Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 01, 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) | 9,270,862 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash | $ 14,841,370 | $ 16,862,304 |
Accounts receivable-trade, net of allowance for doubtful accounts of $16,209 and $2,404 in 2017 and 2016, respectively | 497,317 | 560,984 |
Inventory | 37,327,488 | 33,177,539 |
Prepaid income taxes | 455,423 | 964,323 |
Prepaid expenses | 1,478,762 | 1,608,860 |
Other current assets | 140,488 | 140,232 |
Total current assets | 54,740,848 | 53,314,242 |
PROPERTY AND EQUIPMENT, at cost | 26,585,838 | 25,536,352 |
Less accumulated depreciation and amortization | (10,831,122) | (9,884,559) |
15,754,716 | 15,651,793 | |
DEFERRED INCOME TAXES | 404,615 | 375,236 |
GOODWILL | 959,797 | 956,201 |
OTHER INTANGIBLES, net of accumulated amortization of approximately $709,000 and $708,000 in 2017 and 2016, respectively | 19,954 | 20,840 |
OTHER ASSETS | 363,529 | 334,408 |
TOTAL ASSETS | 72,243,459 | 70,652,720 |
CURRENT LIABILITIES: | ||
Accounts payable-trade | 1,484,043 | 1,621,884 |
Accrued expenses and other liabilities | 4,471,813 | 5,937,187 |
Current maturities of capital lease obligations | 72,686 | 72,686 |
Current maturities of long-term debt | 1,535,778 | 614,311 |
Total current liabilities | 7,564,320 | 8,246,068 |
DEFERRED INCOME TAXES | 1,838,066 | 1,956,032 |
LONG-TERM DEBT, net of current maturities | 5,835,952 | 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 | 0 | 0 |
Common stock, $0.0024 par value; 25,000,000 shares authorized; 11,313,692 and 11,235,992 shares issued at 2017 and 2016, respectively; 9,270,862 and 9,193,162 shares outstanding at 2017 and 2016, respectively | 27,153 | 26,966 |
Paid-in capital | 6,762,832 | 6,368,455 |
Retained earnings | 61,728,490 | 59,469,493 |
Treasury stock at cost (2,042,830 shares at 2017 and 2016, respectively) | (10,278,584) | (10,278,584) |
Accumulated other comprehensive income | (1,234,770) | (1,893,129) |
Total stockholders’ equity | 57,005,121 | 53,693,201 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 72,243,459 | $ 70,652,720 |
Consolidated Balance Sheets (C3
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts receivable-trade, allowance for doubtful accounts | $ 16,209 | $ 2,404 |
Other intangibles, accumulated amortization | $ 709,731 | $ 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) | 11,313,692 | 11,235,992 |
Common stock, shares outstanding (in shares) | 9,270,862 | 9,193,162 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
NET SALES | $ 19,280,770 | $ 19,522,905 | $ 39,430,615 | $ 40,195,132 |
COST OF SALES | 6,385,236 | 6,627,115 | 14,249,036 | 14,646,596 |
Gross profit | 12,895,534 | 12,895,790 | 25,181,579 | 25,548,536 |
OPERATING EXPENSES | 11,240,097 | 10,056,899 | 21,788,651 | 20,346,855 |
INCOME FROM OPERATIONS | 1,655,437 | 2,838,891 | 3,392,928 | 5,201,681 |
OTHER INCOME (EXPENSE): | ||||
Interest expense | (53,680) | (42,027) | (90,024) | (65,456) |
Other, net | 17,012 | 23,434 | 19,663 | 23,395 |
Total other income (expense) | (36,668) | (18,593) | (70,361) | (42,061) |
INCOME BEFORE INCOME TAXES | 1,618,769 | 2,820,298 | 3,322,567 | 5,159,620 |
PROVISION FOR INCOME TAXES | 591,037 | 999,383 | 1,063,570 | 1,817,708 |
NET INCOME | 1,027,732 | 1,820,915 | 2,258,997 | 3,341,912 |
Foreign currency translation adjustments | 302,019 | (382,762) | 658,359 | 254,753 |
COMPREHENSIVE INCOME | $ 1,329,751 | $ 1,438,153 | $ 2,917,356 | $ 3,596,665 |
NET INCOME PER COMMON SHARE: | ||||
Basic (in dollars per share) | $ 0.11 | $ 0.19 | $ 0.24 | $ 0.35 |
Diluted (in dollars per share) | $ 0.11 | $ 0.19 | $ 0.24 | $ 0.35 |
Weighted Average Number of Shares Outstanding: | ||||
Basic (in shares) | 9,225,960 | 9,209,446 | 9,212,846 | 9,418,645 |
Diluted (in shares) | 9,229,129 | 9,227,941 | 9,225,474 | 9,437,620 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 2,258,997 | $ 3,341,912 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 929,408 | 831,793 |
(Gain) / loss on disposal or abandonment of assets | 515 | (6,560) |
Non-cash stock-based compensation | 171,160 | 113,302 |
Deferred income taxes | (147,345) | (4,676) |
Foreign currency translation | 627,609 | 256,309 |
Net changes in assets and liabilities: | ||
Accounts receivable-trade | 63,667 | 1,382 |
Inventory | (4,149,949) | (2,720,056) |
Prepaid expenses | 130,098 | (108,971) |
Other current assets | (256) | (62,788) |
Accounts payable-trade | (137,841) | (589,863) |
Accrued expenses and other liabilities | (1,465,374) | (1,066,056) |
Income taxes payable | 508,900 | (216,328) |
Total adjustments | (3,469,408) | (3,572,512) |
Net cash used in operating activities | (1,210,411) | (230,600) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (1,004,906) | (898,007) |
Proceeds from sale of assets | 100 | 26,703 |
Decrease in other assets | (29,121) | 352 |
Net cash used in investing activities | (1,033,927) | (870,952) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from notes payable and long term debt | 3,660,505 | |
Payments on capital lease obligations | (6,710) | |
Repurchase of common stock (treasury stock) | (3,675,654) | |
Proceeds from exercise of stock options | 223,404 | |
Net cash provided by (used in) financing activities | 223,404 | (21,859) |
NET DECREASE IN CASH | (2,020,934) | (1,123,411) |
CASH, beginning of period | 16,862,304 | 10,962,615 |
CASH, end of period | 14,841,370 | 9,839,204 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid during the period | 90,024 | 65,456 |
Income tax paid during the period, net of refunds | $ 554,670 | $ 2,034,036 |
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 at Jun. 30, 2016 | $ 27,142 | $ 6,281,711 | $ (10,278,584) | $ 56,409,146 | $ (1,432,926) | $ 51,006,489 |
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) | (520,482) | |||||
Purchase of treasury stock | (3,675,654) | $ (3,675,654) | ||||
Exercise of stock options (in shares) | ||||||
Stock-based compensation (in shares) | 33,685 | |||||
Stock-based compensation | $ 80 | 113,222 | $ 113,302 | |||
Net income | 3,341,912 | 3,341,912 | ||||
Translation adjustment | 254,753 | 254,753 | ||||
Balance (in shares) at Jun. 30, 2016 | 9,266,496 | |||||
Balance at Jun. 30, 2017 | $ 27,153 | 6,762,832 | (10,278,584) | 61,728,490 | (1,234,770) | 57,005,121 |
Balance (in shares) at Dec. 31, 2016 | 9,193,162 | |||||
Balance at Dec. 31, 2016 | $ 26,966 | 6,368,455 | $ (10,278,584) | 59,469,493 | (1,893,129) | $ 53,693,201 |
Exercise of stock options (in shares) | 44,400 | 44,400 | ||||
Exercise of stock options | $ 107 | 223,297 | $ 223,404 | |||
Stock-based compensation (in shares) | 33,300 | |||||
Stock-based compensation | $ 80 | $ 171,080 | 171,160 | |||
Net income | $ 2,258,997 | 2,258,997 | ||||
Translation adjustment | $ 658,359 | $ 658,359 | ||||
Balance (in shares) at Jun. 30, 2017 | 9,270,862 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Certain Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 June 30, 2017 December 31, 2016, three six June 30, 2017 2016. three six June 30, 2017 not 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. Reclassificati ons . 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 June 30, 2017 December 31, 2016 Inventory on hand: Finished goods held for sale $ 33,665,227 $ 30,684,026 Raw materials and work in process 1,574,142 1,034,041 Inventory in transit 2,088,119 1,459,472 $ 37,327,488 $ 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 six June 30, 2017 2016 $3,596 $6,512, Other intangibles consist of the following: June 30, 2017 December 31, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,665 $ 8,704 $ 554,369 $ 545,279 $ 9,090 Non-Compete Agreements 175,316 164,066 11,250 175,316 163,566 11,750 $ 729,685 $ 709,731 $ 19,954 $ 729,685 $ 708,845 $ 20,840 We recorded amortization expense of $886 six June 30, 2017 $5,054 first 2016. 5 2017 871 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, No. 2014 09, 606, December 15, 2016. April 2015, No. 2015 24, one July 7, 2015, one December 15, 2017. 2018 not no 2017 not No. 2014 09 not 0.5% three In February 2016, 2016 02, one December 15, 2018, not |
Note 2 - Notes Payable and Long
Note 2 - Notes Payable and Long-term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 2. N OTES PAYABLE AND LONG-TERM DEBT On September 18, 2015, $10,000,000 August 2015 2.2 August 2018. August 25, 2016, $10,000,000 $15,000,000 August 25, 2017 4 August 25, 2017 August 25, 2018 1900 820, no six June 30, 2017. six June 30, 2016, $3.7 520,500 June 30, 2017, $7.6 Also, on September 18, 2015, $6,000,000 August 25, 2016, September 18, 2017 September 18, 2018. no 1.5 1 1.2 1. four six June 30, 2017 2016, no Amounts drawn under either facility accrue interest at the London interbank Eurodollar market rate for U.S. dollars (commonly known as “LIBOR”) plus 1.85% 2.860% 2.557% June 30, 2017 December 31, 2016, The amount outstanding under the above agreements consisted of the following: 6/30/2017 12/31/2016 Line of Credit, as amended, in the maximum principal amount of $15,000,000 with features as more fully described above –matures September 18, 2021 $ 7,371,730 $ 7,371,730 Line of Credit, as amended, in the maximum principal amount of $6,000,000 with revolving features as more fully described above – matures September 18, 2018 - - $ 7,371,730 $ 7,371,730 Less current maturities 1,535,778 614,311 $ 5,835,952 $ 6,757,419 |
Note 3 - Capital Lease Obligati
Note 3 - Capital Lease Obligations | 6 Months Ended |
Jun. 30, 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, $217,114 $210,904 June 30, 2017 December 31, 2016, $10,669 $16,879 not June 30, 2017 December 31, 2016, $33,300 $21,400 June 30, 2017 December 31, 2016, 2017, $72,686 June 30, 2017. |
Note 4 - Stock-based Compensati
Note 4 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 4. ON We have one March 2017. not no ten no six June 30, 2017 2016 no six June 30, 2017 2016. six June 30, 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 $ 5.14 (12,000 ) Exercised $ 5.14 (44,400 ) 3.99 $ 155,606 Outstanding, June 30, 2017 $ - - - $ - Exercisable, June 30, 2017 $ - - - $ - Outstanding, January 1, 2016 $ 5.17 68,400 Granted - - Cancelled - - Exercised - - Outstanding, June 30, 2016 $ 5.17 68,400 4.99 $ 83,933 Exercisable, June 30, 2016 $ 5.17 68,400 4.99 $ 83,933 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 On June 6, 2017, three $104,000 three six June 30, 2017. A summary of the activity for non-vested restricted common stock awards as of June 30, 2017 2016 Shares Award Fair Value Balance, January 1, 2017 62,046 $ 8.24 Granted 9,005 8.05 Forfeited (5,403 ) 8.05 Vested (28,847 ) 7.84 Unvested Balance, June 30, 2017 36,801 $ 7.93 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, June 30, 2016 65,147 $ 8.03 As of June 30, 2017, $241,242 2017 $ 66,928 2018 100,127 2019 58,126 2020 14,853 2021 1,208 |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 6 Months Ended |
Jun. 30, 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 six June 30: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net income $ 1,027,732 $ 1,820,915 $ 2,258,997 $ 3,341,912 Numerator for basic and diluted earnings per share 1,027,732 1,820,915 2,258,997 3,341,912 Denominator for basic EPS: weighted-average shares 9,225,960 9,209,446 9,212,846 9,418,645 Effect of dilutive securities: Stock options - 18,495 9,810 18,975 Restricted stock 3,169 - 2,818 - Dilutive potential common shares 3,169 18,495 12,628 18,975 Denominator for diluted EPS-weighted-average shares 9,229,129 9,227,941 9,225,474 9,437,620 Basic earnings per share $ 0.11 $ 0.19 $ 0.24 $ 0.35 Diluted earnings per share $ 0.11 $ 0.19 $ 0.24 $ 0.35 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 36,801 133,562 June 30, 2017 2016, |
Note 6 - Commitments and Contin
Note 6 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 6. Legal Proceedings. no |
Note 7 - Segment Information
Note 7 - Segment Information | 6 Months Ended |
Jun. 30, 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 no 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 June 30 , 20 17 Net sales $ 18,427,425 $ 853,345 $ 19,280,770 Gross profit 12,449,202 446,332 12,895,534 Operating income (loss) 1,814,887 (159,450 ) 1,655,437 Interest (expense) (53,680 ) - (53,680 ) Other income (expense), net 15,195 1,817 17,012 Income (loss) before income taxes 1,776,402 (157,633 ) 1,618,769 Depreciation and amortization 448,788 22,502 471,290 Fixed asset additions 387,054 18,095 405,149 Total assets $ 67,412,189 $ 4,831,270 $ 72,243,459 For the quarter ended June 30 , 20 16 Net sales $ 18,558,938 $ 963,967 $ 19,522,905 Gross profit 12,155,311 740,479 12,895,790 Operating income 2,714,312 124,579 2,838,891 Interest (expense) (42,027 ) - (42,027 ) Other income (expense), net 8,986 14,448 23,434 Income before income taxes 2,681,271 139,027 2,820,298 Depreciation and amortization 394,943 22,622 417,565 Fixed asset additions 242,235 48,840 291,075 Total assets $ 61,820,547 $ 4,797,768 $ 66,618,315 North America International Total For the six months ended June 30 , 20 17 Net sales $ 37,659,139 $ 1,771,476 $ 39,430,615 Gross profit 24,202,159 979,420 25,181,579 Operating income (loss) 3,626,450 (233,522 ) 3,392,928 Interest (expense) (90,024 ) - (90,024 ) Other income (expense), net 32,849 (13,186 ) 19,663 Income (loss) before income taxes 3,569,275 (246,708 ) 3,322,567 Depreciation and amortization 885,069 44,339 929,408 Fixed asset additions 984,880 20,026 1,004,906 Total assets $ 67,412,189 $ 4,831,270 $ 72,243,459 For the six months ended June 30 , 20 16 Net sales $ 38,298,429 $ 1,896,703 $ 40,195,132 Gross profit 24,240,120 1,308,416 25,548,536 Operating income 5,055,521 146,160 5,201,681 Interest (expense) (65,456 ) - (65,456 ) Other income (expense), net 14,732 8,663 23,395 Income before income taxes 5,004,797 154,823 5,159,620 Depreciation and amortization 788,535 43,258 831,793 Fixed asset additions 845,099 52,908 898,007 Total assets $ 61,820,547 $ 4,797,768 $ 66,618,315 Net sales for geographic areas were as follows: Three months ended June 30, 20 17 20 16 United States $ 16,546,075 $ 16,610,634 Canada 1,646,224 1,746,547 All other countries 1,088,471 1,165,724 $ 19,280,770 $ 19,522,905 Six months ended June 30, 2017 20 16 United States $ 33,828,738 $ 34,338,263 Canada 3,419,734 3,488,303 All other countries 2,182,143 2,368,566 $ 39,430,615 $ 40,195,132 Geographic sales information is based on the location of the customer. No three six June 30, 2017 2016. not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 June 30, 2017 December 31, 2016, three six June 30, 2017 2016. three six June 30, 2017 not 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. |
Reclassification, Policy [Policy Text Block] | Reclassificati ons . |
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 June 30, 2017 December 31, 2016 Inventory on hand: Finished goods held for sale $ 33,665,227 $ 30,684,026 Raw materials and work in process 1,574,142 1,034,041 Inventory in transit 2,088,119 1,459,472 $ 37,327,488 $ 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 six June 30, 2017 2016 $3,596 $6,512, Other intangibles consist of the following: June 30, 2017 December 31, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,665 $ 8,704 $ 554,369 $ 545,279 $ 9,090 Non-Compete Agreements 175,316 164,066 11,250 175,316 163,566 11,750 $ 729,685 $ 709,731 $ 19,954 $ 729,685 $ 708,845 $ 20,840 We recorded amortization expense of $886 six June 30, 2017 $5,054 first 2016. 5 2017 871 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, No. 2014 09, 606, December 15, 2016. April 2015, No. 2015 24, one July 7, 2015, one December 15, 2017. 2018 not no 2017 not No. 2014 09 not 0.5% three In February 2016, 2016 02, one December 15, 2018, not |
Note 1 - Basis of Presentatio15
Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2017 December 31, 2016 Inventory on hand: Finished goods held for sale $ 33,665,227 $ 30,684,026 Raw materials and work in process 1,574,142 1,034,041 Inventory in transit 2,088,119 1,459,472 $ 37,327,488 $ 33,177,539 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 30, 2017 December 31, 2016 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,665 $ 8,704 $ 554,369 $ 545,279 $ 9,090 Non-Compete Agreements 175,316 164,066 11,250 175,316 163,566 11,750 $ 729,685 $ 709,731 $ 19,954 $ 729,685 $ 708,845 $ 20,840 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2017 871 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) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | 6/30/2017 12/31/2016 Line of Credit, as amended, in the maximum principal amount of $15,000,000 with features as more fully described above –matures September 18, 2021 $ 7,371,730 $ 7,371,730 Line of Credit, as amended, in the maximum principal amount of $6,000,000 with revolving features as more fully described above – matures September 18, 2018 - - $ 7,371,730 $ 7,371,730 Less current maturities 1,535,778 614,311 $ 5,835,952 $ 6,757,419 |
Note 4 - Stock-based Compensa17
Note 4 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 $ 5.14 (12,000 ) Exercised $ 5.14 (44,400 ) 3.99 $ 155,606 Outstanding, June 30, 2017 $ - - - $ - Exercisable, June 30, 2017 $ - - - $ - Outstanding, January 1, 2016 $ 5.17 68,400 Granted - - Cancelled - - Exercised - - Outstanding, June 30, 2016 $ 5.17 68,400 4.99 $ 83,933 Exercisable, June 30, 2016 $ 5.17 68,400 4.99 $ 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 (5,403 ) 8.05 Vested (28,847 ) 7.84 Unvested Balance, June 30, 2017 36,801 $ 7.93 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, June 30, 2016 65,147 $ 8.03 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | 2017 $ 66,928 2018 100,127 2019 58,126 2020 14,853 2021 1,208 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Net income $ 1,027,732 $ 1,820,915 $ 2,258,997 $ 3,341,912 Numerator for basic and diluted earnings per share 1,027,732 1,820,915 2,258,997 3,341,912 Denominator for basic EPS: weighted-average shares 9,225,960 9,209,446 9,212,846 9,418,645 Effect of dilutive securities: Stock options - 18,495 9,810 18,975 Restricted stock 3,169 - 2,818 - Dilutive potential common shares 3,169 18,495 12,628 18,975 Denominator for diluted EPS-weighted-average shares 9,229,129 9,227,941 9,225,474 9,437,620 Basic earnings per share $ 0.11 $ 0.19 $ 0.24 $ 0.35 Diluted earnings per share $ 0.11 $ 0.19 $ 0.24 $ 0.35 |
Note 7 - Segment Information (T
Note 7 - Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | North America International Total For the quarter ended June 30 , 20 17 Net sales $ 18,427,425 $ 853,345 $ 19,280,770 Gross profit 12,449,202 446,332 12,895,534 Operating income (loss) 1,814,887 (159,450 ) 1,655,437 Interest (expense) (53,680 ) - (53,680 ) Other income (expense), net 15,195 1,817 17,012 Income (loss) before income taxes 1,776,402 (157,633 ) 1,618,769 Depreciation and amortization 448,788 22,502 471,290 Fixed asset additions 387,054 18,095 405,149 Total assets $ 67,412,189 $ 4,831,270 $ 72,243,459 For the quarter ended June 30 , 20 16 Net sales $ 18,558,938 $ 963,967 $ 19,522,905 Gross profit 12,155,311 740,479 12,895,790 Operating income 2,714,312 124,579 2,838,891 Interest (expense) (42,027 ) - (42,027 ) Other income (expense), net 8,986 14,448 23,434 Income before income taxes 2,681,271 139,027 2,820,298 Depreciation and amortization 394,943 22,622 417,565 Fixed asset additions 242,235 48,840 291,075 Total assets $ 61,820,547 $ 4,797,768 $ 66,618,315 North America International Total For the six months ended June 30 , 20 17 Net sales $ 37,659,139 $ 1,771,476 $ 39,430,615 Gross profit 24,202,159 979,420 25,181,579 Operating income (loss) 3,626,450 (233,522 ) 3,392,928 Interest (expense) (90,024 ) - (90,024 ) Other income (expense), net 32,849 (13,186 ) 19,663 Income (loss) before income taxes 3,569,275 (246,708 ) 3,322,567 Depreciation and amortization 885,069 44,339 929,408 Fixed asset additions 984,880 20,026 1,004,906 Total assets $ 67,412,189 $ 4,831,270 $ 72,243,459 For the six months ended June 30 , 20 16 Net sales $ 38,298,429 $ 1,896,703 $ 40,195,132 Gross profit 24,240,120 1,308,416 25,548,536 Operating income 5,055,521 146,160 5,201,681 Interest (expense) (65,456 ) - (65,456 ) Other income (expense), net 14,732 8,663 23,395 Income before income taxes 5,004,797 154,823 5,159,620 Depreciation and amortization 788,535 43,258 831,793 Fixed asset additions 845,099 52,908 898,007 Total assets $ 61,820,547 $ 4,797,768 $ 66,618,315 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three months ended June 30, 20 17 20 16 United States $ 16,546,075 $ 16,610,634 Canada 1,646,224 1,746,547 All other countries 1,088,471 1,165,724 $ 19,280,770 $ 19,522,905 Six months ended June 30, 2017 20 16 United States $ 33,828,738 $ 34,338,263 Canada 3,419,734 3,488,303 All other countries 2,182,143 2,368,566 $ 39,430,615 $ 40,195,132 |
Note 1 - Basis of Presentatio20
Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Goodwill, Impairment Loss | $ 0 | |
Goodwill, Foreign Currency Translation Gain (Loss) | 3,596 | $ 6,512 |
Amortization of Intangible Assets | $ 886 | $ 5,054 |
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 ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory on hand: | ||
Finished goods held for sale | $ 33,665,227 | $ 30,684,026 |
Raw materials and work in process | 1,574,142 | 1,034,041 |
Inventory in transit | 2,088,119 | 1,459,472 |
$ 37,327,488 | $ 33,177,539 |
Note 1 - Basis of Presentatio22
Note 1 - Basis of Presentation and Certain Significant Accounting Policies - Intangible Assets (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Other intangibles, gross | $ 729,685 | $ 729,685 |
Accumulated Amortization | 709,731 | 708,845 |
Other intangibles, net | 19,954 | 20,840 |
Trademarks and Copyrights [Member] | ||
Other intangibles, gross | 554,369 | 554,369 |
Accumulated Amortization | 545,665 | 545,279 |
Other intangibles, net | 8,704 | 9,090 |
Noncompete Agreements [Member] | ||
Other intangibles, gross | 175,316 | 175,316 |
Accumulated Amortization | 164,066 | 163,566 |
Other intangibles, net | $ 11,250 | $ 11,750 |
Note 1 - Basis of Presentatio23
Note 1 - Basis of Presentation and Certain Significant Accounting Policies - Estimated Amortization Expense (Details) | Jun. 30, 2017USD ($) |
2,017 | $ 871 |
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 ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($)shares | Dec. 31, 2016 | Aug. 25, 2016USD ($) | Aug. 24, 2016USD ($) | Jun. 07, 2016shares |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 2,200,000 | ||||||
Proceeds from Issuance of Long-term Debt | $ 3,660,505 | ||||||
Promissory Note with BOKF [Member] | |||||||
Treasury Stock, Shares, Acquired | shares | 520,500 | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 7,600,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | $ 15,000,000 | $ 10,000,000 | ||||
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 | $ 3,700,000 | |||||
Promissory Note and Business Loan Agreement with BOKF [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000,000 | ||||||
Proceeds from Issuance of Long-term Debt | $ 0 | $ 0 | |||||
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 | ||||||
Two Promissory Notes with BOKF [Member] | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.86% | 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 ($) | Jun. 30, 2017 | Dec. 31, 2016 |
$ 7,371,730 | $ 7,371,730 | |
Less current maturities | 1,535,778 | 614,311 |
LONG-TERM DEBT, net of current maturities | 5,835,952 | 6,757,419 |
Promissory Note with BOKF [Member] | ||
Line of Credit Note | 7,371,730 | 7,371,730 |
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 ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Promissory Note with BOKF [Member] | ||
Line of Credit Note, Principal Amount | $ 15,000,000 | $ 15,000,000 |
Promissory Note and Business Loan Agreement with BOKF [Member] | ||
Line of Credit Note, Principal Amount | $ 6,000,000 | $ 6,000,000 |
Note 3 - Capital Lease Obliga27
Note 3 - Capital Lease Obligations (Details Textual) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Capital Leased Assets, Gross | $ 227,783 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 33,300 | $ 21,400 |
Capital Lease Obligations, Current | 72,686 | 72,686 |
Property and Equipment [Member] | ||
Capital Leased Assets, Gross | 217,114 | 210,904 |
Prepaid Equipment [Member] | ||
Capital Leased Assets, Gross | $ 10,669 | $ 16,879 |
Note 4 - Stock-based Compensa28
Note 4 - Stock-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2017 | Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | |||||
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 | ||||
Restricted Stock Plan [Member] | Restricted Stock [Member] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 241,242 | $ 241,242 | |||
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, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 300,000 | 300,000 | |||
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 | 1,801 | 2,031 | |||
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] | Three Independent Directors [Member] | Restricted Stock [Member] | |||||
Allocated Share-based Compensation Expense | $ 104,000 | $ 104,000 | |||
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 | 1,801 | 2,031 | |||
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 | 1,801 | 2,031 | |||
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 | 1,801 | 2,031 | |||
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 | 1,801 | 2,031 | |||
Restricted Stock Plan [Member] | President [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 11,765 |
Note 4 - Stock-based Compensa29
Note 4 - Stock-based Compensation - Summary of Stock Option Activity (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Outstanding, number of shares (in shares) | 68,400 | |
Outstanding, weighted average remaining contractual term (Year) | 4 years 361 days | |
Outstanding, aggregate intrinsic value | $ 83,933 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 5.17 | |
Exercisable, number of shares (in shares) | 68,400 | |
Exercisable, weighted average remaining contractual term (Year) | 4 years 361 days | |
Exercisable, aggregate intrinsic value | $ 83,933 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.14 | $ 5.17 |
Outstanding, number of shares (in shares) | 56,400 | 68,400 |
Granted, number of shares (in shares) | ||
Cancelled, weighted average exercise price (in dollars per share) | $ 5.14 | |
Cancelled, number of shares (in shares) | (12,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 5.14 | |
Exercised, number of shares (in shares) | (44,400) | |
Exercised, weighted average remaining contractual term (Year) | 3 years 361 days | |
Exercised, aggregate intrinsic value | $ 155,606 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.17 |
Note 4 - Stock-based Compensa30
Note 4 - Stock-based Compensation - Activity for Nonvested Restricted Common Stock Awards (Details) - Restricted Stock [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Balance, grant fair value (in dollars per share) | $ 8.24 | $ 8.97 |
Balance, grant fair value (in dollars per share) | $ 7.93 | $ 8.03 |
Balance, shares (in shares) | 62,046 | 60,433 |
Granted, shares (in shares) | 9,005 | 33,685 |
Granted, grant fair value (in dollars per share) | $ 8.05 | $ 7.14 |
Forfeited, shares (in shares) | (5,403) | (8,187) |
Forfeited, grant fair value (in dollars per share) | $ 8.05 | $ 8.97 |
Vested, shares (in shares) | (28,847) | (20,784) |
Vested, grant fair value (in dollars per share) | $ 7.84 | $ 8.97 |
Balance, shares (in shares) | 36,801 | 65,147 |
Note 4 - Stock-based Compensa31
Note 4 - Stock-based Compensation - Unrecognized Compensation Expense for Nonvested Restricted Stock Awards (Details) | Jun. 30, 2017USD ($) |
2,017 | $ 66,928 |
2,018 | 100,127 |
2,019 | 58,126 |
2,020 | 14,853 |
2,021 | $ 1,208 |
Note 5 - Earnings Per Share (De
Note 5 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 36,801 | 133,562 |
Note 5 - Earnings Per Share - C
Note 5 - Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income | $ 1,027,732 | $ 1,820,915 | $ 2,258,997 | $ 3,341,912 |
Numerator for basic and diluted earnings per share | $ 1,027,732 | $ 1,820,915 | $ 2,258,997 | $ 3,341,912 |
Denominator for basic EPS: weighted-average shares (in shares) | 9,225,960 | 9,209,446 | 9,212,846 | 9,418,645 |
Effect of dilutive securities: | ||||
Effect of dilutive securities (in shares) | 3,169 | 18,495 | 12,628 | 18,975 |
Denominator for diluted EPS-weighted-average shares (in shares) | 9,229,129 | 9,227,941 | 9,225,474 | 9,437,620 |
Basic earnings per share (in dollars per share) | $ 0.11 | $ 0.19 | $ 0.24 | $ 0.35 |
Diluted earnings per share (in dollars per share) | $ 0.11 | $ 0.19 | $ 0.24 | $ 0.35 |
Employee Stock Option [Member] | ||||
Effect of dilutive securities: | ||||
Effect of dilutive securities (in shares) | 18,495 | 9,810 | 18,975 | |
Restricted Stock [Member] | ||||
Effect of dilutive securities: | ||||
Effect of dilutive securities (in shares) | 3,169 | 2,818 |
Note 7 - Segment Information (D
Note 7 - Segment Information (Details Textual) | Jun. 30, 2017 |
Number of Stores | 4 |
UNITED KINGDOM | International Leathercraft [Member] | |
Number of Stores | 2 |
SPAIN | International Leathercraft [Member] | |
Number of Stores | 1 |
AUSTRALIA | 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 | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Fixed asset additions | $ 405,149 | $ 291,075 | $ 1,004,906 | $ 898,007 | |
Total assets | 72,243,459 | 66,618,315 | 72,243,459 | 66,618,315 | $ 70,652,720 |
Net sales | 19,280,770 | 19,522,905 | 39,430,615 | 40,195,132 | |
Gross profit | 12,895,534 | 12,895,790 | 25,181,579 | 25,548,536 | |
Operating income (loss) | 1,655,437 | 2,838,891 | 3,392,928 | 5,201,681 | |
Interest (expense) | (53,680) | (42,027) | (90,024) | (65,456) | |
Other income (expense), net | 17,012 | 23,434 | 19,663 | 23,395 | |
Income (loss) before income taxes | 1,618,769 | 2,820,298 | 3,322,567 | 5,159,620 | |
Depreciation and amortization | 471,290 | 417,565 | 929,408 | 831,793 | |
Wholesale Leathercraft [Member] | |||||
Fixed asset additions | 387,054 | 242,235 | 984,880 | 845,099 | |
Total assets | 67,412,189 | 61,820,547 | 67,412,189 | 61,820,547 | |
Net sales | 18,427,425 | 18,558,938 | 37,659,139 | 38,298,429 | |
Gross profit | 12,449,202 | 12,155,311 | 24,202,159 | 24,240,120 | |
Operating income (loss) | 1,814,887 | 2,714,312 | 3,626,450 | 5,055,521 | |
Interest (expense) | (53,680) | (42,027) | (90,024) | (65,456) | |
Other income (expense), net | 15,195 | 8,986 | 32,849 | 14,732 | |
Income (loss) before income taxes | 1,776,402 | 2,681,271 | 3,569,275 | 5,004,797 | |
Depreciation and amortization | 448,788 | 394,943 | 885,069 | 788,535 | |
International Leathercraft [Member] | |||||
Fixed asset additions | 18,095 | 48,840 | 20,026 | 52,908 | |
Total assets | 4,831,270 | 4,797,768 | 4,831,270 | 4,797,768 | |
Net sales | 853,345 | 963,967 | 1,771,476 | 1,896,703 | |
Gross profit | 446,332 | 740,479 | 979,420 | 1,308,416 | |
Operating income (loss) | (159,450) | 124,579 | (233,522) | 146,160 | |
Interest (expense) | |||||
Other income (expense), net | 1,817 | 14,448 | (13,186) | 8,663 | |
Income (loss) before income taxes | (157,633) | 139,027 | (246,708) | 154,823 | |
Depreciation and amortization | $ 22,502 | $ 22,622 | $ 44,339 | $ 43,258 |
Note 7 - Segment Information 36
Note 7 - Segment Information - Net Sales for Geographic Areas (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net sales | $ 19,280,770 | $ 19,522,905 | $ 39,430,615 | $ 40,195,132 |
UNITED STATES | ||||
Net sales | 16,546,075 | 16,610,634 | 33,828,738 | 34,338,263 |
CANADA | ||||
Net sales | 1,646,224 | 1,746,547 | 3,419,734 | 3,488,303 |
All Other Countries [Member] | ||||
Net sales | $ 1,088,471 | $ 1,165,724 | $ 2,182,143 | $ 2,368,566 |