0001171843-21-003466.txt : 20210513 0001171843-21-003466.hdr.sgml : 20210513 20210513084451 ACCESSION NUMBER: 0001171843-21-003466 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 56 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210513 DATE AS OF CHANGE: 20210513 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-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10526 FILM NUMBER: 21917388 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-Q 1 f10q_051321p.htm FORM 10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

(Mark One)

 

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

 

For the quarterly period ended March 31, 2021

 

 

TRANSITION REPORT PURSUANT TO 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 of Incorporation or Organization)   (I.R.S. Employer Identification No.)  

 

 

230 Marcus Boulevard, Hauppauge, New York 11788

(Address of Principal Executive Offices)

 

 

(631) 273-0900 .

(Registrant’s Telephone Number)

 

 

 

N/A

(Former name, former address, and former fiscal year, if changed since last report)

 

 

 

 

 

Cover Page 1 of 2

 

 

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

 

Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $0.10 par value per share UG NASDAQ Global Market

 

 

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 every Interactive Data File required to be submitted 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 such files).  Yes ☒ No ☐

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See 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 ☒   Smaller reporting company ☒
       
      Emerging growth company ☐

 

If an emerging growth company, indicate by checkmark 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 ☒

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

As of May 1, 2021, the Registrant had issued and outstanding 4,594,319 shares of Common Stock, $.10 par value per share ("Common Stock").

 

 

 

 

 

 

 

Cover Page 2 of 2

 

 

 

UNITED-GUARDIAN, INC.

INDEX TO FINANCIAL STATEMENTS

  Page No.
Part I. FINANCIAL INFORMATION  
   
Item 1 - Condensed Financial Statements (unaudited unless indicated otherwise):  
   
  Statements of Income - Three months ended March 31, 2021 and 2020 2
   
  Balance Sheets - March 31, 2021 (unaudited) and December 31, 2020 (audited) 3-4
   

 

Statements of Changes in Stockholder’s Equity – Three months ended March 31, 2021 and 2020

5
   
  Statements of Cash Flows – Three months ended March 31, 2021 and 2020 6
   
  Notes to Condensed Financial Statements 7-14
   
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations 15-22
   
Item 3 - Quantitative and Qualitative Disclosures About Market Risk 22
   
Item 4 - Controls and Procedures 22-23
   
Part II.  OTHER INFORMATION  
   
Item 1 - Legal Proceedings 23
   
Item 1A - Risk Factors 23
   
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds 24
   
Item 3 - Defaults Upon Senior Securities 24
   
Item 4 - Mine Safety Disclosures 24
   
Item 5 - Other Information 24
   
Item 6 - Exhibits 24
   
Signatures 24

Page 1 of 24

 

 

Part I. FINANCIAL INFORMATION

 

ITEM 1. Condensed Financial Statements.

 

 

 

UNITED-GUARDIAN, INC.

 

STATEMENTS OF INCOME
(UNAUDITED)

 

  

THREE MONTHS ENDED

MARCH 31,

    
   2021  2020
       
Net Sales  $3,430,868   $3,322,914 
           
Costs and expenses:          
Cost of sales   1,361,013    1,389,331 
Operating expenses   457,127    515,275 
Research and development   88,286    107,732 
Total costs and expenses   1,906,426    2,012,338 
Income from operations   1,524,442    1,310,576 
           
Other (expense) income:          
Investment income   39,760    44,067 
Net loss on marketable securities   (72,047)   (356,595 
Total other (expense) income   (32,287)   (312,528 
Income before provision for income taxes   1,492,155    998,048 
           
Provision for income taxes   310,953    207,741 
           
Net income  $1,181,202   $790,307 
           
Earnings per common share (basic and diluted)  $0.26   $0.17 
           
Weighted average shares – basic and diluted   4,594,319    4,594,319 

 

See notes to condensed financial statements

Page 2 of 24

 

 

UNITED-GUARDIAN, INC.

 

BALANCE SHEETS

 

 

ASSETS  MARCH 31,  DECEMBER 31,
   2021  2020
   (UNAUDITED)  (AUDITED)
Current assets:          
Cash and cash equivalents  $862,049   $591,444 
Marketable securities   8,210,779    7,591,381 
Accounts receivable, net of allowance for doubtful accounts of $19,292 at March 31, 2021 and $14,017 at December 31, 2020   1,903,737    1,387,698 
Inventories (net)   1,332,835    1,415,773 
Prepaid expenses and other current assets   293,597    161,208 
Prepaid income taxes   50,147    99,107 
Total current assets   12,653,144    11,246,611 
           
           
Property, plant and equipment:          
Land   69,000    69,000 
Factory equipment and fixtures   4,544,491    4,516,335 
Building and improvements   2,848,585    2,848,585 
Total property, plant and equipment   7,462,076    7,433,920 
Less: accumulated depreciation   6,795,155    6,760,255 
Total property, plant and equipment (net)   666,921    673,665 
           
           
TOTAL ASSETS  $13,320,065   $11,920,276 

 

See notes to condensed financial statements

 

Page 3 of 24

 

UNITED-GUARDIAN, INC.

 

BALANCE SHEETS

(continued)

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

   MARCH 31,  DECEMBER 31,
   2021  2020
Current liabilities:  (UNAUDITED)  (AUDITED)
Accounts payable  $57,704   $31,800 
Accrued expenses and other current liabilities   1,494,147    1,363,457 
Dividends payable   19,028    19,028 
Total current liabilities   1,570,879    1,414,285 
           
Deferred income taxes (net)   213,677    151,684 
           
Commitments and contingencies          
           
Stockholders’ equity:          
Common stock $.10 par value; 10,000,000 shares authorized; 4,594,319 shares issued and outstanding at March 31, 2021 and December 31, 2020   459,432    459,432 
Retained earnings   11,076,077    9,894,875 
Total stockholders’ equity   11,535,509    10,354,307 
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $13,320,065   $11,920,276 
           

 

See notes to condensed financial statements

 

Page 4 of 24

 

UNITED-GUARDIAN, INC.

 

STATEMENTS OF CHANGES IN
STOCKHOLDERS' EQUITY
(UNAUDITED)

 

THREE MONTHS ENDED MARCH 31, 2021

 

   Common stock  

Retained

 

   Shares  Amount  Earnings  Total
             
Balance, January 1, 2021   4,594,319   $459,432   $9,894,875   $10,354,307 
                     
Net income   ---    ---    1,181,202    1,181,202 
                     
Balance, March 31, 2021   4,594,319   $459,432   $11,076,077   $11,535,509 

 

THREE MONTHS ENDED MARCH 31, 2020

 

   Common stock  Retained   
   Shares  Amount  Earnings  Total
         
Balance, January 1, 2020   4,594,319   $459,432   $10,173,466   $10,632,898 
                     
Net income   ---    ---    790,307    790,307 
                     
Balance, March 31, 2020   4,594,319   $459,432   $10,963,773   $11,423,205 

 

 

See notes to condensed financial statements

 

Page 5 of 24

 

UNITED-GUARDIAN, INC.

 

STATEMENTS OF CASH FLOWS
(UNAUDITED)

 

   THREE MONTHS ENDED
   MARCH 31,
   2021  2020
Cash flows from operating activities:          
Net income  $1,181,202   $790,307 
Adjustments to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   34,900    40,519 
Net loss on marketable securities   72,047    356,595 
Allowance for doubtful accounts   5,275    (992)
Deferred income taxes   61,993    (84,012)
(Increase) decrease in operating assets:          
Accounts receivable   (521,314)   (6,025)
Inventories   82,938    (145,510)
Prepaid expenses and other current assets   (132,389)   (57,406)
Prepaid income taxes   48,960    165,300 
Increase (decrease) in operating liabilities:          
Accounts payable   25,904    (39,300)
Accrued expenses and other current liabilities   130,690    141,982 
Income taxes payable   ---    126,453 
Dividends payable   ---    (616)
Net cash provided by operating activities   990,206    1,287,295 
           
Cash flows from investing activities:          
Acquisition of property, plant, and equipment   (28,156)   (1,048)
Purchase of marketable securities   (691,445)   (3,544,368)
Proceeds from sales of marketable securities   ---    2,000,000 
Net cash used in investing activities   (719,601)   (1,545,416)
           
Net increase (decrease) in cash and cash equivalents   270,605    (258,121)
Cash and cash equivalents at beginning of period   591,444    1,048,311 
Cash and cash equivalents at end of period  $862,049   $790,190 
           

Supplemental disclosure of cash flow information

          
Taxes paid  $200,000   $--- 

 

 

See notes to condensed financial statements

 

Page 6 of 24

 

UNITED-GUARDIAN, INC.

 

NOTES TO CONDENSED FINANCIAL STATEMENTS
(UNAUDITED)

 


1.Nature of Business

 

United-Guardian, Inc. (the “Company”) is a Delaware corporation that, through its Guardian Laboratories division, conducts research, product development, manufacturing and marketing of cosmetic ingredients, pharmaceuticals, medical products, and proprietary specialty industrial products. The Company’s research and development department develops new products and modifies, refines, and expands existing products for additional uses and markets.

 

2.Basis of Presentation

 

Interim condensed financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information, pursuant to the requirements for reporting on Form 10-Q and Regulation S-X. In the opinion of management, all adjustments considered necessary for the fair presentation of financial statements for the interim periods have been included. The results of operations for the three months ended March 31, 2021 (also referred to as the “first quarter of 2021”) are not necessarily indicative of results that ultimately may be achieved for any other interim period or for the year ending December 31, 2021. The interim unaudited condensed financial statements and notes thereto should be read in conjunction with the audited condensed financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2020.

 

3.Impact of the coronavirus (COVID-19)

 

During 2020 the coronavirus pandemic (“pandemic”) negatively impacted the Company’s sales and net income, primarily due to reduced demand for the Company’s cosmetic ingredients. The Company believes that this decline in demand was caused by both the closure of manufacturing facilities that used the Company’s products, as well as the drop in consumer purchases of many products in which the Company’s cosmetic ingredients are incorporated. The Company maintained production throughout the pandemic, but orders for its cosmetic ingredients declined significantly throughout 2020. Although sales of these products decreased slightly in the first quarter of 2021 compared with the first quarter of 2020, they increased significantly compared with the sales levels of the third and fourth quarters of 2020. It is too early to predict what the continuing impact of the pandemic will be on sales of these products, but until the global pandemic situation improves, it is likely that sales of the Company’s cosmetic ingredients will continue to be negatively impacted. Because the Company has significant sales of its cosmetic ingredients outside the United States, sales will be impacted not only by the impact of the pandemic on the United States but also the course and impact of the pandemic in the many countries in which the Company’s products are sold.

 

Page 7 of 24

 

Sales of the Company’s non-pharmaceutical medical products (referred to herein as “medical products”) were also negatively impacted by the pandemic in 2020, with the Company losing one of its medical customers due to reformulation, and some medical products customers reducing their purchases. Those impacts are still being felt in 2021. However, one of the Company’s medical customers in China that did not purchase any product in the first quarter of 2020 did place orders in the first quarter of 2021, which partially offset some of other sales losses and resulted in a net increase in sales of medical products in the first quarter of 2021 compared with the same quarter in 2020. Sales of the Company’s pharmaceutical products were not impacted in 2020 and actually increased compared with 2019. Those sales also do not appear to have been impacted in the first quarter of 2021. The pandemic has not adversely affected the ability of the Company to obtain raw materials and maintain production, and the Company does not anticipate that it will do so in 2021 unless the global pandemic worsens, rather than improves.

 

With the continuing uncertainty as to what the duration and future impact of the pandemic will be, the Company is unable to provide an accurate estimate or projection as to what the impact of the pandemic will be on the Company’s operations or its financial results in the future. The Company does not expect the carrying value of its assets or its liquidity to be impaired by the coronavirus pandemic.

 

4.Use of Estimates

 

In preparing financial statements in accordance with US GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, reserve for inventory obsolescence, accrued distribution fees, outdated material returns, possible impairment of marketable securities, and the allocation of overhead.

 

5.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 the time of purchase. The Company deposits cash and cash equivalents with financially strong, FDIC-insured financial institutions, and believes that any amounts above FDIC insurance limitations are 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 March 31, 2021, approximately $989,000 exceeded the FDIC limit, compared with $653,000 at December 31, 2020.

 

6.Revenue Recognition

 

The Company records revenue in accordance with ASC Topic 606 “Revenue from Contracts with Customers.” Under this guidance, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company’s principal source of revenue is product sales.

 

The Company’s sales, as reported, are subject to a variety of deductions, some of which are estimated. These deductions are recorded in the same period that the revenues are recognized. Such deductions, primarily related to sales of the Company’s pharmaceutical products, include chargebacks from the United States Department of Veterans Affairs (‘VA”), rebates in connection with the Company’s current participation in Medicare programs and its past participation in Medicaid programs, distribution fees, discounts, and outdated product returns. These deductions represent estimates of the related obligations and, as such, knowledge and judgment are required when estimating the impact of these revenue deductions on sales for a reporting period.

 

Page 8 of 24

 

During 2021 and 2020, the Company participated in various government drug rebate programs related to the sale of Renacidin®, its most important pharmaceutical product. These programs include the Veterans Affairs Federal Supply Schedule (FSS), and the Medicare Part D Coverage Gap Discount Program (CGDP). These programs require the Company to sell its product at a discounted price. In addition, during 2020 the Company participated in the Medicaid Drug Rebate Program (“Medicaid Program”), which required the Company to pay a significant rebate to the various states where Renacidin was provided to Medicaid patients, as well as the Section 340B Drug Pricing Program (“340B Program”), which required the Company to sell Renacidin at a deeply discounted price. Due to the overly burdensome nature of the Medicaid Program rebates, and the discounted pricing associated with the 340B Program, the Company terminated its participation in the Medicaid Program and the 340B Program, effective December 31, 2020. The Company’s sales, as reported, are net of all of these product rebates and discounts, some of which are estimated. They are recorded in the same period that the revenue is recognized.

 

The Company recognizes revenue from sales of its cosmetic ingredients, medical, and industrial products when those products are shipped, as long as a valid purchase order has been received and future collection of the sale amount is reasonably assured. These products are shipped “Ex-Works” from the Company’s facility in Hauppauge, NY, and it is at this time that risk of loss and responsibility for the shipment passes to the customer and the Company’s performance obligation is satisfied. 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 these goods unless they are defective.

 

The Company’s pharmaceutical products are shipped via common carrier upon receipt of a valid purchase order, with, in most cases, the Company paying the shipping costs. Sales of pharmaceutical products are final, and revenue is recognized at the time of shipment, which is when the risk of loss and responsibility for the shipment passes to the customer, and the performance obligation of the Company is satisfied. Pharmaceutical products are returnable only at the discretion of the Company unless (a) they are found to be defective; (b) the product is damaged in shipping; or (c) the product is outdated (but not more than one year after their expiration date, which is a return policy which conforms to standard pharmaceutical industry practice). The Company estimates an allowance for outdated material returns based on prior year historical returns of their pharmaceutical products.

 

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.

 

Any allowances for returns are taken as a reduction of sales within the same period the revenue is recognized. Such allowances are determined based on historical experience under ASC Topic 606-10-32-8. The Company has not experienced significant fluctuations between estimated allowances and actual activity.

 

Page 9 of 24

 

The timing between recognition of revenue for product sales and the receipt of payment is not significant. The Company’s standard credit terms, which vary depending on the customer, range between 30 and 60 days. The Company uses its judgment on a case-by-case basis to determine its ability to collect outstanding receivables and provides allowances for any receivables for which collection has become doubtful. As of March 31, 2021 and December 31, 2020, the allowance for doubtful accounts receivable was $19,292 and $14,017, respectively. Prompt pay discounts are offered to some customers; however, due to the uncertainty of the customers taking the discounts, the discounts are recorded only after they have been taken.

 

The Company has distribution fee contracts with certain distributors of its pharmaceutical products that entitles them to distribution and service-related fees. The Company records distribution fees and estimates distribution fees as offsets to revenue.

 

Disaggregated revenue by product class is as follows:

 

   Three months ended March 31,
   2021  2020
Cosmetic ingredients  $1,630,597   $1,702,860 
Pharmaceutical   1,143,307    1,038,710 
Medical   616,026    539,196 
Industrial and other   40,938    42,148 
Net Sales  $3,430,868   $3,322,914 

 

The Company’s cosmetic ingredients are marketed worldwide by five marketing partners, of which U.S.-based Ashland Specialty Ingredients (“ASI”) purchases the largest volume. Approximately 22% of the Company’s total sales were to customers located outside of the United States in the first quarter of 2021, compared with approximately 16% in the first quarter of 2020.

 

Disaggregated revenue by geographic region is as follows:

 

   Three months ended March 31,
   2021  2020
United States*  $2,671,387   $2,791,679 
Other countries   759,481    531,235 
Net Sales  $3,430,868   $3,322,914 

 

*Since all purchases by ASI are shipped to ASI’s warehouses in the U.S. they are reported as U.S. sales for financial reporting purposes. However, ASI has reported to the Company that in the first quarter of 2021, approximately 67% of ASI’s sales of the Company’s products were to customers in other countries, with China representing approximately 36% of ASI’s sales of the Company’s products. In the first quarter of 2020, approximately 67% of ASI’s sales of the Company’s products were to customers in other countries, with China representing approximately 27% of ASI’s sales of the Company’s products.

 

Page 10 of 24

 

7.Marketable Securities

 

Marketable securities include investments in fixed income and equity mutual funds and U.S. Government securities with maturities greater than 3 months, which are reported at their fair values.

 

The disaggregated net gains and losses on the marketable securities recognized in the statements of income for the three months ended March 31, 2021 and 2020 are as follows:

 

 

    Three months ended March 31, 
    2021     2020 
Net losses recognized during the period on marketable securities  $(72,047)  $(356,595)
Less: Net gains (losses) recognized during the period on marketable securities sold during the period   ---    --- 
Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date  $(72,047)   (356,595)

 

 

The fair values of the Company’s marketable securities are determined in accordance with US GAAP, with fair value being defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes the three-tier value hierarchy, as prescribed by US 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 Company’s marketable equity securities, which are considered available-for-sale securities, are re-measured to fair value on a recurring basis and are valued using Level 1 inputs using quoted prices (unadjusted) for identical assets in active markets. The following tables summarize the Company’s investments:

 

 

Page 11 of 24

 

 

March 31, 2021 (unaudited)

 

Equity Securities  Cost  Fair Value  Unrealized Gain
Fixed-income mutual funds  $7,391,185   $7,472,697   $81,512 
Equity and other mutual funds   587,411    738,082    150,671 
Total equity securities   7,978,596    8,210,779    232,183 
Total marketable securities  $7,978,596   $8,210,779   $232,183 

 

December 31, 2020 (audited)

 

Equity Securities  Cost  Fair Value  Unrealized Gain
Fixed-income mutual funds  $6,703,107   $6,907,270   $204,163 
Equity and other mutual funds   584,044    684,111    100,067 
Total equity securities   7,287,151    7,591,381    304,230 
Total marketable securities  $7,287,151   $7,591,381   $304,230 

 

Investment income is recognized when earned and consists principally of interest income from U.S Treasury Bills and dividend income from equity and fixed income mutual funds. Realized gains and losses on sales of investments are determined on a specific identification basis.

 

There were no proceeds from the redemption of marketable securities in the first quarter of 2021. Proceeds from the sale and redemption of marketable securities amounted to $2,000,000 for the first quarter of 2020. There was no gain or loss on these redemptions as they represented maturities of U. S. Treasury Bills.

 

8.Inventories 
   March 31,  December 31,
   2021  2020
Inventories consist of the following:  (Unaudited)  (Audited)
Raw materials  $376,963   $415,415 
Work in process   64,032    59,258 
Finished products    891,840    941,100 
Total inventories  $1,332,835   $1,415,773 

 

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. Finished product inventories at March 31, 2021 and December 31, 2020 are stated net of a reserve of $35,000 for slow-moving and obsolete inventory. At March 31, 2021 and December 31, 2020, the Company had an allowance of $302,959 and $302,713, respectively, for possible outdated material returns, which is included in accrued expenses. As of the date of this report, the COVID-19 pandemic has not adversely affected the valuation of the Company’s finished products, work in process, or raw material inventories.

 

9.Income Taxes

 

The Company’s tax provision is based on its estimated annual effective tax rate. The Company continues to fully recognize its tax benefits, and as of March 31, 2021 and December 31, 2020, the Company did not have any unrecognized tax benefits. The Company’s provision for income taxes for the three months ended March 31 comprises the following:

 

Page 12 of 24

 

 

    Three months ended March 31 
    2021    2020 
Provision for federal income taxes – current  $248,860    291,603 
Provision for state income taxes – current   100    150 
Provision (benefit) for federal income taxes – deferred   61,993    (84,012)
Total provision for income taxes  $310,953   $207,741 

 

10.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 that is deferred by the employee. Employees become fully vested in employer matching contributions after one year of employment.

 

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. 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. The Company accrued $32,500 in contributions to the DC Plan for the three months ended March 31, 2021, and $36,250 for the three months ended March 31, 2020. For the first quarters of 2021 and 2020, the Company did not make any discretionary contributions to the DC Plan.

 

11.Other Information

 

Accrued expenses and other current liabilities:

 

    March 31, 2021  December 31, 2020
   (unaudited)  (audited)
Bonuses  $317,100   $210,000 
Distribution fees   332,669    325,792 
Payroll and related expenses   214,137    245,521 
Reserve for outdated material   302,959    302,713 
Deferred revenue   190,164    --- 
Audit fee   28,125    50,500 
Annual report expenses   33,285    63,432 
Company 401K contribution   32,500    --- 
Sales rebates   18,971    149,346 
Other   24,237    16,153 
Total accrued expenses and other current liabilities  $1,494,147   $1,363,457 

 

12.Recent Accounting Pronouncements

 

On January 1, 2021, the Company adopted Accounting Standards Update (ASU) 2019-12, “Simplifying the Accounting for Income Taxes.” This standard modified ASU 740 which simplifies the accounting for income taxes. The Company has determined that these modifications did not have an impact on its financial statements.

Page 13 of 24

 

 

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, 2022. The Company is currently evaluating if this pronouncement will have a potential impact on its financial statements.

 

13.Concentrations of Credit Risk

 

Customer concentration: 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, the Company believes that its credit risk from accounts receivable has been reduced.

 

For the three months ended March 31, 2021, three of the Company’s distributors and one of its marketing partners together accounted for 77% of the Company’s net sales, and 67% of its outstanding accounts receivable at March 31, 2021. During the three months ended March 31, 2020, the same three distributors and marketing partner together were responsible for a total of approximately 81% of the Company’s net sales. They also accounted for 75% of the Company’s outstanding accounts receivable at March 31, 2020.

 

14.Earnings Per Share

 

Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued.

 

Basic and diluted earnings per share amounted to $0.26 and $0.17 for the three months ended March 31, 2021 and 2020, respectively.

 

15.Subsequent Events

 

The Company has evaluated all subsequent events from the date of the financial statements through the date of this report.  As detailed in Note 3 above, the Covid-19 pandemic is an ongoing event, and as such, the Company is not able to project or quantify the impact of this event on the Company’s future operations and financial results.

 

 

Page 14 of 24

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

FORWARD-LOOKING STATEMENTS

 

Statements made in this Form 10-Q which are not purely historical are forward-looking statements with respect to the goals, plans, objectives, intentions, expectations, financial condition, results of operations, future performance, and business of the Company. Forward-looking statements may be identified using such words as "believes," "may," "will," "should," "intends," "plans," "estimates," or "anticipates" or other similar expressions.

 

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our control) could cause actual results to differ materially from those set forth in the forward-looking statements. In addition to those specific risks and uncertainties set forth in the Company's reports currently on file with the SEC, some other factors that may affect the future results of operations of the Company are: the development of products that may be superior to those of the Company; changes in the quality or composition of the Company's products; lack of market acceptance of the Company's products; the Company's ability to develop new products; general economic or industry conditions; changes in intellectual property rights; changes in interest rates; new legislation or regulatory requirements; conditions of the securities markets; the Company's ability to raise capital; changes in accounting principles, policies or guidelines; financial or political instability; acts of war or terrorism; and other economic, competitive, governmental, regulatory and technical factors that may affect the Company's operations, products, services, and prices.

 

Accordingly, results achieved may differ materially from those anticipated as a result of such forward-looking statements, and those statements speak only as of the date they are made.

 

The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.

 

OVERVIEW

 

The Company is a Delaware corporation that, through its Guardian Laboratories division, conducts research, product development, manufacturing, and marketing of cosmetic ingredients, personal and health care products, pharmaceuticals, non-pharmaceutical medical products, and proprietary specialty industrial products. All the products that the Company markets, exception for Renacidin, are produced at its facility in Hauppauge, New York. Renacidin, a urological product, is manufactured for the Company by an outside contract manufacturer.

 

The Company’s most important product line is its Lubrajel line of water-based moisturizing and lubricating gels, which are used primarily as ingredients in cosmetic products but are also used in medical products, primarily catheter lubricants. These products are marketed worldwide for cosmetic uses by five marketing partners, each handling a different geographic area, with the largest being U.S.-based ASI. The Company’s research and development department is actively working on the development of new products to expand the Company’s line of cosmetic ingredients. Many of the Company’s products use proprietary manufacturing processes, and the company relies primarily on trade secret protection to protect its intellectual property.

 

Page 15 of 24

 

Renacidin and the Company’s other pharmaceutical product, Clorpactin®, which is also used primarily in urology, are distributed through full-line drug wholesalers and marketed only in the United States. Those wholesalers in turn sell the products to pharmacies, hospitals, nursing homes, and other long-term care facilities, and to government agencies, primarily the VA. The Company promotes Renacidin through internet advertising as well as a dedicated website. Clorpactin, as well as the Company’s other products, are marketed through information provided on the Company’s corporate website.

 

The Company’s non-pharmaceutical medical products, such as its catheter lubricants, as well as its specialty industrial products, are sold directly to end-users, or to contract manufacturers utilized by those end-users. They are also available for marketing on a non-exclusive basis by the Company’s marketing partners.

 

While the Company does have competition in the marketplace for some of its products, particularly its cosmetic ingredients, some of its pharmaceutical and medical products have some unique characteristics, and do not have direct competitors. However, these products may have indirect competition from other products that are not marketed as direct competitors to the Company’s products but may have functionality or properties that are similar to the Company’s products.

 

The Company recognizes revenue when all of the following requirements are satisfied: (a) persuasive evidence of a sales arrangement exists; (b) products are shipped, which is when the performance obligation is satisfied and title and risk of loss pass to the customers; and (c) collections are reasonably assured. An allowance for returns, based on historical experience, is taken as a reduction of sales within the same period the revenue is recognized.

 

Over the years the Company has been issued many patents and trademarks, and it still maintains several registered trademarks, the two most important of which are “Lubrajel” and “Renacidin.” However, regarding the protection of the Company’s proprietary formulations and manufacturing technology, the Company currently relies primarily on trade secret protection rather than patent protection due to the current disclosure requirements needed to obtain patents, the limited protection they afford, and the difficulty and expense of enforcing them globally. However, the Company may, from time to time, seek patent protection when it believes it would be in the Company’s best interest to do so. All of the Company’s previously-issued patents have expired; however, the Company does not believe that the expiration of those patents has had, or will have, any material impact on its sales, since in recent years protection for the Company’s most important products has been based on trade secrets and proprietary manufacturing methods rather than patent protection.

 

As discussed in Note 3 above, throughout 2020 the pandemic continued to negatively impact the Company’s sales and net income, primarily as a result of the decline in demand for the Company’s cosmetic ingredients. The Company believes that this decline in demand was caused by both the Covid-related closures of manufacturing facilities that used the Company’s products, as well as the drop in consumer purchases of many products in which the Company’s cosmetic ingredients are incorporated. The Company maintained production throughout the pandemic, but orders for its cosmetic ingredients declined significantly throughout 2020. Although sales of these products decreased slightly in the first quarter of 2021 compared with the first quarter of 2020, they increased significantly compared with the sales levels of the third and fourth quarters of 2020. It is too early to predict what the continuing impact of the pandemic will be on sales of these products, but until the global pandemic situation improves, it is likely that sales of the Company’s cosmetic ingredients will continue to be negatively impacted. Because the Company has significant sales outside the United States, sales of its cosmetic ingredients are going to be impacted not only by how the pandemic affects the United States, but also what the course of the pandemic is in the many countries in which the products that incorporate the Company’s cosmetic ingredients are sold.

 

Page 16 of 24

 

Sales of the Company’s medical products were also negatively impacted by the pandemic in 2020, with the Company losing one of its domestic medical customers, and some other customers reducing their purchases. Although sales in the first quarter of 2021 were negatively impacted by the loss of that customer, those losses were offset by an increase in sales to one of the Company’s other medical customers, resulting in a net increase in sales of the Company’s medical products in the first quarter of 2021.

 

Sales of the Company’s pharmaceutical products were not negatively impacted in 2020, and actually increased compared with 2019. Those sales were also not negatively impacted in the first quarter of 2021 compared with the first quarter of 2020. The pandemic has not impacted the ability of the Company to obtain raw materials and maintain production, and the Company does not anticipate that it will do so in 2021 unless the global pandemic worsens, rather than improves.

 

With the continuing uncertainty as to what the duration and future impact of the pandemic will be, the Company is unable to provide an accurate estimate or projection as to what the continuing impact of the pandemic will be on the Company’s operations or its financial results in the future. The Company does not expect the carrying value of its assets or its liquidity to be impaired by the coronavirus pandemic.

 

Critical Accounting Policies

 

As disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, the discussion and analysis of the Company’s financial condition and results of operations are based on its financial statements, which have been prepared in conformity with US GAAP. The preparation of those financial statements required the Company to make estimates and assumptions that affect the carrying value of assets, liabilities, revenues, and expenses reported in those financial statements. Those estimates and assumptions can be subjective and complex, and consequently, actual results could differ from those estimates and assumptions. The Company’s most critical accounting policies relate to revenue recognition, concentration of credit risk, investments, inventory, and income taxes. Since December 31, 2020, there have been no significant changes to the assumptions and estimates related to those critical accounting policies.

 

The following discussion and analysis covers material changes in the financial condition of the Company since the year ended December 31, 2020, and a comparison of the results of operations for the three months ended March 31, 2021 and March 31, 2020. This discussion and analysis should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. All references in this quarterly report to “sales” or “Sales” shall mean Net Sales unless specified otherwise.

 

The Company recognizes revenue from sales of its cosmetic ingredients, medical products, and industrial products when all of the following requirements are satisfied: (a) a valid purchase order has been received; (b) products are shipped, which is when the performance obligation is satisfied and title and risk of loss pass to the customers; and (c) 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 these goods unless they are defective.

 

Page 17 of 24

 

The Company’s pharmaceutical products are shipped via common carrier upon receipt of a valid purchase order, with, in most cases, the Company paying the shipping costs. 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. Pharmaceutical products are returnable only at the discretion of the Company unless (a) they are found to be defective; (b) the product is damaged in shipping; or (c) the product is outdated (but not more than one year after their expiration date, which is a return policy which conforms to standard pharmaceutical industry practice). The Company estimates an allowance for outdated material returns based on gross sales of their pharmaceutical products.

 

RESULTS OF OPERATIONS

 

Net Sales

 

Net sales for the first quarter of 2021 increased by $107,954 (approximately 3%) as compared with the first quarter of 2020. The increase in sales for the first quarter of 2021 was primarily attributable to an increase in sales of the Company’s pharmaceutical products and medical products, which was partially offset by a decrease in sales of the Company’s cosmetic ingredients and industrial products. The changes in the sales of the products in the Company’s different products lines were as follows:

 

(a)Cosmetic Ingredients: Sales of the Company’s cosmetic ingredients decreased by $72,263 (approximately 4%) in the first quarter of 2021 compared with the same period in 2020. The decrease was primarily attributable to a decrease in purchases of the Company’s cosmetic ingredients by ASI, whose purchases decreased by $94,765 (approximately 7%) compared with the same period in 2020, combined with a decrease in sales to the Company’s marketing partner in France, which decreased by $92,488 (approximately 48%) compared with the same quarter in 2020.

 

The decrease in cosmetic ingredient sales to ASI was partially offset by an increase in sales of those products to the Company’s marketing partners in the UK, Italy, and Switzerland, which increased by a total of $100,520 (approximately 107%) compared with the first quarter of 2020. In addition, there was an increase of $14,470 in direct sales to three cosmetic ingredient customers in the United States during the first quarter of 2021.

 

Based on information received from ASI, the Company believes that the decrease in sales to ASI was primarily due to the impact of the pandemic on ASI’s customers, particularly in China. The decrease in ASI sales in China was the result of a number of factors, including (a) lower consumer demand in China for many of the products in which the Company’s products are used; (b) manufacturing disruptions in China resulting from the impact of the coronavirus on manufacturing facilities; and (c) excess inventory levels of the Company’s products resulting from overstocking on the part of ASI during 2020 due to the uncertainty of being able to obtain product from the Company during the pandemic. Since the Company’s cosmetic ingredients are marketed globally by its marketing partners in many different countries, and since the virus continues to impact countries at different times and to very different extents, it is difficult to project the future impact of the coronavirus pandemic on the Company’s global cosmetic ingredient sales. Until the global crisis passes it is likely that there will continue to be a negative impact on the Company’s sales of its cosmetic ingredients, as well as, to a lesser extent, its non-pharmaceutical medical products. However, based on sales in the first quarter of 2021, the Company believes that sales of its cosmetic ingredients are improving, and will continue to improve during 2021 as long as the global pandemic situation improves rather than worsens.

 

Page 18 of 24

 

In addition to the impact of the pandemic on sales of the Company’s cosmetic ingredients there also continues to be significant global competition from Asian and European competitors selling products that are chemically similar to, and competitive with, those sold by the Company, and which are marketed at lower prices than the products manufactured by the Company. The weakening of the U.S. dollar relative to the Euro in 2020 helped to offset the lower pricing of some of the Company’s competitors, but in the first quarter of 2021, the dollar has strengthened, which makes the Company’s products less competitive, since the Company sells its products in dollars. Whether or not this continues during 2021 may determine whether the Company’s products become more or less competitive, and the Company is not in a position to predict what impact, if any, this will have on the Company’s sales. The Company continues to work closely with its marketing partners to price its products as competitively as possible and, when appropriate, to offer additional volume discounts and more aggressive pricing to maintain and increase sales and bring in new customers. However, the Company expects the European market to remain very competitive based on the continuing competition from lower-cost competitors, and for that reason it is concentrating its research and development (“R&D”) efforts on developing new and unique products that other companies do not have.

 

(b)Pharmaceutical Products: Because there are fees, rebates, and allowances associated with sales of the Company’s two pharmaceutical products, Renacidin and Clorpactin®, discussion of the Company’s pharmaceutical sales includes references to both gross sales (before fees, rebates and allowances) and net sales (after fees, rebates, and allowances). Net sales of the Company’s two pharmaceutical products, Renacidin and Clorpactin, together increased from $1,038,710 in the first quarter of 2020 to $1,143,307 in the first quarter of 2021, (approximately 10%). Gross sales of both products increased from $1,349,433 in the first quarter of 2020 to $1,383,593 in the first quarter of 2021 (approximately 3%). The difference in the net sales increase compared with the gross sales increase for these products is primarily due to the elimination of Medicaid rebates on Renacidin in the first quarter of 2021 compared with the first quarter of 2020. These rebates were previously incurred in connection with the Company’s participation in the Medicaid Drug Rebate Program. Due to the overly burdensome nature of these rebates, in October 2020 the Company decided that it was no longer profitable for the Company to continue to participate in the Medicaid Program. Accordingly, on October 30, 2020 the Company informed the Centers for Medicare & Medicaid Services (CMS) of its intention to terminate its Medicaid Drug Rebate Agreement and its participation in the Medicaid Program, effective December 31, 2020.

 

As sales of the Company’s pharmaceutical products increase there is typically a corresponding and proportional increase in allowances, such as for distribution fees, VA chargebacks, Medicare rebates, sales rebates and discounts, outdated material returns, and Medicaid rebates. As a result of the Company’s termination of the Medicaid Drug Rebate Agreement and its participation in the Medicaid Program, in the first quarter of 2021 allowances related to sales of the Company’s pharmaceutical products decreased by $70,436 (23%), and total allowances related to the sale of all of the Company’s products, including pharmaceuticals, decreased by a net of $69,438 (approximately 22%), compared with the same period in 2020. While the Company will no longer be incurring Medicaid-related rebate costs, it will continue to incur costs related to other allowances, including Medicare rebates, distribution fees, chargebacks on VA sales, and outdated material returns.

 

Page 19 of 24

 

(c)Medical Products: Sales of non-pharmaceutical medical products increased by $76,830 (approximately 14%) for the first quarter of 2021 when compared with the same period in 2020. The increase was primarily due to an increase in orders from one of the Company’s larger direct customers located in China, which was partially offset by the loss of one domestic medical product customer. During the first quarter of 2020, the customer in China had not placed any orders due to the coronavirus pandemic. With the economy in China now beginning to stabilize, the Company is hopeful that orders from China will begin to return to previous levels.

 

(d)Specialty Industrial Products: Sales of specialty industrial products, as well as other miscellaneous products, decreased by $1,210 (approximately 3%) for the first quarter of 2021 compared with the same period in 2020. The decrease was primarily due to the timing of customer orders.

 

Cost of Sales

 

Cost of sales as a percentage of net sales decreased to approximately 40% for the first quarter of 2021, down from approximately 42% for the first quarter in 2020. The decrease was primarily the result of a decrease in overhead expenses driven by decreases in payroll and payroll-related expenses combined with the benefit received from the Employee Retention Credit recorded in the first quarter of 2021. (See Operating Expenses below for information relating to the Employee Retention Credit).

 

Operating Expenses

 

Operating expenses, consisting of selling, general, and administrative expenses, decreased by $58,148 (approximately 11%) for the first quarter of 2021 compared with the first quarter of 2020. The decrease was mainly due to decreases in payroll and payroll-related expenses.

 

In connection with the decrease in employee-related payroll costs, during the first quarter of 2021 the Company qualified for the Employee Retention Credit (“ERC”) under the modified provisions of the Consolidations Appropriations Act, which was signed into law on December 27, 2020. For 2021, the ERC provides employers a refundable federal tax credit equal to 70% of the first $10,000 of qualified wages and benefits paid to retained employees between January 1, 2021 and June 30, 2021. Credits may be claimed immediately by reducing payroll taxes sent to the Internal Revenue Service (“IRS”). To the extent that the credit exceeds employment withholdings, the employer may request a refund of prior taxes paid.

 

Page 20 of 24

 

In the first quarter of 2021, the Company recorded a total ERC of approximately $163,000, of which approximately $44,000 was utilized towards first quarter payroll taxes. The remaining $119,000 is due to be refunded by the IRS and is included in prepaid expenses and other current assets.

 

Research and Development Expenses

 

R&D expenses decreased by $19,446 (approximately 18%) for the first quarter of 2021 compared with the first quarter of 2020. The decrease was primarily due to a decrease in payroll-related costs as a result of the ERC recorded in the first quarter of 2021.

 

Investment Income

 

Investment income decreased by $4,307 (approximately 10%) for the first quarter of 2021 compared with the first quarter of 2020. The decrease was primarily due to a decrease in interest income from U.S. Treasury Bills. In the first quarter of 2020, the Company recognized interest income on the maturity of its U.S. Treasury Bills.

 

Net loss on Marketable Securities

 

Net loss on marketable securities decreased by $284,548 (approximately 80%) for the first quarter of 2021 compared with the first quarter of 2020. In the first quarter of 2020, there was an unrealized loss of $356,595 that resulted from the decrease in value of the Company’s marketable securities due to the negative impact of the coronavirus epidemic on the stock and bond markets. Those markets took a steep drop in the first few weeks of 2020 after COVID-19 reached the United States. The net unrealized loss in the first quarter of 2021 is the result of normal market fluctuations primarily driven by losses in the Company’s fixed income mutual funds.

 

Provision for Income Taxes

 

The Company's effective income tax rate was approximately 21% for the first quarter of 2021 and 2020, and is expected to remain at 21% for the current fiscal year.

 

LIQUIDITY AND CAPITAL RESOURCES

 

Working capital increased by $1,249,939 to $11,082,265 at March 31, 2021, up from $9,832,326 at December 31, 2020. The increase in working capital was primarily due to increases in marketable securities and accounts receivable. The current ratio increased to 8.1 to 1 at March 31, 2021, up from 8.0 to 1 at December 31, 2020. The increase in the current ratio was primarily due to an increase in marketable securities and accounts receivable.

 

The Company believes that its working capital is, and will continue to be, sufficient to support its operating requirements for at least the next twelve months. The Company’s long-term liquidity position will be dependent on its ability to generate sufficient cash flow from profitable operations.

 

The Company has no material commitments for future capital expenditures and no material cash requirements of immediate concern.

 

Page 21 of 24

 

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.

 

The Company generated cash from operations of $990,206 and $1,287,295 for the three months ended March 31, 2021 and March 31, 2020, respectively. The decrease was due primarily to an increase in accounts receivable.

 

Cash used in investing activities for the three months ended March 31, 2021 was $719,601 compared with $1,545,416 for the three months ended March 31, 2020. The decrease was primarily due to a decrease in the amount of marketable securities purchased in the first quarter of 2021 compared with the first quarter of 2020.

 

There was no cash used in financing activities for the first quarters of 2021 and 2020.

 

The Company expects to continue to use its cash to make dividend payments, purchase marketable securities, and take advantage of other market opportunities that may arise that are in the best interests of the Company and its shareholders.

 

CONTRACTUAL OBLIGATIONS AND COMMITMENTS

 

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

 

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

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

 

Item 4. CONTROLS AND PROCEDURES

 

(a)DISCLOSURE CONTROLS AND PROCEDURES

 

The Company’s management, including its Principal Executive Officer and Principal Financial Officer, has evaluated the design, operation, and effectiveness of the Company’s disclosure controls and procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934 (the “Exchange Act”). There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives. Based upon the evaluation performed by the Company’s management, including its Principal Executive Officer and Principal Financial Officer, it was determined that, as of the end of the period covered by this quarterly report, the Company’s disclosure controls and procedures were effective in providing reasonable assurance that information required to be disclosed in the 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 the Company’s management, including its Principal Executive Officer and Principal Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding disclosures.

 

Page 22 of 24

 

(b)CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

 

The Company's Principal Executive Officer and Principal Financial Officer have determined that, during the period covered by this quarterly report, there were no changes in the Company's internal control over financial reporting that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. They have also concluded that there were no significant changes in the Company’s internal controls after the date of the evaluation.

 

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

None

 

ITEM 1A. RISK FACTORS

 

IMPACT OF COVID-19

 

As a result of the coronavirus pandemic, global consumer purchases of cosmetic products in 2020 declined, which resulted in a decline in sales of cosmetic ingredients sold by the Company. Although sales of these products decreased slightly in the first quarter of 2021 compared with the first quarter of 2020, they increased significantly compared with the sales levels of the third and fourth quarters of 2020. It is too early to predict what the continuing impact of the pandemic will be on sales of these products, but until the global pandemic situation improves, it is likely that sales of the Company’s cosmetic ingredients will continue to be negatively impacted. The sales of these products were particularly impacted in China, since prior to the pandemic the Company had significant sales in China, and the decrease in demand for these products in China resulted in excess inventory being held by ASI, which is gradually being reduced. Until that excess inventory situation is completely resolved, which the Company anticipates happening by the end of the second quarter of 2021, the Company’s sales in China may still be impacted.

 

Due to the uncertainly surrounding the duration of the pandemic and its impact on the various countries in which the Company does business, the Company is unable to provide an accurate estimate or projection as to what the impact of the pandemic will continue to be on the Company’s operations and financial results. While the pandemic has also impacted, to a lesser degree, sales of the Company’s medical products, it has not impacted sales of its pharmaceutical products.

 

The Company does not anticipate that the coronavirus pandemic will affect its ability to obtain raw materials and maintain production. The Company has price protection on its most important raw material, and multiple sources for many of its other raw materials, and expects to maintain production levels sufficient to ship orders on a timely basis.

 

Page 23 of 24

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None

 

ITEM 4. MINE SAFETY DISCLOSURES

 

None

 

ITEM 5. OTHER INFORMATION

 

None

 

ITEM 6. EXHIBITS

 

31.1 Certification of Ken Globus, President and Principal Executive Officer of the Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
   
31.2 Certification of Andrea Young, Chief Financial Officer of the Company, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
   
32 Certifications of Principal Executive Officer and Chief Financial Officer of the Company, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
   
101.INS XBRL Instance Document
101.SCH XBRL Taxonomy Extension Schema
101.CAL XBRL Taxonomy Extension Calculation Linkbase
101.DEF XBRL Taxonomy Extension Definition Linkbase
101.LAB XBRL Taxonomy Extension Label Linkbase
101.PRE XBRL Taxonomy Extension Presentation Linkbase

 

 

SIGNATURES

 

In accordance with the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

   UNITED-GUARDIAN, INC.
     (Registrant)
      
      
   By: /S/ KEN GLOBUS
     Ken Globus
     President
    
    
   By: /S/ ANDREA YOUNG
     Andrea Young
Date: May 11, 2021    Chief Financial Officer

 

Page 24 of 24

 
EX-31.1 2 exh_311.htm EXHIBIT 31.1

EXHIBIT 31.1

 

 

SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

 

I, Ken Globus, certify that:

 

 1.I have reviewed this Quarterly Report of United-Guardian, Inc. on Form 10-Q for the three-month period ended March 31, 2021;
   
 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
 3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

Date: May 11, 2021  By: /s/ Ken Globus
     Ken 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, Andrea Young, certify that:

 

 1.I have reviewed this Quarterly Report of United-Guardian, Inc. on Form 10-Q for the three-month period ended March 31, 2021;
   
 2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
 3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Date: May 11, 2021  By: /s/ Andrea Young
     Andrea Young
     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 quarterly report of United-Guardian, Inc. (the "Company") on Form 10-Q for the quarterly period ended March 31, 2021, as filed with the Securities and Exchange Commission (the "Report"), I, Ken Globus, President and Principal Executive Officer of the Company, and I, Andrea Young, 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: May 11, 2021  By: /s/ Ken Globus
     Ken Globus
     President & Principal Executive Officer

 

 

  By: /s/ Andrea Young
     Andrea Young
     Chief Financial Officer
EX-101.INS 5 ug-20210331.xml XBRL INSTANCE FILE false --12-31 Q1 2021 2021-03-31 10-Q 0000101295 4594319 Yes false Non-accelerated Filer Yes UNITED GUARDIAN INC false true Common Stock, $.10 par value per share ug 33285 63432 332669 325792 302959 302713 7978596 7287151 8210779 7591381 232183 304230 P1Y P2Y P6Y 81512 150671 232183 204163 100067 304230 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">3.</div></td> <td style="text-align: justify">Impact of the coronavirus (COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div>)</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;">2020</div> the coronavirus pandemic (&#x201c;pandemic&#x201d;) negatively impacted the Company's sales and net income, primarily due to reduced demand for the Company's cosmetic ingredients. The Company believes that this decline in demand was caused by both the closure of manufacturing facilities that used the Company's products, as well as the drop in consumer purchases of many products in which the Company's cosmetic ingredients are incorporated. The Company maintained production throughout the pandemic, but orders for its cosmetic ingredients declined significantly throughout <div style="display: inline; font-style: italic; font: inherit;">2020.</div> Although sales of these products decreased slightly in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021</div> compared with the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020,</div> they increased significantly compared with the sales levels of the <div style="display: inline; font-style: italic; font: inherit;">third</div> and <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarters of <div style="display: inline; font-style: italic; font: inherit;">2020.</div> It is too early to predict what the continuing impact of the pandemic will be on sales of these products, but until the global pandemic situation improves, it is likely that sales of the Company's cosmetic ingredients will continue to be negatively impacted. Because the Company has significant sales of its cosmetic ingredients outside the United States, sales will be impacted <div style="display: inline; font-style: italic; font: inherit;">not</div> only by the impact of the pandemic on the United States but also the course and impact of the pandemic in the many countries in which the Company's products are sold.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">Sales of the Company's non-pharmaceutical medical products (referred to herein as &#x201c;medical products&#x201d;) were also negatively impacted by the pandemic in <div style="display: inline; font-style: italic; font: inherit;">2020,</div> with the Company losing <div style="display: inline; font-style: italic; font: inherit;">one</div> of its medical customers due to reformulation, and some medical products customers reducing their purchases. Those impacts are still being felt in <div style="display: inline; font-style: italic; font: inherit;">2021.</div> However, <div style="display: inline; font-style: italic; font: inherit;">one</div> of the Company's medical customers in China that did <div style="display: inline; font-style: italic; font: inherit;">not</div> purchase any product in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020</div> did place orders in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021,</div> which partially offset some of other sales losses and resulted in a net increase in sales of medical products in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021</div> compared with the same quarter in <div style="display: inline; font-style: italic; font: inherit;">2020.</div> Sales of the Company's pharmaceutical products were <div style="display: inline; font-style: italic; font: inherit;">not</div> impacted in <div style="display: inline; font-style: italic; font: inherit;">2020</div> and actually increased compared with <div style="display: inline; font-style: italic; font: inherit;">2019.</div> Those sales also do <div style="display: inline; font-style: italic; font: inherit;">not</div> appear to have been impacted in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021.</div> The pandemic has <div style="display: inline; font-style: italic; font: inherit;">not</div> adversely affected the ability of the Company to obtain raw materials and maintain production, and the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> anticipate that it will do so in <div style="display: inline; font-style: italic; font: inherit;">2021</div> unless the global pandemic worsens, rather than improves.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">With the continuing uncertainty as to what the duration and future impact of the pandemic will be, the Company is unable to provide an accurate estimate or projection as to what the impact of the pandemic will be on the Company's operations or its financial results in the future. The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> expect the carrying value of its assets or its liquidity to be impaired by the coronavirus pandemic.</div></div> -616 3 1 3 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">4.</div></td> <td style="text-align: justify">Use of Estimates</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">In preparing financial statements in accordance with US GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, reserve for inventory obsolescence, accrued distribution fees, outdated material returns, possible impairment of marketable securities, and the allocation of overhead.</div></div> 57704 31800 1903737 1387698 317100 210000 1494147 1363457 18971 149346 28125 50500 214137 245521 6795155 6760255 19292 14017 19292 14017 13320065 11920276 12653144 11246611 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">2.</div></td> <td style="text-align: justify">Basis of Presentation</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Interim condensed financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States of America (&#x201c;US GAAP&#x201d;) for interim financial information, pursuant to the requirements for reporting on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-Q and Regulation S-<div style="display: inline; font-style: italic; font: inherit;">X.</div> In the opinion of management, all adjustments considered necessary for the fair presentation of financial statements for the interim periods have been included. The results of operations for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 (</div>also referred to as the &#x201c;first quarter of <div style="display: inline; font-style: italic; font: inherit;">2021&#x201d;</div>) are <div style="display: inline; font-style: italic; font: inherit;">not</div> necessarily indicative of results that ultimately <div style="display: inline; font-style: italic; font: inherit;"> may </div>be achieved for any other interim period or for the year ending <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2021. </div>The interim unaudited condensed financial statements and notes thereto should be read in conjunction with the audited condensed financial statements and notes thereto contained in our Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020.</div></div></div> 2848585 2848585 862049 591444 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">5.</div></td> <td style="text-align: justify">Cash and Cash Equivalents</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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: inherit;">three</div> months or less at the time of purchase. The Company deposits cash and cash equivalents with financially strong, FDIC-insured financial institutions, and believes that any amounts above FDIC insurance limitations are at minimal risk. Cash and cash equivalents held in these accounts are currently insured by the Federal Deposit Insurance Corporation (&#x201c;FDIC&#x201d;) up to a maximum of <div style="display: inline; font-style: italic; font: inherit;">$250,000.</div> At <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>approximately <div style="display: inline; font-style: italic; font: inherit;">$989,000</div> exceeded the FDIC limit, compared with <div style="display: inline; font-style: italic; font: inherit;">$653,000</div> at <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020.</div></div></div> 591444 1048311 862049 790190 270605 -258121 989000 653000 0.10 0.10 10000000 10000000 4594319 4594319 4594319 4594319 459432 459432 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">13.</div></td> <td style="text-align: justify">Concentrations of Credit Risk</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><div style="display: inline; font-weight: bold;">Customer concentration</div>: 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, the Company believes that its credit risk from accounts receivable has been reduced.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div><div style="display: inline; font-style: italic; font: inherit;">three</div> of the Company's distributors and <div style="display: inline; font-style: italic; font: inherit;">one</div> of its marketing partners together accounted for <div style="display: inline; font-style: italic; font: inherit;">77%</div> of the Company's net sales, and <div style="display: inline; font-style: italic; font: inherit;">67%</div> of its outstanding accounts receivable at <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021. </div>During the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>the same <div style="display: inline; font-style: italic; font: inherit;">three</div> distributors and marketing partner together were responsible for a total of approximately <div style="display: inline; font-style: italic; font: inherit;">81%</div> of the Company's net sales. They also accounted for <div style="display: inline; font-style: italic; font: inherit;">75%</div> of the Company's outstanding accounts receivable at <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020.</div></div></div> 0.22 0.16 0.67 0.36 0.67 0.27 0.77 0.67 0.81 0.75 1361013 1389331 1906426 2012338 248860 291603 100 150 -72047 -356595 0 0 -72047 -356595 61993 -84012 61993 -84012 213677 151684 190164 32500 36250 0 0 0.04 0.2 0.2 34900 40519 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: center">&nbsp;</td> <td style="text-align: center">&nbsp;</td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Three months ended March 31,</div></td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&nbsp;</td> <td style="text-align: center">&nbsp;</td> <td 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">2021</div></td> <td style="text-align: center">&nbsp;</td> <td 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">2020</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Cosmetic ingredients</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,630,597</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,702,860</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Pharmaceutical</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,143,307</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,038,710</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Medical</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">616,026</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,196</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Industrial and other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,938</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,148</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Net Sales</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,430,868</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,322,914</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div> 19028 19028 0.26 0.17 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">14.</div></td> <td style="text-align: justify">Earnings Per Share</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Basic and diluted earnings per share amounted to <div style="display: inline; font-style: italic; font: inherit;">$0.26</div> and <div style="display: inline; font-style: italic; font: inherit;">$0.17</div> for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> respectively.</div></div> 7472697 738082 8210779 6907270 684111 7591381 7391185 587411 7978596 6703107 584044 7287151 4544491 4516335 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center">Three months ended March 31,</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center">2021 </td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center">2020</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: justify">Net losses recognized during the period on marketable securities</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(72,047</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(356,595</div></td> <td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; text-indent: -27pt; padding-left: 27pt">Less: Net gains (losses) recognized during the period on marketable securities sold during the period</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">---</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">---</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(72,047</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">)</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(356,595</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">)</td> </tr> </table></div> 1492155 998048 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">9.</div></td> <td style="text-align: justify">Income Taxes</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0pt">The Company's tax provision is based on its estimated annual effective tax rate. The Company continues to fully recognize its tax benefits, and as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company did <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">not</div></div> have any unrecognized tax benefits. The Company's provision for income taxes for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31 </div>comprises the following:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td colspan="5" style="text-align: center">Three months ended March 31</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center">2021</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center">2020</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: justify">Provision for federal income taxes &#x2013; current</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">248,860</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">291,603</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Provision for state income taxes &#x2013; current</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">150</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Provision (benefit) for federal income taxes &#x2013; deferred</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,993</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(84,012</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total provision for income taxes</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">310,953</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">207,741</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div></div> 310953 207741 200000 25904 -39300 521314 6025 126453 130690 141982 -82938 145510 132389 57406 -48960 -165300 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">8</div><div style="display: inline; font-size: 10pt">.</div></td> <td style="text-align: justify">Inventories&nbsp;</td> </tr> </table> <div> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td colspan="3" style="text-align: center; font-weight: bold">March 31,</td> <td style="font-weight: bold">&nbsp;</td> <td colspan="3" style="text-align: center; font-weight: bold">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">2021</div></td> <td>&nbsp;</td> <td 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 style="display: inline; font-weight: bold;">2020</div></div></td> </tr> <tr style="vertical-align: bottom"> <td>Inventories consist of the following:</td> <td>&nbsp;</td> <td colspan="3" style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(Unaudited)</div></td> <td>&nbsp;</td> <td colspan="3" style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(Audited)</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt; width: 70%">Raw materials</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">376,963</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">415,415</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Work in process</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">64,032</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,258</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Finished products </td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">891,840</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">941,100</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;">Total inventories</div></td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,332,835</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,415,773</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">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: inherit;">first</div>-in, <div style="display: inline; font-style: italic; font: inherit;">first</div>-out (&#x201c;FIFO&#x201d;) method. Finished product inventories at <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>are stated net of a reserve of <div style="display: inline; font-style: italic; font: inherit;">$35,000</div> for slow-moving and obsolete inventory. At <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company had an allowance of <div style="display: inline; font-style: italic; font: inherit;">$302,959</div> and <div style="display: inline; font-style: italic; font: inherit;">$302,713,</div> respectively, for possible outdated material returns, which is included in accrued expenses. As of the date of this report, the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic has <div style="display: inline; font-style: italic; font: inherit;">not</div> adversely affected the valuation of the Company's finished products, work in process, or raw material inventories.</div></div> 891840 941100 1332835 1415773 376963 415415 35000 35000 64032 59258 39760 44067 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">7.</div></td> <td style="text-align: justify">Marketable Securities</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">Marketable securities include investments in fixed income and equity mutual funds and U.S. Government securities with maturities greater than <div style="display: inline; font-style: italic; font: inherit;">3</div> months, which are reported at their fair values.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0pt">The disaggregated net gains and losses on the marketable securities recognized in the statements of income for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020</div> are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 4.5in"><div style="display: inline; text-decoration: underline;"></div></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td colspan="5" style="border-bottom: Black 1pt solid; text-align: center">Three months ended March 31,</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center">2021 </td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center">2020</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 74%; text-align: justify">Net losses recognized during the period on marketable securities</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(72,047</div></td> <td style="width: 1%; text-align: left">)</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 10%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(356,595</div></td> <td style="width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify; padding-bottom: 1pt; text-indent: -27pt; padding-left: 27pt">Less: Net gains (losses) recognized during the period on marketable securities sold during the period</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">---</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">---</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: justify; padding-bottom: 2.5pt">Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(72,047</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">)</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(356,595</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">)</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">The fair values of the Company's marketable securities are determined in accordance with US GAAP, with fair value being defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes the <div style="display: inline; font-style: italic; font: inherit;">three</div>-tier value hierarchy, as prescribed by US 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 0pt 27pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#x2022;<div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </div><div style="display: inline; font-family: Times New Roman, Times, Serif">Level <div style="display: inline; font-style: italic; font: inherit;">1</div> - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#x2022;<div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </div><div style="display: inline; font-family: Times New Roman, Times, Serif">Level <div style="display: inline; font-style: italic; font: inherit;">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></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#x2022;<div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </div><div style="display: inline; font-family: Times New Roman, Times, Serif">Level <div style="display: inline; font-style: italic; font: inherit;">3</div> - inputs to the valuation methodology are unobservable and significant to the fair value measurement.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">The Company's marketable equity securities, which are considered available-for-sale securities, are re-measured to fair value on a recurring basis and are valued using Level <div style="display: inline; font-style: italic; font: inherit;">1</div> inputs using quoted prices (unadjusted) for identical assets in active markets. The following tables summarize the Company's investments:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <!-- Field: /Page --> <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"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-size: 10pt"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021</div></div> (unaudited)</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-size: 10pt">&nbsp;</div><div style="display: inline; font-size: 10pt"></div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 4in"><div style="display: inline; font-weight: bold;"> </div></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Equity Securities</div></div></td> <td style="text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Cost</div></td> <td style="text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Fair Value</div></td> <td style="text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Unrealized Gain</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Fixed-income mutual funds</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,391,185</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,472,697</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81,512</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Equity and other mutual funds</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">587,411</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">738,082</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">150,671</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Total equity securities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,978,596</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,210,779</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">232,183</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total marketable securities</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,978,596</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,210,779</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">232,183</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020</div></div> (audited)</div></div><div style="display: inline; font-weight: bold;"></div></div> <div style=" margin-top: 0; margin-bottom: 0">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><div style="display: inline; text-decoration: underline;">Equity Securities</div></td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Cost</div></div></td> <td style="text-align: center; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Fair Value</div></td> <td style="text-align: center; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Unrealized Gain</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Fixed-income mutual funds</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,703,107</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,907,270</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">204,163</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Equity and other mutual funds</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">584,044</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">684,111</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100,067</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Total equity securities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,287,151</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,591,381</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,230</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 2.5pt"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Total marketable securities</div></div></td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,287,151</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,591,381</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,230</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">Investment income is recognized when earned and consists principally of interest income from U.S Treasury Bills and dividend income from equity and fixed income mutual funds. Realized gains and losses on sales of investments are determined on a specific identification basis.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">There were <div style="display: inline; font-style: italic; font: inherit;">no</div> proceeds from the redemption of marketable securities in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021.</div> Proceeds from the sale and redemption of marketable securities amounted to <div style="display: inline; font-style: italic; font: inherit;">$2,000,000</div> for the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020.</div> There was <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div> gain or loss on these redemptions as they represented maturities of U. S. Treasury Bills.</div></div> 69000 69000 13320065 11920276 1570879 1414285 8210779 7591381 -72047 -356595 -72047 -356595 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Equity Securities</div></div></td> <td style="text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Cost</div></td> <td style="text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Fair Value</div></td> <td style="text-align: center"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Unrealized Gain</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Fixed-income mutual funds</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,391,185</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,472,697</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">81,512</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Equity and other mutual funds</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">587,411</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">738,082</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">150,671</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Total equity securities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,978,596</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,210,779</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">232,183</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total marketable securities</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,978,596</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">8,210,779</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">232,183</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-weight: bold"><div style="display: inline; text-decoration: underline;">Equity Securities</div></td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Cost</div></div></td> <td style="text-align: center; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Fair Value</div></td> <td style="text-align: center; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">Unrealized Gain</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 55%; text-align: left">Fixed-income mutual funds</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,703,107</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,907,270</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">204,163</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Equity and other mutual funds</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">584,044</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">684,111</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100,067</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Total equity securities</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,287,151</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,591,381</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,230</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 2.5pt"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Total marketable securities</div></div></td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,287,151</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">7,591,381</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">304,230</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div> -719601 -1545416 990206 1287295 1181202 790307 1181202 790307 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">12.</div></td> <td style="text-align: justify">Recent Accounting Pronouncements</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">On <div style="display: inline; font-style: italic; font: inherit;"> January 1, 2021, </div>the Company adopted Accounting Standards Update (ASU) <div style="display: inline; font-style: italic; font: inherit;">2019</div>-<div style="display: inline; font-style: italic; font: inherit;">12,</div> &#x201c;Simplifying the Accounting for Income Taxes.&#x201d; This standard modified ASU <div style="display: inline; font-style: italic; font: inherit;">740</div> which simplifies the accounting for income taxes. The Company has determined that these modifications did <div style="display: inline; font-style: italic; font: inherit;">not</div> have an impact on its financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify"></div> <!-- Field: Page; Sequence: 15 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued ASU-<div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13</div> &#x201c;Financial Instruments &#x2013; Credit Losses.&#x201d; This guidance affects organizations that hold financial assets and net investments in leases that are <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> December 15, 2022. </div>The Company is currently evaluating if this pronouncement will have a potential impact on its financial statements.</div></div> -32287 -312528 457127 515275 1524442 1310576 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">1.</div></td> <td style="text-align: justify">Nature of Business</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">United-Guardian, Inc. (the &#x201c;Company&#x201d;) is a Delaware corporation that, through its Guardian Laboratories division, conducts research, product development, manufacturing and marketing of cosmetic ingredients, pharmaceuticals, medical products, and proprietary specialty industrial products. The Company's research and development department develops new products and modifies, refines, and expands existing products for additional uses and markets.</div></div> 24237 16153 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">11.</div></td> <td style="text-align: justify">Other Information</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-align: justify; text-indent: 9pt"><div style="display: inline; text-decoration: underline;">Accrued expenses and other current liabilities</div>:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 9pt">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</div></td> <td style="text-align: center">&nbsp;</td> <td 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">March 31, 2021</div></td> <td>&nbsp;</td> <td 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">December 31, 2020 </div></td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="3" style="text-align: center">(unaudited)</td> <td>&nbsp;</td> <td colspan="3" style="text-align: center">(audited)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%">Bonuses</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">317,100</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">210,000</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution fees</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">332,669</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">325,792</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Payroll and related expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">214,137</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">245,521</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Reserve for outdated material</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">302,959</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">302,713</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred revenue</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">190,164</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">---</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Audit fee</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,125</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50,500</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Annual report expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,285</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,432</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Company 401K contribution</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,500</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">---</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sales rebates</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,971</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">149,346</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,237</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,153</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt"><div style="display: inline; font-weight: bold;">Total accrued expenses and other current liabilities</div></td> <td style="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,494,147</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,363,457</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table> </div></div> 691445 3544368 28156 1048 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">10.</div></td> <td style="text-align: justify">Defined Contribution Plan</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">The Company sponsors a <div style="display: inline; font-style: italic; font: inherit;">401</div>(k) defined contribution plan (&#x201c;DC Plan&#x201d;) that provides for a dollar-for-dollar employer matching contribution of the <div style="display: inline; font-style: italic; font: inherit;">first</div> <div style="display: inline; font-style: italic; font: inherit;">4%</div> of each employee's pay that is deferred by the employee. Employees become fully vested in employer matching contributions after <div style="display: inline; font-style: italic; font: inherit;">one</div> year of employment.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">The Company also makes discretionary contributions to each employee's account based on a "pay-to-pay" safe-harbor formula that qualifies the <div style="display: inline; font-style: italic; font: inherit;">401</div>(k) Plan under current IRS regulations. Employees become vested in the discretionary contributions as follows: <div style="display: inline; font-style: italic; font: inherit;">20%</div> after <div style="display: inline; font-style: italic; font: inherit;">two</div> years of employment, and <div style="display: inline; font-style: italic; font: inherit;">20%</div> for each year of employment thereafter until the employee becomes fully vested after <div style="display: inline; font-style: italic; font: inherit;">six</div> years of employment. The Company accrued <div style="display: inline; font-style: italic; font: inherit;">$32,500</div> in contributions to the DC Plan for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>and <div style="display: inline; font-style: italic; font: inherit;">$36,250</div> for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020. </div>For the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarters of <div style="display: inline; font-style: italic; font: inherit;">2021</div> and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company did <div style="display: inline; font-style: italic; font: inherit;">not</div> make any discretionary contributions to the DC Plan.</div></div> 32500 293597 161208 50147 99107 0 2000000 7462076 7433920 666921 673665 5275 -992 88286 107732 11076077 9894875 1630597 1702860 1143307 1038710 616026 539196 40938 42148 3430868 3322914 2671387 2791679 759481 531235 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">6.</div></td> <td style="text-align: justify">Revenue Recognition</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0pt">The Company records revenue in accordance with ASC Topic <div style="display: inline; font-style: italic; font: inherit;">606</div> &#x201c;Revenue from Contracts with Customers.&#x201d; Under this guidance, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company's principal source of revenue is product sales.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">The Company's sales, as reported, are subject to a variety of deductions, some of which are estimated. These deductions are recorded in the same period that the revenues are recognized. Such deductions, primarily related to sales of the Company's pharmaceutical products, include chargebacks from the United States Department of Veterans Affairs (&#x2018;VA&#x201d;), rebates in connection with the Company's current participation in Medicare programs and its past participation in Medicaid programs, distribution fees, discounts, and outdated product returns. These deductions represent estimates of the related obligations and, as such, knowledge and judgment are required when estimating the impact of these revenue deductions on sales for a reporting period.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0pt">&nbsp;</div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">During <div style="display: inline; font-style: italic; font: inherit;">2021</div> and <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company participated in various government drug rebate programs related to the sale of Renacidin<div style="display: inline; bottom:.33em; font-size: 82%; position: relative; vertical-align: baseline;">&reg;</div>, its most important pharmaceutical product. These programs include the Veterans Affairs Federal Supply Schedule (FSS), and the Medicare Part D Coverage Gap Discount Program (CGDP). These programs require the Company to sell its product at a discounted price. In addition, during <div style="display: inline; font-style: italic; font: inherit;">2020</div> the Company participated in the Medicaid Drug Rebate Program (&#x201c;Medicaid Program&#x201d;), which required the Company to pay a significant rebate to the various states where Renacidin was provided to Medicaid patients, as well as the Section <div style="display: inline; font-style: italic; font: inherit;">340B</div> Drug Pricing Program (<div style="display: inline; font-style: italic; font: inherit;">&#x201c;340B</div> Program&#x201d;), which required the Company to sell Renacidin at a deeply discounted price. Due to the overly burdensome nature of the Medicaid Program rebates, and the discounted pricing associated with the <div style="display: inline; font-style: italic; font: inherit;">340B</div> Program, the Company terminated its participation in the Medicaid Program and the <div style="display: inline; font-style: italic; font: inherit;">340B</div> Program, effective <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020. </div>The Company's sales, as reported, are net of all of these product rebates and discounts, some of which are estimated. They are recorded in the same period that the revenue is recognized.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">The Company recognizes revenue from sales of its cosmetic ingredients, medical, and industrial products when those products are shipped, as long as a valid purchase order has been received and future collection of the sale amount is reasonably assured. These products are shipped &#x201c;Ex-Works&#x201d; 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 and the Company's performance obligation is satisfied. Sales of these products are deemed final, and there is <div style="display: inline; font-style: italic; font: inherit;">no</div> obligation on the part of the Company to repurchase or allow the return of these goods unless they are defective.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: -27.35pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0pt">The Company's pharmaceutical products are shipped via common carrier upon receipt of a valid purchase order, with, in most cases, the Company paying the shipping costs. Sales of pharmaceutical products are final, and revenue is recognized at the time of shipment, which is when the risk of loss and responsibility for the shipment passes to the customer, and the performance obligation of the Company is satisfied. Pharmaceutical products are returnable only at the discretion of the Company unless (a) they are found to be defective; (b) the product is damaged in shipping; or (c) the product is outdated (but <div style="display: inline; font-style: italic; font: inherit;">not</div> more than <div style="display: inline; font-style: italic; font: inherit;">one</div> year after their expiration date, which is a return policy which conforms to standard pharmaceutical industry practice). The Company estimates an allowance for outdated material returns based on prior year historical returns of their pharmaceutical products.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify">The Company does <div style="display: inline; font-style: italic; font: inherit;">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: inherit;">not</div> contingent upon the customer being able to sell the goods to a <div style="display: inline; font-style: italic; font: inherit;">third</div> party.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0pt">Any allowances for returns are taken as a reduction of sales within the same period the revenue is recognized. Such allowances are determined based on historical experience under ASC Topic <div style="display: inline; font-style: italic; font: inherit;">606</div>-<div style="display: inline; font-style: italic; font: inherit;">10</div>-<div style="display: inline; font-style: italic; font: inherit;">32</div>-<div style="display: inline; font-style: italic; font: inherit;">8.</div> The Company has <div style="display: inline; font-style: italic; font: inherit;">not</div> experienced significant fluctuations between estimated allowances and actual activity.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: -27.35pt">&nbsp;</div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0pt">The timing between recognition of revenue for product sales and the receipt of payment is <div style="display: inline; font-style: italic; font: inherit;">not</div> significant. The Company's standard credit terms, which vary depending on the customer, range between <div style="display: inline; font-style: italic; font: inherit;">30</div> and <div style="display: inline; font-style: italic; font: inherit;">60</div> days. The Company uses its judgment on a case-by-case basis to determine its ability to collect outstanding receivables and provides allowances for any receivables for which collection has become doubtful. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the allowance for doubtful accounts receivable was <div style="display: inline; font-style: italic; font: inherit;">$19,292</div> and <div style="display: inline; font-style: italic; font: inherit;">$14,017,</div> respectively. Prompt pay discounts are offered to some customers; however, due to the uncertainty of the customers taking the discounts, the discounts are recorded only after they have been taken.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: -27.35pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0pt">The Company has distribution fee contracts with certain distributors of its pharmaceutical products that entitles them to distribution and service-related fees. The Company records distribution fees and estimates distribution fees as offsets to revenue.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: -27.35pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0pt">Disaggregated revenue by product class is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: -27.35pt"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="text-align: center">&nbsp;</td> <td style="text-align: center">&nbsp;</td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Three months ended March 31,</div></td> </tr> <tr style="vertical-align: bottom"> <td style="text-align: center">&nbsp;</td> <td style="text-align: center">&nbsp;</td> <td 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">2021</div></td> <td style="text-align: center">&nbsp;</td> <td 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">2020</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Cosmetic ingredients</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,630,597</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,702,860</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Pharmaceutical</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,143,307</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,038,710</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Medical</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">616,026</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">539,196</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Industrial and other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">40,938</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">42,148</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Net Sales</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,430,868</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,322,914</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0pt"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">The Company's cosmetic ingredients are marketed worldwide by <div style="display: inline; font-style: italic; font: inherit;">five</div> marketing partners, of which U.S.-based Ashland Specialty Ingredients (&#x201c;ASI&#x201d;) purchases the largest volume. Approximately <div style="display: inline; font-style: italic; font: inherit;">22%</div> of the Company's total sales were to customers located outside of the United States in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021,</div> compared with approximately <div style="display: inline; font-style: italic; font: inherit;">16%</div> in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">Disaggregated revenue by geographic region is as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Three months ended March 31,</div></td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td 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">2021</div></td> <td>&nbsp;</td> <td 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">2020</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">United States<div style="display: inline; font-weight: bold;">*</div></div></td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,671,387</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,791,679</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other countries</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">759,481</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">531,235</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Net Sales</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,430,868</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,322,914</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: -27.35pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27.35pt; text-align: justify; text-indent: 0pt"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">*</div></div>Since all purchases by ASI are shipped to ASI's warehouses in the U.S. they are reported as U.S. sales for financial reporting purposes. However, ASI has reported to the Company that in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021,</div> approximately <div style="display: inline; font-style: italic; font: inherit;">67%</div> of ASI's sales of the Company's products were to customers in other countries, with China representing approximately <div style="display: inline; font-style: italic; font: inherit;">36%</div> of ASI's sales of the Company's products. In the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020,</div> approximately <div style="display: inline; font-style: italic; font: inherit;">67%</div> of ASI's sales of the Company's products were to customers in other countries, with China representing approximately <div style="display: inline; font-style: italic; font: inherit;">27%</div> of ASI's sales of the Company's products.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="7" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">Three months ended March 31,</div></td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td 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">2021</div></td> <td>&nbsp;</td> <td 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">2020</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">United States<div style="display: inline; font-weight: bold;">*</div></div></td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,671,387</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,791,679</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other countries</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">759,481</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">531,235</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt">Net Sales</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,430,868</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,322,914</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</div></td> <td style="text-align: center">&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, 2021</div></td> <td>&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt">December 31, 2020 </div></td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="3" style="text-align: center">(unaudited)</td> <td>&nbsp;</td> <td colspan="3" style="text-align: center">(audited)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%">Bonuses</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">317,100</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">210,000</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Distribution fees</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">332,669</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">325,792</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Payroll and related expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">214,137</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">245,521</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Reserve for outdated material</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">302,959</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">302,713</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred revenue</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">190,164</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">---</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Audit fee</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">28,125</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">50,500</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Annual report expenses</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">33,285</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">63,432</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Company 401K contribution</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">32,500</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">---</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Sales rebates</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,971</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">149,346</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24,237</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16,153</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 2.5pt"><div style="display: inline; font-weight: bold;">Total accrued expenses and other current liabilities</div></td> <td style="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,494,147</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,363,457</div></td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td colspan="5" style="text-align: center">Three months ended March 31</td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center">2021</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: center">2020</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: justify">Provision for federal income taxes &#x2013; current</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">248,860</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">291,603</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Provision for state income taxes &#x2013; current</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">150</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify; padding-bottom: 1pt">Provision (benefit) for federal income taxes &#x2013; deferred</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">61,993</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(84,012</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-weight: bold; text-align: justify; padding-bottom: 2.5pt">Total provision for income taxes</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">310,953</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">207,741</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td colspan="3" style="text-align: center; font-weight: bold">March 31,</td> <td style="font-weight: bold">&nbsp;</td> <td colspan="3" style="text-align: center; font-weight: bold">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td>&nbsp;</td> <td>&nbsp;</td> <td colspan="3" style="border-bottom: Black 1pt solid; text-align: center"><div style="display: inline; font-weight: bold;">2021</div></td> <td>&nbsp;</td> <td 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 style="display: inline; font-weight: bold;">2020</div></div></td> </tr> <tr style="vertical-align: bottom"> <td>Inventories consist of the following:</td> <td>&nbsp;</td> <td colspan="3" style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(Unaudited)</div></td> <td>&nbsp;</td> <td colspan="3" style="text-align: center"><div style="display: inline; font-style: italic; font: inherit;">(Audited)</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt; width: 70%">Raw materials</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">376,963</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">415,415</div></td> <td style="width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Work in process</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">64,032</div></td> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">59,258</div></td> <td style="text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Finished products </td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">891,840</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">941,100</div></td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 20pt; text-align: left; padding-bottom: 1pt"><div style="display: inline; font-weight: bold;">Total inventories</div></td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,332,835</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,415,773</div></td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div> 4594319 4594319 4594319 4594319 11535509 10354307 459432 9894875 459432 11076077 459432 10173466 10632898 459432 10963773 11423205 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0"></td> <td style="width: 27pt"><div style="display: inline; font-style: italic; font: inherit;">15.</div></td> <td style="text-align: justify">Subsequent Events</td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: -27pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0pt">The Company has evaluated all subsequent events from the date of the financial statements through the date of this report.&nbsp; As detailed in Note <div style="display: inline; font-style: italic; font: inherit;">3</div> above, the Covid-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic is an ongoing event, and as such, the Company is <div style="display: inline; font-style: italic; font: inherit;">not</div> able to project or quantify the impact of this event on the Company's future operations and financial results.</div></div> 0 0 4594319 4594319 Since all purchases by ASI are shipped to ASI's warehouses in the U.S. they are reported as U.S. sales for financial reporting purposes. However, ASI has reported to the Company that in the first quarter of 2021, approximately 67% of ASI's sales of the Company's products were to customers in other countries, with China representing approximately 36% of ASI's sales of the Company's products. 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Document And Entity Information - shares
3 Months Ended
Mar. 31, 2021
May 01, 2021
Document Information [Line Items]    
Entity Registrant Name UNITED GUARDIAN INC  
Entity Central Index Key 0000101295  
Trading Symbol ug  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Interactive Data Current Yes  
Entity Common Stock, Shares Outstanding (in shares)   4,594,319
Entity Shell Company false  
Document Type 10-Q  
Document Period End Date Mar. 31, 2021  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Title of 12(b) Security Common Stock, $.10 par value per share  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.21.1
Statements of Income (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Net Sales $ 3,430,868 $ 3,322,914
Costs and expenses:    
Cost of sales 1,361,013 1,389,331
Operating expenses 457,127 515,275
Research and development 88,286 107,732
Total costs and expenses 1,906,426 2,012,338
Income from operations 1,524,442 1,310,576
Other (expense) income:    
Investment income 39,760 44,067
Net loss on marketable securities (72,047) (356,595)
Total other (expense) income (32,287) (312,528)
Income before provision for income taxes 1,492,155 998,048
Provision for income taxes 310,953 207,741
Net income $ 1,181,202 $ 790,307
Earnings per common share (basic and diluted) (in dollars per share) $ 0.26 $ 0.17
Weighted average shares – basic and diluted (in shares) 4,594,319 4,594,319
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.21.1
Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 862,049 $ 591,444
Marketable securities 8,210,779 7,591,381
Accounts receivable, net of allowance for doubtful accounts of $19,292 at March 31, 2021 and $14,017 at December 31, 2020 1,903,737 1,387,698
Inventories (net) 1,332,835 1,415,773
Prepaid expenses and other current assets 293,597 161,208
Prepaid income taxes 50,147 99,107
Total current assets 12,653,144 11,246,611
Property, plant and equipment:    
Land 69,000 69,000
Factory equipment and fixtures 4,544,491 4,516,335
Building and improvements 2,848,585 2,848,585
Total property, plant and equipment 7,462,076 7,433,920
Less: accumulated depreciation 6,795,155 6,760,255
Total property, plant and equipment (net) 666,921 673,665
TOTAL ASSETS 13,320,065 11,920,276
Current liabilities:    
Accounts payable 57,704 31,800
Total accrued expenses and other current liabilities 1,494,147 1,363,457
Dividends payable 19,028 19,028
Total current liabilities 1,570,879 1,414,285
Deferred income taxes (net) 213,677 151,684
Commitments and contingencies
Stockholders’ equity:    
Common stock $.10 par value; 10,000,000 shares authorized; 4,594,319 shares issued and outstanding at March 31, 2021 and December 31, 2020 459,432 459,432
Retained earnings 11,076,077 9,894,875
Total stockholders’ equity 11,535,509 10,354,307
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 13,320,065 $ 11,920,276
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.21.1
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Accounts receivable, allowance for doubtful accounts $ 19,292 $ 14,017
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 15 R5.htm IDEA: XBRL DOCUMENT v3.21.1
Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
Common Stock [Member]
Retained Earnings [Member]
Total
Balance (in shares) at Dec. 31, 2019 4,594,319    
Balance at Dec. 31, 2019 $ 459,432 $ 10,173,466 $ 10,632,898
Net income 790,307 790,307
Balance (in shares) at Mar. 31, 2020 4,594,319    
Balance at Mar. 31, 2020 $ 459,432 10,963,773 11,423,205
Balance (in shares) at Dec. 31, 2020 4,594,319    
Balance at Dec. 31, 2020 $ 459,432 9,894,875 10,354,307
Net income 1,181,202 1,181,202
Balance (in shares) at Mar. 31, 2021 4,594,319    
Balance at Mar. 31, 2021 $ 459,432 $ 11,076,077 $ 11,535,509
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.21.1
Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 1,181,202 $ 790,307
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 34,900 40,519
Net loss on marketable securities 72,047 356,595
Allowance for doubtful accounts 5,275 (992)
Deferred income taxes 61,993 (84,012)
(Increase) decrease in operating assets:    
Accounts receivable (521,314) (6,025)
Inventories 82,938 (145,510)
Prepaid expenses and other current assets (132,389) (57,406)
Prepaid income taxes 48,960 165,300
Increase (decrease) in operating liabilities:    
Accounts payable 25,904 (39,300)
Accrued expenses and other current liabilities 130,690 141,982
Income taxes payable (126,453)
Dividends payable (616)
Net cash provided by operating activities 990,206 1,287,295
Cash flows from investing activities:    
Acquisition of property, plant, and equipment (28,156) (1,048)
Purchase of marketable securities (691,445) (3,544,368)
Proceeds from sales of marketable securities 0 2,000,000
Net cash used in investing activities (719,601) (1,545,416)
Net increase (decrease) in cash and cash equivalents 270,605 (258,121)
Cash and cash equivalents at beginning of period 591,444 1,048,311
Cash and cash equivalents at end of period 862,049 790,190
Supplemental disclosure of cash flow information    
Taxes paid $ 200,000
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Note 1 - Nature of Business
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]
1.
Nature of Business
 
United-Guardian, Inc. (the “Company”) is a Delaware corporation that, through its Guardian Laboratories division, conducts research, product development, manufacturing and marketing of cosmetic ingredients, pharmaceuticals, medical products, and proprietary specialty industrial products. The Company's research and development department develops new products and modifies, refines, and expands existing products for additional uses and markets.
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.21.1
Note 2 - Basis of Presentation
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Basis of Accounting [Text Block]
2.
Basis of Presentation
 
Interim condensed financial statements of the Company are prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) for interim financial information, pursuant to the requirements for reporting on Form
10
-Q and Regulation S-
X.
In the opinion of management, all adjustments considered necessary for the fair presentation of financial statements for the interim periods have been included. The results of operations for the
three
months ended
March 31, 2021 (
also referred to as the “first quarter of
2021”
) are
not
necessarily indicative of results that ultimately
may
be achieved for any other interim period or for the year ending
December 31, 2021.
The interim unaudited condensed financial statements and notes thereto should be read in conjunction with the audited condensed financial statements and notes thereto contained in our Annual Report on Form
10
-K for the year ended
December 31, 2020.
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.21.1
Note 3 - Impact of the Coronavirus (COVID-19)
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Impact of Coronavirus (COVID-19) [Text Block]
3.
Impact of the coronavirus (COVID-
19
)
 
During
2020
the coronavirus pandemic (“pandemic”) negatively impacted the Company's sales and net income, primarily due to reduced demand for the Company's cosmetic ingredients. The Company believes that this decline in demand was caused by both the closure of manufacturing facilities that used the Company's products, as well as the drop in consumer purchases of many products in which the Company's cosmetic ingredients are incorporated. The Company maintained production throughout the pandemic, but orders for its cosmetic ingredients declined significantly throughout
2020.
Although sales of these products decreased slightly in the
first
quarter of
2021
compared with the
first
quarter of
2020,
they increased significantly compared with the sales levels of the
third
and
fourth
quarters of
2020.
It is too early to predict what the continuing impact of the pandemic will be on sales of these products, but until the global pandemic situation improves, it is likely that sales of the Company's cosmetic ingredients will continue to be negatively impacted. Because the Company has significant sales of its cosmetic ingredients outside the United States, sales will be impacted
not
only by the impact of the pandemic on the United States but also the course and impact of the pandemic in the many countries in which the Company's products are sold.
 
Sales of the Company's non-pharmaceutical medical products (referred to herein as “medical products”) were also negatively impacted by the pandemic in
2020,
with the Company losing
one
of its medical customers due to reformulation, and some medical products customers reducing their purchases. Those impacts are still being felt in
2021.
However,
one
of the Company's medical customers in China that did
not
purchase any product in the
first
quarter of
2020
did place orders in the
first
quarter of
2021,
which partially offset some of other sales losses and resulted in a net increase in sales of medical products in the
first
quarter of
2021
compared with the same quarter in
2020.
Sales of the Company's pharmaceutical products were
not
impacted in
2020
and actually increased compared with
2019.
Those sales also do
not
appear to have been impacted in the
first
quarter of
2021.
The pandemic has
not
adversely affected the ability of the Company to obtain raw materials and maintain production, and the Company does
not
anticipate that it will do so in
2021
unless the global pandemic worsens, rather than improves.
 
With the continuing uncertainty as to what the duration and future impact of the pandemic will be, the Company is unable to provide an accurate estimate or projection as to what the impact of the pandemic will be on the Company's operations or its financial results in the future. The Company does
not
expect the carrying value of its assets or its liquidity to be impaired by the coronavirus pandemic.
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Note 4 - Use of Estimates
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Use of Estimates Disclosure [Text Block]
4.
Use of Estimates
 
In preparing financial statements in accordance with US GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, reserve for inventory obsolescence, accrued distribution fees, outdated material returns, possible impairment of marketable securities, and the allocation of overhead.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.21.1
Note 5 - Cash and cash Equivalents
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Cash and Cash Equivalents Disclosure [Text Block]
5.
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 the time of purchase. The Company deposits cash and cash equivalents with financially strong, FDIC-insured financial institutions, and believes that any amounts above FDIC insurance limitations are 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
March 31, 2021,
approximately
$989,000
exceeded the FDIC limit, compared with
$653,000
at
December 31, 2020.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Revenue Recognition
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]
6.
Revenue Recognition
 
The Company records revenue in accordance with ASC Topic
606
“Revenue from Contracts with Customers.” Under this guidance, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration expected to be received in exchange for those goods or services. The Company's principal source of revenue is product sales.
 
The Company's sales, as reported, are subject to a variety of deductions, some of which are estimated. These deductions are recorded in the same period that the revenues are recognized. Such deductions, primarily related to sales of the Company's pharmaceutical products, include chargebacks from the United States Department of Veterans Affairs (‘VA”), rebates in connection with the Company's current participation in Medicare programs and its past participation in Medicaid programs, distribution fees, discounts, and outdated product returns. These deductions represent estimates of the related obligations and, as such, knowledge and judgment are required when estimating the impact of these revenue deductions on sales for a reporting period.
 
During
2021
and
2020,
the Company participated in various government drug rebate programs related to the sale of Renacidin
®
, its most important pharmaceutical product. These programs include the Veterans Affairs Federal Supply Schedule (FSS), and the Medicare Part D Coverage Gap Discount Program (CGDP). These programs require the Company to sell its product at a discounted price. In addition, during
2020
the Company participated in the Medicaid Drug Rebate Program (“Medicaid Program”), which required the Company to pay a significant rebate to the various states where Renacidin was provided to Medicaid patients, as well as the Section
340B
Drug Pricing Program (
“340B
Program”), which required the Company to sell Renacidin at a deeply discounted price. Due to the overly burdensome nature of the Medicaid Program rebates, and the discounted pricing associated with the
340B
Program, the Company terminated its participation in the Medicaid Program and the
340B
Program, effective
December 31, 2020.
The Company's sales, as reported, are net of all of these product rebates and discounts, some of which are estimated. They are recorded in the same period that the revenue is recognized.
 
The Company recognizes revenue from sales of its cosmetic ingredients, medical, and industrial products when those products are shipped, as long as a valid purchase order has been received and future collection of the sale amount is reasonably assured. These products are shipped “Ex-Works” from the Company's facility in Hauppauge, NY, and it is at this time that risk of loss and responsibility for the shipment passes to the customer and the Company's performance obligation is satisfied. 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 these goods unless they are defective.
 
The Company's pharmaceutical products are shipped via common carrier upon receipt of a valid purchase order, with, in most cases, the Company paying the shipping costs. Sales of pharmaceutical products are final, and revenue is recognized at the time of shipment, which is when the risk of loss and responsibility for the shipment passes to the customer, and the performance obligation of the Company is satisfied. Pharmaceutical products are returnable only at the discretion of the Company unless (a) they are found to be defective; (b) the product is damaged in shipping; or (c) the product is outdated (but
not
more than
one
year after their expiration date, which is a return policy which conforms to standard pharmaceutical industry practice). The Company estimates an allowance for outdated material returns based on prior year historical returns of their pharmaceutical products.
 
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.
 
Any allowances for returns are taken as a reduction of sales within the same period the revenue is recognized. Such allowances are determined based on historical experience under ASC Topic
606
-
10
-
32
-
8.
The Company has
not
experienced significant fluctuations between estimated allowances and actual activity.
 
The timing between recognition of revenue for product sales and the receipt of payment is
not
significant. The Company's standard credit terms, which vary depending on the customer, range between
30
and
60
days. The Company uses its judgment on a case-by-case basis to determine its ability to collect outstanding receivables and provides allowances for any receivables for which collection has become doubtful. As of
March 31, 2021
and
December 31, 2020,
the allowance for doubtful accounts receivable was
$19,292
and
$14,017,
respectively. Prompt pay discounts are offered to some customers; however, due to the uncertainty of the customers taking the discounts, the discounts are recorded only after they have been taken.
 
The Company has distribution fee contracts with certain distributors of its pharmaceutical products that entitles them to distribution and service-related fees. The Company records distribution fees and estimates distribution fees as offsets to revenue.
 
Disaggregated revenue by product class is as follows:
 
   
Three months ended March 31,
   
2021
 
2020
Cosmetic ingredients   $
1,630,597
    $
1,702,860
 
Pharmaceutical    
1,143,307
     
1,038,710
 
Medical    
616,026
     
539,196
 
Industrial and other    
40,938
     
42,148
 
Net Sales   $
3,430,868
    $
3,322,914
 
 
The Company's cosmetic ingredients are marketed worldwide by
five
marketing partners, of which U.S.-based Ashland Specialty Ingredients (“ASI”) purchases the largest volume. Approximately
22%
of the Company's total sales were to customers located outside of the United States in the
first
quarter of
2021,
compared with approximately
16%
in the
first
quarter of
2020.
 
Disaggregated revenue by geographic region is as follows:
 
   
Three months ended March 31,
   
2021
 
2020
United States
*
  $
2,671,387
    $
2,791,679
 
Other countries    
759,481
     
531,235
 
Net Sales   $
3,430,868
    $
3,322,914
 
 
*
Since all purchases by ASI are shipped to ASI's warehouses in the U.S. they are reported as U.S. sales for financial reporting purposes. However, ASI has reported to the Company that in the
first
quarter of
2021,
approximately
67%
of ASI's sales of the Company's products were to customers in other countries, with China representing approximately
36%
of ASI's sales of the Company's products. In the
first
quarter of
2020,
approximately
67%
of ASI's sales of the Company's products were to customers in other countries, with China representing approximately
27%
of ASI's sales of the Company's products.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.21.1
Note 7 - Marketable Securities
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
7.
Marketable Securities
 
Marketable securities include investments in fixed income and equity mutual funds and U.S. Government securities with maturities greater than
3
months, which are reported at their fair values.
 
The disaggregated net gains and losses on the marketable securities recognized in the statements of income for the
three
months ended
March 31, 2021
and
2020
are as follows:
 
 
      Three months ended March 31,  
      2021       2020  
Net losses recognized during the period on marketable securities   $
(72,047
)   $
(356,595
)
Less: Net gains (losses) recognized during the period on marketable securities sold during the period    
---
     
---
 
Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date   $
(72,047
)    
(356,595
)
 
 
The fair values of the Company's marketable securities are determined in accordance with US GAAP, with fair value being defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the Company utilizes the
three
-tier value hierarchy, as prescribed by US 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 Company's marketable equity securities, which are considered available-for-sale securities, are re-measured to fair value on a recurring basis and are valued using Level
1
inputs using quoted prices (unadjusted) for identical assets in active markets. The following tables summarize the Company's investments:
 
 
March 31, 2021
(unaudited)
 
Equity Securities
 
Cost
 
Fair Value
 
Unrealized Gain
Fixed-income mutual funds   $
7,391,185
    $
7,472,697
    $
81,512
 
Equity and other mutual funds    
587,411
     
738,082
     
150,671
 
Total equity securities    
7,978,596
     
8,210,779
     
232,183
 
Total marketable securities   $
7,978,596
    $
8,210,779
    $
232,183
 
 
December 31, 2020
(audited)
 
Equity Securities
 
Cost
 
Fair Value
 
Unrealized Gain
Fixed-income mutual funds   $
6,703,107
    $
6,907,270
    $
204,163
 
Equity and other mutual funds    
584,044
     
684,111
     
100,067
 
Total equity securities    
7,287,151
     
7,591,381
     
304,230
 
Total marketable securities
  $
7,287,151
    $
7,591,381
    $
304,230
 
 
Investment income is recognized when earned and consists principally of interest income from U.S Treasury Bills and dividend income from equity and fixed income mutual funds. Realized gains and losses on sales of investments are determined on a specific identification basis.
 
There were
no
proceeds from the redemption of marketable securities in the
first
quarter of
2021.
Proceeds from the sale and redemption of marketable securities amounted to
$2,000,000
for the
first
quarter of
2020.
There was
no
gain or loss on these redemptions as they represented maturities of U. S. Treasury Bills.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.21.1
Note 8 - Inventories
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Inventory Disclosure [Text Block]
8
.
Inventories 
    March 31,   December 31,
   
2021
 
2020
Inventories consist of the following:  
(Unaudited)
 
(Audited)
Raw materials   $
376,963
    $
415,415
 
Work in process    
64,032
     
59,258
 
Finished products    
891,840
     
941,100
 
Total inventories
  $
1,332,835
    $
1,415,773
 
 
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. Finished product inventories at
March 31, 2021
and
December 31, 2020
are stated net of a reserve of
$35,000
for slow-moving and obsolete inventory. At
March 31, 2021
and
December 31, 2020,
the Company had an allowance of
$302,959
and
$302,713,
respectively, for possible outdated material returns, which is included in accrued expenses. As of the date of this report, the COVID-
19
pandemic has
not
adversely affected the valuation of the Company's finished products, work in process, or raw material inventories.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.21.1
Note 9 - Income Taxes
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
9.
Income Taxes
 
The Company's tax provision is based on its estimated annual effective tax rate. The Company continues to fully recognize its tax benefits, and as of
March 31, 2021
and
December 31, 2020,
the Company did
not
have any unrecognized tax benefits. The Company's provision for income taxes for the
three
months ended
March 31
comprises the following:
 
 
      Three months ended March 31  
      2021       2020  
Provision for federal income taxes – current   $
248,860
     
291,603
 
Provision for state income taxes – current    
100
     
150
 
Provision (benefit) for federal income taxes – deferred    
61,993
     
(84,012
)
Total provision for income taxes   $
310,953
    $
207,741
 
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.21.1
Note 10 - Defined Contribution Plan
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Retirement Benefits [Text Block]
10.
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 that is deferred by the employee. Employees become fully vested in employer matching contributions after
one
year of employment.
 
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. 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. The Company accrued
$32,500
in contributions to the DC Plan for the
three
months ended
March 31, 2021,
and
$36,250
for the
three
months ended
March 31, 2020.
For the
first
quarters of
2021
and
2020,
the Company did
not
make any discretionary contributions to the DC Plan.
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.21.1
Note 11 - Other Information
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Other Liabilities Disclosure [Text Block]
11.
Other Information
 
Accrued expenses and other current liabilities
:
 
 
 
March 31, 2021
 
December 31, 2020
    (unaudited)   (audited)
Bonuses   $
317,100
    $
210,000
 
Distribution fees    
332,669
     
325,792
 
Payroll and related expenses    
214,137
     
245,521
 
Reserve for outdated material    
302,959
     
302,713
 
Deferred revenue    
190,164
     
---
 
Audit fee    
28,125
     
50,500
 
Annual report expenses    
33,285
     
63,432
 
Company 401K contribution    
32,500
     
---
 
Sales rebates    
18,971
     
149,346
 
Other    
24,237
     
16,153
 
Total accrued expenses and other current liabilities
  $
1,494,147
    $
1,363,457
 
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.21.1
Note 12 - Recent Accounting Pronouncements
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]
12.
Recent Accounting Pronouncements
 
On
January 1, 2021,
the Company adopted Accounting Standards Update (ASU)
2019
-
12,
“Simplifying the Accounting for Income Taxes.” This standard modified ASU
740
which simplifies the accounting for income taxes. The Company has determined that these modifications did
not
have an impact on its 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, 2022.
The Company is currently evaluating if this pronouncement will have a potential impact on its financial statements.
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.21.1
Note 13 - Concentrations of Credit Risk
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]
13.
Concentrations of Credit Risk
 
Customer concentration
: 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, the Company believes that its credit risk from accounts receivable has been reduced.
 
For the
three
months ended
March 31, 2021,
three
of the Company's distributors and
one
of its marketing partners together accounted for
77%
of the Company's net sales, and
67%
of its outstanding accounts receivable at
March 31, 2021.
During the
three
months ended
March 31, 2020,
the same
three
distributors and marketing partner together were responsible for a total of approximately
81%
of the Company's net sales. They also accounted for
75%
of the Company's outstanding accounts receivable at
March 31, 2020.
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.21.1
Note 14 - Earnings Per Share
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Earnings Per Share [Text Block]
14.
Earnings Per Share
 
Basic earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued.
 
Basic and diluted earnings per share amounted to
$0.26
and
$0.17
for the
three
months ended
March 31, 2021
and
2020,
respectively.
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.21.1
Note 15 - Subsequent Events
3 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Subsequent Events [Text Block]
15.
Subsequent Events
 
The Company has evaluated all subsequent events from the date of the financial statements through the date of this report.  As detailed in Note
3
above, the Covid-
19
pandemic is an ongoing event, and as such, the Company is
not
able to project or quantify the impact of this event on the Company's future operations and financial results.
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Revenue Recognition (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Disaggregation of Revenue [Table Text Block]
   
Three months ended March 31,
   
2021
 
2020
Cosmetic ingredients   $
1,630,597
    $
1,702,860
 
Pharmaceutical    
1,143,307
     
1,038,710
 
Medical    
616,026
     
539,196
 
Industrial and other    
40,938
     
42,148
 
Net Sales   $
3,430,868
    $
3,322,914
 
Revenue from External Customers by Geographic Areas [Table Text Block]
   
Three months ended March 31,
   
2021
 
2020
United States
*
  $
2,671,387
    $
2,791,679
 
Other countries    
759,481
     
531,235
 
Net Sales   $
3,430,868
    $
3,322,914
 
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.21.1
Note 7 - Marketable Securities (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Gain (Loss) on Securities [Table Text Block]
      Three months ended March 31,  
      2021       2020  
Net losses recognized during the period on marketable securities   $
(72,047
)   $
(356,595
)
Less: Net gains (losses) recognized during the period on marketable securities sold during the period    
---
     
---
 
Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date   $
(72,047
)    
(356,595
)
Marketable Securities [Table Text Block]
Equity Securities
 
Cost
 
Fair Value
 
Unrealized Gain
Fixed-income mutual funds   $
7,391,185
    $
7,472,697
    $
81,512
 
Equity and other mutual funds    
587,411
     
738,082
     
150,671
 
Total equity securities    
7,978,596
     
8,210,779
     
232,183
 
Total marketable securities   $
7,978,596
    $
8,210,779
    $
232,183
 
Equity Securities
 
Cost
 
Fair Value
 
Unrealized Gain
Fixed-income mutual funds   $
6,703,107
    $
6,907,270
    $
204,163
 
Equity and other mutual funds    
584,044
     
684,111
     
100,067
 
Total equity securities    
7,287,151
     
7,591,381
     
304,230
 
Total marketable securities
  $
7,287,151
    $
7,591,381
    $
304,230
 
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Note 8 - Inventories (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
    March 31,   December 31,
   
2021
 
2020
Inventories consist of the following:  
(Unaudited)
 
(Audited)
Raw materials   $
376,963
    $
415,415
 
Work in process    
64,032
     
59,258
 
Finished products    
891,840
     
941,100
 
Total inventories
  $
1,332,835
    $
1,415,773
 
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.21.1
Note 9 - Income Taxes (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
      Three months ended March 31  
      2021       2020  
Provision for federal income taxes – current   $
248,860
     
291,603
 
Provision for state income taxes – current    
100
     
150
 
Provision (benefit) for federal income taxes – deferred    
61,993
     
(84,012
)
Total provision for income taxes   $
310,953
    $
207,741
 
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.21.1
Note 11 - Other Information (Tables)
3 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Accrued Liabilities [Table Text Block]
 
 
March 31, 2021
 
December 31, 2020
    (unaudited)   (audited)
Bonuses   $
317,100
    $
210,000
 
Distribution fees    
332,669
     
325,792
 
Payroll and related expenses    
214,137
     
245,521
 
Reserve for outdated material    
302,959
     
302,713
 
Deferred revenue    
190,164
     
---
 
Audit fee    
28,125
     
50,500
 
Annual report expenses    
33,285
     
63,432
 
Company 401K contribution    
32,500
     
---
 
Sales rebates    
18,971
     
149,346
 
Other    
24,237
     
16,153
 
Total accrued expenses and other current liabilities
  $
1,494,147
    $
1,363,457
 
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.21.1
Note 5 - Cash and cash Equivalents (Details Textual) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Cash, Uninsured Amount $ 989,000 $ 653,000
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Revenue Recognition (Details Textual) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2020
Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss, Ending Balance $ 19,292     $ 14,017
Cosmetic Ingredients [Member] | Non-US [Member] | Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member]        
Concentration Risk, Percentage 22.00%   16.00%  
ASI [Member] | Non-US [Member] | Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member]        
Concentration Risk, Percentage 67.00% 67.00%    
ASI [Member] | CHINA | Revenue, Segment Benchmark [Member] | Geographic Concentration Risk [Member]        
Concentration Risk, Percentage 36.00% 27.00%    
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Revenue Recognition - Disaggregated Revenue (Details) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Net Sales $ 3,430,868 $ 3,322,914
Cosmetic Ingredients [Member]    
Net Sales 1,630,597 1,702,860
Pharmaceuticals [Member]    
Net Sales 1,143,307 1,038,710
Medical Product [Member]    
Net Sales 616,026 539,196
Industrial And Other [Member]    
Net Sales $ 40,938 $ 42,148
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Revenue Recognition - Revenue by Geographic Region (Details) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Net Sales $ 3,430,868 $ 3,322,914
UNITED STATES    
Net Sales [1] 2,671,387 2,791,679
Non-US [Member]    
Net Sales $ 759,481 $ 531,235
[1] Since all purchases by ASI are shipped to ASI's warehouses in the U.S. they are reported as U.S. sales for financial reporting purposes. However, ASI has reported to the Company that in the first quarter of 2021, approximately 67% of ASI's sales of the Company's products were to customers in other countries, with China representing approximately 36% of ASI's sales of the Company's products. In the first quarter of 2020, approximately 67% of ASI's sales of the Company's products were to customers in other countries, with China representing approximately 27% of ASI's sales of the Company's products.
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.21.1
Note 7 - Marketable Securities (Details Textual) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Proceeds from Sale and Maturity of Marketable Securities, Total $ 0 $ 2,000,000
Debt and Equity Securities, Realized Gain (Loss), Total $ 0 $ 0
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.21.1
Note 7 - Marketable Securities - Net Gains and Losses on Marketable Securities (Details) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Net losses recognized during the period on marketable securities $ (72,047) $ (356,595)
Less: Net gains (losses) recognized during the period on marketable securities sold during the period 0 0
Unrealized losses recognized during the reporting period on marketable securities still held at the reporting date $ (72,047) $ (356,595)
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.21.1
Note 7 - Marketable Securities - Summary of Investments (Details) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Equity securities, cost $ 7,978,596 $ 7,287,151
Equity securities 8,210,779 7,591,381
Equity securities, unrealized gain 232,183 304,230
Marketable securities, cost 7,978,596 7,287,151
Marketable securities 8,210,779 7,591,381
Marketable securities, unrealized gain 232,183 304,230
Fixed Income Securities [Member]    
Equity securities, cost 7,391,185 6,703,107
Equity securities 7,472,697 6,907,270
Equity securities, unrealized gain 81,512 204,163
Equity And Other Mutual Funds [Member]    
Equity securities, cost 587,411 584,044
Equity securities 738,082 684,111
Equity securities, unrealized gain $ 150,671 $ 100,067
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.21.1
Note 8 - Inventories (Details Textual) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Inventory Valuation Reserves, Ending Balance $ 35,000 $ 35,000
Accrued Reserve for Outdated Material $ 302,959 $ 302,713
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.21.1
Note 8 - Inventories - Summary of Inventories (Details) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Raw materials $ 376,963 $ 415,415
Work in process 64,032 59,258
Finished products 891,840 941,100
Total inventories $ 1,332,835 $ 1,415,773
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.21.1
Note 9 - Income Taxes (Details Textual) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Unrecognized Tax Benefits, Ending Balance $ 0 $ 0
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.21.1
Note 9 - Income Taxes - Provision for Income Taxes (Details) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Provision for federal income taxes – current $ 248,860 $ 291,603
Provision for state income taxes – current 100 150
Provision (benefit) for federal income taxes – deferred 61,993 (84,012)
Total provision for income taxes $ 310,953 $ 207,741
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.21.1
Note 10 - Defined Contribution Plan (Details Textual) - USD ($)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Defined Contribution Plan, Cost $ 32,500 $ 36,250
DC Plan [Member]    
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay 4.00%  
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year) 1 year  
Defined Contribution Plan, Employer Discretionary Contribution Amount $ 0 $ 0
DC Plan [Member] | Discretionary Contributions Vesting at Two Years [Member]    
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year) 2 years  
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage 20.00%  
DC Plan [Member] | Discretionary Contributions Vesting Each Additional Year [Member]    
Defined Contribution, Discretionary Contribution Plan, Vesting Period (Year) 6 years  
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage 20.00%  
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.21.1
Note 11 - Other Information - Summary of Accrued Expenses (Details) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Bonuses $ 317,100 $ 210,000
Distribution fees 332,669 325,792
Payroll and related expenses 214,137 245,521
Accrued Reserve for Outdated Material 302,959 302,713
Deferred revenue 190,164
Audit fee 28,125 50,500
Annual report expenses 33,285 63,432
Company 401K contribution 32,500
Sales rebates 18,971 149,346
Other 24,237 16,153
Total accrued expenses and other current liabilities $ 1,494,147 $ 1,363,457
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.21.1
Note 13 - Concentrations of Credit Risk (Details Textual)
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Distributor [Member]    
Number of Customers 3  
Marketing Partner [Member]    
Number of Customers 1  
Distributors and Marketing Partners [Member]    
Number of Customers   3
Distributors and Marketing Partners [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member]    
Concentration Risk, Percentage 77.00% 81.00%
Distributors and Marketing Partners [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member]    
Concentration Risk, Percentage 67.00% 75.00%
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.21.1
Note 14 - Earnings Per Share (Details Textual) - $ / shares
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Earnings Per Share, Basic and Diluted, Total (in dollars per share) $ 0.26 $ 0.17
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