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.

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22 IKONICS CORPORATION STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2015 AND 2014 Year Ended December 31, 2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 135,007 $ 648,770 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 659,528 635,607 Amortization 25,040 25,775 Stock based compensation 21,743 18,415 Gain on sale and disposal of property, plant and equipment — (45,659) Deferred income taxes 18,000 (10,000) Loss on intangible asset abandonment 45,873 — Changes in working capital components: Trade receivables (68,866) (45,475) Inventories 510,845 (75,708) Prepaid expenses and other assets 752 17,287 Income tax receivable 60,873 (121,776) Accounts payable 49,064 (161,113) Accrued expenses 8,202 30,625 Net cash provided by operating activities 1,466,061 916,748 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, equipment and construction in progress (2,866,671) (434,463) Proceeds from sales of equipment and vehicles — 61,763 Purchases of intangibles (53,138) (56,998) Purchases of short-term investments (650,000) (2,716,000) Proceeds on sale of short-term investments 2,416,000 2,414,877 Net cash used in investing activities (1,153,809) (730,821) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options — 45,987 NET INCREASE IN CASH AND CASH EQUIVALENTS 312,252 231,914 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,936,214 1,704,300 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 2,248,466 $ 1,936,214 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Construction in progress included in construction payable $ 333,339 $ — Cash paid for income taxes $ 11,127 $ 401,776 See notes to financial statements.

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