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RESTATEMENT OF PREVIOUSLY ISSUED CONSOLIDATED FINANCIAL STATEMENTS (Tables)
 3 Months Ended
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