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Note 24 - Subsequent Events | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Subsequent Events [Text Block] | 24. Subsequent Events In October 2020, the Company received $1,500,000 as an advance from LF International Pte. is a related party which is controlled by the Company's CEO and director Mr. Yubao Li (LF International) for an investment to be made in the Company. During January 2021, the Company finalized the stock purchase agreement with LF International, pursuant to which the Company agreed to issue and sell, and LF International agreed to purchase, up to170,000 shares of the Company's newly created Series C Convertible Preferred Stock, no par value per share (“Series C Preferred”), with each share of Series C Preferred initially convertible into ten shares of the Company's common stock, at a purchase price of $0.88 per share, for aggregate gross proceeds of $1,500,000. As of December 31, 2020, the advance was classified as a current liability on the consolidated balance sheet. During the first quarter of 2021 all remaining warrants were exercised and 103,104 shares of common stock issued. Benchmark Investments, Inc. v. Yunhong CTI Ltd filed a case in the United States District Court for the Southern District of New York on March 16, 2021 and served on CTI on March 31, 2021. CTI has through April 21, 2021 to file its response to the complaint. The complaint seeks damages in excess of $500,000. During March 2021 the Company relocated its light assembly and warehousing operation from Lake Zurich, IL to Elgin, IL.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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