0001171843-18-002183.txt : 20180322 0001171843-18-002183.hdr.sgml : 20180322 20180322090143 ACCESSION NUMBER: 0001171843-18-002183 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20171231 FILED AS OF DATE: 20180322 DATE AS OF CHANGE: 20180322 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: 18705793 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_032318p.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, 2017

☐

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, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐		Accelerated filer	☐

Non-accelerated filer	☐	(Do not check if a smaller	Smaller reporting company	☒
		reporting company)	Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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, 2017, 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 $ 49,130,907. (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, 2018, 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 2018 annual meeting of stockholders ("2018 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 69% of the Company's sales in 2017, and RENACIDIN^® IRRIGATION SOLUTION ("RENACIDIN"), a pharmaceutical product that accounted for approximately 25% of the Company's sales in 2017. All references in this annual report to “sales” or “Sales” shall mean Gross Sales.

UNITED-GUARDIAN, INC.

(b) 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’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. ASI manufactures and markets globally an extensive line of personal care and pharmaceutical additives and various other industrial products. The personal care 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 2017 was LUBRAJEL OIL, followed by LUBRAJEL PF (also sold under the trade name “Norgel”). Some of the other varieties of LUBRAJEL sold for cosmetic use (all using the LUBRAJEL name), in descending order of sales, are CG, RC, MG, RR, 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.

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 was the first product in a 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 an “Attestation of Conformity” (“Attestation”) from Ecocert, one of the global organizations authorized to certify natural and organic products, indicating that the product conforms to both its original Ecocert standard as well as the newer Cosmetic Organic Standard (“COSMOS”), which confirms that a raw material is in compliance with international standards the enable a product to be used in natural or organic cosmetic products. This product is now being actively marketed, and sales in 2017 decreased slightly from 2016. The Company is hopeful that sales will continue to increase as the efforts of its marketing partners continues.

Sales of the Company's personal care products increased by $1,951,596 (approximately 40%) for the year ended December 31, 2017 when compared with 2016, primarily due to an increase in sales of LUBRAJEL OIL to ASI for distribution in China. The increase was the result of a resumption of sales of LUBRAJEL OIL into China at the end of the third quarter of 2016 after sales had been temporarily suspended for over a year due to (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. That situation has now been resolved and sales have been relatively steady since September 2016.

Each of the following products accounted for less than 1% of the Company’s sales in 2017, 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.

UNITED-GUARDIAN, INC.

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.

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 water-based gels used primarily as lubricants for urinary catheters. They 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. Sales of LUBRAJEL RR were down by 21% in 2017 compared with 2016 due to (a) an overstocking of product by one customer in 2016 that resulted in lower purchases in 2017, and (b) significant variability in year-to-year purchases by both that customer and another customer for that product. Sales of LUBRAJEL RC were up by 3% for the year. The combined sales of both products accounted for approximately 11% of the Company’s sales in 2017.

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 decreased by approximately 3% in 2017 compared with 2016, which the Company believes was the result of fluctuations in the buying patterns of customers for this product. Sales of this product represented approximately 6% of the Company’s sales in 2017.

LUBRAJEL LC, LUBRAJEL FA, and LUBRAJEL BA are LUBRAJEL formulations that were developed for use in oral care applications. There were no significant sales of LUBRAJEL BA during the year, and the combined sales of LUBRAJEL LC and LUBRAJEL FA accounted for approximately $95,000 of Company sales in 2017, a decrease of approximately 12% from 2016. The Company believes that this decrease was due to the inconsistent purchasing patterns of the customers for these products rather than any material decrease in demand. These products are only made to order and are not maintained in inventory other than to fill pending orders.

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 TF is a medical lubricant specifically developed for a global medical products company. Initial sales of this product began at the end of 2012. 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 decreased by approximately 7% in 2017 compared with 2016, and accounted for approximately 18% of the Company’s sales in 2017 compared with approximately 23% in 2016. The Company believes that the decrease was due primarily to fluctuations in the purchasing patterns of its customers as well as the overstocking of Lubrajel RR in 2016 by one customer (see above). The medical products also became a smaller percentage of Company sales due to increased sales of Company’s personal care products relative to 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. In April 2016 the Company began marketing a new plastic 30 mL single-dose form of the product and discontinued the sale of the older 500 mL glass bottles. 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. As a result of the initiation of marketing of the new single-dose bottle, sales of RENACIDIN increased by approximately 18% in 2017 compared with 2016, and represented approximately 25.5% 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 2017, sales increased by approximately 3% and represented approximately 4.2% 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).

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 decreased by $19,281 (approximately 21%) from $91,048 in 2016 to $71,767 in 2017.

UNITED-GUARDIAN, INC.

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 $8,471 (approximately 13%) from $64,336 in 2016 to $72,807 in 2017.

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.

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: This is the second product in our new line of products developed using natural ingredients. It was formulated using naturally derived polysaccharides, with some of the ingredients sourced from marine vegetation. This product was developed jointly with ASI, and for that reason will be marketed globally on an exclusive basis by ASI. Like the original LUBRAJEL NATURAL, this product has received an Attestation from Ecocert that the product complies with both the original Ecocert standard as well as the newer COSMOS standard that replaced it, indicating that the product is suitable for use in natural and organic cosmetic products. This product is actively being marketed by ASI, and we have begun to receive orders for it as companies begin to bring their formulations to market. We are hopeful that we will see steady growth in sales of this product during the coming year.

UNITED-GUARDIAN, INC.

LUBRAJEL OIL NATURAL: This will be the third product in the “Natural” line of Lubrajel products. Like the LUBRAJEL MARINE, this product is based on naturally derived polysaccharides. It is being developed to provide lubricating properties and viscosity similar to the Company’s regular LUBRAJEL OIL, but using only natural ingredients. The polymer network in this product is based solely on vegetable feedstock. While we are still fine-tuning the formulation, we anticipate that this product will receive the Attestation from Ecocert that the product complies with the COSMOS standards for use in natural and organic cosmetic products (Note: the COSMOS Attestation issued by Ecocert has replaced the older Ecocert standard, even though Ecocert remains one of the global certifying organizations for COSMOS compliance). We are working closely with our marketing partners to promote the many benefits of this product, and hope to obtain feedback soon so that we can begin marketing this product in the third quarter of 2018.

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 developmental stage. The Company hopes to have a final formulation for this product sometime in 2018. The Company continues to believe 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.

Amla Complex: This product is derived from an extract of the Amla fruit (Indian Gooseberry), which is believed to promote certain health benefits. It has traditionally been used to promote healthy and radiant skin, hair and nails, and is believed to enrich hair growth, pigmentation, strength and luster. It is high in antioxidant content, and is reputed to be one of the richest sources of vitamin C. The formulation for this product has been finalized and is being tested for efficacy. It, too, has received an Attestation from Ecocert that it complies with the COSMOS standard for natural and organic cosmetic ingredients. The Company is working closely with its marketing partners to determine the market potential for this product.

LUBRAJEL OIL PF: This product was developed as a result of the high demand for our very popular LUBRAJEL OIL. The benefit of this product would be to enable formulators to use their own preservative systems without having to account for preservatives that we have incorporated. This approach has been very successful with our LUBRAJEL PF, and we are hopeful that a preservative-free LUBRAJEL OIL could be at least as successful. The initial formulation for this product has been completed, and we hope to start sampling the product to our marketing partners soon.

NATURAL PRESERVATIVE BOOSTER: This product has been developed using natural, water-distilled essential oils which, in combination, enhance the effectiveness of other preservatives that might be in the product, enabling manufacturers to use lower amounts of non-natural preservatives. Initial results have been promising, but this product is still in the early developmental stage and, even if we are successful in our development efforts, is not likely to produce revenue until at least 2019.

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.

The Company’s research and development expenses in 2017 were $646,079 as compared with $651,828 in 2016. The Company expects its research and development expenses in 2018 to be comparable to those of 2017. 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.

UNITED-GUARDIAN, INC.

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 company no longer has significant sales of the any products manufactured utilizing this patent, and for that reason the expiration of the patent in February 2019 will not have a material impact on Company sales.

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^®, RENACIDIN^®, and CLORPACTIN^®.

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 entered into in 1996 with its predecessor company, International Specialty Products (“ISP”), for the marketing of the Company’s cosmetic ingredients in North, Central, and South America. Since that time this initial agreement has been modified and expanded multiple times (see “Marketing Agreements” below). ASI also has a non-exclusive right to sell certain of the Company's other industrial and medical products. It was also granted the exclusive right to market globally an oral care product, LUBRAJEL BA, which was specifically developed for ASI in 2012 but which, to date, has not had significant sales, and LUBRAJEL MARINE, the second product in the Company’s LUBRAJEL NATURAL line of products. The current agreement with ASI automatically renewed on January 1, 2018, and will automatically renew again on January 1, 2020 unless either party chooses to terminate, which can be done by giving 60 days’ notice on or before December 31, 2019.

UNITED-GUARDIAN, INC.

Revenue from domestic sales of all Company products accounted for approximately 81% of the Company’s total sales revenue in 2017, compared with 78% in 2016. Sales to the Company’s largest marketing partner, ASI, accounted for approximately 40% of total Company sales in 2017 and 31% in 2016. 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.

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 30% of Company sales in 2017, and approximately 31% in 2016. Domestic sales of the Company's medical (non-pharmaceutical) products accounted for approximately 10% of Company sales in 2017 and 14% in 2016. Approximately 80% of the Company’s domestic sales of medical products in 2017, and 70% in 2016, 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 1% of Company sales in both 2017 and 2016. 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 2017 approximately 19% of the Company’s sales revenue was from foreign sources and was derived from (a) sales of its personal care products to the Company’s foreign marketing partners, which accounted for approximately 11% of Company sales in 2017 and 13% in 2016, and (b) sales of some of the Company’s medical products directly to certain customers in foreign countries, which accounted for approximately 8% of Company sales in 2017 compared with 10% in 2016.

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 2017 approximately 72% of ASI’s sales were to customers in foreign countries, compared with 70% in 2016. ASI’s largest foreign market in both 2017 and 2016 was China, which accounted for approximately 55% of ASI’s sales of Company products in 2017 and 53% in 2016.

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. This situation reversed somewhat in 2017, with the dollar weakening against most foreign currencies. If this trend continues it will make the Company’s products more competitive in those foreign 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 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 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 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.

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. In 1996, the parties entered into another agreement, extending ASI’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, 2016, and 2018 for additional two-year terms. The current contract ends on December 31, 2019.

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 six major raw material vendors that together accounted for approximately 88% of the raw material purchases by the Company in 2017 and 85% in 2016.

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.

UNITED-GUARDIAN, INC.

BACKLOG

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

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 2017. However, during 2017 the dollar weakened against most foreign currencies. If this trend continues the Company’s products will become more competitive in those foreign markets, which may help to offset some of the increased competition. The Company believes, however, that there will continue to be increased competition in coming years, especially from Asian competitors, 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. 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.

UNITED-GUARDIAN, INC.

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. It is currently in the process of being certified under the newest ISO standard, ISO 9001:2015, and expects to have that certification by the end of 2018.

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 2017 and 2016 the Company incurred approximately $37,000 and $31,000, 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 31 employees, 3 of whom serve in an executive capacity, 17 in research, quality control and manufacturing, 6 in maintenance and construction, and 5 in office and administrative support services. Of the total number of employees, 22 work full time.

Item 1A.

Risk Factors.

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

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, 2016 to December 31, 2017. The quotations represent prices between dealers and do not include retail markup, markdown or commission:

Quarters		Year Ended December 31, 2017				Year Ended December 31, 2016
		High		Low		High		Low
First	(1/1 - 3/31)	$	15.85	$	14.60	$	22.78	$	18.71
Second	(4/1 - 6/30)		17.75		13.75		20.64		16.07
Third	(7/1 - 9/30)		19.50		15.10		16.50		13.66
Fourth	(10/1 - 12/31)		20.65		15.25		16.90		14.36

UNITED-GUARDIAN, INC.

Holders of Record

As of February 23, 2018, there were 706 holders of record of Common Stock.

Cash Dividends

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, 2017 and 2016. 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 2017 and 2016 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.

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, 2017 compared with the year ended December 31, 2016:

Sales

Sales increased from $11,144,462 in 2016 to $13,434,460 in 2017, an increase of $2,289,998 (approximately 21%). The overall increase was due primarily to increases in sales of the Company’s personal care products to its primary distributor, ASI , as well as an increase in sales of the Company’s pharmaceutical products, primarily RENACIDIN. Those increases were partially offset by decreases in sales of the Company’s industrial and medical (non-pharmaceutical) products.

UNITED-GUARDIAN, INC.

The net increase in sales 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, increased from $4,916,630 in 2016 to $6,868,227 in 2017, an increase of $1,951,596 (approximately 40%).The increase was attributable primarily to an increase in sales of the Company’s LUBRAJEL products to ASI, the Company’s largest marketing partner. Sales to ASI increased by $1,892,710 (approximately 55%) from $3,457,682 in 2016 to $5,350,392 in 2017. Aggregate sales to the Company’s other marketing partners increased from $1,422,892 in 2016 to $1,464,053 in 2017 (approximately 3%). Sales in the France, Italy and Korea increased in the aggregate by $86,203 (approximately 8%) from $1,059,537 in 2016 to $1,145,740 in 2017, while aggregate sales to the Company’s distributors in the UK and Switzerland decreased by $45,042 (approximately 12%) from $363,355 in 2016 to $318,313 in 2017.

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 2017 approximately 72% of ASI’s sales were to customers in foreign countries, compared with 70% in 2016. ASI’s largest foreign market in both 2017 and 2016 was China, which accounted for approximately 55% of ASI’s sales in 2017 and 53% in 2016.

The increase in sales to ASI was primarily the result of an increase in ASI’s sales of one of the Company’s LUBRAJEL products in China. ASI’s sales in China decreased from the fourth quarter of 2015 until September 2016 as a 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; and (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. 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, and its purchases for China have been relatively steady since that time.

Sales of the Company’s products in Europe increased slightly in 2017 compared with 2016. There continues to be 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. However, with some European economies improving, and the U.S. dollar having weakened significantly during 2017 and possibly weakening further in the next few years, the Company’s products may become more competitive, especially in Europe. In addition the Company from time to time offers additional volume discounts and more aggressive pricing in order to maintain and increase sales and bring in new customers. While this may result in lower margins on certain sales, the Company believes that the additional volumes that will be generated by this policy will more than offset the lower profit margins on those sales.

(b)

Pharmaceuticals:

Sales of the Company’s two pharmaceutical products, RENACIDIN and CLORPACTIN, together increased by $542,220 (approximately 16%), from $3,444,848 in 2016 to $3,987,068 in 2017, with RENACIDIN accounting for most of the increase. Sales of RENACIDIN increased by $524,766 (approximately 18%) from $2,900,130 in 2016 to $3,424,896 in 2017, and accounted for approximately 25% of the Company’s sales in 2017, as compared with 26% in 2016. The increase was due to the introduction in April 2016 of the Company’s new 30mL single-dose form of the product. 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. The Company is optimistic that this new, more user-friendly package will enable it to continue to increase its sales of RENACIDIN. The Company recently launched a new web site dedicated to RENACIDIN, and is working with a consultant to increase both patient and physician awareness of the product.

UNITED-GUARDIAN, INC.

The increase in sales of the Company’s pharmaceutical products was partially offset by an increase of $98,660 (approximately 27%) 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 higher sales of RENACIDIN.

(c)

Medical (non-pharmaceutical) products:

Sales of the Company’s medical products decreased by $200,232 (approximately 8%) from $2,624,671 in 2016 to $2,424,439 in 2017. The decrease was primarily the result of a $186,084 (21%) decrease in sales of LUBRAJEL RR, which was partially offset by increases in sales of some of the Company’s other medical products. The large percentage decrease in sales of LUBRAJEL RR was primarily due to lower sales to two customers, both of which have purchasing patterns which can vary widely from year to year. One of those customers also overstocked product in 2016, leading to reduced purchases in 2017.

(d)

Industrial and other products:

Sales of the Company's industrial products, as well as other miscellaneous products, decreased by $5,227 (approximately 3%) from $159,945 in 2016 to $154,718 in 2017. The decrease is due to normal fluctuations in customer ordering patterns.

Gross Profit on Sales

Gross profit increased to approximately 59% in 2017 from 55% in 2016. The increase was primarily the result of an increase in the sales of the Company’s higher-margin LUBRAJEL products in 2017 compared to 2016.

Operating Expenses

Operating expenses decreased by $67,673 in 2017 compared with the prior year, decreasing from $1,852,833 in 2016 to $1,785,160 in 2017. The decrease was mainly attributed to decreases in payroll, and payroll-related expenses.

Research and Development Expenses

Research and development expenses amounted to $651,828 and $646,079 in 2016 and 2017 respectively. The decrease of $5,749 was primarily related to a decrease in payroll and payroll related expenses.

Investment Income

Investment income (net) increased by $8,660 (approximately 3%) from $306,505 in 2016 to $315,165 in 2017. The net increase was due to an increase in investment income from both stock and bond mutual funds, and realized gains from the sales of some of the Company’s mutual funds.

UNITED-GUARDIAN, INC.

Provision for Income Taxes

The provision for income taxes increased by $591,564 (approximately 53%) from $1,114,925 in 2016 to $1,706,489 in 2017. This increase was mainly due to an increase in income from operations. The Company’s effective income tax rate was approximately 30% in both 2017 and 2016, 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 $12,668,221 at December 31, 2016 to $10,428,139 at December 31, 2017, a decrease of $2,240,082 (approximately 18%). The current ratio decreased from 13.1 to 1 at December 31, 2016 to 8.3 to 1 at December 31, 2017. The decreases in working capital and the current ratio were mainly due to a decrease in marketable securities and an increase in accounts payable.

Accounts receivable (net of allowance for doubtful accounts) as of December 31, 2017 increased by $307,418 (approximately 19%) from $1,597,997 in 2016 to $1,905,415 in 2017. The receivables turnover, or Days Sales Outstanding, for 2017 was 49 days, compared with 42 days in 2016. The increase was mainly the result of higher accounts receivables in the latter part of 2017 due to an increase in sales in the third and fourth quarter of 2017. The Company has bad debt reserves of $21,220 and $16,943 for 2017 and 2016, respectively, and believes that the net balance of its accounts receivable is fully collectable as of December 31, 2017.

The Company generated cash from operations of $3,992,287 in 2017 compared with $2,290,444 in 2016. The increase in 2017 was primarily due to an increase in net income and an increase in accounts payable.

Net cash provided by investing activities was $2,815,382 for the year ended December 31, 2017 compared with cash used in investing activities of $490,235 for the year ended December 31, 2016. This increase in net cash provided was mainly due to an increase in proceeds from sales of marketable securities in 2017 compared with 2016.

Cash used in financing activities was $6,507,249 and $3,436,867 during the years ended December 31, 2017 and 2016, respectively. The increase was due to the payment of higher dividends in 2017 compared with 2016.

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.

Contractual Obligations and Commitments

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

UNITED-GUARDIAN, INC.

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, 2017. 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, 2017.

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.

UNITED-GUARDIAN, INC.

There were no changes in the Company’s internal control over financial reporting that occurred in the fourth quarter of 2017 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 2018 Proxy Statement.

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 2018 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 2018 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, 2017, for the quarterly reviews of the Company’s financial statements for the first, second and third quarters of 2017 and the audit of the Company’s financial statements for the 2017 fiscal year were $68,000.

Audit-Related Fees

During 2017 and 2016 there were no fees paid to Raich Ende 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 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.

All Other Fees

There were no other non-audit-related fees billed to the Company by Raich Ende in 2017 or 2016.

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.

UNITED-GUARDIAN, INC.

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.

Item 16.

Form 10-K Summary.

None.

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 21, 2018		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 21, 2018
	Kenneth H. Globus	of the Board of Directors (Principal Executive Officer)

By:	/s/ Robert S. Rubinger	Executive Vice President, Secretary,	March 21, 2018
	Robert S. Rubinger	Chief Financial Officer, Director (Principal Financial Officer and Principal Accounting Officer)

By:	/s/ Lawrence F. Maietta	Director	March 21, 2018
	Lawrence F. Maietta

By:	/s/ Arthur M. Dresner	Director; Audit Committee member	March 21, 2018
	Arthur M. Dresner

By:	/s/ Andrew A. Boccone	Director; Audit Committee member	March 21, 2018
	Andrew A. Boccone

By:	/s/ S. Ari Papoulias	Director; Audit Committee member	March 21, 2018
	S. Ari Papoulias

UNITED-GUARDIAN, INC.

EXHIBIT INDEX

Exhibit #			Description

2 P			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) P			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) P			By-laws of the Company. Incorporated by reference to Exhibit 4.2 to the 1987 8-K.

4(a) P			Specimen Certificate for shares of Common Stock of the Company. Incorporated by reference to Exhibit 4(a) to the 1988 10-K.

10(a) P			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

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.

UNITED-GUARDIAN, INC.

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.

Indicates a paper filing

UNITED-GUARDIAN, INC.

INDEX TO FINANCIAL STATEMENTS

(For the years ended

December 31, 2017 and 2016)

	Page

Report of Independent Registered Public Accounting Firm	F-2

Financial Statements

Statements of Income	F-3

Statements of Comprehensive Income	F-3

Balance Sheets	F-4 - F-5

Statements of Stockholders' Equity	F-6

Statements of Cash Flows	F-7

Notes to Financial Statements	F-8 - F-19

F-1

UNITED-GUARDIAN, INC.

REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS

To the Board of Directors and Stockholders of United-Guardian, Inc.

Hauppauge, New York

Opinion on the Financial Statements

We have audited the accompanying balance sheets of United-Guardian, Inc. (the Company) as of December 31, 2017 and 2016, and the related statements of income, comprehensive income, stockholders’ equity, and cash flows for each of the years in the two-year period ended December 31, 2017, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2017 and 2016, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2017, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, 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.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ RAICH ENDE MALTER & CO. LLP

We have served as the Company’s auditor since 2016.

Melville, New York

March 21, 2018

F-2

UNITED-GUARDIAN, INC.

STATEMENTS OF INCOME

	Years ended December 31,
	2017			2016

Sales
Gross Sales	$	13,434,460		$	11,144,462
Sales allowances and returns		(466,255	)		(367,595	)
Net sales		12,968,205			10,776,867

Costs and expenses:
Cost of sales		5,301,352			4,882,644
Operating expenses		1,785,160			1,852,833
Research and development		646,079			651,828
Total costs and expenses		7,732,591			7,387,305
Income from operations		5,235,614			3,389,562

Investment income		315,165			306,505

Income before provision for income taxes		5,550,779			3,696,067

Provision for income taxes		1,706,489			1,114,925
Net income	$	3,844,290		$	2,581,142

Earnings per common share (basic and diluted)	$	0.84		$	0.56

Weighted average shares (basic and diluted)		4,594,319			4,594,319

STATEMENTS OF COMPREHENSIVE INCOME

	Years ended December 31,
	2017			2016

Net income	$	3,844,290		$	2,581,142

Other comprehensive income:

Unrealized gain on marketable securities		323,793			156,474

Income tax expense related to other comprehensive income		(67,997	)		(53,201	)
Total other comprehensive income, net of tax		255,796			103,273

Total comprehensive income	$	4,100,086		$	2,684,415

See Notes to Financial Statements

F-3

UNITED-GUARDIAN, INC.

BALANCE SHEETS

ASSETS

	December 31,
	2017		2016
Current assets:
Cash and cash equivalents	$	724,721	$	424,301
Marketable securities		7,721,568		10,218,009
Accounts receivable, net of allowance for doubtful accounts of $21,220 in 2017 and $16,943 in 2016		1,905,415		1,597,997
Inventories (net)		1,340,523		1,255,813
Prepaid expenses and other current assets		157,964		135,320
Prepaid income taxes		331		82,732
Total current assets		11,850,522		13,714,172


Property, plant, and equipment:
Land		69,000		69,000
Factory equipment and fixtures		4,363,978		4,342,629
Building and improvements		2,793,402		2,776,602
Total property, plant and equipment		7,226,380		7,188,231

Less accumulated depreciation		6,283,493		6,097,640
Total property, plant, and equipment (net)		942,887		1,090,591

Deferred income taxes (net)		---		2,382

Other assets (net)		59,471		59,295
TOTAL ASSETS	$	12,852,880	$	14,866,440

See Notes to Financial Statements

F-4

UNITED-GUARDIAN, INC.

BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS' EQUITY

	December 31,
	2017		2016
Current liabilities:
Accounts payable	$	354,285	$	82,821
Accrued expenses		881,327		848,328
Income taxes payable		55,848		---
Dividends payable		130,923		114,802
Total current liabilities		1,422,383		1,045,951

Deferred income taxes (net)		33,855		---

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, 2017 and 2016, respectively		459,432		459,432
Accumulated other comprehensive income		466,025		175,634
Retained earnings		10,471,185		13,185,423
Total stockholders’ equity		11,396,642		13,820,489
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$	12,852,880	$	14,866,440

See Notes to Financial Statements

F-5

UNITED-GUARDIAN, INC.

STATEMENTS OF STOCKHOLDERS' EQUITY

Years ended December 31, 2017 and 2016

	Common stock				Accumulated other comprehensive		Retained
	Shares		Amount		income		earnings			Total

Balance, January 1, 2016		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

Change in unrealized gains on marketable securities, net of deferred income tax of $67,997		---		---		255,796		---			255,796

Reclassification of tax effect from accumulated other comprehensive income due to federal tax rate change						34,595		(34,595	)		---

Net income		---		---		---		3,844,290			3,844,290

Dividends declared, not paid		---		---		---		(16,684	)		(16,684	)

Dividends declared and paid		---		---		---		(6,507,249	)		(6,507,249	)

Balance, December 31, 2017		4,594,319	$	459,432	$	466,025	$	10,471,185		$	11,396,642

See Notes to Financial Statements

F-6

UNITED-GUARDIAN, INC.

STATEMENTS OF CASH FLOWS

	Years ended December 31,
	2017			2016
Cash flows from operating activities:
Net income	$	3,844,290		$	2,581,142
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		200,677			187,035
Realized (gain) loss on sales of marketable securities		(33,297	)		1,011
Bad debt expense		4,277			8,289
Deferred income taxes		(31,760	)		59,712
(Decrease) increase in cash resulting from changes in operating assets and liabilities:
Accounts receivable		(311,695	)		(671,532	)
Inventories		(84,710	)		37,829
Prepaid expenses and other current and non-current assets		(37,644	)		25,213
Prepaid income taxes		82,401			13,035
Accounts payable		271,464			(13,995	)
Income taxes payable		55,848			---
Accrued expenses		32,999			62,705
Dividends payable		(563	)		---
Net cash provided by operating activities		3,992,287			2,290,444

Cash flows from investing activities:
Acquisitions of property, plant and equipment		(38,149	)		(166,689	)
Purchases of marketable securities		(1,922,513	)		(2,309,935	)
Proceeds from sales of marketable securities		4,776,044			2,966,859
Net cash provided by investing activities		2,815,382			490,235

Cash flows from financing activities:
Dividends paid		(6,507,249	)		(3,436,867	)
Net cash used in financing activities		(6,507,249	)		(3,436,867	)

Net increase(decrease) in cash and cash equivalents		300,420			(656,188	)
Cash and cash equivalents, beginning of year		424,301			1,080,489
Cash and cash equivalents, end of year	$	724,721		$	424,301

See Notes to Financial Statements

F-7

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 SOLUTION (“RENACIDIN”) together accounted for approximately 94% and 90% of sales for the years ended December 31, 2017 and December 31, 2016, respectively. LUBRAJEL accounted for approximately 69% and 64% of sales for the years ended December 31, 2017 and December 31, 2016, respectively, and RENACIDIN accounted for approximately 25% and 26% of sales for the years ended December 31, 2017 and December 31, 2016, respectively.

Use of Estimates

In preparing financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenue and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, possible impairment of marketable securities and the allocation of overhead to inventory.

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 from sales of its personal care, medical, and industrial products when those products are shipped, as long as a valid purchase order has been received and future collection of the sale amount is reasonably assured. These products are shipped “Ex Works” from the Company’s facility in Hauppauge, NY, and it is at this time that risk of loss and responsibility for the shipment passes to the customer. Sales of these products are deemed final, and there is no obligation on the part of the Company to repurchase or allow the return of those goods unless they are defective.

F-8

UNITED-GUARDIAN, INC.

The Company’s pharmaceutical products are shipped by common carrier upon receipt of a valid purchase order with, in most cases, the Company paying the shipping costs. The Company assumes responsibility for the shipment arriving at its intended destination. Sales of pharmaceutical products are final and revenue is recognized at the time of shipment. However, any product determined by the customer to be out of specification or expired can be returned to the Company for refund or replacement.

The Company does not make sales on consignment, and the collection of the proceeds of the sale of any of the Company’s products is not contingent upon the customer being able to sell the goods to a third party.

Effective January 1, 2018, the Company adopted ASC Topic 606, “Revenue from Contracts with Customers”, using the modified retrospective method. This guidance supersedes nearly all existing revenue recognition guidance under US GAAP. The core principle of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The Company has drafted its accounting policy for the new standard based on a detailed review of its business and contracts. Based on the new guidance, the Company expects to continue recognizing revenue at the time it’s products are shipped, and therefore adoption of the standard did not have a material impact on its financial statements and is not expected to have a material impact in the future.

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.

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, 2017, approximately $517,000 exceeded the FDIC limit.

Dividends

On May 17, 2017, the Company’s Board of Directors declared a semi-annual cash dividend of $0.42 per share, which was paid on June 12, 2017 to all stockholders of record as of May 30, 2017. On November 29, 2017, the Company’s Board of Directors declared a semi-annual cash dividend of $0.50 per share and an additional special dividend of $0.50 per share, for a total dividend of $1.00 per share, which was paid on December 18, 2017, to all stockholders of record as of December 11, 2017. In 2017 the Company declared a total of $6,523,933 in dividends, of which $6,507,249 was paid. The balance of $16,684 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 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.

F-9

UNITED-GUARDIAN, INC.

Reclassification

Certain items in the prior financial statements have been reclassified to conform to the current period presentation.

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 and net realizable 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, 2017 and 2016.

F-10

UNITED-GUARDIAN, INC.

Other Assets (net)

Other assets at December 31, 2017 and 2016 primarily represents an amount expended in connection with the development of the new single-dose form of RENACIDIN. The Company began amortizing these costs in the first quarter of 2016. At December 31, 2017 and 2016 accumulated amortization for such assets amounted to $29,648 and $14,824, respectively.

Future amortization expense is as follows:

For the Years Ending December 31,	Amortization Expense
2018	$	14,824
2019		14,824
2020		14,823
Total:	$	44,471

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, 2017, two of the Company’s distributors and marketing partners accounted for approximately 55% of the Company’s sales during the year, and approximately 58% of its outstanding accounts receivable at year end. For the year ended December 31, 2016, the same two distributors and marketing partners accounted for a total of approximately 46% of the Company’s sales during the year, and 36% 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 six major raw material vendors that collectively accounted for approximately 88% and 85% of the raw material purchases by the Company in 2017 and 2016, respectively.

F-11

UNITED-GUARDIAN, INC.

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 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, 2017 and 2016, 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, 2017 and 2016 the Company did not record any tax-related 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 2014 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 $77,000 and $84,000 for the years ended December 31, 2017 and 2016, respectively.

Advertising Expenses

Advertising expenses are expensed as incurred. During 2017 and 2016 the Company incurred approximately $4,000 and $25,000, respectively, in advertising expense.

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.

New Accounting Standards

Effective January 1, 2018 the Company adopted ASC Topic 606 “Revenue from Contracts with Customers”, using the modified retrospective method. This guidance supersedes nearly all existing revenue recognition guidance under US GAAP. The core principle of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The Company has drafted its accounting policy for the new standard based on a detailed review of its business and contracts. Based on the new guidance, the Company expects to continue recognizing revenue at the time it’s products are shipped, and therefore adoption of the standard did not have a material impact on its financial statements, and is not expected to have a material impact in the future.

F-12

UNITED-GUARDIAN, INC.

The Company anticipates it will expand its financial statement disclosures in order to comply with the disclosure requirements of the ASU beginning in the first quarter of 2018.e

In accordance with the Company’s implementation of ASU 2015-17 “Income Taxes, Balance Sheet Classification of Deferred Taxes”, deferred tax assets and liabilities have been netted and presented as one noncurrent amount. The Company has applied this standard retroactively to all periods presented, and therefore reclassification was made to net a previously reported deferred tax liability of $252,135 at December 31, 2016 against a deferred tax asset of $254,517 at December 31, 2016, thereby reporting a net deferred tax asset of $2,382 at December 31, 2016. The implementation of this standard had no effect on previously- reported net income.

In July 2015, the FASB issued ASU 2015-11, “Inventory. Simplifying the Measurement of Inventory.” This amendment requires companies to measure inventory at the lower of cost and net realizable value. The Company adopted this amendment in the first quarter of 2017 and the implementation did not have a material impact on the Company’s financial statements.

In February 2016, the 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 both assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make the 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.

In February 2018, the FASB issued ASU 2018-02, “Income Statement- Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This guidance gives businesses the option of reclassifying to retained earnings the so-called “stranded tax effects” left in accumulated other comprehensive income due to the reduction in the corporate income tax rate resulting from the 2017 Tax Cuts and Jobs Act. This amendment is effective for all organizations for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is allowed. The Company has elected to adopt this amendment in the current period. As a result, a reclassification of $34,595 has been made to retained earnings to reflect the effect of the reduction in the federal corporate tax rate as it relates to the unrealized gains on marketable securities that are recorded in other comprehensive income.

F-13

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, 2017	Cost		Fair Value		Unrealized Gain/(Loss)
Available for sale:
Fixed income mutual funds	$	6,003,131	$	6,113,099	$	109,968
Equity and other mutual funds		1,128,532		1,608,469		479,937
Total marketable securities	$	7,131,663	$	7,721,568	$	589,905

December 31, 2016

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 marketable securities	$	9,951,897	$	10,218,009	$	266,112

Proceeds from the sale and redemption of marketable securities amounted to $4,776,044 and $2,966,859 for the years ended December 31, 2017 and 2016, respectively. Gains of $33,297 and losses of $1,011 were realized for the years ended December 31, 2017 and 2016, 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.

Marketable securities include investments in fixed income and equity mutual funds, which 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 in stockholder’s equity, net of the related tax effects. Investment income is recognized when earned. Realized gains and losses on the sale of investments are determined on a specific identification basis.

F-14

UNITED-GUARDIAN, INC.

NOTE C – INVENTORIES

Inventories consist of the following:

	December 31,
	2017		2016
Raw materials	$	363,739	$	349,383
Work in process		39,004		24,214
Finished products		937,780		882,216
Total Inventories	$	1,340,523	$	1,255,813

Finished product inventories at December 31, 2017 and 2016 are stated net of a reserve of $20,000 for slow moving and obsolete inventory.

NOTE D – INCOME TAXES

The (benefit from) provision for income taxes consists of the following:

	Years ended December 31,
Current	2017			2016
Federal	$	1,738,132		$	1,058,714
State		117			(3,501	)
Total current provision for income taxes		1,738,249			1,055,213
Deferred
Federal		(31,760	)		59,712
State		---			---
Total deferred provision for income taxes		(31,760	)		59,712
Total provision for income taxes	$	1,706,489		$	1,114,925

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,
	2017						2016
	($)			Tax rate			($)			Tax rate
Income taxes at statutory federal income tax rate of 34%	$	1,887,000			34.0	%	$	1,257,000			34.0	%
State income taxes, net of Federal benefit		---			---			(2,000	)		---
Domestic Production Activities tax benefit		(160,000	)		(2.9	)		(104,000	)		(2.8	)
Nondeductible expenses		1,000			---			1,000			---
Research & development credits		(34,000	)		(0.6	)		(30,000	)		(0.8	)
Non-taxable dividends		(5,000	)		(0.09	)		---			---
Deferred tax asset reduction for federal tax rate change		21,000			0.4			---			---
Other, net		(4,000	)		(0.1	)		(7,000	)		(0.2	)
Provision for income taxes	$	1,706,000			30.7	%	$	1,115,000			30.2	%

During 2017 and 2016, 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.

F-15

UNITED-GUARDIAN, INC.

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

	Years ended December 31,
	2017			2016
Deferred tax assets
Accounts receivable	$	4,456		$	5,760
Inventories		9,104			14,163
Accrued expenses		157,610			234,594
Total deferred tax assets		171,170			254,517
Deferred tax liabilities
Depreciation on property, plant and equipment		(81,145	)		(161,657	)
Unrealized gain on marketable securities		(123,880	)		(90,478	)
Total deferred tax liabilities		(205,025	)		(252,135	)
Net deferred tax (liability)/asset	$	(33,855	)	$	2,382

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 $94,000 and $87,000 for the years ended December 31, 2017 and 2016, 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. For the years ended December 31, 2017 and 2016 the Company’s Board of Directors authorized discretionary contributions in the amount of $175,000 per year, to be allocated among all eligible employees. 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 provide the marketing functions for these products on behalf of the Company. They in turn receive their compensation for those efforts by re-selling those products at a markup to their customers. This enables the Company to aggressively have its products marketed without the high cost of maintaining its own in-house marketing staff. The Company has written marketing arrangements with only one of its global distributors, ASI, and that contract renews every two years unless cancelled for any reason by either party at least 90 days prior to the expiration of the two-year marketing period in effect at that time. The current marketing period with ASI ends on December 31, 2019. The Company’s other marketing partners are not under any contractual obligation to market the Company’s personal care products, and the Company has the ability to cancel those marketing arrangements at any time upon reasonable notice. All sales of the Company’s personal care products are final other than product later determined to be defective, and the Company does not make any sales on consignment.

F-16

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 80% of the Company’s domestic sales of medical products in 2017, and 70% in 2016, 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.

F-17

UNITED-GUARDIAN, INC.

(a) Net Sales

	Years ended December 31,
	2017			2016

Personal Care	$	6,868,227		$	4,916,630
Medical		2,424,439			2,624,672
Pharmaceutical		3,987,076			3,443,215
Industrial and other		154,718			159,945
		13,434,460			11,144,462
Less: Discounts and allowances		(466,255	)		(367,595	)
Net Sales	$	12,968,205		$	10,776,867

(b) Geographic Information (Gross Sales)

	Years ended December 31,
	2017		2016

United States	$	10,900,284	$	8,699,491
Other countries		2,534,176		2,444,971
	$	13,434,460	$	11,144,462

(c) Sales to Major Customers

	Years ended December 31,
	2017		2016

Customer A	$	5,350,392	$	3,457,682
Customer B		1,750,167		1,628,905
All other customers		6,333,901		6,057,875
	$	13,434,460	$	11,144,462

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, 2017		December 31, 2016
Beginning balance - net of tax	$	175,634	$	72,361
Unrealized gain on marketable securities – net of tax		222,499		104,284
Reclassification of tax effect on unrealized gain on marketable securities due to federal tax rate change		34,595		---
Realized gain (loss) on sale of marketable securities		33,297		(1,011	)
Ending balance - net of tax	$	466,025	$	175,634

F-18

UNITED-GUARDIAN, INC.

NOTE H - ACCRUED EXPENSES

Accrued expenses at December 31, 2017 and 2016 consist of:

	2017		2016

Bonuses	$	200,000	$	200,000
Distribution fees		254,863		225,879
Payroll and related expenses		152,903		151,653
Annual report expenses		62,510		63,447
Audit fee		43,268		54,868
Reserve for outdated material		127,768		101,177
Sales rebates		12,000		23,393
Insurance		---		9,381
Other		28,015		18,530
Total accrued expenses	$	881,327	$	848,328

NOTE I – SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH INVESTING AND FINANCING ACTIVITIES

Cash payments for income taxes were $1,600,000 and $1,050,000 for the years ended December 31, 2017 and 2016, 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 11,732 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 $16,684 and $8,873, during 2017 and 2016 respectively, on these shares.

NOTE J - RELATED PARTY TRANSACTIONS

During each of the years ended December 31, 2017 and 2016 the Company paid to Bonamassa, Maietta, and Cartelli, LLP, $18,000 and $21,500, respectively, for accounting and tax services. Lawrence Maietta, a partner in Bonamassa, Maietta, and Cartelli, LLP, is a director of the Company.

F-19

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:

I have reviewed this Annual Report of United-Guardian, Inc. on Form 10-K for the year ended December 31, 2017;

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;

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;

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:

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;

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;

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

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

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):

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

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 21, 2018	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:

I have reviewed this Annual Report of United-Guardian, Inc. on Form 10-K for the year ended December 31, 2017;

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 21, 2018	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, 2017, 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 21, 2018	By:	/s/ Kenneth H. Globus
		Kenneth H. Globus
		President & Principal Executive Officer


	By:	/s/ Robert S. Rubinger
		Robert S. Rubinger
		Chief Financial Officer

EX-101.INS 5 ug-20171231.xml XBRL INSTANCE FILE false --12-31 FY 2017 2017-12-31 10-K 0000101295 4594319 Yes Smaller Reporting Company 49130907 UNITED GUARDIAN INC No No ug 62510 63447 254863 225879 127768 101177 11732 P1Y P2Y P6Y 175000 175000 -563 2 2 6 6 <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="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-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Other Assets (net) </div></div></div></div> <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">Other assets at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> primarily represents an amount expended in connection with the development of the new single-dose 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 31, 2017 </div>and <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;">$29,648</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,824,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Future amortization expense is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">For the <br />Years Ending <br />December 31,</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Amortization <br />Expense</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 15%; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">2018</td> <td style="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; border-right: Black 1pt solid">$</td> <td style="width: 15%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,824</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"> </td> <td style="width: 57%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">2019</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,824</div></td> <td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">2020</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,823</div></td> <td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total:</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; border-right: Black 1pt solid">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,471</div></td> <td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"> </td> <td style="background-color: White"> </td></tr></table></div></div></div></div></div></div></div> 34595 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; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td nowrap="nowrap" style="width: 40%">Factory equipment and fixtures (in years)</td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5 </div></td> <td style="width: 12%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 5%"><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: 28%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td>Building (in years)</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: 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;"> </div></td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td>Building improvements</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td nowrap="nowrap" 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  </div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="background-color: White"> </td> </tr> </table></div> 34595 -34595 34595 -34595 16684 8873 <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="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-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Vendor Concentration</div></div></div></div> <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">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> readily available or require long lead times. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></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;">six</div> </div>major raw material vendors that collectively accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the raw material purchases by the Company in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively.</div></div></div></div></div></div></div>

354285

82821

1905415

1597997

200000

55848

9381

881327

848328

12000

23393

43268

54868

152903

151653

6283493

6097640

175634

72361

466025

4000

25000

21220

16943

12852880

14866440

11850522

13714172

6003131

1128532

7131663

9339352

612545

9951897

7721568

10218009

6113099

1608469

9457286

760723

109968

479937

589905

117934

148178

266112

2793402

2776602

724721

424301

1080489

300420

-656188

250000

517000

0.42

0.50

0.35

0.40

0.10

10000000

4594319

459432

4100086

2684415

0.94

0.9

0.69

0.64

0.25

0.26

0.55

0.58

0.46

0.36

0.88

0.85

0.8

0.7

5301352

4882644

7732591

7387305

1738132

1058714

1738249

1055213

117

-3501

-31760

59712

-31760

59712

205025

252135

171170

254517

9104

14163

2382

254517

2382

157610

234594

4456

5760

33855

252135

33855

81145

161657

123880

90478

94000

87000

0.04

0.2

200677

187035

6523933

3445740

8873

3436867

16684

6507249

98954

130923

114802

16684

8873

120848

0.84

0.56

0.307

0.302

0.34

0.004

0.0009

0.029

0.028

0.006

0.008

-0.001

-0.002

29648

14824

14823

14824

44471

4363978

4342629

5550779

3696067

<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 – INCOME TAXES</div></div></div> <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-indent: 0.5in">The (benefit from) 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"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </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">Current</td> <td style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; padding-left: 20pt">Federal</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,738,132</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</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"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 20pt">State</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">117</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 40pt">Total current provision for income taxes</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,738,249</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Deferred</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Federal</td> <td> </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;">(31,760</div></td> <td style="text-align: left">)</td> <td> </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;">59,712</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt; padding-left: 20pt">State</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 40pt">Total deferred provision for income taxes</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(31,760</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 60pt">Total provision for income taxes</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,706,489</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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"> </td> </tr> </table> </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"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">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):</div>  </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </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"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="7" style="text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="text-align: center; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="7" style="text-align: center; border-bottom: Black 1pt solid">2016</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">($)</div></td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Tax rate</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">($)</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Tax rate</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%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,887,000</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34.0</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</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"> </td> <td style="width: 1%"> </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;">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 benefit</td> <td> </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;">---</div></td> <td style="text-align: left"> </td> <td> </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;">---</div></td> <td style="text-align: left"> </td> <td> </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;">(2,000</div></td> <td style="text-align: left">)</td> <td> </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;">---</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">Domestic Production Activities tax benefit</td> <td> </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;">(160,000</div></td> <td style="text-align: left">)</td> <td> </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;">(2.9</div></td> <td style="text-align: left">)</td> <td> </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;">(104,000</div></td> <td style="text-align: left">)</td> <td> </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;">(2.8</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> </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;">1,000</div></td> <td style="text-align: left"> </td> <td> </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;">---</div></td> <td style="text-align: left"> </td> <td> </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;">1,000</div></td> <td style="text-align: left"> </td> <td> </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;">---</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">Research & development credits</td> <td> </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;">(34,000</div></td> <td style="text-align: left">)</td> <td> </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;">(0.6</div></td> <td style="text-align: left">)</td> <td> </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;">(30,000</div></td> <td style="text-align: left">)</td> <td> </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;">(0.8</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-taxable dividends</td> <td> </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;">(5,000</div></td> <td style="text-align: left">)</td> <td> </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;">(0.09</div></td> <td style="text-align: left">)</td> <td> </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;">---</div></td> <td style="text-align: left"> </td> <td> </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;">---</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">Deferred tax asset reduction for federal tax rate change</td> <td> </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;">21,000</div></td> <td style="text-align: left"> </td> <td> </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;">0.4</div></td> <td style="text-align: left"> </td> <td> </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;">---</div></td> <td style="text-align: left"> </td> <td> </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;">---</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, net</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.1</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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">Provision for income taxes</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,706,000</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30.7</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">%</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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"> </td> <td style="padding-bottom: 2.25pt"> </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;">30.2</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"> </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;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</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"></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"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt"> </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="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax assets</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 70%; text-align: left; padding-left: 20pt">Accounts receivable</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,456</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</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"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 20pt">Inventories</td> <td> </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;">9,104</div></td> <td style="text-align: left"> </td> <td> </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;">14,163</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">Accrued expenses</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">157,610</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 40pt">Total deferred tax assets</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">171,170</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Deferred tax liabilities</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </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-left: 20pt">Depreciation on property, plant and equipment</td> <td> </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;">(81,145</div></td> <td style="text-align: left">)</td> <td> </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;">(161,657</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"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(123,880</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 40pt">Total deferred tax liabilities</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(205,025</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 60pt">Net deferred tax (liability)/asset</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(33,855</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">)</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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"> </td> </tr> </table> </div></div>

1706489

1114925

21000

5000

160000

104000

1887000

1257000

1000

34000

30000

-4000

-7000

-2000

1600000

1050000

271464

-13995

311695

671532

55848

32999

62705

84710

-37829

37644

-25213

-82401

-13035

937780

882216

1340523

1255813

363739

349383

20000

39004

24214

21894

315165

306505

<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;"> </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’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"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in">•</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"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in">•</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"> </div> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.5in"></td> <td style="width: 0.25in">•</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> – 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"> </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"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-weight: bold; text-align: left"><div style="display: inline; text-decoration: underline;">December 31, 2017</div></td> <td style="padding-bottom: 1pt; text-align: center"> </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"> </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"> </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> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </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%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,003,131</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,113,099</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,968</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Equity and other mutual funds</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,128,532</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,608,469</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">479,937</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 20pt">Total marketable securities</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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;">7,131,663</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,721,568</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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;">589,905</div></td> <td style="border-bottom: Black 2.25pt double; 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"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-decoration: underline">December 31, 2016</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Available for sale:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </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-left: 10pt">Fixed income mutual funds</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,339,352</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,457,286</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">117,934</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Equity and other mutual funds</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">612,545</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">760,723</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148,178</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 20pt">Total marketable securities</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,218,009</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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"> </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;"> </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;">$4,776,044</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,966,859</div> for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively. Gains of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$33,297</div> and losses of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,011</div> were realized for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively.</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">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 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">Marketable securities include investments in fixed income and equity mutual funds, which 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 in stockholder’s equity, net of the related tax effects. Investment income is recognized when earned. Realized gains and losses on the sale of investments are determined on a specific identification basis.</div></div>

69000

12852880

14866440

1422383

1045951

33297

-1011

-6507249

-3436867

2815382

490235

3992287

2290444

3844290

2581142

3844290

<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="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-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">New Accounting Standards</div></div></div></div> <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">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>the Company adopted ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> “Revenue from Contracts with Customers”, using the modified retrospective method. This guidance supersedes nearly all existing revenue recognition guidance under US GAAP. The core principle of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The Company has drafted its accounting policy for the new standard based on a detailed review of its business and contracts. Based on the new guidance, the Company expects to continue recognizing revenue at the time it’s products are shipped, and therefore adoption of the standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on its financial statements, and is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material impact in the future.</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">The Company anticipates it will expand its financial statement disclosures in order to comply with the disclosure requirements of the ASU beginning 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;">2018.e</div></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 accordance with the Company’s implementation of 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> “Income Taxes, Balance Sheet Classification of Deferred Taxes”, deferred tax assets and liabilities have been netted and presented as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> noncurrent amount. The Company has applied this standard retroactively to all periods presented, and therefore reclassification was made to net a previously reported deferred tax liability of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$252,135</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>against a deferred tax asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$254,517</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>thereby reporting a net deferred tax asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,382</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016. </div>The implementation of this standard had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> effect on previously- reported net income.</div> <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;"> July 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> “Inventory. Simplifying the Measurement of Inventory.” This amendment requires companies to measure inventory at the lower of cost and net realizable value. The Company adopted this amendment 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;">2017</div> and the implementation did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company’s financial statements.</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"></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 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;">02,</div> “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 both assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make the 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 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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"> </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 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> “Financial Instruments – Credit Losses”. This guidance affects organizations that hold financial assets and net investments in leases that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 15, 2019. </div>The Company is evaluating the potential impact on the Company’s financial statements.</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 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> “Income Statement- Reporting Comprehensive Income (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220</div>): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This guidance gives businesses the option of reclassifying to retained earnings the so-called “stranded tax effects” left in accumulated other comprehensive income due to the reduction in the corporate income tax rate resulting from the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> Tax Cuts and Jobs Act. This amendment is effective for all organizations for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018 </div>and interim periods within those fiscal years. Early adoption is allowed. The Company has elected to adopt this amendment in the current period. As a result, a reclassification 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;">$34,595</div></div> has been made to retained earnings to reflect the effect of the reduction in the federal corporate tax rate as it relates to the unrealized gains on marketable securities that are recorded in other comprehensive income.</div></div></div></div></div></div></div>

2014

2016

1785160

1852833

5235614

3389562

<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 80pt; text-align: justify; text-indent: -80pt"><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"> </div> <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;"><div style="display: inline; text-decoration: underline;">Nature of Business</div></div></div></div> <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">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<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">®</div> and RENACIDIN<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">® </div>IRRIGATION SOLUTION (“RENACIDIN”) together accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">94%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90%</div> of sales for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>respectively. LUBRAJEL accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64%</div> of sales for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>respectively, and RENACIDIN accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26%</div> of sales for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>respectively.</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"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Use of Estimates</div></div></div></div> <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 preparing financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenue and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, possible impairment of marketable securities and the allocation of overhead to inventory.</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"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Accounts Receivable and Reserves</div></div></div></div> <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">The carrying amount of accounts receivable is reduced by a valuation allowance that reflects our best estimate of the amounts that will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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.</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"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Revenue Recognition</div></div></div></div> <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">The Company recognizes revenue from sales of its personal care, medical, and industrial products when those products are shipped, as long as a valid purchase order has been received and future collection of the sale amount is reasonably assured. These products are shipped “Ex Works” from the Company’s facility in Hauppauge, NY, and it is at this time that risk of loss and responsibility for the shipment passes to the customer. Sales of these products are deemed final, and there is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> obligation on the part of the Company to repurchase or allow the return of those goods unless they are defective.</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">The Company’s pharmaceutical products are shipped by common carrier upon receipt of a valid purchase order with, in most cases, the Company paying the shipping costs. The Company assumes responsibility for the shipment arriving at its intended destination. Sales of pharmaceutical products are final and revenue is recognized at the time of shipment. However, any product determined by the customer to be out of specification or expired can be returned to the Company for refund or replacement.</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">The Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> make sales on consignment, and the collection of the proceeds of the sale of any of the Company’s products is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018, </div>the Company adopted ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606,</div> “Revenue from Contracts with Customers”, using the modified retrospective method. This guidance supersedes nearly all existing revenue recognition guidance under US GAAP. The core principle of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The Company has drafted its accounting policy for the new standard based on a detailed review of its business and contracts. Based on the new guidance, the Company expects to continue recognizing revenue at the time it’s products are shipped, and therefore adoption of the standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on its financial statements and is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material impact in the future.</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">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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"> </div> <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;"><div style="display: inline; text-decoration: underline;">Cash and Cash Equivalents</div></div></div></div> <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">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 (“FDIC”) 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 31, 2017, </div>approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$517,000</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"> </div> <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;"><div style="display: inline; text-decoration: underline;">Dividends</div></div></div></div> <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">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 17, 2017, </div>the Company’s Board of Directors declared a semi-annual cash dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.42</div> per share, which was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 12, 2017 </div>to all stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 30, 2017. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 29, 2017, </div>the Company’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 and an additional special dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.50</div> per share, for a total dividend of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.00</div> per share, which was paid on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 18, 2017, </div>to all stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 11, 2017. </div>In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> the Company declared a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,523,933</div> in dividends, of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,507,249</div> was paid. The balance of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$16,684</div> is payable to stockholders who could <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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"> </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 18, 2016, </div>the Company’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 15, 2016 </div>to all stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 1, 2016. </div>On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 30, 2016, </div>the Company’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 19, 2016 </div>to all stockholders of record as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 12, 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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"></div> <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;"><div style="display: inline; text-decoration: underline;">Reclassification</div></div></div></div> <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">Certain items in the prior financial statements have been reclassified to conform to the current period presentation.</div> <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-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Marketable Securities </div></div></div></div> <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">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 <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"> </div> <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;"><div style="display: inline; text-decoration: underline;">Inventories</div></div></div></div> <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">Inventories are valued at the lower of cost and net realizable value. Cost is determined using the average cost method, which approximates cost determined by the <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”) 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"> </div> <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;"><div style="display: inline; text-decoration: underline;">Property, Plant and Equipment</div></div></div></div> <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">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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"> </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: </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div> <table cellspacing="0" cellpadding="0" style="; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td nowrap="nowrap" style="width: 40%">Factory equipment and fixtures (in years)</td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5 </div></td> <td style="width: 12%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">- </div></td> <td style="width: 5%"><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: 28%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td>Building (in years)</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: 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;"> </div></td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td>Building improvements</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td nowrap="nowrap" 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  </div></div></td> <td><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> </div></td> <td style="background-color: White"> </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;"> </div></div> <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;"><div style="display: inline; text-decoration: underline;">Impairment of Long-Lived Assets</div></div></div></div> <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">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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></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;">No</div> </div>impairments were necessary at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <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"></div> <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;"><div style="display: inline; text-decoration: underline;">Other Assets (net) </div></div></div></div> <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">Other assets at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> primarily represents an amount expended in connection with the development of the new single-dose 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 31, 2017 </div>and <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;">$29,648</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$14,824,</div> respectively.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Future amortization expense is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td nowrap="nowrap" style="text-align: center; border-bottom: Black 1pt solid">For the <br />Years Ending <br />December 31,</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">Amortization <br />Expense</td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 10%; background-color: White"> </td> <td style="width: 15%; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">2018</td> <td style="width: 1%; padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="width: 1%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; border-right: Black 1pt solid">$</td> <td style="width: 15%; border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,824</div></td> <td style="width: 1%; border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"> </td> <td style="width: 57%; background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">2019</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,824</div></td> <td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="background-color: White"> </td> <td style="text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">2020</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; border-right: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,823</div></td> <td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="background-color: White"> </td> <td style="font-weight: bold; text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">Total:</td> <td style="padding-bottom: 1pt; border-bottom: Black 1pt solid"> </td> <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; border-right: Black 1pt solid">$</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44,471</div></td> <td style="border-bottom: Black 1pt solid; text-align: left; border-right: Black 1pt solid"> </td> <td style="background-color: White"> </td> </tr> </table> </div> <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-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Fair Value of Financial Instruments</div></div></div></div> <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">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"> </div> <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;"><div style="display: inline; text-decoration: underline;">Concentration of Credit Risk</div></div></div></div> <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">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.</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">For the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> of the Company’s distributors and marketing partners accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">55%</div> of the Company’s sales during the year, and approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">58%</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 31, 2016, </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;">46%</div> of the Company’s 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.</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"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Vendor Concentration</div></div></div></div> <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">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> readily available or require long lead times. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></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;">six</div> </div>major raw material vendors that collectively accounted for approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">85%</div> of the raw material purchases by the Company in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively.</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"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Income Taxes</div></div></div></div> <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">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that some portion or all the deferred tax assets will <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be realized.</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">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 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></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;">not</div> </div>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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></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;">not</div> </div>record any tax-related 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"></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;">2014</div> </div>through <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;">2016</div>.</div></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"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Research and Development </div></div></div></div> <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">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-align: justify"> </div> <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;"><div style="display: inline; text-decoration: underline;">Shipping and Handling Expenses</div></div></div></div> <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">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;">$77,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$84,000</div> for the years ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> respectively.</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"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Advertising Expenses</div></div></div></div> <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">Advertising expenses are expensed as incurred. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> the Company incurred approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$4,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$25,000,</div> respectively, in advertising expense.</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"><div style="display: inline; font-size: 12pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Earnings Per Share Information</div></div></div></div> <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">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"> </div> <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;"><div style="display: inline; text-decoration: underline;">New Accounting Standards</div></div></div></div> <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">Effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2018 </div>the Company adopted ASC Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div> “Revenue from Contracts with Customers”, using the modified retrospective method. This guidance supersedes nearly all existing revenue recognition guidance under US GAAP. The core principle of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The Company has drafted its accounting policy for the new standard based on a detailed review of its business and contracts. Based on the new guidance, the Company expects to continue recognizing revenue at the time it’s products are shipped, and therefore adoption of the standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on its financial statements, and is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expected to have a material impact in the future.</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">The Company anticipates it will expand its financial statement disclosures in order to comply with the disclosure requirements of the ASU beginning 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;">2018.e</div></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 accordance with the Company’s implementation of 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> “Income Taxes, Balance Sheet Classification of Deferred Taxes”, deferred tax assets and liabilities have been netted and presented as <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> noncurrent amount. The Company has applied this standard retroactively to all periods presented, and therefore reclassification was made to net a previously reported deferred tax liability of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$252,135</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016 </div>against a deferred tax asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$254,517</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016, </div>thereby reporting a net deferred tax asset of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,382</div> at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2016. </div>The implementation of this standard had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> effect on previously- reported net income.</div> <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;"> July 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> “Inventory. Simplifying the Measurement of Inventory.” This amendment requires companies to measure inventory at the lower of cost and net realizable value. The Company adopted this amendment 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;">2017</div> and the implementation did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the Company’s financial statements.</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"></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 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;">02,</div> “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 both assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make the 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 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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"> </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 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> “Financial Instruments – Credit Losses”. This guidance affects organizations that hold financial assets and net investments in leases that are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 15, 2019. </div>The Company is evaluating the potential impact on the Company’s financial statements.</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 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> “Income Statement- Reporting Comprehensive Income (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">220</div>): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This guidance gives businesses the option of reclassifying to retained earnings the so-called “stranded tax effects” left in accumulated other comprehensive income due to the reduction in the corporate income tax rate resulting from the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017</div> Tax Cuts and Jobs Act. This amendment is effective for all organizations for fiscal years beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018 </div>and interim periods within those fiscal years. Early adoption is allowed. The Company has elected to adopt this amendment in the current period. As a result, a reclassification 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;">$34,595</div></div> has been made to retained earnings to reflect the effect of the reduction in the federal corporate tax rate as it relates to the unrealized gains on marketable securities that are recorded in other comprehensive income.</div></div>

28015

18530

59471

59295

222499

104284

33297

-1011

323793

156474

255796

103273

255796

53201

67997

53201

6507249

3436867

6507249

3436867

1922513

2309935

38149

166689

157964

135320

331

82732

4776044

2966859

Lesser of useful life or 20 years

7226380

7188231

942887

1090591

P5Y

P7Y

P40Y

4277

8289

18000

21500

646079

651828

10471185

13185423

466255

367595

466255

367595

13434460

11144462

6868227

4916630

2424439

2624672

3987076

3443215

154718

159945

10900284

8699491

2534176

2444971

5350392

3457682

1750167

1628905

6333901

6057875

12968205

10776867

<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; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="font-weight: bold; text-align: left"><div style="display: inline; text-decoration: underline;">December 31, 2017</div></td> <td style="padding-bottom: 1pt; text-align: center"> </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"> </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"> </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> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </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%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,003,131</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,113,099</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">109,968</div></td> <td style="width: 1%; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Equity and other mutual funds</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,128,532</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,608,469</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">479,937</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 20pt">Total marketable securities</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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;">7,131,663</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,721,568</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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;">589,905</div></td> <td style="border-bottom: Black 2.25pt double; 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"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-decoration: underline">December 31, 2016</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Available for sale:</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </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-left: 10pt">Fixed income mutual funds</td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,339,352</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,457,286</div></td> <td style="text-align: left"> </td> <td> </td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">117,934</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Equity and other mutual funds</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">612,545</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">760,723</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">148,178</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt; padding-left: 20pt">Total marketable securities</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,218,009</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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"> </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; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center; padding-bottom: 1pt"> </td> <td style="text-align: center; padding-bottom: 1pt"> </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"> </td> <td style="text-align: center; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="7" style="text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="text-align: center; padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="7" style="text-align: center; border-bottom: Black 1pt solid">2016</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="text-align: center"> </td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">($)</div></td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Tax rate</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">($)</td> <td style="padding-bottom: 1pt; text-align: center"> </td> <td nowrap="nowrap" colspan="3" style="border-bottom: Black 1pt solid; text-align: center">Tax rate</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%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,887,000</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">34.0</div></td> <td style="width: 1%; text-align: left">%</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</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"> </td> <td style="width: 1%"> </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;">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 benefit</td> <td> </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;">---</div></td> <td style="text-align: left"> </td> <td> </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;">---</div></td> <td style="text-align: left"> </td> <td> </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;">(2,000</div></td> <td style="text-align: left">)</td> <td> </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;">---</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">Domestic Production Activities tax benefit</td> <td> </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;">(160,000</div></td> <td style="text-align: left">)</td> <td> </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;">(2.9</div></td> <td style="text-align: left">)</td> <td> </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;">(104,000</div></td> <td style="text-align: left">)</td> <td> </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;">(2.8</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> </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;">1,000</div></td> <td style="text-align: left"> </td> <td> </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;">---</div></td> <td style="text-align: left"> </td> <td> </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;">1,000</div></td> <td style="text-align: left"> </td> <td> </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;">---</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">Research & development credits</td> <td> </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;">(34,000</div></td> <td style="text-align: left">)</td> <td> </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;">(0.6</div></td> <td style="text-align: left">)</td> <td> </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;">(30,000</div></td> <td style="text-align: left">)</td> <td> </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;">(0.8</div></td> <td style="text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Non-taxable dividends</td> <td> </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;">(5,000</div></td> <td style="text-align: left">)</td> <td> </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;">(0.09</div></td> <td style="text-align: left">)</td> <td> </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;">---</div></td> <td style="text-align: left"> </td> <td> </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;">---</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">Deferred tax asset reduction for federal tax rate change</td> <td> </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;">21,000</div></td> <td style="text-align: left"> </td> <td> </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;">0.4</div></td> <td style="text-align: left"> </td> <td> </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;">---</div></td> <td style="text-align: left"> </td> <td> </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;">---</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, net</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,000</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(0.1</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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">Provision for income taxes</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,706,000</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30.7</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left">%</td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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"> </td> <td style="padding-bottom: 2.25pt"> </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;">30.2</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"><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"> </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’s R&D department <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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.</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">The Company operates in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> business segment. The Company’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 provide the marketing functions for these products on behalf of the Company. They in turn receive their compensation for those efforts by re-selling those products at a markup to their customers. This enables the Company to aggressively have its products marketed without the high cost of maintaining its own in-house marketing staff. The Company has written marketing arrangements with only <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> of its global distributors, ASI, and that contract renews every <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> years unless cancelled for any reason by either party at least <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div> days prior to the expiration of the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div>-year marketing period in effect at that time. The current marketing period with ASI ends on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019. </div>The Company’s other marketing partners are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> under any contractual obligation to market the Company’s personal care products, and the Company has the ability to cancel those marketing arrangements at any time upon reasonable notice. All sales of the Company’s personal care products are final other than product later determined to be defective, and the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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"></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-style: italic; font-weight: inherit; font-style: normal;">No</div> 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><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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"> </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"> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The medical products are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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"> </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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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"> </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’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.</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 addition, there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div> of the Company’s domestic sales of medical products in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">70%</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</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"></div><div style=" font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <div style="display: inline; font-weight: bold;">(a)</div> <div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Net Sales</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </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="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td> </td> <td nowrap="nowrap" colspan="3" style="text-align: right"> </td> <td> </td> <td nowrap="nowrap" colspan="3" style="text-align: right"> </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%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,868,227</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</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"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Medical</td> <td> </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;">2,424,439</div></td> <td style="text-align: left"> </td> <td> </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;">2,624,672</div></td> <td style="text-align: left"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Pharmaceutical</td> <td> </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;">3,987,076</div></td> <td style="text-align: left"> </td> <td> </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;">3,443,215</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">Industrial and other</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">154,718</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td> <td> </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;">13,434,460</div></td> <td style="text-align: left"> </td> <td> </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;">11,144,462</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">Less: Discounts and allowances</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(466,255</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </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> </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"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,968,205</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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"> </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;"> </div></div> <div style=" font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <div style="display: inline; font-weight: bold;">(b)</div> <div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Geographic Information (Gross Sales)</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"> </div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td nowrap="nowrap" style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt"> </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"> </td> <td style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2017</td> <td style="padding-bottom: 1pt"> </td> <td nowrap="nowrap" colspan="3" style="text-align: center; border-bottom: Black 1pt solid">2016</td> </tr> <tr style="vertical-align: bottom"> <td nowrap="nowrap"> </td> <td> </td> <td nowrap="nowrap" colspan="3" style="text-align: right"> </td> <td> </td> <td nowrap="nowrap" colspan="3" style="text-align: right"> </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%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,900,284</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,699,491</div></td> <td style="width: 1%; text-align: left"> </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"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,534,176</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,444,971</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="padding-bottom: 2.25pt"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,434,460</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; 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font-weight: inherit; font-style: normal;">5,350,392</div></td> <td style="width: 1%; text-align: left"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</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"> </td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Customer B</td> <td> </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;">1,750,167</div></td> <td style="text-align: left"> </td> <td> </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;">1,628,905</div></td> <td style="text-align: left"> </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"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,333,901</div></td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,057,875</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: justify; padding-bottom: 2.25pt"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,434,460</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> <td style="padding-bottom: 2.25pt"> </td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</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;">11,144,462</div></td> <td style="border-bottom: Black 2.25pt double; text-align: left"> </td> </tr> </table> </div></div>

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Geographical [Axis] us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments Income before provision for income taxes Deferred income taxes (net) Deferred Tax Liabilities, Net, Noncurrent Other, net, percent Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] us-gaap_LiabilitiesAndStockholdersEquity TOTAL LIABILITIES AND STOCKHOLDERS EQUITY Provision for income taxes Total provision for income taxes Provision for income taxes Provision for income taxes, percent us-gaap_EffectiveIncomeTaxRateContinuingOperations us-gaap_DividendsPayableCurrentAndNoncurrent Dividends Payable Retained earnings Deferred tax asset reduction for federal tax rate change, percent us-gaap_SalesDiscountsReturnsAndAllowancesGoods Less: Discounts and allowances Accumulated other comprehensive income Beginning balance - net of tax Ending balance - net of tax Dividend Declared [Member] Dividends [Domain] us-gaap_SalesReturnsAndAllowancesGoods Sales allowances and returns Dividend Paid [Member] us-gaap_PolicyTextBlockAbstract Accounting Policies Gross Sales us-gaap_IncreaseDecreaseInInventories Inventories Dividends [Axis] Deferred income taxes (net) us-gaap_DeferredTaxAssetsNetNoncurrent Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block] Fixed Income Securities [Member] Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] us-gaap_DeferredTaxAssetsGrossCurrent Total deferred tax assets us-gaap_DeferredTaxAssetsNetCurrent Deferred Tax Assets, Net of Valuation Allowance, Current Sales us-gaap_DeferredIncomeTaxLiabilities Total deferred tax liabilities Major Types of Debt and Equity Securities [Domain] Statement [Table] Net deferred tax asset Major Types of Debt and Equity Securities [Axis] Special Dividend [Member] Special dividend member. us-gaap_MarketableSecuritiesRealizedGainLoss Marketable Securities, Realized Gain (Loss) Realized (gain) loss on sales of marketable securities Cash flows from financing activities: Income Statement [Abstract] Schedule of Segment Reporting Information, by Segment [Table Text Block] Other Assets [Policy Text Block] Other assets policy text block. us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsDividends Non-taxable dividends, percent Vendor Concentration [Policy Text Block] Vendor concentration policy text block. us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities Domestic Production Activities tax benefit, percent ug_PercentageOfNetIncomeFromDomesticProductionActivities Percentage Of Net Income From Domestic Production Activities Percentage of net income from domestic production activities. us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpense Nondeductible expenses, percent us-gaap_NumberOfOperatingSegments Number of Operating Segments Class of Stock [Axis] us-gaap_DeferredTaxAssetsInventory Inventories us-gaap_EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment Research & development credits, percent Accounting and Tax Services [Member] Represents accounting and tax services. us-gaap_DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities Accrued expenses Finite-Lived Intangible Assets, Major Class Name [Domain] Segment Reporting Disclosure [Text Block] Property, plant, and equipment: Fair Value of Financial Instruments, Policy [Policy Text Block] ug_ConvertibleCommonStockSharesIssuableUponConversion Convertible Common Stock, Shares Issuable upon Conversion Number of shares issuable upon the conversion of convertible common stock. us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes State income taxes, net of Federal benefit, percent Finite-Lived Intangible Assets by Major Class [Axis] EX-101.PRE 10 ug-20171231_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2017	Mar. 01, 2018	Jun. 30, 2017
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			$ 49,130,907
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY
Amendment Flag	false

XML 12 R2.htm IDEA: XBRL DOCUMENT

Statements of Income - USD ($)	12 Months Ended
Statements of Income - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Sales
Gross Sales	$ 13,434,460	$ 11,144,462
Sales allowances and returns	(466,255)	(367,595)
Net sales	12,968,205	10,776,867
Costs and expenses:
Cost of sales	5,301,352	4,882,644
Operating expenses	1,785,160	1,852,833
Research and development	646,079	651,828
Total costs and expenses	7,732,591	7,387,305
Income from operations	5,235,614	3,389,562
Investment income	315,165	306,505
Income before provision for income taxes	5,550,779	3,696,067
Provision for income taxes	1,706,489	1,114,925
Net income	$ 3,844,290	$ 2,581,142
Earnings per common share (basic and diluted) (in dollars per share)	$ 0.84	$ 0.56
Weighted average shares (basic and diluted) (in shares)	4,594,319	4,594,319

XML 13 R3.htm IDEA: XBRL DOCUMENT

Statements of Comprehensive Income - USD ($)	12 Months Ended
Statements of Comprehensive Income - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Net income	$ 3,844,290	$ 2,581,142
Other comprehensive income:
Unrealized gain on marketable securities	323,793	156,474
Income tax expense related to other comprehensive income	(67,997)	(53,201)
Total other comprehensive income, net of tax	255,796	103,273
Total comprehensive income	$ 4,100,086	$ 2,684,415

XML 14 R4.htm IDEA: XBRL DOCUMENT

Balance Sheets - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 724,721	$ 424,301
Marketable securities	7,721,568	10,218,009
Accounts receivable, net of allowance for doubtful accounts of $21,220 in 2017 and $16,943 in 2016	1,905,415	1,597,997
Inventories (net)	1,340,523	1,255,813
Prepaid expenses and other current assets	157,964	135,320
Prepaid income taxes	331	82,732
Total current assets	11,850,522	13,714,172
Property, plant, and equipment:
Land	69,000	69,000
Factory equipment and fixtures	4,363,978	4,342,629
Building and improvements	2,793,402	2,776,602
Total property, plant and equipment	7,226,380	7,188,231
Less accumulated depreciation	6,283,493	6,097,640
Total property, plant, and equipment (net)	942,887	1,090,591
Deferred income taxes (net)		2,382
Other assets (net)	59,471	59,295
TOTAL ASSETS	12,852,880	14,866,440
Current liabilities:
Accounts payable	354,285	82,821
Accrued expenses	881,327	848,328
Income taxes payable	55,848
Dividends payable	130,923	114,802
Total current liabilities	1,422,383	1,045,951
Deferred income taxes (net)	33,855
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, 2017 and 2016, respectively	459,432	459,432
Accumulated other comprehensive income	466,025	175,634
Retained earnings	10,471,185	13,185,423
Total stockholders’ equity	11,396,642	13,820,489
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$ 12,852,880	$ 14,866,440

XML 15 R5.htm IDEA: XBRL DOCUMENT

Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Accounts receivable, allowance for doubtful accounts	$ 21,220	$ 16,943
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares issued (in shares)	4,594,319	4,594,319
Common stock, shares outstanding (in shares)	4,594,319	4,594,319

XML 16 R6.htm IDEA: XBRL DOCUMENT

Statement of Stockholders' Equity - USD ($)	Dividend Declared [Member] Retained Earnings [Member]	Dividend Declared [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, 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
Change in unrealized gains on marketable securities, net						255,796		255,796
Net income							3,844,290	3,844,290
Dividends	$ (16,684)	$ (16,684)	$ (6,507,249)	$ (6,507,249)				(6,523,933)
Reclassification of tax effect from accumulated other comprehensive income due to federal tax rate change						34,595	(34,595)
Balance (in shares) at Dec. 31, 2017					4,594,319
Balance at Dec. 31, 2017					$ 459,432	$ 466,025	$ 10,471,185	$ 11,396,642

XML 17 R7.htm IDEA: XBRL DOCUMENT

Statement of Stockholders' Equity (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
AOCI Attributable to Parent [Member]
Change in unrealized gains on marketable securities, deferred income tax benefit	$ 67,997	$ 53,201
Change in unrealized gains on marketable securities, deferred income tax benefit	$ 67,997	$ 53,201

XML 18 R8.htm IDEA: XBRL DOCUMENT

Statements of Cash Flows - USD ($)	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 3,844,290	$ 2,581,142
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	200,677	187,035
Realized (gain) loss on sales of marketable securities	(33,297)	1,011
Bad debt expense	4,277	8,289
Deferred income taxes	(31,760)	59,712
(Decrease) increase in cash resulting from changes in operating assets and liabilities:
Accounts receivable	(311,695)	(671,532)
Inventories	(84,710)	37,829
Prepaid expenses and other current and non-current assets	(37,644)	25,213
Prepaid income taxes	82,401	13,035
Accounts payable	271,464	(13,995)
Income taxes payable	55,848
Accrued expenses	32,999	62,705
Dividends payable	(563)
Net cash provided by operating activities	3,992,287	2,290,444
Cash flows from investing activities:
Acquisitions of property, plant and equipment	(38,149)	(166,689)
Purchases of marketable securities	(1,922,513)	(2,309,935)
Proceeds from sales of marketable securities	4,776,044	2,966,859
Net cash provided by investing activities	2,815,382	490,235
Cash flows from financing activities:
Dividends paid	(6,507,249)	(3,436,867)
Net cash used in financing activities	(6,507,249)	(3,436,867)
Net increase(decrease) in cash and cash equivalents	300,420	(656,188)
Cash and cash equivalents, beginning of year	424,301	1,080,489
Cash and cash equivalents, end of year	$ 724,721	$ 424,301

XML 19 R9.htm IDEA: XBRL DOCUMENT

Note A - Nature of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

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

and RENACIDIN

IRRIGATION SOLUTION (“RENACIDIN”) together accounted for approximately

94%

and

90%

of sales for the years ended

December 31, 2017

and

December 31, 2016,

respectively. LUBRAJEL accounted for approximately

69%

and

64%

of sales for the years ended

December 31, 2017

and

December 31, 2016,

respectively, and RENACIDIN accounted for approximately

25%

and

26%

of sales for the years ended

December 31, 2017

and

December 31, 2016,

respectively.

Use of Estimates

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

obligation on the part of the Company to repurchase or allow the return of those goods unless they are defective.

The Company does

not

make sales on consignment, and the collection of the proceeds of the sale of any of the Company’s products is

not

contingent upon the customer being able to sell the goods to a

third

party.

Effective

January 1, 2018,

the Company adopted ASC Topic

606,

“Revenue from Contracts with Customers”, using the modified retrospective method. This guidance supersedes nearly all existing revenue recognition guidance under US GAAP. The core principle of the guidance is that an entity should recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods and services. The Company has drafted its accounting policy for the new standard based on a detailed review of its business and contracts. Based on the new guidance, the Company expects to continue recognizing revenue at the time it’s products are shipped, and therefore adoption of the standard did

not

have a material impact on its financial statements and is

not

expected to have a material impact in the future.

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.

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.

December 31, 2017,

approximately

$517,000

exceeded the FDIC limit.

Dividends

May 17, 2017,

the Company’s Board of Directors declared a semi-annual cash dividend of

$0.42

per share, which was paid on

June 12, 2017

to all stockholders of record as of

May 30, 2017.

November 29, 2017,

the Company’s Board of Directors declared a semi-annual cash dividend of

$0.50

per share and an additional special dividend of

$0.50

per share, for a total dividend of

$1.00

per share, which was paid on

December 18, 2017,

to all stockholders of record as of

December 11, 2017.

2017

the Company declared a total of

$6,523,933

in dividends, of which

$6,507,249

was paid. The balance of

$16,684

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.

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.

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.

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.

Reclassification

Certain items in the prior financial statements have been reclassified to conform to the current period presentation.

Marketable Securities

may

be sufficient for anticipated recovery in market value.

Inventories

Inventories are valued at the lower of cost and net realizable value. Cost is determined using the average cost method, which approximates cost determined by the

first

-in,

first

-out (“FIFO”) method. Inventory costs include material, labor and factory overhead.

Property, Plant and Equipment

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.

impairments were necessary at

December 31, 2017

and

2016.

Other Assets (net)

Other assets at

December 31, 2017

and

2016

primarily represents an amount expended in connection with the development of the new single-dose form of RENACIDIN. The Company began amortizing these costs in the

first

quarter of

2016.

December 31, 2017

and

2016

accumulated amortization for such assets amounted to

$29,648

and

$14,824,

respectively.

Future amortization expense is as follows:

For the Years Ending December 31,	Amortization Expense
2018	$	14,824
2019		14,824
2020		14,823
Total:	$	44,471

Fair Value of Financial Instruments

Concentration of Credit Risk

For the year ended

December 31, 2017,

two

of the Company’s distributors and marketing partners accounted for approximately

55%

of the Company’s sales during the year, and approximately

58%

of its outstanding accounts receivable at year end. For the year ended

December 31, 2016,

the same

two

distributors and marketing partners accounted for a total of approximately

46%

of the Company’s sales during the year, and

36%

of its outstanding accounts receivable at year end.

Vendor Concentration

not

readily available or require long lead times. The Company has

six

major raw material vendors that collectively accounted for approximately

88%

and

85%

of the raw material purchases by the Company in

2017

and

2016,

respectively.

Income Taxes

not

that some portion or all the deferred tax assets will

not

be realized.

December 31, 2017

and

2016,

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, 2017

and

2016

the Company did

not

record any tax-related 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

2014

through

2016

Research and Development

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

$77,000

and

$84,000

for the years ended

December 31, 2017

and

2016,

respectively.

Advertising Expenses

Advertising expenses are expensed as incurred. During

2017

and

2016

the Company incurred approximately

$4,000

and

$25,000,

respectively, in advertising expense.

Earnings Per Share Information

New Accounting Standards

Effective

January 1, 2018

the Company adopted ASC Topic

606

not

have a material impact on its financial statements, and is

not

expected to have a material impact in the future.

The Company anticipates it will expand its financial statement disclosures in order to comply with the disclosure requirements of the ASU beginning in the

first

quarter of

2018.e

In accordance with the Company’s implementation of ASU

2015

“Income Taxes, Balance Sheet Classification of Deferred Taxes”, deferred tax assets and liabilities have been netted and presented as

one

noncurrent amount. The Company has applied this standard retroactively to all periods presented, and therefore reclassification was made to net a previously reported deferred tax liability of

$252,135

December 31, 2016

against a deferred tax asset of

$254,517

December 31, 2016,

thereby reporting a net deferred tax asset of

$2,382

December 31, 2016.

The implementation of this standard had

effect on previously- reported net income.

July 2015,

the FASB issued ASU

2015

11,

“Inventory. Simplifying the Measurement of Inventory.” This amendment requires companies to measure inventory at the lower of cost and net realizable value. The Company adopted this amendment in the

first

quarter of

2017

and the implementation did

not

have a material impact on the Company’s financial statements.

February 2016,

the 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 both assets and liabilities on their balance sheet for the rights to use those assets for the lease term and obligations to make the lease payments created by those leases that have terms of greater than

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.

June 2016,

the FASB issued ASU-

2016

“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.

February 2018,

the FASB issued ASU

2018

02,

“Income Statement- Reporting Comprehensive Income (Topic

220

): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.” This guidance gives businesses the option of reclassifying to retained earnings the so-called “stranded tax effects” left in accumulated other comprehensive income due to the reduction in the corporate income tax rate resulting from the

2017

Tax Cuts and Jobs Act. This amendment is effective for all organizations for fiscal years beginning after

December 15, 2018

and interim periods within those fiscal years. Early adoption is allowed. The Company has elected to adopt this amendment in the current period. As a result, a reclassification of

$34,595

has been made to retained earnings to reflect the effect of the reduction in the federal corporate tax rate as it relates to the unrealized gains on marketable securities that are recorded in other comprehensive income.

XML 20 R10.htm IDEA: XBRL DOCUMENT

Note B - Marketable Securities

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE B - MARKETABLE SECURITIES

three

-tier value hierarchy, as prescribed by GAAP, which prioritizes the inputs used in measuring fair value as follows:

•

Level

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

•

Level

- 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

– 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

inputs using quoted prices (unadjusted) for identical assets in active markets:

December 31, 2017	Cost		Fair Value		Unrealized Gain/(Loss)
Available for sale:
Fixed income mutual funds	$	6,003,131	$	6,113,099	$	109,968
Equity and other mutual funds		1,128,532		1,608,469		479,937
Total marketable securities	$	7,131,663	$	7,721,568	$	589,905

December 31, 2016

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 marketable securities	$	9,951,897	$	10,218,009	$	266,112

Proceeds from the sale and redemption of marketable securities amounted to

$4,776,044

and

$2,966,859

for the years ended

December 31, 2017

and

2016,

respectively. Gains of

$33,297

and losses of

$1,011

were realized for the years ended

December 31, 2017

and

2016,

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

Note C - Inventories

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Inventory Disclosure [Text Block]

NOTE C – INVENTORIES

Inventories consist of the following:

	December 31,
	2017		2016
Raw materials	$	363,739	$	349,383
Work in process		39,004		24,214
Finished products		937,780		882,216
Total Inventories	$	1,340,523	$	1,255,813

Finished product inventories at

December 31, 2017

and

2016

are stated net of a reserve of

$20,000

for slow moving and obsolete inventory.

XML 22 R12.htm IDEA: XBRL DOCUMENT

Note D - Income Taxes

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE D – INCOME TAXES

The (benefit from) provision for income taxes consists of the following:

	Years ended December 31,
Current	2017			2016
Federal	$	1,738,132		$	1,058,714
State		117			(3,501	)
Total current provision for income taxes		1,738,249			1,055,213
Deferred
Federal		(31,760	)		59,712
State		---			---
Total deferred provision for income taxes		(31,760	)		59,712
Total provision for income taxes	$	1,706,489		$	1,114,925

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,
	2017						2016
	($)			Tax rate			($)			Tax rate
Income taxes at statutory federal income tax rate of 34%	$	1,887,000			34.0	%	$	1,257,000			34.0	%
State income taxes, net of Federal benefit		---			---			(2,000	)		---
Domestic Production Activities tax benefit		(160,000	)		(2.9	)		(104,000	)		(2.8	)
Nondeductible expenses		1,000			---			1,000			---
Research & development credits		(34,000	)		(0.6	)		(30,000	)		(0.8	)
Non-taxable dividends		(5,000	)		(0.09	)		---			---
Deferred tax asset reduction for federal tax rate change		21,000			0.4			---			---
Other, net		(4,000	)		(0.1	)		(7,000	)		(0.2	)
Provision for income taxes	$	1,706,000			30.7	%	$	1,115,000			30.2	%

During

2017

and

2016,

the Company realized the tax benefits of the Domestic Production Activities deduction, which amounted to approximately

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,
	2017			2016
Deferred tax assets
Accounts receivable	$	4,456		$	5,760
Inventories		9,104			14,163
Accrued expenses		157,610			234,594
Total deferred tax assets		171,170			254,517
Deferred tax liabilities
Depreciation on property, plant and equipment		(81,145	)		(161,657	)
Unrealized gain on marketable securities		(123,880	)		(90,478	)
Total deferred tax liabilities		(205,025	)		(252,135	)
Net deferred tax (liability)/asset	$	(33,855	)	$	2,382

XML 23 R13.htm IDEA: XBRL DOCUMENT

Note E - Benefit Plans	12 Months Ended
Note E - Benefit Plans	Dec. 31, 2017
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 $94,000 and $87,000 for the years ended December 31, 2017 and 2016, 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. For the years ended December 31, 2017 and 2016 the Company’s Board of Directors authorized discretionary contributions in the amount of $175,000 per year, to be allocated among all eligible employees. 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

Note F - Geographical and Other Information

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

NOTE F - GEOGRAPHIC and OTHER INFORMATION

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 provide the marketing functions for these products on behalf of the Company. They in turn receive their compensation for those efforts by re-selling those products at a markup to their customers. This enables the Company to aggressively have its products marketed without the high cost of maintaining its own in-house marketing staff. The Company has written marketing arrangements with only

one

of its global distributors, ASI, and that contract renews every

two

years unless cancelled for any reason by either party at least

days prior to the expiration of the

two

-year marketing period in effect at that time. The current marketing period with ASI ends on

December 31, 2019.

The Company’s other marketing partners are

not

under any contractual obligation to market the Company’s personal care products, and the Company has the ability to cancel those marketing arrangements at any time upon reasonable notice. All sales of the Company’s personal care products are final other than product later determined to be defective, and the Company does

not

make any sales on consignment.

prior regulatory approval is needed by the Company to sell any products other than its pharmaceutical products. The end users of its products

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.

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

80%

of the Company’s domestic sales of medical products in

2017,

and

70%

2016,

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,
	2017			2016

Personal Care	$	6,868,227		$	4,916,630
Medical		2,424,439			2,624,672
Pharmaceutical		3,987,076			3,443,215
Industrial and other		154,718			159,945
		13,434,460			11,144,462
Less: Discounts and allowances		(466,255	)		(367,595	)
Net Sales	$	12,968,205		$	10,776,867

(b)

Geographic Information (Gross Sales)

	Years ended December 31,
	2017		2016

United States	$	10,900,284	$	8,699,491
Other countries		2,534,176		2,444,971
	$	13,434,460	$	11,144,462

(c)

Sales to Major Customers

	Years ended December 31,
	2017		2016

Customer A	$	5,350,392	$	3,457,682
Customer B		1,750,167		1,628,905
All other customers		6,333,901		6,057,875
	$	13,434,460	$	11,144,462

XML 25 R15.htm IDEA: XBRL DOCUMENT

Note G - Comprehensive Income

12 Months Ended

Dec. 31, 2017

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, 2017		December 31, 2016
Beginning balance - net of tax	$	175,634	$	72,361
Unrealized gain on marketable securities – net of tax		222,499		104,284
Reclassification of tax effect on unrealized gain on marketable securities due to federal tax rate change		34,595		---
Realized gain (loss) on sale of marketable securities		33,297		(1,011	)
Ending balance - net of tax	$	466,025	$	175,634

XML 26 R16.htm IDEA: XBRL DOCUMENT

Note H - Accrued Expenses

12 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Other Liabilities Disclosure [Text Block]

NOTE H - ACCRUED EXPENSES

Accrued expenses at

December 31, 2017

and

2016

consist of:

	2017		2016

Bonuses	$	200,000	$	200,000
Distribution fees		254,863		225,879
Payroll and related expenses		152,903		151,653
Annual report expenses		62,510		63,447
Audit fee		43,268		54,868
Reserve for outdated material		127,768		101,177
Sales rebates		12,000		23,393
Insurance		---		9,381
Other		28,015		18,530
Total accrued expenses	$	881,327	$	848,328

XML 27 R17.htm IDEA: XBRL DOCUMENT

Note I - Supplemental Disclosures of Cash Flow Information and Non-cash Investing and Financing Activities	12 Months Ended
	Dec. 31, 2017
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	NOTE I – SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION AND NON-CASH INVESTING AND FINANCING ACTIVITIES Cash payments for income taxes were $1,600,000 and $1,050,000 for the years ended December 31, 2017 and 2016, 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 11,732 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 $16,684 and $8,873, during 2017 and 2016 respectively, on these shares.

XML 28 R18.htm IDEA: XBRL DOCUMENT

Note J - Related Party Transactions	12 Months Ended
Note J - Related Party Transactions	Dec. 31, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE J - RELATED PARTY TRANSACTIONS During each of the years ended December 31, 2017 and 2016 the Company paid to Bonamassa, Maietta, and Cartelli, LLP, $18,000 and $21,500, respectively, for accounting and tax services. Lawrence Maietta, a partner in Bonamassa, Maietta, and Cartelli, LLP, is a director of the Company.

XML 29 R19.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

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

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

obligation on the part of the Company to repurchase or allow the return of those goods unless they are defective.

The Company does

not

make sales on consignment, and the collection of the proceeds of the sale of any of the Company’s products is

not

contingent upon the customer being able to sell the goods to a

third

party.

Effective

January 1, 2018,

the Company adopted ASC Topic

606,

not

have a material impact on its financial statements and is

not

expected to have a material impact in the future.

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.

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

$250,000.

December 31, 2017,

approximately

$517,000

exceeded the FDIC limit.

Stockholders' Equity, Policy [Policy Text Block]

Dividends

May 17, 2017,

the Company’s Board of Directors declared a semi-annual cash dividend of

$0.42

per share, which was paid on

June 12, 2017

to all stockholders of record as of

May 30, 2017.

November 29, 2017,

the Company’s Board of Directors declared a semi-annual cash dividend of

$0.50

per share and an additional special dividend of

$0.50

per share, for a total dividend of

$1.00

per share, which was paid on

December 18, 2017,

to all stockholders of record as of

December 11, 2017.

2017

the Company declared a total of

$6,523,933

in dividends, of which

$6,507,249

was paid. The balance of

$16,684

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.

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.

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.

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.

Reclassification, Policy [Policy Text Block]

Reclassification

Certain items in the prior financial statements have been reclassified to conform to the current period presentation.

Marketable Securities, Policy [Policy Text Block]

Marketable Securities

may

be sufficient for anticipated recovery in market value.

Inventory, Policy [Policy Text Block]

Inventories

Inventories are valued at the lower of cost and net realizable value. Cost is determined using the average cost method, which approximates cost determined by the

first

-in,

first

-out (“FIFO”) method. Inventory costs include material, labor and factory overhead.

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment

not

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

impairments were necessary at

December 31, 2017

and

2016.

Other Assets [Policy Text Block]

Other Assets (net)

Other assets at

December 31, 2017

and

2016

primarily represents an amount expended in connection with the development of the new single-dose form of RENACIDIN. The Company began amortizing these costs in the

first

quarter of

2016.

December 31, 2017

and

2016

accumulated amortization for such assets amounted to

$29,648

and

$14,824,

respectively.

Future amortization expense is as follows:

For the Years Ending December 31,	Amortization Expense
2018	$	14,824
2019		14,824
2020		14,823
Total:	$	44,471

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Value of Financial Instruments

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk

For the year ended

December 31, 2017,

two

of the Company’s distributors and marketing partners accounted for approximately

55%

of the Company’s sales during the year, and approximately

58%

of its outstanding accounts receivable at year end. For the year ended

December 31, 2016,

the same

two

distributors and marketing partners accounted for a total of approximately

46%

of the Company’s sales during the year, and

36%

of its outstanding accounts receivable at year end.

Vendor Concentration [Policy Text Block]

Vendor Concentration

not

readily available or require long lead times. The Company has

six

major raw material vendors that collectively accounted for approximately

88%

and

85%

of the raw material purchases by the Company in

2017

and

2016,

respectively.

Income Tax, Policy [Policy Text Block]

Income Taxes

not

that some portion or all the deferred tax assets will

not

be realized.

December 31, 2017

and

2016,

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, 2017

and

2016

the Company did

not

record any tax-related 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

2014

through

2016

Research, Development, and Computer Software, Policy [Policy Text Block]

Research and Development

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

$77,000

and

$84,000

for the years ended

December 31, 2017

and

2016,

respectively.

Advertising Costs, Policy [Policy Text Block]

Advertising Expenses

Advertising expenses are expensed as incurred. During

2017

and

2016

the Company incurred approximately

$4,000

and

$25,000,

respectively, in advertising expense.

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share Information

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Standards

Effective

January 1, 2018

the Company adopted ASC Topic

606

not

have a material impact on its financial statements, and is

not

expected to have a material impact in the future.

The Company anticipates it will expand its financial statement disclosures in order to comply with the disclosure requirements of the ASU beginning in the

first

quarter of

2018.e

In accordance with the Company’s implementation of ASU

2015

“Income Taxes, Balance Sheet Classification of Deferred Taxes”, deferred tax assets and liabilities have been netted and presented as

one

noncurrent amount. The Company has applied this standard retroactively to all periods presented, and therefore reclassification was made to net a previously reported deferred tax liability of

$252,135

December 31, 2016

against a deferred tax asset of

$254,517

December 31, 2016,

thereby reporting a net deferred tax asset of

$2,382

December 31, 2016.

The implementation of this standard had

effect on previously- reported net income.

July 2015,

the FASB issued ASU

2015

11,

first

quarter of

2017

and the implementation did

not

have a material impact on the Company’s financial statements.

February 2016,

the FASB issued ASU

2016

02,

first

quarter of

2019.

We do

not

believe that this ASU will have a material impact on our financial statements.

June 2016,

the FASB issued ASU-

2016

“Financial Instruments – Credit Losses”. This guidance affects organizations that hold financial assets and net investments in leases that are

not

December 15, 2019.

The Company is evaluating the potential impact on the Company’s financial statements.

February 2018,

the FASB issued ASU

2018

02,

“Income Statement- Reporting Comprehensive Income (Topic

220

2017

Tax Cuts and Jobs Act. This amendment is effective for all organizations for fiscal years beginning after

December 15, 2018

and interim periods within those fiscal years. Early adoption is allowed. The Company has elected to adopt this amendment in the current period. As a result, a reclassification of

$34,595

XML 30 R20.htm IDEA: XBRL DOCUMENT

Note A - Nature of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

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

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

For the Years Ending December 31,	Amortization Expense
2018	$	14,824
2019		14,824
2020		14,823
Total:	$	44,471

XML 31 R21.htm IDEA: XBRL DOCUMENT

Note B - Marketable Securities (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

December 31, 2017	Cost		Fair Value		Unrealized Gain/(Loss)
Available for sale:
Fixed income mutual funds	$	6,003,131	$	6,113,099	$	109,968
Equity and other mutual funds		1,128,532		1,608,469		479,937
Total marketable securities	$	7,131,663	$	7,721,568	$	589,905

December 31, 2016

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 marketable securities	$	9,951,897	$	10,218,009	$	266,112

XML 32 R22.htm IDEA: XBRL DOCUMENT

Note C - Inventories (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 31,
	2017		2016
Raw materials	$	363,739	$	349,383
Work in process		39,004		24,214
Finished products		937,780		882,216
Total Inventories	$	1,340,523	$	1,255,813

XML 33 R23.htm IDEA: XBRL DOCUMENT

Note D - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Years ended December 31,
Current	2017			2016
Federal	$	1,738,132		$	1,058,714
State		117			(3,501	)
Total current provision for income taxes		1,738,249			1,055,213
Deferred
Federal		(31,760	)		59,712
State		---			---
Total deferred provision for income taxes		(31,760	)		59,712
Total provision for income taxes	$	1,706,489		$	1,114,925

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years ended December 31,
	2017						2016
	($)			Tax rate			($)			Tax rate
Income taxes at statutory federal income tax rate of 34%	$	1,887,000			34.0	%	$	1,257,000			34.0	%
State income taxes, net of Federal benefit		---			---			(2,000	)		---
Domestic Production Activities tax benefit		(160,000	)		(2.9	)		(104,000	)		(2.8	)
Nondeductible expenses		1,000			---			1,000			---
Research & development credits		(34,000	)		(0.6	)		(30,000	)		(0.8	)
Non-taxable dividends		(5,000	)		(0.09	)		---			---
Deferred tax asset reduction for federal tax rate change		21,000			0.4			---			---
Other, net		(4,000	)		(0.1	)		(7,000	)		(0.2	)
Provision for income taxes	$	1,706,000			30.7	%	$	1,115,000			30.2	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	Years ended December 31,
	2017			2016
Deferred tax assets
Accounts receivable	$	4,456		$	5,760
Inventories		9,104			14,163
Accrued expenses		157,610			234,594
Total deferred tax assets		171,170			254,517
Deferred tax liabilities
Depreciation on property, plant and equipment		(81,145	)		(161,657	)
Unrealized gain on marketable securities		(123,880	)		(90,478	)
Total deferred tax liabilities		(205,025	)		(252,135	)
Net deferred tax (liability)/asset	$	(33,855	)	$	2,382

XML 34 R24.htm IDEA: XBRL DOCUMENT

Note F - Geographical and Other Information (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Years ended December 31,
	2017			2016

Personal Care	$	6,868,227		$	4,916,630
Medical		2,424,439			2,624,672
Pharmaceutical		3,987,076			3,443,215
Industrial and other		154,718			159,945
		13,434,460			11,144,462
Less: Discounts and allowances		(466,255	)		(367,595	)
Net Sales	$	12,968,205		$	10,776,867

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]

	Years ended December 31,
	2017		2016

United States	$	10,900,284	$	8,699,491
Other countries		2,534,176		2,444,971
	$	13,434,460	$	11,144,462

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]

	Years ended December 31,
	2017		2016

Customer A	$	5,350,392	$	3,457,682
Customer B		1,750,167		1,628,905
All other customers		6,333,901		6,057,875
	$	13,434,460	$	11,144,462

XML 35 R25.htm IDEA: XBRL DOCUMENT

Note G - Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Changes in Accumulated Other Comprehensive Income	December 31, 2017		December 31, 2016
Beginning balance - net of tax	$	175,634	$	72,361
Unrealized gain on marketable securities – net of tax		222,499		104,284
Reclassification of tax effect on unrealized gain on marketable securities due to federal tax rate change		34,595		---
Realized gain (loss) on sale of marketable securities		33,297		(1,011	)
Ending balance - net of tax	$	466,025	$	175,634

XML 36 R26.htm IDEA: XBRL DOCUMENT

Note H - Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2017

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	2017		2016

Bonuses	$	200,000	$	200,000
Distribution fees		254,863		225,879
Payroll and related expenses		152,903		151,653
Annual report expenses		62,510		63,447
Audit fee		43,268		54,868
Reserve for outdated material		127,768		101,177
Sales rebates		12,000		23,393
Insurance		---		9,381
Other		28,015		18,530
Total accrued expenses	$	881,327	$	848,328

XML 37 R27.htm IDEA: XBRL DOCUMENT

Note A - Nature of Business and Summary of Significant Accounting Policies (Details Textual)					12 Months Ended
	Dec. 18, 2017 $ / shares	Jun. 12, 2017 $ / shares	Dec. 19, 2016 $ / shares	Jun. 15, 2016 $ / shares	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Cash, FDIC Insured Amount					$ 250,000
Cash, Uninsured Amount					517,000
Common Stock, Dividends, Per Share, Cash Paid \| $ / shares	$ 1	$ 0.42	$ 0.40	$ 0.35
Dividends					6,523,933	$ 3,445,740
Payments of Ordinary Dividends, Common Stock					6,507,249	3,436,867
Dividends Payable					16,684	8,873
Impairment of Long-Lived Assets Held-for-use					$ 0	$ 0
Number of Vendors					6	6
Unrecognized Tax Benefits					$ 0	$ 0
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued					0	0
Shipping, Handling and Transportation Costs					77,000	84,000
Advertising Expense					4,000	25,000
Deferred Tax Liabilities, Net, Noncurrent					33,855
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent						2,382
AOCI Attributable to Parent [Member]
Reclassification of Tax Effects from AOCI to Retained Earnings Due to Change in Enacted Tax Rate					34,595
AOCI Attributable to Parent [Member] \| Accounting Standards Update 2018-02 [Member]
Reclassification of Tax Effects from AOCI to Retained Earnings Due to Change in Enacted Tax Rate					34,595
Retained Earnings [Member]
Reclassification of Tax Effects from AOCI to Retained Earnings Due to Change in Enacted Tax Rate					(34,595)
Retained Earnings [Member] \| Accounting Standards Update 2018-02 [Member]
Reclassification of Tax Effects from AOCI to Retained Earnings Due to Change in Enacted Tax Rate					$ (34,595)
Scenario, Previously Reported [Member]
Deferred Tax Liabilities, Net, Noncurrent						252,135
Deferred Tax Assets, Net of Valuation Allowance, Current						254,517
Deferred Tax Assets, Net of Valuation Allowance, Noncurrent						$ 2,382
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member] \| Earliest Tax Year [Member]
Open Tax Year					2014
Domestic Tax Authority [Member] \| Internal Revenue Service (IRS) [Member] \| Latest Tax Year [Member]
Open Tax Year					2016
State and Local Jurisdiction [Member] \| New York State Division of Taxation and Finance [Member] \| Earliest Tax Year [Member]
Open Tax Year					2014
State and Local Jurisdiction [Member] \| New York State Division of Taxation and Finance [Member] \| Latest Tax Year [Member]
Open Tax Year					2016
Distributors and Marketing Partners [Member]
Number of Customers					2	2
Renacidin [Member]
Finite-Lived Intangible Assets, Accumulated Amortization					$ 29,648	$ 14,824
Annual Dividend [Member]
Common Stock, Dividends, Per Share, Cash Paid \| $ / shares	0.50
Special Dividend [Member]
Common Stock, Dividends, Per Share, Cash Paid \| $ / shares	$ 0.50
Sales Revenue, Net [Member] \| Product Concentration Risk [Member] \| LUBRAJEL and RENACIDIN IRRIGATION [Member]
Concentration Risk, Percentage					94.00%	90.00%
Sales Revenue, Net [Member] \| Product Concentration Risk [Member] \| Lubrajel [Member]
Concentration Risk, Percentage					69.00%	64.00%
Sales Revenue, Net [Member] \| Product Concentration Risk [Member] \| Renacidin [Member]
Concentration Risk, Percentage					25.00%	26.00%
Sales Revenue, Net [Member] \| Customer Concentration Risk [Member] \| Distributors and Marketing Partners [Member]
Concentration Risk, Percentage					55.00%	46.00%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Distributors and Marketing Partners [Member]
Concentration Risk, Percentage					58.00%	36.00%
Cost of Goods, Product Line [Member] \| Supplier Concentration Risk [Member]
Concentration Risk, Percentage					88.00%	85.00%

XML 38 R28.htm IDEA: XBRL DOCUMENT

Note A - Nature of Business and Summary of Significant Accounting Policies - Property, Plant, and Equipment Useful Lives (Details)	12 Months Ended
	Dec. 31, 2017
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, estimated useful lives	Lesser of useful life or 20 years

XML 39 R29.htm IDEA: XBRL DOCUMENT

Note A - Nature of Business and Summary of Significant Accounting Policies - Future Amortization Expense on Other Assets (Details) - Renacidin [Member]	Dec. 31, 2017 USD ($)
2018	$ 14,824
2019	14,824
2020	14,823
Total:	$ 44,471

XML 40 R30.htm IDEA: XBRL DOCUMENT

Note B - Marketable Securities (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Proceeds from Sale and Maturity of Marketable Securities	$ 4,776,044	$ 2,966,859
Marketable Securities, Realized Gain (Loss)	$ 33,297	$ (1,011)

XML 41 R31.htm IDEA: XBRL DOCUMENT

Note B - Marketable Securities - Available-for-sale Securities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Cost	$ 7,131,663	$ 9,951,897
Marketable securities	7,721,568	10,218,009
Unrealized gain (loss)	589,905	266,112
Fixed Income Securities [Member]
Cost	6,003,131	9,339,352
Marketable securities	6,113,099	9,457,286
Unrealized gain (loss)	109,968	117,934
Equity And Other Mutual Funds [Member]
Cost	1,128,532	612,545
Marketable securities	1,608,469	760,723
Unrealized gain (loss)	$ 479,937	$ 148,178

XML 42 R32.htm IDEA: XBRL DOCUMENT

Note C - Inventories (Details Textual) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Inventory Valuation Reserves	$ 20,000	$ 20,000

XML 43 R33.htm IDEA: XBRL DOCUMENT

Note C - Inventories - Summary of Inventories (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Raw materials	$ 363,739	$ 349,383
Work in process	39,004	24,214
Finished products	937,780	882,216
Total Inventories	$ 1,340,523	$ 1,255,813

XML 44 R34.htm IDEA: XBRL DOCUMENT

Note D - Income Taxes (Details Textual)	12 Months Ended
Note D - Income Taxes (Details Textual)	Dec. 31, 2017	Dec. 31, 2016
Percentage Of Net Income From Domestic Production Activities	9.00%	9.00%

XML 45 R35.htm IDEA: XBRL DOCUMENT

Note D - Income Taxes - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Federal	$ 1,738,132	$ 1,058,714
State	117	(3,501)
Total current provision for income taxes	1,738,249	1,055,213
Deferred
Federal	(31,760)	59,712
State
Total deferred provision for income taxes	(31,760)	59,712
Total provision for income taxes	$ 1,706,489	$ 1,114,925

XML 46 R36.htm IDEA: XBRL DOCUMENT

Note D - Income Taxes - Reconciliation of the Effective Income Tax Rate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Income taxes at statutory federal income tax rate of 34%	$ 1,887,000	$ 1,257,000
Income taxes at statutory federal income tax rate of 34%, percent	34.00%	34.00%
State income taxes, net of Federal benefit		$ (2,000)
State income taxes, net of Federal benefit, percent
Domestic Production Activities tax benefit	$ (160,000)	$ (104,000)
Domestic Production Activities tax benefit, percent	(2.90%)	(2.80%)
Nondeductible expenses	$ 1,000	$ 1,000
Nondeductible expenses, percent
Research & development credits	$ (34,000)	$ (30,000)
Research & development credits, percent	(0.60%)	(0.80%)
Non-taxable dividends	$ (5,000)
Non-taxable dividends, percent	(0.09%)
Deferred tax asset reduction for federal tax rate change	$ 21,000
Deferred tax asset reduction for federal tax rate change, percent	0.40%
Other, net	$ (4,000)	$ (7,000)
Other, net, percent	(0.10%)	(0.20%)
Provision for income taxes	$ 1,706,489	$ 1,114,925
Provision for income taxes, percent	30.70%	30.20%

XML 47 R37.htm IDEA: XBRL DOCUMENT

Note D - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets
Accounts receivable	$ 4,456	$ 5,760
Inventories	9,104	14,163
Accrued expenses	157,610	234,594
Total deferred tax assets	171,170	254,517
Deferred tax liabilities
Depreciation on property, plant and equipment	(81,145)	(161,657)
Unrealized gain on marketable securities	(123,880)	(90,478)
Total deferred tax liabilities	(205,025)	(252,135)
Net deferred tax liability	$ (33,855)
Net deferred tax asset		$ 2,382

XML 48 R38.htm IDEA: XBRL DOCUMENT

Note E - Benefit Plans (Details Textual) - DC Plan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
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	$ 94,000	$ 87,000
Defined Contribution Plan, Employer Discretionary Contribution Amount Per Year Authorized	$ 175,000	$ 175,000
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%
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 49 R39.htm IDEA: XBRL DOCUMENT

Note F - Geographical and Other Information (Details Textual)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Number of Operating Segments	1
Geographic Concentration Risk [Member] \| Sales Revenue, Product Line [Member] \| Medical [Member] \| US with Subsequent Shipment to Foreign Locations [Member]
Concentration Risk, Percentage	80.00%	70.00%

XML 50 R40.htm IDEA: XBRL DOCUMENT

Note F - Geographic and Other Information - Net Sales (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Gross Sales	$ 13,434,460	$ 11,144,462
Less: Discounts and allowances	(466,255)	(367,595)
Net Sales	12,968,205	10,776,867
Personal Care [Member]
Gross Sales	6,868,227	4,916,630
Medical [Member]
Gross Sales	2,424,439	2,624,672
Pharmaceuticals [Member]
Gross Sales	3,987,076	3,443,215
Industrial And Other [Member]
Gross Sales	$ 154,718	$ 159,945

XML 51 R41.htm IDEA: XBRL DOCUMENT

Note F - Geographic and Other Information - Geographic Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Gross Sales	$ 13,434,460	$ 11,144,462
UNITED STATES
Gross Sales	10,900,284	8,699,491
Other Countries [Member]
Gross Sales	$ 2,534,176	$ 2,444,971

XML 52 R42.htm IDEA: XBRL DOCUMENT

Note F - Geographic and Other Information - Sales to Major Customers (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Gross Sales	$ 13,434,460	$ 11,144,462
Customer A [Member]
Gross Sales	5,350,392	3,457,682
Customer B [Member]
Gross Sales	1,750,167	1,628,905
All Other Customers [Member]
Gross Sales	$ 6,333,901	$ 6,057,875

XML 53 R43.htm IDEA: XBRL DOCUMENT

Note G - Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Beginning balance - net of tax	$ 175,634	$ 72,361
Unrealized gain on marketable securities – net of tax	222,499	104,284
Reclassification of tax effect on unrealized gain on marketable securities due to federal tax rate change	34,595
Realized gain (loss) on sale of marketable securities	33,297	(1,011)
Ending balance - net of tax	$ 466,025	$ 175,634

XML 54 R44.htm IDEA: XBRL DOCUMENT

Note H - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Bonuses	$ 200,000	$ 200,000
Distribution fees	254,863	225,879
Payroll and related expenses	152,903	151,653
Annual report expenses	62,510	63,447
Audit fee	43,268	54,868
Reserve for outdated material	127,768	101,177
Sales rebates	12,000	23,393
Insurance		9,381
Other	28,015	18,530
Total accrued expenses	$ 881,327	$ 848,328

XML 55 R45.htm IDEA: XBRL DOCUMENT

Note I - Supplemental Disclosures of Cash Flow Information and Non-cash Investing and Financing Activities (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2017	Dec. 31, 2016
Income Taxes Paid		$ 1,600,000	$ 1,050,000
Convertible Common Stock, Shares Issuable upon Conversion		11,732
Dividends Receivable	$ 120,848
Investment Income, Dividend	21,894
Dividends Payable, Current	$ 98,954	$ 130,923	114,802
Unpaid Dividends		$ 16,684	$ 8,873

XML 56 R46.htm IDEA: XBRL DOCUMENT

Note J - Related Party Transactions (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounting and Tax Services [Member] \| Director [Member]
Related Party Transaction, Expenses from Transactions with Related Party	$ 18,000	$ 21,500

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