Rocky Brands (RCKY) 10-Q 5 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	3 Months Ended
	Mar. 31, 2017	Apr. 26, 2017	Jun. 30, 2016
Document Information [Line Items]
Entity Registrant Name	Rocky Brands, Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Public Float			$ 78,433,671
Amendment Flag	false
Entity Central Index Key	895,456
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,440,301
Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		7,440,301

ROCKY BRANDS, INC. AND SUBSIDIA

ROCKY BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 2,693,078	$ 4,480,505	$ 3,716,716
Trade receivables – net	39,131,277	40,844,583	38,253,999
Other receivables	768,729	688,251	597,343
Inventories – net	68,819,390	69,168,442	84,502,529
Income tax receivable	510,223	1,243,678	1,214,755
Prepaid expenses	2,619,898	2,354,107	3,073,814
Total current assets	114,542,595	118,779,566	131,359,156
FIXED ASSETS – net	25,633,199	26,511,493	28,103,995
IDENTIFIED INTANGIBLES	33,383,261	33,415,694	36,514,458
OTHER ASSETS	225,670	232,509	253,621
TOTAL ASSETS	173,784,725	178,939,262	196,231,230
CURRENT LIABILITIES:
Accounts payable	14,620,330	11,589,040	15,044,942
Accrued expenses:
Salaries and wages	1,741,222	949,894	1,050,831
Taxes - other	692,267	842,325	462,277
Accrued freight	407,428	534,070	371,196
Commissions	401,663	446,703	345,825
Accrued duty	1,994,870	1,980,598	2,365,462
Other	1,302,558	1,377,281	1,490,356
Total current liabilities	21,160,338	17,719,911	21,130,889
LONG TERM DEBT	5,240,000	14,584,008	21,649,319
DEFERRED INCOME TAXES	11,365,800	11,365,800	11,968,791
DEFERRED LIABILITIES	176,219	176,219	265,262
TOTAL LIABILITIES	37,942,357	43,845,938	55,014,261
SHAREHOLDERS' EQUITY:
Common stock, no par value; 25,000,000 shares authorized; issued and outstanding March 31, 2017 - 7,435,467; December 31, 2016 - 7,421,455 and March 31, 2016 - 7,583,901	69,362,641	69,291,637	71,004,499
Retained earnings	66,479,727	65,801,687	70,212,470
Total shareholders' equity	135,842,368	135,093,324	141,216,969
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 173,784,725	$ 178,939,262	$ 196,231,230

ROCKY BRANDS, INC. AND SUBSIDI3

ROCKY BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - shares	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Shares authorized	25,000,000	25,000,000	25,000,000
Shares Outstanding	7,435,467	7,421,455	7,583,901

ROCKY BRANDS, INC. AND SUBSIDI4

ROCKY BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
NET SALES	$ 63,072,954	$ 57,529,945
COST OF GOODS SOLD	43,324,874	38,619,053
GROSS MARGIN	19,748,080	18,910,892
SELLING, GENERAL AND
ADMINISTRATIVE EXPENSES	17,381,909	19,131,894
INCOME (LOSS) FROM OPERATIONS	2,366,171	(221,002)
OTHER INCOME AND (EXPENSES):
Interest expense, net	(90,393)	(135,976)
Other – net	(9,837)	67,528
Total other - net	(100,230)	(68,448)
INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT)	2,265,941	(289,450)
INCOME TAX EXPENSE (BENEFIT)	770,000	(98,000)
COMPREHENSIVE INCOME (LOSS)	$ 1,495,941	$ (191,450)
NET INCOME (LOSS) PER SHARE
Basic (in Dollars per share)	$ 0.20	$ (0.03)
Diluted (in Dollars per share)	$ 0.20	$ (0.03)
COMMON SHARES OUTSTANDING
Basic (in Shares)	7,435,000	7,583,170
Diluted (in Shares)	7,436,788	7,583,170

ROCKY BRANDS, INC. AND SUBSIDI5

ROCKY BRANDS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 1,495,941	$ (191,450)
Adjustments to reconcile net income (loss) to net cash
Depreciation and amortization	1,857,590	1,905,604
Gain (Loss) on disposal of fixed assets	21,552	(16,053)
Stock compensation expense	71,004	122,107
Change in assets and liabilities
Receivables	2,366,282	6,281,344
Inventories	349,052	(7,511,470)
Other current assets	(265,791)	(1,629,353)
Other assets	6,839	5,191
Accounts payable	2,922,946	5,870,933
Accrued and other liabilities	409,138	425,872
Net cash provided by operating activities	9,234,553	5,262,725
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of fixed assets	(866,152)	(2,086,650)
Proceeds from sale of fixed assets	6,081	18,500
Net cash used in investing activities	(860,071)	(2,068,150)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from revolving credit facility	12,563,546	20,875,394
Repayments of revolving credit facility	(21,907,554)	(22,926,164)
Dividends paid on common stock	(817,901)	(834,229)
Net cash used in financing activities	(10,161,909)	(2,884,999)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,787,427)	309,576
BEGINNING OF PERIOD	4,480,505	3,407,140
END OF PERIOD	$ 2,693,078	$ 3,716,716

1. INTERIM FINANCIAL REPORTING

1. INTERIM FINANCIAL REPORTING	3 Months Ended
	Mar. 31, 2017
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. INTERIM FINANCIAL REPORTING In the opinion of management, the accompanying interim unaudited condensed consolidated financial statements reflect all adjustments that are necessary for a fair presentation of the financial results. All such adjustments reflected in the unaudited interim condensed consolidated financial statements are considered to be of a normal and recurring nature. The results of the operations for the three months ended March 31, 2017 and 2016 are not necessarily indicative of the results to be expected for the whole year. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in our Annual Report on Form 10-K for the year ended December 31, 2016.

2. TRADE RECEIVABLES

2. TRADE RECEIVABLES	3 Months Ended
	Mar. 31, 2017
Policy Text Block [Abstract]
Trade and Other Accounts Receivable, Policy [Policy Text Block]	2. TRADE RECEIVABLES Trade receivables are presented net of the related allowance for uncollectible accounts of approximately $1,396,000, $1,041,000 and $833,000 at March 31, 2017, December 31, 2016 and March 31, 2016, respectively. The allowance for uncollectible accounts is calculated based on the relative age and size of trade receivable balances. Our credit policy generally provides that trade receivables will be deemed uncollectible and written-off once we have pursued all reasonable efforts to collect on the account.

3. INVENTORIES

3. INVENTORIES	3 Months Ended
	Mar. 31, 2017
Inventory Related Text [Abstract]
Inventory Related Text	3. INVENTORIES Inventories, net of reserves, are comprised of the following: March 31, December 31, March 31, 2017 2016 2016 (Unaudited) (Unaudited) Raw materials $ 13,672,167 $ 14,260,416 $ 17,543,577 Work-in-process 1,011,788 751,519 920,773 Finished goods 54,135,435 54,156,507 66,038,179 Total $ 68,819,390 $ 69,168,442 $ 84,502,529

4. SUPPLEMENTAL CASH FLOW INFOR

4. SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash Flow, Supplemental Disclosures [Text Block]	4. SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information is as follows: (Unaudited) Three Months Ended March 31, 2017 2016 Interest $ 99,546 $ 117,947 Federal, state and local income taxes, net of refunds $ 36,499 $ 988,056 Fixed asset purchases in accounts payable $ 108,345 $ 148,357

5. PER SHARE INFORMATION

5. PER SHARE INFORMATION	3 Months Ended
	Mar. 31, 2017
Table Text Block [Abstract]
Schedule of Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Table Text Block]	5. PER SHARE INFORMATION Basic earnings per share (“EPS”) is computed by dividing net income applicable to common shareholders by the weighted average number of common shares outstanding during each period. The diluted earnings per share computation includes common share equivalents, when dilutive. There are no adjustments to net income necessary in the calculation of basic and diluted earnings per share. A reconciliation of the shares used in the basic and diluted income per common share computation for the three months ended March 31, 2017 and 2016 is as follows: (Unaudited) Three Months Ended March 31, 2017 2016 Weighted average shares outstanding 7,435,000 7,583,170 Dilutive restricted share units 1,764 - Dilutive stock options 24 - Dilutive weighted average shares outstanding 7,436,788 7,583,170 Weighted average shares that were antidilutive and therefore not included in the calculation of earnings per share were 83,537 and 142,518 for the three months ended March 31, 2017 and 2016, respectively. For the three months ended March 31, 2016, diluted earnings per share of common stock are equal to basic earnings per share of common stock due to the net loss.

6. RECENT FINANCIAL ACCOUNTING

6. RECENT FINANCIAL ACCOUNTING STANDARDS	3 Months Ended
	Mar. 31, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	6. RECENT FINANCIAL ACCOUNTING STANDARDS Recently Adopted Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40). Currently, there is no guidance in accounting principles generally accepted in the United States (U.S. GAAP) about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this update provide that guidance. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330). The amendments in this Update require an entity to measure inventory within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this Update more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company has adopted this ASU in the first quarter of 2017, which did not have an effect on the condensed consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes (Topic 740). The amendments in this update simplify the presentation of deferred income taxes, the amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. For public business entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted ASU 2015-17 effective January 2017 and applied the amendments retrospectively to maintain comparability of its consolidated balance sheets. The change in accounting standard has been applied retrospectively by adjusting the consolidated balance sheets for the prior periods presented. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). The amendments in this update were issued as part of the FASB’s initiative to reduce complexity in accounting standards. The areas for simplification in this update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. In addition, the amendments in this update eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. For public business entities, the amendments in this Update are effective for years beginning after December 15, 2016, including interim periods within those fiscal years. The Company has adopted this ASU in the first quarter of 2017, which did not have a material effect on the condensed consolidated financial statements. Upon adoption, The Company has elected to continue incorporating an estimate for forfeitures for share-based compensation with a service condition. Accounting standards not yet adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this update supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, the amendments supersede the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and create new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14. The amendments in this update defer the effective date of Update 2014-09. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method but plan to select a transition method no later than the fourth quarter of 2017. We are currently assessing our contracts with customers and related financial disclosures to evaluate the impact of the amended guidance on our existing revenue recognition policies and procedures. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606). This Update clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. The Update includes targeted improvements based on input the Board received from the Transition Resource Group for Revenue Recognition and other stakeholders. The Update seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis. The amendments in this update are effective at the same time as ASU 2014-09. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We have not yet determined the impact this ASU will have on our consolidated financial statements. In May 2016, the FASB issued ASU 2016-12: Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which provides narrow scope improvements and practical expedients related to ASU 2014-09: Revenue from Contracts with Customers (Topic 606). The purpose of ASU 2016-12 is to clarify certain narrow aspects of Topic 606 such as assessing the collectability criterion, presentation of sales taxes and other similar taxes collected from customers, noncash consideration, contract modifications at transition, completed contracts at transition, and technical correction. The standard has the same effective date as ASU 2014-09. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We have not yet determined the impact this ASU will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this Update will require lessees to recognize (with the exception of short-term leases) a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. For public business entities, the amendments in this Update are effective for years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted for all entities upon issuance. We have not yet determined the impact this ASU will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, addressing eight specific cash flow issues in an effort to reduce diversity in practice. The amended guidance is effective for fiscal years beginning after December 31, 2017, and for interim periods within those years. Early adoption is permitted. We have not yet determined the impact this ASU will have on our consolidated financial statements.

7. INCOME TAXES

7. INCOME TAXES	3 Months Ended
	Mar. 31, 2017
Policy Text Block [Abstract]
Income Tax, Policy [Policy Text Block]	7. INCOME TAXES We file income tax returns in the U.S. Federal jurisdiction and various state and foreign jurisdictions. We are no longer subject to U.S. Federal tax examinations for years before 2013. In 2014, we were subjected to an IRS examination of our consolidated U.S. Federal return for the year 2011. There were no adjustments to our return as a result of that examination. State jurisdictions that remain subject to examination range from 2012 to 2016. Foreign jurisdiction tax returns that remain subject to examination range from 2011 to 2016 for Canada and from 2011 to 2016 for Puerto Rico. We do not believe we have any uncertain tax positions. Our policy is to accrue interest and penalties on any uncertain tax position as a component of income tax expense. As of March 31, 2017, no such expenses were recognized during the quarter. We provided for income taxes at an estimated effective tax rate of 34.0% and 33.9% for the three months ended March 31, 2017 and 2016, respectively.

8. INTANGIBLE ASSETS

8. INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2017
Disclosure Text Block [Abstract]
Intangible Assets Disclosure [Text Block]	8. INTANGIBLE ASSETS A schedule of intangible assets is as follows: Gross Accumulated Carrying March 31, 2017 (unaudited) Amount Amortization Amount Trademarks: Wholesale $ 29,343,578 $ - $ 29,343,578 Retail 2,900,000 - 2,900,000 Patents 2,595,477 2,389,127 206,350 Customer relationships 2,200,000 1,266,667 933,333 Total Identified Intangibles $ 37,039,055 $ 3,655,794 $ 33,383,261 Gross Accumulated Carrying December 31, 2016 Amount Amortization Amount Trademarks: Wholesale $ 29,343,578 $ - $ 29,343,578 Retail 2,900,000 - 2,900,000 Patents 2,595,477 2,376,694 218,783 Customer relationships 2,200,000 1,246,667 953,333 Total Identified Intangibles $ 37,039,055 $ 3,623,361 $ 33,415,694 Gross Accumulated Carrying March 31, 2016 (unaudited) Amount Amortization Amount Trademarks: Wholesale $ 32,343,578 $ - $ 32,343,578 Retail 2,900,000 - 2,900,000 Patents 2,595,477 2,337,930 257,547 Customer relationships 2,200,000 1,186,667 1,013,333 Total Identified Intangibles $ 40,039,055 $ 3,524,597 $ 36,514,458 Amortization expense for intangible assets was $32,433 and $33,415 for the three months ended March 31, 2017 and 2016, respectively. The weighted average amortization period for patents and customer relationships are 6 years. Estimate of Aggregate Amortization Expense for the years ending December 31,: 2018 $ 121,468 2019 113,484 2020 110,578 2021 105,556 2022 101,969

9. CAPITAL STOCK

9. CAPITAL STOCK	3 Months Ended
	Mar. 31, 2017
Share-based Arrangements with Employees and Nonemployees [Abstract]
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	9. CAPITAL STOCK On May 7, 2014, our shareholders approved the 2014 Omnibus Incentive Plan (the “2014 Plan”). The 2014 Plan includes 500,000 of our common shares that may be granted under various types of awards as described in the 2014 Plan. As of March 31, 2017, we were authorized to issue 269,087 shares under this plan. Service Based Restricted Stock In the first quarter of 2016, we issued 30,000 restricted stock units to certain members of our management that will be settled in one share of common stock of the company per unit. These restricted stock units vest in increments of 25% per year over four years, commencing at the date of award. We valued the units at a fair value of $11.56 per unit, which was the closing price of our stock on the last trading date prior to the grant date. There were no issuances of restricted stock units in 2017. For the three months ended March 31, 2017 and 2016, we recorded expense of $18,426 and $62,691, respectively, related to restricted stock units. Performance Based Restricted Stock In the first quarter of 2016, we made available up to 43,000 performance based restricted stock units to certain members of our management. Shares underlying the performance based restricted stock units will be issued upon achieving certain established EPS goals at the end of fiscal year 2017. There were no issuances of performance based restricted stock units in 2017. For the three months ended March 31, 2017 and 2016, we did not record any expense related to these performance based restricted stock units as it is uncertain if we will reach the performance goals. Stock Options In the first quarter of 2017, we issued 43,500 stock options to certain members of our management. These stock options vest in increments of 20% per year over the next five years. The options are exercisable at $11.55 per option, which was the closing price of our stock on the last trading date prior to the grant date. We have determined the fair value of the options to be $2.85 per option using the Black Scholes calculation. The significant assumptions utilized for the Black Scholes calculations consist of an expected life of 6.5 years, historical volatility of 35.24%, a risk free interest rate of 2.26%, a dividend yield of 3.78% and an initial employee forfeiture rate of 7.7%. Our expected life estimate is based on the sum of the vesting terms divided by the number of vesting tranches. Also in the first quarter of 2017, we issued an additional 11,500 stock options to a member of our management. These units vest the same as the first issuance. The options are exercisable at $10.35 per option, which was the closing price of our stock on the last trading date prior to the grant date. We have determined the fair value of the options to be $2.45 per option using the Black Scholes calculation. The significant assumptions utilized for the Black Scholes calculation consists of an expected life of 6.5 years, historical volatility of 35.26%, a risk free interest rate of 2.43%, a dividend yield of 4.19% and an initial employee forfeiture rate of 7.7%. In the first quarter of 2016, we issued 30,000 stock options to certain members of our management. These stock options vest in increments of 20% per year over the next five years. The options are exercisable at $11.56 per option, which was the closing price of our stock on the last trading date prior to the grant date. We have determined the fair value of the options to be $3.41 per option using the Black Scholes calculation. The significant assumptions utilized for the Black Scholes calculation consists of an expected life of 6.5 years, historical volatility of 42.32%, a risk-free interest rate of 2.06%, a dividend yield of 3.81% and an initial employee forfeiture rate of 7.7%. Our expected life estimate is based on the sum of the vesting terms divided by the number of vesting tranches. For the three months ended March 31, 2017 and 2016, we recorded expense of $29,004 and $17,417, respectively, related to stock option issuances. The following summarizes stock option transactions from January 1, 2017 through March 31, 2017: Shares Weighted Average Exercise Price Options outstanding at January 1, 2017 42,250 $ 12.85 Issued 55,000 $ 11.30 Exercised - $ - Forfeited (20,650 ) $ 12.19 Options outstanding at March 31, 2017 76,600 $ 11.91 Options exercisable at: January 1, 2017 6,900 $ 14.10 March 31, 2017 14,100 $ 13.46 Unvested options at March 31, 2017 62,500 $ 11.56 During the three months ended March 31, 2017, we issued 3,636 shares of common stock to members of our Board of Directors. We recorded compensation expense of $42,000, which was the fair market value of the shares on the grant dates. The shares are fully vested. Repurchase of Common Stock In March 2017, our Board of Directors authorized the repurchase of up to $7,500,000 of common shares outstanding in open market or privately negotiated transactions over 12 months. The new authorization ran consecutively to the previous authorization made in February 2016, where the Board of Directors authorized the repurchase of up to $7,500,000 of common shares outstanding in open market or privately negotiated transactions over the next 12 months. During the three months ended March 31, 2017, we did not repurchase any shares. As of March 31, 2017, the February 2016 authorization has expired and we have $7,500,000 of availability remaining under the current authorization.

10. SEGMENT INFORMATION

10. SEGMENT INFORMATION	3 Months Ended
	Mar. 31, 2017
Table Text Block [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]	10. SEGMENT INFORMATION We have identified three reportable segments: Wholesale, Retail and Military. Wholesale includes sales of footwear and accessories to several classifications of retailers, including sporting goods stores, outdoor specialty stores, mail order catalogs, independent retailers, mass merchants, retail uniform stores, and specialty safety shoe stores. Retail includes all sales from our consumer websites, stores and all sales in our Lehigh division. Military includes sales to the U.S. Military. The following is a summary of segment results for the Wholesale, Retail, and Military segments. (Unaudited) Three Months Ended March 31, 2017 2016 NET SALES: Wholesale $ 39,168,428 $ 40,191,054 Retail 11,874,601 11,536,384 Military 12,029,925 5,802,507 Total Net Sales $ 63,072,954 $ 57,529,945 GROSS MARGIN: Wholesale $ 13,043,761 $ 12,971,037 Retail 5,324,619 5,144,944 Military 1,379,700 794,911 Total Gross Margin $ 19,748,080 $ 18,910,892 Segment asset information is not prepared or used to assess segment performance.

11. LONG-TERM DEBT

11. LONG-TERM DEBT	3 Months Ended
	Mar. 31, 2017
Long-term Debt, Description [Abstract]
Long-term Debt, Description	11. LONG-TERM DEBT In October 2010, we entered into a financing agreement with PNC Bank (“PNC”) to provide a $70 million credit facility. In December 2014, we amended and restated the credit facility to increase the facility to $75 million and extend the term of the facility an additional five years. The credit facility’s base interest rate is the current prime rate less 0.25%, however the credit facility provides us the option to borrow on up to eight fixed loans at LIBOR plus 1.25% in accordance with the 2014 amended and restated credit agreement. The LIBOR rate is determined based on the fixed loan maturities, which vary from 30, 60, 90, or 180 days. As of March 31, 2017, December 31, 2016 and March 31, 2016, we had approximately $0.2 million, $2.6 million and $1.6 million, respectively, in Prime based borrowings under the credit facility. As of March 31, 2017, December 31, 2016 and March 31, 2016, we had approximately $5.0 million, $12.0 million and $20.0 million, respectively, in fixed LIBOR borrowings under the credit facility. The amended and restated credit facility matures in November 2019. The total amount available under our amended and restated revolving credit facility is subject to a borrowing base calculation based on various percentages of accounts receivable and inventory. As of March 31, 2017, we had $5.2 million in borrowings under this facility and total capacity of $57.8 million. Our amended and restated credit facility contains a restrictive covenant which requires us to maintain a fixed charge coverage ratio. This restrictive covenant is only in effect upon a triggering event taking place (as defined in the amended and restated credit facility agreement). At March 31, 2017, there was no triggering event and the covenant was not in effect. Our amended and restated revolving credit facility matures in November 2019. We have no other long-term debt maturities.

12. FINANCIAL INSTRUMENTS

12. FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	12. FINANCIAL INSTRUMENTS Generally accepted accounting standards establish a framework for measuring fair value. The fair value accounting standard defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. This standard clarifies how to measure fair value as permitted under other accounting pronouncements. The fair value accounting standard defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. This standard also establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: · Level 1 – Quoted prices in active markets for identical assets or liabilities. · Level 2 – Observable inputs other than quoted market prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. · Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The fair values of cash and cash equivalents, receivables, and accounts payable approximated their carrying values because of the short-term nature of these instruments. Receivable consists primarily of amounts due from our customers, net of allowances, amounts due from employees (sales persons’ advances in excess of commissions earned and employee travel advances); other customer receivables, net of allowances; and expected insurance recoveries. The carrying amounts of our revolving line of credit and other short-term financing obligations also approximate fair value, as they are comparable to the available financing in the marketplace during the year . The fair value of our revolving line of credit is categorized as Level 2.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	6. RECENT FINANCIAL ACCOUNTING STANDARDS Recently Adopted Accounting Pronouncements In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40). Currently, there is no guidance in accounting principles generally accepted in the United States (U.S. GAAP) about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this update provide that guidance. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330). The amendments in this Update require an entity to measure inventory within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this Update more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company has adopted this ASU in the first quarter of 2017, which did not have an effect on the condensed consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes (Topic 740). The amendments in this update simplify the presentation of deferred income taxes, the amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. For public business entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted ASU 2015-17 effective January 2017 and applied the amendments retrospectively to maintain comparability of its consolidated balance sheets. The change in accounting standard has been applied retrospectively by adjusting the consolidated balance sheets for the prior periods presented. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). The amendments in this update were issued as part of the FASB’s initiative to reduce complexity in accounting standards. The areas for simplification in this update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. In addition, the amendments in this update eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. For public business entities, the amendments in this Update are effective for years beginning after December 15, 2016, including interim periods within those fiscal years. The Company has adopted this ASU in the first quarter of 2017, which did not have a material effect on the condensed consolidated financial statements. Upon adoption, The Company has elected to continue incorporating an estimate for forfeitures for share-based compensation with a service condition. Accounting standards not yet adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The amendments in this update supersede the revenue recognition requirements in Topic 605, Revenue Recognition, including most industry-specific revenue recognition guidance throughout the Industry Topics of the Codification. In addition, the amendments supersede the cost guidance in Subtopic 605-35, Revenue Recognition—Construction-Type and Production-Type Contracts, and create new Subtopic 340-40, Other Assets and Deferred Costs—Contracts with Customers. In summary, the core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14. The amendments in this update defer the effective date of Update 2014-09. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The guidance permits the use of either a retrospective or cumulative effect transition method. We have not yet selected a transition method but plan to select a transition method no later than the fourth quarter of 2017. We are currently assessing our contracts with customers and related financial disclosures to evaluate the impact of the amended guidance on our existing revenue recognition policies and procedures. In April 2016, the FASB issued ASU No. 2016-10, Revenue from Contracts with Customers (Topic 606). This Update clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue recognition standard. The Update includes targeted improvements based on input the Board received from the Transition Resource Group for Revenue Recognition and other stakeholders. The Update seeks to proactively address areas in which diversity in practice potentially could arise, as well as to reduce the cost and complexity of applying certain aspects of the guidance both at implementation and on an ongoing basis. The amendments in this update are effective at the same time as ASU 2014-09. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in Update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We have not yet determined the impact this ASU will have on our consolidated financial statements. In May 2016, the FASB issued ASU 2016-12: Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which provides narrow scope improvements and practical expedients related to ASU 2014-09: Revenue from Contracts with Customers (Topic 606). The purpose of ASU 2016-12 is to clarify certain narrow aspects of Topic 606 such as assessing the collectability criterion, presentation of sales taxes and other similar taxes collected from customers, noncash consideration, contract modifications at transition, completed contracts at transition, and technical correction. The standard has the same effective date as ASU 2014-09. Public business entities, certain not-for-profit entities, and certain employee benefit plans should apply the guidance in update 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. We have not yet determined the impact this ASU will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The amendments in this Update will require lessees to recognize (with the exception of short-term leases) a lease liability, which is a lessee‘s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. Under the new guidance, lessor accounting is largely unchanged. The new lease guidance simplified the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. For public business entities, the amendments in this Update are effective for years beginning after December 15, 2018, including interim periods within those fiscal years. Earlier application is permitted for all entities upon issuance. We have not yet determined the impact this ASU will have on our consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, addressing eight specific cash flow issues in an effort to reduce diversity in practice. The amended guidance is effective for fiscal years beginning after December 31, 2017, and for interim periods within those years. Early adoption is permitted.
New Accounting Pronouncements, Policy [Policy Text Block]	In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40). Currently, there is no guidance in accounting principles generally accepted in the United States (U.S. GAAP) about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related footnote disclosures. The amendments in this update provide that guidance. In doing so, the amendments should reduce diversity in the timing and content of footnote disclosures. The amendments require management to assess an entity’s ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Specifically, the amendments (1) provide a definition of the term substantial doubt, In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330). The amendments in this Update require an entity to measure inventory within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this Update more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (IFRS). For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company has adopted this ASU in the first quarter of 2017, which did not have an effect on the condensed consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Income Taxes - Balance Sheet Classification of Deferred Taxes (Topic 740). The amendments in this update simplify the presentation of deferred income taxes, the amendments in this update require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. The amendments in this update apply to all entities that present a classified statement of financial position. The current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the amendments in this update. For public business entities, the amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. The Company adopted ASU 2015-17 effective January 2017 and applied the amendments retrospectively to maintain comparability of its consolidated balance sheets. The change in accounting standard has been applied retrospectively by adjusting the consolidated balance sheets for the prior periods presented. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). The amendments in this update were issued as part of the FASB’s initiative to reduce complexity in accounting standards. The areas for simplification in this update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. In addition, the amendments in this update eliminate the guidance in Topic 718 that was indefinitely deferred shortly after the issuance of FASB Statement No. 123 (revised 2004), Share-Based Payment. For public business entities, the amendments in this Update are effective for years beginning after December 15, 2016, including interim periods within those fiscal years. The Company has adopted this ASU in the first quarter of 2017, which did not have a material effect on the condensed consolidated financial statements

3. INVENTORIES (Tables)

3. INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2017
Inventory Related Text [Abstract]
Inventory Disclosure [Text Block]	Inventories, net of reserves, are comprised of the following: March 31, December 31, March 31, 2017 2016 2016 (Unaudited) (Unaudited) Raw materials $ 13,672,167 $ 14,260,416 $ 17,543,577 Work-in-process 1,011,788 751,519 920,773 Finished goods 54,135,435 54,156,507 66,038,179 Total $ 68,819,390 $ 69,168,442 $ 84,502,529

4. SUPPLEMENTAL CASH FLOW INF20

4. SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information Related Text	Supplemental cash flow information is as follows: (Unaudited) Three Months Ended March 31, 2017 2016 Interest $ 99,546 $ 117,947 Federal, state and local income taxes, net of refunds $ 36,499 $ 988,056 Fixed asset purchases in accounts payable $ 108,345 $ 148,357

5. PER SHARE INFORMATION (Table

5. PER SHARE INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2017
Table Text Block [Abstract]
Earnings Per Share, Policy [Policy Text Block]	(Unaudited) Three Months Ended March 31, 2017 2016 Weighted average shares outstanding 7,435,000 7,583,170 Dilutive restricted share units 1,764 - Dilutive stock options 24 - Dilutive weighted average shares outstanding 7,436,788 7,583,170

8. INTANGIBLE ASSETS (Tables)

8. INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure Text Block [Abstract]
Schedule of Intangible Assets and Goodwill [Table Text Block]	A schedule of intangible assets is as follows: Gross Accumulated Carrying March 31, 2017 (unaudited) Amount Amortization Amount Trademarks: Wholesale $ 29,343,578 $ - $ 29,343,578 Retail 2,900,000 - 2,900,000 Patents 2,595,477 2,389,127 206,350 Customer relationships 2,200,000 1,266,667 933,333 Total Identified Intangibles $ 37,039,055 $ 3,655,794 $ 33,383,261 Gross Accumulated Carrying December 31, 2016 Amount Amortization Amount Trademarks: Wholesale $ 29,343,578 $ - $ 29,343,578 Retail 2,900,000 - 2,900,000 Patents 2,595,477 2,376,694 218,783 Customer relationships 2,200,000 1,246,667 953,333 Total Identified Intangibles $ 37,039,055 $ 3,623,361 $ 33,415,694 Gross Accumulated Carrying March 31, 2016 (unaudited) Amount Amortization Amount Trademarks: Wholesale $ 32,343,578 $ - $ 32,343,578 Retail 2,900,000 - 2,900,000 Patents 2,595,477 2,337,930 257,547 Customer relationships 2,200,000 1,186,667 1,013,333 Total Identified Intangibles $ 40,039,055 $ 3,524,597 $ 36,514,458
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Estimate of Aggregate Amortization Expense for the years ending December 31,: Estimate of Aggregate Amortization Expense for the years ending December 31,: 2018 $ 121,468 2019 113,484 2020 110,578 2021 105,556 2022 101,969

9. CAPITAL STOCK (Tables)

9. CAPITAL STOCK (Tables)	3 Months Ended
	Mar. 31, 2017
Share-based Arrangements with Employees and Nonemployees [Abstract]
Schedule of Stock Options Roll Forward [Table Text Block]	The following summarizes stock option transactions from January 1, 2017 through March 31, 2017: Shares Weighted Average Exercise Price Options outstanding at January 1, 2017 42,250 $ 12.85 Issued 55,000 $ 11.30 Exercised - $ - Forfeited (20,650 ) $ 12.19 Options outstanding at March 31, 2017 76,600 $ 11.91 Options exercisable at: January 1, 2017 6,900 $ 14.10 March 31, 2017 14,100 $ 13.46 Unvested options at March 31, 2017 62,500 $ 11.56

10. SEGMENT INFORMATION (Tables

10. SEGMENT INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2017
Table Text Block [Abstract]
Segment Reporting Disclosure [Text Block]	The following is a summary of segment results for the Wholesale, Retail, and Military segments. (Unaudited) Three Months Ended March 31, 2017 2016 NET SALES: Wholesale $ 39,168,428 $ 40,191,054 Retail 11,874,601 11,536,384 Military 12,029,925 5,802,507 Total Net Sales $ 63,072,954 $ 57,529,945 GROSS MARGIN: Wholesale $ 13,043,761 $ 12,971,037 Retail 5,324,619 5,144,944 Military 1,379,700 794,911 Total Gross Margin $ 19,748,080 $ 18,910,892

2. TRADE RECEIVABLES (Details)

2. TRADE RECEIVABLES (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Policy Text Block [Abstract]
Allowance for Doubtful Accounts Receivable	$ 1,396,000	$ 1,041,000	$ 833,000

3. INVENTORIES (Details) - Inv

3. INVENTORIES (Details) - Inventory Detail - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Inventory Detail [Abstract]
Raw materials	$ 13,672,167	$ 14,260,416	$ 17,543,577
Work-in-process	1,011,788	751,519	920,773
Finished goods	54,135,435	54,156,507	66,038,179
Total	$ 68,819,390	$ 69,168,442	$ 84,502,529

4. SUPPLEMENTAL CASH FLOW INFO

4. SUPPLEMENTAL CASH FLOW INFORMATION (Details) - Supplemental Cash Flow Information - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Supplemental Cash Flow Information [Abstract]
Interest	$ 99,546	$ 117,947
Federal, state and local income taxes,
net of refunds	36,499	988,056
Fixed asset purchases in accounts payable	$ 108,345	$ 148,357

5. PER SHARE INFORMATION (Detai

5. PER SHARE INFORMATION (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Table Text Block [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	83,537	142,518

5. PER SHARE INFORMATION (Deta

5. PER SHARE INFORMATION (Details) - Reconciliation of Diluted Shares - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Weighted average
shares outstanding	7,435,000	7,583,170
Dilutive restricted share units	1,764
Dilutive stock options	24
Dilutive weighted average
shares outstanding	7,436,788	7,583,170

7. INCOME TAXES (Details)

7. INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Policy Text Block [Abstract]
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent	34.00%	33.90%

8. INTANGIBLE ASSETS (Details)

8. INTANGIBLE ASSETS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Disclosure Text Block [Abstract]
Amortization of Intangible Assets	$ 32,433	$ 33,415
Finite-Lived Intangible Assets, Remaining Amortization Period	6 years

8. INTANGIBLE ASSETS (Details)

8. INTANGIBLE ASSETS (Details) - Intangible Assets - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
8. INTANGIBLE ASSETS (Details) - Intangible Assets [Line Items]
Gross Amount	$ 37,039,055	$ 37,039,055	$ 40,039,055
Accumulated Amortization	3,655,794	3,623,361	3,524,597
Carrying Amount	33,383,261	33,415,694	36,514,458
Wholesale (Member)
8. INTANGIBLE ASSETS (Details) - Intangible Assets [Line Items]
Gross Amount	29,343,578	29,343,578	32,343,578
Carrying Amount	29,343,578	29,343,578	32,343,578
Retail (Member)
8. INTANGIBLE ASSETS (Details) - Intangible Assets [Line Items]
Gross Amount	2,900,000	2,900,000	2,900,000
Carrying Amount	2,900,000	2,900,000	2,900,000
Patents [Member]
8. INTANGIBLE ASSETS (Details) - Intangible Assets [Line Items]
Gross Amount	2,595,477	2,595,477	2,595,477
Accumulated Amortization	2,389,127	2,376,694	2,337,930
Carrying Amount	206,350	218,783	257,547
Customer Relationships [Member]
8. INTANGIBLE ASSETS (Details) - Intangible Assets [Line Items]
Gross Amount	2,200,000	2,200,000	2,200,000
Accumulated Amortization	1,266,667	1,246,667	1,186,667
Carrying Amount	$ 933,333	$ 953,333	$ 1,013,333

8. INTANGIBLE ASSETS (Detail33

8. INTANGIBLE ASSETS (Details) - Estimate of Aggregate Amortization Expense	Mar. 31, 2017USD ($)
Estimate of Aggregate Amortization Expense [Abstract]
2,018	$ 121,468
2,019	113,484
2,020	110,578
2,021	105,556
2,022	$ 101,969

9. CAPITAL STOCK (Details)

9. CAPITAL STOCK (Details) - USD ($)	3 Months Ended		35 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017
9. CAPITAL STOCK (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares)	500,000		500,000
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted (in Shares)			269,087
Stock Issued During Period, Shares, Restricted Stock Award, Gross (in Shares)		30,000
Share-Based Compensation Arrangement by share-based payment award, Award vesting rights, percentage, first issuance		25.00%
Share-Based Compensation Arrangement by share-based payment award, restricted stock, grants in period, grant date intrinsic value (in Dollars per share)		$ 11.56
Restricted Stock or Unit Expense (in Dollars)	$ 18,426	$ 62,691
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in Shares)		43,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)		30,000
		20.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value (in Dollars per share)		$ 11.56
Fair Value Assumptions, Expected Term		6 years 6 months
Fair Value Assumptions, Expected Volatility Rate		42.32%
Fair Value Assumptions, Risk Free Interest Rate		2.06%
Fair Value Assumptions, Expected Dividend Rate		3.81%
Forfeiture_Rate		7.70%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in Shares)	55,000
Share-Based Compensation Arrangements by share-based payment award, options, grants in period, weighted average grant date fair value, second issuance (in Dollars per share)		$ 3.41
Stock or Unit Option Plan Expense (in Dollars)	$ 29,004	$ 17,417
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in Shares)	3,636
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures (in Dollars)	$ 42,000
Stock Repurchase Program, Authorized Amount (in Dollars)	7,500,000	$ 7,500,000	$ 7,500,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount (in Dollars)	$ 7,500,000		$ 7,500,000
Issuance 1 [Member]
9. CAPITAL STOCK (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)	43,500
	20.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value (in Dollars per share)	$ 11.55
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)	$ 2.85
Fair Value Assumptions, Expected Term	6 years 6 months
Fair Value Assumptions, Expected Volatility Rate	35.24%
Fair Value Assumptions, Risk Free Interest Rate	2.26%
Fair Value Assumptions, Expected Dividend Rate	3.78%
Forfeiture_Rate	7.70%
Issuance 2 [Member]
9. CAPITAL STOCK (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share)	$ 2.45
Share-Based Compensation Arrangement by share-based payment award, options, grants in period, grant date intrinsic value, second issuance (in Dollars per share)	$ 10.35
Fair Value Assumptions, Expected Term, second Issuance	6 years 6 months
Fair Value Assumptions, Expected Volatility Rate, Second Issuance	35.26%
Fiar Value Assumptions, Risk Free Interest Rate, Second Issuance	2.43%
Fair Value Assumptions, Expected Dividend Rate, Second Issuance	4.19%
Initial Forfeiture Rate, Second Issuance	7.70%
Issuance 2 [Member] | New hire [Member]
9. CAPITAL STOCK (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in Shares)	11,500

9. CAPITAL STOCK (Details) - S

9. CAPITAL STOCK (Details) - Stock Option Rollforward - $ / shares	3 Months Ended
	Mar. 31, 2017	Jan. 01, 2017
Stock Option Rollforward [Abstract]
Outstanding Shares	76,600	42,250
Outstanding Weighted Average Excercise Price	$ 11.91	$ 12.85
Issued	55,000
Issued	$ 11.30
Forfeited	(20,650)
Forfeited	$ 12.19
Options exercisable at:
Options Excercisable Shares	14,100	6,900
Options Excercisable Weighted Average Exercise Price	$ 13.46	$ 14.10
Unvested options at March 31, 2017	62,500
Unvested options at March 31, 2017	$ 11.56

10. SEGMENT INFORMATION (Detai

10. SEGMENT INFORMATION (Details) - Segment Information - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
NET SALES:
Net Sales	$ 63,072,954	$ 57,529,945
GROSS MARGIN:
Gross Margin	19,748,080	18,910,892
Wholesale (Member)
NET SALES:
Net Sales	39,168,428	40,191,054
GROSS MARGIN:
Gross Margin	13,043,761	12,971,037
Retail (Member)
NET SALES:
Net Sales	11,874,601	11,536,384
GROSS MARGIN:
Gross Margin	5,324,619	5,144,944
Military (Member)
NET SALES:
Net Sales	12,029,925	5,802,507
GROSS MARGIN:
Gross Margin	$ 1,379,700	$ 794,911

11. LONG-TERM DEBT (Details)

11. LONG-TERM DEBT (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Oct. 01, 2010
Long-term Debt, Description [Abstract]
Line of Credit Facility, Maximum Borrowing Capacity	$ 75			$ 70
Line of Credit Facility, Interest Rate at Period End	0.25%
Line of Credit Facility, Interest Rate During Period	1.25%
Prime Based Loans Under Line of Credit	$ 0.2	$ 2.6	$ 1.6
Libor_Loan	5	$ 12	$ 20
Long-term Line of Credit	5.2
Line of Credit Facility, Current Borrowing Capacity	$ 57.8