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RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 3 Months Ended
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Mar. 31, 2020
RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS [Abstract] |
Reconciliation of Consolidated Statement of Comprehensive Income and Cash Flows | The following restatement adjustment footnote numbers correspond to the restatement adjustment descriptions above. Tandy Leather Factory, Inc. Consolidated Statement of Operations and Comprehensive Income Unaudited
|  | For the Three Months Ended March 31, 2019 |
|  | As Reported |  |  | Adjustments |  | As Restated |
Net sales |  | $ | 20,785 |  |  | $ | 156 |  |  |  | (4) |  | $ | 20,941 |
Cost of sales |  |  | 8,334 |  |  |  | 362 |  |  |  | (1) (2)(2)(3)(4)(5)(7) |  |  | 8,696 |
Gross profit |  |  | 12,451 |  |  |  | (206 | ) |  |  |  |  |  | 12,245 |
Operating expenses |  |  | 11,282 |  |  |  | (1,250 | ) |  |  | (5)(7)(8) |  |  | 10,032 |
Income from operations |  |  | 1,169 |  |  |  | 1,044 |  |  |  |  |  |  | 2,213 |
Other (income) expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | 32 |  |  |  | - |  |  |  |  |  |  | 32 |
Other, net |  |  | (33 | ) |  |  | 143 |  |  |  | (7)(9) |  |  | 110 |
Total other (income) expense |  |  | (1 | ) |  |  | 143 |  |  |  |  |  |  | 142 |
Income before income taxes |  |  | 1,170 |  |  |  | 901 |  |  |  |  |  |  | 2,071 |
Income tax expense |  |  | 301 |  |  |  | 250 |  |  |  | (6) |  |  | 551 |
Net income |  | $ | 869 |  |  | $ | 651 |  |  |  |  |  | $ | 1,520 |
Foreign currency translation adjustments, net of tax |  |  | 287 |  |  |  | 27 |  |  |  | (9) |  |  | 314 |
Comprehensive income |  | $ | 1,156 |  |  | $ | 678 |  |  |  |  |  | $ | 1,834 |
Net income per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.10 |  |  | $ | 0.07 |  |  |  |  |  | $ | 0.17 |
Diluted |  | $ | 0.10 |  |  | $ | 0.07 |  |  |  |  |  | $ | 0.17 |
Basic |  |  | 9,009,752 |  |  |  | 9,009,752 |  |  |  |  |  |  | 9,009,752 |
Diluted |  |  | 9,010,037 |  |  |  | 9,011,107 |  |  |  |  |  |  | 9,011,107 |
Tandy Leather Factory, Inc. Consolidated Statement of Cash Flows Unaudited
|  | For the Three Months Ended March 31, 2019 |
|  | As Reported |  |  | Adjustments |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 869 |  |  | $ | 651 |  |  |  |  |  | $ | 1,520 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 495 |  |  |  | (1 | ) |  |  | (7) |  |  | 494 |
Right-of-use asset amortization |  |  | - |  |  |  | 865 |  |  |  | (8) |  |  | 865 |
(Gain) loss on disposal of assets |  |  | (4 | ) |  |  | - |  |  |  |  |  |  | (4 | )
Stock-based compensation |  |  | 186 |  |  |  | - |  |  |  |  |  |  | 186 |
Deferred income taxes |  |  | (34 | ) |  |  | 218 |  |  |  | (6)(9) |  |  | 184 |
Exchange (gain) loss |  |  | 2 |  |  |  | 134 |  |  |  | (7)(9) |  |  | 136 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable-trade |  |  | (48 | ) |  |  | (8 | ) |  |  | (7) |  |  | (56 | )
Inventory |  |  | 3,303 |  |  |  | (131 | ) |  |  | (1)(2)(3)(4) |  |  | 3,172 |
Prepaid expenses |  |  | (293 | ) |  |  | 326 |  |  |  | (7) |  |  | 33 |
Other current assets |  |  | (13 | ) |  |  | (181 | ) |  |  | (7) |  |  | (194 | )
Accounts payable-trade |  |  | (318 | ) |  |  | (963 | ) |  |  | (7) |  |  | (1,281 | )
Accrued expenses and other liabilities |  |  | (1,205 | ) |  |  | 49 |  |  |  | (4)(7) |  |  | (1,156 | )
Income taxes |  |  | 96 |  |  |  | 13 |  |  |  | (6) |  |  | 109 |
Other assets |  |  | 7 |  |  |  | (48 | ) |  |  | (7) |  |  | (41 | )
Operating lease liability |  |  | - |  |  |  | (834 | ) |  |  | (8) |  |  | (834 | )
Total adjustments |  |  | 2,174 |  |  |  | (561 | ) |  |  |  |  |  | 1,613 |
Net cash provided by operating activities |  |  | 3,043 |  |  |  | 90 |  |  |  |  |  |  | 3,133 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase of property and equipment |  |  | (31 | ) |  |  | - |  |  |  |  |  |  | (31 | )
Purchase of short-term investments |  |  | (5,000 | ) |  |  | - |  |  |  |  |  |  | (5,000 | )
Proceeds from sales of assets |  |  | 13 |  |  |  | - |  |  |  |  |  |  | 13 |
Net cash used in investing activities |  |  | (5,018 | ) |  |  | - |  |  |  |  |  |  | (5,018 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments on long-term debt |  |  | (8,968 | ) |  |  | - |  |  |  |  |  |  | (8,968 | )
Repurchase of treasury stock |  |  | (715 | ) |  |  | - |  |  |  |  |  |  | (715 | )
Net cash used in financing activities |  |  | (9,683 | ) |  |  | - |  |  |  |  |  |  | (9,683 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | 267 |  |  |  | (90 | ) |  |  | (9) |  |  | 177 |
Net (decrease) increase in cash and cash equivalents |  |  | (11,391 | ) |  |  | - |  |  |  |  |  |  | (11,391 | )
Cash and cash equivalents, beginning of period |  |  | 24,070 |  |  |  | - |  |  |  |  |  |  | 24,070 |
Cash and cash equivalents, end of period |  | $ | 12,679 |  |  | $ | - |  |  |  |  |  | $ | 12,679 |

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