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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23 IKONICS CORPORATION STATEMENTS OF CASH FLOWS YEARS ENDED DECEMBER 31, 2017 AND 2016 Year Ended December 31, 2017 2016 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (226,147) $ (65,061) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 836,877 760,772 Amortization 38,265 33,768 Stock based compensation 23,561 25,007 Net gain on sale and disposal of property, plant and equipment (28,689) (5,750) Deferred income taxes (302,000) 61,000 Changes in working capital components: Trade receivables 146,241 (171,307) Inventories (99,893) 133,633 Prepaid expenses and other assets 193,663 (276,257) Income tax receivable 64,003 36,831 Accounts payable (408,526) 310,141 Accrued expenses (32,666) 74,170 Net cash provided by operating activities 204,689 916,947 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant, equipment and construction in progress (230,089) (2,064,426) Proceeds from sale of property and equipment 32,635 21,000 Purchases of intangibles (38,977) (27,146) Purchases of short-term investments (3,875,000) (4,379,000) Proceeds on sale of short-term investments 4,226,000 1,133,000 Net cash provided by (used in) investing activities 114,569 (5,316,572) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from long-term debt — 3,415,000 Payment of debt issuance costs — (139,418) Payments on long-term debt (139,690) (79,475) Repurchase of common stock (300,466) — Proceeds from exercise of stock options 1,885 3,765 Net cash (used in) provided by financing activities (438,271) 3,199,872 NET DECREASE IN CASH AND CASH EQUIVALENTS (119,013) (1,199,753) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 1,048,713 2,248,466 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 929,700 $ 1,048,713 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Cash paid for interest $ 70,990 $ 43,421 Cash received for income taxes, net $ 60,003 $ 102,234 See notes to financial statements.

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