Tandy Leather Factory (TLF) 10-K 8 Mar 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Mar. 05, 2019	Jun. 30, 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 Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding (in shares)		9,007,835
Entity Public Float			$ 40,063,733
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Shell Company	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash	$ 24,070,351	$ 18,337,258
Accounts receivable-trade, net of allowance for doubtful accounts of $15,703 and $22,642 as of December 31, 2018 and 2017, respectively	408,170	461,212
Inventory	33,867,276	37,311,197
Prepaid income taxes	383,478	41,307
Prepaid expenses	1,244,754	1,473,147
Other current assets	161,208	189,029
Total current assets	60,135,237	57,813,150
PROPERTY AND EQUIPMENT, at cost	28,005,563	27,218,481
Less accumulated depreciation and amortization	(13,606,266)	(11,750,639)
Property and equipment, net	14,399,297	15,467,842
DEFERRED INCOME TAXES	248,228	271,738
GOODWILL	954,765	962,949
OTHER INTANGIBLES, net of accumulated amortization of $713,000 and $710,000 as of December 31, 2018 and 2017, respectively	16,500	19,222
OTHER assets	386,107	379,695
Total Assets	76,140,134	74,914,596
CURRENT LIABILITIES:
Accounts payable-trade	1,215,490	1,413,450
Accrued expenses and other liabilities	4,939,829	4,953,477
Current maturities of long-term debt	747,335	614,311
Total current liabilities	6,902,654	6,981,238
DEFERRED INCOME TAXES	1,556,493	1,636,958
LONG-TERM DEBT, net of current maturities	8,220,683	6,757,419
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Preferred stock, $0.10 par value; 20,000,000 shares authorized, none issued or outstanding
Common stock, $0.0024 par value; 25,000,000 shares authorized; 11,346,778 and 11,313,692 shares issued at December 31, 2018 and 2017, respectively; 9,060,561 and 9,270,862 shares outstanding at December 31, 2018 and 2017, respectively	27,232	27,153
Paid-in capital	7,158,821	6,831,271
Retained earnings	65,716,761	63,921,244
Treasury stock at cost (2,286,217 and 2,042,830 shares at December 31, 2018 and 2017, respectively)	(11,931,850)	(10,278,584)
Accumulated other comprehensive income	(1,510,660)	(962,103)
Total stockholders' equity	59,460,304	59,538,981
Total Liabilities and Stockholders’ Equity	$ 76,140,134	$ 74,914,596

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Accounts receivable-trade, allowance for doubtful accounts	$ 15,703	$ 22,642
Other intangibles, accumulated amortization	$ 713,185	$ 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)	11,346,778	11,313,692
Common stock, shares outstanding (in shares)	9,060,561	9,270,862
Treasury stock, shares (in shares)	2,286,217	2,042,830

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
NET SALES	$ 83,098,187	$ 82,321,268	$ 82,923,992
COST OF SALES	32,517,996	30,207,439	31,210,750
Gross Profit	50,580,191	52,113,829	51,713,242
OPERATING EXPENSES	46,751,728	44,872,007	41,412,511
INCOME FROM OPERATIONS	3,828,463	7,241,822	10,300,731
OTHER (INCOME) EXPENSE:
Interest expense	304,957	205,555	155,189
Other, net	(180,191)	(126,857)	(57,287)
Total other expense	124,766	78,698	97,902
INCOME BEFORE INCOME TAXES	3,703,697	7,163,124	10,202,829
PROVISION FOR INCOME TAXES	1,739,869	2,711,373	3,800,570
NET INCOME	1,963,828	4,451,751	6,402,259
Foreign currency translation adjustments	(548,557)	931,026	(205,450)
COMPREHENSIVE INCOME	$ 1,415,271	$ 5,382,777	$ 6,196,809
NET INCOME PER COMMON SHARE:
BASIC (in dollars per share)	$ 0.21	$ 0.48	$ 0.69
DILUTED (in dollars per share)	$ 0.21	$ 0.48	$ 0.69
Weighted Average Number of Shares Outstanding:
Basic (in shares)	9,185,203	9,242,092	9,301,867
Diluted (in shares)	9,185,662	9,256,810	9,321,558

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,963,828	$ 4,451,751	$ 6,402,259
Adjustments to reconcile net income to net cash provided by operating activities -
Depreciation and amortization	1,797,281	1,875,102	1,719,154
Impairment of long-lived assets	285,477	0	0
Loss on disposal or abandonment of assets	1,321	3,139	16,985
Non-cash share-based compensation	327,629	239,599	199,870
Deferred income taxes	(90,997)	(215,576)	205,111
Exchange gain	27,984	29,848	18,598
Net changes in assets and liabilities, net of effect of business acquisitions:
Accounts receivable-trade	53,042	99,772	(7,778)
Inventory	3,443,921	(4,133,658)	407,000
Prepaid expenses	239,082	135,713	(284,788)
Other current assets	27,821	(48,797)	(70,035)
Accounts payable-trade	(197,960)	(208,434)	(361,492)
Accrued expenses and other liabilities	(181,959)	(983,710)	(108,365)
Income taxes	(308,129)	923,016	(415,046)
Total adjustments	5,424,513	(2,283,986)	1,319,214
Net cash provided by operating activities	7,388,341	2,167,765	7,721,473
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(1,091,433)	(1,689,645)	(1,697,704)
Proceeds from sale of assets / insurance	27,396	35,963	153,483
(Increase) in other assets	(3,690)	(43,669)	(1,127)
Net cash used in investing activities	(1,067,727)	(1,697,351)	(1,545,348)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from notes payable and long-term debt	1,596,288		3,660,505
Payments on capital lease obligations		(72,686)	(79,396)
Repurchase of common stock (treasury stock)	(1,653,266)		(3,675,654)
Proceeds from exercise of stock options		223,404
Net cash (used in) provided by financing activities	(56,978)	150,718	(94,545)
Effect of exchange rate changes on cash	(530,543)	853,822	(181,891)
NET INCREASE IN CASH	5,733,093	1,474,954	5,899,689
CASH, beginning of period	18,337,258	16,862,304	10,962,615
CASH, end of period	24,070,351	18,337,258	16,862,304
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid during the period	304,957	205,555	155,189
Income tax paid during the period, net of refunds	$ 2,138,995	$ 1,788,357	$ 4,215,616

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2015	9,692,864
Balance at Dec. 31, 2015	$ 26,916	$ 6,168,635	$ (6,602,930)	$ 53,067,234	$ (1,687,679)	$ 50,972,176
Share-based compensation (in shares)	20,780
Share-based compensation	$ 50	199,820				199,870
Net income				6,402,259		$ 6,402,259
Purchase of Treasury stock (in shares)	(520,482)					(520,482)
Purchase of Treasury stock			(3,675,654)			$ (3,675,654)
Translation adjustment					(205,450)	$ (205,450)
Shares issued - stock options exercised (in shares)
Purchase of treasury stock (in shares)	520,482					520,482
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
Share-based compensation (in shares)	33,300
Share-based compensation	$ 80	239,519				239,599
Net income				4,451,751		$ 4,451,751
Purchase of Treasury stock (in shares)
Translation adjustment					931,026	$ 931,026
Shares issued - stock options exercised (in shares)	44,400					44,400
Shares issued - stock options exercised	$ 107	223,297				$ 223,404
Purchase of treasury stock (in shares)
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
Share-based compensation (in shares)	33,086
Share-based compensation	$ 79	327,550				327,629
Net income				1,963,828		$ 1,963,828
Purchase of Treasury stock (in shares)	243,387					(243,387)
Purchase of Treasury stock			(1,653,266)			$ (1,653,266)
Translation adjustment					(548,557)	(548,557)
Cumulative effect of accounting change at Dec. 31, 2017				(168,311)		$ (168,311)
Purchase of treasury stock (in shares)	(243,387)					243,387
Balance (in shares) at Dec. 31, 2018	9,060,561
Balance at Dec. 31, 2018	$ 27,232	$ 7,158,821	$ (11,931,850)	$ 65,716,761	$ (1,510,660)	$ 59,460,304

Note 1 - Description of Busines

Note 1 - Description of Business	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	1. We are a specialty retailer of leather and leathercraft related items, offering a broad range of leather, quality tools, hardware, small machines, accessories, liquids, lace, kits and teaching materials. We sell our products primarily through company-owned stores and through orders generated from our website, www.tandyleather.com. We also manufacture the leather lace and some of our do-it-yourself kits that are sold in our stores and website. We operate in two

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2 . SIGNIFICANT ACCOUNTING POLICIES ● Management estimates and reporting The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from those estimates. Assets and liabilities with reported amounts based on significant estimates include inventory (slow-moving), property and equipment (useful lives, impairment), goodwill, accrued liabilities (expected sales returns, gift card breakage) and deferred income tax. ● Principles of consolidation Our consolidated financial statements include the accounts of Tandy Leather Factory, Inc. and its active wholly owned subsidiaries, The Leather Factory, L.P. (a Texas limited partnership), Tandy Leather Company, L.P. (a Texas limited partnership),The Leather Factory of Canada, Ltd. (a Canadian corporation), Tandy Leather Factory UK Limited (a UK corporation), Tandy Leather Factory Australia Pty. Limited (an Australian corporation), and Tandy Leather Factory España, S.L. (a Spanish corporation). All intercompany accounts and transactions have been eliminated in consolidation. ● Foreign currency translation and transactions Foreign currency translation adjustments arise from activities of our foreign subsidiaries. Results of operations are translated into U.S. dollars using the average exchange rates during the period, while assets and liabilities are translated using period-end exchange rates. Foreign currency translation adjustments of assets and liabilities are recorded in stockholders’ equity. Gains and losses resulting from foreign currency transactions are reported in the statements of income under the caption “Other (Income) Expense”, net, for all periods presented. We recognized foreign currency transaction gains of $28,000, $30,000, $19,000, 2018, 2017, 2016, ● Revenue recognition Our revenue is earned from sales of merchandise and generally occur via two 1 2 Prior to November 2018, November 2018, 60 December 31, 2018, $184,000 $111,000 Historically, the sale of gift cards has not January 1, 2018, January 1, 2018, 606, 606" $168,311 January 1, 2018 one December 31, 2018, $195,901. ● Disaggregated r evenue In the following table, revenue is disaggregated by our major customer groups for the years ended December 31: 2018 2017 2016 RETAIL (end users, consumers, individuals) 61% 59% 56% NON-RETAIL (hospitals, organizations, distributors, and businesses) 39% 41% 44% 100% 100% 100% For 2018, 2017 2016, 96%, 95%, 95%, 11 ● Discounts We maintain four not ● Operating e xpense Operating expenses include all selling, general and administrative costs, including wages and benefits, rent and occupancy costs, depreciation, advertising, store operating expenses, outbound freight charges (to ship merchandise to customers), and corporate office costs. ● Property and equipment, net of accumulated depreciation and amortization Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are three ten seven fifteen five forty ● Inventory Inventory is stated at the lower of cost ( first first We regularly review all inventory items to determine if there are damaged goods (e.g. for leather, excessive scars or damage from UV light), to determine what items should be eliminated from the product line (e.g. item is slow moving, supplier is unable provide acceptable quality or quantity, and to maintain freshness in the product line) and to ensure that all necessary pricing actions are taken to adequately value our inventory at the lower of cost or net realizable value by recording permanent markdowns on our on-hand inventory. Since the determination of net realizable value of inventory involves both estimation and judgment with regard to market values and reasonable costs to sell, differences in these estimates could result in ultimate valuations that differ from the recorded asset. The majority of inventory purchases and commitments are made in U.S. dollars in order to limit the Company’s exposure to foreign currency fluctuations. Goods shipped to us are recorded as inventory owned by us when the risk of loss shifts to us from the supplier. Inventory is physically counted at substantially all locations at least two four ● Impairment of long-lived assets We evaluate long-lived assets for indicators of impairment whenever events or changes in circumstances indicate their carrying amounts may not December 31, 2018, $285,500, four no 2017 2016. ● Earnings per share Basic earnings per share are computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per share includes, to the extent inclusion of such shares would be dilutive to earnings per share, the effect of outstanding options and warrants, computed using the treasury stock method. 201 8 201 7 201 6 BASIC Net income $ 1,963,828 $ 4,451,751 $ 6,402,259 Weighted average common shares outstanding 9,185,203 9,242,092 9,301,867 Earnings per share – basic $ 0.21 $ 0.48 $ 0.69 DILUTED Net income $ 1,963,828 $ 4,451,751 $ 6,402,259 Weighted average common shares outstanding 9,185,203 9,242,092 9,301,867 Effect of restricted stock awards and assumed exercise of stock options 459 14,718 19,691 Weighted average common shares outstanding, assuming dilution 9,185,662 9,256,810 9,321,558 Earnings per share - diluted $ 0.21 $ 0.48 $ 0.69 Outstanding options and restricted stock awards excluded as anti-dilutive 657,717 17,632 31,477 For additional disclosures regarding the restricted stock awards and the employee stock options, see Note 10. 12,779, 19,169 90,085 December 31, 2018, 2017, 2016, ● Goodwill and other intangibles Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is required to be evaluated for impairment on an annual basis, absent indicators of impairment during the interim. Application of the goodwill impairment test requires exercise of judgment, including the estimation of future cash flows, determination of appropriate discount rates and other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for each reporting unit. Goodwill is not December 31 December 31, 2018, 2017, 2016 no The only change in our goodwill for 2018 2017 $8,184 $6,748, Our intangible assets and related accumulated amortization consisted of the following: As of December 31, 201 8 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 546,702 $ 7,667 Non-Compete Agreements 175,316 166,483 8,833 $ 729,685 $ 713,185 $ 16,500 As of December 31, 201 7 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,897 $ 8,472 Non-Compete Agreements 175,316 164,566 10,750 $ 729,685 $ 710,463 $ 19,222 Amortization of intangible assets (excluding goodwill) of $2,722 2018, $1,618 2017, $6,442 2016 15 $3,000 five ● Fair value of financial i nstruments We measure fair value as an exit price, which is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering such assumptions, accounting standards establish a three Level 1 Level 2 Level 3 no Classification of the financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Our principal financial instruments held consist of certificates of deposit, accounts receivable, accounts payable, and long-term debt. The carrying value of certificates of deposit, accounts receivable and accounts payable approximate their fair value due to the relatively short-term nature of the accounts. The terms of the long-term debt are considered reasonable for this type of financing; therefore, the carrying amount approximates fair value. ● Income taxes We account for income taxes using the asset and liability method. Under this method, the amount of taxes currently payable or refundable is accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences that currently exist between the tax basis and the financial reporting basis of our assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates in effect in the years when those temporary differences are expected to reverse. The effect on deferred taxes from a change in tax rate is recognized through continuing operations in the period that includes the enactment date of the change. Changes in tax laws and rates could affect recorded deferred tax assets and liabilities in the future. A tax benefit from an uncertain tax position may not not We recognize tax liabilities for uncertain tax positions and adjust these liabilities when our judgment changes as a result of the evaluation of new information not may We may may ● Share-based compensation We have one March 2017. six no 2015 not The Company’s stock-based compensation relates to restricted stock awards. Accounting guidance requires measurement and recognition of compensation expense at an amount equal to the grant date fair value. Compensation expense is recognized for service-based restricted stock awards on a straight-line basis or ratably over the requisite service period, based on the closing price of the Company’s stock on the date of grant. The time-based awards typically vest ratably over the requisite service period provided that the participant is employed on the vesting date. The performance-based shares vest, if at all, upon the Company satisfying certain performance targets. The Company records compensation expense for these awards with a performance condition when it is probable that the condition will be achieved. The compensation expense ultimately recognized, if any, related to these performance-based awards will equal the grant date fair value for the number of shares for which the performance condition has been satisfied. ● Comprehensive income Comprehensive income includes net income and certain other items that are recorded directly to Stockholders’ Equity. The Company’s only source of other comprehensive income is foreign currency translation adjustments. ● Shipping and handling costs Costs to ship products from our stores to our customers are included in operating expenses on the statements of income. These costs totaled approximately $1,818,000, $1,965,000, $1,982,000 December 31, 2018, 2017, 2016, ● Advertising Advertising costs include the cost of print, digital, direct mail, community events, trade shows, and our ecommerce platform. With the exception of catalog costs, advertising costs are expensed as incurred. Catalog costs are capitalized and expensed over the estimated useful life of the particular catalog in question, which is typically twelve $239,000 $203,000 December 31, 2018 2017, $3,889,000 2018; $4,956,000 2017; $4,759,000 2016. ● Cash flows presentation For purposes of the statement of cash flows, we consider all highly liquid investments with initial maturities of three ● Revisions The Company revised the Consolidated Statement of Cash Flows for the years ended December 31, 2017 2016 $853,822 $181,891 December 31, 2017 2016, not not

Note 3 - Valuation and Qualifyi

Note 3 - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block]	3 . VALUATION AND QUALIFYING ACCOUNTS ● Allowance for uncollectible accounts We maintain allowances for bad debts based on factors such as the composition of accounts receivable, the age of the accounts, historical bad debt experience, and our evaluation of the financial condition and past collection history of each customer. Write-offs have historically not $15,700 $22,600 December 31, 2018 2017, ● Sales returns and defective merchandise Product returns are generally recorded directly against sales as those returns occur. At December 31, 2018, $184,000 $111,000

Note 4 - Balance Sheet Componen

Note 4 - Balance Sheet Components	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Supplemental Balance Sheet Disclosures [Text Block]	4. December 31, 201 8 December 31, 20 1 7 INVENTORY On hand: Finished goods held for sale $ 31,718,769 $ 34,824,728 Raw materials and work in process 917,966 1,138,316 Inventory in transit 1,119,541 1,348,153 Merchandise expected to be returned 111,000 - TOTAL $ 33,867,276 $ 37,311,197 PROPERTY AND EQUIPMENT Building $ 9,257,066 $ 9,257,066 Land 1,451,132 1,451,132 Leasehold improvements 1,845,767 1,615,464 Equipment and machinery 6,594,487 6,447,776 Furniture and fixtures 8,335,926 7,907,704 Vehicles 521,185 539,339 28,005,563 27,218,481 Less: accumulated depreciation (13,606,266 ) (11,750,639 ) TOTAL $ 14,399,297 $ 15,467,842 Depreciation expense was $1,797,000, $1,873,000, $1,718,000 December 31, 2018, 2017, 2016, Loss (gain) from abandonment and/or disposal of assets, which is included in operating expenses, is as follows, by segment: Year ended December 31 North America International Total 2018 $ (992 ) $ 2,313 $ 1,321 2017 2,378 761 3,139 2016 17,699 (714 ) 16,985 ACCRUED EXPENSES AND OTHER LIABILITIES December 31, 2018 December 31, 2017 Accrued bonuses $ 1,158,899 $ 1,748,236 Accrued payroll 711,818 630,259 Deferred revenue 647,277 905,657 Unearned gift card revenue 195,901 - Estimated returns 184,000 - Sales and payroll taxes payable 491,775 524,184 Inventory in transit 763,350 1,067,143 Exit obligations 150,529 - Accrued severance 367,837 - Other accrued expenses 268,443 77,998 TOTAL $ 4,939,829 $ 4,953,477 In September 2018, November 2018, three 2019. $151,000 In October 2018, one $608,000 December 31, 2018, $368,000

Note 5 - Notes Payable and Long

Note 5 - Notes Payable and Long-term Debt	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Debt Disclosure [Text Block]	5. On September 18, 2015, $6,000,000 August 20, 2018, September 18, 2020 0.35%. no 1.5 1 1.2 1. four December 31, 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, no 2017. December 31, 2018, $1.6 235,052 December 31, 2018, $6.0 Prior to August 20, 2018, 1.85% 3.351% December 31, 2017). August 20, 2018, 1.5% 4.0% December 31, 2018). At December 31, 201 8 201 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 with features as more fully described above – interest due monthly at LIBOR plus 1.5%; matures September 18, 2023 $ 8,968,018 $ 7,371,730 Line of Credit Note, as amended, in the maximum principal amount of $6,000,000 with revolving features as more fully described above – interest due monthly at LIBOR plus 1.5%; matures September 18, 2020 - - $ 8,968,018 $ 7,371,730 Less current maturities 747,335 614,311 $ 8,220,683 $ 6,757,419 The terms of the above lines of credit contain various covenants for which we were in compliance as of December 31, 2018 2017. Scheduled maturities of the Company’s notes payable and long-term debt are as follows: 2019 $ 747,335 2020 2,242,004 2021 2,242,004 2022 2,242,004 2023 1,494,671 $ 8,968,018 In January 2019, February 2019. no not

Note 6 - Employee Benefit and S

Note 6 - Employee Benefit and Savings Plans	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Pension and Other Postretirement Benefits Disclosure [Text Block]	6 . EMPLOYEE BENEFIT AND SAVINGS PLANS We have a 401 401 2018, 2017, 2016, 100% first 3% 50% 2% 2018, 2017 2016, $361,338, $326,612 $277,753, The plan allows employees who meet the age requirements and reach the plan contribution limits to make a catch-up contribution. The catch-up contributions are not no 2018, 2017, 2016. We currently offer no

Note 7 - Income Taxes

Note 7 - Income Taxes	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	7 . INCOME TAXES The provision for income taxes consists of the following: 201 8 201 7 201 6 Current provision: Federal $ 1,607,117 $ 3,090,997 $ 3,108,894 State 223,749 309,249 486,565 1,830,866 3,400,246 3,595,459 Deferred provision (benefit): Federal (76,438 ) (665,181 ) 183,520 State (14,559 ) (23,692 ) 21,591 (90,997 ) (688,873 ) 205,111 $ 1,739,869 $ 2,711,373 $ 3,800,570 On December 22, 2017, 2018, 35 21 one 2017, $340,782 fourth 2017 Transition tax on deemed repatriation of certain foreign earnings* $ 514,454 Foreign withholding taxes* 290,128 Remeasuring deferred tax position at the lowered income tax rate^ (463,800 ) $ 340,782 *classified as part of the Federal current provision in 2017 ^classified as part of the Federal deferred benefit in 2017 The amounts in 2017 No. 118, 740, Income Tax October 2018, 2017 $401,000 not 2018, no Income before income taxes is earned in the following tax jurisdictions: 201 8 201 7 201 6 United States $ 3,347,690 $ 6,372,585 $ 9,070,894 United Kingdom (385,573 ) (171,608 ) (81,987 ) Canada 680,388 1,055,783 1,034,027 Australia (2,454 ) (88,096 ) 82,622 Spain 63,646 (5,540 ) 97,273 $ 3,703,697 $ 7,163,124 $ 10,202,829 The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows: 201 8 201 7 Deferred income tax assets: Capitalized inventory costs $ 179,535 $ 198,616 Warrants and share-based compensation 29,047 29,047 Accrued expenses, reserves, and other 39,646 44,075 Total deferred income tax assets $ 248,228 $ 271,738 Deferred income tax liabilities: Property and equipment depreciation $ 889,719 $ 1,008,485 Goodwill and other intangible assets amortization 159,435 155,175 Transition tax on deemed repatriation of foreign earnings 507,339 473,298 Total deferred income tax liabilities $ 1,556,493 $ 1,636,958 Our effective tax rate differs from the federal statutory rate primarily due to U.S. state income tax expense, foreign income/loss positions, and the new global intangible low-taxed income tax (“GILTI”) for our estimated foreign earnings that was established as part of the Tax Act. Below is a reconciliation of our effective tax rate from the statutory rate: 201 8 201 7 201 6 Statutory rate – Federal U.S. income tax 21 % 34 % 34 % State and local taxes 5 % 6 % 6 % Impact of Tax Act 5 % 4 % - Non-U.S. income tax at different rates 17 % (1 %) - Domestic production activities deduction - (2 %) (1 %) Other, net - (3 %) (2 %) Effective rate 47 % 38 % 37 % We file a consolidated U.S. income tax return as well as state tax returns on a consolidated, combined, or stand-alone basis, depending on the jurisdiction. We are no December 2015. no December 2014 December 2015

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	8 . COMMITMENTS AND CONTINGENCIES Operating Leases We lease our store locations under lease agreements that expire on dates ranging from January 2019 February 2028. December 31, 2018, 2017, 2016, $4,986,297, $4,609,724, $4,189,225, None Future minimum lease payments, including fixed executory costs (e.g. real estate taxes, insurance and maintenance) under noncancelable operating leases at December 31, 2018 Year ending December 31: 2019 $ 4,417,806 2020 3,750,324 2021 3,042,779 2022 2,102,463 2023 1,289,874 2024 735,375 2025 624,970 2026 420,549 2027 296,974 2028 61,350 Total minimum lease payments $ 16,742,464 Legal Proceedings We are periodically involved in various litigation that arises in the ordinary course of business and operations. There are no

Note 9 - Significant Business C

Note 9 - Significant Business Concentrations and Risk	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	9 . SIGNIFICANT BUSINESS CONCENTRATIONS AND RISK Major Customers Our revenues are derived from a diverse group of customers, from hobbyist crafters to small and large businesses across a wide variety of industries. No 1/2% 2018, 2017, 2016, five 1.0%, 1.2%, 1.4%, not one Major Vendors We purchase a significant portion of our inventory through one not Credit Risk Due to the large number of customers comprising our customer base, concentrations of credit risk with respect to customer receivables are limited, although at December 31, 2018 2017, two 33.3% 21.4% not one not We maintain a majority of our cash in bank deposit accounts that, at times, may not not

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	1 0 . STOCKHOLDERS' EQUITY a) Equity Compensation Plans We had a stock option plan that terminated in March 2017, not no ten A summary of stock option transactions for the years ended December 31 no 2018, March 2017): 201 7 201 6 Weighted Weighted Average Average Option Exercise Option Exercise Shares Price Shares Price Outstanding at January 1 56,400 $ 5.14 68,400 $ 5.17 Granted - - - - Forfeited or cancelled (12,000 ) 5.14 (12,000 ) 5.30 Exercised (44,400 ) 5.14 - - Outstanding at December 31 - $ - 56,400 $ 5.14 Exercisable at end of year - $ - 56,400 $ 5.14 Weighted-average fair value of options granted during year n/a n/a Because there were no 2018, 2017 2016, no 2017 $155,606. 2017 $223,404. We have a restricted stock plan that was adopted by our Board of Directors in January 2013 June 2013. 300,000 178,225 December 31, 2018). may may four In addition, in October 2018 644,000 460,000 five 92,000 $12 two 92,000 $14 one A summary of the activity for non-vested restricted common stock awards is as follows: Shares Grant Fair Value Balance, January 1, 2017 65,150 $ 8.03 Granted 9,005 8.05 Forfeited (4,054 ) 8.97 Vested (33,300 ) 8.97 Balance, December 31, 2017 36,801 $ 8.03 Balance, January 1, 2018 36,801 $ 8.03 Granted 654,000 7.39 Vested (33,084 ) 7.94 Balance, December 31, 2018 657,717 $ 7.39 Restricted stock awards are valued at the fair market value of our common stock at the grant date of award. For service awards, we recognize compensation cost over the service period, assuming no $327,629, $239,599, $199,870 2018, 2017 2016, December 31, 2018, $3,315,366 2019 $ 714,754 2020 711,733 2021 699,088 2022 679,880 2023 509,911 For the performance based awards that were granted to Ms. Carr, no 2018. b) Cash Dividend Our Board will determine future cash dividends after giving consideration to existing levels of profit and cash flow, capital requirements, current and forecasted liquidity, as well as financial and other business conditions existing at the time. c) Share Repurchase Program In August 2015, 1.2 August 2016. 1.2 2.2 August 2019. December 31, Year ended December 31 Total shares repurchased Average price per share 2018 243,387 $6.79 2017 - - 2016 520,482 $7.06 At December 31, 2018, 907,406

Note 11 - Segment Information

Note 11 - Segment Information	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	1 1 . SEGMENT INFORMATION We operate in two North America International Total For the year ended December 31, 2018 Net Sales $ 79,553,353 $ 3,544,834 $ 83,098,187 Gross Profit 48,375,877 2,204,314 50,580,191 Operating earnings 4,182,969 (354,506 ) 3,828,463 Interest expense 304,957 - 304,957 Other (income) expense, net (150,067 ) (30,124 ) (180,191 ) Income before income taxes 4,028,079 (324,382 ) 3,703,697 Depreciation and amortization 1,696,656 100,625 1,797,281 Fixed asset additions 1,000,263 91,170 1,091,433 Total assets $ 71,578,634 $ 4,561,500 $ 76,140,134 For the year ended December 31, 2017 Net Sales $ 78,568,219 $ 3,753,049 $ 82,321,268 Gross Profit 49,889,888 2,223,941 52,113,829 Operating earnings 7,498,817 (256,995 ) 7,241,822 Interest expense 205,555 - 205,555 Other expense, net (135,011 ) 8,154 (126,857 ) Income before income taxes 7,428,370 (265,246 ) 7,163,124 Depreciation and amortization 1,790,421 84,681 1,875,102 Fixed asset additions 1,666,171 23,474 1,689,645 Total assets $ 70,302,116 $ 4,612,480 $ 74,914,596 For the year ended December 31, 2016 Net Sales $ 79,041,920 $ 3,882,072 $ 82,923,992 Gross Profit 49,315,003 2,398,239 51,713,242 Operating earnings 10,224,773 75,958 10,300,731 Interest expense 155,189 - 155,189 Other expense, net (35,290 ) (21,997 ) (57,287 ) Income before income taxes 10,104,873 97,956 10,202,829 Depreciation and amortization 1,631,534 87,620 1,719,154 Fixed asset additions 1,609,829 87,875 1,697,704 Total assets $ 66,502,432 $ 4,150,288 $ 70,652,720 Net sales by geographic areas were as follows: 201 8 201 7 201 6 United States $ 71,443,246 $ 70,453,773 $ 70,886,401 Canada 7,120,452 7,224,894 7,199,155 All other countries 4,534,489 4,642,601 4,838,436 $ 83,098,187 $ 82,321,268 $ 82,923,992 Geographic sales information is based on the location of the customer. Except for Canada, we had no 2018, 2017, 2016. not

Note 12 - Recent Accounting Pro

Note 12 - Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	12 . RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, 2016 02, twelve not We adopted the lease standard as of January 1, 2019 12 We estimate adoption of the standard will result in recognition of additional net lease assets and lease liabilities of approximately $6.1 $6.5 January 1, 2019. not no

Note 13 - Quarterly Financial D

Note 13 - Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Notes to Financial Statements
Quarterly Financial Information [Text Block]	13 . QUARTERLY FINANCIAL DATA (UNAUDITED) First Second Third Fourth 20 1 8 Quarter Quarter Quarter Quarter Net sales $ 20,288,918 $ 19,177,767 $ 18,887,099 $ 24,744,403 Gross profit 12,842,962 13,118,442 11,846,833 12,771,954 Net income (loss) 1,273,619 1,440,092 (121,534 ) (628,349 ) Net income (loss) per common share: Basic $ 0.14 $ 0.15 $ (0.01 ) $ (0.07 ) Diluted $ 0.14 $ 0.15 $ (0.01 ) $ (0.07 ) Weighted average number of common shares outstanding: Basic 9,264,446 9,180,076 9,154,209 9,143,746 Diluted 9,264,811 9,180,727 9,155,031 9,143,746 First Second Third Fourth 20 1 7 Quarter Quarter Quarter Quarter Net sales $ 20,149,845 $ 19,280,770 $ 18,388,381 $ 24,502,272 Gross profit 12,286,045 12,895,534 11,635,331 15,296,919 Net income 1,231,265 1,027,732 521,414 1,671,340 Net income per common share: Basic $ 0.13 $ 0.11 $ 0.06 $ 0.18 Diluted $ 0.13 $ 0.11 $ 0.06 $ 0.18 Weighted average number of common shares outstanding: Basic 9,308,726 9,225,960 9,270,862 9,270,862 Diluted 9,330,919 9,229,129 9,273,950 9,272,330

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	● Management estimates and reporting The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from those estimates. Assets and liabilities with reported amounts based on significant estimates include inventory (slow-moving), property and equipment (useful lives, impairment), goodwill, accrued liabilities (expected sales returns, gift card breakage) and deferred income tax.
Consolidation, Policy [Policy Text Block]	● Principles of consolidation Our consolidated financial statements include the accounts of Tandy Leather Factory, Inc. and its active wholly owned subsidiaries, The Leather Factory, L.P. (a Texas limited partnership), Tandy Leather Company, L.P. (a Texas limited partnership),The Leather Factory of Canada, Ltd. (a Canadian corporation), Tandy Leather Factory UK Limited (a UK corporation), Tandy Leather Factory Australia Pty. Limited (an Australian corporation), and Tandy Leather Factory España, S.L. (a Spanish corporation). All intercompany accounts and transactions have been eliminated in consolidation.
Revenue Recognition, Policy [Policy Text Block]	● Revenue recognition Our revenue is earned from sales of merchandise and generally occur via two 1 2 Prior to November 2018, November 2018, 60 December 31, 2018, $184,000 $111,000 Historically, the sale of gift cards has not January 1, 2018, January 1, 2018, 606, 606" $168,311 January 1, 2018 one December 31, 2018, $195,901. ● Disaggregated r evenue In the following table, revenue is disaggregated by our major customer groups for the years ended December 31: 2018 2017 2016 RETAIL (end users, consumers, individuals) 61% 59% 56% NON-RETAIL (hospitals, organizations, distributors, and businesses) 39% 41% 44% 100% 100% 100% For 2018, 2017 2016, 96%, 95%, 95%, 11
Discount Policy [Policy Text Block]	● Discounts We maintain four not
Selling, General and Administrative Expenses, Policy [Policy Text Block]	● Operating e xpense Operating expenses include all selling, general and administrative costs, including wages and benefits, rent and occupancy costs, depreciation, advertising, store operating expenses, outbound freight charges (to ship merchandise to customers), and corporate office costs.
Property, Plant and Equipment, Policy [Policy Text Block]	● Property and equipment, net of accumulated depreciation and amortization Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which are three ten seven fifteen five forty
Earnings Per Share, Policy [Policy Text Block]	● Earnings per share Basic earnings per share are computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per share includes, to the extent inclusion of such shares would be dilutive to earnings per share, the effect of outstanding options and warrants, computed using the treasury stock method. 201 8 201 7 201 6 BASIC Net income $ 1,963,828 $ 4,451,751 $ 6,402,259 Weighted average common shares outstanding 9,185,203 9,242,092 9,301,867 Earnings per share – basic $ 0.21 $ 0.48 $ 0.69 DILUTED Net income $ 1,963,828 $ 4,451,751 $ 6,402,259 Weighted average common shares outstanding 9,185,203 9,242,092 9,301,867 Effect of restricted stock awards and assumed exercise of stock options 459 14,718 19,691 Weighted average common shares outstanding, assuming dilution 9,185,662 9,256,810 9,321,558 Earnings per share - diluted $ 0.21 $ 0.48 $ 0.69 Outstanding options and restricted stock awards excluded as anti-dilutive 657,717 17,632 31,477 For additional disclosures regarding the restricted stock awards and the employee stock options, see Note 11. 12,779, 19,169 90,085 December 31, 2018, 2017, 2016,
Goodwill and Intangible Assets, Policy [Policy Text Block]	● Goodwill and other intangibles Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is required to be evaluated for impairment on an annual basis, absent indicators of impairment during the interim. Application of the goodwill impairment test requires exercise of judgment, including the estimation of future cash flows, determination of appropriate discount rates and other assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for each reporting unit. Goodwill is not December 31 December 31, 2018, 2017, 2016 no The only change in our goodwill for 2018 2017 $8,184 $6,748, Our intangible assets and related accumulated amortization consisted of the following: As of December 31, 201 8 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 546,702 $ 7,667 Non-Compete Agreements 175,316 166,483 8,833 $ 729,685 $ 713,185 $ 16,500 As of December 31, 201 7 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,897 $ 8,472 Non-Compete Agreements 175,316 164,566 10,750 $ 729,685 $ 710,463 $ 19,222 Amortization of intangible assets (excluding goodwill) of $2,722 2018, $1,618 2017, $6,442 2016 15 $3,000 five
Fair Value of Financial Instruments, Policy [Policy Text Block]	● Fair value of financial i nstruments We measure fair value as an exit price, which is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering such assumptions, accounting standards establish a three Level 1 Level 2 Level 3 no Classification of the financial asset or liability within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. Our principal financial instruments held consist of certificates of deposit, accounts receivable, accounts payable, and long-term debt. The carrying value of certificates of deposit, accounts receivable and accounts payable approximate their fair value due to the relatively short-term nature of the accounts. The terms of the long-term debt are considered reasonable for this type of financing; therefore, the carrying amount approximates fair value.
Income Tax, Policy [Policy Text Block]	● Income taxes We account for income taxes using the asset and liability method. Under this method, the amount of taxes currently payable or refundable is accrued, and deferred tax assets and liabilities are recognized for the estimated future tax consequences of temporary differences that currently exist between the tax basis and the financial reporting basis of our assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates in effect in the years when those temporary differences are expected to reverse. The effect on deferred taxes from a change in tax rate is recognized through continuing operations in the period that includes the enactment date of the change. Changes in tax laws and rates could affect recorded deferred tax assets and liabilities in the future. A tax benefit from an uncertain tax position may not not We recognize tax liabilities for uncertain tax positions and adjust these liabilities when our judgment changes as a result of the evaluation of new information not may We may may
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	● Share-based compensation We have one March 2017. six no 2015 not The Company’s stock-based compensation relates to restricted stock awards. Accounting guidance requires measurement and recognition of compensation expense at an amount equal to the grant date fair value. Compensation expense is recognized for service-based restricted stock awards on a straight-line basis or ratably over the requisite service period, based on the closing price of the Company’s stock on the date of grant. The time-based awards typically vest ratably over the requisite service period provided that the participant is employed on the vesting date. The performance-based shares vest, if at all, upon the Company satisfying certain performance targets. The Company records compensation expense for these awards with a performance condition when it is probable that the condition will be achieved. The compensation expense ultimately recognized, if any, related to these performance-based awards will equal the grant date fair value for the number of shares for which the performance condition has been satisfied.
Comprehensive Income, Policy [Policy Text Block]	● Comprehensive income Comprehensive income includes net income and certain other items that are recorded directly to Stockholders’ Equity. The Company’s only source of other comprehensive income is foreign currency translation adjustments.
Shipping and Handling Policy [Policy Text Block]	● Shipping and handling costs Costs to ship products from our stores to our customers are included in operating expenses on the statements of income. These costs totaled approximately $1,818,000, $1,965,000, $1,982,000 December 31, 2018, 2017, 2016,
Advertising Costs, Policy, Capitalized Direct Response Advertising [Policy Text Block]	● Advertising Advertising costs include the cost of print, digital, direct mail, community events, trade shows, and our ecommerce platform. With the exception of catalog costs, advertising costs are expensed as incurred. Catalog costs are capitalized and expensed over the estimated useful life of the particular catalog in question, which is typically twelve $239,000 $203,000 December 31, 2018 2017, $3,889,000 2018; $4,956,000 2017; $4,759,000 2016.
Cash and Cash Equivalents, Policy [Policy Text Block]	● Cash flows presentation For purposes of the statement of cash flows, we consider all highly liquid investments with initial maturities of three
Foreign Currency Transactions and Translations Policy [Policy Text Block]	● Foreign currency translation and transactions Foreign currency translation adjustments arise from activities of our foreign subsidiaries. Results of operations are translated into U.S. dollars using the average exchange rates during the period, while assets and liabilities are translated using period-end exchange rates. Foreign currency translation adjustments of assets and liabilities are recorded in stockholders’ equity. Gains and losses resulting from foreign currency transactions are reported in the statements of income under the caption “Other (Income) Expense”, net, for all periods presented. We recognized foreign currency transaction gains of $28,000, $30,000, $19,000, 2018, 2017, 2016,
Inventory, Policy [Policy Text Block]	● Inventory Inventory is stated at the lower of cost ( first first We regularly review all inventory items to determine if there are damaged goods (e.g. for leather, excessive scars or damage from UV light), to determine what items should be eliminated from the product line (e.g. item is slow moving, supplier is unable provide acceptable quality or quantity, and to maintain freshness in the product line) and to ensure that all necessary pricing actions are taken to adequately value our inventory at the lower of cost or net realizable value by recording permanent markdowns on our on-hand inventory. Since the determination of net realizable value of inventory involves both estimation and judgment with regard to market values and reasonable costs to sell, differences in these estimates could result in ultimate valuations that differ from the recorded asset. The majority of inventory purchases and commitments are made in U.S. dollars in order to limit the Company’s exposure to foreign currency fluctuations. Goods shipped to us are recorded as inventory owned by us when the risk of loss shifts to us from the supplier. Inventory is physically counted at substantially all locations at least two four
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	● Impairment of long-lived assets We evaluate long-lived assets for indicators of impairment whenever events or changes in circumstances indicate their carrying amounts may not December 31, 2018, $285,500, four no 2017 2016.
Revisions [Policy Text Block]	● Revisions The Company revised the Consolidated Statement of Cash Flows for the years ended December 31, 2017 2016 $853,822 $181,891 December 31, 2017 2016, not not

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Disaggregation of Revenue [Table Text Block]	2018 2017 2016 RETAIL (end users, consumers, individuals) 61% 59% 56% NON-RETAIL (hospitals, organizations, distributors, and businesses) 39% 41% 44% 100% 100% 100%
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	201 8 201 7 201 6 BASIC Net income $ 1,963,828 $ 4,451,751 $ 6,402,259 Weighted average common shares outstanding 9,185,203 9,242,092 9,301,867 Earnings per share – basic $ 0.21 $ 0.48 $ 0.69 DILUTED Net income $ 1,963,828 $ 4,451,751 $ 6,402,259 Weighted average common shares outstanding 9,185,203 9,242,092 9,301,867 Effect of restricted stock awards and assumed exercise of stock options 459 14,718 19,691 Weighted average common shares outstanding, assuming dilution 9,185,662 9,256,810 9,321,558 Earnings per share - diluted $ 0.21 $ 0.48 $ 0.69 Outstanding options and restricted stock awards excluded as anti-dilutive 657,717 17,632 31,477
Schedule of Finite-Lived Intangible Assets [Table Text Block]	As of December 31, 201 8 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 546,702 $ 7,667 Non-Compete Agreements 175,316 166,483 8,833 $ 729,685 $ 713,185 $ 16,500 As of December 31, 201 7 Gross Accumulated Amortization Net Trademarks, Copyrights $ 554,369 $ 545,897 $ 8,472 Non-Compete Agreements 175,316 164,566 10,750 $ 729,685 $ 710,463 $ 19,222

Note 4 - Balance Sheet Compon_2

Note 4 - Balance Sheet Components (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Condensed Balance Sheet [Table Text Block]	December 31, 201 8 December 31, 20 1 7 INVENTORY On hand: Finished goods held for sale $ 31,718,769 $ 34,824,728 Raw materials and work in process 917,966 1,138,316 Inventory in transit 1,119,541 1,348,153 Merchandise expected to be returned 111,000 - TOTAL $ 33,867,276 $ 37,311,197 PROPERTY AND EQUIPMENT Building $ 9,257,066 $ 9,257,066 Land 1,451,132 1,451,132 Leasehold improvements 1,845,767 1,615,464 Equipment and machinery 6,594,487 6,447,776 Furniture and fixtures 8,335,926 7,907,704 Vehicles 521,185 539,339 28,005,563 27,218,481 Less: accumulated depreciation (13,606,266 ) (11,750,639 ) TOTAL $ 14,399,297 $ 15,467,842 ACCRUED EXPENSES AND OTHER LIABILITIES December 31, 2018 December 31, 2017 Accrued bonuses $ 1,158,899 $ 1,748,236 Accrued payroll 711,818 630,259 Deferred revenue 647,277 905,657 Unearned gift card revenue 195,901 - Estimated returns 184,000 - Sales and payroll taxes payable 491,775 524,184 Inventory in transit 763,350 1,067,143 Exit obligations 150,529 - Accrued severance 367,837 - Other accrued expenses 268,443 77,998 TOTAL $ 4,939,829 $ 4,953,477
Disposal Groups, Including Discontinued Operations [Table Text Block]	Year ended December 31 North America International Total 2018 $ (992 ) $ 2,313 $ 1,321 2017 2,378 761 3,139 2016 17,699 (714 ) 16,985

Note 5 - Notes Payable and Lo_2

Note 5 - Notes Payable and Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Debt [Table Text Block]	201 8 201 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 with features as more fully described above – interest due monthly at LIBOR plus 1.5%; matures September 18, 2023 $ 8,968,018 $ 7,371,730 Line of Credit Note, as amended, in the maximum principal amount of $6,000,000 with revolving features as more fully described above – interest due monthly at LIBOR plus 1.5%; matures September 18, 2020 - - $ 8,968,018 $ 7,371,730 Less current maturities 747,335 614,311 $ 8,220,683 $ 6,757,419
Schedule of Maturities of Long-term Debt [Table Text Block]	2019 $ 747,335 2020 2,242,004 2021 2,242,004 2022 2,242,004 2023 1,494,671 $ 8,968,018

Note 7 - Income Taxes (Tables)

Note 7 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	201 8 201 7 201 6 Current provision: Federal $ 1,607,117 $ 3,090,997 $ 3,108,894 State 223,749 309,249 486,565 1,830,866 3,400,246 3,595,459 Deferred provision (benefit): Federal (76,438 ) (665,181 ) 183,520 State (14,559 ) (23,692 ) 21,591 (90,997 ) (688,873 ) 205,111 $ 1,739,869 $ 2,711,373 $ 3,800,570
Schedule of Income Tax Expense from Changes in Tax Rate [Table Text Block]	Transition tax on deemed repatriation of certain foreign earnings* $ 514,454 Foreign withholding taxes* 290,128 Remeasuring deferred tax position at the lowered income tax rate^ (463,800 ) $ 340,782
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]	201 8 201 7 201 6 United States $ 3,347,690 $ 6,372,585 $ 9,070,894 United Kingdom (385,573 ) (171,608 ) (81,987 ) Canada 680,388 1,055,783 1,034,027 Australia (2,454 ) (88,096 ) 82,622 Spain 63,646 (5,540 ) 97,273 $ 3,703,697 $ 7,163,124 $ 10,202,829
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	201 8 201 7 Deferred income tax assets: Capitalized inventory costs $ 179,535 $ 198,616 Warrants and share-based compensation 29,047 29,047 Accrued expenses, reserves, and other 39,646 44,075 Total deferred income tax assets $ 248,228 $ 271,738 Deferred income tax liabilities: Property and equipment depreciation $ 889,719 $ 1,008,485 Goodwill and other intangible assets amortization 159,435 155,175 Transition tax on deemed repatriation of foreign earnings 507,339 473,298 Total deferred income tax liabilities $ 1,556,493 $ 1,636,958
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	201 8 201 7 201 6 Statutory rate – Federal U.S. income tax 21 % 34 % 34 % State and local taxes 5 % 6 % 6 % Impact of Tax Act 5 % 4 % - Non-U.S. income tax at different rates 17 % (1 %) - Domestic production activities deduction - (2 %) (1 %) Other, net - (3 %) (2 %) Effective rate 47 % 38 % 37 %

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Year ending December 31: 2019 $ 4,417,806 2020 3,750,324 2021 3,042,779 2022 2,102,463 2023 1,289,874 2024 735,375 2025 624,970 2026 420,549 2027 296,974 2028 61,350 Total minimum lease payments $ 16,742,464

Note 10 - Stockholders' Equity

Note 10 - Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	201 7 201 6 Weighted Weighted Average Average Option Exercise Option Exercise Shares Price Shares Price Outstanding at January 1 56,400 $ 5.14 68,400 $ 5.17 Granted - - - - Forfeited or cancelled (12,000 ) 5.14 (12,000 ) 5.30 Exercised (44,400 ) 5.14 - - Outstanding at December 31 - $ - 56,400 $ 5.14 Exercisable at end of year - $ - 56,400 $ 5.14 Weighted-average fair value of options granted during year n/a n/a
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Shares Grant Fair Value Balance, January 1, 2017 65,150 $ 8.03 Granted 9,005 8.05 Forfeited (4,054 ) 8.97 Vested (33,300 ) 8.97 Balance, December 31, 2017 36,801 $ 8.03 Balance, January 1, 2018 36,801 $ 8.03 Granted 654,000 7.39 Vested (33,084 ) 7.94 Balance, December 31, 2018 657,717 $ 7.39
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block]	2019 $ 714,754 2020 711,733 2021 699,088 2022 679,880 2023 509,911
Class of Treasury Stock [Table Text Block]	Year ended December 31 Total shares repurchased Average price per share 2018 243,387 $6.79 2017 - - 2016 520,482 $7.06

Note 11 - Segment Information (

Note 11 - Segment Information (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	North America International Total For the year ended December 31, 2018 Net Sales $ 79,553,353 $ 3,544,834 $ 83,098,187 Gross Profit 48,375,877 2,204,314 50,580,191 Operating earnings 4,182,969 (354,506 ) 3,828,463 Interest expense 304,957 - 304,957 Other (income) expense, net (150,067 ) (30,124 ) (180,191 ) Income before income taxes 4,028,079 (324,382 ) 3,703,697 Depreciation and amortization 1,696,656 100,625 1,797,281 Fixed asset additions 1,000,263 91,170 1,091,433 Total assets $ 71,578,634 $ 4,561,500 $ 76,140,134 For the year ended December 31, 2017 Net Sales $ 78,568,219 $ 3,753,049 $ 82,321,268 Gross Profit 49,889,888 2,223,941 52,113,829 Operating earnings 7,498,817 (256,995 ) 7,241,822 Interest expense 205,555 - 205,555 Other expense, net (135,011 ) 8,154 (126,857 ) Income before income taxes 7,428,370 (265,246 ) 7,163,124 Depreciation and amortization 1,790,421 84,681 1,875,102 Fixed asset additions 1,666,171 23,474 1,689,645 Total assets $ 70,302,116 $ 4,612,480 $ 74,914,596 For the year ended December 31, 2016 Net Sales $ 79,041,920 $ 3,882,072 $ 82,923,992 Gross Profit 49,315,003 2,398,239 51,713,242 Operating earnings 10,224,773 75,958 10,300,731 Interest expense 155,189 - 155,189 Other expense, net (35,290 ) (21,997 ) (57,287 ) Income before income taxes 10,104,873 97,956 10,202,829 Depreciation and amortization 1,631,534 87,620 1,719,154 Fixed asset additions 1,609,829 87,875 1,697,704 Total assets $ 66,502,432 $ 4,150,288 $ 70,652,720
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	201 8 201 7 201 6 United States $ 71,443,246 $ 70,453,773 $ 70,886,401 Canada 7,120,452 7,224,894 7,199,155 All other countries 4,534,489 4,642,601 4,838,436 $ 83,098,187 $ 82,321,268 $ 82,923,992

Note 13 - Quarterly Financial_2

Note 13 - Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Notes Tables
Quarterly Financial Information [Table Text Block]	First Second Third Fourth 20 1 8 Quarter Quarter Quarter Quarter Net sales $ 20,288,918 $ 19,177,767 $ 18,887,099 $ 24,744,403 Gross profit 12,842,962 13,118,442 11,846,833 12,771,954 Net income (loss) 1,273,619 1,440,092 (121,534 ) (628,349 ) Net income (loss) per common share: Basic $ 0.14 $ 0.15 $ (0.01 ) $ (0.07 ) Diluted $ 0.14 $ 0.15 $ (0.01 ) $ (0.07 ) Weighted average number of common shares outstanding: Basic 9,264,446 9,180,076 9,154,209 9,143,746 Diluted 9,264,811 9,180,727 9,155,031 9,143,746 First Second Third Fourth 20 1 7 Quarter Quarter Quarter Quarter Net sales $ 20,149,845 $ 19,280,770 $ 18,388,381 $ 24,502,272 Gross profit 12,286,045 12,895,534 11,635,331 15,296,919 Net income 1,231,265 1,027,732 521,414 1,671,340 Net income per common share: Basic $ 0.13 $ 0.11 $ 0.06 $ 0.18 Diluted $ 0.13 $ 0.11 $ 0.06 $ 0.18 Weighted average number of common shares outstanding: Basic 9,308,726 9,225,960 9,270,862 9,270,862 Diluted 9,330,919 9,229,129 9,273,950 9,272,330

Note 1 - Description of Busin_2

Note 1 - Description of Business (Details Textual)	12 Months Ended
	Dec. 31, 2018
Number of Operating Segments	2

Note 2 - Significant Accounti_3

Note 2 - Significant Accounting Policies (Details Textual) - USD ($)	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2018
Foreign Currency Transaction Gain (Loss), Realized		$ 28,000	$ 30,000	$ 19,000
Contract with Customer, Estimate of Sales Return		184,000
Contract with Customer, Estimate of Merchandise Expected to Be Returned		111,000
Cumulative Effect of New Accounting Principle in Period of Adoption			(168,311)
Gift Card Liability, Current		$ 195,901
Revenue from Contract with Customer, Including Assessed Tax, Percent		100.00%	100.00%	100.00%
Impairment of Long-Lived Assets Held-for-use		$ 285,477	$ 0	$ 0
Weighted Average Number Diluted Shares Outstanding Adjustment, Total		12,779	19,169	90,085
Goodwill, Impairment Loss		$ 0	$ 0	$ 0
Goodwill, Foreign Currency Translation Gain (Loss)		8,184	6,748
Amortization of Intangible Assets, Total		$ 2,722	$ 1,618	$ 6,442
Finite-Lived Intangible Asset, Useful Life		5 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		180 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		0	0	0	0
Allocated Share-based Compensation Expense, Total	$ 0	$ 0	$ 0		$ 0
Operating Expenses, Total		46,751,728	44,872,007	$ 41,412,511
Advertising Expense		3,889,000	4,956,000	4,759,000
Effect of Exchange Rate on Cash and Cash Equivalents, Total		(530,543)	853,822	(181,891)
Restatement Adjustment [Member]
Effect of Exchange Rate on Cash and Cash Equivalents, Total			(853,822)	181,891
Shipping and Handling [Member]
Operating Expenses, Total		1,818,000	1,965,000	$ 1,982,000
Advertising [Member]
Capitalized Catalog, Costs		$ 239,000	$ 203,000
Trademarks [Member]
Finite-Lived Intangible Asset, Useful Life		15 years
Copyrights [Member]
Finite-Lived Intangible Asset, Useful Life		15 years
Maximum [Member]
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year		$ 3,000
Finite-Lived Intangible Assets, Amortization Expense, Year Two		3,000
Finite-Lived Intangible Assets, Amortization Expense, Year Three		3,000
Finite-Lived Intangible Assets, Amortization Expense, Year Four		3,000
Finite-Lived Intangible Assets, Amortization Expense, Year Five		$ 3,000
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life		3 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life		10 years
Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life		7 years
Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life		15 years
Vehicles [Member]
Property, Plant and Equipment, Useful Life		5 years
Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life		40 years
North America Segment [Member]
Revenue from Contract with Customer, Including Assessed Tax, Percent		96.00%	95.00%	95.00%
Accounts Payable and Accrued Liabilities [Member]
Gift Card Liability, Current		$ 195,901
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 2 - Significant Accounti_4

Note 2 - Significant Accounting Policies - Disaggregated Revenue (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue, Percent	100.00%	100.00%	100.00%
Retail Sales [Member]
Revenue, Percent	61.00%	59.00%	56.00%
Non-Retail [Member]
Revenue, Percent	39.00%	41.00%	44.00%

Note 2 - Significant Accounti_5

Note 2 - Significant Accounting Policies - Earnings Per Share (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
BASIC
Net income	$ (628,349)	$ (121,534)	$ 1,440,092	$ 1,273,619	$ 1,671,340	$ 521,414	$ 1,027,732	$ 1,231,265	$ 1,963,828	$ 4,451,751	$ 6,402,259
Weighted average common shares outstanding (in shares)	9,143,746	9,154,209	9,180,076	9,264,446	9,270,862	9,270,862	9,225,960	9,308,726	9,185,203	9,242,092	9,301,867
Earnings per share – basic (in dollars per share)	$ (0.07)	$ (0.01)	$ 0.15	$ 0.14	$ 0.18	$ 0.06	$ 0.11	$ 0.13	$ 0.21	$ 0.48	$ 0.69
DILUTED
Net income	$ (628,349)	$ (121,534)	$ 1,440,092	$ 1,273,619	$ 1,671,340	$ 521,414	$ 1,027,732	$ 1,231,265	$ 1,963,828	$ 4,451,751	$ 6,402,259
Weighted average common shares outstanding (in shares)	9,143,746	9,154,209	9,180,076	9,264,446	9,270,862	9,270,862	9,225,960	9,308,726	9,185,203	9,242,092	9,301,867
Effect of restricted stock awards and assumed exercise of stock options (in shares)									459	14,718	19,691
Weighted average common shares outstanding, assuming dilution (in shares)	9,143,746	9,155,031	9,180,727	9,264,811	9,272,330	9,273,950	9,229,129	9,330,919	9,185,662	9,256,810	9,321,558
Earnings per share - diluted (in dollars per share)	$ (0.07)	$ (0.01)	$ 0.15	$ 0.14	$ 0.18	$ 0.06	$ 0.11	$ 0.13	$ 0.21	$ 0.48	$ 0.69
Outstanding options and restricted stock awards excluded as anti-dilutive (in shares)									657,717	17,632	31,477

Note 2 - Significant Accounti_6

Note 2 - Significant Accounting Policies - Intangible Assets (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Other intangibles, gross	$ 729,685	$ 729,685
Accumulated Amortization	713,185	710,463
Other intangibles, net	16,500	19,222
Trademarks and Copyrights [Member]
Other intangibles, gross	554,369	554,369
Accumulated Amortization	546,702	545,897
Other intangibles, net	7,667	8,472
Noncompete Agreements [Member]
Other intangibles, gross	175,316	175,316
Accumulated Amortization	166,483	164,566
Other intangibles, net	$ 8,833	$ 10,750

Note 3 - Valuation and Qualif_2

Note 3 - Valuation and Qualifying Accounts (Details Textual) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Allowance for Doubtful Accounts Receivable, Ending Balance	$ 15,700	$ 22,600
Contract with Customer, Estimate of Sales Return	184,000
Contract with Customer, Estimate of Merchandise Expected to Be Returned	$ 111,000

Note 4 - Balance Sheet Compon_3

Note 4 - Balance Sheet Components (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Depreciation, Total	$ 1,797,000	$ 1,873,000	$ 1,718,000
Accrued Business Exit Costs	150,529
Severance Costs	608,000
Accrued Severance Costs	$ 367,837

Note 4 - Balance Sheet Compon_4

Note 4 - Balance Sheet Components - Schedule of Balance Sheet Components (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
INVENTORY
Finished goods held for sale	$ 31,718,769	$ 34,824,728
Raw materials and work in process	917,966	1,138,316
Inventory in transit	1,119,541	1,348,153
Contract with Customer, Estimate of Merchandise Expected to Be Returned	111,000
TOTAL	33,867,276	37,311,197
PROPERTY AND EQUIPMENT
Building	9,257,066	9,257,066
Land	1,451,132	1,451,132
Leasehold improvements	1,845,767	1,615,464
Equipment and machinery	6,594,487	6,447,776
Furniture and fixtures	8,335,926	7,907,704
Vehicles	521,185	539,339
	28,005,563	27,218,481
Less: accumulated depreciation	(13,606,266)	(11,750,639)
TOTAL	14,399,297	15,467,842
Accrued bonuses	1,158,899	1,748,236
Accrued payroll	711,818	630,259
Deferred revenue	647,277	905,657
Unearned gift card revenue	195,901
Estimated returns	184,000
Sales and payroll taxes payable	491,775	524,184
Inventory in transit	763,350	1,067,143
Exit obligations	150,529
Accrued severance	367,837
Other accrued expenses	268,443	77,998
TOTAL	$ 4,939,829	$ 4,953,477

Note 4 - Balance Sheet Compon_5

Note 4 - Balance Sheet Components - Loss From Abandonment and (or) Disposal of Obsolete Equipment, by Segment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loss on disposal or abandonment of assets	$ 1,321	$ 3,139	$ 16,985
North America Segment [Member]
Loss on disposal or abandonment of assets	(992)	2,378	17,699
International [Member]
Loss on disposal or abandonment of assets	$ 2,313	$ 761	$ (714)

Note 5 - Notes Payable and Lo_3

Note 5 - Notes Payable and Long-term Debt (Details Textual)	Aug. 20, 2018	Sep. 18, 2015USD ($)shares	Feb. 28, 2019USD ($)	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Aug. 25, 2016USD ($)	Aug. 24, 2016USD ($)	Aug. 31, 2015shares
Proceeds from Issuance of Long-term Debt, Total				$ 1,596,288		$ 3,660,505
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | shares		2,200,000		907,406					1,200,000
Treasury Stock, Shares, Acquired | shares				243,387		520,482
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				1.50%	1.50%
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				$ 1,600,000	$ 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				235,052
Line of Credit Facility, Remaining Borrowing Capacity				$ 6,000,000
Two Promissory Notes with BOKF [Member]
Debt Instrument, Interest Rate, Effective Percentage				4.00%	3.351%
Two Promissory Notes with BOKF [Member] | Subsequent Event [Member]
Payment for Debt Extinguishment or Debt Prepayment Cost			$ 0
Two Promissory Notes with BOKF [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate				1.50%	1.85%

Note 5 - Notes Payable and Lo_4

Note 5 - Notes Payable and Long-term Debt - Summary of Credit Agreement and Line of Credit Note (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Line of Credit Note	$ 8,968,018	$ 7,371,730
	8,968,018	7,371,730
Less current maturities	747,335	614,311
LONG-TERM DEBT, net of current maturities	8,220,683	6,757,419
Promissory Note with BOKF [Member]
Line of Credit Note	8,968,018	7,371,730
	8,968,018	7,371,730
Promissory Note and Business Loan Agreement with BOKF [Member]
Line of Credit Note

Note 5 - Notes Payable and Lo_5

Note 5 - Notes Payable and Long-term Debt - Summary of Credit Agreement and Line of Credit Note (Details) (Parentheticals) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%	1.50%
Promissory Note with BOKF [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 15,000,000	$ 15,000,000
Promissory Note with BOKF [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%	1.50%
Promissory Note and Business Loan Agreement with BOKF [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 6,000,000	$ 6,000,000

Note 5 - Notes Payable and Lo_6

Note 5 - Notes Payable and Long-term Debt - Schedule of Notes Payable Debt Maturities (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
2,019	$ 747,335
2,020	2,242,004
2,021	2,242,004
2,022	2,242,004
2,023	1,494,671
	$ 8,968,018	$ 7,371,730

Note 6 - Employee Benefit and_2

Note 6 - Employee Benefit and Savings Plans (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Contribution Plan, Cost	$ 361,338	$ 326,612	$ 277,753
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0	$ 0	$ 0
100% Matching [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	100.00%	100.00%	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	3.00%	3.00%	3.00%
50% Matching [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	50.00%	50.00%	50.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	2.00%	2.00%	2.00%

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2017		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%	34.00%	34.00%
Tax Adjustments, Settlements, and Unusual Provisions	$ 340,782
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability	$ 463,800	[1]	$ 401,000
Current Foreign Tax Expense (Benefit)			$ 0
[1]	classified as part of the Federal deferred benefit in 2017

Note 7 - Income Taxes - Provisi

Note 7 - Income Taxes - Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current provision:
Federal	$ 1,607,117	$ 3,090,997	$ 3,108,894
State	223,749	309,249	486,565
Total current income tax expense	1,830,866	3,400,246	3,595,459
Deferred provision (benefit):
Federal	(76,438)	(665,181)	183,520
State	(14,559)	(23,692)	21,591
Total deferred income tax expense	(90,997)	(688,873)	205,111
Total income tax expense	$ 1,739,869	$ 2,711,373	$ 3,800,570

Note 7 - Income Taxes - Income

Note 7 - Income Taxes - Income Tax Expense From Change in Tax Rate (Details) - USD ($)		3 Months Ended		12 Months Ended
		Dec. 31, 2017		Dec. 31, 2018
Transition tax on deemed repatriation of certain foreign earnings	[1]	$ 514,454
Foreign Withholding Taxes	[1]	290,128
Remeasuring deferred tax position at the lowered income tax rate		(463,800)	[2]	$ (401,000)
		$ 340,782
[1]	classified as part of the Federal current provision in 2017
[2]	classified as part of the Federal deferred benefit in 2017

Note 7 - Income Taxes - Incom_2

Note 7 - Income Taxes - Income Before Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income from continuing operations, before income taxes	$ 3,703,697	$ 7,163,124	$ 10,202,829
Internal Revenue Service (IRS) [Member]
Income before income taxes	3,347,690	6,372,585	9,070,894
Her Majesty's Revenue and Customs (HMRC) [Member]
Income before income taxes	(385,573)	(171,608)	(81,987)
Canada Revenue Agency [Member]
Income before income taxes	680,388	1,055,783	1,034,027
Australian Taxation Office [Member]
Income before income taxes	(2,454)	(88,096)	82,622
Tax Authority, Spain [Member]
Income before income taxes	$ 63,646	$ (5,540)	$ 97,273

Note 7 - Income Taxes - Deferre

Note 7 - Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2018	Dec. 31, 2017
Deferred income tax assets:
Capitalized inventory costs	$ 179,535	$ 198,616
Warrants and share-based compensation	29,047	29,047
Accrued expenses, reserves, and other	39,646	44,075
Total deferred income tax assets	248,228	271,738
Deferred income tax liabilities:
Property and equipment depreciation	889,719	1,008,485
Goodwill and other intangible assets amortization	159,435	155,175
Transition tax on deemed repatriation of foreign earnings	507,339	473,298
Total deferred income tax liabilities	$ 1,556,493	$ 1,636,958

Note 7 - Income Taxes - Effecti

Note 7 - Income Taxes - Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	34.00%	34.00%
State and local taxes	5.00%	6.00%	6.00%
Impact of Tax Act	5.00%	4.00%
Non-U.S. income tax at different rates	17.00%	(1.00%)
Domestic production activities deduction		(2.00%)	(1.00%)
Other, net		(3.00%)	(2.00%)
Effective rate	47.00%	38.00%	37.00%

Note 8 - Commitments and Cont_3

Note 8 - Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Leases, Rent Expense, Total	$ 4,986,297	$ 4,609,724	$ 4,189,225

Note 8 - Commitments and Cont_4

Note 8 - Commitments and Contingencies - Future Minimum Lease Payments Under Noncancelable Operating Leases (Details)	Dec. 31, 2018USD ($)
2,019	$ 4,417,806
2,020	3,750,324
2,021	3,042,779
2,022	2,102,463
2,023	1,289,874
2,024	735,375
2,025	624,970
2,026	420,549
2,027	296,974
2,028	61,350
Total minimum lease payments	$ 16,742,464

Note 9 - Significant Business_2

Note 9 - Significant Business Concentrations and Risk (Details Textual)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Number of Major Suppliers	1
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Number Of Major Customers	5
Concentration Risk, Percentage	1.00%	1.20%	1.40%
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Number Of Major Customers		2
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Major Customers [Member]
Concentration Risk, Percentage	33.30%	21.40%

Note 10 - Stockholders' Equit_2

Note 10 - Stockholders' Equity (Details Textual) - USD ($)	Oct. 02, 2018	Dec. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Sep. 18, 2015	Aug. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total			0	0	0
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Total			$ 0	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value				155,606
Proceeds from Stock Options Exercised				223,404
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			180 days
Allocated Share-based Compensation Expense, Total		$ 0	$ 0	$ 0		$ 0
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			907,406				2,200,000	1,200,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			4 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			654,000	9,005
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total			$ 3,315,366
Restricted Stock [Member] | Operating Expense [Member]
Allocated Share-based Compensation Expense, Total			327,629	$ 239,599	$ 199,870
Restricted Stock [Member] | Janet Carr [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost, Total			$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	644,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	460,000
Restricted Stock [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 [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
2007 Director Non-Qualified Stock Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period				10 years
Restricted Stock Plan [Member] | Restricted Stock [Member] | Executive Officers, Non-employee Directors and Other Key Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			300,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			178,225

Note 10 - Stockholders' Equit_3

Note 10 - Stockholders' Equity - Summary of Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Balance, outstanding (in shares)		56,400	68,400
Balance, outstanding (in dollars per share)		$ 5.14	$ 5.17
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	0	0	0	0
Granted (in dollars per share)
Forfeited or cancelled (in shares)		(12,000)	(12,000)
Forfeited or cancelled (in dollars per share)		$ 5.14	$ 5.30
Exercised (in shares)		(44,400)
Exercised (in dollars per share)		$ 5.14
Balance, outstanding (in shares)			56,400	68,400
Balance, outstanding (in dollars per share)			$ 5.14	$ 5.17
Exercisable at end of year (in shares)			56,400
Exercisable at end of year (in dollars per share)			$ 5.14
Weighted-average fair value of options granted during year (in dollars per share)

Note 10 - Stockholders' Equit_4

Note 10 - Stockholders' Equity - Activity for Nonvested Restricted Common Stock Awards (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Balance, shares (in shares)	36,801	65,150
Balance, Grant Fair Value (in dollars per share)	$ 8.03	$ 8.03
Granted (in shares)	654,000	9,005
Granted, Grant Fair Value (in dollars per share)	$ 7.39	$ 8.05
Forfeited (in shares)		(4,054)
Forfeited, Grant Fair Value (in dollars per share)		$ 8.97
Vested (in shares)	(33,084)	(33,300)
Vested, Grant Fair Value (in dollars per share)	$ 7.94	$ 8.97
Balance, shares (in shares)	657,717	36,801
Balance, Grant Fair Value (in dollars per share)	$ 7.39	$ 8.03

Note 10 - Stockholders' Equit_5

Note 10 - Stockholders' Equity - Unrecognized Compensation Expense for Non-vested Restricted Stock Awards (Details) - Restricted Stock [Member]	Dec. 31, 2018USD ($)
2,019	$ 714,754
2,020	711,733
2,021	699,088
2,022	679,880
2,023	$ 509,911

Note 10 - Stockholders' Equit_6

Note 10 - Stockholders' Equity - Share Repurchase Program (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Treasury Stock, Shares, Acquired	243,387		520,482
2018 (in dollars per share)	$ 6.79		$ 7.06

Note 11 - Segment Information_2

Note 11 - Segment Information (Details Textual)	12 Months Ended
	Dec. 31, 2018
Number of Reportable Segments	2

Note 11 - Segment Information -

Note 11 - Segment Information - Summary of Reportable Operating Segments (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net sales	$ 24,744,403	$ 18,887,099	$ 19,177,767	$ 20,288,918	$ 24,502,272	$ 18,388,381	$ 19,280,770	$ 20,149,845	$ 83,098,187	$ 82,321,268	$ 82,923,992
Gross Profit	12,771,954	$ 11,846,833	$ 13,118,442	$ 12,842,962	15,296,919	$ 11,635,331	$ 12,895,534	$ 12,286,045	50,580,191	52,113,829	51,713,242
Operating earnings									3,828,463	7,241,822	10,300,731
Interest expense									304,957	205,555	155,189
Other (income) expense, net									(180,191)	(126,857)	(57,287)
Income before income taxes									3,703,697	7,163,124	10,202,829
Depreciation and amortization									1,797,281	1,875,102	1,719,154
Fixed asset additions									1,091,433	1,689,645	1,697,704
Total assets	76,140,134				74,914,596				76,140,134	74,914,596	70,652,720
North America Segment [Member]
Net sales									79,553,353	78,568,219	79,041,920
Gross Profit									48,375,877	49,889,888	49,315,003
Operating earnings									4,182,969	7,498,817	10,224,773
Interest expense									304,957	205,555	155,189
Other (income) expense, net									(150,067)	(135,011)	(35,290)
Income before income taxes									4,028,079	7,428,370	10,104,873
Depreciation and amortization									1,696,656	1,790,421	1,631,534
Fixed asset additions									1,000,263	1,666,171	1,609,829
Total assets	71,578,634				70,302,116				71,578,634	70,302,116	66,502,432
International [Member]
Net sales									3,544,834	3,753,049	3,882,072
Gross Profit									2,204,314	2,223,941	2,398,239
Operating earnings									(354,506)	(256,995)	75,958
Interest expense
Other (income) expense, net									(30,124)	8,154	(21,997)
Income before income taxes									(324,382)	(265,246)	97,956
Depreciation and amortization									100,625	84,681	87,620
Fixed asset additions									91,170	23,474	87,875
Total assets	$ 4,561,500				$ 4,612,480				$ 4,561,500	$ 4,612,480	$ 4,150,288

Note 11 - Segment Information_3

Note 11 - Segment Information - Net Sales for Geographic Areas (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net sales	$ 24,744,403	$ 18,887,099	$ 19,177,767	$ 20,288,918	$ 24,502,272	$ 18,388,381	$ 19,280,770	$ 20,149,845	$ 83,098,187	$ 82,321,268	$ 82,923,992
UNITED STATES
Net sales									71,443,246	70,453,773	70,886,401
CANADA
Net sales									7,120,452	7,224,894	7,199,155
All Other Countries [Member]
Net sales									$ 4,534,489	$ 4,642,601	$ 4,838,436

Note 12 - Recent Accounting P_2

Note 12 - Recent Accounting Pronouncements (Details Textual) - Accounting Standards Update 2016-02 [Member] - Subsequent Event [Member] $ in Millions	Jan. 01, 2019USD ($)
Operating Lease, Right-of-Use Asset	$ 6.1
Operating Lease, Liability, Total	$ 6.5

Note 13 - Quarterly Financial_3

Note 13 - Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net sales	$ 24,744,403	$ 18,887,099	$ 19,177,767	$ 20,288,918	$ 24,502,272	$ 18,388,381	$ 19,280,770	$ 20,149,845	$ 83,098,187	$ 82,321,268	$ 82,923,992
Gross Profit	12,771,954	11,846,833	13,118,442	12,842,962	15,296,919	11,635,331	12,895,534	12,286,045	50,580,191	52,113,829	51,713,242
Net income	$ (628,349)	$ (121,534)	$ 1,440,092	$ 1,273,619	$ 1,671,340	$ 521,414	$ 1,027,732	$ 1,231,265	$ 1,963,828	$ 4,451,751	$ 6,402,259
NET INCOME PER COMMON SHARE:
Earnings per share – basic (in dollars per share)	$ (0.07)	$ (0.01)	$ 0.15	$ 0.14	$ 0.18	$ 0.06	$ 0.11	$ 0.13	$ 0.21	$ 0.48	$ 0.69
Earnings per share - diluted (in dollars per share)	$ (0.07)	$ (0.01)	$ 0.15	$ 0.14	$ 0.18	$ 0.06	$ 0.11	$ 0.13	$ 0.21	$ 0.48	$ 0.69
Weighted average number of common shares outstanding:
Weighted average common shares outstanding (in shares)	9,143,746	9,154,209	9,180,076	9,264,446	9,270,862	9,270,862	9,225,960	9,308,726	9,185,203	9,242,092	9,301,867
Diluted (in shares)	9,143,746	9,155,031	9,180,727	9,264,811	9,272,330	9,273,950	9,229,129	9,330,919	9,185,662	9,256,810	9,321,558
Net sales	$ 24,744,403	$ 18,887,099	$ 19,177,767	$ 20,288,918	$ 24,502,272	$ 18,388,381	$ 19,280,770	$ 20,149,845	$ 83,098,187	$ 82,321,268	$ 82,923,992
Gross Profit	12,771,954	11,846,833	13,118,442	12,842,962	15,296,919	11,635,331	12,895,534	12,286,045	50,580,191	52,113,829	51,713,242
Net income	$ (628,349)	$ (121,534)	$ 1,440,092	$ 1,273,619	$ 1,671,340	$ 521,414	$ 1,027,732	$ 1,231,265	$ 1,963,828	$ 4,451,751	$ 6,402,259