Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 01, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | UNITED GUARDIAN INC | |
Entity Central Index Key | 0000101295 | |
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 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 3,279,399 | $ 3,885,887 | $ 6,459,716 | $ 7,322,151 |
Costs and expenses: | ||||
Cost of sales | 1,467,323 | 1,536,842 | 2,755,668 | 2,904,525 |
Operating expenses | 502,094 | 534,420 | 1,049,056 | 1,058,534 |
Research and development expense | 93,846 | 91,285 | 192,504 | 192,949 |
Total costs and expenses | 2,063,263 | 2,162,547 | 3,997,228 | 4,156,008 |
Income from operations | 1,216,136 | 1,723,340 | 2,462,488 | 3,166,143 |
Other income (expense): | ||||
Investment income | 49,941 | 57,777 | 94,108 | 104,559 |
Net gain (loss) on marketable securities | 86,849 | (18,256) | 344,043 | (153,406) |
Loss on trade-in of equipment | (12,837) | |||
Total other income (expense) | 136,790 | 39,521 | 438,151 | (61,684) |
Income before provision for income taxes | 1,352,926 | 1,762,861 | 2,900,639 | 3,104,459 |
Provision for income taxes | 274,116 | 370,199 | 599,135 | 651,935 |
NET INCOME | $ 1,078,810 | $ 1,392,662 | $ 2,301,504 | $ 2,452,524 |
Earnings per common share | ||||
(Basic and Diluted) (in dollars per share) | $ 0.23 | $ 0.30 | $ 0.50 | $ 0.53 |
Weighted average shares | ||||
(Basic and Diluted) (in shares) | 4,594,319 | 4,594,319 | 4,594,319 | 4,594,319 |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 910,705 | $ 550,135 |
Marketable securities | 7,691,880 | 7,622,196 |
Accounts receivable, net of allowance for doubtful accounts of $16,895 at June 30, 2019 and December 31, 2018 | 1,533,255 | 1,672,567 |
Inventories, net | 1,300,791 | 1,482,151 |
Prepaid expenses and other current assets | 229,816 | 159,364 |
Prepaid income taxes | 31,480 | 200,687 |
Total current assets | 11,697,927 | 11,687,100 |
Land | 69,000 | 69,000 |
Factory equipment and fixtures | 4,412,216 | 4,406,174 |
Building and improvements | 2,827,195 | 2,801,582 |
Total property, plant, and equipment | 7,308,411 | 7,276,756 |
Less: Accumulated depreciation | 6,525,629 | 6,448,831 |
Total property, plant, and equipment, net | 782,782 | 827,925 |
Other assets, net | 22,235 | 29,647 |
TOTAL ASSETS | 12,502,944 | 12,544,672 |
Accounts payable | 90,452 | 186,797 |
Accrued expenses | 1,363,766 | 1,040,635 |
Dividends payable | 140,649 | 138,719 |
Total current liabilities | 1,594,867 | 1,366,151 |
Deferred income taxes | 208,511 | 253,583 |
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, 2019 and December 31, 2018, respectively | 459,432 | 459,432 |
Retained earnings | 10,240,134 | 10,465,506 |
Total stockholders’ equity | 10,699,566 | 10,924,938 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 12,502,944 | $ 12,544,672 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 16,895 | $ 16,895 |
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 Changes in Stockh
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 4,594,319 | |||
Balance at Dec. 31, 2017 | $ 459,432 | $ 466,025 | $ 10,471,185 | $ 11,396,642 |
Net income | 1,059,862 | 1,059,862 | ||
Balance (in shares) at Mar. 31, 2018 | 4,594,319 | |||
Balance at Mar. 31, 2018 | $ 459,432 | 11,997,072 | 12,456,504 | |
Reclassification of accumulated other comprehensive income to retained earnings in accordance with ASU 2016-01 (See Note 6) | (466,025) | 466,025 | ||
Balance (in shares) at Dec. 31, 2017 | 4,594,319 | |||
Balance at Dec. 31, 2017 | $ 459,432 | 466,025 | 10,471,185 | 11,396,642 |
Net income | 2,452,524 | |||
Balance (in shares) at Jun. 30, 2018 | 4,594,319 | |||
Balance at Jun. 30, 2018 | $ 459,432 | 11,092,573 | 11,552,005 | |
Balance (in shares) at Mar. 31, 2018 | 4,594,319 | |||
Balance at Mar. 31, 2018 | $ 459,432 | 11,997,072 | 12,456,504 | |
Net income | 1,392,662 | 1,392,662 | ||
Dividends declared & paid ($0.55 per share) | 2,291,294 | 2,291,294 | ||
Dividends declared, not paid ($0.55 per share) | 5,867 | 5,867 | ||
Balance (in shares) at Jun. 30, 2018 | 4,594,319 | |||
Balance at Jun. 30, 2018 | $ 459,432 | 11,092,573 | 11,552,005 | |
Dividends declared & paid ($0.50 per share) | (2,291,294) | (2,291,294) | ||
Dividends declared, not paid ($0.50 per share) | (5,867) | (5,867) | ||
Balance (in shares) at Dec. 31, 2018 | 4,594,319 | |||
Balance at Dec. 31, 2018 | $ 459,432 | 10,465,506 | 10,924,938 | |
Net income | 1,222,694 | 1,222,694 | ||
Balance (in shares) at Mar. 31, 2019 | 4,594,319 | |||
Balance at Mar. 31, 2019 | $ 459,432 | 11,688,200 | 12,147,632 | |
Balance (in shares) at Dec. 31, 2018 | 4,594,319 | |||
Balance at Dec. 31, 2018 | $ 459,432 | 10,465,506 | 10,924,938 | |
Net income | 2,301,504 | |||
Balance (in shares) at Jun. 30, 2019 | 4,594,319 | |||
Balance at Jun. 30, 2019 | $ 459,432 | 10,240,134 | 10,699,566 | |
Balance (in shares) at Mar. 31, 2019 | 4,594,319 | |||
Balance at Mar. 31, 2019 | $ 459,432 | 11,688,200 | 12,147,632 | |
Net income | 1,078,810 | 1,078,810 | ||
Dividends declared & paid ($0.55 per share) | (2,524,946) | (2,524,946) | ||
Dividends declared, not paid ($0.55 per share) | (1,930) | (1,930) | ||
Balance (in shares) at Jun. 30, 2019 | 4,594,319 | |||
Balance at Jun. 30, 2019 | $ 459,432 | 10,240,134 | 10,699,566 | |
Dividends declared & paid ($0.50 per share) | 2,524,946 | 2,524,946 | ||
Dividends declared, not paid ($0.50 per share) | $ 1,930 | $ 1,930 |
Statements of Changes in Stoc_2
Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Dividends declared & paid, per share (in dollars per share) | $ 0.55 | $ 0.50 |
Dividends declared not paid, per share (in dollars per share) | $ 0.55 | $ 0.50 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 2,301,504 | $ 2,452,524 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 84,210 | 95,956 |
Net (gain) loss on marketable securities | (344,043) | 153,406 |
Deferred income taxes | (45,072) | (32,215) |
Increase (decrease) in operating assets: | ||
Accounts receivable | 139,312 | (246,534) |
Inventories | 181,360 | (159,846) |
Prepaid expenses and other current assets | (70,452) | (24,695) |
Prepaid income taxes | 169,207 | 0 |
(Decrease) increase in operating liabilities: | ||
Accounts payable | (96,345) | 119,052 |
Accrued expenses | 323,131 | 386,717 |
Income taxes payable | 0 | (40,849) |
Net cash provided by operating activities | 2,642,812 | 2,716,353 |
Cash flows from investing activities: | ||
Acquisition of property, plant and equipment | (31,655) | (40,552) |
Proceeds from sale of marketable securities | 9,359,971 | 4,097,370 |
Purchase of marketable securities | (9,085,612) | (1,350,509) |
Net cash provided by investing activities | 242,704 | 2,706,309 |
Cash flows from financing activities: | ||
Dividends paid | (2,524,946) | (2,291,294) |
Net cash used in financing activities | (2,524,946) | (2,291,294) |
Net increase in cash and cash equivalents | 360,570 | 3,131,368 |
Cash and cash equivalents at beginning of period | 550,135 | 724,721 |
Cash and cash equivalents at end of period | 910,705 | 3,856,089 |
Non-cash investing activities: cost of equipment traded in (net) | 39,837 | |
Supplemental disclosure of cash flow information | ||
Taxes paid | 475,000 | 725,000 |
Supplemental disclosure of non-cash dividends payable | $ 1,930 | $ 5,867 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 | |
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, 2019 ( 2019" 2019", not may December 31, 2019. 10 December 31, 2018. one |
Note 3 - Use of Estimates
Note 3 - Use of Estimates | 6 Months Ended |
Jun. 30, 2019 | |
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. |
Note 4 - Reclassifications
Note 4 - Reclassifications | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | 4. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no In accordance with ASC Topic 606 three six June 30, 2018 $73,330 $156,579 three March 31, 2019, $ 101,706 six June 30, 2019 no 5 606. |
Note 5 - Revenue Recognition
Note 5 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 5. Revenue Recognition Effective January 1, 2018, 606 Our sales, as reported, are net of 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 in connection with Medicare and Medicaid programs, distribution fees, and sales returns. These deductions represent estimates of the related obligations and, as such, knowledge and judgment are required when estimating the impact of these revenue deductions on sales for a reporting period. 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, 2019 December 31, 2018, $16,895 The Company has contracts with certain of its pharmaceutical distributors that entitle them to distribution- and services-related fees. The Company records distribution fees, and estimates of distribution fees, as offsets to revenue. Disaggregated sales by product class is as follows: Three months ended Six months ended 2019 2018 2019 2018 Personal Care $ 1,435,951 $ 2,326,733 $ 3,087,673 $ 4,449,845 Pharmaceutical 994,731 891,064 1,882,333 1,635,873 Medical 807,694 624,732 1,418,201 1,163,829 Industrial and other 41,023 43,358 71,509 72,604 Total Sales $ 3,279,399 $ 3,885,887 $ 6,459,716 $ 7,322,151 Disaggregated sales by geographic region is as follows: Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 United States * $ 2,590,643 $ 3,219,414 $ 5,149,548 $ 6,046,913 Other countries 688,756 666,473 1,310,168 1,275,238 Total Sales $ 3,279,399 $ 3,885,887 $ 6,459,716 $ 7,322,151 * six second 2019 70% 54% second 2018 77% 62% first six 2019, 75% 52% first six 2018 73% 54% For the three June 30, 2019 June 30, 2018, 21% 17%, five six June 30, 2019 June 30, 2018 20% 17%, |
Note 6 - Marketable Securities
Note 6 - Marketable Securities | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. Marketable Securities Marketable securities include investments in fixed income and equity mutual funds and U.S. Government securities with maturities greater than 3 January 2018, 2016 01, The disaggregated net gains and losses on the marketable securities recognized in the income statements for the three six June 30, 2019 June 30, 2018 THREE MONTHS SIX MONTHS 2019 2018 2019 2018 Net gains (losses) recognized during the period on marketable securities $ 86,849 $ (18,256 ) $ 344,043 (153,406 ) Less: Net (losses) gains recognized during the period on marketable securities sold during the period (252,728 ) 113,276 (247,499 ) 113,276 Unrealized (losses) gains recognized during the reporting period on marketable securities still held at the reporting date $ (165,879 ) $ 95,020 $ 96,544 (40,130 ) The fair values of the Company’s marketable securities are determined in accordance with US GAAP, with fair value being defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes the three • 1 • 2 • 3 The Company’s marketable equity securities, which are considered available for sale securities, are re-measured to fair value on a recurring basis and are valued using Level 1 The following tables summarize the Company’s investments: June 30, 2019 (Unaudited) Debt Securities Cost Fair value Unrealized U.S Treasury Bills (maturities of one year or less) $ 4,703,762 $ 4,703,762 $ — Total debt securities 4,703,762 4,703,762 — Equity Securities Fixed income mutual funds 2,037,031 2,182,337 145,306 Equity and other mutual funds 601,980 805,781 203,801 Total equity securities 2,639,011 2,988,118 349,107 Total marketable securities $ 7,342,773 $ 7,691,880 $ 349,107 December 31, 2018 (Audited) Debt Securities U.S Treasury Bills (maturities of one year or less) $ 3,742,681 $ 3,742,681 $ — Total debt securities 3,742,681 3,742,681 — Equity Securities Fixed income mutual funds 2,408,799 2,409,213 414 Equity and other mutual funds 1,218,153 1,470,302 252,149 Total equity securities 3,626,952 3,879,515 252,563 Total marketable securities $ 7,369,633 $ 7,622,196 $ 252,563 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 a specific identification basis. Proceeds from the sale and redemption of marketable securities amounted to $9,359,971 first 2019, $247,499. $4,097,370 first 2018, $113,276. |
Note 7 - Inventories
Note 7 - Inventories | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7 . Inventories June 30, December 31, 2019 2018 (Unaudited) (Audited) Inventories consist of the following: Raw materials $ 416,629 $ 467,842 Work in process 45,177 30,057 Finished products 838,985 984,252 Total Inventories $ 1,300,791 $ 1,482,151 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, 2019 December 31, 2018 $20,000 June 30, 2019 December 31, 2018, $214,897 $160,533 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. 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, 2019 December 31, 2018, not three six June 30 Three months ended Six months ended 2019 2018 2019 2018 Provision for Federal Income Taxes - Current $ 330,044 $ 374,032 $ 644,207 $ 684,150 Provision for Federal Income Taxes - Deferred (55,928 ) (3,833 ) (45,072 ) (32,215 ) Total Provision for Income taxes $ 274,116 $ 370,199 $ 599,135 $ 651,935 |
Note 9 - Defined Contribution P
Note 9 - Defined Contribution Plan | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 9. Defined Contribution Plan The Company sponsors a 401 first 4% one The Company also makes discretionary contributions to each employee's account based on a "pay-to-pay" safe-harbor formula that qualifies the 401 December 31, 2019, $145,000 December 31, 2018, $175,000 $145,000. 20% two 20% six For the three June 30, 2019 2018, $37,500 $35,417, six June 30, 2019 2018, $75,000 $79,167, first 2019 2018, not |
Note 10 - Related-Party Transac
Note 10 - Related-Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 10. Related-Party Transactions During the first 2019, $6,500 no first 2018. |
Note 11 - Other Information
Note 11 - Other Information | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 11. Other Information June 30, December 31, 2019 2018 Accrued Expenses (Unaudited) (Audited) Bonuses $ 431,545 $ 242,000 Distribution fees 325,675 315,242 Payroll and related expenses 153,261 159,385 Reserve for outdated material 214,897 160,533 Company 401(k) contribution 75,000 — Audit fee 35,000 43,668 Insurance 52,894 — Annual report expenses 36,179 66,618 Computer services 1,442 16,593 Sales rebates 16,200 15,000 Other 21,673 21,596 Total Accrued Expenses $ 1,363,766 $ 1,040,635 |
Note 12 - Recent Accounting Pro
Note 12 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2019 | |
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 January 2019, 2016 02, 12 not In August 2018, 2018 13, 820 December 15, 2019. may |
Note 13 - Concentrations of Cre
Note 13 - Concentrations of Credit Risk | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 13. Concentrations of Credit Risk Cash and cash equivalents three $250,000. June 30, 2019 December 31, 2018, $701,000 $313,000, Customer concentration For the six June 30, 2019, one one 59% 53% June 30, 2019. six June 30, 2018, 62% 64% June 30, 2018. |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
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 $0.23 $0.30 three June 30, 2019 2018, $0.50 $0.53 six June 30, 2019 2018, |
Note 5 - Revenue Recognition (T
Note 5 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended Six months ended 2019 2018 2019 2018 Personal Care $ 1,435,951 $ 2,326,733 $ 3,087,673 $ 4,449,845 Pharmaceutical 994,731 891,064 1,882,333 1,635,873 Medical 807,694 624,732 1,418,201 1,163,829 Industrial and other 41,023 43,358 71,509 72,604 Total Sales $ 3,279,399 $ 3,885,887 $ 6,459,716 $ 7,322,151 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months ended Six months ended June 30, June 30, 2019 2018 2019 2018 United States * $ 2,590,643 $ 3,219,414 $ 5,149,548 $ 6,046,913 Other countries 688,756 666,473 1,310,168 1,275,238 Total Sales $ 3,279,399 $ 3,885,887 $ 6,459,716 $ 7,322,151 |
Note 6 - Marketable Securities
Note 6 - Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Gain (Loss) on Securities [Table Text Block] | THREE MONTHS SIX MONTHS 2019 2018 2019 2018 Net gains (losses) recognized during the period on marketable securities $ 86,849 $ (18,256 ) $ 344,043 (153,406 ) Less: Net (losses) gains recognized during the period on marketable securities sold during the period (252,728 ) 113,276 (247,499 ) 113,276 Unrealized (losses) gains recognized during the reporting period on marketable securities still held at the reporting date $ (165,879 ) $ 95,020 $ 96,544 (40,130 ) |
Marketable Securities [Table Text Block] | June 30, 2019 (Unaudited) Debt Securities Cost Fair value Unrealized U.S Treasury Bills (maturities of one year or less) $ 4,703,762 $ 4,703,762 $ — Total debt securities 4,703,762 4,703,762 — Equity Securities Fixed income mutual funds 2,037,031 2,182,337 145,306 Equity and other mutual funds 601,980 805,781 203,801 Total equity securities 2,639,011 2,988,118 349,107 Total marketable securities $ 7,342,773 $ 7,691,880 $ 349,107 December 31, 2018 (Audited) Debt Securities U.S Treasury Bills (maturities of one year or less) $ 3,742,681 $ 3,742,681 $ — Total debt securities 3,742,681 3,742,681 — Equity Securities Fixed income mutual funds 2,408,799 2,409,213 414 Equity and other mutual funds 1,218,153 1,470,302 252,149 Total equity securities 3,626,952 3,879,515 252,563 Total marketable securities $ 7,369,633 $ 7,622,196 $ 252,563 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2019 2018 (Unaudited) (Audited) Inventories consist of the following: Raw materials $ 416,629 $ 467,842 Work in process 45,177 30,057 Finished products 838,985 984,252 Total Inventories $ 1,300,791 $ 1,482,151 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three months ended Six months ended 2019 2018 2019 2018 Provision for Federal Income Taxes - Current $ 330,044 $ 374,032 $ 644,207 $ 684,150 Provision for Federal Income Taxes - Deferred (55,928 ) (3,833 ) (45,072 ) (32,215 ) Total Provision for Income taxes $ 274,116 $ 370,199 $ 599,135 $ 651,935 |
Note 11 - Other Information (Ta
Note 11 - Other Information (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2019 2018 Accrued Expenses (Unaudited) (Audited) Bonuses $ 431,545 $ 242,000 Distribution fees 325,675 315,242 Payroll and related expenses 153,261 159,385 Reserve for outdated material 214,897 160,533 Company 401(k) contribution 75,000 — Audit fee 35,000 43,668 Insurance 52,894 — Annual report expenses 36,179 66,618 Computer services 1,442 16,593 Sales rebates 16,200 15,000 Other 21,673 21,596 Total Accrued Expenses $ 1,363,766 $ 1,040,635 |
Note 4 - Reclassifications (Det
Note 4 - Reclassifications (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Cost of Goods and Services Sold, Total | $ 1,467,323 | $ 1,536,842 | $ 2,755,668 | $ 2,904,525 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 3,279,399 | 3,885,887 | 6,459,716 | 7,322,151 | |
Reclassified Certain Sales Rebates From Cost of Sales to Net Sales [Member] | |||||
Cost of Goods and Services Sold, Total | $ (101,706) | (73,330) | (101,706) | (156,579) | |
Revenue from Contract with Customer, Including Assessed Tax | $ (101,706) | $ (73,330) | $ (101,706) | $ (156,579) |
Note 5 - Revenue Recognition (D
Note 5 - Revenue Recognition (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 16,895 | $ 16,895 | $ 16,895 | ||
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | ASI [Member] | |||||
Concentration Risk, Percentage | 70.00% | 77.00% | 75.00% | 73.00% | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | Personal Care [Member] | |||||
Concentration Risk, Percentage | 21.00% | 17.00% | 20.00% | 17.00% | |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | CHINA | ASI [Member] | |||||
Concentration Risk, Percentage | 54.00% | 62.00% | 52.00% | 54.00% |
Note 5 - Revenue Recognition -
Note 5 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Gross Sales | $ 3,279,399 | $ 3,885,887 | $ 6,459,716 | $ 7,322,151 |
Personal Care [Member] | ||||
Gross Sales | 1,435,951 | 2,326,733 | 3,087,673 | 4,449,845 |
Pharmaceuticals [Member] | ||||
Gross Sales | 994,731 | 891,064 | 1,882,333 | 1,635,873 |
Medical Product [Member] | ||||
Gross Sales | 807,694 | 624,732 | 1,418,201 | 1,163,829 |
Industrial And Other [Member] | ||||
Gross Sales | $ 41,023 | $ 43,358 | $ 71,509 | $ 72,604 |
Note 5 - Revenue Recognition _2
Note 5 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
Gross Sales | $ 3,279,399 | $ 3,885,887 | $ 6,459,716 | $ 7,322,151 | |
UNITED STATES | |||||
Gross Sales | [1] | 2,590,643 | 3,219,414 | 5,149,548 | 6,046,913 |
Non-US [Member] | |||||
Gross Sales | $ 688,756 | $ 666,473 | $ 1,310,168 | $ 1,275,238 | |
[1] | U.S.-based Ashland Specialty Ingredients ("ASI") is the largest of six marketing partners the Company uses to market and distribute some of its products. 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 significant percentage of the products are subsequently shipped by ASI to foreign customers. Based on sales information provided to the Company by ASI, in the second quarter of 2019 approximately 70% of ASI's sales of the Company's products were to foreign customers, with China representing 54% of ASI's total sales of the Company's products. By comparison, in the second quarter of 2018 approximately 77% of ASI's sales of the Company's products were to foreign customers, with China representing 62% of ASI's total sales of the Company's products. For the first six months of 2019, approximately 75% of ASI's sales of the Company's products were to foreign customers, with China representing 52% of ASI's total sales of the Company's products. By comparison, in the first six months of 2018 approximately 73% of ASI's sales of the Company's products were to foreign customers, with China representing 54% of ASI's total sales of the Company's products. |
Note 6 - Marketable Securitie_2
Note 6 - Marketable Securities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Proceeds from Sale and Maturity of Marketable Securities, Total | $ 9,359,971 | $ 4,097,370 | ||
Debt and Equity Securities, Realized Gain (Loss), Total | $ 252,728 | $ (113,276) | $ 247,499 | $ (113,276) |
Note 6 - Marketable Securitie_3
Note 6 - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net gains (losses) recognized during the period on marketable securities | $ 86,849 | $ (18,256) | $ 344,043 | $ (153,406) |
Less: Net (losses) gains recognized during the period on marketable securities sold during the period | (252,728) | 113,276 | (247,499) | 113,276 |
Unrealized (losses) gains recognized during the reporting period on marketable securities still held at the reporting date | $ (165,879) | $ 95,020 | $ 96,544 | $ (40,130) |
Note 6 - Marketable Securitie_4
Note 6 - Marketable Securities - Summary of Investments (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Debt securities, cost | $ 4,703,762 | $ 3,742,681 |
Debt securities | 4,703,762 | 3,742,681 |
Equity securities, cost | 2,639,011 | 3,626,952 |
Equity securities | 2,988,118 | 3,879,515 |
Equity securities, unrealized gain | 349,107 | 252,563 |
Marketable securities, cost | 7,342,773 | 7,369,633 |
Marketable securities | 7,691,880 | 7,622,196 |
Marketable securities, unrealized gain | 349,107 | 252,563 |
US Treasury Securities [Member] | ||
Debt securities, cost | 4,703,762 | 3,742,681 |
Debt securities | 4,703,762 | 3,742,681 |
Fixed Income Securities [Member] | ||
Equity securities, cost | 2,037,031 | 2,408,799 |
Equity securities | 2,182,337 | 2,409,213 |
Equity securities, unrealized gain | 145,306 | 414 |
Equity And Other Mutual Funds [Member] | ||
Equity securities, cost | 601,980 | 1,218,153 |
Equity securities | 805,781 | 1,470,302 |
Equity securities, unrealized gain | $ 203,801 | $ 252,149 |
Note 7 - Inventories (Details T
Note 7 - Inventories (Details Textual) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Valuation Reserves, Ending Balance | $ 20,000 | $ 20,000 |
Accrued Reserve for Outdated Material | $ 214,897 | $ 160,533 |
Note 7 - Inventories - Summary
Note 7 - Inventories - Summary of Inventories (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Raw materials | $ 416,629 | $ 467,842 |
Work in process | 45,177 | 30,057 |
Finished products | 838,985 | 984,252 |
Total Inventories | $ 1,300,791 | $ 1,482,151 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Note 8 - Income Taxes - Provisi
Note 8 - Income Taxes - Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Provision for Federal Income Taxes - Current | $ 330,044 | $ 374,032 | $ 644,207 | $ 684,150 |
Provision for Federal Income Taxes - Deferred | (55,928) | (3,833) | (45,072) | (32,215) |
Total Provision for Income taxes | $ 274,116 | $ 370,199 | $ 599,135 | $ 651,935 |
Note 9 - Defined Contribution_2
Note 9 - Defined Contribution Plan (Details Textual) - DC Plan [Member] - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 145,000 | $ 175,000 | ||||
Defined Contribution Plan, Cost | $ 37,500 | $ 35,417 | $ 75,000 | $ 79,167 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 | ||||
Forecast [Member] | ||||||
Defined Contribution Plan, Employer Discretionary Contribution Amount Per Year Authorized | $ 145,000 | |||||
Discretionary Contributions Vesting at Two Years [Member] | ||||||
Defined Contribution, Discretionary Contribution Plan, Vesting Period | 2 years | |||||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | |||||
Discretionary Contributions Vesting Each Additional Year [Member] | ||||||
Defined Contribution, Discretionary Contribution Plan, Vesting Period | 6 years | |||||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% |
Note 10 - Related-Party Trans_2
Note 10 - Related-Party Transactions (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Accounting and Tax Services [Member] | Director [Member] | ||
Related Party Transaction, Expenses from Transactions with Related Party | $ 6,500 | $ 0 |
Note 11 - Other Information - S
Note 11 - Other Information - Summary of Accrued Expenses (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Bonuses | $ 431,545 | $ 242,000 |
Distribution fees | 325,675 | 315,242 |
Payroll and related expenses | 153,261 | 159,385 |
Accrued Reserve for Outdated Material | 214,897 | 160,533 |
Company 401(k) contribution | 75,000 | |
Audit fee | 35,000 | 43,668 |
Insurance | 52,894 | |
Annual report expenses | 36,179 | 66,618 |
Computer services | 1,442 | 16,593 |
Sales rebates | 16,200 | 15,000 |
Other | 21,673 | 21,596 |
Total Accrued Expenses | $ 1,363,766 | $ 1,040,635 |
Note 13 - Concentrations of C_2
Note 13 - Concentrations of Credit Risk (Details Textual) | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018 | Dec. 31, 2018USD ($) | |
Cash, Uninsured Amount | $ 701,000 | $ 313,000 | |
Distributor [Member] | |||
Number of Customers | 1 | ||
Distributor [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 59.00% | 62.00% | |
Marketing Partner [Member] | |||
Number of Customers | 1 | ||
Marketing Partner [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 53.00% | 64.00% |
Note 14 - Earnings Per Share (D
Note 14 - Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share, Basic and Diluted, Total | $ 0.23 | $ 0.30 | $ 0.50 | $ 0.53 |