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 |