IKONICS Corporation

2017 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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21 IKONICS CORPORATION STATEMENTS OF OPERATIONS YEARS ENDED DECEMBER 31, 2017 AND 2016 Year Ended December 31, 2017 2016 NET SALES $ 17,243,244 $ 17,569,901 COST OF GOODS SOLD 11,512,699 11,332,991 GROSS PROFIT 5,730,545 6,236,910 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 5,506,466 5,611,849 RESEARCH AND DEVELOPMENT EXPENSES 688,688 647,065 LOSS FROM OPERATIONS (464,609) (22,004) INTEREST EXPENSE (83,080) (58,222) OTHER 23,542 11,165 LOSS BEFORE INCOME TAXES (524,147) (69,061) INCOME TAX BENEFIT (298,000) (4,000) NET LOSS $ (226,147) $ (65,061) LOSS PER COMMON SHARE: Basic $ (0.11) $ (0.03) Diluted $ (0.11) $ (0.03) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic 2,007,613 2,018,649 Diluted 2,007,613 2,018,649 See notes to financial statements.

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