United-Guardian (UG) 10-Q 9 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 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	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		4,594,319
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Sales:
Gross Sales	$ 3,599,530	$ 3,304,489	$ 11,407,876	$ 10,068,868
Sales allowances and returns	(185,528)	(126,697)	(515,144)	(329,937)
Net Sales	3,414,002	3,177,792	10,892,732	9,738,931
Costs and expenses:
Cost of sales	1,267,076	1,110,806	4,328,180	4,042,015
Operating expenses	519,330	438,257	1,577,864	1,320,342
Research and development	98,301	159,531	291,250	507,535
Total costs and expenses	1,884,707	1,708,594	6,197,294	5,869,892
Income from operations	1,529,295	1,469,198	4,695,438	3,869,039
Other Income (expense):
Investment income	38,048	64,054	142,607	185,616
Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date	(16,183)		(56,313)
Realized gain on marketable securities	115,328	50,196	2,052	54,302
Loss on trade-in of equipment			(12,837)
Total other income (expense)	137,193	114,250	75,509	239,918
Income before provision for income taxes	1,666,488	1,583,448	4,770,947	4,108,957
Provision for income taxes	349,964	493,125	1,001,899	1,280,050
Net Income	$ 1,316,524	$ 1,090,323	$ 3,769,048	$ 2,828,907
Earnings per common share (basic and diluted) (in dollars per share)	$ 0.29	$ 0.24	$ 0.82	$ 0.62
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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net income	$ 1,316,524	$ 1,090,323	$ 3,769,048	$ 2,828,907
Other comprehensive income:
Unrealized gain on marketable securities		56,536		284,666
Income tax expense related to other comprehensive income		(19,221)		(96,786)
Total other comprehensive income, net of tax		37,315		187,880
Total comprehensive income	$ 1,316,524	$ 1,127,638	$ 3,769,048	$ 3,016,787

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 725,420	$ 724,721
Marketable securities	9,217,284	7,721,568
Accounts receivable, net of allowance for doubtful accounts of $21,220 at September 30, 2018 and December 31, 2017	1,688,173	1,905,415
Inventories (net)	1,465,718	1,340,523
Prepaid expenses and other current assets	141,716	157,964
Prepaid income taxes	5,758	331
Total current assets	13,244,069	11,850,522
Land	69,000	69,000
Factory equipment and fixtures	4,404,681	4,363,978
Building and improvements	2,794,582	2,793,402
Total property, plant and equipment	7,268,263	7,226,380
Less: Accumulated depreciation	6,404,491	6,283,493
Total property, plant and equipment, net	863,772	942,887
Other assets (net)	33,353	59,471
TOTAL ASSETS	14,141,194	12,852,880
Current liabilities:
Accounts payable	122,974	354,285
Accrued expenses	990,871	881,327
Income taxes payable		55,848
Dividends payable	136,789	130,923
Total current liabilities	1,250,634	1,422,383
Deferred income taxes (net)	22,030	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 September 30, 2018 and December 31, 2017.	459,432	459,432
Accumulated other comprehensive income		466,025
Retained earnings	12,409,098	10,471,185
Total stockholders’ equity	12,868,530	11,396,642
TOTAL LIABILITIES ANDSTOCKHOLDERS’ EQUITY	$ 14,141,194	$ 12,852,880

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income	$ 1,316,524	$ 1,090,323	$ 3,769,048	$ 2,828,907
Adjustments to reconcile net incometo net cash provided by operating activities:
Depreciation and amortization			143,896	150,057
Unrealized loss on marketable securities	16,183		56,313
Less: Net gains recognized during the period on marketable securities sold during the period	(115,328)	(50,196)	(2,052)	(54,302)
Loss from trade-in of equipment			12,837
Increase (decrease) in operating assets:
Accounts receivable			217,242	(360,656)
Inventories			(125,195)	44,087
Prepaid expenses and other current assets			16,248	(8,546)
Prepaid income taxes			(5,427)	82,732
Other assets			15,000
Deferred income taxes			(11,825)
(Decrease) increase in operating liabilities:
Accounts payable			(231,311)	265,460
Accrued expenses			109,544	69,291
Income taxes payable			(55,848)	197,318
Net cash provided by operating activities			3,908,470	3,214,348
Cash flows from investing activities:
Acquisition of property, plant and equipment			(66,500)	(20,051)
Proceeds from sale of marketable securities			4,947,370	540,472
Purchases of marketable securities			(6,497,347)	(1,590,525)
Net cash used in investing activities			(1,616,477)	(1,070,104)
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			699	219,178
Cash and cash equivalents at beginning of period			724,721	424,301
Cash and cash equivalents at end of period	725,420	643,479	725,420	643,479
Non-cash investing activities:
Cost of equipment traded in (net)			39,837
Supplemental disclosure of cash flow information
Taxes paid			1,075,000	1,000,000
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	9 Months Ended
	Sep. 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, personal and health care products, pharmaceuticals, medical products, and proprietary specialty industrial products.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Sep. 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 Generally Accepted Accounting Principles in the United States of America (“US GAAP”) for interim financial information, pursuant to the requirements for reporting on Form 10 X. three nine September 30, 2018 not may December 31, 2018. 10 December 31, 2017.

Note 3 - Use of Estimates

Note 3 - Use of Estimates	9 Months Ended
	Sep. 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, accrued distribution fees, outdated material returns, possible impairment of marketable securities, and the allocation of overhead to inventory.

Note 4 - Revenue Recognition

Note 4 - Revenue Recognition	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	4. Revenue Recognition Effective January 1, 2018 606 Our gross revenues are subject to a variety of deductions, which generally are estimated and recorded in the same period that the revenues are recognized. Such variable consideration includes chargebacks from the United States Department of Veterans Affairs (“VA”), rebates, distribution fees, and sales returns. These deductions represent estimates of the related obligations and, as such, knowledge and judgment is required when estimating the impact of these revenue deductions on gross sales for a reporting period. The Company recognizes revenue from sales of its personal care, medical, and industrial products at the time the 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, control, 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 September 30, 2018, December 31, 2017, $21,220 The Company has distribution fee contracts with certain customers in connection with the sales of its 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 Nine months ended 2018 2017 2018 2017 Personal Care $ 1,841,937 $ 1,612,082 6,291,782 $ 5,397,847 Pharmaceutical 1,185,046 1,106,964 3,304,121 2,884,754 Medical 527,900 542,103 1,694,722 1,675,195 Industrial and other 44,647 43,340 117,251 111,072 Gross Sales 3,599,530 3,304,489 11,407,876 10,068,868 Less: Allowances and returns (185,528 ) (126,697 ) (515,144 ) (329,937 ) Net Sales $ 3,414,002 $ 3,177,792 10,892,732 $ 9,738,931 The Company’s personal care products are marketed worldwide by six 2018 17% five Disaggregated gross sales by geographic region is as follows: Three months ended Nine months ended 2018 2017 2018 2017 United States* $ 2,990,721 $ 2,590,454 $ 9,520,836 $ 8,043,257 Other countries 608,809 714,035 1,887,040 2,025,611 Gross Sales $ 3,599,530 $ 3,304,489 $ 11,407,876 $ 10,068,868 * Although a significant percentage of ASI’s purchases from the Company are sold to foreign customers, all sales to ASI are considered U.S. (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 third 2018 73% four third 2018 36% On August 8, 2018 $16 25% July 6, 2018 $34 second 10 August second not $53,000 second 10 second 10 not second $53,000.

Note 5 - Marketable Securities

Note 5 - Marketable Securities	9 Months Ended
	Sep. 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 1, 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 nine September 30, 2017: Statements of Income Three Months Ended September 30, 2017 As Reported Adjustments Balance With Unrealized gain on marketable securities $ --- $ 56,536 $ 56,536 Income before provision for income taxes 1,583,448 56,536 1,639,984 Provision for income taxes 493,125 19,221 512,346 Net income 1,090,323 37,315 1,127,638 Earnings per common share (basic and diluted) $ 0.24 $ 0.01 $ 0.25 Nine Months Ended September 30, 2017 As Reported Adjustments Balance With Unrealized gain on marketable securities $ --- $ 284,666 $ 284,666 Income before provision for income taxes 4,108,957 284,666 4,393,623 Provision for income taxes 1,280,050 96,786 1,376,836 Net income 2,828,907 187,880 3,016,787 Earnings per common share (basic and diluted) $ 0.62 $ 0.04 $ 0.66 In addition, the disaggregated net gains and losses on the marketable securities recognized in the income statements for the three nine September 30, 2018 Three months Nine months Net gains (losses) recognized during the period on marketable securities $ 99,145 $ (54,261 ) Less: Net gains recognized during the period on marketable securities sold during the period (115,328 ) (2,052 ) Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date $ (16,183 ) $ (56,313 ) The following tables summarize the Company’s investments: September 30, 2018 Cost Fair value Unrealized gain U.S. Treasury Bills (Maturities less than 1 year) $ 5,121,627 $ 5,121,627 $ --- Fixed income mutual funds 2,392,026 2,464,047 72,021 Equity and other mutual funds 1,170,039 1,631,610 461,571 Total marketable securities $ 8,683,692 $ 9,217,284 $ 533,592 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 U.S. Treasury Bills and dividend income from equity and other mutual funds. Realized gains and losses on sales of investments are determined on an average cost basis. Proceeds from the sale and redemption of marketable securities amounted to $4,947,370 nine September 30, 2018, $2,052. $540,472 nine September 30, 2017, $54,302.

Note 6 - Inventories

Note 6 - Inventories	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	6. Inventories September 30, December 31, (UNAUDITED) (AUDITED) Inventories consist of the following: Raw materials $ 378,232 $ 363,739 Work in process 108,686 39,004 Finished products 978,800 937,780 Total inventories $ 1,465,718 $ 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 September 30, 2018 December 31, 2017 $20,000 September 30, 2018 December 31, 2017 $134,935 $127,768,

Note 7 - Income Taxes

Note 7 - Income Taxes	9 Months Ended
	Sep. 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 September 30, 2018 December 31, 2017, not three nine September 30 Three months ended Nine months ended 2018 2017 2018 2017 Provision for federal income taxes - current $ 329,574 $ 493,125 $ 1,013,725 $ 1,280,050 Provision for federal income taxes - deferred 20,390 --- (11,826 ) --- Total provision for income taxes $ 349,964 $ 493,125 $ 1,001,899 $ 1,280,050

Note 8 - Comprehensive Income

Note 8 - Comprehensive Income	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	8. Accumulated Other Comprehensive Income Accumulated other comprehensive income consists of unrealized gains and losses on marketable securities net of the related tax effect. Changes in Accumulated Other Nine months ended September 30, 2018 Year ended 2017 (Unaudited) (Audited) Beginning balance – net of tax $ 466,025 $ 175,634 Reclassification of accumulated other comprehensive income to retained earnings in accordance with ASU-2016-01 (See Note 5) (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 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	9 Months Ended
	Sep. 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 three September 30, 2018 2017, $35,417 $43,750, nine September 30, 2018 2017, $114,584 $131,250, not

Note 10 - Related-party Transac

Note 10 - Related-party Transactions	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	10. Related-Party Transactions During the nine September 30, 2018 September 30, 2017, $6,500 $8,000

Note 11 - Other Information

Note 11 - Other Information	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	11. Other Information Accrued Expenses Accrued expenses comprise the following: September 30, December 31, (Unaudited) (Audited) Bonuses $ 100,000 $ 200,000 Distribution fees 308,408 254,863 Payroll and related expenses 181,133 152,903 Reserve for outdated material 134,935 127,768 Company 401 (K) contribution 114,584 --- Audit fee 36,568 43,268 Insurance 24,568 --- Annual report expenses 52,923 62,510 Sales rebates 13,500 12,000 Other 24,252 28,015 Total accrued expenses $ 990,871 $ 881,327

Note 12 - Recent Accounting Pro

Note 12 - Recent Accounting Pronouncements	9 Months Ended
	Sep. 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 June 2016, 2016 13 not December 15, 2019. In February 2016, 2016 02, 12 first 2019. not

Note 13 - Concentrations of Cre

Note 13 - Concentrations of Credit Risk	9 Months Ended
	Sep. 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. September 30, 2018, $748,000 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 and its overall credit worthiness 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% 53% nine September 30, 2018 2017, 51% 48% September 30, 2018 2017,

Note 14 - Earnings Per Share

Note 14 - Earnings Per Share	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	14. Earnings Per Share Basic earnings per share is computed by dividing net 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 $ 0.29 $0.24 three September 30, 2018 2017, $0.82 $0.62 nine September 30, 2018 2017,

Note 4 - Revenue Recognition (T

Note 4 - Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months ended Nine months ended 2018 2017 2018 2017 Personal Care $ 1,841,937 $ 1,612,082 6,291,782 $ 5,397,847 Pharmaceutical 1,185,046 1,106,964 3,304,121 2,884,754 Medical 527,900 542,103 1,694,722 1,675,195 Industrial and other 44,647 43,340 117,251 111,072 Gross Sales 3,599,530 3,304,489 11,407,876 10,068,868 Less: Allowances and returns (185,528 ) (126,697 ) (515,144 ) (329,937 ) Net Sales $ 3,414,002 $ 3,177,792 10,892,732 $ 9,738,931
Revenue from External Customers by Geographic Areas [Table Text Block]	Three months ended Nine months ended 2018 2017 2018 2017 United States* $ 2,990,721 $ 2,590,454 $ 9,520,836 $ 8,043,257 Other countries 608,809 714,035 1,887,040 2,025,611 Gross Sales $ 3,599,530 $ 3,304,489 $ 11,407,876 $ 10,068,868

Note 5 - Marketable Securities

Note 5 - Marketable Securities (Tables)	9 Months Ended
	Sep. 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 $ --- $ 56,536 $ 56,536 Income before provision for income taxes 1,583,448 56,536 1,639,984 Provision for income taxes 493,125 19,221 512,346 Net income 1,090,323 37,315 1,127,638 Earnings per common share (basic and diluted) $ 0.24 $ 0.01 $ 0.25 As Reported Adjustments Balance With Unrealized gain on marketable securities $ --- $ 284,666 $ 284,666 Income before provision for income taxes 4,108,957 284,666 4,393,623 Provision for income taxes 1,280,050 96,786 1,376,836 Net income 2,828,907 187,880 3,016,787 Earnings per common share (basic and diluted) $ 0.62 $ 0.04 $ 0.66
Gain (Loss) on Securities [Table Text Block]	Three months Nine months Net gains (losses) recognized during the period on marketable securities $ 99,145 $ (54,261 ) Less: Net gains recognized during the period on marketable securities sold during the period (115,328 ) (2,052 ) Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date $ (16,183 ) $ (56,313 )
Marketable Securities [Table Text Block]	September 30, 2018 Cost Fair value Unrealized gain U.S. Treasury Bills (Maturities less than 1 year) $ 5,121,627 $ 5,121,627 $ --- Fixed income mutual funds 2,392,026 2,464,047 72,021 Equity and other mutual funds 1,170,039 1,631,610 461,571 Total marketable securities $ 8,683,692 $ 9,217,284 $ 533,592 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)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, December 31, (UNAUDITED) (AUDITED) Inventories consist of the following: Raw materials $ 378,232 $ 363,739 Work in process 108,686 39,004 Finished products 978,800 937,780 Total inventories $ 1,465,718 $ 1,340,523

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three months ended Nine months ended 2018 2017 2018 2017 Provision for federal income taxes - current $ 329,574 $ 493,125 $ 1,013,725 $ 1,280,050 Provision for federal income taxes - deferred 20,390 --- (11,826 ) --- Total provision for income taxes $ 349,964 $ 493,125 $ 1,001,899 $ 1,280,050

Note 8 - Comprehensive Income (

Note 8 - Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Changes in Accumulated Other Nine months ended September 30, 2018 Year ended 2017 (Unaudited) (Audited) Beginning balance – net of tax $ 466,025 $ 175,634 Reclassification of accumulated other comprehensive income to retained earnings in accordance with ASU-2016-01 (See Note 5) (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 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)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, December 31, (Unaudited) (Audited) Bonuses $ 100,000 $ 200,000 Distribution fees 308,408 254,863 Payroll and related expenses 181,133 152,903 Reserve for outdated material 134,935 127,768 Company 401 (K) contribution 114,584 --- Audit fee 36,568 43,268 Insurance 24,568 --- Annual report expenses 52,923 62,510 Sales rebates 13,500 12,000 Other 24,252 28,015 Total accrued expenses $ 990,871 $ 881,327

Note 4 - Revenue Recognition (D

Note 4 - Revenue Recognition (Details Textual) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Allowance for Doubtful Accounts Receivable, Ending Balance	$ 21,220	$ 21,220		$ 21,220
Accrual for Potential Tariffs			$ 53,000
Accrual for Potential Tariffs, Reversed	$ 53,000
Medical Product [Member]
Percentage of Product Sales Delivered to Domestic Locations Subsequent Shipment to Foreign Manufacturing Facilities	36.00%
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | Personal Care [Member]
Concentration Risk, Percentage		17.00%
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | ASI [Member]
Concentration Risk, Percentage	73.00%

Note 4 - Revenue Recognition -

Note 4 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Gross Sales	$ 3,599,530	$ 3,304,489	$ 11,407,876	$ 10,068,868
Less: Allowances and returns	(185,528)	(126,697)	(515,144)	(329,937)
Net Sales	3,414,002	3,177,792	10,892,732	9,738,931
Personal Care [Member]
Gross Sales	1,841,937	1,612,082	6,291,782	5,397,847
Pharmaceuticals [Member]
Gross Sales	1,185,046	1,106,964	3,304,121	2,884,754
Medical Product [Member]
Gross Sales	527,900	542,103	1,694,722	1,675,195
Industrial And Other [Member]
Gross Sales	$ 44,647	$ 43,340	$ 117,251	$ 111,072

Note 4 - Revenue Recognition _2

Note 4 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Gross Sales		$ 3,599,530	$ 3,304,489	$ 11,407,876	$ 10,068,868
UNITED STATES
Gross Sales	[1]	2,990,721	2,590,454	9,520,836	8,043,257
Non-US [Member]
Gross Sales		$ 608,809	$ 714,035	$ 1,887,040	$ 2,025,611
[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 Securitie_2

Note 5 - Marketable Securities (Details Textual) - USD ($)	Jan. 01, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Proceeds from Sale and Maturity of Marketable Securities, Total		$ 4,947,370	$ 540,472
Marketable Securities, Realized Gain (Loss), Total		2,052	$ 54,302
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 Securitie_3

Note 5 - Marketable Securities - Adoption of New Accounting Standard (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date	$ (16,183)		$ (56,313)
Income before provision for income taxes	1,666,488	1,583,448	4,770,947	4,108,957
Provision for income taxes	349,964	493,125	1,001,899	1,280,050
Net income	$ 1,316,524	$ 1,090,323	$ 3,769,048	$ 2,828,907
Earnings per common share (basic and diluted) (in dollars per share)	$ 0.29	$ 0.24	$ 0.82	$ 0.62
Pro Forma [Member]
Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date		$ 56,536		$ 284,666
Income before provision for income taxes		1,639,984		4,393,623
Provision for income taxes		512,346		1,376,836
Net income		$ 1,127,638		$ 3,016,787
Earnings per common share (basic and diluted) (in dollars per share)		$ 0.25		$ 0.66
Accounting Standards Update 2016-01 [Member] | Pro Forma [Member]
Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date		$ 56,536		$ 284,666
Income before provision for income taxes		56,536		284,666
Provision for income taxes		19,221		96,786
Net income		$ 37,315		$ 187,880
Earnings per common share (basic and diluted) (in dollars per share)		$ 0.01		$ 0.04

Note 5 - Marketable Securitie_4

Note 5 - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net gains (losses) recognized during the period on marketable securities	$ 99,145		$ (54,261)
Less: Net gains recognized during the period on marketable securities sold during the period	(115,328)	$ (50,196)	(2,052)	$ (54,302)
Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date	$ (16,183)		$ (56,313)

Note 5 - Marketable Securitie_5

Note 5 - Marketable Securities - Summary of Investments (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Marketable securities, cost	$ 8,683,692	$ 7,131,663
Marketable securities	9,217,284	7,721,568
Marketable securities, unrealized (loss) gain	533,592	589,905
US Treasury Securities [Member]
Marketable securities, cost	5,121,627
Marketable securities	5,121,627
Marketable securities, unrealized (loss) gain
Fixed Income Securities [Member]
Marketable securities, cost	2,392,026	6,003,131
Marketable securities	2,464,047	6,113,099
Marketable securities, unrealized (loss) gain	72,021	109,968
Equity And Other Mutual Funds [Member]
Marketable securities, cost	1,170,039	1,128,532
Marketable securities	1,631,610	1,608,469
Marketable securities, unrealized (loss) gain	$ 461,571	$ 479,937

Note 6 - Inventories (Details T

Note 6 - Inventories (Details Textual) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Inventory Valuation Reserves, Ending Balance	$ 20,000	$ 20,000
Accrued Reserve for Outdated Material	$ 134,935	$ 127,768

Note 6 - Inventories - Summary

Note 6 - Inventories - Summary of Inventories (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Raw materials	$ 378,232	$ 363,739
Work in process	108,686	39,004
Finished products	978,800	937,780
Total inventories	$ 1,465,718	$ 1,340,523

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands	Sep. 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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Provision for federal income taxes - current	$ 329,574	$ 493,125	$ 1,013,725	$ 1,280,050
Provision for federal income taxes - deferred	20,390		(11,826)
Total provision for income taxes	$ 349,964	$ 493,125	$ 1,001,899	$ 1,280,050

Note 8 - Comprehensive Income -

Note 8 - Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Beginning balance – net of tax	$ 11,396,642
Ending balance - net of tax	12,868,530	$ 11,396,642
AOCI Attributable to Parent [Member]
Beginning balance – net of tax	466,025	175,634
Reclassification of accumulated other comprehensive income to retained earnings in accordance with ASU-2016-01 (See Note 5)	(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 securities reclassified from accumulated other comprehensive income-net of tax		33,297
Ending balance - net of tax		$ 466,025

Note 9 - Defined Contribution_2

Note 9 - Defined Contribution Plan (Details Textual) - DC Plan [Member] - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 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
Defined Contribution Plan, Employer Discretionary Contribution Amount				$ 114,584	$ 131,250

Note 10 - Related-party Trans_2

Note 10 - Related-party Transactions (Details Textual) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Accounting and Tax Services [Member] | Director [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 6,500	$ 8,000

Note 11 - Other Information - S

Note 11 - Other Information - Summary of Accrued Expenses (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Bonuses	$ 100,000	$ 200,000
Distribution fees	308,408	254,863
Payroll and related expenses	181,133	152,903
Reserve for outdated material	134,935	127,768
Company 401 (K) contribution	114,584
Audit fee	36,568	43,268
Insurance	24,568
Annual report expenses	52,923	62,510
Sales rebates	13,500	12,000
Other	24,252	28,015
Total accrued expenses	$ 990,871	$ 881,327

Note 12 - Recent Accounting P_2

Note 12 - Recent Accounting Pronouncements (Details Textual) - AOCI Attributable to Parent [Member] - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Reclassification of Tax Effects from AOCI to Retained Earnings Due to Change in Enacted Tax Rate		$ 34,595
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 C_2

Note 13 - Concentrations of Credit Risk (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017	Sep. 30, 2018USD ($)	Sep. 30, 2017
Cash, Uninsured Amount	$ 748,000		$ 748,000
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%	53.00%	51.00%	48.00%

Note 14 - Earnings Per Share (D

Note 14 - Earnings Per Share (Details Textual) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share, Basic and Diluted, Total	$ 0.29	$ 0.24	$ 0.82	$ 0.62