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 |