.60 $ 3.87
Weighted Average Exercise Price - Exercised (in dollars per share) $ 1.52   $ 1.50  
Weighted Average Exercise Price - Expired (in dollars per share)     $ 1.46  
Weighted Average Exercise Price - Outstanding (in dollars per share)   $ 4.83 $ 3.87 $ 3.87
Weighted Average Exercise Price - Shares exercisable (in dollars per share)     $ 3.87 $ 3.87
XML 23 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Preferred Stock (Details Textual) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Preferred Stock, Dividend Rate, Percentage     10.00%  
Dividends on preferred stock $ 6,038 $ 6,038 $ 18,114 $ 18,114
Dividends Payable $ 163,026 $ 138,874 $ 163,026 $ 138,874
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Business Organization and Purpose
 9 Months Ended
Sep. 30, 2012
Organization, Consolidation and Presentation Of Financial Statements [Abstract]  
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1. Business Organization and Purpose

 

SCI Engineered Materials, Inc. (“SCI”, or the “Company”), formerly Superconductive Components, Inc., an Ohio corporation, was incorporated in 1987. The Company operates in the Physical Vapor Deposition (“PVD”) industry in which it develops, commercializes technologies, and manufactures ceramics and metals for advanced applications in: Photonics, Solar, Thin Film Battery, and, to a lesser extent High Temperature Superconductor (“HTS”) materials.
XML 26 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS [Parenthetical] (USD $)
 9 Months Ended 12 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Allowance for doubtful accounts (in dollars) $ 15,000 $ 15,000
Common stock, shares authorized 15,000,000 15,000,000
Common stock, shares issued 3,820,898 3,802,898
Common stock, shares outstanding 3,820,898 3,802,898
Convertible Preferred Stock Series B [Member]
    
Convertible preferred stock, series B, cumulative percentage of interest 10.00% 10.00%
Convertible preferred stock, stated value (in dollars per share) $ 10 $ 10
Convertible preferred stock, optional redemption 103.00% 103.00%
Convertible preferred stock, optional shareholder conversion 2:1 2:1
Convertible preferred stock, shares issued 24,152 24,152
Convertible preferred stock, shares outstanding 24,152 24,152
XML 27 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock and Stock Options (Tables)
 9 Months Ended
Sep. 30, 2012
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract]  
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block]

The cumulative status of options granted and outstanding at September 30, 2012, and December 31, 2011, as well as options which became exercisable in connection with the Stock Option Plans is summarized as follows:

 

Employee Stock Options

          Weighted  
          Average  
    Stock Options     Exercise Price  
                 
Outstanding at January 1, 2011     783,750     $ 4.35  
 Exercised     (17,000 )     1.55  
 Expired     (30,000 )     1.90  
Outstanding at December 31, 2011     736,750     $ 4.52  
 Expired     (144,500 )     1.59  
Outstanding at September 30, 2012     592,250     $ 5.23  
Options exercisable at December 31, 2011     419,375     $ 3.41  
Options exercisable at September 30, 2012     322,250     $ 4.59  

 
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity [Table Text Block]

Non-Employee Director Stock Options


 

          Weighted  
          Average  
    Stock Options     Exercise Price  
             
Outstanding at January 1, 2011     282,500     $ 3.60  
 Exercised     (10,000 )     1.50  
 Expired     (22,500 )     1.46  
Outstanding at December 31, 2011     250,000     $ 3.87  
Outstanding at September 30, 2012     250,000     $ 3.87  
Shares exercisable at December 31, 2011     250,000     $ 3.87  
Shares exercisable at September 30, 2012     250,000     $ 3.87  

 
XML 28 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
DOCUMENT AND ENTITY INFORMATION
 9 Months Ended
Sep. 30, 2012
Oct. 31, 2012
Entity Registrant Name SCI Engineered Materials, Inc.  
Entity Central Index Key 0000830616  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Trading Symbol scia  
Entity Common Stock, Shares Outstanding   3,820,898
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2012  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2012  
XML 29 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories (Tables)
 9 Months Ended
Sep. 30, 2012
Inventory Disclosure [Abstract]  
Schedule of Inventory, Current [Table Text Block]
Inventories consisted of the following:   September 30,     December 31,  
    2012     2011  
    (unaudited)        
Raw materials   $ 351,446     $ 273,992  
Work-in-process     986,229       664,216  
Finished goods     187,400       164,930  
Inventory reserve     (80,730 )     (57,635 )
    $ 1,444,345     $ 1,045,503

 
XML 30 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF OPERATIONS (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Product revenue $ 1,926,040 $ 1,947,849 $ 6,387,799 $ 6,389,880
Contract research revenue 56,363 140,569 181,363 493,740
Sales Revenue, Net 1,982,403 2,088,418 6,569,162 6,883,620
Cost of product revenue 1,373,258 1,675,287 5,021,258 5,292,643
Cost of contract research revenue 46,969 118,225 147,552 331,704
Cost of Goods and Services Sold 1,420,227 1,793,512 5,168,810 5,624,347
Gross profit 562,176 294,906 1,400,352 1,259,273
General and administrative expense 247,470 239,027 818,939 790,261
Research and development expense 62,646 133,205 230,035 495,392
Marketing and sales expense 139,381 131,096 399,185 407,068
Income (loss) from operations 112,679 (208,422) (47,807) (433,448)
Other income (expense)        
Interest income 187 543 810 2,129
Interest expense (20,030) (20,042) (65,214) (57,708)
(Loss) gain on disposal of equipment (850) 0 (850) 425
Nonoperating Income (Expense) (20,693) (19,499) (65,254) (55,154)
Income (loss) before provision for income tax 91,986 (227,921) (113,061) (488,602)
Income tax (expense) benefit (1,237) (156,637) 24,652 (165,112)
Net income (loss) 90,749 (384,558) (88,409) (653,714)
Dividends on preferred stock (6,038) (6,038) (18,114) (18,114)
INCOME (LOSS) APPLICABLE TO COMMON SHARES $ 84,711 $ (390,596) $ (106,523) $ (671,828)
Earnings per share - basic and diluted (Note 6)        
Basic (in dollars per share) $ 0.02 $ (0.10) $ (0.03) $ (0.18)
Diluted (in dollars per share) $ 0.02 $ (0.10) $ (0.03) $ (0.18)
Weighted average shares outstanding        
Basic (in shares) 3,817,963 3,779,768 3,812,019 3,778,620
Diluted (in shares) 3,827,774 3,779,768 3,812,019 3,778,620
XML 31 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

Note 6. Earnings Per Share

 

Basic income (loss) per share is calculated as income available to (loss attributable to) common shareholders divided by the weighted average number of common shares outstanding. Diluted earnings per share is calculated as diluted income available (loss attributable) to common shareholders divided by the diluted weighted average number of common shares outstanding. Diluted weighted average number of common shares gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. Diluted earnings per share exclude all diluted potential shares if their effect is anti-dilutive. For the nine months ended September 30, 2012 and 2011, and the three months ended September 30, 2011, all convertible preferred stock and common stock options listed in Note 3 were excluded from diluted earnings per share due to being out-of-the-money or anti-dilutive. The following is provided to reconcile earnings per share.

          

    Three months ended Sept. 30,     Nine months ended Sept. 30,  
    2012     2011     2012     2011  
                         
Income (loss) applicable                                
 to common shares   $ 84,711     $ (390,596 )   $ (106,523 )   $ (671,828 )
                                 
Weighted average common                                
shares outstanding - basic     3,817,963       3,779,768       3,812,019       3,778,620  
                                 
Effect of dilutions     9,811       -       -       -  
                                 
Weighted average                                
shares outstanding - diluted     3,827,774       3,779,768       3,812,019       3,778,620

 
XML 32 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories
 9 Months Ended
Sep. 30, 2012
Inventory Disclosure [Abstract]  
Inventory Disclosure [Text Block]

Note 5. Inventories

 

Inventories consisted of the following:   September 30,     December 31,  
    2012     2011  
    (unaudited)        
Raw materials   $ 351,446     $ 273,992  
Work-in-process     986,229       664,216  
Finished goods     187,400       164,930  
Inventory reserve     (80,730 )     (57,635 )
    $ 1,444,345     $ 1,045,503

 
XML 33 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
Common Stock and Stock Options (Details Textual) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Stock based compensation $ 31,415 $ 27,056 $ 102,294 $ 88,349
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized 531,203   531,203  
Weighted Average Exercise Price - Exercised (in dollars per share)       $ 1.52
Proceeds from exercise of common stock options     $ 0 $ 12,150
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit     $ 1  
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit     $ 6  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term     4 years 3 months 18 days  
Stock Issued During Period, Shares, New Issues       8,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price $ 4.83   $ 4.83  
Non Employee [Member]
        
Stock Issued During Period, Shares, New Issues     4,500  
XML 34 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6
Earning Per Share (Tables)
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following is provided to reconcile earnings per share.

          

    Three months ended Sept. 30,     Nine months ended Sept. 30,  
    2012     2011     2012     2011  
                         
Income (loss) applicable                                
 to common shares   $ 84,711     $ (390,596 )   $ (106,523 )   $ (671,828 )
                                 
Weighted average common                                
shares outstanding - basic     3,817,963       3,779,768       3,812,019       3,778,620  
                                 
Effect of dilutions     9,811       -       -       -  
                                 
Weighted average                                
shares outstanding - diluted     3,827,774       3,779,768       3,812,019       3,778,620

 
XML 35 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
Liquidity
 9 Months Ended
Sep. 30, 2012
Liquidity Disclosures [Abstract]  
Liquidity Disclosures [Text Block]

Note 9. Liquidity

 

Management has forecasted the Company’s operating and investing plans and financing needs to determine its liquidity to meet cash flow requirements and believes it will have sufficient liquidity at least through September 30, 2013. This forecast was based on current cash levels, projected operating cash flows, currently available financing sources and debt obligations. The Company’s ability to maintain current operations is dependent upon its ability to achieve these forecasted results, which management believes will occur. The Company’s revolving line of credit arrangement with its senior lender expired on April 13, 2012.  There was no balance outstanding under this arrangement at maturity. The Company did not have the need to draw on the revolving line of credit since the original commitment date of January 13, 2009.  The Company does not anticipate the need for a similar credit facility in 2012; although management may pursue revolving credit arrangements as working capital requirements increase. As discussed in Note 7, the Company has successfully restructured its promissory note with Huntington National Bank.
XML 36 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Notes Payable
 9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Debt Disclosure [Text Block]

Note 7. Notes Payable

 

Subsequent to September 30, 2012, on October 16, 2012, the Company issued a new Promissory Note (the “Note”) in the amount of $213,000 to The Huntington National Bank, as Lender, with a maturity date of February 28, 2014. This Note replaced an existing promissory note to the Huntington National Bank which had a balance of $213,000 at September 30, 2012 and an original maturity date of December 31, 2012.

 

The Note is collateralized by the Company’s inventories, equipment and accounts receivable. Among other items, the Note provides for the following:

 

- Interest subject to change from time to time based on changes in LIBOR. The interest rate applied to the unpaid principal balance is at a rate of 4.0 percentage points over LIBOR. Under no circumstance will the interest rate be less than 5.00% per annum or more than the maximum rate allowed by applicable law.

 

- Interest only payments through December 31, 2012, with a $25,000 principal payment due December 31, 2012 and $25,000 due January 31, 2013. Monthly payments of approximately $5,000, including interest, beginning in January 2013 with remaining principal due at maturity in February 2014.

 

Debt maturities at September 30, 2012 reflect the terms of the above Note.

 

During 2010, the Company applied and was approved for a 166 Direct Loan to borrow up to $744,250 with the Ohio Department of Development (ODOD). This loan was finalized in February 2011. The term of the loan is 84 months at a fixed interest rate of 3%. There is also a 0.25% annual servicing fee charged monthly on the outstanding principal balance. Payments of approximately $10,100, including interest, are payable monthly through November 2018. The loan is collateralized by the related project equipment. As of September 30, 2012 there was an outstanding balance of $676,089 on this loan. During October 2012 the Company received the final draw on this loan in the amount of $22,183.

 

During 2010, the Company also applied and was approved for a 166 Direct Loan through the Advanced Energy Program with the Ohio Air Quality Development Authority (OAQDA) to borrow up to approximately $1.4 million (this maximum commitment by the OAQDA was subsequently reduced to $368,906 on March 20, 2012). The original loan was finalized in February 2011. The interest rate was 3% at December 31, 2011 and increased to 10% effective with the first amendment dated March 20, 2012. A second amendment dated June 12, 2012 returned the interest rate to 3% effective April 10, 2012. There is also an annual servicing fee of $1,600 charged quarterly. The loan is being amortized over 84 months through March 2018. Payments were interest only through March 2012. Thereafter, payments of approximately $16,900, including interest, are payable quarterly. The loan is collateralized by the related project equipment. As of September 30, 2012 there was an outstanding balance of $340,627 on this loan.

 

An Intercreditor Agreement exists as part of the above mentioned loans with agencies of the State of Ohio. The OAQDA and ODOD agree to shared lien and security interest through mutual covenants. These covenants include, but are not limited to, the creation of an agreed upon number of jobs, filing of quarterly and annual reports and various financial covenants. On March 20, 2012, the Company and OAQDA entered into The First Amendment to Loan Documents which, among other things, waived the debt service coverage requirement for all quarters through and including December 31, 2012. The Company is required to maintain a certain debt to tangible net worth ratio during 2012. On September 11, 2012, the OAQDA adopted a resolution which reduced the debt service coverage ratio effective March 31, 2013. The Company expects to maintain compliance with all covenants through September 30, 2013.

 

During 2006, the Company was approved for a 166 Direct Loan from the Ohio Department of Development in the amount of $400,000. These funds were received in July of 2008 and were used for the purchase of production equipment and to reduce the Company’s capital lease obligations on certain equipment. The term of the loan is 84 months at a fixed interest rate of 3%. There is also a 0.25% annual servicing fee to be charged monthly on the outstanding principal balance. The Company is making monthly servicing fee, interest and principal payments of approximately $6,000. The loan principal balance will be fully amortized at the end of the term in August 2015. The loan is collateralized by the related project equipment. As of September 30, 2012 the loan had a balance of $203,428. This loan is also subject to certain covenants, including job creation and retention. Due to market conditions the Company has informed ODOD that it does not expect to meet the agreed upon job creation covenant by December 31, 2012. Per the agreement, if the Company is unable to meet this requirement, the interest rate on the outstanding balance of the loan shall, at the option of ODOD, increase up to the rate of 6% per annum. ODOD has informed the Company that it will not increase the interest rate as a result of this information.
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Income Taxes
 9 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Income Tax Disclosure [Text Block]

Note 8. Income Taxes

 

Following is the income tax benefit (expense) for the three and nine months ended September 30:

 

    Three months ended Sept. 30,     Nine months ended Sept. 30,  
    2012     2011     2012     2011  
Federal - deferred   $ -     $ (156,000 )   $ -     $ (156,000 )
State and local     (1,237 )     (637 )     24,652       (9,112 )
    $ (1,237 )   $ (156,637 )   $ 24,652     $ (165,112 )

 

The tax benefit for the nine months ended September 30, 2012 was due to the reversal of an accrual. Deferred tax assets and liabilities result from temporary differences in the recognition of income and expense for tax and financial reporting purposes. A full valuation allowance has been recorded against the realizability of the net deferred tax assets at September 30, 2012 and December 31, 2011.   The Company has net operating loss carryforwards available for federal and state tax purposes of approximately $4,100,000, which expire in varying amounts through 2030.
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Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2012
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]

 

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments considered necessary for fair presentation of the results of operations for the periods presented have been included. The financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2011. Interim results are not necessarily indicative of results for the full year.

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of 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.

 
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Common Stock and Stock Options (Details) (USD $)
 9 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2012
Employee Stock Option [Member]
Dec. 31, 2011
Employee Stock Option [Member]
Stock Options - Outstanding (in shares)     736,750 783,750
Stock Options - Exercised (in shares)       (17,000)
Stock Options - Expired (in shares)     (144,500) (30,000)
Stock Options - Outstanding (in shares)     592,250 736,750
Stock Options - shares exercisable (in shares)     322,250 419,375
Weighted Average Exercise Price - Outstanding (in dollars per share)   $ 4.83 $ 4.52 $ 4.35
Weighted Average Exercise Price - Exercised (in dollars per share) $ 1.52     $ 1.55
Weighted Average Exercise Price - Expired (in dollars per share)     $ 1.59 $ 1.90
Weighted Average Exercise Price - Outstanding (in dollars per share)   $ 4.83 $ 5.23 $ 4.52
Weighted Average Exercise Price - Shares exercisable (in dollars per share)     $ 4.59 $ 3.41
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Earnings Per Share (Details) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Income (loss) applicable to common shares $ 84,711 $ (390,596) $ (106,523) $ (671,828)
Weighted average common shares outstanding - basic (in shares) 3,817,963 3,779,768 3,812,019 3,778,620
Effect of dilutions (in shares) 9,811 0 0 0
Weighted average shares outstanding - diluted (in shares) 3,827,774 3,779,768 3,812,019 3,778,620
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STATEMENTS OF CASH FLOWS (USD $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (88,409) $ (653,714)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and accretion 433,841 391,901
Amortization 2,107 2,316
Stock based compensation 102,294 88,349
Patent impairment 0 38,726
Loss (gain) on disposal of equipment 850 (425)
Deferred income taxes 0 156,000
Inventory reserve 23,095 22,369
Credit for doubtful accounts 0 (530)
Changes in operating assets and liabilities:    
Accounts receivable (141,982) 277,419
Inventories (421,937) (215,383)
Prepaid expenses (17,969) (20,904)
Other assets 13,969 (26,875)
Accounts payable 42,977 85,777
Accrued expenses and customer deposits 311,786 311,650
Net cash provided by operating activities 260,622 456,676
CASH FLOWS FROM INVESTING ACTIVITIES    
Proceeds on sale of equipment 0 425
Purchases of property and equipment (563,997) (1,069,537)
Net cash used in investing activities (563,997) (1,069,112)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from exercise of common stock options 0 12,150
Proceeds from notes payable 911,546 642,126
Principal payments on capital lease obligations and notes payable (814,862) (350,588)
Payment of cumulative dividends on preferred stock 0 (24,152)
Net cash provided by financing activities 96,684 279,536
NET DECREASE IN CASH (206,691) (332,900)
CASH - Beginning of period 798,069 1,511,752
CASH - End of period 591,378 1,178,852
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Interest 65,214 57,708
Income taxes 605 713
SUPPLEMENTAL DISCLOSURES OF NONCASH FINANCING ACTIVITIES    
Property and equipment purchased by capital lease 0 185,000
Increase in asset retirement obligation $ 6,480 $ 4,968
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Preferred Stock
 9 Months Ended
Sep. 30, 2012
Equity [Abstract]  
Preferred Stock [Text Block]

Note 4. Preferred Stock

 

On February 28, 2012 the Board of Directors voted not to authorize the payment of a cash dividend on convertible preferred stock, Series B, to shareholders of record as of December 31, 2011. Dividends on the Series B preferred stock accrue at 10% annually on the outstanding shares. Accrued Dividends on the Series B preferred stock were $6,038 for the three months ended September 30, 2012 and 2011 and $18,114 for the nine months ended September 30, 2012 and 2011. The Company had accrued dividends on Series B preferred stock of $163,026 and $138,874 at September 30, 2012 and 2011, respectively. These amounts are included in Convertible preferred stock, Series B, on the balance sheet.
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Notes Payable (Details Textual) (USD $)
 9 Months Ended 12 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2012
Promissory Note Issue One [Member]
Sep. 30, 2012
Promissory Note Issue Two [Member]
December 31, 2012 [Member]
Sep. 30, 2012
Promissory Note Issue Two [Member]
January 31, 2013 [Member]
Sep. 30, 2012
Promissory Note Issue Two [Member]
Subsequent Event [Member]
Sep. 30, 2012
Ohio Department Of Development Loan Two [Member]
Dec. 31, 2011
Ohio Department Of Development Loan Two [Member]
Dec. 31, 2010
Ohio Department Of Development Loan Two [Member]
Sep. 30, 2012
Ohio Department Of Development Loan Two [Member]
Subsequent Event [Member]
Sep. 30, 2012
Ohio Air Quality Development Authority [Member]
Sep. 30, 2012
Ohio Air Quality Development Authority [Member]
Dec. 31, 2011
Ohio Air Quality Development Authority [Member]
Mar. 20, 2012
Ohio Air Quality Development Authority [Member]
Dec. 31, 2010
Ohio Air Quality Development Authority [Member]
Mar. 20, 2012
Ohio Air Quality Development Authority [Member]
Line Of Credit Facility First Amendment [Member]
Apr. 10, 2012
Ohio Air Quality Development Authority [Member]
Line Of Credit Facility Second Amendment [Member]
Sep. 30, 2012
Ohio Department Of Development Loan One [Member]
Dec. 31, 2008
Ohio Department Of Development Loan One [Member]
Dec. 31, 2006
Ohio Department Of Development Loan One [Member]
Sep. 30, 2012
Notes Payable To Banks [Member]
Minimum [Member]
Subsequent Event [Member]
Sep. 30, 2012
Notes Payable To Banks [Member]
Promissory Note Issue One [Member]
Debt Instrument, Basis Spread on Variable Rate         4.00%                                
Debt Instrument, Maturity Date         Feb. 28, 2014                               Dec. 31, 2012
Notes Payable to Bank   $ 213,000                                      
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases                         368,906 1,400,000         400,000    
Line Of Credit Facility, Payment Duration             84 months         84 months           84 months      
Line of Credit Facility, Interest Rate During Period             3.00%         3.00%           3.00%      
Line of Credit Facility, Amount Outstanding           676,089       340,627 340,627           203,428        
Debt Instrument, Interest Rate, Effective Percentage                             10.00% 3.00%       5.00%  
Servicing Fee, Annual Percent Fee               0.25%                   0.25%      
Line of Credit Facility, Periodic Payment           10,100         16,900           6,000        
Servicing Fee Paid                   1,600                      
Line of Credit Facility, Maximum Borrowing Capacity               744,250                          
Debt Instrument, Face Amount         213,000                                
Debt Instrument, Periodic Payment, Principal     25,000 25,000                                  
Debt Instrument, Final installment received                 22,183                        
Proposed Interest Rate For Outstanding Loan Balance 6.00%                                        
Debt Instrument, Periodic Payment         $ 5,000                                
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Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2012
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

Following is the income tax benefit (expense) for the three and nine months ended September 30:

 

    Three months ended Sept. 30,     Nine months ended Sept. 30,  
    2012     2011     2012     2011  
Federal - deferred   $ -     $ (156,000 )   $ -     $ (156,000 )
State and local     (1,237 )     (637 )     24,652       (9,112 )
    $ (1,237 )   $ (156,637 )   $ 24,652     $ (165,112 )