United-Guardian (UG) 10-K 26 Mar 20 2019 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 01, 2020	Jun. 28, 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 Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		4,594,319
Entity Public Float			$ 49,130,907
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Common Stock, $.10 par value

Statements of Income

Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 13,599,084	$ 13,445,565
Costs and expenses:
Cost of sales	5,657,353	5,343,459
Operating expenses	2,148,375	2,122,746
Research and development	397,391	399,517
Total costs and expenses	8,203,119	7,865,722
Income from operations	5,395,965	5,579,843
Other income (expense):
Investment income	203,329	231,986
Net gain (loss) on marketable securities	431,076	(333,138)
Loss on trade-in of equipment		(12,837)
Total other income (expense)	634,405	(113,989)
Income before provision for income taxes	6,030,370	5,465,854
Provision for income taxes	1,268,659	1,113,523
Net income	$ 4,761,711	$ 4,352,331
Earnings per common share (basicand diluted) (in dollars per share)	$ 1.04	$ 0.95
Weighted average shares (basic and diluted) (in shares)	4,594,319	4,594,319

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 1,048,311	$ 550,135
Marketable securities	6,867,516	7,622,196
Accounts receivable, net of allowance for doubtful accounts of $21,178 in 2019 and $16,895 in 2018	2,098,411	1,672,567
Inventories(net)	1,217,277	1,482,151
Prepaid expenses and other current assets	170,466	159,364
Prepaid income taxes	165,300	200,687
Total current assets	11,567,281	11,687,100
Property, plant, and equipment:
Land	69,000	69,000
Factory equipment and fixtures	4,482,236	4,406,174
Building and improvements	2,839,289	2,801,582
Total property, plant and equipment	7,390,525	7,276,756
Less accumulated depreciation	6,609,818	6,448,831
Total property, plant, and equipment, net	780,707	827,925
Other assets (net)	14,824	29,647
TOTAL ASSETS	12,362,812	12,544,672
Current liabilities:
Accounts payable	71,385	186,797
Accrued expenses	1,129,126	1,040,635
Dividends payable	142,548	138,719
Total current liabilities	1,343,059	1,366,151
Deferred income taxes (net)	386,855	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 December 31, 2019 and 2018, respectively	459,432	459,432
Retained earnings	10,173,466	10,465,506
Total stockholders’ equity	10,632,898	10,924,938
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 12,362,812	$ 12,544,672

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Accounts receivable, allowance for doubtful accounts	$ 21,178	$ 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 Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Dividend Declared [Member]Common Stock [Member]	Dividend Declared [Member]AOCI Attributable to Parent [Member]	Dividend Declared [Member]Retained Earnings [Member]	Dividend Declared [Member]	Dividend Paid [Member]Common Stock [Member]	Dividend Paid [Member]AOCI Attributable to Parent [Member]	Dividend Paid [Member]Retained Earnings [Member]	Dividend Paid [Member]	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
Reclassification of accumulated unrealized gains on marketable securities in accordance with ASU 2016-01(See Note B)										(466,025)	466,025
Net income											4,352,331	4,352,331
Dividends declared			$ (7,796)	$ (7,796)			$ (4,816,239)	$ (4,816,239)				(4,824,035)
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											4,761,711	4,761,711
Dividends declared			$ (3,829)	$ (3,829)			$ (5,049,922)	$ (5,049,922)				(5,053,751)
Balance (in shares) at Dec. 31, 2019									4,594,319
Balance at Dec. 31, 2019									$ 459,432		$ 10,173,466	$ 10,632,898

Statements of Stockholders' E_2

Statements of Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Dividends declared and paid, per share (in dollars per share)	$ 1.10	$ 1.05
Dividends declared but not paid, per share (in dollars per share)	$ 1.10	$ 1.05

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 4,761,711	$ 4,352,331
Adjustments to reconcile net income to net cashprovided by operating activities:
Depreciation and amortization	175,810	191,942
Net (gain) loss on marketable securities	(431,076)	333,138
Loss on trade-in of equipment		12,837
Bad debt expense (recovery)	4,283	(4,325)
Reserve for inventories	15,000
Deferred income taxes	133,272	219,728
(Increase) decrease in operating assets:
Accounts receivable	(430,127)	237,173
Inventories	249,874	(141,628)
Prepaid expenses and other current assets	(11,102)	(1,400)
Prepaid income taxes	35,387	(200,356)
Other assets		15,000
(Decrease) increase in operating liabilities:
Accounts payable	(115,412)	(167,488)
Accrued expenses	88,491	159,308
Income taxes payable	0	(55,848)
Net cash provided by operating activities	4,476,111	4,950,412
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(113,769)	(74,993)
Purchases of marketable securities	(14,779,161)	(8,256,570)
Proceeds from sales of marketable securities	15,964,917	8,022,804
Net cash provided by (used in) investing activities	1,071,987	(308,759)
Cash flows from financing activities:
Dividends paid	(5,049,922)	(4,816,239)
Net cash used in financing activities	(5,049,922)	(4,816,239)
Net increase (decrease) in cash and cash equivalents	498,176	(174,586)
Cash and cash equivalents, beginning of year	550,135	724,721
Cash and cash equivalents, end of year	1,048,311	550,135
Non-cash investing activities:
Cost of equipment traded-in (net)		39,837
Supplemental disclosure of cash flow information
Taxes paid	1,100,000	1,150,000
Supplemental disclosure of non-cash dividend on unexchanged shares	$ 3,829	$ 7,796

Note A - Nature of Business and

Note A - Nature of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	NOTE A - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business United-Guardian, Inc. (the "Company") is a Delaware corporation that, through its Guardian Laboratories division, manufactures and markets cosmetic ingredients, pharmaceuticals, medical lubricants, and specialty industrial products. It also conducts research and product development, primarily related to the development of new and unique cosmetic ingredients. The Company’s research and development department also modifies, refines, and expands the uses for existing products, with the goal of further developing the market for the Company's products. Two major product lines, Lubrajel ® ® 93% 94% December 31, 2019 December 31, 2018, 67% 72% December 31, 2019 December 31, 2018, 26% 22% December 31, 2019 December 31, 2018, Use of Estimates In preparing financial statements in conformity with a Generally Accepted Accounting Principles in the United States of America (“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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, reserve for inventory obsolescence, accrued distribution fees, outdated material returns, possible impairment of marketable securities and the allocation of overhead. 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 December 31, 2018, $323,836. no December 31, 2018. 606. Accounts Receivable and Reserves The carrying amount of accounts receivable is reduced by a valuation allowance that reflects the Company’s best estimate of the amounts that will not December 31, 2019 2018, $21,178 $16,895, Revenue Recognition Effective January 1, 2018, 606, The Company’s 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, primarily related to the sale of the Company’s pharmaceutical products, includes chargebacks from the United States Department of Veterans Affairs (“VA”), rebates in connection with participation in Medicare and Medicaid programs, distribution fees, discounts, and outdated product 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 cosmetic ingredients, medical products, 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, which is the satisfaction of the performance obligation. 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 under ASC Topic 606 10 32 8. not The timing between recognition of revenue for product sales and the receipt of payment is not 30 60 The Company has distribution fee contracts with certain distributors of its pharmaceutical products that entitles them to receive distribution and services-related fees. The Company records distribution fees and estimates of distribution fees as offsets to revenue. Disaggregated net sales by product class is as follows: Years ended December 31, 2019 2018 Cosmetic ingredients $ 6,377,323 $ 7,529,487 Pharmaceuticals 4,091,817 3,510,720 Medical Products 2,968,806 2,232,141 Industrial and other 161,138 173,217 Total Net Sales $ 13,599,084 $ 13,445,565 The Company’s cosmetic ingredients are currently marketed worldwide by five 2019 2019 December 31, 2019 2018, 18% 19%, not Disaggregated sales by geographic region is as follows: Years ended 2019 2018 United States* $ 11,118,629 $ 10,931,681 Other countries 2,480,455 2,513,884 Net Sales $ 13,599,084 $ 13,445,565 * 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, for the years ended December 31, 2019 2018, 75% 49% 2019 55% 2018. 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. December 31, 2019, $1,174,000 Dividends On May 15, 2019, $0.55 June 14, 2019 May 31, 2019. November 20, 2019, $0.55 December 10, 2019, December 3, 2019. 2019, $5,053,751 $5,049,922 $3,829 not On May 16, 2018, $0.50 June 13, 2018 May 30, 2018. November 28, 2018, $0.55 December 17, 2018, December 10, 2018. 2018 $4,824,035 $4,816,239 $7,796 not Marketable Securities The Company’s marketable securities include investments in equity and fixed income mutual funds and U.S. Government securities. The Company’s marketable equity securities are reported at fair value with the related unrealized and realized gains and losses included in net income. U.S Treasury Bills are considered debt securities and any realized gains or losses are reported in other comprehensive income. Realized gains or losses on mutual funds are determined on a specific identification basis. The Company evaluates its investments periodically for possible other-than-temporary impairment by reviewing factors such as the length of time and extent to which fair value had been below cost basis, the financial condition of the issuer and the Company’s ability and intent to hold the investment for a period of time which may 2019 2018, not Inventories 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 Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation. Major replacements and betterments are capitalized, while routine maintenance and repairs are expensed as incurred. Assets are depreciated under both accelerated and straight-line methods. Depreciation charged as a result of using accelerated methods was not Estimated useful lives are as follows: Factory equipment and fixtures (years) 5 - 7 Building (years) 40 Building improvements Lesser of useful life or 20 years Impairment of Long-Lived Assets Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not No December 31, 2019 2018. Other Assets (net) Other assets at December 31, 2019 2018 first 2016. December 31, 2019 2018, $59,296 $44,472, $14,824 FY2020. Fair Value of Financial Instruments Management of the Company believes that the fair value of financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates their carrying value due to their short payment terms and liquid nature. Concentration of Credit Risk Accounts receivable potentially exposes the Company to concentrations of credit risk. The Company monitors the amount of credit it allows each of its customers, using the customer’s prior payment history to determine how much credit to allow or whether any credit should be given at all. It is the Company’s policy to discontinue shipments to any customer that is substantially past due on its payments. The Company sometimes requires payment in advance from customers whose payment record is questionable. As a result of its monitoring of the outstanding credit allowed for each customer, as well as the fact that the majority of the Company’s sales are to customers whose satisfactory credit and payment record has been established over a long period of time, the Company believes that its accounts receivable credit risk has been reduced. For the year ended December 31, 2019, two 52% 50% December 31, 2019. December 31, 2018, two 56% 47% December 31, 2018. Vendor Concentration Most of the principal raw materials used by the Company consist of common industrial organic and inorganic chemicals and are available in ample supply from numerous sources. However, there are some raw materials used by the Company that are not six 86% 80% 2019 2018, Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not Uncertain tax positions are accounted for utilizing a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of December 31, 2019 2018, not December 31, 2019 2018, not 2016 On August 3, 2018, 2018 40, 2017 December 31, 2017. December 31, 2018, On December 18, 2019, 2019 12, 740 2109 12 December 15, 2020. Research and Development Research and development expenses are expenditures incurred in connection with in-house research on new and existing products. It includes payroll and payroll related expenses, outside laboratory expenditures, lab supplies, and equipment depreciation. Shipping and Handling Expenses Shipping and handling costs are classified in operating expenses in the accompanying statements of income. Shipping and handling costs were approximately $76,000 $81,000 December 31, 2019 2018, Advertising Expenses Advertising costs are expensed as incurred. For the years ended December 31, 2019 2018, $28,000 $13,000, Earnings Per Share Information Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share would include the dilutive effect of outstanding stock options, if any. New Accounting Standards In January 2019, 2016 02, 12 not On December 18, 2019, 2019 12, 740 2019 12 December 15, 2020. In August 2018, 2018 13, 820 December 15, 2019. not In January 2016, 2016 01 January 1, 2018. January 1, 2018 $466,025. In June 2016, 2016 13 not December 15, 2022.

Note B - Marketable Securities

Note B - Marketable Securities	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	NOTE B - MARKETABLE SECURITIES Marketable securities include investments in fixed income and equity mutual funds and U.S. Government securities with maturities greater than 3 Effective January 2018, 2016 01, January 1, 2018 $466,025. The Company’s U.S. Treasury Bills are considered debt securities and any unrealized gains and losses are reported in other comprehensive income. The U.S. Treasury Bills are considered held to maturity securities, as they are purchased directly from the U.S. Government and are unable to be sold before the maturity date. The disaggregated net gains and losses on the marketable securities recognized in the income statement for the years ended December 31, 2019 2018 Years ended December 31, 2019 2018 Net gains (losses) recognized during the year on marketable securities $ 431,076 $ (333,138 ) Less: Net gains recognized during the year on marketable securities sold during the period (262,399 ) (4,204 ) Unrealized gains (losses) recognized during the reporting year on marketable securities still held at the reporting date $ 168,677 $ (337,342 ) 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 • Level 1 • Level 2 • Level 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 December 31, 2019 Debt Securities Cost Fair Value Unrealized U.S Treasury Bills (maturities of greater than three months up to one year) $ 3,481,625 $ 3,481,625 $ - Total debt securities 3,481,625 3,481,625 - Equity Securities Fixed income mutual funds 1,940,071 2,122,157 182,086 Equity and other mutual funds 1,024,580 1,263,734 239,154 Total equity securities 2,964,651 3,385,891 421,240 Total marketable securities $ 6,446,276 $ 6,867,516 $ 421,240 December 31, 2018 Debt Securities U.S Treasury Bills (maturities of greater than three months up to one year) $ 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 $15,964,917 December 31, 2019, $262,399. December 31, 2018 $8,022,804, $4,204.

Note C - Inventories

Note C - Inventories	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE C – INVENTORIES Inventories consist of the following: December 31, 2019 2018 Raw materials $ 320,507 $ 467,842 Work in process 81,002 30,057 Finished products 815,768 984,252 Total Inventories $ 1,217,277 $ 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 December 31, 2019 December 31, 2018 $35,000 $20,000 December 31, 2019 2018, $231,392 $160,533

Note D - Income Taxes

Note D - Income Taxes	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE D – INCOME TAXES The provision for income taxes consists of the following: Years ended December 31, Current 2019 2018 Federal $ 1,135,209 $ 893,768 State 178 27 Total current provision for income taxes 1,135,387 893,795 Deferred Federal 133,272 219,728 State - - Total deferred provision for income taxes 133,272 219,728 Total provision for income taxes $ 1,268,659 $ 1,113,523 The following is a reconciliation of the Company’s effective income tax rate to the Federal statutory rate (dollar amounts have been rounded to the nearest thousand): Years ended December 31, 2019 2018 ($) Tax rate ($) Tax rate Income taxes at statutory federal income tax rate $ 1,266,000 21.0 % $ 1,148,000 21.0 % Nondeductible expenses 1,000 - 1,000 - Research & development credits (8,000 ) (0.1 ) (20,000 ) (0.3 ) Non-taxable dividends (2,000 ) - (6,000 ) (0.1 ) Other, net 12,000 0.2 (9,000 ) (0.2 ) Provision for income taxes $ 1,269,000 21.1 % $ 1,114,000 20.4 % The TJCA favorably amended certain tax provisions applicable to eligible small business taxpayers. On August 3, 2018, 2018 40 December 31, 2017. December 31, 2018, 2018 40, The tax effects of temporary differences which comprise the deferred tax assets and liabilities are as follows: December 31, 2019 2018 Deferred tax assets Allowance for doubtful accounts $ 4,447 $ 3,548 Inventories 7,350 4,200 Accounts payable 14,991 39,227 Accrued expenses 235,633 215,604 Total deferred tax assets $ 262,421 $ 262,579 Deferred tax liabilities Accounts receivable (445,113 ) (354,787 ) Prepaid expenses (42,319 ) (38,913 ) Depreciation on property, plant and equipment (73,384 ) (69,424 ) Unrealized gain on marketable securities (88,460 ) (53,038 ) Total deferred tax liabilities (649,276 ) (516,162 ) Net deferred tax liability $ (386,855 ) $ (253,583 )

Note E - Benefit Plans

Note E - Benefit Plans	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	NOTE E - BENEFIT PLANS Defined Contribution Plan The Company sponsors a 401 first 4% one 401 $88,000 $90,000 December 31, 2019 2018, 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 2018, $ 145,000 20% two 20% six

Note F - Geographic and Other I

Note F - Geographic and Other Information	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE F - GEOGRAPHIC and OTHER INFORMATION Through its Guardian Laboratories division the Company manufactures and markets cosmetic ingredients, pharmaceuticals, medical lubricants, and specialty industrial products. It also conducts research and development, primarily related to the development of new and unique cosmetic ingredients. The Company’s R&D department not The Company operates in one four one two 60 two December 31, 2021. not not No may may not The pharmaceutical products are two 2018 The medical products are not not The industrial products are also marketed by the Company directly to manufacturers, and generally do not may The following tables present the significant concentrations of the Company’s sales. Although a significant percentage of Customer A’s purchases from the Company are sold to foreign customers, in table “b” below all sales to Customer A are included in “United States” sales revenue because all shipments to Customer A are delivered to Customer A's warehouses in the U.S. In addition, there are four (a) Net Sales Years ended December 31, 2019 2018 Cosmetic Ingredients $ 6,383,224 $ 7,529,487 Pharmaceuticals 5,238,226 4,516,537 Medical Products 2,971,243 2,238,813 Industrial and other 161,138 173,218 Gross Sales 14,753,831 14,458,055 Less: Discounts and allowances (1,154,747 ) (1,012,490 ) Net Sales $ 13,599,084 $ 13,445,565 (b) Geographic Information Years ended December 31, . 2019 2018 United States $ 11,118,629 $ 10,931,681 Other countries 2,480,455 2,513,884 Net Sales $ 13,599,084 $ 13,445,565 (c) Gross Sales to Major Customers Years ended December 31, 2019 2018 Customer A $ 5,349,381 $ 6,067,821 Customer B 2,390,911 2,049,190 All other customers 7,013,539 6,341,044 $ 14,753,831 $ 14,458,055

Note G - Accrued Expenses

Note G - Accrued Expenses	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	NOTE G - ACCRUED EXPENSES Accrued expenses at December 31, 2019 2018 2019 2018 Bonuses $ 216,000 $ 242,000 Distribution fees 309,190 315,242 Payroll and related expenses 175,433 159,385 Annual report expenses 64,324 66,618 Audit fee 48,500 43,668 Reserve for outdated material 231,392 160,533 Sales rebates 46,100 15,000 Computer services - 16,593 Other 38,187 21,596 Total accrued expenses $ 1,129,126 $ 1,040,635

Note H - Supplemental Disclosur

Note H - Supplemental Disclosures of Cash Flow Information and Non-cash Investing and Financing Activities	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE H – SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH INVESTING AND FINANCING ACTIVITIES Cash payments for income taxes were $1,100,000 $1,150,000 December 31, 2019 2018, As of December 31, 2019, one 2,430 9,246 not 2,430 2,430 not December 31, 2019, first second 2020.

Note I - Related Party Transact

Note I - Related Party Transactions	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE I - RELATED PARTY TRANSACTIONS During each of the years ended December 31, 2019 2018, $17,500 $15,500,

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates In preparing financial statements in conformity with a Generally Accepted Accounting Principles in the United States of America (“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 revenue and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, reserve for inventory obsolescence, accrued distribution fees, outdated material returns, possible impairment of marketable securities and the allocation of overhead.
Reclassification, Policy [Policy Text Block]	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 December 31, 2018, $323,836. no December 31, 2018. 606.
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	Accounts Receivable and Reserves The carrying amount of accounts receivable is reduced by a valuation allowance that reflects the Company’s best estimate of the amounts that will not December 31, 2019 2018, $21,178 $16,895,
Revenue [Policy Text Block]	Revenue Recognition Effective January 1, 2018, 606, The Company’s 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, primarily related to the sale of the Company’s pharmaceutical products, includes chargebacks from the United States Department of Veterans Affairs (“VA”), rebates in connection with participation in Medicare and Medicaid programs, distribution fees, discounts, and outdated product 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 cosmetic ingredients, medical products, 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, which is the satisfaction of the performance obligation. 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 under ASC Topic 606 10 32 8. not The timing between recognition of revenue for product sales and the receipt of payment is not 30 60 The Company has distribution fee contracts with certain distributors of its pharmaceutical products that entitles them to receive distribution and services-related fees. The Company records distribution fees and estimates of distribution fees as offsets to revenue. Disaggregated net sales by product class is as follows: Years ended December 31, 2019 2018 Cosmetic ingredients $ 6,377,323 $ 7,529,487 Pharmaceuticals 4,091,817 3,510,720 Medical Products 2,968,806 2,232,141 Industrial and other 161,138 173,217 Total Net Sales $ 13,599,084 $ 13,445,565 The Company’s cosmetic ingredients are currently marketed worldwide by five 2019 2019 December 31, 2019 2018, 18% 19%, not Disaggregated sales by geographic region is as follows: Years ended 2019 2018 United States* $ 11,118,629 $ 10,931,681 Other countries 2,480,455 2,513,884 Net Sales $ 13,599,084 $ 13,445,565 * 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, for the years ended December 31, 2019 2018, 75% 49% 2019 55% 2018.
Cash and Cash Equivalents, Policy [Policy Text Block]	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. December 31, 2019, $1,174,000
Stockholders' Equity, Policy [Policy Text Block]	Dividends On May 15, 2019, $0.55 June 14, 2019 May 31, 2019. November 20, 2019, $0.55 December 10, 2019, December 3, 2019. 2019, $5,053,751 $5,049,922 $3,829 not On May 16, 2018, $0.50 June 13, 2018 May 30, 2018. November 28, 2018, $0.55 December 17, 2018, December 10, 2018. 2018 $4,824,035 $4,816,239 $7,796 not
Marketable Securities, Policy [Policy Text Block]	Marketable Securities The Company’s marketable securities include investments in equity and fixed income mutual funds and U.S. Government securities. The Company’s marketable equity securities are reported at fair value with the related unrealized and realized gains and losses included in net income. U.S Treasury Bills are considered debt securities and any realized gains or losses are reported in other comprehensive income. Realized gains or losses on mutual funds are determined on a specific identification basis. The Company evaluates its investments periodically for possible other-than-temporary impairment by reviewing factors such as the length of time and extent to which fair value had been below cost basis, the financial condition of the issuer and the Company’s ability and intent to hold the investment for a period of time which may 2019 2018, not
Inventory, Policy [Policy Text Block]	Inventories 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
Property, Plant and Equipment, Policy [Policy Text Block]	Property, Plant and Equipment Property, plant and equipment are carried at cost, less accumulated depreciation. Major replacements and betterments are capitalized, while routine maintenance and repairs are expensed as incurred. Assets are depreciated under both accelerated and straight-line methods. Depreciation charged as a result of using accelerated methods was not Estimated useful lives are as follows: Factory equipment and fixtures (years) 5 - 7 Building (years) 40 Building improvements Lesser of useful life or 20 years
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-Lived Assets Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not No December 31, 2019 2018.
Other Assets [Policy Text Block]	Other Assets (net) Other assets at December 31, 2019 2018 first 2016. December 31, 2019 2018, $59,296 $44,472, $14,824 FY2020.
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair Value of Financial Instruments Management of the Company believes that the fair value of financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates their carrying value due to their short payment terms and liquid nature.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk Accounts receivable potentially exposes the Company to concentrations of credit risk. The Company monitors the amount of credit it allows each of its customers, using the customer’s prior payment history to determine how much credit to allow or whether any credit should be given at all. It is the Company’s policy to discontinue shipments to any customer that is substantially past due on its payments. The Company sometimes requires payment in advance from customers whose payment record is questionable. As a result of its monitoring of the outstanding credit allowed for each customer, as well as the fact that the majority of the Company’s sales are to customers whose satisfactory credit and payment record has been established over a long period of time, the Company believes that its accounts receivable credit risk has been reduced. For the year ended December 31, 2019, two 52% 50% December 31, 2019. December 31, 2018, two 56% 47% December 31, 2018.
Vendor Concentration [Policy Text Block]	Vendor Concentration Most of the principal raw materials used by the Company consist of common industrial organic and inorganic chemicals and are available in ample supply from numerous sources. However, there are some raw materials used by the Company that are not six 86% 80% 2019 2018,
Income Tax, Policy [Policy Text Block]	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not not Uncertain tax positions are accounted for utilizing a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of December 31, 2019 2018, not December 31, 2019 2018, not 2016 On August 3, 2018, 2018 40, 2017 December 31, 2017. December 31, 2018, On December 18, 2019, 2019 12, 740 2109 12 December 15, 2020.
Research, Development, and Computer Software, Policy [Policy Text Block]	Research and Development Research and development expenses are expenditures incurred in connection with in-house research on new and existing products. It includes payroll and payroll related expenses, outside laboratory expenditures, lab supplies, and equipment depreciation.
Cost of Goods and Services Sold, Shipping and Handling Cost, Policy [Policy Text Block]	Shipping and Handling Expenses Shipping and handling costs are classified in operating expenses in the accompanying statements of income. Shipping and handling costs were approximately $76,000 $81,000 December 31, 2019 2018,
Advertising Cost [Policy Text Block]	Advertising Expenses Advertising costs are expensed as incurred. For the years ended December 31, 2019 2018, $28,000 $13,000,
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Share Information Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share would include the dilutive effect of outstanding stock options, if any.
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Standards In January 2019, 2016 02, 12 not On December 18, 2019, 2019 12, 740 2019 12 December 15, 2020. In August 2018, 2018 13, 820 December 15, 2019. not In January 2016, 2016 01 January 1, 2018. January 1, 2018 $466,025. In June 2016, 2016 13 not December 15, 2022.

Note A - Nature of Business a_2

Note A - Nature of Business and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Disaggregation of Revenue [Table Text Block]	Years ended December 31, 2019 2018 Cosmetic ingredients $ 6,377,323 $ 7,529,487 Pharmaceuticals 4,091,817 3,510,720 Medical Products 2,968,806 2,232,141 Industrial and other 161,138 173,217 Total Net Sales $ 13,599,084 $ 13,445,565
Revenue from External Customers by Geographic Areas [Table Text Block]	Years ended 2019 2018 United States* $ 11,118,629 $ 10,931,681 Other countries 2,480,455 2,513,884 Net Sales $ 13,599,084 $ 13,445,565
Proerty Plant and Equipment, Useful Lives [Table Text Block]	Factory equipment and fixtures (years) 5 - 7 Building (years) 40 Building improvements Lesser of useful life or 20 years

Note B - Marketable Securities

Note B - Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Gain (Loss) on Securities [Table Text Block]	Years ended December 31, 2019 2018 Net gains (losses) recognized during the year on marketable securities $ 431,076 $ (333,138 ) Less: Net gains recognized during the year on marketable securities sold during the period (262,399 ) (4,204 ) Unrealized gains (losses) recognized during the reporting year on marketable securities still held at the reporting date $ 168,677 $ (337,342 )
Marketable Securities [Table Text Block]	Debt Securities Cost Fair Value Unrealized U.S Treasury Bills (maturities of greater than three months up to one year) $ 3,481,625 $ 3,481,625 $ - Total debt securities 3,481,625 3,481,625 - Equity Securities Fixed income mutual funds 1,940,071 2,122,157 182,086 Equity and other mutual funds 1,024,580 1,263,734 239,154 Total equity securities 2,964,651 3,385,891 421,240 Total marketable securities $ 6,446,276 $ 6,867,516 $ 421,240 Debt Securities U.S Treasury Bills (maturities of greater than three months up to one year) $ 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 C - Inventories (Tables)

Note C - Inventories (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, 2019 2018 Raw materials $ 320,507 $ 467,842 Work in process 81,002 30,057 Finished products 815,768 984,252 Total Inventories $ 1,217,277 $ 1,482,151

Note D - Income Taxes (Tables)

Note D - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Years ended December 31, Current 2019 2018 Federal $ 1,135,209 $ 893,768 State 178 27 Total current provision for income taxes 1,135,387 893,795 Deferred Federal 133,272 219,728 State - - Total deferred provision for income taxes 133,272 219,728 Total provision for income taxes $ 1,268,659 $ 1,113,523
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Years ended December 31, 2019 2018 ($) Tax rate ($) Tax rate Income taxes at statutory federal income tax rate $ 1,266,000 21.0 % $ 1,148,000 21.0 % Nondeductible expenses 1,000 - 1,000 - Research & development credits (8,000 ) (0.1 ) (20,000 ) (0.3 ) Non-taxable dividends (2,000 ) - (6,000 ) (0.1 ) Other, net 12,000 0.2 (9,000 ) (0.2 ) Provision for income taxes $ 1,269,000 21.1 % $ 1,114,000 20.4 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2019 2018 Deferred tax assets Allowance for doubtful accounts $ 4,447 $ 3,548 Inventories 7,350 4,200 Accounts payable 14,991 39,227 Accrued expenses 235,633 215,604 Total deferred tax assets $ 262,421 $ 262,579 Deferred tax liabilities Accounts receivable (445,113 ) (354,787 ) Prepaid expenses (42,319 ) (38,913 ) Depreciation on property, plant and equipment (73,384 ) (69,424 ) Unrealized gain on marketable securities (88,460 ) (53,038 ) Total deferred tax liabilities (649,276 ) (516,162 ) Net deferred tax liability $ (386,855 ) $ (253,583 )

Note F - Geographic and Other_2

Note F - Geographic and Other Information (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Years ended December 31, 2019 2018 Cosmetic Ingredients $ 6,383,224 $ 7,529,487 Pharmaceuticals 5,238,226 4,516,537 Medical Products 2,971,243 2,238,813 Industrial and other 161,138 173,218 Gross Sales 14,753,831 14,458,055 Less: Discounts and allowances (1,154,747 ) (1,012,490 ) Net Sales $ 13,599,084 $ 13,445,565
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	Years ended December 31, . 2019 2018 United States $ 11,118,629 $ 10,931,681 Other countries 2,480,455 2,513,884 Net Sales $ 13,599,084 $ 13,445,565
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	Years ended December 31, 2019 2018 Customer A $ 5,349,381 $ 6,067,821 Customer B 2,390,911 2,049,190 All other customers 7,013,539 6,341,044 $ 14,753,831 $ 14,458,055

Note G - Accrued Expenses (Tabl

Note G - Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2019
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	2019 2018 Bonuses $ 216,000 $ 242,000 Distribution fees 309,190 315,242 Payroll and related expenses 175,433 159,385 Annual report expenses 64,324 66,618 Audit fee 48,500 43,668 Reserve for outdated material 231,392 160,533 Sales rebates 46,100 15,000 Computer services - 16,593 Other 38,187 21,596 Total accrued expenses $ 1,129,126 $ 1,040,635

Note A - Nature of Business a_3

Note A - Nature of Business and Summary of Significant Accounting Policies (Details Textual)	Dec. 10, 2019$ / shares	Mar. 15, 2019$ / shares	Dec. 17, 2018$ / shares	Jun. 13, 2018$ / shares	Jan. 01, 2018USD ($)	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2018USD ($)$ / shares
Cost of Goods and Services Sold, Total						$ 5,657,353	$ 5,343,459
Accounts Receivable, Allowance for Credit Loss, Ending Balance						21,178	$ 16,895
Cash, FDIC Insured Amount						$ 1,174,000
Common Stock, Dividends, Per Share, Cash Paid | $ / shares		$ 0.55		$ 0.50		$ 1.10	$ 1.05
Dividends, Total						$ 5,053,751	$ 4,824,035
Payments of Ordinary Dividends, Common Stock						5,049,922	4,816,239
Dividends Payable						3,829	7,796
Impairment of Long-Lived Assets Held-for-use						$ 0	0
Number of Vendors						6
Unrecognized Tax Benefits, Ending Balance						$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total							0
Advertising Expense						$ 28,000	13,000
Reclassification of Unrealized Gain (Loss) on Securities from AOCI to Retained Earnings
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)
Distributors and Marketing Partners [Member]
Number of Customers						2
Renacidin [Member]
Finite-Lived Intangible Assets, Accumulated Amortization						$ 59,296	44,472
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months						14,824
Annual Dividend [Member]
Common Stock, Dividends, Per Share, Cash Paid | $ / shares	$ 0.55		$ 0.55
Reclassified Certain Sales Rebates From Cost of Sales to Net Sales [Member]
Cost of Goods and Services Sold, Total							323,836
Shipping and Handling [Member]
Cost of Goods and Services Sold, Total						$ 76,000	$ 81,000
Customer Concentration Risk [Member] | Distributors and Marketing Partners [Member]
Number of Customers							2
Revenue Benchmark [Member] | Product Concentration Risk [Member] | LUBRAJEL and RENACIDIN IRRIGATION [Member]
Concentration Risk, Percentage						93.00%	94.00%
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Lubrajel [Member]
Concentration Risk, Percentage						67.00%	72.00%
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Renacidin [Member]
Concentration Risk, Percentage						26.00%	22.00%
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Personal Care [Member] | Non-US [Member]
Concentration Risk, Percentage						18.00%	19.00%
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ASI [Member] | Non-US [Member]
Concentration Risk, Percentage						75.00%	75.00%
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ASI [Member] | CHINA
Concentration Risk, Percentage						49.00%	55.00%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Distributors and Marketing Partners [Member]
Concentration Risk, Percentage						52.00%	56.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributors and Marketing Partners [Member]
Concentration Risk, Percentage						50.00%	47.00%
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member]
Concentration Risk, Percentage						86.00%	80.00%

Note A - Nature of Business a_4

Note A - Nature of Business and Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Total Net Sales	$ 13,599,084	$ 13,445,565
Cosmetic Ingredients [Member]
Total Net Sales	6,377,323	7,529,487
Pharmaceuticals [Member]
Total Net Sales	4,091,817	3,510,720
Medical Product [Member]
Total Net Sales	2,968,806	2,232,141
Industrial And Other [Member]
Total Net Sales	$ 161,138	$ 173,217

Note A - Nature of Business a_5

Note A - Nature of Business and Summary of Significant Accounting Policies - Revenue by Geographic Region (Details) - USD ($)		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Total Net Sales		$ 13,599,084	$ 13,445,565
UNITED STATES
Total Net Sales	[1]	11,118,629	10,931,681
Non-US [Member]
Total Net Sales		$ 2,480,455	$ 2,513,884
[1]	Although a significant percentage of ASI’s purchases from the Company are sold to foreign customers, all sales to ASI are considered U.S. sales for financial reporting purposes, since all shipments to ASI are shipped to ASI’s warehouses in the U.S. A significant percentage of the products are subsequently shipped by ASI to foreign customers. Based on sales information provided to the Company by ASI, for the years ended December 31, 2019 and 2018, 75% of ASI’s sales of the Company’s products were to foreign customers, with China representing 49% of the sales in 2019 and 55% in 2018.

Note A - Nature of Business a_6

Note A - Nature of Business and Summary of Significant Accounting Policies - Property, Plant, and Equipment Useful Lives (Details)	12 Months Ended
	Dec. 31, 2019
Property, plant, and equipment, estimated useful lives	Lesser of useful life or 20 years
Factory Equipment And Fixtures [Member] | Minimum [Member]
Property, plant, and equipment, useful lives (Year)	5 years
Factory Equipment And Fixtures [Member] | Maximum [Member]
Property, plant, and equipment, useful lives (Year)	7 years
Building [Member]
Property, plant, and equipment, useful lives (Year)	40 years

Note B - Marketable Securitie_2

Note B - Marketable Securities (Details Textual) - USD ($)	Jan. 01, 2018	Dec. 31, 2019	Dec. 31, 2018
Reclassification of Unrealized Gain (Loss) on Securities from AOCI to Retained Earnings
Proceeds from Sale and Maturity of Marketable Securities, Total		$ 15,964,917	8,022,804
Debt and Equity Securities, Realized Gain (Loss), Total		$ 262,399	4,204
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)

Note B - Marketable Securitie_3

Note B - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net gains (losses) recognized during the year on marketable securities	$ 431,076	$ (333,138)
Less: Net gains recognized during the year on marketable securities sold during the period	(262,399)	(4,204)
Unrealized gains (losses) recognized during the reporting year on marketable securities still held at the reporting date	$ 168,677	$ (337,342)

Note B - Marketable Securitie_4

Note B - Marketable Securities - Summary of Investments (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Debt securities, cost	$ 3,481,625	$ 3,742,681
Debt securities	3,481,625	3,742,681
Debt securities, unrealized gain
Equity securities, cost	2,964,651	3,626,952
Equity securities	3,385,891	3,879,515
Marketable securities, unrealized (loss) gain	421,240	252,563
Marketable securities, cost	6,446,276	7,369,633
Marketable securities	6,867,516	7,622,196
US Treasury Securities [Member]
Debt securities, cost	3,481,625	3,742,681
Debt securities	3,481,625	3,742,681
Debt securities, unrealized gain
Fixed Income Securities [Member]
Equity securities, cost	1,940,071	2,408,799
Equity securities	2,122,157	2,409,213
Equity securities, unrealized gain	182,086	414
Equity And Other Mutual Funds [Member]
Equity securities, cost	1,024,580	1,218,153
Equity securities	1,263,734	1,470,302
Equity securities, unrealized gain	$ 239,154	$ 252,149

Note C - Inventories (Details T

Note C - Inventories (Details Textual) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Inventory Valuation Reserves, Ending Balance	$ 35,000	$ 20,000
Accrued Reserve for Outdated Material	$ 231,392	$ 160,533

Note C - Inventories - Summary

Note C - Inventories - Summary of Inventories (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Raw materials	$ 320,507	$ 467,842
Work in process	81,002	30,057
Finished products	815,768	984,252
Total Inventories	$ 1,217,277	$ 1,482,151

Note D - Income Taxes - Provisi

Note D - Income Taxes - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Federal	$ 1,135,209	$ 893,768
State	178	27
Total current provision for income taxes	1,135,387	893,795
Deferred
Federal	133,272	219,728
State
Total deferred provision for income taxes	133,272	219,728
Total provision for income taxes	$ 1,268,659	$ 1,113,523

Note D - Income Taxes - Reconci

Note D - Income Taxes - Reconciliation of the Effective Income Tax Rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income taxes at statutory federal income tax rate	$ 1,266,000	$ 1,148,000
Income taxes at statutory federal income tax rate of 34%, percent	21.00%	21.00%
Nondeductible expenses	$ 1,000	$ 1,000
Nondeductible expenses, percent
Research & development credits	$ (8,000)	$ (20,000)
Research & development credits, percent	(0.10%)	(0.30%)
Non-taxable dividends	$ (2,000)	$ (6,000)
Non-taxable dividends, percent		(0.10%)
Other, net	$ 12,000	$ (9,000)
Other, net, percent	0.20%	(0.20%)
Provision for income taxes	$ 1,268,659	$ 1,113,523
Provision for income taxes, percent	21.10%	20.40%

Note D - Income Taxes - Deferre

Note D - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets
Allowance for doubtful accounts	$ 4,447	$ 3,548
Inventories	7,350	4,200
Accounts payable	14,991	39,227
Accrued expenses	235,633	215,604
Total deferred tax assets	262,421	262,579
Deferred tax liabilities
Accounts receivable	(445,113)	(354,787)
Prepaid expenses	(42,319)	(38,913)
Depreciation on property, plant and equipment	(73,384)	(69,424)
Unrealized gain on marketable securities	(88,460)	(53,038)
Total deferred tax liabilities	(649,276)	(516,162)
Net deferred tax liability	$ (386,855)	$ (253,583)

Note E - Benefit Plans (Details

Note E - Benefit Plans (Details Textual) - DC Plan [Member] - USD ($)	12 Months Ended
	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	$ 88,000	$ 90,000
Defined Contribution Plan, Employer Discretionary Contribution Amount Per Year Authorized	$ 145,000	$ 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 F - Geographic and Other_3

Note F - Geographic and Other Information (Details Textual)	12 Months Ended
	Dec. 31, 2019
Number of Operating Segments	1
Geographic Concentration Risk [Member] | Revenue, Product and Service Benchmark [Member] | Medical [Member] | US with Subsequent Shipment to Foreign Locations [Member]
Number of Customers	4

Note F - Geographic and Other_4

Note F - Geographic and Other Information - Net Sales (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Gross Sales	$ 14,753,831	$ 14,458,055
Less: Discounts and allowances	(1,154,747)	(1,012,490)
Total Net Sales	13,599,084	13,445,565
Cosmetic Ingredients [Member]
Gross Sales	6,383,224	7,529,487
Total Net Sales	6,377,323	7,529,487
Pharmaceuticals [Member]
Gross Sales	5,238,226	4,516,537
Total Net Sales	4,091,817	3,510,720
Medical Product [Member]
Gross Sales	2,971,243	2,238,813
Total Net Sales	2,968,806	2,232,141
Industrial And Other [Member]
Gross Sales	161,138	173,218
Total Net Sales	$ 161,138	$ 173,217

Note F - Geographic and Other_5

Note F - Geographic and Other Information - Geographic Information (Details) - USD ($)		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018
Total Net Sales		$ 13,599,084	$ 13,445,565
UNITED STATES
Total Net Sales	[1]	11,118,629	10,931,681
Non-US [Member]
Total Net Sales		$ 2,480,455	$ 2,513,884
[1]	Although a significant percentage of ASI’s purchases from the Company are sold to foreign customers, all sales to ASI are considered U.S. sales for financial reporting purposes, since all shipments to ASI are shipped to ASI’s warehouses in the U.S. A significant percentage of the products are subsequently shipped by ASI to foreign customers. Based on sales information provided to the Company by ASI, for the years ended December 31, 2019 and 2018, 75% of ASI’s sales of the Company’s products were to foreign customers, with China representing 49% of the sales in 2019 and 55% in 2018.

Note F - Geographic and Other_6

Note F - Geographic and Other Information - Sales to Major Customers (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Gross Sales	$ 14,753,831	$ 14,458,055
Customer A [Member]
Gross Sales	5,349,381	6,067,821
Customer B [Member]
Gross Sales	2,390,911	2,049,190
All Other Customers [Member]
Gross Sales	$ 7,013,539	$ 6,341,044

Note G - Accrued Expenses - Sum

Note G - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Bonuses	$ 216,000	$ 242,000
Distribution fees	309,190	315,242
Payroll and related expenses	175,433	159,385
Annual report expenses	64,324	66,618
Audit fee	48,500	43,668
Reserve for outdated material	231,392	160,533
Sales rebates	46,100	15,000
Computer services		16,593
Other	38,187	21,596
Total accrued expenses	$ 1,129,126	$ 1,040,635

Note H - Supplemental Disclos_2

Note H - Supplemental Disclosures of Cash Flow Information and Non-cash Investing and Financing Activities (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Taxes Paid	$ 1,100,000	$ 1,150,000
Convertible Common Stock, Shares Issuable upon Conversion	2,430
Stock Escheated During the Period, Shares	9,246

Note I - Related Party Transa_2

Note I - Related Party Transactions (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounting and Tax Services [Member] | Director [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 17,500	$ 15,500