IKONICS Corporation

2015 IKONICS Annual Report

Through processes based in photochemistry, abrasive etching, chemical etching and other technologies, IKONICS participates in a diverse spectrum of markets. From traditional and high-tech screen printing, to decorative and industrial etching.

Issue link: http://ikonics.uberflip.com/i/656035

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Page 12 of 47

11 Due to all of the foregoing factors and the other risks discussed in this "Risk Factors" section, you should not rely on quarter-to-quarter or year-to-year comparisons of the Company's operating results as an indicator of future performance. Item 1B. Unresolved Staff Comments None Item 2. Property The Company primarily conducts its operations in Duluth, Minnesota. The administrative, sales, research and development, quality and most of the manufacturing activities are housed in a 60,000 square-foot, four-story building, including a basement level. The building is approximately seventy years old and has been maintained in good condition. The Company also utilizes a 5,625 square-foot warehouse adjacent to the existing plant building that was constructed in 1997. These facilities are owned by the Company with no existing liens or leases. The Company also owns an approximately 11-acre property with a 35,000 square-foot manufacturing and warehouse facility. In addition to warehousing and shipping functions, the facility accommodates the Company's AMS business along with some manufacturing activities. The Company also leases 3,000 square feet of warehouse space at one location in Duluth. The lease term on this facility ends on March 31, 2016. In 2015, the Company began construction of a 27,300 square-foot expansion to its 35,000 square-foot warehousing and manufacturing facility. The expansion will accommodate the Company's growing AMS business. The expansion project is expected to be completed in the second quarter of 2016. Item 3. Legal Proceedings None. Item 4. Mine Safety Disclosures Not applicable.

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