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

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Cash Flow, Supplemental Disclosures [Text Block]

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

Cash payments for income taxes were

$1,100,000

and

$1,150,000

for the years ended

December 31, 2019

and

2018,

respectively.  

As of

December 31, 2019,

the Company had a number of unconverted shares of

one

of its previous corporate entities, Guardian Chemical Corporation (“Guardian”), that would convert to approximately

2,430

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. The Company’s transfer agent is holding an additional

9,246

(approximately) shares of United-Guardian stock that is pending escheatment to the appropriate state authorities because the owners of record could

not

be located by the Company or its transfer agent. It is likely that there will be additional stock escheatments on some or all of the remaining

2,430

shares as the Company’s transfer agent continues to try to locate the holders of those shares. The Company is currently accruing dividends on only the

2,430

shares that have

not

yet been exchanged or designated for escheatment as of

December 31, 2019,

and the Company will continue to do so as dividends are declared. The Company will continue to pay dividends on the shares that are pending escheatment, and anticipates paying the dividends that have already accrued on those escheated shares in the

first

or

second

quarter of

2020.