v3.25.2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
CURRENT ASSETS:
Cash and cash equivalents	$ 16,419	$ 13,271
Accounts receivable-trade, net of allowance for credit losses of $49 at June 30, 2025 and December 31, 2024	398	331
Inventory	36,199	35,556
Income tax receivable	398	384
Prepaid expenses	967	898
Other current assets	88	96
Total current assets	54,469	50,536
Property and equipment, at cost	24,882	31,655
Less accumulated depreciation	(15,478)	(19,320)
Property and equipment, net	9,404	12,335
Operating lease assets	11,005	10,323
Deferred income taxes	974	1,213
Other assets	690	517
TOTAL ASSETS	76,542	74,924
CURRENT LIABILITIES:
Accounts payable-trade	2,552	3,110
Accrued expenses and other liabilities	2,873	3,571
Income taxes payable	2,262	0
Current portion of operating lease liabilities	3,454	3,205
Total current liabilities	11,141	9,886
Uncertain tax positions	138	248
Other non-current liabilities	77	76
Operating lease liabilities, non-current	7,961	7,561
COMMITMENTS AND CONTINGENCIES (Note 6)
STOCKHOLDERS' EQUITY:
Common stock, $0.0024 par value; 25,000,000 shares authorized; 9,922,775 and 9,920,957 shares issued at June 30, 2025 and December 31, 2024, respectively; 8,498,399 and 8,496,581 shares outstanding at June 30, 2025 and December 31, 2024, respectively	23	23
Paid-in capital	4,564	4,529
Retained earnings	64,218	64,486
Treasury stock at cost (1,424,376 shares at June 30, 2025 and December 31, 2024)	(9,773)	(9,773)
Accumulated other comprehensive loss, net of tax	(1,807)	(2,112)
Total stockholders’ equity	57,225	57,153
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 76,542	$ 74,924

Carrying value as of the balance sheet date of obligations incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

TANDY LEATHER FACTORY INC 10-Q