Tandy Leather Factory (TLF) 10-Q 2 Sep 21 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Aug. 30, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	TANDY LEATHER FACTORY INC
Entity Central Index Key	0000909724
Entity Address, State or Province	TX
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
Entity Common Stock, Shares Outstanding		8,663,921

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 10,156	$ 15,905
Short-term investments	0	9,152
Accounts receivable-trade, net of allowance for doubtful accounts of $16 at September 30, 2020 and December 31, 2019, respectively	394	409
Inventory	34,814	24,042
Income tax receivable	2,718	1,629
Prepaid expenses	768	1,082
Other current assets	107	297
Total current assets	48,957	52,516
Property and equipment, at cost	27,524	27,471
Less accumulated depreciation	(14,787)	(14,552)
Property and equipment, net	12,737	12,919
Operating lease assets	12,490	13,897
Deferred income taxes	603	427
Other intangibles, net of accumulated amortization of $548 and $547 at September 30, 2020 and December 31, 2019, respectively	6	7
Other assets	353	345
TOTAL ASSETS	75,146	80,111
CURRENT LIABILITIES:
Accounts payable-trade	4,881	5,753
Accrued expenses and other liabilities	3,015	2,656
Operating lease liabilities	3,652	3,823
Total current liabilities	11,548	12,232
Uncertain tax positions	296	296
Other non-current liabilities	510	509
Operating lease liabilities, non-current	9,894	10,655
Long-term debt, net of current maturities	428	0
COMMITMENTS AND CONTINGENCIES (Note 6)
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
Common stock, $0.0024 par value; 25,000,000 shares authorized; 10,467,367 and 10,446,563 shares issued at September 30, 2020 and December 31, 2019, respectively	25	25
Paid-in capital	5,666	5,037
Retained earnings	57,716	62,211
Treasury stock at cost (1,424,376 shares at September 30, 2020 and December 31, 2019, respectively)	(9,773)	(9,773)
Accumulated other comprehensive loss (net of tax of $395 and $359 at September 30, 2020 and December 31, 2019, respectively)	(1,164)	(1,081)
Total stockholders' equity	52,470	56,419
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 75,146	$ 80,111

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
CURRENT ASSETS:
Allowance for doubtful accounts	$ 16	$ 16
Accumulated amortization	$ 548	$ 547
STOCKHOLDERS' EQUITY:
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0024	$ 0.0024
Common stock, shares authorized (in shares)	25,000,000	25,000,000
Common stock, shares issued (in shares)	10,467,367	10,446,563
Treasury stock, shares (in shares)	1,424,376	1,424,376
Accumulated other comprehensive loss, tax	$ 395	$ 359

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Consolidated Statements of Operations and Comprehensive Loss [Abstract]
Net sales		$ 15,990	$ 16,311	$ 42,281	$ 54,449
Cost of sales		6,701	7,462	17,883	23,985
Gross profit		9,289	8,849	24,398	30,464
Operating expenses		10,528	11,254	29,204	31,903
Impairment expense		0	0	1,078	0
Loss from operations		(1,239)	(2,405)	(5,884)	(1,439)
Other (income) expense:
Interest expense		2	0	2	32
Other, net		29	(62)	(75)	(7)
Total other (income) expense		31	(62)	(73)	25
Loss before income taxes		(1,270)	(2,343)	(5,811)	(1,464)
Benefit for income taxes		(288)	(624)	(1,316)	(390)
Net loss	[1]	(982)	(1,719)	(4,495)	(1,074)
Foreign currency translation adjustments, net of tax		133	(196)	(83)	205
Comprehensive loss		$ (849)	$ (1,915)	$ (4,578)	$ (869)
Net loss per common share:
Basic (in dollars per share)		$ (0.11)	$ (0.19)	$ (0.50)	$ (0.12)
Diluted (in dollars per share)		$ (0.11)	$ (0.19)	$ (0.50)	$ (0.12)
Weighted average number of shares outstanding:
Basic (in shares)	[1]	9,042,991	8,932,246	9,038,415	8,957,578
Diluted (in shares)	[1]	9,042,991	8,932,246	9,038,415	8,957,578
[1]	For the three and nine months ended September 30, 2020, there were 1,875 and 7,422 shares, respectively, excluded from the diluted EPS calculation and for the three and nine months ended September 30, 2019, there were 2,704 and 5,200 shares, respectively excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in those respective periods.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended						9 Months Ended				12 Months Ended
	Sep. 30, 2020		Mar. 31, 2020	Sep. 30, 2019		Mar. 31, 2019	Sep. 30, 2020		Sep. 30, 2019		Dec. 31, 2019
Cash flows from operating activities:
Net loss	$ (982)	[1]	$ (1,738)	$ (1,719)	[1]	$ 1,520	$ (4,495)	[1]	$ (1,074)	[1]
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization							781		1,387
Operating lease asset amortization							2,425		2,604
Impairment of long-lived assets	0			0			1,078		0
(Gain) loss on disposal of assets							143		(35)
Stock-based compensation							629		570
Deferred income taxes							(176)		(507)
Exchange (gain) loss							(1)		134
Changes in operating assets and liabilities:
Accounts receivable-trade							15		(123)
Inventory							(10,757)		9,573
Prepaid expenses							423		453
Other current assets							59		(105)
Accounts payable-trade							1,481		488
Accrued expenses and other liabilities							244		(1,759)
Income taxes, net							(1,082)		(998)
Other assets							(2,488)		(149)
Operating lease liabilities							(2,548)		(2,538)
Total adjustments							(9,774)		8,995
Net cash provided by (used in) operating activities							(14,269)		7,921
Cash flows from investing activities:
Purchase of property and equipment							(1,164)		(163)
Purchase of short-term investments							(1,697)		(16,393)
Proceeds from sales of assets							1		84
Proceeds from sales of short-term investments							10,910		7,395
Net cash provided by (used in) investing activities							8,050		(9,077)
Cash flows from financing activities:
Proceeds from long-term debt							410		0
Payments on long-term debt							0		(8,968)
Repurchase of treasury stock							0		(735)
Net cash provided by (used in) financing activities							410		(9,703)
Effect of exchange rate changes on cash and cash equivalents							60		135
Net decrease in cash and cash equivalents							(5,749)		(10,724)
Cash and cash equivalents, beginning of period			$ 15,905			$ 24,070	15,905		24,070		$ 24,070
Cash and cash equivalents, end of period	$ 10,156			$ 13,346			$ 10,156		$ 13,346		$ 15,905
[1]	For the three and nine months ended September 30, 2020, there were 1,875 and 7,422 shares, respectively, excluded from the diluted EPS calculation and for the three and nine months ended September 30, 2019, there were 2,704 and 5,200 shares, respectively excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in those respective periods.

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands		Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total		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, 2018		$ 25	$ 4,267	$ (9,038)	$ 64,476	$ (1,444)	$ 58,286
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018									$ 0	$ (362)	$ 0	$ (362)
Balance (in shares) at Dec. 31, 2018							9,060,561
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		0	186	0	0	0	$ 186
Issuance of restricted stock		$ 0	0	0	0	0	0
Issuance of restricted stock (in shares)		1,408
Purchase of treasury stock		$ 0	0	$ (715)	0	0	(715)
Purchase of treasury stock (in shares)				(127,945)
Net income (loss)		0	0	$ 0	1,520	0	1,520
Foreign currency translation adjustments, net of tax		0	0	0	0	314	314
Balance at Mar. 31, 2019		25	4,453	(9,753)	65,634	(1,130)	$ 59,229
Balance (in shares) at Mar. 31, 2019							8,934,024
Balance at Dec. 31, 2018		25	4,267	(9,038)	64,476	(1,444)	$ 58,286
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018									$ 0	$ (362)	$ 0	$ (362)
Balance (in shares) at Dec. 31, 2018							9,060,561
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	[1]						$ (1,074)
Foreign currency translation adjustments, net of tax							205
Balance at Sep. 30, 2019		25	4,837	(9,773)	63,040	(1,239)	$ 56,890
Balance (in shares) at Sep. 30, 2019							8,930,187
Balance at Mar. 31, 2019		25	4,453	(9,753)	65,634	(1,130)	$ 59,229
Balance (in shares) at Mar. 31, 2019							8,934,024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		0	192	0	0	0	$ 192
Purchase of treasury stock		0	0	$ (9)	0	0	(9)
Purchase of treasury stock (in shares)				(1,800)
Net income (loss)		0	0	$ 0	(875)	0	(875)
Foreign currency translation adjustments, net of tax		0	0	0	0	87	87
Balance at Jun. 30, 2019		25	4,645	(9,762)	64,759	(1,043)	$ 58,624
Balance (in shares) at Jun. 30, 2019							8,932,224
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		0	192	0	0	0	$ 192
Purchase of treasury stock		0	0	$ (11)	0	0	(11)
Purchase of treasury stock (in shares)				(2,037)
Net income (loss)		0	0	$ 0	(1,719)	0	(1,719)	[1]
Foreign currency translation adjustments, net of tax		0	0	0	0	(196)	(196)
Balance at Sep. 30, 2019		25	4,837	(9,773)	63,040	(1,239)	$ 56,890
Balance (in shares) at Sep. 30, 2019							8,930,187
Balance at Dec. 31, 2019		25	5,037	(9,773)	62,211	(1,081)	$ 56,419
Balance (in shares) at Dec. 31, 2019							9,022,187
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		0	228	0	0	0	$ 228
Issuance of restricted stock		$ 0	0	0	0	0	0
Issuance of restricted stock (in shares)		20,804
Net income (loss)		$ 0	0	0	(1,738)	0	(1,738)
Foreign currency translation adjustments, net of tax		0	0	0	0	(346)	(346)
Balance at Mar. 31, 2020		25	5,265	(9,773)	60,473	(1,427)	$ 54,563
Balance (in shares) at Mar. 31, 2020							9,042,991
Balance at Dec. 31, 2019		25	5,037	(9,773)	62,211	(1,081)	$ 56,419
Balance (in shares) at Dec. 31, 2019							9,022,187
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	[1]						$ (4,495)
Foreign currency translation adjustments, net of tax							(83)
Balance at Sep. 30, 2020		25	5,666	(9,773)	57,716	(1,164)	$ 52,470
Balance (in shares) at Sep. 30, 2020							9,042,991
Balance at Mar. 31, 2020		25	5,265	(9,773)	60,473	(1,427)	$ 54,563
Balance (in shares) at Mar. 31, 2020							9,042,991
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		0	183	0	0	0	$ 183
Net income (loss)		0	0	0	(1,775)	0	(1,775)
Foreign currency translation adjustments, net of tax		0	0	0	0	130	130
Balance at Jun. 30, 2020		25	5,448	(9,773)	58,698	(1,297)	$ 53,101
Balance (in shares) at Jun. 30, 2020							9,042,991
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		0	218	0	0	0	$ 218
Net income (loss)		0	0	0	(982)	0	(982)	[1]
Foreign currency translation adjustments, net of tax		0	0	0	0	133	133
Balance at Sep. 30, 2020		$ 25	$ 5,666	$ (9,773)	$ 57,716	$ (1,164)	$ 52,470
Balance (in shares) at Sep. 30, 2020							9,042,991
[1]	For the three and nine months ended September 30, 2020, there were 1,875 and 7,422 shares, respectively, excluded from the diluted EPS calculation and for the three and nine months ended September 30, 2019, there were 2,704 and 5,200 shares, respectively excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in those respective periods.

BASIS OF PRESENTATION AND CERTA

BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES [Abstract]
BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES	1. BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES 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 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 also offer production services to our business customers such as cutting (“clicking”), splitting, and some assembly. We maintain our principal offices at 1900 Southeast Loop 820, Fort Worth, Texas 76140. The Company currently operates a total of 106 retail stores. There are 95 stores in the U.S., ten stores in Canada and one store in Spain. During the second quarter of 2020, we centralized U.S. e-commerce web order fulfillment from the stores to our Fort Worth distribution center. Nasdaq Stock Market LLC (“Nasdaq”) suspended trading in the Company’s shares as of August 13, 2020 due to the Company not being current with its SEC filings. Our stock has since traded on the Over-the-Counter Markets’ “Pink Sheets” under the symbol “TLFA.” Nasdaq denied our appeal of this decision, resulting in our stock being formally delisted on February 9, 2021. We intend to reapply for Nasdaq listing once the Company has made the required filings. The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for annual audited financial statements. In the opinion of management, the accompanying Consolidated Financial Statements for Tandy Leather Factory, Inc. and its consolidated subsidiaries contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly our financial position as of September 30, 2020 and December 31, 2019, our results of operations for the three and nine-month periods ended September 30, 2020 and 2019, our cash flows for the nine-month periods ended September 30, 2020 and 2019, and our statements of stockholders equity as of March 31, June 30, and September 30, 2020 and 2019. The preparation of financial statements in accordance with 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. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and accompanying notes included in our Comprehensive Form 10-K for the year ended December 31, 2019. 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 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 only 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. 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 Nine stores were permanently closed during 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. 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 have been forced to close certain stores or move certain stores to “curbside only” operations. With the rapid spread of the Delta variant of COVID-19 during the third quarter of 2021, we have experiences an increasing number of these shutdowns. We believe that the rollout of COVID-19 vaccines in 2021 has offset these closures somewhat, but it is difficult to predict whether these vaccines will be adopted by further large numbers of Americans or whether current or future vaccines will remain effective against Delta or other future variants of the virus. We expect that at least some further infections and temporary store shutdowns will continue for the foreseeable future. While we previously fulfilled our web orders out of our retail stores, during the second quarter of 2020, we built a centralized web fulfillment capability in our Fort Worth distribution center and have been and expect to continue to fulfill web orders primarily through Fort Worth going forward. Both our e-commerce business and stores have been performing above last year sales levels, but the future remains uncertain, and more store closures and/or other ongoing effects of the pandemic on the economy or employment market 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 continuing throughout the remainder of 2020. For fiscal year 2020, the Company expects to record impairment expense of $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. For the nine months ended September 30, 2020, the Company recorded impairment expense of $1.1 million, primarily related to property and equipment and operating lease assets for certain stores that underperformed to a level where the cash flows they generate will not be sufficient to cover their respective asset carry values. Significant Accounting Policies Cash and cash equivalents Foreign currency translation and transactions Revenue Recognition. 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. As of September 30, 2020 and December 31, 2019, we have established a sales return allowance of $0.2 million and $0.3 million, respectively, based on historical customer return behavior and other known factors. The sales return allowance is included in accrued expenses and other liabilities, while an estimated value of the merchandise expected to be returned of $0.1 million and $0.1 million has been included in other current assets as of September 30, 2020 and December 31, 2019, respectively. 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 September 30, 2020 and December 31, 2019, our gift card liability, included in accrued expenses and other liabilities, totaled $0.2 million and $0.3 million, respectively. We recognized gift card revenue of $0.1 million during the nine months ended September 30, 2020 from the December 31, 2019 deferred revenue balance and $0.1 million during the nine months ended September 30, 2019 from the December 31, 2018 deferred revenue balance. 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 was recorded as deferred revenue and recognized in net sales throughout the one-year period For the three and nine months ended September 30, 2020, we recognized $0.3 million, and $0.4 million, respectively, and for the three and nine months ended September 30, 2019, we recognized $0.4 million and $1.7 million, respectively, in net sales associated with gift cards and the wholesale pricing club membership fees. Disaggregated Revenue. (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 14,393 $ 14,367 $ 37,781 $ 47,746 Canada 1,216 1,445 3,500 4,573 Spain 381 284 1,000 938 All other countries - 215 - 1,192 Net sales $ 15,990 $ 16,311 $ 42,281 $ 54,449 Geographic sales information is based on the location of the customer. Excluding Canada, no single foreign country had net sales greater than 2.4% of our consolidated net sales for the three or nine-month periods ended September 30, 2020 and 2019. Discounts Operating expense Property and equipment, net of accumulated depreciation 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. (in thousands) September 30, 2020 December 31, 2019 On hand: Finished goods held for sale $ 33,316 $ 20,575 Raw materials and work in process 776 717 Inventory in transit 722 2,750 TOTAL $ 34,814 $ 24,042 Leases We elected not to record leases with an initial term of 12 months or less on the balance sheet for all our asset classes. For operating leases, 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 or options to purchase leased equipment, when it is reasonably certain we will exercise such an option. The exercise of lease renewal or purchase option 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. We recognize rent expense related to our operating leases on a straight-line basis over the lease term. For finance leases, our right-of-use assets are amortized on a straight-line basis over the earlier of the useful life of the right-of-use asset or the end of the lease term with rent expense recorded to operating expenses. We adjust the lease liability to reflect lease payments made during the period and interest incurred on the lease liability using the effective interest method. The incurred interest expense is recorded in interest expense on the consolidated statements of comprehensive income (loss). 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 lease assets for impairment when evidence exists that the carrying value of an asset group, including a lease asset, may not be recoverable. None of our lease agreements contain contingent rental payments, material residual value guarantees or material restrictive covenants. We have no sublease agreements and no lease agreements in which we are named as a lessor. We have no sublease agreements, and no lease agreements in which we are named as a lessor. Impairment of Long-Lived Assets Fair Value of Financial Instruments • 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 September 30, 2020, and December 31, 2019, the carrying values of our financial instruments, included in our Consolidated Balance Sheets, approximated or equaled their fair values. There were no transfers into or out of Levels 1, 2 and 3 during the three and nine months ended September 30, 2020 and September 30, 2019. Short-Term Investments 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 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 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. Accounts Receivable and Expected Credit Losses. Other Intangible Assets. (in thousands) September 30, 2020 Gross Accumulated Amortization Net Trademarks/copyrights $ 554 $ 548 $ 6 TOTAL $ 554 $ 548 $ 6 December 31, 2019 Gross Accumulated Amortization Net Trademarks/copyrights 554 547 7 TOTAL $ 554 $ 547 $ 7 All our intangible assets 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 $0.1 million during both the nine months ended September 30, 2020 and 2019 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 for each of the succeeding five years is estimated to be less than $0.01 million annually over the next five years. Comprehensive Income (Loss ) Recently Adopted Accounting Pronouncements Internal-Use Software In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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 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

NOTES PAYABLE AND LONG-TERM DEB

NOTES PAYABLE AND LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2020
NOTES PAYABLE AND LONG-TERM DEBT [Abstract]
NOTES PAYABLE AND LONG-TERM DEBT	2. NOTES PAYABLE AND LONG-TERM DEBT We restated our previously issued audited financial statements as of and for the years ended December 31, 2018 and 2017 as well as the quarterly and year-to-date periods within fiscal 2018 included in the Company’s previously filed Quarterly Reports on Form 10-Q, and the three months ended March 31, 2019, included in the Company’s previously filed Quarterly Report on Form 10-Q. Under the terms of the Promissory Note agreements we had in place with our 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. Details of the terms of the Promissory Note agreements with BOKF are as follows. On September 18, 2015, we executed a Promissory Note 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. Also, on September 18, 2015, we executed a Promissory Note 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 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. During the first quarter of 2019, we paid $9.0 million to pay off this line of credit with no pre-payment penalties incurred. (in thousands) September 30, 2020 December 31, 2019 Institute of Official Credit ("ICO") Guarantee for Small and Medium-sized Enterprises with Banco Santander S.A. (Spain) as described more fully above - interest due monthly at 1.50%; matures June 4, 2025 $ 428 - Less current maturities - 519,516 TOTAL $ 428 $ (519,516 )

INCOME TAX

INCOME TAX	9 Months Ended
	Sep. 30, 2020
INCOME TAX [Abstract]
INCOME TAX	3. INCOME TAX Our effective tax rate for the three and nine months ended September 30, 2020 was 22.7% and 22.6%, respectively, and 26.6% for the same periods in 2019. 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. 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 currently 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.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2020
STOCK-BASED COMPENSATION [Abstract]
STOCK-BASED COMPENSATION	4. STOCK-BASED COMPENSATION 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. In June 2020, our stockholders approved an increase to the 2013 Plan reserve to 800,000 shares of our common stock for restricted stock and restricted stock unit (“RSU”) awards, on or prior to June 2023, to our executive officers, non-employee directors and other key employees (of which, there were 619,497 shares available for future awards at September 30, 2020). 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 2020, as part of their annual director compensation, certain of our non-employee directors were granted a total of 24,010 service-based RSUs under the 2013 Plan which will vest ratably over the next 3 years provided that the participant is still on the board on the vesting date. In December 2020, certain of our key employees were granted a total of 18,255 RSUs under the 2013 Plan which vested immediately. 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 as of September 30, 2020 and 2019 is presented below: (in thousands, except per share data) Shares Grant Fair Value Balance, December 31, 2019 $ 606 $ 7.27 Granted 33 4.38 Vested (19 ) 6.61 Balance, September 30, 2020 $ 620 $ 7.27 Balance, December 31, 2018 $ 658 $ 7.39 Granted 28 5.64 Forfeited (5 ) 5.64 Vested (1 ) 7.72 Balance, September 30, 2019 $ 680 $ 7.39 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 $0.2 million and $0.6 million for the three and nine-month periods ended September 30, 2020 and $0.2 million and $0.6 million for the three and nine-month periods ended September 30, 2019, respectively. As of September 30, 2020, 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 September 30, 2020, there was unrecognized compensation cost related to non-vested, service-based restricted stock and RSU awards of $2.3 million which will be recognized in each of the following years: (in thousands) 2020 $ 208 2021 812 2022 760 2023 516 Total unrecognized expense $ 2,296 We issue shares from authorized shares upon the lapsing of vesting restrictions on restricted stock and RSUs. For the nine months ended September 30, 2020, we issued 19,031 shares resulting from the vesting of restricted stock. We do not use cash to settle equity instruments issued under stock-based compensation awards.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2020
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	5. 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. The following table sets forth the computation of basic and diluted EPS for the three and nine months ended September 30, 2020 and 2019: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 (1) 2019 (1) 2020 (1) 2019 (1) Numerator: Net loss $ (982 ) $ (1,719 ) $ (4,495 ) $ (1,073 ) Denominator: Basic weighted-average common shares ouststanding 9,033,594 8,932,246 9,031,110 8,957,578 Diluted weighted-average common shares outstanding 9,033,594 8,932,246 9,031,110 8,957,578 (1) For the three and nine months ended September 30, 2020, there were 1,875 and 7,422 shares, respectively, excluded from the diluted EPS calculation and for the three and nine months ended September 30, 2019, there were 2,704 and 5,200 shares, respectively 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.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	6. 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 Company’s Common Stock As previously disclosed, the Company was unable to timely file the Delinquent Filings due to the process of restating its financial statements as described above. As a result, on February 18, 2020, the Company received a notice from the Nasdaq Stock Market LLC (“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 shares as of August 13, 2020. Our stock has since traded on the OTC Link (previously “Pink Sheets”) operated by OTC Markets Group under the symbol “TLFA”. Nasdaq denied our appeal of this decision, resulting in our stock being formally delisted on February 9, 2021. We intend to reapply for Nasdaq listing once the Company has made the required Exchange Act filings. SEC Investigation In 2019, the Company self-reported to the SEC information concerning the internal investigation of previously disclosed accounting matters resulting in the restatement for the full year 2017 and full year 2018, including interim quarters in 2018, and the first quarter of 2019. In response, the Division of Enforcement of the SEC initiated an investigation into the Company’s historical accounting practices. In July 2021, the Company entered into a settlement agreement with the SEC to conclude this investigation. Under the terms of the settlement, in addition to other non-monetary settlement terms, (1) the Company paid a civil monetary penalty of $200,000 , and (2) the Company’s former Chief Financial Officer and Chief Executive Officer, agreed to pay a civil monetary penalty of $25,000. In accepting the Company’s settlement offer, the SEC took into account remedial actions the Company took promptly after learning of the issues detailed in the SEC’s order.

SHARE REPURCHASE PROGRAM

SHARE REPURCHASE PROGRAM	9 Months Ended
	Sep. 30, 2020
SHARE REPURCHASE PROGRAM [Abstract]
SHARE REPURCHASE PROGRAM	7. SHARE REPURCHASE PROGRAM 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. As of December 31, 2020, the full $5.0 million of our common stock remained available for repurchase under this program.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	8. SUBSEQUENT EVENTS 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. This repurchase was separately authorized by our Board of Directors and did not reduce the remaining amount authorized to be repurchased under the plan described in the previous paragraph.

BASIS OF PRESENTATION AND CER_2

BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Cash and cash equivalents	Cash and cash equivalents
Foreign currency translation and transactions	Foreign currency translation and transactions
Revenue Recognition	Revenue Recognition. 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. As of September 30, 2020 and December 31, 2019, we have established a sales return allowance of $0.2 million and $0.3 million, respectively, based on historical customer return behavior and other known factors. The sales return allowance is included in accrued expenses and other liabilities, while an estimated value of the merchandise expected to be returned of $0.1 million and $0.1 million has been included in other current assets as of September 30, 2020 and December 31, 2019, respectively. 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 September 30, 2020 and December 31, 2019, our gift card liability, included in accrued expenses and other liabilities, totaled $0.2 million and $0.3 million, respectively. We recognized gift card revenue of $0.1 million during the nine months ended September 30, 2020 from the December 31, 2019 deferred revenue balance and $0.1 million during the nine months ended September 30, 2019 from the December 31, 2018 deferred revenue balance. 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 was recorded as deferred revenue and recognized in net sales throughout the one-year period For the three and nine months ended September 30, 2020, we recognized $0.3 million, and $0.4 million, respectively, and for the three and nine months ended September 30, 2019, we recognized $0.4 million and $1.7 million, respectively, in net sales associated with gift cards and the wholesale pricing club membership fees. Disaggregated Revenue. (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 14,393 $ 14,367 $ 37,781 $ 47,746 Canada 1,216 1,445 3,500 4,573 Spain 381 284 1,000 938 All other countries - 215 - 1,192 Net sales $ 15,990 $ 16,311 $ 42,281 $ 54,449 Geographic sales information is based on the location of the customer. Excluding Canada, no single foreign country had net sales greater than 2.4% of our consolidated net sales for the three or nine-month periods ended September 30, 2020 and 2019.
Discounts	Discounts
Operating expense	Operating expense
Property and equipment, net of accumulated depreciation	Property and equipment, net of accumulated depreciation
Inventory	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. (in thousands) September 30, 2020 December 31, 2019 On hand: Finished goods held for sale $ 33,316 $ 20,575 Raw materials and work in process 776 717 Inventory in transit 722 2,750 TOTAL $ 34,814 $ 24,042
Leases	Leases We elected not to record leases with an initial term of 12 months or less on the balance sheet for all our asset classes. For operating leases, 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 or options to purchase leased equipment, when it is reasonably certain we will exercise such an option. The exercise of lease renewal or purchase option 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. We recognize rent expense related to our operating leases on a straight-line basis over the lease term. For finance leases, our right-of-use assets are amortized on a straight-line basis over the earlier of the useful life of the right-of-use asset or the end of the lease term with rent expense recorded to operating expenses. We adjust the lease liability to reflect lease payments made during the period and interest incurred on the lease liability using the effective interest method. The incurred interest expense is recorded in interest expense on the consolidated statements of comprehensive income (loss). 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 lease assets for impairment when evidence exists that the carrying value of an asset group, including a lease asset, may not be recoverable. None of our lease agreements contain contingent rental payments, material residual value guarantees or material restrictive covenants. We have no sublease agreements and no lease agreements in which we are named as a lessor. We have no sublease agreements, and no lease agreements in which we are named as a lessor.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
Fair Value of Financial Instruments	Fair Value of Financial Instruments • 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 September 30, 2020, and December 31, 2019, the carrying values of our financial instruments, included in our Consolidated Balance Sheets, approximated or equaled their fair values. There were no transfers into or out of Levels 1, 2 and 3 during the three and nine months ended September 30, 2020 and September 30, 2019.
Short-Term Investments	Short-Term Investments 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 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 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.
Accounts Receivable and Expected Credit Losses	Accounts Receivable and Expected Credit Losses.
Other Intangibles Assets	Other Intangible Assets. (in thousands) September 30, 2020 Gross Accumulated Amortization Net Trademarks/copyrights $ 554 $ 548 $ 6 TOTAL $ 554 $ 548 $ 6 December 31, 2019 Gross Accumulated Amortization Net Trademarks/copyrights 554 547 7 TOTAL $ 554 $ 547 $ 7 All our intangible assets 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 $0.1 million during both the nine months ended September 30, 2020 and 2019 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 for each of the succeeding five years is estimated to be less than $0.01 million annually over the next five years.
Comprehensive Income (Loss)	Comprehensive Income (Loss )
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Internal-Use Software In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 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 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

BASIS OF PRESENTATION AND CER_3

BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2020
BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Net Sales for Geographic Areas	(in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 United States $ 14,393 $ 14,367 $ 37,781 $ 47,746 Canada 1,216 1,445 3,500 4,573 Spain 381 284 1,000 938 All other countries - 215 - 1,192 Net sales $ 15,990 $ 16,311 $ 42,281 $ 54,449
Inventory	Inventory is then adjusted in our accounting system to reflect actual count results. (in thousands) September 30, 2020 December 31, 2019 On hand: Finished goods held for sale $ 33,316 $ 20,575 Raw materials and work in process 776 717 Inventory in transit 722 2,750 TOTAL $ 34,814 $ 24,042
Other Intangible Assets	Our intangible assets and related accumulated amortization consisted of the following: (in thousands) September 30, 2020 Gross Accumulated Amortization Net Trademarks/copyrights $ 554 $ 548 $ 6 TOTAL $ 554 $ 548 $ 6 December 31, 2019 Gross Accumulated Amortization Net Trademarks/copyrights 554 547 7 TOTAL $ 554 $ 547 $ 7

NOTES PAYABLE AND LONG-TERM D_2

NOTES PAYABLE AND LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2020
NOTES PAYABLE AND LONG-TERM DEBT [Abstract]
Debt Outstanding	(in thousands) September 30, 2020 December 31, 2019 Institute of Official Credit ("ICO") Guarantee for Small and Medium-sized Enterprises with Banco Santander S.A. (Spain) as described more fully above - interest due monthly at 1.50%; matures June 4, 2025 $ 428 - Less current maturities - 519,516 TOTAL $ 428 $ (519,516 )

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2020
STOCK-BASED COMPENSATION [Abstract]
Activity of Non-vested Restricted Common Stock Awards	A summary of the activity for non-vested restricted stock and RSU awards as of September 30, 2020 and 2019 is presented below: (in thousands, except per share data) Shares Grant Fair Value Balance, December 31, 2019 $ 606 $ 7.27 Granted 33 4.38 Vested (19 ) 6.61 Balance, September 30, 2020 $ 620 $ 7.27 Balance, December 31, 2018 $ 658 $ 7.39 Granted 28 5.64 Forfeited (5 ) 5.64 Vested (1 ) 7.72 Balance, September 30, 2019 $ 680 $ 7.39
Non-vested, Service-based Awards	As of September 30, 2020, there was unrecognized compensation cost related to non-vested, service-based restricted stock and RSU awards of $2.3 million which will be recognized in each of the following years: (in thousands) 2020 $ 208 2021 812 2022 760 2023 516 Total unrecognized expense $ 2,296

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2020
EARNINGS PER SHARE [Abstract]
Computation of Basic and Diluted EPS	The following table sets forth the computation of basic and diluted EPS for the three and nine months ended September 30, 2020 and 2019: (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2020 (1) 2019 (1) 2020 (1) 2019 (1) Numerator: Net loss $ (982 ) $ (1,719 ) $ (4,495 ) $ (1,073 ) Denominator: Basic weighted-average common shares ouststanding 9,033,594 8,932,246 9,031,110 8,957,578 Diluted weighted-average common shares outstanding 9,033,594 8,932,246 9,031,110 8,957,578 (1) For the three and nine months ended September 30, 2020, there were 1,875 and 7,422 shares, respectively, excluded from the diluted EPS calculation and for the three and nine months ended September 30, 2019, there were 2,704 and 5,200 shares, respectively 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.

BASIS OF PRESENTATION AND CER_4

BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES, Basis of Presentation (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Jun. 30, 2020USD ($)Store	Sep. 30, 2020USD ($)WebSiteStore	Sep. 30, 2019USD ($)	Apr. 02, 2020Store
Segment Information [Abstract]
Number of websites | WebSite		4
Number of stores		106
Number of employees given temporary leave				406
Percentage on total workforce reduced				0.66%
Proceeds from issuance of long-term debt | $		$ 410	$ 0
Number of years to pay interest only repayments, related to loan agreement	2 years
Number of stores permanently closed	9
Number of stores reopened		106
Operating lease asset impairment expense | $		$ 1,100
CECRA [Member]
Segment Information [Abstract]
Percentage reduction of store rent	75.00%
Rent abatements received | $	$ 50
Institute of Official Credit Guarantee for Small and Medium-sized Enterprises [Member]
Segment Information [Abstract]
Proceeds from issuance of long-term debt | $	$ 400
Term of agreement		5 years
Fixed Interest rate	1.50%	1.50%
United States [Member]
Segment Information [Abstract]
Number of stores		95
Canada [Member]
Segment Information [Abstract]
Number of stores		10
Spain [Member]
Segment Information [Abstract]
Number of stores		1

BASIS OF PRESENTATION AND CER_5

BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)Level	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)Level
Revenue Recognition [Abstract]
Sales return allowance	$ 200		$ 200		$ 300
Estimate of merchandise expected to be returned	100		$ 100		$ 100
Gift card redemption period			1 year
Deferred revenue recognized in net sales period			1 year
Contract with Customer, Liability, Revenue Recognized			$ 100	$ 100
Deferred revenue, recognized	300	$ 400	400	1,700
Disaggregated Revenue [Abstract]
Net sales	15,990	16,311	$ 42,281	54,449
Discounts [Abstract]
Number of Price Levels | Level			3		5
United States [Member]
Disaggregated Revenue [Abstract]
Net sales	14,393	14,367	$ 37,781	47,746
Canada [Member]
Disaggregated Revenue [Abstract]
Net sales	$ 1,216	$ 1,445	$ 3,500	$ 4,573
Canada [Member] | Net Sales Benchmark [Member] | Geographic Concentration Risk [Member] | Customer [Member] | Minimum [Member]
Disaggregated Revenue [Abstract]
Revenue percentage	2.40%	2.40%	2.40%	2.40%
Spain [Member]
Disaggregated Revenue [Abstract]
Net sales	$ 381	$ 284	$ 1,000	$ 938
All Other Countries [Member]
Disaggregated Revenue [Abstract]
Net sales	0	$ 215	0	$ 1,192
Accrued Expenses and Other Liabilities [Member]
Revenue Recognition [Abstract]
Contract with customer liability	$ 200		$ 200		$ 300

BASIS OF PRESENTATION AND CER_6

BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES, Property and Equipment, Net of Accumulated Depreciation (Details)	9 Months Ended
	Sep. 30, 2020
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

BASIS OF PRESENTATION AND CER_7

BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES, Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
On hand [Abstract]
Finished goods held for sale	$ 33,316	$ 20,575
Raw materials and work in process	776	717
Inventory in transit	722	2,750
TOTAL	$ 34,814	$ 24,042

BASIS OF PRESENTATION AND CER_8

BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES, Fair Value of Financial Instruments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fair Value of Financial Instruments [Abstract]
Transfers from Level 1 to Level 2	$ 0	$ 0	$ 0	$ 0
Transfers from Level 2 to Level 1	0	0	0	0
Transfers into (out of) Level 3	$ 0	$ 0	$ 0	$ 0

BASIS OF PRESENTATION AND CER_9

BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES, Short Term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Short-term Investments [Abstract]
Short-term investments	$ 0	$ 9,152
US Treasuries [Member]
Short-term Investments [Abstract]
Short-term investments		$ 9,200

BASIS OF PRESENTATION AND CE_10

BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES, Accounts Receivable and Expected Credit Losses (Details) $ in Millions	Sep. 30, 2020USD ($)
Accounts Receivable and Expected Credit Losses [Abstract]
Allowance for expected credit losses	$ 0.1

BASIS OF PRESENTATION AND CE_11

BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES, Other Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Intangible Assets [Abstract]
Intangible assets, gross	$ 554		$ 554
Accumulated amortization	548		547
Intangible assets, net	6		7
Maximum [Member]
Intangible Assets [Abstract]
Amortization expenses	100	$ 100
Amortization expense, 2020	10
Amortization expense, 2021	10
Amortization expense, 2022	10
Amortization expense, 2023	10
Amortization expense, 2024	10
Trademarks/Copyrights [Member]
Intangible Assets [Abstract]
Intangible assets, gross	554		554
Accumulated amortization	548		547
Intangible assets, net	$ 6		$ 7
Weighted average amortization period	15 years

NOTES PAYABLE AND LONG-TERM D_3

NOTES PAYABLE AND LONG-TERM DEBT (Details) shares in Millions	Aug. 20, 2018	Sep. 18, 2015USD ($)shares	Jun. 30, 2020USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Instruments [Abstract]
Proceeds from issuance of long-term debt						$ 410,000	$ 0
Long-term Debt [Abstract]
Total						428,000		$ 0
Line of Credit [Member]
Long-term Debt [Abstract]
Less current maturities						0		0
Total						$ 428,000		0
BOKF Promissory Note Agreement, Working Capital [Member]
Debt Instruments [Abstract]
Proceeds from issuance of long-term debt					$ 0			0
Line of credit facility maximum borrowing capacity		$ 6,000,000
Debt instrument interest rate increase (decrease)	(0.35%)
Line of credit maturity date						Sep. 18, 2021
BOKF Promissory Note Agreement, Working Capital [Member] | Minimum [Member]
Debt Instruments [Abstract]
Debt instrument covenants fixed charge coverage ratio		1.2
BOKF Promissory Note Agreement, Working Capital [Member] | Maximum [Member]
Debt Instruments [Abstract]
Debt instrument covenants EBITDA ratio		1.5
BOKF Promissory Note Agreement, Stock Repurchase [Member]
Debt Instruments [Abstract]
Line of credit facility maximum borrowing capacity		$ 10,000,000				$ 15,000,000
Debt instrument interest rate increase (decrease)	(0.35%)
Line of credit maturity date						Sep. 18, 2024
Line of credit facility term of principal balance rolled						4 years
Repayments of lines of credit				$ 9,000,000
Pre-payment penalties				$ 0
BOKF Promissory Note Agreement, Stock Repurchase [Member] | Maximum [Member]
Debt Instruments [Abstract]
Stock repurchase program number of shares authorized to be repurchased (in shares) | shares		2.2
Institute of Official Credit Guarantee for Small and Medium-sized Enterprises [Member]
Debt Instruments [Abstract]
Proceeds from issuance of long-term debt			$ 400,000
Line of credit maturity date						Jun. 4, 2025
Debt instrument, term						5 years
Fixed Interest rate			1.50%		1.50%	1.50%
Period required to make monthly interest payments						2 years
Institute of Official Credit Guarantee for Small and Medium-sized Enterprises [Member] | Line of Credit [Member]
Long-term Debt [Abstract]
Line of credit note						$ 428,000		$ 0

INCOME TAX (Details)

INCOME TAX (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
INCOME TAX [Abstract]
Effective tax rate	22.70%	26.60%	22.60%	26.60%

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Millions	1 Months Ended			9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020	Oct. 31, 2018	Sep. 30, 2020	Jun. 30, 2020
Restricted Stock Units [Member] | Chief Executive Officer [Member]
Restricted Stock Plan [Abstract]
Number of restricted stock units granted (in shares)			644,000
Service-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 (two/one fiscal year in a row)			$ 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 (two/one fiscal year in a row)			$ 14
2013 Restricted Stock Plan [Member]
Restricted Stock Plan [Abstract]
Shares of common stock reserved for restricted stock awards (in shares)					800,000
Shares available for future awards (in shares)				616,532
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] | Key Employees [Member] | Forecast [Member]
Restricted Stock Plan [Abstract]
Number of restricted stock units granted (in shares)	18,255
2013 Restricted Stock Plan [Member] | Service-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)		24,010

STOCK-BASED COMPENSATION, Summa

STOCK-BASED COMPENSATION, Summary of Activity for Non-vested Restricted Stock Unit Awards (Details) - Restricted Stock and RSUs [Member] - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Shares [Roll Forward]
Balance, shares (in shares)	606	658
Granted, shares (in shares)	33	28
Forfeited (in shares)		(5)
Vested (in shares)	(19)	(1)
Balance, shares (in shares)	620	680
Weighted Average Share Price [Abstract]
Balance, weighted average share price (in dollars per share)	$ 7.27	$ 7.39
Granted, weighted average share price (in dollars per share)	4.38	5.64
Forfeited (in dollars per share)		5.64
Vested, weighted average share price (in dollars per share)	6.61	7.72
Balance, weighted average share price (in dollars per share)	$ 7.27	$ 7.39

STOCK-BASED COMPENSATION, Non-v

STOCK-BASED COMPENSATION, Non-vested Service-based Restricted Stock Unit Awards (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Service-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 200,000	$ 200,000	$ 600,000	$ 600,000
2020	208,000		208,000
2021	812,000		812,000
2022	760,000		760,000
2023	516,000		516,000
Unrecognized compensation cost	$ 2,296,000		2,296,000
Performance-Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 0
Restricted Stock and RSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued from vesting of restricted stock (in shares)			20,804

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ in Thousands		3 Months Ended								9 Months Ended
		Sep. 30, 2020		Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019		Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2020		Sep. 30, 2019
Numerator [Abstract]
Net loss		$ (982)	[1]	$ (1,775)	$ (1,738)	$ (1,719)	[1]	$ (875)	$ 1,520	$ (4,495)	[1]	$ (1,074)	[1]
Denominator [Abstract]
Basic weighted-average common shares outstanding (in shares)	[1]	9,042,991				8,932,246				9,038,415		8,957,578
Diluted weighted-average common shares outstanding (in shares)	[1]	9,042,991				8,932,246				9,038,415		8,957,578
Dilutive effect of service-based restricted stock awards granted under the plan (in shares)		1,875				2,704				7,422		5,200
[1]	For the three and nine months ended September 30, 2020, there were 1,875 and 7,422 shares, respectively, excluded from the diluted EPS calculation and for the three and nine months ended September 30, 2019, there were 2,704 and 5,200 shares, respectively excluded from the diluted EPS calculation because the impact of their assumed vesting would be anti-dilutive due to a net loss in those respective periods.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - Forecast [Member]	1 Months Ended
	Jul. 31, 2021USD ($)
Legal Proceedings [Abstract]
Penalty amount paid	$ 200,000
Former Chief Financial Officer And Chief Executive Officer [Member]
Legal Proceedings [Abstract]
Penalty amount	$ 25,000

SHARE REPURCHASE PROGRAM (Detai

SHARE REPURCHASE PROGRAM (Details) - Share Repurchase Program [Member] - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Aug. 09, 2020
Repurchase Program [Line Items]
Share repurchase program expired date	Aug. 31, 2020
Repurchase of common stock, remaining amount	$ 5
Maximum [Member]
Repurchase Program [Line Items]
Repurchase of common stock		$ 5

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Millions	Jan. 28, 2021	Jan. 27, 2021	Sep. 30, 2020	Dec. 31, 2019
Subsequent Events Description [Abstract]
Common stock, par value (in dollars per share)			$ 0.0024	$ 0.0024
Forecast [Member] | Share Repurchase Program [Member]
Subsequent Events Description [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%