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Discontinued Operations | 9 Months Ended
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Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | Note 2 – Discontinued Operations During October 2021, the Company sold its interest in Flexo Universal, S. de R.L. de C.V. (“Flexo”), a manufacturer of latex balloons based in Guadalajara, Mexico. The Company received $100,000 cash, a note originally worth $400,000, and title to certain manufacturing equipment. The balance of the note receivable was $90,000 and $255,000 as of September 30, 2022 and December 31, 2021, respectively. The Company recorded a loss from discontinued operations, net of taxes, of $416,000 and $1,232,000 for the three and nine month periods ended September 30, 2021 and none for the three and nine month periods ended September 30, 2022. In July 2019 management and the Board engaged in a review of CTI Balloons and CTI Europe 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 CTI Balloons and CTI Europe. These actions are being taken to focus our resources and efforts on our core business activities, particularly foil balloons and ancillary products based in North America. The Company determined that these entities met the held-for-sale and discontinued operations accounting criteria. Accordingly, the Company has reported the results of these operations as discontinued operations in the Consolidated Statements of Comprehensive Income and presented the related assets and liabilities as held-for-sale in the Consolidated Balance Sheets. These changes have been applied for all periods presented. The disposal of CTI Europe was delayed due to COVID issues but was completed during 2021. The Company divested its CTI Balloons (United Kingdom) subsidiary in the fourth quarter 2019. CTI Europe recorded a gain from discontinued operations, net of taxes of $45,000 and $146,000 for the three and nine month periods ended September 30, 2021, and none during the three and nine month periods ended September 30, 2022, respectively, which is included in the above. As of September 30, 2022 and December 31, 2021, there were no assets or liabilities related to discontinued operations. Summarized Discontinued Operations Financial Information The following table summarizes the major line items for the operations that are included in the income from discontinued operations, net of tax line item in the Unaudited Consolidated Statements of Comprehensive Income for the nine months ended: Schedule of Discontinued Operations Financial Information
|  | September 30, 2022 |  |  | September 30, 2021 |
Income Statement |  |  |  |  |  |  |  |
Net Sales |  | $ | - |  |  | $ | 2,481,000 |
Cost of Sales |  |  | - |  |  |  | 2,883,000 |
Gross Loss |  |  | - |  |  |  | (402,000 | )
SG&A |  |  | - |  |  |  | 710,000 |
Operating Income |  |  | - |  |  |  | (1,112,000 | )
Other Expense |  |  | - |  |  |  | 120,000 |
Pretax loss from discontinued operations |  |  | - |  |  |  | (1,232,000 | )
Gain from classification to held for sale |  |  | - |  |  |  | - |
Net Income (loss) from discontinued operations |  |  | - |  |  |  | (1,232,000 | )
Non-controlling Interest share of profit/loss |  |  | - |  |  |  | 727,000 |
Net Loss |  | $ | - |  |  | $ | 505,000 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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