Acme United (ACU) 10-K 31 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 12, 2021	Jun. 30, 2020
Cover [Abstract]
Entity Registrant Name	ACME UNITED CORP
Entity Central Index Key	0000002098
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		3,342,210
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Entity Public Float			$ 67,031,281
Trading Symbol	ACU
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity File Number	01-07698
Entity Tax Identification Number	06-0236700
Entity Address, Address Line One	55 Walls Drive
Entity Address, City or Town	Fairfield
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06824
City Area Code	203
Local Phone Number	254-6060
Entity Interactive Data Current	Yes
Title of 12(b) Security	$2.50 par value Common Stock
Security Exchange Name	NYSEAMER
Entity Incorporation, State or Country Code	CT
Document Annual Report	true
Document Transition Report	false
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
ICFR Auditor Attestation Flag	true
Documents Incorporated by Reference	DOCUMENTS INCORPORATE BY REFERENCE (1) Certain portions of the Company’s Proxy Statement for the Annual Meeting scheduled for April 20, 2021 are incorporated into the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, in Part III.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Condensed Consolidated Statements Of Operations
Net sales	$ 164,003,040	$ 142,457,342
Cost of goods sold	104,408,326	90,456,484
Gross profit	59,594,714	52,000,858
Selling, general and administrative expenses	48,182,050	43,571,510
Operating income	11,412,664	8,429,348
Non-operating items:
Interest expense	(944,363)	(1,828,408)
Interest income	24,654	39,896
Interest expense, net	(919,709)	(1,788,512)
Other expense	(666,227)	(97,672)
Total other expense, net	(1,585,936)	(1,886,184)
Income before income tax expense	9,826,728	6,543,164
Income tax expense	1,727,962	1,029,556
Net income	$ 8,098,766	$ 5,513,608
Basic earnings per share	$ 2.42	$ 1.65
Diluted earnings per share	$ 2.31	$ 1.60

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Condensed Consolidated Statements Of Comprehensive Loss Income [Abstract]
Net income	$ 8,098,766	$ 5,513,608
Other comprehensive gain
Foreign currency translation	647,632	45,223
Change in net prior service credit and actuarial gains, net of income tax expense	514,271	143,906
Total other comprehensive income (loss)	1,161,903	189,129
Comprehensive income	$ 9,260,669	$ 5,702,737

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 4,167,376	$ 6,821,883
Accounts receivable, less allowance	27,173,431	25,484,865
Inventories	50,704,197	39,261,105
Prepaid expenses and other current assets	1,640,904	1,578,248
Total current assets	83,685,908	73,146,101
Property, plant and equipment:
Land	1,770,453	1,420,104
Buildings	12,898,761	10,095,529
Machinery and equipment	24,524,045	19,111,801
Total property, plant and equipment	39,193,259	30,627,434
Less: accumulated depreciation	18,954,352	16,591,890
Net property, plant and equipment	20,238,907	14,035,544
Intangible assets, less accumulated amortization	18,721,423	15,792,738
Goodwill	4,799,829	4,696,370
Operating lease right-of-use asset, net	2,421,669	2,989,272
Other assets		88,828
Total assets	129,867,736	110,748,853
Current liabilities:
Accounts payable	7,601,123	6,692,692
Operating lease liability - current portion	872,908	1,047,498
Current portion of mortgage payable	266,667	266,667
Other accrued liabilities	11,460,024	8,576,248
Total current liabilities	20,200,722	16,583,105
Long-term debt	38,767,167	33,240,407
Mortgage payable, net of current portion	2,911,111	3,177,778
Operating lease liability - non-current portion	1,654,025	1,960,996
Deferred income taxes	110,221	49,284
Other non-current liabilities		32,302
Total liabilities	67,151,293	55,043,872
STOCKHOLDERS' EQUITY
Common stock, par value $2.50: authorized 8,000,000 shares; issued - 4,840,571 shares in 2020 and 4,838,071 in 2019, including treasury stock	12,100,663	12,094,413
Treasury stock, at cost, 1,501,658 in 2020 and 1,487,238 shares in 2019	(14,522,178)	(14,235,190)
Additional paid-in capital	7,930,673	8,262,208
Accumulated other comprehensive loss	(825,967)	(1,987,870)
Retained earnings	58,033,252	51,571,420
Total stockholders' equity	62,716,443	55,704,981
Total liabilities and stockholders' equity	129,867,736	$ 110,748,853
PPP Loan
Current liabilities:
Long-term debt	$ 3,508,047

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
STOCKHOLDERS' EQUITY
Common stock, par value	$ 2.50	$ 2.50
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares issued	4,840,571	4,838,071
Treasury stock, shares	1,501,658	1,487,238

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Treasury Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Retained EarningsCumulative Effect, Period of Adoption, Adjustment
Beginning Balance at Dec. 31, 2018	$ 52,332,411	$ 12,094,413	$ (14,235,190)	$ 8,981,523	$ (2,057,985)	$ (119,014)	$ 47,549,650	$ 119,014
Beginning Balance, shares at Dec. 31, 2018		3,350,833
Net income	5,513,608						$ 5,513,608
Other comprehensive Income	$ 189,129				$ 189,129
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201802Member				us-gaap:AccountingStandardsUpdate201802Member		us-gaap:AccountingStandardsUpdate201802Member
Stock compensation expense	$ 968,467			968,467
Distribution to shareholders	(1,610,852)						$ (1,610,852)
Cash settlement of stock options	(1,687,782)			(1,687,782)
Ending Balance at Dec. 31, 2019	55,704,981	$ 12,094,413	(14,235,190)	8,262,208	$ (1,987,870)		51,571,420
Ending Balance, shares at Dec. 31, 2019		3,350,833
Net income	8,098,766						8,098,766
Other comprehensive Income	1,161,903				1,161,903
Stock compensation expense	1,259,079			1,259,079
Distribution to shareholders	(1,636,934)						(1,636,934)
Issuance of common stock	59,754	$ 6,250		53,504
Issuance of common stock (shares)		2,500
Cash settlement of stock options	(1,644,118)			(1,644,118)
Purchase of treasury stock	$ (286,988)		(286,988)
Purchase of treasury stock (shares)	(14,420)	(14,420)
Ending Balance at Dec. 31, 2020	$ 62,716,443	$ 12,100,663	$ (14,522,178)	$ 7,930,673	$ (825,967)		$ 58,033,252
Ending Balance, shares at Dec. 31, 2020		3,338,913

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net income	$ 8,098,766	$ 5,513,608
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	2,427,557	2,181,060
Amortization	1,324,423	1,251,662
Stock compensation expense	1,259,079	968,467
Deferred income taxes	60,937	162,637
Non-cash lease expense	86,042	19,222
Provision for doubtful accounts	778,869	290,128
Pension settlement	526,857
Changes in operating assets and liabilities
Accounts receivable	(2,028,341)	(784,562)
Inventories	(10,049,513)	2,089,861
Prepaid expenses and other current assets	159,078	666,070
Accounts payable	460,179	(1,525,060)
Other accrued liabilities	2,617,103	3,869,138
Total adjustments	(2,377,730)	9,188,623
Net cash provided by operating activities	5,721,036	14,702,231
Investing activities:
Purchase of property, plant and equipment	(2,569,174)	(1,680,479)
Net cash used by investing activities	(13,951,902)	(1,680,479)
Financing activities:
Net borrowings (repayments) of long-term debt	5,526,760	(7,042,708)
Repayments on mortgage	(266,667)	(266,667)
Distributions to stockholders	(1,604,706)	(1,608,956)
Cash settlement of stock options	(1,644,118)	(1,687,782)
Purchase of treasury stock	(286,988)
Issuance of common stock	58,754
Net cash provided by (used in) financing activities	5,291,082	(10,606,113)
Effect of exchange rate changes	285,277	(2,799)
Net (decrease) increase in cash and cash equivalents	(2,654,507)	2,412,841
Cash and cash equivalents at beginning of year	6,821,883	4,409,042
Cash and cash equivalents at end of year	4,167,376	6,821,883
Supplemental cash flow information:
Cash paid for income taxes	755,337	422,339
Cash paid for interest expense	930,357	$ 1,863,961
PPP Loan
Financing activities:
Proceeds from PPP Loan	3,508,047
Med-Nap, LLC
Investing activities:
Acquisition	(9,307,518)
First Aid Central
Operating activities:
Net income	300,000
Investing activities:
Acquisition	$ (2,075,210)

Operations

Operations	12 Months Ended
	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements Abstract
Operations	1. Operations The operations of Acme United Corporation (the “Company”) consist of three reportable segments. The operations of the Company are structured and evaluated based on geographic location. The three reportable segments operate in the United States (including Asian operations), Canada and Europe. Principal products across all segments are scissors, shears, knives, rulers, pencil sharpeners, first aid safety kits, and related products which are sold primarily to wholesale, contract and retail stationery distributors, office supply super stores, mass market retailers, industrial distributors, school supply distributors, drug store retailers, sporting goods stores, hardware chains and wholesale florists.

Accounting Policies

Accounting Policies	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Accounting Policies	2. Accounting Policies Estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management 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 the reported amounts of revenues and expenses during the reporting period. The most sensitive and significant accounting estimates relate to customer rebates, valuation allowances for deferred income tax assets, obsolete and slow-moving inventories, potentially uncollectible accounts receivable, intangibles, accruals for income taxes and stock-based compensation. Actual results could differ from those estimates. Principles of Consolidation – The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned by the Company. All significant intercompany accounts and transactions are eliminated in consolidation. Translation of Foreign Currency – For foreign operations whose functional currencies are not U.S. dollars, assets and liabilities are translated at rates in effect at the end of the year; revenues and expenses are translated at average rates in effect during the year. Resulting translation adjustments are made directly to accumulated other comprehensive income. Foreign currency transaction gains and losses are recognized in operating results. Included in other expense were foreign currency transaction gains of $96,372 in 2020 and foreign currency transaction losses of $38,988 in 2019 Cash Equivalents – Investments with an original maturity of three months or less, as well as time deposits and certificates of deposit that are readily redeemable at the date of purchase, are considered cash equivalents. Accounts Receivable – Accounts receivable are shown less an allowance for doubtful accounts of $1,151,715 at December 31, 2020 and $522,560 at December 31, 2019. Inventories – Inventories are stated at the lower of cost, or net realizable value, determined by the first-in, first-out method. Property, Plant and Equipment, and Depreciation – Property, plant and equipment is recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets. The range of estimated useful lives of these assets are as follows: buildings useful lives range from 10 to 39 years; machinery and equipment useful lives range from 3 to 10 years. Intangible Assets and Goodwill – Intangible assets with finite useful lives are recorded at cost upon acquisition and amortized over the term of the related contract, if any, or useful life, as applicable. Intangible assets held by the Company with finite useful lives include patents and trademarks. Patents and trademarks are amortized over their estimated useful lives. The weighted average amortization period for intangible assets at December 31, 2020 was 9 years. The Company periodically reviews the values recorded for intangible assets and goodwill to assess recoverability from future operations whenever events or changes in circumstances indicate that its carrying amounts may not be recoverable. At December 31, 2020 and 2019, the Company assessed the recoverability of its long-lived assets and goodwill and believed that there were no events or circumstances present that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives. Deferred Income Taxes – Deferred income taxes are provided for the differences between the financial statement and tax bases of assets and liabilities, and on operating loss carryovers, using tax rates in effect in years in which the differences are expected to reverse. Leases – The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with right-of-use (“ROU”) assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. Lessees and lessors may elect to apply a package of practical expedients permitting entities not to reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. These practical expedients must be elected as a package and consistently applied. The Company has elected to apply the package of practical expedients upon adoption. ROU assets and lease liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. As most of our leases d o not provide an implicit rate, the present value of lease payments is determined primarily using our incremental borrowing rate based on the information available at the lease commencement date. The incremental borrowing rate is the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term on an amount equal to the lease payments in a similar economic environment. Lease arrangements with lease and non-lease components are generally accounted for as a single lease component. The Company's operating lease expense is recognized on a straight-line basis over the lease term. Revenue Recognition – The Company's revenues result from the sale of goods or services and reflect the consideration to which the Company expects to be entitled. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"). For its contracts with customers, the Company identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) the performance obligation is transferred to the customer. A good or service is transferred when (or as) the customer obtains control of that good or service. Depending on the contractual terms of each customer, revenue is recognized either at the time of shipment or upon delivery. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Customer rebates and incentives earned based on promotional programs in place volume of purchases or other factors are also estimated at the time of revenue recognition and recorded as a reduction of that revenue. Refer to Note 9 – Revenue from Contracts with Customers, in the notes to consolidated financial statements in this report for a more detailed discussion. Research and Development – Research and development costs ($251,000 in 2020 and $596,000 in 2019) are included in selling, general and administrative expenses and expensed as incurred. Shipping Costs – The costs of shipping product to our customers ($7,486,600 in 2020 and $6,695,223 in 2019) are included in selling, general and administrative expenses. Advertising Costs – The Company expenses the production costs of advertising the first time that the related advertising takes place. Advertising costs ($1,084,261 in 2020 and $1,104,543 in 2019) are included in selling, general and administrative expenses. Subsequent Events – The Company has evaluated events and transactions subsequent to December 31, 2020 through the date the consolidated financial statements were included in this Form 10-K and filed with the SEC. Concentration – The Company performs ongoing credit evaluations of its customers and generally does not require collateral for the extension of credit. Allowances for credit losses are provided and have been within management's expectations. The Company had two customers in 2020 and one customer in 2019 that individually exceeded 10% of consolidated net sales. Net sales to these customers were approximately 18% and 13% of consolidated net sales in 2020 and 17% in 2019. Recently Issued and Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosures Requirements for Defined Benefit Plans Income Statement - Reporting Comprehensive Income (Topic 220) In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In February 2018, the FASB issued ASU No. 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . ASU No. 2018-02 provides companies with an option to reclassify stranded tax effects within accumulated other comprehensive income (“AOCI”) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. ASU No. 2018-02 also requires disclosure of a description of the accounting policy for releasing income tax effects from AOCI and whether an election was made to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act. ASU No. 2018-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Companies can adopt the provisions of ASU No. 2018-02 in either the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. This ASU was adopted effective January 1, 2019 and result ed in a reclassification between retained earnings and accumulated other comprehensive loss . The impact from this ASU increase d retained earnings by approximately $0.1 million, with an offsetting increase to accumulated other comprehensive loss for the same amount. In January 2017 , - , Intangibles – Goodwill and Other (Topic ): Simplifying the Test for Goodwill Impairment 2 not . not

Inventories

Inventories	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories	3. Inventories Inventories consisted of: December 31, 2020 2019 Finished goods $ 40,287,710 $ 32,899,114 Work in process 67,208 274,158 Materials and supplies 10,349,279 6,087,833 Inventories: $ 50,704,197 $ 39,261,105 Inventories are stated net of valuation allowances for slow moving and obsolete inventory of $1,471,925 as of December 31, 2020 and $696,486 as of December 31, 2019.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	12 Months Ended
	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	4. Intangible Assets and Goodwill The Company’s intangible assets and goodwill consisted of: December 31, 2020 2019 First Aid Only Tradename $ 3,410,000 $ 3,410,000 First Aid Only Customer List 5,500,010 5,500,010 DMT Trademarks 1,387,000 1,387,000 DMT Customer List 1,369,000 1,369,000 DMT Non-Compete 183,000 183,000 Slice License Agreement 379,921 379,921 Patents 2,271,980 2,271,980 Trademarks 663,698 663,698 Pac-Kit Tradename, Customer List 1,500,000 1,500,000 Spill Magic Customer List 3,965,000 3,965,000 Spill Magic Trademarks 1,034,000 1,034,000 Spill Magic Non-Compete 67,111 67,111 C-Thru Customer List 1,050,000 1,050,000 FAC 1,332,963 - Med-Nap 2,920,145 - Subtotal 27,033,828 22,780,720 Less: Accumulated Amortization 8,312,405 6,987,982 Intangible Assets $ 18,721,423 $ 15,792,738 Goodwill $ 4,799,829 $ 4,696,370 Total: $ 23,521,252 $ 20,489,108 Amortization expense for patents and

Other Accrued Liabilities

Other Accrued Liabilities	12 Months Ended
	Dec. 31, 2020
Payables And Accruals [Abstract]
Other Accrued Liabilities	5. Other Accrued Liabilities The Company’s other current and non-current accrued liabilities consisted of: December 31, 2020 2019 Customer Rebates $ 6,068,294 $ 4,849,081 Pension Liability — 44,667 Accrued Compensation 3,072,375 1,695,464 Dividend Payable 434,546 402,318 Income Taxes Payable 459,596 261,539 Other 1,425,213 1,355,481 Total: $ 11,460,024 $ 8,608,550

Pension and Profit Sharing

Pension and Profit Sharing	12 Months Ended
	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Pension and Profit Sharing	6. Pension and Profit Sharing United States employees, hired prior to July 1, 1993, are covered by a funded, defined benefit pension plan. The benefits of this pension plan are based on years of service and the average compensation of the highest three consecutive years during the last ten years of employment. In December 1995, the Company's Board of Directors approved an amendment to the United States pension plan that terminated all future benefit accruals as of February 1, 1996, without terminating the pension plan. In 2020, the Company entered into agreements with an insurance company to transfer future benefit obligations and annuity administration for retirees (or their beneficiaries) in the Company’s defined benefit pension plan. As a result of this agreement, the Company recorded pension settlement charges of $793,524. The Company’s funding policy with respect to its qualified plan was to contribute at least the minimum amount required by applicable laws and regulations. In 2020, the Company contributed $222,857 to the plan. The plan asset weighted average allocation at December 31, 2019, by asset category, were as follows: Asset Category: 2019 Equity Securities 66 % Fixed Income Securities 32 % Other Securities / Investments 2 % Total: 100 % The Company’s investment policy for the pension plan is to minimize risk by balancing investments between equity securities and fixed income securities. Plan funds are invested in long-term obligations with a history of moderate to low risk. The pension plan asset information included below is presented at fair value. ASC 820 establishes a framework for measuring fair value and requires disclosures about assets and liabilities measured at fair value. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels as follows: • Level 1 – Inputs to the valuation methodology based on unadjusted quoted market prices in active markets that are accessible at the measurement date. • Level 2 – Inputs to the valuation methodology that include quoted market prices that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly. • Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The following tables present the pension plan assets by level within the fair value hierarchy as of December 31, 2019: 2019 Level 1 Level 2 Level 3 Total Money Market Fund $ 31 $ 16,763 $ — $ 16,794 Equity Common and Collected Funds 102,030 580,839 — 682,869 Fixed Income Common and Collected Funds 82,670 246,316 — 328,986 Total: $ 184,731 $ 843,918 $ — $ 1,028,649 Other disclosures related to the pension plan follow: 2020 2019 Assumptions used to determine benefit obligation: Discount rate 2.74 % 2.74 % Changes in benefit obligation: Benefit obligation at beginning of year $ (1,073,316 ) $ (1,160,930 ) Interest cost (27,671 ) (41,841 ) Service cost (30,195 ) (25,000 ) Actuarial loss (160,884 ) (46,288 ) Benefits and plan expenses paid 203,596 200,743 Curtailments, settlements and special termination benefits 1,088,470 — Benefit obligation at end of year: $ — $ (1,073,316 ) Changes in plan assets: Fair value of plan assets at beginning of year $ 1,028,649 $ 1,013,831 Actual return on plan assets 40,560 201,148 Employer contribution 222,857 14,413 Benefits and plan expenses paid (203,596 ) (200,743 ) Settlements (1,088,470 ) — Fair value of plan assets at end of year — 1,028,649 Funded status: $ — $ (44,667 ) Amounts recognized in accumulated other comprehensive income: Net actuarial loss $ — $ 689,398 Prior service cost — 538 Total: $ — $ 689,936 Accrued benefits costs are included in other accrued liabilities (non-current). 2020 2019 Assumptions used to determine net periodic benefit cost: Discount rate 2.74 % 3.87 % Expected return on plan assets 6.00 % 6.00 % Components of net benefit expense: Service cost $ 30,195 $ 25,000 Interest cost 27,671 41,841 Expected return on plan assets (40,560 ) (54,330 ) Settlement cost 793,524 — Amortization of prior service costs 538 544 Amortization of actuarial loss 56,739 90,442 837,912 78,497 Net periodic benefit cost: $ 868,107 $ 103,497 The Company employed a building block approach in determining the long-term rate of return for plan assets. Historical markets are studied and long-term historical relationships between equity securities and fixed income securities are preserved consistent with the widely-accepted capital market principle that assets with higher volatility generate higher returns over the long run. Our expected 6% long-term rate of return on plan assets is determined based on long-term historical performance of plan assets, current asset allocation and projected long-term rates of return. The following table discloses the change recorded in other comprehensive income related to benefit costs: 2020 2019 Balance at beginning of the year $ 689,936 $ 881,452 Change in net loss (617,800 ) (100,530 ) Amortization of actuarial loss (71,598 ) (90,442 ) Amortization of prior service cost (538 ) (544 ) Change recognized in other comprehensive income (689,936 ) (191,516 ) Total recognized in other comprehensive income $ — $ 689,936 The Company also has a qualified, 401k plan covering substantially all of its United States employees. Annual Company contributions to this plan are determined by the Company’s Compensation Committee. For the years ended December 31, 2020 and 2019, the Company contributed 50% 6%

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	7. Income Taxes The amounts of income tax expense (benefit) reflected in operations is as follows: 2020 2019 Current: Federal $ 880,149 $ (82,673 ) State 159,909 109,593 Foreign 788,314 887,556 Total: $ 1,828,372 $ 914,476 Deferred: Federal $ (59,801 ) $ 92,446 State (40,609 ) 22,634 Total: (100,410 ) 115,080 Total Income Tax Expense: $ 1,727,962 $ 1,029,556 The current state tax provision was comprised of taxes on income, the minimum capital tax and other franchise taxes related to the jurisdictions in which the Company's facilities are located. A summary of United States and foreign income before income taxes follows: 2020 2019 United States $ 4,524,432 $ 800,796 Foreign 5,302,296 5,742,368 Total: $ 9,826,728 $ 6,543,164 As discussed in Note 11 below, for segment reporting, direct import sales are included in the United States segment. However, the revenues are earned by our Hong Kong subsidiary and related income taxes are paid in Hong Kong whose rate approximates 16.5%. As such, income of the Asian subsidiary is included in the foreign income before taxes. The following schedule reconciles the amounts of income taxes computed at the United States statutory rates to the actual amounts reported in operations: 2020 2019 Federal income taxes at 21% statutory rate $ 1,864,097 $ 1,365,124 State and local taxes, net of federal income tax effect 89,842 109,593 Permanent items (99,877 ) (137,051 ) Foreign tax rate difference (126,100 ) (209,216 ) Change in deferred income tax valuation allowance — (98,894 ) Provision for income taxes: $ 1,727,962 $ 1,029,556 The following summarizes deferred income tax assets and liabilities: 2020 2019 Deferred income tax liabilities: Plant, property and equipment $ 1,556,398 $ 1,022,898 1,556,398 1,022,898 Deferred income tax assets: Asset valuations 992,101 604,755 Pension — 81,561 Other 454,076 287,298 1,446,177 973,614 Net deferred income tax liability: $ 110,221 $ 49,284 On January 22, 2018, the FASB released guidance on the accounting for tax on the global intangible low-taxed income (“GILTI”) provisions of the Act. The GILTI provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company considers any potential GILTI as an expense in the period the tax is incurred. In 2020, the Company evaluated its tax positions for years which remain subject to examination by major tax jurisdictions, in accordance with the requirements of ASC 740 and as a result, concluded no adjustment was necessary. The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. The Company’s evaluation of uncertain tax positions was performed for the tax years ended December 31, 2017 and forward, the tax years which remain subject to examination by major tax jurisdictions as of December 31, 2020. Due to the uncertain nature of the realization of the Company's deferred income tax assets based on past performance of its German subsidiary and net loss carry forward expiration dates, the Company has recorded a valuation allowance for the amount of deferred income tax assets which are not expected to be realized. This valuation allowance, all of which is related to deferred tax assets resulting from net operating losses of the Company’s German subsidiary, is subject to periodic review, and, if the allowance is reduced, the tax benefit will be recorded in future operations as a reduction of the Company's tax expense.

Long-Term Debt and Shareholders

Long-Term Debt and Shareholders' Equity	12 Months Ended
	Dec. 31, 2020
Debt [Abstract]
Long-Term Debt and Shareholders' Equity	8. Long-Term Debt and Shareholders’ Equity Long-term debt consists of borrowings under the Company’s revolving loan agreement with HSBC Bank, N.A. The agreement provides for borrowings of up to $50 million at Prime Rate less 1.25%. The credit facility has an expiration date of May 24, 2023. The Company must pay a facility fee, payable quarterly, in an amount equal to two tenths of one percent (.20%) per annum of the average daily unused portion of the revolving credit line. The facility is intended to provide liquidity for growth, share repurchases, dividends, acquisition and other business activities. Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than zero, measured as of the end of each fiscal year. December 31, 2020, the Company was in compliance with the covenants then in effect under the loan agreement. As of December 31, 2020, $38,767,167 was outstanding and $11,232,833 was available for borrowing under the Company’s revolving loan agreement. The Company’s First Aid Only manufacturing and distribution center in Vancouver, WA On November 14, 2019, the Company announced a Common Stock repurchase program of up to a total of 200,000 shares. The program does not have an expiration date. During the twelve months ended December 31, 2020, the Company On May 7, 2020, the Company received a loan (the “PPP Loan”) from HSBC Bank, N.A. in the amount of $3,508,047 under the Paycheck Protection Program established by the Coronavirus Aid, Relief and Economic Security Act. Subject to potential forgiveness, as described below, the PPP Loan matures in two years on May 8, 2022, bears interest at a rate of 1.00% per year and is evidenced by a promissory note dated May 7, 2020 (the “Note”). Monthly payments of principal and interest are deferred until after any application for forgiveness submitted by the Company has been acted upon, as described below. The PPP Loan is unsecured and federally guaranteed. The Note contains customary events of default relating to, among other things, failure to make payments of principal and interest and breaches of representations and warranties. The Company may prepay the PPP Loan at any time prior to maturity with no penalty. All or a portion of the PPP Loan may be eligible to be forgiven by the U.S. Small Business Administration (“SBA”) and the lender upon application by the Company, provided that the Company shall have used the loan proceeds for eligible purposes, including the payment of payroll, benefits, rent, mortgage interest and utilities, during the 24 week period beginning on the date of funding of the loan (the “covered period”). Not more than 40% of the amount forgiven may be for non-payroll costs. Consistent with the requirements of the PPP for loan forgiveness, the Company used the loan proceeds solely for payment of payroll and otherwise in a manner which it believes satisfy the requirements for loan forgiveness. In August 2020, the Company submitted an application for forgiveness of the entire amount of the PPP loan to HSBC Bank, N.A. (the Lender). The lender approved the forgiveness application and, on August 26, 2020, submitted the Company’s application to the SBA for its approval. The SBA subsequently asked the Company to provide certain additional information and documentation in connection with it review of the Company’s forgiveness application and the Company has done so. The application is presently pending. No assurance can be given that the Company’s application for loan forgiveness will be approved by the SBA, in whole or in part. The SBA reserves the right to audit any PPP loan, regardless of size. These audits may occur after forgiveness has been granted. Under the CARES Act, all borrowers are required to maintain their loan documentation for six years after the PPP loan was forgiven or repaid in full and to provide that documentation to the SBA upon request The carrying value of the Company’s bank debt is a reasonable estimate of fair value because of the nature of its payment terms and maturity.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	12 Months Ended
	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Revenue from Contracts with Customers	9. Revenue from Contracts with Customers Nature of Goods and Services The Company recognizes revenue from the sales of a broad line of products that are grouped into two main categories: (i) cutting, sharpening and measuring; and (ii) first aid and safety. The cutting and sharpening category includes scissors, knives, paper trimmers, pencil sharpeners and other sharpening tools. The first aid and safety category includes first aid kits and refills, over-the-counter medications and a variety of safety products. Revenue recognition is evaluated through the following five steps: (i) identification of the contract or contracts with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. When Performance Obligations Are Satisfied A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Revenue is generated by the sale of the Company’s products to its customers. Sales contracts (purchase orders) generally have a single performance obligation that is satisfied at a point in time, with shipment or delivery, depending on the terms of the underlying contract. Revenue is measured based on the consideration specified in the contract. The amount of consideration we receive and revenue we recognize is impacted by incentives ("customer rebates"), including sales rebates, which are generally tied to sales volume levels, in-store promotional allowances, shared media and customer catalogue allowances and other cooperative advertising arrangements; freight allowance programs offered to our customers; and allowance for returns and discounts. The Company generally recognizes customer rebate costs as a deduction to gross sales at the time that the associated revenue is recognized. Significant Payment Terms Payment terms for each customer are dependent on the agreed upon contractual repayment terms. Typically between 30 and 90 days, but they vary dependent on the size of the customer and its risk profile to the Company. Some customers receive discounts for early payment. Product Returns The Company accepts product returns in the normal course of business. The Company estimates reserves for returns and the related refunds to customers based on historical experience. Reserves for returned merchandise are included as a component of “Accounts receivables” in the consolidated balance sheets. Practical Expedient Usage and Accounting Policy Elections For the Company’s contracts that have an original duration of one year or less, the Company uses the practical expedient in ASC 606-10-32-18 applicable to such contracts and accordingly, does not consider the time value of money in relation to significant financing components. The effect of applying this practical expedient election did not have an impact on the Company’s consolidated financial statements. Per ASC 606-10-25-18B, the Company has elected to account for shipping and handling activities that occur after the customer has obtained control as a fulfillment activity instead of a performance obligation. Furthermore, shipping and handling activities performed before transfer of control of the product also do not constitute a separate and distinct performance obligation. The Company has elected to exclude from the transaction price those amounts which relate to sales and other taxes that are assessed by governmental authorities and that are imposed on and concurrent with a specific revenue-producing transaction and collected by the Company from a customer. Applying the practical expedient in ASC 340-40-25-4 – Other Assets and Deferred Costs Disaggregation of Revenues The following table represents external net sales disaggregated by product category, by segment: For the twelve months ended December 31, 2020 (amounts in 000's) United States Canada Europe Total Cutting, Sharpening and Measuring $ 65,805 $ 6,434 $ 11,843 $ 84,082 First Aid and Safety 74,386 4,552 983 79,921 Total Net Sales $ 140,191 $ 10,986 $ 12,826 $ 164,003 For the twelve months ended December 31, 2019 (amounts in 000's) United States Canada Europe Total Cutting, Sharpening and Measuring $ 63,189 $ 6,678 $ 10,062 $ 79,929 First Aid and Safety 62,528 — — 62,528 Total Net Sales $ 125,717 $ 6,678 $ 10,062 $ 142,457

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2020
Segment Information [Abstract]
Segment Information	10. Segment Information The Company reports financial information based on the organizational structure used by the Company’s chief operating decision makers for making operating and investment decisions and for assessing performance. The Company’s reportable business segments consist of: (1) United States; (2) Canada; and (3) Europe. As described below, the activities of the Company’s Asian operations are closely linked to those of the U.S. operations; accordingly, the Company’s chief operating decision makers review the financial results of both on a consolidated basis, and the results of the Asian operations have been aggregated with the results of the United States operations to form one reportable segment called the “United States segment” or “U.S. segment”. Each reportable segment derives its revenue from the sales of cutting devices, measuring instruments and safety products for school, office, home, hardware, sporting and industrial use. Domestic sales orders are filled primarily from the Company’s distribution centers and facilities in North Carolina, Washington, Massachusetts, Tennessee, Florida and California. The Company is responsible for the costs of shipping, insurance, customs clearance, duties, storage and distribution related to such products. Orders filled from the Company’s inventory are generally for less than container-sized lots. Direct import sales are products sold by the Company’s Asian subsidiary, directly to major U.S. retailers who take ownership of the products in Asia. These sales are completed by delivering product to the customers’ common carriers at the shipping points in Asia. Direct import sales are made in larger quantities than domestic sales, typically full containers. Direct import sales represented approximately 10% and 14% of the Company’s total net sales in 2020 and 2019, respectively. The Chief Operating Decision Maker evaluates the performance of each operating segment based on segment revenues and operating income. Segment revenues are defined as total revenues, including both external customer revenue and inter-segment revenue. Segment operating earnings are defined as segment revenues, less cost of goods sold and operating expenses. Identifiable assets by segment are those assets used in the respective reportable segment’s operations. Inter-segment amounts are eliminated to arrive at consolidated financial results. The following table sets forth certain financial data by segment for the fiscal years ended December 31, 2020 and 2019: Financial data by segment: (000’s omitted) Year Ended December 31, 2020 United States Canada Europe Consolidated Net sales $ 140,191 $ 10,986 $ 12,826 $ 164,003 Operating income 8,872 1,332 1,209 11,413 Assets 113,831 7,432 8,605 129,868 Additions to property, plant and equipment 2,386 34 149 2,569 Depreciation and amortization 3,668 95 78 3,841 Year Ended December 31, 2019 United States Canada Europe Consolidated Net sales $ 125,717 $ 6,678 $ 10,062 $ 142,457 Operating income 7,199 771 459 8,429 Assets 98,577 6,168 6,003 110,749 Additions to property, plant and equipment 1,646 2 32 1,680 Depreciation and amortization 3,347 16 70 3,433 The following is a reconciliation of segment operating income to consolidated income before taxes: 2020 2019 Total operating income $ 11,413 $ 8,429 Interest expense, net 920 1,789 Other expense 666 97 Consolidated income before taxes $ 9,827 $ 6,543 The table below presents revenue by geographic area. Revenues are attributed to countries based on location of the customer. Revenues 2020 2019 United States $ 138,921 $ 124,059 International: Canada 10,986 6,678 Europe 12,826 10,062 Other 1,270 1,658 Total International $ 25,082 $ 18,398 Total Revenues $ 164,003 $ 142,457

Stock Option Plans

Stock Option Plans	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Option Plans	11. Stock Option Plans The Company grants stock options under the 2012 Employee Stock Option Plan (the “2012 Employee Plan”) and under the 2017 Non-Salaried Director Stock Option Plan (the “2017 Director Plan”). The Company also has two plans under which the Company no longer grants options but under which certain options remain outstanding: the 2002 Employee stock Option Plan and the 2005 Non-Salaried Director Stock Option Plan (the “2005 Director Plan”). The 2012 Employee Plan, which became effective April 23, 2012, provides for the issuance of incentive and nonqualified stock options at an exercise price equal to the fair market value of the Common Stock on the date the option is granted. The terms of the options granted are subject to the provisions of the 2012 Employee Plan. Options granted under the 2012 Employee Plan vest 25% one day after the first anniversary of the grant date and 25% one day after each of the next three anniversaries. As of December 31, 2020, the number of shares available for grant under the 2012 Employee Plan was 79,375. Under the terms of the 2012 Employee Plan, no option may be granted under that plan after the tenth anniversary of the adoption of the plan. Options outstanding under the Company’s 2002 Employee Stock Option Plan have the same vesting schedule as the 2012 Employee Plan. The 2017 Director Plan provides for the issuance of stock options for up to a total of 50,000 shares of the Company's common stock to non-salaried directors. Under the 2017 Director Plan, Directors elected after the effective date and at subsequent Annual Meetings who have not received any prior grant under this or previous plans shall receive an initial grant of an option to purchase 5,000 shares of Common Stock (the “Initial Option”). Each year, each elected Director not receiving an Initial Option will receive an option to purchase 5,000 shares of Common Stock (the “Annual Option”). The Initial Option vests 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option becomes fully exercisable one day after the date of grant. The exercise price of each option granted equals the fair market value of the Common Stock on the date the option is granted, and expires ten (10) years from the date of grant. As provided in the Director Plan, no options may be granted under the 2017 Director Plan after the tenth anniversary of the adoption of the Plan, i.e., after April 24, 2027. As of December 31, 2020, there were 25,000 shares available for grant under the 2017 Director Plan. The 2005 Director Plan, as amended, provided for the issuance of stock options for up to a total of 180,000 shares of the Company's common stock to non-salaried directors. Under the 2005 Director Plan, Directors elected on April 25, 2005 and at subsequent Annual Meetings who had not received any prior grant under this or previous plans received an initial grant of an option to purchase 5,000 shares of Common Stock (the “Initial Option”). Each year, each elected Director not receiving an Initial Option received a 5,000 share option (the “Annual Option”). The Initial Option vested 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option became fully exercisable one day after the date of grant. The exercise price of each option granted equaled the fair market value of the Common Stock on the date the option was granted, and expired ten (10) years from the date of grant. As provided in the Director Plan, no options could be granted under the 2005 Director Plan after the tenth anniversary of the adoption of the Plan, i.e., after April 25, 2015. The Company has amended certain of its stock option plans for both employees and directors to permit options to be exercised on a net basis and receive either cash or shares of the Company’s Common Stock. Specifically, optionees may, at the time of exercise of an option and subject to the consent of the Company, elect either (i) to receive from the Company cash in an amount equal to the number of shares of Common Stock subject to the option (or portion thereof) that is being exercised multiplied by the excess of (a) the fair market value per share over (b) the exercise price per share of the option (a “net cash settlement”); or (ii) to make payment of the exercise price of the option by reduction in the number of shares of Common Stock otherwise deliverable upon exercise of such option by the number of shares having an aggregate fair market value equal to the total exercise price of the option (or portion thereof). In 20 20 and 2019 , the Company paid a total of approximately $ 1,644,118 and $ 1,687,782 respectively, to optionees who had elected a net cash settlement of their respective share options. A summary of changes in options issued under the Company’s stock option plans follows: 2020 2019 Options outstanding at the beginning of the year 1,363,694 1,434,280 Options granted 280,750 120,000 Options forfeited (9,125 ) (26,500 ) Options exercised (147,394 ) (164,086 ) Options outstanding at the end of the year 1,487,925 1,363,694 Options exercisable at the end of the year 985,475 932,094 Common stock available for future grants at the end of the year 104,372 44,875 Weighted average exercise price per share: Granted $ 23.05 $ 19.88 Forfeited 21.72 23.29 Exercised 14.51 10.54 Outstanding 20.26 19.08 Exercisable 18.99 17.50 A summary of options outstanding as December 31, 2020 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable Weighted- Average Exercise Price $9.26 to $16.08 290,200 2 $ 12.39 290,200 $ 12.39 $16.09 to $21.35 282,000 6 18.41 204,500 17.95 $21.36 to $22.86 350,375 7 22.14 261,375 21.97 $22.87 to $23.97 255,450 9 23.17 11,350 23.94 $23.98 to $28.20 309,900 7 24.80 218,050 24.94 1,487,925 985,475 The weighted average remaining contractual life of all outstanding stock options is 6 years. Stock-Based Compensation Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period. The Company uses the Black-Scholes option pricing model to determine the fair value of employee and non-employee director stock options. The determination of the fair value of stock-based payment awards on the date of grant, using an option-pricing model, is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables. These assumptions include estimating the length of time employees will retain their vested stock options before exercising them (“expected term”), the estimated volatility of the Company’s Common Stock price over the expected term (“volatility”) and the number of options that will not fully vest in accordance with applicable vesting requirements (“forfeitures”). The Company estimates the expected term of options granted by evaluating various factors, including the vesting period, historical employee information, as well as current and historical stock prices and market conditions. The Company estimates the volatility of its common stock by calculating historical volatility based on the closing stock price on the last day of each of the 60 months leading up to the month the option was granted. The risk-free interest rate that the Company uses in the option valuation model is the interest rate on U.S. Treasury zero-coupon bond issues with remaining terms similar to the expected term of the options granted. Historical information was the basis for calculating the dividend yield. The Company is required to estimate forfeitures at the time of grant and to revise those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company used a mix of historical data and future assumptions to estimate pre-vesting option forfeitures and to record stock-based compensation expense only for those awards that are expected to vest. All stock-based payment awards are amortized over the requisite service periods of the awards, which are generally the vesting periods. The assumptions used to value option grants for the twelve months ended December 31, 2020 and December 31, 2019 were as follows: 2020 2019 Expected life in years 6 5 - 6 Interest rate .30 - 1.63% 1.52 - 2.39% Volatility .358 - .384 .358 - .375 Dividend yield 2.0 - 2.2% 2.0 - 2.2% Total stock-based compensation recognized in the Company’s consolidated statements of operations for the years ended December 31, 2020 and 2019 was $1,259,079 and $968,467, respectively. At December 31, 2020, there was approximately $1,853,873 of unrecognized compensation cost, adjusted for estimated forfeitures, related to non-vested stock-based payments granted to the Company’s employees. As of December 31, 2020, the remaining unamortized expense is expected to be recognized over a weighted average period of 3 years. The weighted average fair value at the date of grant for options granted during 2020 and 2019 was $6.59 and $5.88 per option, respectively. The aggregate intrinsic value of outstanding options was $14,681,187 at December 31, 2020. The aggregate intrinsic value of exercisable options was $10,974,625 at December 31, 2020. The aggregate intrinsic value of options exercised during 2020 was $1,743,568.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	12. Earnings Per Share The calculation of earnings per share follows: 2020 2019 Numerator: Net income $ 8,098,766 $ 5,513,608 Denominator: Denominator for basic earnings per share: Weighted average shares outstanding 3,342,630 3,351,731 Effect of diluted employee stock options 166,867 100,892 Denominator for dilutive earnings per share 3,509,497 3,452,623 Basic earnings per share $ 2.42 $ 1.65 Diluted earnings per share $ 2.31 $ 1.60 For 2020 and 2019, respectively, 309,900 and 705,725 stock options were excluded from diluted earnings per share calculations because they would have been anti-dilutive.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	13. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss follow: Foreign currency translation adjustment Net prior service credit and actuarial losses Total Balances, January 1, 2019 $ (1,518,822 ) $ (539,163 ) $ (2,057,985 ) Change in net prior service credit and actuarial losses, net of tax — 143,906 143,906 Adoption of ASU 2018-02 — (119,014 ) (119,014 ) Translation adjustment 45,223 — 45,223 Balances, December 31, 2019 $ (1,473,599 ) $ (514,271 ) $ (1,987,870 ) Change in net prior service credit and actuarial losses, net of tax — 514,271 514,271 Translation adjustment 647,632 — 647,632 Balances, December 31, 2020 $ (825,967 ) $ — $ (825,967 )

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2020
Financial Instruments [Abstract]
Financial Instruments

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	14. Leases The Company has operating leases for office and warehouse space and equipment under various arrangements which provide the right to use the underlying asset and require lease payments for the lease term. The Company’s lease portfolio consists of operating leases which expire at various dates through 2026. Certain of the Company’s lease arrangements contain renewal provisions, exercisable at the Company's option. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the Balance Sheet . All other leases are recorded on the balance sheet with right-of-use (“ROU”) assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. As most of our leases do not provide an implicit rate, the present value of lease payments is determined primarily using our incremental borrowing rate based on the information available at the lease commencement date. The incremental borrowing rate is the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term on an amount equal to the lease payments in a similar economic environment. Information related to leases (in 000’s) Twelve months ended December 31, 2020 Operating lease cost $ 1,186 Operating lease - cash flow $ 1,087 December 31, 2020 Weighted-average remaining lease term 4.0 years Weighted-average discount rate 5 % Future minimum lease payments under non-cancellable leases as of December 31, 2020: 2021 $ 916 2022 690 2023 569 2024 309 2025 220 Thereafter 75 Total future minimum lease payments $ 2,779 Less : imputed interest (252 ) Less : present value of lease liabilities - current (873 ) Present value of lease liabilities - non-current $ 1,654

Business Combinations

Business Combinations	12 Months Ended
	Dec. 31, 2020
Business Combinations [Abstract]
Business Combinations	15. Business Combinations Med-Nap, LLC On December 16, 2020, the Company purchased the assets of Med-Nap LLC., located in Brooksville, Florida for $9.3 million. Med-Nap is a leading The purchase price was allocated to assets acquired and liabilities assumed as follows (in thousands): Assets: Inventory $ 591 Prepaid expense 25 Land & buildings 1,800 Equipment 4,195 Goodwill 149 Intangible assets 2,882 Total assets $ 9,642 Accounts payable 336 Total considerations $ 9,308 The acquisition was accounted for as a business combination, pursuant to ASC 805 – Business Combinations First Aid Central: On January 7, 2020, the Company purchased the assets of First Aid Central, a Canadian first aid and safety supplier, based in Laval, Canada for approximately $2.1 million in cash. First Aid Central products consist of a broad line of first aid kits, refills, and safety products that are sold to a wide range of industries and end users. The products meet federal Health Canada and provincial regulatory requirements. The purchase price was allocated to assets acquired as follows (in thousands): Assets: Accounts receivable $ 232 Inventory 440 Prepaid Expense 47 Equipment 45 Intangible assets 1,310 Total assets $ 2,074 The acquisition was accounted for as a business combination, pursuant to ASC 805 – Business Combinations Net sales for the year ended December 31, 2020 attributable to the sales of First Aid Central products were approximately $4.6 million. Net income for the year ended December 31, 2020 attributable to First Aid Central products was approximately $0.3 million. Assuming First Aid Central assets were acquired on January 1, 2019, unaudited proforma combined net sales for the year ended December 31, 2019 for the Company would have been approximately $145.9 million. Unaudited proforma combined net income for the year ended December 31, 2019 for the Company would have been approximately $5.9 million.

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Estimates	Estimates – The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management 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 the reported amounts of revenues and expenses during the reporting period. The most sensitive and significant accounting estimates relate to customer rebates, valuation allowances for deferred income tax assets, obsolete and slow-moving inventories, potentially uncollectible accounts receivable, intangibles, accruals for income taxes and stock-based compensation. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation – The consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly owned by the Company. All significant intercompany accounts and transactions are eliminated in consolidation.
Translation of Foreign Currency	Translation of Foreign Currency – For foreign operations whose functional currencies are not U.S. dollars, assets and liabilities are translated at rates in effect at the end of the year; revenues and expenses are translated at average rates in effect during the year. Resulting translation adjustments are made directly to accumulated other comprehensive income. Foreign currency transaction gains and losses are recognized in operating results. Included in other expense were foreign currency transaction gains of $96,372 in 2020 and foreign currency transaction losses of $38,988 in 2019
Cash Equivalents	Cash Equivalents – Investments with an original maturity of three months or less, as well as time deposits and certificates of deposit that are readily redeemable at the date of purchase, are considered cash equivalents.
Accounts Receivable	Accounts Receivable – Accounts receivable are shown less an allowance for doubtful accounts of $1,151,715 at December 31, 2020 and $522,560 at December 31, 2019.
Inventories	Inventories – Inventories are stated at the lower of cost, or net realizable value, determined by the first-in, first-out method.
Property, Plant and Equipment and Depreciation	Property, Plant and Equipment, and Depreciation – Property, plant and equipment is recorded at cost. Depreciation is computed by the straight-line method over the estimated useful lives of the assets. The range of estimated useful lives of these assets are as follows: buildings useful lives range from 10 to 39 years; machinery and equipment useful lives range from 3 to 10 years.
Intangible Assets and Goodwill	Intangible Assets and Goodwill – Intangible assets with finite useful lives are recorded at cost upon acquisition and amortized over the term of the related contract, if any, or useful life, as applicable. Intangible assets held by the Company with finite useful lives include patents and trademarks. Patents and trademarks are amortized over their estimated useful lives. The weighted average amortization period for intangible assets at December 31, 2020 was 9 years. The Company periodically reviews the values recorded for intangible assets and goodwill to assess recoverability from future operations whenever events or changes in circumstances indicate that its carrying amounts may not be recoverable. At December 31, 2020 and 2019, the Company assessed the recoverability of its long-lived assets and goodwill and believed that there were no events or circumstances present that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives.
Deferred Income Taxes	Deferred Income Taxes – Deferred income taxes are provided for the differences between the financial statement and tax bases of assets and liabilities, and on operating loss carryovers, using tax rates in effect in years in which the differences are expected to reverse.
Leases	Leases – The Company determines if an arrangement is an operating lease at inception. Leases with an initial term of 12 months or less are not recorded on the balance sheet. All other leases are recorded on the balance sheet with right-of-use (“ROU”) assets representing the right to use the underlying asset for the lease term and lease liabilities representing the obligation to make lease payments arising from the lease. Lessees and lessors may elect to apply a package of practical expedients permitting entities not to reassess: (i) whether any expired or existing contracts are or contain leases; (ii) lease classification for any expired or existing leases; and (iii) whether initial direct costs for any expired or existing leases qualify for capitalization under the amended guidance. These practical expedients must be elected as a package and consistently applied. The Company has elected to apply the package of practical expedients upon adoption. ROU assets and lease liabilities are recognized at commencement date of the lease based on the present value of lease payments over the lease term and include options to extend or terminate the lease when they are reasonably certain to be exercised. As most of our leases d o not provide an implicit rate, the present value of lease payments is determined primarily using our incremental borrowing rate based on the information available at the lease commencement date. The incremental borrowing rate is the rate of interest that we would have to pay to borrow on a collateralized basis over a similar term on an amount equal to the lease payments in a similar economic environment. Lease arrangements with lease and non-lease components are generally accounted for as a single lease component. The Company's operating lease expense is recognized on a straight-line basis over the lease term.
Revenue Recognition	Revenue Recognition – The Company's revenues result from the sale of goods or services and reflect the consideration to which the Company expects to be entitled. The Company records revenue based on a five-step model in accordance with Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606"). For its contracts with customers, the Company identifies the performance obligations (goods or services), determines the transaction price, allocates the contract transaction price to the performance obligations, and recognizes the revenue when (or as) the performance obligation is transferred to the customer. A good or service is transferred when (or as) the customer obtains control of that good or service. Depending on the contractual terms of each customer, revenue is recognized either at the time of shipment or upon delivery. When revenue is recorded, estimates of returns are made and recorded as a reduction of revenue. Customer rebates and incentives earned based on promotional programs in place volume of purchases or other factors are also estimated at the time of revenue recognition and recorded as a reduction of that revenue. Refer to Note 9 – Revenue from Contracts with Customers, in the notes to consolidated financial statements in this report for a more detailed discussion.
Research and Development	Research and Development – Research and development costs ($251,000 in 2020 and $596,000 in 2019) are included in selling, general and administrative expenses and expensed as incurred.
Shipping Costs	Shipping Costs – The costs of shipping product to our customers ($7,486,600 in 2020 and $6,695,223 in 2019) are included in selling, general and administrative expenses.
Advertising Costs	Advertising Costs – The Company expenses the production costs of advertising the first time that the related advertising takes place. Advertising costs ($1,084,261 in 2020 and $1,104,543 in 2019) are included in selling, general and administrative expenses.
Subsequent Events	Subsequent Events – The Company has evaluated events and transactions subsequent to December 31, 2020 through the date the consolidated financial statements were included in this Form 10-K and filed with the SEC.
Concentration	Concentration – The Company performs ongoing credit evaluations of its customers and generally does not require collateral for the extension of credit. Allowances for credit losses are provided and have been within management's expectations. The Company had two customers in 2020 and one customer in 2019 that individually exceeded 10% of consolidated net sales. Net sales to these customers were approximately 18% and 13% of consolidated net sales in 2020 and 17% in 2019.
Recently Issued and Adopted Accounting Standards	Recently Issued and Adopted Accounting Standards In December 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), Disclosure Framework - Changes to the Disclosures Requirements for Defined Benefit Plans Income Statement - Reporting Comprehensive Income (Topic 220) In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting In February 2018, the FASB issued ASU No. 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income . ASU No. 2018-02 provides companies with an option to reclassify stranded tax effects within accumulated other comprehensive income (“AOCI”) to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act (or portion thereof) is recorded. ASU No. 2018-02 also requires disclosure of a description of the accounting policy for releasing income tax effects from AOCI and whether an election was made to reclassify the stranded income tax effects from the Tax Cuts and Jobs Act. ASU No. 2018-02 is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Companies can adopt the provisions of ASU No. 2018-02 in either the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. This ASU was adopted effective January 1, 2019 and result ed in a reclassification between retained earnings and accumulated other comprehensive loss . The impact from this ASU increase d retained earnings by approximately $0.1 million, with an offsetting increase to accumulated other comprehensive loss for the same amount. In January 2017 , - , Intangibles – Goodwill and Other (Topic ): Simplifying the Test for Goodwill Impairment 2 not . not

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Inventories	December 31, 2020 2019 Finished goods $ 40,287,710 $ 32,899,114 Work in process 67,208 274,158 Materials and supplies 10,349,279 6,087,833 Inventories: $ 50,704,197 $ 39,261,105

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	The Company’s intangible assets and goodwill consisted of: December 31, 2020 2019 First Aid Only Tradename $ 3,410,000 $ 3,410,000 First Aid Only Customer List 5,500,010 5,500,010 DMT Trademarks 1,387,000 1,387,000 DMT Customer List 1,369,000 1,369,000 DMT Non-Compete 183,000 183,000 Slice License Agreement 379,921 379,921 Patents 2,271,980 2,271,980 Trademarks 663,698 663,698 Pac-Kit Tradename, Customer List 1,500,000 1,500,000 Spill Magic Customer List 3,965,000 3,965,000 Spill Magic Trademarks 1,034,000 1,034,000 Spill Magic Non-Compete 67,111 67,111 C-Thru Customer List 1,050,000 1,050,000 FAC 1,332,963 - Med-Nap 2,920,145 - Subtotal 27,033,828 22,780,720 Less: Accumulated Amortization 8,312,405 6,987,982 Intangible Assets $ 18,721,423 $ 15,792,738 Goodwill $ 4,799,829 $ 4,696,370 Total: $ 23,521,252 $ 20,489,108

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Payables And Accruals [Abstract]
Accrued Liabilities	The Company’s other current and non-current accrued liabilities consisted of: December 31, 2020 2019 Customer Rebates $ 6,068,294 $ 4,849,081 Pension Liability — 44,667 Accrued Compensation 3,072,375 1,695,464 Dividend Payable 434,546 402,318 Income Taxes Payable 459,596 261,539 Other 1,425,213 1,355,481 Total: $ 11,460,024 $ 8,608,550

Pension and Profit Sharing (Tab

Pension and Profit Sharing (Tables)	12 Months Ended
	Dec. 31, 2020
Compensation And Retirement Disclosure [Abstract]
Plan Asset Allocation	Asset Category: 2019 Equity Securities 66 % Fixed Income Securities 32 % Other Securities / Investments 2 % Total: 100 %
Pension Plan Assets by Level	The following tables present the pension plan assets by level within the fair value hierarchy as of December 31, 2019: 2019 Level 1 Level 2 Level 3 Total Money Market Fund $ 31 $ 16,763 $ — $ 16,794 Equity Common and Collected Funds 102,030 580,839 — 682,869 Fixed Income Common and Collected Funds 82,670 246,316 — 328,986 Total: $ 184,731 $ 843,918 $ — $ 1,028,649
Changes in Benefit Obligation	2020 2019 Assumptions used to determine benefit obligation: Discount rate 2.74 % 2.74 % Changes in benefit obligation: Benefit obligation at beginning of year $ (1,073,316 ) $ (1,160,930 ) Interest cost (27,671 ) (41,841 ) Service cost (30,195 ) (25,000 ) Actuarial loss (160,884 ) (46,288 ) Benefits and plan expenses paid 203,596 200,743 Curtailments, settlements and special termination benefits 1,088,470 — Benefit obligation at end of year: $ — $ (1,073,316 ) Changes in plan assets: Fair value of plan assets at beginning of year $ 1,028,649 $ 1,013,831 Actual return on plan assets 40,560 201,148 Employer contribution 222,857 14,413 Benefits and plan expenses paid (203,596 ) (200,743 ) Settlements (1,088,470 ) — Fair value of plan assets at end of year — 1,028,649 Funded status: $ — $ (44,667 ) Amounts recognized in accumulated other comprehensive income: Net actuarial loss $ — $ 689,398 Prior service cost — 538 Total: $ — $ 689,936
Components of Net Benefit Expense	2020 2019 Assumptions used to determine net periodic benefit cost: Discount rate 2.74 % 3.87 % Expected return on plan assets 6.00 % 6.00 % Components of net benefit expense: Service cost $ 30,195 $ 25,000 Interest cost 27,671 41,841 Expected return on plan assets (40,560 ) (54,330 ) Settlement cost 793,524 — Amortization of prior service costs 538 544 Amortization of actuarial loss 56,739 90,442 837,912 78,497 Net periodic benefit cost: $ 868,107 $ 103,497
Amounts Recognized in Other Comprehensive Income	2020 2019 Balance at beginning of the year $ 689,936 $ 881,452 Change in net loss (617,800 ) (100,530 ) Amortization of actuarial loss (71,598 ) (90,442 ) Amortization of prior service cost (538 ) (544 ) Change recognized in other comprehensive income (689,936 ) (191,516 ) Total recognized in other comprehensive income $ — $ 689,936

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Expense (Benefit)	The amounts of income tax expense (benefit) reflected in operations is as follows: 2020 2019 Current: Federal $ 880,149 $ (82,673 ) State 159,909 109,593 Foreign 788,314 887,556 Total: $ 1,828,372 $ 914,476 Deferred: Federal $ (59,801 ) $ 92,446 State (40,609 ) 22,634 Total: (100,410 ) 115,080 Total Income Tax Expense: $ 1,727,962 $ 1,029,556
US and Foreign Income Before Income Taxes	A summary of United States and foreign income before income taxes follows: 2020 2019 United States $ 4,524,432 $ 800,796 Foreign 5,302,296 5,742,368 Total: $ 9,826,728 $ 6,543,164
US Statutory Rate Reconciliation	The following schedule reconciles the amounts of income taxes computed at the United States statutory rates to the actual amounts reported in operations: 2020 2019 Federal income taxes at 21% statutory rate $ 1,864,097 $ 1,365,124 State and local taxes, net of federal income tax effect 89,842 109,593 Permanent items (99,877 ) (137,051 ) Foreign tax rate difference (126,100 ) (209,216 ) Change in deferred income tax valuation allowance — (98,894 ) Provision for income taxes: $ 1,727,962 $ 1,029,556
Deferred Tax Assets and Liabilities	The following summarizes deferred income tax assets and liabilities: 2020 2019 Deferred income tax liabilities: Plant, property and equipment $ 1,556,398 $ 1,022,898 1,556,398 1,022,898 Deferred income tax assets: Asset valuations 992,101 604,755 Pension — 81,561 Other 454,076 287,298 1,446,177 973,614 Net deferred income tax liability: $ 110,221 $ 49,284

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenues	The following table represents external net sales disaggregated by product category, by segment: For the twelve months ended December 31, 2020 (amounts in 000's) United States Canada Europe Total Cutting, Sharpening and Measuring $ 65,805 $ 6,434 $ 11,843 $ 84,082 First Aid and Safety 74,386 4,552 983 79,921 Total Net Sales $ 140,191 $ 10,986 $ 12,826 $ 164,003 For the twelve months ended December 31, 2019 (amounts in 000's) United States Canada Europe Total Cutting, Sharpening and Measuring $ 63,189 $ 6,678 $ 10,062 $ 79,929 First Aid and Safety 62,528 — — 62,528 Total Net Sales $ 125,717 $ 6,678 $ 10,062 $ 142,457

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2020
Segment Information Tables [Abstract]
Financial Data By Segment Table	Financial data by segment: (000’s omitted) Year Ended December 31, 2020 United States Canada Europe Consolidated Net sales $ 140,191 $ 10,986 $ 12,826 $ 164,003 Operating income 8,872 1,332 1,209 11,413 Assets 113,831 7,432 8,605 129,868 Additions to property, plant and equipment 2,386 34 149 2,569 Depreciation and amortization 3,668 95 78 3,841 Year Ended December 31, 2019 United States Canada Europe Consolidated Net sales $ 125,717 $ 6,678 $ 10,062 $ 142,457 Operating income 7,199 771 459 8,429 Assets 98,577 6,168 6,003 110,749 Additions to property, plant and equipment 1,646 2 32 1,680 Depreciation and amortization 3,347 16 70 3,433
Reconciliation of Segment Operating Income to Consolidated Income Before Taxes	The following is a reconciliation of segment operating income to consolidated income before taxes: 2020 2019 Total operating income $ 11,413 $ 8,429 Interest expense, net 920 1,789 Other expense 666 97 Consolidated income before taxes $ 9,827 $ 6,543
Revenue by Geographic Area	The table below presents revenue by geographic area. Revenues are attributed to countries based on location of the customer. Revenues 2020 2019 United States $ 138,921 $ 124,059 International: Canada 10,986 6,678 Europe 12,826 10,062 Other 1,270 1,658 Total International $ 25,082 $ 18,398 Total Revenues $ 164,003 $ 142,457

Stock Option Plans (Tables)

Stock Option Plans (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Option Activity	2020 2019 Options outstanding at the beginning of the year 1,363,694 1,434,280 Options granted 280,750 120,000 Options forfeited (9,125 ) (26,500 ) Options exercised (147,394 ) (164,086 ) Options outstanding at the end of the year 1,487,925 1,363,694 Options exercisable at the end of the year 985,475 932,094 Common stock available for future grants at the end of the year 104,372 44,875 Weighted average exercise price per share: Granted $ 23.05 $ 19.88 Forfeited 21.72 23.29 Exercised 14.51 10.54 Outstanding 20.26 19.08 Exercisable 18.99 17.50
Summary of Options Outstanding	Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable Weighted- Average Exercise Price $9.26 to $16.08 290,200 2 $ 12.39 290,200 $ 12.39 $16.09 to $21.35 282,000 6 18.41 204,500 17.95 $21.36 to $22.86 350,375 7 22.14 261,375 21.97 $22.87 to $23.97 255,450 9 23.17 11,350 23.94 $23.98 to $28.20 309,900 7 24.80 218,050 24.94 1,487,925 985,475
Assumptions Used to Value Option Grants	2020 2019 Expected life in years 6 5 - 6 Interest rate .30 - 1.63% 1.52 - 2.39% Volatility .358 - .384 .358 - .375 Dividend yield 2.0 - 2.2% 2.0 - 2.2%

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	2020 2019 Numerator: Net income $ 8,098,766 $ 5,513,608 Denominator: Denominator for basic earnings per share: Weighted average shares outstanding 3,342,630 3,351,731 Effect of diluted employee stock options 166,867 100,892 Denominator for dilutive earnings per share 3,509,497 3,452,623 Basic earnings per share $ 2.42 $ 1.65 Diluted earnings per share $ 2.31 $ 1.60

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Accumulated Comprehensive Loss	The components of accumulated other comprehensive loss follow: Foreign currency translation adjustment Net prior service credit and actuarial losses Total Balances, January 1, 2019 $ (1,518,822 ) $ (539,163 ) $ (2,057,985 ) Change in net prior service credit and actuarial losses, net of tax — 143,906 143,906 Adoption of ASU 2018-02 — (119,014 ) (119,014 ) Translation adjustment 45,223 — 45,223 Balances, December 31, 2019 $ (1,473,599 ) $ (514,271 ) $ (1,987,870 ) Change in net prior service credit and actuarial losses, net of tax — 514,271 514,271 Translation adjustment 647,632 — 647,632 Balances, December 31, 2020 $ (825,967 ) $ — $ (825,967 )

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases Tables [Abstract]
Information Related to Leases	Information related to leases (in 000’s) Twelve months ended December 31, 2020 Operating lease cost $ 1,186 Operating lease - cash flow $ 1,087 December 31, 2020 Weighted-average remaining lease term 4.0 years Weighted-average discount rate 5 %
Future Minimum Lease Payments	Future minimum lease payments under non-cancellable leases as of December 31, 2020: 2021 $ 916 2022 690 2023 569 2024 309 2025 220 Thereafter 75 Total future minimum lease payments $ 2,779 Less : imputed interest (252 ) Less : present value of lease liabilities - current (873 ) Present value of lease liabilities - non-current $ 1,654

Business Combinations (Tables)

Business Combinations (Tables)	12 Months Ended
	Dec. 31, 2020
Med-Nap, LLC
Schedule of Purchase Price Allocation to Assets Acquired and Liabilities Assumed	The purchase price was allocated to assets acquired and liabilities assumed as follows (in thousands): Assets: Inventory $ 591 Prepaid expense 25 Land & buildings 1,800 Equipment 4,195 Goodwill 149 Intangible assets 2,882 Total assets $ 9,642 Accounts payable 336 Total considerations $ 9,308
First Aid Central
Schedule of Purchase Price Allocation to Assets Acquired and Liabilities Assumed	The purchase price was allocated to assets acquired as follows (in thousands): Assets: Accounts receivable $ 232 Inventory 440 Prepaid Expense 47 Equipment 45 Intangible assets 1,310 Total assets $ 2,074

Accounting Policies - Accountin

Accounting Policies - Accounting Policies (Detail Narrative)	12 Months Ended
	Dec. 31, 2020USD ($)Customer	Dec. 31, 2019USD ($)Customer
Accounting Policies [Line Items]
Foreign currency transaction gains (losses) during period	$ 96,372	$ (38,988)
Allowance for doubtful accounts	$ 1,151,715	522,560
Weighted average intangible assets amortization period	9 years
Research and development costs during period	$ 251,000	596,000
Shipping costs during period	7,486,600	6,695,223
Advertising costs during period	$ 1,084,261	$ 1,104,543
Major Customer
Accounting Policies [Line Items]
Net sales to major customers		17.00%
Exceeded 10% of Consolidated Net Sales
Accounting Policies [Line Items]
Number of major customers | Customer	2	1
Minimum Range | Buildings
Accounting Policies [Line Items]
Asset useful life	10 years
Minimum Range | Machinery and Equipment
Accounting Policies [Line Items]
Asset useful life	3 years
Minimum Range | Major Customer
Accounting Policies [Line Items]
Net sales to major customers	13.00%
Maximum Range | Buildings
Accounting Policies [Line Items]
Asset useful life	39 years
Maximum Range | Machinery and Equipment
Accounting Policies [Line Items]
Asset useful life	10 years
Maximum Range | Major Customer
Accounting Policies [Line Items]
Net sales to major customers	18.00%

Inventories - Inventories (Deta

Inventories - Inventories (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 40,287,710	$ 32,899,114
Work in process	67,208	274,158
Materials and supplies	10,349,279	6,087,833
Inventories:	$ 50,704,197	$ 39,261,105

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventory valuation allowance	$ 1,471,925	$ 696,486

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Trademarks	$ 663,698	$ 663,698
Slice License Agreement	379,921	379,921
Patents	2,271,980	2,271,980
FAC	1,332,963
Med-Nap	2,920,145
Subtotal	27,033,828	22,780,720
Accumulated amortization	8,312,405	6,987,982
Intangible Assets	18,721,423	15,792,738
Goodwill	4,799,829	4,696,370
Total:	23,521,252	20,489,108
First Aid Only, Inc.
Tradename	3,410,000	3,410,000
Customer List	5,500,010	5,500,010
Pac-Kit
Tradename, Customer List	1,500,000	1,500,000
Vogel Capital Inc. d/b/a Diamond Machining Technology
Customer List	1,369,000	1,369,000
Trademarks	1,387,000	1,387,000
Non-Compete	183,000	183,000
The C-Thru Ruler Company
Customer List	1,050,000	1,050,000
Spill Magic
Customer List	3,965,000	3,965,000
Trademarks	1,034,000	1,034,000
Non-Compete	$ 67,111	$ 67,111

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Amortization expense - patents and trademarks	$ 1,324,423	$ 1,251,662
Estimated aggregate amortization expense:
2021	1,305,088
2022	1,301,802
2023	1,297,605
2024	1,292,415
2025	$ 1,290,222

Other Accrued Liabilities (Deta

Other Accrued Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Customer Rebates	$ 6,068,294	$ 4,849,081
Pension Liability		44,667
Accrued Compensation	3,072,375	1,695,464
Dividend Payable	434,546	402,318
Income Taxes Payable	459,596	261,539
Other	1,425,213	1,355,481
Total other accrued liabilities	$ 11,460,024	$ 8,608,550

Pension and Profit Sharing (Det

Pension and Profit Sharing (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Compensation And Retirement Disclosure [Abstract]
Pension settlement charges	$ 793,524
Company contributions to plan	$ 222,857
Expected long-term rate of return on plan assets	6.00%	6.00%
Company contributions to 401k plan	50.00%	50.00%
Employee contributions to profit 401k plan	6.00%	6.00%
Total contribution expense	$ 369,890	$ 309,922

Pension and Profit Sharing - Pl

Pension and Profit Sharing - Plan Asset Allocation (Details)	Dec. 31, 2019
Plan asset weighted average allocation	100.00%
Equity Securities
Plan asset weighted average allocation	66.00%
Fixed Income Securities
Plan asset weighted average allocation	32.00%
Other Securities/Investments
Plan asset weighted average allocation	2.00%

Pension and Profit Sharing - Pe

Pension and Profit Sharing - Pension Plan Assets by Fair Value Hierarchy (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Pension plan assets	$ 1,028,649	$ 1,013,831
Level 1
Pension plan assets	184,731
Level 2
Pension plan assets	843,918
Money Market Fund
Pension plan assets	16,794
Money Market Fund | Level 1
Pension plan assets	31
Money Market Fund | Level 2
Pension plan assets	16,763
Equity Common and Collected Funds
Pension plan assets	682,869
Equity Common and Collected Funds | Level 1
Pension plan assets	102,030
Equity Common and Collected Funds | Level 2
Pension plan assets	580,839
Fixed Income Common and Collected Funds
Pension plan assets	328,986
Fixed Income Common and Collected Funds | Level 1
Pension plan assets	82,670
Fixed Income Common and Collected Funds | Level 2
Pension plan assets	$ 246,316

Pension and Profit Sharing - Be

Pension and Profit Sharing - Benefit Obligation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Assumptions used to determine benefit obligation:
Discount rate	2.74%	2.74%
Changes in benefit obligation:
Benefit obligation at beginning of year	$ (1,073,316)	$ (1,160,930)
Interest cost	(27,671)	(41,841)
Service cost	(30,195)	(25,000)
Actuarial loss	(160,884)	(46,288)
Benefits and plan expenses paid	203,596	200,743
Curtailments, settlements and special termination benefits	1,088,470
Benefit obligation at end of year:	$ (1,073,316)	$ (1,073,316)

Pension And Profit Sharing - Ch

Pension And Profit Sharing - Changes In Plan Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in plan assets:
Fair value of plan assets at beginning of year	$ 1,028,649	$ 1,013,831
Actual return on plan assets	40,560	201,148
Employer contribution	222,857	14,413
Benefits and plan expenses paid	(203,596)	(200,743)
Settlements	$ (1,088,470)
Fair value of plan assets at end of year		1,028,649
Funded status:		$ (44,667)

Pension and Profit Sharing - Am

Pension and Profit Sharing - Amounts Recognized in Other Comprehensive Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Compensation And Retirement Disclosure [Abstract]
Balance at beginning of the year	$ 689,936	$ 689,936	$ 881,452
Change in net loss	(617,800)	(100,530)
Amortization of actuarial loss	(71,598)	(90,442)
Amortization of prior service cost	(538)	(544)
Change recognized in other comprehensive income	(689,936)	(191,516)
Amounts recognized in accumulated other comprehensive income:
Net actuarial loss		689,398
Prior service cost		538
Total:	$ 689,936	$ 689,936	$ 881,452

Pension and Profit Sharing - _2

Pension and Profit Sharing - Periodic Benefit Cost (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Assumptions used to determine net periodic benefit cost:
Discount rate	2.74%	3.87%
Expected return on plan assets	6.00%	6.00%
Components of net benefit expense:
Service cost	$ 30,195	$ 25,000
Interest cost	27,671	41,841
Expected return on plan assets	(40,560)	(54,330)
Settlement cost	793,524
Amortization of prior service costs	538	544
Amortization of actuarial loss	56,739	90,442
Total non-service cost	837,912	78,497
Net periodic benefit cost:	$ 868,107	$ 103,497

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current:
Federal	$ 880,149	$ (82,673)
State	159,909	109,593
Foreign	788,314	887,556
Total Current	1,828,372	914,476
Deferred:
Federal	(59,801)	92,446
State	(40,609)	22,634
Total Deferred	(100,410)	115,080
Total Income Tax Expense	$ 1,727,962	$ 1,029,556

Income Taxes - US and Foreign I

Income Taxes - US and Foreign Income Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ 4,524,432	$ 800,796
Foreign	5,302,296	5,742,368
Total	$ 9,826,728	$ 6,543,164

Income Taxes (Details Narrative

Income Taxes (Details Narrative)	12 Months Ended
	Dec. 31, 2020
Hong Kong
Hong Kong income tax rate	16.50%

Income Taxes - US Statutory Rat

Income Taxes - US Statutory Rate Reconciliation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Federal income taxes at 21% statutory rate	$ 1,864,097	$ 1,365,124
State and local taxes, net of federal income tax effect	89,842	109,593
Permanent items	(99,877)	(137,051)
Foreign tax rate difference	(126,100)	(209,216)
Change in deferred income tax valuation allowance		(98,894)
Total Income Tax Expense	$ 1,727,962	$ 1,029,556

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax liabilities:
Plant, property and equipment	$ 1,556,398	$ 1,022,898
Total	1,556,398	1,022,898
Deferred income tax assets:
Asset valuations	992,101	604,755
Pension		81,561
Other	454,076	287,298
Total	1,446,177	973,614
Net deferred income tax liability:	$ 110,221	$ 49,284

Long-Term Debt and Shareholde_2

Long-Term Debt and Shareholders' Equity (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2017	Dec. 31, 2020	Nov. 14, 2019
Long Term Debt And Stockholders Equity [Line Items]
Outstanding borrowings under revolving loan agreement		$ 38,767,167,000
Amount available for borrowing under revolving loan agreement		$ 11,232,833,000
Shares authorized to be repurchased during period		14,420
Shares that may be purchased under repurchase programs		203,579
Maximum Range
Long Term Debt And Stockholders Equity [Line Items]
Shares authorized to be repurchased during period			200,000
HSBC Bank
Long Term Debt And Stockholders Equity [Line Items]
Credit facility borrowing capacity		$ 50,000,000
Credit facility interest rate		Prime Rate less 1.25%
Credit facility expiration date		May 24, 2023
Facility fee per annum		20.00%
HSBC Bank | Prime Rate
Long Term Debt And Stockholders Equity [Line Items]
Interest rate		1.25%
First Aid Only Distribution Center
Long Term Debt And Stockholders Equity [Line Items]
Covenant terms and compliance		Under the revolving loan agreement, the Company is required to maintain specific amounts of tangible net worth, a specified debt to net worth ratio and a fixed charge coverage ratio and must have annual net income greater than zero, measured as of the end of each fiscal year. December 31, 2020, the Company was in compliance with the covenants then in effect under the loan agreement.
Variable rate mortgage interest rate	interest rate of LIBOR plus 2.5%
Monthly payment	$ 22,222
Mortgage maturity date	October 31, 2024
2020		$ 266,667
2021		266,667
2022		266,667
2023		266,667
2024		266,667
Thereafter		1,844,443
First Aid Only Distribution Center | LIBOR Rate
Long Term Debt And Stockholders Equity [Line Items]
Interest rate	2.50%
PPP Loan
Long Term Debt And Stockholders Equity [Line Items]
Loan received from bank		$ 3,508,047
Maturity period		2 years
Maturity date		May 8, 2022
Interest rate		1.00%
PPP Loan | Maximum Range
Long Term Debt And Stockholders Equity [Line Items]
Percentage of debt forgiven for non-payroll costs		40.00%

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 164,003	$ 142,457
Cutting, Sharpening and Measuring
Net sales	84,082	79,929
First Aid and Safety
Net sales	79,921	62,528
United States
Net sales	140,191	125,717
United States | Cutting, Sharpening and Measuring
Net sales	65,805	63,189
United States | First Aid and Safety
Net sales	74,386	62,528
Europe
Net sales	12,826	10,062
Europe | Cutting, Sharpening and Measuring
Net sales	11,843	10,062
Europe | First Aid and Safety
Net sales	983	0
Canada
Net sales	10,986	6,678
Canada | Cutting, Sharpening and Measuring
Net sales	6,434	6,678
Canada | First Aid and Safety
Net sales	$ 4,552	$ 0

Segment Information (Details Na

Segment Information (Details Narrative)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Segment Information Details Narrative [Abstract]
Direct import sales to total net sales ratio	10.00%	14.00%

Segment Information - Financial

Segment Information - Financial Data by Segment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 164,003,040	$ 142,457,342
Operating income	11,412,664	8,429,348
Assets	129,867,736	110,748,853
Additions to property, plant and equipment	2,569,000	1,680,000
Depreciation and amortization	3,841,000	3,433,000
United States Segment
Net sales	140,191,000	125,717,000
Operating income	8,872,000	7,199,000
Assets	113,831,000	98,577,000
Additions to property, plant and equipment	2,386,000	1,646,000
Depreciation and amortization	3,668,000	3,347,000
Canada Segment
Net sales	10,986,000	6,678,000
Operating income	1,332,000	771,000
Assets	7,432,000	6,168,000
Additions to property, plant and equipment	34,000	2,000
Depreciation and amortization	95,000	16,000
Europe Segment
Net sales	12,826,000	10,062,000
Operating income	1,209,000	459,000
Assets	8,605,000	6,003,000
Additions to property, plant and equipment	149,000	32,000
Depreciation and amortization	$ 78,000	$ 70,000

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Operating Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation Of Segment Operating Income Details [Abstract]
Operating income	$ 11,412,664	$ 8,429,348
Interest expense, net	919,709	1,788,512
Other expense	666,000	97,000
Consolidated income before taxes	$ 9,826,728	$ 6,543,164

Segment Information - Segment R

Segment Information - Segment Revenues (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total Revenues	$ 164,003,040	$ 142,457,342
United States
Total Revenues	138,921,000	124,059,000
Canada
Total Revenues	10,986,000	6,678,000
Europe
Total Revenues	12,826,000	10,062,000
Other International
Total Revenues	1,270,000	1,658,000
Total International
Total Revenues	$ 25,082,000	$ 18,398,000

Stock Option Plans (Details Nar

Stock Option Plans (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Shares available for grant	104,372	44,875
Cash settlement of stock options	$ 1,644,118	$ 1,687,782
Shares related to settlement of stock options	1,687,782
Weighted average remaining contractual term	6 years
Stock-based compensation	$ 1,259,079	$ 968,467
Unrecognized compensation cost	$ 1,853,873
Unrecognized compensation cost recognition period	3 years
Weighted average fair value at the date of grant	$ 6.59	$ 5.88
Aggregate intrinsic value of outstanding options	$ 14,681,187
Aggregate intrinsic value of exercisable options	10,974,625
Aggregate intrinsic value of options exercised	$ 1,743,568
Employee Plan
Vesting term	Options granted under the 2012 Employee Plan vest 25% one day after the first anniversary of the grant date and 25% one day after each of the next three anniversaries. As of December 31, 2020, the number of shares available for grant under the 2012 Employee Plan was 79,375. Under the terms of the 2012 Employee Plan, no option may be granted under that plan after the tenth anniversary of the adoption of the plan. Options outstanding under the Company’s 2002 Employee Stock Option Plan have the same vesting schedule as the 2012 Employee Plan.
Shares available for grant	79,375
2005 Director Plan
Vesting term	The Initial Option vested 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option became fully exercisable one day after the date of grant. The exercise price of each option granted equaled the fair market value of the Common Stock on the date the option was granted, and expired ten (10) years from the date of grant.
Shares authorized under plan	180,000
Shares offered under initial option	5,000
Shares offered under annual option	5,000
2017 Director Plan
Vesting term	The Initial Option vests 25% on the date of grant and 25% on the anniversary of the grant date in each of the following 3 years. Each Annual Option becomes fully exercisable one day after the date of grant. The exercise price of each option granted equals the fair market value of the Common Stock on the date the option is granted, and expires ten (10) years from the date of grant.
Shares available for grant	25,000
Shares authorized under plan	50,000
Shares offered under initial option	5,000
Shares offered under annual option	5,000

Stock Option Plans - Stock Opti

Stock Option Plans - Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options outstanding at the beginning of the year	1,363,694	1,434,280
Options granted	280,750	120,000
Options forfeited	(9,125)	(26,500)
Options exercised	(147,394)	(164,086)
Options outstanding at the end of the year	1,487,925	1,363,694
Options exercisable at the end of the year	985,475	932,094
Common stock available for future grants at the end of the year	104,372	44,875
Weighted average exercise price per share:
Granted	$ 23.05	$ 19.88
Forfeited	21.72	23.29
Exercised	14.51	10.54
Outstanding	20.26	19.08
Exercisable	$ 18.99	$ 17.50

Stock Option Plans - Summary of

Stock Option Plans - Summary of Options Outstanding (Details)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Number outstanding | shares	1,487,925
Number exercisable | shares	985,475
$9.26 to $16.08
Range of exercise prices, lower range	$ 9.26
Range of exercise prices, upper range	$ 16.08
Number outstanding | shares	290,200
Options outstanding weighted-average remaining contractual life (years)	2 years
Options outstanding weighted-average exercise price	$ 12.39
Number exercisable | shares	290,200
Options exercisable weighted-average exercise price	$ 12.39
$16.09 to $21.35
Range of exercise prices, lower range	16.09
Range of exercise prices, upper range	$ 21.35
Number outstanding | shares	282,000
Options outstanding weighted-average remaining contractual life (years)	6 years
Options outstanding weighted-average exercise price	$ 18.41
Number exercisable | shares	204,500
Options exercisable weighted-average exercise price	$ 17.95
$21.36 to $22.86
Range of exercise prices, lower range	21.36
Range of exercise prices, upper range	$ 22.86
Number outstanding | shares	350,375
Options outstanding weighted-average remaining contractual life (years)	7 years
Options outstanding weighted-average exercise price	$ 22.14
Number exercisable | shares	261,375
Options exercisable weighted-average exercise price	$ 21.97
$22.87 to $23.97
Range of exercise prices, lower range	22.87
Range of exercise prices, upper range	$ 23.97
Number outstanding | shares	255,450
Options outstanding weighted-average remaining contractual life (years)	9 years
Options outstanding weighted-average exercise price	$ 23.17
Number exercisable | shares	11,350
Options exercisable weighted-average exercise price	$ 23.94
$23.98 to $28.20
Range of exercise prices, lower range	23.98
Range of exercise prices, upper range	$ 28.20
Number outstanding | shares	309,900
Options outstanding weighted-average remaining contractual life (years)	7 years
Options outstanding weighted-average exercise price	$ 24.80
Number exercisable | shares	218,050
Options exercisable weighted-average exercise price	$ 24.94

Stock Option Plans - Assumption

Stock Option Plans - Assumptions Used to Value Option Grants (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life in years	6 years
Interest rate, minimum	0.30%	1.52%
Interest rate, maximum	1.63%	2.39%
Volatility, minimum	0.358%	0.358%
Volatility, maximum	0.384%	0.375%
Dividend yield	2.0 - 2.2%	2.0 - 2.2%
Minimum Range
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life in years		5 years
Maximum Range
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life in years		6 years

Earnings Per Share - Earnings P

Earnings Per Share - Earnings Per Share (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net income	$ 8,098,766	$ 5,513,608
Weighted average shares outstanding	3,342,630	3,351,731
Effect of diluted employee stock options	166,867	100,892
Denominator for dilutive earnings per share	3,509,497	3,452,623
Basic earnings per share	$ 2.42	$ 1.65
Diluted earnings per share	$ 2.31	$ 1.60

Earnings Per Share (Details Nar

Earnings Per Share (Details Narrative) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Options excluded from earnings per share calculation	309,900	705,725

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Accumulated Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accumulated other comprehensive income (loss), beginning balance	$ (1,987,870)	$ (2,057,985)
Change in net prior service credit and actuarial losses, net of tax	514,271	$ 143,906
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201802Member
Translation adjustment	647,632	$ 45,223
Accumulated other comprehensive income (loss), ending balance	(825,967)	(1,987,870)
Revision of Prior Period, Accounting Standards Update, Adjustment
Accumulated other comprehensive income (loss), beginning balance		(119,014)
Foreign Currency Translation Adjustment
Accumulated other comprehensive income (loss), beginning balance	(1,473,599)	(1,518,822)
Translation adjustment	647,632	45,223
Accumulated other comprehensive income (loss), ending balance	(825,967)	(1,473,599)
Net Prior Service Credit and Actuarial Losses
Accumulated other comprehensive income (loss), beginning balance	(514,271)	(539,163)
Change in net prior service credit and actuarial losses, net of tax	$ 514,271	$ 143,906
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201802Member
Accumulated other comprehensive income (loss), ending balance		$ (514,271)
Net Prior Service Credit and Actuarial Losses | Revision of Prior Period, Accounting Standards Update, Adjustment
Accumulated other comprehensive income (loss), beginning balance		$ (119,014)

Leases (Details Narrative)

Leases (Details Narrative) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)
Lessee Lease Description [Line Items]
Operating lease expense	$ 1.1
Cost of Goods Sold
Lessee Lease Description [Line Items]
Operating lease expense	0.4
Selling, General and Administrative Expenses
Lessee Lease Description [Line Items]
Operating lease expense	$ 0.7

Leases - Information Related to

Leases - Information Related to Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)
Leases Details [Abstract]
Operating lease cost	$ 1,186
Operating lease - cash flow	$ 1,087
Weighted-average remaining lease term	4 years
Weighted-average discount rate	5.00%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Future Minimum Lease Payments:
2021	$ 916,000
2022	690,000
2023	569,000
2024	309,000
2025	220,000
Thereafter	75,000
Total future minimum lease payments	2,779,000
Less : imputed interest	(252,000)
Less : present value of lease liabilities - current	(872,908)	$ (1,047,498)
Present value of lease liabilities - non-current	$ 1,654,025	$ 1,960,996

Business Combinations - (Detail

Business Combinations - (Details Narrative) - USD ($)	Dec. 16, 2020	Jan. 07, 2020	Dec. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Net sales			$ 164,003,040	$ 142,457,342
Net income			8,098,766	5,513,608
Med-Nap, LLC
Business Acquisition [Line Items]
Purchase price	$ 9,300,000
First Aid Central
Business Acquisition [Line Items]
Purchase price		$ 2,100,000
Net sales			4,600,000
Net income			$ 300,000
Business acquisition, proforma net income				5,900,000
Business acquisition, proforma net sales				$ 145,900,000

Business Combinations - Schedul

Business Combinations - Schedule of Purchase Price Allocation to Assets Acquired and Liabilities Assumed (Details) - USD ($)	Dec. 31, 2020	Dec. 16, 2020	Jan. 07, 2020	Dec. 31, 2019
Assets:
Goodwill	$ 4,799,829			$ 4,696,370
Med-Nap, LLC
Assets:
Inventory		$ 591,000
Prepaid expense		25,000
Land & buildings		1,800,000
Equipment		4,195,000
Goodwill		149,000
Intangible assets		2,882,000
Total assets		9,642,000
Accounts payable		336,000
Total considerations		$ 9,308,000
First Aid Central
Assets:
Inventory			$ 440,000
Prepaid expense			47,000
Equipment			45,000
Intangible assets			1,310,000
Total assets			2,074,000
Accounts receivable			$ 232,000