United-Guardian (UG) 10-Q 11 Aug 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 01, 2021
Document Information [Line Items]
Entity Central Index Key	0000101295
Entity Registrant Name	UNITED GUARDIAN INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-10526
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	11-1719724
Entity Address, Address Line One	230 Marcus Boulevard
Entity Address, City or Town	Hauppauge
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11788
City Area Code	631
Local Phone Number	273-0900
Title of 12(b) Security	Common Stock, $0.10 par value per share
Trading Symbol	UG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,594,319

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net sales	$ 3,657,978	$ 2,954,644	$ 7,088,846	$ 6,277,558
Costs and expenses:
Cost of sales	1,499,390	1,270,434	2,860,403	2,659,765
Operating expenses	513,012	511,635	970,139	1,026,910
Research and development expense	130,025	108,566	218,311	216,298
Total costs and expenses	2,142,427	1,890,635	4,048,853	3,902,973
Income from operations	1,515,551	1,064,009	3,039,993	2,374,585
Other income:
Investment income	45,640	48,319	85,400	92,386
Net gain on marketable securities	137,574	387,179	65,527	30,584
Total other income	183,214	435,498	150,927	122,970
Income before provision for income taxes	1,698,765	1,499,507	3,190,920	2,497,555
Provision for income taxes	354,241	312,896	665,194	520,637
NET INCOME	$ 1,344,524	$ 1,186,611	$ 2,525,726	$ 1,976,918
Earnings per common share (basic and diluted) (in dollars per share)	$ 0.29	$ 0.26	$ 0.55	$ 0.43
Weighted average shares (basic and diluted) (in shares)	4,594,319	4,594,319	4,594,319	4,594,319

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 744,461	$ 591,444
Marketable securities	7,877,825	7,591,381
Accounts receivable, net of allowance for doubtful accounts of $23,695 at June 30, 2021 and $14,017 December 31, 2020	1,965,015	1,387,698
Inventories, net	918,286	1,415,773
Prepaid expenses and other current assets	194,959	161,208
Prepaid income taxes	83,367	99,107
Total current assets	11,783,913	11,246,611
Net property, plant, and equipment:
Land	69,000	69,000
Factory equipment and fixtures	4,553,415	4,516,335
Building and improvements	2,850,263	2,848,585
Total property, plant, and equipment	7,472,678	7,433,920
Less: Accumulated depreciation	6,830,280	6,760,255
Total property, plant, and equipment, net	642,398	673,665
TOTAL ASSETS	12,426,311	11,920,276
Accounts payable	26,003	31,800
Accrued expenses and other current liabilities	1,404,725	1,363,457
Dividends payable	19,685	19,028
Total current liabilities	1,450,413	1,414,285
Deferred income taxes, net	301,138	151,684
Commitments and contingencies
Stockholders’ equity:
Common stock $.10 par value, 10,000,000 shares authorized; 4,594,319 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	459,432	459,432
Retained earnings	10,215,328	9,894,875
Total stockholders’ equity	10,674,760	10,354,307
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 12,426,311	$ 11,920,276

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Accounts receivable, allowance for doubtful accounts	$ 23,695	$ 14,017
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	4,594,319	4,594,319
Common stock, shares outstanding (in shares)	4,594,319	4,594,319

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)	Dividend Paid [Member]Retained Earnings [Member]	Dividend Paid [Member]	Dividend Declared [Member]Retained Earnings [Member]	Dividend Declared [Member]	Common Stock [Member]	Retained Earnings [Member]	Total
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						790,307	790,307
Balance (in shares) at Mar. 31, 2020					4,594,319
Balance at Mar. 31, 2020					$ 459,432	10,963,773	11,423,205
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							1,976,918
Dividends				$ (645)
Balance (in shares) at Jun. 30, 2020					4,594,319
Balance at Jun. 30, 2020					$ 459,432	10,220,770	10,680,202
Balance (in shares) at Mar. 31, 2020					4,594,319
Balance at Mar. 31, 2020					$ 459,432	10,963,773	11,423,205
Net income						1,186,611	1,186,611
Dividends	$ (1,928,969)	$ (1,928,969)	$ (645)	(645)
Balance (in shares) at Jun. 30, 2020					4,594,319
Balance at Jun. 30, 2020					$ 459,432	10,220,770	10,680,202
Balance (in shares) at Dec. 31, 2020					4,594,319
Balance at Dec. 31, 2020					$ 459,432	9,894,875	10,354,307
Net income						1,181,202	1,181,202
Balance (in shares) at Mar. 31, 2021					4,594,319
Balance at Mar. 31, 2021					$ 459,432	11,076,077	11,535,509
Balance (in shares) at Dec. 31, 2020					4,594,319
Balance at Dec. 31, 2020					$ 459,432	9,894,875	10,354,307
Net income							2,525,726
Dividends				(657)
Balance (in shares) at Jun. 30, 2021					4,594,319
Balance at Jun. 30, 2021					$ 459,432	10,215,328	10,674,760
Balance (in shares) at Mar. 31, 2021					4,594,319
Balance at Mar. 31, 2021					$ 459,432	11,076,077	11,535,509
Net income						1,344,524	1,344,524
Dividends	$ (2,204,616)	$ (2,204,616)	$ (657)	$ (657)
Balance (in shares) at Jun. 30, 2021					4,594,319
Balance at Jun. 30, 2021					$ 459,432	$ 10,215,328	$ 10,674,760

Statements of Changes in Stoc_2

Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Dividend Paid [Member]
Dividends declared per share (in dollars per share)	$ 0.48	$ 0.42
Dividend Declared [Member]
Dividends declared per share (in dollars per share)	$ 0.48	$ 0.42

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 2,525,726	$ 1,976,918
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	70,025	81,094
Net gain on marketable securities	(65,527)	(30,584)
Allowance for doubtful accounts	9,678	(992)
Deferred income taxes	149,454	(262,009)
(Increase) decrease in operating assets:
Accounts receivable	(586,995)	927,588
Inventories	497,487	(306,115)
Prepaid expenses and other current assets	(33,751)	(49,044)
Prepaid income taxes	15,740	165,300
(Decrease) increase in operating liabilities:
Accounts payable	(5,797)	24,108
Accrued expenses	41,268	340,486
Income taxes payable		(317,346)
Dividends payable		(617)
Net cash provided by operating activities	2,617,308	3,183,479
Cash flows from investing activities:
Acquisition of property, plant and equipment	(38,758)	(2,996)
Proceeds from sale of marketable securities	1,832,827	3,524,156
Purchase of marketable securities	(2,053,744)	(3,616,962)
Net cash used in investing activities	(259,675)	(95,802)
Cash flows from financing activities:
Dividends paid	(2,204,616)	(1,928,969)
Net cash used in financing activities	(2,204,616)	(1,928,969)
Net increase in cash and cash equivalents	153,017	1,158,708
Cash and cash equivalents at beginning of period	591,444	1,048,311
Cash and cash equivalents at end of period	744,461	2,207,019
Supplemental disclosure of cash flow information
Taxes paid	300,000	300,000
Dividend Declared [Member]
Supplemental disclosure of cash flow information
Supplemental disclosure of non-cash dividends payable	$ 657	$ 645

Note 1 - Nature of Business

Note 1 - Nature of Business	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	1. Nature of Business United-Guardian, Inc. (the “Company”) is a Delaware corporation that, through its Guardian Laboratories division, conducts research, product development, manufacturing and marketing of cosmetic ingredients, pharmaceuticals, medical products, and proprietary specialty industrial products. The Company’s research and development department modifies, refines, and expands the uses for existing products for additional uses and markets. It also develops new products using natural and environmentally-friendly raw materials, which is important to many of the Company's cosmetic customers.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Basis of Accounting [Text Block]	2. Basis of Presentation Interim condensed financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information, pursuant to the requirements for reporting on Form 10 X. three six June 30, 2021 ( 2021" 2021", not may December 31, 2021. 10 December 31, 2020.

Note 3 - Impact of Coronavirus

Note 3 - Impact of Coronavirus (COVID-19)	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Impact of Coronavirus (COVID-19) [Text Block]	3. Impact of Coronavirus (COVID- 19 The significant negative impact that the coronavirus pandemic (“pandemic”) had on the Company’s sales and net income in 2020 first 2021. second 2021 2020. not Sales of the Company’s non-pharmaceutical medical products (referred to herein as “medical products”) had also been negatively impacted by the pandemic in 2020, first 2021 not 2020 first six 2021. The pandemic has not not 2021 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 impact of the pandemic will be on the Company’s operations or its financial results in the future. The Company does not

Note 4 - Use of Estimates

Note 4 - Use of Estimates	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Use of Estimates Disclosure [Text Block]	4. Use of Estimates In preparing financial statements in conformity with US GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as revenues 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.

Note 5 - Cash and cash Equivale

Note 5 - Cash and cash Equivalents	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	5. 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. June 30, 2021 December 31, 2020,

Note 6 - Revenue Recognition

Note 6 - Revenue Recognition	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	6. 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, some of which are estimated. These deductions are recorded in the same period that the revenues are recognized. Such deductions, primarily related to the sale of the Company’s pharmaceutical products, include chargebacks from the United States Department of Veterans Affairs (‘VA”), rebates in connection with the Company’s current participation in Medicare programs and its past participation in 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 2021 2020, 2020, 340B 340B 340B 340B December 31, 2020. The Company recognizes revenue from sales of its cosmetic ingredients, medical, and industrial products when those products are shipped, as long as a valid purchase order has been received and future collection of the sale amount is reasonably assured. These products are shipped “Ex-Works” from the Company’s facility in Hauppauge, NY, and it is at this time that risk of loss and responsibility for the shipment passes to the customer and the Company’s performance obligation is satisfied. 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 when the risk of loss and responsibility for the shipment passes to the customer, and the performance obligation of the Company is satisfied. 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 19 second 2020, not 30 60 June 30, 2021 December 31, 2020, The Company has distribution fee contracts with certain distributors of its pharmaceutical products that entitles them to distribution and service-related fees. The Company records distribution fees and estimates distribution fees as offsets to revenue. Disaggregated sales by product class are as follows: Three months ended June 30, Six months ended June 30, 2021 2020 202 1 2020 Cosmetic ingredients $ 1,855,776 $ 1,105,919 $ 3,486,372 $ 2,808,779 Pharmaceuticals 1,149,179 1,192,441 2,292,487 2,231,152 Medical products 620,748 627,450 1,236,774 1,166,646 Industrial products 32,275 28,834 73,213 70,981 Total Sales $ 3,657,978 $ 2,954,644 $ 7,088,846 $ 6,277,558 The Company’s cosmetic ingredients are marketed worldwide by five second 2021 second 2020. six June 30, 2021 six June 30, 2020. Disaggregated sales by geographic region are as follows: Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 United States* $ 2,773,242 $ 2,276,962 $ 5,444,629 $ 5,068,642 Other countries 884,736 677,682 1,644,217 1,208,916 Total Sales $ 3,657,978 $ 2,954,644 $ 7,088,846 $ 6,277,558 * Since substantially all purchases by ASI are shipped to ASI’s warehouses in the U.S., all sales to ASI are reported as U.S. sales for financial reporting purposes, even though a significant quantity of those purchases will be shipped by ASI to foreign customers. ASI has reported to the Company that approximately 72% of its sales of the Company’s products in the second 2021 2020 second 2021, second 2020. For the six June 30, 2021 six June 30, 2020,

Note 7 - Marketable Securities

Note 7 - Marketable Securities	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	7. Marketable Securities Marketable securities include investments in fixed income and equity mutual funds, and U.S. Government securities with maturities greater than 3 The disaggregated net gains and losses on the marketable securities recognized in the income statements for the three six June 30, 2021 June 30, 2020 THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 2021 2020 2021 2020 Net gains recognized during the period on marketable securities $ 137,574 $ 387,179 $ 65,527 $ 30,584 Less: Net gains recognized during the period on marketable securities sold during the period (112,180 ) (4,856 ) (112,180 ) (4,856 ) Unrealized gains (losses) recognized during the reporting period on marketable securities still held at the reporting date $ 25,394 $ 382,323 $ (46,653 ) $ 25,728 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 The following tables summarize the Company’s investments: June 30, 2021 Cost Fair value Unrealized gain Equity Securities Fixed income mutual funds $ 7,211,831 $ 7,356,110 $ 144,279 Equity and other mutual funds 408,417 521,715 113,298 Total equity securities 7,620,248 7,877,825 257,577 Total marketable securities $ 7,620,248 $ 7,877,825 $ 257,577 December 31, 2020 Equity Securities 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 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 fixed income 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 $1,832,827 for the first 2021, first 2020,

Note 8 - Inventories

Note 8 - Inventories	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Inventory Disclosure [Text Block]	8. Inventories June 30, December 31, 2021 2020 (unaudited) (audited) Inventories consist of the following: Raw materials $ 408,594 $ 415,415 Work in process 114,105 59,258 Finished products 395,587 941,100 Total inventories $ 918,286 $ 1,415,773 Inventories are valued at the lower of cost and net realizable value. Cost is determined using the average cost method, which approximates cost determined by the first first June 30, 2021 December 31, 2020 June 30, 2021 December 31, 2020, As of the date of this report, the Covid- 19 not

Note 9 - Income Taxes

Note 9 - Income Taxes	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	9. Income Taxes The Company’s tax provision is based on its estimated annual effective tax rate. The Company continues to fully recognize its tax benefits, and as of June 30, 2021 December 31, 2020, not three six June 30, 2021 2020, Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Provision for federal income taxes - current $ 266,780 $ 490,893 $ 515,640 $ 782,496 Provision for state income taxes - current --- --- 100 150 Provision (benefit) for federal income taxes - deferred 87,461 (177,997 ) 149,454 (262,009 ) Total provision for Income taxes $ 354,241 $ 312,896 $ 665,194 $ 520,637

Note 10 - Defined Contribution

Note 10 - Defined Contribution Plan	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Retirement Benefits [Text Block]	10. Defined Contribution Plan The Company sponsors a 401 first one The Company also makes discretionary contributions to each employee's account based on a "pay-to-pay" safe-harbor formula that qualifies the 401 two six six June 30, 2021, six June 30, 2020. first 2021 2020, not

Note 11 - Other Information

Note 11 - Other Information	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	11. Other Information June 30, 2021 December 31, 2020 Accrued Expenses (unaudited) (audited) Bonuses $ 126,000 $ 210,000 Distribution fees 340,655 325,792 Payroll and related expenses 272,597 245,521 Reserve for outdated material 299,710 302,713 Deferred revenue 190,164 --- Company 401(k) contribution 65,000 --- Audit fee 35,250 50,500 Annual report expenses 31,497 63,432 Sales rebates 24,213 149,346 Other 19,639 16,153 Total accrued expenses $ 1,404,725 $ 1,363,457

Note 12 - Recent Accounting Pro

Note 12 - Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	12. Recent Accounting Pronouncements On January 1, 2021, 2019 12, 740, not In June 2016, 2016 13 not November 2019, December 15, 2022.

Note 13 - Concentrations of Cre

Note 13 - Concentrations of Credit Risk	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	13. Concentrations of Credit Risk Customer concentration During the three June 30, 2021, one three June 30, 2021. three June 30, 2020, three June 30, 2020. During the six June 30, 2021, one three June 30, 2021. six June 30, 2020, three June 30, 2020.

Note 14 - Earnings Per Share

Note 14 - Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Earnings Per Share [Text Block]	14. Earnings Per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Per share basic and diluted earnings amounted to $0.29 and $0.26 for the three June 30, 2021 2020, six June 30, 2021 2020,

Note 15 - Subsequent Events

Note 15 - Subsequent Events	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	15. Subsequent Events The Company has evaluated all subsequent events from the date of the financial statements through the date of this report. As detailed in Note 3 19 not

Note 6 - Revenue Recognition (T

Note 6 - Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months ended June 30, Six months ended June 30, 2021 2020 202 1 2020 Cosmetic ingredients $ 1,855,776 $ 1,105,919 $ 3,486,372 $ 2,808,779 Pharmaceuticals 1,149,179 1,192,441 2,292,487 2,231,152 Medical products 620,748 627,450 1,236,774 1,166,646 Industrial products 32,275 28,834 73,213 70,981 Total Sales $ 3,657,978 $ 2,954,644 $ 7,088,846 $ 6,277,558
Revenue from External Customers by Geographic Areas [Table Text Block]	Three months ended Six months ended June 30, June 30, 2021 2020 2021 2020 United States* $ 2,773,242 $ 2,276,962 $ 5,444,629 $ 5,068,642 Other countries 884,736 677,682 1,644,217 1,208,916 Total Sales $ 3,657,978 $ 2,954,644 $ 7,088,846 $ 6,277,558

Note 7 - Marketable Securities

Note 7 - Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Gain (Loss) on Securities [Table Text Block]	THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 2021 2020 2021 2020 Net gains recognized during the period on marketable securities $ 137,574 $ 387,179 $ 65,527 $ 30,584 Less: Net gains recognized during the period on marketable securities sold during the period (112,180 ) (4,856 ) (112,180 ) (4,856 ) Unrealized gains (losses) recognized during the reporting period on marketable securities still held at the reporting date $ 25,394 $ 382,323 $ (46,653 ) $ 25,728
Marketable Securities [Table Text Block]	Cost Fair value Unrealized gain Equity Securities Fixed income mutual funds $ 7,211,831 $ 7,356,110 $ 144,279 Equity and other mutual funds 408,417 521,715 113,298 Total equity securities 7,620,248 7,877,825 257,577 Total marketable securities $ 7,620,248 $ 7,877,825 $ 257,577 Equity Securities 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

Note 8 - Inventories (Tables)

Note 8 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, December 31, 2021 2020 (unaudited) (audited) Inventories consist of the following: Raw materials $ 408,594 $ 415,415 Work in process 114,105 59,258 Finished products 395,587 941,100 Total inventories $ 918,286 $ 1,415,773

Note 9 - Income Taxes (Tables)

Note 9 - Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Provision for federal income taxes - current $ 266,780 $ 490,893 $ 515,640 $ 782,496 Provision for state income taxes - current --- --- 100 150 Provision (benefit) for federal income taxes - deferred 87,461 (177,997 ) 149,454 (262,009 ) Total provision for Income taxes $ 354,241 $ 312,896 $ 665,194 $ 520,637

Note 11 - Other Information (Ta

Note 11 - Other Information (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, 2021 December 31, 2020 Accrued Expenses (unaudited) (audited) Bonuses $ 126,000 $ 210,000 Distribution fees 340,655 325,792 Payroll and related expenses 272,597 245,521 Reserve for outdated material 299,710 302,713 Deferred revenue 190,164 --- Company 401(k) contribution 65,000 --- Audit fee 35,250 50,500 Annual report expenses 31,497 63,432 Sales rebates 24,213 149,346 Other 19,639 16,153 Total accrued expenses $ 1,404,725 $ 1,363,457

Note 5 - Cash and cash Equiva_2

Note 5 - Cash and cash Equivalents (Details Textual) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Cash, Uninsured Amount	$ 587,000	$ 653,000

Note 6 - Revenue Recognition (D

Note 6 - Revenue Recognition (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 23,695		$ 23,695		$ 14,017
Cosmetic Ingredients [Member] | Non-US [Member] | Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member]
Concentration Risk, Percentage	24.00%	23.00%	23.00%	19.00%
ASI [Member] | Non-US [Member] | Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member]
Concentration Risk, Percentage	72.00%	72.00%	69.00%	69.00%
ASI [Member] | CHINA | Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member]
Concentration Risk, Percentage	43.00%	42.00%	40.00%	34.00%

Note 6 - Revenue Recognition -

Note 6 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Sales	$ 3,657,978	$ 2,954,644	$ 7,088,846	$ 6,277,558
Cosmetic Ingredients [Member]
Net Sales	1,855,776	1,105,919	3,486,372	2,808,779
Pharmaceuticals [Member]
Net Sales	1,149,179	1,192,441	2,292,487	2,231,152
Medical Product [Member]
Net Sales	620,748	627,450	1,236,774	1,166,646
Industrial And Other [Member]
Net Sales	$ 32,275	$ 28,834	$ 73,213	$ 70,981

Note 6 - Revenue Recognition _2

Note 6 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Sales		$ 3,657,978	$ 2,954,644	$ 7,088,846	$ 6,277,558
UNITED STATES
Net Sales	[1]	2,773,242	2,276,962	5,444,629	5,068,642
Non-US [Member]
Net Sales		$ 884,736	$ 677,682	$ 1,644,217	$ 1,208,916
[1]	Since substantially all purchases by ASI are shipped to ASI’s warehouses in the U.S., all sales to ASI are reported as U.S. sales for financial reporting purposes, even though a significant quantity of those purchases will be shipped by ASI to foreign customers. ASI has reported to the Company that approximately 72% of its sales of the Company’s products in the second quarter of both 2021 and 2020 were to foreign customers, with China representing approximately 43% of those foreign sales in the second quarter of 2021, compared with approximately 42% in the second quarter of 2020.

Note 7 - Marketable Securitie_2

Note 7 - Marketable Securities (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Proceeds from Sale and Maturity of Marketable Securities, Total			$ 1,832,827	$ 3,524,156
Debt and Equity Securities, Realized Gain (Loss), Total	$ 112,180	$ 4,856	$ 112,180	$ 4,856

Note 7 - Marketable Securitie_3

Note 7 - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net gains recognized during the period on marketable securities	$ 137,574	$ 387,179	$ 65,527	$ 30,584
Less: Net gains recognized during the period on marketable securities sold during the period	(112,180)	(4,856)	(112,180)	(4,856)
Unrealized gains (losses) recognized during the reporting period on marketable securities still held at the reporting date	$ 25,394	$ 382,323	$ (46,653)	$ 25,728

Note 7 - Marketable Securitie_4

Note 7 - Marketable Securities - Summary of Investments (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Equity securities, cost	$ 7,620,248	$ 7,287,151
Equity securities	7,877,825	7,591,381
Equity securities, unrealized gain	257,577	304,230
Marketable securities, cost	7,620,248	7,287,151
Marketable securities	7,877,825	7,591,381
Marketable securities, unrealized gain	257,577	304,230
Fixed Income Securities [Member]
Equity securities, cost	7,211,831	6,703,107
Equity securities	7,356,110	6,907,270
Equity securities, unrealized gain	144,279	204,163
Equity And Other Mutual Funds [Member]
Equity securities, cost	408,417	584,044
Equity securities	521,715	684,111
Equity securities, unrealized gain	$ 113,298	$ 100,067

Note 8 - Inventories (Details T

Note 8 - Inventories (Details Textual) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Inventory Valuation Reserves, Ending Balance	$ 35,000	$ 35,000
Accrued Reserve for Outdated Material	$ 299,710	$ 302,713

Note 8 - Inventories - Summary

Note 8 - Inventories - Summary of Inventories (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Raw materials	$ 408,594	$ 415,415
Work in process	114,105	59,258
Finished products	395,587	941,100
Total inventories	$ 918,286	$ 1,415,773

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Unrecognized Tax Benefits, Ending Balance	$ 0	$ 0

Note 9 - Income Taxes - Provisi

Note 9 - Income Taxes - Provision for Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Provision for federal income taxes - current	$ 266,780	$ 490,893	$ 515,640	$ 782,496
Provision for state income taxes - current			100	150
Provision (benefit) for federal income taxes - deferred	87,461	(177,997)	149,454	(262,009)
Total provision for Income taxes	$ 354,241	$ 312,896	$ 665,194	$ 520,637

Note 10 - Defined Contributio_2

Note 10 - Defined Contribution Plan (Details Textual) - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Defined Contribution Plan, Cost	$ 65,000	$ 72,500
DC Plan [Member]
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	$ 0	$ 0
DC Plan [Member] | 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%
DC Plan [Member] | 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 11 - Other Information - S

Note 11 - Other Information - Summary of Accrued Expenses (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Bonuses	$ 126,000	$ 210,000
Distribution fees	340,655	325,792
Payroll and related expenses	272,597	245,521
Accrued Reserve for Outdated Material	299,710	302,713
Deferred revenue	190,164
Company 401(k) contribution	65,000
Audit fee	35,250	50,500
Annual report expenses	31,497	63,432
Sales rebates	24,213	149,346
Other	19,639	16,153
Total accrued expenses	$ 1,404,725	$ 1,363,457

Note 13 - Concentrations of C_2

Note 13 - Concentrations of Credit Risk (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Marketing Partner [Member]
Number of Customers	1		1
Distributor [Member]
Number of Customers	3	3	3
Distributors and Marketing Partners [Member]
Number of Customers				3
Distributors and Marketing Partners [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	75.00%	76.00%	76.00%	79.00%
Distributors and Marketing Partners [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	73.00%	64.00%	73.00%	64.00%

Note 14 - Earnings Per Share (D

Note 14 - Earnings Per Share (Details Textual) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Basic and Diluted, Total (in dollars per share)	$ 0.29	$ 0.26	$ 0.55	$ 0.43