Note 14 - Variable Interest Entities ("VIE") and Transactions	12 Months Ended
Dec. 31, 2020
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	14. Variable Interest Entities ( “ VIE ” ) and Transactions During 2010, two entities owned by officers and/or principal shareholders of the Company (John H. Schwan and Stephen M. Merrick, who were officers and directors of the Company during the relevant time period) provided financing for Flexo Universal, the Company's Mexico subsidiary, for the acquisition and construction of latex balloon production and related equipment. The entities included Venture Leasing L.L.C., (“VLUS”), an Illinois limited liability company which is 100% owned by an entity owned by Mr. Schwan and Mr. Merrick, and Venture Leasing Mexico S. A. de R. L (“VLM”), a Mexico company which is also owned 100% by entities owned by Mr. Schwan and Mr. Merrick. The Company was the primary beneficiary of VLUS & VLM and accordingly consolidated the result of the entities in its financial statements. Mr. Schwan and Mr. Merrick, through entities owned by them, arranged for a line of credit in the amount of $1,000,000 from Barrington Bank in order to loan monies to VLUS as needed. During 2010, VLUS received advances on this line totaling $700,000. VLUS loaned substantially all of these funds to VLM. VLM utilized the funds to purchase materials, parts, components and services for the acquisition and construction of balloon production and related equipment to be placed at the premises of Flexo Universal. Assembly and construction of this equipment was completed on or about December 31, 2010 and, in January 2011, the equipment was placed in service at Flexo Universal. The Company has not provided any guarantees related to VLUS or VLM and no creditors of the variable interest entities have recourse to the general credit of the Company as a result of including VLUS & VLM in the consolidated financial statements. The accounts of VLM and VLUS have been consolidated with the accounts of the Company. On May 31, 2016, Flexo Universal purchased the equipment from VLM for 8.7M Mexican Peso or $470,000 USD and the lease was terminated. Mr. Schwan and Mr. Merrick were partial owners of Clever Container (renamed Clever Organizing Solutions; “Clever”), an Illinois limited liability company engaged in the sale and distribution through a network of independent distributors, of household items including containers and organizing products. Together they own roughly half of Clever. The Company acquired a 28.5% interest in Clever from third parties in 2016. The Company produced and sold certain container products to Clever and also purchased and re-sold products to Clever. By reason of the level of ownership of Clever by two principal officers and/or shareholders of the Company, the ownership interest of the Company in Clever and the transactions among the Company and Clever Container, the determination was made to consolidate the results of Clever in the consolidated financial statements of the Company commencing as of October 1, 2013. Through June 30, 2019, the Company had determined that it was the primary beneficiary of these entities and included them in our consolidated results. In the third quarter, we determined that operationally material changes in our involvement with Clever and VL resulted in us having no power over the decisions which impact their financial performance. The Company ceased providing financial, inventory management and purchasing, reporting and other support functions. Therefore, we are no longer the primary beneficiary of these entities. Effective July 1, 2019, we deconsolidated these entities and their results are not included in our Consolidated Statements of Comprehensive Income subsequent to June 30, 2019. Upon deconsolidation of these entities, we recognized a gain of $219,000. In accordance with ASC 810 - 10 because the carrying value of the noncontrolling interest of Clever which was eliminated exceeded the net carrying value of the assets and liabilities of Clever. The Company determined that there was no fair value associated with its remaining noncontrolling interest in Clever based on an income approach.

14.

Variable Interest Entities (

“

VIE

”

) and Transactions

During

2010,

two

entities owned by officers and/or principal shareholders of the Company (John H. Schwan and Stephen M. Merrick, who were officers and directors of the Company during the relevant time period) provided financing for Flexo Universal, the Company's Mexico subsidiary, for the acquisition and construction of latex balloon production and related equipment. The entities included Venture Leasing L.L.C., (“VLUS”), an Illinois limited liability company which is

100%

owned by an entity owned by Mr. Schwan and Mr. Merrick, and Venture Leasing Mexico S. A. de R. L (“VLM”), a Mexico company which is also owned

100%

by entities owned by Mr. Schwan and Mr. Merrick. The Company was the primary beneficiary of VLUS & VLM and accordingly consolidated the result of the entities in its financial statements.

Mr. Schwan and Mr. Merrick, through entities owned by them, arranged for a line of credit in the amount of

$1,000,000

from Barrington Bank in order to loan monies to VLUS as needed. During

2010,

VLUS received advances on this line totaling

$700,000.

VLUS loaned substantially all of these funds to VLM. VLM utilized the funds to purchase materials, parts, components and services for the acquisition and construction of balloon production and related equipment to be placed at the premises of Flexo Universal. Assembly and construction of this equipment was completed on or about

December 31, 2010

and, in

January 2011,

the equipment was placed in service at Flexo Universal.

The Company has

not

provided any guarantees related to VLUS or VLM and

creditors of the variable interest entities have recourse to the general credit of the Company as a result of including VLUS & VLM in the consolidated financial statements. The accounts of VLM and VLUS have been consolidated with the accounts of the Company. On

May 31, 2016,

Flexo Universal purchased the equipment from VLM for

8.7M

Mexican Peso or

$470,000

USD and the lease was terminated.

Mr. Schwan and Mr. Merrick were partial owners of Clever Container (renamed Clever Organizing Solutions; “Clever”), an Illinois limited liability company engaged in the sale and distribution through a network of independent distributors, of household items including containers and organizing products. Together they own roughly half of Clever. The Company acquired a

28.5%

interest in Clever from

third

parties in

2016.

The Company produced and sold certain container products to Clever and also purchased and re-sold products to Clever. By reason of the level of ownership of Clever by

two

principal officers and/or shareholders of the Company, the ownership interest of the Company in Clever and the transactions among the Company and Clever Container, the determination was made to consolidate the results of Clever in the consolidated financial statements of the Company commencing as of

October 1, 2013.

Through

June 30, 2019,

the Company had determined that it was the primary beneficiary of these entities and included them in our consolidated results. In the

third

quarter, we determined that operationally material changes in our involvement with Clever and VL resulted in us having

power over the decisions which impact their financial performance. The Company ceased providing financial, inventory management and purchasing, reporting and other support functions. Therefore, we are

longer the primary beneficiary of these entities. Effective

July 1, 2019,

we deconsolidated these entities and their results are

not

included in our Consolidated Statements of Comprehensive Income subsequent to

June 30, 2019.

Upon deconsolidation of these entities, we recognized a gain of

$219,000.

In accordance with ASC

810

because the carrying value of the noncontrolling interest of Clever which was eliminated exceeded the net carrying value of the assets and liabilities of Clever. The Company determined that there was

fair value associated with its remaining noncontrolling interest in Clever based on an income approach.