Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | UNITED GUARDIAN INC | |
Entity Central Index Key | 0000101295 | |
Trading Symbol | ug | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 4,594,319 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, $.10 par value |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Sales | $ 3,322,914 | $ 3,180,318 |
Costs and expenses: | ||
Cost of sales | 1,389,331 | 1,288,345 |
Operating expenses | 515,275 | 546,962 |
Research and development | 107,732 | 98,659 |
Total costs and expenses | 2,012,338 | 1,933,966 |
Income from operations | 1,310,576 | 1,246,352 |
Other (expense) income: | ||
Investment income | 44,067 | 44,167 |
Net (loss) gain on marketable securities | (356,595) | 257,194 |
Total other (expense) income | (312,528) | 301,361 |
Income before provision for income taxes | 998,048 | 1,547,713 |
Provision for income taxes | 207,741 | 325,019 |
Net income | 790,307 | 1,222,694 |
Earnings per common share | ||
(basic and diluted) | $ 0.17 | $ 0.27 |
Weighted average shares – basic and diluted (in shares) | 4,594,319 | 4,594,319 |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 790,190 | $ 1,048,311 |
Marketable securities | 8,055,289 | 6,867,516 |
Accounts receivable, net of allowance for doubtful accounts of $20,186 at March 31, 2020 and $21,178 at December 31, 2019 | 2,105,428 | 2,098,411 |
Inventories (net) | 1,362,787 | 1,217,277 |
Prepaid expenses and other current assets | 227,872 | 170,466 |
Prepaid income taxes | 165,300 | |
Total current assets | 12,541,566 | 11,567,281 |
Property, plant and equipment: | ||
Land | 69,000 | 69,000 |
Factory equipment and fixtures | 4,482,236 | 4,482,236 |
Building and improvements | 2,840,337 | 2,839,289 |
Total property, plant and equipment | 7,391,573 | 7,390,525 |
Less: accumulated depreciation | 6,646,631 | 6,609,818 |
Total property, plant and equipment (net) | 744,942 | 780,707 |
Other assets (net) | 11,118 | 14,824 |
TOTAL ASSETS | 13,297,626 | 12,362,812 |
Current liabilities: | ||
Accounts payable | 32,085 | 71,385 |
Accrued expenses | 1,271,108 | 1,129,126 |
Income taxes payable | 126,453 | |
Dividends payable | 141,932 | 142,548 |
Total current liabilities | 1,571,578 | 1,343,059 |
Deferred income taxes (net) | 302,843 | 386,855 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock $.10 par value; 10,000,000 shares authorized; 4,594,319 shares issued and outstanding at March 31, 2020 and December 31, 2019 | 459,432 | 459,432 |
Retained earnings | 10,963,773 | 10,173,466 |
Total stockholders’ equity | 11,423,205 | 10,632,898 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 13,297,626 | $ 12,362,812 |
Balance Sheets (Current Perio_2
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, allowance for doubtful accounts | $ 20,186 | $ 21,178 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares issued (in shares) | 4,594,319 | 4,594,319 |
Common stock, shares outstanding (in shares) | 4,594,319 | 4,594,319 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 4,594,319 | |||
Balance at Dec. 31, 2018 | $ 459,432 | $ 10,465,506 | $ 10,924,938 | |
Net income | 1,222,694 | 1,222,694 | $ 1,222,694 | |
Balance (in shares) at Mar. 31, 2019 | 4,594,319 | |||
Balance at Mar. 31, 2019 | $ 459,432 | 11,688,200 | 12,147,632 | |
Balance (in shares) at Dec. 31, 2019 | 4,594,319 | |||
Balance at Dec. 31, 2019 | $ 459,432 | 10,173,466 | 10,632,898 | 10,632,898 |
Net income | 790,307 | 790,307 | 790,307 | |
Balance (in shares) at Mar. 31, 2020 | 4,594,319 | |||
Balance at Mar. 31, 2020 | $ 459,432 | $ 10,963,773 | $ 11,423,205 | $ 11,423,205 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 790,307 | $ 1,222,694 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 40,519 | 42,105 |
Net loss (gain) on marketable securities | 356,595 | (257,194) |
Allowance for Doubtful Accounts | (992) | |
Deferred income taxes | (84,012) | 10,856 |
(Increase) decrease in operating assets: | ||
Accounts receivable | (6,025) | 67,707 |
Inventories | (145,510) | 157,380 |
Prepaid expenses and other current assets | (57,406) | (68,068) |
Prepaid income taxes | 165,300 | 164,163 |
(Decrease) increase in operating liabilities: | ||
Accounts payable | (39,300) | (44,305) |
Accrued expenses | 141,982 | 236,316 |
Income taxes payable | 126,453 | |
Dividends payable | (616) | |
Net cash provided by operating activities | 1,287,295 | 1,531,654 |
Cash flows from investing activities: | ||
Acquisition of property, plant and equipment | (1,048) | (12,992) |
Purchase of marketable securities | (3,544,368) | (6,049,914) |
Proceeds from sales of marketable securities | 2,000,000 | 4,480,373 |
Net cash used in investing activities | (1,545,416) | (1,582,533) |
Net decrease in cash and cash equivalents | (258,121) | (50,879) |
Cash and cash equivalents at beginning of period | 1,048,311 | 550,135 |
Cash and cash equivalents at end of period | 790,190 | 499,256 |
Supplemental disclosure of cash flow information | ||
Taxes paid | $ 150,000 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | 1. Nature of Business United-Guardian, Inc. (the “Company”) is a Delaware corporation that, through its Guardian Laboratories division, conducts research, product development, manufacturing and marketing of cosmetic ingredients, pharmaceuticals, medical products, and proprietary specialty industrial products. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. Basis of Presentation Interim condensed financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information, pursuant to the requirements for reporting on Form 10 X. three March 31, 2020 ( 2020” not may December 31, 2020. 10 December 31, 2019. |
Note 3 - Impact of Coronavirus
Note 3 - Impact of Coronavirus (COVID-19) | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Impact of Coronavirus (COVID-19) [Text Block] | 3. Impact of coronavirus (COVID- 19 In March 2020, 19 March 20, 2020 may may As of the date of this report the Company does not not not not |
Note 4 - Use of Estimates
Note 4 - Use of Estimates | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Use of Estimates Disclosure [Text Block] | 4. Use of Estimates In preparing financial statements in accordance with US GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, reserve for inventory obsolescence, accrued distribution fees, outdated material returns, possible impairment of marketable securities, and the allocation of overhead. |
Note 5 - Reclassifications
Note 5 - Reclassifications | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Reclassifications [Text Block] | 5. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no In accordance with ASC Topic 606 three March 31, 2019, $101,706. no three March 31, 2019. 606. |
Note 6 - Cash and Cash Equivale
Note 6 - Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 6. Cash and Cash Equivalents For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of three $250,000. March 31, 2020, $699,000 |
Note 7 - Revenue Recognition
Note 7 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 7. Revenue Recognition The Company records revenue in accordance with ASC Topic 606 The Company’s sales, as reported, are subject to a variety of deductions, which generally are estimated and recorded in the same period that the revenues are recognized. Such variable consideration, primarily related to the sale of the Company’s pharmaceutical products, includes chargebacks from the United States Department of Veterans Affairs (‘VA”), rebates in connection with participation in Medicare and Medicaid programs, distribution fees, discounts and outdated product returns. These deductions represent estimates of the related obligations and, as such, knowledge and judgment are required when estimating the impact of these revenue deductions on sales for a reporting period. The Company recognizes revenue from sales of its cosmetic ingredients, medical, and industrial products when those products are shipped, as long as a valid purchase order has been received and future collection of the sale amount is reasonably assured. These products are shipped “Ex-Works” from the Company’s facility in Hauppauge, NY, and it is at this time that risk of loss and responsibility for the shipment passes to the customer. Sales of these products are deemed final, and there is no The Company’s pharmaceutical products are shipped via common carrier upon receipt of a valid purchase order, with, in most cases, the Company paying the shipping costs. Sales of pharmaceutical products are final, and revenue is recognized at the time of shipment, which is when the performance obligation is satisfied. Pharmaceutical products are returnable only at the discretion of the Company unless (a) they are found to be defective; (b) the product is damaged in shipping; or (c) the product is outdated (but not one The Company does not not third Any allowances for returns are taken as a reduction of sales within the same period the revenue is recognized. Such allowances are determined based on historical experience under ASC Topic 606 10 32 8. not The timing between recognition of revenue for product sales and the receipt of payment is not 19 30 60 March 31, 2020 December 31, 2019, $20,186 $21,178, The Company has distribution fee contracts with certain distributors of its pharmaceutical products that entitles them to distribution and service-related fees. The Company records distribution fees and estimates distribution fees as offsets to revenue. Disaggregated revenue by product class is as follows: Three months ended March 31, 2020 2019 Cosmetic Ingredients $ 1,702,860 $ 1,651,722 Pharmaceutical 1,038,710 887,601 Medical 539,196 610,508 Industrial and other 42,148 30,487 Net Sales $ 3,322,914 $ 3,180,318 The Company’s cosmetic ingredients are marketed worldwide by five 16% first 2020, 20% first 2019. Disaggregated revenue by geographic region is as follows: Three months ended March 31, 2020 2019 United States * $ 2,791,679 $ 2,553,743 Other countries 531,235 626,575 Net Sales $ 3,322,914 $ 3,180,318 * 67% first 2020 27% |
Note 8 - Marketable Securities
Note 8 - Marketable Securities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 8. Marketable Securities Marketable securities include investments in fixed income and equity mutual funds and U.S. Government securities with maturities greater than 3 The Company’s U.S. Treasury Bills are considered debt securities and any unrealized gains and losses are reported in other comprehensive income. The U.S. Treasury Bills are considered held to maturity securities, as they are purchased direct from the U.S. Government and are unable to be sold before the maturity date. The disaggregated net gains and losses on the marketable securities recognized in the statements of income for the three March 31, 2020 2019 Three months ended 2020 2019 Net (losses) gains recognized during the period on marketable securities $ (356,595 ) $ 262,423 Less: Net losses recognized during the period on marketable securities sold during the period – (5,229 ) Unrealized (losses) gains recognized during the reporting period on marketable securities still held at the reporting date $ (356,595 ) $ 257,194 The fair values of the Company’s marketable securities are determined in accordance with US GAAP, with fair value being defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes the three • 1 • 2 • 3 The Company’s marketable equity securities, which are considered available-for-sale securities, are re-measured to fair value on a recurring basis and are valued using Level 1 March 31, 2020 ( Debt Securities Cost Fair Value Unrealized U.S. Treasury Bills (original maturities of greater than three months up to one year) $ 1,493,466 $ 1,493,466 $ – Total debt securities 1,493,466 1,493,466 – Equity Securities Fixed income mutual funds 5,740,749 5,774,765 34,016 Equity and other mutual funds 756,429 787,058 30,629 Total equity securities 6,497,178 6,561,823 64,645 Total marketable securities $ 7,990,644 $ 8,055,289 $ 64,645 December 31, 2019 ( Debt Securities Cost Fair Value Unrealized U.S. Treasury Bills (original maturities of greater than three months up to one year) $ 3,481,625 $ 3,481,625 $ – Total debt securities 3,481,625 3,481,625 – Equity Securities Fixed income mutual funds 1,940,071 2,122,157 182,086 Equity and other mutual funds 1,024,580 1,263,734 239,154 Total equity securities 2,964,651 3,385,891 421,240 Total marketable securities $ 6,446,276 $ 6,867,516 $ 421,240 Investment income is recognized when earned and consists principally of interest income from fixed income mutual funds and U.S Treasury Bills, and dividend income from equity and other mutual funds. Realized gains and losses on sales of investments are determined on a specific identification basis. Proceeds from the redemption of marketable securities amounted to $2,000,000 first 2020. no $4,480,373 first 2019, $5,229. |
Note 9 - Inventories
Note 9 - Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 9 . Inventories March 31, December 31, 2020 2019 (Unaudited) (Audited) Inventories consist of the following: Raw materials $ 413,450 $ 320,507 Work in process 62,478 81,002 Finished products 886,859 815,768 Total Inventories $ 1,362,787 $ 1,217,277 Inventories are valued at the lower of cost and net realizable value. Cost is determined using the average cost method, which approximates cost determined by the first first March 31, 2020 December 31, 2019 $ 35,000 March 31, 2020 December 31, 2019, $260,374 $231,392 The Company does not |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes The Company’s tax provision is based on its estimated annual effective tax rate. The Company continues to fully recognize its tax benefits, and as of March 31, 2020 December 31, 2019, not three March 31 Three-months ended 2020 2019 Provision for federal income taxes - current $ 291,603 $ 314,163 Provision for state income taxes - current 150 – (Benefit) provision for federal income taxes - deferred (84,012 ) 10,856 Total provision for income taxes $ 207,741 $ 325,019 In response to the COVID- 19 April 15, 2020. first July 15, 2020. |
Note 11 - Defined Contribution
Note 11 - Defined Contribution Plan | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 11. Defined Contribution Plan The Company sponsors a 401 first 4% one The Company also makes discretionary contributions to each employee's account based on a "pay-to-pay" safe-harbor formula that qualifies the 401 20% two 20% six fourth 2018 $150,000, December 2018. 2018 first 2019 $37,500 2019. May 2019 2019 $145,000, December 2019. 2019 first 2020 $36,250 December 2020 first 2020 2019 not |
Note 12 - Other Information
Note 12 - Other Information | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Other Liabilities Disclosure [Text Block] | 12. Other Information Accrued Expenses March 31, 2020 December 31, 2019 (unaudited) (audited) Bonuses $ 324,000 $ 216,000 Distribution fees 311,354 309,190 Payroll and related expenses 137,441 175,433 Reserve for outdated material 260,374 231,392 Audit fee 30,750 48,500 Insurance 86,453 – Annual report expenses 34,824 64,324 Company 401K contribution 36,250 – Sales rebates 28,000 46,100 Other 21,662 38,187 Total Accrued Expenses $ 1,271,108 $ 1,129,126 |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 13. Recent Accounting Pronouncements On December 18, 2019, 2019 12, 740, 2019 12 December 15, 2020. In June 2016, 2016 13 not November 2019, December 15, 2022. |
Note 14 - Concentrations of Cre
Note 14 - Concentrations of Credit Risk | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 14. Concentrations of Credit Risk Customer concentration For the three March 31, 2020, one one 57% 57% March 31, 2020. three March 31, 2019, 55% 51% March 31, 2019. |
Note 15 - Earnings Per Share
Note 15 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 15. Earnings Per Share Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Per share basic and diluted earnings amounted to $0.17 $0.27 three March 31, 2020 2019, |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. Subsequent Events The Company has evaluated all subsequent events from the date of the financial statements through the date of this report. As detailed in Note 3 19 not |
Note 7 - Revenue Recognition (T
Note 7 - Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three months ended March 31, 2020 2019 Cosmetic Ingredients $ 1,702,860 $ 1,651,722 Pharmaceutical 1,038,710 887,601 Medical 539,196 610,508 Industrial and other 42,148 30,487 Net Sales $ 3,322,914 $ 3,180,318 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three months ended March 31, 2020 2019 United States * $ 2,791,679 $ 2,553,743 Other countries 531,235 626,575 Net Sales $ 3,322,914 $ 3,180,318 |
Note 8 - Marketable Securities
Note 8 - Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Gain (Loss) on Securities [Table Text Block] | Three months ended 2020 2019 Net (losses) gains recognized during the period on marketable securities $ (356,595 ) $ 262,423 Less: Net losses recognized during the period on marketable securities sold during the period – (5,229 ) Unrealized (losses) gains recognized during the reporting period on marketable securities still held at the reporting date $ (356,595 ) $ 257,194 |
Marketable Securities [Table Text Block] | Debt Securities Cost Fair Value Unrealized U.S. Treasury Bills (original maturities of greater than three months up to one year) $ 1,493,466 $ 1,493,466 $ – Total debt securities 1,493,466 1,493,466 – Equity Securities Fixed income mutual funds 5,740,749 5,774,765 34,016 Equity and other mutual funds 756,429 787,058 30,629 Total equity securities 6,497,178 6,561,823 64,645 Total marketable securities $ 7,990,644 $ 8,055,289 $ 64,645 Debt Securities Cost Fair Value Unrealized U.S. Treasury Bills (original maturities of greater than three months up to one year) $ 3,481,625 $ 3,481,625 $ – Total debt securities 3,481,625 3,481,625 – Equity Securities Fixed income mutual funds 1,940,071 2,122,157 182,086 Equity and other mutual funds 1,024,580 1,263,734 239,154 Total equity securities 2,964,651 3,385,891 421,240 Total marketable securities $ 6,446,276 $ 6,867,516 $ 421,240 |
Note 9 - Inventories (Tables)
Note 9 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2020 2019 (Unaudited) (Audited) Inventories consist of the following: Raw materials $ 413,450 $ 320,507 Work in process 62,478 81,002 Finished products 886,859 815,768 Total Inventories $ 1,362,787 $ 1,217,277 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Three-months ended 2020 2019 Provision for federal income taxes - current $ 291,603 $ 314,163 Provision for state income taxes - current 150 – (Benefit) provision for federal income taxes - deferred (84,012 ) 10,856 Total provision for income taxes $ 207,741 $ 325,019 |
Note 12 - Other Information (Ta
Note 12 - Other Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued Expenses March 31, 2020 December 31, 2019 (unaudited) (audited) Bonuses $ 324,000 $ 216,000 Distribution fees 311,354 309,190 Payroll and related expenses 137,441 175,433 Reserve for outdated material 260,374 231,392 Audit fee 30,750 48,500 Insurance 86,453 – Annual report expenses 34,824 64,324 Company 401K contribution 36,250 – Sales rebates 28,000 46,100 Other 21,662 38,187 Total Accrued Expenses $ 1,271,108 $ 1,129,126 |
Note 5 - Reclassifications (Det
Note 5 - Reclassifications (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cost of Goods and Services Sold, Total | $ 1,389,331 | $ 1,288,345 |
Reclassified Certain Sales Rebates From Cost of Sales to Net Sales [Member] | ||
Cost of Goods and Services Sold, Total | $ 101,706 |
Note 6 - Cash and Cash Equiva_2
Note 6 - Cash and Cash Equivalents (Details Textual) | Mar. 31, 2020USD ($) |
Cash, Uninsured Amount | $ 699,000 |
Note 7 - Revenue Recognition (D
Note 7 - Revenue Recognition (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 20,186 | $ 21,178 | |
Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | Cosmetic Ingredients [Member] | |||
Concentration Risk, Percentage | 16.00% | 20.00% | |
Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member] | Non-US [Member] | ASI [Member] | |||
Concentration Risk, Percentage | 67.00% | ||
Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member] | CHINA | ASI [Member] | |||
Concentration Risk, Percentage | 27.00% |
Note 7 - Revenue Recognition -
Note 7 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Sales | $ 3,322,914 | $ 3,180,318 |
Cosmetic Ingredients [Member] | ||
Net Sales | 1,702,860 | 1,651,722 |
Pharmaceuticals [Member] | ||
Net Sales | 1,038,710 | 887,601 |
Medical Product [Member] | ||
Net Sales | 539,196 | 610,508 |
Industrial And Other [Member] | ||
Net Sales | $ 42,148 | $ 30,487 |
Note 7 - Revenue Recognition _2
Note 7 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Net Sales | $ 3,322,914 | $ 3,180,318 | |
UNITED STATES | |||
Net Sales | [1] | 2,791,679 | 2,553,743 |
Non-US [Member] | |||
Net Sales | $ 531,235 | $ 626,575 | |
[1] | Since all purchases by ASI are shipped to ASI's warehouses in the U.S. they are reported as U.S. sales for financial reporting purposes. However, ASI has reported to the Company that approximately 67% of ASI's sales of the Company's products in the first quarter of 2020 were to customers in other countries, with China representing approximately 27% of ASI's sales of the Company's products. |
Note 8 - Marketable Securitie_2
Note 8 - Marketable Securities (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Proceeds from Sale and Maturity of Marketable Securities, Total | $ 2,000,000 | $ 4,480,373 |
Debt and Equity Securities, Realized Gain (Loss), Total | $ 0 | $ (5,229) |
Note 8 - Marketable Securitie_3
Note 8 - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net (losses) gains recognized during the period on marketable securities | $ (356,595) | $ 262,423 |
Less: Net losses recognized during the period on marketable securities sold during the period | 0 | (5,229) |
Unrealized (losses) gains recognized during the reporting period on marketable securities still held at the reporting date | $ (356,595) | $ 257,194 |
Note 8 - Marketable Securitie_4
Note 8 - Marketable Securities - Summary of Investments (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Debt securities, cost | $ 1,493,466 | $ 3,481,625 |
Debt securities | 1,493,466 | 3,481,625 |
Debt securities, unrealized gain | ||
Equity securities, cost | 6,497,178 | 2,964,651 |
Equity securities | 6,561,823 | 3,385,891 |
Equity securities, unrealized gain | 64,645 | 421,240 |
Marketable securities, cost | 7,990,644 | 6,446,276 |
Marketable securities | 8,055,289 | 6,867,516 |
Marketable securities, unrealized gain | 64,645 | 421,240 |
US Treasury Securities [Member] | ||
Debt securities, cost | 1,493,466 | 3,481,625 |
Debt securities | 1,493,466 | 3,481,625 |
Debt securities, unrealized gain | ||
Fixed Income Securities [Member] | ||
Equity securities, cost | 5,740,749 | 1,940,071 |
Equity securities | 5,774,765 | 2,122,157 |
Equity securities, unrealized gain | 34,016 | 182,086 |
Equity And Other Mutual Funds [Member] | ||
Equity securities, cost | 756,429 | 1,024,580 |
Equity securities | 787,058 | 1,263,734 |
Equity securities, unrealized gain | $ 30,629 | $ 239,154 |
Note 9 - Inventories (Details T
Note 9 - Inventories (Details Textual) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Valuation Reserves, Ending Balance | $ 35,000 | $ 35,000 |
Accrued Reserve for Outdated Material | $ 260,374 | $ 231,392 |
Note 9 - Inventories - Summary
Note 9 - Inventories - Summary of Inventories (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Raw materials | $ 413,450 | $ 320,507 |
Work in process | 62,478 | 81,002 |
Finished products | 886,859 | 815,768 |
Total Inventories | $ 1,362,787 | $ 1,217,277 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Note 10 - Income Taxes - Provis
Note 10 - Income Taxes - Provision for Income Taxes (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Provision for federal income taxes - current | $ 291,603 | $ 314,163 |
Provision for state income taxes - current | 150 | |
(Benefit) provision for federal income taxes - deferred | (84,012) | 10,856 |
Total provision for income taxes | $ 207,741 | $ 325,019 |
Note 11 - Defined Contributio_2
Note 11 - Defined Contribution Plan (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |||
May 31, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Cost | $ 36,250 | $ 37,500 | |||
DC Plan [Member] | |||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 4.00% | ||||
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year) | 1 year | ||||
Defined Contribution Plan, Employer Discretionary Contribution Amount Per Year Authorized | $ 145,000 | $ 150,000 | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 | |||
DC Plan [Member] | Discretionary Contributions Vesting at Two Years [Member] | |||||
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year) | 2 years | ||||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% | ||||
DC Plan [Member] | Discretionary Contributions Vesting Each Additional Year [Member] | |||||
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year) | 6 years | ||||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 20.00% |
Note 12 - Other Information - S
Note 12 - Other Information - Summary of Accrued Expenses (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Bonuses | $ 324,000 | $ 216,000 |
Distribution fees | 311,354 | 309,190 |
Payroll and related expenses | 137,441 | 175,433 |
Accrued Reserve for Outdated Material | 260,374 | 231,392 |
Audit fee | 30,750 | 48,500 |
Insurance | 86,453 | |
Annual report expenses | 34,824 | 64,324 |
Company 401K contribution | 36,250 | |
Sales rebates | 28,000 | 46,100 |
Other | 21,662 | 38,187 |
Total Accrued Expenses | $ 1,271,108 | $ 1,129,126 |
Note 14 - Concentrations of C_2
Note 14 - Concentrations of Credit Risk (Details Textual) - Distributors and Marketing Partners [Member] | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Number of Customers | 1 | 1 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Concentration Risk, Percentage | 57.00% | 55.00% |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Concentration Risk, Percentage | 57.00% | 51.00% |
Note 15 - Earnings Per Share (D
Note 15 - Earnings Per Share (Details Textual) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share, Basic and Diluted, Total (in dollars per share) | $ 0.17 | $ 0.27 |