Subsequent Events

6 Months Ended

Jun. 30, 2020

Subsequent Events [Abstract]

Subsequent Events [Text Block]

Note 20 – COVID-19 Global Pandemic

In early 2020, a global outbreak of COVID-19 occurred initially in China and then across all locations where the Company does

business, and which is continuing into the second half of the year. In March 2020, the World Health Organization formally identified

the COVID-19 outbreak as a pandemic. In an effort to halt the outbreak of COVID-19, the governments of impacted countries,

including but not limited to the United States, the European Union, and China, have taken various actions to reduce its spread,

including travel restrictions, shutdowns of businesses deemed nonessential, and stay-at-home or similar orders.

This outbreak and

associated measures to reduce its spread have caused significant disruptions to the operations of the Company and its suppliers and

customers. The disruptions and negative impact to the Company include significant volume declines and lower net sales first at its

China subsidiaries in the first quarter of 2020 and subsequently, particularly beginning in the second half of March and into the second

quarter, at many of its other sites globally as the global economy slowed significantly in response to the pandemic. Management

continues to monitor the impact that the COVID-19 pandemic is having on the Company, the overall specialty chemical industry, and

the economies and markets in which the Company operates.

Further, management continues to evaluate how COVID-19-related circumstances, such as remote work arrangements, have

affected financial reporting processes, internal control over financial reporting, and disclosure controls and procedures. While the

circumstances have presented and are expected to continue to present challenges, at this time, management does not believe that

COVID-19 has had a material impact on financial reporting processes, internal controls over financial reporting, and disclosure

controls and procedures. 

The full extent of the COVID-19 pandemic related business and travel restrictions and changes to business and consumer

behavior intended to reduce its spread are uncertain as of the date of this Report as COVID-19 and the responses of governmental

authorities continue to rapidly evolve globally. The Company cannot reasonably estimate the magnitude of the effects these

conditions will have on the Company’s operations as they are subject to significant uncertainties relating to the ultimate geographic

spread of the virus, the incidence and severity of the disease, the duration or recurrence of the outbreak, the length of the travel

restrictions and business closures imposed by governments of impacted countries, and the economic response by governments of

impacted countries. 

To the extent that the Company’s customers and suppliers continue to be significantly and adversely impacted by COVID-19, this

could reduce the availability, or result in delays, of materials or supplies to or from the Company, which in turn could significantly

interrupt the Company’s business operations. Such impacts could grow and become more significant to the Company’s operations

and the Company’s liquidity or financial position. Therefore, given the speed and frequency of continuously evolving developments

with respect to this pandemic, the Company cannot reasonably estimate the magnitude or the full extent to which COVID-19 may

impact the Company’s results of operations, liquidity or financial position.