United-Guardian (UG) 10-Q 13 May 24 2024 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 01, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net sales	$ 3,254,944	$ 2,570,324
Costs and expenses:
Cost of sales	1,556,490	1,093,595
Operating expenses	568,865	517,946
Research and development	102,982	126,959
Total costs and expenses	2,228,337	1,738,500
Income from operations	1,026,607	831,824
Other Income:
Investment income	98,073	47,632
Net gain on marketable securities	41,496	72,701
Total other income	139,569	120,333
Income before provision for income taxes	1,166,176	952,157
Provision for income taxes	240,734	196,076
Net income	$ 925,442	$ 756,081
Earnings per common share
Weighted average shares – basic and diluted (in shares)	4,594,319	4,594,319
Weighted average shares – basic and diluted (in shares)	4,594,319	4,594,319

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 7,073,296	$ 8,243,122
Marketable securities	1,536,336	851,318
Accounts receivable, net of allowance for credit losses of $24,321 at March 31, 2024 and $16,672 at December 31, 2023	2,133,131	1,566,839
Inventories (net)	1,278,691	1,223,506
Prepaid expenses and other current assets	207,584	191,708
Prepaid income taxes	200,951	176,220
Total current assets	12,429,989	12,252,713
Deferred income taxes	0	50,930
Net property, plant, and equipment:
Land	69,000	69,000
Factory equipment and fixtures	4,689,802	4,669,936
Building and improvements	2,978,667	2,976,577
Total property, plant, and equipment	7,737,469	7,715,513
Less: Accumulated depreciation	7,120,029	7,096,318
Total property, plant, and equipment (net)	617,440	619,195
TOTAL ASSETS	13,047,429	12,922,838
Current liabilities:
Accounts payable	418,650	134,449
Accrued expenses	1,422,319	1,363,044
Deferred revenue	0	15,498
Dividends payable	21,377	21,265
Total current liabilities	1,862,346	1,534,256
Deferred income taxes	19,639	0
Total liabilities	1,881,985	1,534,256
Commitments and Contingencies
Stockholders’ equity:
Common stock $.10 par value; 10,000,000 shares authorized; 4,594,319 shares issued and outstanding at March 31, 2024 and December 31, 2023	459,432	459,432
Retained earnings	10,706,012	10,929,150
Total stockholders’ equity	11,165,444	11,388,582
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 13,047,429	$ 12,922,838

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 24,321	$ 16,672
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.1	$ 0.1
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] Dividend Paid [Member]	Common Stock [Member]	Common Stock, Amount [Member]	Retained Earnings [Member] Dividend Paid [Member]	Retained Earnings [Member]	Dividend Paid [Member]	Total
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
Dividends							0
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, 2023		4,594,319
Balance at Dec. 31, 2023		$ 459,432			10,929,150		11,388,582
Net income					925,442		925,442
Dividends	$ 0	$ 0		$ (1,148,468)	(112)	$ (1,148,468)	(112)
Balance (in shares) at Mar. 31, 2024		4,594,319
Balance at Mar. 31, 2024		$ 459,432			$ 10,706,012		$ 11,165,444

Statements of Changes in Stoc_2

Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals)	3 Months Ended
	Mar. 31, 2024 $ / shares
Dividend Paid [Member]
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 0.25
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 0.25

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 925,442	$ 756,081
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	23,711	24,455
Net gain on marketable securities	(41,496)	(72,701)
Allowance for (recovery of) credit losses	7,649	(9)
Change in allowance for obsolete inventory	(17,000)	16,500
Deferred income taxes	70,569	(50,553)
(Increase) decrease in operating assets:
Accounts receivable	(573,941)	(53,078)
Inventories	(38,185)	(814,577)
Prepaid expenses and other current assets	(15,876)	(29,078)
Prepaid income taxes	(24,731)	96,629
Increase (decrease) in operating liabilities:
Accounts payable	284,201	411,093
Accrued expenses and other current liabilities	59,275	(7,983)
Deferred revenue	(15,498)	140,810
Net cash provided by operating activities	644,120	417,589
Cash flows from investing activities:
Acquisition of property, plant, and equipment	(21,956)	(2,582)
Proceeds from sale of marketable securities	150,000	0
Purchase of marketable securities	(793,522)	(43,506)
Net cash used in investing activities	(665,478)	(46,088)
Net cash used in financing activities
Dividends paid	(1,148,468)	0
Net cash used in financing activities	(1,148,468)	0
Net (decrease) increase in cash and cash equivalents	(1,169,826)	371,501
Cash and cash equivalents at beginning of period	8,243,122	830,452
Cash and cash equivalents at end of period	7,073,296	1,201,953
Supplemental disclosure of cash flow information:
Taxes paid	250,000	150,000
Supplemental disclosure of non-cash items:
Dividends payable	$ 112	$ 0

Note 1 - Nature of Business

Note 1 - Nature of Business	3 Months Ended
	Mar. 31, 2024
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, pharmaceutical products, medical lubricants, and sexual wellness ingredients. Prior to July 1, 2023, the Company manufactured and reported sales of a line of specialty industrial products; however, this product line was discontinued after the second quarter of 2023 due to low sales volume with no growth prospects. The Company conducts research and product development leading to commercialization of new premium ingredients for cosmetics and healthcare products. The Company’s research and development department also modifies, refines, and expands the uses for existing products, with the goal of further developing the market for its products. The Company also develops new products using natural and environmentally friendly raw materials, which is a priority for many of the Company’s cosmetic customers.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	3 Months Ended
	Mar. 31, 2024
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 months ended March 31, 2024 (also referred to as the “first quarter of 2024”) are not necessarily indicative of results that ultimately may be achieved for any other interim period or for the year ending December 31, 2024. The interim unaudited condensed financial statements and notes thereto should be read in conjunction with the audited condensed financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2023.

Note 3 - Impact of Global Suppl

Note 3 - Impact of Global Supply Chain Instability and Inflation	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Impact of Coronavirus (COVID-19) [Text Block]	3. Impact of Global Supply Chain Instability and Inflation The continued supply chain instability, primarily caused by military conflicts in the Middle East, has impacted vessels’ access to the Red Sea and Suez Canal. The Company is working closely with its suppliers regarding lead times and continues to closely monitor this situation. Although we have not yet experienced any delays in receiving raw materials or an increase in shipping costs, we are aware that the situation is fluid and could impact the Company at any time. If that occurs, we may experience longer lead times and increased shipping costs for some of our raw materials, which may impact our future gross margins. As a result of this global supply chain instability, the softer consumer demand and higher interest rates, there continues to be uncertainty regarding the potential impact on our operations and financial results and we are unable to provide an accurate estimate or projection as to what the future impact will be.

Note 4 - Use of Estimates

Note 4 - Use of Estimates	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Use of Estimates Disclosure [Text Block]	4. Use of Estimates In preparing financial statements in conformity with Generally Accepted Accounting Principles in the United States of America (“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 and revenue and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for credit losses, reserve for inventory obsolescence, accrued distribution fees, outdated material returns, possible impairment of marketable securities and the allocation of overhead.

Note 5 - Cash and Cash Equivale

Note 5 - Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2024
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 are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At March 31, 2024, approximately $425,000 exceeded the FDIC limit, compared with $315,000 at December 31, 2023. The following table summarizes the Company’s cash and cash equivalents: March 31, December 31, 2024 2023 Demand Deposits $ 300,684 $ 340,034 Certificates of Deposit (original 3-month maturity) - 125,000 Money Market Funds 533,073 1,031,361 U.S. Treasury Bills (original 3-month maturity) 6,239,539 6,746,727 Total cash and cash equivalents $ 7,073,296 $ 8,243,122

Note 6 - Accounts Receivable an

Note 6 - Accounts Receivable and Reserves	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Accounts and Nontrade Receivable [Text Block]	6. Accounts Receivable and Reserves As of January 1, 2023, the Company adopted FASB Accounting Standards Update (“ASU”) No. 2016-13 , Measurement of Credit Losses on Financial Instruments The carrying amount of accounts receivable is reduced by an allowance for credit losses that reflects the Company’s best estimate of the amounts that will not 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 is based on the Current Expected Credit Losses (“CECL”). At March 31, 2024, and December 31, 2023, the allowance for credit losses related to accounts receivable amounted to $24,321 and $16,672, respectively.

Note 7 - Revenue Recognition

Note 7 - Revenue Recognition	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	7. Revenue Recognition The Company records revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers As long as a valid purchase order has been received and future collection of the sale amount is reasonably assured, the Company recognizes revenue from sales of its products when those products are shipped, which is when the Company’s performance obligation is satisfied. The Company’s cosmetic ingredients are shipped “Ex-Works” from the Company’s facility in Hauppauge, NY, and the risk of loss and responsibility for the shipment passes to the customer upon shipment. Sales of the Company’s non-pharmaceutical medical products are deemed final upon shipment, and there is no obligation on the part of the Company to repurchase or allow the return of these goods unless they are defective. Sales of the Company’s pharmaceutical products are final upon shipment unless (a) they are found to be defective; (b) the product is damaged in shipping; (c) the product cannot be sold because it is too close to its expiration date; or (d) the product has expired (but it is not more than one year after the expiration date). This return policy conforms to standard pharmaceutical industry practice. The Company estimates an allowance for outdated material returns based on previous years’ historical returns of its pharmaceutical products. Our sales, as reported, are subject to a variety of deductions, some of which are estimated. These deductions are recorded in the same period that the revenues are recognized. Such deductions, primarily related to sales of the Company’s pharmaceutical products, include chargebacks from the United States Department of Veterans Affairs (“VA”), rebates in connection with the Company’s 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 2024 and 2023, the Company participated in various government drug rebate programs related to the sale of Renacidin®, its most important 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. Our 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. In August of 2022, the Inflation Reduction Act (“IRA”) was signed into law. The IRA made significant changes to the current Medicare Part D benefit design as it relates to discounts available to enrollees from pharmaceutical manufacturers of brand name drugs. Beginning on January 1, 2025, the Centers for Medicare & Medicaid Services (“CMS”) will implement a new Medicare Part D Manufacturer Discount Program (“discount program”), which will replace the current CGDP. The new discount program eliminates the coverage gap benefit phase, introduces pharmaceutical manufacturer discounts in the initial and catastrophic coverage phases and lowers the cap on enrollee out-of-pocket costs. Under the new discount program, additional rebates are expected to be owed by pharmaceutical manufacturers due to the restructuring of the benefit periods. The overall financial impact of this new program will vary depending on the products being reimbursed but does have the potential to increase Medicare Part D rebates for drug manufacturers. At this time, the Company is unable to predict what future impact this new program will have on its financial condition; however, it submitted information to CMS requesting to be classified as a “specified small manufacturer”. If designated as such, the Company would be entitled to a multi-year phase-in period during which it would pay a lower percentage discount on drugs dispensed to beneficiaries. On January 31, 2024, the Company was notified by CMS that it qualified as a specified small manufacturer and will receive the discount phase-in discussed above. The Company does not make sales on consignment, and the collection of the proceeds of 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. At March 31, 2024 and December 31, 2023, the Company had an allowance of $255,494 and $247,847, respectively, for possible outdated material returns, which is included in accrued expenses. There is no asset value associated with these outdated material returns, as these products are destroyed. At December 31, 2023, the Company recorded advance payments from customers of $15,498, which were included in deferred revenue on the balance sheet. The related performance obligations associated with these payments were satisfied in the first quarter of 2024. There were no The Company has distribution fee contracts with certain distributors of its pharmaceutical products that entitle them to distribution and service-related fees. The Company records distribution fees and estimates of distribution fees as offsets to revenue. Disaggregated revenue by product class is as follows: Three months ended March 31, 2024 2023 Cosmetic ingredients $ 1,876,482 $ 761,901 Pharmaceuticals 950,323 1,354,224 Medical lubricants 428,139 421,031 Industrial and other - 33,168 Net Sales $ 3,254,944 $ 2,570,324 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 13% of the Company’s total sales were to customers located outside of the United States in the first quarter of 2024, compared with approximately 24% in the first quarter of 2023. Disaggregated revenue by geographic region is as follows: Three months ended March 31, 2024 2023 United States * $ 2,818,937 $ 1,942,015 Other countries 436,007 628,309 Net Sales $ 3,254,944 $ 2,570,324 *

Note 8 - Accounting for Financi

Note 8 - Accounting for Financial Instruments - Credit Losses	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Credit Loss, Financial Instrument [Text Block]	8. Accounting for Financial Instruments – Credit Losses On January 1, 2023, the Company adopted FASB Accounting Standards Update (“ASU”) No. 2016-13 , Measurement of Credit Losses on Financial Instruments 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 March 31, 2024 and December 31, 2023, the allowance for credit losses on accounts receivable was $24,321 and $16,672, 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 9 - Marketable Securities

Note 9 - Marketable Securities	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	9. Marketable Securities The Company’s marketable securities include investments in equity mutual funds and Certificates of Deposit with maturities longer than three months. The Company’s marketable equity securities are reported at fair value with the related unrealized and realized gains and losses included in net income. Certificates of Deposit are recorded at amortized cost. Realized gains or losses on mutual funds are determined on a specific identification basis. The Company evaluates its investments periodically for possible other-than-temporary impairment by reviewing factors such as the length of time and extent to which fair value had been below cost basis, the financial condition of the issuer and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery of market value. The disaggregated net gains and losses on the marketable securities recognized in the statements of income for the three months ended March 31, 2024 and 2023 are as follows: Three months ended March 31, 2024 2023 Net gains recognized during the period on marketable securities $ 41,496 $ 72,701 Less: Net gains (losses) realized on marketable securities sold during the period - - Net unrealized gains recognized during the reporting period on marketable securities still held at the reporting date $ 41,496 $ 72,701 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: March 31, 2024 (unaudited) Cost Fair Value Unrealized Gain Equity Securities: Equity and other mutual funds $ 577,852 $ 621,336 $ 43,484 Other short-term investments: Fixed income Certificates of Deposit (original maturities > 3 months) 915,000 915,000 - Total marketable securities $ 1,492,852 $ 1,536,336 $ 43,484 December 31, 2023 (audited) Cost Fair Value Unrealized Gain Equity Securities: Equity and other mutual funds $ 574,330 $ 576,318 $ 1,988 Other short-term investments: Fixed income Certificates of Deposit (original maturities > 3 months) 275,000 275,000 - Total marketable securities $ 849,330 $ 851,318 $ 1,988 Investment income is recognized when earned and consists principally of dividend income from equity mutual funds and interest income on 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 redemption of marketable securities were $150,000 in the first quarter of 2024. There were no

Note 10 - Inventories

Note 10 - Inventories	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	10. Inventories March 31, December 31, 2024 2023 Inventories consist of the following: (Unaudited) (Audited) Raw materials $ 490,567 $ 476,501 Work in process 47,516 92,089 Finished products 740,608 654,916 Total inventories $ 1,278,691 $ 1,223,506 Inventories are valued at the lower of cost and net realizable value. Net realizable value is equal to the selling price less the estimated costs of selling and/or disposing of the product. Cost is determined using the average cost method, which approximates cost determined by the first-in, first-out (“FIFO”) method. Finished product inventories at March 31, 2024 and December 31, 2023 are stated net of a reserve of $30,000 and $47,000, respectively, for slow-moving and obsolete inventory.

Note 11 - Income Taxes

Note 11 - Income Taxes	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	11. Income Taxes The Company’s tax provision is based on its estimated annual effective tax rate. The Company continues to fully recognize its tax benefits, and as of March 31, 2024 and December 31, 2023, the Company did not have any unrecognized tax benefits. The Company’s provision for income taxes for the three months ended March 31, 2024 and 2023 comprises the following: Three months ended March 31 2024 2023 Provision for federal income taxes – current $ 169,940 $ 246,379 Provision for state income taxes – current 225 250 Provision for (benefit from) federal income taxes – deferred 70,569 (50,553 ) Total provision for income taxes $ 240,734 $ 196,076

Note 12 - Defined Contribution

Note 12 - Defined Contribution Plan	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Retirement Benefits [Text Block]	12. 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 six

Note 13 - Other Information

Note 13 - Other Information	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	13. Other Information Accrued expenses: March 31, 2024 December 31, 2023 (unaudited) (audited) Bonuses $ 262,819 $ 187,002 Distribution fees 416,998 407,133 Payroll and related expenses 105,438 96,157 Reserve for outdated material 255,494 247,847 Insurance 108,019 - Audit fees 73,243 71,000 Annual report expenses 43,985 81,725 Company 401K contribution 27,250 109,000 Sales rebates 99,319 132,250 Other 29,754 30,930 Total accrued expenses $ 1,422,319 $ 1,363,044

Note 14 - Recent Accounting Pro

Note 14 - Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	14. Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09 “ Income Taxes- Improvements to Income Tax Disclosures

Note 15 - Concentration of Cred

Note 15 - Concentration of Credit Risk	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	15. Concentration of Credit Risk Customer concentration For the three months ended March 31, 2024, three one three

Note 16 - Supplier Concentratio

Note 16 - Supplier Concentration	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Vendor Concentration Risk Disclosure [Text Block]	16. Supplier Concentration Most of the principal raw materials used by the Company consist of common industrial organic and inorganic chemicals and are available in ample supply from numerous sources. However, there are some raw materials used by the Company that are not readily available or require long lead times. During the first quarter of 2024, the Company had four three

Note 17 - Earnings Per Share

Note 17 - Earnings Per Share	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	17. Earnings Per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Basic and diluted earnings per share amounted to $0.20 and $0.16 for the three months ended March 31, 2024 and 2023, respectively.

Note 18 - Related-party Transac

Note 18 - Related-party Transactions	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	18. Related Party Transactions For the quarters ended March 31, 2024 and 2023, the Company made payments of $10,000 and $30,000, respectively, to Ken Globus, the Company’s former President, for consulting services subsequent to his departure from the Company. The Company’s consulting agreement with Ken Globus expires on May 31, 2024. Ken Globus is a director of the Company and currently serves as Chairman of the Board of Directors. For the quarters ended March 31, 2024 and 2023, the Company paid PKF O’Connor Davies $5,250 and $3,000 respectively, for accounting and tax services. Lawrence Maietta, a partner at PKF O’Connor Davies, is a director of the Company.

Note 19 - Dividends

Note 19 - Dividends	3 Months Ended
	Mar. 31, 2024
Notes to Financial Statements
Dividends [Text Block]	19. Dividends On January 30, 2024, the Company’s Board of Directors declared a cash dividend of $0.25 per share, which was paid on February 20, 2024, to all holders of record as of February 12, 2024. During the first quarter of 2024 the Company declared a total of $1,148,580 in dividends, of which $1,148,468 was paid. The balance of $112 is payable to stockholders whose old Guardian Chemical shares have not yet been exchanged to United-Guardian, Inc. shares and are pending escheatment. There were no

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	ITEM 5. OTHER INFORMATION None
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 5 - Cash and Cash Equiva_2

Note 5 - Cash and Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Cash and Cash Equivalents [Table Text Block]	March 31, December 31, 2024 2023 Demand Deposits $ 300,684 $ 340,034 Certificates of Deposit (original 3-month maturity) - 125,000 Money Market Funds 533,073 1,031,361 U.S. Treasury Bills (original 3-month maturity) 6,239,539 6,746,727 Total cash and cash equivalents $ 7,073,296 $ 8,243,122

Note 7 - Revenue Recognition (T

Note 7 - Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three months ended March 31, 2024 2023 Cosmetic ingredients $ 1,876,482 $ 761,901 Pharmaceuticals 950,323 1,354,224 Medical lubricants 428,139 421,031 Industrial and other - 33,168 Net Sales $ 3,254,944 $ 2,570,324
Revenue from External Customers by Geographic Areas [Table Text Block]	Three months ended March 31, 2024 2023 United States * $ 2,818,937 $ 1,942,015 Other countries 436,007 628,309 Net Sales $ 3,254,944 $ 2,570,324

Note 9 - Marketable Securities

Note 9 - Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Gain (Loss) on Securities [Table Text Block]	Three months ended March 31, 2024 2023 Net gains recognized during the period on marketable securities $ 41,496 $ 72,701 Less: Net gains (losses) realized on marketable securities sold during the period - - Net unrealized gains recognized during the reporting period on marketable securities still held at the reporting date $ 41,496 $ 72,701
Marketable Securities [Table Text Block]	March 31, 2024 (unaudited) Cost Fair Value Unrealized Gain Equity Securities: Equity and other mutual funds $ 577,852 $ 621,336 $ 43,484 Other short-term investments: Fixed income Certificates of Deposit (original maturities > 3 months) 915,000 915,000 - Total marketable securities $ 1,492,852 $ 1,536,336 $ 43,484 December 31, 2023 (audited) Cost Fair Value Unrealized Gain Equity Securities: Equity and other mutual funds $ 574,330 $ 576,318 $ 1,988 Other short-term investments: Fixed income Certificates of Deposit (original maturities > 3 months) 275,000 275,000 - Total marketable securities $ 849,330 $ 851,318 $ 1,988

Note 10 - Inventories (Tables)

Note 10 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2024 2023 Inventories consist of the following: (Unaudited) (Audited) Raw materials $ 490,567 $ 476,501 Work in process 47,516 92,089 Finished products 740,608 654,916 Total inventories $ 1,278,691 $ 1,223,506

Note 11 - Income Taxes (Tables)

Note 11 - Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three months ended March 31 2024 2023 Provision for federal income taxes – current $ 169,940 $ 246,379 Provision for state income taxes – current 225 250 Provision for (benefit from) federal income taxes – deferred 70,569 (50,553 ) Total provision for income taxes $ 240,734 $ 196,076

Note 13 - Other Information (Ta

Note 13 - Other Information (Tables)	3 Months Ended
	Mar. 31, 2024
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	Accrued expenses: March 31, 2024 December 31, 2023 (unaudited) (audited) Bonuses $ 262,819 $ 187,002 Distribution fees 416,998 407,133 Payroll and related expenses 105,438 96,157 Reserve for outdated material 255,494 247,847 Insurance 108,019 - Audit fees 73,243 71,000 Annual report expenses 43,985 81,725 Company 401K contribution 27,250 109,000 Sales rebates 99,319 132,250 Other 29,754 30,930 Total accrued expenses $ 1,422,319 $ 1,363,044

Note 5 - Cash and Cash Equiva_3

Note 5 - Cash and Cash Equivalents (Details Textual) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Cash, Uninsured Amount	$ 425,000	$ 315,000

Note 5 - Cash and Cash Equiva_4

Note 5 - Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Certificates of Deposit (original 3-month maturity)	$ 0	$ 125,000
Money market funds	533,073	1,031,361
U.S. Treasury Bills (original 3-month maturity)	6,239,539	6,746,727
Total cash and cash equivalents	7,073,296	8,243,122
Demand Deposits [Member]
Demand deposits	$ 300,684	$ 340,034

Note 6 - Accounts Receivable _2

Note 6 - Accounts Receivable and Reserves (Details Textual) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss	$ 24,321	$ 16,672

Note 7 - Revenue Recognition (D

Note 7 - Revenue Recognition (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Allowance for Material Returns	$ 255,494		$ 247,847
Contract with Customer, Liability, Current	$ 0		$ 15,498
Cosmetic Ingredients [Member] | Non-US [Member] | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]
Concentration Risk, Percentage	13%	24%
ASI [Member] | Non-US [Member] | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]
Concentration Risk, Percentage	83%	78%
ASI [Member] | CHINA | Geographic Concentration Risk [Member] | Revenue Benchmark [Member]
Concentration Risk, Percentage	45%	24%

Note 7 - Revenue Recognition -

Note 7 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Sales	$ 3,254,944	$ 2,570,324
Cosmetic Ingredients [Member]
Net Sales	1,876,482	761,901
Pharmaceuticals [Member]
Net Sales	950,323	1,354,224
Medical [Member]
Net Sales	428,139	421,031
Industrial And Other [Member]
Net Sales	$ 0	$ 33,168

Note 7 - Revenue Recognition _2

Note 7 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net Sales	$ 3,254,944	$ 2,570,324
UNITED STATES
Net Sales	2,818,937	1,942,015
Non-US [Member]
Net Sales	$ 436,007	$ 628,309

Note 8 - Accounting for Finan_2

Note 8 - Accounting for Financial Instruments - Credit Losses (Details Textual) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Accounts Receivable, Allowance for Credit Loss, Current	$ 24,321	$ 16,672

Note 9 - Marketable Securitie_2

Note 9 - Marketable Securities (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Proceeds from Sale and Maturity of Marketable Securities	$ 150,000	$ 0

Note 9 - Marketable Securitie_3

Note 9 - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net (losses) gains recognized during the period on marketable securities	$ 41,496	$ 72,701
Less: Net losses recognized during the period on marketable securities sold during the period	0	0
Unrealized (losses) gains recognized during the reporting period on marketable securities still held at the reporting date	$ 41,496	$ 72,701

Note 9 - Marketable Securitie_4

Note 9 - Marketable Securities - Summary of Investments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Equity and other mutual funds, cost	$ 577,852	$ 574,330
Equity and other mutual funds, fair value	621,336	576,318
Equity and other mutual funds, unrealized gain	43,484	1,988
Fixed income certificates of deposit, cost	915,000	275,000
Fixed income certificates of deposit, fair value	915,000	275,000
Fixed income certificates of deposit, unrealized loss	0
Marketable securities, cost	1,492,852	849,330
Marketable securities	1,536,336	851,318
Marketable securities, unrealized loss	$ 43,484	$ 1,988

Note 10 - Inventories (Details

Note 10 - Inventories (Details Textual) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Inventory Valuation Reserves	$ 30,000	$ 47,000

Note 10 - Inventories - Summary

Note 10 - Inventories - Summary of Inventories (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Raw materials	$ 490,567	$ 476,501
Work in process	47,516	92,089
Finished products	740,608	654,916
Total inventories	$ 1,278,691	$ 1,223,506

Note 11 - Income Taxes - Provis

Note 11 - Income Taxes - Provision for Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Provision for federal income taxes - current	$ 169,940	$ 246,379
Provision for state income taxes - current	225	250
Provision for (benefit from) federal income taxes – deferred	70,569	(50,553)
Total provision for income taxes	$ 240,734	$ 196,076

Note 12 - Defined Contributio_2

Note 12 - Defined Contribution Plan (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Contribution Plan, Cost	$ 27,250	$ 27,250
DC Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	4%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 109,000	$ 94,326
DC Plan [Member] | Discretionary Contributions Vesting at Two Years [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	20%
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year)	2 years
DC Plan [Member] | Discretionary Contributions Vesting Each Additional Year [Member]
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	20%
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year)	6 years

Note 13 - Other Information - S

Note 13 - Other Information - Summary of Accrued Expenses (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Bonuses	$ 262,819	$ 187,002
Distribution fees	416,998	407,133
Payroll and related expenses	105,438	96,157
Reserve for outdated material	255,494	247,847
Insurance	108,019	0
Audit fee	73,243	71,000
Annual report expenses	43,985	81,725
Company 401(k) contribution	27,250	109,000
Sales rebates	99,319	132,250
Other	29,754	30,930
Total Accrued Expenses	$ 1,422,319	$ 1,363,044

Note 15 - Concentration of Cr_2

Note 15 - Concentration of Credit Risk (Details Textual)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Distributor [Member]
Number of Customers	3	3
Marketing Partner [Member]
Number of Customers	1
Distributors and Marketing Partners [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	83%	74%
Distributors and Marketing Partners [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	90%	79%

Note 16 - Supplier Concentrat_2

Note 16 - Supplier Concentration (Details Textual)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Number of Vendors	4	3
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Four Raw Material Vendors [Member]
Concentration Risk, Percentage	88%
Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Concentration Risk [Member] | Three Raw Material Vendors [Member]
Concentration Risk, Percentage		85%

Note 17 - Earnings Per Share (D

Note 17 - Earnings Per Share (Details Textual) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Basic, Total (in dollars per share)	$ 0.2	$ 0.16

Note 18 - Related-party Trans_2

Note 18 - Related-party Transactions (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Previous President and CEO [Member] | Consulting Services [Member]
Related Party Transaction, Amounts of Transaction	$ 10,000	$ 30,000
Director [Member] | Accounting and Tax Services [Member]
Related Party Transaction, Amounts of Transaction	$ 5,250	$ 3,000

Note 19 - Dividends (Details Te

Note 19 - Dividends (Details Textual) - USD ($)		3 Months Ended
	Jan. 30, 2024	Mar. 31, 2024	Mar. 31, 2023
Common Stock, Dividends, Per Share, Declared	$ 0.25
Dividends Declared		$ 1,148,580	$ 0
Dividends, Paid		1,148,468	$ 0
Dividends Payable		$ 112