INVESTMENT IN AFFILIATE

12 Months Ended

Dec. 31, 2020

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. (“TGIF”). TGIF is a corporation which holds promissory notes receivable from its shareholders, including CII and Maurice Wiener, the Chairman of both the Company and TGIF. Reference is made to Note 9 for discussion on notes payable by CII to TGIF. This investment is recorded under the equity method of accounting. For the years ended December 31, 2020 and 2019, (loss) income from investment in affiliate amounted to approximately ($15,000) and $25,000, respectively and is included in income from other investments in HMG’s consolidated statements of income. In 2020 and 2019 TGIF declared and paid a cash dividend of $.08 per share each year. CII’s dividend amount received in 2020 and 2019 was approximately $221,000. 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.