Tandy Leather Factory (TLF) 10-K 22 Jun 21 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2019	Jun. 17, 2021	Jun. 30, 2019
Cover [Abstract]
Entity Registrant Name	TANDY LEATHER FACTORY INC
Entity Central Index Key	0000909724
Current Fiscal Year End Date	--12-31
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Address, State or Province	TX
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Entity Public Float			$ 28,164,961
Entity Common Stock, Shares Outstanding		8,663,921

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	[1]	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	[1]	Dec. 31, 2016	[1]
CURRENT ASSETS:
Cash	$ 15,905,158	$ 12,679,373	$ 24,070,351		$ 16,814,972	$ 18,955,328	$ 19,252,878	$ 18,082,857
Short-term Investments	9,152,166	5,006,578	0		0			0
Accounts receivable-trade, net of allowance for doubtful accounts of $15,940; $15,703; and $22,642 at December 31, 2019, 2018 and 2017, respectively	408,711	456,537	408,170		418,612	496,255	503,322	461,212
Inventory	24,041,827	30,174,483	33,302,549		38,411,757	35,122,333	34,277,634	34,546,084
Prepaid income taxes	1,628,985	308,458	419,908		65,794	0		0
Prepaid expenses	1,081,859	1,592,043	1,283,795		1,412,506	1,439,337	1,640,598	1,392,278
Other current assets	296,994	280,406	331,805		383,336	163,016	169,562	328,522
Total current assets	52,515,700	50,497,878	59,816,578		57,506,977	56,176,269	55,843,994	54,810,953
Property and equipment, at cost	27,470,545	27,902,207	28,140,345		27,983,667	27,585,125	27,436,922	27,332,299
Less accumulated depreciation	(14,551,645)	(13,941,530)	(13,625,261)		(12,993,965)	(12,569,534)	(12,177,897)	(11,765,416)
Property and equipment, net	12,918,900	13,960,677	14,515,084		14,989,702	15,015,591	15,259,025	15,566,883
Operating lease assets	13,897,422	16,769,384	0					0
Deferred income taxes	427,333	908,500	1,092,293		1,421,196	1,285,548	1,048,140	1,130,905
Goodwill	0	956,945	954,765		960,304	958,464	960,353	962,949
Other intangibles, net of accumulated amortization of $547,369; $690,869; and $688,147 at December 31, 2019, 2018 and 2017, respectively	7,000	15,833	16,500		17,166	18,083	18,667	19,222
Other assets	344,816	379,661	386,107		387,487	384,744	379,292	379,695
TOTAL ASSETS	80,111,171	83,488,878	76,781,327		75,282,832	73,838,699	73,509,471	72,870,607
CURRENT LIABILITIES:
Accounts payable-trade	5,752,613	897,196	2,154,394		3,718,393	3,115,778	2,922,764	2,409,845
Accrued expenses and other liabilities	2,656,718	4,107,279	5,401,508		3,409,797	3,136,191	3,546,711	5,045,015
Income taxes payable	0		0			153,593	491,771	354,629
Operating lease liabilities	3,822,748	4,048,161	0					0
Current maturities of long-term debt	0		519,516		174,056	1,740,556	1,153,931	614,311
Total current liabilities	12,232,079	9,052,636	8,075,418		7,302,246	8,146,118	8,115,177	8,423,800
Uncertain tax positions	296,127	1,415,715	1,415,715		1,197,078	1,197,078	1,197,078	1,197,078
Other non-current liabilities	508,907	555,778	555,296		598,188	597,716	597,243	596,770
Operating lease liabilities, non-current	10,654,631	13,234,659	0					0
Long-term debt, net of current maturities	0		8,448,502		8,180,613	6,614,112	6,758,739	6,757,419
COMMITMENTS AND CONTINGENCIES (Note 10)
STOCKHOLDERS' EQUITY:
Preferred stock, $0.10 par value; 20,000,000 shares authorized; none issued or outstanding; attributes to be determined on issuance	0	0	0		0	0	0	0
Common stock, $0.0024 par value; 25,000,000 shares authorized; 10,446,563; 10,353,155; and 10,320,069 shares issued at December 31, 2019, 2018, and 2017, respectively	25,072	24,851	24,848		24,808	24,808	24,808	24,768
Paid-in capital	5,037,102	4,452,960	4,267,138		4,015,996	3,992,237	3,968,518	3,939,589
Retained earnings	62,210,781	65,634,371	64,476,378		63,361,113	62,752,412	61,594,670	60,078,013
Treasury stock at cost (1,424,376; 1,292,594; and 1,049,207 shares at December 31, 2019, 2018 and 2017, respectively)	(9,772,982)	(9,752,400)	(9,037,783)		(8,379,755)	(8,379,703)	(7,925,457)	(7,384,517)
Accumulated other comprehensive loss (net of tax of $358,646; $480,112; and $240,045 at December 31, 2019, 2018 and 2017, respectively)	(1,080,546)	(1,129,692)	(1,444,185)		(1,017,455)	(1,106,079)	(821,305)	(762,313)
Total stockholders' equity	56,419,427	59,230,090	58,286,396		58,004,707	57,283,675	56,841,234	55,895,540		$ 52,542,666
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 80,111,171	$ 83,488,878	$ 76,781,327		$ 75,282,832	$ 73,838,699	$ 73,509,471	$ 72,870,607
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($)	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	[1]	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	[1]
CURRENT ASSETS:
Allowance for doubtful accounts	$ 15,940	$ 12,940	$ 15,703		$ 9,839	$ 9,911	$ 16,075	$ 22,642
Accumulated amortization	$ 547,369	$ 714,000	$ 690,869		$ 712,000	$ 712,000	$ 711,000	$ 688,147
STOCKHOLDERS' EQUITY:
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.10		$ 0.10	$ 0.10	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000	20,000,000		20,000,000	20,000,000	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0	0		0	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0		0	0	0	0
Common stock, par value (in dollars per share)	$ 0.0024	$ 0.0024	$ 0.0024		$ 0.0024	$ 0.0024	$ 0.0024	$ 0.0024
Common stock, shares authorized (in shares)	25,000,000	25,000,000	25,000,000		25,000,000	25,000,000	25,000,000	25,000,000
Common stock, shares issued (in shares)	10,446,563	10,354,563	10,353,155		10,336,717	10,336,717	10,336,717	10,320,069
Treasury stock, shares (in shares)	1,424,376	1,420,539	1,292,594		1,182,509	1,182,502	1,121,607	1,049,207
Accumulated other comprehensive loss, tax	$ 358,646		$ 480,112				$ 240,045	$ 240,045
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	3 Months Ended												6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2019		Sep. 30, 2019		Jun. 30, 2019		Mar. 31, 2019		Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2019		Dec. 31, 2018	[1]	Dec. 31, 2017	[1]
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net sales							$ 20,941,322			$ 18,878,263	$ 19,187,222	$ 20,500,578	$ 39,687,800	$ 58,566,063	$ 74,918,160		$ 83,203,569		$ 82,420,595
Cost of sales							8,696,652			6,982,380	6,953,730	7,811,518	14,765,248	21,747,628	32,958,708		32,262,624		33,334,934
Gross profit (loss)	$ 11,495,688		$ 8,848,648		$ 9,370,446		12,244,670		$ 14,122,510	11,895,883	12,233,492	12,689,060	24,922,552	36,818,435	41,959,452		50,940,945		49,085,661
Operating expenses							10,031,653			10,995,989	10,651,386	10,634,923	21,286,309	32,282,298	43,555,826		44,692,265		42,708,942
Impairment expense															1,001,835		285,477		0
Income (loss) from operations							2,213,017			899,894	1,582,106	2,054,137	3,636,243	4,536,137	(2,598,209)		5,963,203		6,376,719
Other (income) expense:
Interest expense							32,383			80,710	78,182	64,642	142,824	223,534	36,260		304,957		205,555
Other, net							109,618			(40,846)	(131,842)	(153,378)	(285,220)	(326,066)	(40,225)		(553,573)		(167,112)
Total other (income) expense							142,001			39,864	(53,660)	(88,736)	(142,396)	(102,532)	(3,965)		(248,616)		38,443
Income (loss) before income taxes							2,071,016			860,030	1,635,766	2,142,873	3,778,639	4,638,669	(2,594,244)		6,211,819		6,338,276
Provision (benefit) for income taxes							551,205			251,329	478,023	626,217	1,104,240	1,355,569	(690,463)		1,813,454		3,859,832
Net income (loss)	$ (829,473)		$ (1,718,452)		$ (875,667)		1,519,811		$ 1,115,265	608,701	1,157,743	1,516,656	2,674,399	3,283,100	(1,903,781)	[2]	4,398,365		2,478,444
Foreign currency translation adjustments, net of tax							314,493			88,624	(284,774)	(58,992)	(343,766)	(255,142)	363,639		(681,872)		411,427
Comprehensive income (loss)							$ 1,834,304			$ 697,325	$ 872,969	$ 1,457,664	$ 2,330,633	$ 3,027,958	$ (1,540,142)		$ 3,716,493		$ 2,889,871
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.09)		$ (0.19)		$ (0.10)		$ 0.17		$ 0.12	$ 0.07	$ 0.13	$ 0.16	$ 0.29	$ 0.36	$ (0.21)		$ 0.48		$ 0.27
Diluted (in dollars per share)	$ (0.09)	[3]	$ (0.19)	[3]	$ (0.10)	[3]	$ 0.17	[3]	$ 0.12	$ 0.07	$ 0.13	$ 0.16	$ 0.29	$ 0.36	$ (0.21)		$ 0.48		$ 0.27
Weighted average number of shares outstanding:
Basic (in shares)	9,020,187		8,932,246		8,933,648		9,009,752		9,143,746	9,154,215	9,180,076	9,264,446	9,222,028	9,199,173	8,973,246	[2]	9,185,203		9,242,092
Diluted (in shares)	9,020,187		8,932,246		8,933,648		9,011,107		9,144,020	9,160,022	9,182,527	9,264,604	9,223,086	9,201,577	8,973,246	[2]	9,205,008		9,245,537
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.
[2]	For the year ended December 31, 2019, there were 9,203 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period.
[3]	For the three months ended June 30, 2019, September 31, 2019 and December 31, 2019, there were 2,290, 2,704 and 8,387 shares, respectively, excluded from the diluted EPS calculation because the impact of their assumed exercise would be anti-dilutive due to a net loss in those periods.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)		12 Months Ended
		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Cash flows from operating activities:
Net income (loss)		$ (1,903,781)	[1]	$ 4,398,365	[2]	$ 2,478,444	[2]
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		1,655,223		1,798,762	[2]	1,884,043	[2]
Operating lease asset amortization		3,481,931		0	[2]	0	[2]
Impairment of goodwill and long-lived assets		1,001,835		285,477	[2]	0	[2]
Loss on disposal of assets		8,795		1,321	[2]	3,139	[2]
Stock-based compensation		770,188		327,629	[2]	239,599	[2]
Deferred income taxes		(334,343)		257,249	[2]	638,056	[2]
Exchange (gain) loss		137,241		(406,832)	[2]	32,999	[2]
Changes in operating assets and liabilities:
Accounts receivable-trade		(22,703)		49,155	[2]	88,445	[2]
Inventory		9,329,998		1,034,430	[2]	(2,978,285)	[2]
Prepaid expenses		596,071		71,915	[2]	66,812	[2]
Other current assets		(96,492)		0	[2]	0	[2]
Accounts payable-trade		3,499,627		(148,340)	[2]	764,889	[2]
Accrued expenses and other liabilities		(2,718,611)		314,937	[2]	(2,266,301)	[2]
Income taxes, net		(1,219,596)		(795,609)	[2]	1,148,313	[2]
Other assets		(325,691)		583,281	[2]	365,622	[2]
Operating lease liability		(3,388,399)		0	[2]	0	[2]
Total adjustments		12,375,074		3,373,375	[2]	(12,669)	[2]
Net cash provided by operating activities		10,471,293		7,771,740	[2]	2,465,775	[2]
Cash flows from investing activities:
Purchase of property and equipment		(268,961)		(1,088,328)	[2]	(1,691,999)	[2]
Purchase of short-term investments		(18,094,775)		0	[2]	0	[2]
Proceeds from sales of short-term investments		9,095,000		0	[2]	0	[2]
Proceeds from sales of assets		112,589		27,939	[2]	35,963	[2]
Net cash used in investing activities		(9,156,147)		(1,060,389)	[2]	(1,656,036)	[2]
Cash flows from financing activities:
Proceeds from long-term debt		0		1,596,288	[2]	0	[2]
Payments on long-term debt		(8,968,018)		0	[2]	0	[2]
Payments on capital lease obligations		0		0	[2]	(72,686)	[2]
Repurchase of treasury stock		(735,199)		(1,653,266)	[2]	0	[2]
Proceeds from exercise of stock options		0		0	[2]	223,404	[2]
Net cash (used in) provided by financing activities		(9,703,217)		(56,978)	[2]	150,718	[2]
Effect of exchange rate changes on cash and cash equivalents		222,878		(666,879)	[2]	260,096	[2]
Net (decrease) increase in cash and cash equivalents		(8,165,193)		5,987,494	[2]	1,220,553	[2]
Cash and cash equivalents, beginning of period	[2]	24,070,351		18,082,857		16,862,304
Cash and cash equivalents, end of period		15,905,158		24,070,351	[2]	18,082,857	[2]
Supplemental disclosures of cash flow information:
Interest paid during the period		36,260		304,957	[2]	205,555	[2]
Income tax paid during the period, net of refunds		714,620		1,361,400	[2]	2,243,018	[2]
Supplemental disclosures of non-cash activity:
Cumulative effect of accounting changes - ASC 842	[3]	(361,816)		0	[2]	0	[2]
Operating lease assets obtained in exchange for lease liabilities, net		$ 17,328,019		$ 0	[2]	$ 0	[2]
[1]	For the year ended December 31, 2019, there were 9,203 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period.
[2]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.
[3]	ASC 842 - Leases - "Topic 842"

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)		Common Stock [Member]		Paid-in Capital [Member]		Treasury Stock [Member]		Retained Earnings [Member]		Accumulated Other Comprehensive Income (Loss) [Member]		Total		Previously Reported [Member]Common Stock [Member]	Previously Reported [Member]Paid-in Capital [Member]	Previously Reported [Member]Treasury Stock [Member]	Previously Reported [Member]Retained Earnings [Member]	Previously Reported [Member]Accumulated Other Comprehensive Income (Loss) [Member]	Previously Reported [Member]	Restatement Adjustment [Member]Common Stock [Member]	[1]	Restatement Adjustment [Member]Paid-in Capital [Member]	[1]	Restatement Adjustment [Member]Treasury Stock [Member]	[1]	Restatement Adjustment [Member]Retained Earnings [Member]	[1]	Restatement Adjustment [Member]Accumulated Other Comprehensive Income (Loss) [Member]	[1]	Restatement Adjustment [Member]		Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]
Balance at Dec. 31, 2016		$ 24,582	[1]	$ 3,476,772	[1]	$ (7,384,517)	[1]	$ 57,599,569	[1]	$ (1,173,740)	[1]	$ 52,542,666	[1]	$ 27,142	$ 6,368,279	$ (10,278,584)	$ 59,469,493	$ (1,893,129)	$ 53,693,201	$ (2,560)		$ (2,891,507)		$ 2,894,067		$ (1,869,924)		$ 719,389		$ (1,150,535)	[1]
Balance (in shares) at Dec. 31, 2016												9,193,162	[1]						9,193,162											0	[1]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		0		239,599		0		0		0		$ 239,599
Issuance of restricted stock		$ 79		(79)		0		0		0		0
Issuance of restricted stock (in shares)		33,300
Shares issued - stock options exercised		$ 107		223,297		0		0		0		223,404
Shares issued - stock options exercised (in shares)		44,400
Net income (loss)		$ 0		0		0		2,478,444		0		2,478,444	[1]						$ 4,451,751											$ (1,973,307)
Foreign currency translation adjustments, net of tax		0		0		0		0		411,427		411,427	[1]						931,026											(519,599)
Balance at Dec. 31, 2017		24,768	[1]	3,939,589	[1]	(7,384,517)	[1]	60,078,013	[1]	(762,313)	[1]	$ 55,895,540	[1]						59,538,981											(3,643,441)
Balance (in shares) at Dec. 31, 2017	[1]											9,270,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)												$ 1,516,656							1,273,619											243,037
Foreign currency translation adjustments, net of tax												(58,992)							21,791											(80,783)
Balance at Mar. 31, 2018												56,841,234							60,154,109											(3,312,875)
Balance at Dec. 31, 2017		24,768	[1]	3,939,589	[1]	(7,384,517)	[1]	60,078,013	[1]	(762,313)	[1]	$ 55,895,540	[1]						59,538,981											(3,643,441)
Balance (in shares) at Dec. 31, 2017	[1]											9,270,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)												$ 2,674,399							2,713,711											(39,312)
Foreign currency translation adjustments, net of tax												(343,766)							(272,807)											(70,959)
Balance at Jun. 30, 2018												57,283,675							60,869,076											(3,585,401)
Balance at Dec. 31, 2017		24,768	[1]	3,939,589	[1]	(7,384,517)	[1]	60,078,013	[1]	(762,313)	[1]	$ 55,895,540	[1]						59,538,981											(3,643,441)
Balance (in shares) at Dec. 31, 2017	[1]											9,270,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)												$ 3,283,100							2,592,177											690,923
Foreign currency translation adjustments, net of tax												(255,142)							(154,642)											(100,500)
Balance at Sep. 30, 2018												58,004,707							60,889,414											(2,884,707)
Balance at Dec. 31, 2017		24,768	[1]	3,939,589	[1]	(7,384,517)	[1]	60,078,013	[1]	(762,313)	[1]	$ 55,895,540	[1]						59,538,981											(3,643,441)
Balance (in shares) at Dec. 31, 2017	[1]											9,270,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		0		327,629		0		0		0		$ 327,629
Issuance of restricted stock		$ 80		(80)		0		0		0		0
Issuance of restricted stock (in shares)		33,086
Purchase of treasury stock		$ 0		0		$ (1,653,266)		0		0		$ (1,653,266)
Purchase of treasury stock (in shares)						(243,387)						(243,387)
Net income (loss)		0		0		$ 0		4,398,365		0		$ 4,398,365	[1]						1,963,828											2,434,537
Foreign currency translation adjustments, net of tax		0		0		0		0		(681,872)		(681,872)	[1]						(548,557)											(133,315)
Balance at Dec. 31, 2018		24,848	[1]	4,267,138	[1]	(9,037,783)	[1]	64,476,378	[1]	(1,444,185)	[1]	$ 58,286,396	[1]						59,460,304											(1,173,908)
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018																																$ 0	$ (361,816)	$ 0	$ (361,816)
Balance (in shares) at Dec. 31, 2018	[1]											9,060,561
Balance at Mar. 31, 2018												$ 56,841,234							60,154,109											(3,312,875)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)												1,157,743							1,440,092											(282,349)
Foreign currency translation adjustments, net of tax												(284,774)							(294,598)											9,824
Balance at Jun. 30, 2018												57,283,675							60,869,076											(3,585,401)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)												608,701							(121,534)											730,235
Foreign currency translation adjustments, net of tax												88,624							118,165											(29,541)
Balance at Sep. 30, 2018												58,004,707							60,889,414											(2,884,707)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)												1,115,265
Balance at Dec. 31, 2018		24,848	[1]	4,267,138	[1]	(9,037,783)	[1]	64,476,378	[1]	(1,444,185)	[1]	$ 58,286,396	[1]						59,460,304											(1,173,908)
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018																																0	(361,816)	0	(361,816)
Balance (in shares) at Dec. 31, 2018	[1]											9,060,561
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)												$ 1,519,811							868,963											650,848
Foreign currency translation adjustments, net of tax												314,493							287,295											27,198
Balance at Mar. 31, 2019												59,230,090							59,690,660											(460,570)
Balance at Dec. 31, 2018		24,848	[1]	4,267,138	[1]	(9,037,783)	[1]	64,476,378	[1]	(1,444,185)	[1]	$ 58,286,396	[1]						$ 59,460,304											$ (1,173,908)
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018																																$ 0	$ (361,816)	$ 0	$ (361,816)
Balance (in shares) at Dec. 31, 2018	[1]											9,060,561
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		0		770,188		0		0		0		$ 770,188
Issuance of restricted stock		$ 224		(224)		0		0		0		0
Issuance of restricted stock (in shares)		93,408
Purchase of treasury stock		$ 0		0		$ (735,199)		0		0		$ (735,199)
Purchase of treasury stock (in shares)						(131,782)						(131,782)
Net income (loss)		0		0		$ 0		(1,903,781)		0		$ (1,903,781)	[2]
Foreign currency translation adjustments, net of tax		0		0		0		0		363,639		363,639
Balance at Dec. 31, 2019		$ 25,072		$ 5,037,102		$ (9,772,982)		$ 62,210,781		$ (1,080,546)		$ 56,419,427
Balance (in shares) at Dec. 31, 2019												9,022,187
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.
[2]	For the year ended December 31, 2019, there were 9,203 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period.

DESCRIPTION OF BUSINESS

DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2019
DESCRIPTION OF BUSINESS [Abstract]
DESCRIPTION OF BUSINESS	1. DESCRIPTION OF BUSINESS Tandy Leather Factory, Inc. is one of the world’s largest specialty retailers of leather and leathercraft-related items. Founded in 1919 in Fort Worth, Texas, the Company introduced leathercrafting to millions of American and later Canadian and other international customers and has built a track record as the trusted source of quality leather, tools, hardware, supplies, kits and teaching materials for leatherworkers everywhere. Today, our mission remains to build on our legacy of inspiring the timeless art and trade of leatherworking. What differentiates Tandy from the competition is our high brand awareness and strong brand equity and loyalty, our network of retail stores that provides convenience, a high-touch customer service experience, a hub for the local leathercrafting community and our 100-year heritage. We believe that this combination of qualities is unique to Tandy and gives the brand competitive advantages that are very difficult for others to replicate. We sell our products primarily through company-owned stores and through orders generated from our four websites: tandyleather.com, tandyleather.ca, tandyleather.eu and tandyleather.com.au. We also manufacture leather lace, cut leather pieces and most of the do-it-yourself kits that are sold in our stores and on our websites. We maintain our principal offices at 1900 Southeast Loop 820, Fort Worth, Texas 76140. As of December 31, 2019, the Company operated a total of 115 retail stores. There were 103 stores in the United States (“U.S.”), 11 stores in Canada and one store in Spain. All e-commerce sales through our websites were fulfilled and recognized through our network of retail stores. The Nasdaq Global Market (“Nasdaq”) suspended trading in the Company’s stock on Nasdaq as of August 13, 2020. Our stock has since traded on the OTC Link (previously “Pink Sheets”) operated by OTC Markets Group Comments and discussion as well as all financials and other data presented here have been updated to reflect the restatement adjustments detailed in Note 2 to the Consolidated Financial Statements, Restatement of Previously Issued Consolidated Financial Statements As of January 1, 2019, we operate as a single segment and report on a consolidated basis. Prior to January 1, 2019, we operated and reported in two segments, North America and International. In early 2019, we announced several strategic initiatives to drive future sales growth and long-term profitability, which resulted in the Company closing two of its three stores outside of North America. This left Spain as our only store outside of North America, and our chief operating decision maker was no longer making operating performance assessments and resource allocation decisions for this one single store. As a result, we no longer report International as a reportable segment. Certain reclassifications unrelated to the restatement of prior period financials were made to previously reported prior period amounts in order to conform to the current period presentation, including a reclass of $0.8 million and $1.1 million from accrued expenses to accounts payable-trade as of December 31, 2018 and 2017, respectively. See Note 2 of the Notes to the Consolidated Financial Statements, Restatement of Previously Issued Consolidated Financial Statements

RESTATEMENT OF PREVIOUSLY ISSUE

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS	12 Months Ended
	Dec. 31, 2019
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS [Abstract]
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS	2. RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS We are filing this comprehensive annual report on Form 10-K for the fiscal years ended December 31, 2019, 2018 and 2017 (the “Comprehensive Form 10-K”) as part of our efforts to become current in our filing obligations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). This Comprehensive Form 10-K is our first periodic filing with the Securities and Exchange Commission (the “SEC”) since the filing of our quarterly report on Form 10-Q for the quarter ended March 31, 2019. This Comprehensive Form 10-K contains our audited Consolidated Financial Statements as of and for the year ended December 31, 2019 and our restated audited Consolidated Financial Statements as of and for the years ended December 31, 2018 and 2017, our unaudited Consolidated Financial Statements as of and for the quarters ended March 31, June 30, September 30, 2018, and March 31, 2019, our unaudited Statements of Comprehensive Income (Loss) and Statements of Cash Flows for the six months ended June 30, 2018 and the nine months ended September 30, 2018 as well as restatements of our unaudited consolidated quarterly financial data for the quarters ended March 31, 2018, June 30, 2018, September 30, 2018, and December 31, 2018, and March 31, 2019. See Note 14 of the Notes to the Consolidated Financial Statements, Quarterly Financial Data (Unaudited) Restatement Background As previously disclosed, on October 14, 2019, as a result of the findings of the Independent Investigation and the Company’s ongoing reviews, the Company, Such errors included: (i) methods used by the Company in the valuation and expensing of costs related to inventory which was not correctly stated and was not consistent with the first-in, first-out (“FIFO”) methodology, (ii) warehousing and handling expenditures which were not properly capitalized during the first and third quarters but were subsequently corrected on a semi-annual basis in the second and fourth quarters resulting in the understatement of inventory and net income in the first and third quarters and the overstatement of net income in the second and fourth quarters, (iii) warehouse and handling expenditures which were improperly classified in operating expenses in all quarters resulting in an overstatement of operating expenses in all restated periods, (iv) freight-in, warehousing and handling expenditures, factory labor and overhead, and freight-out costs which were being capitalized to inventory using historical standard rates that were not based on the actual costs incurred in each period resulting in misstatements of inventory value, (v) inventory reserve levels which did not reflect the Company’s accounting policy of carrying inventory at the lower of cost or net realizable value resulting in misstatements of inventory value, (vi) sales returns were not accounted for until November 2018, and through year end 2017 gift cards were initially recorded to net sales causing net sales to be overstated, (vii) lease accounting errors upon the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases Description of Restatement Adjustments Inventory Under the Company’s inventory accounting policy, inventory is stated using the FIFO methodology for cost, and such cost includes merchandise purchases, the costs to bring the merchandise to its Texas distribution center (freight-in), warehousing and handling expenditures, factory labor and overhead for items that are internally manufactured, and distributing and delivering merchandise to stores (freight-out). The Company carries inventory at the lower of this cost or net realizable value. The inventory restatement adjustments below were first identified by management as a result of a deeper analysis of legacy systems and practices that were in place for many years and which the Company is working to replace. Management identified the following areas in which the accounting for inventory did not adhere to the Company’s inventory accounting policy: (1) FIFO adjustment: inventory was not correctly stated and was not consistent with the FIFO methodology; (2) Freight-in, warehousing and handling expenditures, factory labor and overhead, and freight-out adjustment: i. warehousing and handling expenditures were not properly capitalized during the first and third quarters but were subsequently corrected on a semi-annual basis in the second and fourth quarters resulting in the understatement of inventory and net income in the first and third quarters and the overstatement of net income in the second and fourth quarters; and ii. freight-in, warehousing and handling expenditures, factory labor and overhead, and freight-out costs were being capitalized to inventory using historical standard rates that were not based on the actual costs incurred in each period resulting in misstatements; (3) Inventory reserve adjustment: Tandy’s accounting policy is to carry inventory at the lower of cost or net realizable value. Management noted inventory reserve levels did not reflect the Company’s accounting policy of carrying inventory at the lower of cost or net realizable value. This resulted in cumulative understatements of inventory. Sales Returns, Gift Card Liabilities and Class Fees (4) Sales returns: management noted estimates for sales returns had not been accounted for until November 2018. Using historical sales return trends for 2017 and 2018, management has estimated a sales return liability along with a corresponding inventory asset for all restatement periods. In addition, estimated sales returns previously recorded in the fourth quarter of 2018 were incorrectly presented on a net basis in cost of sales and have since been restated to reflect accounting on a gross basis in both net sales and cost of sales. Gift cards: for the restatement year 2017, management noted sales of gift cards were initially recorded to net sales causing net sales to be overstated. Management has estimated a gift card liability for the year ended December 31, 2017 based on historical gift card issuances and the redemption activity. Starting January 1, 2018, management noted the Company had begun to account for the sale of gift cards properly by recording a gift card liability on the date a gift card is issued to a customer and recognizing revenue with a corresponding reduction to the gift card liability as the customer redeems the gift card. Class fees: for the restatement year 2018, management noted fees paid to instructors for in-store classes were initially netted against net sales causing operating expense and net sales to be understated. These fees incurred have been properly recorded to operating expense. There was no impact to net income (loss) related to this reclassification. Warehouse and Handling Reclassifications (5) Warehousing and handling expenditures were classified as operating expenses, resulting in overstatement of operating expenses in all periods. These costs have been reclassified to cost of sales since the inventory restatement in adjustment (2) above is properly adjusting the inventory balance for such costs with the offset recorded to cost of sales. There was no impact to net income (loss) related to this reclassification. Income Tax (6) Management noted the 2018 income tax provision included tax effected items related to the previous 2017 tax year, including adjustments related to the TCJA which was enacted on December 22, 2017, among other smaller tax correcting adjustments. Management noted the 2017 income tax provision had misstatements related not only to TCJA but also related to the recognition of UTP liability and related interest expense among other smaller tax correcting adjustments. Also, income tax restatement adjustments were made to reflect the tax effect of the pre-tax restatement adjustments for 2018 and 2017. The 2018 tax provision restatement adjustments consisted of a $0.6 million increase to income tax expense for the tax effect of pre-tax restatement adjustments and offset by a $0.5 million decrease to income tax expense primarily for the correction of the 2017 tax related items noted above ($0.4 million) along with smaller adjustments to correct return to provision amounts and correction of tax on income earned from wholly-owned foreign subsidiaries ($0.1 million). The 2017 provision restatement adjustments consisted of a $0.2 million decrease to income tax expense for the tax effect of pre-tax restatement adjustments and a $1.3 million increase to income tax expense for the correction of the TCJA misstatement noted above ($0.9 million) and other corrections such as uncertain tax position (UTP) liability and related interest expense ($0.2 million), correction of taxable income on the return of our Canada and Spain foreign subsidiaries ($0.2 million), and other smaller correcting adjustments. Accruals and Other (7) There were misstatements related to the recognition of accrued paid-time-off (“PTO”) resulting in understatement of accrued expenses and other liabilities as well as other misstatements primarily related to recognition of other accrued operating expenses, payroll related costs, long-term debt classification, cash cutoff for outstanding checks, break out of impairment expense previously included in operating expenses, and reclass of leasehold improvements from prepaid expenses to property and equipment, all of which are being corrected in connection with the restatement of previously issued financial statements. Leases (8) During the first quarter of 2019, we adopted the new lease accounting standard under Topic 842. Management noted as part of the adoption that the Company did not ensure the appropriateness of inputs being used to calculate the present value of lease payments over the lease terms. This resulted in the misstatement of operating lease assets, and the current and long-term portion of operating lease liabilities upon initial recognition on January 1, 2019. Foreign Currency Gains & Losses and Cumulative Translation Adjustments (9) Foreign currency gains and losses associated with the activity of the Company’s Canadian subsidiary were incorrectly classified as a component of accumulated other comprehensive income (loss). These gains and losses have been restated and are included in net income (loss). Cumulative translation adjustments (“CTA”) included in accumulated other comprehensive income (loss) were not tax effected. Management has corrected this error by tax effecting CTA and by presenting CTA net of tax within accumulated other comprehensive income (loss). Common Stock (10) A number of shares of the Company’s common stock were repurchased by the Company and cancelled prior to 2010. Management noted these repurchases were incorrectly accounted for as treasury stock. The number of shares issued, and the number of shares held in treasury, were both overstated by 993,623 shares. The number of shares outstanding has been properly presented in all periods. This correction will not result in any change to net stockholders’ equity, nor will it affect any weighted average shares outstanding calculations used in the determination of earnings per share. The net effect of the adjustments on the Consolidated Statements of Comprehensive Income (Loss) was to increase net income by $2.4 million for the year ended December 31, 2018, and to decrease net income by $2.0 million for the year ended December 31, 2017. Increase (Decrease) in Net income: 2018 2017 Inventory adjustments (1) $ 255,372 $ (3,127,495 ) Sales returns, gift cards and class fees 105,382 99,327 Operating expenses (2) 2,059,463 2,163,065 Impairment expense (285,477 ) - Other expense 373,382 40,255 Total adjustments before tax 2,508,122 (824,848 ) Income tax expense from adjustments 73,585 1,148,459 Increase (decrease) in net income $ 2,434,537 $ (1,973,307 ) (1) Inventory adjustments due to: FIFO adjustment $ 843,598 $ (88,548 ) Freight-in, warehousing and handling expenditures, factory labor and overhead, and freight-out 503,078 (619,172 ) Inventory reserve 980,000 - Sales returns 104,105 (19,999 ) Other 19,710 (223,895 ) Warehouse and handling reclass (2,195,119 ) (2,175,881 ) $ 255,372 $ (3,127,495 ) (2) Operating expense adjustments due to: Warehouse and handling reclass $ 2,195,119 $ 2,175,881 Reclass to impairment expense 285,477 - Accrued expenses (377,912 ) 51,375 PTO Accrual (16,930 ) (38,647 ) Other (26,291 ) (25,544 ) $ 2,059,463 $ 2,163,065 The decrease to retained earnings from the adjustments as of December 31, 2018, is as follows: FIFO adjustment $ (786,690 ) Freight-in, warehousing and handling expenditures, factory labor and overhead, and freight-out (442,150 ) Inventory reserve 980,000 Sales returns (172,494 ) Income tax benefit 33,823 Accruals and other (852,872 ) Decrease to retained earnings $ (1,240,383 ) Restatement Reconciliation Tables The following tables present a reconciliation of our Consolidated Balance Sheets as previously reported as of December 31, 2018 and 2017 to the restated amounts shown in this filing. We have also presented a reconciliation of our Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017, as previously reported to the restated amounts shown in this filing. The following restatement adjustment footnote numbers correspond to the restatement adjustment descriptions above. Tandy Leather Factory, Inc. Consolidated Balance Sheet December 31, 2018 As Reported Adjustments As Restated ASSETS CURRENT ASSETS: Cash $ 24,070,351 $ - $ 24,070,351 Accounts receivable-trade, net of allowance for doubtful accounts of $15,703 408,170 - 408,170 Inventory 33,867,276 (564,727 ) (1) (2)(3)(4)(7) 33,302,549 Prepaid income taxes 383,478 36,430 (6) 419,908 Prepaid expenses 1,244,754 39,041 (7) 1,283,795 Other current assets 161,208 170,597 (7) 331,805 Total current assets 60,135,237 (318,659 ) 59,816,578 Property and equipment, at cost 28,005,563 134,782 (7) 28,140,345 Less accumulated depreciation (13,606,266 ) (18,995 ) (7) (13,625,261 ) Property and equipment, net 14,399,297 115,787 14,515,084 Deferred income taxes 248,228 844,065 (6) 1,092,293 Goodwill 954,765 - 954,765 Other intangibles, net of accumulated amortization of $690,869 16,500 - 16,500 Other assets 386,107 - 386,107 TOTAL ASSETS $ 76,140,134 $ 641,193 $ 76,781,327 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 1,978,840 $ 175,554 (7) $ 2,154,394 Accrued expenses and other liabilities 4,176,479 1,225,029 (4)(7) 5,401,508 Current maturities of long-term debt 747,335 (227,819 ) (7) 519,516 Total current liabilities 6,902,654 1,172,764 8,075,418 Uncertain tax positions - 1,415,715 (6) 1,415,715 Deferred income taxes 1,556,493 (1,556,493 ) (6)(9) - Other non-current liabilities - 555,296 (6) 555,296 Long-term debt, net of current maturities 8,220,683 227,819 (7) 8,448,502 COMMITMENTS AND CONTINGENCIES (Note 10) 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; 10,353,155 shares issued 27,232 (2,384 ) (10) 24,848 Paid-in capital 7,158,821 (2,891,683 ) (10) 4,267,138 Retained earnings 65,716,761 (1,240,383 ) (1)(2)(3)(4)(6)(7)(9) 64,476,378 Treasury stock at cost (1,292,594 shares) (11,931,850 ) 2,894,067 (10) (9,037,783 ) Accumulated other comprehensive loss (net of tax) (1,510,660 ) 66,475 (9) (1,444,185 ) Total stockholders’ equity 59,460,304 (1,173,908 ) 58,286,396 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 76,140,134 $ 641,193 $ 76,781,327 Tandy Leather Factory, Inc. Consolidated Statement of Comprehensive Income For the Year Ended December 31, 2018 As Reported Adjustments As Restated Net sales $ 83,098,187 $ 105,382 (4)(7) $ 83,203,569 Cost of sales 32,517,996 (255,372 ) (1)(2)(3)(4)(5)(7) 32,262,624 Gross profit 50,580,191 360,754 50,940,945 Operating expenses 46,751,728 (2,059,463 ) (5)(7) 44,692,265 Impairment expense - 285,477 (7) 285,477 Income from operations 3,828,463 2,134,740 5,963,203 Other (income) expense: Interest expense 304,957 - 304,957 Other, net (180,191 ) (373,382 ) (9) (553,573 ) Total other (income) expense 124,766 (373,382 ) (248,616 ) Income before income taxes 3,703,697 2,508,122 6,211,819 Provision for income taxes 1,739,869 73,585 (6) 1,813,454 Net income $ 1,963,828 $ 2,434,537 $ 4,398,365 Foreign currency translation adjustments, net of tax (548,557 ) (133,315 ) (9) (681,872 ) Comprehensive income $ 1,415,271 $ 2,301,222 $ 3,716,493 Net income per common share: Basic $ 0.21 $ 0.27 $ 0.48 Diluted $ 0.21 $ 0.26 $ 0.48 Weighted average number of shares outstanding: Basic 9,185,203 9,185,203 9,185,203 Diluted 9,185,662 9,205,008 9,205,008 Tandy Leather Factory, Inc. Consolidated Statement of Cash Flows For the Year Ended December 31, 2018 As Reported Adjustments As Restated Cash flows from operating activities: Net income $ 1,963,828 $ 2,434,537 $ 4,398,365 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,797,281 1,481 (7) 1,798,762 Impairment of goodwill and long-lived assets 285,477 - 285,477 Loss on disposal of assets 1,321 - 1,321 Stock-based compensation 327,629 - 327,629 Deferred income taxes (90,997 ) 348,246 (6)(9) 257,249 Exchange (gain) loss 27,984 (434,816 ) (9) (406,832 ) Changes in operating assets and liabilities: Accounts receivable - trade 53,042 (3,887 ) (7) 49,155 Inventory 3,443,921 (2,409,491 ) (1)(2)(3)(4) 1,034,430 Prepaid expenses 239,082 (167,167 ) (6)(7) 71,915 Other current assets 27,821 (27,821 ) (7) - Accounts payable - trade (197,960 ) 49,620 (7) (148,340 ) Accrued expenses and other liabilities (181,959 ) 496,896 (4)(7) 314,937 Income taxes (308,129 ) (487,480 ) (6) (795,609 ) Other assets (3,690 ) 586,971 (7) 583,281 Total adjustments 5,420,823 (2,047,448 ) 3,373,375 Net cash provided by operating activities 7,384,651 387,089 7,771,740 Cash flows from investing activities: Purchase of property and equipment (1,091,433 ) 3,105 (7) (1,088,328 ) Proceeds from sale of assets 27,396 543 (7) 27,939 Net cash used in (provided by) investing activities (1,064,037 ) 3,648 (1,060,389 ) Cash flows from financing activities: Proceeds from long-term debt 1,596,288 - 1,596,288 Repurchase of treasury stock (1,653,266 ) - (1,653,266 ) Net cash used in financing activities (56,978 ) - (56,978 ) Effect of exchange rate changes on cash and cash equivalents (530,543 ) (136,336 ) (9) (666,879 ) Net increase in cash and cash equivalents 5,733,093 254,401 5,987,494 Cash and cash equivalents, beginning of period 18,337,258 (254,401 ) 18,082,857 Cash and cash equivalents, end of period $ 24,070,351 $ - $ 24,070,351 Supplemental disclosures of cash flow information: Interest paid during the period $ 304,957 $ - $ 304,957 Income tax paid during the period, net of refunds $ 2,138,995 $ (777,595 ) $ 1,361,400 Tandy Leather Factory, Inc. Consolidated Balance Sheet December 31, 2017 As Reported Adjustments As Restated ASSETS CURRENT ASSETS: Cash $ 18,337,258 $ (254,401 ) (7) $ 18,082,857 Accounts receivable-trade, net of allowance for doubtful accounts of $22,642 461,212 - 461,212 Inventory 37,311,197 (2,765,113 ) (1)(2)(4)(5)(7) 34,546,084 Prepaid income taxes 41,307 (41,307 ) (6) - Prepaid expenses 1,473,147 (80,869 ) (7) 1,392,278 Other current assets 189,029 139,493 (7) 328,522 Total current assets 57,813,150 (3,002,197 ) 54,810,953 Property and equipment, at cost 27,218,481 113,818 (7) 27,332,299 Less accumulated depreciation (11,750,639 ) (14,777 ) (7) (11,765,416 ) Property and equipment, net 15,467,842 99,041 15,566,883 Deferred income taxes 271,738 859,167 (6) 1,130,905 Goodwill 962,949 - 962,949 Other intangibles, net of accumulated amortization of $688,147 19,222 - 19,222 Other assets 379,695 - 379,695 TOTAL ASSETS $ 74,914,596 $ (2,043,989 ) $ 72,870,607 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 2,480,593 $ (70,748 ) (7) $ 2,409,845 Accrued expenses and other liabilities 3,886,334 1,158,681 (4)(7) 5,045,015 Income taxes payable - 354,629 (6) 354,629 Current maturities of long-term debt 614,311 - 614,311 Total current liabilities 6,981,238 1,442,562 8,423,800 Uncertain tax position - 1,197,078 (6) 1,197,078 Deferred income taxes 1,636,958 (1,636,958 ) (6)(9) - Other non-current liabilities - 596,770 (6) 596,770 Long-term debt, net of current maturities 6,757,419 - 6,757,419 COMMITMENTS AND CONTINGENCIES (Note 10) 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; 10,320,069 shares issued 27,153 (2,385 ) (10) 24,768 Paid-in capital 6,831,271 (2,891,682 ) (10) 3,939,589 Retained earnings 63,921,244 (3,843,231 ) (1) (2)(4)(6)(7)(9) 60,078,013 Treasury stock at cost (1,049,207 shares) (10,278,584 ) 2,894,067 (10) (7,384,517 ) Accumulated other comprehensive loss (net of tax) (962,103 ) 199,790 (9) (762,313 ) Total stockholders’ equity 59,538,981 (3,643,441 ) 55,895,540 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 74,914,596 $ (2,043,989 ) $ 72,870,607 Tandy Leather Factory, Inc. Consolidated Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2017 As Reported Adjustments As Restated Net sales $ 82,321,268 $ 99,327 (4)(7) $ 82,420,595 Cost of sales 30,207,439 3,127,495 (1)(2)(4)(5) 33,334,934 Gross profit (loss) 52,113,829 (3,028,168 ) 49,085,661 Operating expenses 44,872,007 (2,163,065 ) (5)(7) 42,708,942 Income (loss) from operations 7,241,822 (865,103 ) 6,376,719 Other (income) expense: Interest expense 205,555 - 205,555 Other, net (126,857 ) (40,255 ) (9) (167,112 ) Total other (income) expense 78,698 (40,255 ) 38,443 Income (loss) before income taxes 7,163,124 (824,848 ) 6,338,276 Provision for income taxes 2,711,373 1,148,459 (6) 3,859,832 Net income (loss) $ 4,451,751 $ (1,973,307 ) $ 2,478,444 Foreign currency translation adjustments, net of tax 931,026 (519,599 ) (9) 411,427 Comprehensive income (loss) $ 5,382,777 $ (2,492,906 ) $ 2,889,871 Net income (loss) per common share: Basic $ 0.48 $ (0.21 ) $ 0.27 Diluted $ 0.48 $ (0.21 ) $ 0.27 Weighted average number of shares outstanding: Basic 9,242,092 9,242,092 9,242,092 Diluted 9,256,810 9,245,537 9,245,537 Tandy Leather Factory, Inc. Consolidated Statement of Cash Flows For the Year Ended December 31, 2017 2017 As Reported 2017 Adjustments 2017 As Restated Cash flows from operating activities: Net income (loss) $ 4,451,751 $ (1,973,307 ) $ 2,478,444 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 1,875,102 8,941 (7) 1,884,043 Loss on disposal of assets 3,139 - 3,139 Stock-based compensation 239,599 - 239,599 Deferred income taxes (215,576 ) 853,632 (6)(9) 638,056 Exchange loss 29,848 3,151 (9) 32,999 Changes in operating assets and liabilities: Accounts receivable - trade 99,772 (11,327 ) (7) 88,445 Inventory (4,133,658 ) 1,155,373 (1)(2)(4) (2,978,285 ) Prepaid expenses 135,713 (68,901 ) (6)(7) 66,812 Other current assets (48,797 ) 48,797 (7) - Accounts payable - trade (208,434 ) 973,323 (7) 764,889 Accrued expenses and other liabilities (983,710 ) (1,282,591 ) (4)(7) (2,266,301 ) Income taxes 923,016 225,297 (6) 1,148,313 Other assets (43,669 ) 409,291 (7) 365,622 Total adjustments (2,327,655 ) 2,314,986 (12,669 ) Net cash provided by (used in) operating activities 2,124,096 341,679 2,465,775 Cash flows from investing activities: Purchase of property and equipment (1,689,645 ) (2,354 ) (7) (1,691,999 ) Proceeds from sale of assets 35,963 - 35,963 Net cash used in investing activities (1,653,682 ) (2,354 ) (1,656,036 ) Cash flows from financing activities: Payments on capital lease obligations (72,686 ) - (72,686 ) Proceeds from exercise of stock options 223,404 - 223,404 Net cash provided by financing activities 150,718 - 150,718 Effect of exchange rate changes on cash and cash equivalents 853,822 (593,726 ) (9) 260,096 Net (decrease) increase in cash and cash equivalents 1,474,954 (254,401 ) 1,220,553 Cash and cash equivalents, beginning of period 16,862,304 - 16,862,304 Cash and cash equivalents, end of period $ 18,337,258 $ (254,401 ) $ 18,082,857 Supplemental disclosures of cash flow information: Interest paid during the period $ 205,555 $ - $ 205,555 Income tax paid during the period, net of refunds $ 1,788,357 $ 454,661 $ 2,243,018 Tandy Leather Factory, Inc. Consolidated Balance Sheet (Unaudited) March 31, 2019 As Reported Adjustments As Restated ASSETS CURRENT ASSETS: Cash $ 12,679,373 $ - $ 12,679,373 Short-term investments 4,999,750 6,828 (7) 5,006,578 Accounts receivable-trade, net of allowance for doubtful accounts of $12,940 456,537 - 456,537 Inventory 30,564,322 (389,839 ) (1)(2)(3)(4) 30,174,483 Prepaid income taxes 272,028 36,430 (6) 308,458 Prepaid expenses 1,537,367 54,676 (7) 1,592,043 Other current assets 174,043 106,363 (4) 280,406 Total current assets 50,683,420 (185,542 ) 50,497,878 Property and equipment, at cost 27,863,939 38,268 (7) 27,902,207 Less accumulated depreciation (13,921,523 ) (20,007 ) (7) (13,941,530 ) Property and equipment, net 13,942,416 18,261 13,960,677 Operating lease assets 6,389,561 10,379,823 (8) 16,769,384 Deferred income taxes - 908,500 (6) 908,500 Goodwill 956,945 - 956,945 Other intangibles, net of accumulated amortization of $714,000 15,833 - 15,833 Other assets 379,661 - 379,661 TOTAL ASSETS $ 72,367,836 $ 11,121,042 $ 83,488,878 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 897,196 $ - $ 897,196 Accrued expenses and other liabilities 3,752,711 354,568 (4)(7) 4,107,279 Operating lease liabilities 3,340,843 707,318 (8) 4,048,161 Total current liabilities 7,990,750 1,061,886 9,052,636 Uncertain tax position - 1,415,715 (6) 1,415,715 Deferred income taxes 1,258,721 (1,258,721 ) (6)(8)(9) - Other non-current liabilities - 555,778 (6) 555,778 Operating lease liabilities, non-current 3,427,705 9,806,954 (8) 13,234,659 COMMITMENTS AND CONTINGENCIES (Note 10) 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; 10,354,563 shares issued 27,234 (2,383 ) (10) 24,851 Paid-in capital 7,344,644 (2,891,684 ) (10) 4,452,960 Retained earnings 66,188,614 (554,243 ) (1) (2)(3)(4)(6)(7)(8)(9) 65,634,371 Treasury stock at cost (1,420,539 shares) (12,646,467 ) 2,894,067 (10) (9,752,400 ) Accumulated other comprehensive loss (net of tax) (1,223,365 ) 93,673 (9) (1,129,692 ) Total stockholders’ equity 59,690,660 (460,570 ) 59,230,090 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 72,367,836 $ 11,121,042 $ 83,488,878 Tandy Leather Factory, Inc. Consolidated Statement of Comprehensive Income Unaudited For the Three Months Ended March 31, 2019 As Reported Adjustments As Restated Net sales $ 20,784,652 $ 156,670 (4) $ 20,941,322 Cost of sales 8,333,847 362,805 (1) (2)(3)(4)(5)(7) 8,696,652 Gross profit 12,450,805 (206,135 ) 12,244,670 Operating expenses 11,281,377 (1,249,724 ) (5)(7)(8) 10,031,653 Income (loss) from operations 1,169,428 1,043,589 2,213,017 Other (income) expense: Interest expense 32,383 - 32,383 Other, net (33,041 ) 142,659 (7)(9) 109,618 Total other (income) expense (658 ) 142,659 142,001 Income (loss) before income taxes 1,170,086 900,930 2,071,016 Provision (benefit) for income taxes 301,123 250,082 (6) 551,205 Net income (loss) $ 868,963 $ 650,848 $ 1,519,811 Foreign currency translation adjustments, net of tax 287,295 27,198 (9) 314,493 Comprehensive income (loss) $ 1,156,258 $ 678,049 $ 1,843,304 Net income (loss) per common share: Basic $ 0.10 $ 0.07 $ 0.17 Diluted $ 0.10 $ 0.07 $ 0.17 Basic 9,009,752 9,009,752 9,009,752 Diluted 9,010,037 9,011,107 9,011,107 Tandy Leather Factory, Inc. Consolidated Statement of Cash Flows Unaudited For the Three Months Ended March 31, 2019 As Reported Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 868,963 $ 650,848 $ 1,519,811 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 495,449 (1,154 ) (7) 494,295 Right-of-use asset amortization - 865,050 (8) 865,050 (Gain) loss on disposal of assets (3,794 ) - (3,794 ) Stock-based compensation 185,825 - 185,825 Deferred income taxes (33,861 ) 217,654 (6)(9) 183,793 Exchange (gain) loss 2,154 134,113 (7)(9) 136,267 Changes in operating assets and liabilities: Accounts receivable-trade (48,367 ) (7,696 ) (7) (56,063 ) Inventory 3,302,954 (130,791 ) (1)(2)(3)(4) 3,172,163 Prepaid expenses (292,613 ) 325,165 (7) 32,552 Other current assets (12,835 ) (180,812 ) (7) (193,647 ) Accounts payable-trade (318,294 ) (962,853 ) (7) (1,281,147 ) Accrued expenses and other liabilities (1,205,241 ) 49,346 (4)(7) (1,155,895 ) Income taxes 95,767 12,943 (6) 108,710 Other assets 6,446 (48,416 ) (7) (41,970 ) Operating lease liability - (833,690 ) (8) (833,690 ) Total adjustments 2,173,590 (561,141 ) 1,612,449 Net cash provided by operating activities 3,042,553 89,707 3,132,260 Cash flows from investing activities: Purchase of property and equipment (30,893 ) (7 ) (7) (30,900 ) Purchase of short-term investments (4,999,750 ) - (4,999,750 ) Proceeds from sales of assets 12,552 - 12,552 Net cash used in investing activities (5,018,091 ) (7 ) (5,018,098 ) Cash flows from financing activities: Payments on long-term debt (8,968,018 ) - (8,968,018 ) Repurchase of treasury stock (714,617 ) - (714,617 ) Net cash used in financing activities (9,682,635 ) - (9,682,635 ) Effect of exchange rate changes on cash and cash equivalents 267,195 (89,700 ) (9) 177,495 Net (decrease) increase in cash and cash equivalents (11,390,978 ) - (11,390,978 ) Cash and cash equivalents, beginning of period 24,070,351 - 24,070,351 Cash and cash equivalents, end of period $ 12,679,373 $ - $ 12,679,373 Tandy Leather Factory, Inc. Consolidated Balance Sheet Unaudited September 30, 2018 As Reported Adjustments As Restated ASSETS CURRENT ASSETS: Cash $ 16,814,972 $ - $ 16,814,972 Short-term investments Accounts receivable-trade, net of allowance for doubtful accounts of $9,839 418,612 - 418,612 Inventory 40,720,630 (2,308,873 ) (1)(2)(3)(4) 38,411,757 Prepaid income taxes 452,389 (386,595 ) (6) 65,794 Prepaid expenses 1,348,113 64,393 (7) 1,412,506 Other current assets 290,028 93,308 (7) 383,336 Total current assets 60,044,744 (2,537,767 ) 57,506,977 Property and equipment, at cost 27,950,353 33,314 (7) 27,983,667 Less accumulated depreciation (12,976,025 ) (17,940 ) (7) (12,993,965 ) Property and equipment, net 14,974,328 15,374 14,989,702 Deferred income taxes 281,721 1,139,475 (6) 1,421,196 Goodwill 960,304 - 960,304 Other intangibles, net of accumulated amortization of $712,000 17,166 - 17,166 Other assets 387,487 - 387,487 Other assets $ 76,665,750 $ (1,382,918 ) $ 75,282,832 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 3,718,393 - $ 3,718,393 Accrued expenses and other liabilities 2,235,793 1,174,004 (4)(7) 3,409,797 Current maturities of long-term debt 174,056 - 174,056 Total current liabilities 6,128,242 1,174,004 7,302,246 Uncertain tax positions - 1,197,078 (6) 1,197,078 Deferred income taxes 1,467,481 (1,467,481 ) (6)(9) - Other non-current liabilities - 598,188 (6) 598,188 Long-term debt, net of current maturities 8,180,613 - 8,180,613 COMMITMENTS AND CONTINGENCIES (Note 10) 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; 10,336,717 shares issued 27,193 (2,385 ) (10) 24,808 Paid-in capital 6,907,678 (2,891,682 ) (10) 4,015,996 Retained earnings 66,345,110 (2,983,997 ) (1)(2)(3)(4)(6)(7)(9) 63,361,113 Treasury stock at cost (1,182,509 shares) (11,273,822 ) 2,894,067 (10) (8,379,755 ) Accumulated other comprehensive loss (net of tax) (1,116,745 ) 99,290 (9) (1,017,455 ) Total stockholders’ equity 60,889,414 (2,884,707 ) 58,004,707 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 76,665,750 $ (1,382,918 ) $ 75,282,832 Tandy Leather Factory, Inc. Consolidated Statement of Comprehensive Income (Loss) Unaudited Three Months Ended September 30, 2018 As Reported Adjustments As Restated Net sales $ 18,887,099 $ (8,836 ) (4) 18,878,263 Cost of sales 7,040,266 (57,886 ) (1)(2)(3)(4)(5) 6,982,380 G

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	3. SIGNIFICANT ACCOUNTING POLICIES Management estimates and reporting The preparation of the Company’s Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States (“GAAP”) requires the use of estimates that affect the reported value of assets, liabilities, revenues and expenses. These estimates are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for the Company’s conclusions. The Company continually evaluates the information used to make these estimates as the business and the economic environment changes. Actual results may differ from these estimates, and estimates are subject to change due to modifications in the underlying conditions or assumptions. The policies discussed below require estimates that contain a significant degree of judgement. The use of estimates is pervasive throughout the Consolidated Financial Statements, but the accounting policies and estimates considered most significant are as follows. 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. Cash and cash equivalents The Company considers investments with a maturity when purchased of three months or less to be cash equivalents. All credit card, debit card and electronic transfer transactions that process in less than seven days are classified as cash and cash equivalents. 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, net of tax charge of $0.1 million in 2019, tax benefit of $0.2 million in 2018 and tax charge of $0.5 million in 2017. Gains and losses resulting from foreign currency transactions are reported in the statements of income (loss) under the caption “Other, net,” for all periods presented. We recognized a foreign currency transaction loss of less than $0.01 million in 2019 and foreign currency transaction gains of $0.4 million and $0.1 million in both 2018, and 2017, respectively. Revenue recognition Our revenue is earned from sales of merchandise and generally occurs via two methods: (1) at the store counter and (2) shipment of product generally via web sales. We recognize revenue when we satisfy the performance obligation of transferring control of product merchandise over to a customer. At the store counter, our performance obligation is met and revenue is recognized when a sales transaction occurs with a customer. When merchandise is shipped to a customer, our performance obligation is met and revenue is recognized when title passes to the customer. Shipping terms are normally free on board (“FOB”) shipping point and title passes when the merchandise is shipped to the customer. Sales tax and comparable foreign tax is excluded from net sales, while shipping charged to our customers is included in net sales. Net sales is based on the amount of consideration that we expect to receive, reduced by estimates for future merchandise returns. The sales return allowance is based each year on historical customer return behavior and other known factors and reduces net sales and cost of sales, accordingly. The sales return allowance included in accrued expense and other liabilities was $0.3 million, $0.4 million and $0.3 million as of December 31, 2019, 2018 and 2017, respectively. The estimated value of merchandise expected to be returned included in other current assets was $0.1 million, $0.2 million and $0.1 million as of December 31, 2019, 2018 and 2017. We record a gift card liability for the unfulfilled performance obligation on the date we issue a gift card to a customer. We record revenue and reduce the gift card liability as the customer redeems the gift card. In addition, for gift card breakage, we recognize a proportionate amount for the expected unredeemed gift cards over the expected customer redemption period, which is one year. As of December 31, 2019, 2018, and 2017 our gift card liability, included in accrued expenses and other liabilities, was $0.3 million and $0.2 million and $0.3 million, respectively. During 2019, we ended our wholesale pricing club program where customers received lower prices in exchange for a yearly membership fee. Under this program, the yearly membership fee when paid is recorded as deferred revenue and is recognized in net sales throughout the one-year period. As of December 31, 2018 and 2017, our deferred revenue associated with this program and included in accrued expenses and other liabilities was $0.6 million and $0.8 million, respectively. We recognized gift card revenue of $0.1 million in 2019 from the December 31, 2018 deferred revenue balance, $0.2 million in 2018 from the December 31, 2017 deferred revenue balance and $0.2 million in 2017 from the December 31, 2016 deferred revenue balance. For the years ended December 31, 2019, 2018 and 2017, we recognized $1.1 million, $1.9 million and $2.1 million, respectively, in net sales associated with gift cards and the wholesale pricing club membership fees. Disaggregated revenue In the following table, revenue for the years ended December 31, 2019, 2018 and 2017 is disaggregated by geographic areas as follows: 2019 2018 Restated 2017 Restated United States $ 65,745,750 $ 72,563,038 $ 71,473,430 Canada 6,513,631 7,095,697 7,194,116 All other countries 2,658,779 3,544,834 3,753,049 Net sales $ 74,918,160 $ 83,203,569 $ 82,420,595 Geographic sales information is based on the location of the customer. Excluding Canada, no single foreign country had net sales greater than 1.7% of our consolidated net sales in 2019, 2018, or 2017. Discounts Prior to 2019, we maintained five price levels: retail, wholesale gold, wholesale elite, business, and manufacturer. Since May of 2019 (April of 2019 in Canada), we offer a single retail price level, plus three volume-based levels for commercial customers. Discounts from those price levels are offered to Business, Military/First Responder and Employee customers. Such discounts do not convey a material right to these customers since the discounted pricing they receive at the point of sale is not dependent upon any previous or subsequent purchases. As a result, sales are reported after deduction of discounts at the point of sale. We do not pay slotting fees or make other payments to resellers. Operating expense 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 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 to ten years for equipment and machinery, seven to fifteen years for furniture and fixtures, five years for vehicles, and forty years for buildings and related improvements. Leasehold improvements are amortized over the lesser of the life of the lease or the useful life of the asset. Repairs and maintenance costs are expensed as incurred. Inventory Inventory is stated at the lower of cost (first-in, first-out) or net realizable value. Finished goods held for sale includes the cost of merchandise purchases, the costs to bring the merchandise to our Texas distribution center, warehousing and handling expenditures, and distributing and delivering merchandise to our stores. These costs include depreciation of long-lived assets utilized in acquiring, warehousing and distributing inventory. Manufacturing inventory including raw materials and work-in-process are valued on a first‑in, first out basis using full absorption accounting which includes material, labor, and other applicable manufacturing overhead. Carrying values of inventory are analyzed and, to the extent that the cost of inventory exceeds the net realizable value, provisions are made to reduce the carrying amount of the inventory. We regularly review all inventory items to determine if there are (i) damaged goods (e.g., for leather, excessive scars or damage from ultra-violet (“UV”) light), (ii) items that need to be removed from our product line (e.g., slow-moving items, inability of a supplier to provide items of acceptable quality or quantity, and to maintain freshness in the product line) and (iii) pricing actions that need to be taken to adequately value our inventory at the lower of cost or net realizable value. Since the determination of net realizable value of inventory involves both estimation and judgement 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 twice annually in the Texas distribution center. At the store level, inventory is physically counted each quarter. Inventory is then adjusted in our accounting system to reflect actual count results. Leases We lease certain real estate for our retail store locations under long-term lease agreements. Starting in 2019, with the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), once we have determined an arrangement is a lease, at inception we recognize an operating lease asset and lease liability at commencement date based on the present value of the lease payments over the lease term. The present value of our lease payments may include: (1) rental payments adjusted for inflation or market rates, and (2) lease terms with options to renew the lease when it is reasonably certain we will exercise such an option. The exercise of lease renewal options is generally at our discretion. Payments based on a change in an index or market rate are not considered in the determination of lease payments for purposes of measuring the related lease liability. We discount lease payments using our incremental borrowing rate based on information available as of the measurement date. Prior to 2019, rent expense on operating leases, including rent holidays and scheduled rent increases, was recorded on a straight‑line basis over the term of the lease, commencing on the date we took possession of the leased property. Rent expense is recorded in operating expenses. The net excess of rent expense over the actual cash paid was recorded as accrued expenses and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2019, we have no finance leases, no sublease agreements, and no lease agreements in which we are named as a lessor. Subsequent to the recognition of our operating lease assets and lease liabilities, we recognize lease expense related to our operating leases on a straight-line basis over the lease term. The depreciable life of related leasehold improvements is based on the shorter of the useful life or the lease term. We also perform interim reviews of our operating lease assets for impairment when evidence exists that the carrying value of an asset group, including a lease asset, may not be recoverable. Impairment of long-lived assets We evaluate long-lived assets on a quarterly basis to identify events or changes in circumstances (“triggering events”) that indicate the carrying value of certain assets may not be recoverable. Upon the occurrence of a triggering event, right-of-use (“ROU”) lease assets, property and equipment and definite-lived intangible assets are reviewed for impairment and an impairment loss is recorded in the period in which it is determined that the carrying amount of the assets is not recoverable. The determination of recoverability is made based upon the estimated undiscounted future net cash flows of assets grouped at the lowest level for which there are identifiable cash flows independent of the cash flows of other groups of assets with such cash flows to be realized over the estimated remaining useful life of the primary asset within the asset group. The Company determined the lowest level of identifiable cash flows that are independent of other asset groups to be primarily at the individual store level. If the estimated undiscounted future net cash flows for a given store are less than the carrying amount of the related store assets, an impairment loss is determined by comparing the estimated fair value with the carrying value of the related assets. The impairment loss is then allocated across the asset group’s major classifications which in this case are operating lease assets and property and equipment. Triggering events at the store level could include material declines in operational and financial performance or planned changes in the use of assets, such as store relocation or store closure. This evaluation requires management to make judgements relating to future cash flows, growth rates and economic and market conditions. The fair value of an asset group is estimated using a discounted cash flow valuation method. For the years ended December 31, 2019 and 2018, three stores and four stores, respectively, were reviewed for impairment due to overall underperformance. Based on the results of the review, impairment expense of less than $0.1 million and $0.3 million was recorded for 2019 and 2018, respectively. Using a discounted cash flow valuation method, we assumed a discount rate of 12.5% based on a remaining useful life of the asset groups ranging from one to two years. For 2018, prior to the adoption of Topic 842, the only asset within the store asset group was property and equipment, and the fair value was estimated using a market based approach. There were no impairment charges in 2017. Earnings per share Basic earnings per share (“EPS”) are computed based on the weighted average number of common shares outstanding during the period. Diluted EPS includes additional common shares that would have been outstanding if potential common shares with a dilutive effect, such as stock awards from the Company’s restricted stock plan, had been issued. Anti-dilutive securities represent potentially dilutive securities which are excluded from the computation of diluted EPS as their impact would be anti-dilutive. Diluted EPS is computed using the treasury stock method. Years Ended December 31, 2019 (1) 2018 Restated 2017 Restated Numerator: Net income (loss) $ (1,903,781 ) $ 4,398,365 $ 2,478,444 Denominator: Basic weighted-average common shares ouststanding 8,973,246 9,185,203 9,242,092 Dilutive effect of service-based restricted stock awards granted to Board of Directors under the Plan - - 177 Dilutive effect of service-based restricted stock awards granted to employees under the Plan - 19,805 3,268 Diluted weighted-average common shares outstanding 8,973,246 9,205,008 9,245,537 (1) For the year ended December 31, 2019, there were 9,203 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period. For additional disclosures regarding restricted stock awards and employee stock options, see Note 12, Stockholder’s Equity – Equity Compensation Plans Goodwill and other intangible assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is allocated across one reporting unit: Tandy Leather Factory. Goodwill is not amortized but is evaluated at least annually for impairment. At the reporting unit level, the Company tests goodwill for impairment on an annual basis as of December 31 of each year, or more frequently if events or changes in circumstances, referred to as triggering events, indicate the carrying value of goodwill may not be recoverable and that a potential impairment exists. Application of the goodwill impairment test requires exercise of judgement, including the estimation of future cash flows, determination of appropriate discount rates and other Level 3 assumptions (significant unobservable inputs which are supported by little or no market activity). Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for the reporting unit. On October 1, 2019, we elected to early adopt ASU 2017-04, Intangibles Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment We completed our annual goodwill impairment assessment as of December 31, 2019 using a quantitative Step 1 approach with the income approach methodologies discussed below. The discounted cash flow (“DCF”) model utilizes present values of cash flows to estimate fair value. Future cash flows were projected based on estimates of projected sales growth, store count, pricing, gross margin rates, operating expense rates, working capital fluctuations, income tax expense and capital expenditures. Forecasted cash flows took into account known market conditions as of December 31, 2019, and management’s anticipated business outlook. The future cash flows were discounted using a market-participant risk-adjusted weighted average cost of capital for the reporting unit. A terminal year value was calculated under two approaches: (i) using an EBITDA exit multiple supported by guideline public company data using selected public companies operating within the retail industry and (ii) applying a perpetual growth rate methodology to the terminal year. These assumptions were derived from both observable and unobservable inputs and were combined to reflect management’s judgements and assumptions. The estimated fair values determined under both approaches above were consistent. The concluded fair value for the reporting unit was based on a 50/50 weighting of the two valuation approaches above. The results of the Step 1 impairment testing for goodwill resulted in the Company recognizing an impairment expense of $1.0 million during the fourth quarter of 2019, representing the entire balance of goodwill for the reporting unit. No adjustment to the carrying value of goodwill was required for the years ended December 31, 2018 and 2017. The change in our goodwill for each of 2018 and 2017 resulted from foreign currency translation gains (losses) of less than $0.01 million which was recorded in accumulated other comprehensive loss. Other intangibles Our intangible assets, excluding goodwill, and related accumulated amortization consisted of the following: As of December 31, 2019 Gross Accumulated Amortization Net Trademarks/copyrights $ 554,369 $ 547,369 $ 7,000 TOTAL $ 554,369 $ 547,369 $ 7,000 As of December 31, 2018 Gross Accumulated Amortization Net Trademarks/copyrights $ 554,369 $ 546,702 $ 7,667 Non-compete agreements 153,000 144,167 8,833 TOTAL $ 707,369 $ 690,869 $ 16,500 As of December 31, 2017 Gross Accumulated Amortization Net Trademarks/copyrights $ 554,369 $ 545,980 $ 8,389 Non-compete agreements 153,000 142,167 10,833 TOTAL $ 707,369 $ 688,147 $ 19,222 All our intangible assets, other than goodwill, are definite-lived intangibles and are subject to amortization. The weighted average amortization period is 15 years for trademarks and copyrights. Amortization expense related to other intangible assets of less than $0.01 million in each of 2019, 2018, and 2017 was recorded in operating expenses, and non-compete intangible assets were fully amortized during 2019 upon the expiration of such agreements. Based on the current amount of intangible assets subject to amortization, we estimate amortization expense to be less than $0.01 million annually over the next five years. Fair value of financial instruments We measure fair value as an exit price, which is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering such assumptions, accounting standards establish a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: • Level 1 – observable inputs that reflect quoted prices in active markets for identical assets or liabilities. • Level 2 – significant observable inputs other than quoted prices in active markets for similar assets and liabilities, such as quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – significant unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. 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 short-term investments, accounts receivable, accounts payable, and long-term debt. As of December 31, 2019, 2018 and 2017, the carrying values of our financial instruments, included in our Consolidated Balance Sheets, approximated their fair values. There were no transfers into or out of Levels 1, 2 and 3 during the years ended December 31, 2019, 2018 and 2017. Short-term investments We determine the appropriate classification of investments at the time of purchase, and we re-evaluate that determination at each balance sheet date. Investments are recorded as either short-term or long-term on the Consolidated Balance Sheet, based on contractual maturity date. As of December 31, 2019, we held investments in U.S. Treasuries with maturity values of $9.2 million and maturities less than one year. We have classified these investments in debt securities as held-to-maturity. Such investments are recorded at amortized cost with book value approximating fair value which is based on Level 1 inputs for these investments. The Company believes there is no current expected credit allowance necessary for our short-term investments as: 1) Treasury securities typically are the most highly rated securities among rating agencies; 2) Treasury securities have a long history of no credit losses; and 3) Treasury securities are guaranteed by a sovereign entity (the U.S. Government) that can print its own money and whose currency (the U.S. dollar) is the reserve currency. Income taxes Income taxes are estimated for each jurisdiction in which we operate. This involves assessing current tax exposure together with temporary differences resulting from differing treatment of items for tax and financial statement accounting purposes. Any resulting deferred tax assets are evaluated for recoverability based on estimated future taxable income. To the extent recovery is deemed not likely, a valuation allowance is recorded. Our evaluation regarding whether a valuation allowance is required or should be adjusted also considers, among other things, the nature, frequency, and severity of recent losses, forecasts of future profitability and the duration of statutory carryforward periods. 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 be recognized when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. We recognize tax liabilities for uncertain tax positions and adjust these liabilities when our judgement changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense and the effective tax rate in the period in which new information becomes available. We recognize interest and/or penalties related to all tax positions in income tax expense. To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision in the period that such determination is made. We may be subject to periodic audits by the Internal Revenue Service and other taxing authorities. These audits may challenge certain of our tax positions, such as the timing and amount of deductions and allocation of taxable income to the various jurisdictions. Stock-based compensation The Company’s stock-based compensation relates primarily to restricted stock unit (“RSU”) 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 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 service-based awards typically vest ratably over the requisite service period, provided that the participant is employed on the vesting date. Compensation expense is reduced by actual forfeitures as they occur over the requisite service period of the awards. Performance-based RSUs vest, if at all, upon the Company satisfying certain performance targets. The Company records compensation expense for awards with a performance condition when it is probable that the condition will be achieved. If the Company determines it is not probable a performance condition will be achieved, no compensation expense is recognized. If the Company changes its assessment in a subsequent period and concludes it is probable a performance condition will be achieved), the Company will recognize compensation expense ratably between the period of the change in assessment through the expected date of satisfying the performance condition for vesting. If the Company subsequently assesses that it is no longer probable that a performance condition will be achieved, the accumulated expense that has been previously recognized will be reversed. The compensation expense ultimately recognized, if any, related to performance-based awards will equal the grant date fair value based on the number of shares for which the performance condition has been satisfied. We issue shares from authorized shares upon the lapsing of vesting restrictions on RSUs. We do not use cash to settle equity instruments issued under stock-based compensation awards. We had one stock option plan that expired in March 2017. This plan permitted annual stock option grants to non-employee directors with an exercise price equal to the fair market value of the shares at the date of grant. These options vested and became exercisable six months from the option grant date. Under this plan, no stock options were awarded in 2015 or after, therefore, we did not recognize any stock-based compensation expense for these options during those periods. Comprehensive income (loss) Comprehensive income (loss) includes net income (loss) and certain other items that are recorded directly to stockholders’ equity. The Company’s only source of other comprehensive income (loss) is foreign currency translation adjustments, and those adjustments are presented net of tax. Shipping and handling costs Costs to ship products from our stores to our customers are included in operating expenses on the Consolidated Statements of Comprehensive Income (Loss). These costs totaled $2.1 million, $1.8 million, and $2.0 million for the years ended December 31, 2019, 2018, and 2017, respectively. 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 an estimated period in which such catalogs will be issued, which is typically twelve months. We issue catalogs every other year and did not issue a catalog for the 2019 year. Such capitalized costs are included in other current assets and totaled $0.2 million at both December 31, 2018 and 2017. Total advertising expense was $3.4 million in 2019; $3.9 million in 2018; and $5.0 million in 2017. Cash flows presentation For purposes of the Consolidated Statements of Cash Flows, we consider all highly liquid investments with initial maturities of three months or less from the date of purchase to be cash equivalents. All credit card, debit card and electronic transfer transactions that process in less than seven days are classified as cash and cash equivalents. Recently Adopted Accounting Pronouncements Goodwill Impairment In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-04, Intangibles Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment Intangibles - Goodwill and Other. Goodwill and other intangibles. Leases In February 2016, the FASB issued ASU 2016-02, Leases Leases The Company elected the package of practical expedients available under the transition guidance within Topic 842, which among other things, permits the Company to carry forward its historical lease classification. The Company also elected other practical expedients under Topic 842 to: (1) apply hindsight when determining its reasonably certain lease terms or assessing impairment of its ROU assets at transition, (2) not record leases with an initial term of 12 months or less on the Consolidated Balance Sheet, and (3) combine and account for both lease and non-lease components within a contract as a single component for its sole asset class, real estate leases. Upon adoption of Topic 842, the Company recognized operating ROU assets (referred herein as “lease assets”) and lease liabilities based on the present value of its remaining minimum rental payments for existing operating leases as of the adoption date, utilizing the Company’s applicable incremental borrowing rate as of the adoption date. The adoption of Topic 842 resulted in the Company recognizing $17.6 million and $18.1 million of operating lease assets and lease liabilities, respectively, as of January 1, 2019. The difference between the lease assets and lease liabilities is primarily due to the recognition of a $0.5 million pre-tax cumulative effect adjustment to retained earnings on January 1, 2019, resulting from the impairment of certain operating lease assets upon transition which was based on fair value using Level 3 inputs. The Company has no finance leases, previously termed capital leases under ASC 840. The adoption of Topic 842 had no material impact on the Company’s Consolidated Statements of Comprehensive Income (Loss) or Consolidated Statements of Cash Flows and did not impact the Company’s compliance with its debt covenants under its debt agreements. For further information, see Note 6 of the Notes to the Consolidated Financial Statements, Leases During the year ended December 31, 2019, the Company recognized an impairment charge of less than $0.01 million related to one of its operating lease assets in the U.S. Recent Accounting Standards Not Yet Adopted Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, Income

ALLOWANCE FOR UNCOLLECTIBLE ACC

ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS	12 Months Ended
	Dec. 31, 2019
ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS [Abstract]
ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS	4. ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS Our receivables primarily arise from the sale of merchandise to customers that have applied for and been granted credit. Accounts receivable are stated at amounts due, net of an allowance for doubtful accounts. Accounts receivable are generally due within 30 days of invoicing. 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 been material, but receivables are evaluated for write off as they are deemed uncollectible based on a periodic review of accounts.

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	12 Months Ended
	Dec. 31, 2019
BALANCE SHEET COMPONENTS [Abstract]
BALANCE SHEET COMPONENTS	5. BALANCE SHEET COMPONENTS Inventory December 31, 2019 December 31, 2018 December 31, 2017 Restated Restated On hand: Finished goods held for sale $ 20,575,216 $ 31,263,806 $ 32,042,251 Raw materials and work in process 717,053 919,202 1,155,680 Inventory in transit 2,749,558 1,119,541 1,348,153 TOTAL $ 24,041,827 $ 33,302,549 $ 34,546,084 Property and Equipment December 31, 2019 December 31, 2018 December 31, 2017 Restated Restated Building $ 9,257,066 $ 9,257,066 $ 9,257,066 Land 1,451,133 1,451,133 1,451,133 Leasehold improvements 1,828,448 1,980,547 1,729,281 Equipment and machinery 6,516,068 6,594,487 6,447,776 Furniture and fixtures 8,080,427 8,335,926 7,907,704 Vehicles 337,403 521,186 539,339 27,470,545 28,140,345 27,332,299 Lesss: accumulated depreciation (14,551,645 ) (13,625,261 ) (11,765,416 ) TOTAL $ 12,918,900 $ 14,515,084 $ 15,566,883 Our property and equipment, net was located in the following countries: December 31, 2019 December 31, 2018 December 31, 2017 Restated Restated United States $ 12,540,891 $ 13,849,019 $ 15,038,459 Canada 373,083 434,201 240,560 United Kingdom 2,654 211,368 217,254 Spain 2,272 4,308 14,639 Australia - 16,188 55,971 $ 12,918,900 $ 14,515,084 $ 15,566,883 Depreciation expense was $1.7 million, $1.8 million, and $1.9 million for the years ended December 31, 2019, 2018, and 2017, respectively. Short-term Liabilities December 31, 2019 December 31, 2018 December 31, 2017 Accrued Expenses and Other Liabilities Restated Restated Accrued bonuses, PTO and payroll $ 1,104,757 $ 2,762,170 $ 2,904,294 Deferred revenue - 647,277 905,657 Unearned gift card revenue 319,124 195,901 271,109 Estimated returns 284,734 416,091 348,732 Sales and payroll taxes payable 458,882 572,497 584,726 Exit obligations - 150,529 - Accrued severance 37,782 367,387 - Accrued vendor payables 451,439 289,656 30,497 TOTAL $ 2,656,718 $ 5,401,508 $ 5,045,015

LEASES

LEASES	12 Months Ended
	Dec. 31, 2019
LEASES [Abstract]
LEASES	6. LEASES The Company leases certain real estate for its retail store locations under long-term lease agreements. For leases effective on or after January 1, 2019, the Company determines if an arrangement is a lease at inception and recognizes operating lease assets and lease liabilities at commencement date based on the present value of lease payments over the lease term. The present value of the Company’s lease payments may include: (1) rental payments adjusted for inflation or market rates, and (2) lease terms with options to renew the lease when it is reasonably certain the Company will exercise such an option. The exercise of lease renewal options is generally at the Company’s discretion. Payments based on a change in an index or market rates are not considered in the determination of lease payments for purposes of measuring the related lease liability. The Company discounts lease payments using its incremental borrowing rate based on information available as of the measurement date. Subsequent to the recognition of its operating lease assets and lease liabilities, the Company recognizes lease expense related to its operating leases on a straight-line basis over the lease term. None of the Company’s lease agreements contain contingent rental payments, material residual value guarantees or material restrictive covenants. The depreciable life of related leasehold improvements is based on the shorter of the useful life or the lease term. The Company has no finance leases, no sublease agreements, and no lease agreements in which it is named as a lessor. The Company performs interim reviews of its long-lived assets for impairment when evidence exists that the carrying value of an asset group, including a lease asset, may not be recoverable. Excluding the January 1, 2019 impairment charge to retained earnings upon the adoption of Topic 842, the Company expense of less than $0.01 million associated with operating lease assets during 2019. Additional information regarding the Company’s operating leases is as follows: Leases Balance Sheet Classification December 31, 2019 Assets: Non-current Operating lease assets $ 13,897,422 Liabilities: Current Operating lease liabilities $ 3,822,748 Non-current Operating lease liabilities, noncurrent 10,654,631 Total lease liabilities $ 14,477,379 Lease Cost Income Statement Classification December 31, 2019 Operating lease cost Operating expenses $ 4,151,220 Variable lease cost (1) Operating expenses 895,373 Total lease cost $ 5,046,593 (1) Variable lease cost includes payment for certain real estate taxes, insurance, common area maintenance, and other charges related to lease agreements, which are not included in the measurement of the operating lease liabilities. Maturity of Lease Liabilities December 31, 2019 2020 $ 3,891,153 2021 3,282,122 2022 2,411,124 2023 1,722,991 2024 1,309,459 Thereafter 3,697,717 Total lease payments (2) $ 16,314,566 Less: Interest (1,837,187 ) Present value of lease liabilities $ 14,477,379 (2) Operating lease payments exclude $0.3 million of legally binding minimum lease payments for leases signed, but not yet commenced as of December 31, 2019. At December 31, 2019, the weighted average remaining lease term for our operating leases was 6.0 years, and the weighted average discount rate used to measure our operating leases was 4.1%. Other Information December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 4,078,695 Operating lease assets obtained in exchange for lease obligations 18,076,962 Prior Disclosures under ASC 840 The Company incurred rent expenses of $5.0 million and $4.6 million related to its operating leases during the years ended December 31, 2018 and 2017, respectively. Future minimum lease payments under noncancelable operating leases as of December 31, 2018 were as follows: December 31, 2018 2019 $ 4,417,806 2020 3,750,324 2021 3,042,779 2022 2,102,463 2023 1,289,874 Thereafter 2,139,218 Total minimum lease payments $ 16,742,464

NOTES PAYABLE AND LONG-TERM DEB

NOTES PAYABLE AND LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2019
NOTES PAYABLE AND LONG-TERM DEBT [Abstract]
NOTES PAYABLE AND LONG-TERM DEBT	7. NOTES PAYABLE AND LONG-TERM DEBT As previously disclosed, on October 14, 2019, our management, in consultation with the Audit Committee, determined that Tandy’s previously issued Consolidated Financial Statements as of and for (i) the years ended December 31, 2018 and 2017, (ii) the three and six-month periods ended June 30, 2018, (iii) the three and nine-month periods ended September 30, 2018, and (iv) the three-month period ended March 31, 2019, should no longer be relied upon due to misstatements related to our accounting processes for inventory transactions, and we would restate such financial statements as part of the Restatement Process. See the Restatement Footnote for further information around the Restatement Process. As a result, the Company did not timely file with the SEC its Quarterly Reports on Form 10-Q for the periods ended June 30, and September 30, 2019, March 31, June 30, and September 30, 2020, and March 31, 2021, or its Annual Report on Form 10-K for fiscal 2019 and fiscal 2020 (collectively, the “Delinquent Filings”). Under the terms of the Promissory Note agreements the Company had in place with its primary bank, BOKF, NA d/b/a Bank of Texas (“BOKF”), we were required to provide BOKF quarterly financial statements and compliance certificates. We were unable to provide these financial statements and compliance certificates for the Delinquent Filings noted above. In response, on April 2, 2020, BOKF provided notice under the terms of the Promissory Note agreements that such Promissory Notes were cancelled. As of the date of cancellation, Tandy had no borrowings outstanding under these credit facilities or with any other lending institution. As of the date of this filing, Tandy has no lines of credit outstanding. On September 18, 2015, we executed a Promissory Note and Business Loan Agreement with BOKF which provided us with a working capital line of credit facility of up to $6 million which was secured by our inventory. On August 20, 2018, this line of credit was amended to extend the maturity to September 18, 2020 and to reduce the interest rate by 0.35%, and on September 18, 2019, the maturity date was further extended through September 18, 2021. The Business Loan Agreement contained covenants that required us to maintain a funded debt to EBITDA ratio of no greater than 1.5 to 1 and a Fixed Charge Coverage Ratio greater than or equal to 1.2 to 1. Both ratios were calculated quarterly on a trailing four quarter basis. For the years ended December 31, 2019, 2018 and 2017, there were no amounts drawn on this line of credit. Also, on September 18, 2015, we executed a Promissory Note and Business Loan Agreement with BOKF which provided us with a line of credit facility of up to $10 million for the purpose of repurchasing shares of our common stock pursuant to our stock repurchase program, announced in August 2015 and subsequently amended, which permitted us to repurchase up to 2.2 million shares of our common stock at prevailing market prices through August 2020. Subsequently, this line of credit was amended to increase the availability from $10 million to $15 million for the repurchase of shares of our common stock pursuant to our stock repurchase program through the end of the draw down period which was the earlier of August 9, 2020 or the date on which the entire amount was drawn. In addition, this Promissory Note was amended on August 20, 2018 to reduce the interest rate by 0.35%, and on September 18, 2019, the maturity date was further extended through September 18, 2024. We were required to make monthly interest-only payments through September 18, 2020. After this date, the principal balance would have rolled into a 4-year term note with principal and interest paid on a monthly basis with a maturity date of September 18, 2024. This Promissory Note was secured by a Deed of Trust on the real estate located at 1900 SE Loop 820, Fort Worth, Texas. There were no amounts drawn on this line of credit during 2017. During the year ended December 31, 2018, we drew $1.6 million on this line of credit which was used to purchase 243,387 shares of our common stock pursuant to our stock repurchase program. As of December 31, 2018, the outstanding balance on this line of credit was $9.0 million. During the quarter ended March 31, 2019, we paid off this line of credit with no pre-payment penalties incurred. Prior to August 20, 2018, amounts drawn under either Promissory Note accrued interest at the London Interbank Offered Rate for U.S. dollars (commonly known as “LIBOR”) plus 1.85% (3.351% as of December 31, 2017). Beginning August 20, 2018, the notes accrued interest at LIBOR plus 1.5% (4.0% as of December 31, 2018). Neither line of credit carried commitment fees. The amounts outstanding under the above agreements consisted of the following: December 31, 2019 2018 2017 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, 2024 $ - $ 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, 2021 - - - $ - $ 8,968,018 $ 7,371,730 Less current maturities - 519,516 614,311 TOTAL $ - $ 8,448,502 $ 6,757,419 During the second quarter of 2020, the Company borrowed $0.4 million from Banco Santander S.A. under the Institute of Official Credit Guarantee for Small and Medium-sized Enterprises in order to facilitate the continuation of employment and to attenuate the economic effects of the COVID-19 virus. This loan was provided for by the Spanish government as part of a COVID-19 relief program. The term of the agreement is five years and the interest rate is fixed at 1.5%. Based on the terms of the loan agreement, we are required to make monthly interest-only payments for the first two years and monthly principal and interest payments for the remainder of the term of the agreement.

EMPLOYEE BENEFIT AND SAVINGS PL

EMPLOYEE BENEFIT AND SAVINGS PLANS	12 Months Ended
	Dec. 31, 2019
EMPLOYEE BENEFIT AND SAVINGS PLANS [Abstract]
EMPLOYEE BENEFIT AND SAVINGS PLANS	8. EMPLOYEE BENEFIT AND SAVINGS PLANS We have a 401(k) plan to provide retirement benefits for our employees. As allowed under Section 401(k) of the Internal Revenue Code, the plan provides tax-deferred salary contributions for eligible employees and allows employees to contribute a percentage of their annual compensation to the plan on a pretax basis. Employee contributions are limited to a maximum annual amount as set periodically by the Internal Revenue Code. In 2019, 2018, and 2017, we matched 100% of the pretax employee contributions on the first 3% of eligible earnings and 50% of the pretax employee contributions on the next 2% of eligible earnings that are contributed by employees. For 2019, 2018 and 2017, we recorded employer match expense of $0.3 million, $0.4 million, and $0.3 million, respectively. 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 eligible for matching contributions. In addition, the plan provides for discretionary matching contributions as determined by the Board of Directors. There were no discretionary matching contributions made in 2019, 2018, or 2017. We offer no postretirement or postemployment benefits to our employees.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
INCOME TAXES [Abstract]
INCOME TAXES	9. INCOME TAXES The provision for income taxes consists of the following: Years Ended December 31, 2019 2018 2017 Income Tax Provision Restated Restated Current provision: Federal $ (582,502 ) $ 879,822 $ 2,999,960 State 7,341 223,156 343,954 Foreign (10,477 ) 356,199 544,495 Interest expense related to UTB 25,640 80,868 45,942 (559,998 ) 1,540,045 3,934,351 Deferred provision (benefit): Federal (94,001 ) 194,735 (59,918 ) State (23,559 ) 36,629 (52,637 ) Foreign (12,905 ) 42,045 38,036 (130,465 ) 273,409 (74,519 ) Total tax provision (benefit) $ (690,463 ) $ 1,813,454 $ 3,859,832 On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, permits net operating loss (“NOL”) carryovers and carrybacks to offset 100% of taxable income for taxable years beginning before 2021. In addition, the CARES Act allows NOLs incurred in 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to generate a refund of previously paid income taxes. The Company is evaluating the impact of the CARES Act and expects that the NOL carryback provision of the CARES Act will result in a cash tax benefit to the Company. On December 22, 2017, the Tax Act was enacted which included a number of changes to U.S. tax laws that impact the Company, including beginning in calendar 2018, a reduction of the U.S. corporate tax rate from 35% to 21%, the repeal of the domestic production activities deduction, new taxes on certain foreign sourced income, and new limitations on certain business deductions. The Tax Act also provided for a one-time transition tax on certain foreign earnings. Because the Tax Act was enacted in 2017, we recorded an estimated $1.3 million (Restated) of income tax expense in the fourth quarter of 2017 as follows: Transition tax on deemed repatriation of certain foreign earnings (1) $ 603,976 Foreign withholding taxes (1) 290,128 Remeasuring deferred tax position (2) 402,135 $ 1,296,239 (1) classified as part of the Federal current provision in 2017 (2) classified as part of the Federal deferred provision in 2017 The amounts in 2017 were recorded based on estimates and our current interpretation of the Tax Act and Staff Accounting Bulletin (“SAB”) No. 118, which provides guidance related to ASC Topic 740, Income Tax Income (loss) before income taxes was earned in the following tax jurisdictions: Years Ended December 31, Income (Loss) Before Income Taxes 2019 2018 2017 United States $ (1,960,121 ) $ 5,352,088 $ 5,811,797 Spain 20,595 66,799 (40,505 ) Canada (130,878 ) 1,166,176 937,655 Australia (169,718 ) 7,124 (115,809 ) United Kingdom (354,122 ) (380,368 ) (254,862 ) TOTAL $ (2,594,244 ) $ 6,211,819 $ 6,338,276 The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows: Deferred income tax assets: 2019 2018 2017 Inventory $ 468,438 $ 578,029 $ 542,820 Stock-based compensation 51,430 46,165 29,332 Accounts receivable 3,977 - 3,239 Sales returns 119,404 61,251 52,205 Deferred revenue - 48,878 67,642 Accrued expenses - 222,538 227,489 FX gain/loss in OCI 359,078 480,112 240,045 Goodwill and other intangible assets amortization 32,670 - - Net operating loss 459,196 344,578 337,904 Change in tax method - 375,595 631,015 Accrued bonuses - 250,355 363,710 Leases 144,699 - - Other 25 - - Total deferred income tax assets $ 1,638,917 $ 2,407,501 $ 2,495,401 Less: valuation allowance (381,872 ) (260,313 ) (208,350 ) Total deferred income tax assets, net of valuation allowance $ 1,257,045 $ 2,147,188 $ 2,287,051 Property and equipment depreciation $ 739,633 $ 897,494 $ 1,004,163 Goodwill and other intangible assets amortization - 157,401 151,983 Accrued expenses 90,079 - - Total deferred income tax liabilities $ 829,712 $ 1,054,895 $ 1,156,146 Net deferred tax asset (liability) $ 427,333 $ 1,092,293 $ 1,130,905 The valuation allowance for deferred income tax assets increased by $0.1 million in each of the years ended December 31, 2019, 2018, and 2017. Our effective tax rate differs from the federal statutory rate primarily due to U.S. state income tax expense, the difference in tax rates for loss carryback periods, foreign income/loss positions, expenses that are nondeductible for tax purposes, and differences in tax rates. Below is a reconciliation of our effective tax rate from the statutory rate: Years Ended December 31, 2019 2018 2017 Statutory rate – Federal U.S. income tax 21% 21% 34% State and local taxes 0% 4% 5% Impact of Tax Act 0% 0% 20% Non-U.S. income tax at different rates 0% 3% (3)% Permanent book/tax differences (6)% 0% 1% Difference in tax rates in loss carryback periods 3% 0% 0% Change in valuation allowance (5)% 1% 1% Rate differential on UTB reversals 13% 0% 0% Other, net 1% 0% 3% Effective rate 27% 29% 61% 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 longer subject to U.S. federal income tax examinations by tax authorities for years prior to the tax year ended December 2016. Depending on the jurisdiction, we are no longer subject to state examinations by tax authorities for years prior to the December 2015 and December 2016 tax years. A reconciliation of the beginning and ending amount of unrecognized tax benefits (UTB) is as follows: Fiscal Year 2019 2018 2017 UTB at beginning of the year $ 1,415,714 $ 1,197,077 $ 937,705 Gross decrease to tax positions in prior periods (1,145,227 ) (102,236 ) - Gross increase to tax positions in current period - 351,304 213,430 Interest expense 25,640 80,869 45,942 Lapses in statute - (111,300 ) - UTB at end of year $ 296,127 $ 1,415,714 $ 1,197,077 We file tax returns in the U.S. and a limited number of foreign jurisdictions. With few exceptions, we are no longer subject to federal, state and local, or non-U.S. income tax examinations for years before 2015. Included in the balance of UTBs as of December 31, 2019, 2018 and 2017 are $0.1 million, $0.1 million, and $0.2 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate. Also included in the balance of UTBs as of December 31, 2019, 2018 and 2017 are $0.2 million, $1.3 million and $1.0 million, respectively, of tax benefits that, if recognized, would result in adjustments primarily to deferred taxes.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Legal Proceedings We are periodically involved in various litigation that arises in the ordinary course of business and operations. There are no such matters pending that we expect to have a material impact on our financial position or operating results. Legal costs associated with the resolution of claims, lawsuits, and other contingencies are expensed as incurred. In November 2019, a class action lawsuit seeking unspecified damages was brought by a stockholder in the Federal District Court in Los Angeles, California, and subsequently transferred to the Federal District Court for the Northern District of Texas, against the Company and members of its current and former management relating to our announcement of the circumstances leading to our restatement. We believe that suit was without merit, and the suit was withdrawn by the plaintiff in April 2020; however, there can be no assurance that additional litigation against the Company and/or its management or Board of Directors might not be threatened or brought in connection with matters related to our restatement. Delisting of the Company’s Common Stock As previously disclosed, the Company was unable to timely file the Delinquent Filings due to the Restatement Process. As a result, on February 18, 2020, the Company received a notice from Nasdaq indicating that, unless the Company timely requested a hearing before a Nasdaq Hearings Panel (the “Panel”), the Company’s common stock would be subject to suspension and delisting from Nasdaq due to non-compliance with Nasdaq Listing Rule 5250(c)(1). On May 1, 2020, the Panel granted the Company’s request to remain listed on Nasdaq, subject to the Company filing all current and overdue quarterly and annual reports with the Securities and Exchange Commission on or before August 10, 2020. Because the Restatement Process was not complete by such date, Nasdaq suspended trading in our stock on Nasdaq as of August 13, 2020. Our stock has since traded on the OTC Link (previously “Pink Sheets”) operated by OTC Markets Group SEC Investigation The Company has self-reported to the SEC information concerning the internal investigation of accounting matters described in the Explanatory Note included in Part I, Item 1 of this Comprehensive Form 10-K and in Note 2, “Restatement of Previously Issued Consolidated Financial Statements”. Subsequently, the Division of Enforcement of the SEC informed the Company that it had initiated an investigation into the Company’s historical accounting practices. The Company is fully cooperating with the investigation and is in discussions with the SEC regarding a possible negotiated resolution. In October 2020, an agreement (which was updated on May 12, 2021) in principle was reached on the material terms of such a resolution, which includes an agreement by the Company to pay a $0.2 million penalty. However, this provisional resolution is still subject to finalizing the necessary documents and obtaining final approval from the SEC, which cannot be assured. Accordingly, as of December 31, 2020, a $0.2 million liability has been recorded in accrued expenses and other liabilities on our Consolidated Balance Sheet.

SIGNIFICANT BUSINESS CONCENTRAT

SIGNIFICANT BUSINESS CONCENTRATIONS AND RISK	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT BUSINESS CONCENTRATIONS AND RISK [Abstract]
SIGNIFICANT BUSINESS CONCENTRATIONS AND RISK	11. 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 single customer accounted for more than 0.5% of our consolidated revenues in 2019, 2018, or 2017, and sales to our five largest customers represented 1.7%, 1.0%, and 1.2%, respectively, of consolidated revenues in those years. While we do not believe the loss of one of these customers would have a significant negative impact on our operations, we do believe the loss of several of these customers simultaneously or a substantial reduction in sales generated by them could temporarily affect our operating results. Major Vendors We purchase a significant portion of our inventory through one supplier. Due to the number of alternative sources of supply, we do not believe that the loss of this supplier would have an adverse impact on our operations. 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 as of December 31, 2019, 2018 and 2017, two customers’ balances represented 35.3%, 33.3% and 21.4% of net accounts receivable balance, respectively. We do not generally require collateral for accounts receivable, but we do perform periodic credit evaluations of our customers and believe the allowance for doubtful accounts is adequate. It is our opinion that if any one or a group of customer receivable balances should be deemed uncollectable, it would not have a material adverse effect on our results of operations or financial condition. We maintain a majority of our cash in bank deposit accounts that, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. We believe we are not exposed to any significant credit risk on our cash and cash equivalents.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2019
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	12. STOCKHOLDERS’ EQUITY Equity Compensation Plans Restricted Stock Plan The Tandy Leather Factory, Inc. 2013 Restricted Stock Plan (the “2013 Plan”) was adopted by our Board of Directors in January 2013 and approved by our stockholders in June 2013. The 2013 Plan initially reserved up to 300,000 shares of our common stock for restricted stock and restricted stock unit (“RSU”) awards, on or prior to June 2018, to our executive officers, non-employee directors and other key employees (of which, there were 149,605 shares available for future awards as of December 31, 2019). Awards granted under the 2013 Plan may be service-based awards or performance-based awards, and may be subject to a graded vesting schedule with a minimum vesting period of four years, unless otherwise determined by the Compensation Committee of the Board of Directors that administers the plan. In March 2019, as part of their annual director compensation, certain of our non-employee directors were granted a total of 28,191 service-based RSUs under the 2013 Plan which will vest ratably over the next three years provided that the participant is still on the board on the vesting date. In December 2019 certain of our key employees were granted a total of 17,988 service-based RSUs under the 2013 Plan which will vest ratably over the next three years provided that the participants are employed on the vesting date. In June 2020, our stockholders approved an increase to the plan reserve to 800,000 shares of our common stock and extended the 2013 Plan through June 2023. In addition to grants under the Company’s 2013 Restricted Stock Plan, in October 2018 we granted a total of 644,000 RSUs to the Company’s Chief Executive Officer (“CEO”), of which (i) 460,000 are service-based RSUs that vest ratably over a period of five years from the grant date based on our CEO’s continued employment in her role, (ii) 92,000 are performance-based RSUs that will vest if the Company’s operating income exceeds $12 million dollars two fiscal years in a row, and (iii) 92,000 are performance-based RSUs that will vest if the Company’s operating income exceeds $14 million dollars in one fiscal year. A summary of the activity for non-vested restricted stock and RSU awards is as follows: Shares Grant Fair Value Balance, January 1, 2017 61,098 $ 8.03 Granted 9,005 8.05 Vested (33,300 ) 8.14 Balance, December 31, 2017 36,803 $ 7.93 Balance, January 1, 2018 36,803 $ 7.93 Granted 654,000 5.31 Vested (33,086 ) 7.94 Balance, December 31, 2018 657,717 $ 7.39 Balance, January 1, 2019 657,717 $ 7.39 Granted 46,179 5.67 Forfeited (5,319 ) 5.64 Vested (93,408 ) 7.39 Balance, December 31, 2019 605,169 $ 7.27 The Company’s stock-based compensation relates primarily to RSU awards. For these service-based awards, our stock-based compensation expense, included in operating expenses, was $0.8 million, $0.3 million, and $0.2 million in 2019, 2018 and 2017, respectively. As of December 31, 2019, the Company has concluded it is not probable that the performance conditions related to performance-based RSUs will be achieved, and as a result no compensation expense related to performance-based RSUs has been recorded. As of December 31, 2019, there was unrecognized compensation cost related to non-vested, service-based awards of $2.8 million which will be recognized over 3.6 weighted average years in each of the following years: Unrecognized Expense 2020 $ 777,537 2021 758,325 2022 721,284 2023 509,910 $ 2,767,056 We issue shares from authorized shares upon the lapsing of vesting restrictions on restricted stock and RSUs. In 2019, 2018 and 2017, we issued 93,408, 33,086 and 33,300 shares, respectively, resulting from the vesting of restricted stock. We do not use cash to settle equity instruments issued under stock-based compensation awards. Stock Options We had a stock option plan that terminated in March 2017, which permitted stock option grants to non-employee directors with an exercise price equal to the fair market value of the shares at the date of grant. Options outstanding and exercisable were granted at a stock option price which was not less than the fair market value of our common stock on the date the option was granted, and no option has a term in excess of ten years. A summary of stock option transactions for the year ended December 31, 2017 is as follows (no amounts shown for 2018, as the plan was terminated in March 2017): Option Weighted Average Shares Exercise Price Outstanding at January 1 56,400 $ 5.14 Granted - - Forfeited or cancelled (12,000 ) 5.14 Exercised (44,400 ) 5.14 Outstanding at December 31 - $ - Exercisable at end of year - $ - Weighted-average fair value of options granted during year n/a Because there were no grants of stock options or vested options outstanding in 2019, 2018 or 2017, there were no amounts of compensation cost recorded. The intrinsic value of stock options exercised in 2017 was $0.2 million. Cash received from the exercise of stock options for 2017 was $0.2 million. Share Repurchase Program In August 2015, our Board of Directors authorized a share repurchase program, pursuant to which we were authorized to repurchase up to 1.2 million shares of our common stock at prevailing market rates through August 2016. Subsequently, the program was amended to increase the number of shares available for repurchase to 2.2 million and to extend the program through August 2019. In June 2019, the program was again amended to increase the number of shares available to one million as of such date and to extend the program through August 9, 2020. For the years ended December 31, we repurchased the following shares: Year ended December 31, Total shares repurchased Average price per share 2019 131,782 $ 5.58 2018 243,387 $ 6.79 As of December 31, 2019, there were 996,163 shares that remained available for repurchase under the plan. On August 9, 2020, the Board of Directors approved a new program to repurchase up to $5.0 million of its common stock between August 9, 2020 and July 31, 2022, subject to the completion of our financial restatement and the filing of all Delinquent Filings with the SEC. The Company’s previous share repurchase program expired in August 2020. On January 28, 2021, we entered into an agreement with an institutional shareholder of the Company, to repurchase 500,000 shares of our common stock, par value $0.0024 in a private transaction. The purchase price was $3.35 per share for a total of $1.7 million. The closing of the repurchase of these shares took place on February 1, 2021. Prior to the repurchase, the shares represented approximately 5.5% of our outstanding common stock.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2019
SEGMENT INFORMATION [Abstract]
SEGMENT INFORMATION	13. SEGMENT INFORMATION As of January 1, 2019, we operate as a single segment and report on a consolidated basis. Prior to January 1, 2019, we operated and reported in two segments - North America and International. In early 2019, we announced several strategic initiatives to drive future sales growth and long-term profitability, which resulted in the Company closing two of its three stores outside of North America, leaving Spain as our only store outside of North America. Due to these strategic decisions, our CODM changed the way operating performance assessments and resource allocation decisions are made by incorporating a consolidated view. As a result, we no longer report International as a reportable segment.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2019
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	14. QUARTERLY FINANCIAL DATA (UNAUDITED) The Company is providing restated quarterly and year-to-date unaudited consolidated financial information for interim periods occurring within the years ended December 31, 2019 and 2018 in order to comply with SEC requirements. See the Restatement Footnote for further background concerning the events preceding the restatement of financial information in this Comprehensive Form 10-K. 2019 First Quarter Restated Second Quarter Third Quarter Fourth Quarter Net sales $ 20,941,322 $ 17,196,815 $ 16,310,887 $ 20,469,136 Gross profit 12,244,670 9,370,446 8,848,648 11,495,688 Net income (loss) 1,519,811 (875,667 ) (1,718,452 ) (829,473 ) Net income (loss) per common share: Basic $ 0.17 $ (0.10 ) $ (0.19 ) $ (0.09 ) Diluted (1) $ 0.17 $ (0.10 ) $ (0.19 ) $ (0.09 ) Weighted average number of common shares outstanding: Basic 9,009,752 8,933,648 8,932,246 9,020,187 Diluted 9,011,107 8,933,648 8,932,246 9,020,187 (1) For the three months ended June 30, 2019, September 31, 2019 and December 31, 2019, there were 2,290, 2,704 and 8,387 shares, respectively, excluded from the diluted EPS calculation because the impact of their assumed exercise would be anti-dilutive due to a net loss in those periods. 2018 First Quarter Restated Second Quarter Restated Third Quarter Restated Fourth Quarter Restated Net sales $ 20,500,578 $ 19,187,222 $ 18,878,263 $ 24,637,506 Gross profit 12,689,060 12,233,492 11,895,883 14,122,510 Net income 1,516,656 1,157,743 608,701 1,115,265 Net income per common share: Basic $ 0.16 $ 0.13 $ 0.07 $ 0.12 Diluted $ 0.16 $ 0.13 $ 0.07 $ 0.12 Weighted average number of common shares outstanding: Basic 9,264,446 9,180,076 9,154,215 9,143,746 Diluted 9,264,604 9,182,527 9,160,022 9,144,020

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2019
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS COVID-19 In late 2019, COVID-19 was detected in Wuhan, China and has since spread to other parts of the world, including the U.S. On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. Federal, state, and local governments have since implemented various restrictions, including travel restrictions, border closings, restrictions on public gatherings, quarantining of people who may have been exposed to the virus, shelter-in-place restrictions and limitations on business operations. As previously announced and for the health and safety of employees and customers, o n March 17, 2020, the Company made the decision to begin temporary store closures. We began closing stores on March 18, 2020 and by April 2, 2020, we temporarily closed all stores to the public. While we pivoted to serve customers online, In response, w e took immediate action to mitigate the impact of temporary store closures on our cash flows by: (i) furloughing 406 Tandy employees, comprising two-thirds of the Tandy work force, (ii) temporarily cutting corporate salaries, with deeper cuts for the Executive Leadership Team, (iii) negotiating abatements, deferrals and other favorable lease terms with landlords, and (iv) negotiating longer payment terms with our key product vendors. By June 2020, we also permanently closed eight stores with expiring leases and/or negative cash flows, creating additional savings in operating expenses. Due to our size, we were not eligible for the Paycheck Protection Program administered through the Small Business Administration. Also, due to our not being current on financial filings with the SEC, we were not able to obtain loans under the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act. In Canada, we participated in the Canada Emergency Commercial Rent Assistance (“CECRA”) program for rent relief. This program provided for a 75% reduction in the store rent for included stores for the months of April, May and June 2020. We received total rent abatements under the program of $0.05 million. Eight stores were permanently closed during the second quarter of 2020 as leases expired or early terminations were negotiated, including at locations where we believe we can retain a majority of customers through geographically proximate stores and/or our enhanced website platform. After these permanent closures, Tandy operates 106 stores, including ten in Canada and one in Spain. On May 22, 2020, our Fort Worth flagship store reopened to the public, the beginning of a phased approach to reopening our stores with limited hours, new protocols for sanitizing, social distancing, wearing masks and taking daily temperatures of employees. During the third quarter of 2020, all 106 of Tandy’s stores had reopened to the public and the store re-openings were well received by our employees and customers. D uring the fourth quarter of 2020 and into the present, we continue to manage through the pandemic as we saw increased spikes in COVID-19 infections, and continue to see varying levels of infection rates, and are forced to close certain stores or move certain stores to “curbside only” operations. While we previously fulfilled our web orders out of our retail stores, we have built a centralized web fulfillment capability in our Fort Worth distribution center and will be fulfilling web orders primarily through Fort Worth going forward. Both our e-commerce business and stores, during the limited period since reopening, have been performing above last year sales levels, but the future remains uncertain, and more store closures and/or the ongoing unemployment crisis could cause a material negative impact on future sales. As part of the Company’s accounting policy for long-lived asset impairments, we believe the COVID-19 impact on the Company’s results of operations, cash flows and financial position and the ongoing uncertainty the virus has created around future operating results represented a triggering event during the first quarter of 2020 and continued throughout 2020. For fiscal year 2020, the Company expects to record impairment expense of approximately $1.1 million, primarily related to property and equipment and operating lease assets for certain stores that are projected to underperform to a level where the cash flows they generate will not be sufficient to cover their respective asset carry values.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Management estimates and reporting	Management estimates and reporting The preparation of the Company’s Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States (“GAAP”) requires the use of estimates that affect the reported value of assets, liabilities, revenues and expenses. These estimates are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for the Company’s conclusions. The Company continually evaluates the information used to make these estimates as the business and the economic environment changes. Actual results may differ from these estimates, and estimates are subject to change due to modifications in the underlying conditions or assumptions. The policies discussed below require estimates that contain a significant degree of judgement. The use of estimates is pervasive throughout the Consolidated Financial Statements, but the accounting policies and estimates considered most significant are as follows.
Principles of consolidation	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.
Cash and cash equivalents	Cash and cash equivalents The Company considers investments with a maturity when purchased of three months or less to be cash equivalents. All credit card, debit card and electronic transfer transactions that process in less than seven days are classified as cash and cash equivalents.
Foreign currency translation and transactions	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, net of tax charge of $0.1 million in 2019, tax benefit of $0.2 million in 2018 and tax charge of $0.5 million in 2017. Gains and losses resulting from foreign currency transactions are reported in the statements of income (loss) under the caption “Other, net,” for all periods presented. We recognized a foreign currency transaction loss of less than $0.01 million in 2019 and foreign currency transaction gains of $0.4 million and $0.1 million in both 2018, and 2017, respectively.
Revenue recognition	Revenue recognition Our revenue is earned from sales of merchandise and generally occurs via two methods: (1) at the store counter and (2) shipment of product generally via web sales. We recognize revenue when we satisfy the performance obligation of transferring control of product merchandise over to a customer. At the store counter, our performance obligation is met and revenue is recognized when a sales transaction occurs with a customer. When merchandise is shipped to a customer, our performance obligation is met and revenue is recognized when title passes to the customer. Shipping terms are normally free on board (“FOB”) shipping point and title passes when the merchandise is shipped to the customer. Sales tax and comparable foreign tax is excluded from net sales, while shipping charged to our customers is included in net sales. Net sales is based on the amount of consideration that we expect to receive, reduced by estimates for future merchandise returns. The sales return allowance is based each year on historical customer return behavior and other known factors and reduces net sales and cost of sales, accordingly. The sales return allowance included in accrued expense and other liabilities was $0.3 million, $0.4 million and $0.3 million as of December 31, 2019, 2018 and 2017, respectively. The estimated value of merchandise expected to be returned included in other current assets was $0.1 million, $0.2 million and $0.1 million as of December 31, 2019, 2018 and 2017. We record a gift card liability for the unfulfilled performance obligation on the date we issue a gift card to a customer. We record revenue and reduce the gift card liability as the customer redeems the gift card. In addition, for gift card breakage, we recognize a proportionate amount for the expected unredeemed gift cards over the expected customer redemption period, which is one year. As of December 31, 2019, 2018, and 2017 our gift card liability, included in accrued expenses and other liabilities, was $0.3 million and $0.2 million and $0.3 million, respectively. During 2019, we ended our wholesale pricing club program where customers received lower prices in exchange for a yearly membership fee. Under this program, the yearly membership fee when paid is recorded as deferred revenue and is recognized in net sales throughout the one-year period. As of December 31, 2018 and 2017, our deferred revenue associated with this program and included in accrued expenses and other liabilities was $0.6 million and $0.8 million, respectively. We recognized gift card revenue of $0.1 million in 2019 from the December 31, 2018 deferred revenue balance, $0.2 million in 2018 from the December 31, 2017 deferred revenue balance and $0.2 million in 2017 from the December 31, 2016 deferred revenue balance. For the years ended December 31, 2019, 2018 and 2017, we recognized $1.1 million, $1.9 million and $2.1 million, respectively, in net sales associated with gift cards and the wholesale pricing club membership fees. Disaggregated revenue In the following table, revenue for the years ended December 31, 2019, 2018 and 2017 is disaggregated by geographic areas as follows: 2019 2018 Restated 2017 Restated United States $ 65,745,750 $ 72,563,038 $ 71,473,430 Canada 6,513,631 7,095,697 7,194,116 All other countries 2,658,779 3,544,834 3,753,049 Net sales $ 74,918,160 $ 83,203,569 $ 82,420,595 Geographic sales information is based on the location of the customer. Excluding Canada, no single foreign country had net sales greater than 1.7% of our consolidated net sales in 2019, 2018, or 2017.
Discounts	Discounts Prior to 2019, we maintained five price levels: retail, wholesale gold, wholesale elite, business, and manufacturer. Since May of 2019 (April of 2019 in Canada), we offer a single retail price level, plus three volume-based levels for commercial customers. Discounts from those price levels are offered to Business, Military/First Responder and Employee customers. Such discounts do not convey a material right to these customers since the discounted pricing they receive at the point of sale is not dependent upon any previous or subsequent purchases. As a result, sales are reported after deduction of discounts at the point of sale. We do not pay slotting fees or make other payments to resellers.
Operating expense	Operating expense 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	Property and equipment, net of accumulated depreciation 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 to ten years for equipment and machinery, seven to fifteen years for furniture and fixtures, five years for vehicles, and forty years for buildings and related improvements. Leasehold improvements are amortized over the lesser of the life of the lease or the useful life of the asset. Repairs and maintenance costs are expensed as incurred.
Inventory	Inventory Inventory is stated at the lower of cost (first-in, first-out) or net realizable value. Finished goods held for sale includes the cost of merchandise purchases, the costs to bring the merchandise to our Texas distribution center, warehousing and handling expenditures, and distributing and delivering merchandise to our stores. These costs include depreciation of long-lived assets utilized in acquiring, warehousing and distributing inventory. Manufacturing inventory including raw materials and work-in-process are valued on a first‑in, first out basis using full absorption accounting which includes material, labor, and other applicable manufacturing overhead. Carrying values of inventory are analyzed and, to the extent that the cost of inventory exceeds the net realizable value, provisions are made to reduce the carrying amount of the inventory. We regularly review all inventory items to determine if there are (i) damaged goods (e.g., for leather, excessive scars or damage from ultra-violet (“UV”) light), (ii) items that need to be removed from our product line (e.g., slow-moving items, inability of a supplier to provide items of acceptable quality or quantity, and to maintain freshness in the product line) and (iii) pricing actions that need to be taken to adequately value our inventory at the lower of cost or net realizable value. Since the determination of net realizable value of inventory involves both estimation and judgement 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 twice annually in the Texas distribution center. At the store level, inventory is physically counted each quarter. Inventory is then adjusted in our accounting system to reflect actual count results.
Leases	Leases We lease certain real estate for our retail store locations under long-term lease agreements. Starting in 2019, with the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842), once we have determined an arrangement is a lease, at inception we recognize an operating lease asset and lease liability at commencement date based on the present value of the lease payments over the lease term. The present value of our lease payments may include: (1) rental payments adjusted for inflation or market rates, and (2) lease terms with options to renew the lease when it is reasonably certain we will exercise such an option. The exercise of lease renewal options is generally at our discretion. Payments based on a change in an index or market rate are not considered in the determination of lease payments for purposes of measuring the related lease liability. We discount lease payments using our incremental borrowing rate based on information available as of the measurement date. Prior to 2019, rent expense on operating leases, including rent holidays and scheduled rent increases, was recorded on a straight‑line basis over the term of the lease, commencing on the date we took possession of the leased property. Rent expense is recorded in operating expenses. The net excess of rent expense over the actual cash paid was recorded as accrued expenses and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2019, we have no finance leases, no sublease agreements, and no lease agreements in which we are named as a lessor. Subsequent to the recognition of our operating lease assets and lease liabilities, we recognize lease expense related to our operating leases on a straight-line basis over the lease term. The depreciable life of related leasehold improvements is based on the shorter of the useful life or the lease term. We also perform interim reviews of our operating lease assets for impairment when evidence exists that the carrying value of an asset group, including a lease asset, may not be recoverable.
Impairment of long-lived assets	Impairment of long-lived assets We evaluate long-lived assets on a quarterly basis to identify events or changes in circumstances (“triggering events”) that indicate the carrying value of certain assets may not be recoverable. Upon the occurrence of a triggering event, right-of-use (“ROU”) lease assets, property and equipment and definite-lived intangible assets are reviewed for impairment and an impairment loss is recorded in the period in which it is determined that the carrying amount of the assets is not recoverable. The determination of recoverability is made based upon the estimated undiscounted future net cash flows of assets grouped at the lowest level for which there are identifiable cash flows independent of the cash flows of other groups of assets with such cash flows to be realized over the estimated remaining useful life of the primary asset within the asset group. The Company determined the lowest level of identifiable cash flows that are independent of other asset groups to be primarily at the individual store level. If the estimated undiscounted future net cash flows for a given store are less than the carrying amount of the related store assets, an impairment loss is determined by comparing the estimated fair value with the carrying value of the related assets. The impairment loss is then allocated across the asset group’s major classifications which in this case are operating lease assets and property and equipment. Triggering events at the store level could include material declines in operational and financial performance or planned changes in the use of assets, such as store relocation or store closure. This evaluation requires management to make judgements relating to future cash flows, growth rates and economic and market conditions. The fair value of an asset group is estimated using a discounted cash flow valuation method. For the years ended December 31, 2019 and 2018, three stores and four stores, respectively, were reviewed for impairment due to overall underperformance. Based on the results of the review, impairment expense of less than $0.1 million and $0.3 million was recorded for 2019 and 2018, respectively. Using a discounted cash flow valuation method, we assumed a discount rate of 12.5% based on a remaining useful life of the asset groups ranging from one to two years. For 2018, prior to the adoption of Topic 842, the only asset within the store asset group was property and equipment, and the fair value was estimated using a market based approach. There were no impairment charges in 2017.
Earnings per share	Earnings per share Basic earnings per share (“EPS”) are computed based on the weighted average number of common shares outstanding during the period. Diluted EPS includes additional common shares that would have been outstanding if potential common shares with a dilutive effect, such as stock awards from the Company’s restricted stock plan, had been issued. Anti-dilutive securities represent potentially dilutive securities which are excluded from the computation of diluted EPS as their impact would be anti-dilutive. Diluted EPS is computed using the treasury stock method. Years Ended December 31, 2019 (1) 2018 Restated 2017 Restated Numerator: Net income (loss) $ (1,903,781 ) $ 4,398,365 $ 2,478,444 Denominator: Basic weighted-average common shares ouststanding 8,973,246 9,185,203 9,242,092 Dilutive effect of service-based restricted stock awards granted to Board of Directors under the Plan - - 177 Dilutive effect of service-based restricted stock awards granted to employees under the Plan - 19,805 3,268 Diluted weighted-average common shares outstanding 8,973,246 9,205,008 9,245,537 (1) For the year ended December 31, 2019, there were 9,203 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period. For additional disclosures regarding restricted stock awards and employee stock options, see Note 12, Stockholder’s Equity – Equity Compensation Plans
Goodwill and other intangible assets	Goodwill and other intangible assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business combination. Goodwill is allocated across one reporting unit: Tandy Leather Factory. Goodwill is not amortized but is evaluated at least annually for impairment. At the reporting unit level, the Company tests goodwill for impairment on an annual basis as of December 31 of each year, or more frequently if events or changes in circumstances, referred to as triggering events, indicate the carrying value of goodwill may not be recoverable and that a potential impairment exists. Application of the goodwill impairment test requires exercise of judgement, including the estimation of future cash flows, determination of appropriate discount rates and other Level 3 assumptions (significant unobservable inputs which are supported by little or no market activity). Changes in these estimates and assumptions could materially affect the determination of fair value and/or goodwill impairment for the reporting unit. On October 1, 2019, we elected to early adopt ASU 2017-04, Intangibles Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment We completed our annual goodwill impairment assessment as of December 31, 2019 using a quantitative Step 1 approach with the income approach methodologies discussed below. The discounted cash flow (“DCF”) model utilizes present values of cash flows to estimate fair value. Future cash flows were projected based on estimates of projected sales growth, store count, pricing, gross margin rates, operating expense rates, working capital fluctuations, income tax expense and capital expenditures. Forecasted cash flows took into account known market conditions as of December 31, 2019, and management’s anticipated business outlook. The future cash flows were discounted using a market-participant risk-adjusted weighted average cost of capital for the reporting unit. A terminal year value was calculated under two approaches: (i) using an EBITDA exit multiple supported by guideline public company data using selected public companies operating within the retail industry and (ii) applying a perpetual growth rate methodology to the terminal year. These assumptions were derived from both observable and unobservable inputs and were combined to reflect management’s judgements and assumptions. The estimated fair values determined under both approaches above were consistent. The concluded fair value for the reporting unit was based on a 50/50 weighting of the two valuation approaches above. The results of the Step 1 impairment testing for goodwill resulted in the Company recognizing an impairment expense of $1.0 million during the fourth quarter of 2019, representing the entire balance of goodwill for the reporting unit. No adjustment to the carrying value of goodwill was required for the years ended December 31, 2018 and 2017. The change in our goodwill for each of 2018 and 2017 resulted from foreign currency translation gains (losses) of less than $0.01 million which was recorded in accumulated other comprehensive loss. Other intangibles Our intangible assets, excluding goodwill, and related accumulated amortization consisted of the following: As of December 31, 2019 Gross Accumulated Amortization Net Trademarks/copyrights $ 554,369 $ 547,369 $ 7,000 TOTAL $ 554,369 $ 547,369 $ 7,000 As of December 31, 2018 Gross Accumulated Amortization Net Trademarks/copyrights $ 554,369 $ 546,702 $ 7,667 Non-compete agreements 153,000 144,167 8,833 TOTAL $ 707,369 $ 690,869 $ 16,500 As of December 31, 2017 Gross Accumulated Amortization Net Trademarks/copyrights $ 554,369 $ 545,980 $ 8,389 Non-compete agreements 153,000 142,167 10,833 TOTAL $ 707,369 $ 688,147 $ 19,222 All our intangible assets, other than goodwill, are definite-lived intangibles and are subject to amortization. The weighted average amortization period is 15 years for trademarks and copyrights. Amortization expense related to other intangible assets of less than $0.01 million in each of 2019, 2018, and 2017 was recorded in operating expenses, and non-compete intangible assets were fully amortized during 2019 upon the expiration of such agreements. Based on the current amount of intangible assets subject to amortization, we estimate amortization expense to be less than $0.01 million annually over the next five years.
Fair value of financial instruments	Fair value of financial instruments We measure fair value as an exit price, which is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As a basis for considering such assumptions, accounting standards establish a three-tier fair value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: • Level 1 – observable inputs that reflect quoted prices in active markets for identical assets or liabilities. • Level 2 – significant observable inputs other than quoted prices in active markets for similar assets and liabilities, such as quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – significant unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants. 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 short-term investments, accounts receivable, accounts payable, and long-term debt. As of December 31, 2019, 2018 and 2017, the carrying values of our financial instruments, included in our Consolidated Balance Sheets, approximated their fair values. There were no transfers into or out of Levels 1, 2 and 3 during the years ended December 31, 2019, 2018 and 2017.
Short-term investments	Short-term investments We determine the appropriate classification of investments at the time of purchase, and we re-evaluate that determination at each balance sheet date. Investments are recorded as either short-term or long-term on the Consolidated Balance Sheet, based on contractual maturity date. As of December 31, 2019, we held investments in U.S. Treasuries with maturity values of $9.2 million and maturities less than one year. We have classified these investments in debt securities as held-to-maturity. Such investments are recorded at amortized cost with book value approximating fair value which is based on Level 1 inputs for these investments. The Company believes there is no current expected credit allowance necessary for our short-term investments as: 1) Treasury securities typically are the most highly rated securities among rating agencies; 2) Treasury securities have a long history of no credit losses; and 3) Treasury securities are guaranteed by a sovereign entity (the U.S. Government) that can print its own money and whose currency (the U.S. dollar) is the reserve currency.
Income taxes	Income taxes Income taxes are estimated for each jurisdiction in which we operate. This involves assessing current tax exposure together with temporary differences resulting from differing treatment of items for tax and financial statement accounting purposes. Any resulting deferred tax assets are evaluated for recoverability based on estimated future taxable income. To the extent recovery is deemed not likely, a valuation allowance is recorded. Our evaluation regarding whether a valuation allowance is required or should be adjusted also considers, among other things, the nature, frequency, and severity of recent losses, forecasts of future profitability and the duration of statutory carryforward periods. 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 be recognized when it is more-likely-than-not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold to be recognized. We recognize tax liabilities for uncertain tax positions and adjust these liabilities when our judgement changes as a result of the evaluation of new information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from the current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense and the effective tax rate in the period in which new information becomes available. We recognize interest and/or penalties related to all tax positions in income tax expense. To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision in the period that such determination is made. We may be subject to periodic audits by the Internal Revenue Service and other taxing authorities. These audits may challenge certain of our tax positions, such as the timing and amount of deductions and allocation of taxable income to the various jurisdictions.
Stock-based compensation	Stock-based compensation The Company’s stock-based compensation relates primarily to restricted stock unit (“RSU”) 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 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 service-based awards typically vest ratably over the requisite service period, provided that the participant is employed on the vesting date. Compensation expense is reduced by actual forfeitures as they occur over the requisite service period of the awards. Performance-based RSUs vest, if at all, upon the Company satisfying certain performance targets. The Company records compensation expense for awards with a performance condition when it is probable that the condition will be achieved. If the Company determines it is not probable a performance condition will be achieved, no compensation expense is recognized. If the Company changes its assessment in a subsequent period and concludes it is probable a performance condition will be achieved), the Company will recognize compensation expense ratably between the period of the change in assessment through the expected date of satisfying the performance condition for vesting. If the Company subsequently assesses that it is no longer probable that a performance condition will be achieved, the accumulated expense that has been previously recognized will be reversed. The compensation expense ultimately recognized, if any, related to performance-based awards will equal the grant date fair value based on the number of shares for which the performance condition has been satisfied. We issue shares from authorized shares upon the lapsing of vesting restrictions on RSUs. We do not use cash to settle equity instruments issued under stock-based compensation awards. We had one stock option plan that expired in March 2017. This plan permitted annual stock option grants to non-employee directors with an exercise price equal to the fair market value of the shares at the date of grant. These options vested and became exercisable six months from the option grant date. Under this plan, no stock options were awarded in 2015 or after, therefore, we did not recognize any stock-based compensation expense for these options during those periods.
Comprehensive income (loss)	Comprehensive income (loss) Comprehensive income (loss) includes net income (loss) and certain other items that are recorded directly to stockholders’ equity. The Company’s only source of other comprehensive income (loss) is foreign currency translation adjustments, and those adjustments are presented net of tax.
Shipping and handling costs	Shipping and handling costs Costs to ship products from our stores to our customers are included in operating expenses on the Consolidated Statements of Comprehensive Income (Loss). These costs totaled $2.1 million, $1.8 million, and $2.0 million for the years ended December 31, 2019, 2018, and 2017, respectively.
Advertising	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 an estimated period in which such catalogs will be issued, which is typically twelve months. We issue catalogs every other year and did not issue a catalog for the 2019 year. Such capitalized costs are included in other current assets and totaled $0.2 million at both December 31, 2018 and 2017. Total advertising expense was $3.4 million in 2019; $3.9 million in 2018; and $5.0 million in 2017.
Cash flows presentation	Cash flows presentation For purposes of the Consolidated Statements of Cash Flows, we consider all highly liquid investments with initial maturities of three months or less from the date of purchase to be cash equivalents. All credit card, debit card and electronic transfer transactions that process in less than seven days are classified as cash and cash equivalents.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Goodwill Impairment In January 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-04, Intangibles Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment Intangibles - Goodwill and Other. Goodwill and other intangibles. Leases In February 2016, the FASB issued ASU 2016-02, Leases Leases The Company elected the package of practical expedients available under the transition guidance within Topic 842, which among other things, permits the Company to carry forward its historical lease classification. The Company also elected other practical expedients under Topic 842 to: (1) apply hindsight when determining its reasonably certain lease terms or assessing impairment of its ROU assets at transition, (2) not record leases with an initial term of 12 months or less on the Consolidated Balance Sheet, and (3) combine and account for both lease and non-lease components within a contract as a single component for its sole asset class, real estate leases. Upon adoption of Topic 842, the Company recognized operating ROU assets (referred herein as “lease assets”) and lease liabilities based on the present value of its remaining minimum rental payments for existing operating leases as of the adoption date, utilizing the Company’s applicable incremental borrowing rate as of the adoption date. The adoption of Topic 842 resulted in the Company recognizing $17.6 million and $18.1 million of operating lease assets and lease liabilities, respectively, as of January 1, 2019. The difference between the lease assets and lease liabilities is primarily due to the recognition of a $0.5 million pre-tax cumulative effect adjustment to retained earnings on January 1, 2019, resulting from the impairment of certain operating lease assets upon transition which was based on fair value using Level 3 inputs. The Company has no finance leases, previously termed capital leases under ASC 840. The adoption of Topic 842 had no material impact on the Company’s Consolidated Statements of Comprehensive Income (Loss) or Consolidated Statements of Cash Flows and did not impact the Company’s compliance with its debt covenants under its debt agreements. For further information, see Note 6 of the Notes to the Consolidated Financial Statements, Leases During the year ended December 31, 2019, the Company recognized an impairment charge of less than $0.01 million related to one of its operating lease assets in the U.S. Recent Accounting Standards Not Yet Adopted Simplifying the Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes Simplifying the Accounting for Income Taxes financial condition, results of operations or cash flows Internal-Use Software In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software Intangibles—Goodwill and Other—Internal-Use Software Credit Losses In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments financial condition, results of operations or cash flows.

RESTATEMENT OF PREVIOUSLY ISS_2

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS [Abstract]
Restatement of Previously Issued Consolidated Financial Statements and Adjustments	The net effect of the adjustments on the Consolidated Statements of Comprehensive Income (Loss) was to increase net income by $2.4 million for the year ended December 31, 2018, and to decrease net income by $2.0 million for the year ended December 31, 2017. Increase (Decrease) in Net income: 2018 2017 Inventory adjustments (1) $ 255,372 $ (3,127,495 ) Sales returns, gift cards and class fees 105,382 99,327 Operating expenses (2) 2,059,463 2,163,065 Impairment expense (285,477 ) - Other expense 373,382 40,255 Total adjustments before tax 2,508,122 (824,848 ) Income tax expense from adjustments 73,585 1,148,459 Increase (decrease) in net income $ 2,434,537 $ (1,973,307 ) (1) Inventory adjustments due to: FIFO adjustment $ 843,598 $ (88,548 ) Freight-in, warehousing and handling expenditures, factory labor and overhead, and freight-out 503,078 (619,172 ) Inventory reserve 980,000 - Sales returns 104,105 (19,999 ) Other 19,710 (223,895 ) Warehouse and handling reclass (2,195,119 ) (2,175,881 ) $ 255,372 $ (3,127,495 ) (2) Operating expense adjustments due to: Warehouse and handling reclass $ 2,195,119 $ 2,175,881 Reclass to impairment expense 285,477 - Accrued expenses (377,912 ) 51,375 PTO Accrual (16,930 ) (38,647 ) Other (26,291 ) (25,544 ) $ 2,059,463 $ 2,163,065 The decrease to retained earnings from the adjustments as of December 31, 2018, is as follows: FIFO adjustment $ (786,690 ) Freight-in, warehousing and handling expenditures, factory labor and overhead, and freight-out (442,150 ) Inventory reserve 980,000 Sales returns (172,494 ) Income tax benefit 33,823 Accruals and other (852,872 ) Decrease to retained earnings $ (1,240,383 ) Restatement Reconciliation Tables The following tables present a reconciliation of our Consolidated Balance Sheets as previously reported as of December 31, 2018 and 2017 to the restated amounts shown in this filing. We have also presented a reconciliation of our Consolidated Statements of Comprehensive Income (Loss) and Consolidated Statements of Cash Flows for the years ended December 31, 2018 and 2017, as previously reported to the restated amounts shown in this filing. The following restatement adjustment footnote numbers correspond to the restatement adjustment descriptions above. Tandy Leather Factory, Inc. Consolidated Balance Sheet December 31, 2018 As Reported Adjustments As Restated ASSETS CURRENT ASSETS: Cash $ 24,070,351 $ - $ 24,070,351 Accounts receivable-trade, net of allowance for doubtful accounts of $15,703 408,170 - 408,170 Inventory 33,867,276 (564,727 ) (1) (2)(3)(4)(7) 33,302,549 Prepaid income taxes 383,478 36,430 (6) 419,908 Prepaid expenses 1,244,754 39,041 (7) 1,283,795 Other current assets 161,208 170,597 (7) 331,805 Total current assets 60,135,237 (318,659 ) 59,816,578 Property and equipment, at cost 28,005,563 134,782 (7) 28,140,345 Less accumulated depreciation (13,606,266 ) (18,995 ) (7) (13,625,261 ) Property and equipment, net 14,399,297 115,787 14,515,084 Deferred income taxes 248,228 844,065 (6) 1,092,293 Goodwill 954,765 - 954,765 Other intangibles, net of accumulated amortization of $690,869 16,500 - 16,500 Other assets 386,107 - 386,107 TOTAL ASSETS $ 76,140,134 $ 641,193 $ 76,781,327 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 1,978,840 $ 175,554 (7) $ 2,154,394 Accrued expenses and other liabilities 4,176,479 1,225,029 (4)(7) 5,401,508 Current maturities of long-term debt 747,335 (227,819 ) (7) 519,516 Total current liabilities 6,902,654 1,172,764 8,075,418 Uncertain tax positions - 1,415,715 (6) 1,415,715 Deferred income taxes 1,556,493 (1,556,493 ) (6)(9) - Other non-current liabilities - 555,296 (6) 555,296 Long-term debt, net of current maturities 8,220,683 227,819 (7) 8,448,502 COMMITMENTS AND CONTINGENCIES (Note 10) 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; 10,353,155 shares issued 27,232 (2,384 ) (10) 24,848 Paid-in capital 7,158,821 (2,891,683 ) (10) 4,267,138 Retained earnings 65,716,761 (1,240,383 ) (1)(2)(3)(4)(6)(7)(9) 64,476,378 Treasury stock at cost (1,292,594 shares) (11,931,850 ) 2,894,067 (10) (9,037,783 ) Accumulated other comprehensive loss (net of tax) (1,510,660 ) 66,475 (9) (1,444,185 ) Total stockholders’ equity 59,460,304 (1,173,908 ) 58,286,396 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 76,140,134 $ 641,193 $ 76,781,327 Tandy Leather Factory, Inc. Consolidated Statement of Comprehensive Income For the Year Ended December 31, 2018 As Reported Adjustments As Restated Net sales $ 83,098,187 $ 105,382 (4)(7) $ 83,203,569 Cost of sales 32,517,996 (255,372 ) (1)(2)(3)(4)(5)(7) 32,262,624 Gross profit 50,580,191 360,754 50,940,945 Operating expenses 46,751,728 (2,059,463 ) (5)(7) 44,692,265 Impairment expense - 285,477 (7) 285,477 Income from operations 3,828,463 2,134,740 5,963,203 Other (income) expense: Interest expense 304,957 - 304,957 Other, net (180,191 ) (373,382 ) (9) (553,573 ) Total other (income) expense 124,766 (373,382 ) (248,616 ) Income before income taxes 3,703,697 2,508,122 6,211,819 Provision for income taxes 1,739,869 73,585 (6) 1,813,454 Net income $ 1,963,828 $ 2,434,537 $ 4,398,365 Foreign currency translation adjustments, net of tax (548,557 ) (133,315 ) (9) (681,872 ) Comprehensive income $ 1,415,271 $ 2,301,222 $ 3,716,493 Net income per common share: Basic $ 0.21 $ 0.27 $ 0.48 Diluted $ 0.21 $ 0.26 $ 0.48 Weighted average number of shares outstanding: Basic 9,185,203 9,185,203 9,185,203 Diluted 9,185,662 9,205,008 9,205,008 Tandy Leather Factory, Inc. Consolidated Statement of Cash Flows For the Year Ended December 31, 2018 As Reported Adjustments As Restated Cash flows from operating activities: Net income $ 1,963,828 $ 2,434,537 $ 4,398,365 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,797,281 1,481 (7) 1,798,762 Impairment of goodwill and long-lived assets 285,477 - 285,477 Loss on disposal of assets 1,321 - 1,321 Stock-based compensation 327,629 - 327,629 Deferred income taxes (90,997 ) 348,246 (6)(9) 257,249 Exchange (gain) loss 27,984 (434,816 ) (9) (406,832 ) Changes in operating assets and liabilities: Accounts receivable - trade 53,042 (3,887 ) (7) 49,155 Inventory 3,443,921 (2,409,491 ) (1)(2)(3)(4) 1,034,430 Prepaid expenses 239,082 (167,167 ) (6)(7) 71,915 Other current assets 27,821 (27,821 ) (7) - Accounts payable - trade (197,960 ) 49,620 (7) (148,340 ) Accrued expenses and other liabilities (181,959 ) 496,896 (4)(7) 314,937 Income taxes (308,129 ) (487,480 ) (6) (795,609 ) Other assets (3,690 ) 586,971 (7) 583,281 Total adjustments 5,420,823 (2,047,448 ) 3,373,375 Net cash provided by operating activities 7,384,651 387,089 7,771,740 Cash flows from investing activities: Purchase of property and equipment (1,091,433 ) 3,105 (7) (1,088,328 ) Proceeds from sale of assets 27,396 543 (7) 27,939 Net cash used in (provided by) investing activities (1,064,037 ) 3,648 (1,060,389 ) Cash flows from financing activities: Proceeds from long-term debt 1,596,288 - 1,596,288 Repurchase of treasury stock (1,653,266 ) - (1,653,266 ) Net cash used in financing activities (56,978 ) - (56,978 ) Effect of exchange rate changes on cash and cash equivalents (530,543 ) (136,336 ) (9) (666,879 ) Net increase in cash and cash equivalents 5,733,093 254,401 5,987,494 Cash and cash equivalents, beginning of period 18,337,258 (254,401 ) 18,082,857 Cash and cash equivalents, end of period $ 24,070,351 $ - $ 24,070,351 Supplemental disclosures of cash flow information: Interest paid during the period $ 304,957 $ - $ 304,957 Income tax paid during the period, net of refunds $ 2,138,995 $ (777,595 ) $ 1,361,400 Tandy Leather Factory, Inc. Consolidated Balance Sheet December 31, 2017 As Reported Adjustments As Restated ASSETS CURRENT ASSETS: Cash $ 18,337,258 $ (254,401 ) (7) $ 18,082,857 Accounts receivable-trade, net of allowance for doubtful accounts of $22,642 461,212 - 461,212 Inventory 37,311,197 (2,765,113 ) (1)(2)(4)(5)(7) 34,546,084 Prepaid income taxes 41,307 (41,307 ) (6) - Prepaid expenses 1,473,147 (80,869 ) (7) 1,392,278 Other current assets 189,029 139,493 (7) 328,522 Total current assets 57,813,150 (3,002,197 ) 54,810,953 Property and equipment, at cost 27,218,481 113,818 (7) 27,332,299 Less accumulated depreciation (11,750,639 ) (14,777 ) (7) (11,765,416 ) Property and equipment, net 15,467,842 99,041 15,566,883 Deferred income taxes 271,738 859,167 (6) 1,130,905 Goodwill 962,949 - 962,949 Other intangibles, net of accumulated amortization of $688,147 19,222 - 19,222 Other assets 379,695 - 379,695 TOTAL ASSETS $ 74,914,596 $ (2,043,989 ) $ 72,870,607 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 2,480,593 $ (70,748 ) (7) $ 2,409,845 Accrued expenses and other liabilities 3,886,334 1,158,681 (4)(7) 5,045,015 Income taxes payable - 354,629 (6) 354,629 Current maturities of long-term debt 614,311 - 614,311 Total current liabilities 6,981,238 1,442,562 8,423,800 Uncertain tax position - 1,197,078 (6) 1,197,078 Deferred income taxes 1,636,958 (1,636,958 ) (6)(9) - Other non-current liabilities - 596,770 (6) 596,770 Long-term debt, net of current maturities 6,757,419 - 6,757,419 COMMITMENTS AND CONTINGENCIES (Note 10) 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; 10,320,069 shares issued 27,153 (2,385 ) (10) 24,768 Paid-in capital 6,831,271 (2,891,682 ) (10) 3,939,589 Retained earnings 63,921,244 (3,843,231 ) (1) (2)(4)(6)(7)(9) 60,078,013 Treasury stock at cost (1,049,207 shares) (10,278,584 ) 2,894,067 (10) (7,384,517 ) Accumulated other comprehensive loss (net of tax) (962,103 ) 199,790 (9) (762,313 ) Total stockholders’ equity 59,538,981 (3,643,441 ) 55,895,540 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 74,914,596 $ (2,043,989 ) $ 72,870,607 Tandy Leather Factory, Inc. Consolidated Statement of Comprehensive Income (Loss) For the Year Ended December 31, 2017 As Reported Adjustments As Restated Net sales $ 82,321,268 $ 99,327 (4)(7) $ 82,420,595 Cost of sales 30,207,439 3,127,495 (1)(2)(4)(5) 33,334,934 Gross profit (loss) 52,113,829 (3,028,168 ) 49,085,661 Operating expenses 44,872,007 (2,163,065 ) (5)(7) 42,708,942 Income (loss) from operations 7,241,822 (865,103 ) 6,376,719 Other (income) expense: Interest expense 205,555 - 205,555 Other, net (126,857 ) (40,255 ) (9) (167,112 ) Total other (income) expense 78,698 (40,255 ) 38,443 Income (loss) before income taxes 7,163,124 (824,848 ) 6,338,276 Provision for income taxes 2,711,373 1,148,459 (6) 3,859,832 Net income (loss) $ 4,451,751 $ (1,973,307 ) $ 2,478,444 Foreign currency translation adjustments, net of tax 931,026 (519,599 ) (9) 411,427 Comprehensive income (loss) $ 5,382,777 $ (2,492,906 ) $ 2,889,871 Net income (loss) per common share: Basic $ 0.48 $ (0.21 ) $ 0.27 Diluted $ 0.48 $ (0.21 ) $ 0.27 Weighted average number of shares outstanding: Basic 9,242,092 9,242,092 9,242,092 Diluted 9,256,810 9,245,537 9,245,537 Tandy Leather Factory, Inc. Consolidated Statement of Cash Flows For the Year Ended December 31, 2017 2017 As Reported 2017 Adjustments 2017 As Restated Cash flows from operating activities: Net income (loss) $ 4,451,751 $ (1,973,307 ) $ 2,478,444 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 1,875,102 8,941 (7) 1,884,043 Loss on disposal of assets 3,139 - 3,139 Stock-based compensation 239,599 - 239,599 Deferred income taxes (215,576 ) 853,632 (6)(9) 638,056 Exchange loss 29,848 3,151 (9) 32,999 Changes in operating assets and liabilities: Accounts receivable - trade 99,772 (11,327 ) (7) 88,445 Inventory (4,133,658 ) 1,155,373 (1)(2)(4) (2,978,285 ) Prepaid expenses 135,713 (68,901 ) (6)(7) 66,812 Other current assets (48,797 ) 48,797 (7) - Accounts payable - trade (208,434 ) 973,323 (7) 764,889 Accrued expenses and other liabilities (983,710 ) (1,282,591 ) (4)(7) (2,266,301 ) Income taxes 923,016 225,297 (6) 1,148,313 Other assets (43,669 ) 409,291 (7) 365,622 Total adjustments (2,327,655 ) 2,314,986 (12,669 ) Net cash provided by (used in) operating activities 2,124,096 341,679 2,465,775 Cash flows from investing activities: Purchase of property and equipment (1,689,645 ) (2,354 ) (7) (1,691,999 ) Proceeds from sale of assets 35,963 - 35,963 Net cash used in investing activities (1,653,682 ) (2,354 ) (1,656,036 ) Cash flows from financing activities: Payments on capital lease obligations (72,686 ) - (72,686 ) Proceeds from exercise of stock options 223,404 - 223,404 Net cash provided by financing activities 150,718 - 150,718 Effect of exchange rate changes on cash and cash equivalents 853,822 (593,726 ) (9) 260,096 Net (decrease) increase in cash and cash equivalents 1,474,954 (254,401 ) 1,220,553 Cash and cash equivalents, beginning of period 16,862,304 - 16,862,304 Cash and cash equivalents, end of period $ 18,337,258 $ (254,401 ) $ 18,082,857 Supplemental disclosures of cash flow information: Interest paid during the period $ 205,555 $ - $ 205,555 Income tax paid during the period, net of refunds $ 1,788,357 $ 454,661 $ 2,243,018 Tandy Leather Factory, Inc. Consolidated Balance Sheet (Unaudited) March 31, 2019 As Reported Adjustments As Restated ASSETS CURRENT ASSETS: Cash $ 12,679,373 $ - $ 12,679,373 Short-term investments 4,999,750 6,828 (7) 5,006,578 Accounts receivable-trade, net of allowance for doubtful accounts of $12,940 456,537 - 456,537 Inventory 30,564,322 (389,839 ) (1)(2)(3)(4) 30,174,483 Prepaid income taxes 272,028 36,430 (6) 308,458 Prepaid expenses 1,537,367 54,676 (7) 1,592,043 Other current assets 174,043 106,363 (4) 280,406 Total current assets 50,683,420 (185,542 ) 50,497,878 Property and equipment, at cost 27,863,939 38,268 (7) 27,902,207 Less accumulated depreciation (13,921,523 ) (20,007 ) (7) (13,941,530 ) Property and equipment, net 13,942,416 18,261 13,960,677 Operating lease assets 6,389,561 10,379,823 (8) 16,769,384 Deferred income taxes - 908,500 (6) 908,500 Goodwill 956,945 - 956,945 Other intangibles, net of accumulated amortization of $714,000 15,833 - 15,833 Other assets 379,661 - 379,661 TOTAL ASSETS $ 72,367,836 $ 11,121,042 $ 83,488,878 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 897,196 $ - $ 897,196 Accrued expenses and other liabilities 3,752,711 354,568 (4)(7) 4,107,279 Operating lease liabilities 3,340,843 707,318 (8) 4,048,161 Total current liabilities 7,990,750 1,061,886 9,052,636 Uncertain tax position - 1,415,715 (6) 1,415,715 Deferred income taxes 1,258,721 (1,258,721 ) (6)(8)(9) - Other non-current liabilities - 555,778 (6) 555,778 Operating lease liabilities, non-current 3,427,705 9,806,954 (8) 13,234,659 COMMITMENTS AND CONTINGENCIES (Note 10) 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; 10,354,563 shares issued 27,234 (2,383 ) (10) 24,851 Paid-in capital 7,344,644 (2,891,684 ) (10) 4,452,960 Retained earnings 66,188,614 (554,243 ) (1) (2)(3)(4)(6)(7)(8)(9) 65,634,371 Treasury stock at cost (1,420,539 shares) (12,646,467 ) 2,894,067 (10) (9,752,400 ) Accumulated other comprehensive loss (net of tax) (1,223,365 ) 93,673 (9) (1,129,692 ) Total stockholders’ equity 59,690,660 (460,570 ) 59,230,090 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 72,367,836 $ 11,121,042 $ 83,488,878 Tandy Leather Factory, Inc. Consolidated Statement of Comprehensive Income Unaudited For the Three Months Ended March 31, 2019 As Reported Adjustments As Restated Net sales $ 20,784,652 $ 156,670 (4) $ 20,941,322 Cost of sales 8,333,847 362,805 (1) (2)(3)(4)(5)(7) 8,696,652 Gross profit 12,450,805 (206,135 ) 12,244,670 Operating expenses 11,281,377 (1,249,724 ) (5)(7)(8) 10,031,653 Income (loss) from operations 1,169,428 1,043,589 2,213,017 Other (income) expense: Interest expense 32,383 - 32,383 Other, net (33,041 ) 142,659 (7)(9) 109,618 Total other (income) expense (658 ) 142,659 142,001 Income (loss) before income taxes 1,170,086 900,930 2,071,016 Provision (benefit) for income taxes 301,123 250,082 (6) 551,205 Net income (loss) $ 868,963 $ 650,848 $ 1,519,811 Foreign currency translation adjustments, net of tax 287,295 27,198 (9) 314,493 Comprehensive income (loss) $ 1,156,258 $ 678,049 $ 1,843,304 Net income (loss) per common share: Basic $ 0.10 $ 0.07 $ 0.17 Diluted $ 0.10 $ 0.07 $ 0.17 Basic 9,009,752 9,009,752 9,009,752 Diluted 9,010,037 9,011,107 9,011,107 Tandy Leather Factory, Inc. Consolidated Statement of Cash Flows Unaudited For the Three Months Ended March 31, 2019 As Reported Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 868,963 $ 650,848 $ 1,519,811 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 495,449 (1,154 ) (7) 494,295 Right-of-use asset amortization - 865,050 (8) 865,050 (Gain) loss on disposal of assets (3,794 ) - (3,794 ) Stock-based compensation 185,825 - 185,825 Deferred income taxes (33,861 ) 217,654 (6)(9) 183,793 Exchange (gain) loss 2,154 134,113 (7)(9) 136,267 Changes in operating assets and liabilities: Accounts receivable-trade (48,367 ) (7,696 ) (7) (56,063 ) Inventory 3,302,954 (130,791 ) (1)(2)(3)(4) 3,172,163 Prepaid expenses (292,613 ) 325,165 (7) 32,552 Other current assets (12,835 ) (180,812 ) (7) (193,647 ) Accounts payable-trade (318,294 ) (962,853 ) (7) (1,281,147 ) Accrued expenses and other liabilities (1,205,241 ) 49,346 (4)(7) (1,155,895 ) Income taxes 95,767 12,943 (6) 108,710 Other assets 6,446 (48,416 ) (7) (41,970 ) Operating lease liability - (833,690 ) (8) (833,690 ) Total adjustments 2,173,590 (561,141 ) 1,612,449 Net cash provided by operating activities 3,042,553 89,707 3,132,260 Cash flows from investing activities: Purchase of property and equipment (30,893 ) (7 ) (7) (30,900 ) Purchase of short-term investments (4,999,750 ) - (4,999,750 ) Proceeds from sales of assets 12,552 - 12,552 Net cash used in investing activities (5,018,091 ) (7 ) (5,018,098 ) Cash flows from financing activities: Payments on long-term debt (8,968,018 ) - (8,968,018 ) Repurchase of treasury stock (714,617 ) - (714,617 ) Net cash used in financing activities (9,682,635 ) - (9,682,635 ) Effect of exchange rate changes on cash and cash equivalents 267,195 (89,700 ) (9) 177,495 Net (decrease) increase in cash and cash equivalents (11,390,978 ) - (11,390,978 ) Cash and cash equivalents, beginning of period 24,070,351 - 24,070,351 Cash and cash equivalents, end of period $ 12,679,373 $ - $ 12,679,373 Tandy Leather Factory, Inc. Consolidated Balance Sheet Unaudited September 30, 2018 As Reported Adjustments As Restated ASSETS CURRENT ASSETS: Cash $ 16,814,972 $ - $ 16,814,972 Short-term investments Accounts receivable-trade, net of allowance for doubtful accounts of $9,839 418,612 - 418,612 Inventory 40,720,630 (2,308,873 ) (1)(2)(3)(4) 38,411,757 Prepaid income taxes 452,389 (386,595 ) (6) 65,794 Prepaid expenses 1,348,113 64,393 (7) 1,412,506 Other current assets 290,028 93,308 (7) 383,336 Total current assets 60,044,744 (2,537,767 ) 57,506,977 Property and equipment, at cost 27,950,353 33,314 (7) 27,983,667 Less accumulated depreciation (12,976,025 ) (17,940 ) (7) (12,993,965 ) Property and equipment, net 14,974,328 15,374 14,989,702 Deferred income taxes 281,721 1,139,475 (6) 1,421,196 Goodwill 960,304 - 960,304 Other intangibles, net of accumulated amortization of $712,000 17,166 - 17,166 Other assets 387,487 - 387,487 Other assets $ 76,665,750 $ (1,382,918 ) $ 75,282,832 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 3,718,393 - $ 3,718,393 Accrued expenses and other liabilities 2,235,793 1,174,004 (4)(7) 3,409,797 Current maturities of long-term debt 174,056 - 174,056 Total current liabilities 6,128,242 1,174,004 7,302,246 Uncertain tax positions - 1,197,078 (6) 1,197,078 Deferred income taxes 1,467,481 (1,467,481 ) (6)(9) - Other non-current liabilities - 598,188 (6) 598,188 Long-term debt, net of current maturities 8,180,613 - 8,180,613 COMMITMENTS AND CONTINGENCIES (Note 10) 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; 10,336,717 shares issued 27,193 (2,385 ) (10) 24,808 Paid-in capital 6,907,678 (2,891,682 ) (10) 4,015,996 Retained earnings 66,345,110 (2,983,997 ) (1)(2)(3)(4)(6)(7)(9) 63,361,113 Treasury stock at cost (1,182,509 shares) (11,273,822 ) 2,894,067 (10) (8,379,755 ) Accumulated other comprehensive loss (net of tax) (1,116,745 ) 99,290 (9) (1,017,455 ) Total stockholders’ equity 60,889,414 (2,884,707 ) 58,004,707 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 76,665,750 $ (1,382,918 ) $ 75,282,832 Tandy Leather Factory, Inc. Consolidated Statement of Comprehensive Income (Loss) Unaudited Three Months Ended September 30, 2018 As Reported Adjustments As Restated Net sales $ 18,887,099 $ (8,836 ) (4) 18,878,263 Cost of sales 7,040,266 (57,886 ) (1)(2)(3)(4)(5) 6,982,380 Gross profit 11,846,833 49,050 11,895,883 Operating expenses 11,531,389 (535,400 ) (5)(7) 10,995,989 Income from operations 315,444 584,450 899,894 Other expense: Interest expense 80,710 - 80,710 Other, net (40,846 ) - (40,846 ) Total other expense 39,864 - 39,864 Income before income taxes 275,580 584,450 860,030 Provision (benefit) for income taxes 397,114 (145,785 ) (6) 251,329 Net income (loss) $ (121,534 ) $ 730,235 $ 608,701 Foreign currency translation adjustments, net of tax 118,165 (29,541 ) (9) 88,624 Comprehensive income (loss) $ (3,369 ) $ 700,694 $ 697,325 Net income (loss) per common share: Basic $ (0.01 ) $ 0.08 $ 0.07 Diluted $ (0.01 ) $ 0.08 $ 0.07 Weighted average number of shares outstanding: Basic 9,154,209 9,154,215 9,154,215 Diluted 9,155,031 9,160,022 9,160,022 Tandy Leather Factory, Inc. Consolidated Statement of Comprehensive Income Unaudited Nine Months Ended September 30, 2018 As Reported Adjustments As Restated Net sales $ 58,353,784 $ 212,279 (4) $ 58,566,063 Cost of sales 20,545,547 1,202,081 (1)(2)(3)(4)(5)(7) 21,747,628 Gross profit 37,808,237 (989,802 ) 36,818,435 Operating expenses 33,742,351 (1,460,053 ) (5)(7) 32,282,298 Income from operations 4,065,886 470,251 4,536,137 Other (income) expense: Interest expense 223,534 - 223,534 Other, net (126,459 ) (199,607 ) (9) (326,066 ) Total other (income) expense 97,075 (199,607 ) (102,532 ) Income before income taxes 3,968,811 669,858 4,638,669 Provision (benefit) for income taxes 1,376,634 (21,065 ) (6) 1,355,569 Net income $ 2,592,177 $ 690,923 $ 3,283,100 Foreign currency translation adjustments, net of tax (154,642 ) (100,500 ) (9) (255,142 ) Comprehensive income $ 2,437,535 $ 590,423 $ 3,027,958 Net income per common share: Basic $ 0.28 $ 0.08 $ 0.36 Diluted $ 0.28 $ 0.08 $ 0.36 Weighted average number of shares outstanding: Basic 9,199,173 9,199,173 9,199,173 Diluted 9,199,959 9,201,577 9,201,577 Tandy Leather Factory, Inc. Consolidated Statement of Cash Flows Unaudited For the Nine Months Ended September 30, 2018 As Reported Adjustments As Restated Cash flows from operating activities: Net income $ 2,592,177 $ 690,923 $ 3,283,100 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,310,774 2,056 (7) 1,312,830 (Gain) loss on disposal of assets 4,556 - 4,556 Stock-based compensation 76,447 - 76,447 Deferred income taxes (115,460 ) (174,831 ) (6)(9) (290,291 ) Exchange (gain) loss (93,163 ) (43,735 ) (9) (136,898 ) Changes in operating assets and liabilities: Accounts receivable-trade 42,600 (53,500 ) (7) (10,900 ) Inventory (3,409,433 ) (552,298 ) (1)(2)(4) (3,961,731 ) Prepaid expenses 125,034 (90,533 ) (6)(7) 34,501 Other current assets (111,688 ) 111,688 (7) - Accounts payable-trade 28,525 1,374,694 (7) 1,403,219 Accrued expenses and other liabilities (609,577 ) (1,043,249 ) (4)(7) (1,652,826 ) Income taxes (475,082 ) 56,112 (6) (418,970 ) Other assets (5,736 ) 358,049 (7) 352,313 Total adjustments (3,232,203 ) (55,547 ) (3,287,750 ) Net cash provided (used) by operating activities (640,026 ) 635,376 (4,650 ) Cash flows from investing activities: Purchase of property and equipment (887,679 ) - (887,679 ) Proceeds from sales of assets 17,718 - 17,718 Net cash used in investing activities (869,961 ) - (869,961 ) Cash flows from financing activities: Proceeds from long-term debt 982,939 - 982,939 Repurchase of treasury stock (995,238 ) - (995,238 ) Net cash used in financing activities (12,299 ) - (12,299 ) Effect of exchange rate changes on cash and cash equivalents - (380,975 ) (9) (380,975 ) Net (decrease) increase in cash and cash equivalents (1,522,286 ) 254,401 (1,267,885 ) Cash and cash equivalents, beginning of period 18,337,258 (254,401 ) 18,082,857 Cash and cash equivalents, end of period $ 16,814,972 $ - $ 16,814,972 Tandy Leather Factory, Inc. Consolidated Balance Sheet Unaudited June 30, 2018 As Reported Adjustments As Restated ASSETS CURRENT ASSETS: Cash and cash equivalents $ 18,955,328 $ - $ 18,955,328 Accounts receivable-trade, net of allowance for doubtful accounts of $9,911 496,255 - 496,255 Inventory 38,020,269 (2,897,936 ) (1)(2)(3)(4) 35,122,333 Prepaid income taxes 233,002 (233,002 ) (6) - Prepaid expenses 1,374,944 64,393 (7) 1,439,337 Other current assets 75,459 87,557 (7) 163,016 Total current assets 59,155,257 (2,978,988 ) 56,176,269 Property and equipment, at cost 27,551,811 33,314 (7) 27,585,125 Less accumulated depreciation (12,552,648 ) (16,886 ) (7) (12,569,534 ) Property and equipment, net 14,999,163 16,428 15,015,591 Deferred income taxes 269,512 1,016,036 (6) 1,285,548 Goodwill 958,464 - 958,464 Other intangibles, net of accumulated amortization of $712,000 18,083 - 18,083 Other assets 384,744 - 384,744 TOTAL ASSETS $ 75,785,223 (1,946,524 ) $ 73,838,699 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable-trade $ 3,115,778 - $ 3,115,778 Accrued expenses and other liabilities 1,971,026 1,165,165 (4)(7) 3,136,191 Income taxes payable - 153,593 (6) 153,593 Current maturities of long-term debt 1,740,556 - 1,740,556 Total current liabilities 6,827,360 1,318,758 8,146,118 Uncertain tax positions - 1,197,078 (6) 1,197,078 Deferred income taxes 1,474,675 (1,474,675 ) (6)(9) - Other non-current liabilities - 597,716 (6) 597,716 Long-term debt, net of current maturities 6,614,112 - 6,614,112 COMMITMENTS AND CONTINGENCIES (Note 10) 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; 10,336,717 shares issued 27,193 (2,385 ) (10) 24,808 Paid-in capital 6,883,919 (2,891,682 ) (10) 3,992,237 Retained earnings 66,466,644 (3,714,232 ) (2)(3)(4)(6)(7)(9) 62,752,412 Treasury stock at cost (1,182,502 shares) (11,273,770 ) 2,894,067 (10) (8,379,703 ) Accumulated other comprehensive loss (1,234,910 ) 128,831 (9) (1,106,079 ) Total stockholders’ equity 60,869,076 (3,585,401 ) 57,283,675 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 75,785,223 (1,946,524 ) $ 73,838,699 Consolidated Statement of Comprehensive Income (Loss) Unaudited Three Months Ended June 30, 2018 As Reported Adjustments As Restated Net sales $ 19,177,767 $ 9,455 (4) $ 19,187,222 Cost of sales 6,059,325 894,405 (1)(2)(3)(4)(5) 6,953,730 Gross profit (loss) 13,118,442 (884,950 ) 12,233,492 Operating expenses 11,136,961 (485,575 ) (5)(7) 10,651,386 Income (loss) from operations 1,981,481 (399,375 ) 1,582,106 Other (income) expense: Interest expense 78,182 - 78,182 Other, net (46,741 ) (85,101 ) (9) (131,842 ) Total other (income) expense 31,441 (85,101 ) (53,660 ) Income (loss) before income taxes 1,950,040 (314,274 ) 1,635,766 Provision (benefit) for income taxes 509,948 (31,925 ) (6) 478,023 Net income (loss) $ 1,440,092 $ (282,349 ) $ 1,157,743 Foreign currency translation adjustments, net of tax (294,598 ) 9,824 (9) (284,774 ) Comprehensive income (loss) $ 1,145,494 $ (272,525 ) $ 872,969 Net income (loss) per common share: Basic $ 0.15 $ (0.02 ) $ 0.13 Diluted $ 0.15 $ (0.02 ) $ 0.13 Basic 9,180,076 9,180,076 9,180,076 Diluted 9,180,727 9,182,527 9,182,527 Tandy Leather Factory, Inc. Consolidated Statement of Comprehensive Income (Loss) Unaudited Six Months Ended June 30, 2018 As Reported Adjustments As Restated Net sales $ 39,466,685 $ 221,115 (4) $ 39,687,800 Cost of sales 13,505,281 1,259,967 (1)(2)(3)(4)(5)(7) 14,765,248 Gross profit (loss) 25,961,404 (1,038,852 ) 24,922,552 Operating expenses 22,210,962 (924,653 ) (5)(7) 21,286,309 Income (loss) from operations 3,750,442 (114,199 ) 3,636,243 Other (income) expense: Interest expense 142,824 - 142,824 Other, net (85,613 ) (199,607 ) (9) (285,220 ) Total other (income) expense 57,211 (199,607 ) (142,396 ) Income (loss) before income taxes 3,693,231 85,408 3,778,639 Provision (benefit) for income taxes 979,520 124,720 (6) 1,104,240 Net income (loss) $ 2,713,711 $ (39,312 ) $ 2,674,399 Foreign currency translation adjustments, net of tax (272,807 ) (70,959 ) (9) (343,766 ) Comprehensive income (loss) $ 2,440,904 $ (110,271 ) $ 2,330,633 Net income (loss) per common share: Basic $ 0.29 $ 0.01 $ 0.29 Diluted $ 0.29 $ 0.01 $ 0.29 Weighted average number of shares outstanding: Basic 9,222,028 9,222,028 9,222,028 Diluted 9,222,533 9,223,086 9,223,086 Tandy Leather Factory, Inc. Consolidated Statement of Cash Flows Unaudited Six Months Ended June 30, 2018 As Reported Adjustments As Restated Cash flows from operating activities: Net income (loss) $ 2,713,711 $ (39,312 ) $ 2,674,399 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 878,955 1,139 (7) 880,094 (Gain) loss on disposal of assets 4,556 - 4,556 Stock-based compensation 52,688 - 52,688 Deferred income taxes (96,057 ) (58,586 ) (6)(9) (154,643 ) Exchange (gain) loss (268,321 ) 52,455 (9) (215,866 ) Changes in operating assets and liablities: Accounts receivable-trade (35,043 ) 12,509 (7) (22,534 ) Inventory (709,072 ) 20,638 (1)(2)(4) (688,434 ) Prepaid expenses 98,203 67,654 (6)(7) 165,857 Other current assets 113,570 (113,570 ) (7) - Accounts payable-trade (189,928 ) 911,645 (7) 721,717 Accrued expenses and other liabilities (1,258,506 ) (662,391 ) (4)(7) (1,920,897 ) Income taxes (255,695 ) 53,044 (6) (202,651 ) Other assets (3,910 ) 426,212 (7) 422,302 Total adjustments (1,668,560 ) 710,749 (957,811 ) Net cash provided by operating activities 1,045,151 671,437 1,716,588 Cash flows from investing activities: Purchase of property and equipment (421,861 ) - (421,861 ) Proceeds from sales of assets 7,028 - 7,028 Net cash used in investing activities (414,833 ) - (414,833 ) Cash flows from financing activities: Proceeds from long-term debt 982,938 - 982,938 Repurchase of treasury stock (995,186 ) - (995,186 ) Net cash used in financing activities (12,248 ) - (12,248 ) Effect of exchange rate changes on cash and cash equivalents - (417,036 ) (9) (417,036 ) Net (decrease) increase in cash and cash equivalents 618,070 254,401 872,471 Cash and cash equivalents, beginning of period 18,337,258 (254,401 ) 18,082,857 Cash and cash equivalents, end of period $ 18,955,328 $ - $ 18,955,328 Tandy Leather Factory, Inc. Consolidated Balance Sheet (Unaudited) March 31, 2018 As Reported Adjustments As Restated ASSETS CURRENT ASSETS: Cash $ 19,252,878 $ - $ 19,252,878 Accounts receivable-trade, net of allowance for doubtful accounts of $16,075 503,322 - 503,322 Inventory 36,771,860 (2,494,226 ) (1)(2)(3)(4) 34,277,634 Prepaid expenses 1,576,205 64,393 (7) 1,640,598 Other current assets 78,412 91,150 (7) 169,562 Total current assets 58,182,677 (2,338,683 ) 55,843,994 Property and equipment, at cost 27,403,608 33,314 (7) 27,436,922 Less accumulated depreciation (12,162,066 ) (15,831 ) (7) (12,177,897 ) Property and equipment, net 15,241,542 17,483 15,259,025 Deferred income taxes 265,456 782,684 (6) 1,048,140 Goodwill 960,353 - 960,353 Other intangibles, net of accumulated amortization of $711,000 18,667 - 18,667 Other assets 379,292 - 379,292 TOTAL ASSETS $ 75,047,987 $ (1,538,516 ) $ 73,509,471 LIABILITIES AND STOCKHOLDERS’ EQUITY CURRENT LIABILITIES: Accou

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Disaggregated Revenue	In the following table, revenue for the years ended December 31, 2019, 2018 and 2017 is disaggregated by geographic areas as follows: 2019 2018 Restated 2017 Restated United States $ 65,745,750 $ 72,563,038 $ 71,473,430 Canada 6,513,631 7,095,697 7,194,116 All other countries 2,658,779 3,544,834 3,753,049 Net sales $ 74,918,160 $ 83,203,569 $ 82,420,595
Computation of Basic and Diluted Earnings Per Share	Diluted EPS is computed using the treasury stock method. Years Ended December 31, 2019 (1) 2018 Restated 2017 Restated Numerator: Net income (loss) $ (1,903,781 ) $ 4,398,365 $ 2,478,444 Denominator: Basic weighted-average common shares ouststanding 8,973,246 9,185,203 9,242,092 Dilutive effect of service-based restricted stock awards granted to Board of Directors under the Plan - - 177 Dilutive effect of service-based restricted stock awards granted to employees under the Plan - 19,805 3,268 Diluted weighted-average common shares outstanding 8,973,246 9,205,008 9,245,537 (1) For the year ended December 31, 2019, there were 9,203 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period.
Other Intangible Assets	Our intangible assets, excluding goodwill, and related accumulated amortization consisted of the following: As of December 31, 2019 Gross Accumulated Amortization Net Trademarks/copyrights $ 554,369 $ 547,369 $ 7,000 TOTAL $ 554,369 $ 547,369 $ 7,000 As of December 31, 2018 Gross Accumulated Amortization Net Trademarks/copyrights $ 554,369 $ 546,702 $ 7,667 Non-compete agreements 153,000 144,167 8,833 TOTAL $ 707,369 $ 690,869 $ 16,500 As of December 31, 2017 Gross Accumulated Amortization Net Trademarks/copyrights $ 554,369 $ 545,980 $ 8,389 Non-compete agreements 153,000 142,167 10,833 TOTAL $ 707,369 $ 688,147 $ 19,222

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	12 Months Ended
	Dec. 31, 2019
BALANCE SHEET COMPONENTS [Abstract]
Inventory, Property and Equipment and Short-term Liabilities	Inventory December 31, 2019 December 31, 2018 December 31, 2017 Restated Restated On hand: Finished goods held for sale $ 20,575,216 $ 31,263,806 $ 32,042,251 Raw materials and work in process 717,053 919,202 1,155,680 Inventory in transit 2,749,558 1,119,541 1,348,153 TOTAL $ 24,041,827 $ 33,302,549 $ 34,546,084 Property and Equipment December 31, 2019 December 31, 2018 December 31, 2017 Restated Restated Building $ 9,257,066 $ 9,257,066 $ 9,257,066 Land 1,451,133 1,451,133 1,451,133 Leasehold improvements 1,828,448 1,980,547 1,729,281 Equipment and machinery 6,516,068 6,594,487 6,447,776 Furniture and fixtures 8,080,427 8,335,926 7,907,704 Vehicles 337,403 521,186 539,339 27,470,545 28,140,345 27,332,299 Lesss: accumulated depreciation (14,551,645 ) (13,625,261 ) (11,765,416 ) TOTAL $ 12,918,900 $ 14,515,084 $ 15,566,883 Our property and equipment, net was located in the following countries: December 31, 2019 December 31, 2018 December 31, 2017 Restated Restated United States $ 12,540,891 $ 13,849,019 $ 15,038,459 Canada 373,083 434,201 240,560 United Kingdom 2,654 211,368 217,254 Spain 2,272 4,308 14,639 Australia - 16,188 55,971 $ 12,918,900 $ 14,515,084 $ 15,566,883

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
LEASES [Abstract]
Operating Lease Assets and Liabilities	Additional information regarding the Company’s operating leases is as follows: Leases Balance Sheet Classification December 31, 2019 Assets: Non-current Operating lease assets $ 13,897,422 Liabilities: Current Operating lease liabilities $ 3,822,748 Non-current Operating lease liabilities, noncurrent 10,654,631 Total lease liabilities $ 14,477,379
Lease Cost	Lease Cost Income Statement Classification December 31, 2019 Operating lease cost Operating expenses $ 4,151,220 Variable lease cost (1) Operating expenses 895,373 Total lease cost $ 5,046,593 (1) Variable lease cost includes payment for certain real estate taxes, insurance, common area maintenance, and other charges related to lease agreements, which are not included in the measurement of the operating lease liabilities.
Maturity of Lease Liabilities	Maturity of Lease Liabilities December 31, 2019 2020 $ 3,891,153 2021 3,282,122 2022 2,411,124 2023 1,722,991 2024 1,309,459 Thereafter 3,697,717 Total lease payments (2) $ 16,314,566 Less: Interest (1,837,187 ) Present value of lease liabilities $ 14,477,379 (2) Operating lease payments exclude $0.3 million of legally binding minimum lease payments for leases signed, but not yet commenced as of December 31, 2019.
Operating Leases Other Information	At December 31, 2019, the weighted average remaining lease term for our operating leases was 6.0 years, and the weighted average discount rate used to measure our operating leases was 4.1%. Other Information December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in operating leases $ 4,078,695 Operating lease assets obtained in exchange for lease obligations 18,076,962
Future Minimum Lease Payments	Future minimum lease payments under noncancelable operating leases as of December 31, 2018 were as follows: December 31, 2018 2019 $ 4,417,806 2020 3,750,324 2021 3,042,779 2022 2,102,463 2023 1,289,874 Thereafter 2,139,218 Total minimum lease payments $ 16,742,464

NOTES PAYABLE AND LONG-TERM D_2

NOTES PAYABLE AND LONG-TERM DEBT (Tables)	12 Months Ended
	Dec. 31, 2019
NOTES PAYABLE AND LONG-TERM DEBT [Abstract]
Debt Outstanding	The amounts outstanding under the above agreements consisted of the following: December 31, 2019 2018 2017 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, 2024 $ - $ 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, 2021 - - - $ - $ 8,968,018 $ 7,371,730 Less current maturities - 519,516 614,311 TOTAL $ - $ 8,448,502 $ 6,757,419

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
INCOME TAXES [Abstract]
Provision for Income Taxes	The provision for income taxes consists of the following: Years Ended December 31, 2019 2018 2017 Income Tax Provision Restated Restated Current provision: Federal $ (582,502 ) $ 879,822 $ 2,999,960 State 7,341 223,156 343,954 Foreign (10,477 ) 356,199 544,495 Interest expense related to UTB 25,640 80,868 45,942 (559,998 ) 1,540,045 3,934,351 Deferred provision (benefit): Federal (94,001 ) 194,735 (59,918 ) State (23,559 ) 36,629 (52,637 ) Foreign (12,905 ) 42,045 38,036 (130,465 ) 273,409 (74,519 ) Total tax provision (benefit) $ (690,463 ) $ 1,813,454 $ 3,859,832
Income Tax Expense from Enacted Tax Act	The Tax Act also provided for a one-time transition tax on certain foreign earnings. Because the Tax Act was enacted in 2017, we recorded an estimated $1.3 million (Restated) of income tax expense in the fourth quarter of 2017 as follows: Transition tax on deemed repatriation of certain foreign earnings (1) $ 603,976 Foreign withholding taxes (1) 290,128 Remeasuring deferred tax position (2) 402,135 $ 1,296,239 (1) classified as part of the Federal current provision in 2017 (2) classified as part of the Federal deferred provision in 2017
Income (Loss) Before Income Taxes	Income (loss) before income taxes was earned in the following tax jurisdictions: Years Ended December 31, Income (Loss) Before Income Taxes 2019 2018 2017 United States $ (1,960,121 ) $ 5,352,088 $ 5,811,797 Spain 20,595 66,799 (40,505 ) Canada (130,878 ) 1,166,176 937,655 Australia (169,718 ) 7,124 (115,809 ) United Kingdom (354,122 ) (380,368 ) (254,862 ) TOTAL $ (2,594,244 ) $ 6,211,819 $ 6,338,276
Income Tax Effects of Temporary Differences Impacting Deferred Income Tax Assets and Liabilities	The income tax effects of temporary differences that give rise to significant portions of deferred income tax assets and liabilities are as follows: Deferred income tax assets: 2019 2018 2017 Inventory $ 468,438 $ 578,029 $ 542,820 Stock-based compensation 51,430 46,165 29,332 Accounts receivable 3,977 - 3,239 Sales returns 119,404 61,251 52,205 Deferred revenue - 48,878 67,642 Accrued expenses - 222,538 227,489 FX gain/loss in OCI 359,078 480,112 240,045 Goodwill and other intangible assets amortization 32,670 - - Net operating loss 459,196 344,578 337,904 Change in tax method - 375,595 631,015 Accrued bonuses - 250,355 363,710 Leases 144,699 - - Other 25 - - Total deferred income tax assets $ 1,638,917 $ 2,407,501 $ 2,495,401 Less: valuation allowance (381,872 ) (260,313 ) (208,350 ) Total deferred income tax assets, net of valuation allowance $ 1,257,045 $ 2,147,188 $ 2,287,051 Property and equipment depreciation $ 739,633 $ 897,494 $ 1,004,163 Goodwill and other intangible assets amortization - 157,401 151,983 Accrued expenses 90,079 - - Total deferred income tax liabilities $ 829,712 $ 1,054,895 $ 1,156,146 Net deferred tax asset (liability) $ 427,333 $ 1,092,293 $ 1,130,905
Reconciliation of Effective Tax Rate from Statutory Rate	Below is a reconciliation of our effective tax rate from the statutory rate: Years Ended December 31, 2019 2018 2017 Statutory rate – Federal U.S. income tax 21% 21% 34% State and local taxes 0% 4% 5% Impact of Tax Act 0% 0% 20% Non-U.S. income tax at different rates 0% 3% (3)% Permanent book/tax differences (6)% 0% 1% Difference in tax rates in loss carryback periods 3% 0% 0% Change in valuation allowance (5)% 1% 1% Rate differential on UTB reversals 13% 0% 0% Other, net 1% 0% 3% Effective rate 27% 29% 61%
Reconciliation of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits (UTB) is as follows: Fiscal Year 2019 2018 2017 UTB at beginning of the year $ 1,415,714 $ 1,197,077 $ 937,705 Gross decrease to tax positions in prior periods (1,145,227 ) (102,236 ) - Gross increase to tax positions in current period - 351,304 213,430 Interest expense 25,640 80,869 45,942 Lapses in statute - (111,300 ) - UTB at end of year $ 296,127 $ 1,415,714 $ 1,197,077

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2019
STOCKHOLDERS' EQUITY [Abstract]
Activity of Non-vested Restricted Stock and RSU Awards	A summary of the activity for non-vested restricted stock and RSU awards is as follows: Shares Grant Fair Value Balance, January 1, 2017 61,098 $ 8.03 Granted 9,005 8.05 Vested (33,300 ) 8.14 Balance, December 31, 2017 36,803 $ 7.93 Balance, January 1, 2018 36,803 $ 7.93 Granted 654,000 5.31 Vested (33,086 ) 7.94 Balance, December 31, 2018 657,717 $ 7.39 Balance, January 1, 2019 657,717 $ 7.39 Granted 46,179 5.67 Forfeited (5,319 ) 5.64 Vested (93,408 ) 7.39 Balance, December 31, 2019 605,169 $ 7.27
Non-vested, Service-based Stock Awards	As of December 31, 2019, there was unrecognized compensation cost related to non-vested, service-based awards of $2.8 million which will be recognized over 3.6 weighted average years in each of the following years: Unrecognized Expense 2020 $ 777,537 2021 758,325 2022 721,284 2023 509,910 $ 2,767,056
Summary of Stock Option Transactions	A summary of stock option transactions for the year ended December 31, 2017 is as follows (no amounts shown for 2018, as the plan was terminated in March 2017): Option Weighted Average Shares Exercise Price Outstanding at January 1 56,400 $ 5.14 Granted - - Forfeited or cancelled (12,000 ) 5.14 Exercised (44,400 ) 5.14 Outstanding at December 31 - $ - Exercisable at end of year - $ - Weighted-average fair value of options granted during year n/a
Share Repurchase Program by Period	For the years ended December 31, we repurchased the following shares: Year ended December 31, Total shares repurchased Average price per share 2019 131,782 $ 5.58 2018 243,387 $ 6.79

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2019
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]
Quarterly Financial Information	The Company is providing restated quarterly and year-to-date unaudited consolidated financial information for interim periods occurring within the years ended December 31, 2019 and 2018 in order to comply with SEC requirements. See the Restatement Footnote for further background concerning the events preceding the restatement of financial information in this Comprehensive Form 10-K. 2019 First Quarter Restated Second Quarter Third Quarter Fourth Quarter Net sales $ 20,941,322 $ 17,196,815 $ 16,310,887 $ 20,469,136 Gross profit 12,244,670 9,370,446 8,848,648 11,495,688 Net income (loss) 1,519,811 (875,667 ) (1,718,452 ) (829,473 ) Net income (loss) per common share: Basic $ 0.17 $ (0.10 ) $ (0.19 ) $ (0.09 ) Diluted (1) $ 0.17 $ (0.10 ) $ (0.19 ) $ (0.09 ) Weighted average number of common shares outstanding: Basic 9,009,752 8,933,648 8,932,246 9,020,187 Diluted 9,011,107 8,933,648 8,932,246 9,020,187 (1) For the three months ended June 30, 2019, September 31, 2019 and December 31, 2019, there were 2,290, 2,704 and 8,387 shares, respectively, excluded from the diluted EPS calculation because the impact of their assumed exercise would be anti-dilutive due to a net loss in those periods. 2018 First Quarter Restated Second Quarter Restated Third Quarter Restated Fourth Quarter Restated Net sales $ 20,500,578 $ 19,187,222 $ 18,878,263 $ 24,637,506 Gross profit 12,689,060 12,233,492 11,895,883 14,122,510 Net income 1,516,656 1,157,743 608,701 1,115,265 Net income per common share: Basic $ 0.16 $ 0.13 $ 0.07 $ 0.12 Diluted $ 0.16 $ 0.13 $ 0.07 $ 0.12 Weighted average number of common shares outstanding: Basic 9,264,446 9,180,076 9,154,215 9,143,746 Diluted 9,264,604 9,182,527 9,160,022 9,144,020

DESCRIPTION OF BUSINESS (Detail

DESCRIPTION OF BUSINESS (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019WebSiteStoreSegment	Dec. 31, 2018USD ($)StoreSegment	Dec. 31, 2017USD ($)
Description of Business [Abstract]
Number of websites | WebSite	4
Number of stores	115
Number of operating segments | Segment	1	2
Number of reportable segments | Segment	1	2
Reclassification of accrued expenses to accounts payable trade | $		$ 0.8	$ 1.1
International [Member]
Description of Business [Abstract]
Number of stores	1	3
Number of stores closed	2
United States [Member]
Description of Business [Abstract]
Number of stores	103
Canada [Member]
Description of Business [Abstract]
Number of stores	11
Spain [Member]
Description of Business [Abstract]
Number of stores	1

RESTATEMENT OF PREVIOUSLY ISS_3

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS, Description of Restatement Adjustments (Details) - USD ($)	3 Months Ended									6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018		Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Description of Restatement Adjustments [Abstract]
Increase (decrease) to income tax expense for correction																$ 1,300,000
Common Stock [Abstract]
Common stock, shares issued (in shares)	10,446,563			10,354,563	10,353,155	[1]	10,336,717	10,336,717	10,336,717	10,336,717	10,336,717	10,446,563		10,353,155	[1]	10,320,069	[1]
Treasury stock, shares (in shares)	1,424,376			1,420,539	1,292,594	[1]	1,182,509	1,182,502	1,121,607	1,182,502	1,182,509	1,424,376		1,292,594	[1]	1,049,207	[1]
Increase (Decrease) in Net Income [Abstract]
Cost of sales				$ (8,696,652)			$ (6,982,380)	$ (6,953,730)	$ (7,811,518)	$ (14,765,248)	$ (21,747,628)	$ (32,958,708)		$ (32,262,624)	[1]	$ (33,334,934)	[1]
Net sales				20,941,322			18,878,263	19,187,222	20,500,578	39,687,800	58,566,063	74,918,160		83,203,569	[1]	82,420,595	[1]
Operating expenses				(10,031,653)			(10,995,989)	(10,651,386)	(10,634,923)	(21,286,309)	(32,282,298)	(43,555,826)		(44,692,265)	[1]	(42,708,942)	[1]
Impairment expense												1,001,835		285,477	[1]	0	[1]
Other expense				(109,618)			40,846	131,842	153,378	285,220	326,066	40,225		553,573	[1]	167,112	[1]
Total adjustments before tax				2,213,017			899,894	1,582,106	2,054,137	3,636,243	4,536,137	(2,598,209)		5,963,203	[1]	6,376,719	[1]
Income tax expense from adjustments				551,205			251,329	478,023	626,217	1,104,240	1,355,569	(690,463)		1,813,454	[1]	3,859,832	[1]
Net income (loss)	$ (829,473)	$ (1,718,452)	$ (875,667)	1,519,811	$ 1,115,265		608,701	1,157,743	1,516,656	2,674,399	3,283,100	(1,903,781)	[2]	4,398,365	[1]	2,478,444	[1]
Increase to Retained Earnings [Abstract]
Retained earnings	$ 62,210,781			65,634,371	64,476,378	[1]	63,361,113	62,752,412	61,594,670	62,752,412	63,361,113	$ 62,210,781		64,476,378	[1]	60,078,013	[1]
Restatement Adjustment [Member]
Common Stock [Abstract]
Common stock, shares issued (in shares)	(993,623)											(993,623)
Treasury stock, shares (in shares)	(993,623)											(993,623)
Increase (Decrease) in Net Income [Abstract]
Cost of sales				(362,805)			57,886	(894,405)	(365,562)	(1,259,967)	(1,202,081)			255,372		(3,127,495)
Net sales				156,670			(8,836)	9,455	211,660	221,115	212,279			105,382		99,327
Operating expenses				1,249,724			535,400	485,575	439,078	924,653	1,460,053			2,059,463		2,163,065
Impairment expense														285,477
Other expense				(142,659)			0	85,101	114,506	199,607	199,607			373,382		40,255
Total adjustments before tax				1,043,589			584,450	(399,375)	285,176	(114,199)	470,251			2,134,740		(865,103)
Income tax expense from adjustments				250,082			(145,785)	(31,925)	156,645	124,720	(21,065)			73,585		1,148,459
Net income (loss)				650,848			730,235	(282,349)	243,037	(39,312)	690,923			2,434,537		(1,973,307)
Increase to Retained Earnings [Abstract]
Retained earnings				$ (554,243)	(1,240,383)		$ (2,983,997)	$ (3,714,232)	$ (3,431,882)	$ (3,714,232)	$ (2,983,997)			(1,240,383)		(3,843,231)
Restatement Adjustment [Member] | Inventory adjustments [Member]
Increase (Decrease) in Net Income [Abstract]
Cost of sales														255,372		(3,127,495)
Restatement Adjustment [Member] | FIFO Adjustment [Member]
Increase (Decrease) in Net Income [Abstract]
Cost of sales														843,598		(88,548)
Increase to Retained Earnings [Abstract]
Retained earnings					(786,690)									(786,690)
Restatement Adjustment [Member] | Freight-in, Warehousing and Handling Expenditures, Factory Labor and Overhead, and Freight-out [Member]
Increase (Decrease) in Net Income [Abstract]
Cost of sales														503,078		(619,172)
Increase to Retained Earnings [Abstract]
Retained earnings					(442,150)									(442,150)
Restatement Adjustment [Member] | Inventor Reserve [Member]
Increase (Decrease) in Net Income [Abstract]
Cost of sales														980,000		0
Increase to Retained Earnings [Abstract]
Retained earnings					980,000									980,000
Restatement Adjustment [Member] | Warehouse and Handling Reclass [Member]
Increase (Decrease) in Net Income [Abstract]
Cost of sales														(2,195,119)		(2,175,881)
Operating expenses														2,195,119		2,175,881
Restatement Adjustment [Member] | Sales Returns, Gift Cards and Class Fees [Member]
Increase (Decrease) in Net Income [Abstract]
Net sales														105,382		99,327
Restatement Adjustment [Member] | Sales Returns [Member]
Increase (Decrease) in Net Income [Abstract]
Cost of sales														104,105		(19,999)
Increase to Retained Earnings [Abstract]
Retained earnings					(172,494)									(172,494)
Restatement Adjustment [Member] | Operating Expenses [Member]
Increase (Decrease) in Net Income [Abstract]
Operating expenses														2,059,463		2,163,065
Impairment expense														(285,477)		0
Other expense														373,382		40,255
Restatement Adjustment [Member] | Reclass to Impairment Expense [Member]
Increase (Decrease) in Net Income [Abstract]
Operating expenses														285,477		0
Restatement Adjustment [Member] | Accrued Expenses [Member]
Increase (Decrease) in Net Income [Abstract]
Operating expenses														(377,912)		51,375
Restatement Adjustment [Member] | PTO Accrual [Member]
Increase (Decrease) in Net Income [Abstract]
Operating expenses														(16,930)		(38,647)
Restatement Adjustment [Member] | Adjustments Before Tax [Member]
Increase (Decrease) in Net Income [Abstract]
Total adjustments before tax														2,508,122		(824,848)
Restatement Adjustment [Member] | Income Tax Expense (Benefit) From Adjustments [Member]
Increase (Decrease) in Net Income [Abstract]
Income tax expense from adjustments														73,585		1,148,459
Increase to Retained Earnings [Abstract]
Retained earnings					33,823									33,823
Restatement Adjustment [Member] | Other [Member]
Increase (Decrease) in Net Income [Abstract]
Cost of sales														19,710		(223,895)
Operating expenses														(26,291)		(25,544)
Restatement Adjustment [Member] | Accruals and Other [Member]
Increase to Retained Earnings [Abstract]
Retained earnings					$ (852,872)									(852,872)
Restatement Adjustment [Member] | Restatement Income Taxes [Member]
Description of Restatement Adjustments [Abstract]
Increase (decrease) to income tax expense														600,000		(200,000)
Increase (decrease) to income tax expense for correction														(500,000)		1,300,000
Increase (decrease) to income tax expense for correction of smaller adjustments														(400,000)		(900,000)
Increase (decrease) to income tax expense for correction of income earned from wholly-owned foreign subsidiaries														$ (100,000)		(200,000)
Interest expense related to other corrections																$ (200,000)
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.
[2]	For the year ended December 31, 2019, there were 9,203 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period.

RESTATEMENT OF PREVIOUSLY ISS_4

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS, Consolidated Balance Sheets (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018		Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017		Dec. 31, 2016
CURRENT ASSETS: [Abstract]
Cash and cash equivalents	$ 15,905,158	$ 12,679,373	$ 24,070,351	[1]	$ 16,814,972	$ 18,955,328	$ 19,252,878	$ 18,082,857	[1]
Short-term Investments	9,152,166	5,006,578	0	[1]	0			0	[1]
Accounts receivable-trade, net of allowance for doubtful accounts	408,711	456,537	408,170	[1]	418,612	496,255	503,322	461,212	[1]
Inventory	24,041,827	30,174,483	33,302,549	[1]	38,411,757	35,122,333	34,277,634	34,546,084	[1]
Prepaid income taxes	1,628,985	308,458	419,908	[1]	65,794	0		0	[1]
Prepaid expenses	1,081,859	1,592,043	1,283,795	[1]	1,412,506	1,439,337	1,640,598	1,392,278	[1]
Other current assets	296,994	280,406	331,805	[1]	383,336	163,016	169,562	328,522	[1]
Total current assets	52,515,700	50,497,878	59,816,578	[1]	57,506,977	56,176,269	55,843,994	54,810,953	[1]
Property and equipment, at cost	27,470,545	27,902,207	28,140,345	[1]	27,983,667	27,585,125	27,436,922	27,332,299	[1]
Less accumulated depreciation	(14,551,645)	(13,941,530)	(13,625,261)	[1]	(12,993,965)	(12,569,534)	(12,177,897)	(11,765,416)	[1]
Property and equipment, net	12,918,900	13,960,677	14,515,084	[1]	14,989,702	15,015,591	15,259,025	15,566,883	[1]
Operating lease assets	13,897,422	16,769,384	0	[1]				0	[1]
Deferred income taxes	427,333	908,500	1,092,293	[1]	1,421,196	1,285,548	1,048,140	1,130,905	[1]
Goodwill	0	956,945	954,765	[1]	960,304	958,464	960,353	962,949	[1]
Other intangibles, net of accumulated amortization	7,000	15,833	16,500	[1]	17,166	18,083	18,667	19,222	[1]
Other assets	344,816	379,661	386,107	[1]	387,487	384,744	379,292	379,695	[1]
TOTAL ASSETS	80,111,171	83,488,878	76,781,327	[1]	75,282,832	73,838,699	73,509,471	72,870,607	[1]
CURRENT LIABILITIES: [Abstract]
Accounts payable-trade	5,752,613	897,196	2,154,394	[1]	3,718,393	3,115,778	2,922,764	2,409,845	[1]
Accrued expenses and other liabilities	2,656,718	4,107,279	5,401,508	[1]	3,409,797	3,136,191	3,546,711	5,045,015	[1]
Income taxes payable	0		0	[1]		153,593	491,771	354,629	[1]
Operating lease liabilities	3,822,748	4,048,161	0	[1]				0	[1]
Current maturities of long-term debt	0		519,516	[1]	174,056	1,740,556	1,153,931	614,311	[1]
Total current liabilities	12,232,079	9,052,636	8,075,418	[1]	7,302,246	8,146,118	8,115,177	8,423,800	[1]
Uncertain tax positions	296,127	1,415,715	1,415,715	[1]	1,197,078	1,197,078	1,197,078	1,197,078	[1]
Deferred income taxes		0	0		0	0	0	0
Other non-current liabilities	508,907	555,778	555,296	[1]	598,188	597,716	597,243	596,770	[1]
Operating lease liabilities, non-current	10,654,631	13,234,659	0	[1]				0	[1]
Long-term debt, net of current maturities	0		8,448,502	[1]	8,180,613	6,614,112	6,758,739	6,757,419	[1]
COMMITMENTS AND CONTINGENCIES				[1]					[1]
STOCKHOLDERS' EQUITY: [Abstract]
Preferred stock	0	0	0	[1]	0	0	0	0	[1]
Common stock	25,072	24,851	24,848	[1]	24,808	24,808	24,808	24,768	[1]
Paid-in capital	5,037,102	4,452,960	4,267,138	[1]	4,015,996	3,992,237	3,968,518	3,939,589	[1]
Retained earnings	62,210,781	65,634,371	64,476,378	[1]	63,361,113	62,752,412	61,594,670	60,078,013	[1]
Treasury stock	(9,772,982)	(9,752,400)	(9,037,783)	[1]	(8,379,755)	(8,379,703)	(7,925,457)	(7,384,517)	[1]
Accumulated other comprehensive loss (net of tax)	(1,080,546)	(1,129,692)	(1,444,185)	[1]	(1,017,455)	(1,106,079)	(821,305)	(762,313)	[1]
Total stockholders' equity	56,419,427	59,230,090	58,286,396	[1]	58,004,707	57,283,675	56,841,234	55,895,540	[1]	$ 52,542,666	[1]
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 80,111,171	83,488,878	76,781,327	[1]	75,282,832	73,838,699	73,509,471	72,870,607	[1]
As Reported [Member]
CURRENT ASSETS: [Abstract]
Cash and cash equivalents		12,679,373	24,070,351		16,814,972	18,955,328	19,252,878	18,337,258
Short-term Investments		4,999,750			0
Accounts receivable-trade, net of allowance for doubtful accounts		456,537	408,170		418,612	496,255	503,322	461,212
Inventory		30,564,322	33,867,276		40,720,630	38,020,269	36,771,860	37,311,197
Prepaid income taxes		272,028	383,478		452,389	233,002		41,307
Prepaid expenses		1,537,367	1,244,754		1,348,113	1,374,944	1,576,205	1,473,147
Other current assets		174,043	161,208		290,028	75,459	78,412	189,029
Total current assets		50,683,420	60,135,237		60,044,744	59,155,257	58,182,677	57,813,150
Property and equipment, at cost		27,863,939	28,005,563		27,950,353	27,551,811	27,403,608	27,218,481
Less accumulated depreciation		(13,921,523)	(13,606,266)		(12,976,025)	(12,552,648)	(12,162,066)	(11,750,639)
Property and equipment, net		13,942,416	14,399,297		14,974,328	14,999,163	15,241,542	15,467,842
Operating lease assets		6,389,561
Deferred income taxes		0	248,228		281,721	269,512	265,456	271,738
Goodwill		956,945	954,765		960,304	958,464	960,353	962,949
Other intangibles, net of accumulated amortization		15,833	16,500		17,166	18,083	18,667	19,222
Other assets		379,661	386,107		387,487	384,744	379,292	379,695
TOTAL ASSETS		72,367,836	76,140,134		76,665,750	75,785,223	75,047,987	74,914,596
CURRENT LIABILITIES: [Abstract]
Accounts payable-trade		897,196	1,978,840		3,718,393	3,115,778	2,922,764	2,480,593
Accrued expenses and other liabilities		3,752,711	4,176,479		2,235,793	1,971,026	2,372,090	3,886,334
Income taxes payable						0	105,176	0
Operating lease liabilities		3,340,843
Current maturities of long-term debt			747,335		174,056	1,740,556	1,153,931	614,311
Total current liabilities		7,990,750	6,902,654		6,128,242	6,827,360	6,553,961	6,981,238
Uncertain tax positions		0	0		0	0	0	0
Deferred income taxes		1,258,721	1,556,493		1,467,481	1,474,675	1,581,178	1,636,958
Other non-current liabilities		0	0		0	0	0	0
Operating lease liabilities, non-current		3,427,705
Long-term debt, net of current maturities			8,220,683		8,180,613	6,614,112	6,758,739	6,757,419
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY: [Abstract]
Preferred stock		0	0		0	0	0	0
Common stock		27,234	27,232		27,193	27,193	27,193	27,153
Paid-in capital		7,344,644	7,158,821		6,907,678	6,883,919	6,860,200	6,831,271
Retained earnings		66,188,614	65,716,761		66,345,110	66,466,644	65,026,552	63,921,244
Treasury stock		(12,646,467)	(11,931,850)		(11,273,822)	(11,273,770)	(10,819,524)	(10,278,584)
Accumulated other comprehensive loss (net of tax)		(1,223,365)	(1,510,660)		(1,116,745)	(1,234,910)	(940,312)	(962,103)
Total stockholders' equity		59,690,660	59,460,304		60,889,414	60,869,076	60,154,109	59,538,981		53,693,201
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		72,367,836	76,140,134		76,665,750	75,785,223	75,047,987	74,914,596
Adjustments [Member]
CURRENT ASSETS: [Abstract]
Cash and cash equivalents		0	0		0	0	0	(254,401)
Short-term Investments		6,828			0
Accounts receivable-trade, net of allowance for doubtful accounts		0	0		0	0	0	0
Inventory		(389,839)	(564,727)		(2,308,873)	(2,897,936)	(2,494,226)	(2,765,113)
Prepaid income taxes		36,430	36,430		(386,595)	(233,002)		(41,307)
Prepaid expenses		54,676	39,041		64,393	64,393	64,393	(80,869)
Other current assets		106,363	170,597		93,308	87,557	91,150	139,493
Total current assets		(185,542)	(318,659)		(2,537,767)	(2,978,988)	(2,338,683)	(3,002,197)
Property and equipment, at cost		38,268	134,782		33,314	33,314	33,314	113,818
Less accumulated depreciation		(20,007)	(18,995)		(17,940)	(16,886)	(15,831)	(14,777)
Property and equipment, net		18,261	115,787		15,374	16,428	17,483	99,041
Operating lease assets		10,379,823
Deferred income taxes		908,500	844,065		1,139,475	1,016,036	782,684	859,167
Goodwill		0	0		0	0	0	0
Other intangibles, net of accumulated amortization		0	0		0	0	0	0
Other assets		0	0		0	0	0	0
TOTAL ASSETS		11,121,042	641,193		(1,382,918)	(1,946,524)	(1,538,516)	(2,043,989)
CURRENT LIABILITIES: [Abstract]
Accounts payable-trade		0	175,554		0	0	0	(70,748)
Accrued expenses and other liabilities		354,568	1,225,029		1,174,004	1,165,165	1,174,621	1,158,681
Income taxes payable						153,593	386,595	354,629
Operating lease liabilities		707,318
Current maturities of long-term debt			(227,819)		0	0	0	0
Total current liabilities		1,061,886	1,172,764		1,174,004	1,318,758	1,561,216	1,442,562
Uncertain tax positions		1,415,715	1,415,715		1,197,078	1,197,078	1,197,078	1,197,078
Deferred income taxes		(1,258,721)	(1,556,493)		(1,467,481)	(1,474,675)	(1,581,178)	(1,636,958)
Other non-current liabilities		555,778	555,296		598,188	597,716	597,243	596,770
Operating lease liabilities, non-current		9,806,954
Long-term debt, net of current maturities			227,819		0	0	0	0
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY: [Abstract]
Preferred stock		0	0		0	0	0	0
Common stock		(2,383)	(2,384)		(2,385)	(2,385)	(2,385)	(2,385)
Paid-in capital		(2,891,684)	(2,891,683)		(2,891,682)	(2,891,682)	(2,891,682)	(2,891,682)
Retained earnings		(554,243)	(1,240,383)		(2,983,997)	(3,714,232)	(3,431,882)	(3,843,231)
Treasury stock		2,894,067	2,894,067		2,894,067	2,894,067	2,894,067	2,894,067
Accumulated other comprehensive loss (net of tax)		93,673	66,475		99,290	128,831	119,007	199,790
Total stockholders' equity		(460,570)	(1,173,908)		(2,884,707)	(3,585,401)	(3,312,875)	(3,643,441)		$ (1,150,535)	[1]
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$ 11,121,042	$ 641,193		$ (1,382,918)	$ (1,946,524)	$ (1,538,516)	$ (2,043,989)
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

RESTATEMENT OF PREVIOUSLY ISS_5

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS, Consolidated Balance Sheets (Parenthetical) (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	[1]	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	[1]
ASSETS [Abstract]
Allowance for doubtful accounts	$ 15,940	$ 12,940	$ 15,703		$ 9,839	$ 9,911	$ 16,075	$ 22,642
Accumulated amortization	$ 547,369	$ 714,000	$ 690,869		$ 712,000	$ 712,000	$ 711,000	$ 688,147
STOCKHOLDERS' EQUITY: [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.10		$ 0.10	$ 0.10	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000	20,000,000		20,000,000	20,000,000	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0	0		0	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0		0	0	0	0
Common stock, par value (in dollars per share)	$ 0.0024	$ 0.0024	$ 0.0024		$ 0.0024	$ 0.0024	$ 0.0024	$ 0.0024
Common stock, shares authorized (in shares)	25,000,000	25,000,000	25,000,000		25,000,000	25,000,000	25,000,000	25,000,000
Common stock, shares issued (in shares)	10,446,563	10,354,563	10,353,155		10,336,717	10,336,717	10,336,717	10,320,069
Treasury stock, shares (in shares)	1,424,376	1,420,539	1,292,594		1,182,509	1,182,502	1,121,607	1,049,207
Accumulated other comprehensive loss, tax	$ 358,646		$ 480,112				$ 240,045	$ 240,045
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

RESTATEMENT OF PREVIOUSLY ISS_6

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS, Consolidated Statements of Comprehensive Income (Loss) (Details) - USD ($)	3 Months Ended												6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2019		Sep. 30, 2019		Jun. 30, 2019		Mar. 31, 2019		Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Income Statement [Abstract]
Net sales							$ 20,941,322			$ 18,878,263	$ 19,187,222	$ 20,500,578	$ 39,687,800	$ 58,566,063	$ 74,918,160		$ 83,203,569	[1]	$ 82,420,595	[1]
Cost of sales							8,696,652			6,982,380	6,953,730	7,811,518	14,765,248	21,747,628	32,958,708		32,262,624	[1]	33,334,934	[1]
Gross profit (loss)	$ 11,495,688		$ 8,848,648		$ 9,370,446		12,244,670		$ 14,122,510	11,895,883	12,233,492	12,689,060	24,922,552	36,818,435	41,959,452		50,940,945	[1]	49,085,661	[1]
Operating expenses							10,031,653			10,995,989	10,651,386	10,634,923	21,286,309	32,282,298	43,555,826		44,692,265	[1]	42,708,942	[1]
Impairment expense															1,001,835		285,477	[1]	0	[1]
Income (loss) from operations							2,213,017			899,894	1,582,106	2,054,137	3,636,243	4,536,137	(2,598,209)		5,963,203	[1]	6,376,719	[1]
Other (income) expense [Abstract]
Interest expense							32,383			80,710	78,182	64,642	142,824	223,534	36,260		304,957	[1]	205,555	[1]
Other, net							109,618			(40,846)	(131,842)	(153,378)	(285,220)	(326,066)	(40,225)		(553,573)	[1]	(167,112)	[1]
Total other (income) expense							142,001			39,864	(53,660)	(88,736)	(142,396)	(102,532)	(3,965)		(248,616)	[1]	38,443	[1]
Income (loss) before income taxes							2,071,016			860,030	1,635,766	2,142,873	3,778,639	4,638,669	(2,594,244)		6,211,819	[1]	6,338,276	[1]
Provision (benefit) for income taxes							551,205			251,329	478,023	626,217	1,104,240	1,355,569	(690,463)		1,813,454	[1]	3,859,832	[1]
Net income (loss)	$ (829,473)		$ (1,718,452)		$ (875,667)		1,519,811		$ 1,115,265	608,701	1,157,743	1,516,656	2,674,399	3,283,100	(1,903,781)	[2]	4,398,365	[1]	2,478,444	[1]
Foreign currency translation adjustments, net of tax							314,493			88,624	(284,774)	(58,992)	(343,766)	(255,142)	363,639		(681,872)	[1]	411,427	[1]
Comprehensive income (loss)							$ 1,834,304			$ 697,325	$ 872,969	$ 1,457,664	$ 2,330,633	$ 3,027,958	$ (1,540,142)		$ 3,716,493	[1]	$ 2,889,871	[1]
Net income (loss) per common share [Abstract]
Basic (in dollars per share)	$ (0.09)		$ (0.19)		$ (0.10)		$ 0.17		$ 0.12	$ 0.07	$ 0.13	$ 0.16	$ 0.29	$ 0.36	$ (0.21)		$ 0.48	[1]	$ 0.27	[1]
Diluted (in dollars per share)	$ (0.09)	[3]	$ (0.19)	[3]	$ (0.10)	[3]	$ 0.17	[3]	$ 0.12	$ 0.07	$ 0.13	$ 0.16	$ 0.29	$ 0.36	$ (0.21)		$ 0.48	[1]	$ 0.27	[1]
Weighted average number of shares outstanding [Abstract]
Basic (in shares)	9,020,187		8,932,246		8,933,648		9,009,752		9,143,746	9,154,215	9,180,076	9,264,446	9,222,028	9,199,173	8,973,246	[2]	9,185,203	[1]	9,242,092	[1]
Diluted (in shares)	9,020,187		8,932,246		8,933,648		9,011,107		9,144,020	9,160,022	9,182,527	9,264,604	9,223,086	9,201,577	8,973,246	[2]	9,205,008	[1]	9,245,537	[1]
As Reported [Member]
Income Statement [Abstract]
Net sales							$ 20,784,652			$ 18,887,099	$ 19,177,767	$ 20,288,918	$ 39,466,685	$ 58,353,784			$ 83,098,187		$ 82,321,268
Cost of sales							8,333,847			7,040,266	6,059,325	7,445,956	13,505,281	20,545,547			32,517,996		30,207,439
Gross profit (loss)							12,450,805			11,846,833	13,118,442	12,842,962	25,961,404	37,808,237			50,580,191		52,113,829
Operating expenses							11,281,377			11,531,389	11,136,961	11,074,001	22,210,962	33,742,351			46,751,728		44,872,007
Impairment expense																	0
Income (loss) from operations							1,169,428			315,444	1,981,481	1,768,961	3,750,442	4,065,886			3,828,463		7,241,822
Other (income) expense [Abstract]
Interest expense							32,383			80,710	78,182	64,642	142,824	223,534			304,957		205,555
Other, net							(33,041)			(40,846)	(46,741)	(38,872)	(85,613)	(126,459)			(180,191)		(126,857)
Total other (income) expense							(658)			39,864	31,441	25,770	57,211	97,075			124,766		78,698
Income (loss) before income taxes							1,170,086			275,580	1,950,040	1,743,191	3,693,231	3,968,811			3,703,697		7,163,124
Provision (benefit) for income taxes							301,123			397,114	509,948	469,572	979,520	1,376,634			1,739,869		2,711,373
Net income (loss)							868,963			(121,534)	1,440,092	1,273,619	2,713,711	2,592,177			1,963,828		4,451,751
Foreign currency translation adjustments, net of tax							287,295			118,165	(294,598)	21,791	(272,807)	(154,642)			(548,557)		931,026
Comprehensive income (loss)							$ 1,156,258			$ (3,369)	$ 1,145,494	$ 1,295,410	$ 2,440,904	$ 2,437,535			$ 1,415,271		$ 5,382,777
Net income (loss) per common share [Abstract]
Basic (in dollars per share)							$ 0.10			$ (0.01)	$ 0.15	$ 0.14	$ 0.29	$ 0.28			$ 0.21		$ 0.48
Diluted (in dollars per share)							$ 0.10			$ (0.01)	$ 0.15	$ 0.14	$ 0.29	$ 0.28			$ 0.21		$ 0.48
Weighted average number of shares outstanding [Abstract]
Basic (in shares)							9,009,752			9,154,209	9,180,076	9,264,446	9,222,028	9,199,173			9,185,203		9,242,092
Diluted (in shares)							9,010,037			9,155,031	9,180,727	9,264,811	9,222,533	9,199,959			9,185,662		9,256,810
Adjustments [Member]
Income Statement [Abstract]
Net sales							$ 156,670			$ (8,836)	$ 9,455	$ 211,660	$ 221,115	$ 212,279			$ 105,382		$ 99,327
Cost of sales							362,805			(57,886)	894,405	365,562	1,259,967	1,202,081			(255,372)		3,127,495
Gross profit (loss)							(206,135)			49,050	(884,950)	(153,902)	(1,038,852)	(989,802)			360,754		(3,028,168)
Operating expenses							(1,249,724)			(535,400)	(485,575)	(439,078)	(924,653)	(1,460,053)			(2,059,463)		(2,163,065)
Impairment expense																	285,477
Income (loss) from operations							1,043,589			584,450	(399,375)	285,176	(114,199)	470,251			2,134,740		(865,103)
Other (income) expense [Abstract]
Interest expense							0			0	0	0	0	0			0		0
Other, net							142,659			0	(85,101)	(114,506)	(199,607)	(199,607)			(373,382)		(40,255)
Total other (income) expense							142,659			0	(85,101)	(114,506)	(199,607)	(199,607)			(373,382)		(40,255)
Income (loss) before income taxes							900,930			584,450	(314,274)	399,682	85,408	669,858			2,508,122		(824,848)
Provision (benefit) for income taxes							250,082			(145,785)	(31,925)	156,645	124,720	(21,065)			73,585		1,148,459
Net income (loss)							650,848			730,235	(282,349)	243,037	(39,312)	690,923			2,434,537		(1,973,307)
Foreign currency translation adjustments, net of tax							27,198			(29,541)	9,824	(80,783)	(70,959)	(100,500)			(133,315)		(519,599)
Comprehensive income (loss)							$ 678,046			$ 700,694	$ (272,525)	$ 162,254	$ (110,271)	$ 590,423			$ 2,301,222		$ (2,492,906)
Net income (loss) per common share [Abstract]
Basic (in dollars per share)							$ 0.07			$ 0.08	$ (0.02)	$ 0.03	$ 0.01	$ 0.08			$ 0.27		$ (0.21)
Diluted (in dollars per share)							$ 0.07			$ 0.08	$ (0.02)	$ 0.03	$ 0.01	$ 0.08			$ 0.26		$ (0.21)
Weighted average number of shares outstanding [Abstract]
Basic (in shares)							9,009,752			9,154,215	9,180,076	9,264,446	9,222,028	9,199,173			9,185,203		9,242,092
Diluted (in shares)							9,011,107			9,160,022	9,182,527	9,264,604	9,223,086	9,201,577			9,205,008		9,245,537
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.
[2]	For the year ended December 31, 2019, there were 9,203 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period.
[3]	For the three months ended June 30, 2019, September 31, 2019 and December 31, 2019, there were 2,290, 2,704 and 8,387 shares, respectively, excluded from the diluted EPS calculation because the impact of their assumed exercise would be anti-dilutive due to a net loss in those periods.

RESTATEMENT OF PREVIOUSLY ISS_7

RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS, Consolidated Statements of Cash Flows (Details) - USD ($)	3 Months Ended											6 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019		Dec. 31, 2018		Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018		Jun. 30, 2018		Sep. 30, 2018		Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Cash flows from operating activities [Abstract]
Net income (loss)	$ (829,473)	$ (1,718,452)	$ (875,667)	$ 1,519,811		$ 1,115,265		$ 608,701	$ 1,157,743	$ 1,516,656		$ 2,674,399		$ 3,283,100		$ (1,903,781)	[1]	$ 4,398,365	[2]	$ 2,478,444	[2]
Adjustments to reconcile net income (loss) to net cash provided by operating activities [Abstract]
Depreciation and amortization				494,295						466,633		880,094		1,312,830		1,655,223		1,798,762	[2]	1,884,043	[2]
Right-of-use asset amortization				865,050												3,481,931		0	[2]	0	[2]
Impairment of goodwill and long-lived assets																1,001,835		285,477	[2]	0	[2]
(Gain) loss on disposal of assets				(3,794)						1,929		4,556		4,556		8,795		1,321	[2]	3,139	[2]
Stock-based compensation				185,825						28,969		52,688		76,447		770,188		327,629	[2]	239,599	[2]
Deferred income taxes				183,793						82,765		(154,643)		(290,291)		(334,343)		257,249	[2]	638,056	[2]
Exchange (gain) loss				136,267						(121,723)		(215,866)		(136,898)		137,241		(406,832)	[2]	32,999	[2]
Changes in operating assets and liabilities [Abstract]
Accounts receivable - trade				(56,063)						(298,158)		(22,534)		(10,900)		(22,703)		49,155	[2]	88,445	[2]
Inventory				3,172,163						521,525		(688,434)		(3,961,731)		9,329,998		1,034,430	[2]	(2,978,285)	[2]
Prepaid expenses				32,552						1,620,091		165,857		34,501		596,071		71,915	[2]	66,812	[2]
Other current assets				(193,647)						(1,197,098)		0		0		(96,492)		0	[2]	0	[2]
Accounts payable - trade				(1,281,147)						(1,012,412)		721,717		1,403,219		3,499,627		(148,340)	[2]	764,889	[2]
Accrued expenses and other liabilities				(1,155,895)						(532,200)		(1,920,897)		(1,652,826)		(2,718,611)		314,937	[2]	(2,266,301)	[2]
Income taxes				108,710						136,504		(202,651)		(418,970)		(1,219,596)		(795,609)	[2]	1,148,313	[2]
Other assets				(41,970)						77,175		422,302		352,313		(325,691)		583,281	[2]	365,622	[2]
Operating lease liability				(833,690)												(3,388,399)		0	[2]	0	[2]
Total adjustments				1,612,449						(226,000)		(957,811)		(3,287,750)		12,375,074		3,373,375	[2]	(12,669)	[2]
Net cash provided by operating activities				3,132,260						1,290,656		1,716,588		(4,650)		10,471,293		7,771,740	[2]	2,465,775	[2]
Cash flows from investing activities [Abstract]
Purchase of property and equipment				(30,900)						(17,621)		(421,861)		(887,679)		(268,961)		(1,088,328)	[2]	(1,691,999)	[2]
Purchase of short-term investments - US treasuries				(4,999,750)												(18,094,775)		0	[2]	0	[2]
Proceeds from sales of assets				12,552								7,028		17,718		112,589		27,939	[2]	35,963	[2]
Net cash used in investing activities				(5,018,098)						(17,621)		(414,833)		(869,961)		(9,156,147)		(1,060,389)	[2]	(1,656,036)	[2]
Cash flows from financing activities [Abstract]
Proceeds from long-term debt										540,940		982,938		982,939		0		1,596,288	[2]	0	[2]
Payments on long-term debt				(8,968,018)												(8,968,018)		0	[2]	0	[2]
Repurchase of treasury stock				(714,617)						(540,940)		(995,186)		(995,238)		(735,199)		(1,653,266)	[2]	0	[2]
Payments on capital lease obligations																0		0	[2]	(72,686)	[2]
Proceeds from exercise of stock options																0		0	[2]	223,404	[2]
Net cash (used in) provided by financing activities				(9,682,635)						0		(12,248)		(12,299)		(9,703,217)		(56,978)	[2]	150,718	[2]
Effect of exchange rate changes on cash and cash equivalents				177,495						(103,014)		(417,036)		(380,975)		222,878		(666,879)	[2]	260,096	[2]
Net (decrease) increase in cash and cash equivalents				(11,390,978)						1,170,021		872,471		(1,267,885)		(8,165,193)		5,987,494	[2]	1,220,553	[2]
Cash and cash equivalents, beginning of period			12,679,373	24,070,351	[2]	16,814,972		18,955,328	19,252,878	18,082,857	[2]	18,082,857	[2]	18,082,857	[2]	24,070,351	[2]	18,082,857	[2]	16,862,304	[2]
Cash and cash equivalents, end of period	$ 15,905,158			12,679,373		24,070,351	[2]	16,814,972	18,955,328	19,252,878		18,955,328		16,814,972		15,905,158		24,070,351	[2]	18,082,857	[2]
Supplemental disclosures of cash flow information [Abstract]
Interest paid during the period																36,260		304,957	[2]	205,555	[2]
Income tax paid during the period, net of refunds																714,620		1,361,400	[2]	2,243,018	[2]
As Reported [Member]
Cash flows from operating activities [Abstract]
Net income (loss)				868,963				(121,534)	1,440,092	1,273,619		2,713,711		2,592,177				1,963,828		4,451,751
Adjustments to reconcile net income (loss) to net cash provided by operating activities [Abstract]
Depreciation and amortization				495,449						465,522		878,955		1,310,774				1,797,281		1,875,102
Right-of-use asset amortization				0
Impairment of goodwill and long-lived assets																		285,477
(Gain) loss on disposal of assets				(3,794)						798		4,556		4,556				1,321		3,139
Stock-based compensation				185,825						28,969		52,688		76,447				327,629		239,599
Deferred income taxes				(33,861)						(49,498)		(96,057)		(115,460)				(90,997)		(215,576)
Exchange (gain) loss				2,154						2,994		(268,321)		(93,163)				27,984		29,848
Changes in operating assets and liabilities [Abstract]
Accounts receivable - trade				(48,367)						(42,110)		(35,043)		42,600				53,042		99,772
Inventory				3,302,954						539,337		(709,072)		(3,409,433)				3,443,921		(4,133,658)
Prepaid expenses				(292,613)						(103,058)		98,203		125,034				239,082		135,713
Other current assets				(12,835)						110,617		113,570		(111,688)				27,821		(48,797)
Accounts payable - trade				(318,294)						6,055		(189,928)		28,525				(197,960)		(208,434)
Accrued expenses and other liabilities				(1,205,241)						(1,246,439)		(1,258,506)		(609,577)				(181,959)		(983,710)
Income taxes				95,767						146,483		(255,695)		(475,082)				(308,129)		923,016
Other assets				6,446						957		(3,910)		(5,736)				(3,690)		(43,669)
Operating lease liability				0
Total adjustments				2,173,590						(139,373)		(1,668,560)		(3,232,203)				5,420,823		(2,327,655)
Net cash provided by operating activities				3,042,553						1,134,246		1,045,151		(640,026)				7,384,651		2,124,096
Cash flows from investing activities [Abstract]
Purchase of property and equipment				(30,893)						(240,020)		(421,861)		(887,679)				(1,091,433)		(1,689,645)
Purchase of short-term investments - US treasuries				(4,999,750)
Proceeds from sales of assets				12,552								7,028		17,718				27,396		35,963
Net cash used in investing activities				(5,018,091)						(240,020)		(414,833)		(869,961)				(1,064,037)		(1,653,682)
Cash flows from financing activities [Abstract]
Proceeds from long-term debt										540,940		982,938		982,939				1,596,288
Payments on long-term debt				(8,968,018)
Repurchase of treasury stock				(714,617)						(540,940)		(995,186)		(995,238)				(1,653,266)
Payments on capital lease obligations																				(72,686)
Proceeds from exercise of stock options																				223,404
Net cash (used in) provided by financing activities				(9,682,635)						0		(12,248)		(12,299)				(56,978)		150,718
Effect of exchange rate changes on cash and cash equivalents				267,195						21,394		0		0				(530,543)		853,822
Net (decrease) increase in cash and cash equivalents				(11,390,978)						915,620		618,070		(1,522,286)				5,733,093		1,474,954
Cash and cash equivalents, beginning of period			12,679,373	24,070,351		16,814,972		18,955,328	19,252,878	18,337,258		18,337,258		18,337,258		24,070,351		18,337,258		16,862,304
Cash and cash equivalents, end of period				12,679,373		24,070,351		16,814,972	18,955,328	19,252,878		18,955,328		16,814,972				24,070,351		18,337,258
Supplemental disclosures of cash flow information [Abstract]
Interest paid during the period																		304,957		205,555
Income tax paid during the period, net of refunds																		2,138,995		1,788,357
Adjustments [Member]
Cash flows from operating activities [Abstract]
Net income (loss)				650,848				730,235	(282,349)	243,037		(39,312)		690,923				2,434,537		(1,973,307)
Adjustments to reconcile net income (loss) to net cash provided by operating activities [Abstract]
Depreciation and amortization				(1,154)						1,111		1,139		2,056				1,481		8,941
Right-of-use asset amortization				865,050
Impairment of goodwill and long-lived assets																		0
(Gain) loss on disposal of assets				0						1,131		0		0				0		0
Stock-based compensation				0						0		0		0				0		0
Deferred income taxes				217,654						132,263		(58,586)		(174,831)				348,246		853,632
Exchange (gain) loss				134,113						(124,717)		52,455		(43,735)				(434,816)		3,151
Changes in operating assets and liabilities [Abstract]
Accounts receivable - trade				(7,696)						(256,048)		12,509		(53,500)				(3,887)		(11,327)
Inventory				(130,791)						(17,812)		20,638		(552,298)				(2,409,491)		1,155,373
Prepaid expenses				325,165						1,723,149		67,654		(90,533)				(167,167)		(68,901)
Other current assets				(180,812)						(1,307,715)		(113,570)		111,688				(27,821)		48,797
Accounts payable - trade				(962,853)						(1,018,467)		911,645		1,374,694				49,620		973,323
Accrued expenses and other liabilities				49,346						714,239		(662,391)		(1,043,249)				496,896		(1,282,591)
Income taxes				12,943						(9,979)		53,044		56,112				(487,480)		225,297
Other assets				(48,416)						76,218		426,212		358,049				586,971		409,291
Operating lease liability				(833,690)
Total adjustments				(561,141)						(86,627)		710,749		(55,547)				(2,047,448)		2,314,986
Net cash provided by operating activities				89,707						156,410		671,437		635,376				387,089		341,679
Cash flows from investing activities [Abstract]
Purchase of property and equipment				(7)						222,399		0		0				3,105		(2,354)
Purchase of short-term investments - US treasuries				0
Proceeds from sales of assets				0								0		0				543		0
Net cash used in investing activities				(7)						222,399		0		0				3,648		(2,354)
Cash flows from financing activities [Abstract]
Proceeds from long-term debt										0		0		0				0
Payments on long-term debt				0
Repurchase of treasury stock				0						0		0		0				0
Payments on capital lease obligations																				0
Proceeds from exercise of stock options																				0
Net cash (used in) provided by financing activities				0						0		0		0				0		0
Effect of exchange rate changes on cash and cash equivalents				(89,700)						(124,408)		(417,036)		(380,975)				(136,336)		(593,726)
Net (decrease) increase in cash and cash equivalents				0						254,401		254,401		254,401				254,401		(254,401)
Cash and cash equivalents, beginning of period			$ 0	0		0		0	0	(254,401)		(254,401)		(254,401)		$ 0		(254,401)		0
Cash and cash equivalents, end of period				$ 0		$ 0		$ 0	$ 0	$ 0		$ 0		$ 0				0		(254,401)
Supplemental disclosures of cash flow information [Abstract]
Interest paid during the period																		0		0
Income tax paid during the period, net of refunds																		$ (777,595)		$ 454,661
[1]	For the year ended December 31, 2019, there were 9,203 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period.
[2]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES, Foreign Currency Translation and Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Foreign currency translation and transactions [Abstract]
Foreign currency translation adjustments of assets and liabilities net of tax change (benefit)	$ 100	$ (200)	$ 500
Foreign currency transaction (loss) gains		$ 400	$ 100
Maximum [Member]
Foreign currency translation and transactions [Abstract]
Foreign currency transaction (loss) gains	$ (10)

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($)	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Revenue recognition [Abstract]
Sales return allowance							$ 300,000	$ 400,000		$ 300,000
Estimate of merchandise expected to be returned							$ 100,000	200,000		100,000
Gift card redemption period							1 year
Revenue recognized from change in deferred obligation balance							$ 100,000	200,000		200,000
Deferred revenue recognized in net sales period							1 year
Deferred revenue, recognized							$ 1,100,000	1,900,000		2,100,000
Disaggregated revenue [Abstract]
Sales	$ 20,941,322	$ 18,878,263	$ 19,187,222	$ 20,500,578	$ 39,687,800	$ 58,566,063	74,918,160	83,203,569	[1]	82,420,595	[1]
Accounts Expenses and Other Liabilities [Member]
Revenue recognition [Abstract]
Contract with customer liability							300,000	200,000		300,000
Revenue, deferred								600,000		800,000
United States [Member]
Disaggregated revenue [Abstract]
Sales							65,745,750	72,563,038		71,473,430
Canada [Member]
Disaggregated revenue [Abstract]
Sales							6,513,631	7,095,697		7,194,116
All Other Countries [Member]
Disaggregated revenue [Abstract]
Sales							$ 2,658,779	$ 3,544,834		$ 3,753,049
Minimum [Member] | Canada [Member] | Geographic Concentration Risk [Member] | Sales [Member]
Disaggregated revenue [Abstract]
Revenue percentage							1.70%	1.70%		1.70%
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES, Property and Equipment, Net of Accumulated Depreciation (Details)	12 Months Ended
	Dec. 31, 2019
Minimum [Member]
Property and equipment, net of accumulated depreciation [Abstract]
Estimated useful lives of assets	1 year
Maximum [Member]
Property and equipment, net of accumulated depreciation [Abstract]
Estimated useful lives of assets	2 years
Equipment and Machinery [Member] | Minimum [Member]
Property and equipment, net of accumulated depreciation [Abstract]
Estimated useful lives of assets	3 years
Equipment and Machinery [Member] | Maximum [Member]
Property and equipment, net of accumulated depreciation [Abstract]
Estimated useful lives of assets	10 years
Furniture and Fixtures [Member] | Minimum [Member]
Property and equipment, net of accumulated depreciation [Abstract]
Estimated useful lives of assets	7 years
Furniture and Fixtures [Member] | Maximum [Member]
Property and equipment, net of accumulated depreciation [Abstract]
Estimated useful lives of assets	15 years
Vehicles [Member]
Property and equipment, net of accumulated depreciation [Abstract]
Estimated useful lives of assets	5 years
Buildings and Related Improvements [Member]
Property and equipment, net of accumulated depreciation [Abstract]
Estimated useful lives of assets	40 years

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES, Inventory (Details)	12 Months Ended
	Dec. 31, 2019Time
Texas Distribution Center [Member]
Inventory [Abstract]
Number of times inventory physically counted annually	2
Stores [Member]
Inventory [Abstract]
Number of times inventory physically counted annually	4

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES, Impairment of Long-lived Assets (Details)	12 Months Ended
	Dec. 31, 2019USD ($)Store	Dec. 31, 2018USD ($)Store		Dec. 31, 2017USD ($)	[1]
Impairment of long-lived assets [Abstract]
Number of underperforming stores | Store	3	4
Impairment losses	$ 1,001,835	$ 285,477	[1]	$ 0
Discount rate percentage	12.50%
Minimum [Member]
Impairment of long-lived assets [Abstract]
Remaining useful life of assets	1 year
Maximum [Member]
Impairment of long-lived assets [Abstract]
Impairment losses	$ 100,000	$ 300,000
Remaining useful life of assets	2 years
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES, Earnings Per Share (Details) - USD ($)	3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2019		Dec. 31, 2018		Dec. 31, 2017
Numerator [Abstract]
Net income (loss)	$ (829,473)	$ (1,718,452)	$ (875,667)	$ 1,519,811	$ 1,115,265	$ 608,701	$ 1,157,743	$ 1,516,656	$ 2,674,399	$ 3,283,100	$ (1,903,781)	[1]	$ 4,398,365	[2]	$ 2,478,444	[2]
Denominator [Abstract]
Basic weighted-average common shares outstanding (in shares)	9,020,187	8,932,246	8,933,648	9,009,752	9,143,746	9,154,215	9,180,076	9,264,446	9,222,028	9,199,173	8,973,246	[1]	9,185,203	[2]	9,242,092	[2]
Dilutive effect of service-based restricted stock awards granted under the plan (in shares)											9,203
Diluted weighted-average common shares outstanding (in shares)	9,020,187	8,932,246	8,933,648	9,011,107	9,144,020	9,160,022	9,182,527	9,264,604	9,223,086	9,201,577	8,973,246	[1]	9,205,008	[2]	9,245,537	[2]
Restricted Stock Awards [Member] | Board of Director [Member]
Denominator [Abstract]
Dilutive effect of service-based restricted stock awards granted under the plan (in shares)											0	[1]	0		177
Restricted Stock Awards [Member] | Employees [Member]
Denominator [Abstract]
Dilutive effect of service-based restricted stock awards granted under the plan (in shares)											0	[1]	19,805		3,268
[1]	For the year ended December 31, 2019, there were 9,203 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period.
[2]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

SIGNIFICANT ACCOUNTING POLIC_10

SIGNIFICANT ACCOUNTING POLICIES, Goodwill and Other Intangible Assets (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017		Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Goodwill and other intangible assets [Abstract]
Weighting basis		50.00%
Goodwill impairment loss	$ 1,000,000
Intangible assets [Abstract]
Intangible assets, gross	554,369	$ 554,369	$ 707,369		$ 707,369
Accumulated amortization	547,369	547,369	690,869	[1]	688,147	[1]	$ 714,000	$ 712,000	$ 712,000	$ 711,000
Intangible assets, net	7,000	7,000	16,500	[1]	19,222	[1]	$ 15,833	$ 17,166	$ 18,083	$ 18,667
Maximum [Member]
Goodwill and other intangible assets [Abstract]
Change in goodwill from foreign currency translation gains (losses)			10,000		10,000
Intangible assets [Abstract]
Amortization of intangible assets (excluding goodwill)		10,000	10,000		10,000
Amortization expense, 2020	10,000	10,000
Amortization expense, 2021	10,000	10,000
Amortization expense, 2022	10,000	10,000
Amortization expense, 2023	10,000	10,000
Amortization expense, 2024	10,000	10,000
Trademarks/Copyrights [Member]
Intangible assets [Abstract]
Intangible assets, gross	554,369	554,369	554,369		554,369
Accumulated amortization	547,369	547,369	546,702		545,980
Intangible assets, net	$ 7,000	$ 7,000	7,667		8,389
Weighted average amortization period		15 years
Non-Compete Agreements [Member]
Intangible assets [Abstract]
Intangible assets, gross			153,000		153,000
Accumulated amortization			144,167		142,167
Intangible assets, net			$ 8,833		$ 10,833
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

SIGNIFICANT ACCOUNTING POLIC_11

SIGNIFICANT ACCOUNTING POLICIES, Fair Value of Financial Instruments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair value of financial instruments [Abstract]
Transfers from Level 1 to Level 2	$ 0	$ 0	$ 0
Transfers from Level 2 to Level 1	0	0	0
Transfers into (out of) Level 3	$ 0	$ 0	$ 0

SIGNIFICANT ACCOUNTING POLIC_12

SIGNIFICANT ACCOUNTING POLICIES, Short Term Investments (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	[1]	Dec. 31, 2017	[1]
Short-term investments [Abstract]
Payments to acquire short-term investments	$ 4,999,750	$ 18,094,775	$ 0		$ 0
U.S. Treasuries [Member]
Short-term investments [Abstract]
Payments to acquire short-term investments		$ 9,200,000
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

SIGNIFICANT ACCOUNTING POLIC_13

SIGNIFICANT ACCOUNTING POLICIES, Stock-based Compensation (Details)	1 Months Ended	12 Months Ended
	Mar. 31, 2017Plan	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares
Stock-based compensation [Abstract]
Number of stock option plans expired | Plan	1
Vesting period from grant date		6 months
Stock option grant award gross (in shares)		0	0	0	0	0
Stock Options [Member]
Stock-based compensation [Abstract]
Stock option grant award gross (in shares)		0	0	0
Share based compensation expense | $		$ 0	$ 0	$ 0	$ 0	$ 0

SIGNIFICANT ACCOUNTING POLIC_14

SIGNIFICANT ACCOUNTING POLICIES, Shipping and Handling Costs (Details) - USD ($)	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Shipping and handling costs [Abstract]
Operating expenses	$ 10,031,653	$ 10,995,989	$ 10,651,386	$ 10,634,923	$ 21,286,309	$ 32,282,298	$ 43,555,826	$ 44,692,265	[1]	$ 42,708,942	[1]
Shipping and Handling [Member]
Shipping and handling costs [Abstract]
Operating expenses							$ 2,100,000	$ 1,800,000		$ 2,000,000
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

SIGNIFICANT ACCOUNTING POLIC_15

SIGNIFICANT ACCOUNTING POLICIES, Advertising (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Advertising [Abstract]
Catalog costs		$ 0.2	$ 0.2
Advertising expense	$ 3.4	$ 3.9	$ 5

SIGNIFICANT ACCOUNTING POLIC_16

SIGNIFICANT ACCOUNTING POLICIES, Recently Adopted Accounting Pronouncements (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018		Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	[1]	Dec. 31, 2016	[1]
Accounting Standards Update and Change in Accounting Principle [Abstract]
Operating lease assets	$ 13,897,422	$ 16,769,384	$ 0	[1]				$ 0
Operating lease liabilities	3,822,748	4,048,161	0	[1]				0
Cumulative effect of new accounting principle in period of adoption	56,419,427	$ 59,230,090	58,286,396	[1]	$ 58,004,707	$ 57,283,675	$ 56,841,234	55,895,540		$ 52,542,666
Maximum [Member]
Accounting Standards Update and Change in Accounting Principle [Abstract]
Impairment charges, related to operating lease assets	10,000
Retained Earnings [Member]
Accounting Standards Update and Change in Accounting Principle [Abstract]
Cumulative effect of new accounting principle in period of adoption	$ 62,210,781		64,476,378	[1]				$ 60,078,013		$ 57,599,569
Accounting Standards Update 2016-02 [Member]
Accounting Standards Update and Change in Accounting Principle [Abstract]
Operating lease assets			17,600,000
Operating lease liabilities			18,100,000
Accounting Standards Update 2016-02 [Member] | Retained Earnings [Member] | Pre-tax Cumulative Effect, Period of Adoption, Adjustment [Member]
Accounting Standards Update and Change in Accounting Principle [Abstract]
Cumulative effect of new accounting principle in period of adoption			$ (500,000)
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

BALANCE SHEET COMPONENTS, Inven

BALANCE SHEET COMPONENTS, Inventory, Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017		Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018
Inventory on hand [Abstract]
Finished goods held for sale	$ 20,575,216	$ 31,263,806		$ 32,042,251
Raw materials and work in process	717,053	919,202		1,155,680
Inventory in transit	2,749,558	1,119,541		1,348,153
Total inventory	24,041,827	33,302,549	[1]	34,546,084	[1]	$ 30,174,483	$ 38,411,757	$ 35,122,333	$ 34,277,634
Property and Equipment [Abstract]
Property and equipment, gross	27,470,545	28,140,345	[1]	27,332,299	[1]	27,902,207	27,983,667	27,585,125	27,436,922
Less: accumulated depreciation	(14,551,645)	(13,625,261)	[1]	(11,765,416)	[1]	(13,941,530)	(12,993,965)	(12,569,534)	(12,177,897)
Property and equipment, net	12,918,900	14,515,084	[1]	15,566,883	[1]	$ 13,960,677	$ 14,989,702	$ 15,015,591	$ 15,259,025
Depreciation expense	1,700,000	1,800,000		1,900,000
Building [Member]
Property and Equipment [Abstract]
Property and equipment, gross	9,257,066	9,257,066		9,257,066
Land [Member]
Property and Equipment [Abstract]
Property and equipment, gross	1,451,133	1,451,133		1,451,133
Leasehold Improvements [Member]
Property and Equipment [Abstract]
Property and equipment, gross	1,828,448	1,980,547		1,729,281
Equipment and Machinery [Member]
Property and Equipment [Abstract]
Property and equipment, gross	6,516,068	6,594,487		6,447,776
Furniture and Fixtures [Member]
Property and Equipment [Abstract]
Property and equipment, gross	8,080,427	8,335,926		7,907,704
Vehicles [Member]
Property and Equipment [Abstract]
Property and equipment, gross	337,403	521,186		539,339
United States [Member]
Property and Equipment [Abstract]
Property and equipment, net	12,540,891	13,849,019		15,038,459
Canada [Member]
Property and Equipment [Abstract]
Property and equipment, net	373,083	434,201		240,560
United Kingdom [Member]
Property and Equipment [Abstract]
Property and equipment, net	2,654	211,368		217,254
Spain [Member]
Property and Equipment [Abstract]
Property and equipment, net	2,272	4,308		14,639
Australia [Member]
Property and Equipment [Abstract]
Property and equipment, net	$ 0	$ 16,188		$ 55,971
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

BALANCE SHEET COMPONENTS, Short

BALANCE SHEET COMPONENTS, Short-term Liabilities (Details) - USD ($)	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018		Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Accrued Expenses and Other Liabilities [Abstract]
Accrued bonuses, PTO and payroll	$ 1,104,757		$ 2,762,170					$ 2,904,294
Deferred revenue	0		647,277					905,657
Unearned gift card revenue	319,124		195,901					271,109
Estimated returns	284,734		416,091					348,732
Sales and payroll taxes payable	458,882		572,497					584,726
Exit obligations	0		150,529					0
Accrued severance	37,782		367,387					0
Accrued vendor payables	451,439		289,656					30,497
TOTAL	$ 2,656,718	$ 4,107,279	$ 5,401,508	[1]	$ 3,409,797	$ 3,136,191	$ 3,546,711	$ 5,045,015	[1]
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

LEASES, Lease Assets, Liabiliti

LEASES, Lease Assets, Liabilities and Lease Cost (Details) - USD ($)		12 Months Ended
		Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	[1]	Dec. 31, 2017	[1]
Assets [Abstract]
Operating lease assets		$ 13,897,422	$ 16,769,384	$ 0		$ 0
Liabilities [Abstract]
Operating lease liabilities, current		3,822,748	4,048,161	0		0
Operating lease liabilities, noncurrent		10,654,631	$ 13,234,659	$ 0		$ 0
Operating lease liabilities		14,477,379
Lease Cost [Abstract]
Total lease cost		5,046,593
Maximum [Member]
Asset Impairment Charges [Abstract]
Impairment charges, related to operating lease assets		10,000
Operating Expenses [Member]
Lease Cost [Abstract]
Operating lease cost		4,151,220
Variable lease cost	[2]	$ 895,373
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.
[2]	Variable lease cost includes payments for certain real estate taxes, insurance, common area maintenance, and other charges related to lease agreements, which are not included in the measurement of the operating lease liabilities.

LEASES, Maturity of Lease Liabi

LEASES, Maturity of Lease Liabilities (Details)	Dec. 31, 2019USD ($)
Maturity of Lease Liabilities [Abstract]
2020	$ 3,891,153
2021	3,282,122
2022	2,411,124
2023	1,722,991
2024	1,309,459
Thereafter	3,697,717
Total lease payments	16,314,566	[1]
Less: Interest	(1,837,187)
Present value of lease liabilities	14,477,379
Minimum lease payments excluded, not yet commenced	$ 300,000
Weighted average remaining lease term, operating leases	6 years
Weighted average discount rate, operating leases	4.10%
[1]	Operating lease payments exclude $0.3 million of legally binding minimum lease payments for leases signed, but not yet commenced as of December 31, 2019.

LEASES, Operating Leases Other

LEASES, Operating Leases Other Information (Details)	12 Months Ended
	Dec. 31, 2019USD ($)
Cash Paid for Amounts Included in the Measurement of Lease Liabilities [Abstract]
Operating cash flows used in operating leases	$ 4,078,695
Operating lease assets obtained in exchange for lease obligations	$ 18,076,962

LEASES, Prior Disclosures Under

LEASES, Prior Disclosures Under ASC 840 (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
LEASES [Abstract]
Rent expenses, operating lease	$ 5,000,000	$ 4,600,000
Operating Leases, Future Minimum Payments Due [Abstract]
2019	4,417,806
2020	3,750,324
2021	3,042,779
2022	2,102,463
2023	1,289,874
Thereafter	2,139,218
Total minimum lease payments	$ 16,742,464

NOTES PAYABLE AND LONG-TERM D_3

NOTES PAYABLE AND LONG-TERM DEBT (Details)	Aug. 20, 2018	Sep. 18, 2015USD ($)shares	Jun. 30, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Aug. 20, 2018	Sep. 30, 2018USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares		Dec. 31, 2017USD ($)		Jun. 30, 2019shares	Sep. 01, 2016shares	Aug. 31, 2015shares
Debt Instruments [Abstract]
Proceeds from long-term debt					$ 540,940	$ 982,938		$ 982,939	$ 0	$ 1,596,288	[1]	$ 0	[1]
Number of shares authorized to be repurchased (in shares) | shares														1,000,000	2,200,000	1,200,000
Number of stock purchased under stock repurchase program (in shares) | shares									131,782	243,387
Long-term Debt [Abstract]
Less current maturities					1,153,931	1,740,556		174,056	$ 0	$ 519,516	[1]	614,311	[1]
Long-term debt, excluding current maturities					$ 6,758,739	$ 6,614,112		$ 8,180,613	$ 0	$ 8,448,502	[1]	$ 6,757,419	[1]
Promissory Notes with BOKF [Member] | LIBOR [Member]
Debt Instruments [Abstract]
Debt instrument basis spread on variable rate							1.85%		1.50%	4.00%		3.351%
BOKF Promissory Note and Business Loan Agreement, Working Capital [Member]
Debt Instruments [Abstract]
Line of credit facility maximum borrowing capacity									$ 6,000,000
Maturity date									Sep. 18, 2024	Sep. 18, 2020
Debt instrument interest rate increase (decrease)	(0.35%)
Proceeds from long-term debt									$ 0	$ 0		$ 0
BOKF Promissory Note and Business Loan Agreement, Working Capital [Member] | Minimum [Member]
Debt Instruments [Abstract]
Debt covenants, fixed charge coverage ratio		1.2
BOKF Promissory Note and Business Loan Agreement, Working Capital [Member] | Maximum [Member]
Debt Instruments [Abstract]
Debt covenants, debt to EBITDA ratio		1.5
BOKF Promissory Note and Business Loan Agreement, Stock Repurchase [Member]
Debt Instruments [Abstract]
Line of credit facility maximum borrowing capacity		$ 10,000,000							$ 15,000,000
Maturity date									Sep. 18, 2024	Sep. 18, 2023
Debt instrument interest rate increase (decrease)	(0.35%)
Proceeds from long-term debt										$ 1,600,000		0
Line of credit facility term of principal balance rolled									4 years
Number of stock purchased under stock repurchase program (in shares) | shares										243,387
Line of credit facility fair value of amount outstanding										$ 9,000,000
Repayments of lines of credit				$ 9,000,000
Pre-payment penalty				$ 0
BOKF Promissory Note and Business Loan Agreement, Stock Repurchase [Member] | Maximum [Member]
Debt Instruments [Abstract]
Number of shares authorized to be repurchased (in shares) | shares		2,200,000
Institute of Official Credit Guarantee for Small and Medium-sized Enterprises [Member] | Forecast [Member]
Debt Instruments [Abstract]
Proceeds from long-term debt			$ 400,000
Term of agreement			5 years
Fixed interest rate			1.50%
Period required to make monthly interest payments			2 years
Line of Credit [Member]
Long-term Debt [Abstract]
Line of credit note									$ 0	8,968,018		7,371,730
Less current maturities									0	519,516		614,311
Long-term debt, excluding current maturities									0	8,448,502		6,757,419
Line of Credit [Member] | BOKF Promissory Note and Business Loan Agreement, Working Capital [Member]
Long-term Debt [Abstract]
Line of credit note									0	0		0
Line of Credit [Member] | BOKF Promissory Note and Business Loan Agreement, Stock Repurchase [Member]
Long-term Debt [Abstract]
Line of credit note									$ 0	$ 8,968,018		$ 7,371,730
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

EMPLOYEE BENEFIT AND SAVINGS _2

EMPLOYEE BENEFIT AND SAVINGS PLANS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Pension and Other Postretirement Benefits Cost [Abstract]
Defined contribution plan, employer match expense	$ 300,000	$ 400,000	$ 300,000
Employer discretionary contribution amount	$ 0	$ 0	$ 0
100% Contribution [Member]
Pension and Other Postretirement Benefits Cost [Abstract]
Employer matching contribution, percentage of match	100.00%	100.00%	100.00%
Employer matching contribution, percentage of eligible earnings contributed by employees	3.00%	3.00%	3.00%
50% Contribution [Member]
Pension and Other Postretirement Benefits Cost [Abstract]
Employer matching contribution, percentage of match	50.00%	50.00%	50.00%
Employer matching contribution, percentage of eligible earnings contributed by employees	2.00%	2.00%	2.00%

INCOME TAXES, Provision for Inc

INCOME TAXES, Provision for Income Taxes (Details) - USD ($)	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Current provision [Abstract]
Federal							$ (582,502)	$ 879,822		$ 2,999,960
State							7,341	223,156		343,954
Foreign							(10,477)	356,199		544,495
Interest expense related to UTB							25,640	80,868		45,942
Total current provision							(559,998)	1,540,045		3,934,351
Deferred provision (benefit) [Abstract]
Federal							(94,001)	194,735		(59,918)
State							(23,559)	36,629		(52,637)
Foreign							(12,905)	42,045		38,036
Total deferred provision (benefit)							(130,465)	273,409		(74,519)
Total tax provision (benefit)	$ 551,205	$ 251,329	$ 478,023	$ 626,217	$ 1,104,240	$ 1,355,569	$ (690,463)	$ 1,813,454	[1]	$ 3,859,832	[1]
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

INCOME TAXES, Income Tax Expens

INCOME TAXES, Income Tax Expense from Enacted Tax Act (Details) - USD ($)		3 Months Ended	12 Months Ended
		Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 22, 2017
INCOME TAXES [Abstract]
Income tax rate			21.00%	21.00%	34.00%	35.00%
Income tax expense from enacted tax act					$ 1,300,000
Transition tax on deemed repatriation of certain foreign earnings	[1]	$ 603,976
Foreign withholding taxes	[1]	290,128
Remeasuring deferred tax position	[2]	402,135
Total tax expense (benefit)		$ 1,296,239
[1]	classified as part of the Federal current provision in 2017
[2]	classified as part of the Federal deferred provision in 2017

INCOME TAXES, Income (Loss) Bef

INCOME TAXES, Income (Loss) Before Income Taxes (Details) - USD ($)	3 Months Ended				6 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017
Income (loss) before income taxes [Abstract]
TOTAL	$ 2,071,016	$ 860,030	$ 1,635,766	$ 2,142,873	$ 3,778,639	$ 4,638,669	$ (2,594,244)	$ 6,211,819	[1]	$ 6,338,276	[1]
United States [Member]
Income (loss) before income taxes [Abstract]
Income (loss) before income taxes							(1,960,121)	5,352,088		5,811,797
Spain [Member]
Income (loss) before income taxes [Abstract]
Income (loss) before income taxes							20,595	66,799		(40,505)
Canada [Member]
Income (loss) before income taxes [Abstract]
Income (loss) before income taxes							(130,878)	1,166,176		937,655
Australia [Member]
Income (loss) before income taxes [Abstract]
Income (loss) before income taxes							(169,718)	7,124		(115,809)
United Kingdom [Member]
Income (loss) before income taxes [Abstract]
Income (loss) before income taxes							$ (354,122)	$ (380,368)		$ (254,862)
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

INCOME TAXES, Income Tax Effect

INCOME TAXES, Income Tax Effects of Temporary Differences Impacting Deferred Income Tax Assets and Liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred income tax assets [Abstract]
Inventory	$ 468,438	$ 578,029	$ 542,820
Stock-based compensation	51,430	46,165	29,332
Accounts receivable	3,977	0	3,239
Sales returns	119,404	61,251	52,205
Deferred revenue	0	48,878	67,642
Accrued expenses	0	222,538	227,489
FX gain/loss in OCI	359,078	480,112	240,045
Goodwill and other intangible assets amortization	32,670	0	0
Net operating loss	459,196	344,578	337,904
Change in tax method	0	375,595	631,015
Accrued bonuses	0	250,355	363,710
Leases	144,699	0	0
Other	25	0	0
Total deferred income tax assets	1,638,917	2,407,501	2,495,401
Less: valuation allowance	(381,872)	(260,313)	(208,350)
Total deferred income tax assets, net of valuation allowance	1,257,045	2,147,188	2,287,051
Deferred income tax liabilities [Abstract]
Property and equipment depreciation	739,633	897,494	1,004,163
Goodwill and other intangible assets amortization	0	157,401	151,983
Accrued expenses	90,079	0	0
Total deferred income tax liabilities	829,712	1,054,895	1,156,146
Net deferred tax asset (liability)	427,333	1,092,293	1,130,905
Increase in valuation allowance for deferred income tax assets	$ 100,000	$ 100,000	$ 100,000

INCOME TAXES, Reconciliation of

INCOME TAXES, Reconciliation of Effective Tax Rate from Statutory Rate (Details)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 22, 2017
INCOME TAXES [Abstract]
Statutory rate - Federal U.S. income tax	21.00%	21.00%	34.00%	35.00%
State and local taxes	0.00%	4.00%	5.00%
Impact of Tax Act	0.00%	0.00%	20.00%
Non-U.S. income tax at different rates	0.00%	3.00%	(3.00%)
Permanent book/tax differences	(6.00%)	0.00%	1.00%
Difference in tax rates in loss carryback periods	3.00%	0.00%	0.00%
Change in valuation allowance	(5.00%)	1.00%	1.00%
Rate differential on UTB reversals	13.00%	0.00%	0.00%
Other, net	1.00%	0.00%	3.00%
Effective rate	27.00%	29.00%	61.00%

INCOME TAXES, Reconciliation _2

INCOME TAXES, Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
UTB at beginning of the year	$ 1,415,714	$ 1,197,077	$ 937,705
Gross decrease to tax positions in prior periods	(1,145,227)	(102,236)	0
Gross increase to tax positions in current period	0	351,304	213,430
Interest expense	25,640	80,868	45,942
Lapses in statute	0	(111,300)	0
UTB at end of year	296,127	1,415,714	1,197,077
Unrecognized tax benefits, that affect effective tax rate	100,000	100,000	200,000
Unrecognized tax benefits, that result in adjustments to deferred taxes	$ 200,000	$ 1,300,000	$ 1,000,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Forecast [Member] - USD ($) $ in Millions	Dec. 31, 2020	Oct. 31, 2020
SEC Investigation [Abstract]
Penalty amount		$ 0.2
Accrued Expenses and Other Liabilities [Member]
SEC Investigation [Abstract]
Penalty liability accrual	$ 0.2

SIGNIFICANT BUSINESS CONCENTR_2

SIGNIFICANT BUSINESS CONCENTRATIONS AND RISK (Details)	12 Months Ended
	Dec. 31, 2019CustomerSupplier	Dec. 31, 2018Customer	Dec. 31, 2017Customer
Concentration Risk [Abstract]
Number of suppliers | Supplier	1
Sales Revenue [Member] | Customer Concentration Risk [Member]
Concentration Risk [Abstract]
Number of customers accounted more than 0.5% of revenue	0	0	0
Sales Revenue [Member] | Customer Concentration Risk [Member] | Five Major Customers [Member]
Concentration Risk [Abstract]
Number of customers accounted more than 0.5% of revenue	5	5	5
Concentration risk percentage	1.70%	1.00%	1.20%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Two Major Customers [Member]
Concentration Risk [Abstract]
Number of customers accounted more than 0.5% of revenue	2	2	2
Concentration risk percentage	35.30%	33.30%	21.40%

STOCKHOLDERS' EQUITY (Details)

STOCKHOLDERS' EQUITY (Details) - USD ($) $ in Millions	1 Months Ended			12 Months Ended
	Dec. 31, 2019	Mar. 31, 2019	Oct. 31, 2018	Dec. 31, 2019	Jun. 30, 2020	Jan. 31, 2013
Restricted Stock Plan [Abstract]
Vesting period from grant date				6 months
Restricted Stock Units [Member] | Chief Executive Officer [Member]
Restricted Stock Plan [Abstract]
Number of restricted stock units granted (in shares)			644,000
Serviced Based Restricted Stock Units [Member] | Chief Executive Officer [Member]
Restricted Stock Plan [Abstract]
Vesting period from grant date			5 years
Number of restricted stock units granted (in shares)			460,000
Performance Based Restricted Stock Units [Member] | Chief Executive Officer [Member] | Tranche One [Member]
Restricted Stock Plan [Abstract]
Number of restricted stock units granted (in shares)			92,000
Minimum amount of operating income, award vesting condition			$ 12
Performance Based Restricted Stock Units [Member] | Chief Executive Officer [Member] | Tranche Two [Member]
Restricted Stock Plan [Abstract]
Number of restricted stock units granted (in shares)			92,000
Minimum amount of operating income, award vesting condition			$ 14
2013 Restricted Stock Plan [Member] | Minimum [Member]
Restricted Stock Plan [Abstract]
Vesting period from grant date				4 years
2013 Restricted Stock Plan [Member] | Restricted Stock Units [Member]
Restricted Stock Plan [Abstract]
Shares available for future awards (in shares)	149,605			149,605
2013 Restricted Stock Plan [Member] | Restricted Stock Units [Member] | Forecast [Member]
Restricted Stock Plan [Abstract]
Number common stock shares reserved for issuance (in shares)					800,000
2013 Restricted Stock Plan [Member] | Restricted Stock Units [Member] | Maximum [Member]
Restricted Stock Plan [Abstract]
Number common stock shares reserved for issuance (in shares)						300,000
2013 Restricted Stock Plan [Member] | Serviced Based Restricted Stock Units [Member] | Non-Employee Director [Member]
Restricted Stock Plan [Abstract]
Vesting period from grant date				3 years
Number of restricted stock units granted (in shares)		28,191
2013 Restricted Stock Plan [Member] | Serviced Based Restricted Stock Units [Member] | Key Employees [Member]
Restricted Stock Plan [Abstract]
Vesting period from grant date				3 years
Number of restricted stock units granted (in shares)	17,988

STOCKHOLDERS' EQUITY, Summary o

STOCKHOLDERS' EQUITY, Summary of Activity for Non-vested Restricted Stock and RSU Awards (Details) - Restricted Stock and RSU [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shares [Roll Forward]
Balance, shares (in shares)	657,717	36,803	61,098
Granted, shares (in shares)	46,179	654,000	9,005
Forfeited, shares (in shares)	(5,319)
Vested, shares (in shares)	(93,408)	(33,086)	(33,300)
Balance, shares (in shares)	610,488	657,717	36,803
Grant Fair Value [Abstract]
Balance, grant fair value (in dollars per share)	$ 7.39	$ 7.93	$ 8.03
Granted, grant fair value (in dollars per share)	5.67	5.31	8.05
Forfeited, award fair value (in dollars per share)	5.64
Vested, grant fair value (in dollars per share)	7.39	7.94	8.14
Balance, grant fair value (in dollars per share)	$ 7.23	$ 7.39	$ 7.93

STOCKHOLDERS' EQUITY, Non-veste

STOCKHOLDERS' EQUITY, Non-vested Service-based Awards (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Serviced Based Restricted Stock Units [Member]
Share-based Compensation Expense [Abstract]
Stock-based compensation expense	$ 800,000	$ 300,000	$ 200,000
Unrecognized compensation cost period of recognition	3 years 7 months 6 days
2020	$ 777,537
2021	758,325
2022	721,284
2023	509,910
Unrecognized Expense	2,767,056
Performance Based Restricted Stock Units [Member]
Share-based Compensation Expense [Abstract]
Stock-based compensation expense	$ 0
Restricted Stock and RSU [Member]
Share-based Compensation Expense [Abstract]
Number of shares vested (in shares)	93,408	33,086	33,300

STOCKHOLDERS' EQUITY, Summary_2

STOCKHOLDERS' EQUITY, Summary of Stock Option Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018		Dec. 31, 2017		Dec. 31, 2016	Dec. 31, 2015
Stock Options [Roll Forward]
Granted (in shares)	0	0		0		0	0
Stock Options, Weighted Average Exercise Price [Roll Forward]
Proceeds from stock options exercised	$ 0	$ 0	[1]	$ 223,404	[1]
Stock Options [Member]
Stock Options [Roll Forward]
Outstanding, beginning of period (in shares)		0		56,400
Granted (in shares)	0	0		0
Forfeited or cancelled (in shares)				(12,000)
Exercised (in shares)				(44,400)
Outstanding, end of period (in shares)				0		56,400
Exercisable at end of year (in shares)				0
Stock Options, Weighted Average Exercise Price [Roll Forward]
Outstanding, beginning of period (in dollars per share)		$ 0		$ 5.14
Granted (in dollars per share)				0
Forfeited or cancelled (in dollars per share)				5.14
Exercised (in dollars per share)				5.14
Outstanding, end of period (in dollars per share)				0		$ 5.14
Exercisable at end of year (in dollars per share)				0
Weighted-average fair value of options granted during year (in dollars per share)				$ 0
Compensation cost	$ 0	$ 0		$ 0		$ 0	$ 0
Intrinsic value of stock options exercised				200,000
Proceeds from stock options exercised				$ 200,000
Stock Options [Member] | Maximum [Member]
Stock Options [Abstract]
Options expiration period	10 years
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

STOCKHOLDERS' EQUITY, Share Rep

STOCKHOLDERS' EQUITY, Share Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions

Jan. 28, 2021

Dec. 31, 2019

Dec. 31, 2018

Jan. 27, 2021

Aug. 09, 2020

Jun. 30, 2019

Mar. 31, 2019

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

[1]

Sep. 01, 2016

Aug. 31, 2015

Stockholders' Equity Note [Abstract]

Number of shares authorized to be repurchased (in shares)

1,000,000

2,200,000

1,200,000

Common stock, shares repurchased (in shares)

131,782

243,387

Common stock, shares repurchased, average price per share (in dollars per share)

$ 5.58

$ 6.79

Number of shares available for repurchase (in shares)

996,163

Common stock, par value (in dollars per share)

$ 0.0024

$ 0.0024

[1]

$ 0.0024

$ 0.0024

$ 0.0024

$ 0.0024

$ 0.0024

Forecast [Member] | Share Repurchase Program [Member]

Stockholders' Equity Note [Abstract]

Repurchase of common stock (in shares)

500,000

Common stock, par value (in dollars per share)

$ 0.0024

Purchase price per share (in dollars per share)

$ 3.35

Purchase price

$ 1.7

Percentage of outstanding common stock

5.50%

Forecast [Member] | Maximum [Member] | Share Repurchase Program [Member]

Stockholders' Equity Note [Abstract]

Repurchase of common stock shares

$ 5

[1]

As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	12 Months Ended
	Dec. 31, 2019StoreSegment	Dec. 31, 2018StoreSegment
Segment Reporting [Abstract]
Number of operating segments | Segment	1	2
Number of reportable segments | Segment	1	2
Number of stores	115
Spain [Member]
Segment Reporting [Abstract]
Number of stores	1
International [Member]
Segment Reporting [Abstract]
Number of stores closed	2
Number of stores	1	3

QUARTERLY FINANCIAL DATA (UNA_3

QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($)	3 Months Ended												6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2019		Sep. 30, 2019		Jun. 30, 2019		Mar. 31, 2019		Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2019		Dec. 31, 2018	[1]	Dec. 31, 2017	[1]
Selected quarterly financial data [Abstract]
Net sales	$ 20,469,136		$ 16,310,887		$ 17,196,815		$ 20,941,322		$ 24,637,506	$ 18,878,263	$ 19,187,222	$ 20,500,578
Gross Profit	11,495,688		8,848,648		9,370,446		12,244,670		14,122,510	11,895,883	12,233,492	12,689,060	$ 24,922,552	$ 36,818,435	$ 41,959,452		$ 50,940,945		$ 49,085,661
Net income (loss)	$ (829,473)		$ (1,718,452)		$ (875,667)		$ 1,519,811		$ 1,115,265	$ 608,701	$ 1,157,743	$ 1,516,656	$ 2,674,399	$ 3,283,100	$ (1,903,781)	[2]	$ 4,398,365		$ 2,478,444
Net income (loss) per common share [Abstract]
Basic (in dollars per share)	$ (0.09)		$ (0.19)		$ (0.10)		$ 0.17		$ 0.12	$ 0.07	$ 0.13	$ 0.16	$ 0.29	$ 0.36	$ (0.21)		$ 0.48		$ 0.27
Diluted (in dollars per share)	$ (0.09)	[3]	$ (0.19)	[3]	$ (0.10)	[3]	$ 0.17	[3]	$ 0.12	$ 0.07	$ 0.13	$ 0.16	$ 0.29	$ 0.36	$ (0.21)		$ 0.48		$ 0.27
Weighted average number of common shares outstanding [Abstract]
Basic (in shares)	9,020,187		8,932,246		8,933,648		9,009,752		9,143,746	9,154,215	9,180,076	9,264,446	9,222,028	9,199,173	8,973,246	[2]	9,185,203		9,242,092
Diluted (in shares)	9,020,187		8,932,246		8,933,648		9,011,107		9,144,020	9,160,022	9,182,527	9,264,604	9,223,086	9,201,577	8,973,246	[2]	9,205,008		9,245,537
Shares excluded from diluted EPS (in shares)	8,387		2,704		2,290
[1]	As described in Note 2 to these Consolidated Financial Statements, we have restated the Consolidated Financial Statements.
[2]	For the year ended December 31, 2019, there were 9,203 shares excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in that period.
[3]	For the three months ended June 30, 2019, September 31, 2019 and December 31, 2019, there were 2,290, 2,704 and 8,387 shares, respectively, excluded from the diluted EPS calculation because the impact of their assumed exercise would be anti-dilutive due to a net loss in those periods.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)Store	Dec. 31, 2020USD ($)	Sep. 30, 2020Store	Apr. 02, 2020Employee	Dec. 31, 2019Store
Subsequent Events Description [Abstract]
Number of stores					115
Canada [Member]
Subsequent Events Description [Abstract]
Number of stores					11
Spain [Member]
Subsequent Events Description [Abstract]
Number of stores					1
Forecast [Member]
Subsequent Events Description [Abstract]
Number of employees granted temporary leave | Employee				406
Percentage on total workforce reduced				0.66%
Number of stores permanently closed	8
Number of stores	106
Number of stores reopened			106
Operating lease asset impairment expense | $		$ 1,100
Forecast [Member] | Canada [Member]
Subsequent Events Description [Abstract]
Number of stores	10
Forecast [Member] | Spain [Member]
Subsequent Events Description [Abstract]
Number of stores	1
Forecast [Member] | CECRA [Member]
Subsequent Events Description [Abstract]
Percentage reduction of store rent	75.00%
Rent abatements receivable | $	$ 50