Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 07, 2018 | Jun. 30, 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 | ||
Entity Public Float | $ 47,389,981 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash | $ 18,337,258 | $ 16,862,304 |
Accounts receivable-trade, net of allowance for doubtful accounts of $22,642 and $2,404 as of December 31, 2017 and 2016, respectively | 461,212 | 560,984 |
Inventory | 37,311,197 | 33,177,539 |
Prepaid income taxes | 41,307 | 964,323 |
Prepaid expenses | 1,473,147 | 1,608,860 |
Other current assets | 189,029 | 140,232 |
Total current assets | 57,813,150 | 53,314,242 |
PROPERTY AND EQUIPMENT, at cost | 27,218,481 | 25,536,352 |
Less accumulated depreciation and amortization | (11,750,639) | (9,884,559) |
Property and equipment, net | 15,467,842 | 15,651,793 |
DEFERRED INCOME TAXES | 271,738 | 375,236 |
GOODWILL | 962,949 | 956,201 |
OTHER INTANGIBLES, net of accumulated amortization of $710,000 and $708,000 as of December 31, 2017 and 2016, respectively | 19,222 | 20,840 |
OTHER assets | 379,695 | 334,408 |
Total Assets | 74,914,596 | 70,652,720 |
CURRENT LIABILITIES: | ||
Accounts payable-trade | 1,413,450 | 1,621,884 |
Accrued expenses and other liabilities | 4,953,477 | 5,937,187 |
Current maturities of capital lease obligations | 0 | 72,686 |
Current maturities of long-term debt | 614,311 | 614,311 |
Total current liabilities | 6,981,238 | 8,246,068 |
DEFERRED INCOME TAXES | 1,636,958 | 1,956,032 |
LONG-TERM DEBT, net of current maturities | 6,757,419 | 6,757,419 |
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; 11,313,692 and 11,235,992 shares issued at December 31, 2017 and 2016, respectively; 9,270,862 and 9,193,162 shares outstanding at December 31, 2017 and 2016, respectively | 27,153 | 26,966 |
Paid-in capital | 6,831,271 | 6,368,455 |
Retained earnings | 63,921,244 | 59,469,493 |
Treasury stock at cost (2,042,830 shares each of 2017 and 2016, respectively) | (10,278,584) | (10,278,584) |
Accumulated other comprehensive income | (962,103) | (1,893,129) |
Total stockholders' equity | 59,538,981 | 53,693,201 |
Total Liabilities and Stockholders’ Equity | $ 74,914,596 | $ 70,652,720 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable-trade, allowance for doubtful accounts | $ 22,642 | $ 2,404 |
Other intangibles, accumulated amortization | $ 710,463 | $ 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 - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
NET SALES | $ 82,321,268 | $ 82,923,992 | $ 84,161,200 |
COST OF SALES | 30,207,439 | 31,210,750 | 32,090,140 |
Gross Profit | 52,113,829 | 51,713,242 | 52,071,060 |
OPERATING EXPENSES | 44,872,007 | 41,412,511 | 41,596,360 |
INCOME FROM OPERATIONS | 7,241,822 | 10,300,731 | 10,474,700 |
OTHER (INCOME) EXPENSE: | |||
Interest expense | 205,555 | 155,189 | 330,004 |
Other, net | (126,857) | (57,287) | (74,357) |
Total other expense | 78,698 | 97,902 | 255,647 |
INCOME BEFORE INCOME TAXES | 7,163,124 | 10,202,829 | 10,219,053 |
PROVISION FOR INCOME TAXES | 2,711,373 | 3,800,570 | 3,816,648 |
NET INCOME | 4,451,751 | 6,402,259 | 6,402,405 |
Foreign currency translation adjustments | 931,026 | (205,450) | (999,621) |
COMPREHENSIVE INCOME | $ 5,382,777 | $ 6,196,809 | $ 5,402,784 |
NET INCOME PER COMMON SHARE: | |||
BASIC (in dollars per share) | $ 0.48 | $ 0.69 | $ 0.64 |
DILUTED (in dollars per share) | $ 0.48 | $ 0.69 | $ 0.63 |
Weighted Average Number of Shares Outstanding: | |||
Basic (in shares) | 9,242,092 | 9,301,867 | 10,077,506 |
Diluted (in shares) | 9,256,810 | 9,321,558 | 10,102,760 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 4,451,751 | $ 6,402,259 | $ 6,402,405 |
Adjustments to reconcile net income to net cash provided by operating activities - | |||
Depreciation and amortization | 1,875,102 | 1,719,154 | 1,567,172 |
Loss on disposal or abandonment of assets | 3,139 | 16,985 | 31,064 |
Non-cash share-based compensation | 239,599 | 199,870 | 145,322 |
Deferred income taxes | (215,576) | 205,111 | 289,171 |
Foreign currency translation | 883,670 | (163,292) | (896,928) |
Net changes in assets and liabilities, net of effect of business acquisitions: | |||
Accounts receivable-trade | 99,772 | (7,778) | 71,848 |
Inventory | (4,133,658) | 407,000 | (709,047) |
Prepaid expenses | 135,713 | (284,788) | 43,585 |
Other current assets | (48,797) | (70,035) | 87,561 |
Accounts payable-trade | (208,434) | (361,492) | 728,158 |
Accrued expenses and other liabilities | (983,710) | (108,365) | 651,038 |
Income taxes | 923,016 | (415,046) | (212,449) |
Total adjustments | (1,430,164) | 1,137,324 | 1,796,495 |
Net cash provided by operating activities | 3,021,587 | 7,539,583 | 8,198,900 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property and equipment | (1,689,645) | (1,697,704) | (2,164,040) |
Purchase of intangible property | (10,000) | ||
Proceeds from sale of assets / insurance | 35,963 | 153,483 | 11,662 |
Decrease (increase) in other assets | (43,669) | (1,127) | 295 |
Net cash used in investing activities | (1,697,351) | (1,545,348) | (2,162,083) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase (decrease) in revolving credit loans | (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) | ||
Payments on capital lease obligations | (72,686) | (79,396) | (79,890) |
Repurchase of common stock (treasury stock) | (3,675,654) | (3,708,862) | |
Proceeds from exercise of stock options | 223,404 | 0 | 9,920 |
Net cash provided by (used in) financing activities | 150,718 | (94,545) | (5,710,732) |
NET INCREASE (DECREASE) IN CASH | 1,474,954 | 5,899,689 | 326,085 |
CASH, beginning of period | 16,862,304 | 10,962,615 | 10,636,530 |
CASH, end of period | 18,337,258 | 16,862,304 | 10,962,615 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Interest paid during the period | 205,555 | 155,189 | 330,004 |
Income tax paid during the period, net of refunds | 1,788,357 | 4,215,616 | 3,743,864 |
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, 2014 | 10,210,939 | |||||
Balance at Dec. 31, 2014 | $ 26,890 | $ 6,013,419 | $ (2,894,068) | $ 46,664,829 | $ (688,058) | $ 49,123,012 |
Shares issued - stock options exercised (in shares) | 2,000 | 2,000 | ||||
Shares issued - stock options exercised | $ 5 | 9,915 | $ 9,920 | |||
Share-based compensation (in shares) | 8,650 | |||||
Share-based compensation | $ 21 | 145,301 | 145,322 | |||
Net income | 6,402,405 | 6,402,405 | ||||
Purchase of Treasury stock (in shares) | (528,725) | |||||
Purchase of Treasury stock | (3,708,862) | (3,708,862) | ||||
Translation adjustment | (999,621) | (999,621) | ||||
Balance (in shares) at Dec. 31, 2015 | 9,692,864 | |||||
Balance at Dec. 31, 2015 | $ 26,916 | 6,168,635 | (6,602,930) | 53,067,234 | (1,687,679) | $ 50,972,176 |
Shares issued - stock options exercised (in shares) | ||||||
Share-based compensation (in shares) | 20,780 | |||||
Share-based compensation | $ 50 | 199,820 | $ 199,870 | |||
Net income | 6,402,259 | 6,402,259 | ||||
Purchase of Treasury stock (in shares) | (520,482) | |||||
Purchase of Treasury stock | (3,675,654) | (3,675,654) | ||||
Translation adjustment | (205,450) | (205,450) | ||||
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 |
Shares issued - stock options exercised (in shares) | 44,400 | 44,400 | ||||
Shares issued - stock options exercised | $ 107 | 223,297 | $ 223,404 | |||
Share-based compensation (in shares) | 33,300 | |||||
Share-based compensation | $ 80 | 239,519 | 239,599 | |||
Net income | 4,451,751 | $ 4,451,751 | ||||
Purchase of Treasury stock (in shares) | 0 | |||||
Translation adjustment | 931,026 | $ 931,026 | ||||
Balance (in shares) at Dec. 31, 2017 | 9,270,862 | |||||
Balance at Dec. 31, 2017 | $ 27,153 | $ 6,831,271 | $ (10,278,584) | $ 63,921,244 | $ (962,103) | $ 59,538,981 |
Note 1 - Description of Busines
Note 1 - Description of Business | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | 1. W e are a specialty retailer of leather and leathercraft related items, offering a broad range of leather, quality tools, hardware, accessories, liquids, lace, kits and teaching materials. We sell our products through company-owned stores and through orders generated from our website, www.tandyleather.com. We also manufacture the leather lace and some of our do-it-yourself kits that are sold in our stores and website. We operate in two January 1, 2017, three January 1, 2017, |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
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) , Tandy Leather Company, L.P. (a Texas limited partnership), 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 of $30,000, $19,000, $24,000, 2017, 2016, 2015, ● 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 reported after deduction of discounts. We do not ● 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 liv es of the assets, which are three ten seven fifteen five forty ● Inventory Inventory is valued at the lower of cost or net realizable value. In addition, the value of inventory is periodically reduced to net realizable value for slow-moving or obsolete inventory based on management's review of items on hand compared to their estimated future demand. ● 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 not ’s carrying value. To date, we have not ● 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 2017 2016 2015 Net income $ 4,451,751 $ 6,402,259 $ 6,402,405 Weighted average common shares outstanding 9,242,092 9,301,867 10,077,506 Earnings per share – basic $ 0.48 $ 0.69 $ 0.64 DILUTED Net income $ 4,451,751 $ 6,402,259 $ 6,402,405 Weighted average common shares outstanding 9,242,092 9,301,867 10,077,506 Effect of restricted stock awards and assumed exercise of stock options 14,718 19,691 25,254 Weighted average common shares outstanding, assuming dilution 9,256,810 9,321,558 10,102,760 Earnings per share - diluted $ 0.48 $ 0.69 $ 0.63 Outstanding options and restricted stock awards excluded as anti-dilutive 17,632 31,477 60,433 For additional disclosures regarding the restricted stock awards and the employee stock options, see Note 11. 19,169, 90,085, 68,400 December 31, 2017, 2016, 2015, ● 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 December 31 December 31, 2017, 2016, 2015 no The only change in our goodwill for 2017 and 2016 $6,748 $2,845, O ur intangible assets and related accumulated amortization consisted of the following: As of December 31, 201 7 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,897 $ 8,472 Non-Compete Agreements 175,316 164,566 10,750 $ 729,685 $ 710,463 $ 19,222 As of December 31, 201 6 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 Excluding goodwill, we have no not $1,618 2017, $6,442 2016, $40,744 2015 15 five 201 8 $ 1,417 201 9 666 20 20 666 202 1 666 2022 666 Thereafter 5,141 ● 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 fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – include other inputs that are directly or indirectly observable in the marketplace. Level 3 – significant unobservable inputs which are supported by little or no 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, 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 not not 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 may We may may ● Share-based compensation We have one that expired in March 2017. six no 2017, 2016 2015, not We also have a restricted stock plan that was adopted by our Board of Directors in January 2013 June 2013. 300,000 Awards granted under the plan 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 $1,965,000, $1,982,000, $2,012,000 December 31, 2017, 2016, 2015, ● 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 Such capitalized costs are included in other current assets and totaled $203,000 $213,000 December 31, 2017 2016, $4,956,000 2017; $4,759,000 2016; $4,826,000 2015. ● 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, 2017 | |
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 $22,600 $2,400 December 31, 2017 2016, ● 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 ● Slow-moving and obsolete inventory The majority of inventory items maintained by us have no 1 2 3 . Reductions in inventory for slow-moving and obsolete inventory are recorded directly against inventory. |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 4. December 31, 201 7 December 31, 20 1 6 INVENTORY On hand: Finished goods held for sale $ 34,824,728 $ 30,684,026 Raw materials and work in process 1,138,316 1,034,041 Inventory in transit 1,348,153 1,459,472 TOTAL $ 37,311,197 $ 33,177,539 PROPERTY AND EQUIPMENT Building $ 9,257,066 $ 9,105,286 Land 1,451,132 1,451,132 Leasehold improvements 1,615,464 1,350,916 Equipment and machinery 6,447,776 5,991,343 Furniture and fixtures 7,907,704 7,342,642 Vehicles 539,339 295,033 27,218,481 25,536,352 Less: accumulated depreciation (11,750,639 ) (9,884,559 ) TOTAL $ 15,467,842 $ 15,651,793 ACCRUED EXPENSES AND OTHER LIABILITIES Accrued bonuses $ 1,748,236 $ 2,123,942 Accrued payroll 630,259 689,150 Deferred revenue 905,657 909,297 Sales and payroll taxes payable 524,184 494,720 Inventory in transit 1,067,143 1,432,590 Other 77,998 287,488 TOTAL $ 4,953,477 $ 5,937,187 Depreciation expense was $1,873,484, $1,717,548, $1,520,385 December 31, 2017, 2016, 2015, Loss (gain) from abandonment and/or disposal of assets, which is included in operating expenses, is as follows, by segment: Year ended December 31 North America International Total 2017 $ 2,378 $ 761 $ 3,139 2016 17,699 (714 ) 16,985 2015 19,583 11,481 31,064 |
Note 5 - Notes Payable and Long
Note 5 - Notes Payable and Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 5. On September 18, 2015, BOKF, NA d/b/a Bank of Texas (“BOKF”) which provides us with a line of credit facility of up to $6,000,000 August 10, 2017, September 18, 2019. no 1.5 1 1.2 1. four December 31, 2017 2016, no Also, o n September 18, 2015, $10,000,000 August 2015 2.2 August 2018. August 25, 2016, $10,000,000 $15,000,000 August 25, 2017 August 10, 2017, August 25, 2017 August 18, 2018 4 1900 820, no 2017. During the year ended December 31, 2016, $3.7 520,500 December 31, 2017, $7.6 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% 3.351% 2.557% December 31, 2017 December 31, 2016, At December 31, 201 7 201 6 Business Loan Agreement with BOKF – 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, 2022 $ 7,371,730 $ 7,371,730 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, 2019 - - $ 7,371,730 $ 7,371,730 Less current maturities 614,311 614,311 $ 6,757,419 $ 6,757,419 The terms of the above lines of credit contain various covenants for which we were in compliance as of December 31, 2017 2016. Scheduled maturities of the Company ’s notes payable and long-term debt are as follows: 201 8 $ 614,311 201 9 1,842,932 20 20 1,842,932 202 1 1,842,932 202 2 1,228,623 $ 7,371,730 |
Note 6 - Capital Lease Obligati
Note 6 - Capital Lease Obligations | 12 Months Ended |
Dec. 31, 2017 | |
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, $217,094 $210,904 December 31, 2017 2016, $10,689 $16,879 not December 31, 2017 2016, December 31, 2017 2016 $63,319 $21,400, At December 31, 2017, no December 31, 2016, $72,686 |
Note 7 - Employee Benefit and S
Note 7 - Employee Benefit and Savings Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 7 . EMPLOYEE BENEFIT AND SAVINGS PLANS We have a 401 401 20 17, 2016, 2015, 100% first 3% 50% 2% Year Ended December 31, Maximum Matching Contribution per Participant * Total Matching Contribution 20 17 $10,600 $326,612 20 16 $10,600 $277,753 20 15 $10,400 $290,388 * 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 no ching contributions made in 2017, 2016, 2015. We currently offer no |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8 . INCOME TAXES The provision for income taxes consists of the following: 201 7 201 6 201 5 Current provision: Federal $ 3,090,997 $ 3,108,894 $ 3,045,292 State 309,249 486,565 482,186 3,400,246 3,595,459 3,527,478 Deferred provision (benefit): Federal (665,181 ) 183,520 212,563 State (23,692 ) 21,591 76,607 (688,873 ) 205,111 289,170 $ 2,711,373 $ 3,800,570 $ 3,816,648 On December 22, 2017, and Jobs Act (the “Tax Act”) was enacted. Except for certain provisions, the Tax Act is effective for tax years beginning on or after January 1, 2018. 2018, 21%, 2017, $340,782 fourth 2017 Transition tax on deemed repatriation of certain foreign earnings* $ 514,454 Foreign Withholding Taxes * 290,128 Remeasuring deferred tax position at the lowered income tax rate** (463,800 ) $ 340,782 *classified as part of the Federal current provision **classified as part of the Federal deferred benefit The above amounts were recorded based on reasonable estimates and our current interpretation of the Tax Act. We are still accumulating and processing data to finalize the underlying calculations and expect regulators to issue further guidance. As such, our estimates may Income before income taxes is earned in the following tax jurisdictions: 201 7 201 6 201 5 United States $ 6,372,585 $ 9,070,894 $ 9,272,854 United Kingdom (171,608 ) (81,987 ) (43,567 ) Canada 1,055,783 1,034,027 813,824 Australia (88,096 ) 82,622 48,633 Spain (5,540 ) 97,273 127,309 $ 7,163,124 $ 10,202,829 $ 10,219,053 The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows: 201 7 201 6 Deferred income tax assets: Capitalized inventory costs $ 198,616 $ 265,454 Warrants and share-based compensation 29,047 44,151 Accrued expenses, reserves, and other 44,075 65,631 Total deferred income tax assets $ 271,738 $ 375,236 Deferred income tax liabilities: Property and equipment depreciation $ 1,008,485 $ 1,728,265 Goodwill and other intangible assets amortization 155,175 227,767 Transition tax on deemed repatriation of foreign earnings 473,298 - Total deferred income tax liabilities $ 1,636,958 $ 1,956,032 The effective tax rate differs from the statutory rate as follows: 201 7 201 6 201 5 Statutory rate – Federal US income tax 34 % 34 % 34 % State and local taxes 6 % 6 % 6 % Impact of Tax Act 4 % - - Non-U.S. income tax at different rates (1 %) - - Domestic production activities deduction (2 %) (1 %) (1 %) Other, net (3 %) (2 %) (2 %) Effective rate 38 % 37 % 37 % 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 December 2015. no December 2014 December 2015 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
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 2018 November 2027. December 31, 2017, 2016, 2015, $4,609,724, $4,189,225, $3,844,641, Future minimum lease payments under noncancelable operating leases at December 31, 201 7 Year ending December 31: 201 8 $ 4,324,431 2019 3,579,430 2020 2,968,426 2021 2,255,792 202 2 1,461,280 202 3 832,593 2024 546,843 2025 432,990 202 6 221,967 202 7 96,398 Total minimum lease payments $ 16,720,150 L egal Proceedings We are periodically involved in various other litigation that arises in the ordinary course of business and operations. There are no |
Note 10 - Significant Business
Note 10 - Significant Business Concentrations and Risk | 12 Months Ended |
Dec. 31, 2017 | |
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 1/2% 2017, 2016, 2015 five 1.2%, 1.4%, 1.3%, not one Major Vendors We purchase a significant portion of our inventory through one not Credit Risk Due to the large number of customers comprising our customer base, concentrations of credit risk with respect to customer receivables are limited , although at December 31, 2017 2016, two 21.4% 35.2% not one not We maintain our cash in bank deposit accounts that, at times, may not not |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 1 . STOCKHOLDERS' EQUITY a) Stock Option Plan We have one March 2017. not no ten A summary of stock option transactions for the years ended Decem ber 31 201 7 201 6 201 5 Weighted Weighted Weighted Average Average Average Option Exercise Option Exercise Option Exercise Shares Price Shares Price Shares Price Outstanding at January 1 56,400 $ 5.14 68,400 $ 5.17 72,400 $ 5.16 Granted - - - - - - Forfeited or cancelled (12,000 ) 5.14 (12,000 ) 5.30 (2,000 ) 4.96 Exercised (44,400 ) 5.14 - - (2,000 ) 4.96 Outstanding at December 31 - $ - 56,400 $ 5.14 68,400 $ 5.17 Exercisable at end of year - $ - 56,400 $ 5.14 68,400 $ 5.17 Weighted-average fair value of options granted during year n/a n/a n/a Because we had no 201 7, 2016 2015, not The intrinsic value of stock options exercised in 2017 201 5 $155,606 $2,953, 2017, 2016, 2015 $223,404, $ - $9,920, We have a restricted stock plan that was adopted by our Board of Directors in January 2013 June 2013. 300,000 may may four A summary of the activity for non -vested restricted common stock awards is as follows: Shares Grant Fair Value Balance, January 1, 2016 60,432 $ 8.97 Granted 33,685 7.14 Forfeited (8,187 ) 8.97 Vested (20,780 ) 8.97 Balance, December 31, 2016 65,150 $ 8.03 Balance, January 1, 201 7 65,150 $ 8.03 Granted 9,005 8.05 Forfeited (4,054 ) 8.97 Vested (33,300 ) 8.97 Balance, December 31, 201 7 36,801 $ 8.03 W e recognized share based compensation expense of $239,599, $199,870, $145,321 2017, 2016 2015, December 31, 2017, $174,314 201 8 $ 100,127 201 9 58,126 20 20 14,853 202 1 1,208 Of the 300,000 188,225 b) Cash Dividend Our Board will determine future cash dividends after giving consideration to 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 and collectively, the “Rights”) for each outstanding share of our common stock, par value $0.0024 June 16, 2013. one one $30.00 20% not, 20% The Rights expired on June 6, 2017. d) Share Repurchase Program In August 2015, pursuant to which we are authorized to repurchase up to 1.2 August 2016. 1.2 2.2 August 2018. 2017, no December 31, 2017, 1,150,793 |
Note 12 - Segment Information
Note 12 - Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 2 . SEGMENT INFORMATION Effective January 1, 2017, Prior Reporting Structure New Reporting Structure 1. Wholesale 1. North America 2. Retail 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. All prior year segment information has been restated to conform to the current segment structure. North America International Total For the year ended December 31, 2017 Net Sales $ 78,568,219 $ 3,753,049 $ 82,321,268 Gross Profit 49,889,888 2,223,941 52,113,829 Operating earnings 7,498,817 (256,995 ) 7,241,822 Interest expense 205,555 - 205,555 Other expense, net (135,011 ) 8,154 (126,857 ) Income before income taxes 7,428,370 (265,246 ) 7,163,124 Depreciation and amortization 1,790,421 84,681 1,875,102 Fixed asset additions 1,666,171 23,474 1,689,645 Total assets $ 70,302,116 $ 4,612,480 $ 74,914,596 For the year ended December 31, 2016 Net Sales $ 79,041,920 $ 3,882,072 $ 82,923,992 Gross Profit 49,315,003 2,398,239 51,713,242 Operating earnings 10,224,773 75,958 10,300,731 Interest expense 155,189 - 155,189 Other expense, net (35,290 ) (21,997 ) (57,287 ) Income before income taxes 10,104,873 97,956 10,202,829 Depreciation and amortization 1,631,534 87,620 1,719,154 Fixed asset additions 1,609,829 87,875 1,697,704 Total assets $ 66,502,432 $ 4,150,288 $ 70,652,720 For the year ended December 31, 2015 Net Sales $ 80,468,597 $ 3,692,603 $ 84,161,200 Gross Profit 49,838,455 2,232,605 52,071,060 Operating earnings 10,353,404 121,296 10,474,700 Interest expense 330,004 - 330,004 Other expense, net (63,230 ) (11,127 ) (74,357 ) Income before income taxes 10,086,630 132,423 10,219,053 Depreciation and amortization 1,509,592 57,580 1,567,172 Fixed asset additions 1,878,229 285,811 2,164,040 Total assets $ 59,894,498 $ 4,716,578 $ 64,611,076 Net sales by geographic areas were as follows: 201 7 201 6 201 5 United States $ 70,453,773 $ 70,886,401 $ 72,061,009 Canada 7,224,894 7,199,155 7,543,468 All other countries 4,642,601 4,838,436 4,556,723 $ 82,321,268 $ 82,923,992 $ 84,161,200 Geographic sales information is based on the location of the customer. Except for Canada, we had no in 2017, 2016, 2015. not |
Note 13 - Recent Accounting Pro
Note 13 - Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 1 3. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, Financial Accounting Standards Board (“FASB”) issued ASU 2014 09, 606. may January 1, 2018 2018. 0.1% January 1, 2018, $168,000 not In February 2016, 2016 02, . Under the new guidance, lessees are required to recognize a lease liability, which represents the discounted obligation to make future minimum lease payments, and a corresponding right-of-use asset on the balance sheet for most leases. The guidance retains the current accounting for lessors and does not first 2019, |
Note 14 - Quarterly Financial D
Note 14 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 4 . QUARTERLY FINANCIAL DATA (UNAUDITED) First Second Third Fourth 20 1 7 Quarter Quarter Quarter Quarter Net sales $ 20,149,845 $ 19,280,770 $ 18,388,381 $ 24,502,272 Gross profit 12,286,045 12,895,534 11,635,331 15,296,919 Net income 1,231,265 1,027,732 521,414 1,671,340 Net income per common share: Basic $ 0.13 $ 0.11 $ 0.06 $ 0.18 Diluted $ 0.13 $ 0.11 $ 0.06 $ 0.18 Weighted average number of common shares outstanding: Basic 9,308,726 9,225,960 9,270,862 9,270,862 Diluted 9,330,919 9,229,129 9,273,950 9,272,330 First Second Third Fourth 20 1 6 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 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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) , Tandy Leather Company, L.P. (a Texas limited partnership), 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 of $30,000, $19,000, $24,000, 2017, 2016, 2015, |
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 reported after deduction of discounts. We do not |
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 liv es of the assets, which are three ten seven fifteen five forty |
Inventory, Policy [Policy Text Block] | ● Inventory Inventory is valued at the lower of cost or net realizable value. In addition, the value of inventory is periodically reduced to net realizable value for slow-moving or obsolete inventory based on management's review of items on hand compared to their estimated future demand. |
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 not ’s carrying value. To date, we have not |
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 2017 2016 2015 Net income $ 4,451,751 $ 6,402,259 $ 6,402,405 Weighted average common shares outstanding 9,242,092 9,301,867 10,077,506 Earnings per share – basic $ 0.48 $ 0.69 $ 0.64 DILUTED Net income $ 4,451,751 $ 6,402,259 $ 6,402,405 Weighted average common shares outstanding 9,242,092 9,301,867 10,077,506 Effect of restricted stock awards and assumed exercise of stock options 14,718 19,691 25,254 Weighted average common shares outstanding, assuming dilution 9,256,810 9,321,558 10,102,760 Earnings per share - diluted $ 0.48 $ 0.69 $ 0.63 Outstanding options and restricted stock awards excluded as anti-dilutive 17,632 31,477 60,433 For additional disclosures regarding the restricted stock awards and the employee stock options, see Note 11. 19,169, 90,085, 68,400 December 31, 2017, 2016, 2015, |
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 December 31 December 31, 2017, 2016, 2015 no The only change in our goodwill for 2017 and 2016 $6,748 $2,845, O ur intangible assets and related accumulated amortization consisted of the following: As of December 31, 201 7 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,897 $ 8,472 Non-Compete Agreements 175,316 164,566 10,750 $ 729,685 $ 710,463 $ 19,222 As of December 31, 201 6 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 Excluding goodwill, we have no not $1,618 2017, $6,442 2016, $40,744 2015 15 five 201 8 $ 1,417 201 9 666 20 20 666 202 1 666 2022 666 Thereafter 5,141 |
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 fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 – observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – include other inputs that are directly or indirectly observable in the marketplace. Level 3 – significant unobservable inputs which are supported by little or no 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, 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 not not 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 may We may may |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ● Share-based compensation We have one that expired in March 2017. six no 2017, 2016 2015, not We also have a restricted stock plan that was adopted by our Board of Directors in January 2013 June 2013. 300,000 Awards granted under the plan 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 $1,965,000, $1,982,000, $2,012,000 December 31, 2017, 2016, 2015, |
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 Such capitalized costs are included in other current assets and totaled $203,000 $213,000 December 31, 2017 2016, $4,956,000 2017; $4,759,000 2016; $4,826,000 2015. |
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, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | BASIC 2017 2016 2015 Net income $ 4,451,751 $ 6,402,259 $ 6,402,405 Weighted average common shares outstanding 9,242,092 9,301,867 10,077,506 Earnings per share – basic $ 0.48 $ 0.69 $ 0.64 DILUTED Net income $ 4,451,751 $ 6,402,259 $ 6,402,405 Weighted average common shares outstanding 9,242,092 9,301,867 10,077,506 Effect of restricted stock awards and assumed exercise of stock options 14,718 19,691 25,254 Weighted average common shares outstanding, assuming dilution 9,256,810 9,321,558 10,102,760 Earnings per share - diluted $ 0.48 $ 0.69 $ 0.63 Outstanding options and restricted stock awards excluded as anti-dilutive 17,632 31,477 60,433 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of December 31, 201 7 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,897 $ 8,472 Non-Compete Agreements 175,316 164,566 10,750 $ 729,685 $ 710,463 $ 19,222 As of December 31, 201 6 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 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 201 8 $ 1,417 201 9 666 20 20 666 202 1 666 2022 666 Thereafter 5,141 |
Note 4 - Balance Sheet Compon23
Note 4 - Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Condensed Balance Sheet [Table Text Block] | December 31, 201 7 December 31, 20 1 6 INVENTORY On hand: Finished goods held for sale $ 34,824,728 $ 30,684,026 Raw materials and work in process 1,138,316 1,034,041 Inventory in transit 1,348,153 1,459,472 TOTAL $ 37,311,197 $ 33,177,539 PROPERTY AND EQUIPMENT Building $ 9,257,066 $ 9,105,286 Land 1,451,132 1,451,132 Leasehold improvements 1,615,464 1,350,916 Equipment and machinery 6,447,776 5,991,343 Furniture and fixtures 7,907,704 7,342,642 Vehicles 539,339 295,033 27,218,481 25,536,352 Less: accumulated depreciation (11,750,639 ) (9,884,559 ) TOTAL $ 15,467,842 $ 15,651,793 ACCRUED EXPENSES AND OTHER LIABILITIES Accrued bonuses $ 1,748,236 $ 2,123,942 Accrued payroll 630,259 689,150 Deferred revenue 905,657 909,297 Sales and payroll taxes payable 524,184 494,720 Inventory in transit 1,067,143 1,432,590 Other 77,998 287,488 TOTAL $ 4,953,477 $ 5,937,187 |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Year ended December 31 North America International Total 2017 $ 2,378 $ 761 $ 3,139 2016 17,699 (714 ) 16,985 2015 19,583 11,481 31,064 |
Note 5 - Notes Payable and Lo24
Note 5 - Notes Payable and Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | 201 7 201 6 Business Loan Agreement with BOKF – 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, 2022 $ 7,371,730 $ 7,371,730 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, 2019 - - $ 7,371,730 $ 7,371,730 Less current maturities 614,311 614,311 $ 6,757,419 $ 6,757,419 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 201 8 $ 614,311 201 9 1,842,932 20 20 1,842,932 202 1 1,842,932 202 2 1,228,623 $ 7,371,730 |
Note 7 - Employee Benefit and25
Note 7 - Employee Benefit and Savings Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Defined Contribution Plan Disclosures [Table Text Block] | Year Ended December 31, Maximum Matching Contribution per Participant * Total Matching Contribution 20 17 $10,600 $326,612 20 16 $10,600 $277,753 20 15 $10,400 $290,388 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 201 7 201 6 201 5 Current provision: Federal $ 3,090,997 $ 3,108,894 $ 3,045,292 State 309,249 486,565 482,186 3,400,246 3,595,459 3,527,478 Deferred provision (benefit): Federal (665,181 ) 183,520 212,563 State (23,692 ) 21,591 76,607 (688,873 ) 205,111 289,170 $ 2,711,373 $ 3,800,570 $ 3,816,648 |
Schedule of Income Tax Expense from Changes in Tax Rate [Table Text Block] | Transition tax on deemed repatriation of certain foreign earnings* $ 514,454 Foreign Withholding Taxes * 290,128 Remeasuring deferred tax position at the lowered income tax rate** (463,800 ) $ 340,782 |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 201 7 201 6 201 5 United States $ 6,372,585 $ 9,070,894 $ 9,272,854 United Kingdom (171,608 ) (81,987 ) (43,567 ) Canada 1,055,783 1,034,027 813,824 Australia (88,096 ) 82,622 48,633 Spain (5,540 ) 97,273 127,309 $ 7,163,124 $ 10,202,829 $ 10,219,053 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 7 201 6 Deferred income tax assets: Capitalized inventory costs $ 198,616 $ 265,454 Warrants and share-based compensation 29,047 44,151 Accrued expenses, reserves, and other 44,075 65,631 Total deferred income tax assets $ 271,738 $ 375,236 Deferred income tax liabilities: Property and equipment depreciation $ 1,008,485 $ 1,728,265 Goodwill and other intangible assets amortization 155,175 227,767 Transition tax on deemed repatriation of foreign earnings 473,298 - Total deferred income tax liabilities $ 1,636,958 $ 1,956,032 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 201 7 201 6 201 5 Statutory rate – Federal US income tax 34 % 34 % 34 % State and local taxes 6 % 6 % 6 % Impact of Tax Act 4 % - - Non-U.S. income tax at different rates (1 %) - - Domestic production activities deduction (2 %) (1 %) (1 %) Other, net (3 %) (2 %) (2 %) Effective rate 38 % 37 % 37 % |
Note 9 - Commitments and Cont27
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year ending December 31: 201 8 $ 4,324,431 2019 3,579,430 2020 2,968,426 2021 2,255,792 202 2 1,461,280 202 3 832,593 2024 546,843 2025 432,990 202 6 221,967 202 7 96,398 Total minimum lease payments $ 16,720,150 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | 201 7 201 6 201 5 Weighted Weighted Weighted Average Average Average Option Exercise Option Exercise Option Exercise Shares Price Shares Price Shares Price Outstanding at January 1 56,400 $ 5.14 68,400 $ 5.17 72,400 $ 5.16 Granted - - - - - - Forfeited or cancelled (12,000 ) 5.14 (12,000 ) 5.30 (2,000 ) 4.96 Exercised (44,400 ) 5.14 - - (2,000 ) 4.96 Outstanding at December 31 - $ - 56,400 $ 5.14 68,400 $ 5.17 Exercisable at end of year - $ - 56,400 $ 5.14 68,400 $ 5.17 Weighted-average fair value of options granted during year n/a n/a n/a |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Shares Grant Fair Value Balance, January 1, 2016 60,432 $ 8.97 Granted 33,685 7.14 Forfeited (8,187 ) 8.97 Vested (20,780 ) 8.97 Balance, December 31, 2016 65,150 $ 8.03 Balance, January 1, 201 7 65,150 $ 8.03 Granted 9,005 8.05 Forfeited (4,054 ) 8.97 Vested (33,300 ) 8.97 Balance, December 31, 201 7 36,801 $ 8.03 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | 201 8 $ 100,127 201 9 58,126 20 20 14,853 202 1 1,208 |
Note 12 - Segment Information (
Note 12 - Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | North America International Total For the year ended December 31, 2017 Net Sales $ 78,568,219 $ 3,753,049 $ 82,321,268 Gross Profit 49,889,888 2,223,941 52,113,829 Operating earnings 7,498,817 (256,995 ) 7,241,822 Interest expense 205,555 - 205,555 Other expense, net (135,011 ) 8,154 (126,857 ) Income before income taxes 7,428,370 (265,246 ) 7,163,124 Depreciation and amortization 1,790,421 84,681 1,875,102 Fixed asset additions 1,666,171 23,474 1,689,645 Total assets $ 70,302,116 $ 4,612,480 $ 74,914,596 For the year ended December 31, 2016 Net Sales $ 79,041,920 $ 3,882,072 $ 82,923,992 Gross Profit 49,315,003 2,398,239 51,713,242 Operating earnings 10,224,773 75,958 10,300,731 Interest expense 155,189 - 155,189 Other expense, net (35,290 ) (21,997 ) (57,287 ) Income before income taxes 10,104,873 97,956 10,202,829 Depreciation and amortization 1,631,534 87,620 1,719,154 Fixed asset additions 1,609,829 87,875 1,697,704 Total assets $ 66,502,432 $ 4,150,288 $ 70,652,720 For the year ended December 31, 2015 Net Sales $ 80,468,597 $ 3,692,603 $ 84,161,200 Gross Profit 49,838,455 2,232,605 52,071,060 Operating earnings 10,353,404 121,296 10,474,700 Interest expense 330,004 - 330,004 Other expense, net (63,230 ) (11,127 ) (74,357 ) Income before income taxes 10,086,630 132,423 10,219,053 Depreciation and amortization 1,509,592 57,580 1,567,172 Fixed asset additions 1,878,229 285,811 2,164,040 Total assets $ 59,894,498 $ 4,716,578 $ 64,611,076 |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | 201 7 201 6 201 5 United States $ 70,453,773 $ 70,886,401 $ 72,061,009 Canada 7,224,894 7,199,155 7,543,468 All other countries 4,642,601 4,838,436 4,556,723 $ 82,321,268 $ 82,923,992 $ 84,161,200 |
Note 14 - Quarterly Financial30
Note 14 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth 20 1 7 Quarter Quarter Quarter Quarter Net sales $ 20,149,845 $ 19,280,770 $ 18,388,381 $ 24,502,272 Gross profit 12,286,045 12,895,534 11,635,331 15,296,919 Net income 1,231,265 1,027,732 521,414 1,671,340 Net income per common share: Basic $ 0.13 $ 0.11 $ 0.06 $ 0.18 Diluted $ 0.13 $ 0.11 $ 0.06 $ 0.18 Weighted average number of common shares outstanding: Basic 9,308,726 9,225,960 9,270,862 9,270,862 Diluted 9,330,919 9,229,129 9,273,950 9,272,330 First Second Third Fourth 20 1 6 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 |
Note 1 - Description of Busin31
Note 1 - Description of Business (Details Textual) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Number of Operating Segments | 2 | 3 |
Note 2 - Significant Accounti32
Note 2 - Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Foreign Currency Transaction Gain (Loss), Realized | $ 30,000 | $ 19,000 | $ 24,000 |
Weighted Average Number Diluted Shares Outstanding Adjustment | 19,169 | 90,085 | 68,400 |
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | 6,748 | 2,845 | |
Amortization of Intangible Assets | $ 1,618 | $ 6,442 | $ 40,744 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 180 days | ||
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 |
Shipping, Handling and Transportation Costs | 1,965,000 | 1,982,000 | 2,012,000 |
Capitalized Catalog, Costs | 203,000 | 213,000 | |
Advertising Expense | $ 4,956,000 | $ 4,759,000 | $ 4,826,000 |
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 | ||
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 | 12 years | ||
Maximum [Member] | |||
Capitalized Catalog, Useful Life | 18 years | ||
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 1,671,340 | $ 521,414 | $ 1,027,732 | $ 1,231,265 | $ 2,059,997 | $ 1,000,350 | $ 1,820,915 | $ 1,520,997 | $ 4,451,751 | $ 6,402,259 | $ 6,402,405 |
Weighted average common shares outstanding (in shares) | 9,270,862 | 9,270,862 | 9,225,960 | 9,308,726 | 9,188,483 | 9,188,483 | 9,209,446 | 9,698,951 | 9,242,092 | 9,301,867 | 10,077,506 |
Earnings per share – basic (in dollars per share) | $ 0.18 | $ 0.06 | $ 0.11 | $ 0.13 | $ 0.23 | $ 0.11 | $ 0.19 | $ 0.16 | $ 0.48 | $ 0.69 | $ 0.64 |
DILUTED | |||||||||||
Net income | $ 1,671,340 | $ 521,414 | $ 1,027,732 | $ 1,231,265 | $ 2,059,997 | $ 1,000,350 | $ 1,820,915 | $ 1,520,997 | $ 4,451,751 | $ 6,402,259 | $ 6,402,405 |
Weighted average common shares outstanding (in shares) | 9,270,862 | 9,270,862 | 9,225,960 | 9,308,726 | 9,188,483 | 9,188,483 | 9,209,446 | 9,698,951 | 9,242,092 | 9,301,867 | 10,077,506 |
Effect of restricted stock awards and assumed exercise of stock options (in shares) | 14,718 | 19,691 | 25,254 | ||||||||
Weighted average common shares outstanding, assuming dilution (in shares) | 9,272,330 | 9,273,950 | 9,229,129 | 9,330,919 | 9,301,867 | 9,206,382 | 9,227,941 | 9,718,453 | 9,256,810 | 9,321,558 | 10,102,760 |
Earnings per share - diluted (in dollars per share) | $ 0.18 | $ 0.06 | $ 0.11 | $ 0.13 | $ 0.23 | $ 0.11 | $ 0.19 | $ 0.16 | $ 0.48 | $ 0.69 | $ 0.63 |
Outstanding options and restricted stock awards excluded as anti-dilutive (in shares) | 17,632 | 31,477 | 60,433 |
Note 2 - Significant Accounti34
Note 2 - Significant Accounting Policies - Intangible Assets (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Other intangibles, gross | $ 729,685 | $ 729,685 |
Accumulated amortization | 710,463 | 708,845 |
Other intangibles, net | 19,222 | 20,840 |
Other intangibles, accumulated amortization | 710,463 | 708,845 |
OTHER INTANGIBLES, net of accumulated amortization of $710,000 and $708,000 as of December 31, 2017 and 2016, respectively | 19,222 | 20,840 |
Trademarks and Copyrights [Member] | ||
Other intangibles, gross | 554,369 | 554,369 |
Accumulated amortization | 545,897 | 545,279 |
Other intangibles, net | 8,472 | 9,090 |
Other intangibles, accumulated amortization | 545,897 | 545,279 |
OTHER INTANGIBLES, net of accumulated amortization of $710,000 and $708,000 as of December 31, 2017 and 2016, respectively | 8,472 | 9,090 |
Noncompete Agreements [Member] | ||
Other intangibles, gross | 175,316 | 175,316 |
Accumulated amortization | 164,566 | 163,566 |
Other intangibles, net | 10,750 | 11,750 |
Other intangibles, accumulated amortization | 164,566 | 163,566 |
OTHER INTANGIBLES, net of accumulated amortization of $710,000 and $708,000 as of December 31, 2017 and 2016, respectively | $ 10,750 | $ 11,750 |
Note 2 - Significant Accounti35
Note 2 - Significant Accounting Policies - Estimated Amortization Expense (Details) | Dec. 31, 2017USD ($) |
2,018 | $ 1,417 |
2,019 | 666 |
2,020 | 666 |
2,021 | 666 |
2,022 | 666 |
Thereafter | $ 5,141 |
Note 3 - Valuation and Qualif36
Note 3 - Valuation and Qualifying Accounts (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for Doubtful Accounts Receivable | $ 22,600 | $ 2,400 |
Note 4 - Balance Sheet Compon37
Note 4 - Balance Sheet Components (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation | $ 1,873,484 | $ 1,717,548 | $ 1,520,385 |
Note 4 - Balance Sheet Compon38
Note 4 - Balance Sheet Components - Schedule of Balance Sheet Components (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Finished goods held for sale | $ 34,824,728 | $ 30,684,026 |
Raw materials and work in process | 1,138,316 | 1,034,041 |
Inventory in transit | 1,348,153 | 1,459,472 |
TOTAL | 37,311,197 | 33,177,539 |
Building | 9,257,066 | 9,105,286 |
Land | 1,451,132 | 1,451,132 |
Leasehold improvements | 1,615,464 | 1,350,916 |
Equipment and machinery | 6,447,776 | 5,991,343 |
Furniture and fixtures | 7,907,704 | 7,342,642 |
Vehicles | 539,339 | 295,033 |
27,218,481 | 25,536,352 | |
Less accumulated depreciation and amortization | (11,750,639) | (9,884,559) |
TOTAL | 15,467,842 | 15,651,793 |
Accrued bonuses | 1,748,236 | 2,123,942 |
Accrued payroll | 630,259 | 689,150 |
Deferred revenue | 905,657 | 909,297 |
Sales and payroll taxes payable | 524,184 | 494,720 |
Inventory in transit | 1,067,143 | 1,432,590 |
Other | 77,998 | 287,488 |
TOTAL | $ 4,953,477 | $ 5,937,187 |
Note 4 - Balance Sheet Compon39
Note 4 - Balance Sheet Components - Loss From Abandonment and (or) Disposal of Obsolete Equipment, by Segment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss on disposal or abandonment of assets | $ 3,139 | $ 16,985 | $ 31,064 |
North America Segment [Member] | |||
Loss on disposal or abandonment of assets | 2,378 | 17,699 | 19,583 |
International Leathercraft [Member] | |||
Loss on disposal or abandonment of assets | $ 761 | $ (714) | $ 11,481 |
Note 5 - Notes Payable and Lo40
Note 5 - Notes Payable and Long-term Debt (Details Textual) | Sep. 18, 2015USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Aug. 25, 2016USD ($) | Aug. 24, 2016USD ($) | Jun. 07, 2016shares | Aug. 31, 2015shares |
Proceeds from Issuance of Long-term Debt | $ 3,660,505 | $ 3,711,225 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares | 2,200,000 | 1,150,793 | 2,200,000 | 1,200,000 | ||||
Treasury Stock, Shares, Acquired | shares | 0 | |||||||
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 | |||||||
Promissory Note with BOKF [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | $ 15,000,000 | $ 10,000,000 | |||||
Proceeds from Issuance of Long-term Debt | $ 0 | $ 3,700,000 | ||||||
Line of Credit Facility, Term of the Term Note into which the Principal Balance Will Be Rolled | 4 years | |||||||
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 | 3.351% | 2.557% | ||||||
Two Promissory Notes with BOKF [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.85% |
Note 5 - Notes Payable and Lo41
Note 5 - Notes Payable and Long-term Debt - Summary of Credit Agreement and Line of Credit Note (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Line of Credit Note | $ 7,371,730 | $ 7,371,730 |
7,371,730 | 7,371,730 | |
Less current maturities | 614,311 | 614,311 |
LONG-TERM DEBT, net of current maturities | 6,757,419 | 6,757,419 |
Promissory Note with BOKF [Member] | ||
Line of Credit Note | 7,371,730 | 7,371,730 |
7,371,730 | 7,371,730 | |
Promissory Note and Business Loan Agreement with BOKF [Member] | ||
Line of Credit Note | ||
Note 5 - Notes Payable and Lo42
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, 2017 | Dec. 31, 2016 | |
Promissory Note with BOKF [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | $ 15,000,000 |
Promissory Note with BOKF [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | 1.85% |
Promissory Note and Business Loan Agreement with BOKF [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 6,000,000 | $ 6,000,000 |
Promissory Note and Business Loan Agreement with BOKF [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.85% | 1.85% |
Note 5 - Notes Payable and Lo43
Note 5 - Notes Payable and Long-term Debt - Schedule of Notes Payable Debt Maturities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
2,018 | $ 614,311 | |
2,019 | 1,842,932 | |
2,020 | 1,842,932 | |
2,021 | 1,842,932 | |
2,022 | 1,228,623 | |
$ 7,371,730 | $ 7,371,730 |
Note 6 - Capital Lease Obliga44
Note 6 - Capital Lease Obligations (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Capital Leased Assets, Gross | $ 227,783 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 63,319 | $ 21,400 |
Capital Lease Obligations, Current | 0 | 72,686 |
Property and Equipment [Member] | ||
Capital Leased Assets, Gross | 217,094 | 210,904 |
Prepaid Equipment [Member] | ||
Capital Leased Assets, Gross | $ 10,689 | $ 16,879 |
Note 7 - Employee Benefit and45
Note 7 - Employee Benefit and Savings Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 and46
Note 7 - Employee Benefit and Savings Plans - Contributions to 401(k) Plan (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Maximum Matching Contribution per Participant* | [1] | $ 10,600 | $ 10,600 | $ 10,400 |
Total Matching Contribution | $ 326,612 | $ 277,753 | $ 290,388 | |
[1] | Due to the annual limit on eligible earnings imposed by the Internal Revenue Code |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% | ||
Tax Adjustments, Settlements, and Unusual Provisions | $ 340,782 | ||||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 8 - Income Taxes - Provisi
Note 8 - Income Taxes - Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current provision: | |||
Federal | $ 3,090,997 | $ 3,108,894 | $ 3,045,292 |
State | 309,249 | 486,565 | 482,186 |
Total current income tax expense | 3,400,246 | 3,595,459 | 3,527,478 |
Deferred provision (benefit): | |||
Federal | (665,181) | 183,520 | 212,563 |
State | (23,692) | 21,591 | 76,607 |
Total deferred income tax expense | (688,873) | 205,111 | 289,170 |
Total income tax expense | $ 2,711,373 | $ 3,800,570 | $ 3,816,648 |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Tax Expense From Change in Tax Rate (Details) | 3 Months Ended | |
Dec. 31, 2017USD ($) | ||
Transition tax on deemed repatriation of certain foreign earnings | $ 514,454 | [1] |
Foreign Withholding Taxes | 290,128 | [2] |
Remeasuring deferred tax position at the lowered income tax rate | (463,800) | |
$ 340,782 | ||
[1] | classified as part of the Federal current provision | |
[2] | classified as part of the Federal deferred benefit |
Note 8 - Income Taxes - Incom50
Note 8 - Income Taxes - Income Before Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income from continuing operations, before income taxes | $ 7,163,124 | $ 10,202,829 | $ 10,219,053 |
Internal Revenue Service (IRS) [Member] | |||
Income before income taxes | 6,372,585 | 9,070,894 | 9,272,854 |
Her Majesty's Revenue and Customs (HMRC) [Member] | |||
Income before income taxes | (171,608) | (81,987) | (43,567) |
Canada Revenue Agency [Member] | |||
Income before income taxes | 1,055,783 | 1,034,027 | 813,824 |
Australian Taxation Office [Member] | |||
Income before income taxes | (88,096) | 82,622 | 48,633 |
Tax Authority, Spain [Member] | |||
Income before income taxes | $ (5,540) | $ 97,273 | $ 127,309 |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred income tax assets: | ||
Capitalized inventory costs | $ 198,616 | $ 265,454 |
Warrants and share-based compensation | 29,047 | 44,151 |
Accrued expenses, reserves, and other | 44,075 | 65,631 |
Total deferred income tax assets | 271,738 | 375,236 |
Deferred income tax liabilities: | ||
Property and equipment depreciation | 1,008,485 | 1,728,265 |
Goodwill and other intangible assets amortization | 155,175 | 227,767 |
Transition tax on deemed repatriation of foreign earnings | 473,298 | |
Total deferred income tax liabilities | $ 1,636,958 | $ 1,956,032 |
Note 8 - Income Taxes - Effecti
Note 8 - Income Taxes - Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% |
State and local taxes | 6.00% | 6.00% | 6.00% |
Impact of Tax Act | 4.00% | ||
Non-U.S. income tax at different rates | (1.00%) | ||
Domestic production activities deduction | (2.00%) | (1.00%) | (1.00%) |
Other, net | (3.00%) | (2.00%) | (2.00%) |
Effective rate | 38.00% | 37.00% | 37.00% |
Note 9 - Commitments and Cont53
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leases, Rent Expense | $ 4,609,724 | $ 4,189,225 | $ 3,844,641 |
Note 9 - Commitments and Cont54
Note 9 - Commitments and Contingencies - Future Minimum Lease Payments Under Noncancelable Operating Leases (Details) | Dec. 31, 2017USD ($) |
2,018 | $ 4,324,431 |
2,019 | 3,579,430 |
2,020 | 2,968,426 |
2,021 | 2,255,792 |
2,022 | 1,461,280 |
2,023 | 832,593 |
2,024 | 546,843 |
2,025 | 432,990 |
2,026 | 221,967 |
2,027 | 96,398 |
Total minimum lease payments | $ 16,720,150 |
Note 10 - Significant Busines55
Note 10 - Significant Business Concentrations and Risk (Details Textual) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Major Suppliers | 1 | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Number Of Major Customers | 5 | 5 | 5 |
Concentration Risk, Percentage | 1.20% | 1.40% | 1.30% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Number Of Major Customers | 2 | 2 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Major Customers [Member] | |||
Concentration Risk, Percentage | 21.40% | 35.20% |
Note 11 - Stockholders' Equit56
Note 11 - Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 07, 2016 | Sep. 18, 2015 | Aug. 31, 2015 | Jun. 06, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 155,606 | $ 2,953 | |||||
Proceeds from Stock Options Exercised | $ 223,404 | $ 0 | 9,920 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 180 days | ||||||
Allocated Share-based Compensation Expense | $ 0 | $ 0 | 0 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.0024 | $ 0.0024 | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 1,150,793 | 2,200,000 | 2,200,000 | 1,200,000 | |||
Treasury Stock, Shares, Acquired | 0 | ||||||
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 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 174,314 | ||||||
Restricted Stock [Member] | Operating Expense [Member] | |||||||
Allocated Share-based Compensation Expense | $ 239,599 | $ 199,870 | $ 145,321 | ||||
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] | 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 | 188,225 | ||||||
Stockholder Rights Plan [Member] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.0024 | ||||||
Stockholder Rights Plan [Member] | Preferred Share Purchase Right [Member] | |||||||
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' Equit57
Note 11 - Stockholders' Equity - Summary of Stock Option Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, outstanding (in shares) | 56,400 | 68,400 | 72,400 |
Balance, outstanding (in dollars per share) | $ 5.14 | $ 5.17 | $ 5.16 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
Granted (in dollars per share) | |||
Forfeited or cancelled (in shares) | (12,000) | (12,000) | (2,000) |
Forfeited or cancelled (in dollars per share) | $ 5.14 | $ 5.30 | $ 4.96 |
Exercised (in shares) | (44,400) | (2,000) | |
Exercised (in dollars per share) | $ 5.14 | $ 4.96 | |
Balance, outstanding (in shares) | 56,400 | 68,400 | |
Balance, outstanding (in dollars per share) | $ 5.14 | $ 5.17 | |
Exercisable at end of year (in shares) | 56,400 | 68,400 | |
Exercisable at end of year (in dollars per share) | $ 5.14 | $ 5.17 | |
Weighted-average fair value of options granted during year (in dollars per share) |
Note 11 - Stockholders' Equit58
Note 11 - Stockholders' Equity - Activity for Nonvested Restricted Common Stock Awards (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance, shares (in shares) | 65,150 | 60,432 |
Balance, Grant Fair Value (in dollars per share) | $ 8.03 | $ 8.97 |
Granted (in shares) | 9,005 | 33,685 |
Granted, Grant Fair Value (in dollars per share) | $ 8.05 | $ 7.14 |
Forfeited (in shares) | (4,054) | (8,187) |
Forfeited, Grant Fair Value (in dollars per share) | $ 8.97 | $ 8.97 |
Vested (in shares) | (33,300) | (20,780) |
Vested, Grant Fair Value (in dollars per share) | $ 8.97 | $ 8.97 |
Balance, shares (in shares) | 36,801 | 65,150 |
Balance, Grant Fair Value (in dollars per share) | $ 8.03 | $ 8.03 |
Note 11 - Stockholders' Equit59
Note 11 - Stockholders' Equity - Unrecognized Compensation Expense for Non-vested Restricted Stock Awards (Details) - Restricted Stock [Member] | Dec. 31, 2017USD ($) |
2,017 | $ 100,127 |
2,018 | 58,126 |
2,019 | 14,853 |
2,020 | $ 1,208 |
Note 12 - Segment Information60
Note 12 - Segment Information (Details Textual) | Dec. 31, 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 12 - Segment Information -
Note 12 - Segment Information - Summary of Reportable Operating Segments (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 24,502,272 | $ 18,388,381 | $ 19,280,770 | $ 20,149,845 | $ 24,100,498 | $ 18,628,362 | $ 19,552,905 | $ 20,672,227 | $ 82,321,268 | $ 82,923,992 | $ 84,161,200 |
Gross Profit | 15,296,919 | $ 11,635,331 | $ 12,895,534 | $ 12,286,045 | 14,519,835 | $ 11,644,871 | $ 12,895,790 | $ 12,652,746 | 52,113,829 | 51,713,242 | 52,071,060 |
Operating earnings | 7,241,822 | 10,300,731 | 10,474,700 | ||||||||
Interest expense | 205,555 | 155,189 | 330,004 | ||||||||
Other expense, net | (126,857) | (57,287) | (74,357) | ||||||||
Income before income taxes | 7,163,124 | 10,202,829 | 10,219,053 | ||||||||
Depreciation and amortization | 1,875,102 | 1,719,154 | 1,567,172 | ||||||||
Fixed asset additions | 1,689,645 | 1,697,704 | 2,164,040 | ||||||||
Total assets | 74,914,596 | 70,652,720 | 74,914,596 | 70,652,720 | 64,611,076 | ||||||
North America Segment [Member] | |||||||||||
Net sales | 78,568,219 | 79,041,920 | 80,468,597 | ||||||||
Gross Profit | 49,889,888 | 49,315,003 | 49,838,455 | ||||||||
Operating earnings | 7,498,817 | 10,224,773 | 10,353,404 | ||||||||
Interest expense | 205,555 | 155,189 | 330,004 | ||||||||
Other expense, net | (135,011) | (35,290) | (63,230) | ||||||||
Income before income taxes | 7,428,370 | 10,104,873 | 10,086,630 | ||||||||
Depreciation and amortization | 1,790,421 | 1,631,534 | 1,509,592 | ||||||||
Fixed asset additions | 1,666,171 | 1,609,829 | 1,878,229 | ||||||||
Total assets | 70,302,116 | 66,502,432 | 70,302,116 | 66,502,432 | 59,894,498 | ||||||
International Leathercraft [Member] | |||||||||||
Net sales | 3,753,049 | 3,882,072 | 3,692,603 | ||||||||
Gross Profit | 2,223,941 | 2,398,239 | 2,232,605 | ||||||||
Operating earnings | (256,995) | 75,958 | 121,296 | ||||||||
Interest expense | |||||||||||
Other expense, net | 8,154 | (21,997) | (11,127) | ||||||||
Income before income taxes | (265,246) | 97,956 | 132,423 | ||||||||
Depreciation and amortization | 84,681 | 87,620 | 57,580 | ||||||||
Fixed asset additions | 23,474 | 87,875 | 285,811 | ||||||||
Total assets | $ 4,612,480 | $ 4,150,288 | $ 4,612,480 | $ 4,150,288 | $ 4,716,578 |
Note 12 - Segment Information62
Note 12 - Segment Information - Net Sales for Geographic Areas (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 24,502,272 | $ 18,388,381 | $ 19,280,770 | $ 20,149,845 | $ 24,100,498 | $ 18,628,362 | $ 19,552,905 | $ 20,672,227 | $ 82,321,268 | $ 82,923,992 | $ 84,161,200 |
UNITED STATES | |||||||||||
Net sales | 70,453,773 | 70,886,401 | 72,061,009 | ||||||||
CANADA | |||||||||||
Net sales | 7,224,894 | 7,199,155 | 7,543,468 | ||||||||
All Other Countries [Member] | |||||||||||
Net sales | $ 4,642,601 | $ 4,838,436 | $ 4,556,723 |
Note 13 - Recent Accounting P63
Note 13 - Recent Accounting Pronouncements (Details Textual) | Jan. 01, 2018USD ($) |
Subsequent Event [Member] | Accounting Standards Update 2014-09 [Member] | |
Gift Card Liability, Current | $ 168,000 |
Note 14 - Quarterly Financial64
Note 14 - Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales | $ 24,502,272 | $ 18,388,381 | $ 19,280,770 | $ 20,149,845 | $ 24,100,498 | $ 18,628,362 | $ 19,552,905 | $ 20,672,227 | $ 82,321,268 | $ 82,923,992 | $ 84,161,200 |
Gross Profit | 15,296,919 | 11,635,331 | 12,895,534 | 12,286,045 | 14,519,835 | 11,644,871 | 12,895,790 | 12,652,746 | 52,113,829 | 51,713,242 | 52,071,060 |
Net income | $ 1,671,340 | $ 521,414 | $ 1,027,732 | $ 1,231,265 | $ 2,059,997 | $ 1,000,350 | $ 1,820,915 | $ 1,520,997 | $ 4,451,751 | $ 6,402,259 | $ 6,402,405 |
NET INCOME PER COMMON SHARE: | |||||||||||
Earnings per share – basic (in dollars per share) | $ 0.18 | $ 0.06 | $ 0.11 | $ 0.13 | $ 0.23 | $ 0.11 | $ 0.19 | $ 0.16 | $ 0.48 | $ 0.69 | $ 0.64 |
Earnings per share - diluted (in dollars per share) | $ 0.18 | $ 0.06 | $ 0.11 | $ 0.13 | $ 0.23 | $ 0.11 | $ 0.19 | $ 0.16 | $ 0.48 | $ 0.69 | $ 0.63 |
Weighted average number of common shares outstanding: | |||||||||||
Weighted average common shares outstanding (in shares) | 9,270,862 | 9,270,862 | 9,225,960 | 9,308,726 | 9,188,483 | 9,188,483 | 9,209,446 | 9,698,951 | 9,242,092 | 9,301,867 | 10,077,506 |
Diluted (in shares) | 9,272,330 | 9,273,950 | 9,229,129 | 9,330,919 | 9,301,867 | 9,206,382 | 9,227,941 | 9,718,453 | 9,256,810 | 9,321,558 | 10,102,760 |
Net sales | $ 24,502,272 | $ 18,388,381 | $ 19,280,770 | $ 20,149,845 | $ 24,100,498 | $ 18,628,362 | $ 19,552,905 | $ 20,672,227 | $ 82,321,268 | $ 82,923,992 | $ 84,161,200 |
Gross Profit | 15,296,919 | 11,635,331 | 12,895,534 | 12,286,045 | 14,519,835 | 11,644,871 | 12,895,790 | 12,652,746 | 52,113,829 | 51,713,242 | 52,071,060 |
Net income | $ 1,671,340 | $ 521,414 | $ 1,027,732 | $ 1,231,265 | $ 2,059,997 | $ 1,000,350 | $ 1,820,915 | $ 1,520,997 | $ 4,451,751 | $ 6,402,259 | $ 6,402,405 |