United-Guardian (UG) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 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	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Sales:
Gross Sales	$ 4,141,399	$ 3,891,656	$ 7,808,346	$ 6,764,379
Sales allowances and returns	(182,181)	(116,905)	(329,616)	(203,240)
Net Sales	3,959,218	3,774,751	7,478,730	6,561,139
Costs and expenses:
Cost of sales	1,610,173	1,667,113	3,061,104	2,931,209
Operating expenses	534,420	418,605	1,058,534	882,085
Research and development	91,285	158,275	192,949	348,004
Total costs and expenses	2,235,878	2,243,993	4,312,587	4,161,298
Income from operations	1,723,340	1,530,758	3,166,143	2,399,841
Other income (expense):
Investment income	57,777	68,690	104,559	121,562
Unrealized gain on marketable securities	95,020		(40,130)
Realized (loss) gain on marketable securities	(113,276)	4,106	(113,276)	4,106
Loss on trade-in of equipment			(12,837)
Total other income (expense)	39,521	72,796	(61,684)	125,668
Income before provision for income taxes	1,762,861	1,603,554	3,104,459	2,525,509
Provision for income taxes	370,199	499,405	651,935	786,925
Net Income	$ 1,392,662	$ 1,104,149	$ 2,452,524	$ 1,738,584
Earnings per common share (basic and diluted) (in dollars per share)	$ 0.30	$ 0.24	$ 0.53	$ 0.38
Weighted average shares – basic and diluted (in shares)	4,594,319	4,594,319	4,594,319	4,594,319

Statements of Comprehensive Inc

Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 1,392,662	$ 1,104,149	$ 2,452,524	$ 1,738,584
Other comprehensive income
Unrealized gain on marketable securities		96,459		228,130
Income tax expense related to other comprehensive income		(32,797)		(77,565)
Total other comprehensive income, net of tax		63,662		150,565
Total Comprehensive Income	$ 1,392,662	$ 1,167,811	$ 2,452,524	$ 1,889,149

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 3,856,089	$ 724,721
Marketable securities	4,821,299	7,721,568
Accounts receivable, net of allowance for doubtful accounts of $21,220 at June 30, 2018 and December 31, 2017	2,151,949	1,905,415
Inventories (net)	1,500,369	1,340,523
Prepaid expenses and other current assets	197,659	157,964
Prepaid income taxes	331	331
Total current assets	12,527,696	11,850,522
Land	69,000	69,000
Factory equipment and fixtures	4,379,913	4,363,978
Building and improvements	2,793,402	2,793,402
Total property, plant and equipment	7,242,315	7,226,380
Less: Accumulated depreciation	6,360,256	6,283,493
Total property, plant and equipment, net	882,059	942,887
Other assets (net)	37,059	59,471
TOTAL ASSETS	13,446,814	12,852,880
Accounts payable	473,337	354,285
Accrued expenses	1,268,044	881,327
Income taxes payable	14,999	55,848
Dividends payable	136,789	130,923
Total current liabilities	1,893,169	1,422,383
Deferred income taxes(net)	1,640	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 June 30, 2018 and December 31, 2017, respectively	459,432	459,432
Accumulated other comprehensive income		466,025
Retained earnings	11,092,573	10,471,185
Total stockholders’ equity	11,552,005	11,396,642
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 13,446,814	$ 12,852,880

Balance Sheets (Current Period5

Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 1,392,662	$ 1,104,149	$ 2,452,524	$ 1,738,584
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			95,956	99,697
Unrealized loss on marketable securities	(95,020)		40,130
Realized loss (gain) on sale of marketable securities	113,276	(4,106)	113,276	(4,106)
Realized loss from trade-in of equipment			12,837
(Decrease) increase in cash resulting from changes in operating assets and liabilities:
Accounts receivable			(246,534)	(589,783)
Inventories			(159,846)	489,866
Prepaid expenses and other current assets			(39,695)	(61,816)
Prepaid income taxes				82,732
Other non-current assets			15,000
Deferred income taxes			(32,215)
Accounts payable			119,052	2,649
Accrued expenses			386,717	167,136
Income taxes payable			(40,849)	104,193
Net cash provided by operating activities			2,716,353	2,029,152
Cash flows from investing activities:
Acquisition of property, plant and equipment			(40,552)	(1,605)
Proceeds from sale of marketable securities			4,097,370	321,114
Purchase of marketable securities			(1,350,509)	(142,820)
Net cash provided by investing activities			2,706,309	176,689
Cash flows from financing activities:
Dividends paid			(2,291,294)	(1,925,066)
Net cash used in financing activities			(2,291,294)	(1,925,066)
Net increase in cash and cash equivalents			3,131,368	280,775
Cash and cash equivalents at beginning of period			724,721	424,301
Cash and cash equivalents at end of period	3,856,089	705,076	3,856,089	705,076
Non-cash investing activities: cost of equipment traded in (net)			39,837
Taxes paid			725,000	600,000
Supplemental disclosure of non-cash dividends payable	$ 5,866	$ 4,952	$ 5,866	$ 4,952

Note 1 - Nature of Business

Note 1 - Nature of Business	6 Months Ended
	Jun. 30, 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 and other personal care products, pharmaceuticals, medical and health care products and proprietary specialty industrial products.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	6 Months Ended
	Jun. 30, 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 United States Generally Accepted Accounting Principles (“US GAAP”) for interim financial information, pursuant to the requirements for reporting on Form 10 X. three six June 30, 2018 ( 2018" 2018", not may December 31, 2018. 10 December 31, 2017.

Note 3 - Use of Estimates

Note 3 - Use of Estimates	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Use of Estimates Disclosure [Text Block]	3. Use of Estimates In preparing financial statements in conformity with US 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	6 Months Ended
	Jun. 30, 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 its 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 June 30, 2018 December 31, 2017 $21,220 The Company has distribution fee contracts with certain customers in connection with the sales of our 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 net sales by product class is as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Personal Care $ 2,326,733 $ 2,300,832 $ 4,449,845 $ 3,785,765 Pharmaceutical 1,144,954 956,614 2,119,075 1,777,790 Medical 626,353 596,755 1,166,822 1,133,092 Industrial and other 43,359 37,455 72,604 67,732 Gross Sales 4,141,399 3,891,656 7,808,346 6,764,379 Less: Allowances and returns (182,181 ) (116,905 ) (329,616 ) (203,240 ) Net Sales $ 3,959,218 $ 3,774,751 $ 7,478,730 $ 6,561,139 The Company’s personal care products are marketed worldwide by six 16% five Disaggregated gross sales by geographic region is as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 United States* $ 3,473,306 $ 3,199,123 $ 6,530,115 $ 5,452,802 Other countries 668,093 692,533 1,278,231 1,311,577 Gross Sales $ 4,141,399 $ 3,891,656 $ 7,808,346 $ 6,764,379 * Although a significant percentage of ASI’s purchases from the Company are sold to foreign customers, all sales to ASI are considered United States (domestic) 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 second 2018 77% four second 2018 52% Beginning July 6, 2018, 25% $34 $16 second not 25%. may may not second not $53,000 may August. 25% July 6, 2018,

Note 5 - Marketable Securities

Note 5 - Marketable Securities	6 Months Ended
	Jun. 30, 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, three six June 30, 2017: Statements of Income Three Months Ended June 30, 2017 As Reported Adjustments Balance With Unrealized gain on marketable securities $ --- $ 96,459 $ 96,459 Income before provision for income taxes 1,603,554 96,459 1,700,013 Provision for income taxes 499,405 32,797 532,202 Net income 1,104,149 63,662 1,167,811 Earnings per common share (basic and diluted) $ 0.24 $ 0.01 $ 0.25 Six Months Ended June 30, 2017 As Reported Adjustments Balance With Unrealized gain on marketable securities $ --- $ 228,130 $ 228,130 Income before provision for income taxes 2,525,509 228,130 2,753,639 Provision for income taxes 786,925 77,565 864,490 Net income 1,738,584 150,565 1,889,149 Earnings per common share (basic and diluted) $ 0.38 $ 0.03 $ 0.41 In addition, the disaggregated net gains and losses on the marketable securities recognized in the income statements for the three six June 30, 2018 Three months ended June 30 Six months ended June 30 Net losses recognized during the period on marketable securities $ (18,256 ) $ (153,406 ) Less: Net losses recognized during the period on marketable securities sold during the period (113,276 ) (113,276 ) Unrealized gains (losses) recognized during the reporting period on marketable securities still held at the reporting date $ 95,020 $ (40,130 ) The following tables summarize the Company’s investments: June 30, 2018 Cost Fair value Unrealized gain Fixed income mutual funds $ 2,987,577 $ 3,033,592 $ 46,015 Equity and other mutual funds 1,283,947 1,787,707 503,760 Total marketable securities $ 4,271,524 $ 4,821,299 $ 549,775 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. Proceeds from the sale and redemption of marketable securities amounted to $4,097,370 first 2018, $113,276. $321,114 first 2017, $4,106.

Note 6 - Inventories

Note 6 - Inventories	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	6. Inventories June 30, 2018 December 31, 2017 (Unaudited) (Audited) Inventories consist of the following: Raw materials $ 404,394 $ 363,739 Work in process 80,063 39,004 Finished products 1,015,912 937,780 Total Inventories $ 1,500,369 $ 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 June 30, 2018 December 31, 2017 $20,000 June 30, 2018 December 31, 2017, $124,550 $127,768,

Note 7 - Income Taxes

Note 7 - Income Taxes	6 Months Ended
	Jun. 30, 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 June 30, 2018 December 31, 2017, not three six June 30 Three months ended Six months ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Provision for Federal Income Taxes - Current $ 374,032 $ 499,405 $ 684,151 $ 786,925 Provision for Federal Income Taxes - Deferred (3,833 ) --- (32,216 ) --- Total Provision for income taxes $ 370,199 $ 499,405 $ 651,935 $ 786,925

Note 8 - Comprehensive Income

Note 8 - Comprehensive Income	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	8. Comprehensive Income Accumulated other comprehensive income comprises unrealized gains and losses on marketable securities net of the related tax effect. Changes in Accumulated Other Comprehensive Income Six 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 1) (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 (loss) on sale of securities reclassified from accumulated other comprehensive income – net of tax --- 33,297 Ending balance - net of tax $ --- $ 466,025

Note 9 - Defined Contribution P

Note 9 - Defined Contribution Plan	6 Months Ended
	Jun. 30, 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 second 2018, $175,000 $43,750 401 second 2018, $150,000 For the three June 30, 2018 2017, 35,417 $43,750, six June 30, 2018 2017, $79,167 $87,500, first 2018 2017, not

Note 10 - Related-party Transac

Note 10 - Related-party Transactions	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	10. Related-Party Transactions During the first 2017, $8,000 no first 2018.

Note 11 - Other Information

Note 11 - Other Information	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	11. Other Information Accrued Expenses June 30, December 31, (Unaudited) (Audited) Bonuses $ 393,392 $ 200,000 Distribution fees 294,613 254,863 Payroll and related expenses 161,829 152,903 Reserve for outdated material 124,550 127,768 Company 401 (K) contribution 79,167 --- Tariffs and duty 53,000 --- Audit fee 29,468 43,268 Insurance 49,157 --- Annual report expenses 39,228 62,510 Sales rebates 14,000 12,000 Other 29,640 28,015 Total Accrued Expenses $ 1,268,044 $ 881,327

Note 12 - Recent Accounting Pro

Note 12 - Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	12. Recent Accounting Pronouncements Effective January 1, 2018, 606 not 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 13 - Concentrations of Cre

Note 13 - Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	13. 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. June 30, 2018, $3,670,000 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. One one 58% 64% June 30, 2018. 55% 59% June 30, 2017.

Note 14 - Earnings Per Share

Note 14 - Earnings Per Share	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	14. 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 $0.30 $0.24 three June 30, 2018 2017, $0.53 $0.38 six June 30, 2018 2017,

Note 4 - Revenue Recognition (T

Note 4 - Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Personal Care $ 2,326,733 $ 2,300,832 $ 4,449,845 $ 3,785,765 Pharmaceutical 1,144,954 956,614 2,119,075 1,777,790 Medical 626,353 596,755 1,166,822 1,133,092 Industrial and other 43,359 37,455 72,604 67,732 Gross Sales 4,141,399 3,891,656 7,808,346 6,764,379 Less: Allowances and returns (182,181 ) (116,905 ) (329,616 ) (203,240 ) Net Sales $ 3,959,218 $ 3,774,751 $ 7,478,730 $ 6,561,139
Revenue from External Customers by Geographic Areas [Table Text Block]	Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 United States* $ 3,473,306 $ 3,199,123 $ 6,530,115 $ 5,452,802 Other countries 668,093 692,533 1,278,231 1,311,577 Gross Sales $ 4,141,399 $ 3,891,656 $ 7,808,346 $ 6,764,379

Note 5 - Marketable Securities

Note 5 - Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	As Reported Adjustments Balance With Unrealized gain on marketable securities $ --- $ 96,459 $ 96,459 Income before provision for income taxes 1,603,554 96,459 1,700,013 Provision for income taxes 499,405 32,797 532,202 Net income 1,104,149 63,662 1,167,811 Earnings per common share (basic and diluted) $ 0.24 $ 0.01 $ 0.25 As Reported Adjustments Balance With Unrealized gain on marketable securities $ --- $ 228,130 $ 228,130 Income before provision for income taxes 2,525,509 228,130 2,753,639 Provision for income taxes 786,925 77,565 864,490 Net income 1,738,584 150,565 1,889,149 Earnings per common share (basic and diluted) $ 0.38 $ 0.03 $ 0.41
Gain (Loss) on Securities [Table Text Block]	Three months ended June 30 Six months ended June 30 Net losses recognized during the period on marketable securities $ (18,256 ) $ (153,406 ) Less: Net losses recognized during the period on marketable securities sold during the period (113,276 ) (113,276 ) Unrealized gains (losses) recognized during the reporting period on marketable securities still held at the reporting date $ 95,020 $ (40,130 )
Marketable Securities [Table Text Block]	Cost Fair value Unrealized gain Fixed income mutual funds $ 2,987,577 $ 3,033,592 $ 46,015 Equity and other mutual funds 1,283,947 1,787,707 503,760 Total marketable securities $ 4,271,524 $ 4,821,299 $ 549,775 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)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2018 December 31, 2017 (Unaudited) (Audited) Inventories consist of the following: Raw materials $ 404,394 $ 363,739 Work in process 80,063 39,004 Finished products 1,015,912 937,780 Total Inventories $ 1,500,369 $ 1,340,523

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three months ended Six months ended June 30, 2018 June 30, 2017 June 30, 2018 June 30, 2017 Provision for Federal Income Taxes - Current $ 374,032 $ 499,405 $ 684,151 $ 786,925 Provision for Federal Income Taxes - Deferred (3,833 ) --- (32,216 ) --- Total Provision for income taxes $ 370,199 $ 499,405 $ 651,935 $ 786,925

Note 8 - Comprehensive Income (

Note 8 - Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Changes in Accumulated Other Comprehensive Income Six 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 1) (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 (loss) on sale of securities reclassified from accumulated other comprehensive income – net of tax --- 33,297 Ending balance - net of tax $ --- $ 466,025

Note 11 - Other Information (Ta

Note 11 - Other Information (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, December 31, (Unaudited) (Audited) Bonuses $ 393,392 $ 200,000 Distribution fees 294,613 254,863 Payroll and related expenses 161,829 152,903 Reserve for outdated material 124,550 127,768 Company 401 (K) contribution 79,167 --- Tariffs and duty 53,000 --- Audit fee 29,468 43,268 Insurance 49,157 --- Annual report expenses 39,228 62,510 Sales rebates 14,000 12,000 Other 29,640 28,015 Total Accrued Expenses $ 1,268,044 $ 881,327

Note 4 - Revenue Recognition (D

Note 4 - Revenue Recognition (Details Textual) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jul. 06, 2018	Dec. 31, 2017
Allowance for Doubtful Accounts Receivable, Ending Balance	$ 21,220	$ 21,220		$ 21,220
Accrual for Potential Tariffs	$ 53,000	$ 53,000
Subsequent Event [Member]
Accrual for Potential Tariffs			$ 53,000
Medical Product [Member]
Percentage of Product Sales Delivered to Domestic Locations Subsequent Shipment to Foreign Manufacturing Facilities	52.00%
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | ASI [Member]
Concentration Risk, Percentage	77.00%
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | Personal Care [Member]
Concentration Risk, Percentage		16.00%

Note 4 - Revenue Recognition -

Note 4 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Gross Sales	$ 4,141,399	$ 3,891,656	$ 7,808,346	$ 6,764,379
Less: Allowances and returns	(182,181)	(116,905)	(329,616)	(203,240)
Net Sales	3,959,218	3,774,751	7,478,730	6,561,139
Personal Care [Member]
Gross Sales	2,326,733	2,300,832	4,449,845	3,785,765
Pharmaceuticals [Member]
Gross Sales	1,144,954	956,614	2,119,075	1,777,790
Medical Product [Member]
Gross Sales	626,353	596,755	1,166,822	1,133,092
Industrial And Other [Member]
Gross Sales	$ 43,359	$ 37,455	$ 72,604	$ 67,732

Note 4 - Revenue Recognition 29

Note 4 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Gross Sales		$ 4,141,399	$ 3,891,656	$ 7,808,346	$ 6,764,379
UNITED STATES
Gross Sales	[1]	3,473,306	3,199,123	6,530,115	5,452,802
Non-US [Member]
Gross Sales		$ 668,093	$ 692,533	$ 1,278,231	$ 1,311,577
[1]	Although a significant percentage of ASI's purchases from the Company are sold to foreign customers, all sales to ASI are considered United States (domestic) 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 second quarter of 2018 approximately 77% of ASI's sales were to customers in foreign countries, with a significant amount going to China. In addition, there are four 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 also considered domestic sales. In the second quarter of 2018 approximately 52% 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 Securitie30

Note 5 - Marketable Securities (Details Textual) - USD ($)	Jan. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Proceeds from Sale and Maturity of Marketable Securities, Total		$ 4,097,370	$ 321,114
Marketable Securities, Realized Gain (Loss), Total		(113,276)	$ 4,106
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 Securitie31

Note 5 - Marketable Securities - Adoption of New Accounting Standard (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Unrealized gain on marketable securities	$ 95,020		$ (40,130)
Income before provision for income taxes	1,762,861	1,603,554	3,104,459	2,525,509
Provision for income taxes	370,199	499,405	651,935	786,925
Net income	$ 1,392,662	$ 1,104,149	$ 2,452,524	$ 1,738,584
Earnings per common share (basic and diluted) (in dollars per share)	$ 0.30	$ 0.24	$ 0.53	$ 0.38
Pro Forma [Member]
Unrealized gain on marketable securities		$ 96,459		$ 228,130
Income before provision for income taxes		1,700,013		2,753,639
Provision for income taxes		532,202		864,490
Net income		$ 1,167,811		$ 1,889,149
Earnings per common share (basic and diluted) (in dollars per share)		$ 0.25		$ 0.41
Accounting Standards Update 2016-01 [Member] | Pro Forma [Member]
Unrealized gain on marketable securities		$ 96,459		$ 228,130
Income before provision for income taxes		96,459		228,130
Provision for income taxes		32,797		77,565
Net income		$ 63,662		$ 150,565
Earnings per common share (basic and diluted) (in dollars per share)		$ 0.01		$ 0.03

Note 5 - Marketable Securitie32

Note 5 - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net losses recognized during the period on marketable securities	$ (18,256)		$ (153,406)
Less: Net losses recognized during the period on marketable securities sold during the period	(113,276)	$ 4,106	(113,276)	$ 4,106
Unrealized gain on marketable securities	$ 95,020		$ (40,130)

Note 5 - Marketable Securitie33

Note 5 - Marketable Securities - Summary of Investments (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Marketable securities, cost	$ 4,271,524	$ 7,131,663
Marketable securities	4,821,299	7,721,568
Marketable securities, unrealized (loss) gain	549,775	589,905
Fixed Income Securities [Member]
Marketable securities, cost	2,987,577	6,003,131
Marketable securities	3,033,592	6,113,099
Marketable securities, unrealized (loss) gain	46,015	109,968
Equity And Other Mutual Funds [Member]
Marketable securities, cost	1,283,947	1,128,532
Marketable securities	1,787,707	1,608,469
Marketable securities, unrealized (loss) gain	$ 503,760	$ 479,937

Note 6 - Inventories (Details T

Note 6 - Inventories (Details Textual) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Inventory Valuation Reserves, Ending Balance	$ 20,000	$ 20,000
Accrued Reserve for Outdated Material	$ 124,550	$ 127,768

Note 6 - Inventories - Summary

Note 6 - Inventories - Summary of Inventories (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Raw materials	$ 404,394	$ 363,739
Work in process	80,063	39,004
Finished products	1,015,912	937,780
Total Inventories	$ 1,500,369	$ 1,340,523

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	Jun. 30, 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		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Provision for Federal Income Taxes - Current	$ 374,032	$ 499,405	$ 684,151	$ 786,925
Provision for Federal Income Taxes - Deferred	(3,833)		(32,216)
Total Provision for income taxes	$ 370,199	$ 499,405	$ 651,935	$ 786,925

Note 8 - Comprehensive Income -

Note 8 - Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Beginning balance	$ 11,396,642
Ending balance - net of tax	11,552,005	$ 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 1)	(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 (loss) on sale of securities reclassified from accumulated other comprehensive income – net of tax		33,297
Ending balance - net of tax		$ 466,025

Note 9 - Defined Contribution39

Note 9 - Defined Contribution Plan (Details Textual) - DC Plan [Member] - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 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	$ 150,000	$ 175,000
Defined Contribution Plan, Cost	$ 35,417		$ 43,750	$ 79,167	$ 87,500
Defined Contribution Plan, Employer Discretionary Contribution Amount				$ 0	$ 0

Note 10 - Related-party Trans40

Note 10 - Related-party Transactions (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Accounting and Tax Services [Member] | Director [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 0	$ 8,000

Note 11 - Other Information - S

Note 11 - Other Information - Summary of Accrued Expenses (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Bonuses	$ 393,392	$ 200,000
Distribution fees	294,613	254,863
Payroll and related expenses	161,829	152,903
Reserve for outdated material	124,550	127,768
Company 401 (K) contribution	79,167
Tariffs and duty	53,000
Audit fee	29,468	43,268
Insurance	49,157
Annual report expenses	39,228	62,510
Sales rebates	14,000	12,000
Other	29,640	28,015
Total Accrued Expenses	$ 1,268,044	$ 881,327

Note 12 - Recent Accounting P42

Note 12 - Recent Accounting Pronouncements (Details Textual) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
AOCI Attributable to Parent [Member]
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 2018-02 [Member]
Reclassification of Tax Effects from AOCI to Retained Earnings Due to Change in Enacted Tax Rate		34,595
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)

Note 13 - Concentrations of C43

Note 13 - Concentrations of Credit Risk (Details Textual)	6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2017
Cash, FDIC Insured Amount	$ 250,000
Cash, Uninsured Amount	$ 3,670,000
Personal Care [Member]
Number of Customers	1
Distributor [Member]
Number of Customers	1
Distributors and Marketing Partners [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
Concentration Risk, Percentage	58.00%	55.00%
Distributors and Marketing Partners [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member]
Concentration Risk, Percentage	64.00%	59.00%

Note 14 - Earnings Per Share (D

Note 14 - Earnings Per Share (Details Textual) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share, Basic and Diluted, Total	$ 0.30	$ 0.24	$ 0.53	$ 0.38