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Note 15 - Commitments | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Commitments Disclosure [Text Block] |
15 . | Commitments
Operating Leases In August 2015, t he Company’s United Kingdom subsidiary entered into a 5 -year lease agreement to rent approximately 9,000 square feet of warehouse and office space in Rugby, England for $6,000 per month. In November 2016, CTI Europe entered into a lease agreement for 13,000 square feet of office and warehouse space in Heusenstamm, Germany for a term commencing on February 1, 2017 and ending on February 1, 2022 at the rate per month of $9,000. A prior lease for space in Heusenstamm was terminated on February 1, 2017. In August 2011, Flexo Universal entered into a 5 -year lease to rent 73,000 square feet of warehouse and office space in Guadalajara, Mexico at the cost of $22,000 per month. The lease was extended to February 28, 2017. Effective March 1, 2017, Flexo Universal entered into a five year lease for these premises at a cost of 493,090 Mexican Pesos per month (approximately $26,000 per month). In September 2012, we entered into a lease agreement, expiring on February 28, 2017 to rent approximately 118,000 square feet of warehouse and office space in Lake Zurich, Illinois. Effective March 1, 2017, this lease has been renewed for three years, at a basic rental cost per month of:
Lease period |  | Amount per month |
March 1, 2017 | – | February 28, 2018 |  | $ | 38,000 |
March 1, 2018 | – | February 28, 2019 |  | $ | 40,000 |
March 1, 2019 | – | February 29, 2020 |  | $ | 42,000 |
All of the Company ’s lease payments are recognized on a straight-line basis. The net lease expense was approximately $1.4 million for the years ended December 31, 2017 and 2016, respectively. The future aggregate minimum net lease payments under existing agreements as of December 31 are as follows:
|  | Total
201 8 |  | 1,443,000
2019 |  | 1,427,000
2020 |  | 947,000
2021 |  | 805,000
2022+ |  | 201,000
Total | $ | 4,823,000
Licenses The Company has certain merchandising license agreements that require royalty payments based upon the Company ’s net sales of the respective products. The agreements call for guaranteed minimum commitments that are determined on a calendar year basis. Future guaranteed commitments due, as computed on a pro rata basis, as of December 31, are as follows:
2018 |  |  | 500,000 |
2019 |  |  | 500,000 |
Total |  | $ | 1,000,000 |

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- Definition The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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