Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 01, 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 | Q3 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales | $ 2,417,022 | $ 3,179,746 | $ 9,935,557 | $ 10,268,592 |
Costs and expenses: | ||||
Cost of sales | 1,076,035 | 1,320,509 | 4,479,905 | 4,180,912 |
Operating expenses | 532,333 | 458,582 | 1,699,311 | 1,428,721 |
Research and development | 120,924 | 130,742 | 364,856 | 349,053 |
Total costs and expenses | 1,729,292 | 1,909,833 | 6,544,072 | 5,958,686 |
Income from operations | 687,730 | 1,269,913 | 3,391,485 | 4,309,906 |
Other Income: | ||||
Investment income | 46,995 | 38,747 | 146,405 | 124,147 |
Net (loss) gain on marketable securities | (300,526) | (25,108) | (1,154,464) | 40,419 |
Total other (loss) income | (253,531) | 13,639 | (1,008,059) | 164,566 |
Income before provision for income taxes | 434,199 | 1,283,552 | 2,383,426 | 4,474,472 |
Provision for income taxes | 88,681 | 267,046 | 493,119 | 932,240 |
Net income | $ 345,518 | $ 1,016,506 | $ 1,890,307 | $ 3,542,232 |
Earnings per common share (Basic and Diluted) (in dollars per share) | $ 0.07 | $ 0.22 | $ 0.41 | $ 0.77 |
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, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 496,526 | $ 531,213 |
Marketable securities | 6,656,585 | 7,635,463 |
Accounts receivable, net of allowance for doubtful accounts of $18,401 at September 30, 2022 and $20,252 at December 31, 2021 | 1,127,010 | 1,813,346 |
Inventories, net | 2,294,614 | 1,410,789 |
Prepaid expenses and other current assets | 149,254 | 192,579 |
Prepaid income taxes | 150,633 | |
Total current assets | 10,874,622 | 11,583,390 |
Deferred income taxes | 185,188 | |
Net property, plant, and equipment: | ||
Land | 69,000 | 69,000 |
Factory equipment and fixtures | 4,633,384 | 4,605,742 |
Building and improvements | 2,886,241 | 2,853,718 |
Total property, plant, and equipment | 7,588,625 | 7,528,460 |
Less: Accumulated depreciation | 6,972,449 | 6,869,598 |
Total property, plant, and equipment, net | 616,176 | 658,862 |
TOTAL ASSETS | 11,675,986 | 12,242,252 |
Current liabilities: | ||
Accounts payable | 96,589 | 410,894 |
Accrued expenses | 1,546,637 | 1,627,390 |
Deferred revenue | 190,164 | |
Income taxes payable | 88,738 | |
Dividends payable | 21,082 | 20,575 |
Total current liabilities | 1,664,308 | 2,337,761 |
Deferred income taxes | 83,222 | |
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, 2022 and December 31, 2021, respectively) | 459,432 | 459,432 |
Retained earnings | 9,552,246 | 9,361,837 |
Total stockholders’ equity | 10,011,678 | 9,821,269 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 11,675,986 | $ 12,242,252 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance for doubtful accounts | $ 18,401 | $ 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 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, 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 | ||||
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 | 10,273,202 | 10,732,734 | ||||
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 | 1,890,307 | ||||||
Dividends | (506) | ||||||
Balance (in shares) at Sep. 30, 2022 | 4,594,319 | ||||||
Balance at Sep. 30, 2022 | $ 459,432 | 9,552,246 | 10,011,678 | ||||
Balance (in shares) at Mar. 31, 2022 | 4,594,319 | ||||||
Balance at Mar. 31, 2022 | $ 459,432 | 10,273,202 | 10,732,734 | ||||
Net income | 633,324 | 633,324 | |||||
Dividends | $ (1,699,392) | $ (1,699,392) | $ (506) | $ (506) | |||
Balance (in shares) at Jun. 30, 2022 | 4,594,319 | ||||||
Balance at Jun. 30, 2022 | $ 459,432 | 9,206,728 | 9,666,160 | ||||
Net income | 345,518 | 345,518 | |||||
Balance (in shares) at Sep. 30, 2022 | 4,594,319 | ||||||
Balance at Sep. 30, 2022 | $ 459,432 | $ 9,552,246 | $ 10,011,678 |
Statements of Changes in Stoc_2
Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Dividend Paid [Member] | ||
Dividends declared per share (in dollars per share) | $ 0.37 | $ 0.48 |
Dividend Declared [Member] | ||
Dividends declared per share (in dollars per share) | $ 0.37 | $ 0.48 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Net income | $ 1,890,307 | $ 3,542,232 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 102,851 | 106,928 |
Net loss (gain) on marketable securities | 1,154,464 | (40,419) |
Gain on sale of asset | (14,799) | |
Allowance for doubtful accounts | (1,851) | 13,279 |
Deferred income taxes | (268,410) | 75,519 |
Decrease (Increase) in operating assets: | ||
Accounts receivable | 688,187 | (555,764) |
Inventories | (883,825) | 128,539 |
Prepaid expenses and other current assets | 43,325 | 1,847 |
Prepaid income taxes | (150,633) | 99,107 |
(Decrease) increase in operating liabilities: | ||
Accounts payable | (314,304) | 55,358 |
Accrued expenses | (80,753) | 179,303 |
Income taxes payable | (88,738) | 57,614 |
Deferred revenue | (190,164) | |
Net cash provided by operating activities | 1,900,456 | 3,648,744 |
Cash flows from investing activities: | ||
Acquisition of property, plant and equipment | (60,165) | (81,997) |
Proceeds from sale of marketable securities | 1,658,293 | 1,832,829 |
Purchases of marketable securities | (1,833,879) | (3,094,483) |
Net cash used in investing activities | (235,751) | (1,343,651) |
Cash flows from financing activities: | ||
Dividends paid | (1,699,392) | (2,204,616) |
Net cash used in financing activities | (1,699,392) | (2,204,616) |
Net (decrease) increase in cash and cash equivalents | (34,687) | 100,477 |
Cash and cash equivalents at beginning of period | 531,213 | 591,444 |
Cash and cash equivalents at end of period | 496,526 | 691,921 |
Supplemental disclosure of cash flow information: | ||
Taxes paid | 1,000,000 | 700,000 |
Supplemental disclosure of non-cash items: | ||
Dividends payable | $ 506 | 657 |
Trade-in received from sale of asset | $ 29,000 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Nature of Business United-Guardian, Inc. (the “Company”) is a Delaware corporation that, through its Guardian Laboratories division, conducts research, product development, manufacturing and marketing of cosmetic ingredients, pharmaceuticals, medical products and proprietary specialty industrial products. The Company’s research and development department modifies, refines, and expands the uses for existing products for additional uses and markets. It also develops new products using natural and environmentally friendly raw materials, which is important to many of the Company's cosmetic customers. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. Basis of Presentation Interim condensed financial statements of the Company are prepared in accordance with 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, 2022 ( 2022" nine 2022", not may December 31, 2022. 10 December 31, 2021. |
Note 3 - Impact of Coronavirus
Note 3 - Impact of Coronavirus (COVID-19) | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Impact of Coronavirus (COVID-19) [Text Block] | 3. Impact of Coronavirus (COVID- 19 While the coronavirus pandemic (“pandemic”) continues to impact certain areas of the Company’s operations, the current impact on the Company’s financial performance is coming primarily from higher raw material costs and increased shipping costs, which had an impact on the Company’s gross profit margins in the third 2022 may first 2022 third 2022. may The pandemic has not 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. The Company believes that it is still unable 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, 2022 | |
Notes to Financial Statements | |
Use of Estimates Disclosure [Text Block] | 4. Use of Estimates In preparing financial statements in conformity with US GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, reserve for inventory obsolescence, accrued distribution fees, outdated material returns, possible impairment of marketable securities, and the allocation of overhead. |
Note 5 - Cash and Cash Equivale
Note 5 - Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 5. Cash and Cash Equivalents For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of three $250,000. September 30, 2022 December 31, 2021, |
Note 6 - Revenue Recognition
Note 6 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. Revenue Recognition The Company records revenue in accordance with ASC Topic 606 The Company’s sales, as reported, are subject to a variety of deductions, some of which are estimated. These deductions are recorded in the same period 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 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 September 30, 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 sales by product class are as follows: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Cosmetic ingredients $ 841,261 $ 1,578,650 $ 4,313,139 $ 5,065,022 Pharmaceutical 1,159,367 1,216,747 3,622,964 3,509,235 Medical 384,548 343,884 1,904,424 1,580,657 Industrial products 31,846 40,465 95,030 113,678 Total Sales $ 2,417,022 $ 3,179,746 $ 9,935,557 $ 10,268,592 The Company’s cosmetic ingredients are marketed worldwide by five third 2022 third 2021. nine September 30, 2022, nine September 30, 2021. Disaggregated sales by geographic region are as follows: Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 United States* $ 1,969,907 $ 2,670,515 $ 7,403,752 $ 8,115,145 Other countries 447,115 509,231 2,531,805 2,153,447 Total Sales $ 2,417,022 $ 3,179,746 $ 9,935,557 $ 10,268,592 * third 2022 2021, third 2022, third 2021. For the nine September 30, 2022 nine September 30, 2021, |
Note 7 - Marketable Securities
Note 7 - Marketable Securities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 7. Marketable Securities Marketable securities include investments in fixed income and equity mutual funds, which are reported at their fair values. The disaggregated net gains and losses on the marketable securities recognized in the income statements for the three nine September 30, 2022 2021, Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Net (losses) gains recognized during the period on marketable securities $ (300,526 ) $ (25,108 ) $ (1,154,464 ) $ 40,419 Less: Net (losses) gains recognized during the period on marketable securities sold during the period --- --- (207,936 ) 112,180 Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date $ (300,526 ) $ (25,108 ) $ (946,528 ) $ (71,761 ) 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, 2022 Equity Securities Cost Fair Value Unrealized Loss Fixed income mutual funds $ 6,757,797 $ 6,007,216 $ (750,581 ) Equity and other mutual funds 676,021 649,369 (26,652 ) Total equity securities 7,433,818 6,656,585 (777,233 ) Total marketable securities $ 7,433,818 $ 6,656,585 $ (777,233 ) December 31, 2021 Equity Securities Cost Fair Value Unrealized Gain 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. Proceeds from the sale and redemption of marketable securities amounted to $1,658,293 for the nine September 30, 2022, nine September 30, 2021, |
Note 8 - Inventories
Note 8 - Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 8. Inventories September 30, December 31, 2022 2021 (UNAUDITED) (AUDITED) Inventories consist of the following: Raw materials $ 752,340 $ 494,348 Work in process 88,393 119,069 Finished products 1,453,881 797,372 Total inventories $ 2,294,614 $ 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 September 30, 2022 December 31, 2021 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. Income Taxes The Company’s tax provision is based on its estimated annual effective tax rate. The Company continues to fully recognize its tax benefits, and as of September 30, 2022 December 31, 2021, not three nine September 30, 2022 2021 Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Provision for federal income taxes - current $ 305,772 $ 340,981 $ 761,429 $ 856,621 Provision for state income taxes - current --- --- 100 100 (Benefit from) provision for federal income taxes – deferred (217,091 ) (73,935 ) (268,410 ) 75,519 Total provision for income taxes $ 88,681 $ 267,046 $ 493,119 $ 932,240 |
Note 10 - Defined Contribution
Note 10 - Defined Contribution Plan | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 10. Defined Contribution Plan 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 nine September 30, 2022, nine September 30, 2021. first nine 2022, 2021 first nine 2021, not |
Note 11 - Related-party Transac
Note 11 - Related-party Transactions | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 11. Related-Party Transactions For the three September 30, 2022 2021, nine September 30, 2022 2021, |
Note 12 - Other Information
Note 12 - Other Information | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 12. Other Information Accrued Expenses Accrued expenses consist of the following: September 30, 2022 December 31, 2021 Accrued Expenses (Unaudited) (Audited) Bonuses $ 218,323 $ 348,000 Distribution fees 373,625 359,550 Payroll and related expenses 257,744 292,560 Reserve for outdated material 353,259 313,904 Company 401(k) contribution 81,750 109,000 Audit fee 62,250 61,500 Annual report expenses 49,451 64,038 Sales rebates 108,928 56,857 Other 41,307 21,981 Total Accrued Expenses $ 1,546,637 $ 1,627,390 |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 13. Recent Accounting Pronouncements 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, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 14. Concentrations of Credit Risk Customer concentration For the three September 30, 2022, September 30, 2022. three September 30, 2021, September 30, 2021. For the nine September 30, 2022, three September 30, 2022. nine September 30, 2021, September 30, 2021. |
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. Earnings Per Share 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 $0.07 and $0.22 for the three September 30, 2022 2021, nine September 30, 2022 2021, |
Note 6 - Revenue Recognition (T
Note 6 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Cosmetic ingredients $ 841,261 $ 1,578,650 $ 4,313,139 $ 5,065,022 Pharmaceutical 1,159,367 1,216,747 3,622,964 3,509,235 Medical 384,548 343,884 1,904,424 1,580,657 Industrial products 31,846 40,465 95,030 113,678 Total Sales $ 2,417,022 $ 3,179,746 $ 9,935,557 $ 10,268,592 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 United States* $ 1,969,907 $ 2,670,515 $ 7,403,752 $ 8,115,145 Other countries 447,115 509,231 2,531,805 2,153,447 Total Sales $ 2,417,022 $ 3,179,746 $ 9,935,557 $ 10,268,592 |
Note 7 - Marketable Securities
Note 7 - Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Gain (Loss) on Securities [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Net (losses) gains recognized during the period on marketable securities $ (300,526 ) $ (25,108 ) $ (1,154,464 ) $ 40,419 Less: Net (losses) gains recognized during the period on marketable securities sold during the period --- --- (207,936 ) 112,180 Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date $ (300,526 ) $ (25,108 ) $ (946,528 ) $ (71,761 ) |
Marketable Securities [Table Text Block] | Equity Securities Cost Fair Value Unrealized Loss Fixed income mutual funds $ 6,757,797 $ 6,007,216 $ (750,581 ) Equity and other mutual funds 676,021 649,369 (26,652 ) Total equity securities 7,433,818 6,656,585 (777,233 ) Total marketable securities $ 7,433,818 $ 6,656,585 $ (777,233 ) Equity Securities Cost Fair Value Unrealized Gain 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) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2022 2021 (UNAUDITED) (AUDITED) Inventories consist of the following: Raw materials $ 752,340 $ 494,348 Work in process 88,393 119,069 Finished products 1,453,881 797,372 Total inventories $ 2,294,614 $ 1,410,789 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three months ended September 30, Nine months ended September 30, 2022 2021 2022 2021 Provision for federal income taxes - current $ 305,772 $ 340,981 $ 761,429 $ 856,621 Provision for state income taxes - current --- --- 100 100 (Benefit from) provision for federal income taxes – deferred (217,091 ) (73,935 ) (268,410 ) 75,519 Total provision for income taxes $ 88,681 $ 267,046 $ 493,119 $ 932,240 |
Note 12 - Other Information (Ta
Note 12 - Other Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2022 December 31, 2021 Accrued Expenses (Unaudited) (Audited) Bonuses $ 218,323 $ 348,000 Distribution fees 373,625 359,550 Payroll and related expenses 257,744 292,560 Reserve for outdated material 353,259 313,904 Company 401(k) contribution 81,750 109,000 Audit fee 62,250 61,500 Annual report expenses 49,451 64,038 Sales rebates 108,928 56,857 Other 41,307 21,981 Total Accrued Expenses $ 1,546,637 $ 1,627,390 |
Note 5 - Cash and Cash Equiva_2
Note 5 - Cash and Cash Equivalents (Details Textual) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Cash, Uninsured Amount | $ 363,000 | $ 410,000 |
Note 6 - Revenue Recognition (D
Note 6 - Revenue Recognition (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 18,401 | $ 18,401 | $ 20,252 | ||
Cosmetic Ingredients [Member] | Non-US [Member] | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk, Percentage | 18% | 16% | 25% | 21% | |
ASI [Member] | Non-US [Member] | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk, Percentage | 60% | 76% | 71% | 72% | |
ASI [Member] | CHINA | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | |||||
Concentration Risk, Percentage | 37% | 29% | 43% | 36% |
Note 6 - Revenue Recognition -
Note 6 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Sales | $ 2,417,022 | $ 3,179,746 | $ 9,935,557 | $ 10,268,592 |
Cosmetic Ingredients [Member] | ||||
Net Sales | 841,261 | 1,578,650 | 4,313,139 | 5,065,022 |
Pharmaceuticals [Member] | ||||
Net Sales | 1,159,367 | 1,216,747 | 3,622,964 | 3,509,235 |
Medical [Member] | ||||
Net Sales | 384,548 | 343,884 | 1,904,424 | 1,580,657 |
Industrial And Other [Member] | ||||
Net Sales | $ 31,846 | $ 40,465 | $ 95,030 | $ 113,678 |
Note 6 - Revenue Recognition _2
Note 6 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net Sales | $ 2,417,022 | $ 3,179,746 | $ 9,935,557 | $ 10,268,592 | |
UNITED STATES | |||||
Net Sales | [1] | 1,969,907 | 2,670,515 | 7,403,752 | 8,115,145 |
Non-US [Member] | |||||
Net Sales | $ 447,115 | $ 509,231 | $ 2,531,805 | $ 2,153,447 | |
[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 75% of its sales of the Company’s products in the second quarter of 2022 were to foreign customers, with China representing approximately 46%. For the same time period in 2021, approximately 72% of ASI’s sales of the Company’s products were to foreign customers, with China representing approximately 43%. |
Note 7 - Marketable Securitie_2
Note 7 - Marketable Securities (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Proceeds from Sale and Maturity of Marketable Securities | $ 1,658,293 | $ 1,832,829 |
Debt and Equity Securities, Realized Gain (Loss), Total | $ (207,936) | $ 112,180 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net (losses) gains recognized during the period on marketable securities | $ (300,526) | $ (25,108) | $ (1,154,464) | $ 40,419 |
Less: Net (losses) gains recognized during the period on marketable securities sold during the period | (207,936) | 112,180 | ||
Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date | $ (300,526) | $ (25,108) | $ (946,528) | $ (71,761) |
Note 7 - Marketable Securitie_4
Note 7 - Marketable Securities - Summary of Investments (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Equity securities, cost | $ 7,433,818 | $ 7,466,168 |
Equity securities | 6,656,585 | 7,635,463 |
Equity securities, unrealized gain | (777,233) | 169,295 |
Marketable securities, cost | 7,433,818 | 7,466,168 |
Marketable securities | 6,656,585 | 7,635,463 |
Marketable securities, unrealized gain | (777,233) | 169,295 |
Fixed Income Securities [Member] | ||
Equity securities, cost | 6,757,797 | 6,814,420 |
Equity securities | 6,007,216 | 6,873,333 |
Equity securities, unrealized gain | (750,581) | 58,913 |
Equity And Other Mutual Funds [Member] | ||
Equity securities, cost | 676,021 | 651,748 |
Equity securities | 649,369 | 762,130 |
Equity securities, unrealized gain | $ (26,652) | $ 110,382 |
Note 8 - Inventories (Details T
Note 8 - Inventories (Details Textual) - USD ($) | Sep. 30, 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 ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Raw materials | $ 752,340 | $ 494,348 |
Work in process | 88,393 | 119,069 |
Finished products | 1,453,881 | 797,372 |
Total inventories | $ 2,294,614 | $ 1,410,789 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Provision for federal income taxes - current | $ 305,772 | $ 340,981 | $ 761,429 | $ 856,621 |
Provision for state income taxes - current | 100 | 100 | ||
(Benefit from) provision for federal income taxes – deferred | (217,091) | (73,935) | (268,410) | 75,519 |
Total provision for income taxes | $ 88,681 | $ 267,046 | $ 493,119 | $ 932,240 |
Note 10 - Defined Contributio_2
Note 10 - Defined Contribution Plan (Details Textual) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Contribution Plan, Cost | $ 81,750 | $ 87,000 |
DC Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% | |
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% | |
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% | |
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year) | 6 years |
Note 11 - Related-party Trans_2
Note 11 - Related-party Transactions (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Director [Member] | Accounting and Tax Services [Member] | ||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | $ 0 | $ 4,000 | $ 9,500 |
Note 12 - Other Information - S
Note 12 - Other Information - Summary of Accrued Expenses (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Bonuses | $ 218,323 | $ 348,000 |
Distribution fees | 373,625 | 359,550 |
Payroll and related expenses | 257,744 | 292,560 |
Reserve for outdated material | 353,259 | 313,904 |
Company 401(k) contribution | 81,750 | 109,000 |
Audit fee | 62,250 | 61,500 |
Annual report expenses | 49,451 | 64,038 |
Sales rebates | 108,928 | 56,857 |
Other | 41,307 | 21,981 |
Total Accrued Expenses | $ 1,546,637 | $ 1,627,390 |
Note 14 - Concentrations of C_2
Note 14 - Concentrations of Credit Risk (Details Textual) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
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 | 89% | 86% | 78% | 79% | |
Distributors and Marketing Partners [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Concentration Risk, Percentage | 86% | 79% | 86% | 79% |
Note 15 - Earnings Per Share (D
Note 15 - Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share, Basic, Total (in dollars per share) | $ 0.07 | $ 0.22 | $ 0.41 | $ 0.77 |