Item 1.01 Entry into a Material Definitive Agreement
On January 3, 2023, Tandy Leather Factory, Inc. (the "Company") entered into a
Credit Agreement (the "Credit Agreement") with JPMorgan Chase Bank, N.A. (the
"Bank"). Under the Credit Agreement, the Bank will provide the Company a credit
facility of up to $5,000,000 on standard terms and conditions, including
affirmative and negative covenants set forth in the Credit Agreement. As
security for the credit facility, the Company has pledged as collateral to the
Bank certain of its assets, including the Company's cash in deposit accounts,
inventory and equipment.
The Company had no long-term debt and no active credit facilities prior to
entering into the Credit Agreement. The Company has no current plan to draw on
the credit facility but may borrow funds in the future for general corporate
purposes, including seasonal inventory purchases or other working capital.
Forward Looking Statements
Certain statements contained in this report and other materials the Company
files with the SEC, as well as information included in oral statements or other
written statements made or to be made by the Company, other than statements of
historical fact, are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements generally are
accompanied by words such as "may," "will," "could," "should," "anticipate,"
"believe," "budgeted," "expect," "intend," "plan," "project," "potential,"
"estimate," "continue," "outlook," "forecast" or "future," variations thereof or
other similar statements. Please refer to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2021 for additional information
concerning these and other uncertainties that could negatively impact the
Company. The Company assumes no obligation to update or otherwise revise its
forward-looking statements, except as required by law.
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TANDY LEATHER FACTORY, INC. 
