Delaware
|
75-2543540
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
Class
|
Shares outstanding as of May 3, 2017
|
Common Stock, par value $0.0024 per share
|
9,275,501
|
PAGE NO.
|
|
PART I. FINANCIAL INFORMATION
|
1 |
Item 1. Financial Statements
|
1 |
1 | |
2 | |
3 | |
4 | |
5 | |
9 | |
11 | |
Item 4. Controls and Procedures
|
11 |
PART II. OTHER INFORMATION
|
11 |
Item 1. Legal Proceedings
|
11 |
11 | |
Item 6. Exhibits
|
12 |
12 | |
March 31,
2017
(unaudited)
|
December 31,
2016
(audited)
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash
|
$
|
16,407,211
|
$
|
16,862,304
|
||||
Accounts receivable-trade, net of allowance for doubtful accounts
|
||||||||
of $3,548 and $2,404 in 2017 and 2016, respectively
|
524,692
|
560,984
|
||||||
Inventory
|
34,382,003
|
33,177,539
|
||||||
Prepaid income taxes
|
474,487
|
964,323
|
||||||
Prepaid expenses
|
1,710,217
|
1,608,860
|
||||||
Other current assets
|
264,617
|
140,232
|
||||||
Total current assets
|
53,763,227
|
53,314,242
|
||||||
PROPERTY AND EQUIPMENT, at cost
|
26,156,413
|
25,536,352
|
||||||
Less accumulated depreciation and amortization
|
(10,350,479
|
)
|
(9,884,559
|
)
|
||||
15,805,934
|
15,651,793
|
|||||||
DEFERRED INCOME TAXES
|
376,884
|
375,236
|
||||||
GOODWILL
|
957,347
|
956,201
|
||||||
OTHER INTANGIBLES, net of accumulated amortization of approximately
|
||||||||
$709,000 and $708,000 in 2017 and 2016, respectively
|
20,396
|
20,840
|
||||||
OTHER assets
|
344,986
|
334,408
|
||||||
TOTAL ASSETS
|
$
|
71,268,774
|
$
|
70,652,720
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Accounts payable-trade
|
$
|
2,424,445
|
$
|
1,621,884
|
||||
Accrued expenses and other liabilities
|
4,219,821
|
5,937,187
|
||||||
Current maturities of capital lease obligations
|
72,686
|
72,686
|
||||||
Current maturities of long-term debt
|
1,075,044
|
614,311
|
||||||
Total current liabilities
|
7,791,996
|
8,246,068
|
||||||
DEFERRED INCOME TAXES
|
1,854,493
|
1,956,032
|
||||||
LONG-TERM DEBT, net of current maturities
|
6,296,685
|
6,757,419
|
||||||
COMMITMENTS AND CONTINGENCIES
|
-
|
-
|
||||||
STOCKHOLDERS’ EQUITY:
|
||||||||
Preferred stock, $0.10 par value; 20,000,000 shares authorized;
|
||||||||
none issued or outstanding; attributes to be determined on issuance
|
-
|
-
|
||||||
Common stock, $0.0024 par value; 25,000,000 shares authorized;
|
||||||||
11,318,331 and 11,309,326 shares issued at 2017 and 2016, respectively;
|
||||||||
9,275,501 and 9,266,496 shares outstanding at 2017 and 2016, respectively
|
27,164
|
27,142
|
||||||
Paid-in capital
|
6,413,051
|
6,368,279
|
||||||
Retained earnings
|
60,700,758
|
59,469,493
|
||||||
Treasury stock at cost (2,042,830 shares at 2017 and 2016)
|
(10,278,584
|
)
|
(10,278,584
|
)
|
||||
Accumulated other comprehensive income
|
(1,536,789
|
)
|
(1,893,129
|
)
|
||||
Total stockholders’ equity
|
55,325,600
|
53,693,201
|
||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
|
$
|
71,268,774
|
$
|
70,652,720
|
2017
|
2016
|
|||||||
NET SALES
|
$
|
20,149,845
|
$
|
20,672,227
|
||||
COST OF SALES
|
7,863,800
|
8,019,481
|
||||||
Gross profit
|
12,286,045
|
12,652,746
|
||||||
OPERATING EXPENSES
|
10,548,554
|
10,289,956
|
||||||
INCOME FROM OPERATIONS
|
1,737,491
|
2,362,790
|
||||||
OTHER (INCOME) EXPENSE:
|
||||||||
Interest expense
|
36,344
|
23,429
|
||||||
Other, net
|
(2,651
|
)
|
39
|
|||||
Total other (income) expense
|
33,693
|
23,468
|
||||||
INCOME BEFORE INCOME TAXES
|
1,703,798
|
2,339,322
|
||||||
PROVISION FOR INCOME TAXES
|
472,533
|
818,325
|
||||||
NET INCOME
|
$
|
1,231,265
|
$
|
1,520,997
|
||||
Foreign currency translation adjustments
|
356,340
|
637,515
|
||||||
COMPREHENSIVE INCOME
|
$
|
1,587,605
|
$
|
2,158,512
|
||||
NET INCOME PER COMMON SHARE:
|
||||||||
BASIC
|
$
|
0.13
|
$
|
0.16
|
||||
DILUTED
|
$
|
0.13
|
$
|
0.16
|
||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING:
|
||||||||
BASIC
|
9,308,726
|
9,698,951
|
||||||
DILUTED
|
9,330,919
|
9,718,453
|
2017
|
2016
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net income
|
$
|
1,231,265
|
$
|
1,520,997
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
458,118
|
414,228
|
||||||
Loss / (gain) on disposal or abandonment of assets
|
335
|
(12,023
|
)
|
|||||
Non-cash stock-based compensation
|
44,794
|
43,762
|
||||||
Deferred income taxes
|
(103,187
|
)
|
31,717
|
|||||
Foreign currency translation
|
344,789
|
614,366
|
||||||
Net changes in assets and liabilities:
|
||||||||
Accounts receivable-trade
|
36,292
|
(129,374
|
)
|
|||||
Inventory
|
(1,204,464
|
)
|
(47,763
|
)
|
||||
Prepaid expenses
|
(101,357
|
)
|
(112,282
|
)
|
||||
Other current assets
|
(126,374
|
)
|
(76,076
|
)
|
||||
Accounts payable-trade
|
802,561
|
(63,065
|
)
|
|||||
Accrued expenses and other liabilities
|
(1,717,366
|
)
|
(1,471,776
|
)
|
||||
Income taxes
|
489,836
|
360,847
|
||||||
Total adjustments
|
(1,076,023
|
)
|
(447,439
|
)
|
||||
Net cash provided by operating activities
|
155,242
|
1,073,558
|
||||||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property and equipment
|
(599,757
|
)
|
(606,932
|
)
|
||||
Proceeds from sale of assets
|
-
|
22,625
|
||||||
(Decrease) in other assets
|
(10,578
|
)
|
(154
|
)
|
||||
Net cash used in investing activities
|
(610,335
|
)
|
(584,461
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds from notes payable and long term debt
|
-
|
2,870,000
|
||||||
Payments on capital lease obligations
|
-
|
(6,710
|
)
|
|||||
Repurchase of common stock (treasury stock)
|
-
|
(2,870,740
|
)
|
|||||
Net cash used in financing activities
|
-
|
(7,450
|
)
|
|||||
NET (DECREASE) INCREASE IN CASH
|
(455,093
|
)
|
481,647
|
|||||
CASH, beginning of period
|
16,862,304
|
10,962,615
|
||||||
CASH, end of period
|
$
|
16,407,211
|
$
|
11,444,262
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
||||||||
Interest paid
|
$
|
36,344
|
$
|
23,429
|
||||
Income tax paid (refunds)
|
$
|
17,303
|
$
|
457,478
|
Number of Shares
|
Par
Value
|
Paid-in Capital
|
Treasury
Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Total
|
||||||||||||||||||||||
BALANCE, December 31, 2015
|
9,753,293
|
$
|
27,062
|
$
|
6,168,489
|
$
|
(6,602,930
|
)
|
$
|
53,067,234
|
$
|
(1,687,679
|
)
|
$
|
50,972,176
|
|||||||||||||
Stock-based compensation
|
33,685
|
80
|
43,682
|
-
|
-
|
-
|
43,762
|
|||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
1,520,997
|
-
|
1,520,997
|
|||||||||||||||||||||
Purchase of treasury stock
|
(404,423
|
)
|
-
|
-
|
(2,870,740
|
)
|
-
|
-
|
(2,870,740
|
)
|
||||||||||||||||||
Translation adjustment
|
-
|
-
|
-
|
-
|
-
|
637,515
|
637,515
|
|||||||||||||||||||||
BALANCE, March 31, 2016
|
9,382,555
|
$
|
27,142
|
$
|
6,212,171
|
$
|
(9,473,670
|
)
|
$
|
54,588,231
|
$
|
(1,050,164
|
)
|
$
|
50,303,710
|
|||||||||||||
Number of Shares
|
Par
Value
|
Paid-in Capital
|
Treasury
Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income (Loss)
|
Total
|
||||||||||||||||||||||
BALANCE, December 31, 2016
|
9,266,496
|
$
|
27,142
|
$
|
6,368,279
|
$
|
(10,278,584
|
)
|
$
|
59,469,493
|
$
|
(1,893,129
|
)
|
$
|
53,693,201
|
|||||||||||||
Stock-based compensation
|
9,005
|
22
|
44,772
|
-
|
-
|
-
|
44,794
|
|||||||||||||||||||||
Net income
|
-
|
-
|
-
|
-
|
1,231,265
|
-
|
1,231,265
|
|||||||||||||||||||||
Translation adjustment
|
-
|
-
|
-
|
-
|
-
|
356,340
|
356,340
|
|||||||||||||||||||||
BALANCE, March 31, 2017
|
9,275,501
|
$
|
27,164
|
$
|
6,413,051
|
$
|
(10,278,584
|
)
|
$
|
60,700,758
|
$
|
(1,536,789
|
)
|
$
|
55,325,600
|
1.
|
BASIS OF PRESENTATION AND CERTAIN SIGNIFICANT ACCOUNTING POLICIES
|
March 31, 2017
|
December 31, 2016
|
|||||||
Inventory on hand:
|
||||||||
Finished goods held for sale
|
$
|
31,099,215
|
$
|
30,684,026
|
||||
Raw materials and work in process
|
1,079,178
|
1,034,041
|
||||||
Inventory in transit
|
2,203,610
|
1,459,472
|
||||||
$
|
34,382,003
|
$
|
33,177,539
|
March 31, 2017
|
December 31, 2016
|
|||||||||||||||||||||||
Gross
|
Accumulated
Amortization
|
Net
|
Gross
|
Accumulated
Amortization
|
Net
|
|||||||||||||||||||
Trademarks, Copyrights
|
$
|
554,369
|
$
|
545,473
|
$
|
8,896
|
$
|
554,369
|
$
|
545,279
|
$
|
9,090
|
||||||||||||
Non-Compete Agreements
|
175,316
|
163,816
|
11,500
|
175,316
|
163,566
|
11,750
|
||||||||||||||||||
$
|
729,685
|
$
|
709,289
|
$
|
20,396
|
$
|
729,685
|
$
|
708,845
|
$
|
20,840
|
2017
|
1,313
|
|||
2018
|
1,417
|
|||
2019
|
666
|
|||
2020
|
666
|
|||
2021
|
666
|
|||
Thereafter
|
$
|
5,668
|
2.
|
NOTES PAYABLE AND LONG-TERM DEBT
|
2017
|
2016
|
|||||||
Business Loan Agreement with BOKF, NA – 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 1.85%; matures September 18, 2021
|
$
|
7,371,729
|
$
|
7,371,729
|
||||
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 1.85%; matures September 18, 2018
|
-
|
-
|
||||||
$
|
7,371,729
|
$
|
7,371,729
|
|||||
Less current maturities
|
1,075,044
|
614,311
|
||||||
$
|
6,296,685
|
$
|
6,757,419
|
Weighted Average Exercise
Price
|
#
of
shares
|
Weighted Average Remaining Contractual Term (in years)
|
Aggregate Intrinsic Value
|
|||||||||||||
Outstanding, January 1, 2017
|
$
|
5.14
|
56,400
|
|||||||||||||
Granted
|
-
|
-
|
||||||||||||||
Cancelled
|
-
|
-
|
||||||||||||||
Exercised
|
-
|
-
|
||||||||||||||
Outstanding, March 31, 2017
|
$
|
5.14
|
56,400
|
4.24
|
$
|
172,584
|
||||||||||
Exercisable, March 31, 2017
|
$
|
5.14
|
56,400
|
4.24
|
$
|
172,584
|
||||||||||
Outstanding, January 1, 2016
|
$
|
5.17
|
68,400
|
|||||||||||||
Granted
|
-
|
-
|
||||||||||||||
Cancelled
|
-
|
-
|
||||||||||||||
Exercised
|
-
|
-
|
||||||||||||||
Outstanding, March 31, 2016
|
$
|
5.17
|
68,400
|
5.24
|
$
|
83,933
|
||||||||||
Exercisable, March 31, 2016
|
$
|
5.17
|
68,400
|
5.24
|
$
|
83,933
|
Shares
|
Award
Fair Value
|
|||||||
Balance, January 1, 2017
|
62,046
|
$
|
8.24
|
|||||
Granted
|
9,005
|
$
|
8.05
|
|||||
Forfeited
|
-
|
-
|
||||||
Vested
|
(21,013
|
)
|
8.49
|
|||||
Unvested Balance, March 31, 2017
|
50,038
|
$
|
8.22
|
|||||
Balance, January 1, 2016
|
60,433
|
$
|
8.97
|
|||||
Granted
|
33,685
|
$
|
7.14
|
|||||
Forfeited
|
(8,187
|
)
|
8.97
|
|||||
Vested
|
(20,784
|
)
|
8.97
|
|||||
Unvested Balance, March 31, 2016
|
65,147
|
$
|
8.03
|
2017
|
$
|
143,444
|
||
2018
|
141,816
|
|||
2019
|
85,313
|
|||
2020
|
28,144
|
|||
2021
|
3,020
|
2017
|
2016
|
|||||||
Net income
|
$
|
1,231,265
|
$
|
1,520,997
|
||||
Numerator for basic and diluted earnings per share
|
$
|
1,231,265
|
$
|
1,520,997
|
||||
Denominator for basic earnings per share – weighted-average shares
|
9,308,726
|
9,698,951
|
||||||
Effect of dilutive securities:
|
||||||||
Stock options
|
19,729
|
19,461
|
||||||
Restricted stock
|
2,464
|
41
|
||||||
Dilutive potential common shares
|
22,193
|
19,502
|
||||||
Denominator for diluted earnings per share – weighted-average shares
|
9,330,919
|
9,718,453
|
||||||
Basic earnings per share
|
$
|
0.13
|
$
|
0.16
|
||||
Diluted earnings per share
|
$
|
0.13
|
$
|
0.16
|
Prior Reporting Structure
|
New Reporting Structure
|
1. Wholesale – chain of wholesale stores operating under the name, The Leather Factory, located in North America
|
1. North America – chain of stores located in North America (combined prior Wholesale and Retail)
|
2. Retail – chain of retail stores operating under the name, Tandy Leather Company, located in North America
|
2. International – no change
|
3. International – four stores, 2 located in UK, 1 in Spain and 1 in Australia
|
North America
|
International
|
Total
|
||||||||||
For the quarter ended March 31, 2017
|
||||||||||||
Net sales
|
$
|
19,231,714
|
$
|
918,131
|
$
|
20,149,845
|
||||||
Gross profit
|
11,752,957
|
533,088
|
12,286,045
|
|||||||||
Operating income (loss)
|
1,811,563
|
(74,072
|
)
|
1,737,491
|
||||||||
Interest expense
|
36,344
|
-
|
36,344
|
|||||||||
Other (income) expense, net
|
(17,654
|
)
|
15,003
|
(2,651
|
)
|
|||||||
Income (loss) before income taxes
|
1,792,873
|
(89,075
|
)
|
1,703,798
|
||||||||
Depreciation and amortization
|
436,281
|
21,837
|
458,118
|
|||||||||
Fixed asset additions
|
597,826
|
1,931
|
599,757
|
|||||||||
Total assets
|
$
|
67,016,728
|
$
|
4,252,046
|
$
|
71,268,774
|
||||||
For the quarter ended March 31, 2016
|
||||||||||||
Net sales
|
$
|
19,739,491
|
$
|
932,736
|
$
|
20,672,227
|
||||||
Gross profit
|
12,084,809
|
567,937
|
12,652,746
|
|||||||||
Operating income
|
2,341,209
|
21,581
|
2,362,790
|
|||||||||
Interest expense
|
23,429
|
-
|
23,429
|
|||||||||
Other (income) expense, net
|
(5,746
|
)
|
5,785
|
39
|
||||||||
Income before income taxes
|
2,323,526
|
15,796
|
2,339,322
|
|||||||||
Depreciation and amortization
|
393,592
|
20,636
|
414,228
|
|||||||||
Fixed asset additions
|
602,864
|
4,068
|
606,932
|
|||||||||
Total assets
|
$
|
60,145,915
|
$
|
5,113,930
|
$
|
65,259,845
|
2017
|
2016
|
|||||||
United States
|
$
|
17,282,664
|
$
|
17,727,629
|
||||
Canada
|
1,773,510
|
1,741,756
|
||||||
All other countries
|
1,093,671
|
1,202,842
|
||||||
$
|
20,149,845
|
$
|
20,672,227
|
Ø
|
General economic conditions in the United States and abroad;
|
Ø
|
Increased pressure on margins;
|
Ø
|
Increases in the cost of the products we sell or a reduction in availability of those products;
|
Ø
|
Challenges in implementing our planned expansion;
|
Ø
|
Failure to hire and train qualified personnel to operate new and existing stores;
|
Ø
|
Failure to protect our trademarks and other proprietary intellectual property rights;
|
Ø
|
Negative impact of foreign currency fluctuations on our financial condition and results of operations;
|
Ø
|
Information technology system failures or network disruptions;
|
Ø
|
Significant data security or privacy breach of our information systems;
|
Ø
|
Loss or prolonged disruption in the operation of our centralized distribution center; and
|
Ø
|
Damage to our brand image.
|
Quarter Ended March 31, 2017
|
Quarter Ended March 31, 2016
|
|||||||||||||||
Sales
|
Income from Operations
|
Sales
|
Income from Operations
|
|||||||||||||
North America
|
$
|
19,231,714
|
$
|
1,811,563
|
$
|
19,739,491
|
$
|
2,341,209
|
||||||||
International
|
918,131
|
(74,072
|
)
|
932,736
|
21,581
|
|||||||||||
Total
|
$
|
20,149,845
|
$
|
1,737,491
|
$
|
20,672,227
|
$
|
2,362,790
|
2017
|
2016
|
% change
|
||||||||||
Net income
|
$
|
1,231,265
|
$
|
1,520,997
|
(19.0
|
%)
|
# Stores
|
Qtr Ended
03/31/17
|
#
Stores
|
Qtr Ended
03/31/16
|
$
Change
|
% Change
|
|||||||||||||||||||
Same store sales
|
108
|
$
|
18,737,881
|
108
|
$
|
19,175,528
|
$
|
(437,647
|
)
|
(2.3
|
%)
|
|||||||||||||
New store sales
|
4
|
407,665
|
1
|
79,654
|
328,001
|
411.8
|
%
|
|||||||||||||||||
Closed store sales
|
3
|
86,178
|
3
|
484,309
|
(398,131
|
)
|
(82.2
|
%)
|
||||||||||||||||
Total sales
|
112
|
$
|
19,231,714
|
110
|
$
|
19,739,491
|
$
|
(507,777
|
)
|
(2.6
|
)%
|
Customer Group
|
2017
|
2016
|
|
RETAIL (end users, consumers, individuals)
|
57%
|
56%
|
|
INSTITUTION (prisons, prisoners, hospitals, schools, youth organizations, etc.)
|
3%
|
2%
|
|
WHOLESALE (resellers & distributors, saddle & tack shops, authorized dealers, etc.)
|
37%
|
38%
|
|
MANUFACTURERS
|
3%
|
4%
|
|
100%
|
100%
|
ISSUER PURCHASES OF EQUITY SECURITIES
|
||||
Period
|
(a) Total Number of Shares Purchased
|
(b) Average Price Paid per Share
|
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
|
January 1 – January 31
|
-
|
-
|
-
|
1,150,793
|
February 1 – February 28
|
-
|
-
|
-
|
1,150,793
|
March 1 – March 31
|
-
|
-
|
-
|
1,150,793
|
Total
|
-
|
-
|
-
|
1,150,793
|
(1)
|
Represents shares which may be purchased through our stock repurchase program, announced on August 10, 2015, permitting us to repurchase up to 1.2 million shares of our common stock at prevailing market prices. On June 7, 2016, this program was amended to increase the number of shares from 1.2 million to 2.2 million and to extend the termination date from August 9, 2016 to August 9, 2017. Purchases under the program commenced on August 24, 2015 and will terminate on August 9, 2017.
|
Exhibit
Number
|
Description
|
|
3.1
|
Certificate of Incorporation of The Leather Factory, Inc., and Certificate of Amendment to Certificate of Incorporation of The Leather Factory, Inc. filed as Exhibit 3.1 to Tandy Leather Factory, Inc.’s Form 10-Q filed with the Securities and Exchange Commission on August 12, 2005 and incorporated by reference herein.
|
|
3.2
|
Bylaws of The Leather Factory, Inc. (n/k/a Tandy Leather Factory, Inc.), filed as Exhibit 3.5 to the Current Report on Form 8-K (Commission File No. 001-12368) filed by Tandy Leather Factory, Inc (f/k/a The Leather Factory, Inc.) with the Securities and Exchange Commission on July 14, 2004 and incorporated by reference herein.
|
|
3.3
|
Certificate of Designations of Series A Junior Participating Preferred Stock of Tandy Leather Factory, Inc. filed as Exhibit 3.1 to Tandy Leather Factory’s Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 10, 2013 and incorporated by reference herein.
|
|
4.1
|
Rights Agreement dated as of June 6, 2013 between Tandy Leather Factory, Inc. and Broadridge Corporate Issuer Solutions, Inc., as Rights Agent (including the Certificate of Designations of Series A Junior Preferred Stock attached thereto as Exhibit A, the form of Right Certificate attached thereto as Exhibit B and the Summary of Rights attached thereto as Exhibit C), filed as Exhibit 4.1 to Tandy Leather Factory Inc.’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 10, 2013 and incorporated by reference herein.
|
|
*31.1
|
13a-14(a) or 15d-14(a) Certification by Shannon L. Greene, Chief Executive Officer.
|
|
*31.2
|
13a-14(a) or 15d-14(a) Certification by Tina L. Castillo, Chief Financial Officer and Treasurer.
|
|
*32.1
|
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
*101.INS
|
XBRL Instance Document.
|
|
*101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
*101.CAL
|
XBRL Taxonomy Extension Calculation Document.
|
|
*101.DEF
|
XBRL Taxonomy Extension Definition Document.
|
|
*101.LAB
|
XBRL Taxonomy Extension Labels Document.
|
|
*101.PRE
|
XBRL Taxonomy Extension Presentation Document.
|
|
____________
|
||
*Filed herewith.
|
TANDY LEATHER FACTORY, INC.
|
|
(Registrant)
|
|
Date: May 4, 2017
|
By: /s/ Shannon L. Greene
|
Shannon L. Greene
|
|
Chief Executive Officer
|
|
Date: May 4, 2017
|
By: /s/ Tina L. Castillo
|
Tina L. Castillo
|
|
Chief Financial Officer
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's first fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
|
Date: May 4, 2017
|
|
/s/ Shannon L. Greene
|
|
Shannon L. Greene
|
|
Chief Executive Officer
|
|
(principal executive officer)
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's first fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
|
Date: May 4, 2017
|
|
/s/ Tina L. Castillo
|
|
Tina L. Castillo
|
|
Treasurer and Chief Financial Officer
|
|
(principal financial officer)
|
i.
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
ii.
|
The information contained in the Report fully presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.
|
May 4, 2017
|
By: /s/ Shannon L. Greene
|
Shannon L. Greene
|
|
Chief Executive Officer
|
By: /s/ Tina L. Castillo
|
|
Tina L. Castillo
Chief Financial Officer and Treasurer
|
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