Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'CTI INDUSTRIES CORP | ' |
Entity Central Index Key | '0001042187 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'CTIB | ' |
Entity Common Stock, Shares Outstanding | ' | 3,301,116 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents (VIE $6,000 and $54,000, respectively) | $427,601 | $666,616 |
Accounts receivable, (less allowance for doubtful accounts of $220,000 and $217,000, respectively) (VIE $33,000 and $0, respectively) | 9,236,593 | 8,883,106 |
Inventories, net (VIE $543,000 and $390,000, respectively) | 15,842,318 | 15,428,413 |
Net deferred income tax asset | 827,735 | 931,245 |
Prepaid expenses (VIE $3,000 and $3,000, respectively) | 1,139,525 | 1,315,384 |
Other current assets (VIE $76,000 and $76,000, respectively) | 765,842 | 945,914 |
Total current assets | 28,239,614 | 28,170,678 |
Property, plant and equipment: | ' | ' |
Machinery and equipment (VIE $723,000 and $723,000, respectively) | 26,984,326 | 26,639,722 |
Building | 3,360,017 | 3,360,017 |
Office furniture and equipment (VIE $40,000 and $39,000, respectively) | 3,381,277 | 3,287,951 |
Intellectual property | 482,088 | 482,088 |
Land | 250,000 | 250,000 |
Leasehold improvements | 657,340 | 586,515 |
Fixtures and equipment at customer locations | 2,784,419 | 2,784,419 |
Projects under construction | 916,924 | 1,009,623 |
Property, Plant and Equipment, Gross | 38,816,391 | 38,400,335 |
Less : accumulated depreciation and amortization | -30,244,809 | -29,718,564 |
Total property, plant and equipment, net | 8,571,582 | 8,681,771 |
Other assets: | ' | ' |
Deferred financing costs, net | 179,318 | 197,585 |
Goodwill (VIE $440,000 and $440,000, respectively) | 1,473,176 | 1,473,176 |
Net deferred income tax asset | 553,020 | 317,639 |
Other assets (due from related party $24,000 and $24,000, respectively) | 176,380 | 230,651 |
Total other assets | 2,381,894 | 2,219,051 |
TOTAL ASSETS | 39,193,090 | 39,071,500 |
Current liabilities: | ' | ' |
Checks written in excess of bank balance | 433,570 | 704,757 |
Trade payables (VIE $238,000 and $94,000, respectively) | 5,768,264 | 3,573,007 |
Line of credit (VIE $499,000 and $219,000, respectively) | 6,881,023 | 8,769,024 |
Notes payable - current portion (net discount of $130,000 and $125,000, repectively) (VIE $109,000 and $107,000, respectively) | 339,669 | 342,931 |
Notes payable - officers, current portion | 0 | 0 |
Notes payable affiliates - current portion | 9,347 | 9,079 |
Capital Lease - current portion | 31,010 | 30,487 |
Accrued liabilities (VIE $79,000 and $73,000, respectively) | 3,046,196 | 3,003,704 |
Total current liabilities | 16,509,079 | 16,432,989 |
Long-term liabilities: | ' | ' |
Notes payable - affiliates | 296,439 | 281,148 |
Notes payable, net of current portion (net discount of $395,000 and $430,000, repectively) (VIE $413,000 and $441,000, respectively) | 7,427,630 | 7,511,383 |
Notes payable - officers, subordinated | 1,175,368 | 1,155,705 |
Capital Lease | 101,719 | 109,670 |
Total long-term debt, net of current portion | 9,001,156 | 9,057,906 |
Warrants Payable | 778,667 | 816,480 |
Total long-term liabilities | 9,779,823 | 9,874,386 |
CTI Industries Corporation stockholders' equity: | ' | ' |
Preferred Stock — no par value 2,000,000 shares authorized 0 shares issued and outstanding | 0 | 0 |
Common stock - no par value, 5,000,000 shares authorized, 3,376,743 and 3,320,773 shares issued and 3,304,616 and 3,248,646 outstanding, respectively | 13,775,994 | 13,775,994 |
Paid-in-capital | 1,488,244 | 1,165,549 |
Accumulated earnings | 154,560 | 109,137 |
Accumulated other comprehensive loss | -2,441,593 | -2,253,501 |
Less: Treasury stock, 72,127 shares | -141,289 | -141,289 |
Total CTI Industries Corporation stockholders' equity | 12,835,916 | 12,655,890 |
Noncontrolling interest | 68,272 | 108,235 |
Total Equity | 12,904,188 | 12,764,125 |
TOTAL LIABILITIES AND EQUITY | $39,193,090 | $39,071,500 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets [Parenthetical] (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Cash and cash equivalents | $427,601 | $666,616 |
Allowance for doubtful accounts | 220,000 | 217,000 |
Inventory, Net | 15,842,318 | 15,428,413 |
Prepaid expenses | 1,139,525 | 1,315,384 |
Other current assets | 765,842 | 945,914 |
Machinery and equipment | 26,984,326 | 26,639,722 |
Office Furniture and Equipment | 3,381,277 | 3,287,951 |
Goodwill | 1,473,176 | 1,473,176 |
Due from related party | 24,000 | 24,000 |
Trade payables | 5,768,264 | 3,573,007 |
Line Of Credit, Current | 6,881,023 | 8,769,024 |
Discount On Notes Payable Current | 130,000 | 125,000 |
Notes payable - current portion | 339,669 | 342,931 |
Accrued liabilities | 3,046,196 | 3,003,704 |
Notes Payable, net of current portion, net discount | 395,000 | 430,000 |
Notes payable, net of current portion | 7,427,630 | 7,511,383 |
Preferred Stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred Stock, shares issued (in shares) | 0 | 0 |
Preferred Stock, shares outstanding (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 3,376,743 | 3,320,773 |
Common stock, shares outstanding (in shares) | 3,304,616 | 3,248,646 |
Treasury stock, shares (in shares) | 72,127 | 72,127 |
Variable Interest Entity, Primary Beneficiary [Member] | ' | ' |
Cash and cash equivalents | 6,000 | 54,000 |
Allowance for doubtful accounts | 33,000 | 0 |
Inventory, Net | 543,000 | 390,000 |
Prepaid expenses | 3,000 | 3,000 |
Other current assets | 76,000 | 76,000 |
Machinery and equipment | 723,000 | 723,000 |
Office Furniture and Equipment | 40,000 | 39,000 |
Goodwill | 440,000 | 440,000 |
Trade payables | 238,000 | 94,000 |
Line Of Credit, Current | 499,000 | 219,000 |
Notes payable - current portion | 109,000 | 107,000 |
Accrued liabilities | 79,000 | 73,000 |
Notes payable, net of current portion | $413,000 | $441,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net Sales | $14,920,330 | $13,344,766 |
Cost of Sales | 11,422,921 | 10,370,749 |
Gross profit | 3,497,409 | 2,974,017 |
Operating expenses: | ' | ' |
General and administrative | 1,907,709 | 1,553,046 |
Selling | 761,876 | 460,203 |
Advertising and marketing | 501,874 | 430,617 |
Total operating expenses | 3,171,459 | 2,443,866 |
Income from operations | 325,950 | 530,151 |
Other (expense) income: | ' | ' |
Interest expense | -307,023 | -473,511 |
Interest income | 5,536 | 5,536 |
Foreign currency (loss) gain | -5,179 | 144,524 |
Total other expense, net | -306,666 | -323,451 |
Net income before taxes | 19,284 | 206,700 |
Income tax (benefit) expense | -2,177 | 85,768 |
Net income | 21,461 | 120,932 |
Less: Net income attributable to noncontrolling interest | -23,962 | -9,400 |
Net income attributable to CTI Industries Corporation | 45,423 | 130,332 |
Other Comprehensive (Loss) Income | ' | ' |
Foreign currency adjustment | -188,092 | -30,400 |
Comprehensive (loss) income | ($142,669) | $99,932 |
Basic income per common share (in dollars per share) | $0.01 | $0.04 |
Diluted income per common share (in dollars per share) | $0.01 | $0.04 |
Weighted average number of shares and equivalent shares of common stock outstanding: | ' | ' |
Basic (in shares) | 3,249,268 | 3,248,646 |
Diluted (in shares) | 3,413,800 | 3,415,911 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $21,461 | $120,932 |
Adjustment to reconcile net income to cash provided by operating activities: | ' | ' |
Depreciation and amortization | 542,573 | 479,403 |
Amortization of debt discount | 29,570 | 26,968 |
Change in value of swap agreement | -19,132 | -14,012 |
Stock based compensation | 22,695 | 36,620 |
Provision for losses on accounts receivable | 35,480 | 19,611 |
Provision for losses on inventories | 24,160 | 57,455 |
Deferred income taxes | -134,870 | -15,924 |
Change in assets and liabilities: | ' | ' |
Accounts receivable | -375,098 | -549,557 |
Inventories | -432,763 | 60,167 |
Prepaid expenses and other assets | 411,858 | 251,099 |
Trade payables | 2,077,911 | -360,535 |
Accrued liabilities | -180,272 | 3,037 |
Net cash provided by operating activities | 2,023,573 | 115,264 |
Cash used in investing activities - purchases of property, plant and equipment | -304,096 | -460,170 |
Cash flows from financing activities: | ' | ' |
Change in checks written in excess of bank balance | -271,986 | 512,706 |
Net change in revolving line of credit | -1,887,980 | 57,657 |
Proceeds from issuance of long-term debt | 34,664 | 9,461 |
Repayment of long-term debt (related parties $12,000 and $29,000) | -123,427 | -145,584 |
Dividends paid | -14,299 | 0 |
Proceeds from issuance of stock, net | 300,000 | 0 |
Net cash (used in) provided by financing activities | -1,963,028 | 434,240 |
Effect of exchange rate changes on cash | 4,536 | 7,534 |
Net (decrease) increase in cash and cash equivalents | -239,015 | 96,868 |
Cash and cash equivalents at beginning of period | 666,616 | 351,064 |
Cash and cash equivalents at end of period | 427,601 | 447,932 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash payments for interest | 314,724 | 288,313 |
Cash payments for taxes | 55,466 | 25,000 |
Supplemental Disclosure of non-cash investing and financing activity | ' | ' |
Property, Plant & Equipment acquisitions funded by liabilities | $135,498 | $106,793 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows [Parenthetical] (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Repayment of related party debt | $12,000 | $29,000 |
Condensed_Consolidated_Earning
Condensed Consolidated Earnings per Share (unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Basic | ' | ' |
Weighted average number of common shares outstanding (in shares) | 3,249,268 | 3,248,646 |
Net income: | ' | ' |
Net income attributable to CTI Industries Corporation | $45,423 | $130,332 |
Per share amount (in dollars per share) | $0.01 | $0.04 |
Diluted | ' | ' |
Weighted average number of common shares outstanding (in shares) | 3,249,268 | 3,248,646 |
Effect of dilutive shares (in shares) | 164,532 | 167,265 |
Weighted average number of shares and equivalent shares of common stock outstanding | 3,413,800 | 3,415,911 |
Net income: | ' | ' |
Net income attributable to CTI Industries Corporation | $45,423 | $130,332 |
Per share amount (in dollars per share) | $0.01 | $0.04 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
Note 1 - Basis of Presentation | |
The accompanying condensed (a) consolidated balance sheet as of December 31, 2013, which has been derived from audited consolidated financial statements, and (b) the unaudited interim condensed consolidated financial statements have been prepared and, in the opinion of management, contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to present fairly the consolidated financial position and the consolidated statements of comprehensive income and consolidated cash flows for the periods presented in conformity with generally accepted accounting principles for interim consolidated financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2014. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2013. | |
Principles of consolidation and nature of operations: | |
The condensed consolidated financial statements include the accounts of CTI Industries Corporation and its wholly-owned subsidiaries, CTI Balloons Limited, CTI Helium, Inc. and CTF International S.A. de C.V., its majority-owned subsidiaries CTI Mexico S.A. de C.V., Flexo Universal, S.A. de C.V. and CTI Europe gmbH, as well as the accounts of Venture Leasing S. A. de R. L., Venture Leasing L.L.C and Clever Container Company, L.L.C. (the “Company”). The last three entities have been consolidated as variable interest entities. All significant intercompany transactions and accounts have been eliminated in consolidation. The Company (i) designs, manufactures and distributes balloon products throughout the world and (ii) operates systems for the production, lamination, coating and printing of films used for food packaging and other commercial uses and for conversion of films to flexible packaging containers and other products. | |
Variable Interest Entities (“VIE’s”): | |
The determination of whether or not to consolidate a variable interest entity under U.S. GAAP requires a significant amount of judgment concerning the degree of control over an entity by its holders of variable interest. To make these judgments, management has conducted an analysis of the relationship of the holders of variable interest to each other, the design of the entity, the expected operations of the entity, which holder of variable interests is most “closely associated” to the entity and which holder of variable interests is the primary beneficiary required to consolidate the entity. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a variable interest entity. There are three entities that have been consolidated as variable interest entities. | |
Use of estimates: | |
In preparing condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of revenue and expenses during the reporting period in the condensed consolidated financial statements and accompanying notes. Actual results may differ from those estimates. The Company’s significant estimates include reserves for doubtful accounts, reserves for the lower of cost or market of inventory, reserves for deferred tax assets and recovery value of goodwill. | |
Earnings per share: | |
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during each period. | |
Diluted earnings per share is computed by dividing the net income by the weighted average number of shares of common stock and equivalents (stock options and warrants), unless anti-dilutive, during each period. | |
As of March 31, 2014 and 2013, shares to be issued upon the exercise of options and warrants aggregated 368,548 and 358,548, respectively. The number of anti-dilutive shares (not included in the determination of earnings on a diluted basis) for the three months ended March 31, 2014 and 2013, were 90,000 and 80,000, respectively, all of which were represented by options. | |
Significant Accounting Policies: | |
The Company’s significant accounting policies are summarized in Note 2 of the Company’s consolidated financial statements for the year ended December 31, 2013. There were no significant changes to these accounting policies during the three months ended March 31, 2014. | |
StockBased_Compensation_Change
Stock-Based Compensation; Changes in Equity | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||||||||||||||||
Note 2 - Stock-Based Compensation; Changes in Equity | ||||||||||||||||||||||||||
The Company has adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 which requires all share-based payments to employees, including grants of employee stock options, to be recognized in the condensed consolidated financial statements based on their grant-date fair values. | ||||||||||||||||||||||||||
The Company has applied the Black-Scholes model to value stock-based awards and issued warrants related to notes payable. That model incorporates various assumptions in the valuation of stock-based awards relating to the risk-free rate of interest to be applied, the estimated dividend yield and expected volatility of our common stock. The risk-free rate of interest is the related U.S. Treasury yield curve for periods within the expected term of the option at the time of grant. The dividend yield on our common stock is estimated to be 0%, as the Company did not issue dividends during 2014 and 2013. The expected volatility is based on historical volatility of the Company’s common stock. | ||||||||||||||||||||||||||
The Company’s net income for the three months ended March 31, 2014 and 2013 includes approximately $23,000 and $37,000, respectively of compensation costs related to share based payments. As of March 31, 2014 there is $98,000 of unrecognized compensation expense related to non-vested stock option grants and stock grants. We expect approximately $55,000 of additional stock-based compensation expense to be recognized over the remainder of 2014, $29,000 to be recognized during 2015, $11,000 to be recognized during 2016, and $3,000 to be recognized during 2017. | ||||||||||||||||||||||||||
As of March 31, 2014, the Company had three stock-based compensation plans pursuant to which stock options were, or may be, granted. The Plans provide for the award of options, which may either be incentive stock options (“ISOs”) within the meaning of Section 422A of the Internal Revenue Code of 1986, as amended (the “Code”) or non-qualified options (“NQOs”) which are not subject to special tax treatment under the Code, as well as for stock grants. | ||||||||||||||||||||||||||
On April 12, 2001, the Board of Directors approved for adoption, effective December 27, 2001, the 2001 Stock Option Plan (“2001 Plan”). The 2001 Plan authorizes the grant of options to purchase up to an aggregate of 119,050, shares of the Company’s Common Stock. As of March 31, 2014, options for 139,958 shares (including cancelled shares re-issued under the Plan) have been granted and were fully vested at the time of grant and options for 2,000 shares remain outstanding. | ||||||||||||||||||||||||||
On April 24, 2002, the Board of Directors approved for adoption, effective October 12, 2002, the 2002 Stock Option Plan (“2002 Plan”). The 2002 Plan authorizes the grant of options to purchase up to an aggregate of 142,860 shares of the Company’s Common Stock. As of March 31, 2014, options for 123,430 shares have been granted and were fully vested at the time of grant and options for 27,500 shares remain outstanding. | ||||||||||||||||||||||||||
On April 10, 2009, the Board of Directors approved for adoption, and on June 5, 2009, the shareholders of the Corporation approved, a 2009 Stock Incentive Plan (“2009 Plan”). The 2009 Plan authorizes the issuance of up to 250,000 shares of stock or options to purchase stock of the Company. As of March 31, 2014, options for 201,000 shares had been granted and options for 199,000 shares remain outstanding. | ||||||||||||||||||||||||||
A summary of the Company’s stock option activity and related information is as follows: | ||||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||||||
under | Average | Average | Intrinsic | |||||||||||||||||||||||
Option | Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | |||||||||||||||||||||||||
Life | ||||||||||||||||||||||||||
Balance at December 31, 2013 | 228,500 | $ | 5.23 | 3 | $ | 161,250 | ||||||||||||||||||||
Granted | - | - | ||||||||||||||||||||||||
Cancelled | - | - | ||||||||||||||||||||||||
Exercised | - | - | ||||||||||||||||||||||||
Outstanding at March 31, 2014 | 228,500 | $ | 5.23 | 2.8 | $ | 122,955 | ||||||||||||||||||||
Exercisable at March 31, 2014 | 96,382 | $ | 4.84 | 2.2 | $ | 88,075 | ||||||||||||||||||||
On July 17, 2012, the Company entered into a Note and Warrant Purchase Agreement with BMO Equity pursuant to which (i) BMO Equity advanced to the Company the sum of $5 million and (ii) the Company issued to BMO Equity a warrant to purchase up to Four Percent (4%) of the outstanding shares of common stock of the Company on a fully-diluted basis (140,048 shares of common stock of the Company) at the price of One Cent ($0.01) per share. The term of the loan provided for in this Agreement is five and a half years. Interest is payable on the outstanding balance of the loan at the rate of 11.5% per annum. | ||||||||||||||||||||||||||
On April 12, 2013, the Company entered into Amendment No. 1 to the Note and Warrant Purchase Agreement among the Company and BMO Equity. In the Amendment, non-compliance with financial covenants prior to the date of the Amendment were waived and the Note and Warrant Purchase Agreement was amended (i) to modify the Senior Leverage Ratio and Total Leverage Ratio requirements for the fiscal quarter ending June 30, 2013 and each quarter thereafter during the term of the Note and Warrant Purchase Agreement and (ii) to modify the definitions of EBITDA and Total Funded Debt. | ||||||||||||||||||||||||||
A summary of the Company’s stock warrant activity and related information is as follows: | ||||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||||||
under | Average | Average | Intrinsic | |||||||||||||||||||||||
Warrant | Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | |||||||||||||||||||||||||
Life | ||||||||||||||||||||||||||
Balance at December 31, 2013 | 140,048 | $ | 0.01 | 8.5 | $ | 816,480 | ||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Cancelled | - | - | ||||||||||||||||||||||||
Exercised | - | - | ||||||||||||||||||||||||
Outstanding at March 31, 2014 | 140,048 | $ | 0.01 | 8.3 | $ | 778,667 | ||||||||||||||||||||
Exercisable at March 31, 2014 | - | - | - | - | ||||||||||||||||||||||
A summary of the Company’s stock option activity by grant date as of March 31, 2014 is as follows: | ||||||||||||||||||||||||||
Options Outstanding | Options Vested | |||||||||||||||||||||||||
Options by | Shares | Weighted | Remain. | Intrinsic | Shares | Weighted | Remain. | Intrinsic Val | ||||||||||||||||||
Grant Date | Avg. | Life | Val | Avg. | Life | |||||||||||||||||||||
Dec-05 | 29,500 | $ | 2.88 | 1.8 | $ | 79,355 | 29,500 | $ | 2.88 | 1.8 | $ | 79,355 | ||||||||||||||
Dec-10 | 72,000 | 6.14 | 1.8 | - | 39,750 | 5.97 | 1.8 | - | ||||||||||||||||||
Jan-11 | 8,000 | 5.96 | 1.8 | - | 5,332 | 5.96 | 1.8 | - | ||||||||||||||||||
Nov-12 | 109,000 | 5.17 | 3.7 | $ | 43,600 | 21,800 | 5.17 | 3.7 | 8,720 | |||||||||||||||||
Nov-13 | 10,000 | 5.75 | 4.6 | - | - | - | ||||||||||||||||||||
TOTAL | 228,500 | $ | 5.23 | 2.8 | $ | 122,955 | 96,382 | $ | 4.84 | 2.2 | $ | 88,075 | ||||||||||||||
The aggregate intrinsic value in the tables above represents the total pre-tax intrinsic value (the difference between the closing price of the Company’s common stock on the last trading day of the quarter ended March 31, 2014 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all the holders exercised their options on March 31, 2014. | ||||||||||||||||||||||||||
On August 16, 2013, the Company exchanged outstanding indebtedness of Flexo Universal, S.A. de C.V., the Company’s majority-owned subsidiary (“Flexo”), to the Company in the principal amount of $3,098,726 in exchange and subscription for 39,857,357 ordinary nominative shares, Series B of variable capital stock of Flexo having a par value of One Mexican Peso per share. | ||||||||||||||||||||||||||
Legal_Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Note 3 - Legal Proceedings | |
The Company is party to certain claims or actions arising in the normal course of business. The ultimate outcome of these matters is unknown but, in the opinion of management, the resolution of these matters is not expected to have a significant effect on the future financial position or results of operations of the Company. | |
Other_Comprehensive_Income
Other Comprehensive Income | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||
Comprehensive Income (Loss) Note [Text Block] | ' | |||||||
Note 4 - Other Comprehensive Income | ||||||||
In the three months ended March 31, 2014 the company had a comprehensive loss of $188,000, respectively, all from foreign currency translation adjustments. | ||||||||
The following table sets forth the accumulated balance of other comprehensive loss and each component. | ||||||||
Foreign | Total | |||||||
Currency Items | Accumulated | |||||||
Other | ||||||||
Comprehensive | ||||||||
Loss | ||||||||
Beginning balance as of January 1, 2014 | $ | -2,253,501 | $ | -2,253,501 | ||||
Current period change, net of tax | -188,092 | -188,092 | ||||||
Ending Balance as of March 31, 2014 | $ | -2,441,593 | $ | -2,441,593 | ||||
Inventories_Net
Inventories, Net | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Note 5 - Inventories, Net | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 3,986,121 | $ | 3,342,528 | ||||
Work in process | 1,447,394 | 1,149,704 | ||||||
Finished goods | 11,170,779 | 11,673,872 | ||||||
Allowance for excess quantities | -761,976 | -737,691 | ||||||
Total inventories | $ | 15,842,318 | $ | 15,428,413 | ||||
Geographic_Segment_Data
Geographic Segment Data | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||
Note 6 - Geographic Segment Data | ||||||||||||||
The Company has determined that it operates primarily in one business segment which designs, manufactures and distributes film and film related products for use in packaging, storage and novelty balloon products. The Company operates in foreign and domestic regions. Information about the Company's operations by geographic areas is as follows: | ||||||||||||||
Net Sales to Outside Customers | ||||||||||||||
For the Three Months Ended | Total Assets at | |||||||||||||
March 31, | March 31, | December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
United States | $ | 10,770,000 | $ | 9,871,000 | $ | 27,589,000 | $ | 28,758,000 | ||||||
Europe | 394,000 | 242,000 | 1,252,000 | 1,145,000 | ||||||||||
Mexico | 2,830,000 | 2,586,000 | 8,624,000 | 8,144,000 | ||||||||||
United Kingdom | 926,000 | 646,000 | 1,728,000 | 1,025,000 | ||||||||||
$ | 14,920,000 | $ | 13,345,000 | $ | 39,139,000 | $ | 39,072,000 | |||||||
Concentration_of_Credit_Risk
Concentration of Credit Risk | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Risks and Uncertainties [Abstract] | ' | |||||||||||||||
Concentration Risk Disclosure [Text Block] | ' | |||||||||||||||
Note 7 - Concentration of Credit Risk | ||||||||||||||||
Concentration of credit risk with respect to trade accounts receivable is generally limited due to the large number of entities comprising the Company's customer base. The Company performs ongoing credit evaluations and provides an allowance for potential credit losses against the portion of accounts receivable which is estimated to be uncollectible. Such losses have historically been within management's expectations. During the three months ended March 31, 2014, there were two customers whose purchases represented more than 10% of the Company’s consolidated net sales. During the three ended March 31, 2013, there was one customer whose purchases represented more than 10% of the Company’s consolidated net sales, respectively. Sales to these customers for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||
Customer | Net Sales | % of Net | Net Sales | % of Net | ||||||||||||
Sales | Sales | |||||||||||||||
Customer A | $ | 4,227,000 | 28.30% | $ | 4,873,000 | 36.50% | ||||||||||
Customer B | $ | 1,784,000 | 12.00% | N/A | N/A | |||||||||||
As of March 31, 2014, the total amounts owed to the Company by these customers were $3,318,000 or 35.9%, and $1,655,000 or 17.9% of the Company’s consolidated net accounts receivable, respectively. The amount owed at March 31, 2013 by this customer was $1,931,000 or 23.0% of the Company’s consolidated net accounts receivable. | ||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
Note 8 - Related Party Transactions | |
Stephen M. Merrick, President of the Company, is of counsel to the law firm of Vanasco Genelly and Miller PC which provides legal services to the Company. Legal fees paid by the Company to this firm for the three months ended March 31, 2014 and 2013, respectively, were $25,000 and $33,000. | |
John H. Schwan, Chief Executive Officer of the Company, during a portion of 2013, was a principal of Shamrock Specialty Packaging and affiliated companies. The Company made payments for packaging materials, rent and temporary employees supplied by Shamrock of approximately $454,000 during the three months ended March 31, 2014 and $817,000 during the three months ended March 31, 2013. At March 31, 2014 and 2013, outstanding accounts payable balances were $438,000 and $523,000, respectively. | |
Interest payments have been made to John H. Schwan for loans made to the Company. During the three months ended March 31, 2014 and 2013 these interest payments totaled $20,000 and $19,000, respectively. | |
On July 1, 2011, Flexo Universal, S.A. de C.V. (“Flexo”) entered into a lease agreement with Venture Leasing S.A. de R.L. (“Venture Leasing Mexico”) for the lease of balloon production equipment financed and owned by Venture Leasing Mexico and used by Flexo for the production of latex balloons. Venture Leasing Mexico is wholly owned by entities owned by John H. Schwan, Chief Executive Officer of the Company and Stephen M. Merrick, President of the Company. Venture Leasing Mexico and Venture Leasing L.L.C., also owned by entities owned by Mr. Schwan and Mr. Merrick, are deemed variable interest entities and are consolidated with the accounts of the Company. During the three months ended March 31, 2014, Flexo made lease payments to Venture Leasing Mexico totaling $36,000. | |
Derivative_Instruments_Fair_Va
Derivative Instruments; Fair Value | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Derivatives and Fair Value [Text Block] | ' | |||||||||||||
Note 9 - Derivative Instruments; Fair Value | ||||||||||||||
The following tables represents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 30, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: | ||||||||||||||
Amount as of | ||||||||||||||
Description | 3/31/14 | Level 1 | Level 2 | Level 3 | ||||||||||
Interest Rate Swap | $ | 41,000 | $ | - | $ | 41,000 | $ | - | ||||||
Warrant Liability | 779,000 | - | 779,000 | |||||||||||
$ | 820,000 | $ | - | $ | 820,000 | $ | - | |||||||
Amount as of | ||||||||||||||
Description | 12/31/13 | Level 1 | Level 2 | Level 3 | ||||||||||
Interest Rate Swap | $ | 60,000 | $ | - | $ | 60,000 | $ | - | ||||||
Warrant Liability | 816,000 | - | 816,000 | - | ||||||||||
$ | 876,000 | $ | 876,000 | |||||||||||
The Company is exposed to certain market risks including the effect of changes in interest rates. The Company uses derivative instruments to manage financial exposures that occur in the normal course of business. It does not hold or issue derivatives for speculative trading purposes. The Company is exposed to non-performance risk from the counterparties in its derivative instruments. This risk would be limited to any unrealized gains on current positions. To help mitigate this risk, the Company transacts only with counterparties that are rated as investment grade or higher and all counterparties are monitored on a continuous basis. The fair value of the Company’s derivatives reflects this credit risk. | ||||||||||||||
On July 1, 2011, the Company entered into a swap agreement with BMO Capital Markets with respect to $6,780,000 of our loan balances with BMO Harris Bank N.A. This swap agreement limits the Company’s exposure to interest rate fluctuations on the Company’s floating rate loans. The swap agreement has the effect of fixing the interest rate on the loan balances covered by the swap at 4.65% per annum. The swap agreement is a derivative financial instrument and we determine and record the fair market value of the swap agreement each quarter. The value is recorded on the balance sheet of the Company and the amount of the unrealized gain or loss for each period is recorded as interest income or expense. | ||||||||||||||
Fair Values of Derivative Instruments in the Statement of Financial Position | ||||||||||||||
Liability Derivatives as of | ||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||
Derivatives not designated as hedging instruments under Statement 133 | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Interest Rate Contracts | Accrued Liabilities | $ | 41,000 | Accrued Liabilities | $ | 60,000 | ||||||||
The Effect of Derivative Instruments on the Statement of Financial Performance | ||||||||||||||
For the three months ended | ||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||
Derivatives not Designated as Hedging Instruments under Statement 133 | Location of Gain (Loss) Recognized in Income on Derivative | Amount of Gain (Loss) Recognized in Income on Derivative | Location of Gain (Loss) Recognized in Income on Derivative | Amount of Gain (Loss) Recognized in Income on Derivative | ||||||||||
Interest Rate Contracts | Interest Expense | $ | 1,000 | Interest Expense | $ | -5,000 | ||||||||
Interest on fixed/variable rate variances | $ | 21,000 | $ | 19,000 | ||||||||||
StockBased_Compensation_Change1
Stock-Based Compensation; Changes in Equity (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||||||||||||||||
A summary of the Company’s stock option activity and related information is as follows: | ||||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||||||
under | Average | Average | Intrinsic | |||||||||||||||||||||||
Option | Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | |||||||||||||||||||||||||
Life | ||||||||||||||||||||||||||
Balance at December 31, 2013 | 228,500 | $ | 5.23 | 3 | $ | 161,250 | ||||||||||||||||||||
Granted | - | - | ||||||||||||||||||||||||
Cancelled | - | - | ||||||||||||||||||||||||
Exercised | - | - | ||||||||||||||||||||||||
Outstanding at March 31, 2014 | 228,500 | $ | 5.23 | 2.8 | $ | 122,955 | ||||||||||||||||||||
Exercisable at March 31, 2014 | 96,382 | $ | 4.84 | 2.2 | $ | 88,075 | ||||||||||||||||||||
Schedule of Stockholders Equity Note, Warrants or Rights [Table Text Block] | ' | |||||||||||||||||||||||||
A summary of the Company’s stock warrant activity and related information is as follows: | ||||||||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||||||
under | Average | Average | Intrinsic | |||||||||||||||||||||||
Warrant | Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | |||||||||||||||||||||||||
Life | ||||||||||||||||||||||||||
Balance at December 31, 2013 | 140,048 | $ | 0.01 | 8.5 | $ | 816,480 | ||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Cancelled | - | - | ||||||||||||||||||||||||
Exercised | - | - | ||||||||||||||||||||||||
Outstanding at March 31, 2014 | 140,048 | $ | 0.01 | 8.3 | $ | 778,667 | ||||||||||||||||||||
Exercisable at March 31, 2014 | - | - | - | - | ||||||||||||||||||||||
Schedule Of Share Based Compensation Arrangement By Share Based Payment Award Options Vested Outstanding By Grant Date [Table Text Block] | ' | |||||||||||||||||||||||||
A summary of the Company’s stock option activity by grant date as of March 31, 2014 is as follows: | ||||||||||||||||||||||||||
Options Outstanding | Options Vested | |||||||||||||||||||||||||
Options by | Shares | Weighted | Remain. | Intrinsic | Shares | Weighted | Remain. | Intrinsic Val | ||||||||||||||||||
Grant Date | Avg. | Life | Val | Avg. | Life | |||||||||||||||||||||
Dec-05 | 29,500 | $ | 2.88 | 1.8 | $ | 79,355 | 29,500 | $ | 2.88 | 1.8 | $ | 79,355 | ||||||||||||||
Dec-10 | 72,000 | 6.14 | 1.8 | - | 39,750 | 5.97 | 1.8 | - | ||||||||||||||||||
Jan-11 | 8,000 | 5.96 | 1.8 | - | 5,332 | 5.96 | 1.8 | - | ||||||||||||||||||
Nov-12 | 109,000 | 5.17 | 3.7 | $ | 43,600 | 21,800 | 5.17 | 3.7 | 8,720 | |||||||||||||||||
Nov-13 | 10,000 | 5.75 | 4.6 | - | - | - | ||||||||||||||||||||
TOTAL | 228,500 | $ | 5.23 | 2.8 | $ | 122,955 | 96,382 | $ | 4.84 | 2.2 | $ | 88,075 | ||||||||||||||
Other_Comprehensive_Income_Tab
Other Comprehensive Income (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | |||||||
The following table sets forth the accumulated balance of other comprehensive loss and each component. | ||||||||
Foreign | Total | |||||||
Currency Items | Accumulated | |||||||
Other | ||||||||
Comprehensive | ||||||||
Loss | ||||||||
Beginning balance as of January 1, 2014 | $ | -2,253,501 | $ | -2,253,501 | ||||
Current period change, net of tax | -188,092 | -188,092 | ||||||
Ending Balance as of March 31, 2014 | $ | -2,441,593 | $ | -2,441,593 | ||||
Inventories_Net_Tables
Inventories, Net (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 3,986,121 | $ | 3,342,528 | ||||
Work in process | 1,447,394 | 1,149,704 | ||||||
Finished goods | 11,170,779 | 11,673,872 | ||||||
Allowance for excess quantities | -761,976 | -737,691 | ||||||
Total inventories | $ | 15,842,318 | $ | 15,428,413 | ||||
Geographic_Segment_Data_Tables
Geographic Segment Data (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||
The Company operates in foreign and domestic regions. Information about the Company's operations by geographic areas is as follows: | ||||||||||||||
Net Sales to Outside Customers | ||||||||||||||
For the Three Months Ended | Total Assets at | |||||||||||||
March 31, | March 31, | December 31, | ||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
United States | $ | 10,770,000 | $ | 9,871,000 | $ | 27,589,000 | $ | 28,758,000 | ||||||
Europe | 394,000 | 242,000 | 1,252,000 | 1,145,000 | ||||||||||
Mexico | 2,830,000 | 2,586,000 | 8,624,000 | 8,144,000 | ||||||||||
United Kingdom | 926,000 | 646,000 | 1,728,000 | 1,025,000 | ||||||||||
$ | 14,920,000 | $ | 13,345,000 | $ | 39,139,000 | $ | 39,072,000 | |||||||
Concentration_of_Credit_Risk_T
Concentration of Credit Risk (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Risks and Uncertainties [Abstract] | ' | |||||||||||||||
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | ' | |||||||||||||||
Sales to these customers for the three months ended March 31, 2014 and 2013 are as follows: | ||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||
Customer | Net Sales | % of Net | Net Sales | % of Net | ||||||||||||
Sales | Sales | |||||||||||||||
Customer A | $ | 4,227,000 | 28.30% | $ | 4,873,000 | 36.50% | ||||||||||
Customer B | $ | 1,784,000 | 12.00% | N/A | N/A | |||||||||||
Derivative_Instruments_Fair_Va1
Derivative Instruments; Fair Value (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||
The following tables represents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 30, 2013, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: | ||||||||||||||
Amount as of | ||||||||||||||
Description | 3/31/14 | Level 1 | Level 2 | Level 3 | ||||||||||
Interest Rate Swap | $ | 41,000 | $ | - | $ | 41,000 | $ | - | ||||||
Warrant Liability | 779,000 | - | 779,000 | |||||||||||
$ | 820,000 | $ | - | $ | 820,000 | $ | - | |||||||
Amount as of | ||||||||||||||
Description | 12/31/13 | Level 1 | Level 2 | Level 3 | ||||||||||
Interest Rate Swap | $ | 60,000 | $ | - | $ | 60,000 | $ | - | ||||||
Warrant Liability | 816,000 | - | 816,000 | - | ||||||||||
$ | 876,000 | $ | 876,000 | |||||||||||
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] | ' | |||||||||||||
Fair Values of Derivative Instruments in the Statement of Financial Position | ||||||||||||||
Liability Derivatives as of | ||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||
Derivatives not designated as hedging instruments under Statement 133 | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||
Interest Rate Contracts | Accrued Liabilities | $ | 41,000 | Accrued Liabilities | $ | 60,000 | ||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block] | ' | |||||||||||||
The Effect of Derivative Instruments on the Statement of Financial Performance | ||||||||||||||
For the three months ended | ||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||
Derivatives not Designated as Hedging Instruments under Statement 133 | Location of Gain (Loss) Recognized in Income on Derivative | Amount of Gain (Loss) Recognized in Income on Derivative | Location of Gain (Loss) Recognized in Income on Derivative | Amount of Gain (Loss) Recognized in Income on Derivative | ||||||||||
Interest Rate Contracts | Interest Expense | $ | 1,000 | Interest Expense | $ | -5,000 | ||||||||
Interest on fixed/variable rate variances | $ | 21,000 | $ | 19,000 | ||||||||||
Basis_of_Presentation_Details_
Basis of Presentation (Details Textual) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Shares To Be Issued Upon Exercise Of Options And Warrant | 368,548 | 358,548 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 90,000 | 80,000 |
StockBased_Compensation_Change2
Stock-Based Compensation; Changes in Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares, Balance (in shares) | 228,500 | ' |
Shares under Option, Granted (in shares) | 0 | ' |
Shares under Option, Cancelled (in shares) | 0 | ' |
Shares under Option, Exercised (in shares) | 0 | ' |
Shares, Outstanding (in shares) | 228,500 | 228,500 |
Shares, Exercisable | 96,382 | ' |
Weighted Average Exercise Price, Balance (in dollars per share) | $5.23 | ' |
Weighted Average Exercise Price, Granted (in dollars per share) | $0 | ' |
Weighted Average Exercise Price, Cancelled (in dollars per share) | $0 | ' |
Weighted Average Exercise Price, Exercised (in dollars per share) | $0 | ' |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $5.23 | $5.23 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $4.84 | ' |
Weighted Average Remaining Contractual Life, Outstanding | '2 years 9 months 18 days | '3 years |
Weighted Average Remaining Contractual Life, Exercisable | '2 years 2 months 12 days | ' |
Aggregate Intrinsic Value Outstanding (in dollars) | $161,250 | ' |
Aggregate Intrinsic Value Outstanding (in dollars) | 122,955 | 161,250 |
Aggregate Intrinsic Value, Exercisable (in dollars) | $88,075 | ' |
StockBased_Compensation_Change3
Stock-Based Compensation; Changes in Equity (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares, Balance (in shares) | 228,500 | ' |
Shares under Option, Cancelled (in shares) | 0 | ' |
Shares under Option, Exercised (in shares) | 0 | ' |
Shares, Outstanding (in shares) | 228,500 | 228,500 |
Shares, Exercisable | 96,382 | ' |
Weighted Average Exercise Price, Balance (in dollars per share) | $5.23 | ' |
Weighted Average Exercise Price, Cancelled (in dollars per share) | $0 | ' |
Weighted Average Exercise Price, Exercised (in dollars per share) | $0 | ' |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $5.23 | $5.23 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $4.84 | ' |
Weighted Average Remaining Contractual Life, Outstanding | '2 years 9 months 18 days | '3 years |
Weighted Average Remaining Contractual Life, Exercisable | '2 years 2 months 12 days | ' |
Aggregate Intrinsic Value Outstanding (in dollars) | $161,250 | ' |
Aggregate Intrinsic Value Outstanding (in dollars) | 122,955 | 161,250 |
Aggregate Intrinsic Value, Exercisable (in dollars) | 88,075 | ' |
Warrant [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares, Balance (in shares) | 140,048 | ' |
Shares under Option, Cancelled (in shares) | 0 | ' |
Shares under Option, Exercised (in shares) | 0 | ' |
Shares, Outstanding (in shares) | 140,048 | 140,048 |
Shares, Exercisable | 0 | ' |
Weighted Average Exercise Price, Balance (in dollars per share) | $0.01 | ' |
Weighted Average Exercise Price, Cancelled (in dollars per share) | $0 | ' |
Weighted Average Exercise Price, Exercised (in dollars per share) | $0 | ' |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $0.01 | $0.01 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $0 | ' |
Weighted Average Remaining Contractual Life, Outstanding | '8 years 3 months 18 days | '8 years 6 months |
Weighted Average Remaining Contractual Life, Exercisable | '0 years | ' |
Aggregate Intrinsic Value Outstanding (in dollars) | 816,480 | ' |
Aggregate Intrinsic Value Outstanding (in dollars) | 778,667 | 816,480 |
Aggregate Intrinsic Value, Exercisable (in dollars) | $0 | ' |
StockBased_Compensation_Change4
Stock-Based Compensation; Changes in Equity (Details 2) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares, Options Outstanding (in shares) | 228,500 | 228,500 |
Weighted Average, Options Outstanding (in dollars per share) | $5.23 | $5.23 |
Remaining Life, Options Outstanding | '2 years 9 months 18 days | '3 years |
Intrinsic Value, Options Outstanding (in dollars) | $122,955 | $161,250 |
Shares, Options Vested (in shares) | 96,382 | ' |
Weighted Average, Options Vested (in dollars per share) | $4.84 | ' |
Remaining Life, Option Vested | '2 years 2 months 12 days | ' |
Intrinsic Value, Options Vested (in dollars) | 88,075 | ' |
Stock Options By Grant Date Dec 2005 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares, Options Outstanding (in shares) | 29,500 | ' |
Weighted Average, Options Outstanding (in dollars per share) | $2.88 | ' |
Remaining Life, Options Outstanding | '1 year 9 months 18 days | ' |
Intrinsic Value, Options Outstanding (in dollars) | 79,355 | ' |
Shares, Options Vested (in shares) | 29,500 | ' |
Weighted Average, Options Vested (in dollars per share) | $2.88 | ' |
Remaining Life, Option Vested | '1 year 9 months 18 days | ' |
Intrinsic Value, Options Vested (in dollars) | 79,355 | ' |
Stock Options By Grant Date Dec 2010 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares, Options Outstanding (in shares) | 72,000 | ' |
Weighted Average, Options Outstanding (in dollars per share) | $6.14 | ' |
Remaining Life, Options Outstanding | '1 year 9 months 18 days | ' |
Intrinsic Value, Options Outstanding (in dollars) | 0 | ' |
Shares, Options Vested (in shares) | 39,750 | ' |
Weighted Average, Options Vested (in dollars per share) | $5.97 | ' |
Remaining Life, Option Vested | '1 year 9 months 18 days | ' |
Intrinsic Value, Options Vested (in dollars) | 0 | ' |
Stock Options By Grant Date Jan 2011 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares, Options Outstanding (in shares) | 8,000 | ' |
Weighted Average, Options Outstanding (in dollars per share) | $5.96 | ' |
Remaining Life, Options Outstanding | '1 year 9 months 18 days | ' |
Intrinsic Value, Options Outstanding (in dollars) | 0 | ' |
Shares, Options Vested (in shares) | 5,332 | ' |
Weighted Average, Options Vested (in dollars per share) | $5.96 | ' |
Remaining Life, Option Vested | '1 year 9 months 18 days | ' |
Intrinsic Value, Options Vested (in dollars) | 0 | ' |
Stock Options By Grant Date Nov 2012 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares, Options Outstanding (in shares) | 109,000 | ' |
Weighted Average, Options Outstanding (in dollars per share) | $5.17 | ' |
Remaining Life, Options Outstanding | '3 years 8 months 12 days | ' |
Intrinsic Value, Options Outstanding (in dollars) | 43,600 | ' |
Shares, Options Vested (in shares) | 21,800 | ' |
Weighted Average, Options Vested (in dollars per share) | $5.17 | ' |
Remaining Life, Option Vested | '3 years 8 months 12 days | ' |
Intrinsic Value, Options Vested (in dollars) | 8,720 | ' |
Stock Options By Grant Date Nov 2013 [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares, Options Outstanding (in shares) | 10,000 | ' |
Weighted Average, Options Outstanding (in dollars per share) | $5.75 | ' |
Remaining Life, Options Outstanding | '4 years 7 months 6 days | ' |
Intrinsic Value, Options Outstanding (in dollars) | $0 | ' |
Shares, Options Vested (in shares) | 0 | ' |
Weighted Average, Options Vested (in dollars per share) | $0 | ' |
StockBased_Compensation_Change5
Stock-Based Compensation; Changes in Equity (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||
Aug. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Aug. 16, 2013 | Jul. 31, 2012 | Jul. 17, 2012 | Mar. 31, 2014 | Apr. 12, 2001 | Mar. 31, 2014 | Apr. 24, 2002 | Mar. 31, 2014 | Apr. 10, 2009 | |
BMO Equity [Member] | BMO Equity [Member] | Stock Option Plan 2001 [Member] | Stock Option Plan 2001 [Member] | Stock Option Plan 2002 [Member] | Stock Option Plan 2002 [Member] | Stock Incentive Plan 2009 [Member] | Stock Incentive Plan 2009 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | $98,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Recognized Compensation Expenses Year 2014 | ' | 55,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Recognized Compensation Expenses Year 2015 | ' | 29,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Recognized Compensation Expenses Year 2016 | ' | 11,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected Recognized Compensation Expenses Year 2017 | ' | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | 119,050 | ' | 142,860 | ' | 250,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | ' | ' | ' | ' | ' | ' | 2,000 | ' | 27,500 | ' | 199,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | 0 | ' | ' | ' | ' | 139,958 | ' | 123,430 | ' | 201,000 | ' |
Share-Based Compensation | ' | 22,695 | 36,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Due from (to) Related Party, Total | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Warrants Issued To Purchase Common Stock Percentage | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' |
Weighted Average Number Of Shares Outstanding, Diluted | ' | 3,413,800 | 3,415,911 | ' | 140,048 | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted | ' | $0.01 | $0.04 | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | '5 years 6 months | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 11.50% | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | $3,098,726 | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Number of Shares Issued in Transaction | 39,857,357 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Comprehensive_Income_Det
Other Comprehensive Income (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Foreign Currency Items, Beginning balance | ($2,253,501) | ' |
Foreign Currency Items, Current period change | -188,092 | -30,400 |
Foreign Currency Items, Ending Balance | -2,441,593 | ' |
Total Accumulated Other Comprehensive Loss, Beginning balance | -2,253,501 | ' |
Total Accumulated Other Comprehensive Loss, Current period change | -188,092 | ' |
Total Accumulated Other Comprehensive Loss, Ending Balance | ($2,441,593) | ' |
Other_Comprehensive_Income_Det1
Other Comprehensive Income (Details Textual) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $188,000 |
Inventories_Net_Details
Inventories, Net (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Inventory [Line Items] | ' | ' |
Raw materials | $3,986,121 | $3,342,528 |
Work in Process | 1,447,394 | 1,149,704 |
Finished goods | 11,170,779 | 11,673,872 |
Allowance for excess quantities | -761,976 | -737,691 |
Total inventories | $15,842,318 | $15,428,413 |
Geographic_Segment_Data_Detail
Geographic Segment Data (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to outside customers | $14,920,000 | $13,345,000 | ' |
Total Assets | 39,139,000 | ' | 39,072,000 |
United States [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to outside customers | 10,770,000 | 9,871,000 | ' |
Total Assets | 27,589,000 | ' | 28,758,000 |
United Kingdom [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to outside customers | 926,000 | 646,000 | ' |
Total Assets | 1,728,000 | ' | 1,025,000 |
Europe [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to outside customers | 394,000 | 242,000 | ' |
Total Assets | 1,252,000 | ' | 1,145,000 |
Mexico [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales to outside customers | 2,830,000 | 2,586,000 | ' |
Total Assets | $8,624,000 | ' | $8,144,000 |
Concentration_of_Credit_Risk_D
Concentration of Credit Risk (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Net Sales | $14,920,330 | $13,344,766 |
Customer A [Member] | ' | ' |
Net Sales | 4,227,000 | 4,873,000 |
Concentration Risk, Percentage | 28.30% | 36.50% |
customer B [Member] | ' | ' |
Net Sales | $1,784,000 | $0 |
Concentration Risk, Percentage | 12.00% | 0.00% |
Concentration_of_Credit_Risk_D1
Concentration of Credit Risk (Details Textual) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 |
Customer A [Member] | Customer A [Member] | Customer A [Member] | Customer A [Member] | Customer B [Member] | Customer B [Member] | |||
Accounts Receivable [Member] | Accounts Receivable [Member] | Accounts Receivable [Member] | ||||||
Accounts Receivable | $9,236,593 | $8,883,106 | $1,931,000 | $3,318,000 | ' | ' | $1,655,000 | ' |
Concentration Risk, Percentage | ' | ' | 10.00% | ' | 35.90% | 23.00% | 10.00% | 17.90% |
Related_Party_Transactions_Det
Related Party Transactions (Details Textual) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' |
Legal Fees | $25,000 | $33,000 |
Payments to Supplier | 454,000 | 817,000 |
Accounts Payable | 438,000 | 523,000 |
Lease Payment | 36,000 | ' |
John H Schwan And Stephen M Merrick [Member] | ' | ' |
Related Party Transaction [Line Items] | ' | ' |
Interest Expenses | $20,000 | $19,000 |
Derivative_Instruments_Fair_Va2
Derivative Instruments; Fair Value (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Interest Rate Swap | $41,000 | $60,000 |
Warrant Liability | 779,000 | 816,000 |
Liabilities, Fair Value Disclosure | 820,000 | 876,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Interest Rate Swap | 0 | 0 |
Warrant Liability | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Interest Rate Swap | 41,000 | 60,000 |
Warrant Liability | 779,000 | 816,000 |
Liabilities, Fair Value Disclosure | 820,000 | 876,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Interest Rate Swap | 0 | 0 |
Warrant Liability | ' | 0 |
Liabilities, Fair Value Disclosure | $0 | ' |
Derivative_Instruments_Fair_Va3
Derivative Instruments; Fair Value (Details 1) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' |
Derivatives not designated as hedging instruments under Statement 133 | 'Interest Rate Contracts | ' |
Balance Sheet Location | 'Accrued Liabilities | 'Accrued Liabilities |
Fair Value | $41,000 | $60,000 |
Derivative_Instruments_Fair_Va4
Derivative Instruments; Fair Value (Details 2) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivatives not Designated as Hedging Instruments under Statement 133 | 'Interest Rate Contracts | ' |
Location of gain Recognized in Income on Derivative | 'Interest Expense | 'Interest Expense |
Amount of gain Recognized in Income on Derivative | $1,000 | ($5,000) |
Interest on fixed/variable rate variances | $21,000 | $19,000 |
Derivative_Instruments_Fair_Va5
Derivative Instruments; Fair Value (Details Textual) (Swap [Member], USD $) | Jul. 01, 2011 |
Swap [Member] | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' |
Derivative Liability, Notional Amount | $6,780,000 |
Derivative, Swaption Interest Rate | 4.65% |