United-Guardian (UG) 10-Q 11 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document Information [Line Items]
Entity Registrant Name	UNITED GUARDIAN INC
Entity Central Index Key	101,295
Trading Symbol	ug
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		4,594,319
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Sales:
Gross sales	$ 3,666,947	$ 2,872,722
Sales allowances and returns	(147,435)	(86,334)
Net Sales	3,519,512	2,786,388
Costs and expenses:
Cost of sales	1,450,931	1,264,096
Operating expenses	524,114	463,480
Research and development	101,664	189,729
Total costs and expenses	2,076,709	1,917,305
Income from operations	1,442,803	869,083
Other (expense) income:
Investment income	46,782	52,872
Unrealized loss on marketable securities	(135,150)
Loss from trade-in of equipment	(12,837)
Total other (expense) income	(101,205)	52,872
Income before provision for income taxes	1,341,598	921,955
Provision for income taxes	281,736	287,520
Net income	$ 1,059,862	$ 634,435
Earnings per common share (basic and diluted) (in dollars per share)	$ 0.23	$ 0.14
Weighted average shares – basic and diluted (in shares)	4,594,319	4,594,319

Statements of Comprehensive Inc

Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income	$ 1,059,862	$ 634,435
Other comprehensive income:
Unrealized gain on marketable securities		131,671
Income tax expense related to other comprehensive income		(44,768)
Total other comprehensive income, net of tax		86,903
Total comprehensive income	$ 1,059,862	$ 721,338

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 1,071,148	$ 724,721
Marketable securities	8,883,671	7,721,568
Accounts receivable, net of allowance for doubtful accounts of $21,220 at March 31, 2018 and December 31, 2017	1,811,787	1,905,415
Inventories (net)	1,429,170	1,340,523
Prepaid expenses and other current assets	224,224	157,964
Prepaid income taxes	331	331
Total current assets	13,420,331	11,850,522
Property, plant and equipment:
Land	69,000	69,000
Factory equipment and fixtures	4,365,861	4,363,978
Building and improvements	2,793,402	2,793,402
Total property, plant and equipment	7,228,263	7,226,380
Less: accumulated depreciation	6,317,159	6,283,493
Total property, plant and equipment (net)	911,104	942,887
Other assets (net)	40,765	59,471
TOTAL ASSETS	14,372,200	12,852,880
Current liabilities:
Accounts payable	284,699	354,285
Accrued expenses	1,128,636	881,327
Income taxes payable	365,965	55,848
Dividends payable	130,923	130,923
Total current liabilities	1,910,223	1,422,383
Deferred income taxes (net)	5,473	33,855
Commitments and contingencies
Stockholders’ equity:
Common stock $.10 par value, 10,000,000 shares authorized; 4,594,319 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	459,432	459,432
Accumulated other comprehensive income		466,025
Retained earnings	11,997,072	10,471,185
Total stockholders’ equity	12,456,504	11,396,642
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$ 14,372,200	$ 12,852,880

Balance Sheets (Current Period5

Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Accounts receivable, allowance for doubtful accounts	$ 21,220	$ 21,220
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	4,594,319	4,594,319
Common stock, shares outstanding (in shares)	4,594,319	4,594,319

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 1,059,862	$ 634,435
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	49,152	49,849
Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date	135,150
Realized loss from trade-in of equipment	12,837
Increase (decrease) in cash resulting from changes in operating assets and liabilities:
Accounts receivable	93,628	(274,694)
Inventories	(88,647)	(7,433)
Prepaid expenses and other current and non-current assets	(51,260)	(60,649)
Prepaid income taxes		82,732
Deferred Income Taxes	(28,381)
Accounts payable	(69,586)	41,310
Income taxes payable	310,117	204,788
Accrued expenses	247,309	204,808
Net cash provided by operating activities	1,670,181	875,146
Cash flows from investing activities:
Acquisition of property, plant and equipment	(26,500)	(1,605)
Purchase of marketable securities	(1,297,254)	(52,825)
Net cash used in investing activities	(1,323,754)	(54,430)
Net increase in cash and cash equivalents	346,427	820,716
Cash and cash equivalents at beginning of period	724,721	424,301
Cash and cash equivalents at end of period	1,071,148	1,245,017
Non-cash investing activities:
Cost of equipment traded in (net)	$ 39,837

Note 1 - Nature of Business

Note 1 - Nature of Business	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. Nature of Business United-Guardian, Inc. (the “Company”) is a Delaware corporation that, through its Guardian Laboratories division, conducts research, product development, manufacturing and marketing of cosmetic ingredients, personal and health care products, pharmaceuticals, medical products, and proprietary specialty industrial products.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Basis of Accounting [Text Block]	2. Basis of Presentation Interim condensed financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, pursuant to the requirements for reporting on Form 10 X. not may December 31, 2018. 10 December 31, 2017.

Note 3 - Use of Estimates

Note 3 - Use of Estimates	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Use of Estimates Disclosure [Text Block]	3. Use of Estimates In preparing financial statements in accordance with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, possible impairment of marketable securities, and the allocation of overhead.

Note 4 - Revenue Recognition

Note 4 - Revenue Recognition	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	4. Revenue Recognition Effective January 1, 2018 606 The Company recognizes revenue from sales of it’s personal care, medical, and industrial products when those products are shipped, as long as a valid purchase order has been received and future collection of the sale amount is reasonably assured. These products are shipped “Ex-Works” from the Company’s facility in Hauppauge, NY, and it is at this time that risk of loss and responsibility for the shipment passes to the customer. Sales of these products are deemed final, and there is no The Company’s pharmaceutical products are shipped via common carrier upon receipt of a valid purchase order, with, in most cases, the Company paying the shipping costs. Sales of pharmaceutical products are final and revenue is recognized at the time of shipment. Pharmaceutical products are returnable only at the discretion of the Company unless (a) they are found to be defective; (b) the product is damaged in shipping; or (c) the product is outdated (but not one The Company does not not third Any allowances for returns are taken as a reduction of sales within the same period the revenue is recognized. Such allowances are determined based on historical experience. The Company has not The timing between recognition of revenue for product sales and the receipt of payment is not 30 60 March 31, 2018 December 31, 2017 $21,220 The Company has distribution fee contracts with certain customers in connection with the sales to them of the Company’s products that entitle them to distribution-related fees. The Company estimates and records distribution fees due to these customers in sales returns and allowances. Disaggregated revenue by product class is as follows: Three months ended March 31, 2018 2017 Personal Care $ 2,123,114 $ 1,484,932 Medical 540,470 536,338 Pharmaceutical 974,120 821,176 Industrial and other 29,243 30,276 Gross Sales 3,666,947 2,872,722 Less: Allowances and returns (147,435 ) (86,334 ) Net Sales $ 3,519,512 $ 2,786,388 The Company’s personal care products are marketed worldwide by six 17% five Disaggregated revenue by geographic region is as follows: Three months ended March 31, 2018 2017 United States* $ 3,056,809 $ 2,253,678 Other countries 610,138 619,044 Gross Sales $ 3,666,947 $ 2,872,722 * Although a significant percentage of ASI’s purchases from the Company are sold to foreign customers, all sales to ASI are considered U.S. sales for financial reporting purposes, since all shipments to ASI are shipped to ASI’s warehouses in the U.S. A certain percentage of those products are subsequently shipped by ASI to its foreign customers. Based on sales information provided to the Company by ASI, in the first 2018 69% three first 2018 7%

Note 5 - Marketable Securities

Note 5 - Marketable Securities	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	5. Marketable Securities Marketable securities include investments in fixed income and equity mutual funds and government securities, which are reported at their fair values. Effective January 2018, 2016 01, In accordance with the implementation of the standard, the Company recognized a cumulative-effect adjustment, related to unrealized gains on marketable equity securities, to reduce accumulated other comprehensive income and increase retained earnings on January 1, 2018 $466,025 In conformity with ASC 205 10 2016 01 not 2018 2017, March 31, 2017: Statement of Income Three Months Ended As Reported Adjustments Balance With Unrealized Gain on marketable securities $ --- $ 131,671 $ 131,671 Income before provision for income taxes 921,955 131,671 1,053,626 Provision for income taxes 287,520 44,768 332,288 Net income 634,435 86,903 721,338 Earnings per common share (basic and diluted) $ 0.14 $ 0.02 $ 0.16 In addition, the disaggregated net gains and losses on the marketable securities recognized in the income statement for the three March 31, 2018 Net losses recognized during the period on marketable securities $ 135,150 Less: Net gains (losses) recognized during the period on marketable securities sold during the period --- Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date $ 135,150 The following tables summarize the Company’s investments: March 31, 2018 Cost Fair Value Unrealized Fixed income mutual funds $ 7,293,154 $ 7,290,987 $ (2,167 ) Equity and other mutual funds 1,135,762 1,592,684 456,922 Total marketable securities $ 8,428,916 $ 8,883,671 $ 454,755 December 31, 2017 Fixed income mutual funds $ 6,003,131 $ 6,113,099 $ 109,968 Equity and other mutual funds 1,128,532 1,608,469 479,937 Total marketable securities $ 7,131,663 $ 7,721,568 $ 589,905 Investment income is recognized when earned and consists principally of interest income from fixed income mutual funds and dividend income from equity and other mutual funds. Realized gains and losses on sales of investments are determined on a specific identification basis.

Note 6 - Inventories

Note 6 - Inventories	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	6 . Inventories March 31, December 31, 2018 2017 (Unaudited) (Audited) Inventories consist of the following: Raw materials $ 538,352 $ 363,739 Work in process 74,914 39,004 Finished products 815,904 937,780 Total Inventories $ 1,429,170 $ 1,340,523 Inventories are valued at the lower of cost and net realizable value. Cost is determined using the average cost method, which approximates cost determined by the first first March 31, 2018 December 31, 2017 $20,000 March 31, 2018 December 31, 2017 $127,265 $127,768,

Note 7 - Income Taxes

Note 7 - Income Taxes	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7. Income Taxes The Company’s tax provision is based on its estimated annual effective tax rate. The Company continues to fully recognize its tax benefits, and as of March 31, 2018 December 31, 2017, not three March 31 Three Months Three Months Provision for Federal Income Taxes - Current $ 310,117 $ 287,520 Provision for Federal Income Taxes – Deferred (28,381 ) --- Total Provision for income taxes $ 281,736 $ 287,520

Note 8 - Accumulated Other Comp

Note 8 - Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	8. Accumulated Other Comprehensive Income Effective January 1, 2018, 2016 01, March 31, 2018 three March 31, 2018 December 31, 2017 Changes in Accumulated Other Three months ended Year ended (unaudited) (audited) Beginning balance $ 466,025 $ 175,634 Reclassification of accumulated other comprehensive income to retained earnings in accordance with ASU 2016-01. (See Note 11) (466,025 ) --- Unrealized gain on marketable securities before reclassifications - net of tax --- 222,499 Reclassification of tax effect on unrealized gain on marketable securities due to federal tax rate change --- 34,595 Realized gain on sale of marketable securities --- 33,297 Ending balance - net of tax $ --- $ 466,025

Note 9 - Defined Contribution P

Note 9 - Defined Contribution Plan	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	9. Defined Contribution Plan The Company sponsors a 401 first 4% one $175,000 401 $43,750 three March 31, 2018 March 31, 2017. first 2018 2017 not

Note 10 - Other Information

Note 10 - Other Information	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	10. Other Information Accrued Expenses March 31, 2018 December 31, 2017 (unaudited) (audited) Bonuses $ 300,000 $ 200,000 Distribution fees 269,981 254,863 Payroll and related expenses 177,595 152,903 Reserve for outdated material 127,265 127,768 Audit fee 60,368 43,268 Company 401(k) contribution 43,750 --- Insurance 73,745 --- Annual report expenses 35,322 62,510 Sales rebates 16,000 12,000 Other 24,610 28,015 Total Accrued Expenses $ 1,128,636 $ 881,327

Note 11 - Recent Accounting Pro

Note 11 - Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	11. Recent Accounting Pronouncements Effective January 1, 2018, 606 not Effective January 2018, 2016 01, January 1, 2018 $466,025 In February 2018, 2018 02, 220 2017 December 15, 2018 fourth 2017. $34,595 December 31, 2017 In February 2016, 2016 02, 12 first 2019. not In June 2016, 2016 13 not December 15, 2019.

Note 12 - Concentrations of Cre

Note 12 - Concentrations of Credit Risk	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	12. Concentrations of Credit Risk Cash and cash equivalents - For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of three $250,000. March 31, 2018, $883,000 Customer concentration - Accounts receivable potentially exposes the Company to concentrations of credit risk. The Company monitors the amount of credit it allows each of its customers, using the customer’s prior payment history to determine how much credit to allow or whether any credit should be given at all. It is the Company’s policy to discontinue shipments to any customer that is substantially past due on its payments. The Company sometimes requires payment in advance from customers whose payment record is questionable. As a result of its monitoring of the outstanding credit allowed for each customer, as well as the fact that the majority of the Company’s sales are to customers whose satisfactory credit and payment record has been established over a long period of time, the Company believes that its credit risk from accounts receivable is low. For the three March 31, 2018 one one 57% 57% March 31, 2018. three March 31, 2017, 48% 44% March 31, 2017.

Note 13 - Earnings Per Share

Note 13 - Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	13. Earnings Per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Per share basic and diluted earnings amounted to $0.23 $0.14 three March 31, 2018 2017,

Note 4 - Revenue Recognition (T

Note 4 - Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months ended March 31, 2018 2017 Personal Care $ 2,123,114 $ 1,484,932 Medical 540,470 536,338 Pharmaceutical 974,120 821,176 Industrial and other 29,243 30,276 Gross Sales 3,666,947 2,872,722 Less: Allowances and returns (147,435 ) (86,334 ) Net Sales $ 3,519,512 $ 2,786,388
Revenue from External Customers by Geographic Areas [Table Text Block]	Three months ended March 31, 2018 2017 United States* $ 3,056,809 $ 2,253,678 Other countries 610,138 619,044 Gross Sales $ 3,666,947 $ 2,872,722

Note 5 - Marketable Securities

Note 5 - Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	Statement of Income Three Months Ended As Reported Adjustments Balance With Unrealized Gain on marketable securities $ --- $ 131,671 $ 131,671 Income before provision for income taxes 921,955 131,671 1,053,626 Provision for income taxes 287,520 44,768 332,288 Net income 634,435 86,903 721,338 Earnings per common share (basic and diluted) $ 0.14 $ 0.02 $ 0.16
Gain (Loss) on Securities [Table Text Block]	Net losses recognized during the period on marketable securities $ 135,150 Less: Net gains (losses) recognized during the period on marketable securities sold during the period --- Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date $ 135,150
Marketable Securities [Table Text Block]	March 31, 2018 Cost Fair Value Unrealized Fixed income mutual funds $ 7,293,154 $ 7,290,987 $ (2,167 ) Equity and other mutual funds 1,135,762 1,592,684 456,922 Total marketable securities $ 8,428,916 $ 8,883,671 $ 454,755 December 31, 2017 Fixed income mutual funds $ 6,003,131 $ 6,113,099 $ 109,968 Equity and other mutual funds 1,128,532 1,608,469 479,937 Total marketable securities $ 7,131,663 $ 7,721,568 $ 589,905

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2018 2017 (Unaudited) (Audited) Inventories consist of the following: Raw materials $ 538,352 $ 363,739 Work in process 74,914 39,004 Finished products 815,904 937,780 Total Inventories $ 1,429,170 $ 1,340,523

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three Months Three Months Provision for Federal Income Taxes - Current $ 310,117 $ 287,520 Provision for Federal Income Taxes – Deferred (28,381 ) --- Total Provision for income taxes $ 281,736 $ 287,520

Note 8 - Accumulated Other Co24

Note 8 - Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Changes in Accumulated Other Three months ended Year ended (unaudited) (audited) Beginning balance $ 466,025 $ 175,634 Reclassification of accumulated other comprehensive income to retained earnings in accordance with ASU 2016-01. (See Note 11) (466,025 ) --- Unrealized gain on marketable securities before reclassifications - net of tax --- 222,499 Reclassification of tax effect on unrealized gain on marketable securities due to federal tax rate change --- 34,595 Realized gain on sale of marketable securities --- 33,297 Ending balance - net of tax $ --- $ 466,025

Note 10 - Other Information (Ta

Note 10 - Other Information (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, 2018 December 31, 2017 (unaudited) (audited) Bonuses $ 300,000 $ 200,000 Distribution fees 269,981 254,863 Payroll and related expenses 177,595 152,903 Reserve for outdated material 127,265 127,768 Audit fee 60,368 43,268 Company 401(k) contribution 43,750 --- Insurance 73,745 --- Annual report expenses 35,322 62,510 Sales rebates 16,000 12,000 Other 24,610 28,015 Total Accrued Expenses $ 1,128,636 $ 881,327

Note 4 - Revenue Recognition (D

Note 4 - Revenue Recognition (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Allowance for Doubtful Accounts Receivable, Ending Balance	$ 21,220	$ 21,220
Medical Product [Member]
Percentage of Product Sales Delivered to Domestic Locations Subsequent Shipment to Foreign Manufacturing Facilities	7.00%
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | ASI [Member]
Concentration Risk, Percentage	69.00%
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | Personal Care [Member]
Concentration Risk, Percentage	17.00%

Note 4 - Revenue Recognition -

Note 4 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gross sales	$ 3,666,947	$ 2,872,722
Sales allowances and returns	(147,435)	(86,334)
Net Sales	3,519,512	2,786,388
Personal Care [Member]
Gross sales	2,123,114	1,484,932
Medical Product [Member]
Gross sales	540,470	536,338
Pharmaceuticals [Member]
Gross sales	974,120	821,176
Industrial And Other [Member]
Gross sales	$ 29,243	$ 30,276

Note 4 - Revenue Recognition 28

Note 4 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($)		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
Gross sales		$ 3,666,947	$ 2,872,722
UNITED STATES
Gross sales	[1]	3,056,809	2,253,678
Non-US [Member]
Gross sales		$ 610,138	$ 619,044
[1]	Although a significant percentage of ASI's purchases from the Company are sold to foreign customers, all sales to ASI are considered U.S. sales for financial reporting purposes, since all shipments to ASI are shipped to ASI's warehouses in the U.S. A certain percentage of those products are subsequently shipped by ASI to its foreign customers. Based on sales information provided to the Company by ASI, in the first quarter of 2018 approximately 69% of ASI's sales were to customers in foreign countries. In addition, there are three customers for the Company's medical products that take delivery of their purchases in the U.S. but subsequently ship that product to manufacturing facilities outside the U.S. Since the Company makes those shipments to U.S. locations, sales to those customers are considered domestic sales. In the first quarter of 2018 approximately 7% of the Company's medical product sales were delivered to U.S. locations for subsequent shipment by the customers to foreign manufacturing facilities, which then produced finished products to be marketed globally.

Note 5 - Marketable Securitie29

Note 5 - Marketable Securities (Details Textual) - USD ($)	Jan. 01, 2018	Mar. 31, 2018	Dec. 31, 2017
AOCI Attributable to Parent [Member]
Reclassification of Unrealized Gain (Loss) on Securities from AOCI to Retained Earnings		$ (466,025)
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member]
Reclassification of Unrealized Gain (Loss) on Securities from AOCI to Retained Earnings	$ (466,025)
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member]
Reclassification of Unrealized Gain (Loss) on Securities from AOCI to Retained Earnings	$ 466,025

Note 5 - Marketable Securitie30

Note 5 - Marketable Securities - Adoption of New Accounting Standard (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Unrealized loss on marketable securities	$ (135,150)
Income before provision for income taxes	1,341,598	921,955
Provision for income taxes	281,736	287,520
Net income	$ 1,059,862	$ 634,435
Earnings per common share (basic and diluted) (in dollars per share)	$ 0.23	$ 0.14
Pro Forma [Member]
Unrealized loss on marketable securities		$ 131,671
Income before provision for income taxes		1,053,626
Provision for income taxes		332,288
Net income		$ 721,338
Earnings per common share (basic and diluted) (in dollars per share)		$ 0.16
Accounting Standards Update 2016-01 [Member] | Pro Forma [Member]
Unrealized loss on marketable securities		$ 131,671
Income before provision for income taxes		131,671
Provision for income taxes		44,768
Net income		$ 86,903
Earnings per common share (basic and diluted) (in dollars per share)		$ 0.02

Note 5 - Marketable Securitie31

Note 5 - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net losses recognized during the period on marketable securities	$ 135,150
Less: Net gains (losses) recognized during the period on marketable securities sold during the period
Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date	$ 135,150

Note 5 - Marketable Securitie32

Note 5 - Marketable Securities - Summary of Investments (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Marketable securities, cost	$ 8,428,916	$ 7,131,663
Marketable securities	8,883,671	7,721,568
Marketable securities, unrealized (loss) gain	454,755	589,905
Fixed Income Securities [Member]
Marketable securities, cost	7,293,154	6,003,131
Marketable securities	7,290,987	6,113,099
Marketable securities, unrealized (loss) gain	(2,167)	109,968
Equity And Other Mutual Funds [Member]
Marketable securities, cost	1,135,762	1,128,532
Marketable securities	1,592,684	1,608,469
Marketable securities, unrealized (loss) gain	$ 456,922	$ 479,937

Note 6 - Inventories (Details T

Note 6 - Inventories (Details Textual) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Inventory Valuation Reserves, Ending Balance	$ 20,000	$ 20,000
Accrued Reserve for Outdated Material	$ 127,265	$ 127,768

Note 6 - Inventories - Summary

Note 6 - Inventories - Summary of Inventories (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Raw materials	$ 538,352	$ 363,739
Work in process	74,914	39,004
Finished products	815,904	937,780
Total Inventories	$ 1,429,170	$ 1,340,523

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Unrecognized Tax Benefits, Ending Balance	$ 0	$ 0

Note 7 - Income Taxes - Provisi

Note 7 - Income Taxes - Provision for Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Provision for Federal Income Taxes - Current	$ 310,117	$ 287,520
Provision for Federal Income Taxes – Deferred	(28,381)
Total Provision for income taxes	$ 281,736	$ 287,520

Note 8 - Accumulated Other Co37

Note 8 - Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Beginning balance	$ 11,396,642
Ending balance - net of tax	12,456,504	$ 11,396,642
AOCI Attributable to Parent [Member]
Beginning balance	466,025	175,634
Reclassification of accumulated other comprehensive income to retained earnings in accordance with ASU 2016-01. (See Note 11)	(466,025)
Unrealized gain on marketable securities before reclassifications - net of tax		222,499
Reclassification of tax effect on unrealized gain on marketable securities due to federal tax rate change		34,595
Realized gain on sale of marketable securities		33,297
Ending balance - net of tax		$ 466,025

Note 9 - Defined Contribution38

Note 9 - Defined Contribution Plan (Details Textual) - DC Plan [Member] - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.00%
Defined Contribution, Discretionary Contribution Plan, Vesting Period	1 year
Defined Contribution Plan, Employer Discretionary Contribution Amount Per Year Authorized	$ 175,000
Defined Contribution Plan, Cost	43,750	$ 43,750
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0	$ 0

Note 10 - Other Information - S

Note 10 - Other Information - Summary of Accrued Expenses (Details) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Bonuses	$ 300,000	$ 200,000
Distribution fees	269,981	254,863
Payroll and related expenses	177,595	152,903
Reserve for outdated material	127,265	127,768
Audit fee	60,368	43,268
Company 401(k) contribution	43,750
Insurance	73,745
Annual report expenses	35,322	62,510
Sales rebates	16,000	12,000
Other	24,610	28,015
Total Accrued Expenses	$ 1,128,636	$ 881,327

Note 11 - Recent Accounting P40

Note 11 - Recent Accounting Pronouncements (Details Textual) - USD ($)	Jan. 01, 2018	Mar. 31, 2018	Dec. 31, 2017
Retained Earnings [Member] | Accounting Standards Update 2016-01 [Member]
Reclassification of Unrealized Gain (Loss) on Securities from AOCI to Retained Earnings	$ 466,025
Retained Earnings [Member] | Accounting Standards Update 2018-02 [Member]
Reclassification of Tax Effects from AOCI to Retained Earnings Due to Change in Enacted Tax Rate			$ (34,595)
AOCI Attributable to Parent [Member]
Reclassification of Unrealized Gain (Loss) on Securities from AOCI to Retained Earnings		$ (466,025)
Reclassification of Tax Effects from AOCI to Retained Earnings Due to Change in Enacted Tax Rate			34,595
AOCI Attributable to Parent [Member] | Accounting Standards Update 2016-01 [Member]
Reclassification of Unrealized Gain (Loss) on Securities from AOCI to Retained Earnings	$ (466,025)
AOCI Attributable to Parent [Member] | Accounting Standards Update 2018-02 [Member]
Reclassification of Tax Effects from AOCI to Retained Earnings Due to Change in Enacted Tax Rate			$ 34,595

Note 12 - Concentrations of C41

Note 12 - Concentrations of Credit Risk (Details Textual)	3 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017
Cash, FDIC Insured Amount	$ 250,000
Cash, Uninsured Amount	$ 883,000
Distributor [Member]
Number of Customers	1
Marketing Partner [Member]
Number of Customers	1
Distributors and Marketing Partners [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	57.00%	48.00%
Distributors and Marketing Partners [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	57.00%	44.00%

Note 13 - Earnings Per Share (D

Note 13 - Earnings Per Share (Details Textual) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share, Basic and Diluted, Total	$ 0.23	$ 0.14