Yunhong Green CTI Ltd. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Yunhong Green CTI Ltd. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

YUNHONG GREEN CTI LTD. (YHGJ) filed a Annual Report (10-K) with the SEC on March 29, 2024. Yunhong Green CTI Ltd. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company's principal executive offices are located at 22160 N Pepper Rd, Barrington, IL 60010. The company was formerly known as Yunhong CTI Ltd. and CTI INDUSTRIES CORP. The filing covers the fiscal year from January 1, 2023, to December 31, 2023. The SIC code for the company is 3060 - FABRICATED RUBBER PRODUCTS, NEC.

Why It Matters

For investors and stakeholders tracking YUNHONG GREEN CTI LTD., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Yunhong Green CTI Ltd.'s financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its current standing. Understanding the company's historical name changes and its classification within the 'Fabricated Rubber Products, NEC' industry offers context for its market position and potential growth areas.

Risk Assessment

Risk Level: low — YUNHONG GREEN CTI LTD. shows low risk based on this filing. The filing is a standard 10-K annual report, which typically contains routine financial and business disclosures without immediate market-moving news.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Yunhong Green CTI Ltd.'s performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period end date)
• 2024-03-29 — Filing Date (Date the 10-K was filed)
• 3060 — SIC Code (Standard Industrial Classification for the company)
• 2023-01-01 — Fiscal Year Start (Reporting period start date)

Key Players & Entities

• YUNHONG GREEN CTI LTD. (company) — Filer name
• 20231231 (date) — Period of report
• 20240329 (date) — Filed as of date
• 22160 N PEPPER RD (address) — Business address street 1
• BARRINGTON (location) — Business address city
• IL (location) — Business address state
• 60010 (postal_code) — Business address zip
• 3060 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Yunhong Green CTI Ltd. operates within the 'Fabricated Rubber Products, NEC' industry, as indicated by its SIC code.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit annual reports.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the company's historical name changes for potential insights into corporate restructuring or strategy.
3. Investigate the company's SIC code (3060) to understand its industry peers and market dynamics.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-29: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the 2023 annual report filing (10-K), following previous filings which would include prior year annual reports and potentially other SEC submissions.

Key Financial Figures

• $1.97 — es No Based upon the closing price of $1.97 per share of the Registrant's Common St

Filing Documents

• form10-k.htm (10-K) — 1430KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 15KB
• ex31-2.htm (EX-31.2) — 15KB
• ex32-1.htm (EX-32.1) — 11KB
• ex97.htm (EX-97.1) — 38KB
• 0001493152-24-011910.txt (&nbsp;) — 6626KB
• yhgj-20231231.xsd (EX-101.SCH) — 51KB
• yhgj-20231231_cal.xml (EX-101.CAL) — 77KB
• yhgj-20231231_def.xml (EX-101.DEF) — 220KB
• yhgj-20231231_lab.xml (EX-101.LAB) — 451KB
• yhgj-20231231_pre.xml (EX-101.PRE) — 336KB
• form10-k_htm.xml (XML) — 786KB

Properties

Properties 11 Item No. 3

Legal Proceedings

Legal Proceedings 11 Part II Item No. 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 11 Item No. 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item No. 7A

Quantitative and Qualitative Disclosures Regarding Market Risk

Quantitative and Qualitative Disclosures Regarding Market Risk 22 Item No. 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 22 Item No. 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 22 Item No. 9A

Controls and Procedures

Controls and Procedures 22 Item No. 9B Other Information 23 Part III Item No. 10 Directors and Executive Officers of the Registrant 23 Item No. 11

Executive Compensation

Executive Compensation 28 Item No. 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 32 Item No. 13 Certain Relationships and Related Transactions 34 Item No. 14 Principal Accounting Fees and Services 34 Part IV Item No. 15 Exhibits and Financial Statement Schedules 35 Table of Contents FORWARD-LOOKING This Annual Report on Form 10-K includes both historical and "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. We have based these forward-looking statements on our current expectations and projections about future results. Words such as "may," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue," or similar words are intended to identify forward-looking statements, although not all forward-looking statements contain these words. Although we believe that our opinions and expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements, and our actual results may differ substantially from the views and expectations set forth in this Annual Report on Form 10-K. We disclaim any intent or obligation to update any forward-looking or expectations. These forward-looking statements are affected by factors, risks, uncertainties and assumptions that we make, including, without limitation, our participation in highly competitive markets, potential changes in the cost or availability of raw materials, our dependence on a limited number of suppliers, the possible inability to obtain an adequate supply of raw materials, our reliance on a limited number of key customers, the loss of one or more of our key customers, changing consumer demands, developments or changes in technology, risks of

Business

Business Overview We develop, produce, distribute and sell a number of consumer products throughout the United States and in several other countries, and we produce film products for commercial and industrial uses in the United States. Many of our products utilize flexible films and, for a number of years, we have been a leading developer of innovative products which employ flexible films including novelty balloons, pouches and films for commercial packaging applications. Our principal lines of products include: Novelty Products consisting principally of foil and latex balloons and related gift items; and Flexible Films for food and other commercial and packaging applications. In addition to these principal product lines, for the past several years, we have engaged in the assembly and sale of balloon-inspired gift items (small gift bouquets of arranged candy items often including ribbons and/or a small foil balloon). During 2023 we expanded to include samples of compostable material intended to replace single-use plastic and other materials. Adding these materials to our Company inspired us to ask our shareholders to include "Green" in our name and to reflect our name in new trading symbol "YHGJ". Our shareholders approved of these actions during August 2023. We leverage our technology to design and develop proprietary products which we develop, market and sell for our customers. We have been engaged in the business of developing flexible film products for over 40 years and have acquired significant technology and know-how in that time. We currently hold several patents related to flexible film products, including specific films, zipper closures, valves and other features of these products. 1 Table of Contents We print, process and convert flexible film into finished products and we produce balloons and novelty items. Our principal production processes include: Coating and laminating rolls of flexible film. Generally, we adhere polyethylene fil

Business

Business Strategies and Developments Our business strategies, and recent developments related to our business, include: Management . During 2020 Ms. Jana Schwan became our Chief Operating Officer after having served as Vice President of Operations and a number of other roles of increasing responsibility during her 20 years with the Company. During 2021, Mr. Cesario rejoined the Company's Board of Directors. During January 2022, Mr. Cesario rejoined the Company as Chief Executive Officer and Acting Chief Financial Officer, with Mr. Yubao Li retaining the role of Chairman of the Board of Directors. Financing . We entered into a credit facility during September 2021 that was extended during 2023 expiring September 2025. We have been in compliance with this credit facility since inception. Strategy. Our management determined to focus on achieving growth and profitability within the current scope of our core product lines – foil balloons and related products – from our United States based business. In addition, we seek to leverage advancements in compostable materials from a group of companies based in China that are directly or indirectly controlled by our Chairman and director, Mr. Yubao Li (collectively, and including LF International plc, these other companies are referred to herein as the "Yunhong Companies" or "Yunhong Group"). We believe the combination of traditional product optimization with risk-managed investment in new materials is the right combination for our company. Focus on our Core Assets and Expertise . We have been engaged in the development, production and sale of film and container products for 40 years and have developed assets, technology and expertise which, we believe, enable us to develop, manufacture, purchase, market and sell innovative products of high quality within our areas of knowledge and expertise. We have focused our efforts on these core assets and areas of expertise – film novelty products, specialty film products, laminat

View Full Filing

View this 10-K filing on SEC EDGAR