United-Guardian (UG) 10-K 22 Mar 21 2020 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 01, 2021	Jun. 30, 2020
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			$ 48.9
Entity Shell Company	false
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Title of 12(b) Security	Common Stock, $.10 par value per share

Statements of Income

Statements of Income - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 10,986,081	$ 13,599.084
Costs and expenses:
Cost of sales	4,872,335	5,657,353
Operating expenses	2,026,368	2,148,375
Research and development	451,208	397,391
Total costs and expenses	7,349,911	8,203,119
Income from operations	3,636,170	5,395,965
Other income:
Investment income	226,245	203,329
Net gain on marketable securities	298,585	431,076
Total other income	524,830	634,405
Income before provision for income taxes	4,161,000	6,030,370
Provision for income taxes	856,022	1,268,659
Net income	$ 3,304,978	$ 4,761,711
Earnings per common share (basic and diluted) (in dollars per share)	$ 0.72	$ 1.04
Weighted average shares (basic and diluted) (in shares)	4,594,319	4,594,319

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 591,444	$ 1,048,311
Marketable securities	7,591,381	6,867,516
Accounts receivable, net of allowance for doubtful accounts of $14,017 in 2020 and $21,178 in 2019	1,387,698	2,098,411
Inventories (net)	1,415,773	1,217,277
Prepaid expenses and other current assets	161,208	170,466
Prepaid income taxes	99,107	165,300
Total current assets	11,246,611	11,567,281
Property, plant, and equipment:
Land	69,000	69,000
Factory equipment and fixtures	4,516,335	4,482,236
Building and improvements	2,848,585	2,839,289
Total property, plant and equipment	7,433,920	7,390,525
Less accumulated depreciation	6,760,255	6,609,818
Total property, plant, and equipment, net	673,665	780,707
Other assets (net)		14,824
TOTAL ASSETS	11,920,276	12,362,812
Current liabilities:
Accounts payable	31,800	71,385
Accrued expenses	1,363,457	1,129,126
Dividends payable	19,028	142,548
Total current liabilities	1,414,285	1,343,059
Deferred income taxes (net)	151,684	386,855
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, 2020 and 2019, respectively	459,432	459,432
Retained earnings	9,894,875	10,173,466
Total stockholders’ equity	10,354,307	10,632,898
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 11,920,276	$ 12,362,812

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable, allowance for doubtful accounts	$ 14,017	$ 21,178
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 - USD ($)	Dividend Declared [Member]Common Stock [Member]	Dividend Declared [Member]Retained Earnings [Member]	Dividend Declared [Member]	Dividend Paid [Member]Common Stock [Member]	Dividend Paid [Member]Retained Earnings [Member]	Dividend Paid [Member]	Common Stock [Member]	Retained Earnings [Member]	Total
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
Net income								3,304,978	3,304,978
Dividends declared		$ (1,138)	$ (1,138)		$ (3,582,431)	$ (3,582,431)			(3,583,569)
Balance (in shares) at Dec. 31, 2020							4,594,319
Balance at Dec. 31, 2020							$ 459,432	$ 9,894,875	$ 10,354,307

Statements of Changes in Stoc_2

Statements of Changes in Stockholders' Equity (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Dividend Declared [Member]
Dividends declared per share (in dollars per share)	$ 0.78	$ 1.10
Dividend Paid [Member]
Dividends declared per share (in dollars per share)	$ 0.78	$ 1.10

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 3,304,978	$ 4,761,711
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	165,261	175,810
Net gain on marketable securities	(298,585)	(431,076)
Allowance for doubtful accounts	(7,161)	4,283
Reserve for inventories		15,000
Deferred income taxes	(235,171)	133,272
Decrease (increase) in operating assets:
Accounts receivable	717,874	(430,127)
Inventories	(198,496)	249,874
Prepaid expenses and other current assets	9,258	(11,102)
Prepaid income taxes	66,193	35,387
(Decrease) increase in operating liabilities:
Accounts payable	(39,585)	(115,412)
Accrued expenses	234,331	88,491
Dividends payable	(124,657)
Net cash provided by operating activities	3,594,240	4,476,111
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(43,395)	(113,769)
Purchases of marketable securities	(6,796,409)	(14,779,161)
Proceeds from sales of marketable securities	6,371,128	15,964,917
Net cash (used in) provided by investing activities	(468,676)	1,071,987
Cash flows from financing activities:
Dividends paid	(3,582,431)	(5,049,922)
Net cash used in financing activities	(3,582,431)	(5,049,922)
Net (decrease) increase in cash and cash equivalents	(456,867)	498,176
Cash and cash equivalents, beginning of year	1,048,311	550,135
Cash and cash equivalents, end of year	591,444	1,048,311
Supplemental disclosure of cash flow information
Taxes paid	1,025,000	1,100,000
Supplemental disclosure of non-cash dividends on unexchanged shares	$ 1,138	$ 3,829

Note A - Nature of Business and

Note A - Nature of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
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 ® ® 92% 93% December 31, 2020 December 31, 2019, 57% 67% December 31, 2020 December 31, 2019, 36% 26% December 31, 2020 December 31, 2019, Impact of the Coronavirus Pandemic In March 2020, 19 March 20, 2020, 7 June 2020. no While the Company's pharmaceutical sales have not second 2020. 2020 33% 2019. Since the Company's cosmetic ingredients are marketed in many different countries, it is difficult to project the future impact of the coronavirus pandemic on the Company's global cosmetic ingredient sales, since the virus continues to impact different countries at different times and to very different extents. The Company is hopeful that as vaccinations increase, the global economic situation will gradually improve. However, based on the current situation, as well as future projections by different analysts, the Company anticipates that the pandemic will continue to negatively impact sales of the Company's cosmetic ingredients throughout most or all of 2021. The Company also believes that the coronavirus impacted sales to two four 2020, may third not 31% 2019. With the continuing uncertainty as to what the duration and future impact of the pandemic will be, the Company is unable to provide an accurate estimate or projection as to what the continuing impact of the coronavirus will be on the Company's operations or its financial results in the future. However, as of the date of this report, the Company does not not 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. 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, 2020 2019, $14,017 $21,178, Revenue Recognition The Company records revenue in accordance with ASC Topic 606 The Company's sales, as reported, are subject to a variety of deductions, which 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. During 2020 2019, 340B 340B As a result of the overly burdensome nature of the Medicaid rebates, the Company concluded in October 2020 no 340B October 30, 2020, 340B December 31, 2020. As long as a valid purchase order has been received and future collection of the sale amount is reasonably assured, the Company recognizes revenue from sales of its products when those products are shipped, which is when the Company's performance obligation is satisfied. The Company's products are shipped “Ex-Works” from the Company's facility in Hauppauge, NY, and the risk of loss and responsibility for the shipment passes to the customer upon shipment. Sales of the Company's non-pharmaceutical medical products are deemed final upon shipment, and there is no 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 19 not 30 60 December 31, 2020 December 31, 2019, $14,017 $21,178, The Company has distribution agreements with certain distributors of its pharmaceutical products that entitles those distributors to 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, 2020 2019 Cosmetic ingredients $ 4,274,586 $ 6,377,323 Pharmaceuticals 4,519,052 4,091,817 Medical products 2,052,961 2,968,806 Industrial and other 139,482 161,138 Total Net Sales $ 10,986,081 $ 13,599,084 The Company's cosmetic ingredients are currently marketed worldwide by five 2019 2019 December 31, 2020 2019, 20% 18%, not Disaggregated sales by geographic region are as follows: Years ended December 31, 2020 2019 United States* $ 8,796,221 $ 11,118,629 Other countries 2,189,860 2,480,455 Net Sales $ 10,986,081 $ 13,599,084 * 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 certain percentage of those products are subsequently shipped by ASI to its foreign customers. Based on sales information provided to the Company by ASI, 68% 2020 75% 2019. 2020 2019 33% 2020 49% 2019. 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, 2020, $653,000 Dividends On May 20, 2020, $0.42 June 17, 2020 June 3, 2020. November 18, 2020, $0.36 December 8, 2020, December 1, 2020. 2020, $3,583,569 $3,582,431 $1,138 not During the third 2020, $124,041 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 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 realized gains or losses, if any, 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 2020 2019, 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, 2020 2019. Other Assets (net) Other assets at December 31, 2020 2019 first 2016. December 31, 2020 2019, $74,120 $59,296, 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, 2020, four 72% 67% December 31, 2020. December 31, 2019, four 70% 70% December 31, 2019. 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 not 19 six 88% 84% 2020 2019, 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, 2020 2019, not December 31, 2020 2019, not 2017 On December 18, 2019, 2019 12, 740 2019 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 $81,000 $76,000 December 31, 2020 2019, Advertising Expenses Advertising costs are expensed as incurred. For the years ended December 31, 2020 2019, $27,000 $28,000, which primarily relates to the internet marketing of Renacidin, one 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 June 2016, 2016 13 not December 15, 2022.

Note B - Marketable Securities

Note B - Marketable Securities	12 Months Ended
	Dec. 31, 2020
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 The Company's U.S. Treasury Bills are considered debt securities and unrealized gains and losses, if any, 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, 2020 2019 Years ended December 31, 2020 2019 Net gains recognized during the year on marketable securities $ 298,585 $ 431,076 Less: Net gains recognized during the year on marketable securities sold during the period (415,595 ) (262,399 ) Unrealized (losses) gains recognized during the reporting year on marketable securities still held at the reporting date $ (117,010 ) $ 168,677 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, 2020 Equity Securities Cost Fair Value Unrealized Gain Fixed income mutual funds $ 6,703,107 $ 6,907,270 $ 204,163 Equity and other mutual funds 584,044 684,111 100,067 Total equity securities 7,287,151 7,591,381 304,230 Total marketable securities $ 7,287,151 $ 7,591,381 $ 304,230 December 31, 2019 Debt Securities 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 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 $6,371,128 December 31, 2020, $415,595. December 31, 2019 $15,964,917, $262,399.

Note C - Inventories

Note C - Inventories	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE C – INVENTORIES Inventories consist of the following: December 31, 2020 2019 Raw materials $ 415,415 $ 320,507 Work in process 59,258 81,002 Finished products 941,100 815,768 Total Inventories $ 1,415,773 $ 1,217,277 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, 2020 December 31, 2019 $35,000 December 31, 2020 2019, $302,715 $231,392 19 not

Note D - Income Taxes

Note D - Income Taxes	12 Months Ended
	Dec. 31, 2020
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 2020 2019 Federal $ 1,091,148 $ 1,135,209 State 45 178 Total current provision for income taxes 1,091,193 1,135,387 Deferred Federal (235,171 ) 133,272 State --- --- Total deferred (benefit from) provision for income taxes (235,171 ) 133,272 Total provision for income taxes $ 856,022 $ 1,268,659 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, 2020 2019 ($) Tax rate ($) Tax rate Income taxes at statutory federal income tax rate $ 874,000 21.0 % $ 1,266,000 21.0 % Nondeductible expenses --- --- 1,000 --- Research & development credits (10,000 ) (0.2 ) (8,000 ) (0.1 ) Non-taxable dividends (3,000 ) (0.1 ) (2,000 ) --- Other, net (5,000 ) (0.1 ) 12,000 0.2 Provision for income taxes $ 856,000 20.6 % $ 1,269,000 21.1 % The tax effects of temporary differences which comprise the deferred tax assets and liabilities are as follows: December 31, 2020 2019 Deferred tax assets Allowance for doubtful accounts $ 2,944 $ 4,447 Inventories 7,350 7,350 Accounts payable 6,678 14,991 Accrued expenses 284,145 235,633 Total deferred tax assets 301,117 262,421 Deferred tax liabilities Accounts receivable (294,360 ) (445,113 ) Prepaid expenses (33,829 ) (42,319 ) Depreciation on property, plant and equipment (60,724 ) (73,384 ) Unrealized gain on marketable securities (63,888 ) (88,460 ) Total deferred tax liabilities (452,801 ) (649,276 ) Net deferred tax liability $ (151,684 ) $ (386,855 )

Note E - Benefit Plans

Note E - Benefit Plans	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Retirement Benefits [Text Block]	NOTE E - BENEFIT PLANS Defined Contribution Plan The Company sponsors a 401 first 4% one 401 $83,000 $88,000 December 31, 2020 2019, 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, 2020 2019, $130,000 $145,000, 20% two 20% six

Note F - Geographic and Other I

Note F - Geographic and Other Information	12 Months Ended
	Dec. 31, 2020
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 1950s. 1990. 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 December 31, 2020 2019 Cosmetic Ingredients $ 4,283,052 $ 6,383,224 Pharmaceuticals 5,959,705 5,238,226 Medical Products 2,054,093 2,971,243 Industrial and other 139,482 161,138 Gross Sales 12,436,332 14,753,831 Less: Discounts and allowances (1,450,251 ) (1,154,747 ) Net Sales $ 10,986,081 $ 13,599.084 (b) Geographic Information Years ended December 31, . 2020 2019 United States $ 8,796,221 $ 11,118,629 Other countries 2,189,860 2,480,455 Net Sales $ 10,986,081 $ 13,599,084 (c) Gross Sales to Major Customers Years ended December 31, 2020 2019 Customer A $ 3,236,113 $ 5,349,381 Customer B 2,796,310 2,390,911 Customer C 1,485,288 1,333,891 Customer D 1,434,097 1,256,640 All other customers 3,484,524 4,423,008 Total Gross Sales $ 12,436,332 $ 14,753,831

Note G - Accrued Expenses

Note G - Accrued Expenses	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	NOTE G - ACCRUED EXPENSES Accrued expenses at December 31, 2020 2019 2020 2019 Bonuses $ 210,000 $ 216,000 Distribution fees 325,792 309,190 Payroll and related expenses 245,521 175,433 Annual report expenses 63,432 64,324 Audit fee 50,500 48,500 Reserve for outdated material 302,713 231,392 Sales rebates 149,346 46,100 Other 16,153 38,187 Total accrued expenses $ 1,363,457 $ 1,129,126

Note H - Supplemental Disclosur

Note H - Supplemental Disclosures of Cash Flow Information and Non-cash Investing and Financing Activities	12 Months Ended
	Dec. 31, 2020
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 $1,025,000 $1,100,000 December 31, 2020 2019, As of December 31, 2020, 1,369 1,369 not December 31, 2020, During the third 2020, $124,041

Note I - Related Party Transact

Note I - Related Party Transactions	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE I - RELATED PARTY TRANSACTIONS During each of the years ended December 31, 2020 2019, $16,250 $17,500,

Note J - Subsequent Events

Note J - Subsequent Events	12 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE J – SUBSEQUENT EVENTS On March 27, 2020, March 13, 2020 December 31, 2020. December 27, 2020, first 2021. first 2021 2021, 70% first $10,000 January 1, 2021 June 30, 2021. may may

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
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.
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, 2020 2019, $14,017 $21,178,
Revenue [Policy Text Block]	Revenue Recognition The Company records revenue in accordance with ASC Topic 606 The Company's sales, as reported, are subject to a variety of deductions, which 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. During 2020 2019, 340B 340B As a result of the overly burdensome nature of the Medicaid rebates, the Company concluded in October 2020 no 340B October 30, 2020, 340B December 31, 2020. As long as a valid purchase order has been received and future collection of the sale amount is reasonably assured, the Company recognizes revenue from sales of its products when those products are shipped, which is when the Company's performance obligation is satisfied. The Company's products are shipped “Ex-Works” from the Company's facility in Hauppauge, NY, and the risk of loss and responsibility for the shipment passes to the customer upon shipment. Sales of the Company's non-pharmaceutical medical products are deemed final upon shipment, and there is no 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 19 not 30 60 December 31, 2020 December 31, 2019, $14,017 $21,178, The Company has distribution agreements with certain distributors of its pharmaceutical products that entitles those distributors to 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, 2020 2019 Cosmetic ingredients $ 4,274,586 $ 6,377,323 Pharmaceuticals 4,519,052 4,091,817 Medical products 2,052,961 2,968,806 Industrial and other 139,482 161,138 Total Net Sales $ 10,986,081 $ 13,599,084 The Company's cosmetic ingredients are currently marketed worldwide by five 2019 2019 December 31, 2020 2019, 20% 18%, not Disaggregated sales by geographic region are as follows: Years ended December 31, 2020 2019 United States* $ 8,796,221 $ 11,118,629 Other countries 2,189,860 2,480,455 Net Sales $ 10,986,081 $ 13,599,084 * 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 certain percentage of those products are subsequently shipped by ASI to its foreign customers. Based on sales information provided to the Company by ASI, 68% 2020 75% 2019. 2020 2019 33% 2020 49% 2019.
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, 2020, $653,000
Stockholders' Equity, Policy [Policy Text Block]	Dividends On May 20, 2020, $0.42 June 17, 2020 June 3, 2020. November 18, 2020, $0.36 December 8, 2020, December 1, 2020. 2020, $3,583,569 $3,582,431 $1,138 not During the third 2020, $124,041 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
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 realized gains or losses, if any, 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 2020 2019, 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, 2020 2019.
Other Assets [Policy Text Block]	Other Assets (net) Other assets at December 31, 2020 2019 first 2016. December 31, 2020 2019, $74,120 $59,296,
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, 2020, four 72% 67% December 31, 2020. December 31, 2019, four 70% 70% December 31, 2019.
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 not 19 six 88% 84% 2020 2019,
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, 2020 2019, not December 31, 2020 2019, not 2017 On December 18, 2019, 2019 12, 740 2019 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 $81,000 $76,000 December 31, 2020 2019,
Advertising Cost [Policy Text Block]	Advertising Expenses Advertising costs are expensed as incurred. For the years ended December 31, 2020 2019, $27,000 $28,000, which primarily relates to the internet marketing of Renacidin, one
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 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, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Years ended December 31, 2020 2019 Cosmetic ingredients $ 4,274,586 $ 6,377,323 Pharmaceuticals 4,519,052 4,091,817 Medical products 2,052,961 2,968,806 Industrial and other 139,482 161,138 Total Net Sales $ 10,986,081 $ 13,599,084
Revenue from External Customers by Geographic Areas [Table Text Block]	Years ended December 31, 2020 2019 United States* $ 8,796,221 $ 11,118,629 Other countries 2,189,860 2,480,455 Net Sales $ 10,986,081 $ 13,599,084
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, 2020
Notes Tables
Gain (Loss) on Securities [Table Text Block]	Years ended December 31, 2020 2019 Net gains recognized during the year on marketable securities $ 298,585 $ 431,076 Less: Net gains recognized during the year on marketable securities sold during the period (415,595 ) (262,399 ) Unrealized (losses) gains recognized during the reporting year on marketable securities still held at the reporting date $ (117,010 ) $ 168,677
Marketable Securities [Table Text Block]	Equity Securities Cost Fair Value Unrealized Gain Fixed income mutual funds $ 6,703,107 $ 6,907,270 $ 204,163 Equity and other mutual funds 584,044 684,111 100,067 Total equity securities 7,287,151 7,591,381 304,230 Total marketable securities $ 7,287,151 $ 7,591,381 $ 304,230 Debt Securities 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

Note C - Inventories (Tables)

Note C - Inventories (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, 2020 2019 Raw materials $ 415,415 $ 320,507 Work in process 59,258 81,002 Finished products 941,100 815,768 Total Inventories $ 1,415,773 $ 1,217,277

Note D - Income Taxes (Tables)

Note D - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Years ended December 31, Current 2020 2019 Federal $ 1,091,148 $ 1,135,209 State 45 178 Total current provision for income taxes 1,091,193 1,135,387 Deferred Federal (235,171 ) 133,272 State --- --- Total deferred (benefit from) provision for income taxes (235,171 ) 133,272 Total provision for income taxes $ 856,022 $ 1,268,659
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Years ended December 31, 2020 2019 ($) Tax rate ($) Tax rate Income taxes at statutory federal income tax rate $ 874,000 21.0 % $ 1,266,000 21.0 % Nondeductible expenses --- --- 1,000 --- Research & development credits (10,000 ) (0.2 ) (8,000 ) (0.1 ) Non-taxable dividends (3,000 ) (0.1 ) (2,000 ) --- Other, net (5,000 ) (0.1 ) 12,000 0.2 Provision for income taxes $ 856,000 20.6 % $ 1,269,000 21.1 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2020 2019 Deferred tax assets Allowance for doubtful accounts $ 2,944 $ 4,447 Inventories 7,350 7,350 Accounts payable 6,678 14,991 Accrued expenses 284,145 235,633 Total deferred tax assets 301,117 262,421 Deferred tax liabilities Accounts receivable (294,360 ) (445,113 ) Prepaid expenses (33,829 ) (42,319 ) Depreciation on property, plant and equipment (60,724 ) (73,384 ) Unrealized gain on marketable securities (63,888 ) (88,460 ) Total deferred tax liabilities (452,801 ) (649,276 ) Net deferred tax liability $ (151,684 ) $ (386,855 )

Note F - Geographic and Other_2

Note F - Geographic and Other Information (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	2020 2019 Cosmetic Ingredients $ 4,283,052 $ 6,383,224 Pharmaceuticals 5,959,705 5,238,226 Medical Products 2,054,093 2,971,243 Industrial and other 139,482 161,138 Gross Sales 12,436,332 14,753,831 Less: Discounts and allowances (1,450,251 ) (1,154,747 ) Net Sales $ 10,986,081 $ 13,599.084
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	Years ended December 31, . 2020 2019 United States $ 8,796,221 $ 11,118,629 Other countries 2,189,860 2,480,455 Net Sales $ 10,986,081 $ 13,599,084
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]	Years ended December 31, 2020 2019 Customer A $ 3,236,113 $ 5,349,381 Customer B 2,796,310 2,390,911 Customer C 1,485,288 1,333,891 Customer D 1,434,097 1,256,640 All other customers 3,484,524 4,423,008 Total Gross Sales $ 12,436,332 $ 14,753,831

Note G - Accrued Expenses (Tabl

Note G - Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	2020 2019 Bonuses $ 210,000 $ 216,000 Distribution fees 325,792 309,190 Payroll and related expenses 245,521 175,433 Annual report expenses 63,432 64,324 Audit fee 50,500 48,500 Reserve for outdated material 302,713 231,392 Sales rebates 149,346 46,100 Other 16,153 38,187 Total accrued expenses $ 1,363,457 $ 1,129,126

Note A - Nature of Business a_3

Note A - Nature of Business and Summary of Significant Accounting Policies (Details Textual)	May 20, 2020$ / shares	Dec. 10, 2019$ / shares	Mar. 15, 2019$ / shares	Nov. 18, 2018$ / shares	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Accounts Receivable, Allowance for Credit Loss, Ending Balance					$ 14,017		$ 14,017	$ 21,178
Cash, FDIC Insured Amount					653,000		653,000
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares	$ 0.42		$ 0.55
Dividends, Total							3,583,569	5,053,751
Payments of Ordinary Dividends, Common Stock							3,582,431	5,049,922
Dividends Payable					1,138		1,138	3,829
Payments for Accrued Dividends on Unconverted Shares					124,041	$ 124,041
Impairment of Long-Lived Assets Held-for-use							$ 0	0
Number of Vendors							6
Unrecognized Tax Benefits, Ending Balance					0		$ 0	0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total					0		0	0
Cost of Goods and Services Sold, Total							4,872,335	5,657,353
Advertising Expense							$ 27,000	$ 28,000
Distributors and Marketing Partners [Member]
Number of Customers							4	4
Renacidin [Member]
Finite-Lived Intangible Assets, Accumulated Amortization					$ 74,120		$ 74,120	$ 59,296
Annual Dividend [Member]
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share) | $ / shares		$ 0.55		$ 0.36
Cosmetic Ingredients [Member] | COVID 19 [Member]
Percentage of Revenue Increase (Decrease) During Period							(33.00%)	(31.00%)
Shipping and Handling [Member]
Cost of Goods and Services Sold, Total							$ 81,000	$ 76,000
Revenue Benchmark [Member] | Product Concentration Risk [Member] | LUBRAJEL and RENACIDIN IRRIGATION [Member]
Concentration Risk, Percentage							92.00%	93.00%
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Lubrajel [Member]
Concentration Risk, Percentage							57.00%	67.00%
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Renacidin [Member]
Concentration Risk, Percentage							36.00%	26.00%
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | Personal Care [Member] | Non-US [Member]
Concentration Risk, Percentage							20.00%	18.00%
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ASI [Member] | Non-US [Member]
Concentration Risk, Percentage							68.00%	75.00%
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ASI [Member] | CHINA
Concentration Risk, Percentage							33.00%	49.00%
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Distributors and Marketing Partners [Member]
Concentration Risk, Percentage							72.00%	70.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributors and Marketing Partners [Member]
Concentration Risk, Percentage							67.00%	70.00%
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member]
Concentration Risk, Percentage							88.00%	84.00%

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, 2020	Dec. 31, 2019
Net Sales	$ 10,986,081	$ 13,599.084
Cosmetic Ingredients [Member]
Net Sales	4,274,586	6,377,323
Pharmaceuticals [Member]
Net Sales	4,519,052	4,091,817
Medical Product [Member]
Net Sales	2,052,961	2,968,806
Industrial And Other [Member]
Net Sales	$ 139,482	$ 161,138

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, 2020	Dec. 31, 2019
Net Sales		$ 10,986,081	$ 13,599.084
UNITED STATES
Net Sales	[1]	8,796,221	11,118,629
Non-US [Member]
Net Sales		$ 2,189,860	$ 2,480,455
[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 certain percentage of those products are subsequently shipped by ASI to its foreign customers. Based on sales information provided to the Company by ASI, 68% of ASI's sales in 2020 were to customers in foreign countries, compared to 75% in 2019. ASI's largest foreign market in both 2020 and 2019 was China, which accounted for approximately 33% of ASI's sales in 2020 and 49% of sales in 2019.

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, 2020
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 ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Proceeds from Sale and Maturity of Marketable Securities, Total	$ 6,371,128	$ 15,964,917
Debt and Equity Securities, Realized Gain (Loss), Total	$ 415,595	$ 262,399

Note B - Marketable Securitie_3

Note B - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net gains recognized during the year on marketable securities	$ 298,585	$ 431,076
Less: Net gains recognized during the year on marketable securities sold during the period	(415,595)	(262,399)
Unrealized (losses) gains recognized during the reporting year on marketable securities still held at the reporting date	$ (117,010)	$ 168,677

Note B - Marketable Securitie_4

Note B - Marketable Securities - Summary of Investments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Equity securities, cost	$ 7,287,151	$ 2,964,651
Equity securities	7,591,381	3,385,891
Equity securities, unrealized gain	304,230	421,240
Marketable securities, cost	7,287,151	6,446,276
Marketable securities	7,591,381	6,867,516
Marketable securities, unrealized gain	304,230	421,240
Debt securities, cost		3,481,625
Debt securities		3,481,625
Debt securities, unrealized gain
Fixed Income Securities [Member]
Equity securities, cost	6,703,107	1,940,071
Equity securities	6,907,270	2,122,157
Equity securities, unrealized gain	204,163	182,086
US Treasury Securities [Member]
Debt securities, cost		3,481,625
Debt securities		3,481,625
Debt securities, unrealized gain
Equity And Other Mutual Funds [Member]
Equity securities, cost	584,044	1,024,580
Equity securities	684,111	1,263,734
Equity securities, unrealized gain	$ 100,067	$ 239,154

Note C - Inventories (Details T

Note C - Inventories (Details Textual) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Inventory Valuation Reserves, Ending Balance	$ 35,000	$ 35,000
Accrued Reserve for Outdated Material	$ 302,715	$ 231,392

Note C - Inventories - Summary

Note C - Inventories - Summary of Inventories (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Raw materials	$ 415,415	$ 320,507
Work in process	59,258	81,002
Finished products	941,100	815,768
Total Inventories	$ 1,415,773	$ 1,217,277

Note D - Income Taxes - Provisi

Note D - Income Taxes - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Federal	$ 1,091,148	$ 1,135,209
State	45	178
Total current provision for income taxes	1,091,193	1,135,387
Deferred
Federal	(235,171)	133,272
State
Total deferred (benefit from) provision for income taxes	(235,171)	133,272
Total provision for income taxes	$ 856,022	$ 1,268,659

Note D - Income Taxes - Reconci

Note D - Income Taxes - Reconciliation of the Effective Income Tax Rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income taxes at statutory federal income tax rate	$ 874,000	$ 1,266,000
Income taxes at statutory federal income tax rate of 34%, percent	21.00%	21.00%
Nondeductible expenses		$ 1,000
Nondeductible expenses, percent
Research & development credits	$ (10,000)	$ (8,000)
Research & development credits, percent	(0.20%)	(0.10%)
Non-taxable dividends	$ (3,000)	$ (2,000)
Non-taxable dividends, percent	(0.10%)
Other, net	$ (5,000)	$ 12,000
Other, net, percent	(0.10%)	0.20%
Provision for income taxes	$ 856,022	$ 1,268,659
Provision for income taxes, percent	20.60%	21.10%

Note D - Income Taxes - Deferre

Note D - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets
Allowance for doubtful accounts	$ 2,944	$ 4,447
Inventories	7,350	7,350
Accounts payable	6,678	14,991
Accrued expenses	284,145	235,633
Total deferred tax assets	301,117	262,421
Deferred tax liabilities
Accounts receivable	(294,360)	(445,113)
Prepaid expenses	(33,829)	(42,319)
Depreciation on property, plant and equipment	(60,724)	(73,384)
Unrealized gain on marketable securities	(63,888)	(88,460)
Total deferred tax liabilities	(452,801)	(649,276)
Net deferred tax liability	$ (151,684)	$ (386,855)

Note E - Benefit Plans (Details

Note E - Benefit Plans (Details Textual) - DC Plan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.00%
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year)	1 year
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 83,000	$ 88,000
Defined Contribution Plan, Employer Discretionary Contribution Amount Per Year Authorized	$ 130,000	$ 145,000
Discretionary Contributions Vesting at Two Years [Member]
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year)	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 (Year)	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, 2020
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, 2020	Dec. 31, 2019
Gross Sales	$ 12,436,332	$ 14,753,831
Less: Discounts and allowances	(1,450,251)	(1,154,747)
Net Sales	10,986,081	13,599.084
Cosmetic Ingredients [Member]
Gross Sales	4,283,052	6,383,224
Net Sales	4,274,586	6,377,323
Pharmaceuticals [Member]
Gross Sales	5,959,705	5,238,226
Net Sales	4,519,052	4,091,817
Medical Product [Member]
Gross Sales	2,054,093	2,971,243
Net Sales	2,052,961	2,968,806
Industrial And Other [Member]
Gross Sales	139,482	161,138
Net Sales	$ 139,482	$ 161,138

Note F - Geographic and Other_5

Note F - Geographic and Other Information - Geographic Information (Details) - USD ($)		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Net Sales		$ 10,986,081	$ 13,599.084
UNITED STATES
Net Sales	[1]	8,796,221	11,118,629
Non-US [Member]
Net Sales		$ 2,189,860	$ 2,480,455
[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 certain percentage of those products are subsequently shipped by ASI to its foreign customers. Based on sales information provided to the Company by ASI, 68% of ASI's sales in 2020 were to customers in foreign countries, compared to 75% in 2019. ASI's largest foreign market in both 2020 and 2019 was China, which accounted for approximately 33% of ASI's sales in 2020 and 49% of sales in 2019.

Note F - Geographic and Other_6

Note F - Geographic and Other Information - Sales to Major Customers (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Gross Sales	$ 12,436,332	$ 14,753,831
Customer A [Member]
Gross Sales	3,236,113	5,349,381
Customer B [Member]
Gross Sales	2,796,310	2,390,911
Customer C [Member]
Gross Sales	1,485,288	1,333,891
Customer D [Member]
Gross Sales	1,434,097	1,256,640
All Other Customers [Member]
Gross Sales	$ 3,484,524	$ 4,423,008

Note G - Accrued Expenses - Sum

Note G - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Bonuses	$ 210,000	$ 216,000
Distribution fees	325,792	309,190
Payroll and related expenses	245,521	175,433
Annual report expenses	63,432	64,324
Audit fee	50,500	48,500
Reserve for outdated material	302,715	231,392
Sales rebates	149,346	46,100
Other	16,153	38,187
Total accrued expenses	$ 1,363,457	$ 1,129,126

Note H - Supplemental Disclos_2

Note H - Supplemental Disclosures of Cash Flow Information and Non-cash Investing and Financing Activities (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Income Taxes Paid			$ 1,025,000	$ 1,100,000
Convertible Common Stock, Shares Issuable upon Conversion (in shares)	1,369		1,369
Payments for Accrued Dividends on Unconverted Shares	$ 124,041	$ 124,041

Note I - Related Party Transa_2

Note I - Related Party Transactions (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting and Tax Services [Member] | Director [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 16,250	$ 17,500