XML 18 R2.htm IDEA: XBRL DOCUMENT v3.5.0.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current assets:    
Cash and cash equivalents (VIE $41,000 and $82,000, respectively) $ 475,041 $ 346,404
Accounts receivable, (less allowance for doubtful accounts of $115,000 and $126,000, respectively) (VIE $37,000 and $4,000, respectively) 9,723,415 11,410,999
Inventories, net (VIE $1,286,000 and $1,264,000, respectively) 18,950,958 17,869,911
Net deferred income tax asset 734,302 761,096
Prepaid expenses (VIE $17,000 and $17,000, respectively) 2,240,829 1,057,464
Other current assets (VIE $51,000 and $33,000, respectively) 1,266,945 991,297
Total current assets 33,391,490 32,437,171
Property, plant and equipment:    
Machinery and equipment (VIE $0 and $546,000, respectively) 26,513,591 26,847,110
Building 3,378,006 3,360,017
Office furniture and equipment (VIE $86,000 and $66,000, respectively) 3,568,744 3,512,613
Intellectual property 482,088 482,088
Land 250,000 250,000
Leasehold improvements 611,805 624,902
Fixtures and equipment at customer locations 3,174,535 3,174,535
Projects under construction 710,301 773,985
Property, Plant and Equipment, Gross 38,689,070 39,025,250
Less : accumulated depreciation and amortization (VIE $26,000 and $150,000, respectively) (32,924,700) (32,471,694)
Total property, plant and equipment, net 5,764,370 6,553,556
Other assets:    
Deferred financing costs, net 82,557 112,615
Goodwill (VIE $440,000 and $440,000, respectively) 1,473,176 1,473,176
Net deferred income tax asset 1,121,825 986,181
Other assets (due from related party $46,000 and $46,000, respectively) 496,811 242,270
Total other assets 3,174,369 2,814,242
TOTAL ASSETS 42,330,229 41,804,969
Current liabilities:    
Checks written in excess of bank balance (VIE $15,000 and $8,000, respectively) 1,551,997 1,481,827
Trade payables (VIE $128,000 and $238,000, respectively) 4,700,235 4,271,860
Line of credit (VIE $443,000 and $484,000, respectively) 11,836,864 10,952,924
Notes payable - current portion (net discount of $185,000 and $171,000, respectively) (VIE $0 and $311,000, respectively) 153,318 501,710
Notes payable affiliates - current portion 8,499 8,670
Capital Lease - current portion 42,576 41,204
Accrued liabilities (VIE $940,000 and $655,000, respectively) 2,732,901 2,942,481
Total current liabilities 21,026,390 20,200,676
Long-term liabilities:    
Notes payable - affiliates 625,613 266,835
Notes payable, net of current portion (net of deferred financing fees of $17,000 and $113,000, respectively) (VIE $102,000 and $200, respectively) 6,749,742 6,665,700
Notes payable - officers, subordinated 1,368,817 1,323,139
Capital lease 23,714 45,351
Deferred gain 387,080 0
Total long-term debt, net of current portion 9,154,966 8,301,025
Warrants Payable 941,123 714,245
Total long-term liabilities 10,096,089 9,015,270
CTI Industries Corporation stockholders' equity:    
Preferred Stock -- no par value, 2,000,000 shares authorized, 0 shares issued and outstanding 0 0
Common stock - no par value, 5,000,000 shares authorized, 3,386,579 shares issued and 3,342,921 shares outstanding 13,898,494 13,775,994
Paid-in-capital 1,601,141 1,577,807
Accumulated earnings 1,594,621 1,670,788
Accumulated other comprehensive loss (4,680,329) (4,076,318)
Less: Treasury stock, 75,627 shares (160,784) (160,784)
Total CTI Industries Corporation stockholders' equity 12,253,143 12,787,487
Noncontrolling interest (1,045,393) (198,464)
Total Equity 11,207,750 12,589,023
TOTAL LIABILITIES AND EQUITY $ 42,330,229 $ 41,804,969