Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 01, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 1-10526 | |
Entity Registrant Name | UNITED-GUARDIAN, INC | |
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, $0.10 par value per share | |
Trading Symbol | UG | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 4,594,319 | |
Entity Central Index Key | 0000101295 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net sales | $ 2,650,299 | $ 3,626,177 | $ 5,220,623 | $ 7,518,535 |
Costs and expenses: | ||||
Cost of sales | 1,429,407 | 1,693,753 | 2,523,002 | 3,403,870 |
Operating expenses | 574,093 | 620,229 | 1,092,039 | 1,166,978 |
Research and development | 128,729 | 112,266 | 255,688 | 243,932 |
Total costs and expenses | 2,132,229 | 2,426,248 | 3,870,729 | 4,814,780 |
Income from operations | 518,070 | 1,199,929 | 1,349,894 | 2,703,755 |
Other income (expense): | ||||
Investment income | 54,950 | 58,860 | 102,582 | 99,410 |
Net (loss) gain on marketable securities | 7,479 | (460,278) | 80,180 | (853,938) |
Total other (loss) income | 62,429 | (401,418) | 182,762 | (754,528) |
Income before provision for income taxes | 580,499 | 798,511 | 1,532,656 | 1,949,227 |
Provision for income taxes | 119,405 | 165,187 | 315,481 | 404,438 |
Net income | $ 461,094 | $ 633,324 | $ 1,217,175 | $ 1,544,789 |
Earnings per common share | ||||
Earnings per common share (Basic and Diluted) (in dollars per share) | $ 0.10 | $ 0.14 | $ 0.26 | $ 0.34 |
Weighted average shares | ||||
Weighted average shares – basic and diluted (in shares) (in shares) | 4,594,319 | 4,594,319 | 4,594,319 | 4,594,319 |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 6,482,907 | $ 830,452 |
Marketable securities | 939,576 | 5,653,516 |
Accounts receivable, net of allowance for doubtful accounts of $18,401 at September 30, 2022 and $20,252 at December 31, 2021 | 1,540,221 | 1,427,576 |
Inventories, net | 1,779,026 | 1,672,012 |
Prepaid expenses and other current assets | 225,559 | 201,846 |
Prepaid income taxes | 395,986 | 185,228 |
Total current assets | 11,363,275 | 9,970,630 |
Deferred income taxes | 0 | 110,544 |
Net property, plant, and equipment: | ||
Land | 69,000 | 69,000 |
Factory equipment and fixtures | 4,587,637 | 4,585,055 |
Building and improvements | 2,897,072 | 2,895,742 |
Total property, plant, and equipment | 7,553,709 | 7,549,797 |
Less: Accumulated depreciation | 7,039,547 | 6,990,636 |
Total property, plant, and equipment, net | 514,162 | 559,161 |
TOTAL ASSETS | $ 11,877,437 | $ 10,640,335 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 34,823 | $ 20,063 |
Balance Sheets 2
Balance Sheets 2 - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Current liabilities: | ||
Accounts payable | $ 155,842 | $ 30,415 |
Accrued expenses | 1,176,647 | 1,322,056 |
Dividends payable | 21,220 | 21,220 |
Total current liabilities | 1,353,709 | 1,373,691 |
Deferred income taxes | 39,909 | 0 |
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 | 10,024,387 | 8,807,212 |
Total stockholders’ equity | 10,483,819 | 9,266,644 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 11,877,437 | $ 10,640,335 |
Balance Sheets 2 (Parenthetical
Balance Sheets 2 (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Common Stock, Par or Stated Value Per Share (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, 2021 | 4,594,319 | ||
Balance at Dec. 31, 2021 | $ 459,432 | 9,361,837 | 9,821,269 |
Net income | 1,544,789 | ||
Balance (in shares) at Jun. 30, 2022 | 4,594,319 | ||
Balance at Jun. 30, 2022 | $ 459,432 | 9,206,728 | 9,666,160 |
Balance (in shares) at Mar. 31, 2022 | 4,594,319 | ||
Balance at Mar. 31, 2022 | $ 459,432 | 10,273,302 | 10,732,734 |
Net income | 633,324 | 633,324 | |
Balance (in shares) at Jun. 30, 2022 | 4,594,319 | ||
Balance at Jun. 30, 2022 | $ 459,432 | 9,206,728 | 9,666,160 |
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 |
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 | 1,217,175 | ||
Balance (in shares) at Jun. 30, 2023 | 4,594,319 | ||
Balance at Jun. 30, 2023 | $ 459,432 | 10,024,387 | 10,483,819 |
Balance (in shares) at Mar. 31, 2023 | 4,594,319 | ||
Balance at Mar. 31, 2023 | $ 459,432 | 9,563,293 | 10,022,725 |
Net income | 461,094 | 461,094 | |
Balance (in shares) at Jun. 30, 2023 | 4,594,319 | ||
Balance at Jun. 30, 2023 | $ 459,432 | $ 10,024,387 | $ 10,483,819 |
Statements of Changes in Stoc_2
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Retained Earnings [Member] Dividend Paid [Member] | Retained Earnings [Member] | Dividend Paid [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, 2021 | 4,594,319 | ||||
Balance at Dec. 31, 2021 | $ 459,432 | 9,361,837 | 9,821,269 | ||
Net income | 1,544,789 | ||||
Dividends | (507) | ||||
Balance (in shares) at Jun. 30, 2022 | 4,594,319 | ||||
Balance at Jun. 30, 2022 | $ 459,432 | 9,206,728 | 9,666,160 | ||
Balance (in shares) at Mar. 31, 2022 | 4,594,319 | ||||
Balance at Mar. 31, 2022 | $ 459,432 | 10,273,302 | 10,732,734 | ||
Net income | 633,324 | 633,324 | |||
Dividends | $ (1,699,392) | (506) | $ (1,699,392) | (506) | |
Balance (in shares) at Jun. 30, 2022 | 4,594,319 | ||||
Balance at Jun. 30, 2022 | $ 459,432 | 9,206,728 | 9,666,160 | ||
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 | ||
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 | 1,217,175 | ||||
Dividends | 0 | ||||
Balance (in shares) at Jun. 30, 2023 | 4,594,319 | ||||
Balance at Jun. 30, 2023 | $ 459,432 | 10,024,387 | 10,483,819 | ||
Balance (in shares) at Mar. 31, 2023 | 4,594,319 | ||||
Balance at Mar. 31, 2023 | $ 459,432 | 9,563,293 | 10,022,725 | ||
Net income | 461,094 | 461,094 | |||
Balance (in shares) at Jun. 30, 2023 | 4,594,319 | ||||
Balance at Jun. 30, 2023 | $ 459,432 | $ 10,024,387 | $ 10,483,819 |
Statements of Changes in Stoc_3
Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2022 | |
Common Stock, Dividends, Per Share, Cash Paid (in USD per Share) | $ 0.37 | $ 0.37 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 1,217,175 | $ 1,544,789 |
Depreciation and amortization | 48,911 | 68,511 |
Net loss (gain) on marketable securities | (80,180) | 853,938 |
Gain on sale of asset | (10,000) | 0 |
Allowance for doubtful accounts | 14,760 | 8,146 |
Allowance for obsolete inventory | (8,000) | 0 |
Deferred income taxes | 150,453 | (51,319) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Net income | 1,217,175 | 1,544,789 |
(Increase) decrease in operating assets: | ||
Accounts receivable | (127,405) | (301,337) |
Inventories | (115,014) | (317,415) |
Accounts payable | 125,427 | 5,548 |
Accrued expenses | (145,409) | (81,532) |
Deferred revenue | 0 | (190,164) |
Acquisition of property, plant and equipment | (3,912) | (12,293) |
Proceeds from sale of equipment | 10,000 | 0 |
Proceeds from sale of marketable securities | 5,255,145 | 1,658,292 |
Purchases of marketable securities | (461,025) | (1,286,849) |
Net cash used in investing activities | 4,800,208 | 359,150 |
Income taxes payable | 0 | (88,738) |
Net cash provided by operating activities | 852,247 | 1,164,601 |
Prepaid expenses and other current assets | (23,713) | (54,421) |
Prepaid income taxes | (210,758) | (231,405) |
Increase (decrease) in operating liabilities: | ||
us-gaap_IncreaseDecreaseInInventories | 115,014 | 317,415 |
Cash flows from investing activities: | ||
us-gaap_IncreaseDecreaseInContractWithCustomerLiability | 0 | (190,164) |
Cash flows from financing activities: | ||
Dividends paid | 0 | (1,699,392) |
Net cash used in financing activities | 0 | (1,699,392) |
Net (decrease) increase in cash and cash equivalents | 5,652,455 | (175,641) |
Cash and cash equivalents at beginning of period | 830,452 | 531,213 |
Cash and cash equivalents at end of period | 6,482,907 | 355,572 |
Supplemental disclosure of cash flow information | ||
Taxes paid | 375,000 | 350 |
Supplemental disclosure of non-cash dividends payable | $ 0 | $ 507 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended |
Jun. 30, 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, and medical lubricants. 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 | 6 Months Ended |
Jun. 30, 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-Q and Regulation S-X. In the opinion of management, all adjustments considered necessary for the fair presentation of financial statements for the interim periods have been included. The results of operations for the three and six months ended June 30, 2023 (also referred to as the "second quarter of 2023" and the "first half of 2023", respectively) are not necessarily indicative of results that ultimately may be achieved for any other interim period or for the year ending December 31, 2023. The interim unaudited condensed financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2022. |
Note 3 - Impact of Coronavirus
Note 3 - Impact of Coronavirus (COVID-19) | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Impact of Coronavirus (COVID-19) [Text Block] | 3. Impact of the Coronavirus Pandemic, Global Supply Chain Instability, and Inflation There continues to be residual impact on the Company’s business and financial performance from the coronavirus pandemic. In particular, there has been decreased demand for the Company’s Lubrajel® products in China as a result of (a) slower than expected post-COVID economic recovery in China; (b) increased competition from lower-priced competitors, especially those from Asian producers; (c) overstocking on the part of certain customers while the zero-COVID mandate was in effect in China for much of 2022. As a result of the ongoing supply chain instability, the Company has experienced longer lead times and higher prices for many of its raw materials. The increases in raw material prices have negatively impacted the Company’s gross profit margins in the first half of 2023 and may continue to impact gross profit margins in upcoming quarters. To help offset rising raw material prices and shipping costs and their impact on the Company’s gross margins, the Company has instituted price increases on many of its products. While inflation has lessened somewhat during 2023, it is uncertain if this downward trend in the Company’s gross margins will continue. If the inflation rate begins to rise in the second half of the year, there will likely be further increases in raw material costs, shipping costs, and internal labor costs, which could negatively impact the Company’s future gross margins. As a result of the residual effects of the coronavirus pandemic, combined with global supply chain instability and inflation, there continues to be uncertainty regarding the potential impact on the Company’s operations and its financial results. The Company is unable to provide an accurate estimate or projection as to what the future impact will be on the Company’s operations and its financial performance going forward. |
Note 4 - Use of Estimates
Note 4 - Use of Estimates | 6 Months Ended |
Jun. 30, 2023 | |
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 | 6 Months Ended |
Jun. 30, 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 months or less at the time of purchase. The Company deposits cash and cash equivalents with financially strong, FDIC-insured financial institutions, and believes that any amounts above FDIC insurance limitations are at minimal risk. The amounts held in excess of FDIC limits at any point in time are considered temporary and are primarily due to the timing of the maturities of United States Treasury Bills. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At June 30, 2023 and December 31, 2022, $1,221,000 and $105,000, respectively, exceeded the FDIC limit. Cash and cash equivalents include currency on hand, demand deposits with banks or financial institutions, and short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. The following table summarizes the Company's cash and cash equivalents: June 30, 2023 December 31, 2022 Demand Deposits $ 809,236 $ 333,275 Money Market Funds 1,005,821 - U.S. Treasury Bills (original 3-month maturity) 4,667,850 497,177 Total Cash and Cash Equivalents $ 6,482,907 $ 830,452 |
Note 6 - Revenue Recognition
Note 6 - Revenue Recognition | 6 Months Ended |
Jun. 30, 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 “Revenue from Contracts with Customers.” Under this guidance, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company’s principal source of revenue is product sales. 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 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 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 and 2022, the Company participated in various government drug rebate programs related to the sale of Renacidin®, our best-selling pharmaceutical product. These programs include the Veterans Affairs Federal Supply Schedule (FSS), and the Medicare Part D Coverage Gap Discount Program (CGDP). These programs require the Company to sell its product at a discounted price. The Company’s sales, as reported, are net of these product rebates and discounts, some of which are estimated and are recorded in the same period that the revenue is recognized. 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 obligation on the part of the Company to repurchase or allow the return of these goods unless they are defective. 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 more than one year after its expiration date, which is a return policy which conforms to standard pharmaceutical industry practice). The Company estimates an allowance for outdated material returns based on prior year historical returns of its pharmaceutical products. The Company does not make sales on consignment, and the collection of the proceeds from the sale of any of the Company’s products is not contingent upon the customer being able to sell the goods to a third party. 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. The Company has not experienced significant fluctuations between estimated allowances and actual activity. At June 30, 2023 and 2022, the Company had an allowance of $277,274 and $331,943, respectively, for possible outdated material returns, which is included in accrued expenses. The Company has distribution fee contracts with certain distributors of its pharmaceutical products that entitle them to distribution and service-related fees. The Company estimates distribution fees and records distribution fees as offsets to revenue. Disaggregated sales by product class are as follows: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Cosmetic ingredients $ 772,887 $ 1,393,963 $ 1,534,788 $ 3,471,878 Pharmaceuticals 1,376,601 1,238,384 2,730,825 2,463,597 Medical lubricants 482,512 962,080 903,543 1,519,875 Industrial products 18,299 31,750 51,467 63,185 Total Net Sales $ 2,650,299 $ 3,626,177 $ 5,220,623 $ 7,518,535 The Company’s cosmetic ingredients are marketed worldwide by five distributors, of which U.S.-based Ashland Specialty Ingredients (“ASI”) purchases the largest volume. Approximately 22% of the Company’s total sales in the second quarter of 2023 were to customers located outside of the United States, compared with approximately 35% in the second quarter of 2022. For the six months ended June 30, 2023, approximately 23% of the Company’s total sales were to customers located outside of the United States, compared with approximately 28% for the six months ended June 30, 2022. Disaggregated sales by geographic region are as follows: Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 United States* $ 2,067,533 $ 2,353,952 $ 4,009,775 $ 5,433,846 Other countries 582,766 1,272,225 1,210,848 2,084,689 Total Sales $ 2,650,299 $ 3,626,177 $ 5,220,623 $ 7,518,535 * For the six months ended June 30, 2023 approximately 70% of ASI’s sales of the Company’s products were to customers in other countries, with China accounting for approximately 29% of ASI’s sales of the Company’s products, as compared with approximately 73% of ASI’s sales going to customers in other countries for the six months ended June 30, 2022, with China accounting for approximately 43% of ASI’s sales of the Company’s products during that period. |
Note 7 - Accounting for Financi
Note 7 - Accounting for Financial Instruments - Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Credit Loss, Financial Instrument [Text Block] | 7. Accounting for Financial Instruments – Credit Losses On January 1, 2023, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses. In accordance with this standard, the Company recognizes an allowance for credit losses for its trade receivables to present the net amount expected to be collected as of the balance sheet date. This allowance is based on the credit losses expected to arise over the life of the asset and are based on Current Expected Credit Losses (CECL). Implementation of this standard did not have a material effect on the Company’s financial statements. The timing between recognition of revenue for product sales and the receipt of payment is not significant. The Company’s standard credit terms, which vary depending on the customer, range between 30 and 60 days. The Company provides allowances for any receivables for which collection is doubtful in accordance with ASU 2016-13. As of June 30, 2023 and December 31, 2022, the allowance for doubtful accounts receivable was $34,823 and $20,063, respectively. Prompt-pay discounts are offered to some customers; however, due to the uncertainty of the customers taking the discounts, the discounts are recorded only after they have been taken. |
Note 8 - Marketable Securities
Note 8 - Marketable Securities | 6 Months Ended |
Jun. 30, 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 and certificates of deposit, which are reported at their fair values. The disaggregated net gains and losses on marketable securities that were recognized on the income statements for the three- and six-months ended June 30, 2023 and June 30, 2022 were as follows: THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 2023 2022 2023 2022 Net gains (losses) recognized during the period on marketable securities $ 7,479 $ (460,278 ) $ 80,180 $ (853,938 ) Less: Net losses recognized on marketable securities sold during the period (433,769 ) (207,936 ) (433,769 ) (207,936 ) Unrealized gains (losses) recognized during the reporting period on marketable securities still held at the reporting date $ 441,248 $ (252,342 ) $ 513,949 $ (646,002 ) 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-tier value hierarchy, as prescribed by US GAAP, which prioritizes the inputs used in measuring fair value as follows: • Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement. 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 inputs using quoted prices (unadjusted) for identical assets in active markets. The following tables summarize the Company’s investments: June 30, 2023 Cost Fair value Unrealized gain (loss) Equity Securities Fixed income certificates of deposit $ 400,000 $ 400,000 $ - Equity and other mutual funds 538,503 539,576 1,073 Total equity securities 938,503 939,576 1,073 Total marketable securities $ 938,503 $ 939,576 $ 1,073 December 31, 2022 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 from United States Treasury Bills, certificates of deposit and money market 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 $5,255,145 for the first half of 2023, which includes realized losses of $433,769. Proceeds from the sale and redemption of marketable securities amounted to $1,658,292 for the first half of 2022, which included realized losses on sales of $207,936. |
Note 9 - Inventories
Note 9 - Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 9. Inventories June 30, December 31, 2023 2022 (unaudited) (audited) Inventories consist of the following: Raw materials $ 524,927 $ 601,125 Work in process 57,751 16,520 Finished products 1,196,348 1,054,367 Total inventories $ 1,779,026 $ 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-in, first-out (“FIFO”) method. Finished product inventories at June 30, 2023 and December 31, 2022 are stated net of a reserve of $72,000 and $64,000, respectively, for slow moving and obsolete inventory. |
Note 9 - Income Taxes
Note 9 - Income Taxes | 6 Months Ended |
Jun. 30, 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 June 30, 2023 and December 31, 2022, the Company did not have any unrecognized tax benefits. The Company’s provision for income taxes for the three- and six-months ended June 30, 2023 and 2022, included the following: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (Benefit) provision for federal income taxes - current $ (81,601 ) $ 331,161 $ 164,778 $ 455,657 Provision for state income taxes - current - - 250 100 Provision (benefit) for federal income taxes - deferred 201,006 (165,974 ) 150,453 (51,319 ) Total provision for Income taxes $ 119,405 $ 165,187 $ 315,481 $ 404,438 |
Note 11 - Defined Contribution
Note 11 - Defined Contribution Plan | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 11. Defined Contribution Plan The Company sponsors a 401(k) defined contribution plan (“DC Plan”) that provides for a dollar-for-dollar employer matching contribution of the first 4% of each employee’s pay that is deferred by the employee. Employees become fully vested in employer matching contributions immediately. The Company also makes discretionary contributions to each employee's account based on a "pay-to-pay" safe-harbor formula that qualifies the 401(k) Plan under current IRS regulations. Employees become vested in the discretionary contributions as follows: 20% after two years of employment, and 20% for each year of employment thereafter until the employee becomes fully vested after six years of employment. The Company accrued $54,500 in contributions to the DC Plan for the six-months ended June 30, 2023 and 2022, respectively. In the first six months of 2023, the Company made discretionary contributions of $94,326 to the DC Plan. This payment represented the remaining portion of the Company’s 2022 discretionary contribution. For the first half of 2022, the Company made discretionary contributions of $109,000 to the DC Plan. |
Note 12 - Other Information
Note 12 - Other Information | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 12. Other Information June 30, December 31, Accrued Expenses 2023 2022 (audited) Bonuses $ 93,502 $ 175,496 Distribution fees 411,361 395,536 Payroll and related expenses 138,878 53,475 Reserve for outdated material 277,274 369,154 Company 401(k) contribution 54,500 94,326 Audit fee 42,500 66,500 Annual report expenses 27,449 68,349 Sales rebates 62,774 80,926 Insurance 43,250 - Other 25,159 18,294 Total accrued expenses $ 1,176,647 $ 1,322,056 |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 13. Recent Accounting Pronouncements In January 2023, the Company adopted ASU-2016-13 “Financial Instruments – Credit Losses.” This guidance introduces a new credit loss methodology, Current Expected Credit Losses (“CECL”), which requires earlier recognition of credit losses, while also providing additional transparency about credit risk. The guidance requires organizations to measure all expected credit losses for financial instruments at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Implementation of this standard did not have a material effect on the Company’s financial statements. |
Note 14 - Concentrations of Cre
Note 14 - Concentrations of Credit Risk | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 14. Concentrations of Credit Risk Customer Concentration During the three months ended June 30, 2023, one of the Company’s cosmetic ingredient distributors, along with three of its pharmaceutical distributors, together were responsible for 81% of the Company’s sales, and accounted for 84% of its outstanding accounts receivable at June 30, 2023. During the three months ended June 30, 2022, the same cosmetic ingredient distributor and three pharmaceutical distributors together were responsible for 65% of the Company’s sales, and accounted for 68% of its outstanding accounts receivable at June 30, 2022. During the six months ended June 30, 2023, one of the Company’s cosmetic ingredient distributors, along with three of its pharmaceutical distributors, together were responsible for 78% of the Company’s sales, and accounted for 84% of its outstanding accounts receivable at June 30, 2023. During the six-month period ended June 30, 2022, the same cosmetic ingredient distributor and three pharmaceutical distributors together were responsible for 72% of the Company’s sales, and accounted for 68% of its outstanding accounts receivable at June 30, 2022. |
Note 15 - Related-party Transac
Note 15 - Related-party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 15. Related-Party Transactions For the three- and six-month periods ended June 30, 2023, the Company made payments of $30,000 and $60,000 respectively, to Ken Globus, the Company’s former President, for consulting services provided to the Company. There were no For the three- and six-month periods ended June 30, 2023, the Company made payments of $3,000, to the accounting firm PKF O’Connor Davies (“PKF”) for accounting and tax services. Lawrence Maietta, a partner at PKF, is a director of the Company. For the three- and six-month periods ended June 30, 2022, the Company made payments of $5,000 to the accounting firm PKF, for accounting and tax services. |
Note 16 - Earnings Per Share
Note 16 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 16. 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. Per share basic and diluted earnings amounted to $0.10 and $0.14 for the three months ended June 30, 2023 and 2022, respectively, and $0.26 and $0.34 for the six months ended June 30, 2023 and 2022, respectively. |
Note 5 - Cash and Cash Equiva_2
Note 5 - Cash and Cash Equivalents (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | June 30, 2023 December 31, 2022 Demand Deposits $ 809,236 $ 333,275 Money Market Funds 1,005,821 - U.S. Treasury Bills (original 3-month maturity) 4,667,850 497,177 Total Cash and Cash Equivalents $ 6,482,907 $ 830,452 |
Note 6 - Revenue Recognition (T
Note 6 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Cosmetic ingredients $ 772,887 $ 1,393,963 $ 1,534,788 $ 3,471,878 Pharmaceuticals 1,376,601 1,238,384 2,730,825 2,463,597 Medical lubricants 482,512 962,080 903,543 1,519,875 Industrial products 18,299 31,750 51,467 63,185 Total Net Sales $ 2,650,299 $ 3,626,177 $ 5,220,623 $ 7,518,535 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months ended Six months ended June 30, June 30, 2023 2022 2023 2022 United States* $ 2,067,533 $ 2,353,952 $ 4,009,775 $ 5,433,846 Other countries 582,766 1,272,225 1,210,848 2,084,689 Total Sales $ 2,650,299 $ 3,626,177 $ 5,220,623 $ 7,518,535 |
Note 8 - Marketable Securities
Note 8 - Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Gain (Loss) on Securities [Table Text Block] | THREE MONTHS ENDED JUNE 30, SIX MONTHS ENDED JUNE 30, 2023 2022 2023 2022 Net gains (losses) recognized during the period on marketable securities $ 7,479 $ (460,278 ) $ 80,180 $ (853,938 ) Less: Net losses recognized on marketable securities sold during the period (433,769 ) (207,936 ) (433,769 ) (207,936 ) Unrealized gains (losses) recognized during the reporting period on marketable securities still held at the reporting date $ 441,248 $ (252,342 ) $ 513,949 $ (646,002 ) |
Marketable Securities [Table Text Block] | Cost Fair value Unrealized gain (loss) Equity Securities Fixed income certificates of deposit $ 400,000 $ 400,000 $ - Equity and other mutual funds 538,503 539,576 1,073 Total equity securities 938,503 939,576 1,073 Total marketable securities $ 938,503 $ 939,576 $ 1,073 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) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2023 2022 (unaudited) (audited) Inventories consist of the following: Raw materials $ 524,927 $ 601,125 Work in process 57,751 16,520 Finished products 1,196,348 1,054,367 Total inventories $ 1,779,026 $ 1,672,012 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 (Benefit) provision for federal income taxes - current $ (81,601 ) $ 331,161 $ 164,778 $ 455,657 Provision for state income taxes - current - - 250 100 Provision (benefit) for federal income taxes - deferred 201,006 (165,974 ) 150,453 (51,319 ) Total provision for Income taxes $ 119,405 $ 165,187 $ 315,481 $ 404,438 |
Note 12 - Other Information (Ta
Note 12 - Other Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, Accrued Expenses 2023 2022 (audited) Bonuses $ 93,502 $ 175,496 Distribution fees 411,361 395,536 Payroll and related expenses 138,878 53,475 Reserve for outdated material 277,274 369,154 Company 401(k) contribution 54,500 94,326 Audit fee 42,500 66,500 Annual report expenses 27,449 68,349 Sales rebates 62,774 80,926 Insurance 43,250 - Other 25,159 18,294 Total accrued expenses $ 1,176,647 $ 1,322,056 |
Note 5 - Cash and Cash Equiva_3
Note 5 - Cash and Cash Equivalents (Details Textual) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Cash, Uninsured Amount | $ 1,221,000 | $ 105,000 |
Note 5 - Cash and Cash Equiva_4
Note 5 - Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Money Market Funds | $ 1,005,821 | $ 0 |
U.S. Treasury Bills (original 3-month maturity) | 4,667,850 | 497,177 |
Total Cash and Cash Equivalents | 6,482,907 | 830,452 |
Demand Deposits [Member] | ||
Demand Deposits | $ 809,236 | $ 333,275 |
Note 6 - Revenue Recognition (D
Note 6 - Revenue Recognition (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Accounts Receivable, Allowance for Credit Loss | $ 277,274 | $ 331,943 | $ 277,274 | $ 331,943 |
Cosmetic Ingredients [Member] | Non-US [Member] | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk, Percentage | 22% | 35% | 23% | 28% |
ASI [Member] | Non-US [Member] | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk, Percentage | 70% | 75% | 70% | 73% |
ASI [Member] | CHINA | Geographic Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk, Percentage | 40% | 46% | 29% | 43% |
Note 6 - Revenue Recognition -
Note 6 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Sales | $ 2,650,299 | $ 3,626,177 | $ 5,220,623 | $ 7,518,535 |
Cosmetic Ingredients [Member] | ||||
Net Sales | 772,887 | 1,393,963 | 1,534,788 | 3,471,878 |
Pharmaceuticals [Member] | ||||
Net Sales | 1,376,601 | 1,238,384 | 2,730,825 | 2,463,597 |
Medical [Member] | ||||
Net Sales | 482,512 | 962,080 | 903,543 | 1,519,875 |
Industrial And Other [Member] | ||||
Net Sales | $ 18,299 | $ 31,750 | $ 51,467 | $ 63,185 |
Note 6 - Revenue Recognition _2
Note 6 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net Sales | $ 2,650,299 | $ 3,626,177 | $ 5,220,623 | $ 7,518,535 |
UNITED STATES | ||||
Net Sales | 2,067,533 | 2,353,952 | 4,009,775 | 5,433,846 |
Non-US [Member] | ||||
Net Sales | $ 582,766 | $ 1,272,225 | $ 1,210,848 | $ 2,084,689 |
Note 7 - Accounting for Finan_2
Note 7 - Accounting for Financial Instruments - Credit Losses (Details Textual) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 34,823 | $ 20,063 |
Note 8 - Marketable Securitie_2
Note 8 - Marketable Securities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Proceeds from Sale and Maturity of Marketable Securities | $ 5,255,145 | $ 1,658,292 | ||
Debt and Equity Securities, Realized Gain (Loss), Total | $ 433,769 | $ 207,936 | $ 433,769 | $ 207,936 |
Note 8 - Marketable Securitie_3
Note 8 - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net gains (losses) recognized during the period on marketable securities | $ 7,479 | $ (460,278) | $ 80,180 | $ (853,938) |
Less: Net losses recognized on marketable securities sold during the period | (433,769) | (207,936) | (433,769) | (207,936) |
Unrealized gains (losses) recognized during the reporting period on marketable securities still held at the reporting date | $ 441,248 | $ (252,342) | $ 513,949 | $ (646,002) |
Note 8 - Marketable Securitie_4
Note 8 - Marketable Securities - Summary of Investments (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Equity securities, cost | $ 938,503 | $ 6,166,392 |
Equity securities | 939,576 | 5,653,516 |
Equity securities, unrealized gain | 1,073 | (512,876) |
Marketable securities, cost | 938,503 | 6,166,392 |
Marketable securities | 939,576 | 5,653,516 |
Marketable securities, unrealized gain | 1,073 | (512,876) |
Fixed Income Securities [Member] | ||
Equity securities, cost | 400,000 | 5,449,227 |
Equity securities | 400,000 | 4,924,497 |
Equity securities, unrealized gain | 0 | (524,730) |
Equity And Other Mutual Funds [Member] | ||
Equity securities, cost | 538,503 | 717,165 |
Equity securities | 539,576 | 729,019 |
Equity securities, unrealized gain | $ 1,073 | $ 11,854 |
Note 9 - Inventories (Details T
Note 9 - Inventories (Details Textual) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Valuation Reserves | $ 72,000 | $ 64,000 |
Note 9 - Inventories - Summary
Note 9 - Inventories - Summary of Inventories (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Work in process | $ 57,751 | $ 16,520 |
Finished products | 1,196,348 | 1,054,367 |
Total inventories | $ 1,779,026 | $ 1,672,012 |
Note 10 - Income Taxes - Provis
Note 10 - Income Taxes - Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Provision for federal income taxes - current | $ (81,601) | $ 331,161 | $ 164,778 | $ 455,657 |
Provision for state income taxes - current | 0 | 0 | 250 | 100 |
(Benefit from) provision for federal income taxes – deferred | 201,006 | (165,974) | 150,453 | (51,319) |
Total provision for income taxes | $ 119,405 | $ 165,187 | $ 315,481 | $ 404,438 |
Note 11 - Defined Contributio_2
Note 11 - Defined Contribution Plan (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Contribution Plan, Cost | $ 54,500 | $ 54,500 |
DC Plan [Member] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 109,000 | |
DC Plan [Member] | Discretionary Contributions Vesting at Two Years [Member] | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20% | |
DC Plan [Member] | Discretionary Contributions Vesting Each Additional Year [Member] | ||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20% |
Note 12 - Other Information - S
Note 12 - Other Information - Summary of Accrued Expenses (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Bonuses | $ 93,502 | $ 175,496 |
Distribution fees | 411,361 | 395,536 |
Payroll and related expenses | 138,878 | 53,475 |
Reserve for outdated material | 277,274 | 369,154 |
Company 401(k) contribution | 54,500 | 94,326 |
Audit fee | 42,500 | 66,500 |
Annual report expenses | 27,449 | 68,349 |
Sales rebates | 62,774 | 80,926 |
Insurance | 43,250 | 0 |
Other | 25,159 | 18,294 |
Total Accrued Expenses | $ 1,176,647 | $ 1,322,056 |
Note 14 - Concentrations of C_2
Note 14 - Concentrations of Credit Risk (Details Textual) - Customer Concentration Risk [Member] - Distributors and Marketing Partners [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue Benchmark [Member] | ||||
Concentration Risk, Percentage | 81% | 65% | 78% | 72% |
Accounts Receivable [Member] | ||||
Concentration Risk, Percentage | 84% | 68% | 84% | 68% |
Note 15 - Related-party Trans_2
Note 15 - Related-party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Previous President and CEO [Member] | Consulting Services [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 30,000 | $ 0 | $ 60,000 | $ 0 |
Director [Member] | Accounting and Tax Services [Member] | ||||
Related Party Transaction, Amounts of Transaction | $ 3,000 | $ 5,000 | $ 3,000 | $ 5,000 |
Note 16 - Earnings Per Share (D
Note 16 - Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share, Basic, Total (in dollars per share) | $ 0.10 | $ 0.14 | $ 0.26 | $ 0.34 |