XML 12 R2.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents (VIE $2,000 and $57,000, respectively) $ 178,298 $ 428,150
Accounts receivable, (less allowance for doubtful accounts of $94,000 and $85,000, respectively) 8,884,291 10,830,555
Inventories, net (VIE $269,000 and $340,000, respectively) 20,519,240 20,007,488
Prepaid expenses (VIE $106,000 and $127,000, respectively) 394,797 858,158
Other current assets 1,342,896 886,383
Total current assets 31,319,522 33,010,734
Property, plant and equipment:    
Machinery and equipment 23,880,732 23,807,985
Building 3,374,334 3,367,082
Office furniture and equipment (VIE $303,000 and $303,000, respectively) 2,685,450 2,649,280
Intellectual property 783,179 783,179
Land 250,000 250,000
Leasehold improvements 413,053 409,188
Fixtures and equipment at customer locations 518,450 518,450
Projects under construction 180,955 150,272
Property, Plant and Equipment, Gross 32,086,153 31,935,436
Less : accumulated depreciation and amortization (VIE $107,000 and $104,000, respectively) (28,657,592) (28,120,455)
Total property, plant and equipment, net 3,428,561 3,814,981
Other assets:    
Goodwill (VIE $440,000 and $440,000, respectively) 1,473,176 1,473,176
Net deferred income tax asset 539,305 135,094
Operating lease right-of-use 1,872,470
Other non-current assets (3,000,000)
Other assets 15,274 326,849
Total other assets 900,225 1,935,119
TOTAL ASSETS 35,648,308 38,760,834
Current liabilities:    
Checks written in excess of bank balance (VIE $2,000 and $7,000, respectively) 1,030,369 636,142
Trade payables (VIE $77,000 and $62,000, respectively) 8,678,165 6,679,670
Line of credit (VIE $232,000 and $267,000, respectively) 12,429,643 16,582,963
Notes payable - current portion 4,522,104 4,432,320
Notes payable affiliates - current portion 11,727 10,821
Operating Lease Liabilities 1,005,650 0
Accrued liabilities (VIE $35,000 and $89,000, respectively) 1,705,380 1,866,796
Total current liabilities 29,383,038 30,208,712
Long-term liabilities:    
Notes payable - affiliates 222,408 199,122
Notes payable, net of current portion (VIE $30,000 and $27,000, respectively) 443,675 399,912
Operating Lease Liabilities 866,820
Notes payable - officers, subordinated 1,027,280 1,597,019
Deferred gain (non current) 257,348 100,340
Deferred income tax liability
Total long-term debt, net of current portion 2,817,531 2,296,393
Total long-term liabilities 2,817,531 2,296,393
CTI Industries Corporation stockholders' equity:    
Preferred Stock -- no par value, 3,000,000 shares authorized, 0 shares issued and outstanding
Common stock - no par value, 15,000,000 shares authorized, 3,879,608 shares issued and 3,835,950 shares outstanding 13,898,494 13,898,494
Paid-in-capital 3,461,832 2,506,437
Accumulated earnings (6,840,594) (2,865,486)
Accumulated other comprehensive loss (5,753,138) (6,050,347)
Less: Treasury stock, 43,658 shares (160,784) (160,784)
Total CTI Industries Corporation stockholders' equity 4,605,810 7,328,314
Noncontrolling interest (1,158,071) (1,072,585)
Total Equity 3,447,739 6,255,729
TOTAL LIABILITIES AND EQUITY $ 35,648,308 $ 38,760,834