United-Guardian (UG) 10-Q 12 Aug 19 2019 Q2 Quarterly report Financial data

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