0001213900-22-026812.txt : 20220516 0001213900-22-026812.hdr.sgml : 20220516 20220516104836 ACCESSION NUMBER: 0001213900-22-026812 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 61 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220516 DATE AS OF CHANGE: 20220516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: OCEAN BIO CHEM INC CENTRAL INDEX KEY: 0000350737 STANDARD INDUSTRIAL CLASSIFICATION: SPECIALTY CLEANING, POLISHING AND SANITATION PREPARATIONS [2842] IRS NUMBER: 591564329 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-11102 FILM NUMBER: 22926460 BUSINESS ADDRESS: STREET 1: 4041 SW 47TH AVE CITY: FORT LAUDERDALE STATE: FL ZIP: 33314 BUSINESS PHONE: 9545876280 MAIL ADDRESS: STREET 1: 4041 SW 47TH AVE CITY: FT LAUDERDALE STATE: FL ZIP: 33028 FORMER COMPANY: FORMER CONFORMED NAME: STAR BRITE CORP DATE OF NAME CHANGE: 19841204 10-Q 1 f10q0322_oceanbio.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2022

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

For the transition period from _____ to _____

Commission File Number: 0-11102

OCEAN BIO-CHEM, INC.

(Exact name of registrant as specified in its charter)

Florida

59-1564329

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

4041 SW 47 Avenue, Fort Lauderdale, Florida		33314
(Address of principal executive offices)		(Zip Code)

954-587-6280

(Registrant’s telephone number, including area code)

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, $0.01 par value		OBCI		The NASDAQ Stock 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 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, smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

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

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

At May 13, 2022, 9,509,799 shares of the registrant’s common stock were outstanding.

OCEAN BIO-CHEM, INC. AND SUBSIDIARIES

TABLE OF CONTENTS

		Page
PART I	Financial Information:

Item 1.	Financial Statements	1

	Condensed consolidated balance sheets at March 31, 2022 (unaudited) and December 31, 2021	1

	Condensed consolidated statements of operations (unaudited) for the three months ended March 31, 2022 and 2021	2

	Condensed consolidated statements of comprehensive income (unaudited) for the three months ended March 31, 2022 and 2021	3

	Condensed consolidated statements of shareholders’ equity (unaudited) for the three months ended March 31, 2022 and 2021	4

	Condensed consolidated statements of cash flows (unaudited) for the three months ended March 31, 2022 and 2021	5

	Notes to condensed consolidated financial statements	6-12

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13-15

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	15

Item 4.	Controls and Procedures	15

PART II	Other Information:

Item 1A.	Risk Factors	16

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16

Item 6.	Exhibits	16

	Signatures	17

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

OCEAN BIO-CHEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

	March 31, 2022			December 31, 2021
	(Unaudited)
ASSETS
Current Assets:
Cash	$	10,216,924		$	12,684,935
Trade accounts receivable less allowances of approximately $712,000 and $632,000, respectively		10,261,547			9,544,133
Receivables due from affiliated companies		847,026			1,211,999
Inventories, net		19,974,898			16,819,253
Prepaid expenses and other current assets		1,585,477			2,093,971
Total Current Assets		42,885,872			42,354,291

Property, plant and equipment, net		17,642,008			16,360,218
Operating lease – right to use		160,449			182,543
Intangible assets, net		1,309,683			1,380,652
Total Assets	$	61,998,012		$	60,277,704

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt, net	$	743,740		$	736,531
Current portion of operating lease liability		90,424			89,600
Accounts payable - trade		3,376,982			2,877,623
Income taxes payable		208,342			45,295
Accrued expenses payable		1,120,234			900,982
Total Current Liabilities		5,539,722			4,650,031

Deferred tax liability		453,086			347,723
Operating lease liability, less current portion		70,025			92,943
Long-term debt, less current portion and debt issuance costs		7,515,735			7,750,889
Total Liabilities		13,578,568			12,841,586

COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity:
Common stock - $0.01 par value, 12,000,000 shares authorized; 9,509,799 shares and 9,503,999 shares issued and outstanding, respectively		95,098			95,040
Additional paid in capital		11,141,123			11,077,706
Accumulated other comprehensive loss		(291,374	)		(292,336	)
Retained earnings		37,474,597			36,555,708
Total Shareholders’ Equity		48,419,444			47,436,118

Total Liabilities and Shareholders’ Equity	$	61,998,012		$	60,277,704

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

OCEAN BIO-CHEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended
	March 31,
	2022			2021

Net sales	$	12,737,329		$	13,131,224

Cost of goods sold		8,001,347			7,750,503

Gross profit		4,735,982			5,380,721

Operating Expenses:
Advertising and promotion		1,071,579			941,814
Selling and administrative		2,000,030			1,972,812
Total operating expenses		3,071,609			2,914,626

Operating income		1,664,373			2,466,095

Other (expense) income
Interest (expense), net		(31,682	)		(37,187	)

Income before income taxes		1,632,691			2,428,908

Provision for income taxes		(333,410	)		(524,639	)

Net income	$	1,299,281		$	1,904,269

Earnings per common share	$	0.14		$	0.20

Dividends declared per common share	$	0.04		$	0.03

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

OCEAN BIO-CHEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

	Three Months Ended
	March 31,
	2022		2021

Net income	$	1,299,281	$	1,904,269

Foreign currency translation adjustment		962		(596	)

Comprehensive income	$	1,300,243	$	1,903,673

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

OCEAN BIO-CHEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

THREE MONTHS ENDED MARCH 31, 2022 AND 2021

(UNAUDITED)

							Additional			Accumulated Other
	Common Stock						Paid In			Comprehensive			Retained
	Shares			Amount			Capital			Loss			Earnings			Total

December 31, 2021		9,503,999		$	95,040		$	11,077,706		$	(292,336	)	$	36,555,708		$	47,436,118

Net income		-			-			-			-			1,299,281			1,299,281

Dividends, common stock		-			-			-			-			(380,392	)		(380,392	)

Common stock repurchased and retired		(600	)		(6	)		(5,639	)		-			-			(5,645	)

Portion of 2021 stock based compensation for shares issued in 2022		6,400			64			69,056			-			-			69,120

Foreign currency translation adjustment		-			-			-			962			-			962

March 31, 2022		9,509,799		$	95,098		$	11,141,123		$	(291,374	)	$	37,474,597		$	48,419,444

					Additional		Accumulated Other
	Common Stock				Paid In		Comprehensive			Retained
	Shares		Amount		Capital		Loss			Earnings			Total

December 31, 2020		9,481,799	$	94,818	$	10,816,100	$	(294,324	)	$	29,290,477		$	39,907,071

Net income		-		-		-		-			1,904,269			1,904,269

Dividends, common stock		-		-		-		-			(284,454	)		(284,454	)

Foreign currency translation adjustment		-		-		-		(596	)		-			(596	)

March 31, 2021		9,481,799	$	94,818	$	10,816,100	$	(294,920	)	$	30,910,292		$	41,526,290

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

OCEAN BIO-CHEM, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Three Months Ended
	March 31,
	2022			2021
Cash flows from operating activities:
Net income	$	1,299,281		$	1,904,269
Adjustments to reconcile net income to net cash (used in) provided by operating activities:

Depreciation and amortization		405,022			357,594
Deferred income taxes		105,363			(88,566	)
Provision for bad debts		80,003			88,289
Provision for slow moving and obsolete inventory		70,049			9,756
Other operating non-cash items		311			(1,572	)

Changes in assets and liabilities:

Trade accounts receivable		(797,417	)		(2,110,546	)
Receivables due from affiliated companies		364,973			358,826
Inventories		(3,225,694	)		(1,068,795	)
Prepaid expenses and other current assets		508,494			(162,596	)
Accounts payable – trade		499,359			1,174,548
Income taxes payable		163,047			576,626
Accrued expenses payable		288,372			169,969
Net cash (used in) provided by operating activities		(238,837	)		1,207,802

Cash flows from investing activities:
Purchases of property, plant and equipment		(1,610,684	)		(915,899	)
Net cash used in investing activities		(1,610,684	)		(915,899	)

Cash flows from financing activities:
Payments on long-term debt		(233,104	)		(130,092	)
Dividends paid to common shareholders		(380,392	)		(284,454	)
Repurchase of common stock		(5,645	)		-
Net cash used in financing activities		(619,141	)		(414,546	)

Effect of exchange rate on cash		651			976

Net decrease in cash and restricted cash		(2,468,011	)		(121,667	)

Cash and restricted cash at beginning of period		12,684,935			11,601,152
Cash and restricted cash at end of period	$	10,216,924		$	11,479,485

Supplemental disclosure of cash flow information:
Cash paid for interest during period	$	28,786		$	32,606
Cash paid for income taxes during period	$	65,000		$	-
Cash paid under operating lease	$	23,700		$	23,700

Cash	$	10,216,924		$	11,161,761
Restricted cash		-			317,724
Total cash and restricted cash	$	10,216,924		$	11,479,485

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

OCEAN BIO-CHEM, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. SUMMARY OF ACCOUNTING POLICIES

Interim reporting

The accompanying unaudited condensed consolidated financial statements include the accounts of Ocean Bio-Chem, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context indicates otherwise, the term “Company” refers to Ocean Bio-Chem, Inc. and its subsidiaries.

The unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements.

The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.

The information included in this Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Use of estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

2. INVENTORIES

The Company’s inventories at March 31, 2022 and December 31, 2021 consisted of the following:

	March 31, 2022			December 31, 2021
Raw materials	$	8,745,696		$	7,465,011
Finished goods		11,552,825			9,669,073
Inventories, gross		20,298,521			17,134,084

Inventory reserves		(323,623	)		(314,831	)

Inventories, net	$	19,974,898		$	16,819,253

The inventory reserves shown in the table above reflect slow moving and obsolete inventory.

The Company operates a vendor managed inventory program with one of its customers to improve the promotion of the Company’s products. The Company manages the inventory levels at this customer’s warehouses and recognizes revenue as the products are sold by the customer. The inventories managed at the customer’s warehouses, which are included in inventories, net, amounted to approximately $987,000 and $1,051,000 at March 31, 2022 and December 31, 2021, respectively.

3. PROPERTY, PLANT & EQUIPMENT

The Company’s property, plant and equipment at March 31, 2022 and December 31, 2021 consisted of the following:

	Estimated Useful Life	March 31, 2022			December 31, 2021

Land		$	278,325		$	278,325
Building and improvements	30 years		15,180,235			9,710,244
Manufacturing and warehouse equipment	6-20 years		13,577,478			12,858,638
Office equipment and furniture	3-5 years		1,941,521			1,805,002
Leasehold improvements	10-15 years		621,903			587,183
Finance leases – right to use	5 years		113,741			113,741
Vehicles	3 years		10,020			10,020
Construction in process ⁽¹⁾			1,883,726			6,633,112
Property, plant and equipment, gross			33,606,949			31,996,265

Less accumulated depreciation			(15,964,941	)		(15,636,047	)

Property, plant and equipment, net		$	17,642,008		$	16,360,218

(1)

In April 2022, the Company’s wholly owned subsidiary, KINPAK Inc. (“Kinpak”), placed into service assets relating to an expansion of its manufacturing and distribution facilities.

Depreciation expense totaled $328,893 (of which $303,992 is included in cost of goods sold and $24,901 is included in selling and administrative expenses) and $281,529 (of which $257,140 is included in cost of goods sold and $24,389 is included in selling and administrative expenses) for the three months ended March 31, 2022 and 2021, respectively.

4. LEASES

The Company has one operating lease and two finance leases.

Under the operating lease, the Company leases its executive offices and warehouse facilities in Fort Lauderdale, Florida from an entity controlled by Peter G. Dornau, the Company’s Chairman, President and Chief Executive Officer. The lease, as extended, expires on December 31, 2023. The lease requires an annual minimum base rent of $94,800 and provides for a maximum annual 2% increase in subsequent years, although the entity has not raised the minimum base rent since the Company entered into a previous lease agreement in 1998. Additionally, the leasing entity is entitled to reimbursement of all taxes, assessments, and any other expenses that arise from ownership. Each of the parties to the lease has agreed to review the terms of the lease every three years at the request of the other party. Operating lease expense was $24,553 and $24,339 for the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022 and December 31, 2021, the Company had a right to use asset and a corresponding liability of $160,449 and $182,543, respectively, related to the operating lease. Set forth below is a schedule of future minimum rent payments under the operating lease.

Twelve-month period ending March 31,
2023	$	94,800
2024		71,100
Total future minimum lease payments		165,900
Less imputed interest		(5,451	)
Total operating lease liability	$	160,449

The Company’s two finance leases relate to office equipment. See Note 3 for information regarding the carrying value of the Company’s finance lease right to use assets and Note 7 for information regarding the finance lease payment schedule.

Expenses incurred with respect to the Company’s leases during the three months ended March 31, 2022 and 2021 are set forth below.

	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Operating lease expense	$	24,553	$	24,339
Finance lease amortization		5,350		5,254
Finance lease interest		337		433
Total lease expense	$	30,240	$	30,026

The remaining lease term with respect to the operating lease, weighted average remaining lease term with respect to the finance leases and discount rate with respect to the operating lease and finance leases at March 31, 2022 and December 31, 2021 are set forth below:

	March 31, 2022
Remaining lease term – operating lease		1.75 years
Weighted average remaining lease term – finance leases		3.4 years
Discount rate – operating lease		3.7	%
Weighted average discount rate – finance leases		1.8	%

	December 31, 2021
Remaining lease term – operating lease		2.0 years
Weighted average remaining lease term – finance leases		3.7 years
Discount rate – operating lease		3.7	%
Weighted average discount rate – finance leases		1.8	%

5. INTANGIBLE ASSETS

The Company’s intangible assets at March 31, 2022 and December 31, 2021 consisted of the following:

March 31, 2022

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	609,871	$	12,862
Trade names and trademarks		1,715,325		675,195		1,040,130
Customer list		584,468		416,328		168,140
Product formulas		292,234		208,168		84,066
Royalty rights		160,000		155,515		4,485
Total intangible assets	$	3,374,760	$	2,065,077	$	1,309,683

December 31, 2021

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	596,980	$	25,753
Trade names and trademarks		1,715,325		665,440		1,049,885
Customer list		584,468		387,105		197,363
Product formulas		292,234		193,554		98,680
Royalty rights		160,000		151,029		8,971
Total intangible assets	$	3,374,760	$	1,994,108	$	1,380,652

Amortization expense related to intangible assets was $70,969 and $71,161 for the three months ended March 31, 2022 and 2021, respectively.

6. REVOLVING LINE OF CREDIT

On August 6, 2021, the Company and Regions Bank (“the “Lender”) entered into a Business Loan Agreement (the “Business Loan Agreement”), effective as of July 30, 2021, under which the Company was provided a revolving line of credit in the amount of Six Million Dollars ($6,000,000). The Business Loan Agreement supersedes the Company’s previous $6,000,000 revolving line of credit from the Lender, entered into on August 31, 2018, that was scheduled to expire on August 31, 2021. The revolving line of credit under the Business Loan Agreement is evidenced by a promissory note and is secured principally by the Company’s inventory and accounts receivable.

The Business Loan Agreement bears interest at a variable annual rate of LIBOR plus 1.35%, computed on a 365/360 basis. All outstanding principal plus all accrued unpaid interest is due upon Lender’s demand or when the Business Loan Agreement expires on August 30, 2024.

There has been no negative impact in the availability of funds to the Company as a result of the COVID-19 pandemic.

At March 31, 2022 and December 31, 2021, the Company had no borrowings under the revolving line of credit provided by the current and former Business Loan Agreements.

7. LONG TERM DEBT

Term Loan

On July 30, 2021, Kinpak and Regions Bank (the “Lender”) entered into a Credit Agreement (the “Credit Agreement”), effective as of July 20, 2021, under which the Company was extended a term loan (the “Term Loan”) in the original principal amount of Five Million Dollars ($5,000,000). The Company is using the proceeds of the Term Loan for a 69,000 square foot expansion of Kinpak’s manufacturing, warehouse and distribution facilities in Montgomery, Alabama. The Term Loan is evidenced by a promissory note (the “Note”) and is secured by a second priority mortgage of the assets pledged in Kinpak’s industrial development bond financing obtained on September 26, 2017 (see below for further information).

The Company has unconditionally guaranteed the payment to the Lender promptly when due, by acceleration or otherwise, of all obligations of Kinpak to the Lender.

The Credit Agreement provides that prepayments on the Term Loan are subject to a prepayment penalty of 5% during the first year the Term Loan is outstanding, with such penalty declining 1% each year thereafter until there is no prepayment penalty after five years. However, the Lender has agreed to waive the prepayment provisions.

The Credit Agreement includes financial covenants requiring that the Company maintain a minimum fixed charge coverage ratio (generally, the ratio of (A) EBITDA for the most recently completed four fiscal quarters minus the sum of the Company’s distributions to its shareholders, taxes paid and unfunded capital expenditures during such period to (B) prior period current maturities of Company long term debt plus interest expense incurred over the most recently completed four fiscal quarters) of at least 1.20 to 1, tested quarterly, and a maximum “debt to cap” ratio (generally, funded debt divided by the sum of net worth and funded debt) of 0.75 to 1, as of the end of each fiscal quarter. For purposes of computing the fixed charge coverage ratio, “EBITDA” generally is defined as net income before taxes and depreciation expense plus amortization expense, plus interest expense, plus non-recurring and/or non-cash losses and expenses, minus non-recurring and/or non-cash gains and income. The Credit Agreement also requires that the majority shareholder’s ownership does not drop below 50% of the outstanding shares of Kinpak.

The Credit Agreement contains cross-default and cross-collateral provisions relating to any other indebtedness with the Lender, including without limitation the Company’s obligations under its $6,000,000 revolving line of credit from the Lender.

The Credit Agreement also contains negative covenants restricting the Company’s ability to, among other things, create or assume indebtedness for borrowed money exceeding $250,000 other than trade payables incurred in the normal course of business, create liens other than permitted liens (as defined in the Credit Agreement), acquire an interest in another entity or incur any obligation as surety or guarantor other than in the ordinary course of business.

Industrial Development Bond Financing

On September 26, 2017, Kinpak indirectly obtained a $4,500,000 loan from Regions Capital Advantage, Inc. (the “Lender”). The proceeds of the loan have been used in full as of June 30, 2021, principally to pay or reimburse costs relating to the expansion of Kinpak’s manufacturing, warehouse and distribution facilities in Montgomery, Alabama, as well as the purchase and installation of associated machinery and equipment (the “Expansion Project”).

The loan was funded by the Lender’s purchase of a $4,500,000 industrial development bond (the “Bond”) issued by The Industrial Development Board of the City of Montgomery, Alabama (the “IDB”). The Bond is a limited obligation of the IDB and is payable solely out of revenues and receipts derived from the leasing or sale of Kinpak’s facilities. In this regard, Kinpak is obligated to fund the IDB’s payment obligations by providing rental payments under a lease between the IDB and Kinpak (the “Lease”), under which Kinpak leases its facilities from the IDB. Kinpak inherited the lease structure when it first acquired its facilities from its predecessor-in-interest in 1996. The Lease provides that prior to the maturity date of the Bond, Kinpak may repurchase the facilities for $1,000 if the Bond has been redeemed or fully paid.

The Bond bears interest at the rate of 3.07% per annum, calculated on the basis of a 360-day year and the actual number of days elapsed (subject to increase to 6.07% per annum upon the occurrence of an event of default), and is payable in 118 monthly installments of $31,324 beginning on November 1, 2017 and ending on August 1, 2027, with a final principal and interest payment to be made on September 1, 2027. The amount of the final payment was originally scheduled to be $1,799,201, however at March 31, 2022 the final payment is scheduled to be $1,600,861 because the Company has made additional debt payments. The Bond provides that the interest rate will be subject to adjustment if it is determined by the United States Treasury Department, the Internal Revenue Service, or a similar government entity that the interest on the Bond is includable in the gross income of the Lender for federal income tax purposes.

Under the Lease, Kinpak is required to make rental payments for the account of the IDB to the Lender in such amounts and at such times as are necessary to enable the payment of all principal and interest due on the Bond and other charges, if any, payable in respect of the Bond. The Lease also provides that Kinpak may redeem the Bond, in whole or in part, by prepaying its rental payment obligations in an amount sufficient to effect the redemption. In addition, the Lease contains provisions relating to the Expansion Project, including limitations on utilization of Bond proceeds, deposit of unused proceeds into a custodial account (as described below) and investment of monies held in the custodial account.

Payment of amounts due and payable under the Bond and other related agreements are guaranteed by the Company and its other consolidated subsidiaries. In connection with the guarantee agreement under which the Company provided its guarantee, the Company is subject to certain covenants, including financial covenants requiring that the Company maintain (i) a minimum fixed charge ratio (generally, the ratio of (A) EBITDA minus the sum of Company’s distributions to its shareholders, taxes paid and unfunded capital expenditures to (B) current maturities of Company long-term debt plus interest expense) of 1.20 to 1, tested quarterly, and (ii) a ratio of funded debt (as defined in the guaranty agreement) divided by the sum of net worth and funded debt of 0.75 to 1, tested quarterly. For purposes of computing the fixed charge coverage ratio, “EBITDA” generally is defined as net income before taxes and depreciation expense plus amortization expense, plus interest expense, plus non-recurring and/or non-cash losses and expenses, minus non-recurring and/or non-cash gains and income; “unfunded capital expenditures” generally is defined as capital expenditures made from Company funds other than funds borrowed through term debt incurred to finance such capital expenditures. At March 31, 2022, the Company was in compliance with these financial covenants.

The Company incurred debt financing costs of $196,095 in connection with the financing. These costs are shown as a reduction of the debt balance and are being amortized over the life of the Bond.

Other Long-Term Obligations

In connection with the Company’s agreement to purchase assets of Snappy Marine, Inc. (“Snappy Marine”) on July 13, 2018, the Company provided to Snappy Marine a promissory note in the amount of $1,000,000, including interest (of the $1,000,000 amount of the promissory note, $930,528 was recorded as principal, and the remaining $69,472, representing an imputed interest rate of 2.87% per annum, is being recorded as interest expense over the term of the note). The note is payable in equal installments of $16,667 over a 60- month period that commenced on August 1, 2018, with a final payment due and payable on July 1, 2023. If the note is prepaid in full, the entire outstanding balance of the note (including all unpaid amounts allocated to interest over the remaining term of the note) must be paid.

On June 22, 2020, the Company entered into a lease agreement with Canon Solutions America, Inc. to lease office equipment. The lease obligates the Company to pay $100,009 in 63 equal monthly payments of $1,587. The lease is classified as a finance lease. The Company recorded a lease liability which is included in long term debt and a corresponding right to use asset that is included in property, plant and equipment of $96,039 based on a discount rate of 1.53%.

At March 31, 2022 and December 31, 2021, the Company was obligated under lease agreements covering office equipment utilized in the Company’s operations (inclusive of the lease referenced in the preceding paragraph). The office equipment leases, aggregating approximately $73,000 and $79,000 at March 31, 2022 and December 31, 2021, respectively, have maturities through 2025 and carry interest rates ranging from approximately 1.53% to 3.86% per annum. The office equipment leases are classified as finance leases. During the three months ended March 31, 2022 and 2021, the Company paid $5,687 ($5,350 principal and $337 interest) and $5,687 ($5,254 principal and $433 interest), respectively, under the lease agreements.

The following table provides information regarding the Company’s long-term debt at March 31, 2022 and December 31, 2021:

	Current Portion						Long Term Portion
	March 31, 2022			December 31, 2021			March 31, 2022			December 31, 2021
Term loan	$	268,085		$	265,918		$	4,553,837		$	4,622,204
Obligations related to industrial development bond financing		279,585			276,036			2,940,566			3,057,773
Note payable related to Snappy Marine asset acquisition		195,052			193,660			66,270			115,558
Obligation related to Check Corporation asset acquisition					-			-			-
Office equipment finance leases		21,655			21,554			51,841			57,292
Total principal of long- term debt		764,377			757,168			7,612,514			7,852,827
Debt issuance costs		(20,637	)		(20,637	)		(96,779	)		(101,938	)
Total long- term debt	$	743,740		$	736,531		$	7,515,735		$	7,750,889

Required principal payments under the Company’s long- term obligations are set forth below:

Twelve-month period ending March 31,
2023	$	764,377
2024		653,179
2025		602,545
2026		613,847
2027		622,381
Thereafter		5,120,562
Total	$	8,376,891

8. RELATED PARTY TRANSACTIONS

The Company sells products to companies affiliated with Peter G. Dornau, who is the Company’s Chairman, President and Chief Executive Officer. The affiliated companies resell, outside of the United States and Canada, products they purchase from the Company. The Company also provides administrative services to these companies and pays certain business-related expenditures for the affiliated companies, for which the Company is reimbursed. Sales to the affiliated companies aggregated approximately $492,000 and $513,000 for the three months ended March 31, 2022 and 2021, respectively. Fees for administrative services aggregated approximately $188,000 and $168,000 for the three months ended March 31, 2022 and 2021, respectively. Amounts billed to the affiliated companies to reimburse the Company for business related expenditures made on behalf of the affiliated companies aggregated approximately $29,000 and $36,000 during the three months ended March 31, 2022 and 2021, respectively. The Company had accounts receivable from the affiliated companies in connection with the product sales, administrative services and business- related expenditures aggregating approximately $847,000 and $1,212,000 at March 31, 2022 and December 31, 2021, respectively.

An entity that is owned by the Company’s Chairman, President and Chief Executive Officer provides several services to the Company. Under this arrangement, the Company paid the entity an aggregate of approximately $35,000 ($12,000 for research and development services and $6,000 for charter boat services that the Company used to provide sales incentives to customers and $17,000 for the production of television commercials) and $23,000 ($12,000 for research and development services, $7,000 for charter boat services that the Company used to provide sales incentives for customers and $4,000 for the production of television commercials ) for the three months ended March 31, 2022 and 2021, respectively. Expenditures for the research and development services are included in the condensed consolidated statements of operations within selling and administrative expenses. Expenditures for the charter boat services are included in the condensed consolidated statements of operations within advertising and promotion expenses.

The Company leases office and warehouse facilities in Fort Lauderdale, Florida from an entity controlled by its Chairman, President and Chief Executive Officer. See Note 4 for a description of the lease terms.

A director of the Company is Regional Executive Vice President of an insurance broker through which the Company sources most of its insurance needs. During the three months ended March 31, 2022 and 2021, the Company paid an aggregate of approximately $283,000 and $397,000, respectively, in insurance premiums on policies obtained through the insurance broker.

9. EARNINGS PER COMMON SHARE

The Company did not have any potentially dilutive securities during the three months ended March 31, 2022 and 2021. Therefore, the Company’s earnings per share are calculated by dividing net income by the weighted average number of shares outstanding during the reporting period.

	Three Months Ended March 31,
	2022		2021


Net income	$	1,299,281	$	1,904,269

Weighted average number of common shares outstanding		9,509,670		9,481,799

Earnings per common share	$	0.14	$	0.20

10. SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

No stock compensation expense was incurred during each of the three months ended March 31, 2022 and 2021, and at March 31, 2022, there were no outstanding stock options or unrecognized compensation expense related to stock options.

11. CASH DIVIDENDS

On February 24, 2022, the Company’s Board of Directors declared a regular quarterly dividend of $0.04 per common share payable on March 25, 2022 to all shareholders of record on March 10, 2022. There were 9,509,799 shares of common stock outstanding on March 10, 2022; therefore, dividends aggregating $380,392 were paid on March 25, 2022.

On February 25, 2021, the Company’s Board of Directors declared a regular quarterly dividend of $0.03 per common share payable on March 25, 2021 to all shareholders of record on March 11, 2021. There were 9,481,799 shares of common stock outstanding on March 11, 2021; therefore, dividends aggregating $284,454 were paid on March 25, 2021.

12. CUSTOMER CONCENTRATION

During the three months ended March 31, 2022 and 2021, the Company had net sales to each of two customers that constituted in excess of 10% of its net sales. Net sales to these two customers represented approximately 38.7% (22.6% and 16.1%) and 43.2% (29.5% and 13.7%) of the Company’s net sales for the three months ended March 31, 2022 and 2021, respectively.

At March 31, 2022 and December 31, 2021, three customers constituted at least 10% of the Company’s gross trade accounts receivable. The gross trade accounts receivable balances for these customers represented approximately 65.5% (26.9%, 24.9%, and 13.7%) and 60.1% (22.2%, 19.0%, and 18.9%) of the Company’s gross trade accounts receivable at March 31, 2022 and December 31, 2021, respectively.

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

Forward-looking Statements:

Certain statements contained in this Quarterly Report on Form 10-Q, including without limitation, our ability to provide required capital to support inventory levels, the effect of price increases in raw materials that are petroleum or chemical based or commodity chemicals on our margins, and the sufficiency of funds provided through operations and existing sources of financing to satisfy our cash requirements constitute forward-looking statements. For this purpose, any statements contained in this report that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the generality of the foregoing, words such as “believe,” “may,” “will,” “expect,” “anticipate,” “intend,” or “could,” including the negative or other variations thereof or comparable terminology, are intended to identify forward-looking statements. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements. Factors that may affect these results include, but are not limited to, the impact of the COVID-19 pandemic on our business and the economy in general, the highly competitive nature of our industry; reliance on certain key customers; changes in consumer demand for marine, recreational vehicle and automotive products; expenditures on, and the effectiveness of our advertising and promotional efforts; adverse weather conditions; unanticipated litigation developments; exposure to market risks relating to changes in interest rates, foreign currency exchange rates and prices for raw materials that are petroleum or chemical based, availability in general of raw materials and other factors addressed in the sections entitled “Risk Factors” in Part I, Item 1A of our annual report on Form 10-K for the year ended December 31, 2021.

Overview:

We are engaged in the manufacture, marketing and distribution of a broad line of appearance, performance, and maintenance products for the marine, automotive, power sports, recreational vehicle and outdoor power equipment markets, under the Star brite® and other trademarks within the United States and Canada. In addition, we produce private label formulations of many of our products for various customers and provide custom blending and packaging services for these and other products. We also manufacture, market and distribute chlorine dioxide-based deodorizing, disinfectant and sanitizing products. We sell our products through national retailers and to national and regional distributors. In addition, we sell products to two companies affiliated with Peter G. Dornau, our Chairman, President and Chief Executive Officer; these companies distribute the products outside of the United States and Canada.

Critical accounting estimates:

See “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2021 for information regarding our critical accounting estimates.

Results of Operations:

Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021

The following table provides a summary of our financial results for the three months ended March 31, 2022 and 2021:

	For The Three Months Ended March 31,
							Percent			Percentage of Net Sales
	2022			2021			Change			2022			2021
Net sales	$	12,737,329		$	13,131,224			(3.0	)%		100.0	%		100.0	%
Cost of goods sold		8,001,347			7,750,503			3.2	%		62.8	%		59.0	%
Gross profit		4,735,982			5,380,721			(12.0	)%		37.2	%		41.0	%
Advertising and promotion		1,071,579			941,814			13.8	%		8.4	%		7.2	%
Selling and administrative		2,000,030			1,972,812			1.4	%		15.7	%		15.0	%
Operating income		1,664,373			2,466,095			(32.5	)%		13.1	%		18.8	%
Interest (expense), net		(31,682	)		(37,187	)		(14.8	)%		0.2	%		0.3	%
Provision for income taxes		(333,410	)		(524,639	)		(36.4	)%		2.6	%		4.0	%
Net income	$	1,299,281		$	1,904,269			(31.8	)%		10.2	%		14.5	%

Net sales for the three months ended March 31, 2022 decreased by approximately $394,000, or 3.0%, as compared to the three months ended March 31, 2021. The three months ended March 31, 2021 benefitted from an unusually high amount of open orders at the end of 2020, which was caused by an increase in demand for marine products as the economy began to open from the pandemic.

Cost of goods sold increased by approximately $251,000, or 3.2%, during the three months ended March 31, 2022, as compared to the three months ended March 31, 2021. The increase was principally a result of the mix of sales, and increases in freight, raw materials and other manufacturing cost increases.

Gross profit decreased by approximately $645,000, or 12.0%, for the three months ended March 31, 2022, as compared to the three months ended March 31, 2021. Gross profit decreased due to the changes in net sales and cost of goods sold described above. As a percentage of net sales, gross profit was approximately 37.2% and 41.0% for the three months ended March 31, 2022 and 2021, respectively.

Advertising and promotion expenses increased by approximately $130,000, or 13.8%, during the three months ended March 31, 2022, as compared to the three months ended March 31, 2021. The increase in advertising and promotion expenses was principally a result of an increased focus on social media and digital marketing. As a percentage of net sales, advertising and promotion expenses increased to 8.4% for the three months ended March 31, 2022, from 7.2% for the three months ended March 31, 2021.

Selling and administrative expenses increased by approximately $27,000, or 1.4%, during the three months ended March 31, 2022, as compared to the three months ended March 31, 2021. As a percentage of net sales, selling and administrative expenses increased to 15.7% for the three months ended March 31, 2022, from 15.0% for the three months ended March 31, 2021.

Interest (expense), net for the three months ended March 31, 2022 decreased by approximately $6,000 or 14.8%, as compared to the three months ended March 31, 2021.

Provision for income taxes for the three months ended March 31, 2022 was approximately $333,000, or 20.4% of our income before income taxes. For the three months ended March 31, 2021 the provision was approximately $525,000, or 21.6% of our income before income taxes.

Liquidity and capital resources:

Our cash balance was approximately $10,217,000 at March 31, 2022 and approximately $12,685,000 at December 31, 2021.

The following table summarizes our cash flows for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022			2021
Net cash (used in) provided by operating activities	$	(238,837	)	$	1,207,802
Net cash used in investing activities		(1,610,684	)		(915,899	)
Net cash used in financing activities		(619,141	)		(414,546	)
Effect of exchange rate fluctuations on cash		651			976
Net decrease in cash and restricted cash	$	(2,468,011	)	$	(121,667	)

Net cash used in operating activities for the three months ended March 31, 2022 was approximately $238,000, as compared to net cash provided by operating activities of approximately $1,208,000 for the three months ended March 31, 2021. During the three months ended March 31, 2022, net income decreased by approximately $605,000, noncash adjustments to net income increased by approximately $295,000, and changes in working capital used approximately $1,137,000 more in cash, as compared to the three months ended March 31, 2021.

Net trade accounts receivable at March 31, 2022 aggregated approximately $10,261,000, an increase of approximately $717,000, or 7.5%, as compared to approximately $9,544,000 in net trade accounts receivable outstanding at December 31, 2021. The increase was principally a result of our net sales during the first quarter of 2022. Receivables due from affiliated companies aggregated approximately $847,000 at March 31, 2022, a decrease of approximately $365,000, or 30.1%, from receivables due from affiliated companies of approximately $1,212,000 at December 31, 2021. The decrease was a result of payments received during the three months ended March 31, 2022.

Inventories, net were approximately $19,975,000 and $16,819,000 at March 31, 2022 and December 31, 2021, respectively, representing an increase of approximately $3,156,000, or 18.8%, during the three months ended March 31, 2022. We believe the higher levels of inventories were necessary in order to reduce potential supply chain problems and material price increases.

Net cash used in investing activities for the three months ended March 31, 2022 increased by approximately $695,000, or 75.9%, as compared to the three months ended March 31, 2021. The increase in cash used was principally to expand our manufacturing, warehouse and distribution facilities at Kinpak.

Net cash used in financing activities for the three months ended March 31, 2022 increased by approximately $205,000, or 49.4%, as compared to the three months ended March 31, 2021. During the three months ended March 31, 2022, the Company paid dividends to common shareholders aggregating approximately $380,000 and made payments on long term debt of approximately $233,000, as compared to dividends paid to common shareholders aggregating approximately $284,000 and payments on long term debt of approximately $130,000 during the three months ended March 31, 2021.

See Notes 6 and 7 to the condensed consolidated financial statements included in this report for information concerning our principal credit facilities, consisting of Kinpak’s obligations relating to a term loan, the payment of which we have guaranteed, an industrial development bond financing, the payment of which we have guaranteed, and a revolving line of credit. At March 31, 2022 and December 31, 2021, we had outstanding balances of approximately $4,822,000 and $4,888,000, respectively under Kinpak’s obligation relating to the term loan, $3,220,000 and $3,334,000, respectively, under Kinpak’s obligations relating to the industrial development bond financing, and no borrowings under our revolving credit facility.

The loan agreement pertaining to our revolving credit facility, as amended, has a stated term that expires on August 30, 2024, although as was the case with earlier revolving lines of credit provided to us in recent years, amounts outstanding are payable on demand. Nevertheless, the loan agreement pertaining to our revolving line of credit contains various covenants, including financial covenants that are described in Note 6 to the condensed consolidated financial statements included in this report. At March 31, 2022, we were in compliance with these financial covenants. The revolving credit facility is subject to several events of default, including a decline of the majority shareholder’s ownership below 50% of our outstanding shares.

Our guarantee of Kinpak’s obligations related to the industrial development bond financing are subject to various covenants, including financial covenants that are described in Note 7 to the condensed consolidated financial statements included in this report. At March 31, 2022, we were in compliance with these financial covenants.

In connection with our acquisition of assets of Snappy Marine, we issued a promissory note in the amount of $1,000,000, including interest (of the $1,000,000 amount of the promissory note, $930,528 was recorded as principal, and the remaining $69,472, representing an imputed interest rate of 2.87% per annum, is being recorded as interest expense over the term of the note). At March 31, 2022, we had an outstanding balance of $266,666 under the promissory note (including $261,322 recorded as principal and $5,344 to be recorded as interest expense over the remaining term of the note).

We also obtained financing through leases for office equipment, totaling approximately $73,000 and $79,000 at March 31, 2022 and December 31, 2021, respectively.

Some of our assets and liabilities are denominated in Canadian dollars and are subject to currency exchange rate fluctuations. We do not engage in currency hedging and address currency risk as a pricing issue. For the three months ended March 31, 2022, we recorded $962 in foreign currency translation adjustments (increasing shareholders’ equity by $962).

During the past few years, we have introduced a number of new products. At times, new product introductions have required us to increase our overall inventory and have resulted in lower inventory turnover rates. The effects of reduced inventory turnover have not been material to our overall operations. We believe that all required capital to maintain such increases will continue to be provided by operations and our current revolving line of credit or a renewal or replacement of the facility.

Many of the raw materials that we use in the manufacturing process are petroleum or chemical based and commodity chemicals that are subject to fluctuating prices. The nature of our business does not enable us to pass through the price increases to our national retailer customers and to our distributors as promptly as we experience increases in raw material costs. This may, at times, adversely affect our margins.

We believe that funds provided through operations and our revolving line of credit will be sufficient to satisfy our cash requirements over at least the next twelve months.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

Not applicable

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures:

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) at the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures as of the end of the period covered by this report are effective to provide reasonable assurance that the information required to be disclosed by the Company in reports filed under the Exchange Act are (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) accumulated and communicated to the Company’s management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding the disclosure.

Change in Internal Controls over Financial Reporting:

No change in internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1A. Risk Factors

The business, results of operations, financial condition, cash flow, and stock price of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2021 under the heading “Risk Factors,” any one or more of which could, directly or indirectly, cause the Company’s actual financial condition, operating results and cash flow to vary materially from past, or from anticipated future, financial condition operating results and cash flow.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Period	Total Number of Shares Purchased		Weighted Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program ⁽¹⁾
January 1 - January 31, 2022		600	$	9.41		600	$	2,955,243
February 1 - February 28, 2022		-		-		-	$	2,955,243
March 1 - March 31, 2022		-		-		-	$	2,955,243
Total		600				600

⁽¹⁾

Represents approximate dollar value of shares that could have been purchased under the plan in effect at the end of the month.

Item 6. Exhibits

Exhibit No.		Description
31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act.
31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act.
32.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350.
32.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(b) under the Exchange Act and 18 U.S.C. Section 1350.
101.INS		XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File––the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

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

	OCEAN BIO-CHEM, INC.

Dated: May 16, 2022	/s/ Peter G. Dornau
	Peter G. Dornau
	Chairman of the Board, President and
	Chief Executive Officer

Dated: May 16, 2022	/s/ Jeffrey S. Barocas
	Jeffrey S. Barocas
	Vice President and
	Chief Financial Officer

EX-31.1 2 f10q0322ex31-1_oceanbio.htm CERTIFICATION

EXHIBIT 31.1

CERTIFICATION

I, Peter G. Dornau certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ocean Bio-Chem, Inc.;

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.

Dated: May 16, 2022	By:	/s/ Peter G. Dornau
		Peter G. Dornau
		Chairman of the Board, President and
		Chief Executive Officer

EX-31.2 3 f10q0322ex31-2_oceanbio.htm CERTIFICATION

EXHIBIT 31.2

CERTIFICATION

I, Jeffrey S. Barocas certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Ocean Bio-Chem, Inc;

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.

Dated: May 16, 2022	By:	/s/ Jeffrey S. Barocas
		Jeffrey S. Barocas
		Vice President
		Chief Financial Officer

EX-32.1 4 f10q0322ex32-1_oceanbio.htm CERTIFICATION

EXHIBIT 32.1

CERTIFICATION PURSUANT TO RULE 13a-14(b)

UNDER THE SECURITIES EXCHANGE ACT AND 18 U.S.C. 1350

I, Peter G. Dornau, Chief Executive Officer of Ocean Bio-Chem, Inc. (the “Company”), hereby certify that, based on my knowledge:

The Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Dated: May 16, 2022	By:	/s/ Peter G. Dornau
		Peter G. Dornau
		Chairman of the Board, President and
		Chief Executive Officer

EX-32.2 5 f10q0322ex32-2_oceanbio.htm CERTIFICATION

EXHIBIT 32.2

CERTIFICATION PURSUANT TO RULE 13a-14(b)

UNDER THE SECURITIES EXCHANGE ACT AND 18 U.S.C. 1350

I, Jeffrey S. Barocas, Chief Financial Officer of Ocean Bio-Chem, Inc. (the “Company”), hereby certify that, based on my knowledge:

	1.	The Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

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

Dated: May 16, 2022	By:	/s/ Jeffrey S. Barocas
		Jeffrey S. Barocas
		Vice President
		Chief Financial Officer

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2022	May 13, 2022
Document Information Line Items
Entity Registrant Name	OCEAN BIO-CHEM, INC
Trading Symbol	OBCI
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		9,509,799
Amendment Flag	false
Entity Central Index Key	0000350737
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-11102
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-1564329
Entity Address, Address Line One	4041 SW
Entity Address, Address Line Two	47 Avenue
Entity Address, City or Town	Fort Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33314
Title of 12(b) Security	Common Stock, $0.01 par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
City Area Code	954
Local Phone Number	587-6280

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Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Current Assets:
Cash	$ 10,216,924	$ 12,684,935
Trade accounts receivable less allowances of approximately $712,000 and $632,000, respectively	10,261,547	9,544,133
Receivables due from affiliated companies	847,026	1,211,999
Inventories, net	19,974,898	16,819,253
Prepaid expenses and other current assets	1,585,477	2,093,971
Total Current Assets	42,885,872	42,354,291
Property, plant and equipment, net	17,642,008	16,360,218
Operating lease – right to use	160,449	182,543
Intangible assets, net	1,309,683	1,380,652
Total Assets	61,998,012	60,277,704
Current Liabilities:
Current portion of long-term debt, net	743,740	736,531
Current portion of operating lease liability	90,424	89,600
Accounts payable - trade	3,376,982	2,877,623
Income taxes payable	208,342	45,295
Accrued expenses payable	1,120,234	900,982
Total Current Liabilities	5,539,722	4,650,031
Deferred tax liability	453,086	347,723
Operating lease liability, less current portion	70,025	92,943
Long-term debt, less current portion and debt issuance costs	7,515,735	7,750,889
Total Liabilities	13,578,568	12,841,586
COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity:
Common stock - $0.01 par value, 12,000,000 shares authorized; 9,509,799 shares and 9,503,999 shares issued and outstanding, respectively	95,098	95,040
Additional paid in capital	11,141,123	11,077,706
Accumulated other comprehensive loss	(291,374)	(292,336)
Retained earnings	37,474,597	36,555,708
Total Shareholders’ Equity	48,419,444	47,436,118
Total Liabilities and Shareholders’ Equity	$ 61,998,012	$ 60,277,704

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Condensed Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Trade accounts receivable allowance for doubtful accounts (in Dollars)	$ 712,000	$ 632,000
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	12,000,000	12,000,000
Common stock, shares issued	9,509,799	9,503,999
Common stock, shares outstanding	9,509,799	9,503,999

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 12,737,329	$ 13,131,224
Cost of goods sold	8,001,347	7,750,503
Gross profit	4,735,982	5,380,721
Operating Expenses:
Advertising and promotion	1,071,579	941,814
Selling and administrative	2,000,030	1,972,812
Total operating expenses	3,071,609	2,914,626
Operating income	1,664,373	2,466,095
Other (expense) income
Interest (expense), net	(31,682)	(37,187)
Income before income taxes	1,632,691	2,428,908
Provision for income taxes	(333,410)	(524,639)
Net income	$ 1,299,281	$ 1,904,269
Earnings per common share (in Dollars per share)	$ 0.14	$ 0.2
Dividends declared per common share (in Dollars per share)	$ 0.04	$ 0.03

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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 1,299,281	$ 1,904,269
Foreign currency translation adjustment	962	(596)
Comprehensive income	$ 1,300,243	$ 1,903,673

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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XML 16 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Shareholders’ Equity (Unaudited) - USD ($)	Common Stock	Additional Paid In Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Total
Balance at Dec. 31, 2020	$ 94,818	$ 10,816,100	$ (294,324)	$ 29,290,477	$ 39,907,071
Balance (in Shares) at Dec. 31, 2020	9,481,799
Net income				1,904,269	1,904,269
Dividends, common stock				(284,454)	(284,454)
Foreign currency translation adjustment			(596)		(596)
Balance at Mar. 31, 2021	$ 94,818	10,816,100	(294,920)	30,910,292	41,526,290
Balance (in Shares) at Mar. 31, 2021	9,481,799
Balance at Dec. 31, 2021	$ 95,040	11,077,706	(292,336)	36,555,708	47,436,118
Balance (in Shares) at Dec. 31, 2021	9,503,999
Net income				1,299,281	1,299,281
Dividends, common stock				(380,392)	(380,392)
Common stock repurchased and retired	$ (6)	(5,639)			(5,645)
Common stock repurchased and retired (in Shares)	(600)
Portion of 2021 stock based compensation for shares issued in 2022	$ 64	69,056			69,120
Portion of 2021 stock based compensation for shares issued in 2022 (in Shares)	6,400
Foreign currency translation adjustment			962		962
Balance at Mar. 31, 2022	$ 95,098	$ 11,141,123	$ (291,374)	$ 37,474,597	$ 48,419,444
Balance (in Shares) at Mar. 31, 2022	9,509,799

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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XML 17 R7.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 1,299,281	$ 1,904,269
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	405,022	357,594
Deferred income taxes	105,363	(88,566)
Provision for bad debts	80,003	88,289
Provision for slow moving and obsolete inventory	70,049	9,756
Other operating non-cash items	311	(1,572)
Changes in assets and liabilities:
Trade accounts receivable	(797,417)	(2,110,546)
Receivables due from affiliated companies	364,973	358,826
Inventories	(3,225,694)	(1,068,795)
Prepaid expenses and other current assets	508,494	(162,596)
Accounts payable – trade	499,359	1,174,548
Income taxes payable	163,047	576,626
Accrued expenses payable	288,372	169,969
Net cash (used in) provided by operating activities	(238,837)	1,207,802
Cash flows from investing activities:
Purchases of property, plant and equipment	(1,610,684)	(915,899)
Net cash used in investing activities	(1,610,684)	(915,899)
Cash flows from financing activities:
Payments on long-term debt	(233,104)	(130,092)
Dividends paid to common shareholders	(380,392)	(284,454)
Repurchase of common stock	(5,645)
Net cash used in financing activities	(619,141)	(414,546)
Effect of exchange rate on cash	651	976
Net decrease in cash and restricted cash	(2,468,011)	(121,667)
Cash and restricted cash at beginning of period	12,684,935	11,601,152
Cash and restricted cash at end of period	10,216,924	11,479,485
Supplemental disclosure of cash flow information:
Cash paid for interest during period	28,786	32,606
Cash paid for income taxes during period	65,000
Cash paid under operating lease	23,700	23,700
Cash	10,216,924	11,161,761
Restricted cash		317,724
Total cash and restricted cash	$ 10,216,924	$ 11,479,485

XML 18 R8.htm IDEA: XBRL DOCUMENT

Summary of Accounting Policies

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

SUMMARY OF ACCOUNTING POLICIES

1. SUMMARY OF ACCOUNTING POLICIES

Interim reporting

The information included in this Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Use of estimates

XML 19 R9.htm IDEA: XBRL DOCUMENT

Inventories

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

INVENTORIES

2. INVENTORIES

The Company’s inventories at March 31, 2022 and December 31, 2021 consisted of the following:

	March 31, 2022			December 31, 2021
Raw materials	$	8,745,696		$	7,465,011
Finished goods		11,552,825			9,669,073
Inventories, gross		20,298,521			17,134,084

Inventory reserves		(323,623	)		(314,831	)

Inventories, net	$	19,974,898		$	16,819,253

The inventory reserves shown in the table above reflect slow moving and obsolete inventory.

XML 20 R10.htm IDEA: XBRL DOCUMENT

Property, Plant & Equipment

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT & EQUIPMENT

3. PROPERTY, PLANT & EQUIPMENT

The Company’s property, plant and equipment at March 31, 2022 and December 31, 2021 consisted of the following:

	Estimated Useful Life	March 31, 2022			December 31, 2021

Land		$	278,325		$	278,325
Building and improvements	30 years		15,180,235			9,710,244
Manufacturing and warehouse equipment	6-20 years		13,577,478			12,858,638
Office equipment and furniture	3-5 years		1,941,521			1,805,002
Leasehold improvements	10-15 years		621,903			587,183
Finance leases – right to use	5 years		113,741			113,741
Vehicles	3 years		10,020			10,020
Construction in process ⁽¹⁾			1,883,726			6,633,112
Property, plant and equipment, gross			33,606,949			31,996,265

Less accumulated depreciation			(15,964,941	)		(15,636,047	)

Property, plant and equipment, net		$	17,642,008		$	16,360,218

(1)

In April 2022, the Company’s wholly owned subsidiary, KINPAK Inc. (“Kinpak”), placed into service assets relating to an expansion of its manufacturing and distribution facilities.

XML 21 R11.htm IDEA: XBRL DOCUMENT

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

LEASES

4. LEASES

The Company has one operating lease and two finance leases.

Twelve-month period ending March 31,
2023	$	94,800
2024		71,100
Total future minimum lease payments		165,900
Less imputed interest		(5,451	)
Total operating lease liability	$	160,449

Expenses incurred with respect to the Company’s leases during the three months ended March 31, 2022 and 2021 are set forth below.

	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Operating lease expense	$	24,553	$	24,339
Finance lease amortization		5,350		5,254
Finance lease interest		337		433
Total lease expense	$	30,240	$	30,026

	March 31, 2022
Remaining lease term – operating lease		1.75 years
Weighted average remaining lease term – finance leases		3.4 years
Discount rate – operating lease		3.7	%
Weighted average discount rate – finance leases		1.8	%

	December 31, 2021
Remaining lease term – operating lease		2.0 years
Weighted average remaining lease term – finance leases		3.7 years
Discount rate – operating lease		3.7	%
Weighted average discount rate – finance leases		1.8	%

XML 22 R12.htm IDEA: XBRL DOCUMENT

Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

5. INTANGIBLE ASSETS

The Company’s intangible assets at March 31, 2022 and December 31, 2021 consisted of the following:

March 31, 2022

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	609,871	$	12,862
Trade names and trademarks		1,715,325		675,195		1,040,130
Customer list		584,468		416,328		168,140
Product formulas		292,234		208,168		84,066
Royalty rights		160,000		155,515		4,485
Total intangible assets	$	3,374,760	$	2,065,077	$	1,309,683

December 31, 2021

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	596,980	$	25,753
Trade names and trademarks		1,715,325		665,440		1,049,885
Customer list		584,468		387,105		197,363
Product formulas		292,234		193,554		98,680
Royalty rights		160,000		151,029		8,971
Total intangible assets	$	3,374,760	$	1,994,108	$	1,380,652

Amortization expense related to intangible assets was $70,969 and $71,161 for the three months ended March 31, 2022 and 2021, respectively.

XML 23 R13.htm IDEA: XBRL DOCUMENT

Revolving Line of Credit

3 Months Ended

Mar. 31, 2022

Revolving Line of Credit [Abstract]

REVOLVING LINE OF CREDIT

6. REVOLVING LINE OF CREDIT

There has been no negative impact in the availability of funds to the Company as a result of the COVID-19 pandemic.

At March 31, 2022 and December 31, 2021, the Company had no borrowings under the revolving line of credit provided by the current and former Business Loan Agreements.

XML 24 R14.htm IDEA: XBRL DOCUMENT

Long Term Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

LONG TERM DEBT

7. LONG TERM DEBT

Term Loan

The Company has unconditionally guaranteed the payment to the Lender promptly when due, by acceleration or otherwise, of all obligations of Kinpak to the Lender.

Industrial Development Bond Financing

The Company incurred debt financing costs of $196,095 in connection with the financing. These costs are shown as a reduction of the debt balance and are being amortized over the life of the Bond.

Other Long-Term Obligations

The following table provides information regarding the Company’s long-term debt at March 31, 2022 and December 31, 2021:

	Current Portion						Long Term Portion
	March 31, 2022			December 31, 2021			March 31, 2022			December 31, 2021
Term loan	$	268,085		$	265,918		$	4,553,837		$	4,622,204
Obligations related to industrial development bond financing		279,585			276,036			2,940,566			3,057,773
Note payable related to Snappy Marine asset acquisition		195,052			193,660			66,270			115,558
Obligation related to Check Corporation asset acquisition					-			-			-
Office equipment finance leases		21,655			21,554			51,841			57,292
Total principal of long- term debt		764,377			757,168			7,612,514			7,852,827
Debt issuance costs		(20,637	)		(20,637	)		(96,779	)		(101,938	)
Total long- term debt	$	743,740		$	736,531		$	7,515,735		$	7,750,889

Required principal payments under the Company’s long- term obligations are set forth below:

Twelve-month period ending March 31,
2023	$	764,377
2024		653,179
2025		602,545
2026		613,847
2027		622,381
Thereafter		5,120,562
Total	$	8,376,891

XML 25 R15.htm IDEA: XBRL DOCUMENT

Related Party Transactions

3 Months Ended

Mar. 31, 2022

RELATED PARTY TRANSACTIONS

8. RELATED PARTY TRANSACTIONS

XML 26 R16.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

9. EARNINGS PER COMMON SHARE

	Three Months Ended March 31,
	2022		2021


Net income	$	1,299,281	$	1,904,269

Weighted average number of common shares outstanding		9,509,670		9,481,799

Earnings per common share	$	0.14	$	0.20

XML 27 R17.htm IDEA: XBRL DOCUMENT

Securities Authorized for Issuance under Equity Compensation Plans

3 Months Ended

Mar. 31, 2022

Disclosure Text Block Supplement [Abstract]

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

10. SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

XML 28 R18.htm IDEA: XBRL DOCUMENT

Cash Dividends

3 Months Ended

Mar. 31, 2022

Cash Dividends [Abstract]

CASH DIVIDENDS

11. CASH DIVIDENDS

XML 29 R19.htm IDEA: XBRL DOCUMENT

Customer Concentration

3 Months Ended

Mar. 31, 2022

Risks and Uncertainties [Abstract]

CUSTOMER CONCENTRATION

12. CUSTOMER CONCENTRATION

XML 30 R20.htm IDEA: XBRL DOCUMENT

Accounting Policies, by Policy (Policies)	3 Months Ended
Accounting Policies, by Policy (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Interim reporting	Interim reporting The accompanying unaudited condensed consolidated financial statements include the accounts of Ocean Bio-Chem, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context indicates otherwise, the term “Company” refers to Ocean Bio-Chem, Inc. and its subsidiaries. The unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. The information included in this Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
Use of estimates	Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

XML 31 R21.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

3 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Schedule of inventories

	March 31, 2022			December 31, 2021
Raw materials	$	8,745,696		$	7,465,011
Finished goods		11,552,825			9,669,073
Inventories, gross		20,298,521			17,134,084

Inventory reserves		(323,623	)		(314,831	)

Inventories, net	$	19,974,898		$	16,819,253

XML 32 R22.htm IDEA: XBRL DOCUMENT

Property, Plant & Equipment (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of property, plant and equipment

	Estimated Useful Life	March 31, 2022			December 31, 2021

Land		$	278,325		$	278,325
Building and improvements	30 years		15,180,235			9,710,244
Manufacturing and warehouse equipment	6-20 years		13,577,478			12,858,638
Office equipment and furniture	3-5 years		1,941,521			1,805,002
Leasehold improvements	10-15 years		621,903			587,183
Finance leases – right to use	5 years		113,741			113,741
Vehicles	3 years		10,020			10,020
Construction in process ⁽¹⁾			1,883,726			6,633,112
Property, plant and equipment, gross			33,606,949			31,996,265

Less accumulated depreciation			(15,964,941	)		(15,636,047	)

Property, plant and equipment, net		$	17,642,008		$	16,360,218

XML 33 R23.htm IDEA: XBRL DOCUMENT

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases Disclosure [Abstract]

Schedule of future minimum rent payments

Twelve-month period ending March 31,
2023	$	94,800
2024		71,100
Total future minimum lease payments		165,900
Less imputed interest		(5,451	)
Total operating lease liability	$	160,449

Schedule of expenses incurred with respect to the company's leases

	Three Months Ended March 31, 2022		Three Months Ended March 31, 2021
Operating lease expense	$	24,553	$	24,339
Finance lease amortization		5,350		5,254
Finance lease interest		337		433
Total lease expense	$	30,240	$	30,026

Schedule of finance leases and discount rate with respect to the operating lease and finance leases

	March 31, 2022
Remaining lease term – operating lease		1.75 years
Weighted average remaining lease term – finance leases		3.4 years
Discount rate – operating lease		3.7	%
Weighted average discount rate – finance leases		1.8	%

	December 31, 2021
Remaining lease term – operating lease		2.0 years
Weighted average remaining lease term – finance leases		3.7 years
Discount rate – operating lease		3.7	%
Weighted average discount rate – finance leases		1.8	%

XML 34 R24.htm IDEA: XBRL DOCUMENT

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	609,871	$	12,862
Trade names and trademarks		1,715,325		675,195		1,040,130
Customer list		584,468		416,328		168,140
Product formulas		292,234		208,168		84,066
Royalty rights		160,000		155,515		4,485
Total intangible assets	$	3,374,760	$	2,065,077	$	1,309,683

Intangible Assets	Cost		Accumulated Amortization		Net
Patents	$	622,733	$	596,980	$	25,753
Trade names and trademarks		1,715,325		665,440		1,049,885
Customer list		584,468		387,105		197,363
Product formulas		292,234		193,554		98,680
Royalty rights		160,000		151,029		8,971
Total intangible assets	$	3,374,760	$	1,994,108	$	1,380,652

XML 35 R25.htm IDEA: XBRL DOCUMENT

Long Term Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of long-term debt

	Current Portion						Long Term Portion
	March 31, 2022			December 31, 2021			March 31, 2022			December 31, 2021
Term loan	$	268,085		$	265,918		$	4,553,837		$	4,622,204
Obligations related to industrial development bond financing		279,585			276,036			2,940,566			3,057,773
Note payable related to Snappy Marine asset acquisition		195,052			193,660			66,270			115,558
Obligation related to Check Corporation asset acquisition					-			-			-
Office equipment finance leases		21,655			21,554			51,841			57,292
Total principal of long- term debt		764,377			757,168			7,612,514			7,852,827
Debt issuance costs		(20,637	)		(20,637	)		(96,779	)		(101,938	)
Total long- term debt	$	743,740		$	736,531		$	7,515,735		$	7,750,889

Schedule of long- term obligation

Twelve-month period ending March 31,
2023	$	764,377
2024		653,179
2025		602,545
2026		613,847
2027		622,381
Thereafter		5,120,562
Total	$	8,376,891

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

XML 36 R26.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of weighted average number of shares outstanding

	Three Months Ended March 31,
	2022		2021


Net income	$	1,299,281	$	1,904,269

Weighted average number of common shares outstanding		9,509,670		9,481,799

Earnings per common share	$	0.14	$	0.20

XML 37 R27.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventories managed at the customer's warehouses	$ 987,000	$ 1,051,000

XML 38 R28.htm IDEA: XBRL DOCUMENT

Inventories (Details) - Schedule of inventories - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Schedule of inventories [Abstract]
Raw materials	$ 8,745,696	$ 7,465,011
Finished goods	11,552,825	9,669,073
Inventories, gross	20,298,521	17,134,084
Inventory reserves	(323,623)	(314,831)
Inventories, net	$ 19,974,898	$ 16,819,253

XML 39 R29.htm IDEA: XBRL DOCUMENT

Property, Plant & Equipment (Details) - USD ($)	3 Months Ended
Property, Plant & Equipment (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 328,893	$ 281,529
Depreciation included in cost of goods sold	303,992	257,140
Selling and administrative expenses	$ 24,901	$ 24,389

XML 40 R30.htm IDEA: XBRL DOCUMENT

Property, Plant & Equipment (Details) - Schedule of property, plant and equipment - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2021

Property, Plant and Equipment [Line Items]

Property, plant and equipment, gross

$ 33,606,949

$ 31,996,265

Less accumulated depreciation

(15,964,941)

(15,636,047)

Property, plant and equipment, net

17,642,008

16,360,218

Land [Member]

Property, Plant and Equipment [Line Items]

Land

$ 278,325

278,325

Building and improvements [Member]

Property, Plant and Equipment [Line Items]

Estimated Useful Life

30 years

Building and improvements

$ 15,180,235

9,710,244

Manufacturing and warehouse equipment [Member]

Property, Plant and Equipment [Line Items]

Manufacturing and warehouse equipment

$ 13,577,478

12,858,638

Manufacturing and warehouse equipment [Member] | Minimum [Member]

Property, Plant and Equipment [Line Items]

Estimated Useful Life

6 years

Manufacturing and warehouse equipment [Member] | Maximum [Member]

Property, Plant and Equipment [Line Items]

Estimated Useful Life

20 years

Office equipment and furniture [Member]

Property, Plant and Equipment [Line Items]

Office equipment and furniture

$ 1,941,521

1,805,002

Office equipment and furniture [Member] | Minimum [Member]

Property, Plant and Equipment [Line Items]

Estimated Useful Life

3 years

Office equipment and furniture [Member] | Maximum [Member]

Property, Plant and Equipment [Line Items]

Estimated Useful Life

5 years

Leasehold improvements [Member]

Property, Plant and Equipment [Line Items]

Leasehold improvements

$ 621,903

587,183

Leasehold improvements [Member] | Minimum [Member]

Property, Plant and Equipment [Line Items]

Estimated Useful Life

10 years

Leasehold improvements [Member] | Maximum [Member]

Property, Plant and Equipment [Line Items]

Estimated Useful Life

15 years

Finance leases – right to use [Member]

Property, Plant and Equipment [Line Items]

Estimated Useful Life

5 years

Finance leases – right to use

$ 113,741

113,741

Vehicles [Member]

Property, Plant and Equipment [Line Items]

Estimated Useful Life

3 years

Vehicles

$ 10,020

10,020

Construction in process [Member]

Property, Plant and Equipment [Line Items]

Construction in process

^[1]

$ 1,883,726

$ 6,633,112

[1]	In April 2022, the Company’s wholly owned subsidiary, KINPAK Inc. (“Kinpak”), placed into service assets relating to an expansion of its manufacturing and distribution facilities.

XML 41 R31.htm IDEA: XBRL DOCUMENT

Leases (Details) - USD ($)	3 Months Ended
Leases (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Leases [Abstract]
Expires date	Dec. 31, 2023
Annual minimum base rent	$ 94,800
Percentage of maximum annual increase from base rent	2.00%
Operating lease expense	$ 24,553	$ 24,339
Operating lease right to use asset and corresponding liability	$ 160,449		$ 182,543

XML 42 R32.htm IDEA: XBRL DOCUMENT

Leases (Details) - Schedule of future minimum rent payments	Mar. 31, 2022 USD ($)
Schedule of future minimum rent payments [Abstract]
2023	$ 94,800
2024	71,100
Total future minimum lease payments	165,900
Less imputed interest	(5,451)
Total operating lease liability	$ 160,449

XML 43 R33.htm IDEA: XBRL DOCUMENT

Leases (Details) - Schedule of expenses incurred with respect to the company's leases - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of expenses incurred with respect to the company's leases [Abstract]
Operating lease expense	$ 24,553	$ 24,339
Finance lease amortization	5,350	5,254
Finance lease interest	337	433
Total lease expense	$ 30,240	$ 30,026

XML 44 R34.htm IDEA: XBRL DOCUMENT

Leases (Details) - Schedule of finance leases and discount rate with respect to the operating lease and finance leases	Mar. 31, 2022	Dec. 31, 2021
Schedule of finance leases and discount rate with respect to the operating lease and finance leases [Abstract]
Remaining lease term – operating lease	1 year 9 months	2 years
Weighted average remaining lease term – finance leases	3 years 4 months 24 days	3 years 8 months 12 days
Discount rate – operating lease	3.70%	3.70%
Weighted average discount rate – finance leases	1.80%	1.80%

XML 45 R35.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details) - USD ($)	3 Months Ended
Intangible Assets (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense related to intangible assets	$ 70,969	$ 71,161

XML 46 R36.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details) - Schedule of intangible assets - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Intangible assets, Cost	$ 3,374,760	$ 3,374,760
Intangible assets, Accumulated Amortization	2,065,077	1,994,108
Intangible assets, Net	1,309,683	1,380,652
Patents [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Intangible assets, Cost	622,733	622,733
Intangible assets, Accumulated Amortization	609,871	596,980
Intangible assets, Net	12,862	25,753
Trade names and trademarks [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Intangible assets, Cost	1,715,325	1,715,325
Intangible assets, Accumulated Amortization	675,195	665,440
Intangible assets, Net	1,040,130	1,049,885
Customer list [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Intangible assets, Cost	584,468	584,468
Intangible assets, Accumulated Amortization	416,328	387,105
Intangible assets, Net	168,140	197,363
Product formulas [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Intangible assets, Cost	292,234	292,234
Intangible assets, Accumulated Amortization	208,168	193,554
Intangible assets, Net	84,066	98,680
Royalty rights [Member]
Intangible Assets (Details) - Schedule of intangible assets [Line Items]
Intangible assets, Cost	160,000	160,000
Intangible assets, Accumulated Amortization	155,515	151,029
Intangible assets, Net	$ 4,485	$ 8,971

XML 47 R37.htm IDEA: XBRL DOCUMENT

Revolving Line of Credit (Details) - USD ($)	3 Months Ended
Revolving Line of Credit (Details) - USD ($)	Mar. 31, 2022	Jul. 30, 2021	Aug. 31, 2018
Line Of Credit Facilities [Abstract]
Maximum revolving credit line of credit provided in business loan agreement		$ 6,000,000	$ 6,000,000
Description of interest on the revolving line of credit	The Business Loan Agreement bears interest at a variable annual rate of LIBOR plus 1.35%, computed on a 365/360 basis.

XML 48 R38.htm IDEA: XBRL DOCUMENT

Long Term Debt (Details)	1 Months Ended		3 Months Ended
Long Term Debt (Details)	Jun. 22, 2020	Sep. 26, 2017 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)	Jul. 30, 2021 m²	Jul. 20, 2021 USD ($)
Long Term Debt (Details) [Line Items]
Final payment			$ 1,799,201
Amount paid related to finance lease			5,687	$ 5,687
Principal under lease agreement			5,350	5,254
Interest paid under lease agreement			$ 337	$ 433
Maximum [Member]
Long Term Debt (Details) [Line Items]
Percentage of interest rates			3.86%
Minimum [Member]
Long Term Debt (Details) [Line Items]
Percentage of interest rates			1.53%
Term Loan [Member]
Long Term Debt (Details) [Line Items]
Original principal amount							$ 5,000,000
Area of square foot (in Square Meters) \| m²						69,000
Term loan, description			The Term Loan bears interest at an annual rate of 3.25% and is due in 119 monthly installments of $35,249 each, plus interest then accrued, beginning on August 20, 2021. The final installment shall be due and payable on July 20, 2031 in an amount equal to all principal and interest then remaining unpaid. Assuming that all amounts due prior to that date are paid in a timely manner, the final installment would be $1,977,047.
Financial covenants under credit agreement, description			The Credit Agreement includes financial covenants requiring that the Company maintain a minimum fixed charge coverage ratio (generally, the ratio of (A) EBITDA for the most recently completed four fiscal quarters minus the sum of the Company’s distributions to its shareholders, taxes paid and unfunded capital expenditures during such period to (B) prior period current maturities of Company long term debt plus interest expense incurred over the most recently completed four fiscal quarters) of at least 1.20 to 1, tested quarterly, and a maximum “debt to cap” ratio (generally, funded debt divided by the sum of net worth and funded debt) of 0.75 to 1, as of the end of each fiscal quarter.
Majority shareholder's ownership, percentage			50.00%
Revolving line of credit			$ 6,000,000
Indebtedness excluding trade payables			250,000
Final payment			$ 1,600,861
Term Loan [Member] \| Maximum [Member]
Long Term Debt (Details) [Line Items]
Prepayment penalty, percentage			5.00%
Term Loan [Member] \| Minimum [Member]
Long Term Debt (Details) [Line Items]
Prepayment penalty, percentage			1.00%
Industrial Development Bond Financing [Member]
Long Term Debt (Details) [Line Items]
Proceeds of the bond sale		$ 4,500,000
Lender's purchase of industrial development bond			$ 4,500,000
Repurchase price of facilities if bond has been redeemed or fully paid			$ 1,000
Bond redemptions, description			The Bond bears interest at the rate of 3.07% per annum, calculated on the basis of a 360-day year and the actual number of days elapsed (subject to increase to 6.07% per annum upon the occurrence of an event of default), and is payable in 118 monthly installments of $31,324 beginning on November 1, 2017 and ending on August 1, 2027, with a final principal and interest payment to be made on September 1, 2027.
Bond financing, description			In addition, the Lease contains provisions relating to the Expansion Project, including limitations on utilization of Bond proceeds, deposit of unused proceeds into a custodial account (as described below) and investment of monies held in the custodial account.
Guarantee agreement, description			the Company is subject to certain covenants, including financial covenants requiring that the Company maintain (i) a minimum fixed charge ratio (generally, the ratio of (A) EBITDA minus the sum of Company’s distributions to its shareholders, taxes paid and unfunded capital expenditures to (B) current maturities of Company long-term debt plus interest expense) of 1.20 to 1, tested quarterly, and (ii) a ratio of funded debt (as defined in the guaranty agreement) divided by the sum of net worth and funded debt of 0.75 to 1, tested quarterly. For purposes of computing the fixed charge coverage ratio, “EBITDA” generally is defined as net income before taxes and depreciation expense plus amortization expense, plus interest expense, plus non-recurring and/or non-cash losses and expenses, minus non-recurring and/or non-cash gains and income; “unfunded capital expenditures” generally is defined as capital expenditures made from Company funds other than funds borrowed through term debt incurred to finance such capital expenditures.
Debt financing costs			$ 196,095
Other Long-Term Obligations [Member]
Long Term Debt (Details) [Line Items]
Promissory note, description			In connection with the Company’s agreement to purchase assets of Snappy Marine, Inc. (“Snappy Marine”) on July 13, 2018, the Company provided to Snappy Marine a promissory note in the amount of $1,000,000, including interest (of the $1,000,000 amount of the promissory note, $930,528 was recorded as principal, and the remaining $69,472, representing an imputed interest rate of 2.87% per annum, is being recorded as interest expense over the term of the note). The note is payable in equal installments of $16,667 over a 60- month period that commenced on August 1, 2018, with a final payment due and payable on July 1, 2023.
Office equipment leases			$ 73,000		$ 79,000
Canon Solutions America, Inc [Member] \| Other Long-Term Obligations [Member]
Long Term Debt (Details) [Line Items]
Lease agreement, description	the Company entered into a lease agreement with Canon Solutions America, Inc. to lease office equipment. The lease obligates the Company to pay $100,009 in 63 equal monthly payments of $1,587. The lease is classified as a finance lease. The Company recorded a lease liability which is included in long term debt and a corresponding right to use asset that is included in property, plant and equipment of $96,039 based on a discount rate of 1.53%.

XML 49 R39.htm IDEA: XBRL DOCUMENT

Long Term Debt (Details) - Schedule of long-term debt - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total principal of long- term debt, Current Portion	$ 764,377	$ 757,168
Total principal of long- term debt, Long Term Portion	7,612,514	7,852,827
Debt issuance costs, Current Portion	(20,637)	(20,637)
Debt issuance costs, Long Term Portion	(96,779)	(101,938)
Total long- term debt, Current Portion	743,740	736,531
Total long- term debt, Long Term Portion	7,515,735	7,750,889
Term loan [Member]
Debt Instrument [Line Items]
Term loan, Current Portion	268,085	265,918
Term loan, Long Term portion	4,553,837	4,622,204
Obligations related to industrial development bond financing [Member]
Debt Instrument [Line Items]
Obligations related to industrial development bond financing, Current Portion	279,585	276,036
Obligations related to industrial development bond financing, Long Term portion	2,940,566	3,057,773
Note payable related to Snappy Marine asset acquisition [Member]
Debt Instrument [Line Items]
Note payable related to Snappy Marine asset acquisition, Current Portion	195,052	193,660
Note payable related to Snappy Marine asset acquisition, Long Term Portion	66,270	115,558
Obligation related to Check Corporation asset acquisition [Member]
Debt Instrument [Line Items]
Obligation related to Check Corporation asset acquisition, Current Portion
Obligation related to Check Corporation asset acquisition, Long Term Portion
Office equipment finance leases [Member]
Debt Instrument [Line Items]
Office equipment finance leases, Current Portion	21,655	21,554
Office equipment finance leases, Long Term Portion	$ 51,841	$ 57,292

XML 50 R40.htm IDEA: XBRL DOCUMENT

Long Term Debt (Details) - Schedule of long- term obligation	Mar. 31, 2022 USD ($)
Schedule of long- term obligation [Abstract]
2023	$ 764,377
2024	653,179
2025	602,545
2026	613,847
2027	622,381
Thereafter	5,120,562
Total	$ 8,376,891

XML 51 R41.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details) - USD ($)	3 Months Ended
Related Party Transactions (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Related Party Transactions (Details) [Line Items]
Sales to the affiliated companies	$ 492,000	$ 513,000
Charges to the affiliated companies for services	188,000	168,000
Reimburse business related expenditures	29,000	36,000
Receivables due from affiliated companies	847,000	1,212,000
Insurance premiums paid	283,000	397,000
Service [Member]
Related Party Transactions (Details) [Line Items]
Total payments to affiliated company	35,000	23,000
Research and development costs	12,000	12,000
Charter boat services	6,000	7,000
The production of television commercials	$ 17,000	$ 4,000

XML 52 R42.htm IDEA: XBRL DOCUMENT

Earnings Per Common Share (Details) - Schedule of weighted average number of shares outstanding - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Schedule of weighted average number of shares outstanding [Abstract]
Net income	$ 1,299,281	$ 1,904,269
Weighted average number of common shares outstanding	9,509,670	9,481,799
Earnings per common share	$ 0.14	$ 0.2

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

XML 53 R43.htm IDEA: XBRL DOCUMENT

Cash Dividends (Details) - Board of Directors [Member] - USD ($)	1 Months Ended
	Mar. 25, 2022	Mar. 25, 2021	Mar. 10, 2022	Mar. 11, 2021
Cash Dividends (Details) [Line Items]
Dividends paid per common share	$ 0.04	$ 0.03
Common stock, shares outstanding			9,509,799	9,481,799
Dividends paid to common shareholders	$ 380,392	$ 284,454

XML 54 R44.htm IDEA: XBRL DOCUMENT

Customer Concentration (Details)	3 Months Ended		12 Months Ended
Customer Concentration (Details)	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Net Sales [Member]
Customer Concentration (Details) [Line Items]
Concentration risk, description	constituted in excess of 10% of its net sales.	constituted in excess of 10% of its net sales.
Number of customers	2	2
Concentration risk, percentage	38.70%	43.20%
Trade Accounts Receivable [Member]
Customer Concentration (Details) [Line Items]
Concentration risk, description	constituted at least 10% of the Company’s gross trade accounts receivable.		constituted at least 10% of the Company’s gross trade accounts receivable.
Number of customers	3		3
Concentration risk, percentage	65.50%		60.10%
Customer One [Member] \| Net Sales [Member]
Customer Concentration (Details) [Line Items]
Concentration risk, percentage	22.60%	29.50%
Customer One [Member] \| Trade Accounts Receivable [Member]
Customer Concentration (Details) [Line Items]
Concentration risk, percentage	26.90%		22.20%
Customer Two [Member] \| Net Sales [Member]
Customer Concentration (Details) [Line Items]
Concentration risk, percentage	16.10%	13.70%
Customer Two [Member] \| Trade Accounts Receivable [Member]
Customer Concentration (Details) [Line Items]
Concentration risk, percentage	24.90%		19.00%
Customer Three [Member] \| Trade Accounts Receivable [Member]
Customer Concentration (Details) [Line Items]
Concentration risk, percentage	13.70%		18.90%

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1. SUMMARY OF ACCOUNTING POLICIES Interim reporting The accompanying unaudited condensed consolidated financial statements include the accounts of Ocean Bio-Chem, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context indicates otherwise, the term “Company” refers to Ocean Bio-Chem, Inc. and its subsidiaries. The unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. The information included in this Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

Interim reporting The accompanying unaudited condensed consolidated financial statements include the accounts of Ocean Bio-Chem, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context indicates otherwise, the term “Company” refers to Ocean Bio-Chem, Inc. and its subsidiaries. The unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. The financial information furnished herein reflects all adjustments, consisting of normal recurring items that, in the opinion of management, are necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods. The results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. The information included in this Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Use of estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and assumptions.

2. INVENTORIES The Company’s inventories at March 31, 2022 and December 31, 2021 consisted of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">March 31, 2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Raw materials</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,745,696</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,465,011</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -29.7pt; padding-left: 29.7pt">Finished goods</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,552,825</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,669,073</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -29.7pt; padding-left: 29.7pt">Inventories, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,298,521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,134,084</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -29.7pt; padding-left: 29.7pt">Inventory reserves</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(323,623</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(314,831</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -29.7pt; padding-left: 29.7pt">Inventories, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">19,974,898</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">16,819,253</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> The inventory reserves shown in the table above reflect slow moving and obsolete inventory. The Company operates a vendor managed inventory program with one of its customers to improve the promotion of the Company’s products. The Company manages the inventory levels at this customer’s warehouses and recognizes revenue as the products are sold by the customer. The inventories managed at the customer’s warehouses, which are included in inventories, net, amounted to approximately $987,000 and $1,051,000 at March 31, 2022 and December 31, 2021, respectively.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">March 31, 2022</td><td style="padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Raw materials</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">8,745,696</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">7,465,011</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -29.7pt; padding-left: 29.7pt">Finished goods</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">11,552,825</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">9,669,073</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -29.7pt; padding-left: 29.7pt">Inventories, gross</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">20,298,521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,134,084</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -29.7pt; padding-left: 29.7pt">Inventory reserves</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(323,623</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(314,831</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; text-indent: -29.7pt; padding-left: 29.7pt">Inventories, net</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">19,974,898</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">16,819,253</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

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3. PROPERTY, PLANT & EQUIPMENT The Company’s property, plant and equipment at March 31, 2022 and December 31, 2021 consisted of the following: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; border-bottom: Black 1.5pt solid">Estimated Useful Life</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Land</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">278,325</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">278,325</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Building and improvements</td><td> </td> <td style="text-align: center">30 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,180,235</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,710,244</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Manufacturing and warehouse equipment</td><td> </td> <td style="text-align: center">6-20 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,577,478</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,858,638</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Office equipment and furniture</td><td> </td> <td style="text-align: center">3-5 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,941,521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,805,002</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: center">10-15 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">621,903</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">587,183</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Finance leases – right to use</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,741</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,741</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vehicles</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,020</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Construction in process (1)</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,883,726</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,633,112</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> Property, plant and equipment, gross</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,606,949</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,996,265</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,964,941</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,636,047</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Property, plant and equipment, net</td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,642,008</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">16,360,218</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0%"/><td style="width: 0.25in">(1)</td><td style="text-align: justify">In April 2022, the Company’s wholly owned subsidiary, KINPAK Inc. (“Kinpak”), placed into service assets relating to an expansion of its manufacturing and distribution facilities.</td></tr></table> Depreciation expense totaled $328,893 (of which $303,992 is included in cost of goods sold and $24,901 is included in selling and administrative expenses) and $281,529 (of which $257,140 is included in cost of goods sold and $24,389 is included in selling and administrative expenses) for the three months ended March 31, 2022 and 2021, respectively.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; border-bottom: Black 1.5pt solid">Estimated Useful Life</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Land</td><td style="width: 1%"> </td> <td style="width: 11%; text-align: center"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">278,325</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">278,325</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Building and improvements</td><td> </td> <td style="text-align: center">30 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">15,180,235</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,710,244</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Manufacturing and warehouse equipment</td><td> </td> <td style="text-align: center">6-20 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">13,577,478</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12,858,638</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Office equipment and furniture</td><td> </td> <td style="text-align: center">3-5 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,941,521</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,805,002</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Leasehold improvements</td><td> </td> <td style="text-align: center">10-15 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">621,903</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">587,183</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Finance leases – right to use</td><td> </td> <td style="text-align: center">5 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,741</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">113,741</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vehicles</td><td> </td> <td style="text-align: center">3 years</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,020</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,020</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt">Construction in process (1)</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,883,726</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">6,633,112</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> Property, plant and equipment, gross</td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,606,949</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,996,265</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Less accumulated depreciation</td><td style="padding-bottom: 1.5pt"> </td> <td style="text-align: center; padding-bottom: 1.5pt"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,964,941</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(15,636,047</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: center"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt">Property, plant and equipment, net</td><td style="padding-bottom: 4pt"> </td> <td style="text-align: center; padding-bottom: 4pt"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">17,642,008</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">16,360,218</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

278325

P30Y

15180235

9710244

P6Y

P20Y

13577478 12858638

P3Y

P5Y

1941521

1805002

P10Y

P15Y

621903

587183

P5Y

113741

P3Y

10020 10020

1883726

6633112

33606949

31996265

15964941

15636047

17642008

16360218

328893

303992 24901

281529

257140 24389 4. LEASES The Company has one operating lease and two finance leases. Under the operating lease, the Company leases its executive offices and warehouse facilities in Fort Lauderdale, Florida from an entity controlled by Peter G. Dornau, the Company’s Chairman, President and Chief Executive Officer. The lease, as extended, expires on December 31, 2023. The lease requires an annual minimum base rent of $94,800 and provides for a maximum annual 2% increase in subsequent years, although the entity has not raised the minimum base rent since the Company entered into a previous lease agreement in 1998. Additionally, the leasing entity is entitled to reimbursement of all taxes, assessments, and any other expenses that arise from ownership. Each of the parties to the lease has agreed to review the terms of the lease every three years at the request of the other party. Operating lease expense was $24,553 and $24,339 for the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022 and December 31, 2021, the Company had a right to use asset and a corresponding liability of $160,449 and $182,543, respectively, related to the operating lease. Set forth below is a schedule of future minimum rent payments under the operating lease. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="5">Twelve-month period ending March 31,</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-left: 9pt">2023</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">94,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">2024</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">71,100</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Total future minimum lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165,900</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Less imputed interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,451</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Total operating lease liability</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">160,449</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> The Company’s two finance leases relate to office equipment. See Note 3 for information regarding the carrying value of the Company’s finance lease right to use assets and Note 7 for information regarding the finance lease payment schedule. Expenses incurred with respect to the Company’s leases during the three months ended March 31, 2022 and 2021 are set forth below. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended March 31, 2021</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Operating lease expense</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">24,553</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">24,339</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Finance lease amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,350</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,254</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Finance lease interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">337</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">433</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total lease expense</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">30,240</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">30,026</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> The remaining lease term with respect to the operating lease, weighted average remaining lease term with respect to the finance leases and discount rate with respect to the operating lease and finance leases at March 31, 2022 and December 31, 2021 are set forth below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Remaining lease term – operating lease</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.75 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted average remaining lease term – finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.4 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Discount rate – operating lease</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3.7</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted average discount rate – finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.8</td><td style="text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Remaining lease term – operating lease</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted average remaining lease term – finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.7 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Discount rate – operating lease</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3.7</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted average discount rate – finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.8</td><td style="text-align: left">%</td></tr> </table>

2023-12-31

94800

0.02

24553

24339

160449 182543 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td colspan="5">Twelve-month period ending March 31,</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-left: 9pt">2023</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">94,800</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">2024</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">71,100</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">Total future minimum lease payments</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">165,900</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 9pt">Less imputed interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(5,451</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 4pt; padding-left: 9pt">Total operating lease liability</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">160,449</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> 94800 71100 165900 5451 160449

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended March 31, 2021</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: left">Operating lease expense</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">24,553</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">24,339</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Finance lease amortization</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,350</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,254</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Finance lease interest</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">337</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">433</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total lease expense</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">30,240</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">30,026</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

24553 24339

5350

5254

337

433

30240

30026

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Remaining lease term – operating lease</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.75 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted average remaining lease term – finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.4 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Discount rate – operating lease</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3.7</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted average discount rate – finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.8</td><td style="text-align: left">%</td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Remaining lease term – operating lease</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2.0 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted average remaining lease term – finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3.7 years</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left">Discount rate – operating lease</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">3.7</td><td style="width: 1%; text-align: left">%</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Weighted average discount rate – finance leases</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1.8</td><td style="text-align: left">%</td></tr> </table>

P1Y9M

P3Y4M24D

0.037

0.018

P2Y

P3Y8M12D

0.037

0.018

5. INTANGIBLE ASSETS The Company’s intangible assets at March 31, 2022 and December 31, 2021 consisted of the following: March 31, 2022 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Intangible Assets</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Accumulated Amortization</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Patents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">622,733</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">609,871</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,862</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Trade names and trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,715,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">675,195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,040,130</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer list</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">584,468</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">416,328</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">168,140</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Product formulas</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">292,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,168</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84,066</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Royalty rights</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">160,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">155,515</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,485</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total intangible assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,374,760</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,065,077</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,309,683</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> December 31, 2021 <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Intangible Assets</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Accumulated Amortization</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Patents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">622,733</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">596,980</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,753</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Trade names and trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,715,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">665,440</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,049,885</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer list</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">584,468</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">387,105</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,363</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Product formulas</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">292,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,554</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,680</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Royalty rights</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">160,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">151,029</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,971</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total intangible assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,374,760</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,994,108</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,380,652</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> Amortization expense related to intangible assets was $70,969 and $71,161 for the three months ended March 31, 2022 and 2021, respectively.

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Intangible Assets</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Accumulated Amortization</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Patents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">622,733</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">609,871</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">12,862</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Trade names and trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,715,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">675,195</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,040,130</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer list</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">584,468</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">416,328</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">168,140</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Product formulas</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">292,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">208,168</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">84,066</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Royalty rights</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">160,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">155,515</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">4,485</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total intangible assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,374,760</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">2,065,077</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,309,683</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; border-bottom: Black 1.5pt solid">Intangible Assets</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Cost</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Accumulated Amortization</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Net</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Patents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">622,733</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">596,980</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">25,753</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Trade names and trademarks</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,715,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">665,440</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,049,885</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Customer list</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">584,468</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">387,105</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">197,363</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left">Product formulas</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">292,234</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,554</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">98,680</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Royalty rights</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">160,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">151,029</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">8,971</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt">Total intangible assets</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">3,374,760</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,994,108</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">1,380,652</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

622733

609871

12862

1715325

675195

1040130

584468

416328

168140

292234

208168

84066

160000

155515

4485

3374760

2065077

1309683

622733

596980

25753

1715325

665440

1049885

584468

387105

197363

292234

193554

98680

160000

151029

8971

3374760

1994108

1380652

70969

71161

6. REVOLVING LINE OF CREDIT On August 6, 2021, the Company and Regions Bank (“the “Lender”) entered into a Business Loan Agreement (the “Business Loan Agreement”), effective as of July 30, 2021, under which the Company was provided a revolving line of credit in the amount of Six Million Dollars ($6,000,000). The Business Loan Agreement supersedes the Company’s previous $6,000,000 revolving line of credit from the Lender, entered into on August 31, 2018, that was scheduled to expire on August 31, 2021. The revolving line of credit under the Business Loan Agreement is evidenced by a promissory note and is secured principally by the Company’s inventory and accounts receivable. The Business Loan Agreement bears interest at a variable annual rate of LIBOR plus 1.35%, computed on a 365/360 basis. All outstanding principal plus all accrued unpaid interest is due upon Lender’s demand or when the Business Loan Agreement expires on August 30, 2024. There has been no negative impact in the availability of funds to the Company as a result of the COVID-19 pandemic. At March 31, 2022 and December 31, 2021, the Company had no borrowings under the revolving line of credit provided by the current and former Business Loan Agreements. 6000000 6000000

The Business Loan Agreement bears interest at a variable annual rate of LIBOR plus 1.35%, computed on a 365/360 basis.

7. LONG TERM DEBT Term Loan On July 30, 2021, Kinpak and Regions Bank (the “Lender”) entered into a Credit Agreement (the “Credit Agreement”), effective as of July 20, 2021, under which the Company was extended a term loan (the “Term Loan”) in the original principal amount of Five Million Dollars ($5,000,000). The Company is using the proceeds of the Term Loan for a 69,000 square foot expansion of Kinpak’s manufacturing, warehouse and distribution facilities in Montgomery, Alabama. The Term Loan is evidenced by a promissory note (the “Note”) and is secured by a second priority mortgage of the assets pledged in Kinpak’s industrial development bond financing obtained on September 26, 2017 (see below for further information). The Company has unconditionally guaranteed the payment to the Lender promptly when due, by acceleration or otherwise, of all obligations of Kinpak to the Lender. The Term Loan bears interest at an annual rate of 3.25% and is due in 119 monthly installments of $35,249 each, plus interest then accrued, beginning on August 20, 2021. The final installment shall be due and payable on July 20, 2031 in an amount equal to all principal and interest then remaining unpaid. Assuming that all amounts due prior to that date are paid in a timely manner, the final installment would be $1,977,047. The Credit Agreement provides that prepayments on the Term Loan are subject to a prepayment penalty of 5% during the first year the Term Loan is outstanding, with such penalty declining 1% each year thereafter until there is no prepayment penalty after five years. However, the Lender has agreed to waive the prepayment provisions. The Credit Agreement includes financial covenants requiring that the Company maintain a minimum fixed charge coverage ratio (generally, the ratio of (A) EBITDA for the most recently completed four fiscal quarters minus the sum of the Company’s distributions to its shareholders, taxes paid and unfunded capital expenditures during such period to (B) prior period current maturities of Company long term debt plus interest expense incurred over the most recently completed four fiscal quarters) of at least 1.20 to 1, tested quarterly, and a maximum “debt to cap” ratio (generally, funded debt divided by the sum of net worth and funded debt) of 0.75 to 1, as of the end of each fiscal quarter. For purposes of computing the fixed charge coverage ratio, “EBITDA” generally is defined as net income before taxes and depreciation expense plus amortization expense, plus interest expense, plus non-recurring and/or non-cash losses and expenses, minus non-recurring and/or non-cash gains and income. The Credit Agreement also requires that the majority shareholder’s ownership does not drop below 50% of the outstanding shares of Kinpak. The Credit Agreement contains cross-default and cross-collateral provisions relating to any other indebtedness with the Lender, including without limitation the Company’s obligations under its $6,000,000 revolving line of credit from the Lender. The Credit Agreement also contains negative covenants restricting the Company’s ability to, among other things, create or assume indebtedness for borrowed money exceeding $250,000 other than trade payables incurred in the normal course of business, create liens other than permitted liens (as defined in the Credit Agreement), acquire an interest in another entity or incur any obligation as surety or guarantor other than in the ordinary course of business. Industrial Development Bond Financing On September 26, 2017, Kinpak indirectly obtained a $4,500,000 loan from Regions Capital Advantage, Inc. (the “Lender”). The proceeds of the loan have been used in full as of June 30, 2021, principally to pay or reimburse costs relating to the expansion of Kinpak’s manufacturing, warehouse and distribution facilities in Montgomery, Alabama, as well as the purchase and installation of associated machinery and equipment (the “Expansion Project”). The loan was funded by the Lender’s purchase of a $4,500,000 industrial development bond (the “Bond”) issued by The Industrial Development Board of the City of Montgomery, Alabama (the “IDB”). The Bond is a limited obligation of the IDB and is payable solely out of revenues and receipts derived from the leasing or sale of Kinpak’s facilities. In this regard, Kinpak is obligated to fund the IDB’s payment obligations by providing rental payments under a lease between the IDB and Kinpak (the “Lease”), under which Kinpak leases its facilities from the IDB. Kinpak inherited the lease structure when it first acquired its facilities from its predecessor-in-interest in 1996. The Lease provides that prior to the maturity date of the Bond, Kinpak may repurchase the facilities for $1,000 if the Bond has been redeemed or fully paid. The Bond bears interest at the rate of 3.07% per annum, calculated on the basis of a 360-day year and the actual number of days elapsed (subject to increase to 6.07% per annum upon the occurrence of an event of default), and is payable in 118 monthly installments of $31,324 beginning on November 1, 2017 and ending on August 1, 2027, with a final principal and interest payment to be made on September 1, 2027. The amount of the final payment was originally scheduled to be $1,799,201, however at March 31, 2022 the final payment is scheduled to be $1,600,861 because the Company has made additional debt payments. The Bond provides that the interest rate will be subject to adjustment if it is determined by the United States Treasury Department, the Internal Revenue Service, or a similar government entity that the interest on the Bond is includable in the gross income of the Lender for federal income tax purposes. Under the Lease, Kinpak is required to make rental payments for the account of the IDB to the Lender in such amounts and at such times as are necessary to enable the payment of all principal and interest due on the Bond and other charges, if any, payable in respect of the Bond. The Lease also provides that Kinpak may redeem the Bond, in whole or in part, by prepaying its rental payment obligations in an amount sufficient to effect the redemption. In addition, the Lease contains provisions relating to the Expansion Project, including limitations on utilization of Bond proceeds, deposit of unused proceeds into a custodial account (as described below) and investment of monies held in the custodial account. Payment of amounts due and payable under the Bond and other related agreements are guaranteed by the Company and its other consolidated subsidiaries. In connection with the guarantee agreement under which the Company provided its guarantee, the Company is subject to certain covenants, including financial covenants requiring that the Company maintain (i) a minimum fixed charge ratio (generally, the ratio of (A) EBITDA minus the sum of Company’s distributions to its shareholders, taxes paid and unfunded capital expenditures to (B) current maturities of Company long-term debt plus interest expense) of 1.20 to 1, tested quarterly, and (ii) a ratio of funded debt (as defined in the guaranty agreement) divided by the sum of net worth and funded debt of 0.75 to 1, tested quarterly. For purposes of computing the fixed charge coverage ratio, “EBITDA” generally is defined as net income before taxes and depreciation expense plus amortization expense, plus interest expense, plus non-recurring and/or non-cash losses and expenses, minus non-recurring and/or non-cash gains and income; “unfunded capital expenditures” generally is defined as capital expenditures made from Company funds other than funds borrowed through term debt incurred to finance such capital expenditures. At March 31, 2022, the Company was in compliance with these financial covenants. The Company incurred debt financing costs of $196,095 in connection with the financing. These costs are shown as a reduction of the debt balance and are being amortized over the life of the Bond. Other Long-Term Obligations In connection with the Company’s agreement to purchase assets of Snappy Marine, Inc. (“Snappy Marine”) on July 13, 2018, the Company provided to Snappy Marine a promissory note in the amount of $1,000,000, including interest (of the $1,000,000 amount of the promissory note, $930,528 was recorded as principal, and the remaining $69,472, representing an imputed interest rate of 2.87% per annum, is being recorded as interest expense over the term of the note). The note is payable in equal installments of $16,667 over a 60- month period that commenced on August 1, 2018, with a final payment due and payable on July 1, 2023. If the note is prepaid in full, the entire outstanding balance of the note (including all unpaid amounts allocated to interest over the remaining term of the note) must be paid. On June 22, 2020, the Company entered into a lease agreement with Canon Solutions America, Inc. to lease office equipment. The lease obligates the Company to pay $100,009 in 63 equal monthly payments of $1,587. The lease is classified as a finance lease. The Company recorded a lease liability which is included in long term debt and a corresponding right to use asset that is included in property, plant and equipment of $96,039 based on a discount rate of 1.53%. At March 31, 2022 and December 31, 2021, the Company was obligated under lease agreements covering office equipment utilized in the Company’s operations (inclusive of the lease referenced in the preceding paragraph). The office equipment leases, aggregating approximately $73,000 and $79,000 at March 31, 2022 and December 31, 2021, respectively, have maturities through 2025 and carry interest rates ranging from approximately 1.53% to 3.86% per annum. The office equipment leases are classified as finance leases. During the three months ended March 31, 2022 and 2021, the Company paid $5,687 ($5,350 principal and $337 interest) and $5,687 ($5,254 principal and $433 interest), respectively, under the lease agreements. The following table provides information regarding the Company’s long-term debt at March 31, 2022 and December 31, 2021: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Current Portion</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Long Term Portion</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt">Term loan</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">268,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">265,918</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,553,837</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,622,204</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Obligations related to industrial development bond financing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">279,585</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276,036</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,940,566</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,057,773</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Note payable related to Snappy Marine asset acquisition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">195,052</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,660</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66,270</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,558</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Obligation related to Check Corporation asset acquisition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-27">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-28">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-29">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Office equipment finance leases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,655</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,554</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">51,841</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">57,292</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Total principal of long- term debt</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">764,377</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">757,168</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,612,514</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,852,827</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Debt issuance costs</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(20,637</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(20,637</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(96,779</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(101,938</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total long- term debt</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">743,740</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">736,531</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,515,735</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,750,889</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table> Required principal payments under the Company’s long- term obligations are set forth below: <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>Twelve-month period ending March 31,</td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-left: 9pt">2023</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">764,377</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">653,179</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">602,545</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">613,847</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">622,381</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; padding-left: 9pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,120,562</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,376,891</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

5000000

69000

The Term Loan bears interest at an annual rate of 3.25% and is due in 119 monthly installments of $35,249 each, plus interest then accrued, beginning on August 20, 2021. The final installment shall be due and payable on July 20, 2031 in an amount equal to all principal and interest then remaining unpaid. Assuming that all amounts due prior to that date are paid in a timely manner, the final installment would be $1,977,047. 0.05 0.01 The Credit Agreement includes financial covenants requiring that the Company maintain a minimum fixed charge coverage ratio (generally, the ratio of (A) EBITDA for the most recently completed four fiscal quarters minus the sum of the Company’s distributions to its shareholders, taxes paid and unfunded capital expenditures during such period to (B) prior period current maturities of Company long term debt plus interest expense incurred over the most recently completed four fiscal quarters) of at least 1.20 to 1, tested quarterly, and a maximum “debt to cap” ratio (generally, funded debt divided by the sum of net worth and funded debt) of 0.75 to 1, as of the end of each fiscal quarter. 0.50 6000000 250000 4500000 4500000 1000

1799201

1600861

In addition, the Lease contains provisions relating to the Expansion Project, including limitations on utilization of Bond proceeds, deposit of unused proceeds into a custodial account (as described below) and investment of monies held in the custodial account.

the Company is subject to certain covenants, including financial covenants requiring that the Company maintain (i) a minimum fixed charge ratio (generally, the ratio of (A) EBITDA minus the sum of Company’s distributions to its shareholders, taxes paid and unfunded capital expenditures to (B) current maturities of Company long-term debt plus interest expense) of 1.20 to 1, tested quarterly, and (ii) a ratio of funded debt (as defined in the guaranty agreement) divided by the sum of net worth and funded debt of 0.75 to 1, tested quarterly. For purposes of computing the fixed charge coverage ratio, “EBITDA” generally is defined as net income before taxes and depreciation expense plus amortization expense, plus interest expense, plus non-recurring and/or non-cash losses and expenses, minus non-recurring and/or non-cash gains and income; “unfunded capital expenditures” generally is defined as capital expenditures made from Company funds other than funds borrowed through term debt incurred to finance such capital expenditures.

196095

the Company entered into a lease agreement with Canon Solutions America, Inc. to lease office equipment. The lease obligates the Company to pay $100,009 in 63 equal monthly payments of $1,587. The lease is classified as a finance lease. The Company recorded a lease liability which is included in long term debt and a corresponding right to use asset that is included in property, plant and equipment of $96,039 based on a discount rate of 1.53%.

73000 79000

0.0153

0.0386

5687

5350

337

5687

5254

433

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Current Portion</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Long Term Portion</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">March 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">December 31, 2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; text-align: left; text-indent: -10pt; padding-left: 10pt">Term loan</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">268,085</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">265,918</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,553,837</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">4,622,204</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Obligations related to industrial development bond financing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">279,585</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">276,036</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,940,566</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,057,773</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Note payable related to Snappy Marine asset acquisition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">195,052</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">193,660</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">66,270</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">115,558</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Obligation related to Check Corporation asset acquisition</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-27">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-28">-</div></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><div style="-sec-ix-hidden: hidden-fact-29">-</div></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Office equipment finance leases</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,655</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">21,554</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">51,841</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">57,292</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Total principal of long- term debt</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">764,377</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">757,168</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,612,514</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">7,852,827</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt; text-indent: -10pt; padding-left: 10pt">Debt issuance costs</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(20,637</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(20,637</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(96,779</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(101,938</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-bottom: 4pt; text-indent: -10pt; padding-left: 10pt">Total long- term debt</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">743,740</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">736,531</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,515,735</td><td style="padding-bottom: 4pt; text-align: left"> </td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">7,750,889</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

268085

265918

4553837

4622204

279585 276036 2940566 3057773 195052 193660 66270 115558

21655

21554

51841

57292

764377 757168 7612514 7852827

20637

96779

101938

743740

736531

7515735

7750889

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td>Twelve-month period ending March 31,</td><td> </td> <td colspan="3"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 88%; text-align: left; padding-left: 9pt">2023</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">764,377</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">653,179</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">2025</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">602,545</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="text-align: left; padding-left: 9pt">2026</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">613,847</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 9pt">2027</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">622,381</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td style="padding-bottom: 1.5pt; padding-left: 9pt">Thereafter</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,120,562</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 4pt; padding-left: 9pt">Total</td><td style="padding-bottom: 4pt"> </td> <td style="border-bottom: Black 4pt double; text-align: left">$</td><td style="border-bottom: Black 4pt double; text-align: right">8,376,891</td><td style="padding-bottom: 4pt; text-align: left"> </td></tr> </table>

764377

653179

602545

613847

622381

5120562

8376891

8. RELATED PARTY TRANSACTIONS The Company sells products to companies affiliated with Peter G. Dornau, who is the Company’s Chairman, President and Chief Executive Officer. The affiliated companies resell, outside of the United States and Canada, products they purchase from the Company. The Company also provides administrative services to these companies and pays certain business-related expenditures for the affiliated companies, for which the Company is reimbursed. Sales to the affiliated companies aggregated approximately $492,000 and $513,000 for the three months ended March 31, 2022 and 2021, respectively. Fees for administrative services aggregated approximately $188,000 and $168,000 for the three months ended March 31, 2022 and 2021, respectively. Amounts billed to the affiliated companies to reimburse the Company for business related expenditures made on behalf of the affiliated companies aggregated approximately $29,000 and $36,000 during the three months ended March 31, 2022 and 2021, respectively. The Company had accounts receivable from the affiliated companies in connection with the product sales, administrative services and business- related expenditures aggregating approximately $847,000 and $1,212,000 at March 31, 2022 and December 31, 2021, respectively. An entity that is owned by the Company’s Chairman, President and Chief Executive Officer provides several services to the Company. Under this arrangement, the Company paid the entity an aggregate of approximately $35,000 ($12,000 for research and development services and $6,000 for charter boat services that the Company used to provide sales incentives to customers and $17,000 for the production of television commercials) and $23,000 ($12,000 for research and development services, $7,000 for charter boat services that the Company used to provide sales incentives for customers and $4,000 for the production of television commercials ) for the three months ended March 31, 2022 and 2021, respectively. Expenditures for the research and development services are included in the condensed consolidated statements of operations within selling and administrative expenses. Expenditures for the charter boat services are included in the condensed consolidated statements of operations within advertising and promotion expenses. The Company leases office and warehouse facilities in Fort Lauderdale, Florida from an entity controlled by its Chairman, President and Chief Executive Officer. See Note 4 for a description of the lease terms. A director of the Company is Regional Executive Vice President of an insurance broker through which the Company sources most of its insurance needs. During the three months ended March 31, 2022 and 2021, the Company paid an aggregate of approximately $283,000 and $397,000, respectively, in insurance premiums on policies obtained through the insurance broker.

492000

513000

188000 168000 29000 36000

847000

1212000

35000

12000

6000

17000 23000

12000

7000

4000 283000 397000

9. EARNINGS PER COMMON SHARE The Company did not have any potentially dilutive securities during the three months ended March 31, 2022 and 2021. Therefore, the Company’s earnings per share are calculated by dividing net income by the weighted average number of shares outstanding during the reporting period. <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"/><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Net income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,299,281</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,904,269</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Weighted average number of common shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,509,670</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,481,799</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Earnings per common share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.14</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Three Months Ended March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="font-weight: bold"/><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 76%; text-align: justify">Net income</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,299,281</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,904,269</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Weighted average number of common shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,509,670</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">9,481,799</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Earnings per common share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.14</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.20</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; "> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> </table>

1299281

1904269

9509670

9481799

0.14

0.2

10. SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS No stock compensation expense was incurred during each of the three months ended March 31, 2022 and 2021, and at March 31, 2022, there were no outstanding stock options or unrecognized compensation expense related to stock options.

11. CASH DIVIDENDS On February 24, 2022, the Company’s Board of Directors declared a regular quarterly dividend of $0.04 per common share payable on March 25, 2022 to all shareholders of record on March 10, 2022. There were 9,509,799 shares of common stock outstanding on March 10, 2022; therefore, dividends aggregating $380,392 were paid on March 25, 2022. On February 25, 2021, the Company’s Board of Directors declared a regular quarterly dividend of $0.03 per common share payable on March 25, 2021 to all shareholders of record on March 11, 2021. There were 9,481,799 shares of common stock outstanding on March 11, 2021; therefore, dividends aggregating $284,454 were paid on March 25, 2021.

0.04

9509799

380392

0.03

9481799

284454

12. CUSTOMER CONCENTRATION During the three months ended March 31, 2022 and 2021, the Company had net sales to each of two customers that constituted in excess of 10% of its net sales. Net sales to these two customers represented approximately 38.7% (22.6% and 16.1%) and 43.2% (29.5% and 13.7%) of the Company’s net sales for the three months ended March 31, 2022 and 2021, respectively. At March 31, 2022 and December 31, 2021, three customers constituted at least 10% of the Company’s gross trade accounts receivable. The gross trade accounts receivable balances for these customers represented approximately 65.5% (26.9%, 24.9%, and 13.7%) and 60.1% (22.2%, 19.0%, and 18.9%) of the Company’s gross trade accounts receivable at March 31, 2022 and December 31, 2021, respectively.

constituted in excess of 10% of its net sales. constituted in excess of 10% of its net sales. 2 2 0.387 0.226 0.161 0.432 0.295 0.137 3 3 constituted at least 10% of the Company’s gross trade accounts receivable. constituted at least 10% of the Company’s gross trade accounts receivable. 0.655 0.269 0.249 0.137 0.601 0.222 0.19 0.189

false 954 --12-31 Q1 0000350737 587-6280 In April 2022, the Company’s wholly owned subsidiary, KINPAK Inc. (“Kinpak”), placed into service assets relating to an expansion of its manufacturing and distribution facilities.

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