Tandy Leather Factory (TLF) 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2014	10-May-14
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'TANDY LEATHER FACTORY INC	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	10,198,733
Amendment Flag	'false	'
Entity Central Index Key	'0000909724	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Balance_Sheets_Cu

Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Mar. 31, 2014	Dec. 31, 2013
CURRENT ASSETS:	'	'
Cash	$8,949,915	$11,082,679
Accounts receivable-trade, net of allowance for doubtful accounts of $0 and $1,000 in 2014 and 2013, respectively	886,644	762,405
Inventory	30,532,522	26,300,830
Deferred income taxes	327,922	309,533
Prepaid expenses	1,640,122	1,609,644
Other current assets	160,543	478,593
Total current assets	42,497,668	40,543,684
PROPERTY AND EQUIPMENT, at cost	20,869,036	20,290,990
Less accumulated depreciation and amortization	-6,138,879	-5,863,280
	14,730,157	14,427,710
GOODWILL	977,351	981,985
OTHER INTANGIBLES, net of accumulated amortization of approximately $633,000 and $622,000 in 2014 and 2013, respectively	91,860	103,228
OTHER assets	332,945	341,959
TOTAL ASSETS	58,629,981	56,398,566
CURRENT LIABILITIES:	'	'
Accounts payable-trade	2,728,051	1,884,637
Accrued expenses and other liabilities	5,230,206	5,808,882
Income taxes payable	604,777	272,198
Current maturities of long-term debt	202,500	202,500
Total current liabilities	8,765,534	8,168,217
DEFERRED INCOME TAXES	1,172,276	1,212,557
LONG-TERM DEBT, net of current maturities	2,345,625	2,396,250
STOCKHOLDERS’ EQUITY:	'	'
Preferred stock, $0.10 par value; 20,000,000 shares authorized; none issued or outstanding; attributes to be determined on issuance	0	0
Common stock, $0.0024 par value; 25,000,000 shares authorized; 11,226,957 and 11,192,356 shares issued at 2014 and 2013, respectively; 10,233,334 and 10,198,733 shares outstanding at 2014 and 2013, respectively	26,945	26,862
Paid-in capital	5,892,824	5,892,907
Retained earnings	43,362,004	41,507,592
Treasury stock at cost (993,623 shares at 2014 and 2013)	-2,894,068	-2,894,068
Accumulated other comprehensive income	-41,159	88,249
Total stockholders’ equity	46,346,546	44,621,542
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$58,629,981	$56,398,566

Consolidated_Balance_Sheets_Cu1

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Accounts receivable-trade, net allowance for doubtful accounts (in Dollars)	$0	$1,000
OTHER INTANGIBLES, net of accumulated amortization (in Dollars)	$633,000	$622,000
Preferred stock par value (in Dollars per share)	$0.10	$0.10
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in Dollars per share)	$0.00	$0.00
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	11,226,957	11,192,356
Common stock, shares outstanding	10,233,334	10,198,733
Treasury stock shares	993,623	993,623

Consolidated_Statements_of_Inc

Consolidated Statements of Income (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
NET SALES	$19,838,466	$19,237,827
COST OF SALES	7,122,743	7,306,998
Gross profit	12,715,723	11,930,829
OPERATING EXPENSES	9,749,060	9,309,969
INCOME FROM OPERATIONS	2,966,663	2,620,860
OTHER (INCOME) EXPENSE:	'	'
Interest expense	45,828	56,094
Other, net	-1,344	-26,739
Total other (income) expense	44,484	29,355
INCOME BEFORE INCOME TAXES	2,922,179	2,591,505
PROVISION FOR INCOME TAXES	1,067,767	1,005,184
NET INCOME	$1,854,412	$1,586,321
BASIC (in Dollars per share)	$0.18	$0.16
DILUTED (in Dollars per share)	$0.18	$0.16
BASIC (in Shares)	10,198,733	10,162,442
DILUTED (in Shares)	10,239,505	10,194,219

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
NET INCOME	$1,854,412	$1,586,321
Foreign currency translation adjustments, net of tax	-129,408	-188,351
COMPREHENSIVE INCOME	$1,725,004	$1,397,970

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$1,854,412	$1,586,321
Adjustments to reconcile net income to net cash provided by (used in) operating activities:	'	'
Depreciation and amortization	346,555	263,102
Loss on disposal or abandonment of assets	3,600	21,003
Non-cash stock-based compensation	0	5,843
Deferred income taxes	-58,670	45,873
Other	-124,726	-176,925
Net changes in assets and liabilities:	'	'
Accounts receivable-trade, net	-124,239	-112,121
Inventory	-4,231,692	503,792
Prepaid expenses	-30,478	-614,298
Other current assets	318,050	-263,284
Accounts payable-trade	843,414	163,265
Accrued expenses and other liabilities	-578,676	-1,447,527
Income taxes payable	332,579	520,257
Total adjustments	-3,304,283	-1,091,020
Net cash provided by (used in) operating activities	-1,449,871	495,301
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchase of property and equipment	-641,282	-982,553
Decrease (increase) in other assets	9,014	-3,124
Net cash used in investing activities	-632,268	-985,677
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Payments on notes payable and long-term debt	-50,625	-50,625
Net cash used in financing activities	-50,625	-50,625
NET DECREASE IN CASH	-2,132,764	-541,001
CASH, beginning of period	11,082,679	7,705,182
CASH, end of period	8,949,915	7,164,181
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:	'	'
Interest paid during the period	45,828	56,094
Income tax paid during the period, net of (refunds)	$791,137	$384,652

Consolidated_Statements_of_Sto

Consolidated Statements of Stockholders’ Equity (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012
BALANCE,	$46,346,546	$38,924,830	$44,621,542	$37,521,017
BALANCE, (in Shares)	11,226,957	'	11,192,356	'
Stock-based compensation	0	5,843	'	'
Net income	1,854,412	1,586,321	'	'
Translation adjustment	-129,408	-188,351	'	'
Common Stock [Member]	'	'	'	'
BALANCE,	26,945	26,775	26,862	26,775
BALANCE, (in Shares)	10,233,334	10,162,442	10,198,733	10,162,442
Stock-based compensation	83	'	'	'
(in Shares)	34,601	'	'	'
Additional Paid-in Capital [Member]	'	'	'	'
BALANCE,	5,892,824	5,773,351	5,892,907	5,767,508
Stock-based compensation	-83	5,843	'	'
Treasury Stock [Member]	'	'	'	'
BALANCE,	-2,894,068	-2,894,068	-2,894,068	-2,894,068
Retained Earnings [Member]	'	'	'	'
BALANCE,	43,362,004	35,828,196	41,507,592	34,241,875
Net income	1,854,412	1,586,321	'	'
Accumulated Other Comprehensive Income (Loss) [Member]	'	'	'	'
BALANCE,	-41,159	190,576	88,249	378,927
Translation adjustment	($129,408)	($188,351)	'	'

Note_1_Basis_of_Presentation_a

Note 1 - Basis of Presentation and Certain Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Basis of Presentation and Significant Accounting Policies [Text Block]	'
	1	BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES
	In the opinion of management, the accompanying consolidated financial statements for Tandy Leather Factory, Inc. and its consolidated subsidiaries contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly its financial position as of March 31, 2014 and December 31, 2013, and its results of operations and cash flows for the three-month periods ended March 31, 2014 and 2013. Operating results for the three-month period ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2013.
	The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
	Inventory. Inventory is stated at the lower of cost or market and is accounted for on the “first in, first out” method. Based on negotiations with vendors, title generally passes to us when merchandise is put on board. Merchandise to which we have title but which have not yet received is recorded as inventory in transit. In addition, the value of inventory is periodically reduced for slow-moving or obsolete inventory based on management’s review of items on hand compared to their estimated future demand.
	The components of inventory consist of the following:
			As of
			31-Mar-14			31-Dec-13
	Inventory on hand:
	Finished goods held for sale		$	26,633,088		$	24,546,771
	Raw materials and work in process			884,798			853,200
	Inventory in transit			3,014,636			900,859
			$	30,532,522		$	26,300,830
	Goodwill and Other Intangibles. Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is required to be evaluated for impairment on an annual basis, absent indicators of impairment during the interim. Application of the goodwill impairment test requires exercise of judgment, including the estimation of future cash flows, determination of appropriate discount rates and other important assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for each reporting unit.
	A two-step process is used to test for goodwill impairment. The first phase screens for impairment, while the second phase (if necessary) measures the impairment. We have elected to perform the annual analysis during the fourth calendar quarter of each year. As of December 31, 2013, management determined that the present value of the discounted estimated future cash flows of the stores associated with the goodwill is sufficient to support their respective goodwill balances. No indicators of impairment were identified during the first quarter of 2014.
	A summary of changes in our goodwill for the periods ended March 31, 2014 and 2013 is as follows:
			Leather Factory			Tandy Leather		Total
	Balance, December 31, 2012		$	607,319		$	383,406	$	990,725
	Acquisitions and adjustments			-			-		-
	Foreign exchange gain/loss			(3,186	)		-		(3,186	)
	Impairments			-			-		-
	Balance, March 31, 2013		$	604,133		$	383,406	$	987,539
			Leather Factory			Tandy Leather		Total
	Balance, December 31, 2013		$	598,579		$	383,406	$	981,985
	Acquisitions and adjustments			-			-		-
	Foreign exchange gain/loss			(4,634	)		-		(4,634	)
	Impairments			-			-		-
	Balance, March 31, 2014		$	593,945		$	383,406	$	977,351
	Other intangibles consist of the following:
			As of March 31, 2014								As of December 31, 2013
			Gross			Accumulated		Net			Gross		Accumulated		Net
						Amortization							Amortization
	Trademarks, Copyrights		$	544,369		$	495,592	$	48,777		$	544,369	$	487,891	$	56,478
	Non-Compete Agreements			180,156			137,073		43,083			181,216		134,466		46,750
			$	724,525		$	632,665	$	91,860		$	725,585	$	622,357	$	103,228
	We recorded amortization expense of $11,368 during the first quarter of 2014 compared to $8,526 during the first quarter of 2013. All of our intangible assets, other than goodwill, are subject to amortization under U.S. GAAP. Based on the current amount of intangible assets subject to amortization, the estimated amortization expense for each of the succeeding 5 years is as follows:
			Wholesale			Retail		Total
			Leathercraft			Leathercraft
	2014		$	455		$	33,337	$	33,792
	2015			-			28,635		28,635
	2016			-			2,000		2,000
	2017			-			-		-
	2018			-			-		-
	Revenue Recognition. Our sales generally occur via two methods: (1) at the counter in our stores, and (2) shipment by common carrier. Sales at the counter are recorded and title passes as transactions occur. Otherwise, sales are recorded and title passes when the merchandise is shipped to the customer. Our shipping terms are FOB shipping point.
	We offer an unconditional satisfaction guarantee to our customers and accept all product returns. Net sales represent gross sales less negotiated price allowances, product returns, and allowances for defective merchandise.
	Comprehensive Income (loss) and Accumulated Other Comprehensive Income (loss). Comprehensive income (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-stockholder sources and includes all changes in equity during a period except those resulting from investments by and dividends to stockholders. Our comprehensive income (loss) consists of our net income and foreign currency translation adjustments from our international operations.
	Recent Accounting Pronouncements.  In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The objective of ASU 2013-02 is to improve reporting by requiring entities to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in the statement of operations. The amendments in ASU 2013-02 are required to be applied retrospectively and are effective for reporting periods beginning after December 15, 2012. The adoption of the standard did not have any impact on our consolidated financial statements.
	In July 2013, FASB issued ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or Tax Credit Carryforward Exists” to eliminate the diversity in practice associated with the presentation of unrecognized tax benefits in instances where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 generally requires an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except in certain circumstances. The amendments in ASU 2013-11 are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this standard did not have a material impact on our consolidated financial statements.
	In April 2014, FASB issued Accounting Standards Update 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. Under the new guidance, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This guidance also changes an entity’s requirements when presenting, for each comparative period, the assets and liabilities of a disposal group that includes a discontinued operation. A discontinued operation may include a component of an entity, or a business or nonprofit activity. The guidance is effective for interim and annual reporting periods beginning after December 15, 2014. The adoption of the new requirements is not expected to have a material impact on our consolidated earnings, financial position or cash flows.

Note_2_Notes_Payable_and_LongT

Note 2 - Notes Payable and Long-Term Debt	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Debt Disclosure [Text Block]	'
	2	NOTES PAYABLE AND LONG-TERM DEBT
	On July 31, 2007, we entered into a Credit Agreement and Line of Credit Note with JPMorgan Chase Bank, N.A., pursuant to which the bank agreed to provide us with a credit facility of up to $5,500,000 to facilitate our purchase of real estate consisting of a 191,000 square foot building situated on 30 acres of land located at 1900 SE Loop 820 in Fort Worth, Texas. Under the terms of the Line of Credit Note, we could borrow from time to time until April 30, 2008, up to the lesser of $5,500,000 or 90% of the cost of the property and make monthly payments. Proceeds in the amount of $4,050,000 were used to fund the purchase of the property from Standard Motor Products, Inc. under an Agreement of Purchase and Sale, dated June 25, 2007, which closed on July 31, 2007. No further borrowings were drawn. On April 30, 2008, the principal balance was rolled into a 10-year term note with an interest rate of 7.10% per annum.
	At March 31, 2014 and December 31, 2013, the amount outstanding under the above agreement consisted of the following:
			March 31,			December 31,
			2014			2013
	Credit Agreement with JPMorgan Chase Bank – collateralized by real estate; payable as follows:
	Line of Credit Note dated July 31, 2007, converted to a 10-year term note on April 30, 2008; $16,875 monthly principal payments plus interest at 7.1% per annum; matures April 30, 2018		$	2,548,125		$	2,598,750
				2,548,125			2,598,750
	Less - Current maturities			(202,500	)		(202,500	)
			$	2,345,625		$	2,396,250
	On July 12, 2012, we executed a Line of Credit Note with JPMorgan Chase Bank, N.A., pursuant to which the bank agreed to provide us with a revolving credit facility of up to $4 million. The revolver bears interest at LIBOR plus 2% (2.15% at March 31, 2014) and was to mature on June 30, 2013. On June 25, 2013, we executed a Note Modification Agreement which extended the maturity date of the Line of Credit Note to June 30, 2014. All other terms remain unchanged. Interest is paid monthly. The note was obtained for working capital purposes and is secured by the real estate and improvements located at 1900 Southeast Loop 820, Fort Worth Texas. No amounts were outstanding under this Line of Credit Note as of March 31, 2014.

Note_3_StockBased_Compensation

Note 3 - Stock-Based Compensation	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	3	STOCK-BASED COMPENSATION
	We have one stock option plan which provides for annual stock option grants to non-employee directors with an exercise price equal to the fair market value of the shares at the date of grant. Under this plan, 12,000 options were awarded to directors during the quarter ended March 31, 2013. These options vest and become exercisable six months from the option grant date. Options outstanding and exercisable were granted at a stock option price which was not less than the fair market value of our common stock on the date the option was granted and no option has a term in excess of ten years. No options were granted during the quarter ended March 31, 2014. We recognized share based compensation expense of $0 and $5,843 for the quarters ended March 31, 2014 and 2013, respectively, as a component of operating expenses. During the three months ended March 31, 2014 and 2013, the stock option activity under our stock option plans was as follows:
			Weighted Average Exercise		#		Weighted Average Remaining Contractual Term (in years)		Aggregate
			Price		of				Intrinsic
					shares				Value
	Outstanding, January 1, 2013		$	4.53		121,600
	Granted			6.87		12,000
	Cancelled			-		-
	Exercised			-		-
	Outstanding, March 31, 2013		$	4.74		133,600		4.97	$	218,446
	Exercisable, March 31, 2013		$	4.53		121,600		4.83	$	206,760
	Outstanding, January 1, 2014		$	5.04		84,600
	Granted			-		-
	Cancelled			-		-
	Exercised			-		-
	Outstanding, March 31, 2014		$	5.04		84,600		6.72	$	104,656
	Exercisable, March 31, 2014		$	5.04		84,600		6.72	$	104,656
	Other information pertaining to option activity during the three-month periods ended March 31, 2014 and 2013 are as follows:
			March 31, 2014		31-Mar-13
	Weighted average grant-date fair value of stock options granted			N/A	$	11,686
	Total fair value of stock options vested			N/A		N/A
	Total intrinsic value of stock options exercised			N/A		N/A
	The fair value of options at the date of grant was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:
			2014		2013
	Volatility			N/A		19.10%
	Expected option life (years)			N/A		3
	Interest rate (risk free)			N/A		0.80%
	Dividends			None		None
	As of March 31, 2014 and 2013, there was unrecognized compensation cost related to non-vested stock options of $0 and $5,843, respectively.
	We have a restricted stock plan that was adopted by our Board of Directors in January 2013 and approved by our stockholders in June 2013. The plan reserves up to 300,000 shares of our common stock for restricted stock awards to our executive officers, non-employee directors and other key employees. Awards granted under the plan may be stock awards or performance awards, and may be subject to a graded vesting schedule with a minimum vesting period of four years.
	In February 2014, our Chief Executive Officer, Chief Financial Officer and Senior Vice President were awarded restricted stock grants consisting of 9,375 shares each. In addition, four of our independent directors were awarded restricted stock grants consisting of 1,619 shares each. The grants will vest in equal annual amounts over a four-year period. The fair value of nonvested restricted common stock awards is the market value of our common stock on the date of grant. Compensation costs for these awards will be recognized on a straight-line basis.
	A summary of the activity for nonvested restricted common stock awards as of March 31, 2014 is presented below:
			Shares		Grant Fair Value
	Balance, January 1, 2014			-		-
	Granted			34,601	$	8.96
	Forfeited			-		-
	Vested			-		-
	Balance, March 31, 2014			34,601	$	8.96
	Total unrecognized compensation expense for the nonvested restricted stock awards as of March 31, 2014 totals $310,025 and is expected to be recognized in equal annual amounts over a period of four years.

Note_4_Earnings_Per_Share

Note 4 - Earnings Per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	4	EARNINGS PER SHARE
	The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three months ended March 31, 2014 and 2013:
			2014		2013
	Net income		$	1,854,412	$	1,586,321
	Numerator for basic and diluted earnings per share		$	1,854,412	$	1,586,321
	Denominator for basic earnings per share – weighted-average shares			10,198,733		10,162,442
	Effect of dilutive securities:
	Stock options			39,193		31,777
	Restricted stock			1,579		-
	Warrants			-		-
	Dilutive potential common shares			40,772		31,777
	Denominator for diluted earnings per share – weighted-average shares			10,239,505		10,194,219
	Basic earnings per share		$	0.18	$	0.16
	Diluted earnings per share		$	0.18	$	0.16
	The net effect of converting stock options and restricted stock to purchase 119,201 and 121,600 shares of common stock at exercise prices less than the average market prices has been included in the computations of diluted EPS for the quarters ended March 31, 2014 and 2013, respectively.

Note_5_Commitments_and_Conting

Note 5 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	5	COMMITMENTS AND CONTINGENCIES
	Legal Proceedings. On March 16, 2011, two former employees of ours filed a lawsuit, entitled Mark Barnes and Jerry Mercante on behalf of themselves and all other similarly situated v. Tandy Leather Company, Inc., Tandy Leather Factory, and Does 1-50, in the US District Court for the District of Nevada. The lawsuit was subsequently transferred to the United States District Court, Northern District of Texas, Fort Worth Division (“Court”), and an amended complaint was filed on May 9, 2011 by plaintiffs to add another former employee, Donna Cavota, as a third named plaintiff. The suit alleged that we violated requirements of the Fair Labor Standards Act (FLSA) as well as various state wage laws. Plaintiffs sought to represent themselves and all similarly situated U.S. current and former store managers of ours. A Settlement Agreement was reached between the parties, and on September 24, 2012, the Court issued an Order Preliminarily Approving the Settlement of all federal and state claims asserted by the plaintiffs in the litigation. We continue to deny any violation of any statute, law, rule or regulation, any liability or wrongdoing, and the truth of plaintiffs’ allegations. We agreed to enter into the Settlement Agreement to avoid further expense and inconvenience, end the disruption and burden of the litigation, avoid any other present or future litigation arising out of the facts that gave rise to the litigation, avoid the risk inherent in uncertain complex litigation, and to put to rest the controversy underlying the litigation.
	The Settlement Agreement preliminarily approved by the Court required us to establish a fund designated as a Qualified Settlement Fund (Escrow Account) in the amount of $993,386 to fund (1) settlement payments to the plaintiffs, (2) settlement payments to the other members of the settlement class who joined the case, (3) plaintiffs’ attorneys’ fees and expenses, and (4) and the claim administrator (Escrow Agent’s) fees and expenses.   The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Settlement Agreement which was attached as Exhibit 10.1 to a Current Report on Form 8-K, as filed with the Securities and Exchange Commission on October 1, 2012.
	The deadline established by the Court for any persons employed by us as store managers between November 23, 2008 and September 24, 2012 to join the lawsuit as class members expired on May 24, 2013. On June 28, 2013, the Court issued two orders: (1) an Order Approving Class and Collective Action Settlement and Dismissing Case with Prejudice, and (2) a Final Judgment, Approving Class and Collective Action Settlement and Dismissing Case with Prejudice. Pursuant to the Court’s June 28, 2013 orders, the claims administrator (Escrow Agent) was required to make payments to the plaintiffs and those existing and former store managers who joined the lawsuit by signing and returning Consent to Join Forms, which contained a release of us from the claims asserted in plaintiffs’ lawsuit.
	The settlement payments to the class members and the plaintiffs were made from the Escrow Account pursuant to the formula set forth in the Settlement Agreement by the claims administrator, as well as the payment of the plaintiffs’ attorney’s fees and the fees and expenses of the claims administrator (Escrow Agent). The total payment from the Escrow Account, including our required FICA payments based on the settlement payments, was $744,273 from the total Escrow Account of $993,386. All payments were made by the claims administrator and the balance of the Escrow Account (approximately $249,000) was returned to us in the first quarter of 2014.
	In connection with the settlement, we recorded a charge to operations of $993,386 during the quarter ended September 30, 2012 as this amount, as ordered by the Court, covered the full settlement of all claims of the plaintiffs and the class members, plaintiffs’ attorneys’ fees, and the fees and expenses of the claims administrator (Escrow Agent) in accordance with the terms of the Settlement Agreement. In the quarter ended June 30, 2013, we recorded a benefit of approximately $312,000, which was the expected remaining balance in the Escrow Account after all payments have been made. Payroll taxes associated with the payments to claimants of approximately $63,000 was recorded in the fourth quarter of 2013.
	We are periodically involved in various other litigation that arises in the ordinary course of business and operations. There are no such matters pending that we expect to have a material impact on our financial position and operating results. Legal costs associated with the resolution of claims, lawsuits and other contingencies are expensed as incurred.

Note_6_Segment_Information

Note 6 - Segment Information	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting Disclosure [Text Block]	'
	6. SEGMENT INFORMATION
	We identify our segments based on the activities of three distinct operations:
		a.	Wholesale Leathercraft, which consists of a chain of wholesale stores operating under the name, The Leather Factory, located in North America;
		b.	Retail Leathercraft, which consists of a chain of retail stores operating under the name, Tandy Leather Company, located in North America; and
		c.	International Leathercraft, which sells to both wholesale and retail customers. We have three stores operating in this segment: one in Northampton, United Kingdom, one in Sydney, Australia, and one in Jerez, Spain. These stores carry the same products as our North American stores.
	Our reportable operating segments have been determined as separately identifiable business units, and we measure segment earnings as operating earnings, defined as income before interest and income taxes.
			Wholesale Leathercraft			Retail Leathercraft			Int’l			Total
									Leathercraft
	For the quarter ended March 31, 2014
	Net sales		$	6,823,968		$	11,956,354		$	1,058,144		$	19,838,466
	Gross profit			4,530,209			7,498,416			687,098			12,715,723
	Income from operations			1,372,637			1,472,703			121,323			2,966,663
	Interest expense			45,828			-			-			45,828
	Other, net			(9,776	)		-			8,432			(1,344	)
	Income before income taxes			1,336,585			1,472,703			112,891			2,922,179
	Depreciation and amortization			225,855			104,441			16,259			346,555
	Fixed asset additions			236,211			356,198			48,873			641,282
	Total assets		$	41,806,750		$	13,903,814		$	2,919,417		$	58,629,981
	For the quarter ended March 31, 2013
	Net sales		$	6,729,734		$	11,559,861		$	948,232		$	19,237,827
	Gross profit			4,165,155			7,161,228			604,446			11,930,829
	Income from operations			1,012,965			1,514,839			93,056			2,620,860
	Interest expense			56,094			-			-			56,094
	Other, net			(14,493	)		(10	)		(12,236	)		(26,739	)
	Income before income taxes			971,364			1,514,849			105,292			2,591,505
	Depreciation and amortization			191,533			57,429			14,140			263,102
	Fixed asset additions			738,736			242,149			1,668			982,553
	Total assets		$	36,244,560		$	10,474,588		$	2,959,476		$	49,678,624
	Net sales for geographic areas were as follows for the three months ended March 31, 2014 and 2013:
			2014			2013
	United States		$	16,645,886		$	16,196,394
	Canada			1,913,512			1,919,723
	All other countries			1,279,068			1,121,710
			$	19,838,466		$	19,237,827
	Geographic sales information is based on the location of the customer. No single foreign country, except for Canada, accounted for any material amount of our consolidated net sales for the three-month periods ended March 31, 2014 and 2013. We do not have any significant long-lived assets outside of the United States.

Note_1_Basis_of_Presentation_a1

Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure Text Block [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
		As of
		31-Mar-14			31-Dec-13
	Inventory on hand:
	Finished goods held for sale	$	26,633,088		$	24,546,771
	Raw materials and work in process		884,798			853,200
	Inventory in transit		3,014,636			900,859
		$	30,532,522		$	26,300,830
Schedule of Goodwill [Table Text Block]	'
		Leather Factory			Tandy Leather		Total
	Balance, December 31, 2012	$	607,319		$	383,406	$	990,725
	Acquisitions and adjustments		-			-		-
	Foreign exchange gain/loss		(3,186	)		-		(3,186	)
	Impairments		-			-		-
	Balance, March 31, 2013	$	604,133		$	383,406	$	987,539
		Leather Factory			Tandy Leather		Total
	Balance, December 31, 2013	$	598,579		$	383,406	$	981,985
	Acquisitions and adjustments		-			-		-
	Foreign exchange gain/loss		(4,634	)		-		(4,634	)
	Impairments		-			-		-
	Balance, March 31, 2014	$	593,945		$	383,406	$	977,351
Schedule of Finite-Lived Intangible Assets [Table Text Block]	'
		As of March 31, 2014								As of December 31, 2013
		Gross			Accumulated		Net			Gross		Accumulated		Net
					Amortization							Amortization
	Trademarks, Copyrights	$	544,369		$	495,592	$	48,777		$	544,369	$	487,891	$	56,478
	Non-Compete Agreements		180,156			137,073		43,083			181,216		134,466		46,750
		$	724,525		$	632,665	$	91,860		$	725,585	$	622,357	$	103,228
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	'
		Wholesale			Retail		Total
		Leathercraft			Leathercraft
	2014	$	455		$	33,337	$	33,792
	2015		-			28,635		28,635
	2016		-			2,000		2,000
	2017		-			-		-
	2018		-			-		-

Note_2_Notes_Payable_and_LongT1

Note 2 - Notes Payable and Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Schedule of Debt [Table Text Block]	'
		March 31,			December 31,
		2014			2013
	Credit Agreement with JPMorgan Chase Bank – collateralized by real estate; payable as follows:
	Line of Credit Note dated July 31, 2007, converted to a 10-year term note on April 30, 2008; $16,875 monthly principal payments plus interest at 7.1% per annum; matures April 30, 2018	$	2,548,125		$	2,598,750
			2,548,125			2,598,750
	Less - Current maturities		(202,500	)		(202,500	)
		$	2,345,625		$	2,396,250

Note_3_StockBased_Compensation1

Note 3 - Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	'
		Weighted Average Exercise		#		Weighted Average Remaining Contractual Term (in years)		Aggregate
		Price		of				Intrinsic
				shares				Value
	Outstanding, January 1, 2013	$	4.53		121,600
	Granted		6.87		12,000
	Cancelled		-		-
	Exercised		-		-
	Outstanding, March 31, 2013	$	4.74		133,600		4.97	$	218,446
	Exercisable, March 31, 2013	$	4.53		121,600		4.83	$	206,760
	Outstanding, January 1, 2014	$	5.04		84,600
	Granted		-		-
	Cancelled		-		-
	Exercised		-		-
	Outstanding, March 31, 2014	$	5.04		84,600		6.72	$	104,656
	Exercisable, March 31, 2014	$	5.04		84,600		6.72	$	104,656
Schedule of Share-based Compensation, Activity [Table Text Block]	'
		March 31, 2014		31-Mar-13
	Weighted average grant-date fair value of stock options granted		N/A	$	11,686
	Total fair value of stock options vested		N/A		N/A
	Total intrinsic value of stock options exercised		N/A		N/A
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	'
		2014		2013
	Volatility		N/A		19.10%
	Expected option life (years)		N/A		3
	Interest rate (risk free)		N/A		0.80%
	Dividends		None		None
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	'
		Shares		Grant Fair Value
	Balance, January 1, 2014		-		-
	Granted		34,601	$	8.96
	Forfeited		-		-
	Vested		-		-
	Balance, March 31, 2014		34,601	$	8.96

Note_4_Earnings_Per_Share_Tabl

Note 4 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		2014		2013
	Net income	$	1,854,412	$	1,586,321
	Numerator for basic and diluted earnings per share	$	1,854,412	$	1,586,321
	Denominator for basic earnings per share – weighted-average shares		10,198,733		10,162,442
	Effect of dilutive securities:
	Stock options		39,193		31,777
	Restricted stock		1,579		-
	Warrants		-		-
	Dilutive potential common shares		40,772		31,777
	Denominator for diluted earnings per share – weighted-average shares		10,239,505		10,194,219
	Basic earnings per share	$	0.18	$	0.16
	Diluted earnings per share	$	0.18	$	0.16

Note_6_Segment_Information_Tab

Note 6 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
		Wholesale Leathercraft			Retail Leathercraft			Int’l			Total
								Leathercraft
	For the quarter ended March 31, 2014
	Net sales	$	6,823,968		$	11,956,354		$	1,058,144		$	19,838,466
	Gross profit		4,530,209			7,498,416			687,098			12,715,723
	Income from operations		1,372,637			1,472,703			121,323			2,966,663
	Interest expense		45,828			-			-			45,828
	Other, net		(9,776	)		-			8,432			(1,344	)
	Income before income taxes		1,336,585			1,472,703			112,891			2,922,179
	Depreciation and amortization		225,855			104,441			16,259			346,555
	Fixed asset additions		236,211			356,198			48,873			641,282
	Total assets	$	41,806,750		$	13,903,814		$	2,919,417		$	58,629,981
	For the quarter ended March 31, 2013
	Net sales	$	6,729,734		$	11,559,861		$	948,232		$	19,237,827
	Gross profit		4,165,155			7,161,228			604,446			11,930,829
	Income from operations		1,012,965			1,514,839			93,056			2,620,860
	Interest expense		56,094			-			-			56,094
	Other, net		(14,493	)		(10	)		(12,236	)		(26,739	)
	Income before income taxes		971,364			1,514,849			105,292			2,591,505
	Depreciation and amortization		191,533			57,429			14,140			263,102
	Fixed asset additions		738,736			242,149			1,668			982,553
	Total assets	$	36,244,560		$	10,474,588		$	2,959,476		$	49,678,624
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	'
		2014			2013
	United States	$	16,645,886		$	16,196,394
	Canada		1,913,512			1,919,723
	All other countries		1,279,068			1,121,710
		$	19,838,466		$	19,237,827

Note_1_Basis_of_Presentation_a2

Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Disclosure Text Block [Abstract]	'	'
Prior Period Reclassification Adjustment	$11,368	$8,526

Note_1_Basis_of_Presentation_a3

Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Details) - Components of Inventory (USD $)	Mar. 31, 2014	Dec. 31, 2013
Inventory on hand:	'	'
Finished goods held for sale	$26,633,088	$24,546,771
Raw materials and work in process	884,798	853,200
Inventory in transit	3,014,636	900,859
	$30,532,522	$26,300,830

Note_1_Basis_of_Presentation_a4

Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Details) - Summary of Changes in Goodwill (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
			Leather Factory [Member]	Leather Factory [Member]	Tandy Leather [Member]	Tandy Leather [Member]	Tandy Leather [Member]	Tandy Leather [Member]
Goodwill [Line Items]	'	'	'	'	'	'	'	'
Balance,	$981,985	$990,725	$598,579	$607,319	$383,406	$383,406	$383,406	$383,406
Foreign exchange gain/loss	-4,634	-3,186	-4,634	-3,186	'	'	'	'
Balance,	$977,351	$987,539	$593,945	$604,133	$383,406	$383,406	$383,406	$383,406

Note_1_Basis_of_Presentation_a5

Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Details) - Other Intangibles (USD $)	Mar. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]	'	'
Gross	$724,525	$725,585
Accumulated Amortization	633,000	622,000
Net	91,860	103,228
Trademarks [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Gross	544,369	544,369
Accumulated Amortization	495,592	487,891
Net	48,777	56,478
Noncompete Agreements [Member]	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Gross	180,156	181,216
Accumulated Amortization	137,073	134,466
Net	$43,083	$46,750

Note_1_Basis_of_Presentation_a6

Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Details) - Summary of Amortization Expense. (USD $)	Mar. 31, 2014
Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Details) - Summary of Amortization Expense. [Line Items]	'
2014	$33,792
2015	28,635
2016	2,000
Wholesale Leathercraft [Member]	'
Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Details) - Summary of Amortization Expense. [Line Items]	'
2014	455
Retail Leathercraft [Member]	'
Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Details) - Summary of Amortization Expense. [Line Items]	'
2014	33,337
2015	28,635
2016	$2,000

Note_2_Notes_Payable_and_LongT2

Note 2 - Notes Payable and Long-Term Debt (Details) (USD $)	1 Months Ended					0 Months Ended	3 Months Ended	0 Months Ended	1 Months Ended
	Jul. 31, 2007	Mar. 31, 2014	Dec. 31, 2013	Jul. 31, 2007	Jul. 31, 2007	Jul. 12, 2012	Mar. 31, 2014	Apr. 30, 2008	Jul. 31, 2007	Jul. 12, 2012
				Building [Member]	Land [Member]	London Interbank Offered Rate (LIBOR) [Member]	London Interbank Offered Rate (LIBOR) [Member]	Term Note [Member]	Credit Agreement with JPMorgan Chase Bank, N.A. [Member]	Line of Credit Note with JPMorgan Chase Bank, N.A.[Member]
				Credit Agreement with JPMorgan Chase Bank, N.A. [Member]	Credit Agreement with JPMorgan Chase Bank, N.A. [Member]	Line of Credit Note with JPMorgan Chase Bank, N.A.[Member]	Line of Credit Note with JPMorgan Chase Bank, N.A.[Member]	Credit Agreement with JPMorgan Chase Bank, N.A. [Member]
				sqft	acre
Note 2 - Notes Payable and Long-Term Debt (Details) [Line Items]	'	'	'	'	'	'	'	'	'	'
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars)	'	'	'	'	'	'	'	'	$5,500,000	$4,000,000
Area of Real Estate Property	'	'	'	191,000	30	'	'	'	'	'
Line of Credit Facility Maximum Borrowing Capacity Percentage of Property	'	'	'	'	'	'	'	'	90.00%	'
Proceeds from Bank Debt (in Dollars)	$4,050,000	'	'	'	'	'	'	'	'	'
Debt Instrument, Term	'	'	'	'	'	'	'	'10 years	'	'
Debt Instrument, Interest Rate, Stated Percentage	'	7.10%	7.10%	'	'	'	'	7.10%	'	'
Debt Instrument, Basis Spread on Variable Rate	'	'	'	'	'	2.00%	2.15%	'	'	'
Debt Instrument Amortization Period	'	'	'	'	'	'	'	'820 years	'	'

Note_2_Notes_Payable_and_LongT3

Note 2 - Notes Payable and Long-Term Debt (Details) - Summary of Credit Agreement and Line of Credit Note (USD $)	Mar. 31, 2014	Dec. 31, 2013
Credit Agreement with JPMorgan Chase Bank b collateralized by real estate; payable as follows:	'	'
Line of Credit Note dated July 31, 2007, converted to a 10-year term note on April 30, 2008; $16,875 monthly principal payments plus interest at 7.1% per annum; matures April 30, 2018	$2,548,125	$2,598,750
	2,548,125	2,598,750
Less - Current maturities	-202,500	-202,500
	$2,345,625	$2,396,250

Note_2_Notes_Payable_and_LongT4

Note 2 - Notes Payable and Long-Term Debt (Details) - Summary of Credit Agreement and Line of Credit Note (Parentheticals) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Summary of Credit Agreement and Line of Credit Note [Abstract]	'	'
Line of Credit Note term	'10 years	'10 years
Line of Credit Note monthly principal payments	$16,875	$16,875
Line of Credit Note interest	7.10%	7.10%

Note_3_StockBased_Compensation2

Note 3 - Stock-Based Compensation (Details) (USD $)	3 Months Ended				1 Months Ended		1 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Feb. 28, 2014	Mar. 31, 2014	Feb. 28, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
			Stock Option Plan [Member]	Stock Option Plan [Member]	Restricted Stock [Member]	Restricted Stock [Member]	Restricted Stock [Member]	Restricted Stock [Member]	Restricted Stock [Member]	1995 Stock Option Plans [Member]
			Non-employee Directors [Member]	Non-employee Directors [Member]	Executive Officers, Non-employee Directors and Other Key Employees [Member]	Executive Officers, Non-employee Directors and Other Key Employees [Member]	Director [Member]		Minimum [Member]	Maximum [Member]
Note 3 - Stock-Based Compensation (Details) [Line Items]	'	'	'	'	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures	'	'	0	12,000	'	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	'	'	'6 years	'	'4 years	'	'	'	'4 years	'
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	'	'	'	'	'	'	'	'	'	'10 years
Share-based Compensation	$0	$5,843	'	'	'	'	'	'	'	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$0	$5,843	'	'	'	'	'	$310,025	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	'	'	'	'	'	300,000	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	'	'	'	'	9,375	'	1,619	'	'	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	'	'	'	'	'	'	'	'4 years	'	'

Note_3_StockBased_Compensation3

Note 3 - Stock-Based Compensation (Details) - Summary of Stock Option Activity (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Sep. 30, 2013	Sep. 30, 2012
Summary of Stock Option Activity [Abstract]	'	'	'	'
Weighted Average Exercise Price	'	'	$5.04	$4.53
# of shares	'	'	84,600	121,600
Weighted Average Exercise Price	'	$6.87	'	'
# of shares	34,601	12,000	'	'
Weighted Average Exercise Price	$5.04	$4.74	$5.04	$4.53
# of shares	84,600	133,600	84,600	121,600
Weighted Average Remaining Contractual Term (in years)	'6 years 262 days	'4 years 354 days	'	'
Aggregate Intrinsic Value	$104,656	$218,446	'	'
Weighted Average Exercise Price	$5.04	$4.53	'	'
# of shares	84,600	121,600	'	'
Weighted Average Remaining Contractual Term (in years)	'6 years 262 days	'4 years 302 days	'	'
Aggregate Intrinsic Value	$104,656	$206,760	'	'

Note_3_StockBased_Compensation4

Note 3 - Stock-Based Compensation (Details) - Other Information Pertaining to Option Activity (USD $)	3 Months Ended
	Mar. 31, 2013
Other Information Pertaining to Option Activity [Abstract]	'
Weighted average grant-date fair value of stock options granted	$11,686

Note_3_StockBased_Compensation5

Note 3 - Stock-Based Compensation (Details) - Fair Value of Options	3 Months Ended
	Mar. 31, 2013
Fair Value of Options [Abstract]	'
Volatility	19.10%
Expected option life (years)	'3 years
Interest rate (risk free)	0.80%

Note_3_StockBased_Compensation6

Note 3 - Stock-Based Compensation (Details) - Activity for Nonvested Restricted Common Stock Awards (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Activity for Nonvested Restricted Common Stock Awards [Abstract]	'	'
Balance, January 1, 2014	0	'
Balance, January 1, 2014	$0	'
Granted	34,601	12,000
Granted	$8.96	'
Forfeited	0	'
Forfeited	$0	'
Vested	0	'
Vested	$0	'
Balance, March 31, 2014	34,601	'
Balance, March 31, 2014	$8.96	'

Note_4_Earnings_Per_Share_Deta

Note 4 - Earnings Per Share (Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]	'	'
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants	119,201	121,600

Note_4_Earnings_Per_Share_Deta1

Note 4 - Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Share (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Note 4 - Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Share [Line Items]	'	'
Net income (in Dollars)	$1,854,412	$1,586,321
Numerator for basic and diluted earnings per share (in Dollars)	$1,854,412	$1,586,321
Denominator for basic earnings per share b weighted-average shares	10,198,733	10,162,442
Effect of dilutive securities:	'	'
Dilutive potential common shares	40,772	31,777
Denominator for diluted earnings per share b weighted-average shares	10,239,505	10,194,219
Basic earnings per share (in Dollars per share)	$0.18	$0.16
Diluted earnings per share (in Dollars per share)	$0.18	$0.16
Employee Stock Option [Member]	'	'
Effect of dilutive securities:	'	'
Dilutive securities	39,193	31,777
Restricted Stock [Member]	'	'
Effect of dilutive securities:	'	'
Dilutive securities	1,579	'

Note_5_Commitments_and_Conting1

Note 5 - Commitments and Contingencies (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Jun. 30, 2013	Sep. 30, 2012
Note 5 - Commitments and Contingencies (Details) [Line Items]	'	'	'	'
Litigation Settlement, Amount	$993,386	'	'	'
Loss Contingency, Escrow Deposit	993,386	'	'	'
Litigation Settlement, Expense	'	'	'	993,386
Loss Contingency, Benefit	'	'	312,000	'
Litigation Settlement Payroll Taxes	'	63,000	'	'
Scenario, Forecast [Member]	'	'	'	'
Note 5 - Commitments and Contingencies (Details) [Line Items]	'	'	'	'
Payments for Legal Settlements	744,273	'	'	'
Loss Contingency, Escrow Account Balance	$249,000	'	'	'

Note_6_Segment_Information_Det

Note 6 - Segment Information (Details)	3 Months Ended
	Mar. 31, 2014
Note 6 - Segment Information (Details) [Line Items]	'
Number of Operating Segments	3
International Leathercraft [Member]	'
Note 6 - Segment Information (Details) [Line Items]	'
Number of Stores	3
Northampton United Kingdom [Member]	'
Note 6 - Segment Information (Details) [Line Items]	'
Number of Stores	1
Sydney Australia [Member]	'
Note 6 - Segment Information (Details) [Line Items]	'
Number of Stores	1
Jerez Spain [Member]	'
Note 6 - Segment Information (Details) [Line Items]	'
Number of Stores	1

Note_6_Segment_Information_Det1

Note 6 - Segment Information (Details) - Summary of Reportable Operating Segments (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Segment Reporting Information [Line Items]	'	'	'
Net sales	$19,838,466	$19,237,827	'
Gross profit	12,715,723	11,930,829	'
Operating earnings	2,966,663	2,620,860	'
Interest (expense)	45,828	56,094	'
Other income (expense), net	-1,344	-26,739	'
Income before income taxes	2,922,179	2,591,505	'
Depreciation and amortization	346,555	263,102	'
Fixed asset additions	641,282	982,553	'
Total assets	58,629,981	49,678,624	56,398,566
Wholesale Leathercraft [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Net sales	6,823,968	6,729,734	'
Gross profit	4,530,209	4,165,155	'
Operating earnings	1,372,637	1,012,965	'
Interest (expense)	45,828	56,094	'
Other income (expense), net	-9,776	-14,493	'
Income before income taxes	1,336,585	971,364	'
Depreciation and amortization	225,855	191,533	'
Fixed asset additions	236,211	738,736	'
Total assets	41,806,750	36,244,560	'
Retail Leathercraft [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Net sales	11,956,354	11,559,861	'
Gross profit	7,498,416	7,161,228	'
Operating earnings	1,472,703	1,514,839	'
Other income (expense), net	'	-10	'
Income before income taxes	1,472,703	1,514,849	'
Depreciation and amortization	104,441	57,429	'
Fixed asset additions	356,198	242,149	'
Total assets	13,903,814	10,474,588	'
Intbl Leathercraft [Member]	'	'	'
Segment Reporting Information [Line Items]	'	'	'
Net sales	1,058,144	948,232	'
Gross profit	687,098	604,446	'
Operating earnings	121,323	93,056	'
Other income (expense), net	8,432	-12,236	'
Income before income taxes	112,891	105,292	'
Depreciation and amortization	16,259	14,140	'
Fixed asset additions	48,873	1,668	'
Total assets	$2,919,417	$2,959,476	'

Note_6_Segment_Information_Det2

Note 6 - Segment Information (Details) - Net Sales for Geographic Areas (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'
Geographic locations	$19,838,466	$19,237,827
UNITED STATES	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'
Geographic locations	16,645,886	16,196,394
CANADA	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'
Geographic locations	1,913,512	1,919,723
All Other Countries [Member]	'	'
Revenues from External Customers and Long-Lived Assets [Line Items]	'	'
Geographic locations	$1,279,068	$1,121,710