XML 14 R4.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Net Sales $ 8,537,475 $ 11,525,469 $ 33,480,704 $ 41,489,372
Cost of Sales 7,729,851 9,336,935 28,139,175 32,636,925
Gross profit 807,624 2,188,534 5,341,529 8,852,447
Operating expenses:        
General and administrative 1,466,830 1,509,804 5,054,028 5,074,340
Selling 377,577 728,303 1,230,181 2,545,635
Advertising and marketing 222,061 302,985 766,297 931,475
Gain on sale of assets (23,054) (24,061) (70,263) (71,474)
Total operating expenses 2,043,414 2,517,031 6,980,243 8,479,976
Income from operations (1,235,790) (328,497) (1,638,714) 372,471
Other (expense) income:        
Interest expense (486,636) (471,268) (1,549,703) (1,586,108)
Interest income 99 5,423 435 16,467
Other Expense (3,000,000)
Foreign currency loss (28,420) 35,528 (27,568) 53,311
Total other expense, net (514,957) (430,317) (4,576,836) (1,516,330)
Net income before taxes (1,750,747) (758,814) (6,215,550) (1,143,859)
Income tax expense (511,823) (212,589) (916,033) (332,791)
Net income (1,238,924) (546,225) (5,299,517) (811,068)
Less: Net (loss) income attributable to noncontrolling interest (71,559) 13,072 (157,045) (38,968)
Net income attributable to CTI Industries Corporation (1,167,365) (559,297) (5,142,472) (772,100)
Other Comprehensive Income (Loss)        
Foreign currency adjustment (281,817) 231,827 15,603 (110,605)
Comprehensive Income (Loss) $ (1,449,182) $ (327,470) $ (5,126,869) $ (882,705)
Basic income per common share (in dollars per share) $ (0.30) $ (0.16) $ (1.34) $ (0.22)
Diluted income per common share (in dollars per share) $ (0.30) $ (0.16) $ (1.34) $ (0.22)
Weighted average number of shares and equivalent shares of common stock outstanding:        
Basic (in shares) 3,835,950 3,530,227 3,835,950 3,530,227
Diluted (in shares) 3,835,950 3,530,227 3,835,950 3,530,227