Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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, 2023 | Mar. 31, 2022 | |
Net sales | $ 2,570,324 | $ 3,892,358 |
Costs and expenses: | ||
Cost of sales | 1,093,595 | 1,710,117 |
Operating expenses | 517,946 | 546,749 |
Research and development | 126,959 | 131,666 |
Total costs and expenses | 1,738,500 | 2,388,532 |
Income from operations | 831,824 | 1,503,826 |
Other income (expense): | ||
Investment income | 47,632 | 40,550 |
Net gain (loss) on marketable securities | 72,701 | (393,660) |
Total other income (expense) | 120,333 | (353,110) |
Income before provision for income taxes | 952,157 | 1,150,716 |
Provision for income taxes | 196,076 | 239,251 |
Net income | $ 756,081 | $ 911,465 |
Earnings per common share (basic and diluted) (in dollars per share) | $ 0.16 | $ 0.20 |
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, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 1,201,953 | $ 830,452 |
Marketable securities | 5,769,723 | 5,653,516 |
Accounts receivable, net of allowance for doubtful accounts of $20,054 at March 31, 2023 and $20,063 at December 31, 2022 | 1,480,663 | 1,427,576 |
Inventories (net) | 2,470,089 | 1,672,012 |
Prepaid expenses and other current assets | 230,924 | 201,846 |
Prepaid income taxes | 88,599 | 185,228 |
Total current assets | 11,241,951 | 9,970,630 |
Deferred income taxes, net | 161,097 | 110,544 |
Property, plant and equipment: | ||
Land | 69,000 | 69,000 |
Factory equipment and fixtures | 4,587,637 | 4,585,055 |
Building and improvements | 2,895,742 | 2,895,742 |
Total property, plant and equipment | 7,552,379 | 7,549,797 |
Less: accumulated depreciation | 7,015,091 | 6,990,636 |
Total property, plant and equipment (net) | 537,288 | 559,161 |
TOTAL ASSETS | 11,940,336 | 10,640,335 |
Current liabilities: | ||
Accounts payable | 441,508 | 30,415 |
Accrued expenses | 1,314,073 | 1,322,056 |
Deferred revenue | 140,810 | |
Dividends payable | 21,220 | 21,220 |
Total current liabilities | 1,917,611 | 1,373,691 |
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, 2023 and December 31, 2022 | 459,432 | 459,432 |
Retained earnings | 9,563,293 | 8,807,212 |
Total stockholders’ equity | 10,022,725 | 9,266,644 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 11,940,336 | $ 10,640,335 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance for doubtful accounts | $ 20,054 | $ 20,063 |
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 ($) | Common Stock [Member] | Retained Earnings [Member] | Total |
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 |
Balance (in shares) at Dec. 31, 2022 | 4,594,319 | ||
Balance at Dec. 31, 2022 | $ 459,432 | 8,807,212 | 9,266,644 |
Net income | 756,081 | 756,081 | |
Balance (in shares) at Mar. 31, 2023 | 4,594,319 | ||
Balance at Mar. 31, 2023 | $ 459,432 | $ 9,563,293 | $ 10,022,725 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 756,081 | $ 911,465 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 24,455 | 34,256 |
Net (gain) loss on marketable securities | (72,701) | 393,660 |
Allowance for doubtful accounts | (9) | 6,803 |
Deferred income taxes | (50,553) | 114,655 |
(Increase) decrease in operating assets: | ||
Accounts receivable | (53,078) | (744,279) |
Inventories | (798,077) | (86,851) |
Prepaid expenses and other current assets | (29,078) | (63,343) |
Prepaid income taxes | 96,629 | (211,666) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | 411,093 | (43,079) |
Accrued expenses and other current liabilities | (7,983) | (93,858) |
Deferred revenue | 140,810 | (101,610) |
Income taxes payable | (88,738) | |
Net cash provided by operating activities | 417,589 | 27,415 |
Cash flows from investing activities: | ||
Acquisition of property, plant, and equipment | (2,582) | (4,840) |
Purchase of marketable securities | (43,506) | (42,288) |
Net cash used in investing activities | (46,088) | (47,128) |
Net increase (decrease) in cash and cash equivalents | 371,501 | (19,713) |
Cash and cash equivalents at beginning of period | 830,452 | 531,213 |
Cash and cash equivalents at end of period | 1,201,953 | 511,500 |
Supplemental disclosure of cash flow information | ||
Taxes paid | $ 150,000 | $ 425,000 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Mar. 31, 2023 | |
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. (“Registrant” or “Company”) is a Delaware corporation that, through its Guardian Laboratories division, manufactures and markets cosmetic ingredients, pharmaceuticals, medical lubricants, and specialty industrial products. The Company conducts research and product development and modifies, refines, and expands the uses for existing products, with the goal of further developing the market for its’ products. The Company also develops new products using natural and environmentally friendly raw materials, which is a priority for many of the Company’s cosmetic customers. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. Basis of Presentation Interim condensed financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information, pursuant to the requirements for reporting on Form 10 X. three March 31, 2023 ( 2023” not may December 31, 2023. 10 December 31, 2022. |
Note 3 - Impact of the Coronavi
Note 3 - Impact of the Coronavirus Pandemic, Global Supply Chain Instability and Inflation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Impact of Coronavirus (COVID-19) [Text Block] | 3. Impact of the Coronavirus Pandemic, Global Supply Chain Instability and Inflation While the coronavirus pandemic continues to impact certain areas of our operations, the current impact on our financial performance is coming primarily from 1 zero 2022,and 2 2022 first 2023. Due to continued supply chain instability, the Company has experienced longer lead times and higher prices for many of our raw materials. The increased raw material prices had an impact on our gross profit margins in the first 2023 may As a result of the lingering effects of the coronavirus pandemic as described above, combined with global supply chain instability, there continues to be uncertainty regarding the potential impact on our 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 our future operations or financial results. While it is unknown whether inflation will continue to increase or will begin to mitigate during 2023, |
Note 4 - Use of Estimates
Note 4 - Use of Estimates | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Use of Estimates Disclosure [Text Block] | 4. Use of Estimates 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, 2023 | |
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. March 31, 2023, December 31, 2022. |
Note 6 - Revenue Recognition
Note 6 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 6. Revenue Recognition The Company records revenue in accordance with ASC Topic 606 Our 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 current 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 2023 2022, The Company recognizes revenue from sales of our cosmetic ingredients, medical lubricants, 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 our performance obligation is satisfied. Sales of these products are deemed final, and there is no Our 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. March 31, 2023 2022, At March 31, 2023, not second 2023. 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 of distribution fees as offsets to revenue. Disaggregated revenue by product class is as follows: Three months ended March 31, 2023 2022 Cosmetic ingredients $ 761,901 $ 2,077,916 Pharmaceutical 1,354,224 1,225,212 Medical lubricants 421,031 557,795 Industrial and other 33,168 31,435 Net Sales $ 2,570,324 $ 3,892,358 Our cosmetic ingredients are marketed worldwide by five first 2023, first 2022. Disaggregated revenue by geographic region is as follows: Three months ended March 31, 2023 2022 United States * $ 1,942,015 $ 3,079,896 Other countries 628,309 812,462 Net Sales $ 2,570,324 $ 3,892,358 * first 2023, first 2022, |
Note 7 - Accounting for Financi
Note 7 - Accounting for Financial Instruments - Credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Credit Loss, Financial Instrument [Text Block] | 7. Accounting for Financial Instruments – Credit Losses On January 1, 2023, 2016 13, not The timing between recognition of revenue for product sales and the receipt of payment is not 30 60 2016 13. March 31, 2023 December 31, 2022, |
Note 8 - Marketable Securities
Note 8 - Marketable Securities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 8. 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 statements of income for the three March 31, 2023 2022 Three months ended 2023 2022 Net gain (loss) recognized during the period on marketable securities $ 72,701 $ (393,660 ) Less: Net gains (losses) realized on marketable securities sold during the period --- --- Net unrealized gain (loss) recognized during the reporting period on marketable securities still held at the reporting date $ 72,701 $ (393,660 ) 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, 2023 (unaudited) Unrealized Cost Fair Value (Loss) Gain Equity Securities Fixed-income mutual funds $ 5,489,179 $ 5,038,360 $ (450,819 ) Equity and other mutual funds 720,719 731,363 10,644 Total equity securities 6,209,898 5,769,723 (440,175 ) Total marketable securities $ 6,209,898 $ 5,769,723 $ (440,175 ) December 31, 2022 (audited) Unrealized Cost Fair Value (Loss)Gain Equity Securities Fixed-income mutual funds $ 5,449,227 $ 4,924,497 $ (524,730 ) Equity and other mutual funds 717,165 729,019 11,854 Total equity securities 6,166,392 5,653,516 (512,876 ) Total marketable securities $ 6,166,392 $ 5,653,516 $ (512,876 ) Investment income is recognized when earned and consists principally of dividend income from equity and fixed income mutual funds and interest income on United States Treasury Bills. 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 2023 2022. |
Note 9 - Inventories
Note 9 - Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 9. Inventories March 31, December 31, 2023 2022 Inventories consist of the following: (Unaudited) (Audited) Raw materials $ 530,796 $ 601,125 Work in process 76,671 16,520 Finished products 1,862,622 1,054,367 Total inventories $ 2,470,089 $ 1,672,012 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, 2023 December 31, 2022 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. 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 March 31, 2023 December 31, 2022, not three March 31 Three months ended 2023 2022 Provision for federal income taxes – current $ 246,379 $ 124,496 Provision for state income taxes – current 250 100 (Benefit) provision for federal income taxes – deferred (50,553 ) 114,655 Total provision for income taxes $ 196,076 $ 239,251 |
Note 11 - Defined Contribution
Note 11 - Defined Contribution Plan | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 11. 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 three March 31, 2023 2022, first 2023, 2022 |
Note 12 - Other Information
Note 12 - Other Information | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 12. Other Information Accrued expenses March 31, 2023 December 31, 2022 (unaudited) (audited) Bonuses $ 233,868 $ 175,496 Distribution fees 392,447 395,536 Payroll and related expenses 105,266 53,475 Reserve for outdated material 268,330 369,154 Insurance 110,560 --- Audit fees 93,000 66,500 Annual report expenses 40,401 68,349 Company 401K contribution 27,250 94,326 Sales rebates 32,859 80,926 Other 10,092 18,294 Total accrued expenses $ 1,314,073 $ 1,322,056 |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 13. Recent Accounting Pronouncements In January 2023, 2016 13 not |
Note 14 - Concentrations of Cre
Note 14 - Concentrations of Credit Risk | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 14. Concentrations of Credit Risk Customer concentration For the three March 31, 2023, March 31, 2023. three March 31, 2022, March 31, 2022. |
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. Earnings Per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Basic and diluted earnings per share amounted to $0.16 and $0.20 for the three March 31, 2023 2022, |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. Subsequent Events On April 20, 2023, not $50,000,000 thirty 8 April 26, , 2023, June 5, 2023. no may 180 not |
Note 6 - Revenue Recognition (T
Note 6 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended March 31, 2023 2022 Cosmetic ingredients $ 761,901 $ 2,077,916 Pharmaceutical 1,354,224 1,225,212 Medical lubricants 421,031 557,795 Industrial and other 33,168 31,435 Net Sales $ 2,570,324 $ 3,892,358 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months ended March 31, 2023 2022 United States * $ 1,942,015 $ 3,079,896 Other countries 628,309 812,462 Net Sales $ 2,570,324 $ 3,892,358 |
Note 8 - Marketable Securities
Note 8 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Gain (Loss) on Securities [Table Text Block] | Three months ended 2023 2022 Net gain (loss) recognized during the period on marketable securities $ 72,701 $ (393,660 ) Less: Net gains (losses) realized on marketable securities sold during the period --- --- Net unrealized gain (loss) recognized during the reporting period on marketable securities still held at the reporting date $ 72,701 $ (393,660 ) |
Marketable Securities [Table Text Block] | Unrealized Cost Fair Value (Loss) Gain Equity Securities Fixed-income mutual funds $ 5,489,179 $ 5,038,360 $ (450,819 ) Equity and other mutual funds 720,719 731,363 10,644 Total equity securities 6,209,898 5,769,723 (440,175 ) Total marketable securities $ 6,209,898 $ 5,769,723 $ (440,175 ) Unrealized Cost Fair Value (Loss)Gain Equity Securities Fixed-income mutual funds $ 5,449,227 $ 4,924,497 $ (524,730 ) Equity and other mutual funds 717,165 729,019 11,854 Total equity securities 6,166,392 5,653,516 (512,876 ) Total marketable securities $ 6,166,392 $ 5,653,516 $ (512,876 ) |
Note 9 - Inventories (Tables)
Note 9 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2023 2022 Inventories consist of the following: (Unaudited) (Audited) Raw materials $ 530,796 $ 601,125 Work in process 76,671 16,520 Finished products 1,862,622 1,054,367 Total inventories $ 2,470,089 $ 1,672,012 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three months ended 2023 2022 Provision for federal income taxes – current $ 246,379 $ 124,496 Provision for state income taxes – current 250 100 (Benefit) provision for federal income taxes – deferred (50,553 ) 114,655 Total provision for income taxes $ 196,076 $ 239,251 |
Note 12 - Other Information (Ta
Note 12 - Other Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2023 December 31, 2022 (unaudited) (audited) Bonuses $ 233,868 $ 175,496 Distribution fees 392,447 395,536 Payroll and related expenses 105,266 53,475 Reserve for outdated material 268,330 369,154 Insurance 110,560 --- Audit fees 93,000 66,500 Annual report expenses 40,401 68,349 Company 401K contribution 27,250 94,326 Sales rebates 32,859 80,926 Other 10,092 18,294 Total accrued expenses $ 1,314,073 $ 1,322,056 |
Note 5 - Cash and Cash Equiva_2
Note 5 - Cash and Cash Equivalents (Details Textual) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Cash, Uninsured Amount | $ 972,000 | $ 105,000 |
Note 6 - Revenue Recognition (D
Note 6 - Revenue Recognition (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts Receivable, Allowance for Credit Loss | $ 268,330 | $ 317,105 |
Contract with Customer, Liability, Current | $ 140,810 | |
Cosmetic Ingredients [Member] | Non-US [Member] | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Concentration Risk, Percentage | 24% | 21% |
ASI [Member] | Non-US [Member] | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Concentration Risk, Percentage | 71% | 70% |
ASI [Member] | CHINA | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Concentration Risk, Percentage | 21% | 39% |
Note 6 - Revenue Recognition -
Note 6 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Sales | $ 2,570,324 | $ 3,892,358 |
Cosmetic Ingredients [Member] | ||
Net Sales | 761,901 | 2,077,916 |
Pharmaceuticals [Member] | ||
Net Sales | 1,354,224 | 1,225,212 |
Medical Lubricants [Member] | ||
Net Sales | 421,031 | 557,795 |
Industrial And Other [Member] | ||
Net Sales | $ 33,168 | $ 31,435 |
Note 6 - Revenue Recognition _2
Note 6 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Net Sales | $ 2,570,324 | $ 3,892,358 | |
UNITED STATES | |||
Net Sales | [1] | 1,942,015 | 3,079,896 |
Non-US [Member] | |||
Net Sales | $ 628,309 | $ 812,462 | |
[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 2023, approximately 71% of ASI's sales of the Company’s products were to customers in other countries, with China representing approximately 21% of ASI's sales of the Company’s products. In the first quarter of 2022, approximately 70% of ASI's sales of the Company’s products were to customers in other countries, with China representing approximately 39% of ASI's sales of the Company's products. |
Note 7 - Accounting for Finan_2
Note 7 - Accounting for Financial Instruments - Credit Losses (Details Textual) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 20,054 | $ 20,063 |
Note 8 - Marketable Securitie_2
Note 8 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Proceeds from Sale and Maturity of Marketable Securities | $ 0 | $ 0 |
Note 8 - Marketable Securitie_3
Note 8 - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net gain (loss) recognized during the period on marketable securities | $ 72,701 | $ (393,660) |
Net unrealized gain (loss) recognized during the reporting period on marketable securities still held at the reporting date | $ 72,701 | $ (393,660) |
Note 8 - Marketable Securitie_4
Note 8 - Marketable Securities - Summary of Investments (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Equity securities, cost | $ 6,209,898 | $ 6,166,392 |
Equity securities | 5,769,723 | 5,653,516 |
Equity securities, unrealized gain | (440,175) | (512,876) |
Marketable securities, cost | 6,209,898 | 6,166,392 |
Marketable securities | 5,769,723 | 5,653,516 |
Marketable securities, unrealized gain | (440,175) | (512,876) |
Fixed Income Securities [Member] | ||
Equity securities, cost | 5,489,179 | 5,449,227 |
Equity securities | 5,038,360 | 4,924,497 |
Equity securities, unrealized gain | (450,819) | (524,730) |
Equity And Other Mutual Funds [Member] | ||
Equity securities, cost | 720,719 | 717,165 |
Equity securities | 731,363 | 729,019 |
Equity securities, unrealized gain | $ 10,644 | $ 11,854 |
Note 9 - Inventories (Details T
Note 9 - Inventories (Details Textual) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Valuation Reserves | $ 80,500 | $ 64,000 |
Note 9 - Inventories - Summary
Note 9 - Inventories - Summary of Inventories (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Raw materials | $ 530,796 | $ 601,125 |
Work in process | 76,671 | 16,520 |
Finished products | 1,862,622 | 1,054,367 |
Total inventories | $ 2,470,089 | $ 1,672,012 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Unrecognized Tax Benefits | $ 0 | $ 0 |
Note 10 - Income Taxes - Provis
Note 10 - Income Taxes - Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Provision for federal income taxes – current | $ 246,379 | $ 124,496 |
Provision for state income taxes – current | 250 | 100 |
(Benefit) provision for federal income taxes – deferred | (50,553) | 114,655 |
Total provision for income taxes | $ 196,076 | $ 239,251 |
Note 11 - Defined Contributio_2
Note 11 - Defined Contribution Plan (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Contribution Plan, Cost | $ 27,250 | $ 27,250 |
DC Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 94,326 | |
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 12 - Other Information - S
Note 12 - Other Information - Summary of Accrued Expenses (Details) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Bonuses | $ 233,868 | $ 175,496 |
Distribution fees | 392,447 | 395,536 |
Payroll and related expenses | 105,266 | 53,475 |
Reserve for outdated material | 268,330 | 369,154 |
Insurance | 110,560 | |
Audit fees | 93,000 | 66,500 |
Annual report expenses | 40,401 | 68,349 |
Company 401K contribution | 27,250 | 94,326 |
Sales rebates | 32,859 | 80,926 |
Other | 10,092 | 18,294 |
Total accrued expenses | $ 1,314,073 | $ 1,322,056 |
Note 14 - Concentrations of C_2
Note 14 - Concentrations of Credit Risk (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Distributor [Member] | ||
Number of Customers | 3 | 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 | 77% | 79% |
Distributors and Marketing Partners [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk, Percentage | 80% | 78% |
Note 15 - Earnings Per Share (D
Note 15 - Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share, Basic (in dollars per share) | $ 0.16 | $ 0.20 |