INVESTMENT IN AFFILIATE

12 Months Ended

Dec. 31, 2018

Investments In Affiliates [Abstract]

Investments In Affiliates Disclosure [Text Block]

6. INVESTMENT IN AFFILIATE

Investment in affiliate consists of CII’s 49% equity interest in T.G. I.F. Texas, Inc. (“T.G.I.F.”). T.G.I.F. is a corporation which holds promissory notes receivable from its shareholders, including CII and Maurice Wiener, the Chairman of both the Company and T.G.I.F. Reference is made to Note 9 for discussion on notes payable by CII to T.G.I.F. This investment is recorded under the equity method of accounting. For the years ended December 31, 2018 and 2017, income from investment in affiliate amounted to approximately $74,000 and $70,000, respectively and is included in income from other investments in HMG’s consolidated statements of income. In 2018 and 2017 T.G.I.F. declared and paid a cash dividend of $.07 per share. CII’s dividend amount received was approximately $193,000 each year. This dividend is recorded as a reduction in the carrying amount of CII investment in T.G.I.F. as required under the equity method of accounting.