Tandy Leather Factory (TLF) 10-K 27 Mar 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Mar. 22, 2017	Jun. 30, 2016
Document Information [Line Items]
Entity Registrant Name	TANDY LEATHER FACTORY INC
Entity Central Index Key	909,724
Trading Symbol	tlf
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		9,486,978
Entity Public Float			$ 49,870,948
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash	$ 16,862,304	$ 10,962,615
Accounts receivable-trade, net of allowance for doubtful accounts of $2,404 and $1,746 in 2016 and 2015, respectively	560,984	553,206
Inventory	33,177,539	33,584,539
Prepaid income taxes	964,323	549,277
Prepaid expenses	1,608,860	1,514,887
Other current assets	140,232	70,197
Total current assets	53,314,242	47,234,721
PROPERTY AND EQUIPMENT, at cost	25,536,352	23,992,208
Less accumulated depreciation and amortization	(9,884,559)	(8,297,155)
Property, plant and equipment, net	15,651,793	15,695,053
DEFERRED INCOME TAXES	375,236	370,980
GOODWILL	956,201	953,356
OTHER INTANGIBLES, net of accumulated amortization of $708,000 and $702,000 in 2016 and 2015, respectively	20,840	27,282
OTHER assets	334,408	329,684
Total Assets	70,652,720	64,611,076
CURRENT LIABILITIES:
Accounts payable-trade	1,621,884	1,983,376
Accrued expenses and other liabilities	5,937,187	6,045,552
Current maturities of capital lease obligations	72,686	72,686
Current maturities of long-term debt	614,311	231,952
Total current liabilities	8,246,068	8,333,566
DEFERRED INCOME TAXES	1,956,032	1,746,665
LONG-TERM DEBT, net of current maturities	6,757,419	3,479,273
CAPITAL LEASE OBLIGATIONS, net of current maturities		79,396
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.10 par value; 20,000,000 shares authorized, none issued or outstanding
Common stock, $0.0024 par value; 25,000,000 shares authorized; 11,309,326 and 11,275,641 shares issued at 2016 and 2015, respectively; 9,266,496 and 9,753,293 shares outstanding at 2016 and 2015, respectively	27,142	27,062
Paid-in capital	6,368,279	6,168,489
Retained earnings	59,469,493	53,067,234
Treasury stock at cost (2,042,830 and 1,522,348 shares at 2016 and 2015, respectively)	(10,278,584)	(6,602,930)
Accumulated other comprehensive income	(1,893,129)	(1,687,679)
Total stockholders' equity	53,693,201	50,972,176
Total Liabilities and Stockholders’ Equity	$ 70,652,720	$ 64,611,076

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Accounts receivable-trade, net allowance for doubtful accounts	$ 2,404	$ 1,746
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0024	$ 0.0024
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	11,309,326	11,275,641
Common stock, shares outstanding (in shares)	9,266,496	9,753,293
Treasury stock, shares (in shares)	2,042,830	1,522,348

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net sales	$ 82,923,992	$ 84,161,200	$ 83,430,912
COST OF SALES	31,210,750	32,090,140	31,306,155
Gross Profit	51,713,242	52,071,060	52,124,757
OPERATING EXPENSES	41,412,511	41,596,360	40,166,728
INCOME FROM OPERATIONS	10,300,731	10,474,700	11,958,029
OTHER (INCOME) EXPENSE:
Interest expense	155,189	330,004	225,584
Other, net	(57,287)	(74,357)	(75,165)
Total other expense	97,902	255,647	150,419
INCOME BEFORE NCOME TAXES	10,202,829	10,219,053	11,807,610
PROVISION FOR INCOME TAXES	3,800,570	3,816,648	4,100,689
NET INCOME	6,402,259	6,402,405	7,706,921
Foreign currency translation adjustments	(205,450)	(999,621)	(776,307)
COMPREHENSIVE INCOME	$ 6,196,809	$ 5,402,784	$ 6,930,614
NET INCOME PER COMMON SHARE:
BASIC (in dollars per share)	$ 0.69	$ 0.64	$ 0.76
DILUTED (in dollars per share)	$ 0.69	$ 0.63	$ 0.75
Weighted Average Number of Shares Outstanding:
Basic (in shares)	9,301,867	10,077,506	10,203,063
Diluted (in shares)	9,321,558	10,102,760	10,241,121

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 6,402,259	$ 6,402,405	$ 7,706,921
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation and amortization	1,719,154	1,567,172	1,436,624
Loss on disposal or abandonment of assets	16,985	31,064	18,820
Non-cash share-based compensation	199,870	145,322	67,818
Deferred income taxes	205,111	289,171	183,490
Foreign currency translation	(163,292)	(896,928)	(727,664)
Net changes in assets and liabilities, net of effect of business acquisitions:
Accounts receivable-trade	(7,778)	71,848	137,351
Inventory	407,000	(709,047)	(6,574,662)
Prepaid expenses	(284,788)	43,585	260,992
Other current assets	(70,035)	87,561	320,835
Accounts payable-trade	(361,492)	728,158	(629,419)
Accrued expenses and other liabilities	(108,365)	651,038	(414,368)
Income taxes	(415,046)	(212,449)	(609,026)
Total adjustments	1,137,324	1,796,495	(6,529,209)
Net cash provided by operating activities	7,539,583	8,198,900	1,177,712
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(1,697,704)	(2,164,040)	(2,204,190)
Purchase of intangible property		(10,000)
Proceeds from sale of assets / insurance	153,483	11,662	20,936
Decrease (increase) in other assets	(1,127)	295	11,980
Net cash used in investing activities	(1,545,348)	(2,162,083)	(2,171,274)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in revolving credit loans		(3,500,000)	3,500,000
Proceeds from notes payable and long term debt	3,660,505	3,711,225
Payments on notes payable and long-term debt		(2,143,125)	(455,625)
Payments on capital lease obligations	(79,396)	(79,890)
Repurchase of common stock (treasury stock)	(3,675,654)	(3,708,862)
Payment of cash dividend			(2,549,684)
Proceeds from issuance of common stock	0	9,920	52,722
Net cash provided by (used in) financing activities	(94,545)	(5,710,732)	547,413
NET INCREASE (DECREASE) IN CASH	5,899,689	326,085	(446,149)
CASH, beginning of period	10,962,615	10,636,530	11,082,679
CASH, end of period	16,862,304	10,962,615	10,636,530
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid during the period	155,189	330,004	225,584
Income tax paid during the period, net of (refunds)	4,215,616	3,743,864	4,604,087
NON-CASH INVESTING ACTIVITIES
Equipment purchased via capital lease arrangements		$ 231,972

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2013	10,198,733
Balance at Dec. 31, 2013	$ 26,862	$ 5,892,907	$ (2,894,068)	$ 41,507,592	$ 88,249	$ 44,621,542
Shares issued - stock options exercised (in shares)	12,200					2,000
Shares issued - stock options exercised	$ 29	52,693				$ 52,722
Share-based compensation (in shares)	34,601
Share-based compensation	$ 93	67,725				67,818
Net income				7,706,921		7,706,921
Cash dividend paid				(2,549,684)		(2,549,684)
Translation adjustment					(776,307)	(776,307)
Balance (in shares) at Dec. 31, 2014	10,245,534
Balance at Dec. 31, 2014	$ 26,984	6,013,325	(2,894,068)	46,664,829	(688,058)	$ 49,123,012
Purchase of Treasury stock (in shares)						0
Shares issued - stock options exercised (in shares)	2,000
Shares issued - stock options exercised	$ 5	9,915				$ 9,920
Share-based compensation (in shares)	34,484
Share-based compensation	$ 73	145,249				145,322
Net income				6,402,405		6,402,405
Translation adjustment					(999,621)	(999,621)
Balance (in shares) at Dec. 31, 2015	9,753,293
Balance at Dec. 31, 2015	$ 27,062	6,168,489	(6,602,930)	53,067,234	(1,687,679)	$ 50,972,176
Purchase of Treasury stock (in shares)	(528,725)					(529,000)
Purchase of Treasury stock			(3,708,862)			$ (3,708,862)
Share-based compensation (in shares)	33,685
Share-based compensation	$ 80	199,790				199,870
Net income				6,402,259		6,402,259
Translation adjustment					(205,450)	(205,450)
Balance (in shares) at Dec. 31, 2016	9,266,496
Balance at Dec. 31, 2016	$ 27,142	6,368,279	(10,278,584)	59,469,493	(1,893,129)	$ 53,693,201
Purchase of Treasury stock (in shares)	(520,482)					(520,500)
Purchase of Treasury stock			$ (3,675,654)			$ (3,675,654)

Note 1 - Description of Busines

Note 1 - Description of Business	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	1. Our primary line of business is the sale of leather, leather crafts, and related supplies. We sell our products via company-owned stores throughout the United States, Canada, the United Kingdom, Australia, and Spain. Numerous customers including retailers, wholesalers, assemblers, distributors, and other manufacturers are geographically disbursed throughout the world. We also have light manufacturing facilities in Texas.

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2 . SIGNIFICANT ACCOUNTING POLICIES ● Management estimates and reporting The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from those estimates. Assets and liabilities with reported amounts based on significant estimates include trade accounts receivable, inventory (slow-moving), goodwill, and deferred income taxes. ● Principles of consolidation Our consolidated financial statements include the accounts of Tandy Leather Factory, Inc. and its wholly owned subsidiaries, The Leather Factory, L.P. (a Texas limited partnership) and its corporate partners, Tandy Leather Company, L.P. (a Texas limited partnership) and its corporate partners, Mid-Continent Leather Sales, Inc. (an Oklahoma corporation), Roberts, Cushman & Company, Inc. (a Texas corporation), The Leather Factory of Canada, Ltd. (a Canadian corporation), Tandy Leather Factory UK Limited (a UK corporation), Tandy Leather Factory Australia Pty. Limited (an Australian corporation), and Tandy Leather Factory España, S.L. (a Spanish corporation). All intercompany accounts and transactions have been eliminated in consolidation. ● Foreign currency translation and transactions Foreign currency translation adjustments arise from activities of our foreign subsidiaries. Results of operations are translated into U.S. dollars using the average exchange rates during the period, while assets and liabilities are translated using period-end exchange rates. Foreign currency translation adjustments of assets and liabilities are recorded in stockholders’ equity. Gains and losses resulting from foreign currency transactions are reported in the statements of income under the caption “Other (Income) Expense”, net, for all periods presented. We recognized foreign currency transaction gains (losses) of $19,000, $24,000, ($13,900), 2016, 2015, 2014, ● Revenue recognition Our sales generally occur via two (1) (2) We offer an unconditional satisfaction guarantee to all customers and accept all product returns. Net sales represent gross sales less negotiated price allowances, product returns, and allowances for defective merchandise. ● Discounts We maintain four ● Expense categories Cost of goods sold includes inbound freight and duty charges from vendors to our central warehouse, freight and handling charges to move merchandise from our central warehouse to our stores, and manufacturing overhead, as appropriate. Operating expenses include all selling, general and administrative costs including wages and related employee expenses (payroll taxes, health benefits, savings plans, etc.), advertising, outbound freight charges (to ship merchandise to customers), rent, and utilities. ● Property and equipment, net of accumulated depreciation and amortization Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are three ten seven fifteen five forty ● Inventory Inventory is valued at the lower of first first ● Impairment of long-lived assets We evaluate long-lived assets for indicators of impairment whenever events or changes in circumstances indicate their carrying amounts may ● Earnings per share Basic earnings per share are computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per share includes, to the extent inclusion of such shares would be dilutive to earnings per share, the effect of outstanding options and warrants, computed using the treasury stock method. BASIC 2016 2015 2014 Net income $ 6,402,259 $ 6,402,405 $ 7,706,921 Weighted average common shares outstanding 9,301,867 10,077,506 10,203,063 Earnings per share – basic $ 0.69 $ 0.64 $ 0.76 DILUTED Net income $ 6,402,259 $ 6,402,405 $ 7,706,921 Weighted average common shares outstanding 9,301,867 10,077,506 10,203,063 Effect of restricted stock awards and assumed exercise of stock options 19,691 25,254 38,058 Weighted average common shares outstanding, assuming dilution 9,321,558 10,102,760 10,241,121 Earnings per share - diluted $ 0.69 $ 0.63 $ 0.75 Outstanding options and restricted stock awards excluded as anti-dilutive 31,477 60,433 - For additional disclosures regarding the restricted stock awards and the employee stock options, see Note 11. 90,085, 68,400, 107,001 December 31, 2016, 2015, 2014, ● 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. Goodwill is not amortized, but is evaluated at least annually for impairment. We completed our annual goodwill impairment analysis as of December 31 December 31, 2016, 2015, 2014 A summary of changes in our goodwill is as follows: Leather Factory Tandy Leather Total Balance, January 1, 2015 $ 588,380 $ 383,406 $ 971,786 Foreign exchange gain/loss (18,430 ) - (18,430 ) Balance, December 31, 2015 $ 569,950 $ 383,406 $ 953,356 Foreign exchange gain/loss 2,845 - 2,845 Balance, December 31, 2016 $ 572,795 $ 383,406 $ 956,201 Our intangible assets and related accumulated amortization consisted of the following: As of December 31, 20 16 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,279 $ 9,090 Non-Compete Agreements 175,316 163,566 11,750 $ 729,685 $ 708,845 $ 20,840 As of December 31, 2015 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 544,504 $ 9,865 Non-Compete Agreements 174,665 157,248 17,417 $ 729,034 $ 701,752 $ 27,282 Excluding goodwill, we have no intangible assets not subject to amortization under U.S. GAAP. Amortization of intangible assets of $6,442 2016, $40,744 2015, $45,202 2014 15 five Leather Factory Tandy Leather Total 2017 90 1,667 1,757 2018 - 1,417 1,417 2019 - 666 666 2020 - 666 666 2021 - 666 666 Thereafter - 5,668 5,668 ● Fair value of financial Instruments We measure fair value as an exit price, which is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering such assumptions, accounting standards establish a three Level 1 Level 2 Level 3 Classification of the financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Our principal financial instruments held consist of certificates of deposit, accounts receivable, accounts payable, notes payable, and long-term debt. The carrying value of certificates of deposit, accounts receivable and accounts payable approximate their fair value due to the relatively short-term nature of the accounts. The terms of the long-term debt are considered reasonable for this type of financing; therefore, the carrying amount approximates fair value. ● Income taxes We account for income taxes using the asset and liability method. Under this method, the amount of taxes currently payable or refundable is accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences that currently exist between the tax basis and the financial reporting basis of our assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates in effect in the years when those temporary differences are expected to reverse. The effect on deferred taxes from a change in tax rate is recognized through continuing operations in the period that includes the enactment date of the change. Changes in tax laws and rates could affect recorded deferred tax assets and liabilities in the future. A tax benefit from an uncertain tax position may We recognize tax liabilities for uncertain tax positions and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may We may may ● Share-based compensation We have one ten six 2016, 2015 2014, We also have a restricted stock plan that was adopted by our Board of Directors in January 2013 June 2013. 300,000 may may four four ● Comprehensive income Comprehensive income includes net income and certain other items that are recorded directly to Stockholders’ Equity. The Company’s only source of other comprehensive income is foreign currency translation adjustments. ● Shipping and handling costs All shipping and handling costs incurred by us are included in operating expenses on the statements of income. These costs totaled approximately $1,982,000, $2,012,000, $2,046,000 December 31, 2016, 2015, 2014, ● Advertising With the exception of catalog costs, advertising costs are expensed as incurred. Catalog costs are capitalized and expensed over the estimated useful life of the particular catalog in question, which is typically twelve eighteen $213,000 $181,000 December 31, 2016 2015, $4,759,000 2016; $4,826,000 2015; $4,339,000 2014. ● Cash flows presentation For purposes of the statement of cash flows, we consider all highly liquid investments with initial maturities of three ● Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation.

Note 3 - Valuation and Qualifyi

Note 3 - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	3 . VALUATION AND QUALIFYING ACCOUNTS ● Allowance for uncollectible accounts We maintain allowances for bad debts based on factors such as the composition of accounts receivable, the age of the accounts, historical bad debt experience, and our evaluation of the financial condition and past collection history of each customer. Write-offs have historically not been material, but are evaluated for write off as they are deemed uncollectible based on a periodic review of accounts. Our allowance for doubtful accounts was approximately $2,400 $1,700 December 31, 2016 2015, ● Sales returns and defective merchandise Product returns are generally recorded directly against sales as those returns occur. Historically, the amount of returns is immaterial and as a result, no reserve is recorded in the financial statements. ● Slow-moving and obsolete inventory The majority of inventory items maintained by us have no restrictive shelf life. We review all inventory items annually to determine what items should be eliminated from the product line. Items are selected for several reasons: (1) (2) (3)

Note 4 - Balance Sheet Componen

Note 4 - Balance Sheet Components	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	4. December 31, 2016 December 31, 20 15 INVENTORY On hand: Finished goods held for sale $ 30,684,026 $ 30,487,764 Raw materials and work in process 1,034,041 1,284,567 Inventory in transit 1,459,472 1,812,208 TOTAL $ 33,177,539 $ 33,584,539 PROPERTY AND EQUIPMENT Building $ 9,105,286 $ 9,232,066 Land 1,451,132 1,451,132 Leasehold improvements 1,350,916 1,192,761 Equipment and machinery 5,991,343 5,086,770 Furniture and fixtures 7,342,642 6,889,642 Vehicles 295,033 139,837 25,536,352 23,992,208 Less: accumulated depreciation (9,884,559 ) (8,297,155 ) TOTAL $ 15,651,793 $ 15,695,053 ACCRUED EXPENSES AND OTHER LIABILITIES Accrued bonuses $ 2,123,942 $ 2,631,971 Accrued payroll 689,150 255,058 Deferred revenue 909,297 902,236 Sales and payroll taxes payable 494,720 383,657 Inventory in transit 1,432,590 1,542,352 Other 287,488 330,278 TOTAL $ 5,937,187 $ 6,045,552 Depreciation expense was $1,717,548, $1,520,385, $1,391,422 December 31, 2016, 2015, 2014, Loss (gain) from abandonment and/or disposal of assets, which is included in operating expenses, is as follows, by segment: Year ended December 31 Wholesale Retail International Total 2016 $ 13,706 $ 3,993 $ ( 714 ) $ 16,985 2015 10,361 9,222 11,481 31,064 2014 7,681 11,089 47 18,820

Note 5 - Notes Payable and Long

Note 5 - Notes Payable and Long-term Debt	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	5. On September 18, 2015, $6,000,000 August 25, 2016, September 18, 2017 September 18, 2018. 1.5 1 1.2 1. four Also on September 18, 2015, $10,000,000 August 25, 2016, $10,000,000 $15,000,000 August 25, 2017 4 1900 820, December 31, 2016, $3.7 520,500 December 31, 2016, $7.6 Amounts drawn under either Promissory Note accrue interest at the London interbank Eurodollar market rate for U.S. dollars (commonly known as “LIBOR”) plus 1.85% (2.557% 2.263% December 31, 2016 December 31, 2015, On July 31, 2007, $5,500,000 191,000 30 1900 820 $4,050,000 April 30, 2008, 10 7.10% September 2015 $200,000 third 2015. On July 12, 2012, $4 $6 September 30, 2015. At December 31, 2016 2015 Business Loan Agreement with BOKF, NA – collateralized by real estate; payable as follows: Line of Credit Note, as amended, in the maximum principal amount of $15,000,000 with features as more fully described above – interest due monthly at LIBOR plus 1.85%; matures September 18, 2021 $ 7,371,729 $ 3,711,225 Line of Credit Note, as amended, in the maximum principal amount of $6,000,000 with revolving features as more fully described above – interest due monthly at LIBOR plus 1.85%; matures September 18, 2018 - - $ 7,371,729 $ 3,711,225 Less current maturities 614,311 231,952 $ 6,757,419 $ 3,479,273 The terms of the above lines of credit contain various covenants for which we were in compliance as of December 31, 2016 2015. Scheduled maturities of the Company’s notes payable and long-term debt are as follows: 2017 $ 614,311 2018 1,842,932 2019 1,842,932 2020 1,842,932 2021 1,228,622 $ 7,371,729

Note 6 - Capital Lease Obligati

Note 6 - Capital Lease Obligations	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Debt and Capital Leases Disclosures [Text Block]	6. We lease certain telecommunication equipment under a capital lease agreement. The asset subject to the agreement totaled $227,783, $210,904 $22,152 December 31, 2016 2015, $16,879 $205,631 December 31, 2016 2015, December 31, 2016 2015 $21,400 $300, At December 31, 20 16 20 15 Capital Lease secured by certain telecommunication equipment – total annual principal payments of $72,686, 1.8% interest, maturing January 2018 $ 73,994 $ 156,271 Less amount representing interest 1,308 4,189 Total obligation under capital lease 72,686 152,082 Less - Current maturities 72,686 72,686 Long term obligation under capital lease $ - $ 79,396

Note 7 - Employee Benefit and S

Note 7 - Employee Benefit and Savings Plan	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	7. We have a 401(k) 401(k) 2016, 2015, 2014, 100 first 3% 50% 2% Year Ended December 31, Maximum Matching Contribution per Participant * Total Matching Contribution 2016 $ 10,600 $ 277,753 2015 $ 10,600 $ 290,388 2014 $ 10,400 $ 286,224 * Due to the annual limit on eligible earnings imposed by the Internal Revenue Code The plan allows employees who meet the age requirements and reach the plan contribution limits to make a catch-up contribution. The catch-up contributions are not eligible for matching contributions. In addition, the plan provides for discretionary matching contributions as determined by the Board of Directors. There were no 2016, 2015, 2014. We currently offer no postretirement or postemployment benefits to our employees.

Note 8 - Income Taxes

Note 8 - Income Taxes	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	8. The provision for income taxes consists of the following: 201 6 201 5 201 4 Current provision: Federal $ 3,108,894 $ 3,045,292 $ 3,368,974 State 486,565 482,186 548,225 3,595,459 3,527,478 3,917,199 Deferred provision (benefit): Federal 183,520 212,563 210,343 State 21,591 76,607 (26,853 ) 205,111 289,170 183,490 $ 3,800,570 $ 3,816,648 $ 4,100,689 Income before income taxes is earned in the following tax jurisdictions: 201 6 201 5 201 4 United States $ 9,070,894 $ 9,272,854 $ 10,339,632 United Kingdom (81,987 ) (43,567 ) 557,776 Canada 1,034,027 813,824 874,571 Australia 82,622 48,633 102,922 Spain 97,273 127,309 (67,291 ) $ 10,202,829 $ 10,219,053 $ 11,807,610 The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows: 201 6 201 5 Deferred income tax assets: Capitalized inventory costs $ 265,454 $ 260,385 Warrants and share-based compensation 44,151 44,151 Accrued expenses, reserves, and other 65,631 66,444 Total deferred income tax assets $ 375,236 $ 370,980 Deferred income tax liabilities: Property and equipment depreciation $ 1,728,265 $ 1,529,397 Goodwill and other intangible assets amortization 227,767 217,268 Total deferred income tax liabilities $ 1,956,032 $ 1,746,665 The effective tax rate differs from the statutory rate as follows: 201 6 201 5 201 4 Statutory rate – Federal US income tax 34 % 34 % 34 % State and local taxes 6 % 6 % 5 % Non-U.S. income tax at different rates - - (1 %) Domestic production activities deduction (1 %) (1 %) (1 %) Other, net (2 %) (2 %) (2 %) Effective rate 37 % 37 % 35 % We file a consolidated U.S. income tax return as well as state tax returns on a consolidated, combined, or stand-alone basis, depending on the jurisdiction. We are no longer subject to U.S. federal income tax examinations by tax authorities for years prior to the tax year ended December 2014. December 2013 December 2014

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9 . COMMITMENTS AND CONTINGENCIES Operating Leases We lease our store locations under lease agreements that expire on dates ranging from February 2017 February 2026. December 31, 2016, 2015, 2014, $4,189,225, $3,844,641, $3,675,788, Future minimum lease payments under noncancelable operating leases at December 31, 2016 Year ending December 31: 2017 $ 3,914,550 2018 2,999,262 2019 2,256,721 2020 1,701,366 2021 1,074,070 2022 545,740 2023 427,800 2024 246,698 2025 180,922 2026 6,206 Total minimum lease payments $ 13,353,335 Legal Proceedings 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 10 - Significant Business

Note 10 - Significant Business Concentrations and Risk	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	10 . SIGNIFICANT BUSINESS CONCENTRATIONS AND RISK Major Customers Our revenues are derived from a diverse group of customers primarily involved in the sale of leathercraft. No single customer accounted for more than 1/2% 2016, 2015, 2014 five 1.4%, 1.3%, 1.7%, one Major Vendors We purchase a significant portion of our inventory through one Credit Risk Due to the large number of customers comprising our customer base, concentrations of credit risk with respect to customer receivables are limited. We do not generally require collateral for accounts receivable, but we do perform periodic credit evaluations of our customers and believe the allowance for doubtful accounts is adequate. It is our opinion that if any one We maintain our cash in bank deposit accounts that, at times, may

Note 11 - Stockholders' Equity

Note 11 - Stockholders' Equity	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	1 1 . STOCKHOLDERS' EQUITY a) Stock Option Plan In connection with its 2007 March 2017, six 100,000 All options expire ten 100,000 21,400 A summary of stock option transactions for the years ended December 31 20 16 20 15 20 14 Weighted Weighted Weighted Average Average Average Option Exercise Option Exercise Option Exercise Shares Price Shares Price Shares Price Outstanding at January 1 68,400 $ 5.17 72,400 $ 5.16 84,600 $ 5.04 Granted - - - - - - Forfeited or expired (12,000 ) 5.30 (2,000 ) 4.96 - - Exchanged - - - - - - Exercised - - (2,000 ) 4.96 (12,200 ) 4.32 Outstanding at December 31 56,400 $ 5.14 68,400 $ 5.17 72,400 $ 5.16 Exercisable at end of year 56,400 $ 5.14 68,400 $ 5.17 72,400 $ 5.16 Weighted-average fair value of options granted during year n/a n/a n/a The following table summarizes all of our outstanding options which are fully vested and exercisable at December 31, 2016: Options Outstanding & Exercisable Weighted Weighted Average Average Option Exercise Maturity Exercise Price Range Shares Price (Years) $4.41 20,400 $ 4.41 3.77 $4.80 9,000 4.80 4.22 $5.30 to $6.87 27,000 5.81 4.95 56,400 $ 5.14 4.41 Other information pertaining to option activity during the twelve December 31 2016 2015 2014 Weighted average grant-date fair value of stock options granted n/a n/a n/a Total fair value of stock options vested n/a n/a n/a Total intrinsic value of stock options exercised $ - $ 2,953 $ 14,816 As of December 31, 2016, Cash received from the exercise of stock options for the years ended December 31, 2016, 2015, 2014 $9,920 $52,722, Because we had no awards of stock options in 2016, 2015 2014, We have a restricted stock plan that was adopted by our Board of Directors in January 2013 June 2013. 300,000 may may four In February 2014, 9,375 four 1,619 February 2015, 9,344 four 1,613 March 2016, 11,765 five 2,031 2016, 2015, 2014, $199,870, $145,321, $67,818, A summary of the activity for nonvested restricted common stock awards as of December 31, 2016 2015 Shares Grant Fair Value Balance, January 1, 2015 34,601 $ 8.96 Granted 34,484 8.99 Forfeited - - Vested (8,652 ) 8.96 Balance, December 31, 2015 60,433 $ 8.97 Balance, January 1, 2016 60,433 $ 8.97 Granted 33,685 7.14 Forfeited (8,187 ) 8.97 Vested (20,784 ) 8.97 Balance, December 31, 2016 65,147 $ 8.03 As of December 31, 2016, $374,040 2017 $ 173,136 2018 123,693 2019 67,190 2020 10,021 Of the 300,000 197,230 b) Cash Dividend On June 9, 2014, $0.25 one July 7, 2014. $2.5 August 8, 2014. Our Board will determine future cash dividends after giving consideration to our then existing levels of profit and cash flow, capital requirements, current and forecasted liquidity, as well as financial and other business conditions existing at the time. c) Stockholder Rights Plan On June 6, 2013, one $0.0024 June 16, 2013. one one $30.00 20% tender 20% The Rights, as amended, will expire at 5:00 June 6, 2017, d) Share Repurchase Program In August 2015, may 1.2 August 2016. June 7, 2016, 1.2 2.2 August 9, 2016 August 9, 2017. 2016, 520,500 $7.06, $3.7 2015, 529,000 $7.01, $3.7 2014.

Note 12 - Segment Information

Note 12 - Segment Information	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	12. We identify our segments based on the activities of three a. Wholesale Leathercraft The Leather Factory b. Retail Leathercraft Tandy Leather Company c. International Leathercraft four One October 2015. 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 International Leathercraft Total For the year ended December 31, 2016 Net Sales $ 25,371,580 $ 53,670,340 $ 3,882,072 $ 82,923,992 Gross Profit 18,097,205 31,217,798 2,398,239 51,713,242 Operating earnings 5,254,227 4,970,546 75,958 10,300,731 Interest expense 155,189 - - 155,189 Other expense, net (35,290 ) - (21,997 ) (57,287 ) Income before income taxes 5,134,328 4,970,546 97,955 10,202,829 Depreciation and amortization 969,202 662,332 87,620 1,719,154 Fixed asset additions 869,250 740,578 87,875 1,697,704 Total assets $ 50,067,046 $ 16,435,386 $ 4,150,288 $ 70,652,720 For the year ended December 31, 2015 Net Sales $ 26,754,165 $ 53,714,432 $ 3,692,603 $ 84,161,200 Gross Profit 18,579,494 31,258,961 2,232,605 52,071,060 Operating earnings 4,663,590 5,689,814 121,296 10,474,700 Interest expense 330,004 - - 330,004 Other expense, net (63,230 ) - (11,127 ) (74,357 ) Income before income taxes 4,396,816 5,689,814 132,423 10,219,053 Depreciation and amortization 950,174 559,418 57,580 1,567,172 Fixed asset additions 945,998 932,231 285,811 2,164,040 Total assets $ 42,141,174 $ 17,753,324 $ 4,716,578 $ 64,611,076 For the year ended December 31, 2014 Net Sales $ 27,285,884 $ 51,805,944 $ 4,339,084 $ 83,430,912 Gross Profit 18,393,969 30,880,718 2,850,070 52,124,757 Operating earnings 5,300,413 6,077,345 580,271 11,958,029 Interest expense 225,584 - - 225,584 Other expense, net (61,984 ) - (13,181 ) (75,165 ) Income before income taxes 5,136,813 6,077,345 593,452 11,807,610 Depreciation and amortization 911,327 460,534 64,763 1,436,624 Fixed asset additions 909,260 1,243,123 51,807 2,204,190 Total assets $ 43,000,030 $ 16,608,386 $ 3,265,458 $ 62,873,874 Net sales by geographic areas were as follows: 201 6 201 5 20 14 United States $ 70,886,401 $ 72,061,009 $ 69,791,099 Canada 7,199,155 7,543,468 8,342,896 All other countries 4,838,436 4,556,723 5,296,917 $ 82,923,992 $ 84,161,200 $ 83,430,912 Geographic sales information is based on the location of the customer. Except for Canada, we had no sales to any single foreign country that was material to our consolidated net sales for the years ended December 31, 2016, 2015, 2014.

Note 13 - Recent Accounting Pro

Note 13 - Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	1 3. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, 2014 09, 606, December 15, 2016. April 2015, 2015 24, one July 7, 2015, one December 15, 2017. 2018 2017 2014 09 0.5% In November 2015, 2015 17, December 15, 2016, may In February 2016, 2016 02, one December 15, 2018,

Note 14 - Quarterly Financial D

Note 14 - Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Quarterly Financial Information [Text Block]	14. First Second Third Fourth 20 16 Quarter Quarter Quarter Quarter Net sales $ 20,672,227 $ 19,552,905 $ 18,628,362 $ 24,100,498 Gross profit 12,652,746 12,895,790 11,644,871 14,519,835 Net income 1,520,997 1,820,915 1,000,350 2,059,997 Net income per common share: Basic $ 0.16 $ 0.19 $ 0.11 $ 0.23 Diluted $ 0.16 $ 0.19 $ 0.11 $ 0.23 Weighted average number of common shares outstanding: Basic 9,698,951 9,209,446 9,188,483 9,188,483 Diluted 9,718,453 9,227,941 9,206,382 9,301,867 First Second Third Fourth 20 15 Quarter Quarter Quarter Quarter Net sales $ 20,788,764 $ 19,773,528 $ 19,355,937 $ 24,292,971 Gross profit 12,582,927 12,814,382 11,832,697 14,841,054 Net income 1,444,407 1,507,896 1,111,344 2,338,758 Net income per common share: Basic $ 0.14 $ 0.15 $ 0.11 $ 0.24 Diluted $ 0.14 $ 0.15 $ 0.11 $ 0.24 Weighted average number of common shares outstanding: Basic 10,211,333 10,212,933 10,175,650 9,692,860 Diluted 10,241,096 10,241,164 10,199,092 9,712,571

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	● Management estimates and reporting The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from those estimates. Assets and liabilities with reported amounts based on significant estimates include trade accounts receivable, inventory (slow-moving), goodwill, and deferred income taxes.
Consolidation, Policy [Policy Text Block]	● Principles of consolidation Our consolidated financial statements include the accounts of Tandy Leather Factory, Inc. and its wholly owned subsidiaries, The Leather Factory, L.P. (a Texas limited partnership) and its corporate partners, Tandy Leather Company, L.P. (a Texas limited partnership) and its corporate partners, Mid-Continent Leather Sales, Inc. (an Oklahoma corporation), Roberts, Cushman & Company, Inc. (a Texas corporation), The Leather Factory of Canada, Ltd. (a Canadian corporation), Tandy Leather Factory UK Limited (a UK corporation), Tandy Leather Factory Australia Pty. Limited (an Australian corporation), and Tandy Leather Factory España, S.L. (a Spanish corporation). All intercompany accounts and transactions have been eliminated in consolidation.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	● Foreign currency translation and transactions Foreign currency translation adjustments arise from activities of our foreign subsidiaries. Results of operations are translated into U.S. dollars using the average exchange rates during the period, while assets and liabilities are translated using period-end exchange rates. Foreign currency translation adjustments of assets and liabilities are recorded in stockholders’ equity. Gains and losses resulting from foreign currency transactions are reported in the statements of income under the caption “Other (Income) Expense”, net, for all periods presented. We recognized foreign currency transaction gains (losses) of $19,000, $24,000, ($13,900), 2016, 2015, 2014,
Revenue Recognition, Policy [Policy Text Block]	● Revenue recognition Our sales generally occur via two (1) (2) We offer an unconditional satisfaction guarantee to all customers and accept all product returns. Net sales represent gross sales less negotiated price allowances, product returns, and allowances for defective merchandise.
Revenue Recognition, Discounts [Policy Text Block]	● Discounts We maintain four
Selling, General and Administrative Expenses, Policy [Policy Text Block]	● Expense categories Cost of goods sold includes inbound freight and duty charges from vendors to our central warehouse, freight and handling charges to move merchandise from our central warehouse to our stores, and manufacturing overhead, as appropriate. Operating expenses include all selling, general and administrative costs including wages and related employee expenses (payroll taxes, health benefits, savings plans, etc.), advertising, outbound freight charges (to ship merchandise to customers), rent, and utilities.
Property, Plant and Equipment, Policy [Policy Text Block]	● Property and equipment, net of accumulated depreciation and amortization Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are three ten seven fifteen five forty
Inventory, Policy [Policy Text Block]	● Inventory Inventory is valued at the lower of first first
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	● Impairment of long-lived assets We evaluate long-lived assets for indicators of impairment whenever events or changes in circumstances indicate their carrying amounts may
Earnings Per Share, Policy [Policy Text Block]	● Earnings per share Basic earnings per share are computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per share includes, to the extent inclusion of such shares would be dilutive to earnings per share, the effect of outstanding options and warrants, computed using the treasury stock method. BASIC 2016 2015 2014 Net income $ 6,402,259 $ 6,402,405 $ 7,706,921 Weighted average common shares outstanding 9,301,867 10,077,506 10,203,063 Earnings per share – basic $ 0.69 $ 0.64 $ 0.76 DILUTED Net income $ 6,402,259 $ 6,402,405 $ 7,706,921 Weighted average common shares outstanding 9,301,867 10,077,506 10,203,063 Effect of restricted stock awards and assumed exercise of stock options 19,691 25,254 38,058 Weighted average common shares outstanding, assuming dilution 9,321,558 10,102,760 10,241,121 Earnings per share - diluted $ 0.69 $ 0.63 $ 0.75 Outstanding options and restricted stock awards excluded as anti-dilutive 31,477 60,433 - For additional disclosures regarding the restricted stock awards and the employee stock options, see Note 11. 90,085, 68,400, 107,001 December 31, 2016, 2015, 2014,
Goodwill and Intangible Assets, Policy [Policy Text Block]	● 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. Goodwill is not amortized, but is evaluated at least annually for impairment. We completed our annual goodwill impairment analysis as of December 31 December 31, 2016, 2015, 2014 A summary of changes in our goodwill is as follows: Leather Factory Tandy Leather Total Balance, January 1, 2015 $ 588,380 $ 383,406 $ 971,786 Foreign exchange gain/loss (18,430 ) - (18,430 ) Balance, December 31, 2015 $ 569,950 $ 383,406 $ 953,356 Foreign exchange gain/loss 2,845 - 2,845 Balance, December 31, 2016 $ 572,795 $ 383,406 $ 956,201 Our intangible assets and related accumulated amortization consisted of the following: As of December 31, 20 16 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,279 $ 9,090 Non-Compete Agreements 175,316 163,566 11,750 $ 729,685 $ 708,845 $ 20,840 As of December 31, 2015 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 544,504 $ 9,865 Non-Compete Agreements 174,665 157,248 17,417 $ 729,034 $ 701,752 $ 27,282 Excluding goodwill, we have no intangible assets not subject to amortization under U.S. GAAP. Amortization of intangible assets of $6,442 2016, $40,744 2015, $45,202 2014 15 five Leather Factory Tandy Leather Total 2017 90 1,667 1,757 2018 - 1,417 1,417 2019 - 666 666 2020 - 666 666 2021 - 666 666 Thereafter - 5,668 5,668
Fair Value of Financial Instruments, Policy [Policy Text Block]	● Fair value of financial Instruments We measure fair value as an exit price, which is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering such assumptions, accounting standards establish a three Level 1 Level 2 Level 3 Classification of the financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Our principal financial instruments held consist of certificates of deposit, accounts receivable, accounts payable, notes payable, and long-term debt. The carrying value of certificates of deposit, accounts receivable and accounts payable approximate their fair value due to the relatively short-term nature of the accounts. The terms of the long-term debt are considered reasonable for this type of financing; therefore, the carrying amount approximates fair value.
Income Tax, Policy [Policy Text Block]	● Income taxes We account for income taxes using the asset and liability method. Under this method, the amount of taxes currently payable or refundable is accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences that currently exist between the tax basis and the financial reporting basis of our assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates in effect in the years when those temporary differences are expected to reverse. The effect on deferred taxes from a change in tax rate is recognized through continuing operations in the period that includes the enactment date of the change. Changes in tax laws and rates could affect recorded deferred tax assets and liabilities in the future. A tax benefit from an uncertain tax position may We recognize tax liabilities for uncertain tax positions and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may We may may
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	● Share-based compensation We have one ten six 2016, 2015 2014, We also have a restricted stock plan that was adopted by our Board of Directors in January 2013 June 2013. 300,000 may may four four
Comprehensive Income, Policy [Policy Text Block]	● Comprehensive income Comprehensive income includes net income and certain other items that are recorded directly to Stockholders’ Equity. The Company’s only source of other comprehensive income is foreign currency translation adjustments.
Shipping and Handling Cost, Policy [Policy Text Block]	● Shipping and handling costs All shipping and handling costs incurred by us are included in operating expenses on the statements of income. These costs totaled approximately $1,982,000, $2,012,000, $2,046,000 December 31, 2016, 2015, 2014,
Advertising Costs, Policy, Capitalized Direct Response Advertising [Policy Text Block]	● Advertising With the exception of catalog costs, advertising costs are expensed as incurred. Catalog costs are capitalized and expensed over the estimated useful life of the particular catalog in question, which is typically twelve eighteen $213,000 $181,000 December 31, 2016 2015, $4,759,000 2016; $4,826,000 2015; $4,339,000 2014.
Cash and Cash Equivalents, Policy [Policy Text Block]	● Cash flows presentation For purposes of the statement of cash flows, we consider all highly liquid investments with initial maturities of three
Reclassification, Policy [Policy Text Block]	● Reclassifications Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation.

Note 2 - Significant Accounti22

Note 2 - Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	BASIC 2016 2015 2014 Net income $ 6,402,259 $ 6,402,405 $ 7,706,921 Weighted average common shares outstanding 9,301,867 10,077,506 10,203,063 Earnings per share – basic $ 0.69 $ 0.64 $ 0.76 DILUTED Net income $ 6,402,259 $ 6,402,405 $ 7,706,921 Weighted average common shares outstanding 9,301,867 10,077,506 10,203,063 Effect of restricted stock awards and assumed exercise of stock options 19,691 25,254 38,058 Weighted average common shares outstanding, assuming dilution 9,321,558 10,102,760 10,241,121 Earnings per share - diluted $ 0.69 $ 0.63 $ 0.75 Outstanding options and restricted stock awards excluded as anti-dilutive 31,477 60,433 -
Schedule of Goodwill [Table Text Block]	Leather Factory Tandy Leather Total Balance, January 1, 2015 $ 588,380 $ 383,406 $ 971,786 Foreign exchange gain/loss (18,430 ) - (18,430 ) Balance, December 31, 2015 $ 569,950 $ 383,406 $ 953,356 Foreign exchange gain/loss 2,845 - 2,845 Balance, December 31, 2016 $ 572,795 $ 383,406 $ 956,201
Schedule of Finite-Lived Intangible Assets [Table Text Block]	As of December 31, 20 16 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,279 $ 9,090 Non-Compete Agreements 175,316 163,566 11,750 $ 729,685 $ 708,845 $ 20,840 As of December 31, 2015 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 544,504 $ 9,865 Non-Compete Agreements 174,665 157,248 17,417 $ 729,034 $ 701,752 $ 27,282
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Leather Factory Tandy Leather Total 2017 90 1,667 1,757 2018 - 1,417 1,417 2019 - 666 666 2020 - 666 666 2021 - 666 666 Thereafter - 5,668 5,668

Note 4 - Balance Sheet Compon23

Note 4 - Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Condensed Balance Sheet [Table Text Block]	December 31, 2016 December 31, 20 15 INVENTORY On hand: Finished goods held for sale $ 30,684,026 $ 30,487,764 Raw materials and work in process 1,034,041 1,284,567 Inventory in transit 1,459,472 1,812,208 TOTAL $ 33,177,539 $ 33,584,539 PROPERTY AND EQUIPMENT Building $ 9,105,286 $ 9,232,066 Land 1,451,132 1,451,132 Leasehold improvements 1,350,916 1,192,761 Equipment and machinery 5,991,343 5,086,770 Furniture and fixtures 7,342,642 6,889,642 Vehicles 295,033 139,837 25,536,352 23,992,208 Less: accumulated depreciation (9,884,559 ) (8,297,155 ) TOTAL $ 15,651,793 $ 15,695,053 ACCRUED EXPENSES AND OTHER LIABILITIES Accrued bonuses $ 2,123,942 $ 2,631,971 Accrued payroll 689,150 255,058 Deferred revenue 909,297 902,236 Sales and payroll taxes payable 494,720 383,657 Inventory in transit 1,432,590 1,542,352 Other 287,488 330,278 TOTAL $ 5,937,187 $ 6,045,552
Disposal Groups, Including Discontinued Operations [Table Text Block]	Year ended December 31 Wholesale Retail International Total 2016 $ 13,706 $ 3,993 $ ( 714 ) $ 16,985 2015 10,361 9,222 11,481 31,064 2014 7,681 11,089 47 18,820

Note 5 - Notes Payable and Lo24

Note 5 - Notes Payable and Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Debt [Table Text Block]	2016 2015 Business Loan Agreement with BOKF, NA – collateralized by real estate; payable as follows: Line of Credit Note, as amended, in the maximum principal amount of $15,000,000 with features as more fully described above – interest due monthly at LIBOR plus 1.85%; matures September 18, 2021 $ 7,371,729 $ 3,711,225 Line of Credit Note, as amended, in the maximum principal amount of $6,000,000 with revolving features as more fully described above – interest due monthly at LIBOR plus 1.85%; matures September 18, 2018 - - $ 7,371,729 $ 3,711,225 Less current maturities 614,311 231,952 $ 6,757,419 $ 3,479,273
Schedule of Maturities of Long-term Debt [Table Text Block]	2017 $ 614,311 2018 1,842,932 2019 1,842,932 2020 1,842,932 2021 1,228,622 $ 7,371,729

Note 6 - Capital Lease Obliga25

Note 6 - Capital Lease Obligations (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Capital Lease Obligations [Table Text Block]	20 16 20 15 Capital Lease secured by certain telecommunication equipment – total annual principal payments of $72,686, 1.8% interest, maturing January 2018 $ 73,994 $ 156,271 Less amount representing interest 1,308 4,189 Total obligation under capital lease 72,686 152,082 Less - Current maturities 72,686 72,686 Long term obligation under capital lease $ - $ 79,396

Note 7 - Employee Benefit and26

Note 7 - Employee Benefit and Savings Plan (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Defined Contribution Plan Disclosures [Table Text Block]	Year Ended December 31, Maximum Matching Contribution per Participant * Total Matching Contribution 2016 $ 10,600 $ 277,753 2015 $ 10,600 $ 290,388 2014 $ 10,400 $ 286,224

Note 8 - Income Taxes (Tables)

Note 8 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	201 6 201 5 201 4 Current provision: Federal $ 3,108,894 $ 3,045,292 $ 3,368,974 State 486,565 482,186 548,225 3,595,459 3,527,478 3,917,199 Deferred provision (benefit): Federal 183,520 212,563 210,343 State 21,591 76,607 (26,853 ) 205,111 289,170 183,490 $ 3,800,570 $ 3,816,648 $ 4,100,689
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]	201 6 201 5 201 4 United States $ 9,070,894 $ 9,272,854 $ 10,339,632 United Kingdom (81,987 ) (43,567 ) 557,776 Canada 1,034,027 813,824 874,571 Australia 82,622 48,633 102,922 Spain 97,273 127,309 (67,291 ) $ 10,202,829 $ 10,219,053 $ 11,807,610
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	201 6 201 5 Deferred income tax assets: Capitalized inventory costs $ 265,454 $ 260,385 Warrants and share-based compensation 44,151 44,151 Accrued expenses, reserves, and other 65,631 66,444 Total deferred income tax assets $ 375,236 $ 370,980 Deferred income tax liabilities: Property and equipment depreciation $ 1,728,265 $ 1,529,397 Goodwill and other intangible assets amortization 227,767 217,268 Total deferred income tax liabilities $ 1,956,032 $ 1,746,665
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	201 6 201 5 201 4 Statutory rate – Federal US income tax 34 % 34 % 34 % State and local taxes 6 % 6 % 5 % Non-U.S. income tax at different rates - - (1 %) Domestic production activities deduction (1 %) (1 %) (1 %) Other, net (2 %) (2 %) (2 %) Effective rate 37 % 37 % 35 %

Note 9 - Commitments and Cont28

Note 9 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ending December 31: 2017 $ 3,914,550 2018 2,999,262 2019 2,256,721 2020 1,701,366 2021 1,074,070 2022 545,740 2023 427,800 2024 246,698 2025 180,922 2026 6,206 Total minimum lease payments $ 13,353,335

Note 11 - Stockholders' Equity

Note 11 - Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	20 16 20 15 20 14 Weighted Weighted Weighted Average Average Average Option Exercise Option Exercise Option Exercise Shares Price Shares Price Shares Price Outstanding at January 1 68,400 $ 5.17 72,400 $ 5.16 84,600 $ 5.04 Granted - - - - - - Forfeited or expired (12,000 ) 5.30 (2,000 ) 4.96 - - Exchanged - - - - - - Exercised - - (2,000 ) 4.96 (12,200 ) 4.32 Outstanding at December 31 56,400 $ 5.14 68,400 $ 5.17 72,400 $ 5.16 Exercisable at end of year 56,400 $ 5.14 68,400 $ 5.17 72,400 $ 5.16 Weighted-average fair value of options granted during year n/a n/a n/a
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]	Options Outstanding & Exercisable Weighted Weighted Average Average Option Exercise Maturity Exercise Price Range Shares Price (Years) $4.41 20,400 $ 4.41 3.77 $4.80 9,000 4.80 4.22 $5.30 to $6.87 27,000 5.81 4.95 56,400 $ 5.14 4.41
Schedule of Share-based Compensation, Activity [Table Text Block]	2016 2015 2014 Weighted average grant-date fair value of stock options granted n/a n/a n/a Total fair value of stock options vested n/a n/a n/a Total intrinsic value of stock options exercised $ - $ 2,953 $ 14,816
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Shares Grant Fair Value Balance, January 1, 2015 34,601 $ 8.96 Granted 34,484 8.99 Forfeited - - Vested (8,652 ) 8.96 Balance, December 31, 2015 60,433 $ 8.97 Balance, January 1, 2016 60,433 $ 8.97 Granted 33,685 7.14 Forfeited (8,187 ) 8.97 Vested (20,784 ) 8.97 Balance, December 31, 2016 65,147 $ 8.03
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block]	2017 $ 173,136 2018 123,693 2019 67,190 2020 10,021

Note 12 - Segment Information (

Note 12 - Segment Information (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Wholesale Leathercraft Retail Leathercraft International Leathercraft Total For the year ended December 31, 2016 Net Sales $ 25,371,580 $ 53,670,340 $ 3,882,072 $ 82,923,992 Gross Profit 18,097,205 31,217,798 2,398,239 51,713,242 Operating earnings 5,254,227 4,970,546 75,958 10,300,731 Interest expense 155,189 - - 155,189 Other expense, net (35,290 ) - (21,997 ) (57,287 ) Income before income taxes 5,134,328 4,970,546 97,955 10,202,829 Depreciation and amortization 969,202 662,332 87,620 1,719,154 Fixed asset additions 869,250 740,578 87,875 1,697,704 Total assets $ 50,067,046 $ 16,435,386 $ 4,150,288 $ 70,652,720 For the year ended December 31, 2015 Net Sales $ 26,754,165 $ 53,714,432 $ 3,692,603 $ 84,161,200 Gross Profit 18,579,494 31,258,961 2,232,605 52,071,060 Operating earnings 4,663,590 5,689,814 121,296 10,474,700 Interest expense 330,004 - - 330,004 Other expense, net (63,230 ) - (11,127 ) (74,357 ) Income before income taxes 4,396,816 5,689,814 132,423 10,219,053 Depreciation and amortization 950,174 559,418 57,580 1,567,172 Fixed asset additions 945,998 932,231 285,811 2,164,040 Total assets $ 42,141,174 $ 17,753,324 $ 4,716,578 $ 64,611,076 For the year ended December 31, 2014 Net Sales $ 27,285,884 $ 51,805,944 $ 4,339,084 $ 83,430,912 Gross Profit 18,393,969 30,880,718 2,850,070 52,124,757 Operating earnings 5,300,413 6,077,345 580,271 11,958,029 Interest expense 225,584 - - 225,584 Other expense, net (61,984 ) - (13,181 ) (75,165 ) Income before income taxes 5,136,813 6,077,345 593,452 11,807,610 Depreciation and amortization 911,327 460,534 64,763 1,436,624 Fixed asset additions 909,260 1,243,123 51,807 2,204,190 Total assets $ 43,000,030 $ 16,608,386 $ 3,265,458 $ 62,873,874
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	201 6 201 5 20 14 United States $ 70,886,401 $ 72,061,009 $ 69,791,099 Canada 7,199,155 7,543,468 8,342,896 All other countries 4,838,436 4,556,723 5,296,917 $ 82,923,992 $ 84,161,200 $ 83,430,912

Note 14 - Quarterly Financial31

Note 14 - Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Quarterly Financial Information [Table Text Block]	First Second Third Fourth 20 16 Quarter Quarter Quarter Quarter Net sales $ 20,672,227 $ 19,552,905 $ 18,628,362 $ 24,100,498 Gross profit 12,652,746 12,895,790 11,644,871 14,519,835 Net income 1,520,997 1,820,915 1,000,350 2,059,997 Net income per common share: Basic $ 0.16 $ 0.19 $ 0.11 $ 0.23 Diluted $ 0.16 $ 0.19 $ 0.11 $ 0.23 Weighted average number of common shares outstanding: Basic 9,698,951 9,209,446 9,188,483 9,188,483 Diluted 9,718,453 9,227,941 9,206,382 9,301,867 First Second Third Fourth 20 15 Quarter Quarter Quarter Quarter Net sales $ 20,788,764 $ 19,773,528 $ 19,355,937 $ 24,292,971 Gross profit 12,582,927 12,814,382 11,832,697 14,841,054 Net income 1,444,407 1,507,896 1,111,344 2,338,758 Net income per common share: Basic $ 0.14 $ 0.15 $ 0.11 $ 0.24 Diluted $ 0.14 $ 0.15 $ 0.11 $ 0.24 Weighted average number of common shares outstanding: Basic 10,211,333 10,212,933 10,175,650 9,692,860 Diluted 10,241,096 10,241,164 10,199,092 9,712,571

Note 2 - Significant Accounti32

Note 2 - Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Foreign Currency Transaction Gain (Loss), Realized	$ 19,000	$ 24,000	$ (13,900)
Weighted Average Number Diluted Shares Outstanding Adjustment	90,085	68,400	107,001
Amortization of Intangible Assets	$ 6,442	$ 40,744	$ 45,202
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	180 days
Shipping, Handling and Transportation Costs	$ 1,982,000	2,012,000	2,046,000
Capitalized Catalog, Costs	213,000	181,000
Advertising Expense	$ 4,759,000	$ 4,826,000	$ 4,339,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0	0
Allocated Share-based Compensation Expense	$ 0	$ 0	$ 0
Goodwill, Impairment Loss	$ 0	$ 0	$ 0
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	300,000
1995 Stock Option Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Trademarks [Member]
Finite-Lived Intangible Asset, Useful Life	15 years
Copyrights [Member]
Finite-Lived Intangible Asset, Useful Life	15 years
Minimum [Member]
Capitalized Catalog, Useful Life	1 year
Maximum [Member]
Capitalized Catalog, Useful Life	1 year 180 days
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	10 years
Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	7 years
Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	15 years
Vehicles [Member]
Property, Plant and Equipment, Useful Life	5 years
Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life	40 years

Note 2 - Significant Accounti33

Note 2 - Significant Accounting Policies - Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 2,059,997	$ 1,000,350	$ 1,820,915	$ 1,520,997	$ 2,338,758	$ 1,111,344	$ 1,507,896	$ 1,444,407	$ 6,402,259	$ 6,402,405	$ 7,706,921
Weighted average common shares outstanding (in shares)	9,188,483	9,188,483	9,209,446	9,698,951	9,692,860	10,175,650	10,212,933	10,211,333	9,301,867	10,077,506	10,203,063
Earnings per share – basic (in dollars per share)	$ 0.23	$ 0.11	$ 0.19	$ 0.16	$ 0.24	$ 0.11	$ 0.15	$ 0.14	$ 0.69	$ 0.64	$ 0.76
DILUTED
Net income	$ 2,059,997	$ 1,000,350	$ 1,820,915	$ 1,520,997	$ 2,338,758	$ 1,111,344	$ 1,507,896	$ 1,444,407	$ 6,402,259	$ 6,402,405	$ 7,706,921
Weighted average common shares outstanding (in shares)	9,188,483	9,188,483	9,209,446	9,698,951	9,692,860	10,175,650	10,212,933	10,211,333	9,301,867	10,077,506	10,203,063
Effect of restricted stock awards and assumed exercise of stock options (in shares)									19,691	25,254	38,058
Weighted average common shares outstanding, assuming dilution (in shares)	9,301,867	9,206,382	9,227,941	9,718,453	9,712,571	10,199,092	10,241,164	10,241,096	9,321,558	10,102,760	10,241,121
Earnings per share - diluted (in dollars per share)	$ 0.23	$ 0.11	$ 0.19	$ 0.16	$ 0.24	$ 0.11	$ 0.15	$ 0.14	$ 0.69	$ 0.63	$ 0.75
Outstanding options and restricted stock awards excluded as anti-dilutive (in shares)									31,477	60,433

Note 2 - Significant Accounti34

Note 2 - Significant Accounting Policies - Summary of Changes in Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Balance	$ 953,356	$ 971,786
Foreign exchange gain/loss	2,845	(18,430)
Balance	956,201	953,356
Leather Factory [Member]
Balance	569,950	588,380
Foreign exchange gain/loss	2,845	(18,430)
Balance	572,795	569,950
Tandy Leather [Member]
Balance	383,406	383,406
Foreign exchange gain/loss
Balance	$ 383,406	$ 383,406

Note 2 - Significant Accounti35

Note 2 - Significant Accounting Policies - Intangible Assets (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Other intangibles, gross	$ 729,685	$ 729,034
Accumulated Amortization	708,845	701,752
Other intangibles, net	20,840	27,282
Trademarks and Copyrights [Member]
Other intangibles, gross	554,369	554,369
Accumulated Amortization	545,279	544,504
Other intangibles, net	9,090	9,865
Noncompete Agreements [Member]
Other intangibles, gross	175,316	174,665
Accumulated Amortization	163,566	157,248
Other intangibles, net	$ 11,750	$ 17,417

Note 2 - Significant Accounti36

Note 2 - Significant Accounting Policies - Estimated Amortization Expense (Details)	Dec. 31, 2016USD ($)
2,017	$ 1,757
2,018	1,417
2,019	666
2,020	666
2,021	666
Thereafter	5,668
Wholesale Leathercraft [Member]
2,017	90
2,018
2,019
2,020
2,021
Thereafter
Retail Leathercraft [Member]
2,017	1,667
2,018	1,417
2,019	666
2,020	666
2,021	666
Thereafter	$ 5,668

Note 3 - Valuation and Qualif37

Note 3 - Valuation and Qualifying Accounts (Details Textual) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Allowance for Doubtful Accounts Receivable	$ 2,400	$ 1,700

Note 4 - Balance Sheet Compon38

Note 4 - Balance Sheet Components (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Depreciation	$ 1,717,548	$ 1,520,385	$ 1,391,422

Note 4 - Balance Sheet Compon39

Note 4 - Balance Sheet Components - Schedule of Balance Sheet Components (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
On hand:
Finished goods held for sale	$ 30,684,026	$ 30,487,764
Raw materials and work in process	1,034,041	1,284,567
Inventory in transit	1,459,472	1,812,208
TOTAL	33,177,539	33,584,539
PROPERTY AND EQUIPMENT
Building	9,105,286	9,232,066
Land	1,451,132	1,451,132
Leasehold improvements	1,350,916	1,192,761
Equipment and machinery	5,991,343	5,086,770
Furniture and fixtures	7,342,642	6,889,642
Vehicles	295,033	139,837
PROPERTY AND EQUIPMENT, at cost	25,536,352	23,992,208
Less accumulated depreciation and amortization	(9,884,559)	(8,297,155)
TOTAL	15,651,793	15,695,053
ACCRUED EXPENSES AND OTHER LIABILITIES
Accrued bonuses	2,123,942	2,631,971
Accrued payroll	689,150	255,058
Deferred revenue	909,297	902,236
Sales and payroll taxes payable	494,720	383,657
Inventory in transit	1,432,590	1,542,352
Other	287,488	330,278
TOTAL	$ 5,937,187	$ 6,045,552

Note 4 - Balance Sheet Compon40

Note 4 - Balance Sheet Components - Loss From Abandonment and (or) Disposal of Obsolete Equipment, by Segment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Loss on disposal or abandonment of assets	$ 16,985	$ 31,064	$ 18,820
Wholesale Leathercraft [Member]
Loss on disposal or abandonment of assets	13,706	10,361	7,681
Retail Leathercraft [Member]
Loss on disposal or abandonment of assets	3,993	9,222	11,089
International Leathercraft [Member]
Loss on disposal or abandonment of assets	$ (714)	$ 11,481	$ 47

Note 5 - Notes Payable and Lo41

Note 5 - Notes Payable and Long-term Debt (Details Textual)	Sep. 18, 2015USD ($)	Apr. 30, 2008	Jul. 31, 2007USD ($)ft²a	Sep. 30, 2015USD ($)	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)shares	Aug. 25, 2016USD ($)	Jun. 23, 2014USD ($)	Jul. 12, 2012USD ($)
Proceeds from Issuance of Long-term Debt					$ 3,660,505	$ 3,711,225
Treasury Stock, Shares, Acquired | shares					520,500	529,000	0
Promissory Note and Business Loan Agreement with BOKF [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 6,000,000
Promissory Note and Business Loan Agreement with BOKF [Member] | Maximum [Member]
Debt Instrument, Covenants, Debt to EBITDA Ratio	1.5
Promissory Note and Business Loan Agreement with BOKF [Member] | Minimum [Member]
Debt Instrument, Covenants, Fixed Charge Coverage Ratio	1.2
Promissory Note with BOKF [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000,000							$ 15,000,000
Line of Credit Facility, Term of the Term Note into which the Principal Balance Will Be Rolled	4 years
Proceeds from Issuance of Long-term Debt					$ 3,700,000
Treasury Stock, Shares, Acquired | shares					520,500
Line of Credit Facility, Remaining Borrowing Capacity					$ 7,600,000
Two Promissory Notes with BOKF [Member]
Debt Instrument, Interest Rate, Effective Percentage					2.557%	2.263%
Two Promissory Notes with BOKF [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate					1.85%
Credit Agreement with JPMorgan Chase Bank, N.A. [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 5,500,000
Proceeds from Bank Debt			$ 4,050,000
Credit Agreement with JPMorgan Chase Bank, N.A. [Member] | Term Note [Member]
Debt Instrument, Term		10 years
Debt Instrument, Interest Rate, Stated Percentage		7.10%
Credit Agreement with JPMorgan Chase Bank, N.A. [Member] | Term Note [Member] | Interest Expense [Member]
Debt Instrument, Prepayment Penalty				$ 200,000
Credit Agreement with JPMorgan Chase Bank, N.A. [Member] | Building [Member]
Area of Real Estate Property | ft²			191,000
Credit Agreement with JPMorgan Chase Bank, N.A. [Member] | Land [Member]
Area of Real Estate Property | a			30
Line of Credit Note with JPMorgan Chase Bank, N.A.[Member]
Line of Credit Facility, Maximum Borrowing Capacity									$ 6,000,000	$ 4,000,000

Note 5 - Notes Payable and Lo42

Note 5 - Notes Payable and Long-term Debt - Summary of Credit Agreement and Line of Credit Note (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Line of Credit Note	$ 7,371,729
	7,371,729	$ 3,711,225
Current maturities of long-term debt	614,311	231,952
LONG-TERM DEBT, net of current maturities	6,757,419	3,479,273
Promissory Note with BOKF [Member]
Line of Credit Note	7,371,729	3,711,225
Promissory Note and Business Loan Agreement with BOKF [Member]
Line of Credit Note

Note 5 - Notes Payable and Lo43

Note 5 - Notes Payable and Long-term Debt - Summary of Credit Agreement and Line of Credit Note (Details) (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Promissory Note with BOKF [Member]
Line of Credit Note, Principal Amount	$ 15,000,000	$ 15,000,000
Promissory Note with BOKF [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Note, Interest at LIBOR	1.85%	1.85%
Promissory Note and Business Loan Agreement with BOKF [Member]
Line of Credit Note, Principal Amount	$ 6,000,000	$ 6,000,000
Promissory Note and Business Loan Agreement with BOKF [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Note, Interest at LIBOR	1.85%	1.85%

Note 5 - Notes Payable and Lo44

Note 5 - Notes Payable and Long-term Debt - Schedule of Notes Payable Debt Maturities (Details)	Dec. 31, 2016USD ($)
2,017	$ 614,311
2,018	1,842,932
2,019	1,842,932
2,020	1,842,932
2,021	1,228,622
	$ 7,371,729

Note 6 - Capital Lease Obliga45

Note 6 - Capital Lease Obligations (Details Textual) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Capital Leased Assets, Gross	$ 227,783
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation	21,400	$ 300
Property and Equipment [Member]
Capital Leased Assets, Gross	210,904	22,152
Prepaid Equipment [Member]
Capital Leased Assets, Gross	$ 16,879	$ 205,631

Note 6 - Capital Lease Obliga46

Note 6 - Capital Lease Obligations - Capital Lease Obligations (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Capital Lease secured by certain telecommunication equipment – total annual principal payments of $72,686, 1.8% interest, maturing January 2018	$ 73,994	$ 156,271
Less amount representing interest	1,308	4,189
Total obligation under capital lease	72,686	152,082
Less - Current maturities	72,686	72,686
Long term obligation under capital lease		$ 79,396

Note 6 - Capital Lease Obliga47

Note 6 - Capital Lease Obligations - Capital Lease Obligations (Details) (Parentheticals) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Annual principal payments	$ 72,686	$ 72,686
Interest rate	1.80%	1.80%

Note 7 - Employee Benefit and48

Note 7 - Employee Benefit and Savings Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0	$ 0	$ 0
100% Matching [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%	100.00%	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%	3.00%	3.00%
50% Matching [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50.00%	50.00%	50.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	2.00%	2.00%	2.00%

Note 7 - Employee Benefit and49

Note 7 - Employee Benefit and Savings Plans - Contributions to 401(k) Plan (Details) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Maximum Matching Contribution per Participant*	[1]	$ 10,600	$ 10,600	$ 10,400
Total Matching Contribution		$ 277,753	$ 290,388	$ 286,224
[1]	Due to the annual limit on eligible earnings imposed by the Internal Revenue Code.

Note 8 - Income Taxes - Provisi

Note 8 - Income Taxes - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current provision:
Federal	$ 3,108,894	$ 3,045,292	$ 3,368,974
State	486,565	482,186	548,225
Total current income tax expense	3,595,459	3,527,478	3,917,199
Deferred provision (benefit):
Federal	183,520	212,563	210,343
State	21,591	76,607	(26,853)
Total deferred income provision	205,111	289,170	183,490
Total income tax expense	$ 3,800,570	$ 3,816,648	$ 4,100,689

Note 8 - Income Taxes - Income

Note 8 - Income Taxes - Income Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income from continuing operations, before income taxes	$ 10,202,829	$ 10,219,053	$ 11,807,610
Internal Revenue Service (IRS) [Member]
Income before income taxes	9,070,894	9,272,854	10,339,632
Her Majesty's Revenue and Customs (HMRC) [Member]
Income before income taxes	(81,987)	(43,567)	557,776
Canada Revenue Agency [Member]
Income before income taxes	1,034,027	813,824	874,571
Australian Taxation Office [Member]
Income before income taxes	82,622	48,633	102,922
Tax Authority, Spain [Member]
Income before income taxes	$ 97,273	$ 127,309	$ (67,291)

Note 8 - Income Taxes - Deferre

Note 8 - Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Deferred income tax assets:
Capitalized inventory costs	$ 265,454	$ 260,385
Warrants and share-based compensation	44,151	44,151
Accrued expenses, reserves, and other	65,631	66,444
Total deferred income tax assets	375,236	370,980
Deferred income tax liabilities:
Property and equipment depreciation	1,728,265	1,529,397
Goodwill and other intangible assets amortization	227,767	217,268
Total deferred income tax liabilities	$ 1,956,032	$ 1,746,665

Note 8 - Income Taxes - Effecti

Note 8 - Income Taxes - Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statutory rate – Federal US income tax	34.00%	34.00%	34.00%
State and local taxes	6.00%	6.00%	5.00%
Non-U.S. income tax at different rates			(1.00%)
Domestic production activities deduction	(1.00%)	(1.00%)	(1.00%)
Other, net	(2.00%)	(2.00%)	(2.00%)
Effective rate	37.00%	37.00%	35.00%

Note 9 - Commitments and Cont54

Note 9 - Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Leases, Rent Expense	$ 4,189,225	$ 3,844,641	$ 3,675,788

Note 9 - Commitments and Cont55

Note 9 - Commitments and Contingencies - Future Minimum Lease Payments Under Noncancelable Operating Leases (Details)	Dec. 31, 2016USD ($)
2,017	$ 3,914,550
2,018	2,999,262
2,019	2,256,721
2,020	1,701,366
2,021	1,074,070
2,022	545,740
2,023	427,800
2,024	246,698
2,025	180,922
2,026	6,206
Total minimum lease payments	$ 13,353,335

Note 10 - Significant Busines56

Note 10 - Significant Business Concentrations and Risk (Details Textual)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Number Of Major Customers	5
Number of Major Suppliers	1
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Concentration Risk, Percentage	1.40%	1.30%	1.70%

Note 11 - Stockholders' Equit57

Note 11 - Stockholders' Equity (Details Textual) - USD ($)	Aug. 08, 2014	Jun. 09, 2014	Mar. 31, 2016	Feb. 28, 2015	Feb. 28, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 07, 2016	Aug. 31, 2015	Jun. 06, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						180 days
Proceeds from Issuance of Common Stock						$ 0	$ 9,920	$ 52,722
Allocated Share-based Compensation Expense						$ 0	$ 0	$ 0
Common Stock, Dividends, Per Share, Declared		$ 0.25
Payments of Dividends	$ 2,500,000
Common Stock, Par or Stated Value Per Share						$ 0.0024	$ 0.0024
Stock Repurchase Program, Number of Shares Authorized to be Repurchased									2,200,000	1,200,000
Treasury Stock, Shares, Acquired						520,500	529,000	0
Treasury Stock Acquired, Average Cost Per Share						$ 7.06	$ 7.01
Treasury Stock, Value, Acquired, Cost Method						$ 3,675,654	$ 3,708,862
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						4 years
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						33,685	34,484
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized						$ 374,040
Restricted Stock [Member] | Operating Expense [Member]
Allocated Share-based Compensation Expense						$ 199,870	$ 145,321	$ 67,818
2007 Director Non-Qualified Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						6 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized						100,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period						10 years
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant						21,400
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options						$ 0
Restricted Stock Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						4 years
Restricted Stock Plan [Member] | Restricted Stock [Member] | Executive Officers, Non-employee Directors and Other Key Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized						300,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant						197,230
Restricted Stock Plan [Member] | Restricted Stock [Member] | Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			11,765	9,344	9,375
Restricted Stock Plan [Member] | Restricted Stock [Member] | Independent Director 1 Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			2,031	1,613	1,619
Stockholder Rights Plan [Member]
Common Stock, Par or Stated Value Per Share											$ 0.0024
Class of Warrant or Right, Exercise Price of Warrants or Rights											$ 30
Class Of Warrant Or Right Exercisable, Condition Common Stock Ownership, Percentage											20.00%

Note 11 - Stockholders' Equit58

Note 11 - Stockholders' Equity - Summary of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Balance, outstanding (in shares)	56,400	68,400	72,400	84,600
Balance, outstanding (in dollars per share)	$ 5.14	$ 5.17	$ 5.16	$ 5.04
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0	0
Granted (in dollars per share)
Forfeited or expired (in shares)		(12,000)	(2,000)
Forfeited or expired (in dollars per share)		$ 5.30	$ 4.96
Exercised (in shares)			(2,000)	(12,200)
Exercised (in dollars per share)			$ 4.96	$ 4.32
Balance, outstanding (in shares)		56,400	68,400	72,400
Balance, outstanding (in dollars per share)		$ 5.14	$ 5.17	$ 5.16
Exercisable at end of year (in shares)		56,400	68,400	72,400
Exercisable at end of year (in dollars per share)		$ 5.14	$ 5.17	$ 5.16

Note 11 - Stockholders' Equit59

Note 11 - Stockholders' Equity - Summary of Outstanding Options by Exercise Price Ranges (Details)	12 Months Ended
	Dec. 31, 2016$ / sharesshares
(in shares) | shares	56,400
(in dollars per share)	$ 5.14
(Year)	4 years 149 days
Range 1 [Member]
(in dollars per share)	$ 4.41
(in dollars per share)
(in shares) | shares	20,400
(in dollars per share)	$ 4.41
(Year)	3 years 281 days
Range 2 [Member]
(in dollars per share)	$ 4.80
(in dollars per share)
(in shares) | shares	9,000
(in dollars per share)	$ 4.80
(Year)	4 years 80 days
Range 3 [Member]
(in dollars per share)	$ 5.30
(in dollars per share)	$ 6.87
(in shares) | shares	27,000
(in dollars per share)	$ 5.81
(Year)	4 years 346 days

Note 11 - Stockholders' Equit60

Note 11 - Stockholders' Equity - Other Information Pertaining to Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Total intrinsic value of stock options exercised		$ 2,953	$ 14,816

Note 11 - Stockholders' Equit61

Note 11 - Stockholders' Equity - Activity for Nonvested Restricted Common Stock Awards (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Balance, shares (in shares)	60,433	34,601
Balance, Grant Fair Value (in dollars per share)	$ 8.97	$ 8.96
Granted (in shares)	33,685	34,484
Granted, Grant Fair Value (in dollars per share)	$ 7.14	$ 8.99
Forfeited (in shares)	(8,187)
Forfeited, Grant Fair Value (in dollars per share)	$ 8.97
Vested (in shares)	(20,784)	(8,652)
Vested, Grant Fair Value (in dollars per share)	$ 8.97	$ 8.96
Balance, shares (in shares)	65,147	60,433
Balance, Grant Fair Value (in dollars per share)	$ 8.03	$ 8.97

Note 11 - Stockholders' Equit62

Note 11 - Stockholders' Equity - Unrecognized Compensation Expense for Non-vested Restricted Stock Awards (Details) - Restricted Stock [Member]	Dec. 31, 2016USD ($)
2,017	$ 173,136
2,018	123,693
2,019	67,190
2,020	$ 10,021

Note 12 - Segment Information63

Note 12 - Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2016
Number of Operating Segments	3
Number of Stores	4
Northampton United Kingdom [Member] | International Leathercraft [Member]
Number of Stores	1
Sydney Australia [Member] | International Leathercraft [Member]
Number of Stores	1
Jerez Spain [Member] | International Leathercraft [Member]
Number of Stores	1
Manchester, United Kingdom [Member] | International Leathercraft [Member]
Number of Stores	1

Note 12 - Segment Information -

Note 12 - Segment Information - Summary of Reportable Operating Segments (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net Sales	$ 24,100,498	$ 18,628,362	$ 19,552,905	$ 20,672,227	$ 24,292,971	$ 19,355,937	$ 19,773,528	$ 20,788,764	$ 82,923,992	$ 84,161,200	$ 83,430,912
Gross Profit	14,519,835	$ 11,644,871	$ 12,895,790	$ 12,652,746	14,841,054	$ 11,832,697	$ 12,814,382	$ 12,582,927	51,713,242	52,071,060	52,124,757
Operating earnings									10,300,731	10,474,700	11,958,029
Interest expense									155,189	330,004	225,584
Other expense, net									(57,287)	(74,357)	(75,165)
Income before income taxes									10,202,829	10,219,053	11,807,610
Depreciation and amortization									1,719,154	1,567,172	1,436,624
Fixed asset additions									1,697,704	2,164,040	2,204,190
Total assets	70,652,720				64,611,076				70,652,720	64,611,076	62,873,874
Wholesale Leathercraft [Member]
Net Sales									25,371,580	26,754,165	27,285,884
Gross Profit									18,097,205	18,579,494	18,393,969
Operating earnings									5,254,227	4,663,590	5,300,413
Interest expense									155,189	330,004	225,584
Other expense, net									(35,290)	(63,230)	(61,984)
Income before income taxes									5,134,328	4,396,816	5,136,813
Depreciation and amortization									969,202	950,174	911,327
Fixed asset additions									869,250	945,998	909,260
Total assets	50,067,046				42,141,174				50,067,046	42,141,174	43,000,030
Retail Leathercraft [Member]
Net Sales									53,670,340	53,714,432	51,805,944
Gross Profit									31,217,798	31,258,961	30,880,718
Operating earnings									4,970,546	5,689,814	6,077,345
Interest expense
Other expense, net
Income before income taxes									4,970,546	5,689,814	6,077,345
Depreciation and amortization									662,332	559,418	460,534
Fixed asset additions									740,578	932,231	1,243,123
Total assets	16,435,386				17,753,324				16,435,386	17,753,324	16,608,386
International Leathercraft [Member]
Net Sales									3,882,072	3,692,603	4,339,084
Gross Profit									2,398,239	2,232,605	2,850,070
Operating earnings									75,958	121,296	580,271
Interest expense
Other expense, net									(21,997)	(11,127)	(13,181)
Income before income taxes									97,955	132,423	593,452
Depreciation and amortization									87,620	57,580	64,763
Fixed asset additions									87,875	285,811	51,807
Total assets	$ 4,150,288				$ 4,716,578				$ 4,150,288	$ 4,716,578	$ 3,265,458

Note 12 - Segment Information65

Note 12 - Segment Information - Net Sales for Geographic Areas (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net sales	$ 24,100,498	$ 18,628,362	$ 19,552,905	$ 20,672,227	$ 24,292,971	$ 19,355,937	$ 19,773,528	$ 20,788,764	$ 82,923,992	$ 84,161,200	$ 83,430,912
UNITED STATES
Net sales									70,886,401	72,061,009	69,791,099
CANADA
Net sales									7,199,155	7,543,468	8,342,896
All Other Countries [Member]
Net sales									$ 4,838,436	$ 4,556,723	$ 5,296,917

Note 14 - Quarterly Financial66

Note 14 - Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net Sales	$ 24,100,498	$ 18,628,362	$ 19,552,905	$ 20,672,227	$ 24,292,971	$ 19,355,937	$ 19,773,528	$ 20,788,764	$ 82,923,992	$ 84,161,200	$ 83,430,912
Gross Profit	14,519,835	11,644,871	12,895,790	12,652,746	14,841,054	11,832,697	12,814,382	12,582,927	51,713,242	52,071,060	52,124,757
Net income	$ 2,059,997	$ 1,000,350	$ 1,820,915	$ 1,520,997	$ 2,338,758	$ 1,111,344	$ 1,507,896	$ 1,444,407	$ 6,402,259	$ 6,402,405	$ 7,706,921
NET INCOME PER COMMON SHARE:
BASIC (in dollars per share)	$ 0.23	$ 0.11	$ 0.19	$ 0.16	$ 0.24	$ 0.11	$ 0.15	$ 0.14	$ 0.69	$ 0.64	$ 0.76
Earnings per share - diluted (in dollars per share)	0.23	0.11	0.19	0.16	0.24	0.11	0.15	0.14	0.69	0.63	0.75
Earnings per share – basic (in dollars per share)	$ 0.23	$ 0.11	$ 0.19	$ 0.16	$ 0.24	$ 0.11	$ 0.15	$ 0.14	$ 0.69	$ 0.64	$ 0.76
Weighted average number of common shares outstanding:
Basic (in shares)	9,188,483	9,188,483	9,209,446	9,698,951	9,692,860	10,175,650	10,212,933	10,211,333	9,301,867	10,077,506	10,203,063
Diluted (in shares)	9,301,867	9,206,382	9,227,941	9,718,453	9,712,571	10,199,092	10,241,164	10,241,096	9,321,558	10,102,760	10,241,121
Net Sales	$ 24,100,498	$ 18,628,362	$ 19,552,905	$ 20,672,227	$ 24,292,971	$ 19,355,937	$ 19,773,528	$ 20,788,764	$ 82,923,992	$ 84,161,200	$ 83,430,912
Gross Profit	14,519,835	11,644,871	12,895,790	12,652,746	14,841,054	11,832,697	12,814,382	12,582,927	51,713,242	52,071,060	52,124,757
Net income	$ 2,059,997	$ 1,000,350	$ 1,820,915	$ 1,520,997	$ 2,338,758	$ 1,111,344	$ 1,507,896	$ 1,444,407	$ 6,402,259	$ 6,402,405	$ 7,706,921