Tandy Leather Factory (TLF) 10-Q 8 Nov 18 2018 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 07, 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	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		9,154,208
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash	$ 16,814,972	$ 18,337,258
Accounts receivable-trade, net of allowance for doubtful accounts of $9,839 and $22,642 in 2018 and 2017, respectively	418,612	461,212
Inventory	40,720,630	37,311,197
Prepaid income taxes	452,389	41,307
Prepaid expenses	1,348,113	1,473,147
Other current assets	290,028	189,029
Total current assets	60,044,744	57,813,150
PROPERTY AND EQUIPMENT, at cost	27,950,353	27,218,481
Less accumulated depreciation and amortization	(12,976,025)	(11,750,639)
Property and equipment, net	14,974,328	15,467,842
DEFERRED INCOME TAXES	281,721	271,738
GOODWILL	960,304	962,949
OTHER INTANGIBLES, net of accumulated amortization of approximately $712,000 and $710,000 in 2018 and 2017, respectively	17,166	19,222
OTHER ASSETS	387,487	379,695
TOTAL ASSETS	76,665,750	74,914,596
CURRENT LIABILITIES:
Accounts payable-trade	1,441,975	1,413,450
Accrued expenses and other liabilities	4,512,211	4,953,477
Current maturities of long-term debt	174,056	614,311
Total current liabilities	6,128,242	6,981,238
DEFERRED INCOME TAXES	1,467,481	1,636,958
LONG-TERM DEBT, net of current maturities	8,180,613	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; 9,154,208 and 9,270,862 shares outstanding at 2018 and 2017, respectively	27,193	27,153
Paid-in capital	6,907,678	6,831,271
Retained earnings	66,345,110	63,921,244
Treasury stock at cost (2,176,132 and 2,042,830 shares at 2018 and 2017, respectively)	(11,273,822)	(10,278,584)
Accumulated other comprehensive income (loss)	(1,116,745)	(962,103)
Total stockholders’ equity	60,889,414	59,538,981
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 76,665,750	$ 74,914,596

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Accounts receivable-trade, allowance for doubtful accounts	$ 9,839	$ 22,642
Other intangibles, accumulated amortization	$ 712,519	$ 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)	9,154,208	9,270,862
Treasury stock, shares (in shares)	2,176,132	2,042,830

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
NET SALES	$ 18,887,099	$ 18,388,381	$ 58,353,784	$ 57,818,996
COST OF SALES	7,040,266	6,753,050	20,545,547	21,002,086
Gross profit	11,846,833	11,635,331	37,808,237	36,816,910
OPERATING EXPENSES	11,531,389	10,985,056	33,742,351	32,773,707
INCOME FROM OPERATIONS	315,444	650,275	4,065,886	4,043,203
OTHER INCOME (EXPENSE):
Interest expense	(80,710)	(53,141)	(223,534)	(143,165)
Other, net	40,846	95,936	126,459	115,599
Total other income (expense)	(39,864)	42,795	(97,075)	(27,566)
INCOME BEFORE INCOME TAXES	275,580	693,070	3,968,811	4,015,637
PROVISION FOR INCOME TAXES	397,114	171,656	1,376,634	1,235,226
NET (LOSS) INCOME	(121,534)	521,414	2,592,177	2,780,411
Foreign currency translation adjustments	118,165	370,240	(154,642)	1,028,599
COMPREHENSIVE (LOSS) INCOME	$ (3,369)	$ 891,654	$ 2,437,535	$ 3,809,010
NET (LOSS) INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ (0.01)	$ 0.06	$ 0.28	$ 0.30
Diluted (in dollars per share)	$ (0.01)	$ 0.06	$ 0.28	$ 0.30
Weighted Average Number of Shares Outstanding:
Basic (in shares)	9,154,209	9,270,862	9,199,173	9,232,397
Diluted (in shares)	9,155,031	9,273,950	9,199,959	9,246,066

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,592,177	$ 2,780,411
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	1,310,774	1,466,534
Loss on disposal or abandonment of assets	4,556	10,484
Non-cash stock-based compensation	76,447	205,380
Deferred income taxes	(115,460)	(214,092)
Foreign currency translation	(93,163)	961,860
Net changes in assets and liabilities:
Accounts receivable-trade	42,600	31,606
Inventory	(3,409,433)	(7,970,520)
Prepaid expenses	125,034	(43,507)
Other current assets	(111,688)	(212,527)
Accounts payable-trade	28,525	947,132
Accrued expenses and other liabilities	(609,577)	(1,323,785)
Income taxes payable	(475,082)	16,816
Total adjustments	(3,226,467)	(6,124,619)
Net cash used in operating activities	(634,290)	(3,344,208)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(887,679)	(1,530,547)
Proceeds from sale of assets	17,718	699
Increase in other assets	(5,736)	(32,268)
Net cash used in investing activities	(875,697)	(1,562,116)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable and long term debt	982,939
Repurchase of common stock (treasury stock)	(995,238)
Proceeds from exercise of stock options		223,404
Net cash (used in) provided by financing activities	(12,299)	223,404
NET DECREASE IN CASH	(1,522,286)	(4,682,920)
CASH, beginning of period	18,337,258	16,862,304
CASH, end of period	16,814,972	12,179,384
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid during the period	223,534	143,165
Income tax paid during the period, net of refunds	$ 1,967,176	$ 1,218,410

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	205,300				205,380
Net income				2,780,411		2,780,411
Translation adjustment					1,028,599	1,028,599
Balance (in shares) at Sep. 30, 2017	9,270,862
Balance at Sep. 30, 2017	$ 27,153	6,797,052	(10,278,584)	62,249,904	(864,530)	57,930,995
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	76,407				76,447
Net income				2,592,177		2,592,177
Translation adjustment					(154,642)	(154,642)
Cumulative effect of accounting change (see Note 1) at Dec. 31, 2017				(168,311)		(168,311)
Purchase of treasury stock (in shares)	(133,302)
Purchase of treasury stock			(995,238)			(995,238)
Balance (in shares) at Sep. 30, 2018	9,154,208
Balance at Sep. 30, 2018	$ 27,193	$ 6,907,678	$ (11,273,822)	$ 66,345,110	$ (1,116,745)	$ 60,889,414

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation and Certain Significant Accounting Policies	9 Months Ended
	Sep. 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. (we, us, our, Tandy, or the Company) 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 September 30, 2018 December 31, 2017, three nine September 30, 2018 2017. three nine September 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 September 30, 201 8 December 31, 201 7 Inventory on hand: Finished goods held for sale $ 37,526,245 $ 34,824,728 Raw materials and work in process 917,966 1,138,316 Inventory in transit 2,276,419 1,348,153 Total $ 40,720,630 $ 37,311,197 Goodwill and Other Intangibles first nine 2018, no nine September 30, 2018 2017 $2,645 $7,651, Other intangibles consist of the following: September 30, 201 8 December 31, 201 7 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 546,536 $ 7,833 $ 554,369 $ 545,897 $ 8,472 Non-Compete Agreements 175,316 165,983 9,333 175,316 164,566 10,750 $ 729,685 $ 712,519 $ 17,166 $ 729,685 $ 710,463 $ 19,222 We recorded amortization expense of approximately $2,100 nine September 30, 2018 $1,300 nine September 30, 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" $168,311 January 1, 2018 one September 30, 2018, $163,285. Disaggregated Revenue . three nine September 30: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 RETAIL (end users, consumers, individuals) 59 % 57 % 60 % 57 % NON-RETAIL (hospitals, organizations, distributors, businesses) 41 % 43 % 40 % 43 % 100 % 100 % 100 % 100 % For the nine September 30, 2018, 95% 5% 7 Comprehensive Income ( loss ). Recent Accounting 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	9 Months Ended
	Sep. 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 20, 2018, September 18, 2020 0.35%. no 1.5 1 1.2 1. four nine September 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, 2019 August 20, 2018 0.35%. 4 1900 820, nine September 30, 2018, $983,000 133,302 no nine September 30, 2017. September 30, 2018, $6.6 Prior to August 20, 2018, 1.85%. August 20, 2018, 1.5% 3.7% September 30, 2018). Amount outstanding under the above agreements consisted of the following: Sep 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 1.5%; matures September 18, 2023 $ 8,354,669 $ 7,371,730 Line of Credit Note, as amended, in the maximum principal amount of $6,000,000, interest due monthly at LIBOR plus 1.5%; matures September 18, 2020 - - $ 8,354,669 $ 7,371,730 Less current maturities 174,056 614,311 $ 8,180,613 $ 6,757,419 The terms of our lines of credit contain various covenants with which we were in compliance as of September 30, 2018 December 31, 2017.

Note 3 - Income Tax

Note 3 - Income Tax	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	3. Our effective tax rate for the three nine September 30 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Effective tax rate 144.1 % 24.8 % 34.7 % 30.8 % Our effective tax rate differs from the federal statutory rate primarily due to US state income tax expense, foreign income/loss positions 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. During the three September 30, 2018, $250,000 September 30, 2018, no For the nine September 30, 2018, not no 2017.

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	9 Months Ended
	Sep. 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 September 30, 2018 2017 Shares Award Fair Value Balance, January 1, 2018 36,801 $ 8.03 Granted - - Forfeited - - Vested (16,648 ) 8.22 Unvested Balance, September 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, September 30, 2017 36,801 $ 7.93 As of September 30, 2018, $97,906 2018 $ 23,719 2019 58,125 2020 14,853 2021 1,209

Note 5 - Earnings Per Share

Note 5 - Earnings Per Share	9 Months Ended
	Sep. 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 nine September 30: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net (loss) income $ (121,534 ) $ 521,414 $ 2,592,177 $ 2,780,411 Numerator for basic and diluted earnings per share $ (121,534 ) 521,414 2,592,177 2,780,411 Denominator for basic EPS: weighted-average shares 9,154,209 9,270,862 9,199,173 9,232,397 Effect of dilutive securities: Stock options - - - 9,810 Restricted stock 822 3,088 786 3,859 Dilutive potential common shares 822 3,088 786 13,669 Denominator for diluted EPS-weighted-average shares 9,155,031 9,273,950 9,199,959 9,246,066 Basic (loss) earnings per share $ (0.01 ) $ 0.06 $ 0.28 $ 0.30 Diluted (loss) earnings per share $ (0.01 ) $ 0.06 $ 0.28 $ 0.30 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 September 30, 2018 2017,

Note 6 - Commitments and Contin

Note 6 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	6. Legal Proceedings. no

Note 7 - Segment Information

Note 7 - Segment Information	9 Months Ended
	Sep. 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 September 30 , 20 1 8 Net sales $ 18,046,045 $ 841,054 $ 18,887,099 Gross profit 11,383,738 463,095 11,846,833 Operating income (loss) 566,544 (251,100 ) 315,444 Interest (expense) (80,710 ) - (80,710 ) Other income (expense), net 34,583 6,263 40,846 Income (loss) before income taxes 520,417 (244,837 ) 275,580 Depreciation and amortization 407,841 23,948 431,789 Fixed asset additions 437,615 28,202 465,817 Total assets $ 72,009,096 $ 4,656,654 $ 76,665,750 For the quarter ended September 30 , 20 1 7 Net sales $ 17,421,013 $ 967,368 $ 18,388,381 Gross profit 11,037,486 597,845 11,635,331 Operating income (loss) 649,797 478 650,275 Interest (expense) (53,141 ) - (53,141 ) Other income (expense), net 94,196 1,740 95,936 Income (loss) before income taxes 690,852 2,218 693,070 Depreciation and amortization 513,250 23,876 537,126 Fixed asset additions 523,546 2,095 525,641 Total assets $ 70,083,363 $ 4,288,478 $ 74,371,841 North America International Total For the nine months ended September 30 , 20 1 8 Net sales $ 55,640,190 $ 2,713,594 $ 58,353,784 Gross profit 36,128,829 1,679,408 37,808,237 Operating income (loss) 4,383,393 (317,507 ) 4,065,886 Interest (expense) (223,534 ) - (223,534 ) Other income (expense), net 108,110 18,349 126,459 Income (loss) before income taxes 4,267,969 (299,158 ) 3,968,811 Depreciation and amortization 1,237,093 73,651 1,310,744 Fixed asset additions 780,696 106,983 887,679 Total assets $ 72,009,096 $ 4,656,654 $ 76,665,750 For the nine months ended September 30 , 20 1 7 Net sales $ 55,080,152 $ 2,738,844 $ 57,818,996 Gross profit 35,239,645 1,577,265 36,816,910 Operating income (loss) 4,276,247 (233,044 ) 4,043,203 Interest (expense) (143,165 ) - (143,165 ) Other income (expense), net 127,045 (11,446 ) 115,599 Income (loss) before income taxes 4,260,127 (244,490 ) 4,015,637 Depreciation and amortization 1,398,319 68,215 1,466,534 Fixed asset additions 1,508,426 22,121 1,530,547 Total assets $ 70,083,363 $ 4,288,478 $ 74,371,841 Net sales for geographic areas were as follows: Three months ended September 30, 20 18 20 17 United States $ 16,200,989 $ 15,551,725 Canada 1,579,521 1,653,051 All other countries 1,106,589 1,183,605 $ 18,887,099 $ 18,388,381 Nine months ended September 30, 201 8 2017 United States $ 49,910,923 $ 49,380,463 Canada 4,942,124 5,072,785 All other countries 3,500,737 3,365,748 $ 58,353,784 $ 57,818,996 Geographic sales information is based on the location of the customer. No three nine September 30, 2018 2017. not

Note 8 - Subsequent Events

Note 8 - Subsequent Events	9 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	8. On October 2, 2018, not $304,000 three nine September 30, 2018. 460,000 five 92,000 $12 two 92,000 $14 one fourth 2018.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	Tandy Leather Factory, Inc. (we, us, our, Tandy, or the Company) 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 September 30, 2018 December 31, 2017, three nine September 30, 2018 2017. three nine September 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 September 30, 201 8 December 31, 201 7 Inventory on hand: Finished goods held for sale $ 37,526,245 $ 34,824,728 Raw materials and work in process 917,966 1,138,316 Inventory in transit 2,276,419 1,348,153 Total $ 40,720,630 $ 37,311,197
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill and Other Intangibles first nine 2018, no nine September 30, 2018 2017 $2,645 $7,651, Other intangibles consist of the following: September 30, 201 8 December 31, 201 7 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 546,536 $ 7,833 $ 554,369 $ 545,897 $ 8,472 Non-Compete Agreements 175,316 165,983 9,333 175,316 164,566 10,750 $ 729,685 $ 712,519 $ 17,166 $ 729,685 $ 710,463 $ 19,222 We recorded amortization expense of approximately $2,100 nine September 30, 2018 $1,300 nine September 30, 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" $168,311 January 1, 2018 one September 30, 2018, $163,285. Disaggregated Revenue . three nine September 30: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 RETAIL (end users, consumers, individuals) 59 % 57 % 60 % 57 % NON-RETAIL (hospitals, organizations, distributors, businesses) 41 % 43 % 40 % 43 % 100 % 100 % 100 % 100 % For the nine September 30, 2018, 95% 5% 7
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income ( loss ).
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting 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 Presentatio_2

Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, 201 8 December 31, 201 7 Inventory on hand: Finished goods held for sale $ 37,526,245 $ 34,824,728 Raw materials and work in process 917,966 1,138,316 Inventory in transit 2,276,419 1,348,153 Total $ 40,720,630 $ 37,311,197
Schedule of Finite-Lived Intangible Assets [Table Text Block]	September 30, 201 8 December 31, 201 7 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 546,536 $ 7,833 $ 554,369 $ 545,897 $ 8,472 Non-Compete Agreements 175,316 165,983 9,333 175,316 164,566 10,750 $ 729,685 $ 712,519 $ 17,166 $ 729,685 $ 710,463 $ 19,222
Disaggregation of Revenue [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 RETAIL (end users, consumers, individuals) 59 % 57 % 60 % 57 % NON-RETAIL (hospitals, organizations, distributors, businesses) 41 % 43 % 40 % 43 % 100 % 100 % 100 % 100 %

Note 2 - Notes Payable and Lo_2

Note 2 - Notes Payable and Long-term Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Debt [Table Text Block]	Sep 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 1.5%; matures September 18, 2023 $ 8,354,669 $ 7,371,730 Line of Credit Note, as amended, in the maximum principal amount of $6,000,000, interest due monthly at LIBOR plus 1.5%; matures September 18, 2020 - - $ 8,354,669 $ 7,371,730 Less current maturities 174,056 614,311 $ 8,180,613 $ 6,757,419

Note 3 - Income Tax (Tables)

Note 3 - Income Tax (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Effective tax rate 144.1 % 24.8 % 34.7 % 30.8 %

Note 4 - Stock-based Compensa_2

Note 4 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 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, September 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, September 30, 2017 36,801 $ 7.93
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block]	2018 $ 23,719 2019 58,125 2020 14,853 2021 1,209

Note 5 - Earnings Per Share (Ta

Note 5 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Net (loss) income $ (121,534 ) $ 521,414 $ 2,592,177 $ 2,780,411 Numerator for basic and diluted earnings per share $ (121,534 ) 521,414 2,592,177 2,780,411 Denominator for basic EPS: weighted-average shares 9,154,209 9,270,862 9,199,173 9,232,397 Effect of dilutive securities: Stock options - - - 9,810 Restricted stock 822 3,088 786 3,859 Dilutive potential common shares 822 3,088 786 13,669 Denominator for diluted EPS-weighted-average shares 9,155,031 9,273,950 9,199,959 9,246,066 Basic (loss) earnings per share $ (0.01 ) $ 0.06 $ 0.28 $ 0.30 Diluted (loss) earnings per share $ (0.01 ) $ 0.06 $ 0.28 $ 0.30

Note 7 - Segment Information (T

Note 7 - Segment Information (Tables)	9 Months Ended
	Sep. 30, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	North America International Total For the quarter ended September 30 , 20 1 8 Net sales $ 18,046,045 $ 841,054 $ 18,887,099 Gross profit 11,383,738 463,095 11,846,833 Operating income (loss) 566,544 (251,100 ) 315,444 Interest (expense) (80,710 ) - (80,710 ) Other income (expense), net 34,583 6,263 40,846 Income (loss) before income taxes 520,417 (244,837 ) 275,580 Depreciation and amortization 407,841 23,948 431,789 Fixed asset additions 437,615 28,202 465,817 Total assets $ 72,009,096 $ 4,656,654 $ 76,665,750 For the quarter ended September 30 , 20 1 7 Net sales $ 17,421,013 $ 967,368 $ 18,388,381 Gross profit 11,037,486 597,845 11,635,331 Operating income (loss) 649,797 478 650,275 Interest (expense) (53,141 ) - (53,141 ) Other income (expense), net 94,196 1,740 95,936 Income (loss) before income taxes 690,852 2,218 693,070 Depreciation and amortization 513,250 23,876 537,126 Fixed asset additions 523,546 2,095 525,641 Total assets $ 70,083,363 $ 4,288,478 $ 74,371,841 North America International Total For the nine months ended September 30 , 20 1 8 Net sales $ 55,640,190 $ 2,713,594 $ 58,353,784 Gross profit 36,128,829 1,679,408 37,808,237 Operating income (loss) 4,383,393 (317,507 ) 4,065,886 Interest (expense) (223,534 ) - (223,534 ) Other income (expense), net 108,110 18,349 126,459 Income (loss) before income taxes 4,267,969 (299,158 ) 3,968,811 Depreciation and amortization 1,237,093 73,651 1,310,744 Fixed asset additions 780,696 106,983 887,679 Total assets $ 72,009,096 $ 4,656,654 $ 76,665,750 For the nine months ended September 30 , 20 1 7 Net sales $ 55,080,152 $ 2,738,844 $ 57,818,996 Gross profit 35,239,645 1,577,265 36,816,910 Operating income (loss) 4,276,247 (233,044 ) 4,043,203 Interest (expense) (143,165 ) - (143,165 ) Other income (expense), net 127,045 (11,446 ) 115,599 Income (loss) before income taxes 4,260,127 (244,490 ) 4,015,637 Depreciation and amortization 1,398,319 68,215 1,466,534 Fixed asset additions 1,508,426 22,121 1,530,547 Total assets $ 70,083,363 $ 4,288,478 $ 74,371,841
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	Three months ended September 30, 20 18 20 17 United States $ 16,200,989 $ 15,551,725 Canada 1,579,521 1,653,051 All other countries 1,106,589 1,183,605 $ 18,887,099 $ 18,388,381 Nine months ended September 30, 201 8 2017 United States $ 49,910,923 $ 49,380,463 Canada 4,942,124 5,072,785 All other countries 3,500,737 3,365,748 $ 58,353,784 $ 57,818,996

Note 1 - Basis of Presentatio_3

Note 1 - Basis of Presentation and Certain Significant Accounting Policies (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
Goodwill, Impairment Loss			$ 0
Goodwill, Foreign Currency Translation Gain (Loss)			2,645	$ 7,651
Amortization of Intangible Assets, Total			$ 2,100	$ 1,300
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%
Accounts Payable and Accrued Liabilities [Member]
Gift Card Liability, Current					$ 163,285
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)

Note 1 - Basis of Presentatio_4

Note 1 - Basis of Presentation and Certain Significant Accounting Policies - Components of Inventory (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Inventory on hand:
Finished goods held for sale	$ 37,526,245	$ 34,824,728
Raw materials and work in process	917,966	1,138,316
Inventory in transit	2,276,419	1,348,153
Total	$ 40,720,630	$ 37,311,197

Note 1 - Basis of Presentatio_5

Note 1 - Basis of Presentation and Certain Significant Accounting Policies - Intangible Assets (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Other intangibles, gross	$ 729,685	$ 729,685
Accumulated Amortization	712,519	710,463
Other intangibles, net	17,166	19,222
Trademarks and Copyrights [Member]
Other intangibles, gross	554,369	554,369
Accumulated Amortization	546,536	545,897
Other intangibles, net	7,833	8,472
Noncompete Agreements [Member]
Other intangibles, gross	175,316	175,316
Accumulated Amortization	165,983	164,566
Other intangibles, net	$ 9,333	$ 10,750

Note 1 - Basis of Presentatio_6

Note 1 - Basis of Presentation and Certain Significant Accounting Policies - Disaggregated Revenue (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue, Percent	100.00%	100.00%	100.00%	100.00%
Retail [Member]
Revenue, Percent	59.00%	57.00%	60.00%	57.00%
Non-Retail [Member]
Revenue, Percent	41.00%	43.00%	40.00%	43.00%

Note 2 - Notes Payable and Lo_3

Note 2 - Notes Payable and Long-term Debt (Details Textual)	Aug. 20, 2018	Sep. 18, 2015USD ($)shares	Aug. 20, 2018	Sep. 30, 2018USD ($)shares	Sep. 30, 2017USD ($)	Aug. 25, 2016USD ($)	Aug. 24, 2016USD ($)
Proceeds from Issuance of Long-term Debt, Total				$ 982,939
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
Debt Instrument, Interest Rate, Increase (Decrease)	(0.35%)
Proceeds from Issuance of Long-term Debt, Total				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
Debt Instrument, Interest Rate, Increase (Decrease)	(0.35%)
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				133,302
Line of Credit Facility, Remaining Borrowing Capacity				$ 6,600,000
Two Promissory Notes with BOKF [Member]
Debt Instrument, Interest Rate, Effective Percentage				3.70%
Two Promissory Notes with BOKF [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate			1.85%	1.50%

Note 2 - Notes Payable and Lo_4

Note 2 - Notes Payable and Long-term Debt - Summary of Credit Agreement and Line of Credit Note (Details) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
Long-term debt	$ 8,354,669	$ 7,371,730
Long-term debt	8,354,669	7,371,730
Less current maturities	174,056	614,311
LONG-TERM DEBT, net of current maturities	8,180,613	6,757,419
Promissory Note with BOKF [Member]
Long-term debt	8,354,669	7,371,730
Long-term debt	8,354,669	7,371,730
Promissory Note and Business Loan Agreement with BOKF [Member]
Long-term debt
Long-term debt

Note 2 - Notes Payable and Lo_5

Note 2 - Notes Payable and Long-term Debt - Summary of Credit Agreement and Line of Credit Note (Details) (Parentheticals) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 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	1.50%	1.50%
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	1.50%	1.50%

Note 3 - Income Tax (Details Te

Note 3 - Income Tax (Details Textual) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent					35.00%
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 250,000
Current Foreign Tax Expense (Benefit)		$ 0
Tax Adjustments, Settlements, and Unusual Provisions		$ 0	$ 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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Effective tax rate	144.10%	24.80%	34.70%	30.80%

Note 4 - Stock-based Compensa_3

Note 4 - Stock-based Compensation (Details Textual) - Restricted Stock Plan [Member] - Restricted Stock [Member] - USD ($)	9 Months Ended
	Sep. 30, 2018	Jan. 31, 2013
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$ 97,906
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 Compensa_4

Note 4 - Stock-based Compensation - Activity for Nonvested Restricted Common Stock Awards (Details) - Restricted Stock [Member] - $ / shares	9 Months Ended
	Sep. 30, 2018	Sep. 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 Compensa_5

Note 4 - Stock-based Compensation - Unrecognized Compensation Expense for Nonvested Restricted Stock Awards (Details)	Sep. 30, 2018USD ($)
2,018	$ 23,719
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	9 Months Ended
	Sep. 30, 2018	Sep. 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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net (loss) income	$ (121,534)	$ 521,414	$ 2,592,177	$ 2,780,411
Numerator for basic and diluted earnings per share	$ (121,534)	$ 521,414	$ 2,592,177	$ 2,780,411
Denominator for basic EPS: weighted-average shares (in shares)	9,154,209	9,270,862	9,199,173	9,232,397
Effect of dilutive securities:
Effect of dilutive securities (in shares)	822	3,088	786	13,669
Denominator for diluted EPS-weighted-average shares (in shares)	9,155,031	9,273,950	9,199,959	9,246,066
Basic (loss) earnings per share (in dollars per share)	$ (0.01)	$ 0.06	$ 0.28	$ 0.30
Diluted (loss) earnings per share (in dollars per share)	$ (0.01)	$ 0.06	$ 0.28	$ 0.30
Employee Stock Option [Member]
Effect of dilutive securities:
Effect of dilutive securities (in shares)				9,810
Restricted Stock [Member]
Effect of dilutive securities:
Effect of dilutive securities (in shares)	822	3,088	786	3,859

Note 7 - Segment Information (D

Note 7 - Segment Information (Details Textual)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Net sales	$ 18,887,099	$ 18,388,381	$ 58,353,784	$ 57,818,996
Gross profit	11,846,833	11,635,331	37,808,237	36,816,910
Operating income (loss)	315,444	650,275	4,065,886	4,043,203
Interest (expense)	(80,710)	(53,141)	(223,534)	(143,165)
Other income (expense), net	40,846	95,936	126,459	115,599
Income (loss) before income taxes	275,580	693,070	3,968,811	4,015,637
Depreciation and amortization	431,789	537,126	1,310,774	1,466,534
Fixed asset additions	465,817	525,641	887,679	1,530,547
Total assets	76,665,750	74,371,841	76,665,750	74,371,841	$ 74,914,596
North America Segment [Member]
Net sales	18,046,045	17,421,013	55,640,190	55,080,152
Gross profit	11,383,738	11,037,486	36,128,829	35,239,645
Operating income (loss)	566,544	649,797	4,383,393	4,276,247
Interest (expense)	(80,710)	(53,141)	(223,534)	(143,165)
Other income (expense), net	34,583	94,196	108,110	127,045
Income (loss) before income taxes	520,417	690,852	4,267,969	4,260,127
Depreciation and amortization	407,841	513,250	1,237,093	1,398,319
Fixed asset additions	437,615	523,546	780,696	1,508,426
Total assets	72,009,096	70,083,363	72,009,096	70,083,363
International [Member]
Net sales	841,054	967,368	2,713,594	2,738,844
Gross profit	463,095	597,845	1,679,408	1,577,265
Operating income (loss)	(251,100)	478	(317,507)	(233,044)
Interest (expense)
Other income (expense), net	6,263	1,740	18,349	(11,446)
Income (loss) before income taxes	(244,837)	2,218	(299,158)	(244,490)
Depreciation and amortization	23,948	23,876	73,651	68,215
Fixed asset additions	28,202	2,095	106,983	22,121
Total assets	$ 4,656,654	$ 4,288,478	$ 4,656,654	$ 4,288,478

Note 7 - Segment Information _2

Note 7 - Segment Information - Net Sales for Geographic Areas (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Net sales	$ 18,887,099	$ 18,388,381	$ 58,353,784	$ 57,818,996
UNITED STATES
Net sales	16,200,989	15,551,725	49,910,923	49,380,463
CANADA
Net sales	1,579,521	1,653,051	4,942,124	5,072,785
All Other Countries [Member]
Net sales	$ 1,106,589	$ 1,183,605	$ 3,500,737	$ 3,365,748

Note 8 - Subsequent Events (Det

Note 8 - Subsequent Events (Details Textual) - USD ($)	Oct. 02, 2018	Sep. 30, 2018	Sep. 30, 2018
Legal Fees		$ 304,000	$ 304,000
Restricted Stock Units (RSUs) [Member] | Janet Carr [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	460,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Restricted Stock Units (RSUs) [Member] | Janet Carr [Member] | Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	92,000
Share-based Compensation Arrangement by Share-based Payment Award, Minimum Operating Income	$ 12,000,000
Restricted Stock Units (RSUs) [Member] | Janet Carr [Member] | Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	92,000
Share-based Compensation Arrangement by Share-based Payment Award, Minimum Operating Income	$ 14,000,000