Note 13 - Summary of Subsequent Events	3 Months Ended
Mar. 31, 2019
Notes to Financial Statements
Subsequent Events [Text Block]	Note 13 - Summary of Subsequent Events In July of 2019 management and the Board engaged in a review of the Company’s international subsidiaries and determined that they are not accretive to the Company overall, add complexity to the Company’s structure and utilize resources. Therefore, as of July 19, 2019, the board authorized management to divest of all international subsidiaries. The Company divested its United Kingdom subsidiary in the fourth quarter 2019 and expects to divest its European (German) and Mexican subsidiaries in the first half of 2020. The operations of these entities will be presented as discontinued operations in the third quarter 2019, the period in which they met the accounting criteria for discontinued operations. These actions are being taken to focus our resources and efforts on our core business activities, particularly foil balloons and ancillary products based in the United States. In October 2019, we determined that we would not renew our Trademark License Agreement with SC Johnson when it expired on December 31, 2019. Under this Agreement, we were licensed to manufacture and sell a line of vacuum sealing machines and pouches under the Ziploc® Brand Vacuum Sealer System. The terms of the Agreement included a run-off provision which allowed us to sell products under the Ziploc® trademark for 90 days after the end of the Agreement. For the three months ended March 31, 2019, we had revenue of $2.2 million associated with products which utilized the Ziploc® trademark. Our exit of the Ziploc® product line is considered a strategic shift and will have a major effect on our operations and financial results on a go forward basis. However, as we continued to utilize the Ziploc® related assets in 2020, those assets will not be considered abandoned until they cease to be used at the end of the first quarter of 2020. Therefore, our Ziploc® operations cannot be classified as discontinued operations in these financial statements but will be presented as discontinued operations when all of the applicable accounting criteria are met. We have also dramatically changed our capital structure. On January 3, 2020 we entered into a securities purchase agreement, as amended on February 24, 2020 and April 13, 2020, ( the “LF Purchase Agreement”) with LF International Pte., a Singapore private limited company (the “LF International”), which is controlled by Company director Mr. Yubao Li, pursuant to which the Company agreed to issue and sell, and LF International agreed to purchase, up to 500,000 shares of the Company’s newly created Series A Convertible Preferred Stock (“Series A Preferred”), with each share of Series A Preferred initially convertible into ten shares of the Company’s common stock, at a purchase price of $10.00 per share, for aggregate gross proceeds of $5,000,000 (the “LF International Offering”). As a result of the LF International Offering, a change of control of the Company may occur. As permitted by the LF Purchase Agreement, the Company may, in its discretion issue up to an additional 200,000 shares of Series A Preferred for a purchase price of $10.00 per share to additional investors (the “Additional Shares Offering,” and collectively with the LF International Offering, the “Offering”). On January 13, 2020, the Company conducted its first closing of the LF International Offering, resulting in aggregate gross proceeds of $2,500,000. Pursuant to the LF Purchase Agreement, LF International received the right to nominate and elect one member to the Company’s board of directors (subject to certain adjustments), effective as of the first closing, as well as a second director by the earlier of (i) the Company’s upcoming 2020 annual meeting of shareholders and (ii) May 15, 2020 and a third director by the Company’s upcoming 2020 annual meeting of shareholders. Pursuant to LF International’s nomination, effective January 13, 2020, the Board appointed Mr. Yubao Li as a director of the Company. Additionally, pursuant to the LF Purchase Agreement, on March 12, 2020, the Company changed its name to Yunhong CTI Ltd. To date, the Company has sold 492,660 shares of Series A Preferred to LF International and other accredited investors for aggregate gross proceeds of $4,926,600. Additionally, on April 1, 2020, an investor converted an accounts receivable of $482,000 owed to the investor by the Company in exchange for 48,200 shares of Series A Preferred. Our business and results of operations may be negatively impacted by the spread of COVID- 19. We sell our products throughout the United States and in many foreign countries and may be impacted by public health crises beyond our control. This could disrupt our operations and negatively impact sales of our products. Our customers, suppliers and distributors may experience similar disruption. In December 2019, COVID- 19 was reported in Wuhan, China. The World Health Organization has since declared the outbreak to constitute a pandemic. The extent of the impact of COVID- 19 on our operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, the impact on our customers and employees, all of which are uncertain and cannot be predicted. The preventative and protective actions that governments have taken to counter the effects of COVID- 19 have resulted in a period of business disruption, including delays in shipments of products and raw materials. To the extent the impact of COVID- 19 continues or worsens, the demand for our products may be negatively impacted, and we may have difficulty obtaining the materials necessary for the production of our products. In addition, the production facilities of our suppliers may be closed for sustained periods of time and industry-wide shipment of products may be negatively impacted, the severity of which may exceed the $1 million in Payroll Protection Program funds received by the Company from the US Federal Government. COVID- 19 has also delayed certain strategic transactions the Company intended to close on in the near future and the Company does not know if and when such transactions will be completed.

Note

- Summary of Subsequent Events

July

2019

management and the Board engaged in a review of the Company’s international subsidiaries and determined that they are

not

accretive to the Company overall, add complexity to the Company’s structure and utilize resources. Therefore, as of

July 19, 2019,

the board authorized management to divest of all international subsidiaries. The Company divested its United Kingdom subsidiary in the

fourth

quarter

2019

and expects to divest its European (German) and Mexican subsidiaries in the

first

half of

2020.

The operations of these entities will be presented as discontinued operations in the

third

quarter

2019,

the period in which they met the accounting criteria for discontinued operations. These actions are being taken to focus our resources and efforts on our core business activities, particularly foil balloons and ancillary products based in the United States. In

October 2019,

we determined that we would

not

renew our Trademark License Agreement with SC Johnson when it expired on

December 31, 2019.

Under this Agreement, we were licensed to manufacture and sell a line of vacuum sealing machines and pouches under the Ziploc® Brand Vacuum Sealer System. The terms of the Agreement included a run-off provision which allowed us to sell products under the Ziploc® trademark for

days after the end of the Agreement. For the

three

months ended

March 31, 2019,

we had revenue of

$2.2

million associated with products which utilized the Ziploc® trademark. Our exit of the Ziploc® product line is considered a strategic shift and will have a major effect on our operations and financial results on a go forward basis. However, as we continued to utilize the Ziploc® related assets in

2020,

those assets will

not

be considered abandoned until they cease to be used at the end of the

first

quarter of

2020.

Therefore, our Ziploc® operations cannot be classified as discontinued operations in these financial statements but will be presented as discontinued operations when all of the applicable accounting criteria are met. We have also dramatically changed our capital structure. On

January 3, 2020

we entered into a securities purchase agreement, as amended on

February 24, 2020

and

April 13, 2020, (

the “LF Purchase Agreement”) with LF International Pte., a Singapore private limited company (the “LF International”), which is controlled by Company director Mr. Yubao Li, pursuant to which the Company agreed to issue and sell, and LF International agreed to purchase, up to

500,000

shares of the Company’s newly created Series A Convertible Preferred Stock (“Series A Preferred”), with each share of Series A Preferred initially convertible into

ten

shares of the Company’s common stock, at a purchase price of

$10.00

per share, for aggregate gross proceeds of

$5,000,000

(the “LF International Offering”). As a result of the LF International Offering, a change of control of the Company

may

occur. As permitted by the LF Purchase Agreement, the Company

may,

in its discretion issue up to an additional

200,000

shares of Series A Preferred for a purchase price of

$10.00

per share to additional investors (the “Additional Shares Offering,” and collectively with the LF International Offering, the “Offering”). On

January 13, 2020,

the Company conducted its

first

closing of the LF International Offering, resulting in aggregate gross proceeds of

$2,500,000.

Pursuant to the LF Purchase Agreement, LF International received the right to nominate and elect

one

member to the Company’s board of directors (subject to certain adjustments), effective as of the

first

closing, as well as a

second

director by the earlier of (i) the Company’s upcoming

2020

annual meeting of shareholders and (ii)

May 15, 2020

and a

third

director by the Company’s upcoming

2020

annual meeting of shareholders. Pursuant to LF International’s nomination, effective

January 13, 2020,

the Board appointed Mr. Yubao Li as a director of the Company. Additionally, pursuant to the LF Purchase Agreement, on

March 12, 2020,

the Company changed its name to Yunhong CTI Ltd. To date, the Company has sold

492,660

shares of Series A Preferred to LF International and other accredited investors for aggregate gross proceeds of

$4,926,600.

Additionally, on

April 1, 2020,

an investor converted an accounts receivable of

$482,000

owed to the investor by the Company in exchange for

48,200

shares of Series A Preferred. Our business and results of operations

may

be negatively impacted by the spread of COVID-

19.

We sell our products throughout the United States and in many foreign countries and

may

be impacted by public health crises beyond our control. This could disrupt our operations and negatively impact sales of our products. Our customers, suppliers and distributors

may

experience similar disruption. In

December 2019,

COVID-

was reported in Wuhan, China. The World Health Organization has since declared the outbreak to constitute a pandemic. The extent of the impact of COVID-

on our operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, the impact on our customers and employees, all of which are uncertain and cannot be predicted. The preventative and protective actions that governments have taken to counter the effects of COVID-

have resulted in a period of business disruption, including delays in shipments of products and raw materials. To the extent the impact of COVID-

continues or worsens, the demand for our products

may

be negatively impacted, and we

may

have difficulty obtaining the materials necessary for the production of our products. In addition, the production facilities of our suppliers

may

be closed for sustained periods of time and industry-wide shipment of products

may

be negatively impacted, the severity of which

may

exceed the

million in Payroll Protection Program funds received by the Company from the US Federal Government. COVID-

has also delayed certain strategic transactions the Company intended to close on in the near future and the Company does

not

know if and when such transactions will be completed.