United-Guardian (UG) 10-Q 11 Aug 23 2023 Q2 Quarterly report Financial data

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