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Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]  
Basis of Accounting, Policy [Policy Text Block]
The accompanying condensed (a) consolidated balance sheet as of
December 31, 2018,
which has been derived from audited consolidated financial statements, and (b) the unaudited interim condensed consolidated financial statements have been prepared and, in the opinion of management, contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to present fairly the consolidated financial position and the consolidated statements of comprehensive income and consolidated cash flows for the periods presented in conformity with generally accepted accounting principles for interim consolidated financial information and the instructions to Form
10
-Q and Article
8
of Regulation S-
X.
Accordingly, they do
not
include all the information and footnotes required by accounting principles generally accepted in the United States of America. Operating results for the
three
months ended
March 31, 2019
are
not
necessarily indicative of the results that
may
be expected for the fiscal year ending
December 31, 2019.
It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's annual report on Form
10
-K for the fiscal year ended
December 31, 2018.
Consolidation, Policy [Policy Text Block]
Principles of consolidation and nature of operations:
 
The condensed consolidated financial statements include the accounts of CTI Industries Corporation and its wholly-owned subsidiaries, CTI Balloons Limited and CTI Supply, Inc., its majority-owned subsidiaries, Flexo Universal, S. de R.L. de C.V. and CTI Europe gmbH, as well as the accounts of Venture Leasing S. A. de R. L., Venture Leasing L.L.C and Clever Container Company, L.L.C. (the “Company”). The last
three
entities have been consolidated as variable interest entities. All significant intercompany transactions and accounts have been eliminated in consolidation. The Company (i) designs, manufactures and distributes balloon and related novelty (candy and party related) products throughout the world, (ii) operates systems for the production, lamination, coating and printing of films used for food packaging and other commercial uses and for conversion of films to flexible packaging containers and other products, and (iii) distributes vacuum sealing products and home organization products in the United States. We have announced our intention to divest our interest in Clever Container and deconsolidate that entity from our group. As we still hold an equity interest in Clever Container as of
March 31, 2019,
it remains consolidated as a variable interest entity.
Consolidation, Variable Interest Entity, Policy [Policy Text Block]
Variable Interest Entities (“VIE’s”):
 
The determination of whether or
not
to consolidate a variable interest entity under U.S. GAAP requires a significant amount of judgment concerning the degree of control over an entity by its holders of variable interest. To make these judgments, management has conducted an analysis of the relationship of the holders of variable interest to each other, the design of the entity, the expected operations of the entity, which holder of variable interests is most “closely associated” to the entity and which holder of variable interests is the primary beneficiary required to consolidate the entity. Upon the occurrence of certain events, management reviews and reconsiders its previous conclusion regarding the status of an entity as a variable interest entity. There are
three
entities that have been consolidated as variable interest entities.
Use of Estimates, Policy [Policy Text Block]
Use of estimates:
 
In preparing condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of revenue and expenses during the reporting period in the condensed consolidated financial statements and accompanying notes. Actual results
may
differ from those estimates. The Company’s significant estimates include reserves for doubtful accounts, reserves for the lower of cost or market of inventory, reserves for deferred tax assets and recovery value of goodwill.
Earnings Per Share, Policy [Policy Text Block]
Earnings per share:
 
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during each period.
 
Diluted earnings per share is computed by dividing the net income by the weighted average number of shares of common stock and equivalents (stock options and warrants), unless anti-dilutive, during each period.
 
As of
March 31, 2019
and
2018,
shares to be issued upon the exercise of options and warrants aggregated
471,144
for each period. The number of shares included in the determination of earnings on a diluted basis for the
three
months ended
March 31, 2019
and
2018
were
none
,
as doing so would have been anti-dilutive.
New Accounting Pronouncements, Policy [Policy Text Block]
Significant Accounting Policies:
 
The Company’s significant accounting policies are summarized in Note
2
of the Company’s consolidated financial statements for the year ended
December 31, 2018.
There were
no
significant changes to these accounting policies during the
three
months ended
March 31, 2019,
except for the adoption of Accounting Standards Codification (ASC) Topic
842,
Leases
.
 
On
January 1, 2019,
we adopted ASC Topic
842
(Leases). The adoption of this standard significantly increased our assets and liabilities and further discussed in Note
12.
ASC
842
requires a lessee to recognize assets and liabilities related to leases with terms in excess of
12
months. Such assets are typically considered Right-Of-Use (“ROU”) assets. Prior information has
not
been restated and continues to be reported under the accounting standards in effect for those periods.
 
On
January 1, 2018,
we adopted ASC
606
(Revenue From Contracts With Customers) using the modified retrospective method. The adoption of ASC
606
did
not
have a material impact on our consolidated financial position or results of operations, as our revenue arrangements generally consist of a single performance obligation to transfer promised goods at a fixed price.
 
Net sales include revenues from sales of products and shipping and handling charges, net of estimates for product returns. Revenue is measured at the amount of consideration the Company expects to receive in exchange for the transferred products. Revenue is recognized at the point in time when we transfer the promised products to the customer and the customer obtains control over the products. The Company recognizes revenue for shipping and handling charges at the time the goods are shipped to the customer, and the costs of outbound freight are included in cost of sales, as we have elected the practical expedient included in ASC
606.
 
The Company provides for product returns based on historical return rates. While we incur costs for sales commissions to our sales employees and outside agents, we recognize commission costs concurrent with the related revenue, as the amortization period is less than
one
year and we have elected the practical expedient included in ASC
606.
We do
not
incur incremental costs to obtain contracts with our customers. Our product warranties are assurance-type warranties, which promise the customer that the products are as specified in the contract. Therefore, the product warranties are
not
a separate performance obligation and are accounted for as described herein. Sales taxes assessed by governmental authorities are accounted for on a net basis and are excluded from net sales.
Auditor Replacement Process [Policy Text Block]
Auditor Replacement Process:
 
During
April 2019,
our independent registered accounting firm, Plante & Moran PLLC, declined to stand for reappointment as auditor. We are currently seeking a replacement audit firm. This quarterly report on Form
10Q
is being prepared without the benefit of auditor review, and we intend to amend its filing upon the hiring of a replacement independent registered accounting firm.