Related Party Transactions

6 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 8 - Related Party Transactions

Stephen M. Merrick, Executive Vice President, Secretary and a Director of the Company, is of counsel to the law firm of Vanasco Genelly and Miller PC which provides legal services to the Company. Legal fees paid by the Company with this firm for the three months ended June 30, 2012 and 2011, respectively, were $54,000 and $46,000. Legal fees paid by the Company with this firm for the six months ended June 30, 2012 and 2011, respectively, were $70,000 and $86,000.

John H. Schwan, Chairman of the Company, is a principal of Shamrock Specialty Packaging and affiliated companies. The Company made payments for packaging materials, rent and temporary employees supplied by Shamrock of approximately $710,000 during the three months ended June 30, 2012 and $531,000 during the three months ended June 30, 2011. The Company made payments for packaging materials, rent and temporary employees supplied by Shamrock of approximately $1,560,000 during the six months ended June 30, 2012 and $1,050,000 during the six months ended June 30, 2011. At June 30, 2012 and 2011, outstanding accounts payable balances were $529,000 and $474,000, respectively.

Interest payments have been made to John H. Schwan and Stephen M. Merrick for loans made to the Company. During the three months ended June 30, 2012 these interest payments totaled $20,000. For the three months ended June 30, 2011 these interest payments totaled $27,000. During the six months ended June 30, 2012 these interest payments totaled $45,000. For the six months ended June 30, 2011 these interest payments totaled $59,000.

On July 1, 2011, Flexo Universal, S.A. de C.V. (“Flexo”) entered into a lease agreement with Venture Leasing S.A. de R.L. (“Venture Leasing Mexico”) for the lease of balloon production equipment financed and owned by Venture Leasing Mexico and used by Flexo for the production of latex balloons. Venture Leasing Mexico is wholly owned by entities owned by John H. Schwan, Chairman of the Company and Stephen M. Merrick, Chief Financial Officer of the Company. Venture Leasing Mexico and Venture Leasing L.L.C., also owned by entities owned by Mr. Schwan and Mr. Merrick, are deemed variable interest entities and are consolidated with the accounts of the Company. During the three and six months ended June 30, 2012, Flexo made lease payments to Venture Leasing Mexico totaling $39,000 and $78,000, respectively.