0001171843-17-001709.txt : 20170323 0001171843-17-001709.hdr.sgml : 20170323 20170323090109 ACCESSION NUMBER: 0001171843-17-001709 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 58 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170323 DATE AS OF CHANGE: 20170323 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UNITED GUARDIAN INC CENTRAL INDEX KEY: 0000101295 STANDARD INDUSTRIAL CLASSIFICATION: PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844] IRS NUMBER: 111719724 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10526 FILM NUMBER: 17708308 BUSINESS ADDRESS: STREET 1: 230 MARCUS BLVD CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 631-273-0900 MAIL ADDRESS: STREET 1: P.O. BOX 18050 STREET 2: 230 MARCUS BLVD. CITY: HAUPPAUGE STATE: NY ZIP: 11788 FORMER COMPANY: FORMER CONFORMED NAME: UNITED INTERNATIONAL RESEARCH INC DATE OF NAME CHANGE: 19820422 10-K 1 f10k_032417p.htm FORM 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-K

 

(Mark One)

 

ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended December 31, 2016

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __________ to ____________

 

Commission file number 1-10526

 

 

UNITED-GUARDIAN, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware   11-1719724
(State or other jurisdiction   (I.R.S. Employer
of incorporation or organization)   Identification No.)
     
     
230 Marcus Blvd., Hauppauge, NY   11788
(Address of principal executive offices)   (Zip Code)

 

 

Registrant's telephone number, including area code: (631) 273-0900

 

 

Securities registered pursuant to Section l2(b) of the Act:

 

Title of each class Name of each exchange on which registered
  Common Stock, $.10 par value The NASDAQ Global Market

 

 

Securities registered pursuant to Section 12(g) of the Act:

 

None

Cover Page 1 of 2

 

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  Yes ☐    No ☒

 

Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.     Yes ☐    No ☒

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 

Yes ☒   No ☐ 

 

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes ☒    No ☐   

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

 

Large accelerated filer  ☐   Accelerated filer  ☐   Non-accelerated filer  ☐   Smaller reporting company  
        (Do not check if a smaller    
        reporting company)    

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.) Yes No

 

As of June 30, 2016, the last business day of the Registrant’s most recently completed second fiscal quarter, the aggregate market value of the Registrant's common stock held by non-affiliates (based on the closing sales price of such shares on The NASDAQ Global Market (“NASDAQ”) on such date) was approximately $51,361,676. (For the purpose of this report it has been assumed that all officers and directors of the Registrant, as well as all stockholders holding 10% or more of Registrant's stock, are affiliates of the Registrant).

 

As of March 1, 2017, the Registrant had issued and outstanding 4,594,319 shares of Common Stock, $.10 par value per share ("Common Stock").

 

 

 

DOCUMENTS INCORPORATED BY REFERENCE:

 

Certain information required by Part III (portions of Item 10, as well as Items 11, 12, and 13) is incorporated by reference to the Registrant's definitive proxy statement for the 2017 annual meeting of stockholders ("2017 Proxy Statement"), which, pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is to be filed with the Securities and Exchange Commission (the “SEC”) no later than 120 days after Registrant's fiscal year end.

 

Cover Page 2 of 2

UNITED-GUARDIAN, INC.

This Annual Report on Form 10-K contains both historical and "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which provides a safe harbor for forward-looking statements by the Registrant about its expectations or beliefs concerning future events, such as financial performance, business prospects, and similar matters. The Registrant desires to take advantage of such "safe harbor" provisions and is including this statement for that express purpose. Words such as "anticipates", "believes", "expects", "intends", "future", and similar expressions identify forward-looking statements. Any such "forward-looking" statements in this report reflect the Registrant's views as of the date of filing of this report with the United States Securities and Exchange Commission (the “SEC”) with respect to future events and financial performance, and are subject to a variety of factors that could cause the Registrant's actual results or performance to differ materially from historical results or from the anticipated results or performance expressed or implied by such forward-looking statements. Because of such factors, there can be no assurance that the actual results or developments anticipated by the Registrant will be realized or, even if substantially realized, that they will have the anticipated results. The risks and uncertainties that may affect the Registrant's business include, but are not limited to: economic conditions, governmental regulations, technological advances, pricing and competition, acceptance by the marketplace of new products, retention of key personnel, the sufficiency of financial resources to sustain and expand the Registrant's operations, and other factors described in this report and in prior filings with the SEC. Readers should not place undue reliance on such forward-looking statements, which speak only as of the date hereof, and should be aware that except as may be otherwise legally required of the Registrant, the Registrant undertakes no obligation to publicly revise any such forward-looking statements to reflect events or circumstances that may arise after the date hereof.

 

PART I

Item 1. Business.

 

(a) Introduction    

 

United-Guardian, Inc. ("United", the "Registrant", or the “Company”) is a Delaware corporation that, through its Guardian Laboratories Division ("Guardian"), manufactures and markets cosmetic ingredients, personal care products, pharmaceuticals, medical lubricants, health care products, and specialty industrial products. It also conducts research and product development, primarily related to the development of new and unique cosmetic and personal care products. The Company’s research and development department also modifies, refines, and expands the uses for existing products, with the goal of further developing the market for the Company's products.

 

United's predecessor, United International Research, Inc. ("UIR"), was founded and incorporated in New York in 1942 by Dr. Alfred R. Globus, United's Chairman and Director of Research until his death on April 9, 2009. On February 10, 1982, a merger took place between UIR and Guardian Chemical Corp. ("GCC"), an affiliate of UIR, whereby GCC was merged into UIR and the name was changed to United-Guardian, Inc., a New York corporation. On September 14, 1987, United-Guardian, Inc. (New York) was merged with and into a newly-formed Delaware corporation by the same name, United-Guardian, Inc., for the purpose of changing the domicile of the Company to Delaware.

 

 The Company has a broad range of products, some of which are currently marketed and some of which are still in the research and development stage. Of the products being actively marketed, the two largest product lines are the LUBRAJEL® line of cosmetic ingredients and medical lubricants, which accounted for approximately 66% of the Company's sales in 2016, and RENACIDIN® IRRIGATION ("RENACIDIN"), a pharmaceutical product that accounted for approximately 27% of the Company's sales in 2016.

 

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UNITED-GUARDIAN, INC.

(b) Narrative Description of Business

 

The Company manufactures and markets cosmetic ingredients, personal and health care products, medical lubricants, pharmaceuticals, and specialty industrial products. It also conducts research and development, primarily related to the development of new and unique cosmetic and personal care products. The Company focuses on the development of products that fill unmet market needs, have unique properties, and use proprietary technology that it sometimes protects with patents. Many of the Company's products are marketed through collaborative agreements with larger companies. The personal care products manufactured by the Company, including the cosmetic ingredients, are marketed to end users through the Company's worldwide network of marketing partners and distributors, and are currently used by many of the major manufacturers of cosmetic and personal care products. The Company sells product outright to its marketing partners, Ex Works (EXW) the Company’s plant in Hauppauge, New York. Those marketing partners in turn resell those products to their customers, who are typically the manufacturers and marketers of cosmetic and personal care products, and who in turn utilize the Company’s products in their finished products. The products are not sold on a consignment basis, so unless a product is determined to be defective it is not returnable except at the discretion of the Company.

 

The Company operates in one business segment. The Company’s products are separated into four distinct product categories: personal care products (including cosmetic ingredients), pharmaceuticals, medical products, and industrial products. Each product category is marketed differently.  

 

The Company’s personal care products, including cosmetic ingredients, are marketed globally by six marketing partners, of which Ashland Specialty Ingredients (“ASI”), a business segment of Ashland, Inc., is the largest. The products are sold directly to those marketing partners, which in turn resell those products to their customers for use in the manufacture or compounding of the customers’ personal care and cosmetic products. The Company’s non-pharmaceutical medical products (referred to hereinafter as “medical products”) and the specialty industrial products are sold directly by the Company to marketers of finished products or the contract manufacturers utilized by those marketers. The Company’s pharmaceutical products are marketed by direct advertising, mailings, and trade exhibitions, and are sold to hospitals and pharmacies primarily through full-line drug wholesalers, which purchase the Company’s products outright for resale to their customers. The Company also sells a small quantity of pharmaceutical products directly to hospitals and pharmacies. The Company's products are sold under trademarks or trade names owned by the Company, some of which are registered with the United States Patent and Trademark Office as well as comparable regulatory agencies in some foreign countries.

 

PRODUCTS

 

The Company operates in one business segment, and its product lines are separated into four distinct product categories:

 

PERSONAL CARE

 

LUBRAJEL® is an extensive line of water-based moisturizing and lubricating gel formulations that are used as ingredients in personal care (primarily cosmetic/skincare) products. In the personal care industry, they are used primarily as moisturizers and as bases for other cosmetic ingredients, and can be found as an ingredient in skin creams, moisturizers, makeup, and body lotions. The largest product by sales in the LUBRAJEL personal care line in 2016 was LUBRAJEL OIL, followed by LUBRAJEL CG. Some of the other varieties of LUBRAJEL sold for cosmetic use (all using the LUBRAJEL name), in descending order of sales, are LUBRAJEL PF (also sold under the tradename “Norgel”), MS, DV, and NP. In addition, many of these products are available in comparable formulations that do not contain parabens as the preservative, and instead use a different preservative system that is preferred by some customers. Those equivalent products are differentiated by adding the word “Free” after the name (for example, LUBRAJEL MS Free and DV Free), indicating that those formulations do not contain parabens.

 

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UNITED-GUARDIAN, INC.

LUBRAJEL PF is different from the other products in the LUBRAJEL line in that it is a completely preservative-free form of LUBRAJEL. It is marketed under the LUBRAJEL PF tradename in all geographic markets other than France, where it is marketed under the tradename “Norgel” by Societe D'Etudes Dermatologiques ("Sederma"), a subsidiary of Croda International Plc (“Croda”). Sederma is the Company's exclusive marketing partner and distributor of the Company’s cosmetic ingredients in France and, along with its parent company, Croda, is a major supplier of specialty cosmetic ingredients to the personal care products industry. Tests have shown that this product self-preserves, and that it aids in the preservation of other cosmetic ingredients with which it is formulated.

 

LUBRAJEL NATURAL is the first product in a new line of LUBRAJEL products for cosmetic use that are produced using only ingredients that are considered “natural”. This product, as well as the additional “natural” products under development (see “Development Activities” below) are based on natural polysaccharides, which contribute moisturization, emulsion stabilization, and emolliency to personal care products, particularly creams and lotions. LUBRAJEL NATURAL has received “COSMOS APPROVED” status pursuant to the new global COSMOS standard for certifying natural and organic products, which allows its use in products certified as “natural”. This product is now being actively marketed, and sales in 2016 increased when compared with 2015.

 

Sales of the Company's personal care products decreased by $5,005,500 (approximately 50%) for the year ended December 31, 2016 when compared with 2015, primarily due to a decrease in sales of LUBRAJEL OIL in China. The decrease was the result (a) a regulatory issue in China that was unrelated to LUBRAJEL OIL but which required the reformulation of some of the products in which LUBRAJEL OIL was being used, and (b) an overstock situation in China resulting from the Company’s marketing partner in China, ASI, having brought into China significantly more LUBRAJEL OIL than it needed to satisfy the requirements of its customers. As a result, there were no significant sales to ASI of product intended for China from the fourth quarter of 2015 until September 2016 while ASI worked off the excess inventory. With the regulatory issue having been addressed, and with products that had been affected by the regulatory issue coming back on the market during 2016, the overstock situation in China was gradually corrected, and in September 2016 ASI resumed its purchases of products intended for sale in China. However, ASI has indicated that its purchases are expected to be at lower volumes than they had been in the first three quarters of 2015.

 

Each of the following products accounted for less than 1% of the Company’s sales in 2016, listed in descending order of sales.

 

LUBRAJEL II XD is a version of LUBRAJEL that was developed to be a direct replacement for one of the competitive products to LUBRAJEL.

 

ORCHID COMPLEX™ is an oil-soluble base for skin creams, lotions, cleansers, and other cosmetics. It is an extract of fresh orchids modified by stabilizers and preservatives, and is characterized by its excellent lubricity, spreadability, light feel, and emolliency. Because of its alcohol solubility, it may also be used in fragrance products such as perfumes and toiletries. Its emolliency makes it an excellent additive to shampoos, bath products and facial cleansers. It is also a superior emollient for sunscreens, vitamin creams, toners and skin serums.

 

LUBRASLIDE™ and a related product, B-122™, are powdered lubricants used in the manufacture of cosmetics such as pressed powders, eyeliners, and rouges. They are used as binders for these products, increasing water-repellency and drop strength and lowering the coefficient of friction.

 

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UNITED-GUARDIAN, INC.

KLENSOFT™ is a surfactant (a surface-active agent, such as a soap or detergent) that can be used in shampoos, shower gels, makeup removers, and other cosmetic formulations. KLENSOFT sales have been highly variable due to the ordering patterns of the primary customers for the product.

 

LUBRASIL™ is a special form of LUBRAJEL in which silicone oil is incorporated into a LUBRAJEL base by micro-emulsification, thereby maintaining clarity similar to the other LUBRAJEL products. The product has a silky feel, and is water resistant while moisturizing the skin.

 

The Company believes that its ability to maintain and/or increase sales of its cosmetic and other personal care products will depend on (a) the ability and determination of its marketing partners, especially its largest marketing partner, ASI, to continue to aggressively promote the Company’s products, particularly to new customers, and to find new marketing opportunities; (b) the Company's success in developing additional new products, including new varieties of LUBRAJEL, as well as new applications for existing products; and (c) the ability of the Company to find ways to compete with manufacturers of lower-cost competitors to its LUBRAJEL products which have negatively impacted the sales of, the Company’s personal care products. In particular, the Company has experienced significant pricing pressure from competitive products being marketed in China by some Asian manufacturers. These lower-cost competitive products are likely to negatively impact the company’s profit margins on some of its products in certain geographic areas.

 

The Company believes that there is still potential to expand the sales of its LUBRAJEL line of products through new product development, modifications to make some of its current products more competitive, additional claim substantiation, and geographic expansion. The Company believes that its strong brand identity and reputation for supplying quality products will be advantageous in its efforts to compete with the growing number of lower-cost imitations of its products, but that it will still be necessary to be more competitive with its product pricing in certain geographic areas in order to maintain and grow its market share.

 

MEDICAL

 

LUBRAJEL RR and RC are both gels used primarily as lubricants for urinary catheters. Both are special grades of LUBRAJEL that can withstand sterilization by gamma radiation, which is one of the methods of terminally sterilizing medical and hospital products. LUBRAJEL RR was the original radiation-resistant LUBRAJEL product. LUBRAJEL RC was developed as a lower-cost alternative to the LUBRAJEL RR for those customers who are in more cost-sensitive markets. Combined sales of these two products in 2016 increased by approximately 15% compared with 2015, with LUBRAJEL RR accounting for the largest portion of that increase. The combined sales of both products accounted for approximately 15% of the Company’s sales in 2016. Sales of both of these products are subject to year-to-year variations based on the ordering patterns of the customers for these two products.

 

LUBRAJEL MG is the original form of LUBRAJEL, developed as a medical lubricant in the 1970s. It is used by many medical device manufacturers for lubricating urinary catheters, pre-lubricated enema tips, and other medical devices. Sales increased by approximately 27% in 2016 compared with 2015, which the Company believes was the result of fluctuations in the buying patterns of customers for this product. Sales of this product represented approximately 7% of the Company’s sales in 2016.

 

LUBRAJEL LC was originally developed for a specific customer who required a product suitable for oral use but has since discontinued its purchases. Sales increased by approximately 50% in 2016 compared with 2015.

 

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UNITED-GUARDIAN, INC.

LUBRAJEL FLUID is a very low viscosity form of LUBRAJEL that was developed to provide superior lubrication in water-soluble products. It was specifically developed, and is currently being used, as a replacement for silicone oils in pre-lubricated condoms. The Company has only one customer for this product, and sales of this product did not contribute significantly to the Company’s overall sales.

 

LUBRAJEL BA is a Lubrajel formulation that was specifically developed for ASI for an oral care use. ASI is actively promoting this product, but sales of this product are not yet a significant contributor to the Company’s revenue.

 

LUBRAJEL TF is a medical lubricant specifically developed for a global medical products company. Initial sales of this product began at the end of 2012. Although the Company is still hopeful that sales of this product will increase, sales of this product to date have been lower than expected due to the customer’s uncertain marketing plans for this product.

 

Sales of all of the medical grades of LUBRAJEL increased by approximately 19% in 2016 compared with 2015. Sales of these products accounted for approximately 24% of the Company’s sales in 2016 compared with approximately 15% in 2015. The Company believes that the increase was due to fluctuations in the purchasing patterns of its customers, as well as to the lower sales of personal care products in 2016 compared with sales of the medical products.

 

PHARMACEUTICAL

 

RENACIDIN® is a prescription drug product that is used primarily to prevent and to dissolve calcifications in urethral catheters and the urinary bladder. From 1991 until April 2016 it had been marketed as a ready-to-use sterile solution in 500mL glass bottles. It currently has regulatory approval only in the United States. The product had been manufactured for the Company under a long-term contract with a major U.S. drug company. That contract terminated in the first quarter of 2015. In 2013, in anticipation of that contract expiration, the Company began working with a new supplier to produce RENACIDIN in a smaller, more user-friendly container. In August 2014 the Company submitted an application to the United States Food and Drug Administration (“FDA”) to market RENACIDIN in a new sterile, single dose, 30 mL plastic bottle that was engineered to dispense the product directly into an indwelling catheter, eliminating the need to use a separate syringe to extract a small amount of product from the previous 500mL bottle. In December 2015 the Company received approval from the FDA to market the new single-dose product, and sales began in April 2016. The Company has already experienced a significant increase in monthly revenue from the new product, and is optimistic that this new, more user-friendly bottle will enable the Company to continue to increase its sales of RENACIDIN over the next few years. Sales of RENACIDIN increased by approximately 115% primarily as a result of the sales of the new package size, and represented approximately 27% of total Company sales.

 

CLORPACTIN® WCS-90 is an antimicrobial product used primarily in urology to treat infections in the urinary bladder. It is also used in surgery for treating a wide range of localized infections in the peritoneum (the lining of the abdominal cavity), as well as the eye, ear, nose and throat, and sinuses. The product is a powder that is mixed with water by the end user and used as a solution. It is also a powerful disinfectant, fungicide, and deodorizer. Sales of CLORPACTIN have been very consistent from year-to-year. In 2016 sales increased by approximately 6% and represented approximately 5% of the Company’s sales. The company believes that the increase was due to normal year-to-year fluctuations rather than any significant trend in sales.

 

The Company’s 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) they are outdated (but not more than one year after their expiration date, which is a return policy that conforms to standard pharmaceutical industry practice).

 

 5

UNITED-GUARDIAN, INC.

INDUSTRIAL

 

DESELEX™ Liquid is a sequestering and chelating agent that is used primarily as a replacement for phosphates in the manufacture of detergents. It also has some use in personal care products as a chelating agent in shampoos and body washes. Sales of this product increased by $12,854 (16%) from $78,194 in 2015 to $91,048 in 2016.

 

THOROCLENS is a chlorine-based cleanser manufactured and packaged by the Company for a small company in New England that resells the product to its customers. Sales of this product increased by $7,749 (14%) from $56,587 in 2015 to $64,336 in 2016.

 

DEVELOPMENT ACTIVITIES

 

In coordination with, and with input from, its marketing partners, the Company's research and development department has developed products that can be used in many different industries, including the personal care (including cosmetic), pharmaceutical, medical, health care, and specialty chemical industries. These products are in various stages of development, some currently marketable and some in the very early stages of development requiring a substantial amount of development work to bring them to market. Research is also being done on new uses for currently marketed products.

 

Prior to initiating research and development work on a product, market research is done to determine the marketability of the product, including the potential market size and the most effective method of marketing the product. After that, the research and development department will determine whether the product can be successfully developed, including (a) laboratory refinements and adjustments to suit the intended uses of the product; (b) stability studies to determine the effective shelf life of the product and suitable storage and transportation conditions; and (c) laboratory efficacy tests to determine the effectiveness of the product under different conditions. If development proves feasible, the Company will then determine whether production and sales costs make it feasible to bring the product to market.

 

If the initial development work is successful, and the estimated costs of further development are acceptable to the Company, further development work to bring the product to market will continue, including scaling up from laboratory production batches to pilot batches to full-scale production batches. In the case of drug products or medical devices, significant additional work would have to be done, including studies to determine safety and effectiveness, preparation of an Investigational New Drug (IND) Application, and finally the filing of an NDA. Due to the size of the Company and the costs involved in bringing new drugs or medical devices to market, the Company does not currently have plans to develop any new drugs or medical devices, and intends to focus its research and development efforts on the development of new and innovative products for the personal care and medical (non-drug) markets.

 

 While there can be no assurance that any particular project will result in a new marketable product or a commercially successful product, the Company believes that a number of its development projects, including those discussed below, may have commercial potential if the Company's development efforts are successful.

 

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UNITED-GUARDIAN, INC.

 The Company's major research focus is on the development of new and unique ingredients for cosmetic and other personal care products. The following are some of the projects that the Company is either working on or intends to work on in the near future:

 

LUBRAJEL MARINE and LUBRAJEL OIL NATURAL: These will be the next two products in the LUBRAJEL “Natural” line, in which products are formulated using only ingredients that are considered “natural”. Like the original LUBRAJEL NATURAL, these two products are based on natural polysaccharides. The LUBRAJEL MARINE uses some components derived from marine vegetation. The LUBRAJEL OIL NATURAL will be a new, natural form of the Company’s original LUBRAJEL OIL, with similar lubricating properties but based on all-natural components. The polymer network in this product is based solely on vegetable feedstock. Like the original LUBRAJEL NATURAL, both of these products had been certified as “natural” by Ecocert, one of the global organizations responsible for certifying cosmetic ingredients as natural, and the LUBRAJEL MARINE has also received the newer “COSMOS APPROVED” status pursuant to the new global COSMOS standard for certifying natural and organic products, which allows use of those materials in “COSMOS CERTIFIED” products. The COSMOS approval is pending for the LUBRAJEL OIL NATURAL. The formulation for the LUBRAJEL MARINE has been finalized, and the formulation for the LUBRAJEL OIL NATURAL should be finalized by the end of the first quarter of 2017, which is also when the Company expects to begin actively marketing the LUBRAJEL MARINE. The initiation of marketing of the LUBRAJEL OIL NATURAL has not been set, but the Company expects that to happen sometime in 2017. The Company believes that there is a growing demand for natural products, especially in personal care products, and expects to add additional products to this line in the future if these initial products are successful.

 

Lubrajel Terra: This is intended to be the fourth product in the LUBRAJEL “Natural” line. It will be based on polysaccharides from plant-based materials. This is still in the product development stage. The Company currently anticipates that this product, if it can be successfully developed, will be ready for sampling by late 2017.

GLYCERYL GLYCOLATE: This material is intended to function as an anti-aging skincare ingredient. The Company has finalized the product formulation and has developed some recommended applications as well as instructions for potential customers as to how it can be used in finished formulations. However, the Company has not yet made a determination as to whether there is a sufficient market for this product to continue the technical development work, based on other competitive products that are already on the market.

 

Amla Complex: This product consists of an extract of the Amla fruit (Indian Gooseberry), which is believed to have certain health benefits, including improved skin health and healthier hair. It is high in antioxidant content, such as vitamin C. This product is in the R&D phase and samples are not yet available for evaluation, but the Company is working closely with its marketing partners to determine the potential for this product. It is anticipated that this product will also receive “COSMOS APPROVED” status once it is submitted to the certifying agency.

 

It should be emphasized that some of the projects listed above are in the very early stages of research and development, and there can be no guarantee that any particular development project will result in a marketable product or in significant sales if it is marketed.     

 

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UNITED-GUARDIAN, INC.

The Company’s research and development expenses in 2016 were $651,828 as compared with $648,211 in 2015. It expects its research and development expenses in 2017 to be comparable to those of 2016. Any additional increase in development and/or production costs will depend on whether capital investments are required in order to continue development work on, or to manufacture, any of the new products under development.

 

The Company requires all employees and consultants who may receive confidential and proprietary information to agree in writing to keep such information confidential.

 

TRADEMARKS AND PATENTS

 

The Company strongly believes in protecting its intellectual property and intends, whenever reasonably possible and economically practical, to obtain patents in connection with its product development program. The Company currently holds one United States patent and several trademarks relating to its products. In recent years the Company has relied more on trade secrets and proprietary formulations and manufacturing methods to protect its intellectual property rather than patents, since under current patent law the filing of a patent now provides detailed proprietary information that can be copied by companies in other countries where enforcement would be difficult and expensive, such as in China. The Company believes that in many cases it is better to protect its intellectual property in other ways that do not require the disclosure of proprietary information. Many patents that had previously been issued to the Company have expired. There can be no assurance that any patents held by the Company will be valid or otherwise of value to the Company, or that any patent applied for will be granted. The Company will continue to file patent applications in situations where it believes that relying on trade secrets would be insufficient protection.

 

Set forth below is a table listing certain information with respect to the U.S. patent currently held by the Company.

 

PATENT NAME   PATENT #    

FILING

DATE 

    

ISSUE

DATE 

    

EXPIRATION

DATE

 
Microemulsion of silicone in a water-based gel that  forms a clear, transparent, highly stable moisturizer and lubricant for cosmetic and medical use   6,348,199    1/1994    2/2002    2/2019 

 

The various trademarks and trade names owned or used by the Company in its business are of varying importance to the Company. The most significant trademarks are LUBRAJEL® and RENACIDIN®.

 

DOMESTIC SALES

 

In the United States the Company's cosmetic ingredient products are marketed and distributed exclusively by ASI in accordance with a marketing agreement originally entered into in 1996 with International Specialty Products (“ISP”), the predecessor company of ASI, which was subsequently modified and expanded (see “Marketing Agreements” below). ASI also has certain non-exclusive rights to sell some of the Company's other industrial and medical products, and was granted the exclusive right to market an oral care product, LUBRAJEL BA, which was specifically developed for ASI in 2012 but which, to date, has not had significant sales. The current agreement with ASI is scheduled to terminate on December 31, 2017, but will continue for an additional two-year period ending December 31, 2019 unless the Company notifies ASI by November 1, 2017 that it does not want to continue its marketing partnership with ASI.

 

Revenue from domestic sales of all Company products accounted for approximately 77% of the Company’s total sales revenue in 2016, compared with 83% in 2015. Sales to the Company’s largest marketing partner, ASI, accounted for approximately 32% of total Company sales in 2016 and 60% in 2015. Although a significant percentage of ASI’s purchases from the Company are ultimately sold to foreign customers, all sales to ASI are included in domestic sales revenue because all shipments to ASI are delivered to ASI’s warehouses in the U.S.

 

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UNITED-GUARDIAN, INC.

The Company’s pharmaceutical products are marketed only in the United States, and are sold primarily through full-line drug wholesalers, and accounted for approximately 29% of Company sales in 2016 (net of returns and allowances, which accounted for approximately 3% of Company sales), and approximately 12% in 2015. Domestic sales of the Company's medical (non-pharmaceutical) products accounted for approximately 14% of Company sales in 2016, and 10% in 2015. Approximately 70% of the Company’s domestic sales of medical products in 2016, and 71% in 2015, were delivered to U.S. locations for subsequent shipment by the customers to foreign manufacturing facilities, which then produced finished products that are marketed globally.

 

Domestic sales of the Company’s specialty industrial products accounted for approximately 2% of Company sales in both 2016 and 2015. The medical and industrial products are sold directly to customers or their contract manufacturers, who incorporate these products into their finished products.

 

FOREIGN SALES

 

In 2016 approximately 23% of the Company’s sales revenue was from (a) sales of its personal care products to the Company’s foreign marketing partners, which accounted for approximately 13% of Company sales in 2016 and 11% in 2015, and (b) sales of some of the Company’s medical products directly to certain customers in foreign countries, which accounted for approximately 10% of Company sales in 2016 compared with 6% in 2015.

 

Because all shipments to the Company’s largest marketing partner, ASI, are delivered to ASI’s warehouses in the U.S., all sales to ASI are included in “Domestic Sales”, even though a significant percentage of ASI’s sales of the Company’s products are to customers in foreign countries. Based on sales information provided to the Company by ASI, in 2016 approximately 70% of ASI’s sales were to customers in foreign countries, compared with 80% in 2015. ASI’s largest foreign market in both 2016 and 2015 was China, which accounted for approximately 53% of ASI’s sales in 2016 and 63% in 2015.

 

Since the Company sells its products in U.S. Dollars, the Company’s selling prices are not affected by fluctuations in foreign currency exchange rates except to the extent that a stronger dollar compared with foreign currencies can make the Company’s products less competitive in foreign markets, sometimes requiring the Company to reduce its prices in order be more competitive. In recent years sales have been negatively impacted by the strength of the U.S. Dollar relative to other currencies, particularly the Euro, which has resulted in some of the Company’s products being more price sensitive than they had been in the past. It has also enabled some of the Company’s competitors to take some market share from the Company in those markets.

 

SALES AND MARKETING

 

The Company markets its products through marketing partners and distributors, advertising in medical and trade journals, mailings to physicians and to the trade, and exhibitions at medical meetings. The pharmaceutical products are sold in the United States primarily to drug wholesalers, which in turn distribute and resell those products to drug stores, hospitals, physicians, long-term care facilities, the U.S. Department of Veterans Affairs, and other government agencies. The cosmetic ingredients and other personal care products are sold outright (not on consignment) to the Company’s marketing partners, which in turn market and resell the products to cosmetic and other personal care manufacturers for use in the manufacture or compounding of their products. The medical and specialty industrial products are sold by the Company directly to the end users. The industrial products are older products that have limited marketability but are still being sold to some long-time customers. They are not actively marketed, but are available for sale to any new customers.

 

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UNITED-GUARDIAN, INC.

MARKETING AGREEMENTS

 

The Company has a written marketing agreement only with ASI; all other marketing arrangements are subject to cancellation at any time by either the Company or the distributor. The marketing agreement with ASI gives it exclusive foreign marketing rights with the exception of the following territories, where the Company's other marketing partners have exclusive marketing rights: the United Kingdom (by The Azelis Group); France (by Sederma SAS, a subsidiary of Croda International Plc.); Italy (by Luigi & Felice Castelli S.R.L.); Switzerland (by Azelis Cosmetics GmbH.); and South Korea (by C&M International). The Company also has significant sales of one of its medical lubricants to the manufacturing plant in India of a multi-national medical products customer.

 

The marketing agreement with ASi was entered into in 1994 with ISP, the predecessor company of ASI. That agreement set forth provisions under which ISP/ASI would market and distribute the Company's personal care products, as well as some medical and specialty industrial products, in certain parts of Europe, Asia, Australia, and Africa. ISP manufactured and marketed globally (and continues to do so as ASI) an extensive line of personal care and pharmaceutical additives and various other industrial products. In 1996, the parties entered into another agreement, extending ISP’s distribution rights to the United States, Canada, Mexico, and Central and South America. In July 2000, December 2002, December 2005, May 2010, November 2012, and November 2013 the parties entered into additional agreements that modified, extended, and consolidated the 1994 and 1996 agreements, and provided for automatic two-year renewals of ASI’s marketing rights unless either party terminated the arrangement upon 60 days’ notice. The agreement automatically renewed on January 1, 2012, 2014, and 2016 for additional two-year terms. The current contract ends on December 31, 2017 but will automatically renew for an additional two-year term unless cancelled by notice given no later than November 1, 2017.

 

The Company believes that in the event ASI were to cease marketing the Company's products alternative arrangements could be made with one of the other global marketers of personal care products to continue to supply products to customers currently using the Company's products, without any significant interruption of sales.

 

 The Company has other marketing arrangements with marketing partners in the U.K., France, Switzerland, South Korea, and Italy (see “Foreign Sales’” above), but all of these other arrangements are operating under either verbal agreements or expired written agreements, and are subject to termination at any time by either party.

 

RAW MATERIALS

 

The principal raw materials used by the Company consist of common industrial organic and inorganic chemicals. Most of these materials are available in ample supply from numerous sources. The Company has five major raw material vendors that together accounted for approximately 85% of the raw material purchases by the Company in 2016, and 89% in 2015.

 

INVENTORIES, RETURNS, and ALLOWANCES

 

The Company's business requires that it maintain moderate inventories of certain of its finished goods. Historically, sufficient inventory levels, returns and allowances have not been a significant factor in the Company's business.

 

BACKLOG

 

The Company currently does not have any significant backlog of orders.

 

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UNITED-GUARDIAN, INC.

SEASONALITY

 

Due to the nature of the Company's business and the types of products it markets it is not subject to any significant seasonal fluctuations in sales.

 

CUSTOMERS

 

The Company’s personal care/cosmetic ingredients are marketed and sold globally by six marketing partners. Those marketing partners in turn market and distribute those products to their customers. Although the Company depends on those marketing partners for the marketing and distribution of its personal care products, it is confident that if any of its marketing partners were to decide not to sell the Company’s products, or if the Company chose to replace one or more of those marketing partners, it would be able to put in place new marketing agreements to service its customers in any of the geographic areas affected. If necessary, the Company would also be able to sell directly to the end users of its products until such time as a new marketing partner is put in place.

 

The Company’s pharmaceutical products are sold to, and distributed by, full-line drug wholesalers throughout the United States. It’s medical and specialty industrial products are sold directly by the Company to the end users of those products or, in some cases, to contract manufacturers used by some of those end users.

 

COMPETITION

 

The Company has some products or processes that are either proprietary or have some unique characteristics, and its LUBRAJEL line of products is well known globally and has an excellent reputation for quality. The Company believes that these characteristics will be advantageous to the Company in its continuing efforts to compete effectively with other pharmaceutical, personal care, specialty chemical, or health care companies. The pharmaceutical, health care, and cosmetic industries are all highly competitive, and the Company experienced a high level of competition for its cosmetic ingredients during 2016, not only because of additional competition in the marketplace, but also because of the strengthened U.S. dollar, which caused the Company’s products to be less competitive than they had been in the past when the dollar was not as strong. The Company anticipates that this increased competition will continue in the coming years, and is working with ASI, its primary marketing partner, to address the issue and determine how the Company can make its products more competitive in the marketplace in light of the changed circumstances. The Company is aware that there are other domestic and foreign companies that are engaged in the same or similar areas of research as those in which the Company is engaged, some of which have substantially greater financial, research, manpower, marketing and distribution resources than the Company. In addition, there are many large, integrated and established pharmaceutical, specialty chemical, personal care and health care companies that have greater capacity than the Company to develop and to commercialize types of products upon which the Company's research and development programs are based. The Company intends to focus its research efforts on the development of new and innovative products for which there is not the same competitive situation as there is for some of the Company’s older products, and is optimistic that the development of unique products, such as its focus on the development of products made exclusively with natural ingredients, will enable it to continue to compete in a market in which competition has become more of a factor than it had been in the past.

 

ISO 9001:2008 REGISTRATION

 

In October 2009 the Company was certified by Underwriters Laboratories, Inc. to be in compliance with the current ISO 9001:2008 standard, indicating that the Company's documented procedures and overall operations had attained the high level of quality needed to comply with this ISO certification level. Prior to that, since December 2003 the Company had been registered under the previous ISO 9001:2000 standard, also by Underwriters Laboratories, Inc. The Company had first earned ISO registration in November 1998, when it earned ISO 9002 registration, and has been in continuous compliance with each of these standards from the time of its approval under each standard.

 

 

 

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UNITED-GUARDIAN, INC.

GOVERNMENT REGULATION

 

Regulation by governmental authorities in the United States and other countries is a significant factor in the manufacturing and marketing of many of the Company's products. The Company and many of the Company's products are subject to certain government regulations. Products that may be developed and sold by the Company in the United States may require approval from federal regulatory agencies, such as the U.S. Food & Drug Administration (“FDA”), as well as state regulatory agencies. Products that may be developed and sold by the Company outside the United States may require approval from foreign regulatory agencies. Although the Company does not currently market any medical devices, if it were to do so a 510(k) pre-market notification to the FDA would be required to demonstrate that the device is at least as safe and effective as a legally marketed device. The Company would then need to receive clearance from the FDA prior to marketing the device. While the Company does not have any current plans to develop any new pharmaceutical products, any new drug product would require clinical evaluation under an Investigational New Drug Application, and the subsequent submission to the FDA of a New Drug Application.

 

The Company is required to comply with all pertinent current Good Manufacturing Practices of the FDA for medical devices and drugs. Accordingly, the regulations to which the Company and certain of its products may be subject, and any changes with respect thereto, may materially affect the Company's ability to produce and market new products developed by the Company.

 

The Company's present and future activities are, and will likely continue to be, subject to varying degrees of additional regulation under the Occupational Safety and Health Act, Environmental Protection Act, import, export and customs regulations, and other present and possible future foreign, federal, state and local regulations.

 

Portions of the Company's operating expenses are directly attributable to complying with federal, state, and local environmental statutes and regulations. In 2016 and 2015 the Company incurred approximately $31,000 and $38,000, respectively, in federal, state, and local environmental law compliance expenses. There was no material financial or other impact on the Company as a result of compliance with environmental laws.

 

EMPLOYEES

 

The Company presently has 33 employees, 4 of whom serve in an executive capacity, 17 in research, quality control and manufacturing, 6 in maintenance and construction, and 6 in office and administrative support services. Of the total number of employees, 29 work full time.

 

Item 1A. Risk Factors.

 

The information to be reported under this item is not required of smaller reporting companies.

 

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UNITED-GUARDIAN, INC.

Item 1B.Unresolved Staff Comments.

 

The information to be reported under this item is not required of smaller reporting companies.

 

Item 2.Properties.

 

The Company maintains its principal office and factory, and conducts its research, at a 50,000 square foot facility on a 2.7-acre parcel at 230 Marcus Boulevard, Hauppauge, New York 11788, which the Company owns. Of the 50,000 square feet, approximately 30,000 square feet is manufacturing space, 15,000 square feet is warehouse space, and 5,000 square feet is office and laboratory space. The Company has fully developed the 2.7 acres, and fully utilizes the building occupying the land. The Company believes that the aforementioned property is adequate for its immediately foreseeable needs. The property is presently unencumbered and, in the Company’s opinion, is adequately insured.

 

Item 3.Legal Proceedings.

 

None.

 

Item 4.Mine Safety Disclosures.

 

Not applicable.

 

PART II

 

Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

 

Market Information

 

The Common Stock of the Company has traded on the NASDAQ Global Market since March 16, 2009, under the symbol "UG". From December 1, 2008 through March 13, 2009, following the merger of the American Stock Exchange with the New York Stock Exchange, the Company's Common Stock was traded on the NYSE Amex Stock Exchange under the same symbol. Prior to December 1, 2008 its stock traded on the American Stock Exchange under the same symbol.

 

The following table sets forth the high and low closing sale prices of the shares of Common Stock, as reported by NASDAQ, for the period January 1, 2015 to December 31, 2016. The quotations represent prices between dealers and do not include retail markup, markdown or commission:

 

Quarters    

Year Ended

December 31, 2016

 

Year Ended

December 31, 2015 

      High  Low  High  Low
First  (1/1 - 3/31)  $22.78   $18.71   $22.13   $18.20 
Second  (4/1 - 6/30)   20.64    16.07    22.81    18.08 
Third  (7/1 - 9/30)   16.50    13.66    20.00    18.00 
Fourth  (10/1 - 12/31)   16.90    14.36    20.89    18.01 

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UNITED-GUARDIAN, INC.

Holders of Record

 

As of March 1, 2017, there were 734 holders of record of Common Stock.

 

Cash Dividends

 

On May 18, 2016, the Company’s Board of Directors declared a semi-annual cash dividend of $0.35 per share, which was paid on June 15, 2016 to all stockholders of record as of June 1, 2016. On November 30, 2016, the Company’s Board of Directors declared a semi-annual cash dividend of $0.40 per share, which was paid on December 19, 2016 to all stockholders of record as of December 12, 2016.

 

On May 13, 2015, the Company’s Board of Directors declared a semi-annual cash dividend of $0.50 per share, which was paid on June 15, 2015 to all stockholders of record as of June 1, 2015. On November 18, 2015, the Company’s Board of Directors declared a semi-annual cash dividend of $0.50 per share, which was paid on December 15, 2015 to all stockholders of record as of December 1, 2015.

 

Item 6.Selected Financial Data.

 

The information to be reported under this item is not required of smaller reporting companies.

 

Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations.

 

Critical Accounting Policies

 

The Company’s financial statements have been prepared in accordance with U.S. generally accepted accounting principles. Preparation of financial statements requires the Company to make estimates and assumptions affecting the reported amounts of assets, liabilities, revenues, and expenses and the disclosure of contingent assets and liabilities. The Company uses its historical experience and other relevant factors when developing its estimates and assumptions, which are continually evaluated. Note A, Nature of Business and Summary of Significant Accounting Policies, of the Notes to Financial Statements, included in Item 8, Financial Statements and Supplementary Data, of this Annual Report on Form 10-K includes a discussion of the Company’s significant accounting policies. The following accounting policies are those that the Company considers critical to an understanding of the financial statements because their application places the most significant demands on the Company’s judgment. The Company’s financial results might have been different if other assumptions had been used or other conditions had prevailed.

 

Marketable Securities

 

The Company classifies its marketable securities as available-for-sale at the time of purchase and re-evaluates such designation as of each balance sheet date. The Company’s marketable securities include investments in equity and fixed income mutual funds, and government securities. The Company’s marketable securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains or losses on mutual funds are determined using the average cost method, while realized gains or losses on government securities and bonds are determined using the specific-identification method. Realized gains or losses on the Company's marketable securities are insignificant for the years ended December 31, 2016 and 2015. The Company evaluates its investments periodically for possible other-than-temporary impairment by reviewing factors such as the length of time and extent to which fair value had been below cost basis, the financial condition of the issuer and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery of market value. The Company would record an impairment charge to the extent that the cost of the available-for-sale securities exceeds the estimated fair value of the securities and the decline in value is determined to be other-than-temporary. During 2016 and 2015 the Company did not record an impairment charge regarding its investment in marketable securities because management believes, based on its evaluation of the circumstances, that the decline in fair value below the cost of certain of the Company’s marketable securities is temporary.

 

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UNITED-GUARDIAN, INC.

Revenue Recognition

 

The Company recognizes revenue when products are shipped, title and risk of loss pass to customers, persuasive evidence of a sales arrangement exists, and collections are reasonably assured. Any allowances for returns are taken as a reduction in sales within the same period the revenue is recognized. Such allowances are based on historical experience as well as other factors that, in the Company’s judgment, could reasonably be expected to cause sales returns or doubtful accounts to differ from historical experience.

 

Accounts Receivable Allowance

 

The Company performs ongoing credit evaluations of the Company’s customers and adjusts credit limits, as determined by a review of current credit information. The Company continuously monitors collection and payments from customers and maintains an allowance for doubtful accounts based upon historical experience, the Company’s anticipation of uncollectible accounts receivable and any specific customer collection issues that have been identified. While the Company’s credit losses have historically been low and within expectations, the Company may not continue to experience the same credit loss rates that have historically been attained. The receivables are highly concentrated in a relatively small number of customers. Therefore, a significant change in the liquidity, financial position, or willingness to pay timely, or at all, of any one of the Company’s significant customers would have a significant impact on the Company’s results of operations and cash flows.

 

Inventory Valuation Allowance

 

In conjunction with the Company’s ongoing analysis of inventory valuation, management constantly monitors projected demand on a product-by-product basis. Based on these projections, management evaluates the levels of write-downs required for inventory on hand and inventory on order from contract manufacturers. Although the Company believes that it has been reasonably successful in identifying write-downs in a timely manner, sudden changes in buying patterns from customers, either due to a shift in product interest and/or a complete pull back from their expected order levels, may result in the recognition of larger-than-anticipated write-downs.

 

Results of Operations

 

Year ended December 31, 2016 compared with the year ended December 31, 2015:

 

Net Sales

 

Net sales decreased from $14,006,244 in 2015 to $10,776,867 in 2016, a decrease of $3,229,377 (23%). The overall decrease was due primarily to decreases in purchases of the Company’s personal care products by its primary distributor, ASI (see discussion below regarding “Personal care products”). Those decreases were partially offset by increases in sales of the Company’s pharmaceutical and medical (non-pharmaceutical) products (see discussions below). The net decrease was the result of the following specific changes in sales in the different product categories:

 

(a)Personal care products:

 

Sales of the Company's personal care products, including cosmetic ingredients, decreased from $9,922,130 in 2015 to $4,916,630 in 2016, a decrease of $5,005,500 (approximately 50%).The decrease was attributable primarily to a decrease in sales of the Company’s LUBRAJEL products to ASI, the Company’s largest marketing partner, for export to China, which was due to an excess inventory situation in China during the first nine months of 2016. As a result, sales to ASI in 2016 decreased by $4,917,649 (approximately 58%) from $8,375,331 in 2015 to $3,457,682 in 2016. Aggregate sales to the Company’s marketing partners in the UK and France increased by $153,831 (approximately 22%) from $694,409 in 2015 to $848,240 in 2016, while aggregate sales to the Company’s distributors in Italy and Switzerland decreased by $24,968 (approximately 18%) from $135,741 in 2015 to $110,773 in 2016. Sales to the Company’s distributor in Korea decreased by $199,447 (approximately 30%) from $663,327 in 2015 to $463,880 in 2016.

 

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UNITED-GUARDIAN, INC.

Although a significant percentage of ASI’s purchases from the Company are sold to foreign customers, all sales to ASI are considered U.S. sales for financial reporting purposes, since all shipments to ASI are shipped to ASI’s warehouses in the U.S. A certain percentage of those products are subsequently shipped by ASI to its foreign customers. Based on sales information provided to the Company by ASI, in 2016 approximately 70% of ASI’s sales were to customers in foreign countries, compared with 80% in 2015. ASI’s largest foreign market in both 2016 and 2015 was China, which accounted for approximately 53% of ASI’s sales in 2016 and 63% in 2015.

 

The decrease in sales to ASI for export to China during the first nine months of 2016 was the result of (a) a regulatory issue in China that was unrelated to LUBRAJEL OIL but which required the reformulation of some of the products that contained LUBRAJEL OIL; (b) ASI continuing to purchase LUBRAJEL OIL at normalized levels despite the negative impact of that regulatory issue on product demand, thereby resulting in a short term overstocking of LUBRAJEL OIL in China, which was made worse by ASI not realizing the extent of the overstocking situation until later than it should have. As a result, there were no significant sales to ASI of product intended for China from the fourth quarter of 2015 until September 2016 while ASI worked off the excess inventory. Based on information provided to the Company by ASI, ASI’s sales of the Company’s products in China from ASI’s inventory continued through 2016 at a reduced level, which gradually lowered ASI’s excess inventory levels. With the regulatory issue having been addressed, and with products that had been affected by the regulatory issue coming back on the market during 2016, the overstock situation in China was gradually corrected, and in September 2016 ASI resumed its purchases of products intended for sale in China. However, ASI has indicated that its purchases are expected to be at lower, more normalized volumes than they had been in the first three quarters of 2015.

 

Sales of the Company’s products in Europe increased slightly. However, the continuing sluggishness of many economies in Europe, as well as the strong U.S. dollar relative to the Euro, continued to negatively impact the Company’s sales in Europe, since the strong U.S. dollar continues to make the Company’s products less competitive in Europe. There has also been more competition in the European marketplace than there had been in previous years due to Asian competitors selling imitations of the Company’s product at much lower prices. This has resulted in a loss of some sales to these competitive products.

 

From time to time the Company offers discounts to maintain and increase sales and bring in new customers. The additional competition coming from products manufactured in China has resulted in the Company offering deeper discounts than it has in the past, and it is likely that the Company’s margins on some of its products will be lower in the future due to this increased competition.

 

In 2015 the Company had offered a discounted price to a significant customer of ASI in Canada for one of its LUBRAJEL products, in exchange for a commitment to purchase a specific amount of product during the year. Since that customer did not attain the level of purchases on which that rebate was conditioned, ASI was obligated to refund to the Company the amount of the discount that had been given to it predicated on it reaching that higher level of sales to that customer. The refund, in the amount of $88,360, was repaid to the Company in full in January 2016.

 

 16

UNITED-GUARDIAN, INC.

(b)Pharmaceuticals:

 

Sales of the Company’s two pharmaceutical products, RENACIDIN and CLORPACTIN, together increased by $1,581,913 (approximately 85%), increasing from $1,862,935 in 2015 to $3,444,848 in 2016, with RENACIDIN accounting for most of the increase. Sales of RENACIDIN increased by $1,552,585 (approximately 115%) from $1,347,545 in 2015 to $2,900,130 in 2016, and accounted for approximately 27% of the Company’s sales in 2016, as compared with 10% in 2015. The increase was due to the introduction of the Company’s new 30mL single-dose form of the product, which was approved for marketing by the FDA in December 2015. The new single-dose unit was engineered to dispense the product directly into an indwelling catheter, eliminating the need to use a separate syringe to extract a small amount of product from the Company’s previous 500mL glass bottle. Sales of the new sterile single-dose product began in April 2016. The Company is optimistic that this new, more user-friendly package will enable it to continue to increase its sales of RENACIDIN.

 

The increase in sales of the Company’s pharmaceutical products was partially offset by an increase of $209,303 in allowances for distribution fees, product returns, chargebacks paid to the U.S. Department of Veterans Affairs, and rebates paid for Medicaid- and Medicare-related sales. This increase was primarily due to the increase in sales of RENACIDIN.

 

(c)Medical (non-pharmaceutical) products:

 

Sales of the Company’s medical products increased by $420,781 (approximately 19%) from $2,203,890 in 2015 to $2,624,671 in 2016. The increase is believed to be due primarily to the timing of orders from certain customers.

 

(d)Industrial and other products:

 

Sales of the Company's industrial products, as well as other miscellaneous products, decreased by $14,416 (approximately 8%) from $174,361 in 2015 to $159,945 in 2016 due to normal fluctuations in customer ordering patterns.

 

Gross Profit

 

Gross profit decreased to approximately 55% in 2016 from 63% in 2015. The decrease was the result of (a) a decrease in sales of the Company’s products in 2016 compared to 2015, which resulted in lower production efficiency due to the decreased production volume, and (b) an increase in the sales of some of the Company’s lower-margin products, primarily RENACIDIN.

 

Operating Expenses

 

Operating expenses decreased by $9,457 in 2016 compared with the prior year, decreasing from $1,862,290 in 2015 to $1,852,833 in 2016. The decrease was mainly attributed to decreases in insurance, payroll, and payroll-related expenses.

 

Research and Development Expenses

 

Research and development expenses amounted to $651,828 and $648,211 for 2016 and 2015 respectively. The increase of $3,617 was primarily related to an increase in outside laboratory expenses

 

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UNITED-GUARDIAN, INC.

Other Income (Expense)

 

Other income (net) decreased by $25,321 (approximately 8%) from $331,826 in 2015 to $306,505 in 2016. The decrease was mainly due to a decrease in investment income from both stock and bond mutual funds, as well as realized losses from the sales of some of the Company’s mutual funds.

 

Provision for Income Taxes

 

The provision for income taxes decreased by $903,557 (approximately 45%) from $2,018,482 in 2016 to $1,114,925 in 2015. This decrease was mainly due to a decrease in income from operations. The Company’s effective income tax rate was approximately 30% in both 2016 and 2015, and is lower than the federal statutory rate of 34% primarily due to the additional tax deduction for domestic production activities as well as the utilization of research and development tax credits.

 

Liquidity and Capital Resources

 

Working capital decreased from $13,529,593 at December 31, 2015 to $12,922,738 at December 31, 2016, a decrease of $606,855 (approximately 5%). The current ratio decreased from 14.7 to 1 at December 31, 2015 to 13.4 to 1 at December 31, 2016. The decreases in working capital and the current ratio were mainly due to a decrease in marketable securities and an increase in accrued expenses.

 

Accounts receivable (net of allowance for doubtful accounts) as of December 31,2016 increased by $663,243 (approximately 71%) from $934,754 in 2015 to $1,597,997 in 2016. The receivables turnover, or Days Sales Outstanding (DSO), for 2016 was 42 days, compared with 33 days in 2015. The increase was mainly the result of higher accounts receivables in the latter part of 2016 due to an increase in sales in the third and fourth quarter of 2016. The Company has bad debt reserves of $16,943 and $8,654 for 2016 and 2015, respectively, and believes that the net balance of its accounts receivable is fully collectable as of December 31, 2016.

 

The Company generated cash from operations of $2,290,444 in 2016 compared with $5,199,972 in 2015. The decrease in 2016 was primarily due to a decrease in net income and an increase in accounts receivable.

 

Net cash provided by investing activities was $490,235 for the year ended December 31, 2016 compared with cash used in investing activities of $1,674,250 for the year ended December 31, 2015. This increase in net cash provided was mainly due to a decrease in purchases of marketable securities in 2016 compared with 2015.

 

Cash used in financing activities was $3,436,867 and $4,468,616 during the years ended December 31, 2016 and 2015, respectively. The decrease was mainly due to the payment of lower dividends in 2016 compared with 2015.

 

The Company believes that its working capital is sufficient to support its operating requirements for the next fiscal year. The Company's long-term liquidity position will be dependent upon its ability to generate sufficient cash flow from profitable operations. The Company has no material commitments for future capital expenditures.

 

Off Balance-Sheet Arrangements

 

The Company has no off balance-sheet transactions that have, or are reasonably likely to have, a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

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UNITED-GUARDIAN, INC.

Contractual Obligations and Commitments

 

The information to be reported under this item is not required of smaller reporting companies.

 

New Accounting Pronouncements

 

See Note "A" to the financial statements regarding new accounting pronouncements.

 

Item 7A.Quantitative and Qualitative Disclosures about Market Risk.

 

The information to be reported under this item is not required of smaller reporting companies.

 

Item 8.Financial Statements and Supplementary Data.

 

Annexed hereto starting on page F-1.

 

Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

 

None.

 

Item 9A.Controls and Procedures.

 

(a) Evaluation of Disclosure Controls and Procedures

 

The Company’s management, with the participation of the Company’s Principal Executive Officer and Principal Financial Officer, has evaluated the design, operation, and effectiveness of the Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act as of December 31, 2016. On the basis of that evaluation, management concluded that the Company’s disclosure controls and procedures are designed to be, and are, effective at providing reasonable assurance that the information required to be disclosed in reports filed or submitted pursuant to the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to management, including its Principal Executive Officer and Principal Financial Officer as appropriate, to allow timely decisions regarding required disclosure.

 

(b) Management’s Report on Internal Control over Financial Reporting

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). The Company’s internal control system is designed to provide reasonable assurance to management and to the Company’s Board of Directors regarding the preparation and fair presentation of published financial statements. Under the supervision and with the participation of management, including the Company’s Principal Executive Officer and Principal Financial Officer, management conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting based on the framework in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO 2013). Based on management’s evaluation under the framework in Internal Control—Integrated Framework, management concluded that the Company’s internal control over financial reporting was effective as of December 31, 2016.

 

 19

UNITED-GUARDIAN, INC.

This Annual Report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Since the Company is a non-accelerated filer, management’s report is not subject to attestation by the Company's registered public accounting firm pursuant to Section 404(b) of the Sarbanes-Oxley Act of 2002. As a result, this Annual Report contains only management’s report on internal controls.

 

(c) Changes in Internal Control over Financial Reporting

 

There were no changes in the Company’s internal control over financial reporting that occurred in the fourth quarter of 2016 that materially affected, or would be reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

(d) Limitations of the Effectiveness of Internal Controls

 

The effectiveness of the Company’s system of disclosure controls and procedures and internal control over financial reporting is subject to certain limitations, including the exercise of judgment in designing, implementing and evaluating the control system, the assumptions used in identifying the likelihood of future events, and the inability to eliminate fraud and misconduct completely. As a result, there can be no assurance that the Company’s disclosure controls and procedures and internal control over financial reporting will detect all errors or fraud. However, the Company’s control systems have been designed to provide reasonable assurance of achieving their objectives, and the Company’s Principal Executive Officer and Principal Financial Officer have concluded that the Company’s disclosure controls and procedures and internal control over financial reporting are effective at the reasonable assurance level.

 

Item 9B.Other Information.

 

None.

 

PART III

 

Item 10.Directors, Executive Officers and Corporate Governance.

 

The information required by this item is incorporated by reference to the section entitled “Directors and Executive Officers” to be contained in the Company’s 2017 Proxy Statement.

 

Code of Ethics

 

The Company has adopted a Code of Business Conduct and Ethics that applies to all officers, directors, and employees serving in any capacity to the Company, including the Chief Executive Officer and/or President, Chief Financial Officer, and Principal Accounting Officer. A copy of the Company's Code of Business Conduct and Ethics is available on the Company's web site at http://www.u-g.com/corporate. The Company intends to satisfy the disclosure requirement under Item 5.05 of Form 8-K relating to amendments to or waivers from any provision of its Code of Business Conduct and Ethics applicable to the Chief Executive Officer, Chief Financial Officer and Principal Accounting Officer by posting this information on the Company's web site.

 

Item 11.Executive Compensation.

 

The information required by this item is incorporated herein by reference to the section entitled "Compensation of Directors and Executive Officers" to be contained in the Company's 2017 Proxy Statement.

 

 20

UNITED-GUARDIAN, INC.

Item 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

 

The information required by this item is incorporated by reference to the section entitled "Voting Securities and Principal Stockholders" to be contained in the Company's 2017 Proxy Statement.

 

Item 13.Certain Relationships and Related Transactions, and Director Independence.

 

The information required by this item is incorporated by reference to the section entitled “Directors and Executive Officers" to be contained in the Company's 2017 Proxy Statement.

 

Item 14.Principal Accounting Fees and Services.

 

Audit Fees

 

The aggregate fees that have been, or are expected to be, billed by Raich Ende Malter & Co. LLP (“Raich Ende”), the Company’s principal accountants since March 29, 2016, for the quarterly reviews of the Company’s financial statements for the first, second and third quarters of 2016 and the audit of the Company’s financial statements for the 2016 fiscal year were $68,000. The fees that were billed by the Company’s previous principal accountants, Baker Tilly Virchow Krause, LLP (“Baker Tilly”), which resigned as the Company’s principal accountants effective March 25, 2016, for the reviews of the Company’s financial statements for the first, second, and third quarters of 2015 and the audit of the Company’s financial statements for the 2015 fiscal year were $83,000. In addition, Baker Tilly was reimbursed $964 for out-of-pocket expenses for the 2015 fiscal year.

 

Audit-Related Fees

 

During 2016 and 2015 there were no fees paid to Raich Ende or Baker Tilly in connection with the Company's compliance with Section 404 of the Sarbanes-Oxley Act of 2002.

 

No other fees were billed by Raich Ende or Baker Tilly for the last two fiscal years that were reasonably related to the performance of the audit or review of the Company's financial statements and not reported under "Audit Fees" above.

 

Tax Fees

 

There were no fees billed by Raich Ende or Baker Tilly during the last two fiscal years for professional services rendered for tax compliance, tax advice, or tax planning. Accordingly, none of such services were approved pursuant to pre-approval procedures or permitted waivers thereof.

 

 21

UNITED-GUARDIAN, INC.

All Other Fees

 

There were no other non-audit-related fees billed to the Company by Raich Ende or Baker Tilly in 2016 or 2015.

 

Pre-Approval Policies and Procedures

 

Engagement of accounting services by the Company is not made pursuant to any pre-approval policies and procedures. Rather, the Company believes that its accounting firm is independent because all of its engagements by the Company are approved by the Company's Audit Committee prior to any such engagement.

 

The Audit Committee of the Company's Board of Directors meets periodically to review and approve the scope of the services to be provided to the Company by its Independent Registered Public Accounting Firm, as well as to review and discuss any issues that may arise during an engagement. The Audit Committee is responsible for the prior approval of every engagement of the Company's Independent Registered Public Accounting Firm to perform audit and permissible non-audit services for the Company, such as quarterly financial reviews, tax matters, and consultation on new accounting and disclosure standards.

 

Before the auditors are engaged to provide those services, the Chief Financial Officer and Controller will make a recommendation to the Audit Committee regarding each of the services to be performed, including the fees to be charged for such services. At the request of the Audit Committee, the Independent Registered Public Accounting Firm and/or management shall periodically report to the Audit Committee regarding the extent of services being provided by the Independent Registered Public Accounting Firm, and the fees for the services performed to date.

 

Item 15.Exhibits, Financial Statement Schedules.

 

(a)    Documents filed as part of this report.
     
  (i) Financial Statements - see Item 8. Financial Statements and Supplementary Data.
     
  (ii) Financial Statement Schedules – None.
     
    (Financial statement schedules have been omitted either because they are not applicable, not required, or the information required to be set forth therein is included in the financial statements or notes thereto.)
   
  (iii) Report of Independent Registered Public Accounting Firm.
   
  (iv) Notes to Financial Statements.
   
(b)    Exhibits
   
     The exhibits listed on the accompanying Exhibit Index are filed as part of this Annual Report.

 

 

 22

UNITED-GUARDIAN, INC.

SIGNATURES

 

     Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

  UNITED-GUARDIAN, INC.
     
     
  By: /s/ Kenneth H. Globus
    Kenneth H. Globus
Date: March 22, 2017   President and Director

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

Signature  

 

Title 

  Date
 

 

 

       
By: /s/ Kenneth H. Globus   President, General Counsel,  Chairman   March 22, 2017
  Kenneth H. Globus  

of the Board of Directors (Principal

Executive Officer)

   
           
           
By: /s/ Robert S. Rubinger    Executive Vice President, Secretary,    March 22, 2017
  Robert S. Rubinger   

Chief Financial Officer, Director
(Principal Financial Officer and
Principal Accounting Officer) 

   
           
By: /s/ Lawrence F. Maietta   Director   March 22, 2017
  Lawrence F. Maietta        
           
By: /s/ Arthur M. Dresner    Director; Audit Committee member   March 22, 2017
  Arthur M. Dresner         
           
By: /s/ Andrew A. Boccone    Director; Audit Committee member   March 22, 2017
  Andrew A. Boccone         
           
By: /s/ S. Ari Papoulias   Director; Audit Committee member   March 22, 2017
  S. Ari Papoulias        

 

 23

UNITED-GUARDIAN, INC.

EXHIBIT INDEX

 

 

Exhibit #   Description
     
2   Certificate of Merger of United-Guardian, Inc. (New York) with and into United-Guardian, Inc.  (Delaware) as filed with the Secretary of State of the State of Delaware on September 10, 1987. Incorporated by reference to Exhibit 3(b) of the Registrant's Annual Report on Form 10-K for the fiscal year ended February 29, 1988 (the "1988 10-K"). 
     
3(a)   Certificate of Incorporation of the Company as filed April 22, 1987. Incorporated by reference to Exhibit 4.1 of the Registrant's Current Report on Form 8-K, dated September 21, 1987 (the "1987 8-K").
     
3(b)   By-laws of the Company. Incorporated by reference to Exhibit 4.2 to the 1987 8-K.
     
4(a)   Specimen Certificate for shares of Common Stock of the Company. Incorporated by reference to Exhibit 4(a) to the 1988 10-K.
     
10(a)   Qualified Retirement Income Plan for Employees of the Company, as restated April 1, 1976.  Incorporated by reference to Exhibit 11(c) of the Registrant's Registration Statement on Form S-1 (Registration No. 2-63114) declared effective February 9, 1979.
     
10(b)   Exclusive Distributor Agreement between the Company and ISP Technologies Inc., dated July 5, 2000. Incorporated by reference to Exhibit 10(d) of the Registrant's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2000.
     
10(c)   Letter Amendment between the Company and ISP Technologies Inc. dated December 16, 2002 amending the Exclusive Distributor Agreement between the Registrant and ISP Technologies Inc. dated July 5, 2000. Incorporated by reference to Exhibit 10(d) to the Registrant's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2002.
     
10(d)   Letter Amendment between the Company and ISP Technologies Inc. dated December 20, 2005 amending the Exclusive Distributor Agreement between the Registrant and ISP Technologies Inc. dated July 5, 2000 and amended on December 31, 2002. Incorporated by reference to Exhibit 10(d) of the Registrant's Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005.
     
10(e)   Letter Amendment between the Company and ISP Technologies Inc. dated May 5, 2010 amending the Exclusive Distributor Agreement between the Company and ISP Technologies Inc. dated July 5, 2000 and amended on December 16, 2002 and December 20, 2005. Incorporated by reference to Exhibit 10.1 of the Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2010.
     
10(f)   Manufacturing and Supply Agreement between the Company and Smiths Medical ASD, Inc. signed November 12, 2013 and effective as of November 1, 2013. Incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K dated and filed November 18, 2013.
     
21   Subsidiaries of the Company:

 

  Name    Jurisdiction of
Incorporation 
  Name Under Which
it does Business 
           
   Dieselite Corporation (Inactive)   Delaware   N/A

 

 

 24

UNITED-GUARDIAN, INC.

 

31.1   Certification of Kenneth H. Globus, President and Principal Executive Officer of the Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2   Certification of Robert S. Rubinger, Chief Financial Officer of the Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32   Certifications of Kenneth H. Globus, President and Principal Executive Officer of the Company, and Robert S. Rubinger, Chief Financial Officer of the Company, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     

 

 

 

 25

UNITED-GUARDIAN, INC.

 

INDEX TO FINANCIAL STATEMENTS

(For the years ended

December 31, 2016 and 2015)

 

 

 

  Page
   
Reports of Independent Registered Public Accounting Firms F-2 - F3
   
Financial Statements  
   
Statements of Income  F-4
   
Statements of Comprehensive Income F-4
   
Balance Sheets F-5 - F-6
   
Statements of Stockholders' Equity F-7
   
Statements of Cash Flows F-8
   
Notes to Financial Statements F-9 - F-20

 

 

F-1

UNITED-GUARDIAN, INC.

REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS

 

 

 

To the Board of Directors and Stockholders

United-Guardian, Inc.

Hauppauge, New York

 

We have audited the balance sheet of United-Guardian, Inc. as of December 31, 2016, and the related statements of income, comprehensive income, stockholders' equity, and cash flows for the year then ended. United-Guardian, Inc.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statements of United-Guardian, Inc. as of December 31, 2015, were audited by other auditors whose report dated March 23, 2016, expressed an unqualified opinion on those statements.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the 2016 financial statements referred to above present fairly, in all material respects, the financial position of United-Guardian, Inc. as of December 31, 2016, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

 

/s/ RAICH ENDE MALTER & CO. LLP

Melville, New York

March 22, 2017

 

 

 

 

F-2

UNITED-GUARDIAN, INC.

Board of Directors and Stockholders

United-Guardian, Inc.

Hauppauge, New York

 

We have audited the accompanying balance sheet of United-Guardian, Inc. (the "Company") as of December 31, 2015, and the related statements of income, comprehensive income, stockholders' equity and cash flows for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

 

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of its internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of United-Guardian, Inc. as of December 31, 2015, and the results of its operations and its cash flows for the year then ended in conformity with United States generally accepted accounting principles.

 

/s/ Baker Tilly Virchow Krause, LLP

Melville, New York

March 23, 2016

 

 

F-3

UNITED-GUARDIAN, INC.

STATEMENTS OF INCOME

 

   Years ended December 31,
   2016  2015
       
Net sales  $10,776,867   $14,006,244 
           
Costs and expenses:          
Cost of sales   4,882,644    5,202,158 
Operating expenses   1,852,833    1,862,290 
Research and development   651,828    648,211 
Total costs and expenses   7,387,305    7,712,659 
Income from operations   3,389,562    6,293,585 
           
Other income (expense):          
Investment income   306,505    332,705 
Loss from sale of asset   ---    (879)
Total other income   306,505    331,826 
Income from operations before provision for income taxes   3,696,067    6,625,411 
           
Provision for income taxes   1,114,925    2,018,482 
Net income  $2,581,142   $4,606,929 
           
Earnings per common share (basic and diluted)  $0.56   $1.00 
           
Weighted average shares (basic and diluted)   4,594,319    4,594,319 

 

 

STATEMENTS OF COMPREHENSIVE INCOME

 

   Years ended December 31,
   2016  2015
       
Net income  $2,581,142   $4,606,929 
           
Other comprehensive income (loss):          
           
Unrealized gain (loss) on marketable securities   156,474    (284,103)
           
Income tax (expense) benefit   (53,201)   96,595 
Other comprehensive income (loss), net of tax   103,273    (187,508)
           
Comprehensive income  $2,684,415   $4,419,421 

 

 

See Notes to Financial Statements

F-4

UNITED-GUARDIAN, INC.

BALANCE SHEETS

 

ASSETS

 

   December 31,
   2016  2015
Current assets:          
Cash and cash equivalents  $424,301   $1,080,489 
Marketable securities   10,218,009    10,719,470 
Accounts receivable, net of allowance for doubtful accounts of $16,943 in 2016 and $8,654 in 2015   1,597,997    934,754 
Inventories (net)   1,255,813    1,293,642 
Prepaid expenses and other current assets   135,320    160,533 
Prepaid income taxes   82,732    95,767 
Deferred income taxes   254,517    233,305 
Total current assets   13,968,689    14,517,960 
           
           
Property, plant, and equipment:          
Land   69,000    69,000 
Factory equipment and fixtures   4,342,629    4,175,940 
Building and improvements   2,776,602    2,776,602 
Total property, plant and equipment   7,188,231    7,021,542 
           
Less accumulated depreciation   6,097,640    5,925,429 
Net property, plant, and equipment   1,090,591    1,096,113 
           
Other assets (net)   59,295    74,118 
Total assets  $15,118,575   $15,688,191 

 

 

See Notes to Financial Statements

F-5

UNITED-GUARDIAN, INC.

BALANCE SHEETS

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

   December 31,
   2016  2015
Current liabilities:          
Accounts payable  $82,821   $96,815 
Accrued expenses   848,328    785,623 
Dividends payable   114,802    105,929 
Total current liabilities   1,045,951    988,367 
           
Deferred income taxes   252,135    118,010 
           
Commitments and contingencies          
           
Stockholders’ equity:           
Common stock, $.10 par value; 10,000,000 shares authorized; 4,594,319 shares issued and outstanding at December 31, 2016 and 2015, respectively   459,432    459,432 
Accumulated other comprehensive income   175,634    72,361 
Retained earnings   13,185,423    14,050,021 
Total stockholders’ equity   13,820,489    14,581,814 
Total liabilities and stockholders’ equity  $15,118,575   $15,688,191 

 

 

 

See Notes to Financial Statements

F-6

UNITED-GUARDIAN, INC.

STATEMENTS OF STOCKHOLDERS' EQUITY

 

Years ended December 31, 2016 and 2015

 

   Common stock  Accumulated
other
comprehensive
  Retained   
   Shares   Amount  income  earnings  Total
Balance, January 1, 2015   4,596,439   $459,644   $259,869   $14,017,425   $14,736,938 
                          
                          
Change in unrealized gains on marketable securities, net of deferred income tax benefit of $96,595   ---    ---    (187,508)   ---    (187,508)
                          
Net income   ---    ---    ---    4,606,929    4,606,929 
                          
Shares surrendered   (2,120)   (212)   ---    212    --- 
                          
Reimbursement of overpaid prior year dividends   ---    ---    ---    21,894    21,894 
                          
Dividends declared, not paid   ---    ---    ---    (6,975)   (6,975)
                          
Dividends declared and paid   ---    ---    ---    (4,589,464)   (4,589,464)
                          
Balance, December 31, 2015   4,594,319   $459,432   $72,361   $14,050,021   $14,581,814 
                          
Change in unrealized gains on marketable securities, net of deferred income tax of $53,201   ---    ---    103,273    ---    103,273 
                          
Net income   ---    ---    ---    2,581,142    2,581,142 
                          
Dividends declared, not paid   ---    ---    ---    (8,873)   (8,873)
                          
Dividends declared and paid   ---    ---    ---    (3,436,867)   (3,436,867)
                          
Balance, December 31, 2016   4,594,319   $459,432   $175,634   $13,185,423   $13,820,489 

 

See Notes to Financial Statements

F-7

UNITED-GUARDIAN, INC.

STATEMENTS OF CASH FLOWS

 

   Years ended December 31,
   2016  2015
Cash flows from operating activities:          
Net income  $2,581,142   $4,606,929 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   187,035    173,484 
Realized loss (gain) on sales of marketable securities   1,011    (2,395)
Realized loss on sale of asset   ---    879 
Bad debt (recovery)   8,289    (21,240)
Deferred income taxes   59,712    (22,369)
Increase (decrease) in cash resulting from changes in operating assets and liabilities:          
Accounts receivable   (671,532)   679,746 
Inventories   37,829    (56,488)
Prepaid expenses and other current and non-current assets   25,213    (918)
Prepaid income taxes   13,035    (65,124)
Accounts payable   (13,995)   (44,296)
Accrued expenses   62,705    (48,236)
Net cash provided by operating activities   2,290,444    5,199,972 
           
Cash flows from investing activities:          
Acquisitions of property, plant and equipment   (166,689)   (62,573)
Purchases of marketable securities   (2,309,935)   (5,556,065)
Proceeds from sales of marketable securities   2,966,859    3,944,388 
Net cash provided by (used in) investing activities   490,235    (1,674,250)
           
Cash flows from financing activities:          
Dividends received on unconverted shares   ---    120,848 
Dividends paid   (3,436,867)   (4,589,464)
Net cash used in financing activities   (3,436,867)   (4,468,616)
           
Net decrease in cash and cash equivalents   (656,188)   (942,894)
Cash and cash equivalents, beginning of year   1,080,489    2,023,383 
Cash and cash equivalents, end of year  $424,301   $1,080,489 

 

 

See Notes to Financial Statements

F-8

UNITED-GUARDIAN, INC.

NOTES TO FINANCIAL STATEMENTS

 


NOTE A - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Nature of Business

 

United-Guardian, Inc. (the "Company") is a Delaware corporation that, through its Guardian Laboratories Division, manufactures and markets cosmetic ingredients, personal care products, pharmaceuticals, medical lubricants, health care products, and specialty industrial products. It also conducts research and product development, primarily related to the development of new and unique cosmetic and personal care products. The Company’s research and development department also modifies, refines, and expands the uses for existing products, with the goal of further developing the market for the Company's products. Two major product lines, LUBRAJEL® and RENACIDIN® IRRIGATION (“RENACIDIN”) together accounted for approximately 93% and 95% of net sales for the years ended December 31, 2016 and December 31, 2015, respectively. LUBRAJEL accounted for approximately 66% and 85% of net sales for the years ended December 31, 2016 and December 31, 2015, respectively, and RENACIDIN accounted for approximately 27% and 10% of net sales for the years ended December 31, 2016 and December 31, 2015, respectively.

 

Accounts Receivable and Reserves

 

The carrying amount of accounts receivable is reduced by a valuation allowance that reflects our best estimate of the amounts that will not be collected. The reserve for accounts receivable comprises the allowance for doubtful accounts and sales returns. In addition to reviewing delinquent accounts receivable, we consider many factors in estimating our reserve, including historical data, experience, customer types and credit worthiness, and economic trends. From time to time, we adjust our assumptions for anticipated changes in any of these or other factors expected to affect collectability.

 

Revenue Recognition

 

The Company recognizes revenue when products are shipped, title and risk of loss pass to customers, persuasive evidence of a sales arrangement exists, and collections are reasonably assured. All products are shipped Ex Works (transportation costs from the Company’s facility in Hauppauge, NY, and risk of loss from the time the goods are made available to the customer at the Company’s facility, are the customer’s responsibility). Shipments are only made after confirmation that a valid purchase order has been received and that the future collection of the sale amount is reasonably assured. All sales of the Company’s products are deemed final, and there is no obligation on the part of the Company to repurchase or allow the return of the goods unless they are defective. The Company does not make sales on consignment, and the collection of the proceeds of the sale is not contingent upon the customer being able to sell the goods to a third party.

 

Any allowance for returns is taken as a reduction of sales within the same period the revenue is recognized. Such allowances are based on historical experience. The Company has not experienced significant fluctuations between estimated allowances and actual activity.

 

During 2015 the Company had offered a discounted price to a significant customer of ASI in Canada for one of its LUBRAJEL products in exchange for a commitment to purchase a specific amount of product during the year. Since that customer did not attain the level of purchases required for that rebate, ASI was obligated to return to the Company the rebate that was given to that customer, in the amount of $88,360.

 

F-9

UNITED-GUARDIAN, INC.

Cash and Cash Equivalents

 

For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of three months or less at inception. The Company deposits cash and cash equivalents with high credit quality financial institutions and believes that any amounts in excess of insurance limitations to be at minimal risk. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of $250,000. At December 31, 2016, approximately $277,000 exceeded the FDIC limit.

 

Dividends

 

On May 18, 2016, the Company’s Board of Directors declared a semi-annual cash dividend of $0.35 per share, which was paid on June 15, 2016 to all stockholders of record as of June 1, 2016. On November 30, 2016, the Company’s Board of Directors declared a semi-annual cash dividend of $0.40 per share, which was paid on December 19, 2016, to all stockholders of record as of December 12, 2016. In 2016 the Company declared a total of $3,445,740 in dividends, of which $3,436,867 was paid. The balance of $8,873 is payable to stockholders who could not be located at the time the dividend was paid and is being held by the Company for possible future payment.

 

On May 13, 2015, the Company’s Board of Directors declared a semi-annual cash dividend of $0.50 per share, which was paid on June 15, 2015 to all stockholders of record as of June 1, 2015. On November 18, 2015, the Company’s Board of Directors declared a semi-annual cash dividend of $0.50 per share, which was paid on December 15, 2015 to all stockholders of record as of December 1, 2015. In 2015 the Company declared a total of $4,596,439 in dividends, of which $4,589,464 was paid. The balance of $6,975 is payable to stockholders who could not be located at the time the dividend was paid, and is being held by the Company for possible future payment.

 

Supplemental Disclosures of Cash Flow Information and Non-cash Investing and Financing Activities

 

Cash payments for income taxes were $1,050,000 and $2,125,000 for the years ended December 31, 2016 and 2015, respectively.  

 

The Company has a number of unconverted shares of one of its previous corporate entities, Guardian Chemical Corporation (“Guardian”), that would convert to approximately 11,106 shares of United-Guardian, Inc. common stock if all of the remaining holders of those Guardian shares converted their Guardian stock to United-Guardian stock. Since the early 1990’s, the Company has been paying accumulated dividends directly to those shareholders as those shares were converted, while at the same time its transfer agent was holding duplicate funds to cover those same payments (as well as future payments for Guardian shares that had not yet been converted). In September 2015 it was agreed that those duplicate funds would be returned to the Company, and the Company recorded a receivable from the transfer agent in the amount of $120,848. Of that amount, $21,894 was added to retained earnings to account for the amount that had been previously exchanged and paid, and the balance of $98,954 will continue to be accounted for as a potential liability in the event that one or more of the holders of that Guardian stock can be located and request conversion of their Guardian shares, in which case the accumulated dividends will be paid to them and the liability reduced accordingly. Payment of the amount owed to the Company by its transfer agent was received in October 2015. The Company is presently researching its options in regard to the distribution of the funds it is continuing to hold, in the event the remaining holders of Guardian stock cannot be located. The Company will continue to accumulate a dividend payable on the above shares as dividends are declared. The Company accrued an additional $8,873 and $6,975, during 2016 and 2015 respectively, on these shares.

 

 

 

F-10

UNITED-GUARDIAN, INC.

Marketable Securities

 

Marketable securities include investments in equity and fixed income mutual funds, and government securities, all of which have a high degree of liquidity, are classified as "Available for Sale" securities, and are reported at their fair values. Unrealized gains and losses on "Available for Sale" securities are reported as accumulated other comprehensive income (loss) in stockholders' equity, net of the related tax effects. Investment income is recognized when earned. Realized gains and losses on sales of investments and declines in value judged to be other than temporary, if any, are reported in other income (loss) with cost being determined on a specific identification basis. Fair values are based on quoted market prices. The Company evaluates its investments periodically for possible impairment and reviews factors such as the length of time and extent to which fair value has been below cost basis and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for anticipated recovery in market value.

 

Inventories

 

Inventories are valued at the lower of cost or current market value. Cost is determined using the average cost method, which approximates cost determined by the first-in, first-out (“FIFO”) method. Inventory costs include material, labor and factory overhead.

 

Property, Plant and Equipment

 

Property, plant and equipment are carried at cost, less accumulated depreciation. Major replacements and betterments are capitalized, while routine maintenance and repairs are expensed as incurred. Assets are depreciated under both accelerated and straight-line methods. Depreciation charged as a result of using accelerated methods was not materially different than that which would result from using the straight-line method for all periods presented. Certain factory equipment and fixtures are constructed by the Company using purchased materials and in-house labor. Such assets are capitalized and depreciated on a basis consistent with the Company's purchased fixed assets.

 

Estimated useful lives are as follows: 

 

  Factory equipment and fixtures (in years) 5 - 7  
  Building  (in years)   40    
  Building improvements    Lesser of useful life or 20 years     

 

Impairment of Long-Lived Assets

 

Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. No impairments were necessary at December 31, 2016 and 2015.

 

F-11

UNITED-GUARDIAN, INC.

Other Assets (net)

 

Other assets at December 31, 2016 represents the amount expended in connection with the development of the new dosage form of RENACIDIN. The Company began amortizing these costs in the first quarter of 2016. At December 31, 2016 accumulated amortization for such assets amounted to $14,823.

 

Fair Value of Financial Instruments

 

Management of the Company believes that the fair value of financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates their carrying value due to their short payment terms and liquid nature.

 

Concentration of Credit Risk

 

Accounts receivable potentially exposes the Company to concentrations of credit risk. The Company monitors the amount of credit it allows each of its customers, using the customer’s prior payment history to determine how much credit to allow or whether any credit should be given at all. It is the Company’s policy to discontinue shipments to any customer that is substantially past due on its payments. The Company sometimes requires payment in advance from customers whose payment record is questionable. As a result of its monitoring of the outstanding credit allowed for each customer, as well as the fact that the majority of the Company’s sales are to customers whose satisfactory credit and payment record has been established over a long period of time, the Company believes that its accounts receivable credit risk has been reduced.

 

For the year ended December 31, 2016, two of the Company’s distributors and marketing partners accounted for approximately 47% of the Company’s net sales during the year, and 36% of its outstanding accounts receivable at year end. For the year ended December 31, 2015, the same two distributors and marketing partners accounted for a total of approximately 66% of the Company’s net sales during the year, and 20% of its outstanding accounts receivable at year end.

 

Vendor Concentration

 

Most of the principal raw materials used by the Company consist of common industrial organic and inorganic chemicals and are available in ample supply from numerous sources. However, there are some raw materials used by the Company that are not readily available or require long lead times. The Company has five major raw material vendors that collectively accounted for approximately 85% and 89% of the raw material purchases by the Company in 2016 and 2015, respectively.

 

Income Taxes

 

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.

 

F-12

UNITED-GUARDIAN, INC.

Uncertain tax positions are accounted for utilizing a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of December 31, 2016 and 2015, the Company did not have any unrecognized income tax benefits. It is the Company’s policy to recognize interest and penalties related to taxes as interest expense as incurred. During the years ended December 31, 2016 and 2015 the Company did not record any interest or penalties. The Company’s tax returns are subject to examination by the United States Internal Revenue Service and by the State of New York for years 2013 through 2016.

 

Research and Development

 

Research and development expenses are expenditures incurred in connection with in-house research on new and existing products. It includes payroll and payroll related expenses, outside laboratory expenditures, lab supplies, and equipment depreciation.

 

Shipping and Handling Expenses

 

Shipping and handling costs are classified in operating expenses in the accompanying statements of income. Shipping and handling costs were approximately $84,000 and $94,000 for the years ended December 31, 2016 and 2015, respectively.

 

Advertising Expenses

 

Advertising expenses are expensed as incurred. During 2016 and 2015 the Company incurred approximately $25,000 and $18,000, respectively, in advertising expenses.

 

Earnings Per Share Information

 

Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share would include the dilutive effect of outstanding stock options, if any.

 

Use of Estimates

 

In preparing financial statements in conformity with U.S. generally accepted accounting principles, 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, possible impairment of marketable securities, and the allocation of overhead.

 

New Accounting Standards

 

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This standard applies to any entity that uses the guidance of Generally Accepted Accounting Principles (“GAAP”) for entering into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. It requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for the exchange of goods or services. In August 2015, the FASB issued ASU 2015-14, deferring the effective date of implementation to annual periods beginning after December 15, 2017. The Company is still evaluating the potential impact on the Company’s financial statements.

 

F-13

UNITED-GUARDIAN, INC.

In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern. Disclosure of Uncertainties about Entity’s Ability to Continue as a Going Concern.” Currently, GAAP lacks guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern. This amendment now provides guidance by providing a definition of substantial doubt, requires evaluation by management every reporting period for going concern issues, provides principles for considering any mitigating effects implemented by management, and the disclosures required for the assessment period of one year after issuance of the financial statements. This update becomes effective for interim and annual recording periods beginning after December 15, 2016, with early application permitted. The update was adopted for recording periods starting January 2015, and had no material impact on the Company’s financial statements.

 

In November 2015, the FASB issued ASU 2015-17, “Income Taxes, Balance Sheet Classifications of Deferred Taxes.” This amendment simplifies the presentation of deferred taxes by requiring that all deferred tax liabilities and assets now be recorded as noncurrent. This amendment is effective for interim and annual reporting periods beginning after December 15, 2016 with early adoption permissible. The Company adopted this amendment effective January 2017. This amendment will have no material impact on the Company’s financial statements.

 

In July 2015, the FASB issued ASU 2015-11, “Inventory. Simplifying the Measurement of Inventory.” This amendment only applies to entities that use the first-in, first-out (FIFO) or average cost methods of valuing inventory. Entities should now measure inventory at the lower of cost or net realizable value. This amendment aligns measurement of inventory in GAAP with the International Financial Reporting Standards (IFRS). This amendment is effective for annual periods beginning after December 15, 2016 with early adoption permitted. The Company adopted this amendment in January 2017 and is evaluating the potential impact on the Company’s financial statements.

 

In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, “Leases”, which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate and manufacturing equipment, to recognize on assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than 12 months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. This ASU will be adopted by the Company in the first quarter of 2019. We do not believe that this ASU will have a material impact on our financial statements.

 

In June 2016, the FASB issued ASU-2016-13 “Financial Instruments – Credit Losses”. This guidance affects organizations that hold financial assets and net investments in leases that are not accounted for at fair value with changes in fair value reported in net income. The guidance requires organizations to measure all expected credit losses for financial instruments at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. It is effective for fiscal years beginning after December 15, 2019. The Company is evaluating the potential impact on the Company’s financial statements.

 

F-14

UNITED-GUARDIAN, INC.

NOTE B - MARKETABLE SECURITIES

 

The fair values of the Company’s marketable securities are determined in accordance with GAAP, with fair value being defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes the three-tier value hierarchy, as prescribed by GAAP, which prioritizes the inputs used in measuring fair value as follows:

 

Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

 

Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

 

Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

 

The following available-for-sale securities, which comprise all of the Company's marketable securities, are re-measured to fair value on a recurring basis and are valued using Level 1 inputs using quoted prices (unadjusted) for identical assets in active markets:

 

December 31, 2016  Cost  Fair Value 

Unrealized

Gain/(Loss)

Available for sale:               
Fixed income mutual funds  $9,339,352   $9,457,286   $117,934 
Equity and other mutual funds   612,545    760,723    148,178 
Total Investments  $9,951,897   $10,218,009   $266,112 
                
December 31, 2015               
Available for sale:               
Fixed income mutual funds  $9,968,948   $9,900,587   $(68,361)
Equity and other mutual funds   640,884    818,883    177,999 
Total Investments  $10,609,832   $10,719,470   $109,638 

 

Proceeds from the sale and redemption of marketable securities amounted to $2,966,859 and $3,944,388 for the years ended December 31, 2016 and 2015, respectively. Losses of $1,011 and gains of $2,395 were realized for the years ended December 31, 2016 and 2015, respectively.

 

Investment income consisted principally of realized gains and losses, interest income from fixed income mutual funds, and dividend income from equity and other mutual funds.

 

NOTE C – INVENTORIES 

 

Inventories consist of the following:

 

   December 31,
   2016  2015
Raw materials  $349,383   $334,320 
Work in process   24,214    44,836 
Finished products   882,216    914,486 
   $1,255,813   $1,293,642 

 

Finished product inventories at December 31, 2016 and 2015 are stated net of a reserve of $20,000 for slow moving and obsolete items.

 

F-15

UNITED-GUARDIAN, INC.

NOTE D – INCOME TAXES

 

The provision for income taxes consists of the following:

 

   Years ended December 31,
Current  2016  2015
Federal  $1,058,714   $2,038,551 
State   (3,501)   2,300 
Total current provision for income taxes   1,055,213    2,040,851 
Deferred          
Federal   59,712    (22,369)
State   ---    --- 
Total deferred provision for income taxes   59,712    (22,369)
Total provision for income taxes  $1,114,925   $2,018,482 

 

The following is a reconciliation of the Company’s effective income tax rate to the Federal statutory rate (dollar amounts have been rounded to the nearest thousand):  

 

   Years ended December 31,
   2016  2015
    ($)    Tax rate    ($)    Tax rate 
Income taxes at statutory federal income tax rate of 34%  $1,257,000    34.0%  $2,253,000    34.0%
State income taxes, net of Federal benefit   (2,000)   ---    1,000    --- 
Domestic Production Activities tax benefit   (104,000)   (2.8)   (193,000)   (2.9)
Nondeductible expenses   1,000    ---    1,000    --- 
R&D credits   (30,000)   (0.8)   (30,000)   (0.5)
Other, misc.   (7,000)   (0.2)   (14,000)   (0.2)
Actual income tax expense  $1,115,000    30.2%  $2,018,000    30.4%

 

During 2016 and 2015, the Company realized the tax benefits of the Domestic Production Activities deduction, which amounted to approximately 9% of net income from domestic production activities in each year.

 

The tax effects of temporary differences which comprise the deferred tax assets and liabilities are as follows:

 

   Years ended December 31,
   2016  2015
Deferred tax assets          
Current          
Accounts receivable  $5,760   $2,942 
Inventories   14,163    14,421 
Accrued expenses   234,594    215,942 
Total deferred tax assets   254,517    233,305 
Deferred tax liabilities          
Non-current          
Depreciation   (161,657)   (80,733)
Unrealized gain on marketable securities   (90,478)   (37,277)
Total deferred tax liabilities   (252,135)   (118,010)
Net deferred tax asset  $2,382   $115,295 

 

 

F-16

UNITED-GUARDIAN, INC.

NOTE E - BENEFIT PLANS

 

Defined Contribution Plan

 

The Company sponsors a 401(k) defined contribution plan ("DC Plan") that provides for a dollar-for-dollar employer matching contribution of the first 4% of each employee's pay. Employees become fully vested in employer matching contributions after one year of employment. Company 401(k) matching contributions were approximately $87,000 and $102,000 for the years ended December 31, 2016 and 2015, respectively.

 

The Company also makes discretionary contributions to each employee's account based on a "pay-to-pay" safe-harbor formula that qualifies the 401(k) plan under current IRS regulations. In December 2016 and 2015 the Company’s Board of Directors authorized discretionary contributions in the amount of $175,000 per year, to be allocated among all eligible employees, for the 2016 and 2015 plan years. The 2016 contribution was paid in 2016, and the 2015 contribution was paid in 2015. Employees become vested in the discretionary contributions as follows: 20% after two years of employment, and 20% for each year of employment thereafter until the employee becomes fully vested after six years of employment.

 

NOTE F - GEOGRAPHIC and OTHER INFORMATION

 

The Company manufactures and markets cosmetic ingredients, personal care products, pharmaceuticals, medical lubricants, health care products, and specialty industrial products, through its Guardian Laboratories division. It also conducts research and development, primarily related to the development of new and unique cosmetic and personal care products. The Company’s R&D department not only develops new products but also modifies and refines existing products, with the goal of expanding the potential markets for the Company’s products. Many of the cosmetic ingredient products manufactured by Guardian, particularly its LUBRAJEL line of water-based moisturizing and lubricating gels, are currently used by many of the major multinational personal care products companies.

 

The Company operates in one business segment. The Company’s products are separated into four distinct product categories: personal care products (including cosmetic ingredients), pharmaceuticals, medical products, and industrial products. Each product category is marketed differently. The cosmetic ingredient/personal care products are marketed through a global network of marketing partners and distributors. These marketing partners purchase product outright from the Company and market and re-sell those products to the end users. The Company does not make any sales on consignment.

 

F-17

UNITED-GUARDIAN, INC.

No prior regulatory approval is needed by the Company to sell any products other than its pharmaceutical products. The end users of its products may or may not need regulatory approvals, depending on the intended claims and uses of those products.

 

The pharmaceutical products are two urological products that are sold to end users primarily through distribution agreements with the major drug wholesalers. For these products, the Company does the marketing, and the drug wholesalers supply the product to the end users, such as hospitals and pharmacies. These products are drug products that required the Company to obtain regulatory approval before marketing.

 

The medical products are not pharmaceutical products. They consist primarily of medical lubricants, which are marketed by the Company directly to manufacturers that incorporate them into urologic catheters and other medical devices and products that they sell. These products are distinguished from the pharmaceutical products in that, unlike the pharmaceutical products, the Company is not required to obtain regulatory approval prior to marketing these products. Approvals are the responsibility of the company that markets the medical device. However, the Company is responsible for manufacturing these products in accordance with current Good Manufacturing Practices for medical devices.

 

The industrial products are also marketed by the Company directly to manufacturers, and generally do not require that the Company obtain regulatory approval. However, the manufacturers of the finished products may have to obtain such regulatory approvals before marketing these products.

 

The following tables present the significant concentrations of the Company’s sales. Although a significant percentage of Customer A’s purchases from the Company are sold to foreign customers, in table “b” below all sales to Customer A are included in “United States” sales revenue because all shipments to Customer A are delivered to Customer A's warehouses in the U.S.

 

In addition, there are three customers for the Company’s medical products that take delivery of their shipments in the U.S. but subsequently ship that product to manufacturing facilities outside the U.S. Since the Company makes those shipments to U.S. locations, sales to those customers are also included in the “United States” revenue number in the table below. Approximately 70% of the Company’s domestic sales of medical products in 2016, and 71% in 2015, were delivered to U.S. locations for subsequent shipment by the customers to foreign manufacturing facilities, which then produced finished products to be marketed globally.

 

(a)Net Sales

 

    Years ended December 31, 
    2016    2015 
           
Personal Care  $4,916,630   $9,922,130 
Medical   2,624,672    2,203,890 
Pharmaceutical   3,443,215    1,864,155 
Industrial and other   159,945    174,361 
    11,144,462    14,164,536 
Less: Discounts and allowances   (367,595)   (158,292)
Net Sales  $10,776,867   $14,006,244 

 

(b)Geographic Information (Net Sales)

 

    Years ended December 31, 
    2016    2015 
           
United States  $8,313,807   $11,587,247 
Other countries   2,463,060    2,418,997 
   $10,776,867   $14,006,244 

 

F-18

UNITED-GUARDIAN, INC.

(c)Sales to Major Customers

 

    Years ended December 31, 
    2016    2015 
           
Customer A  $3,457,682   $8,463,691 
Customer B   1,529,970    866,624 
All other customers   5,789,215    4,675,929 
   $10,776,867   $14,006,244 

 

NOTE G – COMPREHENSIVE INCOME

 

Accumulated other comprehensive income comprises unrealized gains and losses on marketable securities net of the related tax effect.

 

Changes in Accumulated Other
Comprehensive Income
   December 31, 2016    December 31, 2015 
Beginning balance - net of tax  $72,361   $259,869 
Unrealized gain /(loss)on marketable securities – net of tax   104,284    (189,903)
Realized (loss)/gain on sale of securities   (1,011)   2,395 
Ending balance - net of tax  $175,634   $72,361 

 

NOTE H - ACCRUED EXPENSES

 

Accrued expenses at December 31, 2016 and 2015 consist of:

 

    2016    2015 
           
Bonuses  $200,000   $250,000 
Distribution fees   225,879    206,977 
Payroll and related expenses   151,653    109,451 
Annual report expenses   63,447    66,000 
Audit fee   54,868    82,000 
Sales rebates   23,393    --- 
Other   129,088    71,195 
Total accrued expenses  $848,328   $785,623 

 

F-19

UNITED-GUARDIAN, INC.

NOTE I - RELATED PARTY TRANSACTIONS

 

During each of the years ended December 31, 2016 and 2015 the Company paid to Bonamassa, Maietta, and Cartelli, LLP, $21,500 and $13,000, respectively, for accounting and tax services. Lawrence Maietta, a partner in Bonamassa, Maietta, and Cartelli, LLP, is a director of the Company.

 

 

 

 

 

 

 

F-20


EX-31.1 2 exh_311.htm EXHIBIT 31.1

EXHIBIT 31.1

 

 

SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

 

I, Kenneth H. Globus, certify that:

 

1.I have reviewed this Annual Report of United-Guardian, Inc. on Form 10-K for the year ended December 31, 2016;
   
 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
 3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
 4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: March 22, 2017

By:

/s/ Kenneth H. Globus

    Kenneth H. Globus
    President and Principal Executive Officer

EX-31.2 3 exh_312.htm EXHIBIT 31.2

EXHIBIT 31.2

 

 

SECTION 302 CERTIFICATION OF CHIEF FINANCIAL OFFICER

 

I, Robert S. Rubinger, certify that:

 

1.I have reviewed this Annual Report of United-Guardian, Inc. on Form 10-K for the year ended December 31, 2016;
   
 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
 3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
 4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: March 22, 2017

By:

/s/ Robert S. Rubinger

    Robert S. Rubinger
    Chief Financial Officer

EX-32 4 exh_32.htm EXHIBIT 32

EXHIBIT 32

 

 

CERTIFICATIONS PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the annual report of United-Guardian, Inc. (the "Company") on Form 10-K for the year ended December 31, 2016, as filed with the Securities and Exchange Commission (the "Report"), I, Kenneth H. Globus, President and Principal Executive Officer of the Company, and I, Robert S. Rubinger, Chief Financial Officer of the Company, do hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

(i) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(ii) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

 

Date: March 22, 2017

By:

/s/ Kenneth H. Globus

    Kenneth H. Globus
    President and Principal Executive Officer
     
     
  By: /s/ Robert S. Rubinger
    Robert S. Rubinger
    Chief Financial Officer

EX-101.INS 5 ug-20161231.xml XBRL INSTANCE FILE false --12-31 FY 2016 2016-12-31 10-K 0000101295 4594319 Yes Smaller Reporting Company 51361676 UNITED GUARDIAN INC No No ug 225879 206977 14823 11106 P1Y P2Y P6Y P1Y 175000 175000 2 2 5 5 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Other Assets (net) </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other assets at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> represents the amount expended in connection with the development of the new dosage form of RENACIDIN. The Company began amortizing these costs in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> accumulated amortization for such assets amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,823.</div></div></div></div></div></div> 0.09 0.09 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White">&nbsp;</td> <td nowrap="nowrap" style="width: 30%"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Factory equipment and fixtures (in years)</div></td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5 </div></td> <td style="width: 10%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 10%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">7</div></div></td> <td style="width: 20%; background-color: White">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White">&nbsp;</td> <td nowrap="nowrap"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Building&nbsp; </div> (in years)</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font: 10pt Times New Roman, Times, Serif">40</div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="background-color: White">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White">&nbsp;</td> <td nowrap="nowrap" style="text-align: left; vertical-align: top"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Building improvements&nbsp; </div></td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font: 10pt Times New Roman, Times, Serif">Lesser of useful life or 20 years&nbsp; </div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="background-color: White">&nbsp;</td> </tr> </table></div> 88360 21894 21894 120848 2120 212 -212 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Supplemental Disclosures of Cash Flow Information and Non-cash Investing and Financing Activities</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash payments for income taxes were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,050,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125,000</div> for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively. &nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has a number of unconverted shares of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of its previous corporate entities, Guardian Chemical Corporation (&#x201c;Guardian&#x201d;), that would convert to approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,106</div> shares of United-Guardian, Inc. common stock if all of the remaining holders of those Guardian shares converted their Guardian stock to United-Guardian stock. Since the early <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1990&#x2019;s,</div> the Company has been paying accumulated dividends directly to those shareholders as those shares were converted, while at the same time its transfer agent was holding duplicate funds to cover those same payments (as well as future payments for Guardian shares that had not yet been converted). In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> it was agreed that those duplicate funds would be returned to the Company, and the Company recorded a receivable from the transfer agent in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$120,848.</div> Of that amount, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,894</div> was added to retained earnings to account for the amount that had been previously exchanged and paid, and the balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$98,954</div> will continue to be accounted for as a potential liability in the event that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> or more of the holders of that Guardian stock can be located and request conversion of their Guardian shares, in which case the accumulated dividends will be paid to them and the liability reduced accordingly. Payment of the amount owed to the Company by its transfer agent was received in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> The Company is presently researching its options in regard to the distribution of the funds it is continuing to hold, in the event the remaining holders of Guardian stock cannot be located. The Company will continue to accumulate a dividend payable on the above shares as dividends are declared. The Company accrued an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,873</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,975,</div> during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> respectively, on these shares.</div></div></div></div></div> 8873 6975 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Vendor Concentration</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Most of the principal raw materials used by the Company consist of common industrial organic and inorganic chemicals and are available in ample supply from numerous sources. However, there are some raw materials used by the Company that are not readily available or require long lead times. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> major raw material vendors that collectively accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89%</div> of the raw material purchases by the Company in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively.</div></div></div></div></div> 82821 96815 1597997 934754 200000 250000 848328 785623 23393 63447 66000 54868 82000 151653 109451 6097640 5925429 72361 259869 175634 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Advertising Expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Advertising expenses are expensed as incurred. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> the Company incurred approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18,000,</div> respectively, in advertising expenses.</div></div></div></div></div> 25000 18000 16943 8654 15118575 15688191 13968689 14517960 9339352 612545 9951897 9968948 640884 10609832 9457286 760723 10218009 9900587 818883 10719470 117934 148178 266112 -68361 177999 109638 2776602 2776602 424301 1080489 2023383 -656188 -942894 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Cash and Cash Equivalents</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less at inception. The Company deposits cash and cash equivalents with high credit quality financial institutions and believes that any amounts in excess of insurance limitations to be at minimal risk. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (&#x201c;FDIC&#x201d;) up to a maximum of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250,000.</div> At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$277,000</div> exceeded the FDIC limit.</div></div></div></div></div> 250000 277000 0.35 0.40 0.50 0.50 0.10 0.10 10000000 10000000 4594319 4594319 4594319 4594319 459432 459432 2684415 4419421 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;">NOTE G &#x2013; COMPREHENSIVE INCOME</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accumulated other comprehensive income comprises unrealized gains and losses on marketable securities net of the related tax effect.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in Accumulated Other <br /> </div>Comprehensive Income</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2016</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2015</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Beginning balance - net of tax</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,361</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">259,869</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unrealized gain /(loss)on marketable securities &#x2013; net of tax</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,284</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(189,903</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Realized (loss)/gain on sale of securities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,011</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,395</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.25pt">Ending balance - net of tax</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">175,634</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,361</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Concentration of Credit Risk</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accounts receivable potentially exposes the Company to concentrations of credit risk. The Company monitors the amount of credit it allows each of its customers, using the customer&#x2019;s prior payment history to determine how much credit to allow or whether any credit should be given at all. It is the Company&#x2019;s policy to discontinue shipments to any customer that is substantially past due on its payments. The Company sometimes requires payment in advance from customers whose payment record is questionable. As a result of its monitoring of the outstanding credit allowed for each customer, as well as the fact that the majority of the Company&#x2019;s sales are to customers whose satisfactory credit and payment record has been established over a long period of time, the Company believes that its accounts receivable credit risk has been reduced.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> of the Company&#x2019;s distributors and marketing partners accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47%</div> of the Company&#x2019;s net sales during the year, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36%</div> of its outstanding accounts receivable at year end. For the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the same <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> distributors and marketing partners accounted for a total of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66%</div> of the Company&#x2019;s net sales during the year, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%</div> of its outstanding accounts receivable at year end.</div></div></div></div></div> 0.93 0.95 0.66 0.85 0.27 0.1 0.47 0.36 0.66 0.2 0.85 0.89 0.7 0.71 4882644 5202158 7387305 7712659 1058714 2038551 1055213 2040851 -3501 2300 59712 -22369 59712 -22369 254517 233305 14163 14421 2382 115295 254517 233305 234594 215942 5760 2942 252135 118010 161657 80733 90478 37277 87000 102000 0.04 0.04 0.2 0.2 187035 173484 3445740 4596439 6975 6975 4589464 4589464 8873 8873 3436867 3436867 98954 114802 105929 8873 6975 120848 0.56 1 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Earnings Per Share Information</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share would include the dilutive effect of outstanding stock options, if any.</div></div></div></div></div> 0.302 0.304 0.34 0.34 0.028 0.029 0.008 0.005 -0.002 -0.002 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Fair Value of Financial Instruments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management of the Company believes that the fair value of financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates their carrying value due to their short payment terms and liquid nature.</div></div></div></div></div> 4342629 4175940 -879 0 0 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Impairment of Long-Lived Assets</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. No impairments were necessary at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div></div></div></div></div></div> 3696067 6625411 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;">NOTE D &#x2013; INCOME TAXES</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The provision for income taxes consists of the following:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt" nowrap="nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap">Years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: left" nowrap="nowrap">Current</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap">2016</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap">2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; padding-left: 10pt">Federal</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,058,714</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,038,551</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">State</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,501</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,300</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total current provision for income taxes</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,055,213</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,040,851</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Deferred</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Federal</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59,712</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(22,369</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">State</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total deferred provision for income taxes</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59,712</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(22,369</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 30pt">Total provision for income taxes</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,114,925</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,018,482</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">The following is a reconciliation of the Company&#x2019;s effective income tax rate to the Federal statutory rate (dollar amounts have been rounded to the nearest thousand):</div> &nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt" nowrap="nowrap">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="15" style="text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap">Years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt" nowrap="nowrap">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap">2016</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap">2015</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">($)</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax rate</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="text-decoration: none; text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-decoration: none; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-decoration: none; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">($)</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="text-decoration: none; text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-decoration: none; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-decoration: none; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax rate</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Income taxes at statutory federal income tax rate of 34%</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,257,000</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34.0</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,253,000</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34.0</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes, net of Federal&nbsp;benefit</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,000</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Domestic Production Activities tax benefit</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(104,000</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.8</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(193,000</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.9</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Nondeductible expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">R&amp;D credits</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(30,000</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.8</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(30,000</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.5</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other, misc.</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.2</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.2</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt">Actual income tax expense</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,115,000</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30.2</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">%</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,018,000</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30.4</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">%</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company realized the tax benefits of the Domestic Production Activities deduction, which amounted to approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9%</div></div> of net income from domestic production activities in each year.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tax effects of temporary differences which comprise the deferred tax assets and liabilities are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap">Years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt" nowrap="nowrap">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><div style="display: inline; text-decoration: underline;">Current</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left; padding-left: 20pt">Accounts receivable</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,760</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,942</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Inventories</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,163</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,421</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Accrued expenses</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">234,594</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">215,942</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 30pt">Total deferred tax assets</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">254,517</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">233,305</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><div style="display: inline; text-decoration: underline;">Non-current</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Depreciation</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(161,657</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(80,733</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Unrealized gain on marketable securities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(90,478</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(37,277</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 30pt">Total deferred tax liabilities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(252,135</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(118,010</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 40pt">Net deferred tax asset</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,382</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">115,295</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div></div> 1114925 2018482 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Income Taxes</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Uncertain tax positions are accounted for utilizing a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company did not have any unrecognized income tax benefits. It is the Company&#x2019;s policy to recognize interest and penalties related to taxes as interest expense as incurred. During the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> the Company did not record any interest or penalties. The Company&#x2019;s tax returns are subject to examination by the United States Internal Revenue Service and by the State of New York for years <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div></div></div></div></div></div> 104000 193000 1257000 2253000 1000 1000 30000 30000 -7000 -14000 -2000 1000 1050000 2125000 -13995 -44296 671532 -679746 62705 -48236 -37829 56488 -25213 918 -13035 65124 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;">NOTE C &#x2013; INVENTORIES&nbsp;</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Inventories consist of the following:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt" nowrap="nowrap">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap">December 31, </td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-bottom: 1pt" nowrap="nowrap">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap">2016</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="text-align: center; border-bottom: Black 1pt solid" nowrap="nowrap">2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Raw materials</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">349,383</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">334,320</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work in process</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,214</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,836</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished products</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">882,216</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">914,486</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,255,813</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,293,642</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Finished product inventories at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> are stated net of a reserve of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20,000</div></div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></div> for slow moving and obsolete items.</div></div> 882216 914486 1255813 1293642 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Inventories</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Inventories are valued at the lower of cost or current market value. Cost is determined using the average cost method, which approximates cost determined by the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out (&#x201c;FIFO&#x201d;) method. Inventory costs include material, labor and factory overhead.</div></div></div></div></div> 349383 334320 20000 20000 24214 44836 21894 306505 332705 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;">NOTE B - MARKETABLE SECURITIES</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair values of the Company&#x2019;s marketable securities are determined in accordance with 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-tier value hierarchy, as prescribed by GAAP, which prioritizes the inputs used in measuring fair value as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in">&#x2022;</td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in">&#x2022;</td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in">&#x2022;</td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif">Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> &#x2013; inputs to the valuation methodology are unobservable and significant to the fair value measurement.</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following available-for-sale securities, which comprise all of the Company's marketable securities, are re-measured to fair value on a recurring basis and are valued using Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> inputs using quoted prices (unadjusted) for identical assets in active markets:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left" nowrap="nowrap"><div style="display: inline; text-decoration: underline;">December 31, 2016</div></td> <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center" nowrap="nowrap">Cost</td> <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center" nowrap="nowrap">Fair Value</td> <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center" nowrap="nowrap"><div style=" font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Unrealized</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Gain/(Loss)</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Available for sale:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 55%; text-align: left; padding-left: 10pt">Fixed income mutual funds</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,339,352</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,457,286</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">117,934</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Equity and other mutual funds</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">612,545</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">760,723</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148,178</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 20pt">Total Investments</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,951,897</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,218,009</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">266,112</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-decoration: none">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">December 31, 2015</div></div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Available for sale:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Fixed income mutual funds</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,968,948</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,900,587</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(68,361</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Equity and other mutual funds</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">640,884</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">818,883</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">177,999</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 20pt">Total Investments</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,609,832</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,719,470</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,638</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Proceeds from the sale and redemption of marketable securities amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,966,859</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,944,388</div> for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively. Losses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,011</div> and gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,395</div> were realized for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Investment income consisted principally of realized gains and losses, interest income from fixed income mutual funds, and dividend income from equity and other mutual funds.</div></div> 69000 69000 15118575 15688191 1045951 988367 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Accounts Receivable and Reserves</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The carrying amount of accounts receivable is reduced by a valuation allowance that reflects our best estimate of the amounts that will not be collected.&nbsp;The reserve for accounts receivable comprises the allowance for doubtful accounts and sales returns.&nbsp;In addition to reviewing delinquent accounts receivable, we consider many factors in estimating our reserve, including historical data, experience, customer types and credit worthiness, and economic trends.&nbsp;From time to time, we adjust our assumptions for anticipated changes in any of these or other factors expected to affect collectability.</div></div></div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Marketable Securities </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Marketable securities include investments in equity and fixed income mutual funds, and government securities, all of which have a high degree of liquidity, are classified as &quot;Available for Sale&quot; securities, and are reported at their fair values. Unrealized gains and losses on &quot;Available for Sale&quot; securities are reported as accumulated other comprehensive income (loss) in stockholders' equity, net of the related tax effects. Investment income is recognized when earned. Realized gains and losses on sales of investments and declines in value judged to be other than temporary, if any, are reported in other income (loss) with cost being determined on a specific identification basis. Fair values are based on quoted market prices. The Company evaluates its investments periodically for possible impairment and reviews factors such as the length of time and extent to which fair value has been below cost basis and the Company&#x2019;s ability and intent to hold the investment for a period of time which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> be sufficient for anticipated recovery in market value.</div></div></div></div></div> -1011 2395 -3436867 -4468616 490235 -1674250 2290444 5199972 2581142 4606929 4606929 2581142 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">New Accounting Standards</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> &#x201c;Revenue from Contracts with Customers.&#x201d; This standard applies to any entity that uses the guidance of Generally Accepted Accounting Principles (&#x201c;GAAP&#x201d;) for entering into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. It requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for the exchange of goods or services. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,</div> deferring the effective date of implementation to annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> The Company is still evaluating the potential impact on the Company&#x2019;s financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> &#x201c;Presentation of Financial Statements-Going Concern. Disclosure of Uncertainties about Entity&#x2019;s Ability to Continue as a Going Concern.&#x201d; Currently, GAAP lacks guidance about management&#x2019;s responsibility to evaluate whether there is substantial doubt about an entity&#x2019;s ability to continue as a going concern. This amendment now provides guidance by providing a definition of substantial doubt, requires evaluation by management every reporting period for going concern issues, provides principles for considering any mitigating effects implemented by management, and the disclosures required for the assessment period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year after issuance of the financial statements. This update becomes effective for interim and annual recording periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> with early application permitted. The update was adopted for recording periods starting <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> and had no material impact on the Company&#x2019;s financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,</div> &#x201c;Income Taxes, Balance Sheet Classifications of Deferred Taxes.&#x201d; This amendment simplifies the presentation of deferred taxes by requiring that all deferred tax liabilities and assets now be recorded as noncurrent. This amendment is effective for interim and annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> with early adoption permissible. The Company adopted this amendment effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> This amendment will have no material impact on the Company&#x2019;s financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div> &#x201c;Inventory. Simplifying the Measurement of Inventory.&#x201d; This amendment only applies to entities that use the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out (FIFO) or average cost methods of valuing inventory. Entities should now measure inventory at the lower of cost or net realizable value. This amendment aligns measurement of inventory in GAAP with the International Financial Reporting Standards (IFRS). This amendment is effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> with early adoption permitted. The Company adopted this amendment in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and is evaluating the potential impact on the Company&#x2019;s financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Financial Accounting Standards Board (FASB) issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> &#x201c;Leases&#x201d;, which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate and manufacturing equipment, to recognize on assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. This ASU will be adopted by the Company in&nbsp;the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> We do not believe that this ASU will have a material impact on our financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the FASB issued ASU-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> &#x201c;Financial Instruments &#x2013; Credit Losses&#x201d;. This guidance affects organizations that hold financial assets and net investments in leases that are not accounted for at fair value with changes in fair value reported in net income. The guidance requires organizations to measure all expected credit losses for financial instruments at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. It is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> The Company is evaluating the potential impact on the Company&#x2019;s financial statements.</div></div></div></div></div> 306505 331826 1852833 1862290 3389562 6293585 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;">NOTE A - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Nature of Business</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">United-Guardian, Inc. (the &quot;Company&quot;) is a Delaware corporation that, through its Guardian Laboratories Division, manufactures and markets cosmetic ingredients, personal care products, pharmaceuticals, medical lubricants, health care products, and specialty industrial products. It also conducts research and product development, primarily related to the development of new and unique cosmetic and personal care products. The Company&#x2019;s research and development department also modifies, refines, and expands the uses for existing products, with the goal of further developing the market for the Company's products. Two major product lines, LUBRAJEL<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg;</div> and RENACIDIN<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg; </div>IRRIGATION (&#x201c;RENACIDIN&#x201d;) together accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">93%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">95%</div> of net sales for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively. LUBRAJEL accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of net sales for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively, and RENACIDIN accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">27%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of net sales for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Accounts Receivable and Reserves</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The carrying amount of accounts receivable is reduced by a valuation allowance that reflects our best estimate of the amounts that will not be collected.&nbsp;The reserve for accounts receivable comprises the allowance for doubtful accounts and sales returns.&nbsp;In addition to reviewing delinquent accounts receivable, we consider many factors in estimating our reserve, including historical data, experience, customer types and credit worthiness, and economic trends.&nbsp;From time to time, we adjust our assumptions for anticipated changes in any of these or other factors expected to affect collectability.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Revenue Recognition</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recognizes revenue when products are shipped, title and risk of loss pass to customers, persuasive evidence of a sales arrangement exists, and collections are reasonably assured. All products are shipped Ex Works (transportation costs from the Company&#x2019;s facility in Hauppauge, NY, and risk of loss from the time the goods are made available to the customer at the Company&#x2019;s facility, are the customer&#x2019;s responsibility). Shipments are only made after confirmation that a valid purchase order has been received and that the future collection of the sale amount is reasonably assured. All sales of the Company&#x2019;s products are deemed final, and there is no obligation on the part of the Company to repurchase or allow the return of the goods unless they are defective. The Company does not make sales on consignment, and the collection of the proceeds of the sale is not contingent upon the customer being able to sell the goods to a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any allowance for returns is taken as a reduction of sales within the same period the revenue is recognized. Such allowances are based on historical experience. The Company has not experienced significant fluctuations between estimated allowances and actual activity.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> the Company had offered a discounted price to a significant customer of ASI in Canada for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of its LUBRAJEL products in exchange for a commitment to purchase a specific amount of product during the year. Since that customer did not attain the level of purchases required for that rebate, ASI was obligated to return to the Company the rebate that was given to that customer, in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$88,360.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Cash and Cash Equivalents</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months or less at inception. The Company deposits cash and cash equivalents with high credit quality financial institutions and believes that any amounts in excess of insurance limitations to be at minimal risk. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (&#x201c;FDIC&#x201d;) up to a maximum of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250,000.</div> At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$277,000</div> exceeded the FDIC limit.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Dividends</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company&#x2019;s Board of Directors declared a semi-annual cash dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.35</div> per share, which was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> to all stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company&#x2019;s Board of Directors declared a semi-annual cash dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.40</div> per share, which was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> to all stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> the Company declared a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,445,740</div> in dividends, of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,436,867</div> was paid. The balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,873</div> is payable to stockholders who could not be located at the time the dividend was paid and is being held by the Company for possible future payment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company&#x2019;s Board of Directors declared a semi-annual cash dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per share, which was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> to all stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company&#x2019;s Board of Directors declared a semi-annual cash dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per share, which was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> to all stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> the Company declared a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,596,439</div> in dividends, of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,589,464</div> was paid. The balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,975</div> is payable to stockholders who could not be located at the time the dividend was paid, and is being held by the Company for possible future payment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Supplemental Disclosures of Cash Flow Information and Non-cash Investing and Financing Activities</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash payments for income taxes were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,050,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,125,000</div> for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively. &nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has a number of unconverted shares of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of its previous corporate entities, Guardian Chemical Corporation (&#x201c;Guardian&#x201d;), that would convert to approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,106</div> shares of United-Guardian, Inc. common stock if all of the remaining holders of those Guardian shares converted their Guardian stock to United-Guardian stock. Since the early <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1990&#x2019;s,</div> the Company has been paying accumulated dividends directly to those shareholders as those shares were converted, while at the same time its transfer agent was holding duplicate funds to cover those same payments (as well as future payments for Guardian shares that had not yet been converted). In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> it was agreed that those duplicate funds would be returned to the Company, and the Company recorded a receivable from the transfer agent in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$120,848.</div> Of that amount, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,894</div> was added to retained earnings to account for the amount that had been previously exchanged and paid, and the balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$98,954</div> will continue to be accounted for as a potential liability in the event that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> or more of the holders of that Guardian stock can be located and request conversion of their Guardian shares, in which case the accumulated dividends will be paid to them and the liability reduced accordingly. Payment of the amount owed to the Company by its transfer agent was received in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> The Company is presently researching its options in regard to the distribution of the funds it is continuing to hold, in the event the remaining holders of Guardian stock cannot be located. The Company will continue to accumulate a dividend payable on the above shares as dividends are declared. The Company accrued an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,873</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,975,</div> during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> respectively, on these shares.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Marketable Securities </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Marketable securities include investments in equity and fixed income mutual funds, and government securities, all of which have a high degree of liquidity, are classified as &quot;Available for Sale&quot; securities, and are reported at their fair values. Unrealized gains and losses on &quot;Available for Sale&quot; securities are reported as accumulated other comprehensive income (loss) in stockholders' equity, net of the related tax effects. Investment income is recognized when earned. Realized gains and losses on sales of investments and declines in value judged to be other than temporary, if any, are reported in other income (loss) with cost being determined on a specific identification basis. Fair values are based on quoted market prices. The Company evaluates its investments periodically for possible impairment and reviews factors such as the length of time and extent to which fair value has been below cost basis and the Company&#x2019;s ability and intent to hold the investment for a period of time which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> be sufficient for anticipated recovery in market value.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Inventories</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Inventories are valued at the lower of cost or current market value. Cost is determined using the average cost method, which approximates cost determined by the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out (&#x201c;FIFO&#x201d;) method. Inventory costs include material, labor and factory overhead.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Property, Plant and Equipment</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Property, plant and equipment are carried at cost, less accumulated depreciation. Major replacements and betterments are capitalized, while routine maintenance and repairs are expensed as incurred. Assets are depreciated under both accelerated and straight-line methods. Depreciation charged as a result of using accelerated methods was not materially different than that which would result from using the straight-line method for all periods presented. Certain factory equipment and fixtures are constructed by the Company using purchased materials and in-house labor. Such assets are capitalized and depreciated on a basis consistent with the Company's purchased fixed assets.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Estimated useful lives are as follows:&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White">&nbsp;</td> <td style="width: 30%" nowrap="nowrap"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Factory equipment and fixtures (in years)</div></td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5 </div></td> <td style="width: 10%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 10%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">7</div></div></td> <td style="width: 20%; background-color: White">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White">&nbsp;</td> <td nowrap="nowrap"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Building&nbsp; </div> (in years)</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font: 10pt Times New Roman, Times, Serif">40</div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="background-color: White">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White">&nbsp;</td> <td style="text-align: left; vertical-align: top" nowrap="nowrap"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Building improvements&nbsp; </div></td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font: 10pt Times New Roman, Times, Serif">Lesser of useful life or 20 years&nbsp; </div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="background-color: White">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Impairment of Long-Lived Assets</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. No impairments were necessary at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Other Assets (net) </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other assets at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> represents the amount expended in connection with the development of the new dosage form of RENACIDIN. The Company began amortizing these costs in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> At <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> accumulated amortization for such assets amounted to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,823.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Fair Value of Financial Instruments</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Management of the Company believes that the fair value of financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates their carrying value due to their short payment terms and liquid nature.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Concentration of Credit Risk</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accounts receivable potentially exposes the Company to concentrations of credit risk. The Company monitors the amount of credit it allows each of its customers, using the customer&#x2019;s prior payment history to determine how much credit to allow or whether any credit should be given at all. It is the Company&#x2019;s policy to discontinue shipments to any customer that is substantially past due on its payments. The Company sometimes requires payment in advance from customers whose payment record is questionable. As a result of its monitoring of the outstanding credit allowed for each customer, as well as the fact that the majority of the Company&#x2019;s sales are to customers whose satisfactory credit and payment record has been established over a long period of time, the Company believes that its accounts receivable credit risk has been reduced.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> of the Company&#x2019;s distributors and marketing partners accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47%</div> of the Company&#x2019;s net sales during the year, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">36%</div> of its outstanding accounts receivable at year end. For the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the same <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> distributors and marketing partners accounted for a total of approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66%</div> of the Company&#x2019;s net sales during the year, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%</div> of its outstanding accounts receivable at year end.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Vendor Concentration</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Most of the principal raw materials used by the Company consist of common industrial organic and inorganic chemicals and are available in ample supply from numerous sources. However, there are some raw materials used by the Company that are not readily available or require long lead times. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> major raw material vendors that collectively accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">89%</div> of the raw material purchases by the Company in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Income Taxes</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Uncertain tax positions are accounted for utilizing a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company did not have any unrecognized income tax benefits. It is the Company&#x2019;s policy to recognize interest and penalties related to taxes as interest expense as incurred. During the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> the Company did not record any interest or penalties. The Company&#x2019;s tax returns are subject to examination by the United States Internal Revenue Service and by the State of New York for years <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Research and Development </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Research and development expenses are expenditures incurred in connection with in-house research on new and existing products. It includes payroll and payroll related expenses, outside laboratory expenditures, lab supplies, and equipment depreciation.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Shipping and Handling Expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shipping and handling costs are classified in operating expenses in the accompanying statements of income. Shipping and handling costs were approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$84,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$94,000</div> for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Advertising Expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Advertising expenses are expensed as incurred. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> the Company incurred approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$18,000,</div> respectively, in advertising expenses.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Earnings Per Share Information</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share would include the dilutive effect of outstanding stock options, if any.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Use of Estimates</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In preparing financial statements in conformity with U.S. generally accepted accounting principles, 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, possible impairment of marketable securities, and the allocation of overhead.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">New Accounting Standards</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> &#x201c;Revenue from Contracts with Customers.&#x201d; This standard applies to any entity that uses the guidance of Generally Accepted Accounting Principles (&#x201c;GAAP&#x201d;) for entering into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. It requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for the exchange of goods or services. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,</div> deferring the effective date of implementation to annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> The Company is still evaluating the potential impact on the Company&#x2019;s financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> &#x201c;Presentation of Financial Statements-Going Concern. Disclosure of Uncertainties about Entity&#x2019;s Ability to Continue as a Going Concern.&#x201d; Currently, GAAP lacks guidance about management&#x2019;s responsibility to evaluate whether there is substantial doubt about an entity&#x2019;s ability to continue as a going concern. This amendment now provides guidance by providing a definition of substantial doubt, requires evaluation by management every reporting period for going concern issues, provides principles for considering any mitigating effects implemented by management, and the disclosures required for the assessment period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year after issuance of the financial statements. This update becomes effective for interim and annual recording periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> with early application permitted. The update was adopted for recording periods starting <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> and had no material impact on the Company&#x2019;s financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,</div> &#x201c;Income Taxes, Balance Sheet Classifications of Deferred Taxes.&#x201d; This amendment simplifies the presentation of deferred taxes by requiring that all deferred tax liabilities and assets now be recorded as noncurrent. This amendment is effective for interim and annual reporting periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> with early adoption permissible. The Company adopted this amendment effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div> This amendment will have no material impact on the Company&#x2019;s financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,</div> &#x201c;Inventory. Simplifying the Measurement of Inventory.&#x201d; This amendment only applies to entities that use the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-in, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-out (FIFO) or average cost methods of valuing inventory. Entities should now measure inventory at the lower of cost or net realizable value. This amendment aligns measurement of inventory in GAAP with the International Financial Reporting Standards (IFRS). This amendment is effective for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> with early adoption permitted. The Company adopted this amendment in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and is evaluating the potential impact on the Company&#x2019;s financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Financial Accounting Standards Board (FASB) issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> &#x201c;Leases&#x201d;, which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate and manufacturing equipment, to recognize on assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. This ASU will be adopted by the Company in&nbsp;the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> We do not believe that this ASU will have a material impact on our financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the FASB issued ASU-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> &#x201c;Financial Instruments &#x2013; Credit Losses&#x201d;. This guidance affects organizations that hold financial assets and net investments in leases that are not accounted for at fair value with changes in fair value reported in net income. The guidance requires organizations to measure all expected credit losses for financial instruments at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. It is effective for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> The Company is evaluating the potential impact on the Company&#x2019;s financial statements.</div></div> 129088 71195 59295 74118 104284 -189903 -1011 2395 156474 -284103 -187508 -187508 103273 103273 -96595 53201 53201 -96595 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;">NOTE H - ACCRUED EXPENSES</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accrued expenses at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> consist of:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div></td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div></td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Bonuses</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">200,000</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250,000</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution fees</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">225,879</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">206,977</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Payroll and related expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">151,653</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,451</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Annual report expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,447</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,000</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Audit fee</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54,868</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,000</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sales rebates</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,393</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">129,088</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71,195</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 20pt">Total accrued expenses</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">848,328</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">785,623</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> <div style=" margin-top: 0; margin-bottom: 0">&nbsp;</div> </div></div> 3436867 4589464 3436867 4589464 2309935 5556065 166689 62573 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;">NOTE E - BENEFIT PLANS</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Defined Contribution Plan</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company sponsors a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">401(k)</div> defined contribution plan (&quot;DC Plan&quot;) that provides for a dollar-for-dollar employer matching contribution of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4%</div></div> of each employee's pay. Employees become fully vested in employer matching contributions after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div></div> year of employment. Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">401(k)</div> matching contributions were approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$87,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$102,000</div> for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company also makes discretionary contributions to each employee's account based on a &quot;pay-to-pay&quot; safe-harbor formula that qualifies the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">401(k)</div> plan under current IRS regulations. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> the Company&#x2019;s Board of Directors authorized discretionary contributions in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$175,000</div></div> per year, to be allocated among all eligible employees, for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> plan years. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> contribution was paid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> and the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> contribution was paid in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> Employees become vested in the discretionary contributions as follows: <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%</div> after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> years of employment, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20%</div> for each year of employment thereafter until the employee becomes fully vested after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> years of employment.</div></div> 135320 160533 82732 95767 2966859 3944388 7188231 7021542 1090591 1096113 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Property, Plant and Equipment</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Property, plant and equipment are carried at cost, less accumulated depreciation. Major replacements and betterments are capitalized, while routine maintenance and repairs are expensed as incurred. Assets are depreciated under both accelerated and straight-line methods. Depreciation charged as a result of using accelerated methods was not materially different than that which would result from using the straight-line method for all periods presented. Certain factory equipment and fixtures are constructed by the Company using purchased materials and in-house labor. Such assets are capitalized and depreciated on a basis consistent with the Company's purchased fixed assets.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Estimated useful lives are as follows:&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 20%; background-color: White">&nbsp;</td> <td style="width: 30%" nowrap="nowrap"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Factory equipment and fixtures (in years)</div></td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5 </div></td> <td style="width: 10%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 10%"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">7</div></div></td> <td style="width: 20%; background-color: White">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White">&nbsp;</td> <td nowrap="nowrap"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Building&nbsp; </div> (in years)</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font: 10pt Times New Roman, Times, Serif">40</div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="background-color: White">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White">&nbsp;</td> <td style="text-align: left; vertical-align: top" nowrap="nowrap"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Building improvements&nbsp; </div></td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font: 10pt Times New Roman, Times, Serif">Lesser of useful life or 20 years&nbsp; </div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="background-color: White">&nbsp;</td> </tr> </table> </div></div></div></div></div> P5Y P7Y P40Y P20Y 8289 -21240 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;"> <tr style="background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td> <td colspan="5" style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Years ended December 31,</div></div></td> <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td> </tr> <tr style="background-color: White"> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: justify">Customer A</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,457,682</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,463,691</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Customer B</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,529,970</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">866,624</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">All other customers</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,789,215</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,675,929</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.25pt">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,776,867</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,006,244</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> 21500 13000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;">NOTE I - RELATED PARTY TRANSACTIONS</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During each of the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> the Company paid to Bonamassa, Maietta, and Cartelli, LLP, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$21,500</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$13,000,</div> respectively, for accounting and tax services. Lawrence Maietta, a partner in Bonamassa, Maietta, and Cartelli, LLP, is a director of the Company.</div></div> 651828 648211 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Research and Development </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Research and development expenses are expenditures incurred in connection with in-house research on new and existing products. It includes payroll and payroll related expenses, outside laboratory expenditures, lab supplies, and equipment depreciation.</div></div></div></div></div> 13185423 14050021 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Revenue Recognition</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recognizes revenue when products are shipped, title and risk of loss pass to customers, persuasive evidence of a sales arrangement exists, and collections are reasonably assured. All products are shipped Ex Works (transportation costs from the Company&#x2019;s facility in Hauppauge, NY, and risk of loss from the time the goods are made available to the customer at the Company&#x2019;s facility, are the customer&#x2019;s responsibility). Shipments are only made after confirmation that a valid purchase order has been received and that the future collection of the sale amount is reasonably assured. All sales of the Company&#x2019;s products are deemed final, and there is no obligation on the part of the Company to repurchase or allow the return of the goods unless they are defective. The Company does not make sales on consignment, and the collection of the proceeds of the sale is not contingent upon the customer being able to sell the goods to a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any allowance for returns is taken as a reduction of sales within the same period the revenue is recognized. Such allowances are based on historical experience. The Company has not experienced significant fluctuations between estimated allowances and actual activity.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> the Company had offered a discounted price to a significant customer of ASI in Canada for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of its LUBRAJEL products in exchange for a commitment to purchase a specific amount of product during the year. Since that customer did not attain the level of purchases required for that rebate, ASI was obligated to return to the Company the rebate that was given to that customer, in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$88,360.</div></div></div></div></div></div> 367595 158292 4916630 9922130 2624672 2203890 3443215 1864155 159945 174361 11144462 14164536 10776867 14006244 8313807 11587247 2463060 2418997 3457682 8463691 1529970 866624 5789215 4675929 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div></td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div></td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Bonuses</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">200,000</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">250,000</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution fees</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">225,879</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">206,977</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Payroll and related expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">151,653</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,451</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Annual report expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">63,447</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,000</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Audit fee</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">54,868</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">82,000</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Sales rebates</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,393</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">129,088</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71,195</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 20pt">Total accrued expenses</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">848,328</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">785,623</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in Accumulated Other <br /> </div>Comprehensive Income</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2016</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2015</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Beginning balance - net of tax</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,361</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">259,869</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unrealized gain /(loss)on marketable securities &#x2013; net of tax</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,284</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(189,903</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Realized (loss)/gain on sale of securities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,011</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,395</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.25pt">Ending balance - net of tax</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">175,634</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72,361</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-weight: bold; text-align: left"><div style="display: inline; text-decoration: underline;">December 31, 2016</div></td> <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Cost</td> <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Fair Value</td> <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style=" font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Unrealized</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">Gain/(Loss)</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Available for sale:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 55%; text-align: left; padding-left: 10pt">Fixed income mutual funds</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,339,352</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,457,286</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">117,934</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Equity and other mutual funds</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">612,545</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">760,723</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148,178</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 20pt">Total Investments</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,951,897</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,218,009</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">266,112</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-decoration: none">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">December 31, 2015</div></div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Available for sale:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Fixed income mutual funds</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,968,948</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,900,587</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(68,361</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Equity and other mutual funds</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">640,884</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">818,883</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">177,999</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 20pt">Total Investments</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,609,832</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,719,470</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,638</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td nowrap="nowrap" colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: left">Current</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; padding-left: 10pt">Federal</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,058,714</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,038,551</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">State</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(3,501</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,300</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total current provision for income taxes</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,055,213</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,040,851</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Deferred</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Federal</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59,712</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(22,369</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 10pt">State</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Total deferred provision for income taxes</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">59,712</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(22,369</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 30pt">Total provision for income taxes</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,114,925</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,018,482</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td nowrap="nowrap" colspan="7" style="text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">2016</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">2015</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><div style="display: inline; text-decoration: underline;">Current</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left; padding-left: 20pt">Accounts receivable</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,760</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,942</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt">Inventories</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,163</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,421</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Accrued expenses</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">234,594</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">215,942</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 30pt">Total deferred tax assets</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">254,517</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">233,305</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax liabilities</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"><div style="display: inline; text-decoration: underline;">Non-current</div></td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Depreciation</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(161,657</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(80,733</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Unrealized gain on marketable securities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(90,478</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(37,277</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 30pt">Total deferred tax liabilities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(252,135</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(118,010</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 40pt">Net deferred tax asset</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,382</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">115,295</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td nowrap="nowrap" colspan="15" style="text-align: center; border-bottom: Black 1pt solid">Years ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td nowrap="nowrap" colspan="7" style="text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td nowrap="nowrap" colspan="7" style="text-align: center; border-bottom: Black 1pt solid">2015</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">($)</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax rate</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="text-decoration: none; text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-decoration: none; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-decoration: none; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">($)</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="text-decoration: none; text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-decoration: none; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-decoration: none; text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax rate</div></div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left">Income taxes at statutory federal income tax rate of 34%</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,257,000</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34.0</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,253,000</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34.0</div></td> <td style="width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">State income taxes, net of Federal&nbsp;benefit</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,000</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Domestic Production Activities tax benefit</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(104,000</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.8</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(193,000</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2.9</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Nondeductible expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">---</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">R&amp;D credits</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(30,000</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.8</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(30,000</div></td> <td style="text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.5</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other, misc.</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(7,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.2</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.2</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt">Actual income tax expense</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,115,000</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30.2</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">%</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,018,000</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30.4</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">%</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td nowrap="nowrap" colspan="7" style="text-align: center; border-bottom: Black 1pt solid">December 31, </td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2015</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Raw materials</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">349,383</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">334,320</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work in process</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,214</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,836</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished products</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">882,216</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">914,486</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,255,813</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,293,642</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: White"> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td> <td colspan="5" style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Years ended December 31,</div></div></div></td> <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td> </tr> <tr style="background-color: White"> <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> </tr> <tr style="background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">United States</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,313,807</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,587,247</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other countries</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,463,060</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,418,997</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,776,867</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,006,244</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;"> <tr style="background-color: White"> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td> <td colspan="5" style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Years ended December 31,</div></div></div></td> <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td> </tr> <tr style="background-color: White"> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> </tr> <tr style="background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Personal Care</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,916,630</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,922,130</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Medical</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,624,672</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,203,890</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Pharmaceutical</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,443,215</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,864,155</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Industrial and other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">159,945</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">174,361</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,144,462</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,164,536</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Discounts and allowances</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(367,595</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(158,292</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 20pt">Net Sales</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,776,867</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,006,244</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;">NOTE F - GEOGRAPHIC and OTHER INFORMATION </div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company manufactures and markets cosmetic ingredients, personal care products, pharmaceuticals, medical lubricants, health care products, and specialty industrial products, through its Guardian Laboratories division. It also conducts research and development, primarily related to the development of new and unique cosmetic and personal care products. The Company&#x2019;s R&amp;D department not only develops new products but also modifies and refines existing products, with the goal of expanding the potential markets for the Company&#x2019;s products. Many of the cosmetic ingredient products manufactured by Guardian, particularly its LUBRAJEL line of water-based moisturizing and lubricating gels, are currently used by many of the major multinational personal care products companies.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company operates in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> business segment. The Company&#x2019;s products are separated into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">four</div> distinct product categories: personal care products (including cosmetic ingredients), pharmaceuticals, medical products, and industrial products. Each product category is marketed differently. The cosmetic ingredient/personal care products are marketed through a global network of marketing partners and distributors. These marketing partners purchase product outright from the Company and market and re-sell those products to the end users. The Company does not make any sales on consignment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No prior regulatory approval is needed by the Company to sell any products other than its pharmaceutical products. The end users of its products <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> not need regulatory approvals, depending on the intended claims and uses of those products.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The pharmaceutical products are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> urological products that are sold to end users primarily through distribution agreements with the major drug wholesalers. For these products, the Company does the marketing, and the drug wholesalers supply the product to the end users, such as hospitals and pharmacies. These products are drug products that required the Company to obtain regulatory approval before marketing.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The medical products are not pharmaceutical products. They consist primarily of medical lubricants, which are marketed by the Company directly to manufacturers that incorporate them into urologic catheters and other medical devices and products that they sell. These products are distinguished from the pharmaceutical products in that, unlike the pharmaceutical products, the Company is not required to obtain regulatory approval prior to marketing these products. Approvals are the responsibility of the company that markets the medical device. However, the Company is responsible for manufacturing these products in accordance with current Good Manufacturing Practices for medical devices.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The industrial products are also marketed by the Company directly to manufacturers, and generally do not require that the Company obtain regulatory approval. However, the manufacturers of the finished products <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may</div> have to obtain such regulatory approvals before marketing these products.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables present the significant concentrations of the Company&#x2019;s sales. Although a significant percentage of Customer A&#x2019;s purchases from the Company are sold to foreign customers, in table &#x201c;b&#x201d; below all sales to Customer A are included in &#x201c;United States&#x201d; sales revenue because all shipments to Customer A are delivered to Customer A's warehouses in the U.S.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> customers for the Company&#x2019;s medical products that take delivery of their shipments in the U.S. but subsequently ship that product to manufacturing facilities outside the U.S. Since the Company makes those shipments to U.S. locations, sales to those customers are also included in the &#x201c;United States&#x201d; revenue number in the table below. Approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">70%</div> of the Company&#x2019;s domestic sales of medical products in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71%</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> were delivered to U.S. locations for subsequent shipment by the customers to foreign manufacturing facilities, which then produced finished products to be marketed globally.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;">(a)</div></td> <td><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Net Sales</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: White"> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td> <td colspan="5" style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Years ended December 31,</div></div></div></td> <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td> </tr> <tr style="background-color: White"> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> </tr> <tr style="background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Personal Care</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,916,630</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,922,130</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Medical</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,624,672</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,203,890</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Pharmaceutical</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,443,215</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,864,155</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Industrial and other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">159,945</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">174,361</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,144,462</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,164,536</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Discounts and allowances</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(367,595</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(158,292</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 20pt">Net Sales</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,776,867</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,006,244</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;">(b)</div></td> <td><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Geographic Information (Net Sales)</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: White"> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td> <td colspan="5" style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Years ended December 31,</div></div></div></td> <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td> </tr> <tr style="background-color: White"> <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt; text-align: center">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> </tr> <tr style="background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">United States</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,313,807</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,587,247</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other countries</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,463,060</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,418,997</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,776,867</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,006,244</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <!-- Field: /Page --> <table style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-weight: bold;">(c)</div></td> <td><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Sales to Major Customers</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif;" cellspacing="0" cellpadding="0"> <tr style="background-color: White"> <td style="text-align: justify; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td> <td colspan="5" style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Years ended December 31,</div></div></td> <td style="text-align: left; padding-bottom: 1pt">&nbsp;</td> </tr> <tr style="background-color: White"> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> <td style="text-align: center; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div></td> <td style="text-align: center; padding-bottom: 1pt">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: justify">Customer A</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,457,682</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,463,691</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Customer B</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,529,970</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">866,624</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">All other customers</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,789,215</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,675,929</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 2.25pt">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,776,867</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,006,244</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div></div> 4596439 4594319 4594319 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Shipping and Handling Expenses</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shipping and handling costs are classified in operating expenses in the accompanying statements of income. Shipping and handling costs were approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$84,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$94,000</div> for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> respectively.</div></div></div></div></div> 84000 94000 13820489 14581814 459644 259869 14017425 14736938 459432 72361 14050021 459432 175634 13185423 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Dividends</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company&#x2019;s Board of Directors declared a semi-annual cash dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.35</div> per share, which was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> to all stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company&#x2019;s Board of Directors declared a semi-annual cash dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.40</div> per share, which was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> to all stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> the Company declared a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,445,740</div> in dividends, of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3,436,867</div> was paid. The balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$8,873</div> is payable to stockholders who could not be located at the time the dividend was paid and is being held by the Company for possible future payment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company&#x2019;s Board of Directors declared a semi-annual cash dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per share, which was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> to all stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> the Company&#x2019;s Board of Directors declared a semi-annual cash dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per share, which was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> to all stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> the Company declared a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,596,439</div> in dividends, of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,589,464</div> was paid. The balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,975</div> is payable to stockholders who could not be located at the time the dividend was paid, and is being held by the Company for possible future payment.</div></div></div></div></div> 0 0 0 0 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Use of Estimates</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In preparing financial statements in conformity with U.S. generally accepted accounting principles, 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. 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Use of Estimates, Policy [Policy Text Block] Proerty Plant and Equipment, Useful Lives [Table Text Block] Schedule of periods of time over which an entity anticipates to receive utility from its property, plant and equipment (that is, the periods of time over which an entity allocates the initial cost of its property, plant and equipment). us-gaap_CostsAndExpenses Total costs and expenses New Accounting Pronouncements, Policy [Policy Text Block] us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax Realized (loss)/gain on sale of securities us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax Change in unrealized gains on marketable securities, net Other comprehensive income (loss), net of tax Schedule of Segment Reporting Information, by Segment [Table Text Block] Cash flows from investing activities: Common Stock [Member] Research and development Equity Components [Axis] Equity Component [Domain] Costs and expenses: EX-101.PRE 10 ug-20161231_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.6.0.2
Document And Entity Information - USD ($)
12 Months Ended
Dec. 31, 2016
Mar. 01, 2017
Jun. 30, 2016
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 Smaller Reporting Company    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Well-known Seasoned Issuer No    
Entity Common Stock, Shares Outstanding (in shares)   4,594,319  
Entity Public Float     $ 51,361,676
Document Type 10-K    
Document Period End Date Dec. 31, 2016    
Document Fiscal Year Focus 2016    
Document Fiscal Period Focus FY    
Amendment Flag false    
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.6.0.2
Statements of Income - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Net sales $ 10,776,867 $ 14,006,244
Costs and expenses:    
Cost of sales 4,882,644 5,202,158
Operating expenses 1,852,833 1,862,290
Research and development 651,828 648,211
Total costs and expenses 7,387,305 7,712,659
Income from operations 3,389,562 6,293,585
Other income (expense):    
Investment income 306,505 332,705
Loss from sale of asset (879)
Total other income 306,505 331,826
Income from operations before provision for income taxes 3,696,067 6,625,411
Provision for income taxes 1,114,925 2,018,482
Net income $ 2,581,142 $ 4,606,929
Earnings per common share (basic and diluted) (in dollars per share) $ 0.56 $ 1
Weighted average shares (basic and diluted) (in shares) 4,594,319 4,594,319
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.6.0.2
Statements of Comprehensive Income - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Net income $ 2,581,142 $ 4,606,929
Other comprehensive income (loss):    
Unrealized gain (loss) on marketable securities 156,474 (284,103)
Income tax (expense) benefit (53,201) 96,595
Other comprehensive income (loss), net of tax 103,273 (187,508)
Comprehensive income $ 2,684,415 $ 4,419,421
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
Balance Sheets - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents $ 424,301 $ 1,080,489
Marketable securities 10,218,009 10,719,470
Accounts receivable, net of allowance for doubtful accounts of $16,943 in 2016 and $8,654 in 2015 1,597,997 934,754
Inventories (net) 1,255,813 1,293,642
Prepaid expenses and other current assets 135,320 160,533
Prepaid income taxes 82,732 95,767
Deferred income taxes 254,517 233,305
Total current assets 13,968,689 14,517,960
Property, plant, and equipment:    
Land 69,000 69,000
Factory equipment and fixtures 4,342,629 4,175,940
Building and improvements 2,776,602 2,776,602
Total property, plant and equipment 7,188,231 7,021,542
Less accumulated depreciation 6,097,640 5,925,429
Net property, plant, and equipment 1,090,591 1,096,113
Other assets (net) 59,295 74,118
Total assets 15,118,575 15,688,191
Current liabilities:    
Accounts payable 82,821 96,815
Accrued expenses 848,328 785,623
Dividends payable 114,802 105,929
Total current liabilities 1,045,951 988,367
Deferred income taxes 252,135 118,010
Commitments and contingencies
Stockholders’ equity:    
Common stock, $.10 par value; 10,000,000 shares authorized; 4,594,319 shares issued and outstanding at December 31, 2016 and 2015, respectively 459,432 459,432
Accumulated other comprehensive income 175,634 72,361
Retained earnings 13,185,423 14,050,021
Total stockholders’ equity 13,820,489 14,581,814
Total liabilities and stockholders’ equity $ 15,118,575 $ 15,688,191
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.6.0.2
Balance Sheets (Parentheticals) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Accounts receivable, allowance for doubtful accounts $ 16,943 $ 8,654
Common stock, par value (in dollars per share) $ 0.10 $ 0.10
Common stock, shares issued (in shares) 4,594,319 4,594,319
Common stock, shares outstanding (in shares) 4,594,319 4,594,319
Common stock, shares authorized (in shares) 10,000,000 10,000,000
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
Statements of Stockholders' Equity - USD ($)
Dividend Declared [Member]
Retained Earnings [Member]
Dividend Declared [Member]
Dividend Paid [Member]
Common Stock [Member]
Dividend Paid [Member]
AOCI Attributable to Parent [Member]
Dividend Paid [Member]
Retained Earnings [Member]
Dividend Paid [Member]
Common Stock [Member]
AOCI Attributable to Parent [Member]
Retained Earnings [Member]
Total
Balance (in shares) at Dec. 31, 2014             4,596,439      
Balance at Dec. 31, 2014             $ 459,644 $ 259,869 $ 14,017,425 $ 14,736,938
Change in unrealized gains on marketable securities, net               (187,508)   (187,508)
Net income                 4,606,929 4,606,929
Shares surrendered (in shares)             (2,120)      
Shares surrendered             $ (212)   212  
Reimbursement of overpaid prior year dividends                 21,894 21,894
Dividends $ (6,975) $ (6,975)     $ (4,589,464) $ (4,589,464)       (4,596,439)
Balance (in shares) at Dec. 31, 2015             4,594,319      
Balance at Dec. 31, 2015             $ 459,432 72,361 14,050,021 14,581,814
Change in unrealized gains on marketable securities, net             103,273 103,273
Net income                 2,581,142 2,581,142
Dividends $ (8,873) $ (8,873) $ (3,436,867) $ (3,436,867)       (3,445,740)
Balance (in shares) at Dec. 31, 2016             4,594,319      
Balance at Dec. 31, 2016             $ 459,432 $ 175,634 $ 13,185,423 $ 13,820,489
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
Statements of Stockholders' Equity (Parentheticals) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
AOCI Attributable to Parent [Member]    
Change in unrealized gains on marketable securities, deferred income tax benefit $ (53,201) $ 96,595
Change in unrealized gains on marketable securities, deferred income tax benefit 53,201 (96,595)
Change in unrealized gains on marketable securities, deferred income tax benefit (53,201) 96,595
Change in unrealized gains on marketable securities, deferred income tax benefit $ 53,201 $ (96,595)
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net income $ 2,581,142 $ 4,606,929
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 187,035 173,484
Realized loss (gain) on sales of marketable securities 1,011 (2,395)
Realized loss on sale of asset 879
Bad debt (recovery) 8,289 (21,240)
Deferred income taxes 59,712 (22,369)
Increase (decrease) in cash resulting from changes in operating assets and liabilities:    
Accounts receivable (671,532) 679,746
Inventories 37,829 (56,488)
Prepaid expenses and other current and non-current assets 25,213 (918)
Prepaid income taxes 13,035 (65,124)
Accounts payable (13,995) (44,296)
Accrued expenses 62,705 (48,236)
Net cash provided by operating activities 2,290,444 5,199,972
Cash flows from investing activities:    
Acquisitions of property, plant and equipment (166,689) (62,573)
Purchases of marketable securities (2,309,935) (5,556,065)
Proceeds from sales of marketable securities 2,966,859 3,944,388
Net cash provided by (used in) investing activities 490,235 (1,674,250)
Cash flows from financing activities:    
Dividends received on unconverted shares 120,848
Dividends paid (3,436,867) (4,589,464)
Net cash used in financing activities (3,436,867) (4,468,616)
Net decrease in cash and cash equivalents (656,188) (942,894)
Cash and cash equivalents, beginning of year 1,080,489 2,023,383
Cash and cash equivalents, end of year $ 424,301 $ 1,080,489
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note A - Nature of Business and Summary of Significant Accounting Policies
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]
NOTE A - NATURE OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Nature of Business
 
United-Guardian, Inc. (the "Company") is a Delaware corporation that, through its Guardian Laboratories Division, manufactures and markets cosmetic ingredients, personal care products, pharmaceuticals, medical lubricants, health care products, and specialty industrial products. It also conducts research and product development, primarily related to the development of new and unique cosmetic and personal care products. The Company’s research and development department also modifies, refines, and expands the uses for existing products, with the goal of further developing the market for the Company's products. Two major product lines, LUBRAJEL
®
and RENACIDIN
®
IRRIGATION (“RENACIDIN”) together accounted for approximately
93%
and
95%
of net sales for the years ended
December
31,
2016
and
December
31,
2015,
respectively. LUBRAJEL accounted for approximately
66%
and
85%
of net sales for the years ended
December
31,
2016
and
December
31,
2015,
respectively, and RENACIDIN accounted for approximately
27%
and
10%
of net sales for the years ended
December
31,
2016
and
December
31,
2015,
respectively.
 
Accounts Receivable and Reserves
 
The carrying amount of accounts receivable is reduced by a valuation allowance that reflects our best estimate of the amounts that will not be collected. The reserve for accounts receivable comprises the allowance for doubtful accounts and sales returns. In addition to reviewing delinquent accounts receivable, we consider many factors in estimating our reserve, including historical data, experience, customer types and credit worthiness, and economic trends. From time to time, we adjust our assumptions for anticipated changes in any of these or other factors expected to affect collectability.
 
Revenue Recognition
 
The Company recognizes revenue when products are shipped, title and risk of loss pass to customers, persuasive evidence of a sales arrangement exists, and collections are reasonably assured. All products are shipped Ex Works (transportation costs from the Company’s facility in Hauppauge, NY, and risk of loss from the time the goods are made available to the customer at the Company’s facility, are the customer’s responsibility). Shipments are only made after confirmation that a valid purchase order has been received and that the future collection of the sale amount is reasonably assured. All sales of the Company’s products are deemed final, and there is no obligation on the part of the Company to repurchase or allow the return of the goods unless they are defective. The Company does not make sales on consignment, and the collection of the proceeds of the sale is not contingent upon the customer being able to sell the goods to a
third
party.
 
Any allowance for returns is taken as a reduction of sales within the same period the revenue is recognized. Such allowances are based on historical experience. The Company has not experienced significant fluctuations between estimated allowances and actual activity.
 
During
2015
the Company had offered a discounted price to a significant customer of ASI in Canada for
one
of its LUBRAJEL products in exchange for a commitment to purchase a specific amount of product during the year. Since that customer did not attain the level of purchases required for that rebate, ASI was obligated to return to the Company the rebate that was given to that customer, in the amount of
$88,360.
 
Cash and Cash Equivalents
 
For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of
three
months or less at inception. The Company deposits cash and cash equivalents with high credit quality financial institutions and believes that any amounts in excess of insurance limitations to be at minimal risk. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of
$250,000.
At
December
31,
2016,
approximately
$277,000
exceeded the FDIC limit.
 
Dividends
 
On
May
18,
2016,
the Company’s Board of Directors declared a semi-annual cash dividend of
$0.35
per share, which was paid on
June
15,
2016
to all stockholders of record as of
June
1,
2016.
On
November
30,
2016,
the Company’s Board of Directors declared a semi-annual cash dividend of
$0.40
per share, which was paid on
December
19,
2016,
to all stockholders of record as of
December
12,
2016.
In
2016
the Company declared a total of
$3,445,740
in dividends, of which
$3,436,867
was paid. The balance of
$8,873
is payable to stockholders who could not be located at the time the dividend was paid and is being held by the Company for possible future payment.
 
On
May
13,
2015,
the Company’s Board of Directors declared a semi-annual cash dividend of
$0.50
per share, which was paid on
June
15,
2015
to all stockholders of record as of
June
1,
2015.
On
November
18,
2015,
the Company’s Board of Directors declared a semi-annual cash dividend of
$0.50
per share, which was paid on
December
15,
2015
to all stockholders of record as of
December
1,
2015.
In
2015
the Company declared a total of
$4,596,439
in dividends, of which
$4,589,464
was paid. The balance of
$6,975
is payable to stockholders who could not be located at the time the dividend was paid, and is being held by the Company for possible future payment.
 
Supplemental Disclosures of Cash Flow Information and Non-cash Investing and Financing Activities
 
Cash payments for income taxes were
$1,050,000
and
$2,125,000
for the years ended
December
31,
2016
and
2015,
respectively.  
 
The Company has a number of unconverted shares of
one
of its previous corporate entities, Guardian Chemical Corporation (“Guardian”), that would convert to approximately
11,106
shares of United-Guardian, Inc. common stock if all of the remaining holders of those Guardian shares converted their Guardian stock to United-Guardian stock. Since the early
1990’s,
the Company has been paying accumulated dividends directly to those shareholders as those shares were converted, while at the same time its transfer agent was holding duplicate funds to cover those same payments (as well as future payments for Guardian shares that had not yet been converted). In
September
2015
it was agreed that those duplicate funds would be returned to the Company, and the Company recorded a receivable from the transfer agent in the amount of
$120,848.
Of that amount,
$21,894
was added to retained earnings to account for the amount that had been previously exchanged and paid, and the balance of
$98,954
will continue to be accounted for as a potential liability in the event that
one
or more of the holders of that Guardian stock can be located and request conversion of their Guardian shares, in which case the accumulated dividends will be paid to them and the liability reduced accordingly. Payment of the amount owed to the Company by its transfer agent was received in
October
2015.
The Company is presently researching its options in regard to the distribution of the funds it is continuing to hold, in the event the remaining holders of Guardian stock cannot be located. The Company will continue to accumulate a dividend payable on the above shares as dividends are declared. The Company accrued an additional
$8,873
and
$6,975,
during
2016
and
2015
respectively, on these shares.
 
 
Marketable Securities
 
Marketable securities include investments in equity and fixed income mutual funds, and government securities, all of which have a high degree of liquidity, are classified as "Available for Sale" securities, and are reported at their fair values. Unrealized gains and losses on "Available for Sale" securities are reported as accumulated other comprehensive income (loss) in stockholders' equity, net of the related tax effects. Investment income is recognized when earned. Realized gains and losses on sales of investments and declines in value judged to be other than temporary, if any, are reported in other income (loss) with cost being determined on a specific identification basis. Fair values are based on quoted market prices. The Company evaluates its investments periodically for possible impairment and reviews factors such as the length of time and extent to which fair value has been below cost basis and the Company’s ability and intent to hold the investment for a period of time which
may
be sufficient for anticipated recovery in market value.
 
Inventories
 
Inventories are valued at the lower of cost or current market value. Cost is determined using the average cost method, which approximates cost determined by the
first
-in,
first
-out (“FIFO”) method. Inventory costs include material, labor and factory overhead.
 
Property, Plant and Equipment
 
Property, plant and equipment are carried at cost, less accumulated depreciation. Major replacements and betterments are capitalized, while routine maintenance and repairs are expensed as incurred. Assets are depreciated under both accelerated and straight-line methods. Depreciation charged as a result of using accelerated methods was not materially different than that which would result from using the straight-line method for all periods presented. Certain factory equipment and fixtures are constructed by the Company using purchased materials and in-house labor. Such assets are capitalized and depreciated on a basis consistent with the Company's purchased fixed assets.
 
Estimated useful lives are as follows: 
 
 
Factory equipment and fixtures (in years)
5
-
7
 
 
Building 
(in years)
 
40
 
 
 
Building improvements 
 
Lesser of useful life or 20 years 
 
 
 
Impairment of Long-Lived Assets
 
Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
may
not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. No impairments were necessary at
December
31,
2016
and
2015.
 
Other Assets (net)
 
Other assets at
December
31,
2016
represents the amount expended in connection with the development of the new dosage form of RENACIDIN. The Company began amortizing these costs in the
first
quarter of
2016.
At
December
31,
2016
accumulated amortization for such assets amounted to
$14,823.
 
Fair Value of Financial Instruments
 
Management of the Company believes that the fair value of financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates their carrying value due to their short payment terms and liquid nature.
 
Concentration of Credit Risk
 
Accounts receivable potentially exposes the Company to concentrations of credit risk. The Company monitors the amount of credit it allows each of its customers, using the customer’s prior payment history to determine how much credit to allow or whether any credit should be given at all. It is the Company’s policy to discontinue shipments to any customer that is substantially past due on its payments. The Company sometimes requires payment in advance from customers whose payment record is questionable. As a result of its monitoring of the outstanding credit allowed for each customer, as well as the fact that the majority of the Company’s sales are to customers whose satisfactory credit and payment record has been established over a long period of time, the Company believes that its accounts receivable credit risk has been reduced.
 
For the year ended
December
31,
2016,
two
of the Company’s distributors and marketing partners accounted for approximately
47%
of the Company’s net sales during the year, and
36%
of its outstanding accounts receivable at year end. For the year ended
December
31,
2015,
the same
two
distributors and marketing partners accounted for a total of approximately
66%
of the Company’s net sales during the year, and
20%
of its outstanding accounts receivable at year end.
 
Vendor Concentration
 
Most of the principal raw materials used by the Company consist of common industrial organic and inorganic chemicals and are available in ample supply from numerous sources. However, there are some raw materials used by the Company that are not readily available or require long lead times. The Company has
five
major raw material vendors that collectively accounted for approximately
85%
and
89%
of the raw material purchases by the Company in
2016
and
2015,
respectively.
 
Income Taxes
 
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
 
Uncertain tax positions are accounted for utilizing a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of
December
31,
2016
and
2015,
the Company did not have any unrecognized income tax benefits. It is the Company’s policy to recognize interest and penalties related to taxes as interest expense as incurred. During the years ended
December
31,
2016
and
2015
the Company did not record any interest or penalties. The Company’s tax returns are subject to examination by the United States Internal Revenue Service and by the State of New York for years
2013
through
2016.
 
Research and Development
 
Research and development expenses are expenditures incurred in connection with in-house research on new and existing products. It includes payroll and payroll related expenses, outside laboratory expenditures, lab supplies, and equipment depreciation.
 
Shipping and Handling Expenses
 
Shipping and handling costs are classified in operating expenses in the accompanying statements of income. Shipping and handling costs were approximately
$84,000
and
$94,000
for the years ended
December
31,
2016
and
2015,
respectively.
 
Advertising Expenses
 
Advertising expenses are expensed as incurred. During
2016
and
2015
the Company incurred approximately
$25,000
and
$18,000,
respectively, in advertising expenses.
 
Earnings Per Share Information
 
Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share would include the dilutive effect of outstanding stock options, if any.
 
Use of Estimates
 
In preparing financial statements in conformity with U.S. generally accepted accounting principles, 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, possible impairment of marketable securities, and the allocation of overhead.
 
New Accounting Standards
 
In
May
2014,
the FASB issued ASU
2014
-
09,
“Revenue from Contracts with Customers.” This standard applies to any entity that uses the guidance of Generally Accepted Accounting Principles (“GAAP”) for entering into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. It requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for the exchange of goods or services. In
August
2015,
the FASB issued ASU
2015
-
14,
deferring the effective date of implementation to annual periods beginning after
December
15,
2017.
The Company is still evaluating the potential impact on the Company’s financial statements.
 
In
August
2014,
the FASB issued ASU
2014
-
15,
“Presentation of Financial Statements-Going Concern. Disclosure of Uncertainties about Entity’s Ability to Continue as a Going Concern.” Currently, GAAP lacks guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern. This amendment now provides guidance by providing a definition of substantial doubt, requires evaluation by management every reporting period for going concern issues, provides principles for considering any mitigating effects implemented by management, and the disclosures required for the assessment period of
one
year after issuance of the financial statements. This update becomes effective for interim and annual recording periods beginning after
December
15,
2016,
with early application permitted. The update was adopted for recording periods starting
January
2015,
and had no material impact on the Company’s financial statements.
 
In
November
2015,
the FASB issued ASU
2015
-
17,
“Income Taxes, Balance Sheet Classifications of Deferred Taxes.” This amendment simplifies the presentation of deferred taxes by requiring that all deferred tax liabilities and assets now be recorded as noncurrent. This amendment is effective for interim and annual reporting periods beginning after
December
15,
2016
with early adoption permissible. The Company adopted this amendment effective
January
2017.
This amendment will have no material impact on the Company’s financial statements.
 
In
July
2015,
the FASB issued ASU
2015
-
11,
“Inventory. Simplifying the Measurement of Inventory.” This amendment only applies to entities that use the
first
-in,
first
-out (FIFO) or average cost methods of valuing inventory. Entities should now measure inventory at the lower of cost or net realizable value. This amendment aligns measurement of inventory in GAAP with the International Financial Reporting Standards (IFRS). This amendment is effective for annual periods beginning after
December
15,
2016
with early adoption permitted. The Company adopted this amendment in
January
2017
and is evaluating the potential impact on the Company’s financial statements.
 
In
February
2016,
the Financial Accounting Standards Board (FASB) issued ASU
2016
-
02,
“Leases”, which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate and manufacturing equipment, to recognize on assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than
12
months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. This ASU will be adopted by the Company in the
first
quarter of
2019.
We do not believe that this ASU will have a material impact on our financial statements.
 
In
June
2016,
the FASB issued ASU-
2016
-
13
“Financial Instruments – Credit Losses”. This guidance affects organizations that hold financial assets and net investments in leases that are not accounted for at fair value with changes in fair value reported in net income. The guidance requires organizations to measure all expected credit losses for financial instruments at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. It is effective for fiscal years beginning after
December
15,
2019.
The Company is evaluating the potential impact on the Company’s financial statements.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note B - Marketable Securities
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
NOTE B - MARKETABLE SECURITIES
 
The fair values of the Company’s marketable securities are determined in accordance with GAAP, with fair value being defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes the
three
-tier value hierarchy, as prescribed by GAAP, which prioritizes the inputs used in measuring fair value as follows:
 
Level
1
- inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
 
Level
2
- inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
 
Level
3
– inputs to the valuation methodology are unobservable and significant to the fair value measurement.
 
The following available-for-sale securities, which comprise all of the Company's marketable securities, are re-measured to fair value on a recurring basis and are valued using Level
1
inputs using quoted prices (unadjusted) for identical assets in active markets:
 
December 31, 2016
  Cost   Fair Value  
Unrealized
Gain/(Loss)
Available for sale:                        
Fixed income mutual funds   $
9,339,352
    $
9,457,286
    $
117,934
 
Equity and other mutual funds    
612,545
     
760,723
     
148,178
 
Total Investments   $
9,951,897
    $
10,218,009
    $
266,112
 
                         
December 31, 2015
                       
Available for sale:                        
Fixed income mutual funds   $
9,968,948
    $
9,900,587
    $
(68,361
)
Equity and other mutual funds    
640,884
     
818,883
     
177,999
 
Total Investments   $
10,609,832
    $
10,719,470
    $
109,638
 
 
Proceeds from the sale and redemption of marketable securities amounted to
$2,966,859
and
$3,944,388
for the years ended
December
31,
2016
and
2015,
respectively. Losses of
$1,011
and gains of
$2,395
were realized for the years ended
December
31,
2016
and
2015,
respectively.
 
Investment income consisted principally of realized gains and losses, interest income from fixed income mutual funds, and dividend income from equity and other mutual funds.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note C - Inventories
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Inventory Disclosure [Text Block]
NOTE C – INVENTORIES 
 
Inventories consist of the following:
 
    December 31,
    2016   2015
Raw materials   $
349,383
    $
334,320
 
Work in process    
24,214
     
44,836
 
Finished products    
882,216
     
914,486
 
    $
1,255,813
    $
1,293,642
 
 
Finished product inventories at
December
31,
2016
and
2015
are stated net of a reserve of
$20,000
for slow moving and obsolete items.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note D - Income Taxes
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
NOTE D – INCOME TAXES
 
The provision for income taxes consists of the following:
 
    Years ended December 31,
Current   2016   2015
Federal   $
1,058,714
    $
2,038,551
 
State    
(3,501
)    
2,300
 
Total current provision for income taxes    
1,055,213
     
2,040,851
 
Deferred                
Federal    
59,712
     
(22,369
)
State    
---
     
---
 
Total deferred provision for income taxes    
59,712
     
(22,369
)
Total provision for income taxes   $
1,114,925
    $
2,018,482
 
 
The following is a reconciliation of the Company’s effective income tax rate to the Federal statutory rate (dollar amounts have been rounded to the nearest thousand):
 
 
    Years ended December 31,
    2016   2015
     
($)
     
Tax rate
     
($)
     
Tax rate
 
Income taxes at statutory federal income tax rate of 34%   $
1,257,000
     
34.0
%   $
2,253,000
     
34.0
%
State income taxes, net of Federal benefit    
(2,000
)    
---
     
1,000
     
---
 
Domestic Production Activities tax benefit    
(104,000
)    
(2.8
)    
(193,000
)    
(2.9
)
Nondeductible expenses    
1,000
     
---
     
1,000
     
---
 
R&D credits    
(30,000
)    
(0.8
)    
(30,000
)    
(0.5
)
Other, misc.    
(7,000
)    
(0.2
)    
(14,000
)    
(0.2
)
Actual income tax expense   $
1,115,000
     
30.2
%   $
2,018,000
     
30.4
%
 
During
2016
and
2015,
the Company realized the tax benefits of the Domestic Production Activities deduction, which amounted to approximately
9%
of net income from domestic production activities in each year.
 
The tax effects of temporary differences which comprise the deferred tax assets and liabilities are as follows:
 
    Years ended December 31,
   
2016
 
2015
Deferred tax assets                
Current
               
Accounts receivable   $
5,760
    $
2,942
 
Inventories    
14,163
     
14,421
 
Accrued expenses    
234,594
     
215,942
 
Total deferred tax assets    
254,517
     
233,305
 
Deferred tax liabilities                
Non-current
               
Depreciation    
(161,657
)    
(80,733
)
Unrealized gain on marketable securities    
(90,478
)    
(37,277
)
Total deferred tax liabilities    
(252,135
)    
(118,010
)
Net deferred tax asset   $
2,382
    $
115,295
 
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note E - Benefit Plans
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Pension and Other Postretirement Benefits Disclosure [Text Block]
NOTE E - BENEFIT PLANS
 
Defined Contribution Plan
 
The Company sponsors a
401(k)
defined contribution plan ("DC Plan") that provides for a dollar-for-dollar employer matching contribution of the
first
4%
of each employee's pay. Employees become fully vested in employer matching contributions after
one
year of employment. Company
401(k)
matching contributions were approximately
$87,000
and
$102,000
for the years ended
December
31,
2016
and
2015,
respectively.
 
The Company also makes discretionary contributions to each employee's account based on a "pay-to-pay" safe-harbor formula that qualifies the
401(k)
plan under current IRS regulations. In
December
2016
and
2015
the Company’s Board of Directors authorized discretionary contributions in the amount of
$175,000
per year, to be allocated among all eligible employees, for the
2016
and
2015
plan years. The
2016
contribution was paid in
2016,
and the
2015
contribution was paid in
2015.
Employees become vested in the discretionary contributions as follows:
20%
after
two
years of employment, and
20%
for each year of employment thereafter until the employee becomes fully vested after
six
years of employment.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note F - Geographical and Other Information
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
NOTE F - GEOGRAPHIC and OTHER INFORMATION
 
The Company manufactures and markets cosmetic ingredients, personal care products, pharmaceuticals, medical lubricants, health care products, and specialty industrial products, through its Guardian Laboratories division. It also conducts research and development, primarily related to the development of new and unique cosmetic and personal care products. The Company’s R&D department not only develops new products but also modifies and refines existing products, with the goal of expanding the potential markets for the Company’s products. Many of the cosmetic ingredient products manufactured by Guardian, particularly its LUBRAJEL line of water-based moisturizing and lubricating gels, are currently used by many of the major multinational personal care products companies.
 
The Company operates in
one
business segment. The Company’s products are separated into
four
distinct product categories: personal care products (including cosmetic ingredients), pharmaceuticals, medical products, and industrial products. Each product category is marketed differently. The cosmetic ingredient/personal care products are marketed through a global network of marketing partners and distributors. These marketing partners purchase product outright from the Company and market and re-sell those products to the end users. The Company does not make any sales on consignment.
 
No prior regulatory approval is needed by the Company to sell any products other than its pharmaceutical products. The end users of its products
may
or
may
not need regulatory approvals, depending on the intended claims and uses of those products.
 
The pharmaceutical products are
two
urological products that are sold to end users primarily through distribution agreements with the major drug wholesalers. For these products, the Company does the marketing, and the drug wholesalers supply the product to the end users, such as hospitals and pharmacies. These products are drug products that required the Company to obtain regulatory approval before marketing.
 
The medical products are not pharmaceutical products. They consist primarily of medical lubricants, which are marketed by the Company directly to manufacturers that incorporate them into urologic catheters and other medical devices and products that they sell. These products are distinguished from the pharmaceutical products in that, unlike the pharmaceutical products, the Company is not required to obtain regulatory approval prior to marketing these products. Approvals are the responsibility of the company that markets the medical device. However, the Company is responsible for manufacturing these products in accordance with current Good Manufacturing Practices for medical devices.
 
The industrial products are also marketed by the Company directly to manufacturers, and generally do not require that the Company obtain regulatory approval. However, the manufacturers of the finished products
may
have to obtain such regulatory approvals before marketing these products.
 
The following tables present the significant concentrations of the Company’s sales. Although a significant percentage of Customer A’s purchases from the Company are sold to foreign customers, in table “b” below all sales to Customer A are included in “United States” sales revenue because all shipments to Customer A are delivered to Customer A's warehouses in the U.S.
 
In addition, there are
three
customers for the Company’s medical products that take delivery of their shipments in the U.S. but subsequently ship that product to manufacturing facilities outside the U.S. Since the Company makes those shipments to U.S. locations, sales to those customers are also included in the “United States” revenue number in the table below. Approximately
70%
of the Company’s domestic sales of medical products in
2016,
and
71%
in
2015,
were delivered to U.S. locations for subsequent shipment by the customers to foreign manufacturing facilities, which then produced finished products to be marketed globally.
 
(a)
Net Sales
 
     
Years ended December 31,
 
     
2016
     
2015
 
                 
Personal Care   $
4,916,630
    $
9,922,130
 
Medical    
2,624,672
     
2,203,890
 
Pharmaceutical    
3,443,215
     
1,864,155
 
Industrial and other    
159,945
     
174,361
 
     
11,144,462
     
14,164,536
 
Less: Discounts and allowances    
(367,595
)    
(158,292
)
Net Sales   $
10,776,867
    $
14,006,244
 
 
(b)
Geographic Information (Net Sales)
 
     
Years ended December 31,
 
     
2016
     
2015
 
                 
United States   $
8,313,807
    $
11,587,247
 
Other countries    
2,463,060
     
2,418,997
 
    $
10,776,867
    $
14,006,244
 
 
(c)
Sales to Major Customers
 
     
Years ended December 31,
 
     
2016
     
2015
 
                 
Customer A   $
3,457,682
    $
8,463,691
 
Customer B    
1,529,970
     
866,624
 
All other customers    
5,789,215
     
4,675,929
 
    $
10,776,867
    $
14,006,244
 
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note G - Comprehensive Income
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Comprehensive Income (Loss) Note [Text Block]
NOTE G – COMPREHENSIVE INCOME
 
Accumulated other comprehensive income comprises unrealized gains and losses on marketable securities net of the related tax effect.
 
Changes in Accumulated Other
Comprehensive Income
   
December 31, 2016
     
December 31, 2015
 
Beginning balance - net of tax   $
72,361
    $
259,869
 
Unrealized gain /(loss)on marketable securities – net of tax    
104,284
     
(189,903
)
Realized (loss)/gain on sale of securities    
(1,011
)    
2,395
 
Ending balance - net of tax   $
175,634
    $
72,361
 
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note H - Accrued Expenses
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Other Liabilities Disclosure [Text Block]
NOTE H - ACCRUED EXPENSES
 
Accrued expenses at
December
31,
2016
and
2015
consist of:
 
     
2016
     
2015
 
                 
Bonuses   $
200,000
    $
250,000
 
Distribution fees    
225,879
     
206,977
 
Payroll and related expenses    
151,653
     
109,451
 
Annual report expenses    
63,447
     
66,000
 
Audit fee    
54,868
     
82,000
 
Sales rebates    
23,393
     
---
 
Other    
129,088
     
71,195
 
Total accrued expenses   $
848,328
    $
785,623
 
 
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note I - Related Party Transactions
12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
NOTE I - RELATED PARTY TRANSACTIONS
 
During each of the years ended
December
31,
2016
and
2015
the Company paid to Bonamassa, Maietta, and Cartelli, LLP,
$21,500
and
$13,000,
respectively, for accounting and tax services. Lawrence Maietta, a partner in Bonamassa, Maietta, and Cartelli, LLP, is a director of the Company.
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.6.0.2
Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]
Accounts Receivable and Reserves
 
The carrying amount of accounts receivable is reduced by a valuation allowance that reflects our best estimate of the amounts that will not be collected. The reserve for accounts receivable comprises the allowance for doubtful accounts and sales returns. In addition to reviewing delinquent accounts receivable, we consider many factors in estimating our reserve, including historical data, experience, customer types and credit worthiness, and economic trends. From time to time, we adjust our assumptions for anticipated changes in any of these or other factors expected to affect collectability.
Revenue Recognition, Policy [Policy Text Block]
Revenue Recognition
 
The Company recognizes revenue when products are shipped, title and risk of loss pass to customers, persuasive evidence of a sales arrangement exists, and collections are reasonably assured. All products are shipped Ex Works (transportation costs from the Company’s facility in Hauppauge, NY, and risk of loss from the time the goods are made available to the customer at the Company’s facility, are the customer’s responsibility). Shipments are only made after confirmation that a valid purchase order has been received and that the future collection of the sale amount is reasonably assured. All sales of the Company’s products are deemed final, and there is no obligation on the part of the Company to repurchase or allow the return of the goods unless they are defective. The Company does not make sales on consignment, and the collection of the proceeds of the sale is not contingent upon the customer being able to sell the goods to a
third
party.
 
Any allowance for returns is taken as a reduction of sales within the same period the revenue is recognized. Such allowances are based on historical experience. The Company has not experienced significant fluctuations between estimated allowances and actual activity.
 
During
2015
the Company had offered a discounted price to a significant customer of ASI in Canada for
one
of its LUBRAJEL products in exchange for a commitment to purchase a specific amount of product during the year. Since that customer did not attain the level of purchases required for that rebate, ASI was obligated to return to the Company the rebate that was given to that customer, in the amount of
$88,360.
Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents
 
For financial statement purposes, the Company considers as cash equivalents all highly liquid investments with an original maturity of
three
months or less at inception. The Company deposits cash and cash equivalents with high credit quality financial institutions and believes that any amounts in excess of insurance limitations to be at minimal risk. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (“FDIC”) up to a maximum of
$250,000.
At
December
31,
2016,
approximately
$277,000
exceeded the FDIC limit.
Stockholders' Equity, Policy [Policy Text Block]
Dividends
 
On
May
18,
2016,
the Company’s Board of Directors declared a semi-annual cash dividend of
$0.35
per share, which was paid on
June
15,
2016
to all stockholders of record as of
June
1,
2016.
On
November
30,
2016,
the Company’s Board of Directors declared a semi-annual cash dividend of
$0.40
per share, which was paid on
December
19,
2016,
to all stockholders of record as of
December
12,
2016.
In
2016
the Company declared a total of
$3,445,740
in dividends, of which
$3,436,867
was paid. The balance of
$8,873
is payable to stockholders who could not be located at the time the dividend was paid and is being held by the Company for possible future payment.
 
On
May
13,
2015,
the Company’s Board of Directors declared a semi-annual cash dividend of
$0.50
per share, which was paid on
June
15,
2015
to all stockholders of record as of
June
1,
2015.
On
November
18,
2015,
the Company’s Board of Directors declared a semi-annual cash dividend of
$0.50
per share, which was paid on
December
15,
2015
to all stockholders of record as of
December
1,
2015.
In
2015
the Company declared a total of
$4,596,439
in dividends, of which
$4,589,464
was paid. The balance of
$6,975
is payable to stockholders who could not be located at the time the dividend was paid, and is being held by the Company for possible future payment.
Supplemental Disclosures Of Non Cash Investing And Financing Activities [Policy Text Block]
Supplemental Disclosures of Cash Flow Information and Non-cash Investing and Financing Activities
 
Cash payments for income taxes were
$1,050,000
and
$2,125,000
for the years ended
December
31,
2016
and
2015,
respectively.  
 
The Company has a number of unconverted shares of
one
of its previous corporate entities, Guardian Chemical Corporation (“Guardian”), that would convert to approximately
11,106
shares of United-Guardian, Inc. common stock if all of the remaining holders of those Guardian shares converted their Guardian stock to United-Guardian stock. Since the early
1990’s,
the Company has been paying accumulated dividends directly to those shareholders as those shares were converted, while at the same time its transfer agent was holding duplicate funds to cover those same payments (as well as future payments for Guardian shares that had not yet been converted). In
September
2015
it was agreed that those duplicate funds would be returned to the Company, and the Company recorded a receivable from the transfer agent in the amount of
$120,848.
Of that amount,
$21,894
was added to retained earnings to account for the amount that had been previously exchanged and paid, and the balance of
$98,954
will continue to be accounted for as a potential liability in the event that
one
or more of the holders of that Guardian stock can be located and request conversion of their Guardian shares, in which case the accumulated dividends will be paid to them and the liability reduced accordingly. Payment of the amount owed to the Company by its transfer agent was received in
October
2015.
The Company is presently researching its options in regard to the distribution of the funds it is continuing to hold, in the event the remaining holders of Guardian stock cannot be located. The Company will continue to accumulate a dividend payable on the above shares as dividends are declared. The Company accrued an additional
$8,873
and
$6,975,
during
2016
and
2015
respectively, on these shares.
Marketable Securities, Policy [Policy Text Block]
Marketable Securities
 
Marketable securities include investments in equity and fixed income mutual funds, and government securities, all of which have a high degree of liquidity, are classified as "Available for Sale" securities, and are reported at their fair values. Unrealized gains and losses on "Available for Sale" securities are reported as accumulated other comprehensive income (loss) in stockholders' equity, net of the related tax effects. Investment income is recognized when earned. Realized gains and losses on sales of investments and declines in value judged to be other than temporary, if any, are reported in other income (loss) with cost being determined on a specific identification basis. Fair values are based on quoted market prices. The Company evaluates its investments periodically for possible impairment and reviews factors such as the length of time and extent to which fair value has been below cost basis and the Company’s ability and intent to hold the investment for a period of time which
may
be sufficient for anticipated recovery in market value.
Inventory, Policy [Policy Text Block]
Inventories
 
Inventories are valued at the lower of cost or current market value. Cost is determined using the average cost method, which approximates cost determined by the
first
-in,
first
-out (“FIFO”) method. Inventory costs include material, labor and factory overhead.
Property, Plant and Equipment, Policy [Policy Text Block]
Property, Plant and Equipment
 
Property, plant and equipment are carried at cost, less accumulated depreciation. Major replacements and betterments are capitalized, while routine maintenance and repairs are expensed as incurred. Assets are depreciated under both accelerated and straight-line methods. Depreciation charged as a result of using accelerated methods was not materially different than that which would result from using the straight-line method for all periods presented. Certain factory equipment and fixtures are constructed by the Company using purchased materials and in-house labor. Such assets are capitalized and depreciated on a basis consistent with the Company's purchased fixed assets.
 
Estimated useful lives are as follows: 
 
 
Factory equipment and fixtures (in years)
5
-
7
 
 
Building 
(in years)
 
40
 
 
 
Building improvements 
 
Lesser of useful life or 20 years 
 
 
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]
Impairment of Long-Lived Assets
 
Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset
may
not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. No impairments were necessary at
December
31,
2016
and
2015.
Other Assets [Policy Text Block]
Other Assets (net)
 
Other assets at
December
31,
2016
represents the amount expended in connection with the development of the new dosage form of RENACIDIN. The Company began amortizing these costs in the
first
quarter of
2016.
At
December
31,
2016
accumulated amortization for such assets amounted to
$14,823.
Fair Value of Financial Instruments, Policy [Policy Text Block]
Fair Value of Financial Instruments
 
Management of the Company believes that the fair value of financial instruments, consisting of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses approximates their carrying value due to their short payment terms and liquid nature.
Concentration Risk, Credit Risk, Policy [Policy Text Block]
Concentration of Credit Risk
 
Accounts receivable potentially exposes the Company to concentrations of credit risk. The Company monitors the amount of credit it allows each of its customers, using the customer’s prior payment history to determine how much credit to allow or whether any credit should be given at all. It is the Company’s policy to discontinue shipments to any customer that is substantially past due on its payments. The Company sometimes requires payment in advance from customers whose payment record is questionable. As a result of its monitoring of the outstanding credit allowed for each customer, as well as the fact that the majority of the Company’s sales are to customers whose satisfactory credit and payment record has been established over a long period of time, the Company believes that its accounts receivable credit risk has been reduced.
 
For the year ended
December
31,
2016,
two
of the Company’s distributors and marketing partners accounted for approximately
47%
of the Company’s net sales during the year, and
36%
of its outstanding accounts receivable at year end. For the year ended
December
31,
2015,
the same
two
distributors and marketing partners accounted for a total of approximately
66%
of the Company’s net sales during the year, and
20%
of its outstanding accounts receivable at year end.
Vendor Concentration [Policy Text Block]
Vendor Concentration
 
Most of the principal raw materials used by the Company consist of common industrial organic and inorganic chemicals and are available in ample supply from numerous sources. However, there are some raw materials used by the Company that are not readily available or require long lead times. The Company has
five
major raw material vendors that collectively accounted for approximately
85%
and
89%
of the raw material purchases by the Company in
2016
and
2015,
respectively.
Income Tax, Policy [Policy Text Block]
Income Taxes
 
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to the temporary differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
 
Uncertain tax positions are accounted for utilizing a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of
December
31,
2016
and
2015,
the Company did not have any unrecognized income tax benefits. It is the Company’s policy to recognize interest and penalties related to taxes as interest expense as incurred. During the years ended
December
31,
2016
and
2015
the Company did not record any interest or penalties. The Company’s tax returns are subject to examination by the United States Internal Revenue Service and by the State of New York for years
2013
through
2016.
Research, Development, and Computer Software, Policy [Policy Text Block]
Research and Development
 
Research and development expenses are expenditures incurred in connection with in-house research on new and existing products. It includes payroll and payroll related expenses, outside laboratory expenditures, lab supplies, and equipment depreciation.
Shipping and Handling Cost, Policy [Policy Text Block]
Shipping and Handling Expenses
 
Shipping and handling costs are classified in operating expenses in the accompanying statements of income. Shipping and handling costs were approximately
$84,000
and
$94,000
for the years ended
December
31,
2016
and
2015,
respectively.
Advertising Costs, Policy [Policy Text Block]
Advertising Expenses
 
Advertising expenses are expensed as incurred. During
2016
and
2015
the Company incurred approximately
$25,000
and
$18,000,
respectively, in advertising expenses.
Earnings Per Share, Policy [Policy Text Block]
Earnings Per Share Information
 
Basic earnings per share are computed by dividing net income by the weighted average number of common shares outstanding during the year. Diluted earnings per share would include the dilutive effect of outstanding stock options, if any.
Use of Estimates, Policy [Policy Text Block]
Use of Estimates
 
In preparing financial statements in conformity with U.S. generally accepted accounting principles, 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, possible impairment of marketable securities, and the allocation of overhead.
New Accounting Pronouncements, Policy [Policy Text Block]
New Accounting Standards
 
In
May
2014,
the FASB issued ASU
2014
-
09,
“Revenue from Contracts with Customers.” This standard applies to any entity that uses the guidance of Generally Accepted Accounting Principles (“GAAP”) for entering into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets unless those contracts are within the scope of other standards. It requires that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration the entity expects to receive for the exchange of goods or services. In
August
2015,
the FASB issued ASU
2015
-
14,
deferring the effective date of implementation to annual periods beginning after
December
15,
2017.
The Company is still evaluating the potential impact on the Company’s financial statements.
 
In
August
2014,
the FASB issued ASU
2014
-
15,
“Presentation of Financial Statements-Going Concern. Disclosure of Uncertainties about Entity’s Ability to Continue as a Going Concern.” Currently, GAAP lacks guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern. This amendment now provides guidance by providing a definition of substantial doubt, requires evaluation by management every reporting period for going concern issues, provides principles for considering any mitigating effects implemented by management, and the disclosures required for the assessment period of
one
year after issuance of the financial statements. This update becomes effective for interim and annual recording periods beginning after
December
15,
2016,
with early application permitted. The update was adopted for recording periods starting
January
2015,
and had no material impact on the Company’s financial statements.
 
In
November
2015,
the FASB issued ASU
2015
-
17,
“Income Taxes, Balance Sheet Classifications of Deferred Taxes.” This amendment simplifies the presentation of deferred taxes by requiring that all deferred tax liabilities and assets now be recorded as noncurrent. This amendment is effective for interim and annual reporting periods beginning after
December
15,
2016
with early adoption permissible. The Company adopted this amendment effective
January
2017.
This amendment will have no material impact on the Company’s financial statements.
 
In
July
2015,
the FASB issued ASU
2015
-
11,
“Inventory. Simplifying the Measurement of Inventory.” This amendment only applies to entities that use the
first
-in,
first
-out (FIFO) or average cost methods of valuing inventory. Entities should now measure inventory at the lower of cost or net realizable value. This amendment aligns measurement of inventory in GAAP with the International Financial Reporting Standards (IFRS). This amendment is effective for annual periods beginning after
December
15,
2016
with early adoption permitted. The Company adopted this amendment in
January
2017
and is evaluating the potential impact on the Company’s financial statements.
 
In
February
2016,
the Financial Accounting Standards Board (FASB) issued ASU
2016
-
02,
“Leases”, which is intended to improve financial reporting for lease transactions. This ASU will require organizations that lease assets, such as real estate and manufacturing equipment, to recognize on assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make lease payments created by those leases that have terms of greater than
12
months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as finance or operating lease. This ASU will also require disclosures to help investors and other financial statement users better understand the amount and timing of cash flows arising from leases. These disclosures will include qualitative and quantitative requirements, providing additional information about the amounts recorded in the financial statements. This ASU will be adopted by the Company in the
first
quarter of
2019.
We do not believe that this ASU will have a material impact on our financial statements.
 
In
June
2016,
the FASB issued ASU-
2016
-
13
“Financial Instruments – Credit Losses”. This guidance affects organizations that hold financial assets and net investments in leases that are not accounted for at fair value with changes in fair value reported in net income. The guidance requires organizations to measure all expected credit losses for financial instruments at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. It is effective for fiscal years beginning after
December
15,
2019.
The Company is evaluating the potential impact on the Company’s financial statements.
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note A - Nature of Business and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2016
Notes Tables  
Proerty Plant and Equipment, Useful Lives [Table Text Block]
 
Factory equipment and fixtures (in years)
5
-
7
 
 
Building 
(in years)
 
40
 
 
 
Building improvements 
 
Lesser of useful life or 20 years 
 
 
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note B - Marketable Securities (Tables)
12 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]
December 31, 2016
  Cost   Fair Value  
Unrealized
Gain/(Loss)
Available for sale:                        
Fixed income mutual funds   $
9,339,352
    $
9,457,286
    $
117,934
 
Equity and other mutual funds    
612,545
     
760,723
     
148,178
 
Total Investments   $
9,951,897
    $
10,218,009
    $
266,112
 
                         
December 31, 2015
                       
Available for sale:                        
Fixed income mutual funds   $
9,968,948
    $
9,900,587
    $
(68,361
)
Equity and other mutual funds    
640,884
     
818,883
     
177,999
 
Total Investments   $
10,609,832
    $
10,719,470
    $
109,638
 
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note C - Inventories (Tables)
12 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
    December 31,
    2016   2015
Raw materials   $
349,383
    $
334,320
 
Work in process    
24,214
     
44,836
 
Finished products    
882,216
     
914,486
 
    $
1,255,813
    $
1,293,642
 
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note D - Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
    Years ended December 31,
Current   2016   2015
Federal   $
1,058,714
    $
2,038,551
 
State    
(3,501
)    
2,300
 
Total current provision for income taxes    
1,055,213
     
2,040,851
 
Deferred                
Federal    
59,712
     
(22,369
)
State    
---
     
---
 
Total deferred provision for income taxes    
59,712
     
(22,369
)
Total provision for income taxes   $
1,114,925
    $
2,018,482
 
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
    Years ended December 31,
    2016   2015
     
($)
     
Tax rate
     
($)
     
Tax rate
 
Income taxes at statutory federal income tax rate of 34%   $
1,257,000
     
34.0
%   $
2,253,000
     
34.0
%
State income taxes, net of Federal benefit    
(2,000
)    
---
     
1,000
     
---
 
Domestic Production Activities tax benefit    
(104,000
)    
(2.8
)    
(193,000
)    
(2.9
)
Nondeductible expenses    
1,000
     
---
     
1,000
     
---
 
R&D credits    
(30,000
)    
(0.8
)    
(30,000
)    
(0.5
)
Other, misc.    
(7,000
)    
(0.2
)    
(14,000
)    
(0.2
)
Actual income tax expense   $
1,115,000
     
30.2
%   $
2,018,000
     
30.4
%
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
    Years ended December 31,
   
2016
 
2015
Deferred tax assets                
Current
               
Accounts receivable   $
5,760
    $
2,942
 
Inventories    
14,163
     
14,421
 
Accrued expenses    
234,594
     
215,942
 
Total deferred tax assets    
254,517
     
233,305
 
Deferred tax liabilities                
Non-current
               
Depreciation    
(161,657
)    
(80,733
)
Unrealized gain on marketable securities    
(90,478
)    
(37,277
)
Total deferred tax liabilities    
(252,135
)    
(118,010
)
Net deferred tax asset   $
2,382
    $
115,295
 
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note F - Geographical and Other Information (Tables)
12 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
     
Years ended December 31,
 
     
2016
     
2015
 
                 
Personal Care   $
4,916,630
    $
9,922,130
 
Medical    
2,624,672
     
2,203,890
 
Pharmaceutical    
3,443,215
     
1,864,155
 
Industrial and other    
159,945
     
174,361
 
     
11,144,462
     
14,164,536
 
Less: Discounts and allowances    
(367,595
)    
(158,292
)
Net Sales   $
10,776,867
    $
14,006,244
 
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]
     
Years ended December 31,
 
     
2016
     
2015
 
                 
United States   $
8,313,807
    $
11,587,247
 
Other countries    
2,463,060
     
2,418,997
 
    $
10,776,867
    $
14,006,244
 
Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]
     
Years ended December 31,
 
     
2016
     
2015
 
                 
Customer A   $
3,457,682
    $
8,463,691
 
Customer B    
1,529,970
     
866,624
 
All other customers    
5,789,215
     
4,675,929
 
    $
10,776,867
    $
14,006,244
 
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note G - Comprehensive Income (Tables)
12 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
Changes in Accumulated Other
Comprehensive Income
   
December 31, 2016
     
December 31, 2015
 
Beginning balance - net of tax   $
72,361
    $
259,869
 
Unrealized gain /(loss)on marketable securities – net of tax    
104,284
     
(189,903
)
Realized (loss)/gain on sale of securities    
(1,011
)    
2,395
 
Ending balance - net of tax   $
175,634
    $
72,361
 
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note H - Accrued Expenses (Tables)
12 Months Ended
Dec. 31, 2016
Notes Tables  
Schedule of Accrued Liabilities [Table Text Block]
     
2016
     
2015
 
                 
Bonuses   $
200,000
    $
250,000
 
Distribution fees    
225,879
     
206,977
 
Payroll and related expenses    
151,653
     
109,451
 
Annual report expenses    
63,447
     
66,000
 
Audit fee    
54,868
     
82,000
 
Sales rebates    
23,393
     
---
 
Other    
129,088
     
71,195
 
Total accrued expenses   $
848,328
    $
785,623
 
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note A - Nature of Business and Summary of Significant Accounting Policies (Details Textual)
12 Months Ended
Dec. 19, 2016
$ / shares
Jun. 15, 2016
$ / shares
Dec. 15, 2015
$ / shares
Sep. 30, 2015
USD ($)
Jun. 15, 2015
$ / shares
Dec. 31, 2016
USD ($)
shares
Dec. 31, 2015
USD ($)
Cash, FDIC Insured Amount           $ 250,000  
Cash, Uninsured Amount           277,000  
Common Stock, Dividends, Per Share, Cash Paid | $ / shares $ 0.40 $ 0.35 $ 0.50   $ 0.50    
Dividends           3,445,740 $ 4,596,439
Payments of Ordinary Dividends, Common Stock           3,436,867 4,589,464
Dividends Payable           8,873 6,975
Income Taxes Paid           $ 1,050,000 2,125,000
Convertible Common Stock, Shares Issuable upon Conversion | shares           11,106  
Dividends Receivable       $ 120,848      
Investment Income, Dividend       21,894      
Dividends Payable, Current       $ 98,954   $ 114,802 105,929
Unpaid Dividends           $ 8,873 $ 6,975
Number of Vendors           5 5
Shipping, Handling and Transportation Costs           $ 84,000 $ 94,000
Advertising Expense           25,000 18,000
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued           0 0
Impairment of Long-Lived Assets Held-for-use           0 0
Unrecognized Tax Benefits           $ 0 $ 0
Distributors and Marketing Partners [Member]              
Number of Customers           2 2
ASI [Member]              
Rebate Refund, Return of Discounted Amount           $ 88,360  
Renacidin [Member]              
Accumulated Amortization, Product Development Costs           $ 14,823  
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | LUBRAJEL and RENACIDIN IRRIGATION [Member]              
Concentration Risk, Percentage           93.00% 95.00%
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Lubrajel [Member]              
Concentration Risk, Percentage           66.00% 85.00%
Sales Revenue, Net [Member] | Product Concentration Risk [Member] | Renacidin [Member]              
Concentration Risk, Percentage           27.00% 10.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Distributors and Marketing Partners [Member]              
Concentration Risk, Percentage           47.00% 66.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Distributors and Marketing Partners [Member]              
Concentration Risk, Percentage           36.00% 20.00%
Cost of Goods, Product Line [Member] | Supplier Concentration Risk [Member]              
Concentration Risk, Percentage           85.00% 89.00%
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note A - Property, Plant, and Equipment Useful Lives (Details)
12 Months Ended
Dec. 31, 2016
Factory Equipment And Fixtures [Member] | Minimum [Member]  
Property, plant, and equipment, useful lives (Year) 5 years
Factory Equipment And Fixtures [Member] | Maximum [Member]  
Property, plant, and equipment, useful lives (Year) 7 years
Building [Member]  
Property, plant, and equipment, useful lives (Year) 40 years
Water Disposal System [Member] | Maximum [Member]  
Property, plant, and equipment, useful lives (Year) 20 years
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note B - Marketable Securities (Details Textual) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Proceeds from Sale and Maturity of Marketable Securities $ 2,966,859 $ 3,944,388
Marketable Securities, Realized Gain (Loss) $ (1,011) $ 2,395
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note B - Available-for-sale Securities (Details) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Available for sale:    
Cost $ 9,951,897 $ 10,609,832
Fair value 10,218,009 10,719,470
Unreallized gain/(loss) 266,112 109,638
Fixed Income Securities [Member]    
Available for sale:    
Cost 9,339,352 9,968,948
Fair value 9,457,286 9,900,587
Unreallized gain/(loss) 117,934 (68,361)
Equity And Other Mutual Funds [Member]    
Available for sale:    
Cost 612,545 640,884
Fair value 760,723 818,883
Unreallized gain/(loss) $ 148,178 $ 177,999
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note C - Inventories (Details Textual) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Inventory Valuation Reserves $ 20,000 $ 20,000
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note C - Inventories (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Raw materials $ 349,383 $ 334,320
Work in process 24,214 44,836
Finished products 882,216 914,486
Total inventories $ 1,255,813 $ 1,293,642
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note D - Income Taxes (Details Textual)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Percentage Of Net Income From Domestic Production Activities 9.00% 9.00%
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note D - Provision for Income Taxes (Details) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Federal $ 1,058,714 $ 2,038,551
State (3,501) 2,300
Total current provision for income taxes 1,055,213 2,040,851
Deferred    
Federal 59,712 (22,369)
State
Total deferred provision for income taxes 59,712 (22,369)
Total provision for income taxes $ 1,114,925 $ 2,018,482
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note D - Reconciliation of the Effective Income Tax Rate (Details) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Income taxes at statutory federal income tax rate of 34% $ 1,257,000 $ 2,253,000
Income taxes at statutory federal income tax rate of 34% 34.00% 34.00%
State income taxes, net of Federal benefit $ (2,000) $ 1,000
State income taxes, net of Federal benefit
Domestic Production Activities tax benefit $ (104,000) $ (193,000)
Domestic Production Activities tax benefit (2.80%) (2.90%)
Nondeductible expenses $ 1,000 $ 1,000
R&D credits $ (30,000) $ (30,000)
R&D credits (0.80%) (0.50%)
Other, misc. $ (7,000) $ (14,000)
Other, misc. 0.20% 0.20%
Provision for income taxes $ 1,114,925 $ 2,018,482
Actual income tax expense 30.20% 30.40%
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note D - Deferred Tax Assets and Liabilities (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Deferred tax assets    
Accounts receivable $ 5,760 $ 2,942
Inventories 14,163 14,421
Accrued expenses 234,594 215,942
Total deferred tax assets 254,517 233,305
Deferred tax liabilities    
Depreciation (161,657) (80,733)
Unrealized gain on marketable securities (90,478) (37,277)
Total deferred tax liabilities (252,135) (118,010)
Net deferred tax asset $ 2,382 $ 115,295
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note E - Benefit Plans (Details Textual) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Defined Contribution, Discretionary Contribution Plan, Vesting Period 1 year    
DC Plan [Member]      
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay   4.00% 4.00%
Defined Contribution, Discretionary Contribution Plan, Vesting Period   1 year  
Defined Contribution Plan, Employer Discretionary Contribution Amount $ 87,000 $ 102,000  
Defined Contribution Plan, Employer Discretionary Contribution Amount Per Year Authorized $ 175,000 $ 175,000  
DC Plan [Member] | Discretionary Contributions Vesting at Two Years [Member]      
Defined Contribution, Discretionary Contribution Plan, Vesting Period 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 6 years    
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage   20.00%  
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note F - Geographical and Other Information (Details Textual)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Geographic Concentration Risk [Member] | Sales Revenue, Product Line [Member] | Medical [Member] | US with Subsequent Shipment to Foreign Locations [Member]    
Concentration Risk, Percentage 70.00% 71.00%
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note F - Net Sales (Details) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Revenue $ 11,144,462 $ 14,164,536
Less: Discounts and allowances (367,595) (158,292)
Net Sales 10,776,867 14,006,244
Personal Care [Member]    
Revenue 4,916,630 9,922,130
Medical [Member]    
Revenue 2,624,672 2,203,890
Pharmaceuticals [Member]    
Revenue 3,443,215 1,864,155
Industrial And Other [Member]    
Revenue $ 159,945 $ 174,361
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note F - Geographic Information (Details) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Net Sales $ 10,776,867 $ 14,006,244
UNITED STATES    
Net Sales 8,313,807 11,587,247
Other Countries [Member]    
Net Sales $ 2,463,060 $ 2,418,997
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note F - Sales to Major Customers (Details) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Net Sales $ 10,776,867 $ 14,006,244
Customer A [Member]    
Net Sales 3,457,682 8,463,691
Customer B [Member]    
Net Sales 1,529,970 866,624
All Other Customers [Member]    
Net Sales $ 5,789,215 $ 4,675,929
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note G - Accumulated Other Comprehensive Income (Details) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Beginning balance - net of tax $ 72,361 $ 259,869
Unrealized gain /(loss)on marketable securities – net of tax 104,284 (189,903)
Realized (loss)/gain on sale of securities (1,011) 2,395
Ending balance - net of tax $ 175,634 $ 72,361
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note H - Accrued Expenses (Details) - USD ($)
Dec. 31, 2016
Dec. 31, 2015
Bonuses $ 200,000 $ 250,000
Distribution fees 225,879 206,977
Payroll and related expenses 151,653 109,451
Sales rebates 23,393
Other 129,088 71,195
Total accrued expenses 848,328 785,623
Accrued Annual Report [Member]    
Annual report 63,447 66,000
Accrued Audit Fee [Member]    
Annual report $ 54,868 $ 82,000
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.6.0.2
Note I - Related Party Transactions (Details Textual) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Accounting and Tax Services [Member] | Director [Member]    
Related Party Transaction, Expenses from Transactions with Related Party $ 21,500 $ 13,000
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