United-Guardian (UG) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
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	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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
	Mar. 31, 2022	Mar. 31, 2021
Net Sales	$ 3,892,358	$ 3,430,868
Costs and expenses:
Cost of sales	1,710,117	1,361,013
Operating expenses	546,749	457,127
Research and development	131,666	88,286
Total costs and expenses	2,388,532	1,906,426
Income from operations	1,503,826	1,524,442
Other (expense) income:
Investment income	40,550	39,760
Net loss on marketable securities	(393,660)	(72,047)
Total other (expense) income	(353,110)	(32,287)
Income before provision for income taxes	1,150,716	1,492,155
Provision for income taxes	239,251	310,953
Net income	$ 911,465	$ 1,181,202
Earnings per common share (basic and diluted) (in dollars per share)	$ 0.20	$ 0.26
Weighted average shares – basic and diluted (in shares)	4,594,319	4,594,319

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 511,500	$ 531,213
Marketable securities	7,284,091	7,635,463
Accounts receivable, net of allowance for doubtful accounts of $27,055 at March 31, 2022 and $20,252 at December 31, 2021	2,550,822	1,813,346
Inventories (net)	1,497,640	1,410,789
Prepaid expenses and other current assets	255,922	192,579
Prepaid income taxes	211,666
Total current assets	12,311,641	11,583,390
Property, plant and equipment:
Land	69,000	69,000
Factory equipment and fixtures	4,610,582	4,605,742
Building and improvements	2,853,718	2,853,718
Total property, plant and equipment	7,533,300	7,528,460
Less: accumulated depreciation	6,903,854	6,869,598
Total property, plant and equipment (net)	629,446	658,862
TOTAL ASSETS	12,941,087	12,242,252
Current liabilities:
Accounts payable	367,815	410,894
Accrued expenses	1,533,532	1,627,390
Deferred revenue	88,554	190,164
Income taxes payable		88,738
Dividends payable	20,575	20,575
Total current liabilities	2,010,476	2,337,761
Deferred income taxes (net)	197,877	83,222
Commitments and contingencies
Stockholders’ equity:
Common stock $.10 par value; 10,000,000 shares authorized; 4,594,319 shares issued and outstanding at March 31, 2022 and December 31, 2021	459,432	459,432
Retained earnings	10,273,302	9,361,837
Total stockholders’ equity	10,732,734	9,821,269
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 12,941,087	$ 12,242,252

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Accounts receivable, allowance for doubtful accounts	$ 27,055	$ 20,252
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 Stockhold

Statements of Changes Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Retained Earnings [Member]	Total
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, 2021	4,594,319
Balance at Dec. 31, 2021	$ 459,432	9,361,837	9,821,269
Net income		911,465	911,465
Balance (in shares) at Mar. 31, 2022	4,594,319
Balance at Mar. 31, 2022	$ 459,432	$ 10,273,302	$ 10,732,734

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 911,465	$ 1,181,202
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	34,256	34,900
Net loss on marketable securities	393,660	72,047
Bad debt expense	6,803	5,275
Deferred income taxes	114,655	61,993
(Increase) decrease in operating assets:
Accounts receivable	(744,279)	(521,314)
Inventories	(86,851)	82,938
Prepaid expenses and other current assets	(63,343)	(132,389)
Prepaid income taxes	(211,666)	48,960
(Decrease) increase in operating liabilities:
Accounts payable	(43,079)	25,904
Accrued expenses and other current liabilities	(93,858)	130,690
Deferred revenue	(101,610)
Income taxes payable	(88,738)
Net cash provided by operating activities	27,415	990,206
Cash flows from investing activities:
Acquisition of property, plant, and equipment	(4,840)	(28,156)
Purchase of marketable securities	(42,288)	(691,445)
Net cash used in investing activities	(47,128)	(719,601)
Net (decrease) increase in cash and cash equivalents	(19,713)	270,605
Cash and cash equivalents at beginning of period	531,213	591,444
Cash and cash equivalents at end of period	511,500	862,049
Supplemental disclosure of cash flow information
Taxes paid	$ 425,000	$ 200,000

Note 1 - Nature of Business

Note 1 - Nature of Business	3 Months Ended
	Mar. 31, 2022
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	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Basis of Accounting [Text Block]	2. 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 March 31, 2022 ( 2022” not may December 31, 2022. 10 December 31, 2021.

Note 3 - Impact of the Coronavi

Note 3 - Impact of the Coronavirus (COVID-19)	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Impact of Coronavirus (COVID-19) [Text Block]	3. 19 While the coronavirus pandemic (“pandemic”) continues to impact certain areas of the Company’s operations, the substantial impact the pandemic had on Company sales in 2020 2021 first 2022. may 2021 first 2022, March 31, 2022, 2022 may Sales of the Company’s non-pharmaceutical medical products (“medical products”) had also been negatively impacted by the pandemic in 2020, 2021 first 2022. not The pandemic has not first 2022 may As a result of the lingering effects of the coronavirus pandemic as described above, there continues to be uncertainty in regard to the future potential impact of the pandemic on the Company’s operations or financial results. While the impact on the Company’s’ sales lessened considerably in 2021 first 2022, not

Note 4 - Use of Estimates

Note 4 - Use of Estimates	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Use of Estimates Disclosure [Text Block]	4. In preparing financial statements in accordance with US GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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	3 Months Ended
	Mar. 31, 2022
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. March 31, 2022, December 31, 2021.

Note 6 - Revenue Recognition

Note 6 - Revenue Recognition	3 Months Ended
	Mar. 31, 2022
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 that the revenues are recognized. Such deductions, primarily related to sales of the Company’s pharmaceutical products, include chargebacks from the United States Department of Veterans Affairs (“VA”), rebates in connection with the Company’s participation in Medicare 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 2022 2021, 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 March 31, 2022 December 31, 2021, 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 revenue by product class is as follows: Three months ended March 31, 2022 2021 Cosmetic ingredients $ 2,077,916 $ 1,630,597 Pharmaceutical 1,225,212 1,143,307 Medical 557,795 616,026 Industrial and other 31,435 40,938 Net Sales $ 3,892,358 $ 3,430,868 The Company’s cosmetic ingredients are marketed worldwide by five first 2022, first 2021. Disaggregated revenue by geographic region is as follows: Three months ended March 31, 2022 2021 United States * $ 3,079,896 $ 2,671,387 Other countries 812,462 759,481 Net Sales $ 3,892,358 $ 3,430,868 * first 2022, first 2021,

Note 7 - Marketable Securities

Note 7 - Marketable Securities	3 Months Ended
	Mar. 31, 2022
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 which are reported at their fair values. The disaggregated net gains and losses on the marketable securities recognized in the statements of income for the three March 31, 2022 2021 Three months ended March 31, 2022 2021 Net loss recognized during the period on marketable securities $ (393,660 ) $ (72,047 ) Less: Net gains (losses) realized on marketable securities sold during the period --- --- Net unrealized loss recognized during the reporting period on marketable securities still held at the reporting date $ (393,660 ) $ (72,047 ) 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 March 31, 2022 (unaudited) Cost Fair Value Unrealized Equity Securities Fixed-income mutual funds $ 6,853,475 $ 6,539,521 $ (313,954 ) Equity and other mutual funds 654,981 744,570 89,589 Total equity securities 7,508,456 7,284,091 (224,365 ) Total marketable securities $ 7,508,456 $ 7,284,091 $ (224,365 ) December 31, 2021 (audited) Cost Fair Value Unrealized Equity Securities Fixed-income mutual funds $ 6,814,420 $ 6,873,333 $ 58,913 Equity and other mutual funds 651,748 762,130 110,382 Total equity securities 7,466,168 7,635,463 169,295 Total marketable securities $ 7,466,168 $ 7,635,463 $ 169,295 Investment income is recognized when earned and consists principally of dividend income from equity and fixed income mutual funds. Realized gains and losses on sales of investments are determined on a specific identification basis. There were no proceeds from the redemption of marketable securities in the first 2022 2021.

Note 8 - Inventories

Note 8 - Inventories	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	8. March 31, December 31, 2022 2021 Inventories consist of the following: (Unaudited) (Audited) Raw materials $ 639,385 $ 494,348 Work in process 136,872 119,069 Finished products 721,383 797,372 Total inventories $ 1,497,640 $ 1,410,789 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 March 31, 2022 December 31, 2021

Note 9 - Income Taxes

Note 9 - Income Taxes	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 December 31, 2021, not three March 31 Three months ended March 31 2022 2021 Provision for federal income taxes – current $ 124,496 $ 248,860 Provision for state income taxes – current 100 100 Provision for federal income taxes – deferred 114,655 61,993 Total provision for income taxes $ 239,251 $ 310,953

Note 10 - Defined Contribution

Note 10 - Defined Contribution Plan	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Retirement Benefits [Text Block]	10. The Company sponsors a 401 first 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 three March 31, 2022, three March 31, 2021. first 2022, 2021 first 2021, not fourth 2020.

Note 11 - Other Information

Note 11 - Other Information	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	11. Accrued expenses March 31, 2022 December 31, 2021 (unaudited) (audited) Bonuses $ 491,397 $ 348,000 Distribution fees 361,936 359,550 Payroll and related expenses 246,128 292,560 Reserve for outdated material 317,105 313,904 Audit fee 23,750 61,500 Annual report expenses 32,206 64,038 Company 401K contribution 27,250 109,000 Sales rebates 8,000 56,857 Other 25,760 21,981 Total accrued expenses $ 1,533,532 $ 1,627,390

Note 12 - Recent Accounting Pro

Note 12 - Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	12. On January 1, 2021, 2019 12, 740 not In June 2016, 2016 13 not December 15, 2022.

Note 13 - Concentrations of Cre

Note 13 - Concentrations of Credit Risk	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	13. Customer concentration For the three March 31, 2022, March 31, 2022. three March 31, 2021, March 31, 2021.

Note 14 - Earnings Per Share

Note 14 - Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	14. 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. Basic and diluted earnings per share amounted to $0.20 and $0.26 for the three March 31, 2022 2021,

Note 15 - Subsequent Events

Note 15 - Subsequent Events	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	15. On January 25, 2022, In furtherance of this goal, the Company retained Capstone Partners, a Denver- and Boston-based financial advisory and investment banking company to assist it with this endeavor. The Company paid a non-refundable fee of $75,000 to Capstone in connection with the work it would be performing on behalf of the Company. The Company also retained the Denver-based law firm of Brownstein Hyatt Farber Schreck, LLP to assist with the legal aspects of any possible transactions that might result from the efforts of Capstone.

Note 6 - Revenue Recognition (T

Note 6 - Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months ended March 31, 2022 2021 Cosmetic ingredients $ 2,077,916 $ 1,630,597 Pharmaceutical 1,225,212 1,143,307 Medical 557,795 616,026 Industrial and other 31,435 40,938 Net Sales $ 3,892,358 $ 3,430,868
Revenue from External Customers by Geographic Areas [Table Text Block]	Three months ended March 31, 2022 2021 United States * $ 3,079,896 $ 2,671,387 Other countries 812,462 759,481 Net Sales $ 3,892,358 $ 3,430,868

Note 7 - Marketable Securities

Note 7 - Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Gain (Loss) on Securities [Table Text Block]	Three months ended March 31, 2022 2021 Net loss recognized during the period on marketable securities $ (393,660 ) $ (72,047 ) Less: Net gains (losses) realized on marketable securities sold during the period --- --- Net unrealized loss recognized during the reporting period on marketable securities still held at the reporting date $ (393,660 ) $ (72,047 )
Marketable Securities [Table Text Block]	Cost Fair Value Unrealized Equity Securities Fixed-income mutual funds $ 6,853,475 $ 6,539,521 $ (313,954 ) Equity and other mutual funds 654,981 744,570 89,589 Total equity securities 7,508,456 7,284,091 (224,365 ) Total marketable securities $ 7,508,456 $ 7,284,091 $ (224,365 ) Cost Fair Value Unrealized Equity Securities Fixed-income mutual funds $ 6,814,420 $ 6,873,333 $ 58,913 Equity and other mutual funds 651,748 762,130 110,382 Total equity securities 7,466,168 7,635,463 169,295 Total marketable securities $ 7,466,168 $ 7,635,463 $ 169,295

Note 8 - Inventories (Tables)

Note 8 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2022 2021 Inventories consist of the following: (Unaudited) (Audited) Raw materials $ 639,385 $ 494,348 Work in process 136,872 119,069 Finished products 721,383 797,372 Total inventories $ 1,497,640 $ 1,410,789

Note 9 - Income Taxes (Tables)

Note 9 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three months ended March 31 2022 2021 Provision for federal income taxes – current $ 124,496 $ 248,860 Provision for state income taxes – current 100 100 Provision for federal income taxes – deferred 114,655 61,993 Total provision for income taxes $ 239,251 $ 310,953

Note 11 - Other Information (Ta

Note 11 - Other Information (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, 2022 December 31, 2021 (unaudited) (audited) Bonuses $ 491,397 $ 348,000 Distribution fees 361,936 359,550 Payroll and related expenses 246,128 292,560 Reserve for outdated material 317,105 313,904 Audit fee 23,750 61,500 Annual report expenses 32,206 64,038 Company 401K contribution 27,250 109,000 Sales rebates 8,000 56,857 Other 25,760 21,981 Total accrued expenses $ 1,533,532 $ 1,627,390

Note 3 - Impact of the Corona_2

Note 3 - Impact of the Coronavirus (COVID-19) (Details Textual)	Mar. 31, 2022USD ($)
Shortage of Truck Drivers and Limited Availability of Shipping Vessels [Member]
Medical Products Ready to Ship, Value	$ 240,000

Note 5 - Cash and Cash Equiva_2

Note 5 - Cash and Cash Equivalents (Details Textual) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Cash, Uninsured Amount	$ 274,000	$ 410,000

Note 6 - Revenue Recognition (D

Note 6 - Revenue Recognition (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 27,055		$ 20,252
Cosmetic Ingredients [Member] | Non-US [Member] | Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member]
Concentration Risk, Percentage	21.00%	22.00%
ASI [Member] | Non-US [Member] | Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member]
Concentration Risk, Percentage	71.00%	67.00%
ASI [Member] | CHINA | Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member]
Concentration Risk, Percentage	40.00%	36.00%

Note 6 - Revenue Recognition -

Note 6 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net Sales	$ 3,892,358	$ 3,430,868
Cosmetic Ingredients [Member]
Net Sales	2,077,916	1,630,597
Pharmaceuticals [Member]
Net Sales	1,225,212	1,143,307
Medical [Member]
Net Sales	557,795	616,026
Industrial And Other [Member]
Net Sales	$ 31,435	$ 40,938

Note 6 - Revenue Recognition _2

Note 6 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($)		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Net Sales		$ 3,892,358	$ 3,430,868
UNITED STATES
Net Sales	[1]	3,079,896	2,671,387
Non-US [Member]
Net Sales		$ 812,462	$ 759,481
[1]	Since all purchases by ASI are shipped to ASI’s warehouses in the U.S. they are reported as U.S. sales for financial reporting purposes. However, ASI has reported to the Company that in the first quarter of 2022, approximately 71% of ASI’s sales of the Company’s products were to customers in other countries, with China representing approximately 40% of ASI’s sales of the Company’s products. In the first quarter of 2021, approximately 67% of ASI’s sales of the Company’s products were to customers in other countries, with China representing approximately 36% of ASI’s sales of the Company’s products.

Note 7 - Marketable Securitie_2

Note 7 - Marketable Securities (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Proceeds from Sale and Maturity of Marketable Securities	$ 0	$ 0

Note 7 - Marketable Securitie_3

Note 7 - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net loss recognized during the period on marketable securities	$ (393,660)	$ (72,047)
Net unrealized loss recognized during the reporting period on marketable securities still held at the reporting date	$ (393,660)	$ (72,047)

Note 7 - Marketable Securitie_4

Note 7 - Marketable Securities - Summary of Investments (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Equity securities, cost	$ 7,508,456	$ 7,466,168
Equity securities	7,284,091	7,635,463
Equity securities, unrealized gain	(224,365)	169,295
Marketable securities, cost	7,508,456	7,466,168
Marketable securities	7,284,091	7,635,463
Marketable securities, unrealized gain	(224,365)	169,295
Fixed Income Securities [Member]
Equity securities, cost	6,853,475	6,814,420
Equity securities	6,539,521	6,873,333
Equity securities, unrealized gain	(313,954)	58,913
Equity And Other Mutual Funds [Member]
Equity securities, cost	654,981	651,748
Equity securities	744,570	762,130
Equity securities, unrealized gain	$ 89,589	$ 110,382

Note 8 - Inventories (Details T

Note 8 - Inventories (Details Textual) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Inventory Valuation Reserves, Ending Balance	$ 35,000	$ 35,000

Note 8 - Inventories - Summary

Note 8 - Inventories - Summary of Inventories (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Raw materials	$ 639,385	$ 494,348
Work in process	136,872	119,069
Finished products	721,383	797,372
Total inventories	$ 1,497,640	$ 1,410,789

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
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
	Mar. 31, 2022	Mar. 31, 2021
Provision for federal income taxes – current	$ 124,496	$ 248,860
Provision for state income taxes – current	100	100
Provision for federal income taxes – deferred	114,655	61,993
Total provision for income taxes	$ 239,251	$ 310,953

Note 10 - Defined Contributio_2

Note 10 - Defined Contribution Plan (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Defined Contribution Plan, Cost	$ 27,250	$ 32,500
DC Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 109,000	$ 0
DC Plan [Member] | Discretionary Contributions Vesting at Two Years [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	20.00%
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year)	2 years
DC Plan [Member] | Discretionary Contributions Vesting Each Additional Year [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	20.00%
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year)	6 years

Note 11 - Other Information - S

Note 11 - Other Information - Summary of Accrued Expenses (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Bonuses	$ 491,397	$ 348,000
Distribution fees	361,936	359,550
Payroll and related expenses	246,128	292,560
Reserve for outdated material	317,105	313,904
Audit fee	23,750	61,500
Annual report expenses	32,206	64,038
Company 401K contribution	27,250	109,000
Sales rebates	8,000	56,857
Other	25,760	21,981
Total accrued expenses	$ 1,533,532	$ 1,627,390

Note 13 - Concentrations of C_2

Note 13 - Concentrations of Credit Risk (Details Textual)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Distributor [Member]
Number of Customers	3
Marketing Partner [Member]
Number of Customers	1
Distributors and Marketing Partners [Member]
Number of Customers		3
Distributors and Marketing Partners [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	79.00%	77.00%
Distributors and Marketing Partners [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	78.00%	67.00%

Note 14 - Earnings Per Share (D

Note 14 - Earnings Per Share (Details Textual) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Basic, Total (in dollars per share)	$ 0.20	$ 0.26
Earnings Per Share, Diluted, Total (in dollars per share)	$ 0.20	$ 0.26

Note 15 - Subsequent Events (De

Note 15 - Subsequent Events (Details Textual)	Jan. 25, 2022USD ($)
Capstone Partners [Member]
Payments for Services	$ 75,000