Tandy Leather Factory (TLF) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 03, 2017
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)		9,275,501
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash	$ 16,407,211	$ 16,862,304
Accounts receivable-trade, net of allowance for doubtful accounts of $3,548 and $2,404 in 2017 and 2016, respectively	524,692	560,984
Inventory	34,382,003	33,177,539
Prepaid income taxes	474,487	964,323
Prepaid expenses	1,710,217	1,608,860
Other current assets	264,617	140,232
Total current assets	53,763,227	53,314,242
PROPERTY AND EQUIPMENT, at cost	26,156,413	25,536,352
Less accumulated depreciation and amortization	(10,350,479)	(9,884,559)
Property, plant and equipment, net	15,805,934	15,651,793
DEFERRED INCOME TAXES	376,884	375,236
GOODWILL	957,347	956,201
OTHER INTANGIBLES, net of accumulated amortization of approximately $709,000 and $708,000 in 2017 and 2016, respectively	20,396	20,840
OTHER assets	344,986	334,408
TOTAL ASSETS	71,268,774	70,652,720
CURRENT LIABILITIES:
Accounts payable-trade	2,424,445	1,621,884
Accrued expenses and other liabilities	4,219,821	5,937,187
Current maturities of capital lease obligations	72,686	72,686
Current maturities of long-term debt	1,075,044	614,311
Total current liabilities	7,791,996	8,246,068
DEFERRED INCOME TAXES	1,854,493	1,956,032
LONG-TERM DEBT, net of current maturities	6,296,685	6,757,419
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.10 par value; 20,000,000 shares authorized; none issued or outstanding; attributes to be determined on issuance
Common stock, $0.0024 par value; 25,000,000 shares authorized; 11,318,331 and 11,309,326 shares issued at 2017 and 2016, respectively; 9,275,501 and 9,266,496 shares outstanding at 2017 and 2016, respectively	27,164	27,142
Paid-in capital	6,413,051	6,368,279
Retained earnings	60,700,758	59,469,493
Treasury stock at cost (2,042,830 shares at 2017 and 2016)	(10,278,584)	(10,278,584)
Accumulated other comprehensive income	(1,536,789)	(1,893,129)
Total stockholders’ equity	55,325,600	53,693,201
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 71,268,774	$ 70,652,720

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Accounts receivable-trade, net allowance for doubtful accounts	$ 3,548	$ 2,404
Other intangible, accumulated amortization	$ 709,289	$ 708,845
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, shares issued (in shares)	0	0
Preferred stock, shares 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)	11,318,331	11,309,326
Common stock, shares outstanding (in shares)	9,275,501	9,266,496
Treasury stock, shares (in shares)	2,042,830	2,042,830

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
NET SALES	$ 20,149,845	$ 20,672,227
COST OF SALES	7,863,800	8,019,481
Gross profit	12,286,045	12,652,746
OPERATING EXPENSES	10,548,554	10,289,956
INCOME FROM OPERATIONS	1,737,491	2,362,790
OTHER (INCOME) EXPENSE:
Interest expense	36,344	23,429
Other, net	(2,651)	39
Total other (income) expense	33,693	23,468
INCOME BEFORE INCOME TAXES	1,703,798	2,339,322
PROVISION FOR INCOME TAXES	472,533	818,325
NET INCOME	1,231,265	1,520,997
Translation adjustment	356,340	637,515
COMPREHENSIVE INCOME	$ 1,587,605	$ 2,158,512
NET INCOME PER COMMON SHARE:
BASIC (in dollars per share)	$ 0.13	$ 0.16
DILUTED (in dollars per share)	$ 0.13	$ 0.16
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
BASIC (in shares)	9,308,726	9,698,951
DILUTED (in shares)	9,330,919	9,718,453

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,231,265	$ 1,520,997
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	458,118	414,228
Loss / (gain) on disposal or abandonment of assets	335	(12,023)
Non-cash stock-based compensation	44,794	43,762
Deferred income taxes	(103,187)	31,717
Foreign currency translation	344,789	614,366
Net changes in assets and liabilities:
Accounts receivable-trade	36,292	(129,374)
Inventory	(1,204,464)	(47,763)
Prepaid expenses	(101,357)	(112,282)
Other current assets	(126,374)	(76,076)
Accounts payable-trade	802,561	(63,065)
Accrued expenses and other liabilities	(1,717,366)	(1,471,776)
Income taxes	489,836	360,847
Total adjustments	(1,076,023)	(447,439)
Net cash provided by operating activities	155,242	1,073,558
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(599,757)	(606,932)
Proceeds from sale of assets		22,625
(Decrease) in other assets	(10,578)	(154)
Net cash used in investing activities	(610,335)	(584,461)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable and long term debt		2,870,000
Payments on capital lease obligations		(6,710)
Repurchase of common stock (treasury stock)		(2,870,740)
Net cash used in financing activities		(7,450)
NET (DECREASE) INCREASE IN CASH	(455,093)	481,647
CASH, beginning of period	16,862,304	10,962,615
CASH, end of period	16,407,211	11,444,262
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	36,344	23,429
Income tax paid (refunds)	$ 17,303	$ 457,478

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 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
Stock-based compensation (in shares)	33,685
Stock-based compensation	$ 80	43,682				43,762
Net income				1,520,997		1,520,997
Purchase of treasury stock (in shares)	(404,423)
Purchase of treasury stock			(2,870,740)			(2,870,740)
Translation adjustment					637,515	637,515
Balance (in shares) at Mar. 31, 2016	9,382,555
Balance at Mar. 31, 2016	$ 27,142	6,212,171	(9,473,670)	54,588,231	(1,050,164)	50,303,710
Translation adjustment					637,515	637,515
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
Stock-based compensation (in shares)	9,005
Stock-based compensation	$ 22	44,772				44,794
Net income				1,231,265		1,231,265
Translation adjustment					356,340	356,340
Balance (in shares) at Mar. 31, 2017	9,275,501
Balance at Mar. 31, 2017	$ 27,164	6,413,051	(10,278,584)	60,700,758	(1,536,789)	55,325,600
Translation adjustment					$ 356,340	$ 356,340

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Certain Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
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, 2017 December 31, 2016, three March 31, 2017 2016. three March 31, 2017 may December 31, 2017. 10 December 31, 2016. 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 . first first Based on negotiations with vendors, title generally passes to us when merchandise is put on board. Merchandise to which we have title but have not yet received is recorded as inventory in transit. March 31, 2017 December 31, 2016 Inventory on hand: Finished goods held for sale $ 31,099,215 $ 30,684,026 Raw materials and work in process 1,079,178 1,034,041 Inventory in transit 2,203,610 1,459,472 $ 34,382,003 $ 33,177,539 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 first second fourth December 31, 2016, No first 2017. The only change in our goodwill for the three March 31, 2017 2016 $1,146 $6,428, Other intangibles consist of the following: March 31, 2017 December 31, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,473 $ 8,896 $ 554,369 $ 545,279 $ 9,090 Non-Compete Agreements 175,316 163,816 11,500 175,316 163,566 11,750 $ 729,685 $ 709,289 $ 20,396 $ 729,685 $ 708,845 $ 20,840 We recorded amortization expense of $444 first 2017 $3,861 first 2016. 5 2017 1,313 2018 1,417 2019 666 2020 666 2021 666 Thereafter $ 5,668 Revenue Recognition . two (1) (2) . 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 ). Recent Account ing Pronouncements. 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 February 2016, 2016 02, one December 15, 2018,

Note 2 - Notes Payable and Long

Note 2 - Notes Payable and Long-term Debt	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	2. N OTES PAYABLE AND LONG-TERM DEBT 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, no March 31, 2017. March 31, 2016, $2.9 404,000 March 31, 2017, $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% (2.826% 2.557% March 31, 2017 December 31, 2016, At March 31, 2017 December 31, 2016, 2017 2016 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 $ 7,371,729 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 $ 7,371,729 Less current maturities 1,075,044 614,311 $ 6,296,685 $ 6,757,419

Note 3 - Capital Lease Obligati

Note 3 - Capital Lease Obligations	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt and Capital Leases Disclosures [Text Block]	3. We lease certain telecommunication equipment under a capital lease agreement. The asset subject to the agreement totaled $227,783, $212,893 $210,904 March 31, 2017 December 31, 2016, $14,890 $16,879 March 31, 2017 December 31, 2016, $27,300 $21,400 March 31, 2017 December 31, 2016, 2017, $72,686 March 31, 2017.

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	4. ON We have one March 2017. ten no March 31, 2017 2016 no March 31, 2017 2016, three March 31, 2017 2016, Weighted Average Exercise Price # of shares Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2017 $ 5.14 56,400 Granted - - Cancelled - - Exercised - - Outstanding, March 31, 2017 $ 5.14 56,400 4.24 $ 172,584 Exercisable, March 31, 2017 $ 5.14 56,400 4.24 $ 172,584 Outstanding, January 1, 2016 $ 5.17 68,400 Granted - - Cancelled - - Exercised - - Outstanding, March 31, 2016 $ 5.17 68,400 5.24 $ 83,933 Exercisable, March 31, 2016 $ 5.17 68,400 5.24 $ 83,933 As of March 31, 2017, no 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 2017, five 1,801 March 2016, 11,765 five 2,031 four four A summary of the activity for non-vested restricted common stock awards as of March 31, 2017 2016 Shares Award Fair Value Balance, January 1, 2017 62,046 $ 8.24 Granted 9,005 $ 8.05 Forfeited - - Vested (21,013 ) 8.49 Unvested Balance, March 31, 2017 50,038 $ 8.22 Balance, January 1, 2016 60,433 $ 8.97 Granted 33,685 $ 7.14 Forfeited (8,187 ) 8.97 Vested (20,784 ) 8.97 Unvested Balance, March 31, 2016 65,147 $ 8.03 As of March 31, 2017, $401,737 2017 $ 143,444 2018 141,816 2019 85,313 2020 28,144 2021 3,020

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	5. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share (“EPS”) for the three March 31, 2017 2016: 2017 2016 Net income $ 1,231,265 $ 1,520,997 Numerator for basic and diluted earnings per share $ 1,231,265 $ 1,520,997 Denominator for basic earnings per share – weighted-average shares 9,308,726 9,698,951 Effect of dilutive securities: Stock options 19,729 19,461 Restricted stock 2,464 41 Dilutive potential common shares 22,193 19,502 Denominator for diluted earnings per share – weighted-average shares 9,330,919 9,718,453 Basic earnings per share $ 0.13 $ 0.16 Diluted earnings per share $ 0.13 $ 0.16 The net effect of assuming the exercise of all potentially dilutive common share equivalents, including stock options to purchase common stock at exercise prices less than the average market prices and restricted stock awards of an aggregate of 109,545 149,922 March 31, 2017 2016,

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6. Legal Proceedings.

Note 7 - Segment Information

Note 7 - Segment Information	3 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7. SEGMENT INFORMATION Effective January 1, 2017, Prior Reporting Structure New Reporting Structure 1. Wholesale chain of wholesale stores operating under the name, The Leather Factory, located in North America 1. North America 2. Retail chain of retail stores operating under the name, Tandy Leather Company, located in North America 2. International 3. International four 2 1 1 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. The 2016 North America International Total For the quarter ended March 31, 20 17 Net sales $ 19,231,714 $ 918,131 $ 20,149,845 Gross profit 11,752,957 533,088 12,286,045 Operating income (loss) 1,811,563 (74,072 ) 1,737,491 Interest expense 36,344 - 36,344 Other (income) expense, net (17,654 ) 15,003 (2,651 ) Income (loss) before income taxes 1,792,873 (89,075 ) 1,703,798 Depreciation and amortization 436,281 21,837 458,118 Fixed asset additions 597,826 1,931 599,757 Total assets $ 67,016,728 $ 4,252,046 $ 71,268,774 For the quarter ended March 31, 20 16 Net sales $ 19,739,491 $ 932,736 $ 20,672,227 Gross profit 12,084,809 567,937 12,652,746 Operating income 2,341,209 21,581 2,362,790 Interest expense 23,429 - 23,429 Other (income) expense, net (5,746 ) 5,785 39 Income before income taxes 2,323,526 15,796 2,339,322 Depreciation and amortization 393,592 20,636 414,228 Fixed asset additions 602,864 4,068 606,932 Total assets $ 60,145,915 $ 5,113,930 $ 65,259,845 Net sales for geographic areas were as follows for the three March 31: 201 7 201 6 United States $ 17,282,664 $ 17,727,629 Canada 1,773,510 1,741,756 All other countries 1,093,671 1,202,842 $ 20,149,845 $ 20,672,227 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 March 31, 2017 2016.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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, 2017 December 31, 2016, three March 31, 2017 2016. three March 31, 2017 may December 31, 2017. 10 December 31, 2016. 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, Policy [Policy Text Block]	Inventory . first first Based on negotiations with vendors, title generally passes to us when merchandise is put on board. Merchandise to which we have title but have not yet received is recorded as inventory in transit. March 31, 2017 December 31, 2016 Inventory on hand: Finished goods held for sale $ 31,099,215 $ 30,684,026 Raw materials and work in process 1,079,178 1,034,041 Inventory in transit 2,203,610 1,459,472 $ 34,382,003 $ 33,177,539
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. A two first second fourth December 31, 2016, No first 2017. The only change in our goodwill for the three March 31, 2017 2016 $1,146 $6,428, Other intangibles consist of the following: March 31, 2017 December 31, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,473 $ 8,896 $ 554,369 $ 545,279 $ 9,090 Non-Compete Agreements 175,316 163,816 11,500 175,316 163,566 11,750 $ 729,685 $ 709,289 $ 20,396 $ 729,685 $ 708,845 $ 20,840 We recorded amortization expense of $444 first 2017 $3,861 first 2016. 5 2017 1,313 2018 1,417 2019 666 2020 666 2021 666 Thereafter $ 5,668
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition . two (1) (2) . 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, Policy [Policy Text Block]	Comprehensive Income ( loss ).
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Account ing Pronouncements. 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 February 2016, 2016 02, one December 15, 2018,

Note 1 - Basis of Presentatio15

Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, 2017 December 31, 2016 Inventory on hand: Finished goods held for sale $ 31,099,215 $ 30,684,026 Raw materials and work in process 1,079,178 1,034,041 Inventory in transit 2,203,610 1,459,472 $ 34,382,003 $ 33,177,539
Schedule of Finite-Lived Intangible Assets [Table Text Block]	March 31, 2017 December 31, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,473 $ 8,896 $ 554,369 $ 545,279 $ 9,090 Non-Compete Agreements 175,316 163,816 11,500 175,316 163,566 11,750 $ 729,685 $ 709,289 $ 20,396 $ 729,685 $ 708,845 $ 20,840
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	2017 1,313 2018 1,417 2019 666 2020 666 2021 666 Thereafter $ 5,668

Note 2 - Notes Payable and Lo16

Note 2 - Notes Payable and Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Debt [Table Text Block]	2017 2016 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 $ 7,371,729 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 $ 7,371,729 Less current maturities 1,075,044 614,311 $ 6,296,685 $ 6,757,419

Note 4 - Stock-based Compensa17

Note 4 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Weighted Average Exercise Price # of shares Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2017 $ 5.14 56,400 Granted - - Cancelled - - Exercised - - Outstanding, March 31, 2017 $ 5.14 56,400 4.24 $ 172,584 Exercisable, March 31, 2017 $ 5.14 56,400 4.24 $ 172,584 Outstanding, January 1, 2016 $ 5.17 68,400 Granted - - Cancelled - - Exercised - - Outstanding, March 31, 2016 $ 5.17 68,400 5.24 $ 83,933 Exercisable, March 31, 2016 $ 5.17 68,400 5.24 $ 83,933
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Shares Award Fair Value Balance, January 1, 2017 62,046 $ 8.24 Granted 9,005 $ 8.05 Forfeited - - Vested (21,013 ) 8.49 Unvested Balance, March 31, 2017 50,038 $ 8.22 Balance, January 1, 2016 60,433 $ 8.97 Granted 33,685 $ 7.14 Forfeited (8,187 ) 8.97 Vested (20,784 ) 8.97 Unvested Balance, March 31, 2016 65,147 $ 8.03
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block]	2017 $ 143,444 2018 141,816 2019 85,313 2020 28,144 2021 3,020

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	2017 2016 Net income $ 1,231,265 $ 1,520,997 Numerator for basic and diluted earnings per share $ 1,231,265 $ 1,520,997 Denominator for basic earnings per share – weighted-average shares 9,308,726 9,698,951 Effect of dilutive securities: Stock options 19,729 19,461 Restricted stock 2,464 41 Dilutive potential common shares 22,193 19,502 Denominator for diluted earnings per share – weighted-average shares 9,330,919 9,718,453 Basic earnings per share $ 0.13 $ 0.16 Diluted earnings per share $ 0.13 $ 0.16

Note 7 - Segment Information (T

Note 7 - Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	North America International Total For the quarter ended March 31, 20 17 Net sales $ 19,231,714 $ 918,131 $ 20,149,845 Gross profit 11,752,957 533,088 12,286,045 Operating income (loss) 1,811,563 (74,072 ) 1,737,491 Interest expense 36,344 - 36,344 Other (income) expense, net (17,654 ) 15,003 (2,651 ) Income (loss) before income taxes 1,792,873 (89,075 ) 1,703,798 Depreciation and amortization 436,281 21,837 458,118 Fixed asset additions 597,826 1,931 599,757 Total assets $ 67,016,728 $ 4,252,046 $ 71,268,774 For the quarter ended March 31, 20 16 Net sales $ 19,739,491 $ 932,736 $ 20,672,227 Gross profit 12,084,809 567,937 12,652,746 Operating income 2,341,209 21,581 2,362,790 Interest expense 23,429 - 23,429 Other (income) expense, net (5,746 ) 5,785 39 Income before income taxes 2,323,526 15,796 2,339,322 Depreciation and amortization 393,592 20,636 414,228 Fixed asset additions 602,864 4,068 606,932 Total assets $ 60,145,915 $ 5,113,930 $ 65,259,845
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	201 7 201 6 United States $ 17,282,664 $ 17,727,629 Canada 1,773,510 1,741,756 All other countries 1,093,671 1,202,842 $ 20,149,845 $ 20,672,227

Note 1 - Basis of Presentatio20

Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Goodwill, Foreign Currency Translation Gain (Loss)	$ 1,146	$ 6,428
Amortization of Intangible Assets	444	$ 3,861
Goodwill, Impairment Loss	$ 0
Maximum [Member]
Sales Revenue, Annual Gross Product Returns	0.50%

Note 1 - Basis of Presentatio21

Note 1 - Basis of Presentation and Certain Significant Accounting Policies - Components of Inventory (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Inventory on hand:
Finished goods held for sale	$ 31,099,215	$ 30,684,026
Raw materials and work in process	1,079,178	1,034,041
Inventory in transit	2,203,610	1,459,472
	$ 34,382,003	$ 33,177,539

Note 1 - Basis of Presentatio22

Note 1 - Basis of Presentation and Certain Significant Accounting Policies - Intangible Assets (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Other intangibles, gross	$ 729,685	$ 729,685
Accumulated Amortization	709,289	708,845
Other intangibles, net	20,396	20,840
Trademarks and Copyrights [Member]
Other intangibles, gross	554,369	554,369
Accumulated Amortization	545,473	545,279
Other intangibles, net	8,896	9,090
Noncompete Agreements [Member]
Other intangibles, gross	175,316	175,316
Accumulated Amortization	163,816	163,566
Other intangibles, net	$ 11,500	$ 11,750

Note 1 - Basis of Presentatio23

Note 1 - Basis of Presentation and Certain Significant Accounting Policies - Estimated Amortization Expense (Details)	Mar. 31, 2017USD ($)
2,017	$ 1,313
2,018	1,417
2,019	666
2,020	666
2,021	666
Thereafter	$ 5,668

Note 2 - Notes Payable and Lo24

Note 2 - Notes Payable and Long-term Debt (Details Textual)	Sep. 18, 2015USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)shares	Dec. 31, 2016	Aug. 25, 2016USD ($)
Proceeds from Issuance of Long-term Debt			$ 2,870,000
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		0	$ 2,900,000
Treasury Stock, Shares, Acquired | shares			404,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 7,600,000
Two Promissory Notes with BOKF [Member]
Debt Instrument, Interest Rate, Effective Percentage		2.826%		2.557%
Two Promissory Notes with BOKF [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		1.85%

Note 2 - Notes Payable and Lo25

Note 2 - Notes Payable and Long-term Debt - Summary of Credit Agreement and Line of Credit Note (Details) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
	$ 7,371,729	$ 7,371,729
Current maturities of long-term debt	1,075,044	614,311
LONG-TERM DEBT, net of current maturities	6,296,685	6,757,419
Promissory Note with BOKF [Member]
Line of Credit Note	7,371,729	7,371,729
Promissory Note and Business Loan Agreement with BOKF [Member]
Line of Credit Note

Note 2 - Notes Payable and Lo26

Note 2 - Notes Payable and Long-term Debt - Summary of Credit Agreement and Line of Credit Note (Details) (Parentheticals) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
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 3 - Capital Lease Obliga27

Note 3 - Capital Lease Obligations (Details Textual) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Capital Leased Assets, Gross	$ 227,783
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation	27,300	$ 21,400
Capital Lease Obligations, Current	72,686	72,686
Property and Equipment [Member]
Capital Leased Assets, Gross	212,893	210,904
Prepaid Equipment [Member]
Capital Leased Assets, Gross	$ 14,890	$ 16,879

Note 4 - Stock-based Compensa28

Note 4 - Stock-based Compensation (Details Textual) - USD ($)	1 Months Ended		3 Months Ended
	Mar. 31, 2016	Feb. 28, 2015	Mar. 31, 2017	Mar. 31, 2016
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			9,005	33,685
Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			0	0
Allocated Share-based Compensation Expense			$ 0	$ 0
2007 Director Non-Qualified Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
2007 Director Non-Qualified Stock Option Plan [Member] | Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options			$ 0
Restricted Stock Plan [Member] | Restricted Stock [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options			$ 401,737
Restricted Stock Plan [Member] | Executive Officers, Non-employee Directors and Other Key Employees [Member] | Restricted Stock [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, Award Vesting Period		4 years
Restricted Stock Plan [Member] | Independent Director 1 Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	2,031	1,801
Restricted Stock Plan [Member] | Chief Executive Officer [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	11,765
Restricted Stock Plan [Member] | Interim Chief Executive Officer, Interim President and 5 Directors [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	4 years
Restricted Stock Plan [Member] | Independent Director 2 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	2,031	1,801
Restricted Stock Plan [Member] | Independent Director 3 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	2,031	1,801
Restricted Stock Plan [Member] | Independent Director 4 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	2,031	1,801
Restricted Stock Plan [Member] | Independent Directors 5 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	2,031	1,801

Note 4 - Stock-based Compensa29

Note 4 - Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Outstanding, weighted average exercise price (in dollars per share)	$ 5.14	$ 5.17
Outstanding, number of shares (in shares)	56,400	68,400
Cancelled, weighted average exercise price (in dollars per share)
Cancelled, number of shares (in shares)
Outstanding, weighted average exercise price (in dollars per share)	$ 5.14	$ 5.17
Outstanding, number of shares (in shares)	56,400	68,400
Outstanding, weighted average remaining contractual term (Year)	4 years 87 days	5 years 87 days
Outstanding, aggregate intrinsic value	$ 172,584	$ 83,933
Exercisable, weighted average exercise price (in dollars per share)	$ 5.14	$ 5.17
Exercisable, number of shares (in shares)	56,400	68,400
Exercisable, weighted average remaining contractual term (Year)	4 years 87 days	5 years 87 days
Exercisable, aggregate intrinsic value	$ 172,584	$ 83,933

Note 4 - Stock-based Compensa30

Note 4 - Stock-based Compensation - Activity for Nonvested Restricted Common Stock Awards (Details) - Restricted Stock [Member] - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Balance, shares (in shares)	62,046	60,433
Balance, grant fair value (in dollars per share)	$ 8.24	$ 8.97
Granted, shares (in shares)	9,005	33,685
Granted, grant fair value (in dollars per share)	$ 8.05	$ 7.14
Forfeited, shares (in shares)		8,187
Forfeited, grant fair value (in dollars per share)		$ 8.97
Vested, shares (in shares)	(21,013)	(20,784)
Vested, grant fair value (in dollars per share)	$ 8.49	$ 8.97
Balance, shares (in shares)	50,038	65,147
Balance, grant fair value (in dollars per share)	$ 8.22	$ 8.03
Forfeited, shares (in shares)		(8,187)

Note 4 - Stock-based Compensa31

Note 4 - Stock-based Compensation - Unrecognized Compensation Expense for Nonvested Restricted Stock Awards (Details)	Mar. 31, 2017USD ($)
2,017	$ 143,444
2,018	141,816
2,019	85,313
2,020	28,144
2,021	$ 3,020

Note 5 - Earnings Per Share (De

Note 5 - Earnings Per Share (Details Textual) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Weighted Average Number Diluted Shares Outstanding Adjustment	109,545	149,922

Note 5 - Earnings Per Share - C

Note 5 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net income	$ 1,231,265	$ 1,520,997
Numerator for basic and diluted earnings per share	$ 1,231,265	$ 1,520,997
Denominator for basic earnings per share – weighted-average shares (in shares)	9,308,726	9,698,951
Effect of dilutive securities:
Effect of dilutive securities (in shares)	22,193	19,502
Denominator for diluted earnings per share – weighted-average shares (in shares)	9,330,919	9,718,453
Basic earnings per share (in dollars per share)	$ 0.13	$ 0.16
Diluted earnings per share (in dollars per share)	$ 0.13	$ 0.16
Employee Stock Option [Member]
Effect of dilutive securities:
Effect of dilutive securities (in shares)	19,729	19,461
Restricted Stock [Member]
Effect of dilutive securities:
Effect of dilutive securities (in shares)	2,464	41

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	Mar. 31, 2017
Number of Stores	4
UNITED KINGDOM | International Leathercraft [Member]
Number of Stores	2
AUSTRALIA | International Leathercraft [Member]
Number of Stores	1
SPAIN | International Leathercraft [Member]
Number of Stores	1

Note 7 - Segment Information -

Note 7 - Segment Information - Summary of Reportable Operating Segments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Net sales	$ 20,149,845	$ 20,672,227
Gross profit	12,286,045	12,652,746
Operating income (loss)	1,737,491	2,362,790
Interest expense	36,344	23,429
Other (income) expense, net	(2,651)	39
Income (loss) before income taxes	1,703,798	2,339,322
Depreciation and amortization	458,118	414,228
Total assets	71,268,774		$ 70,652,720
Wholesale Leathercraft [Member]
Net sales	19,231,714	19,739,491
Gross profit	11,752,957	12,084,809
Operating income (loss)	1,811,563	2,341,209
Interest expense	36,344	23,429
Other (income) expense, net	(17,654)	(5,746)
Income (loss) before income taxes	1,792,873	2,323,526
Depreciation and amortization	436,281	393,592
Fixed asset additions	597,826	602,864
Total assets	67,016,728	60,145,915
Retail Leathercraft [Member]
Net sales	918,131	932,736
Gross profit	533,088	567,937
Operating income (loss)	(74,072)	21,581
Interest expense
Other (income) expense, net	15,003	5,785
Income (loss) before income taxes	(89,075)	15,796
Depreciation and amortization	21,837	20,636
Fixed asset additions	1,931	4,068
Total assets	4,252,046	5,113,930
International Leathercraft [Member]
Net sales	20,149,845	20,672,227
Gross profit	12,286,045	12,652,746
Operating income (loss)	1,737,491	2,362,790
Interest expense	36,344	23,429
Other (income) expense, net	(2,651)	39
Income (loss) before income taxes	1,703,798	2,339,322
Depreciation and amortization	458,118	414,228
Fixed asset additions	599,757	606,932
Total assets	$ 71,268,774	$ 65,259,845

Note 7 - Segment Information 36

Note 7 - Segment Information - Net Sales for Geographic Areas (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Net sales	$ 20,149,845	$ 20,672,227
UNITED STATES
Net sales	17,282,664	17,727,629
CANADA
Net sales	1,773,510	1,741,756
All Other Countries [Member]
Net sales	$ 1,093,671	$ 1,202,842