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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tandy Leather Factory Inc (PK) | USOTC:TLFA | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.48 | 5.02 | 5.70 | 0.00 | 01:00:00 |
☒ |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Commission File Number 1-12368
|
Delaware
|
75-2543540
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
1900 Southeast Loop 820
Fort Worth, Texas 76140
|
76140
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
Title of each class
|
Trading Symbol
|
Name of each exchange on which registered
|
Common Stock, par value $0.0024
|
TLFA
|
N/A*
|
3
|
||
3
|
||
9
|
||
18
|
||
18
|
||
20
|
||
20
|
||
21
|
||
21
|
||
21
|
||
22
|
||
31
|
||
38
|
||
61
|
||
61
|
||
66
|
||
67
|
||
67
|
||
71
|
||
77
|
||
78
|
||
79
|
||
80 | ||
80 | ||
83 | ||
84 | ||
|
|
■ |
Accelerating implementation of our new web platform which supported a significantly improved consumer experience (look-and-feel, searchability, relevant content including video, and product and pricing information) integration of
inventory, shipping and other systems, and substantial reduction in the time, manual effort and need for outside resources to make additions and changes;
|
|
■ |
Accelerating centralization of our web fulfillment activities to our Fort Worth warehouse which provided significant improvement in fulfillment rates and shipping times, and supported early product testing, an increase in product breadth
by offering online-only items that required limited inventory investment, and other inventory efficiencies;
|
|
■ |
Shifting marketing resources from print and in-store activities to digital, with increased investments in SEO, SEM, email, digital advertising, social media, SMS/MMS, and affiliate links;
|
|
■ |
Accelerating the retail employee training program in the areas of product knowledge, leathercrafting knowledge and selling tools while stores were closed;
|
|
■ |
Continuing to drive the Commercial Program, through a dedicated team focused on the Company’s largest customers with a business model that meets these customers’ unique needs including dedicated sales representatives, clear and
competitive volume-based pricing, personalized service and sourcing, shipping directly to customers from our distribution center, and improved product consistency, quality and availability;
|
|
■ |
Continuing to improve the quality and assortment of the product offering to better appeal to more advanced leather-crafters and business customers; and
|
|
■ |
Continuing to build the organization, processes, infrastructure, tools and systems to efficiently execute these strategies.
|
Name and Age
|
Position
|
Served as Executive
Officer Since
|
||
Janet Carr, 60
|
Chief Executive Officer
|
2018
|
||
Michael Galvan, 52
|
Chief Financial Officer
|
2021
|
|
• |
unavailability of, or significant fluctuations in the cost of, raw materials;
|
|
• |
compliance by us and our independent manufacturers and suppliers with labor laws and other foreign governmental regulations;
|
|
• |
imposition of additional duties, taxes and other charges on imports or exports;
|
|
• |
increases in the cost of labor, fuel (including volatility in the price of oil), travel and transportation;
|
|
• |
compliance by our independent manufacturers and suppliers with our Code of Business Conduct and Ethics and our Animal Welfare Policy;
|
|
• |
disruptions or delays in shipments;
|
|
• |
loss or impairment of key manufacturing or distribution sites, which also could result in a former manufacturer beginning to produce similar products that compete with ours;
|
|
• |
inability to engage new independent manufacturers that meet the Company’s cost-effective sourcing model;
|
|
• |
product quality issues;
|
|
• |
political unrest;
|
|
• |
unforeseen public health crises, such as pandemic (e.g., the COVID-19 pandemic) and epidemic diseases;
|
|
• |
natural disasters or other extreme weather events, whether as a result of climate change or otherwise; and
|
|
• |
acts of war or terrorism and other external factors over which we have no control.
|
ITEM 1B. |
ITEM 2. |
U.S. Locations
|
||||
Alabama
|
1
|
Missouri
|
3
|
|
Alaska
|
1
|
Montana
|
1
|
|
Arizona
|
3
|
Nebraska
|
1
|
|
Arkansas
|
1
|
Nevada
|
2
|
|
California
|
10
|
New Mexico
|
2
|
|
Colorado
|
4
|
New York
|
1
|
|
Connecticut
|
1
|
New Jersey
|
1
|
|
Florida
|
5
|
North Carolina
|
2
|
|
Georgia
|
2
|
Ohio
|
3
|
|
Idaho
|
1
|
Oklahoma
|
2
|
|
Illinois
|
1
|
Oregon
|
2
|
|
Indiana
|
1
|
Pennsylvania
|
3
|
|
Iowa
|
1
|
South Carolina
|
1
|
|
Kansas
|
1
|
South Dakota
|
1
|
|
Kentucky
|
1
|
Tennessee
|
3
|
|
Louisiana
|
2
|
Texas
|
16
|
|
Maryland
|
1
|
Utah
|
4
|
|
Massachusetts
|
1
|
Washington
|
3
|
|
Michigan
|
2
|
Wisconsin
|
1
|
|
Minnesota
|
2
|
Wyoming
|
1
|
|
Canadian locations:
|
International locations:
|
|||
Alberta
|
3
|
Spain
|
1
|
|
British Columbia
|
1
|
|||
Manitoba
|
1
|
|||
Nova Scotia
|
1
|
|||
Ontario
|
3
|
|||
Saskatchewan
|
1
|
ITEM 3. |
ITEM 4. |
ITEM 5. |
Period (2)
|
(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) Dollar value of
shares that may yet be
purchased under the
plans or programs (1)
|
||||||||||||
October 1 – October 31, 2020
|
-
|
$
|
-
|
-
|
$
|
5,000,000
|
||||||||||
December 1 – December 31, 2020
|
-
|
$
|
-
|
-
|
$
|
5,000,000
|
||||||||||
Total
|
-
|
$
|
-
|
-
|
ITEM 6. |
ITEM 7. |
(in thousands)
|
2020
|
2019
|
||||||
Net sales
|
$
|
64,084
|
$
|
74,918
|
||||
% Decrease from prior year
|
(14.5
|
)%
|
(10.0
|
)%
|
2020
|
2019
|
2020 vs 2019
|
||||||||||||||||||||||
(in thousands, except store data)
|
# Stores
|
Sales
|
# Stores
|
Sales
|
$ Change
|
% Change
|
||||||||||||||||||
Comparable retail stores
|
106
|
$
|
42,556
|
106
|
$
|
59,391
|
$
|
(16,835
|
)
|
(28.3
|
)%
|
|||||||||||||
Web/Commercial
|
20,784
|
11,748
|
9,036
|
76.9
|
%
|
|||||||||||||||||||
2019 Permanently closed stores
|
-
|
5
|
755
|
(755
|
)
|
|||||||||||||||||||
2020 Permanently closed stores
|
9
|
744
|
9
|
3,024
|
(2,280
|
)
|
||||||||||||||||||
Total at year-end
|
106
|
$
|
64,084
|
115
|
$
|
74,918
|
$
|
(10,834
|
)
|
|
|
(in thousands)
|
2020
|
2019
|
||||||
Sales
|
$
|
64,084
|
$
|
74,918
|
||||
Cost of sales
|
28,026
|
32,959
|
||||||
Gross profit
|
$
|
36,058
|
$
|
41,959
|
||||
Gross profit margin percentage
|
56.3
|
%
|
56.0
|
%
|
(in thousands)
|
2020
|
2019
|
||||||
Operating expenses
|
$
|
41,328
|
$
|
43,554
|
||||
Non-routine items related to restatement
|
(3,587
|
)
|
(1,346
|
)
|
||||
Non-routine items related to CFO transition
|
(388
|
)
|
(206
|
)
|
||||
Adjusted operating expenses
|
$
|
37,353
|
$
|
42,002
|
||||
Operating expenses % of sales
|
64.5
|
%
|
58.1
|
%
|
||||
Adjusted operating expenses % of sales
|
58.3
|
%
|
56.1
|
%
|
Year ended
December 31,
|
Total shares repurhased
|
Average price per share
|
||||||
2020
|
-
|
$
|
-
|
|||||
2019
|
131,782
|
$
|
5.58
|
Cash Flows | ||||||||
(amounts in thousands)
|
2020
|
2019
|
||||||
Net cash provided by (used in) operating activities
|
$
|
(12,527
|
)
|
$
|
10,471
|
|||
Net cash provided by (used in) investing activities
|
6,256
|
(9,156
|
)
|
|||||
Net cash provided by (used in) financing activities
|
416 | (9,703 |
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
279
|
223
|
||||||
Net decrease in cash and cash equivalents
|
$
|
(5,576
|
)
|
$
|
(8,165
|
)
|
ITEM 8. |
•
|
We obtained an understanding of the controls over the valuation of inventory.
|
•
|
We tested the mathematical accuracy of the Company’s capitalizable overhead cost schedules.
|
•
|
We evaluated the appropriateness and consistency of management’s methodology and assumptions used in calculating the capitalizable overhead costs.
|
•
|
We independently calculated the amount of capitalizable costs using an independently derived allocation ratio.
|
•
|
We tested the mathematical accuracy of the Company’s inventory obsolescence reserve calculation.
|
•
|
We evaluated the appropriateness and consistency of management’s methodology and assumptions used in developing its estimate of the inventory obsolescence reserve.
|
•
|
We performed analytical procedures on the current year reserve rates (by product category) by comparing them to prior year rates and then obtaining corroborating evidence for any significant
fluctuations.
|
•
|
We tested on a sample basis, sales subsequent to yearend of the written-down items to ensure that the net realizable value was not lower than the previously written down value.
|
For the Years Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Net sales
|
$
|
64,084
|
$
|
74,918
|
||||
Cost of sales
|
28,026
|
32,959
|
||||||
Gross profit
|
36,058
|
41,959
|
||||||
Operating expenses
|
41,328
|
43,554
|
||||||
Impairment expense
|
1,078
|
1,002
|
||||||
Loss from operations
|
(6,348
|
)
|
(2,597
|
)
|
||||
Other (income) expense:
|
||||||||
Interest expense
|
7
|
36
|
||||||
Other, net
|
(76
|
)
|
(40
|
)
|
||||
Loss before income taxes
|
(6,279
|
)
|
(2,593
|
)
|
||||
Benefit for income taxes
|
(1,378
|
)
|
(690
|
)
|
||||
Net loss
|
$
|
(4,901
|
)
|
$
|
(1,903
|
)
|
||
Foreign currency translation adjustments, net of tax
|
(211
|
)
|
363
|
|||||
Comprehensive loss
|
$
|
(5,112
|
)
|
$
|
(1,540
|
)
|
||
Net loss per common share:
|
||||||||
Basic
|
$
|
(0.54
|
)
|
$
|
(0.21
|
)
|
||
Diluted
|
$
|
(0.54
|
)
|
$
|
(0.21
|
)
|
||
Weighted average number of shares outstanding:
|
||||||||
Basic
|
9,062,598
|
8,973,246
|
||||||
Diluted
|
9,062,598
|
8,973,246
|
For the Years Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(4,901
|
)
|
$
|
(1,903
|
)
|
||
Adjustments to reconcile net loss to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
1,021
|
1,655
|
||||||
Operating lease asset amortization
|
3,193
|
3,482
|
||||||
Impairment of goodwill and long-lived assets
|
1,078
|
1,002
|
||||||
Loss on disposal of assets
|
59
|
9
|
||||||
Stock-based compensation
|
887
|
770
|
||||||
Deferred income taxes
|
442
|
(334
|
)
|
|||||
Exchange (gain) loss
|
(5
|
)
|
137
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable-trade
|
86 |
(23
|
)
|
|||||
Inventory
|
(12,686
|
)
|
9,330
|
|||||
Prepaid expenses
|
675
|
596
|
||||||
Other current assets
|
1,574
|
(96
|
)
|
|||||
Accounts payable-trade
|
(440 |
)
|
3,500
|
|||||
Accrued expenses and other liabilities
|
1,022
|
(2,719
|
)
|
|||||
Income taxes, net
|
(1,120
|
)
|
(1,220
|
)
|
||||
Other assets
|
(41 |
)
|
(327
|
)
|
||||
Operating lease liabilities
|
(3,371
|
)
|
(3,388
|
)
|
||||
Total adjustments
|
(7,626
|
)
|
12,374
|
|||||
Net cash provided by (used in) operating activities
|
(12,527
|
)
|
10,471
|
|||||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(1,313
|
)
|
(269
|
)
|
||||
Purchase of short-term investments
|
-
|
(18,095
|
)
|
|||||
Proceeds from sales of short-term investments
|
7,523
|
9,095
|
||||||
Proceeds from sales of assets
|
46
|
113
|
||||||
Net cash provided by (used in) investing activities
|
6,256
|
(9,156
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Proceeds from long-term debt
|
416
|
-
|
||||||
Payments on long-term debt
|
-
|
(8,968
|
)
|
|||||
Repurchase of treasury stock
|
-
|
(735
|
)
|
|||||
Net cash provided by (used in) financing activities
|
416
|
(9,703
|
)
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
279 |
223
|
||||||
Net decrease in cash and cash equivalents
|
(5,576
|
)
|
(8,165
|
)
|
||||
Cash and cash equivalents, beginning of period
|
15,905
|
24,070
|
||||||
Cash and cash equivalents, end of period
|
$
|
10,329
|
$
|
15,905
|
For the Years Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Supplemental disclosures of cash flow information:
|
||||||||
Interest paid during the period
|
$
|
17
|
$
|
36
|
||||
Income tax paid during the period, net of refunds
|
$
|
56
|
$
|
715
|
||||
Supplemental disclosures of non-cash activity:
|
||||||||
Change in accruals related to property and equipment
|
$
|
(105
|
)
|
$
|
(362
|
)
|
Number of Shares
Common
Stock Outstanding
|
Par Value
|
Paid-in
Capital
|
Treasury
Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income
(Loss)
|
Total
|
||||||||||||||||||||||
Balance, December 31, 2018
|
9,060,561
|
$
|
25
|
$
|
4,267
|
$
|
(9,038
|
)
|
$
|
64,476
|
$
|
(1,444
|
)
|
58,286
|
||||||||||||||
Cumulative effect of accounting change, net of tax (ASC 842)
|
-
|
-
|
-
|
-
|
(362
|
)
|
-
|
(362
|
)
|
|||||||||||||||||||
Stock-based compensation expense
|
-
|
-
|
770
|
-
|
-
|
-
|
770
|
|||||||||||||||||||||
Issuance of restricted stock
|
93,408
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Purchase of treasury stock
|
(131,782
|
)
|
-
|
-
|
(735
|
)
|
-
|
-
|
(735
|
)
|
||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(1,903
|
)
|
-
|
(1,903
|
)
|
|||||||||||||||||||
Foreign currency translation adjustments, net of tax
|
-
|
-
|
-
|
-
|
-
|
363
|
363
|
|||||||||||||||||||||
Balance, December 31, 2019
|
9,022,187
|
$
|
25
|
$
|
5,037
|
$
|
(9,773
|
)
|
$
|
62,211
|
$
|
(1,081
|
)
|
$
|
56,419
|
|||||||||||||
Stock-based compensation expense
|
-
|
-
|
887
|
-
|
-
|
-
|
887
|
|||||||||||||||||||||
Issuance of restricted stock
|
128,619
|
-
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(4,901
|
)
|
-
|
(4,901
|
)
|
|||||||||||||||||||
Foreign currency translation adjustments, net of tax
|
-
|
-
|
-
|
-
|
-
|
(211
|
)
|
(211
|
)
|
|||||||||||||||||||
Balance, December 31, 2020
|
9,150,806
|
$
|
25
|
$
|
5,924
|
$
|
(9,773
|
)
|
$
|
57,310
|
$
|
(1,292
|
)
|
$
|
52,194
|
(in thousands)
|
2020
|
2019
|
||||||
United States
|
$
|
56,877
|
$
|
65,745
|
||||
Canada
|
5,798
|
6,514
|
||||||
All other countries
|
1,409
|
2,659
|
||||||
Net sales
|
$
|
64,084
|
$
|
74,918
|
(1) For the years ended December 31, 2020 and 2019, there were 6,401 and 9,203 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.
|
(in thousands)
|
As of December 31, 2020
|
|||||||||||
Gross
|
Accumulated Amortization
|
Net
|
||||||||||
Trademarks/copyrights
|
$
|
554
|
$
|
548
|
$
|
6
|
||||||
TOTAL
|
$
|
554
|
$
|
548
|
$
|
6
|
As of December 31, 2019
|
||||||||||||
Gross
|
Accumulated Amortization
|
Net
|
||||||||||
Trademarks/copyrights
|
$
|
554
|
$
|
547
|
$
|
7
|
||||||
TOTAL
|
$
|
554
|
$
|
547
|
$
|
7
|
|
• |
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.
|
(in thousands)
|
December 31, 2020
|
December 31, 2019
|
||||||
On hand:
|
||||||||
Finished goods held for sale
|
$
|
32,654
|
$
|
20,575
|
||||
Raw materials and work in process
|
828
|
717
|
||||||
Inventory in transit
|
3,297
|
2,750
|
||||||
TOTAL
|
$
|
36,779
|
$
|
24,042
|
(in thousands)
|
December 31, 2020
|
December 31, 2019
|
||||||
Building
|
$
|
9,240
|
$
|
9,257
|
||||
Land
|
1,451
|
1,451
|
||||||
Leasehold improvements
|
1,853
|
1,828
|
||||||
Equipment and machinery
|
7,361
|
6,516
|
||||||
Furniture and fixtures
|
7,339
|
8,082
|
||||||
Vehicles
|
224
|
337
|
||||||
27,468
|
27,471
|
|||||||
Lesss: accumulated depreciation
|
(15,078
|
)
|
(14,552
|
)
|
||||
TOTAL
|
$
|
12,390
|
$
|
12,919
|
(in thousands)
|
December 31, 2020
|
December 31, 2019
|
||||||
United States
|
$
|
12,077
|
$
|
12,541
|
||||
Canada
|
309
|
373
|
||||||
United Kingdom
|
2
|
3
|
||||||
Spain
|
2
|
2
|
||||||
$
|
12,390
|
$
|
12,919
|
Accrued Expenses and Other Liabilities
|
December 31, 2020
|
December 31, 2019
|
||||||
(in thousands)
|
||||||||
Accrued bonuses and payroll
|
1,121
|
1,104
|
||||||
Unearned gift card revenue
|
301
|
319
|
||||||
Estimated returns
|
241
|
285
|
||||||
Sales and payroll taxes payable
|
935
|
459
|
||||||
Accrued severance
|
-
|
38
|
||||||
Accrued vendor payables
|
1,044
|
451
|
||||||
TOTAL
|
$
|
3,642
|
$
|
2,656
|
Leases
|
Balance Sheet Classification
|
December 31, 2020
|
December 31, 2019
|
|||||||
(in thousands)
|
||||||||||
Assets:
|
||||||||||
Operating
|
Operating lease assets
|
$
|
11,772
|
$
|
13,897
|
|||||
Finance
|
Financing lease assets
|
44
|
-
|
|||||||
Total assets
|
$
|
11,816
|
$
|
13,897
|
||||||
Liabilities:
|
||||||||||
Current
|
||||||||||
Operating
|
Operating lease liabilities
|
$
|
3,530
|
$
|
3,823
|
|||||
Finance
|
Current maturities of financing lease obligations
|
14
|
-
|
|||||||
Non-current
|
||||||||||
Operating
|
Operating lease liabilities, non-current
|
9,245
|
10,655
|
|||||||
Finance
|
Financing lease liabilities, net of current obligation
|
29
|
-
|
|||||||
Total lease liabilities
|
$
|
12,818
|
$
|
14,478
|
Lease Cost
|
Income Statement Classification
|
December 31, 2020
|
December 31, 2019
|
|||||||
(in thousands)
|
||||||||||
Operating lease cost
|
Operating expenses
|
$
|
3,809
|
$
|
4,151
|
|||||
Operating lease cost
|
Impairment expense
|
601
|
4
|
|||||||
Variable lease cost (1)
|
Operating expenses
|
937
|
895
|
|||||||
Finance:
|
||||||||||
Amortization of lease assets (2)
|
Operating expenses
|
-
|
-
|
|||||||
Interest on lease liabilities (2)
|
Interest expense
|
-
|
-
|
|||||||
Total lease cost
|
$
|
5,347
|
$
|
5,050
|
December 31, 2020
|
||||||||
Maturity of Lease Liabilities
|
Operating Leases
|
Finance Leases
|
||||||
(in thousands)
|
||||||||
2021
|
$
|
3,591
|
$
|
16
|
||||
2022
|
2,835
|
16
|
||||||
2023
|
2,035
|
15
|
||||||
2024
|
1,564
|
-
|
||||||
2025
|
1,220
|
-
|
||||||
Thereafter
|
3,205
|
-
|
||||||
Total lease payments
|
$
|
14,450
|
$
|
47
|
||||
Less: Interest
|
(1,675
|
)
|
(4
|
)
|
||||
Present value of lease liabilities
|
$
|
12,775
|
$
|
43
|
Lease Term and Discount Rate
|
December 31, 2020
|
December 31, 2019
|
||||||
Weighted-average remaining lease term (years):
|
||||||||
Operating leases
|
5.9
|
6.0
|
||||||
Finance leases
|
2.9
|
-
|
||||||
Weighted-average discount rate:
|
||||||||
Operating leases
|
4.4
|
%
|
4.1
|
%
|
||||
Finance leases
|
6.5
|
%
|
-
|
Other Information
|
December 31, 2020
|
December 31, 2019
|
||||||
(in thousands)
|
||||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
||||||||
Operating cash flows used in operating leases
|
$
|
3,866
|
$
|
4,079
|
||||
Operating cash flows used in finance leases
|
-
|
-
|
||||||
Financing cash flows used in finance leases
|
1
|
-
|
||||||
Operating lease assets obtained in exchange for lease obligations
|
||||||||
Operating leases, initial recognition
|
317
|
18,077
|
||||||
Operating leases, modifications and remeasurements
|
1,340
|
-
|
||||||
Finance leases, initial recognition
|
45
|
-
|
December 31,
|
||||||||
(in thousands)
|
2020
|
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
|
$
|
446
|
$
|
-
|
||||
$
|
446
|
$
|
-
|
|||||
Less current maturities
|
-
|
-
|
||||||
TOTAL
|
$
|
446
|
$
|
-
|
(in thousands)
|
Year Ended December 31,
|
|||||||
Income Tax Benefit
|
2020
|
2019
|
||||||
Current provision (benefit):
|
||||||||
Federal
|
$
|
(1,385
|
)
|
$
|
(582
|
)
|
||
State
|
65
|
7
|
||||||
Foreign
|
6
|
(10
|
)
|
|||||
Related to UTP
|
20
|
26
|
||||||
(1,294
|
)
|
(559
|
)
|
|||||
Deferred provision (benefit):
|
||||||||
Federal
|
(62
|
)
|
(94
|
)
|
||||
State
|
(3
|
)
|
(24
|
)
|
||||
Foreign
|
(19
|
)
|
(13
|
)
|
||||
(84
|
)
|
(131
|
)
|
|||||
Total tax benefit
|
$
|
(1,378
|
)
|
$
|
(690
|
)
|
(in thousands)
|
Year Ended December 31,
|
|||||||
Income (Loss) Before Income Taxes
|
2020
|
2019
|
||||||
United States
|
$
|
(6,222
|
)
|
$
|
(1,959
|
)
|
||
Spain
|
161
|
21
|
||||||
Canada
|
(204
|
)
|
(131
|
)
|
||||
Australia
|
(7
|
)
|
(170
|
)
|
||||
United Kingdom
|
(7
|
)
|
(354
|
)
|
||||
TOTAL
|
$
|
(6,279
|
)
|
$
|
(2,593
|
)
|
Deferred income tax assets:
|
2020
|
2019
|
||||||
(in thousands)
|
||||||||
Inventory
|
$
|
498
|
$
|
468
|
||||
Stock-based compensation
|
63
|
51
|
||||||
Accounts receivable
|
4
|
5
|
||||||
Sales returns
|
105
|
119
|
||||||
Foreign currency translation gain/loss in OCI
|
323
|
359
|
||||||
Goodwill and other intangible assets amortization
|
5
|
33
|
||||||
Net operating loss
|
665
|
459
|
||||||
Accrued expenses
|
170
|
-
|
||||||
Leases
|
250
|
145
|
||||||
Other
|
1
|
-
|
||||||
Total deferred income tax assets
|
2,084
|
1,639
|
||||||
Less: valuation allowance
|
(1,320
|
)
|
(382
|
)
|
||||
Total deferred income tax assets, net of valuation allowance
|
$
|
764
|
$
|
1,257
|
||||
Property and equipment depreciation
|
$
|
682
|
$
|
740
|
||||
Accrued expenses
|
-
|
90
|
||||||
Total deferred income tax liabilities
|
682
|
830
|
||||||
Net deferred tax asset (liability)
|
$
|
82
|
$
|
427
|
Year Ended December 31,
|
||||||||
2020
|
2019
|
|||||||
Statutory rate – Federal U.S. income tax
|
21
|
%
|
21
|
%
|
||||
State and local taxes
|
3
|
%
|
0
|
%
|
||||
Permanent book/tax differences
|
(2
|
)%
|
(6
|
)%
|
||||
Difference in tax rates in loss carryback periods
|
8
|
%
|
3
|
%
|
||||
Change in valuation allowance
|
(10
|
)%
|
(5
|
)%
|
||||
Rate differential on UTP reversals
|
0
|
%
|
13
|
%
|
||||
Other, net
|
2
|
%
|
1
|
%
|
||||
Effective rate
|
22
|
%
|
27
|
%
|
Fiscal Year
|
2020
|
2019
|
||||||
UTP at beginning of the year
|
$
|
296
|
$
|
1,416
|
||||
Gross increase (decrease) to tax positions in current period
|
77
|
(1,146
|
)
|
|||||
Interest expense
|
20
|
26 | ||||||
Lapses in statute
|
- |
-
|
||||||
UTP at end of year
|
$
|
393
|
$
|
296
|
Shares
(in thousands)
|
Weighted Average
Share Price
|
|||||||
Balance, January 1, 2019
|
$
|
658
|
$
|
7.39
|
||||
Granted
|
46
|
5.67
|
||||||
Forfeited
|
(5
|
)
|
5.64
|
|||||
Vested
|
(93
|
)
|
7.39
|
|||||
Balance, December 31, 2019
|
$
|
606
|
$
|
7.27
|
||||
Balance, January 1, 2020
|
$
|
606
|
$
|
7.27
|
||||
Granted
|
51
|
3.94
|
||||||
Vested
|
(135
|
)
|
6.63
|
|||||
Balance, December 31, 2020
|
$
|
522
|
$
|
7.11
|
Unrecognized Expense
|
||||
2021
|
$
|
811,580
|
||
2022
|
759,540
|
|||
2023
|
516,286
|
|||
$
|
2,087,406
|
Year ended
December 31,
|
Total shares repurchased
|
Average price per share
|
||||||
2020
|
-
|
$
|
-
|
|||||
2019
|
131,782
|
$
|
5.58
|
(in thousands, except share and per share data)
2020
|
First
Quarter
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
||||||||||||
Net sales
|
$
|
17,145
|
$
|
9,146
|
$
|
15,990
|
$
|
21,803
|
||||||||
Gross profit
|
9,866
|
5,243
|
9,289
|
11,660
|
||||||||||||
Net loss
|
(1,738
|
)
|
(1,775
|
)
|
(982
|
)
|
(406
|
)
|
||||||||
Net loss per common share:
|
||||||||||||||||
Basic
|
$
|
(0.19
|
)
|
$
|
(0.20
|
)
|
$
|
(0.11
|
)
|
$
|
(0.04
|
)
|
||||
Diluted (1)
|
$
|
(0.19
|
)
|
$
|
(0.20
|
)
|
$
|
(0.11
|
)
|
$
|
(0.04
|
)
|
||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
9,029,212
|
9,042,991
|
9,042,991
|
9,134,621 | ||||||||||||
Diluted
|
9,029,212
|
9,042,991
|
9,042,991
|
9,134,621
|
(in thousands, except share and per share data)
2019
|
First
Quarter
Restated
|
Second
Quarter
|
Third
Quarter
|
Fourth
Quarter
|
||||||||||||
Net sales
|
$
|
20,941
|
$
|
17,197
|
$
|
16,311
|
$
|
20,469
|
||||||||
Gross profit
|
12,244
|
9,371
|
8,849
|
11,495
|
||||||||||||
Net income (loss)
|
1,520
|
(875
|
)
|
(1,719
|
)
|
(830
|
)
|
|||||||||
Net income (loss) per common share:
|
||||||||||||||||
Basic
|
$
|
0.17
|
$
|
(0.10
|
)
|
$
|
(0.19
|
)
|
$
|
(0.09
|
)
|
|||||
Diluted (2)
|
$
|
0.17
|
$
|
(0.10
|
)
|
$
|
(0.19
|
)
|
$
|
(0.09
|
)
|
|||||
Weighted average number of common shares outstanding:
|
||||||||||||||||
Basic
|
9,009,752
|
8,933,648
|
8,932,246
|
9,020,187
|
||||||||||||
Diluted
|
9,011,107
|
8,933,648
|
8,932,246
|
9,020,187
|
ITEM 9. |
ITEM 9A. |
|
• |
Inventory was not stated on a FIFO basis nor was it stated at the lower of FIFO cost or net realizable value;
|
|
• |
Freight-in, warehousing and handling expenditures, factory labor and overhead and freight-out costs were not correctly capitalized;
|
|
• |
Warehousing and handling expenditures were incorrectly classified as operating expenses;
|
|
• |
Allowance for sales returns was incorrectly calculated and accounted for;
|
|
• |
Net gift card liability was not correctly accounted for in 2017;
|
|
• |
Lease asset and liability under ASC Topic 842 was incorrectly calculated;
|
|
• |
PTO related accrued liabilities were incorrectly calculated;
|
|
• |
Provision for income taxes, including adjustments related to the Tax Cuts and Jobs Act (the “Tax Act”), uncertain tax position (UTP) liability and related interest expense, and correction of taxable income on
the return of our Canada and Spain foreign subsidiaries;
|
|
• |
Foreign currency gains and losses associated with the Company’s Canadian subsidiary were incorrectly classified as a component of accumulated other comprehensive loss and the cumulative translation
adjustments included in accumulated other comprehensive loss were not tax effected; and
|
|
• |
Shares repurchased and subsequently cancelled were incorrectly accounted for as treasury stock.
|
|
i. |
Hired a new, highly-qualified CFO in January 2021 with extensive public-company experience;
|
|
ii. |
Replaced critical roles within our accounting team with contract accounting resources and ultimately (ongoing) full-time employees with expertise in GAAP accounting, SEC reporting and disclosure, internal
audit and internal controls;
|
|
iii. |
Replaced our legacy accounting systems with an integrated enterprise resource planning (“ERP”) solution which includes general ledger, warehouse management and factory production modules designed to calculate
inventory on a FIFO basis;
|
|
iv. |
Made improvements to our accounting close process, including a formalized accounting close checklist establishing accountability for oversight and review;
|
|
v. |
Documented process narratives in the following areas: (i) financial reporting, (ii) inventory, (iii) purchasing and accounts payable, (iv) revenue, (v) fixed assets and lease accounting, (vi) general
accounting, treasury and financial planning & analysis, (vii) tax, (viii) information technology (IT) governance, and (ix) HR and payroll;
|
|
vi. |
Created a risk controls matrix which includes, among other things, a comprehensive list of key and mitigating controls, a description of the risk the control is designed to mitigate, the individual
responsible for each control, the frequency in which the control is performed, and a mapping of each control to the five COSO Framework components (control environment, risk assessment, control activities, information and communication, or
monitoring activities).
|
|
i. |
Ongoing recruitment and hiring of permanent, qualified public-company accounting personnel;
|
|
ii. |
Point-of-sale systems implementation that will be fully integrated with our new ERP system;
|
|
iii. |
Redesigning our accounting procedures and activities to align with our new ERP system that will include built-in controls to improve upon the reliability of financial reporting and the
preparation of financial statements in accordance with GAAP;
|
|
iv. |
Reporting the progress and results of our remediation plan to the Audit Committee on a recurring basis, including the identification, status, and resolution of internal control deficiencies; and
|
|
v. |
Creating a comprehensive approach to regularly evaluate the operating effectiveness of our disclosure controls and procedures and our internal control over financial reporting using the COSO Framework as a guide.
|
|
◾ |
Recurring meetings with leadership, finance and accounting and other key functional areas to train staff on processes for oversight and emphasize each individual’s accountability for internal control
compliance, and to create a pattern of regular discussion of such controls.
|
|
◾ |
Periodic communications from the CEO, CFO and other key senior leaders on the Company’s mission, core values, Code of Business Conduct and Ethics, whistleblower policies, and each employee’s individual
responsibility for internal control compliance.
|
|
◾ |
Reorganization of the finance and accounting team to ensure appropriate segregation of duties, oversight and review of work, and recruiting and hiring qualified, competent employees with relevant experience
for the roles.
|
|
◾ |
Regular performance evaluations to include position-specific criteria for functional competence, including performance of internal control responsibilities.
|
|
◾ |
New systems designed to calculate inventory at FIFO and create efficiency and accuracy through integration: we implemented the warehouse management, factory production system and general ledger systems
modules as part of our new ERP system implementation which went live on September 1, 2020. We are still in the process of implementing our new point-of-sale system, which will be fully integrated with our ERP system and with a phased
implementation across our fleet of stores throughout 2021.
|
|
◾ |
Creation and implementation of newly-designed processes, structures, delegation of authority and controls, in accordance with the COSO Framework, including:
|
|
o |
The creation of a risk controls matrix;
|
|
o |
Driving a greater sense of accountability by requiring sub-certifications below the CEO and CFO level for certain key accounting, finance and operations personnel;
|
|
o |
Quarterly updates for the CFO regarding upcoming accounting pronouncement and proposed changes to GAAP accounting standards, tax regulations, and other requirements that may impact the Company’s financial
reporting;
|
|
o |
Quarterly reviews of the most significant accounting estimates and judgements;
|
|
o |
Validation of results through detailed variance analyses and reconciliation of account balances;
|
|
o |
Monthly business review of actual financial performance compared to forecasts with participation from leadership across the organization; and
|
|
o |
Establishing a disclosure committee comprised of key management throughout the different areas of the organization to evaluate the appropriateness of disclosures in the Company’s periodic filings on Forms
10-K and 10-Q and to support the CEO and CFO with the certification process.
|
ITEM 9B. |
ITEM 10. |
Name
|
Age
|
Director/Executive
Officer Since
|
Position
|
|||
Janet Carr
|
60
|
2018
|
Director, Chief Executive Officer
|
|||
Michael Galvan
|
52
|
2021
|
Chief Financial Officer
|
|||
Vicki Cantrell
|
63
|
2017
|
Director
|
|||
Elaine D. Crowley
|
62
|
2021
|
Director
|
|||
Jefferson Gramm
|
46
|
2014
|
Chairman of the Board of Directors
|
|||
Sharon M. Leite
|
59
|
2017
|
Director
|
|||
James Pappas
|
40
|
2016
|
Director
|
|||
Sejal Patel
|
42
|
2017
|
Director
|
|||
William M. Warren
|
76
|
2013
|
Director
|
AUDIT COMMITTEE:
|
|
James Pappas, Chairman
|
|
Elaine D. Crowley
|
|
Sharon M. Leite
|
|
Sejal Patel
|
ITEM 11. |
|
• |
Base salary;
|
|
• |
Annual incentive bonus;
|
|
• |
Restricted stock unit grants;
|
|
• |
Retirement and other benefits, and
|
|
• |
Employment Agreements.
|
COMPENSATION COMMITTEE:
|
|
Sharon M. Leite, Chair
Vicki Cantrell
Jefferson Gramm
|
Name and Principal
Position
|
Year
|
Salary
|
Bonus
|
Restricted Stock Awards
|
All Other Compensation
|
Total
|
|||||||||||||||||||
Janet Carr, Chief Executive
Officer (1)
|
2020
2019
2018
|
$
$
$
|
361,574
500,000
113,010
|
$
|
-
-
-
|
$
$
|
-
-
4,759,160
|
$
$
|
10,000
20,230
|
(3)
(3)
-
|
$
$
$
|
371,574
520,230
4,872,170
|
|||||||||||||
Steven Swank, Chief Financial Officer (2)
|
2020
|
$
|
123,077
|
$
|
-
|
$
|
30,000
|
$
|
44,544
|
(4)
|
$
|
197,621
|
|
(1) |
In October 2018, Ms. Carr was appointed CEO with an annual salary of $500,000. In addition, Ms. Carr was granted 644,000 restricted stock units; the amount reported as the value of these restricted stock units is based on the grant date
fair value of $7.39 per share, computed in accordance with FASB ASC Topic 718.
|
|
(2) |
In July 2020, Mr. Swank was granted restricted stock units valued on the grant date at $30,000 based on the grant date fair value of $3.31 per share, computed in accordance with FASB ASC Topic 718. Mr. Swank’s position as an executive
officer of the Company terminated in January 2021, although he continued to remain employed by the Company in a non-executive-officer capacity until March 2021, at which time these restricted stock units were cancelled.
|
|
(3) |
For 2019, represents Company-reimbursed moving expenses for Ms. Carr. For 2020, represents matching funds contributed to Ms. Carr’s Company 401(k) plan.
|
|
(4) |
Represents $42,376 paid by the Company to Mr. Swank for his relocation to Texas and $2,168 reimbursed to Mr. Swank for extending his health insurance coverage from his prior employer.
|
Name
|
Number of shares of stock
that have not vested (#)
|
Market value of shares of stock
that have not vested ($)
|
||||||
Janet Carr (1)
|
460,000
|
$
|
1,472,000
|
|||||
Steven Swank (2)
|
9,063
|
$
|
29,002
|
|
(1) |
Vesting is subject to Ms. Carr’s continued employment with the Company and to the achievement of performance criteria set forth in 184,000 performance-based restricted stock award units granted to her in 2018.
|
|
(2) |
All stock awards held by Mr. Swank were cancelled upon his departure from the Company in March 2021.
|
Plan Category
|
Column (A)
Number of
Securities to be
issued upon exercise
of outstanding
options, warrants
and rights
|
Column (B)
Weighted-average
exercise price of
outstanding
options, warrants
and rights
|
Column (C)
Number of securities
remaining available for
future issuance under equity
compensation plans
(excluding securities
reflected in Column (A)
|
|||||||||
Equity compensation plans approved by stockholders
|
61,215
|
$
|
-
|
630,202
|
||||||||
Equity compensation plans not approved by stockholders
|
460,000
|
-
|
-
|
|||||||||
TOTAL
|
521,215
|
$
|
-
|
630,202
|
Name
|
Fees Earned or Paid in
Cash ($)
|
Restricted Stock
Awards($)
|
Total
($)
|
|||||||||
Vicki Cantrell
|
$
|
16,000
|
$
|
23,000
|
$
|
39,000
|
||||||
Jefferson Gramm
|
16,000
|
-
|
16,000
|
|||||||||
Sharon M. Leite
|
18,000
|
23,000
|
41,000
|
|||||||||
James Pappas
|
21,000
|
23,000
|
44,000
|
|||||||||
Sejal Patel
|
18,000
|
23,000
|
41,000
|
|||||||||
William Warren
|
16,000
|
23,000
|
39,000
|
ITEM 12. |
|
• |
Beneficial owners of more than 5 percent of the outstanding shares of our common stock, other than our officers and directors;
|
|
• |
Beneficial ownership by our current directors and nominees and the named executive officers set forth in the Summary Compensation table below; and
|
|
• |
Beneficial ownership by all our current directors and executive officers as a group, without naming them.
|
Title of Class
|
Name and Address of Beneficial Owner
|
Amount and Nature of
Beneficial Ownership (1)
|
Percent
of Class |
|||||||
Common Stock
|
Bandera Partners LLC (2)
50 Broad Street, Suite 1820
New York, NY 10004
|
2,857,936
|
33.0
|
%
|
||||||
Common Stock
|
JCP Investment Partnership, LP (3)
1177 West Loop South, Suite 1650
Houston, TX 77027
|
859,197
|
9.9
|
%
|
Title of Class
|
Name of Beneficial Owner
|
Amount and Nature of
Beneficial Ownership (1)(4)
|
Percent
of Class
|
|||||||
Common Stock
|
Janet Carr
|
192,800
|
2.2
|
%
|
||||||
Common Stock
|
Michael Galvan
|
-
|
*
|
|||||||
Common Stock
|
Vicki Cantrell
|
3,374
|
*
|
|||||||
Common Stock
|
Elaine D. Crowley
|
-
|
*
|
|||||||
Common Stock
|
Jefferson Gramm(2)
|
2,864,055
|
33.1
|
%
|
||||||
Common Stock
|
Sharon M. Leite
|
3,374
|
*
|
|||||||
Common Stock
|
James Pappas (3)
|
863,922
|
10.0
|
%
|
||||||
Common Stock
|
Sejal Patel
|
3,374
|
*
|
|||||||
Common Stock
|
William Warren
|
28,516
|
*
|
|||||||
|
All Current Directors and Executive Officers as a Group (9 persons) |
3,959,415
|
45.7
|
%
|
(1) |
All shares of common stock are owned beneficially, and such owner has sole voting and investment power, unless otherwise stated. The inclusion
herein of shares listed as beneficially owned does not constitute an admission of beneficial ownership.
|
(2) |
Holdings shown for Jefferson Gramm and Bandera Partners, LLC are based on a Schedule 13D/A filed on February 5, 2021 by Mr. Gramm and Bandera Partners, LLC. Bandera Partners, LLC is the investment manager of
Bandera Master Fund L.P. in whose name 2,857,936 of our shares are held. Messrs. Gregory Bylinksy and Jefferson Gramm are Managing Partners, Managing Directors and Portfolio Managers of Bandera Partners LLC. Bandera Master Fund L.P. has
delegated to Bandera Partners the sole and exclusive authority to vote and dispose of the securities held by Bandera Master Fund. As a result, each of Bandera Partners and Messrs. Bylinksy and Gramm may be deemed to beneficially own the
shares held by Bandera Master Fund.
|
(3) |
Holdings shown JCP Investment Management, LLC are based on a Schedule 13D/A filed on December
6, 2018 by JCP Investment Management, LLC. Mr. Pappas, one of our Directors, is a Managing Member and Owner of JCP Investment Management, LLC. As a result, Mr. Pappas may be deemed to beneficially own the shares held by JCP Investment
Management, LLC. Ownership percentages in the table are rounded to the nearest 1/10%; actual ownership percentage for Mr. Pappas is 9.97%.
|
(4) |
To our knowledge, none of these shares have been pledged.
|
ITEM 13. |
ITEM 14. |
Types of Fees
|
2020
|
2019
|
||||||
Audit fees
|
$
|
352,691
|
$
|
125,850
|
||||
Audit-related fees
|
-
|
-
|
||||||
Tax fees
|
-
|
-
|
||||||
All other fees
|
-
|
-
|
||||||
Total
|
$
|
352,691
|
$
|
125,850
|
ITEM 15. |
(a)
|
The following are filed as part of this Form 10-K:
|
|
• |
Report of Independent Registered Public Accounting Firm
|
|
• |
Consolidated Balance Sheets as of December 31, 2020 and 2019
|
|
• |
Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2020 and 2019
|
|
• |
Consolidated Statements of Cash Flows for the years ended December 31, 2020 and 2019
|
|
• |
Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2020 and 2019
|
Form of Stand-Alone Restricted Stock Unit Agreement dated October 2, 2018 between the Company and Janet Carr, filed as Exhibit 10.3 to Tandy Leather Factory Inc.’s Current Report on Form 8-K filed with the Securities and Exchange
Commission on October 5, 2018 and incorporated by reference herein.
|
|
Form of Stock Purchase Agreement dated January 28, 2021 between the Company and Central Square Management, filed as Exhibit 10.14 to the Tandy Leather Factory, Inc.’s 2019 Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on June 22, 2021 and incorporated by reference herein.
|
|
14.1 |
Code of Business Conduct and Ethics of Tandy Leather Factory, Inc., adopted by the Board of Directors on December 4, 2018, filed as Exhibit 14.1 to Tandy Leather Factory, Inc.’s Quarterly Report on Form 10-Q filed with the Securities
and Exchange Commission on June 22, 2021 and incorporated by reference herein.
|
Consent of Independent Registered Public Accounting Firm.
|
|
Certification by the Chief Executive Officer and President pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended.
|
|
Certification by the Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended.
|
|
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.
|
ITEM 16. |
TANDY LEATHER FACTORY, INC.
|
||
By:
|
||
/s/ Janet Carr
|
||
Janet Carr
|
||
Chief Executive Officer
|
||
Dated: September 2, 2021
|
Signature
|
Title
|
Date
|
||
/s/ Jefferson Gramm
|
Chairman of the Board
|
September 2, 2021
|
||
Jefferson Gramm
|
||||
/s/ Janet Carr
|
Chief Executive Officer, Director
|
September 2, 2021
|
||
Janet Carr
|
(principal executive officer)
|
|||
/s/ Michael Galvan
|
Chief Financial Officer
|
September 2, 2021
|
||
Michael Galvan
|
(principal financial officer and
|
|||
principal accounting officer)
|
||||
/s/ William M. Warren
|
Director
|
September 2, 2021
|
||
William M. Warren
|
||||
/s/ James Pappas
|
Director
|
September 2, 2021
|
||
James Pappas
|
||||
/s/ Vicki Cantrell
|
Director
|
September 2, 2021
|
||
Vicki Cantrell
|
||||
/s/ Sharon M. Leite
|
Director
|
September 2, 2021
|
||
Sharon M. Leite
|
||||
/s/ Sejal Patel
|
Director
|
September 2, 2021
|
||
Sejal Patel
|
||||
/s/ Elaine D. Crowley
|
Director
|
September 2, 2021
|
||
Elaine D. Crowley
|
1 Year Tandy Leather Factory (PK) Chart |
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