Tandy Leather Factory (TLF) 10-Q 3 Aug 18 2018 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 01, 2018
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)		9,154,208
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash	$ 18,955,328	$ 18,337,258
Accounts receivable-trade, net of allowance for doubtful accounts of $9,911 and $22,642 in 2018 and 2017, respectively	496,255	461,212
Inventory	38,020,269	37,311,197
Prepaid income taxes	233,002	41,307
Prepaid expenses	1,374,944	1,473,147
Other current assets	75,459	189,029
Total current assets	59,155,257	57,813,150
PROPERTY AND EQUIPMENT, at cost	27,551,811	27,218,481
Less accumulated depreciation and amortization	(12,552,648)	(11,750,639)
Property and equipment, net	14,999,163	15,467,842
DEFERRED INCOME TAXES	269,512	271,738
GOODWILL	958,464	962,949
OTHER INTANGIBLES, net of accumulated amortization of approximately $712,000 and $710,000 in 2018 and 2017, respectively	18,083	19,222
OTHER ASSETS	384,744	379,695
TOTAL ASSETS	75,785,223	74,914,596
CURRENT LIABILITIES:
Accounts payable-trade	1,223,522	1,413,450
Accrued expenses and other liabilities	3,863,282	4,953,477
Current maturities of long-term debt	1,740,556	614,311
Total current liabilities	6,827,360	6,981,238
DEFERRED INCOME TAXES	1,474,675	1,636,958
LONG-TERM DEBT, net of current maturities	6,614,112	6,757,419
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock, $0.10 par value; 20,000,000 shares authorized; none issued or outstanding; attributes to be determined on issuance
Common stock, $0.0024 par value; 25,000,000 shares authorized; 11,330,340 and 11,313,692 shares issued at 2018 and 2017, respectively; 9,154,215 and 9,270,862 shares outstanding at 2018 and 2017, respectively	27,193	27,153
Paid-in capital	6,883,919	6,831,271
Retained earnings	66,466,644	63,921,244
Treasury stock at cost (2,176,125 and 2,042,830 shares at 2018 and 2017, respectively)	(11,273,770)	(10,278,584)
Accumulated other comprehensive income (loss)	(1,234,910)	(962,103)
Total stockholders’ equity	60,869,076	59,538,981
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 75,785,223	$ 74,914,596

Consolidated Balance Sheets (C3

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Accounts receivable-trade, allowance for doubtful accounts	$ 9,911	$ 22,642
Other intangibles, accumulated amortization	$ 711,602	$ 710,463
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)	11,330,340	11,313,692
Common stock, shares outstanding (in shares)	9,154,215	9,270,862
Treasury stock, shares (in shares)	2,176,125	2,042,830

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
NET SALES	$ 19,177,767	$ 19,280,770	$ 39,466,685	$ 39,430,615
COST OF SALES	6,059,325	6,385,236	13,505,281	14,249,036
Gross profit	13,118,442	12,895,534	25,961,404	25,181,579
OPERATING EXPENSES	11,136,961	11,240,097	22,210,962	21,788,651
INCOME FROM OPERATIONS	1,981,481	1,655,437	3,750,442	3,392,928
OTHER INCOME (EXPENSE):
Interest expense	(78,182)	(53,680)	(142,824)	(90,024)
Other, net	46,741	17,012	85,613	19,663
Total other income (expense)	(31,441)	(36,668)	(57,211)	(70,361)
INCOME BEFORE INCOME TAXES	1,950,040	1,618,769	3,693,231	3,322,567
PROVISION FOR INCOME TAXES	509,948	591,037	979,520	1,063,570
NET INCOME	1,440,092	1,027,732	2,713,711	2,258,997
Foreign currency translation adjustments	(294,598)	302,019	(272,807)	658,359
COMPREHENSIVE INCOME	$ 1,145,494	$ 1,329,751	$ 2,440,904	$ 2,917,356
NET INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ 0.15	$ 0.11	$ 0.29	$ 0.24
Diluted (in dollars per share)	$ 0.15	$ 0.11	$ 0.29	$ 0.24
Weighted Average Number of Shares Outstanding:
Basic (in shares)	9,180,076	9,225,960	9,222,028	9,212,846
Diluted (in shares)	9,180,727	9,229,129	9,222,533	9,225,474

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,713,711	$ 2,258,997
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	878,955	929,408
Loss on disposal or abandonment of assets	4,556	515
Non-cash stock-based compensation	52,688	171,160
Deferred income taxes	(96,057)	(147,345)
Foreign currency translation	(268,321)	627,609
Net changes in assets and liabilities:
Accounts receivable-trade	(35,043)	63,667
Inventory	(709,072)	(4,149,949)
Prepaid expenses	98,203	130,098
Other current assets	113,570	(256)
Accounts payable-trade	(189,928)	(137,841)
Accrued expenses and other liabilities	(1,258,506)	(1,465,374)
Income taxes payable	(255,695)	508,900
Total adjustments	(1,664,650)	(3,469,408)
Net cash provided by (used in) operating activities	1,049,061	(1,210,411)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(421,861)	(1,004,906)
Proceeds from sale of assets	7,028	100
Increase in other assets	(3,910)	(29,121)
Net cash used in investing activities	(418,743)	(1,033,927)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable and long term debt	982,938
Repurchase of common stock (treasury stock)	(995,186)
Proceeds from exercise of stock options		223,404
Net cash (used in) provided by financing activities	(12,248)	223,404
NET INCREASE (DECREASE) IN CASH	618,070	(2,020,934)
CASH, beginning of period	18,337,258	16,862,304
CASH, end of period	18,955,328	14,841,370
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid during the period	142,824	90,024
Income tax paid during the period, net of refunds	$ 1,331,272	$ 554,670

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 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
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
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, 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
Stock-based compensation (in shares)	16,648
Stock-based compensation	$ 40	52,648				52,688
Net income				2,713,711		2,713,711
Translation adjustment					(272,807)	(272,807)
Balance (in shares) at Jun. 30, 2018	9,154,215
Balance at Jun. 30, 2018	$ 27,193	$ 6,883,919	(11,273,770)	66,466,644	$ (1,234,910)	60,869,076
Cumulative effect of accounting change (see Note 1) at Dec. 31, 2017				$ (168,311)		(168,311)
Purchase of treasury stock (in shares)	(133,295)
Purchase of treasury stock			$ (995,186)			$ (995,186)

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Certain Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1. BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES Tandy Leather Factory, Inc. is 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. 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, 2018 December 31, 2017, three six June 30, 2018 2017. three six June 30, 2018 not may December 31, 2018. 10 December 31, 2017. The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Inventory . not June 30, 201 8 December 31, 201 7 Inventory on hand: Finished goods held for sale $ 35,033,257 $ 34,824,728 Raw materials and work in process 1,094,756 1,138,316 Inventory in transit 1,892,256 1,348,153 Total $ 38,020,269 $ 37,311,197 Goodwill and Other Intangibles first six 2018, no six June 30, 2018 2017 $4,485 $3,596, Other intangibles consist of the following: June 30, 201 8 December 31, 201 7 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 546,369 $ 8,000 $ 554,369 $ 545,897 $ 8,472 Non-Compete Agreements 175,316 165,233 10,083 175,316 164,566 10,750 $ 729,685 $ 711,602 $ 18,083 $ 729,685 $ 710,463 $ 19,222 We recorded amortization expense of approximately $1,100 six June 30, 2018 $900 first 2017. 5 $2,500 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. Historically, the sale of gift cards has not January 1, 2018, January 1, 2018, 606, 606" one June 30, 2018, $152,543, $168,311 January 1, 2018 Disaggregated Revenue . three six June 30: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 RETAIL (end users, consumers, individuals) 58 % 56 % 60 % 58 % NON-RETAIL (hospitals, organizations, distributors, businesses) 42 % 44 % 40 % 42 % 100 % 100 % 100 % 100 % North America represents approximately 95% 5% 7 Comprehensive Income ( loss ). Recent Account ing Pronouncements. 606 606 January 1, 2018 January 1, 2018 2018. no 0.5% 606 January 1, 2018, $168,311 not 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, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	2. N OTES PAYABLE AND LONG-TERM DEBT On September 18, 2015, $6,000,000 August 10, 2017, September 18, 2019. no 1.5 1 1.2 1. four six June 30, 2018 2017, no Also, on September 18, 2015, $10,000,000 August 2015 2.2 August 2019. $10,000,000 $15,000,000 August 25, 2018 August 25, 2019. 4 1900 820, six June 30, 2018, $983,000 133,295 no six June 30, 2017. June 30, 2018, $6.6 Amounts drawn under either Promissory Note accrue interest at the London interbank Eurodollar market rate for U.S. dollars (commonly known as “LIBOR”) plus 1.85% 3.934% 3.351% June 30, 2018 December 31, 2017, Amount outstanding under the above agreements consisted of the following: Jun 30, 201 8 Dec 31, 201 7 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, interest due monthly at LIBOR plus 1.85%; matures September 18, 2022 $ 8,354,668 $ 7,371,730 Line of Credit Note, as amended, in the maximum principal amount of $6,000,000, interest due monthly at LIBOR plus 1.85%; matures September 18, 2019 - - $ 8,354,668 $ 7,371,730 Less current maturities 1,740,556 614,311 $ 6,614,112 $ 6,757,419 The terms of our lines of credit contain various covenants with which we were in compliance as of June 30, 2018 December 31, 2017.

Note 3 - Income Tax

Note 3 - Income Tax	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. Our effective tax rate for the three six June 30 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Effective tax rate 26.2 % 36.5 % 26.5 % 32.0 % Our effective tax rate differs from the federal statutory rate primarily due to state income tax expense and timing of our deferred tax position, particularly in fixed assets. In addition, to a lesser extent, our effective tax rate is impacted by the new global intangible low-taxed income tax (“GILTI”) for our estimated foreign earnings. GILTI was established as part of the Tax Cuts and Jobs Act (the “Tax Act”), which was enacted on December 22, 2017. 35% 2017 21% 2018. We have not No. 118, one three six June 30, 2018, no December 31, 2017. December 31, 2017 For the six June 30, 2018, $19,794 not not no 2017.

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	4. ON We have a restricted stock plan that was adopted by our Board of Directors in January 2013 June 2013. 300,000 may may four The fair value of restricted stock grants is based on the market value of our common stock on the date of grant. Compensation costs for these awards is recognized on a straight-line basis over the four A summary of the activity for non-vested restricted common stock awards as of June 30, 2018 2017 Shares Award Fair Value Balance, January 1, 2018 36,801 $ 8.03 Granted - - Forfeited - - Vested (16,648 ) 8.22 Unvested Balance, June 30, 2018 20,153 $ 7.69 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 As of June 30, 2018, $121,625 2018 $ 47,438 2019 58,125 2020 14,853 2021 1,209

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	6 Months Ended
	Jun. 30, 2018
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, 2018 2017 2018 2017 Net income $ 1,440,092 $ 1,027,732 $ 2,713,711 $ 2,258,997 Numerator for basic and diluted earnings per share 1,440,092 1,027,732 2,713,711 2,258,997 Denominator for basic EPS: weighted-average shares 9,180,076 9,225,960 9,222,028 9,212,846 Effect of dilutive securities: Stock options - - - 9,810 Restricted stock 651 3,169 505 2,818 Dilutive potential common shares 651 3,169 505 12,628 Denominator for diluted EPS-weighted-average shares 9,180,727 9,229,129 9,222,533 9,225,474 Basic earnings per share $ 0.15 $ 0.11 $ 0.29 $ 0.24 Diluted earnings per share $ 0.15 $ 0.11 $ 0.29 $ 0.24 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 20,153 36,801 June 30, 2018 2017,

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
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, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	7. SEGMENT INFORMATION We operate in two North America International Total For the quarter ended June 30 , 20 1 8 Net sales $ 18,276,885 $ 900,882 $ 19,177,767 Gross profit 12,519,089 599,353 13,118,442 Operating income (loss) 1,986,190 (4,709 ) 1,981,481 Interest (expense) (78,182 ) - (78,182 ) Other income (expense), net 38,343 8,398 46,741 Income (loss) before income taxes 1,946,351 3,689 1,950,040 Depreciation and amortization 387,700 25,733 413,433 Fixed asset additions 105,422 76,419 181,841 Total assets $ 71,184,080 $ 4,601,143 $ 75,785,223 For the quarter ended June 30 , 20 1 7 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 North America International Total For the six months ended June 30 , 20 1 8 Net sales $ 37,594,145 $ 1,872,540 $ 39,466,685 Gross profit 24,745,091 1,216,313 25,961,404 Operating income (loss) 3,816,849 (66,407 ) 3,750,442 Interest (expense) (142,824 ) - (142,824 ) Other income (expense), net 73,527 12,086 85,613 Income (loss) before income taxes 3,747,552 (54,321 ) 3,693,231 Depreciation and amortization 829,252 49,703 878,955 Fixed asset additions 343,080 78,781 421,861 Total assets $ 71,184,080 $ 4,601,143 $ 75,785,223 For the six months ended June 30 , 20 1 7 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 Net sales for geographic areas were as follows: Three months ended June 30, 20 18 20 17 United States $ 16,361,760 $ 16,546,075 Canada 1,619,430 1,646,224 All other countries 1,196,577 1,088,471 $ 19,177,767 $ 19,280,770 Six months ended June 30, 201 8 2017 United States $ 33,709,933 $ 33,828,738 Canada 3,362,604 3,419,734 All other countries 2,394,148 2,182,143 $ 39,466,685 $ 39,430,615 Geographic sales information is based on the location of the customer. No three six June 30, 2018 2017. not

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Tandy Leather Factory, Inc. is 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. 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, 2018 December 31, 2017, three six June 30, 2018 2017. three six June 30, 2018 not may December 31, 2018. 10 December 31, 2017. The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Inventory, Policy [Policy Text Block]	Inventory . not June 30, 201 8 December 31, 201 7 Inventory on hand: Finished goods held for sale $ 35,033,257 $ 34,824,728 Raw materials and work in process 1,094,756 1,138,316 Inventory in transit 1,892,256 1,348,153 Total $ 38,020,269 $ 37,311,197
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill and Other Intangibles first six 2018, no six June 30, 2018 2017 $4,485 $3,596, Other intangibles consist of the following: June 30, 201 8 December 31, 201 7 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 546,369 $ 8,000 $ 554,369 $ 545,897 $ 8,472 Non-Compete Agreements 175,316 165,233 10,083 175,316 164,566 10,750 $ 729,685 $ 711,602 $ 18,083 $ 729,685 $ 710,463 $ 19,222 We recorded amortization expense of approximately $1,100 six June 30, 2018 $900 first 2017. 5 $2,500
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. Historically, the sale of gift cards has not January 1, 2018, January 1, 2018, 606, 606" one June 30, 2018, $152,543, $168,311 January 1, 2018 Disaggregated Revenue . three six June 30: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 RETAIL (end users, consumers, individuals) 58 % 56 % 60 % 58 % NON-RETAIL (hospitals, organizations, distributors, businesses) 42 % 44 % 40 % 42 % 100 % 100 % 100 % 100 % North America represents approximately 95% 5% 7
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income ( loss ).
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Account ing Pronouncements. 606 606 January 1, 2018 January 1, 2018 2018. no 0.5% 606 January 1, 2018, $168,311 not 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, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 201 8 December 31, 201 7 Inventory on hand: Finished goods held for sale $ 35,033,257 $ 34,824,728 Raw materials and work in process 1,094,756 1,138,316 Inventory in transit 1,892,256 1,348,153 Total $ 38,020,269 $ 37,311,197
Schedule of Finite-Lived Intangible Assets [Table Text Block]	June 30, 201 8 December 31, 201 7 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 546,369 $ 8,000 $ 554,369 $ 545,897 $ 8,472 Non-Compete Agreements 175,316 165,233 10,083 175,316 164,566 10,750 $ 729,685 $ 711,602 $ 18,083 $ 729,685 $ 710,463 $ 19,222
Disaggregation of Revenue [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 RETAIL (end users, consumers, individuals) 58 % 56 % 60 % 58 % NON-RETAIL (hospitals, organizations, distributors, businesses) 42 % 44 % 40 % 42 % 100 % 100 % 100 % 100 %

Note 2 - Notes Payable and Lo16

Note 2 - Notes Payable and Long-term Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Debt [Table Text Block]	Jun 30, 201 8 Dec 31, 201 7 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, interest due monthly at LIBOR plus 1.85%; matures September 18, 2022 $ 8,354,668 $ 7,371,730 Line of Credit Note, as amended, in the maximum principal amount of $6,000,000, interest due monthly at LIBOR plus 1.85%; matures September 18, 2019 - - $ 8,354,668 $ 7,371,730 Less current maturities 1,740,556 614,311 $ 6,614,112 $ 6,757,419

Note 3 - Income Tax (Tables)

Note 3 - Income Tax (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Effective tax rate 26.2 % 36.5 % 26.5 % 32.0 %

Note 4 - Stock-based Compensa18

Note 4 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Shares Award Fair Value Balance, January 1, 2018 36,801 $ 8.03 Granted - - Forfeited - - Vested (16,648 ) 8.22 Unvested Balance, June 30, 2018 20,153 $ 7.69 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
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block]	2018 $ 47,438 2019 58,125 2020 14,853 2021 1,209

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Net income $ 1,440,092 $ 1,027,732 $ 2,713,711 $ 2,258,997 Numerator for basic and diluted earnings per share 1,440,092 1,027,732 2,713,711 2,258,997 Denominator for basic EPS: weighted-average shares 9,180,076 9,225,960 9,222,028 9,212,846 Effect of dilutive securities: Stock options - - - 9,810 Restricted stock 651 3,169 505 2,818 Dilutive potential common shares 651 3,169 505 12,628 Denominator for diluted EPS-weighted-average shares 9,180,727 9,229,129 9,222,533 9,225,474 Basic earnings per share $ 0.15 $ 0.11 $ 0.29 $ 0.24 Diluted earnings per share $ 0.15 $ 0.11 $ 0.29 $ 0.24

Note 7 - Segment Information (T

Note 7 - Segment Information (Tables)	6 Months Ended
	Jun. 30, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	North America International Total For the quarter ended June 30 , 20 1 8 Net sales $ 18,276,885 $ 900,882 $ 19,177,767 Gross profit 12,519,089 599,353 13,118,442 Operating income (loss) 1,986,190 (4,709 ) 1,981,481 Interest (expense) (78,182 ) - (78,182 ) Other income (expense), net 38,343 8,398 46,741 Income (loss) before income taxes 1,946,351 3,689 1,950,040 Depreciation and amortization 387,700 25,733 413,433 Fixed asset additions 105,422 76,419 181,841 Total assets $ 71,184,080 $ 4,601,143 $ 75,785,223 For the quarter ended June 30 , 20 1 7 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 North America International Total For the six months ended June 30 , 20 1 8 Net sales $ 37,594,145 $ 1,872,540 $ 39,466,685 Gross profit 24,745,091 1,216,313 25,961,404 Operating income (loss) 3,816,849 (66,407 ) 3,750,442 Interest (expense) (142,824 ) - (142,824 ) Other income (expense), net 73,527 12,086 85,613 Income (loss) before income taxes 3,747,552 (54,321 ) 3,693,231 Depreciation and amortization 829,252 49,703 878,955 Fixed asset additions 343,080 78,781 421,861 Total assets $ 71,184,080 $ 4,601,143 $ 75,785,223 For the six months ended June 30 , 20 1 7 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
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	Three months ended June 30, 20 18 20 17 United States $ 16,361,760 $ 16,546,075 Canada 1,619,430 1,646,224 All other countries 1,196,577 1,088,471 $ 19,177,767 $ 19,280,770 Six months ended June 30, 201 8 2017 United States $ 33,709,933 $ 33,828,738 Canada 3,362,604 3,419,734 All other countries 2,394,148 2,182,143 $ 39,466,685 $ 39,430,615

Note 1 - Basis of Presentatio21

Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
Goodwill, Impairment Loss			$ 0
Goodwill, Foreign Currency Translation Gain (Loss)			4,485	$ 3,596
Amortization of Intangible Assets, Total			$ 1,100	$ 900
Cumulative Effect of New Accounting Principle in Period of Adoption						$ (168,311)
Revenue from Contract with Customer, Including Assessed Tax, Percent	100.00%	100.00%	100.00%	100.00%
Maximum [Member]
Sales Revenue, Annual Gross Product Returns			0.50%
North America Segment [Member]
Revenue from Contract with Customer, Including Assessed Tax, Percent			95.00%
International [Member]
Revenue from Contract with Customer, Including Assessed Tax, Percent			5.00%
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption						$ (168,311)
Retained Earnings [Member] | Accounting Standards Update 2014-09 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption					$ (168,311)
Accounts Payable and Accrued Liabilities [Member]
Gift Card Liability, Current	$ 152,543		$ 152,543

Note 1 - Basis of Presentatio22

Note 1 - Basis of Presentation and Certain Significant Accounting Policies - Components of Inventory (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Inventory on hand:
Finished goods held for sale	$ 35,033,257	$ 34,824,728
Raw materials and work in process	1,094,756	1,138,316
Inventory in transit	1,892,256	1,348,153
Total	$ 38,020,269	$ 37,311,197

Note 1 - Basis of Presentatio23

Note 1 - Basis of Presentation and Certain Significant Accounting Policies - Intangible Assets (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Other intangibles, gross	$ 729,685	$ 729,685
Accumulated Amortization	711,602	710,463
Other intangibles, net	18,083	19,222
Trademarks and Copyrights [Member]
Other intangibles, gross	554,369	554,369
Accumulated Amortization	546,369	545,897
Other intangibles, net	8,000	8,472
Noncompete Agreements [Member]
Other intangibles, gross	175,316	175,316
Accumulated Amortization	165,233	164,566
Other intangibles, net	$ 10,083	$ 10,750

Note 1 - Basis of Presentatio24

Note 1 - Basis of Presentation and Certain Significant Accounting Policies - Disaggregated Revenue (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue, Percent	100.00%	100.00%	100.00%	100.00%
Retail [Member]
Revenue, Percent	58.00%	56.00%	60.00%	58.00%
Non-Retail [Member]
Revenue, Percent	42.00%	44.00%	40.00%	42.00%

Note 2 - Notes Payable and Lo25

Note 2 - Notes Payable and Long-term Debt (Details Textual)	Sep. 18, 2015USD ($)shares	Jun. 30, 2018USD ($)shares	Jun. 30, 2017USD ($)	Dec. 31, 2017	Aug. 25, 2016USD ($)	Aug. 24, 2016USD ($)
Proceeds from Issuance of Long-term Debt, Total		$ 982,938
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares	2,200,000
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, Total		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, Total		$ 983,000	$ 0
Line of Credit Facility, Term of the Term Note into which the Principal Balance Will Be Rolled		4 years
Treasury Stock, Shares, Acquired | shares		133,295
Line of Credit Facility, Remaining Borrowing Capacity		$ 6,600,000
Two Promissory Notes with BOKF [Member]
Debt Instrument, Interest Rate, Effective Percentage		3.934%		3.351%
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 Lo26

Note 2 - Notes Payable and Long-term Debt - Summary of Credit Agreement and Line of Credit Note (Details) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Long-term debt	$ 8,354,668	$ 7,371,730
Long-term debt	8,354,668	7,371,730
Less current maturities	1,740,556	614,311
LONG-TERM DEBT, net of current maturities	6,614,112	6,757,419
Promissory Note with BOKF [Member]
Long-term debt	8,354,668	7,371,730
Long-term debt	8,354,668	7,371,730
Promissory Note and Business Loan Agreement with BOKF [Member]
Long-term debt
Long-term debt

Note 2 - Notes Payable and Lo27

Note 2 - Notes Payable and Long-term Debt - Summary of Credit Agreement and Line of Credit Note (Details) (Parentheticals) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Promissory Note with BOKF [Member]
Line of credit note, principal amount	$ 15,000,000	$ 15,000,000
Promissory Note with BOKF [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of credit note, interest rate	1.85%	1.85%
Promissory Note and Business Loan Agreement with BOKF [Member]
Line of credit note, principal amount	$ 6,000,000	$ 6,000,000
Promissory Note and Business Loan Agreement with BOKF [Member] | London Interbank Offered Rate (LIBOR) [Member]
Line of credit note, interest rate	1.85%	1.85%

Note 3 - Income Tax (Details Te

Note 3 - Income Tax (Details Textual) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				35.00%
Tax Adjustments, Settlements, and Unusual Provisions	$ 19,794	$ 0
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%

Note 3 - Income Tax - Effective

Note 3 - Income Tax - Effective Tax Rate (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Effective tax rate	26.20%	36.50%	26.50%	32.00%

Note 4 - Stock-based Compensa30

Note 4 - Stock-based Compensation (Details Textual) - Restricted Stock Plan [Member] - Restricted Stock [Member] - USD ($)	6 Months Ended
	Jun. 30, 2018	Jan. 31, 2013
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 121,625
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, Award Vesting Period	4 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	4 years

Note 4 - Stock-based Compensa31

Note 4 - Stock-based Compensation - Activity for Nonvested Restricted Common Stock Awards (Details) - Restricted Stock [Member] - $ / shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Balance, shares (in shares)	36,801	62,046
Balance, grant fair value (in dollars per share)	$ 8.03	$ 8.24
Granted, shares (in shares)		9,005
Granted, grant fair value (in dollars per share)		$ 8.05
Forfeited, shares (in shares)		(5,403)
Forfeited, grant fair value (in dollars per share)		$ 8.05
Vested, shares (in shares)	(16,648)	(28,847)
Vested, grant fair value (in dollars per share)	$ 8.22	$ 7.84
Balance, shares (in shares)	20,153	36,801
Balance, grant fair value (in dollars per share)	$ 7.69	$ 7.93

Note 4 - Stock-based Compensa32

Note 4 - Stock-based Compensation - Unrecognized Compensation Expense for Nonvested Restricted Stock Awards (Details)	Jun. 30, 2018USD ($)
2,018	$ 47,438
2,019	58,125
2,020	14,853
2,021	$ 1,209

Note 5 - Earnings Per Share (De

Note 5 - Earnings Per Share (Details Textual) - shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Weighted Average Number Diluted Shares Outstanding Adjustment, Total	20,153	36,801

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net income	$ 1,440,092	$ 1,027,732	$ 2,713,711	$ 2,258,997
Numerator for basic and diluted earnings per share	$ 1,440,092	$ 1,027,732	$ 2,713,711	$ 2,258,997
Denominator for basic EPS: weighted-average shares (in shares)	9,180,076	9,225,960	9,222,028	9,212,846
Effect of dilutive securities (in shares)	651	3,169	505	12,628
Denominator for diluted EPS-weighted-average shares (in shares)	9,180,727	9,229,129	9,222,533	9,225,474
Basic earnings per share (in dollars per share)	$ 0.15	$ 0.11	$ 0.29	$ 0.24
Diluted earnings per share (in dollars per share)	$ 0.15	$ 0.11	$ 0.29	$ 0.24
Employee Stock Option [Member]
Effect of dilutive securities (in shares)				9,810
Restricted Stock [Member]
Effect of dilutive securities (in shares)	651	3,169	505	2,818

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	6 Months Ended
	Jun. 30, 2018
Number of Reportable Segments	2

Note 7 - Segment Information -

Note 7 - Segment Information - Summary of Reportable Operating Segments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Net sales	$ 19,177,767	$ 19,280,770	$ 39,466,685	$ 39,430,615
Gross profit	13,118,442	12,895,534	25,961,404	25,181,579
Operating income (loss)	1,981,481	1,655,437	3,750,442	3,392,928
Interest (expense)	(78,182)	(53,680)	(142,824)	(90,024)
Other income (expense), net	46,741	17,012	85,613	19,663
Income (loss) before income taxes	1,950,040	1,618,769	3,693,231	3,322,567
Depreciation and amortization	413,433	471,290	878,955	929,408
Fixed asset additions	181,841	405,149	421,861	1,004,906
Total assets	75,785,223	72,243,459	75,785,223	72,243,459	$ 74,914,596
North America Segment [Member]
Net sales	18,276,885	18,427,425	37,594,145	37,659,139
Gross profit	12,519,089	12,449,202	24,745,091	24,202,159
Operating income (loss)	1,986,190	1,814,887	3,816,849	3,626,450
Interest (expense)	(78,182)	(53,680)	(142,824)	(90,024)
Other income (expense), net	38,343	15,195	73,527	32,849
Income (loss) before income taxes	1,946,351	1,776,402	3,747,552	3,569,275
Depreciation and amortization	387,700	448,788	829,252	885,069
Fixed asset additions	105,422	387,054	343,080	984,880
Total assets	71,184,080	67,412,189	71,184,080	67,412,189
International [Member]
Net sales	900,882	853,345	1,872,540	1,771,476
Gross profit	599,353	446,332	1,216,313	979,420
Operating income (loss)	(4,709)	(159,450)	(66,407)	(233,522)
Interest (expense)
Other income (expense), net	8,398	1,817	12,086	(13,186)
Income (loss) before income taxes	3,689	(157,633)	(54,321)	(246,708)
Depreciation and amortization	25,733	22,502	49,703	44,339
Fixed asset additions	76,419	18,095	78,781	20,026
Total assets	$ 4,601,143	$ 4,831,270	$ 4,601,143	$ 4,831,270

Note 7 - Segment Information 37

Note 7 - Segment Information - Net Sales for Geographic Areas (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net sales	$ 19,177,767	$ 19,280,770	$ 39,466,685	$ 39,430,615
UNITED STATES
Net sales	16,361,760	16,546,075	33,709,933	33,828,738
CANADA
Net sales	1,619,430	1,646,224	3,362,604	3,419,734
All Other Countries [Member]
Net sales	$ 1,196,577	$ 1,088,471	$ 2,394,148	$ 2,182,143