Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 01, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | CTI INDUSTRIES CORP | |
Entity Central Index Key | 1,042,187 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | CTIB | |
Entity Common Stock, Shares Outstanding | 3,371,504 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents (VIE $41,000 and $82,000, respectively) | $ 475,041 | $ 346,404 |
Accounts receivable, (less allowance for doubtful accounts of $115,000 and $126,000, respectively) (VIE $37,000 and $4,000, respectively) | 9,723,415 | 11,410,999 |
Inventories, net (VIE $1,286,000 and $1,264,000, respectively) | 18,950,958 | 17,869,911 |
Net deferred income tax asset | 734,302 | 761,096 |
Prepaid expenses (VIE $17,000 and $17,000, respectively) | 2,240,829 | 1,057,464 |
Other current assets (VIE $51,000 and $33,000, respectively) | 1,266,945 | 991,297 |
Total current assets | 33,391,490 | 32,437,171 |
Property, plant and equipment: | ||
Machinery and equipment (VIE $0 and $546,000, respectively) | 26,513,591 | 26,847,110 |
Building | 3,378,006 | 3,360,017 |
Office furniture and equipment (VIE $86,000 and $66,000, respectively) | 3,568,744 | 3,512,613 |
Intellectual property | 482,088 | 482,088 |
Land | 250,000 | 250,000 |
Leasehold improvements | 611,805 | 624,902 |
Fixtures and equipment at customer locations | 3,174,535 | 3,174,535 |
Projects under construction | 710,301 | 773,985 |
Property, Plant and Equipment, Gross | 38,689,070 | 39,025,250 |
Less : accumulated depreciation and amortization (VIE $26,000 and $150,000, respectively) | (32,924,700) | (32,471,694) |
Total property, plant and equipment, net | 5,764,370 | 6,553,556 |
Other assets: | ||
Deferred financing costs, net | 82,557 | 112,615 |
Goodwill (VIE $440,000 and $440,000, respectively) | 1,473,176 | 1,473,176 |
Net deferred income tax asset | 1,121,825 | 986,181 |
Other assets (due from related party $46,000 and $46,000, respectively) | 496,811 | 242,270 |
Total other assets | 3,174,369 | 2,814,242 |
TOTAL ASSETS | 42,330,229 | 41,804,969 |
Current liabilities: | ||
Checks written in excess of bank balance (VIE $15,000 and $8,000, respectively) | 1,551,997 | 1,481,827 |
Trade payables (VIE $128,000 and $238,000, respectively) | 4,700,235 | 4,271,860 |
Line of credit (VIE $443,000 and $484,000, respectively) | 11,836,864 | 10,952,924 |
Notes payable - current portion (net discount of $185,000 and $171,000, respectively) (VIE $0 and $311,000, respectively) | 153,318 | 501,710 |
Notes payable affiliates - current portion | 8,499 | 8,670 |
Capital Lease - current portion | 42,576 | 41,204 |
Accrued liabilities (VIE $940,000 and $655,000, respectively) | 2,732,901 | 2,942,481 |
Total current liabilities | 21,026,390 | 20,200,676 |
Long-term liabilities: | ||
Notes payable - affiliates | 625,613 | 266,835 |
Notes payable, net of current portion (net of deferred financing fees of $17,000 and $113,000, respectively) (VIE $102,000 and $200, respectively) | 6,749,742 | 6,665,700 |
Notes payable - officers, subordinated | 1,368,817 | 1,323,139 |
Capital lease | 23,714 | 45,351 |
Deferred gain | 387,080 | 0 |
Total long-term debt, net of current portion | 9,154,966 | 8,301,025 |
Warrants Payable | 941,123 | 714,245 |
Total long-term liabilities | 10,096,089 | 9,015,270 |
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, 3,386,579 shares issued and 3,342,921 shares outstanding | 13,898,494 | 13,775,994 |
Paid-in-capital | 1,601,141 | 1,577,807 |
Accumulated earnings | 1,594,621 | 1,670,788 |
Accumulated other comprehensive loss | (4,680,329) | (4,076,318) |
Less: Treasury stock, 75,627 shares | (160,784) | (160,784) |
Total CTI Industries Corporation stockholders' equity | 12,253,143 | 12,787,487 |
Noncontrolling interest | (1,045,393) | (198,464) |
Total Equity | 11,207,750 | 12,589,023 |
TOTAL LIABILITIES AND EQUITY | $ 42,330,229 | $ 41,804,969 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets [Parenthetical] - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 475,041 | $ 346,404 |
Allowance for doubtful accounts | 115,000 | 126,000 |
Inventory, Net | 18,950,958 | 17,869,911 |
Prepaid expenses | 2,240,829 | 1,057,464 |
Other current assets | 1,266,945 | 991,297 |
Machinery and equipment | 26,513,591 | 26,847,110 |
Office Furniture and Equipment | 3,568,744 | 3,512,613 |
Goodwill | 1,473,176 | 1,473,176 |
Due from related party | 46,000 | 46,000 |
Checks written in excess of bank balance | 1,551,997 | 1,481,827 |
Trade payables | 4,700,235 | 4,271,860 |
Line Of Credit, Current | 11,836,864 | 10,952,924 |
Notes Payable, net of current portion, net discount | 185,000 | 171,000 |
Accrued liabilities | 2,732,901 | 2,942,481 |
Notes payable, net of current portion | $ 6,749,742 | $ 6,665,700 |
Preferred Stock, No Par Value (in dollars per share) | $ 0 | $ 0 |
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, No Par Value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 3,386,579 | 3,386,579 |
Common stock, shares outstanding (in shares) | 3,342,921 | 3,342,921 |
Treasury Stock, Shares (in shares) | 75,627 | 75,627 |
Debt Issuance Costs, Noncurrent, Net | $ 82,557 | $ 112,615 |
Notes Payable, Other Payables [Member] | ||
Debt Issuance Costs, Noncurrent, Net | 17,000 | 113,000 |
Variable Interest Entity, Primary Beneficiary [Member] | ||
Cash and cash equivalents | 41,000 | 82,000 |
Allowance for doubtful accounts | 37,000 | 4,000 |
Inventory, Net | 1,286,000 | 1,264,000 |
Prepaid expenses | 17,000 | 17,000 |
Other current assets | 51,000 | 33,000 |
Machinery and equipment | 0 | 546,000 |
Office Furniture and Equipment | 86,000 | 66,000 |
Accumulated depreciation and amortization | 26,000 | 150,000 |
Goodwill | 440,000 | 440,000 |
Checks written in excess of bank balance | 15,000 | 8,000 |
Trade payables | 128,000 | 238,000 |
Line Of Credit, Current | 443,000 | 484,000 |
Notes Payable, net of non-current portion, net discount | 0 | 311,000 |
Accrued liabilities | 940,000 | 655,000 |
Notes payable, net of current portion | $ 102,000 | $ 200 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net Sales | $ 14,150,504 | $ 13,620,833 | $ 29,355,498 | $ 28,596,161 |
Cost of Sales | 10,313,825 | 10,100,571 | 21,596,973 | 21,087,503 |
Gross profit | 3,836,679 | 3,520,262 | 7,758,525 | 7,508,658 |
Operating expenses: | ||||
General and administrative | 1,904,874 | 1,772,248 | 3,662,224 | 3,459,775 |
Selling | 1,192,794 | 827,682 | 2,184,155 | 1,563,090 |
Advertising and marketing | 536,631 | 670,147 | 1,062,709 | 1,316,398 |
Total operating expenses | 3,634,299 | 3,270,077 | 6,909,088 | 6,339,263 |
Income from operations | 202,380 | 250,185 | 849,437 | 1,169,395 |
Other (expense) income: | ||||
Interest expense | (357,192) | (308,048) | (715,652) | (716,937) |
Interest income | 0 | 19,242 | 0 | 24,777 |
Change in fair value of warrants | (39,214) | 0 | (226,878) | 0 |
Foreign currency gain (loss) | 78,161 | 7,311 | 67,677 | 3,298 |
Total other expense, net | (318,245) | (281,495) | (874,853) | (688,862) |
Net income (loss) before taxes | (115,865) | (31,310) | (25,416) | 480,533 |
Income tax expense (benefit) | 4,865 | 52,171 | 11,851 | 225,233 |
Net income (loss) | (120,730) | (83,481) | (37,267) | 255,300 |
Less: Net income (loss) attributable to noncontrolling interest | (37,800) | (135,156) | 38,900 | (80,990) |
Net income (loss) attributable to CTI Industries Corporation | (82,930) | 51,675 | (76,167) | 336,290 |
Other Comprehensive (Loss) | ||||
Foreign currency adjustment | (536,409) | (78,370) | (604,011) | (462,512) |
Comprehensive (loss) | $ (619,339) | $ (26,695) | $ (680,178) | $ (126,222) |
Basic income (loss) per common share | $ (0.02) | $ 0.02 | $ (0.02) | $ 0.1 |
Diluted income (loss) per common share | $ (0.02) | $ 0.01 | $ (0.02) | $ 0.1 |
Weighted average number of shares and equivalent shares of common stock outstanding: | ||||
Basic | 3,363,986 | 3,301,116 | 3,363,986 | 3,301,116 |
Diluted | 3,535,075 | 3,448,349 | 3,519,906 | 3,448,520 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net income | $ (37,267) | $ 255,300 |
Adjustment to reconcile net income to cash provided by operating activities: | ||
Depreciation and amortization | 784,399 | 942,000 |
Amortization of debt discount | 82,163 | 70,391 |
Change in fair value of warrants | 226,878 | 0 |
Stock based compensation | 23,334 | 18,619 |
Provision for losses on accounts receivable | 8,039 | 20,127 |
Provision for losses on inventories | (48,935) | 162,933 |
Deferred income taxes | (106,619) | (13,896) |
Change in assets and liabilities: | ||
Accounts receivable | 1,404,314 | 1,869,983 |
Inventories | (1,416,051) | (619,376) |
Prepaid expenses and other assets | (1,809,612) | 417,673 |
Trade payables | 654,759 | 876,183 |
Accrued liabilities | (150,018) | (520,139) |
Net cash (used in) provided by operating activities | (384,616) | 3,479,798 |
Cash flows from investing activities: | ||
Proceeds from equipment sale-leaseback | 783,134 | 0 |
Cash used in investment in subsidiary | (43,750) | 0 |
Purchases of property, plant and equipment | (433,304) | (194,264) |
Net cash provided by (used in) investing activities | 306,080 | (194,264) |
Cash flows from financing activities: | ||
Change in checks written in excess of bank balance | 70,171 | (865,442) |
Net change in revolving line of credit | 883,940 | (2,085,958) |
Proceeds from issuance of long-term debt | 492 | 4,473 |
Repayment of long-term debt (related parties $0 and $2,000) | (557,655) | (262,800) |
Cash paid for deferred financing fees | 0 | (5,244) |
Dividends paid | 0 | (10,000) |
Contributions received by variable interest entity | 288,750 | 0 |
Redemption of variable interest entity members | (455,000) | 0 |
Net cash provided by (used in) financing activities | 230,698 | (3,224,971) |
Effect of exchange rate changes on cash | (23,525) | (6,856) |
Net increase in cash and cash equivalents | 128,637 | 53,707 |
Cash and cash equivalents at beginning of period | 346,404 | 150,332 |
Cash and cash equivalents at end of period | 475,041 | 204,039 |
Supplemental disclosure of cash flow information: | ||
Cash payments for interest | 608,758 | 630,202 |
Supplemental Disclosure of non-cash investing and financing activity | ||
Property, Plant & Equipment acquisitions funded by liabilities | 30,721 | 29,226 |
Contributed Capital to Clever Container [Abstract] | ||
Stock | 122,500 | 0 |
Debt | 43,750 | 0 |
Accounts Receivable | $ 183,750 | $ 0 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows [Parenthetical] - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Repayment of related party debt | $ 0 | $ 2,000 |
Condensed Consolidated Earnings
Condensed Consolidated Earnings per Share - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Average shares outstanding: (Basic) | ||||
Weighted average number of common shares outstanding | 3,363,986 | 3,301,116 | 3,363,986 | 3,301,116 |
Net income: | ||||
Net income attributable to CTI Industries Corporation | $ (82,930) | $ 51,675 | $ (76,167) | $ 336,290 |
Per share amount | $ (0.02) | $ 0.02 | $ (0.02) | $ 0.1 |
Average shares outstanding: (Diluted) | ||||
Weighted average number of common shares outstanding | 3,363,986 | 3,301,116 | 3,363,986 | 3,301,116 |
Effect of dilutive shares | 171,089 | 147,233 | 155,920 | 147,404 |
Weighted average number of shares and equivalent shares of common stock outstanding | 3,535,075 | 3,448,349 | 3,519,906 | 3,448,520 |
Net income: | ||||
Net income attributable to CTI Industries Corporation | $ (82,930) | $ 51,675 | $ (76,167) | $ 336,290 |
Per share amount | $ (0.02) | $ 0.01 | $ (0.02) | $ 0.1 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015, 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 and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016. 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, 2015. The condensed consolidated financial statements include the accounts of CTI Industries Corporation and its wholly-owned subsidiaries, CTI Balloons Limited and CTI Supply, Inc., its majority-owned subsidiaries, Flexo Universal, S. de R.L. 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. 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. 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. 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 June 30, 2016 and 2015, shares to be issued upon the exercise of options and warrants aggregated 288,048 344,048 0 174,500 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, 2015. There were no significant changes to these accounting policies during the three and six months ended June 30, 2016. Reclassification: Certain 2015 amounts have been reclassified to conform to the 2016 presentation. Recent Accounting Pronouncements: In 2014, the FASB issued guidance on revenue recognition, which provides for a single five-step model to be applied to all revenue contracts with customers. The guidance also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. The guidance provides an option to use either a retrospective approach or a cumulative effect adjustment approach to implement the guidance. In 2015, the FASB issued a deferral of the effective date of the guidance to 2018, with early adoption permitted in 2017. In 2016, the FASB issued final amendments clarifying the implementation guidance for principal versus agent considerations, identifying performance obligations and the accounting of intellectual property licenses. In addition, the FASB introduced practical expedients related to disclosures of remaining performance obligations, as well as other amendments to guidance on collectibility, non-cash consideration and the presentation of sales and other similar taxes. We are currently evaluating the impact of this guidance on our financial statements and the timing of adoption, and have not yet selected a transition approach. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Cost In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU 2016-02, Leases ( |
Stock-Based Compensation; Chang
Stock-Based Compensation; Changes in Equity | 6 Months Ended |
Jun. 30, 2016 | |
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 The Company’s net loss for the three months ended June 30, 2016 and net income in 2015 includes approximately $ 11,000 9,000 23,000 19,000 37,000 11,000 15,000 7,000 3,000 1,000 As of June 30, 2016, 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 , options for 139,958 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 . 123,430 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 250,000 250,000 148,000 Shares Weighted Weighted Aggregate Balance at December 31, 2015 154,000 $ 5.25 2.9 $ 1,450 Granted - Cancelled/Expired (6,000) $ 5.96 Exercised - Outstanding at June 30, 2016 148,000 $ 5.22 2.5 $ 223,170 Exercisable at June 30, 2016 88,000 $ 5.20 1.8 $ 134,578 On July 17, 2012, the Company entered into a Note and Warrant Purchase Agreement with BMO Private Equity (U.S.), Inc. (“BMO Equity”) pursuant to which (i) BMO Equity advanced to the Company the sum of $ 5 4 140,048 0.01 11.5 As of June 30, 2016, the Company was in compliance with all of the financial covenants under the Credit Agreement and the Note and Warrant Purchase Agreement, except that the Company did not meet two of the financial covenants in the Credit Agreement with the Bank the ratio of EBITDA to Senior Debt and the ratio of EBITDA to Total Debt. The Bank has executed a waiver of the Company’s non-compliance with the covenants as of June 30, 2016. Shares Weighted Weighted Aggregate Balance at December 31, 2015 140,048 $ 0.01 6.55 $ 714,245 Granted Cancelled Exercised Outstanding at June 30, 2016 140,048 $ 0.01 6.05 $ 941,123 Exercisable at June 30, 2016 - - - - Options Outstanding Options Vested Options by Shares Weighted Remain. Intrinsic Shares Weighted Remain. Intrinsic Dec 2005 - - - - - - - - Dec 2010 - - - - - - - - Jan 2011 - - - - - - - - Nov 2012 94,000 $ 5.17 1.4 $ 146,640 75,200 $ 5.17 1.4 $ 117,312 Nov 2013 5,000 $ 5.75 2.4 $ 4,900 3,000 $ 5.75 2.4 $ 2,940 Dec 2015 49,000 $ 5.27 4.5 $ 71,630 9,800 $ 5.27 4.5 $ 14,326 TOTAL 148,000 $ 5.22 2.5 $ 223,170 88,000 $ 5.20 1.8 $ 134,578 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 June 30, 2016 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 June 30, 2016. |
Legal Proceedings
Legal Proceedings | 6 Months Ended |
Jun. 30, 2016 | |
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 Loss
Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income (Loss) Note [Text Block] | Note 4 - Other Comprehensive Loss In the three and six months ended June 30, 2016 the company incurred other comprehensive losses of $ 549,000 617,000 Foreign Currency Items Total Beginning balance as of January 1, 2016 $ (4,076,318) $ (4,076,318) Current period change, net of tax (604,011) (604,011) Ending Balance as of June 30, 2016 (4,680,329) (4,680,329) |
Inventories, Net
Inventories, Net | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | Note 5 - Inventories, Net June 30, December 31, Raw materials $ 3,679,604 $ 2,770,636 Work in process 2,387,799 2,198,981 Finished goods 13,647,192 13,723,090 Allowance for excess quantities (763,637) (822,796) Total inventories $ 18,950,958 $ 17,869,911 |
Geographic Segment Data
Geographic Segment Data | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 6 - Geographic Segment Data Net Sales to Outside Customers Net Sales to Outside Customers For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 United States $ 11,050,000 $ 10,810,000 $ 23,135,000 $ 22,527,000 Europe 618,000 221,000 1,166,000 657,000 Mexico 1,852,000 2,088,000 3,715,000 4,261,000 United Kingdom 631,000 502,000 1,339,000 1,151,000 $ 14,151,000 $ 13,621,000 $ 29,355,000 $ 28,596,000 Total Assets at June 30, December 31, 2016 2015 United States $ 30,882,000 $ 30,772,000 Europe 1,898,000 1,562,000 Mexico 7,615,000 7,680,000 United Kingdom 1,935,000 1,791,000 $ 42,330,000 $ 41,805,000 |
Concentration of Credit Risk
Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2016 | |
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 and six months ended June 30, 2016 and 2015, there were two customers whose purchases represented more than 10% of the Company’s consolidated net sales, respectively. Three Months Ended Three Months Ended June 30, 2016 June 30, 2015 Customer Net Sales % of Net Net Sales % of Net Customer A $ 3,607,000 25.5 % $ 4,041,000 29.7 % Customer B $ 2,460,000 17.4 % $ 1,848,000 13.6 % Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 Customer Net Sales % of Net Net Sales % of Net Customer A $ 8,772,000 29.9 % $ 8,404,000 29.4 % Customer B $ 4,800,000 16.4 % $ 3,698,000 12.9 % As of June 30, 2016, the total amounts owed to the Company by these customers were approximately $ 2,018,000 20.2 2,112,000 21.2 2,392,000 26.0 1,541,000 15.3 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and 2015, respectively, were $ 33,000 54,000 71,000 92,000 Interest payments have been made or accrued to John H. Schwan, Chief Executive Officer of the Company, for loans made to the Company. During the three months ended June 30, 2016 and 2015, these interest payments totaled $ 23,000 46,000 43,000 On July 1, 2011, Flexo Universal, S.R.L. 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 and six months ended June 30, 2016, Flexo made lease payments to Venture Leasing Mexico totaling $ 26,000 65,000 36,000 72,000 John H. Schwan, Chief Executive Officer of the Company, through an investment entity, and Stephen M. Merrick, President of the Company, also through an investment entity own, in aggregate, a 50 293,000 217,000 478,000 225,000 397,000 498,000 28.5 498,750 411,250 24,746 122,500 105,000 183,750 87,500 5 |
Derivative Instruments; Fair Va
Derivative Instruments; Fair Value | 6 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Fair Value [Text Block] | Note 9 - Derivative Instruments; Fair Value Amount as of Description 6/30/2016 Level 1 Level 2 Level 3 Warrant Liability $ 941,000 - $ 941,000 - $ 941,000 - $ 941,000 - Amount as of Description 12/31/2015 Level 1 Level 2 Level 3 Warrant Liability $ 714,000 - $ 714,000 - $ 714,000 $ 714,000 |
Significant Transactions
Significant Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Leases [Abstract] | |
Sale Leaseback Transaction Disclosure [Text Block] | Note 10 - Significant Transactions In 2016, the Company entered into a sale-leaseback arrangement related to certain of its machinery. Under the terms of the arrangement, the Company sold a piece of machinery and then leased the machine back under a 4-year operating lease. The Company recorded a deferred gain for the amount of the gain on the sale of the asset, to be recognized as a reduction of rent expense over the life of the lease. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 11 - Subsequent Events On July 29, 2016, the Company and certain accredited investors entered into a Securities Purchase Agreement in which the investors purchased 152,850 6.00 7.00 The issuance of shares in this placement resulted in gross proceeds to the Company of $ 917,000 836,394 On August 5, 2016, the Company entered into Amendment No. 8 to the Credit Agreement among the Company and BMO Harris and Amendment No. 3 to the Note and Warrant Purchase Agreement among the Company and BMO Equity. In the Amendments, (i) for the period from August 1, 2016 through February 28, 2017, the Bank agreed to increase the revolving credit commitment from $ 12 14 6.5 9 for the quarters ended September 30 and December 31, 2016, BMO Harris agreed to increase the senior leverage ratio to 3.5 to 1, for the quarter ended September 30, 2016, the total leverage ratio to 4.75 to 1, and for the quarter ended December 31, 2016, the total leverage ratio to 4.50 to 1 for the periods ended September 30, 2016 and December 31, 2016, BMO Equity agreed to increase the senior leverage ratio for BMO Equity to 3.85 to 1, for the period ended September 30, 2016, to increase the total leverage ratio to 5.225 to 1 and for December 31, 2016 to raise the total leverage ratio to 4.95 to 1. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | 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 and CTI Supply, Inc., its majority-owned subsidiaries, Flexo Universal, S. de R.L. 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. |
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | 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 June 30, 2016 and 2015, shares to be issued upon the exercise of options and warrants aggregated 288,048 344,048 0 174,500 |
Reclassification, Policy [Policy Text Block] | Reclassification: Certain 2015 amounts have been reclassified to conform to the 2016 presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements: In 2014, the FASB issued guidance on revenue recognition, which provides for a single five-step model to be applied to all revenue contracts with customers. The guidance also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. The guidance provides an option to use either a retrospective approach or a cumulative effect adjustment approach to implement the guidance. In 2015, the FASB issued a deferral of the effective date of the guidance to 2018, with early adoption permitted in 2017. In 2016, the FASB issued final amendments clarifying the implementation guidance for principal versus agent considerations, identifying performance obligations and the accounting of intellectual property licenses. In addition, the FASB introduced practical expedients related to disclosures of remaining performance obligations, as well as other amendments to guidance on collectibility, non-cash consideration and the presentation of sales and other similar taxes. We are currently evaluating the impact of this guidance on our financial statements and the timing of adoption, and have not yet selected a transition approach. In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Cost In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU 2016-02, Leases ( |
Stock-Based Compensation; Cha20
Stock-Based Compensation; Changes in Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 Balance at December 31, 2015 154,000 $ 5.25 2.9 $ 1,450 Granted - Cancelled/Expired (6,000) $ 5.96 Exercised - Outstanding at June 30, 2016 148,000 $ 5.22 2.5 $ 223,170 Exercisable at June 30, 2016 88,000 $ 5.20 1.8 $ 134,578 |
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 Balance at December 31, 2015 140,048 $ 0.01 6.55 $ 714,245 Granted Cancelled Exercised Outstanding at June 30, 2016 140,048 $ 0.01 6.05 $ 941,123 Exercisable at June 30, 2016 - - - - |
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 June 30, 2016 is as follows: Options Outstanding Options Vested Options by Shares Weighted Remain. Intrinsic Shares Weighted Remain. Intrinsic Dec 2005 - - - - - - - - Dec 2010 - - - - - - - - Jan 2011 - - - - - - - - Nov 2012 94,000 $ 5.17 1.4 $ 146,640 75,200 $ 5.17 1.4 $ 117,312 Nov 2013 5,000 $ 5.75 2.4 $ 4,900 3,000 $ 5.75 2.4 $ 2,940 Dec 2015 49,000 $ 5.27 4.5 $ 71,630 9,800 $ 5.27 4.5 $ 14,326 TOTAL 148,000 $ 5.22 2.5 $ 223,170 88,000 $ 5.20 1.8 $ 134,578 |
Other Comprehensive Loss (Table
Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 Currency Items Total Beginning balance as of January 1, 2016 $ (4,076,318) $ (4,076,318) Current period change, net of tax (604,011) (604,011) Ending Balance as of June 30, 2016 (4,680,329) (4,680,329) |
Inventories, Net (Tables)
Inventories, Net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule Of Inventory, Current [Table Text Block] | June 30, December 31, Raw materials $ 3,679,604 $ 2,770,636 Work in process 2,387,799 2,198,981 Finished goods 13,647,192 13,723,090 Allowance for excess quantities (763,637) (822,796) Total inventories $ 18,950,958 $ 17,869,911 |
Geographic Segment Data (Tables
Geographic Segment Data (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Segment Reporting Information, By Segment [Table Text Block] | The Company has determined that it operates primarily in one business segment that 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 area is as follows: Net Sales to Outside Customers Net Sales to Outside Customers For the Three Months Ended For the Six Months Ended June 30, June 30, 2016 2015 2016 2015 United States $ 11,050,000 $ 10,810,000 $ 23,135,000 $ 22,527,000 Europe 618,000 221,000 1,166,000 657,000 Mexico 1,852,000 2,088,000 3,715,000 4,261,000 United Kingdom 631,000 502,000 1,339,000 1,151,000 $ 14,151,000 $ 13,621,000 $ 29,355,000 $ 28,596,000 Total Assets at June 30, December 31, 2016 2015 United States $ 30,882,000 $ 30,772,000 Europe 1,898,000 1,562,000 Mexico 7,615,000 7,680,000 United Kingdom 1,935,000 1,791,000 $ 42,330,000 $ 41,805,000 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Sales to these customers for the three and six months ended June 30, 2016 and 2015 are as follows: Three Months Ended Three Months Ended June 30, 2016 June 30, 2015 Customer Net Sales % of Net Net Sales % of Net Customer A $ 3,607,000 25.5 % $ 4,041,000 29.7 % Customer B $ 2,460,000 17.4 % $ 1,848,000 13.6 % Six Months Ended Six Months Ended June 30, 2016 June 30, 2015 Customer Net Sales % of Net Net Sales % of Net Customer A $ 8,772,000 29.9 % $ 8,404,000 29.4 % Customer B $ 4,800,000 16.4 % $ 3,698,000 12.9 % |
Derivative Instruments; Fair 25
Derivative Instruments; Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and December 31, 2015, and indicate the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value: Amount as of Description 6/30/2016 Level 1 Level 2 Level 3 Warrant Liability $ 941,000 - $ 941,000 - $ 941,000 - $ 941,000 - Amount as of Description 12/31/2015 Level 1 Level 2 Level 3 Warrant Liability $ 714,000 - $ 714,000 - $ 714,000 $ 714,000 |
Basis of Presentation (Details
Basis of Presentation (Details Textual) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Shares To Be Issued Upon Exercise Of Options And Warrant | 288,048 | 344,048 | 288,048 | 344,048 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 174,500 | 0 | 174,500 |
Stock-Based Compensation; Cha27
Stock-Based Compensation; Changes in Equity (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shares Outstanding at the end of period (in shares) | 148,000 | |
Shares, Exercisable (in shares) | 88,000 | |
Weighted Average Exercise Price, Outstanding at the end of period (in dollars per share) | $ 5.22 | |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 5.2 | |
Weighted Average Remaining Contractual Life, Outstanding (in years) | 2 years 6 months | |
Weighted Average Remaining Contractual Life, Exercisable (in years) | 1 year 9 months 18 days | |
Aggregate Intrinsic Value Outstanding (in dollars) | $ 223,170 | |
Aggregate Intrinsic Value, Exercisable (in dollars) | $ 134,578 | |
Employee Stock Option [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shares Outstanding, beginning of period (in shares) | 154,000 | |
Shares, Granted (in shares) | 0 | |
Shares, Cancelled/Expired (in shares) | (6,000) | |
Shares, Exercised (in shares) | 0 | |
Shares Outstanding at the end of period (in shares) | 148,000 | 154,000 |
Shares, Exercisable (in shares) | 88,000 | |
Weighted Average Exercise Price, Outstanding, beginning of period (in dollars per share) | $ 5.25 | |
Weighted Average Exercise Price, Cancelled/Expired (in dollars per share) | 5.96 | |
Weighted Average Exercise Price, Outstanding at the end of period (in dollars per share) | 5.22 | $ 5.25 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 5.2 | |
Weighted Average Remaining Contractual Life, Outstanding (in years) | 2 years 6 months | 2 years 10 months 24 days |
Weighted Average Remaining Contractual Life, Exercisable (in years) | 1 year 9 months 18 days | |
Aggregate Intrinsic Value Outstanding (in dollars) | $ 223,170 | $ 1,450 |
Aggregate Intrinsic Value, Exercisable (in dollars) | $ 134,578 |
Stock-Based Compensation; Cha28
Stock-Based Compensation; Changes in Equity (Details 1) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shares Outstanding at the end of period (in shares) | 148,000 | |
Shares, Exercisable (in shares) | 88,000 | |
Weighted Average Exercise Price, Outstanding at the end of period (in dollars per share) | $ 5.22 | |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 5.2 | |
Weighted Average Remaining Contractual Life, Outstanding (in years) | 2 years 6 months | |
Weighted Average Remaining Contractual Life, Exercisable (in years) | 1 year 9 months 18 days | |
Aggregate Intrinsic Value Outstanding (in dollars) | $ 223,170 | |
Aggregate Intrinsic Value, Exercisable (in dollars) | $ 134,578 | |
Warrant [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Shares Outstanding, beginning of period (in shares) | 140,048 | |
Shares, Granted (in shares) | ||
Shares, Cancelled (in shares) | ||
Shares, Exercised (in shares) | ||
Shares Outstanding at the end of period (in shares) | 140,048 | 140,048 |
Shares, Exercisable (in shares) | 0 | |
Weighted Average Exercise Price, Outstanding, beginning of period (in dollars per share) | $ 0.01 | |
Weighted Average Exercise Price, Granted (in dollars per share) | ||
Weighted Average Exercise Price, Cancelled (in dollars per share) | ||
Weighted Average Exercise Price, Exercised (in dollars per share) | ||
Weighted Average Exercise Price, Outstanding at the end of period (in dollars per share) | 0.01 | $ 0.01 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 0 | |
Weighted Average Remaining Contractual Life, Outstanding (in years) | 6 years 18 days | 6 years 6 months 18 days |
Weighted Average Remaining Contractual Life, Exercisable (in years) | 0 years | |
Aggregate Intrinsic Value Outstanding (in dollars) | $ 941,123 | $ 714,245 |
Aggregate Intrinsic Value, Exercisable (in dollars) | $ 0 |
Stock-Based Compensation; Cha29
Stock-Based Compensation; Changes in Equity (Details 2) | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Options Outstanding (in shares) | shares | 148,000 |
Weighted Average, Options Outstanding (in dollars per share) | $ / shares | $ 5.22 |
Remaining Life, Options Outstanding | 2 years 6 months |
Intrinsic Value, Options Outstanding (in dollars) | $ | $ 223,170 |
Shares, Options Vested (in shares) | shares | 88,000 |
Weighted Average, Options Vested (in dollars per share) | $ / shares | $ 5.2 |
Remaining Life, Option Vested | 1 year 9 months 18 days |
Intrinsic Value, Options Vested (in dollars) | $ | $ 134,578 |
Stock Options By Grant Date Dec 2005 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Options Outstanding (in shares) | shares | 0 |
Weighted Average, Options Outstanding (in dollars per share) | $ / shares | $ 0 |
Remaining Life, Options Outstanding | 0 years |
Intrinsic Value, Options Outstanding (in dollars) | $ | $ 0 |
Shares, Options Vested (in shares) | shares | 0 |
Weighted Average, Options Vested (in dollars per share) | $ / shares | $ 0 |
Remaining Life, Option Vested | 0 years |
Intrinsic Value, Options Vested (in dollars) | $ | $ 0 |
Stock Options By Grant Date Dec 2010 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Options Outstanding (in shares) | shares | 0 |
Weighted Average, Options Outstanding (in dollars per share) | $ / shares | $ 0 |
Remaining Life, Options Outstanding | 0 years |
Intrinsic Value, Options Outstanding (in dollars) | $ | $ 0 |
Shares, Options Vested (in shares) | shares | 0 |
Weighted Average, Options Vested (in dollars per share) | $ / shares | $ 0 |
Remaining Life, Option Vested | 0 years |
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) | shares | 0 |
Weighted Average, Options Outstanding (in dollars per share) | $ / shares | $ 0 |
Remaining Life, Options Outstanding | 0 years |
Intrinsic Value, Options Outstanding (in dollars) | $ | $ 0 |
Shares, Options Vested (in shares) | shares | 0 |
Weighted Average, Options Vested (in dollars per share) | $ / shares | $ 0 |
Remaining Life, Option Vested | 0 years |
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) | shares | 94,000 |
Weighted Average, Options Outstanding (in dollars per share) | $ / shares | $ 5.17 |
Remaining Life, Options Outstanding | 1 year 4 months 24 days |
Intrinsic Value, Options Outstanding (in dollars) | $ | $ 146,640 |
Shares, Options Vested (in shares) | shares | 75,200 |
Weighted Average, Options Vested (in dollars per share) | $ / shares | $ 5.17 |
Remaining Life, Option Vested | 1 year 4 months 24 days |
Intrinsic Value, Options Vested (in dollars) | $ | $ 117,312 |
Stock Options By Grant Date Nov 2013 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Options Outstanding (in shares) | shares | 5,000 |
Weighted Average, Options Outstanding (in dollars per share) | $ / shares | $ 5.75 |
Remaining Life, Options Outstanding | 2 years 4 months 24 days |
Intrinsic Value, Options Outstanding (in dollars) | $ | $ 4,900 |
Shares, Options Vested (in shares) | shares | 3,000 |
Weighted Average, Options Vested (in dollars per share) | $ / shares | $ 5.75 |
Remaining Life, Option Vested | 2 years 4 months 24 days |
Intrinsic Value, Options Vested (in dollars) | $ | $ 2,940 |
Stock Options By Grant Date Dec 2015 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Options Outstanding (in shares) | shares | 49,000 |
Weighted Average, Options Outstanding (in dollars per share) | $ / shares | $ 5.27 |
Remaining Life, Options Outstanding | 4 years 6 months |
Intrinsic Value, Options Outstanding (in dollars) | $ | $ 71,630 |
Shares, Options Vested (in shares) | shares | 9,800 |
Weighted Average, Options Vested (in dollars per share) | $ / shares | $ 5.27 |
Remaining Life, Option Vested | 4 years 6 months |
Intrinsic Value, Options Vested (in dollars) | $ | $ 14,326 |
Stock-Based Compensation; Cha30
Stock-Based Compensation; Changes in Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jul. 17, 2012 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Apr. 10, 2009 | Apr. 24, 2002 | Apr. 12, 2001 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||
Share-Based Compensation | $ 11,000 | $ 9,000 | $ 23,334 | $ 18,619 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 37,000 | $ 37,000 | ||||||
Weighted Average Number Of Shares Outstanding, Diluted | 3,535,075 | 3,448,349 | 3,519,906 | 3,448,520 | ||||
Earnings Per Share, Diluted | $ (0.02) | $ 0.01 | $ (0.02) | $ 0.1 | ||||
BMO Equity [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Related Party Transaction, Due from (to) Related Party | $ 5,000,000 | |||||||
Warrants Issued To Purchase Common Stock Percentage | 4.00% | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 11.50% | |||||||
Weighted Average Number Of Shares Outstanding, Diluted | 140,048 | |||||||
Earnings Per Share, Diluted | $ 0.01 | |||||||
Debt Instrument, Term | 5 years 6 months | |||||||
Stock Option Plan 2002 [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 142,860 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 123,430 | |||||||
Stock Option Plan 2001 [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 119,050 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 139,958 | |||||||
Stock Incentive Plan 2009 [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 250,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 250,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 148,000 | 148,000 | ||||||
Year 2017 [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Share-Based Compensation | $ 15,000 | |||||||
Year 2016 [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Share-Based Compensation | 11,000 | |||||||
Year 2018 [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Share-Based Compensation | 7,000 | |||||||
Year 2019 [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Share-Based Compensation | 3,000 | |||||||
Year 2020 [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Share-Based Compensation | $ 1,000 |
Other Comprehensive Loss (Detai
Other Comprehensive Loss (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign Currency Items, Beginning balance | $ (4,076,318) | |||
Foreign Currency Items, Current period change, net of tax | $ (536,409) | $ (78,370) | (604,011) | $ (462,512) |
Foreign Currency Items, Ending Balance | (4,680,329) | (4,680,329) | ||
Total Accumulated Other Comprehensive Loss, Beginning balance | (4,076,318) | |||
Total Accumulated Other Comprehensive Loss, Current period change, net of tax | (604,011) | |||
Total Accumulated Other Comprehensive Loss, Ending Balance | $ (4,680,329) | $ (4,680,329) |
Other Comprehensive Loss (Det32
Other Comprehensive Loss (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax | $ 549,000 | $ 617,000 |
Inventories, Net (Details)
Inventories, Net (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Raw materials | $ 3,679,604 | $ 2,770,636 |
Work in process | 2,387,799 | 2,198,981 |
Finished goods | 13,647,192 | 13,723,090 |
Allowance for excess quantities | (763,637) | (822,796) |
Total inventories | $ 18,950,958 | $ 17,869,911 |
Geographic Segment Data (Detail
Geographic Segment Data (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Net Sales to Outside Customers | $ 14,150,504 | $ 13,620,833 | $ 29,355,498 | $ 28,596,161 | |
Total Assets | 42,330,229 | 42,330,229 | $ 41,804,969 | ||
United States [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales to Outside Customers | 11,050,000 | 10,810,000 | 23,135,000 | 22,527,000 | |
Total Assets | 30,882,000 | 30,882,000 | 30,772,000 | ||
Europe [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales to Outside Customers | 618,000 | 221,000 | 1,166,000 | 657,000 | |
Total Assets | 1,898,000 | 1,898,000 | 1,562,000 | ||
Mexico [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales to Outside Customers | 1,852,000 | 2,088,000 | 3,715,000 | 4,261,000 | |
Total Assets | 7,615,000 | 7,615,000 | 7,680,000 | ||
United Kingdom [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net Sales to Outside Customers | 631,000 | $ 502,000 | 1,339,000 | $ 1,151,000 | |
Total Assets | $ 1,935,000 | $ 1,935,000 | $ 1,791,000 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net Sales | $ 14,150,504 | $ 13,620,833 | $ 29,355,498 | $ 28,596,161 |
Customer A [Member] | Sales Revenue, Net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net Sales | $ 3,607,000 | $ 4,041,000 | $ 8,772,000 | $ 8,404,000 |
% of Net Sales | 25.50% | 29.70% | 29.90% | 29.40% |
Customer B [Member] | Sales Revenue, Net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net Sales | $ 2,460,000 | $ 1,848,000 | $ 4,800,000 | $ 3,698,000 |
% of Net Sales | 17.40% | 13.60% | 16.40% | 12.90% |
Concentration of Credit Risk 36
Concentration of Credit Risk (Details Textual) - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accounts Receivable, Net, Current | $ 9,723,415 | $ 11,410,999 | |
Customer A [Member] | Accounts Receivable [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Concentration Risk, Percentage | 20.20% | 26.00% | |
Accounts Receivable, Net, Current | $ 2,018,000 | $ 2,392,000 | |
Customer B [Member] | Accounts Receivable [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Concentration Risk, Percentage | 21.20% | 15.30% | |
Accounts Receivable, Net, Current | $ 2,112,000 | $ 1,541,000 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) | Jan. 08, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Related Party Transaction [Line Items] | |||||
Legal Fees | $ 33,000 | $ 54,000 | $ 71,000 | $ 92,000 | |
Lease Payment | $ 26,000 | 36,000 | $ 65,000 | 72,000 | |
Business Combination, Consideration Transferred, Other | $ 183,750 | ||||
Payments to Acquire Businesses, Gross | $ 105,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 24,746 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 122,500 | ||||
Third Party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 5.00% | ||||
Clever Container Company L.L.C [Member] | |||||
Related Party Transaction [Line Items] | |||||
Noncontrolling Interest, Ownership Percentage by Parent | 28.50% | 50.00% | 50.00% | ||
Revenue from Related Parties | $ 293,000 | 217,000 | $ 478,000 | 225,000 | |
Accounts Receivable, Related Parties, Current | $ 498,750 | 397,000 | 498,000 | 397,000 | 498,000 |
Business Combination, Consideration Transferred, Other | 411,250 | ||||
Payments to Acquire Businesses, Gross | $ 87,500 | ||||
Schwan Incorporated [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Amounts of Transaction | $ 23,000 | $ 23,000 | $ 46,000 | $ 43,000 |
Derivative Instruments; Fair 38
Derivative Instruments; Fair Value (Details) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Warrant Liability | $ 941,000 | $ 714,000 |
Liabilities, Fair Value Disclosure | 941,000 | 714,000 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Warrant Liability | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Warrant Liability | 941,000 | 714,000 |
Liabilities, Fair Value Disclosure | 941,000 | 714,000 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Warrant Liability | 0 | $ 0 |
Liabilities, Fair Value Disclosure | $ 0 |
Significant Transactions (Detai
Significant Transactions (Details Textual) | 6 Months Ended |
Jun. 30, 2016 | |
Sale Leaseback Transaction [Line Items] | |
Sale Leaseback Transaction, Lease Terms | Under the terms of the arrangement, the Company sold a piece of machinery and then leased the machine back under a 4-year operating lease. |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) | Aug. 05, 2016 | Jul. 29, 2016 |
BMO Harris [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Covenant Description | for the quarters ended September 30 and December 31, 2016, BMO Harris agreed to increase the senior leverage ratio to 3.5 to 1, for the quarter ended September 30, 2016, the total leverage ratio to 4.75 to 1, and for the quarter ended December 31, 2016, the total leverage ratio to 4.50 to 1 | |
BMO Equity [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Covenant Description | for the periods ended September 30, 2016 and December 31, 2016, BMO Equity agreed to increase the senior leverage ratio for BMO Equity to 3.85 to 1, for the period ended September 30, 2016, to increase the total leverage ratio to 5.225 to 1 and for December 31, 2016 to raise the total leverage ratio to 4.95 to 1. | |
Private Placement [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period, Value, New Issues | $ 917,000 | |
Proceeds from Issuance of Common Stock | $ 836,394 | |
Minimum [Member] | August 1, 2016 through February 28, 2017 [Member] | ||
Subsequent Event [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 12,000,000 | |
Minimum [Member] | August 1, 2017 through November 2018 [Member] | ||
Subsequent Event [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 6,500,000 | |
Maximum [Member] | August 1, 2016 through February 28, 2017 [Member] | ||
Subsequent Event [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | 14,000,000 | |
Maximum [Member] | August 1, 2017 through November 2018 [Member] | ||
Subsequent Event [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 9,000,000 | |
Securities Purchase Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 152,850 | |
Shares Issued, Price Per Share | $ 6 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 7 | |
Securities Purchase Agreement [Member] | Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Warrant Exercisable Period | 6 months | |
Securities Purchase Agreement [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Warrant Exercisable Period | 3 years |