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 |