Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 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 | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Sales | $ 3,179,746 | $ 2,336,360 | $ 10,268,592 | $ 8,613,918 |
Costs and expenses: | ||||
Cost of sales | 1,320,509 | 974,763 | 4,180,912 | 3,634,528 |
Operating expenses | 458,582 | 493,204 | 1,428,721 | 1,520,114 |
Research and development | 130,742 | 114,836 | 349,053 | 331,134 |
Total costs and expenses | 1,909,833 | 1,582,803 | 5,958,686 | 5,485,776 |
Income from operations | 1,269,913 | 753,557 | 4,309,906 | 3,128,142 |
Other Income: | ||||
Investment income | 38,747 | 38,932 | 124,147 | 131,318 |
Net (loss) gain on marketable securities | (25,108) | 113,248 | 40,419 | 143,832 |
Total other income | 13,639 | 152,180 | 164,566 | 275,150 |
Income before provision for income taxes | 1,283,552 | 905,737 | 4,474,472 | 3,403,292 |
Provision for income taxes | 267,046 | 188,205 | 932,240 | 708,842 |
Net Income | $ 1,016,506 | $ 717,532 | $ 3,542,232 | $ 2,694,450 |
Earnings per common share (Basic and Diluted) (in dollars per share) | $ 0.22 | $ 0.16 | $ 0.77 | $ 0.59 |
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 ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 691,921 | $ 591,444 |
Marketable securities | 8,893,454 | 7,591,381 |
Accounts receivable, net of allowance for doubtful accounts of $27,296 at September 30, 2021 and $14,017 at December 31, 2020 | 1,930,183 | 1,387,698 |
Inventories, net | 1,287,234 | 1,415,773 |
Prepaid expenses and other current assets | 159,361 | 161,208 |
Prepaid income taxes | 99,107 | |
Total current assets | 12,962,153 | 11,246,611 |
Net property, plant, and equipment: | ||
Land | 69,000 | 69,000 |
Factory equipment and fixtures | 4,571,364 | 4,516,335 |
Building and improvements | 2,853,718 | 2,848,585 |
Total property, plant, and equipment | 7,494,082 | 7,433,920 |
Less: Accumulated depreciation | 6,830,549 | 6,760,255 |
Total property, plant, and equipment, net | 663,533 | 673,665 |
TOTAL ASSETS | 13,625,686 | 11,920,276 |
Current liabilities: | ||
Accounts payable | 87,158 | 31,800 |
Accrued expenses and other current liabilities | 1,542,760 | 1,363,457 |
Income taxes payable | 57,614 | |
Dividends payable | 19,685 | 19,028 |
Total current liabilities | 1,707,217 | 1,414,285 |
Deferred income taxes | 227,203 | 151,684 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock (at $.10 par value) (10,000,000 shares authorized; 4,594,319 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively) | 459,432 | 459,432 |
Retained earnings | 11,231,834 | 9,894,875 |
Total stockholders’ equity | 11,691,266 | 10,354,307 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 13,625,686 | $ 11,920,276 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts receivable, allowance for doubtful accounts | $ 27,296 | $ 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 | 11,423,505 | ||||
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 | 2,694,450 | ||||||
Dividends | (645) | ||||||
Balance (in shares) at Sep. 30, 2020 | 4,594,319 | ||||||
Balance at Sep. 30, 2020 | $ 459,432 | 10,938,302 | 11,397,734 | ||||
Balance (in shares) at Mar. 31, 2020 | 4,594,319 | ||||||
Balance at Mar. 31, 2020 | $ 459,432 | 10,963,773 | 11,423,505 | ||||
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 | ||||
Net income | 717,532 | 717,532 | |||||
Balance (in shares) at Sep. 30, 2020 | 4,594,319 | ||||||
Balance at Sep. 30, 2020 | $ 459,432 | 10,938,302 | 11,397,734 | ||||
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 | 3,542,232 | ||||||
Dividends | (657) | ||||||
Balance (in shares) at Sep. 30, 2021 | 4,594,319 | ||||||
Balance at Sep. 30, 2021 | $ 459,432 | 11,231,834 | 11,691,266 | ||||
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 | ||||
Net income | 1,016,506 | 1,016,506 | |||||
Balance (in shares) at Sep. 30, 2021 | 4,594,319 | ||||||
Balance at Sep. 30, 2021 | $ 459,432 | $ 11,231,834 | $ 11,691,266 |
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 ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 3,542,232 | $ 2,694,450 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 106,928 | 121,669 |
Net gain on marketable securities | (40,419) | (143,832) |
Gain on sale of asset | (14,799) | |
Allowance for doubtful accounts | 13,279 | (992) |
Deferred income taxes | 75,519 | (155,127) |
(Increase) decrease in operating assets: | ||
Accounts receivable | (555,764) | 815,808 |
Inventories | 128,539 | (327,542) |
Prepaid expenses and other current assets | 1,847 | 4,185 |
Prepaid income taxes | 99,107 | 38,969 |
Increase (decrease) in operating liabilities: | ||
Accounts payable | 55,358 | (30,460) |
Accrued expense and other current liabilities | 179,303 | 29,233 |
Income taxes payable | (57,614) | |
Dividends payable | (124,657) | |
Net cash provided by operating activities | 3,648,744 | 2,921,704 |
Cash flows from investing activities: | ||
Acquisition of property, plant and equipment | (81,997) | (25,437) |
Proceeds from sale of marketable securities | 1,832,829 | 3,802,205 |
Purchases of marketable securities | (3,094,483) | (4,932,754) |
Net cash used in investing activities | (1,343,651) | (1,155,986) |
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 (decrease) in cash and cash equivalents | 100,477 | (163,251) |
Cash and cash equivalents at beginning of period | 591,444 | 1,048,311 |
Cash and cash equivalents at end of period | 691,921 | 885,060 |
Supplemental disclosure of cash flow information: | ||
Taxes paid | 700,000 | 825,000 |
Supplemental disclosure of non-cash items: | ||
Dividends payable, noncash | 657 | $ 645 |
Trade-in received from sale of asset | $ 29,000 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. 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 | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. Interim condensed financial statements of the Company are prepared in accordance with United States Generally Accepted Accounting Principles (“US GAAP”) for interim financial information, pursuant to the requirements for reporting on Form 10 X. three nine September 30, 2021 ( 2021" nine 2021", not may December 31, 2021. 10 December 31, 2020. |
Note 3 - Impact of Coronavirus
Note 3 - Impact of Coronavirus (COVID-19) | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Impact of Coronavirus (COVID-19) [Text Block] | 3. 19 While the coronavirus pandemic (“pandemic”) continues to impact the Company’s operations, the substantial impact the pandemic had on Company sales in 2020 first nine 2021. not Sales of the Company’s non-pharmaceutical medical products (“medical products”) had also been negatively impacted by the pandemic in 2020, first three 2021. not 2020 first nine 2021. There continues to be some uncertainty in regard to the future impact of the pandemic on the Company’s operations or financial results and as a result it is difficult for the Company to provide an accurate estimate or projection as to what the future impact of the pandemic will be on the Company’s future operations or financial results. The Company does not |
Note 4 - Use of Estimates
Note 4 - Use of Estimates | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Use of Estimates Disclosure [Text Block] | 4. In preparing financial statements in conformity with US GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, 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 | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 5. For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of three $250,000. September 30, 2021 December 31, 2020, |
Note 6 - Revenue Recognition
Note 6 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. 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 in which the revenue is 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 30 60 September 30, 2021 December 31, 2020, At September 30, 2021, one not 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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Cosmetic Ingredients $ 1,578,650 $ 550,177 $ 5,065,022 $ 3,358,956 Pharmaceutical 1,216,747 1,232,586 3,509,235 3,463,738 Medical 343,884 517,036 1,580,657 1,683,682 Industrial products 40,465 36,561 113,678 107,542 Total Sales $ 3,179,746 $ 2,336,360 $ 10,268,592 $ 8,613,918 The Company’s cosmetic ingredients are marketed worldwide by five third 2021 third 2020. nine September 30, 2021, nine September 30, 2020. Disaggregated sales by geographic region are as follows: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 United States* $ 2,670,515 $ 1,819,084 $ 8,115,145 $ 6,887,726 Other countries 509,231 517,276 2,153,447 1,726,192 Total Sales $ 3,179,746 $ 2,336,360 $ 10,268,592 $ 8,613,918 * third 2021 2020, third 2021, third 2020. For the nine September 30, 2021 nine September 30, 2020, |
Note 7 - Marketable Securities
Note 7 - Marketable Securities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 7. 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 nine September 30, 2021 2020, Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Net (losses) gains recognized during the period on marketable securities $ (25,108 ) $ 113,248 $ 40,419 $ 143,832 Less: Net gains recognized during the period on marketable securities sold during the period --- 25,062 112,180 29,918 Unrealized (losses) gains recognized during the reporting period on marketable securities still held at the reporting date $ (25,108 ) $ 88,186 $ (71,761 ) $ 113,914 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: September 30, 2021 Equity Securities Cost Fair Value Unrealized Gain Fixed income mutual funds $ 8,050,443 $ 8,172,762 $ 122,319 Equity and other mutual funds 610,542 720,692 110,150 Total equity securities 8,660,985 8,893,454 232,469 Total marketable securities $ 8,660,985 $ 8,893,454 $ 232,469 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 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 $1,832,829 for the nine September 30, 2021, nine September 30, 2020, |
Note 8 - Inventories
Note 8 - Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 8. September 30, December 31, 2021 2020 (UNAUDITED) (AUDITED) Inventories consist of the following: Raw materials $ 434,178 $ 415,415 Work in process 75,716 59,258 Finished products 777,340 941,100 Total inventories $ 1,287,234 $ 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 September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020, As of the date of this report, the Covid- 19 not may |
Note 9 - Income Taxes
Note 9 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. 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 September 30, 2021 December 31, 2020, not three nine September 30 Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Provision for federal income taxes - current $ 340,981 $ 81,323 $ 856,621 $ 863,819 Provision for state income taxes - current --- --- 100 150 (Benefit from) provision for federal income taxes – deferred (73,935 ) 106,882 75,519 (155,127 ) Total provision for income taxes $ 267,046 $ 188,205 $ 932,240 $ 708,842 |
Note 10 - Defined Contribution
Note 10 - Defined Contribution Plan | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. 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 nine September 30, 2021, nine September 30, 2020. first three 2021 2020, not |
Note 11 - Related-party Transac
Note 11 - Related-party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. During the three September 30, 2021, nine September 30, 2021, three nine September 30, 2020, |
Note 12 - Other Information
Note 12 - Other Information | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 12. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: September 30, 2021 December 31, 2020 Accrued Expenses (Unaudited) (Audited) Bonuses $ 237,000 $ 210,000 Distribution fees 362,315 325,792 Payroll and related expenses 225,328 245,521 Reserve for outdated material 311,311 302,713 Company 401(k) contribution 87,000 --- Deferred revenue 128,636 --- Audit fee 57,875 50,500 Annual report expenses 46,462 63,432 Sales rebates 51,428 149,346 Other 35,405 16,153 Total Accrued Expenses $ 1,542,760 $ 1,363,457 |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 13. On January 1, 2021, 2019 12, 740 not In June 2016, 2016 13 not November 2019, December 15, 2022. |
Note 14 - Concentrations of Cre
Note 14 - Concentrations of Credit Risk | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 14. Customer concentration For the three September 30, 2021, one three September 30, 2021. three September 30, 2020, three September 30, 2020. For the nine September 30, 2021, one three September 30, 2021. nine September 30, 2020, three September 30, 2020. |
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. Basic earnings per share is computed by dividing net 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 were $0.22 and $0.16 for the three September 30, 2021 2020, nine September 30, 2021 2020, |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. 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) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Cosmetic Ingredients $ 1,578,650 $ 550,177 $ 5,065,022 $ 3,358,956 Pharmaceutical 1,216,747 1,232,586 3,509,235 3,463,738 Medical 343,884 517,036 1,580,657 1,683,682 Industrial products 40,465 36,561 113,678 107,542 Total Sales $ 3,179,746 $ 2,336,360 $ 10,268,592 $ 8,613,918 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 United States* $ 2,670,515 $ 1,819,084 $ 8,115,145 $ 6,887,726 Other countries 509,231 517,276 2,153,447 1,726,192 Total Sales $ 3,179,746 $ 2,336,360 $ 10,268,592 $ 8,613,918 |
Note 7 - Marketable Securities
Note 7 - Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Gain (Loss) on Securities [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Net (losses) gains recognized during the period on marketable securities $ (25,108 ) $ 113,248 $ 40,419 $ 143,832 Less: Net gains recognized during the period on marketable securities sold during the period --- 25,062 112,180 29,918 Unrealized (losses) gains recognized during the reporting period on marketable securities still held at the reporting date $ (25,108 ) $ 88,186 $ (71,761 ) $ 113,914 |
Marketable Securities [Table Text Block] | Equity Securities Cost Fair Value Unrealized Gain Fixed income mutual funds $ 8,050,443 $ 8,172,762 $ 122,319 Equity and other mutual funds 610,542 720,692 110,150 Total equity securities 8,660,985 8,893,454 232,469 Total marketable securities $ 8,660,985 $ 8,893,454 $ 232,469 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 |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2021 2020 (UNAUDITED) (AUDITED) Inventories consist of the following: Raw materials $ 434,178 $ 415,415 Work in process 75,716 59,258 Finished products 777,340 941,100 Total inventories $ 1,287,234 $ 1,415,773 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Provision for federal income taxes - current $ 340,981 $ 81,323 $ 856,621 $ 863,819 Provision for state income taxes - current --- --- 100 150 (Benefit from) provision for federal income taxes – deferred (73,935 ) 106,882 75,519 (155,127 ) Total provision for income taxes $ 267,046 $ 188,205 $ 932,240 $ 708,842 |
Note 12 - Other Information (Ta
Note 12 - Other Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2021 December 31, 2020 Accrued Expenses (Unaudited) (Audited) Bonuses $ 237,000 $ 210,000 Distribution fees 362,315 325,792 Payroll and related expenses 225,328 245,521 Reserve for outdated material 311,311 302,713 Company 401(k) contribution 87,000 --- Deferred revenue 128,636 --- Audit fee 57,875 50,500 Annual report expenses 46,462 63,432 Sales rebates 51,428 149,346 Other 35,405 16,153 Total Accrued Expenses $ 1,542,760 $ 1,363,457 |
Note 5 - Cash and cash Equiva_2
Note 5 - Cash and cash Equivalents (Details Textual) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Cash, Uninsured Amount | $ 806,000 | $ 653,000 |
Note 6 - Revenue Recognition (D
Note 6 - Revenue Recognition (Details Textual) - USD ($) | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 27,296 | $ 27,296 | $ 27,296 | $ 14,017 | ||
Increase (Decrease) in Contract with Customer, Liability | $ 128,636 | |||||
Cosmetic Ingredients [Member] | Non-US [Member] | Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member] | ||||||
Concentration Risk, Percentage | 16.00% | 22.00% | 21.00% | 20.00% | ||
ASI [Member] | Non-US [Member] | Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member] | ||||||
Concentration Risk, Percentage | 76.00% | 69.00% | 72.00% | 69.00% | ||
ASI [Member] | CHINA | Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member] | ||||||
Concentration Risk, Percentage | 29.00% | 30.00% | 35.00% | 33.00% |
Note 6 - Revenue Recognition -
Note 6 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net Sales | $ 3,179,746 | $ 2,336,360 | $ 10,268,592 | $ 8,613,918 |
Cosmetic Ingredients [Member] | ||||
Net Sales | 1,578,650 | 550,177 | 5,065,022 | 3,358,956 |
Pharmaceuticals [Member] | ||||
Net Sales | 1,216,747 | 1,232,586 | 3,509,235 | 3,463,738 |
Medical [Member] | ||||
Net Sales | 343,884 | 517,036 | 1,580,657 | 1,683,682 |
Industrial And Other [Member] | ||||
Net Sales | $ 40,465 | $ 36,561 | $ 113,678 | $ 107,542 |
Note 6 - Revenue Recognition _2
Note 6 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Net Sales | $ 3,179,746 | $ 2,336,360 | $ 10,268,592 | $ 8,613,918 | |
UNITED STATES | |||||
Net Sales | [1] | 2,670,515 | 1,819,084 | 8,115,145 | 6,887,726 |
Non-US [Member] | |||||
Net Sales | $ 509,231 | $ 517,276 | $ 2,153,447 | $ 1,726,192 | |
[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 76% of its sales of the Company’s products in the third quarter of 2021 were to foreign customers compared with 69% for the same period in 2020, with China representing approximately 29% of those foreign sales in the third quarter of 2021, compared with approximately 30% in the third quarter of 2020. |
Note 7 - Marketable Securitie_2
Note 7 - Marketable Securities (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Proceeds from Sale and Maturity of Marketable Securities, Total | $ 1,832,829 | $ 3,802,205 | |
Debt and Equity Securities, Realized Gain (Loss), Total | $ 25,062 | $ 112,180 | $ 29,918 |
Note 7 - Marketable Securitie_3
Note 7 - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net (losses) gains recognized during the period on marketable securities | $ (25,108) | $ 113,248 | $ 40,419 | $ 143,832 |
Less: Net gains recognized during the period on marketable securities sold during the period | 25,062 | 112,180 | 29,918 | |
Unrealized (losses) gains recognized during the reporting period on marketable securities still held at the reporting date | $ (25,108) | $ 88,186 | $ (71,761) | $ 113,914 |
Note 7 - Marketable Securitie_4
Note 7 - Marketable Securities - Summary of Investments (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Equity securities, cost | $ 8,660,985 | $ 7,287,151 |
Equity securities | 8,893,454 | 7,591,381 |
Equity securities, unrealized gain | 232,469 | 304,230 |
Marketable securities, cost | 8,660,985 | 7,287,151 |
Marketable securities | 8,893,454 | 7,591,381 |
Marketable securities, unrealized gain | 232,469 | 304,230 |
Fixed Income Securities [Member] | ||
Equity securities, cost | 8,050,443 | 6,703,107 |
Equity securities | 8,172,762 | 6,907,270 |
Equity securities, unrealized gain | 122,319 | 204,163 |
Equity And Other Mutual Funds [Member] | ||
Equity securities, cost | 610,542 | 584,044 |
Equity securities | 720,692 | 684,111 |
Equity securities, unrealized gain | $ 110,150 | $ 100,067 |
Note 8 - Inventories (Details T
Note 8 - Inventories (Details Textual) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Valuation Reserves, Ending Balance | $ 35,000 | $ 35,000 |
Accrued Reserve for Outdated Material | $ 311,311 | $ 302,713 |
Note 8 - Inventories - Summary
Note 8 - Inventories - Summary of Inventories (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Raw materials | $ 434,178 | $ 415,415 |
Work in process | 75,716 | 59,258 |
Finished products | 777,340 | 941,100 |
Total inventories | $ 1,287,234 | $ 1,415,773 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Provision for federal income taxes - current | $ 340,981 | $ 81,323 | $ 856,621 | $ 863,819 |
Provision for state income taxes - current | 100 | 150 | ||
(Benefit from) provision for federal income taxes – deferred | (73,935) | 106,882 | 75,519 | (155,127) |
Total provision for income taxes | $ 267,046 | $ 188,205 | $ 932,240 | $ 708,842 |
Note 10 - Defined Contributio_2
Note 10 - Defined Contribution Plan (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Contribution Plan, Cost | $ 87,000 | $ 108,750 |
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 - Related-party Trans_2
Note 11 - Related-party Transactions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | |||
PKF [Member] | Accounting and Tax Services [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 9,500 | |||
Director [Member] | Accounting and Tax Services [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 9,500 | $ 9,500 |
Note 12 - Other Information - S
Note 12 - Other Information - Summary of Accrued Expenses (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Bonuses | $ 237,000 | $ 210,000 |
Distribution fees | 362,315 | 325,792 |
Payroll and related expenses | 225,328 | 245,521 |
Accrued Reserve for Outdated Material | 311,311 | 302,713 |
Company 401(k) contribution | 87,000 | |
Deferred revenue | 128,636 | |
Audit fee | 57,875 | 50,500 |
Annual report expenses | 46,462 | 63,432 |
Sales rebates | 51,428 | 149,346 |
Other | 35,405 | 16,153 |
Total Accrued Expenses | $ 1,542,760 | $ 1,363,457 |
Note 14 - Concentrations of C_2
Note 14 - Concentrations of Credit Risk (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 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 | 86.00% | 79.00% | 79.00% | 79.00% |
Distributors and Marketing Partners [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 79.00% | 70.00% | 79.00% | 70.00% |
Note 15 - Earnings Per Share (D
Note 15 - Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share, Basic and Diluted, Total (in dollars per share) | $ 0.22 | $ 0.16 | $ 0.77 | $ 0.59 |