$UG
UNITED GUARDIAN INC

2015 Form 10-K Financial Statement

#000117184316008781 Filed on March 24, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014
Revenue $14.01M $3.990M $13.45M
YoY Change 4.14% -9.93% -12.78%
Cost Of Revenue $5.202M $1.480M $5.318M
YoY Change -2.17% -8.64% -5.21%
Gross Profit $8.804M $2.510M $8.132M
YoY Change 8.27% -10.68% -17.11%
Gross Profit Margin 62.86% 62.91% 60.46%
Selling, General & Admin $570.0K
YoY Change
% of Gross Profit 22.71%
Research & Development $648.2K $160.0K $730.4K
YoY Change -11.25% 1.45%
% of Gross Profit 7.36% 6.37% 8.98%
Depreciation & Amortization $173.5K $40.00K $181.2K
YoY Change -4.25% -20.0% -4.64%
% of Gross Profit 1.97% 1.59% 2.23%
Operating Expenses $1.862M $730.0K $1.911M
YoY Change -2.53% 10.61% -23.58%
Operating Profit $6.294M $1.780M $5.491M
YoY Change 14.62% -17.21% -24.88%
Interest Expense $330.0K $100.0K $240.0K
YoY Change 37.5% 11.11% -7.69%
% of Operating Profit 5.24% 5.62% 4.37%
Other Income/Expense, Net $331.8K $264.0K
YoY Change 25.69%
Pretax Income $6.625M $1.890M $5.755M
YoY Change 15.13% -22.54% -33.31%
Income Tax $2.018M $480.0K $1.705M
% Of Pretax Income 30.47% 25.4% 29.62%
Net Earnings $4.607M $1.400M $4.050M
YoY Change 13.74% -18.6% -31.35%
Net Earnings / Revenue 32.89% 35.09% 30.12%
Basic Earnings Per Share
Diluted Earnings Per Share $1.004M $304.3K $880.4K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 2014 Q4 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.80M $11.41M $11.41M
YoY Change 3.42% 8.67% 8.67%
Cash & Equivalents $1.080M $2.023M $2.020M
Short-Term Investments $10.72M $9.390M $9.390M
Other Short-Term Assets $490.0K $420.0K $420.0K
YoY Change 16.67% 16.67% 16.67%
Inventory $1.290M $1.237M $1.240M
Prepaid Expenses
Receivables $930.0K $1.593M $1.590M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.52M $14.66M $14.66M
YoY Change -0.95% 2.47% 2.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.100M $1.208M $1.210M
YoY Change -9.09% -9.18% -9.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $70.00K $68.04K $70.00K
YoY Change 0.0% 580.42% 600.0%
Total Long-Term Assets $1.170M $1.276M $1.280M
YoY Change -8.59% -4.78% -4.48%
TOTAL ASSETS
Total Short-Term Assets $14.52M $14.66M $14.66M
Total Long-Term Assets $1.170M $1.276M $1.280M
Total Assets $15.69M $15.94M $15.94M
YoY Change -1.57% 1.85% 1.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $100.0K $141.1K $140.0K
YoY Change -28.57% -63.82% -64.1%
Accrued Expenses $790.0K $833.9K $830.0K
YoY Change -4.82% 14.23% 13.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $990.0K $975.0K $970.0K
YoY Change 2.06% -22.0% -22.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $990.0K $975.0K $970.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.110M $1.200M $1.200M
YoY Change -7.5% -14.89% -14.89%
SHAREHOLDERS EQUITY
Retained Earnings $14.02M
YoY Change
Common Stock $459.6K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.58M $14.74M $14.74M
YoY Change
Total Liabilities & Shareholders Equity $15.69M $15.94M $15.94M
YoY Change -1.57% 1.85% 1.85%

Cashflow Statement

Concept 2015 2014 Q4 2014
OPERATING ACTIVITIES
Net Income $4.607M $1.400M $4.050M
YoY Change 13.74% -18.6% -31.35%
Depreciation, Depletion And Amortization $173.5K $40.00K $181.2K
YoY Change -4.25% -20.0% -4.64%
Cash From Operating Activities $5.200M $1.580M $4.480M
YoY Change 16.07% -27.19% -22.89%
INVESTING ACTIVITIES
Capital Expenditures $62.57K -$10.00K $54.59K
YoY Change 14.62% -80.0% -118.82%
Acquisitions
YoY Change
Other Investing Activities -$1.610M $690.0K -$360.0K
YoY Change 347.22% -727.27% -69.23%
Cash From Investing Activities -$1.670M $680.0K -$410.0K
YoY Change 307.32% -500.0% -71.92%
FINANCING ACTIVITIES
Cash Dividend Paid $4.589M $3.677M
YoY Change 24.81%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.470M -1.470M -3.680M
YoY Change 21.47% -36.09% -17.49%
NET CHANGE
Cash From Operating Activities 5.200M 1.580M 4.480M
Cash From Investing Activities -1.670M 680.0K -410.0K
Cash From Financing Activities -4.470M -1.470M -3.680M
Net Change In Cash -940.0K 790.0K 390.0K
YoY Change -341.03% -363.33% -454.55%
FREE CASH FLOW
Cash From Operating Activities $5.200M $1.580M $4.480M
Capital Expenditures $62.57K -$10.00K $54.59K
Free Cash Flow $5.137M $1.590M $4.425M
YoY Change 16.09% -28.38% -27.45%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2015 ug Number Of Vendors
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Concentration of Credit Risk</div></div></div><div style=" font-size: 10pt; text-align: justify; margin: 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable potentially exposes the Company to concentrations of credit risk. The Company monitors the amount of credit it allows each of its customers, using the customer&#x2019;s prior payment history to determine how much credit to allow or whether any credit should be given at all. It is the Company&#x2019;s policy to discontinue shipments to any customer that is substantially past due on its payments. The Company sometimes requires payment in advance from customers whose payment record is questionable. As a result of its monitoring of the outstanding credit allowed for each customer, as well as the fact that the majority of the Company&#x2019;s sales are to customers whose satisfactory credit and payment record has been established over a long period of time, the Company believes that its accounts receivable credit risk has been reduced.</div><div style=" font-size: 10pt; text-align: justify; margin: 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp; For the year ended December 31, 2015, two of the Company&#x2019;s distributors and marketing partners accounted for 65.9% of the Company&#x2019;s revenues during the year, and 19.7% of its outstanding accounts receivable at year end. For the year ended December 31, 2014, two of the Company&#x2019;s distributors and marketing partners, one the same as in 2015, accounted for a total of 64.7% of the Company&#x2019;s revenues during the year, and 56.3% of its outstanding accounts receivable at year end.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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IncomeTaxReconciliationDeductionsQualifiedProductionActivities
193000
CY2014 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
168000
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-4000
CY2015 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-48236
CY2014 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-25794
CY2015 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
56488
CY2015 us-gaap Income Taxes Paid
IncomeTaxesPaid
2125000
CY2014 us-gaap Income Taxes Paid
IncomeTaxesPaid
1867089
CY2015 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-44296
CY2014 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-244588
CY2015 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-679746
CY2014 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-185162
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
1000
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
30000
CY2014 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
25000
CY2015 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-14000
CY2014 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
CY2015 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
CY2014 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
-56000
CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
1000
CY2014 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-373593
CY2015 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
CY2014 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-48805
CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
918
CY2014 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
94585
CY2015 us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
65124
CY2014 us-gaap Increase Decrease In Prepaid Taxes
IncreaseDecreaseInPrepaidTaxes
30643
CY2015Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
914486
CY2014Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
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CY2015Q4 us-gaap Inventory Net
InventoryNet
1293642
CY2014Q4 us-gaap Inventory Net
InventoryNet
1237154
CY2014Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
20000
CY2015Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
20000
CY2015Q4 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
InventoryWorkInProcessAndRawMaterialsNetOfReserves
379156
CY2014Q4 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
InventoryWorkInProcessAndRawMaterialsNetOfReserves
395092
CY2015Q3 us-gaap Investment Income Dividend
InvestmentIncomeDividend
21894
CY2015 us-gaap Investment Income Net
InvestmentIncomeNet
332705
CY2014 us-gaap Investment Income Net
InvestmentIncomeNet
239592
CY2015Q4 us-gaap Land
Land
69000
CY2014Q4 us-gaap Land
Land
69000
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
15688191
CY2014 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
24403
CY2015 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
2395
CY2014 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
-25127
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-4468616
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-3677151
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1674250
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-414480
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
5199972
CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
4480752
CY2015 us-gaap Net Income Loss
NetIncomeLoss
4606929
CY2014 us-gaap Net Income Loss
NetIncomeLoss
4050416
CY2015 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
331826
CY2014 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
263995
CY2015 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2015 us-gaap Operating Expenses
OperatingExpenses
1862290
CY2014 us-gaap Operating Expenses
OperatingExpenses
1910585
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
6293585
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
5490975
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
71195
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
38791
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
74118
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
68042
CY2015 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-189903
CY2014 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
152873
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
2395
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-25127
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
-284103
CY2014 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax
191533
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-187508
CY2014 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
127746
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-96595
CY2014 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
63787
CY2015 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
14017425
CY2015 us-gaap Payments Of Dividends
PaymentsOfDividends
4589464
CY2014 us-gaap Payments Of Dividends
PaymentsOfDividends
3677151
CY2015 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
4589464
CY2015 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
5556065
CY2014 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
3437478
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
62573
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
54590
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
160533
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
165691
CY2015Q4 us-gaap Prepaid Taxes
PrepaidTaxes
95767
CY2014Q4 us-gaap Prepaid Taxes
PrepaidTaxes
30643
CY2015 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
3944388
CY2014 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
3077588
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7021542
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6980877
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1096113
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1207903
CY2015 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-21240
CY2014 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
12325
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
648211
CY2014 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
730412
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
14017637
CY2015 us-gaap Sales Discounts Returns And Allowances Goods
SalesDiscountsReturnsAndAllowancesGoods
158292
CY2014 us-gaap Sales Discounts Returns And Allowances Goods
SalesDiscountsReturnsAndAllowancesGoods
321616
CY2015 us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
14164536
CY2014 us-gaap Sales Revenue Goods Gross
SalesRevenueGoodsGross
13771295
CY2015 us-gaap Sales Revenue Net
SalesRevenueNet
14006244
CY2014 us-gaap Sales Revenue Net
SalesRevenueNet
13449679
CY2015 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
94000
CY2014 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
86000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
14581814
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
14736938
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
14235927
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; text-decoration: underline;">Use of Estimates</div></div></div><div style=" font-size: 10pt; text-align: justify; margin: 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In preparing financial statements in conformity with U.S. generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. Such estimated items include the allowance for bad debts, possible impairment of marketable securities, reserve for inventory obsolescence, and the allocation of overhead.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4594319
CY2014 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
4596439

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