UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

(Amendment No. 1)



|x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ---------------------------------------------------------------------------------------



For the Quarterly Period Ended March
31, 2020



| ̈ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|- | ----------------------------------------------------------------------------------------



For the transition period from                  
to



Commission File Number 1 - 5332



P&F INDUSTRIES, INC.

(Exact name of registrant as specified in
its charter)



|Delaware                                            |  | 22-1657413                             
|--------------------------------------------------- |  | ---------------------------------------
|(State or other jurisdiction of                     |  | (I.R.S. Employer Identification Number)
|incorporation or organization)                      |  |                                        
|                                                    |  |                                        
|445 Broadhollow Road, Suite 100, Melville, New York |  | 11747                                  
|(Address of principal executive offices)            |  | (Zip Code)                             



|Registrant’s telephone number, including area code: (631) 694-9800
|------------------------------------------------------------------



Securities registered pursuant to Section 12(b) of the Act:



|Title of each class                   |  | Trading Symbol(s) |  | Name of each exchange on whichregistered
|------------------------------------- |  | ----------------- |  | ----------------------------------------
|Class A common stock, $1.00 par value |  | PFIN              |  | NASDAQ                                  



Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes  x    No
 ̈



Indicate by check mark
whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of
Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes x   No  ̈



Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company”
in Rule 12b-2 of the Exchange Act.



|Large accelerated filer  ̈ | Accelerated filer  ̈ | Non-accelerated filer x | Smaller reporting company  x
|------------------------- | ------------------- | ----------------------- | ----------------------------
|                          |                     |                         |                             
|                          |                     |                         | Emerging growth company   ̈  



If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for the complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ̈



Indicate by check mark
whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ̈
   No x



As of May 12, 2020,
there were 3,144,810 shares of the registrant’s Class A common stock outstanding.


















EXPLANATORY
NOTE

The sole purpose
of this Amendment No. 1 on Form 10-Q/A (“Amendment No. 1”) to the Quarterly Report on Form 10-Q of P&F Industries,
Inc. (the “Company”) for the quarter ended March 31, 2020, filed with the
U.S. Securities and Exchange Commission (the “SEC”) on May 18, 2020 (the “Form 10-Q”), is to add this Explanatory
Note regarding our reliance on certain conditional relief provided by order of the SEC, which was inadvertently omitted from the
Form 10-Q.



As previously
reported on a Form 8-K filed with the SEC on May 15, 2020 (the “Form 8-K”), the Company availed itself of an extension
to file the Form 10-Q, originally due on May 15, 2020, in reliance on an order (the “SEC Order”) issued by the SEC
on March 25, 2020 under Section 36 of the Securities Exchange Act of 1934, as amended (Release No. 34-88465), regarding reporting
exemptions granted to certain public companies that are unable to timely comply with their filing obligations as a result of the
COVID-19 pandemic.



As further reported
in the Form 8-K, the significant decline in economic activity caused by the COVID-19 pandemic has negatively impacted the Company’s
operations and the demand for many of the Company’s products. These and other effects of the rapid deterioration in global
economic conditions caused by COVID-19 required the Company to evaluate certain assets at March 31, 2020 for impairment. As a result
of the time required to complete such impairment analyses, the disruptions to the Company’s operations as a result of many
employees involved in financial reporting working remotely due to governmental orders and other safety measures, and other matters
relating to the COVID-19 pandemic, the Company required additional time to complete the preparation of the Form 10-Q.



Pursuant
to Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Amendment No. 1
also contains new certifications of the Company’s principal executive officers and principal financial officer pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002. Because no financial statements are included in Amendment No. 1 and Amendment
No. 1 does not contain or amend any disclosure with respect to Items 307 or 308 of Regulation S-K promulgated by the
SEC under the Exchange Act, paragraphs 3, 4 and 5 of the Section 302 certifications have been omitted. In addition, because
no financial statements are included in Amendment No. 1, new certifications of the Company’s principal executive officers
and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are not required to be included
with Amendment No. 1.



Amendment
No. 1 does not modify or update in any way the disclosures contained in or exhibits filed or furnished with the Form 10-Q other
than as set forth above.











SIGNATURE



Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



|                    | P&F INDUSTRIES, INC.
|------------------- | --------------------
|                    | (Registrant)        
|                    |                     
|                    |                     
|                    |                     
|                    |                     
|Dated: June 2, 2020 |                     











EXHIBIT INDEX



The following exhibits are either included in this report or
incorporated herein by reference as indicated below:



|ExhibitNumber |  | Description of Exhibit                                                                                                                           
|------------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------
|              |  |                                                                                                                                                  
|31.1          |  | Certification of Richard A. Horowitz, Principal Executive Officer of the Registrant, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.  
|              |  |                                                                                                                                                  
|31.2          |  | Certification of Joseph A. Molino, Jr., Principal Financial Officer of the Registrant, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.







A copy of any of the foregoing exhibits to this Quarterly
Report on Form 10-Q/A may be obtained, upon payment of the Registrant’s reasonable expenses in furnishing such exhibit, by
writing to P&F Industries, Inc., 445 Broadhollow Road, Suite 100, Melville New York 11747, Attention: Corporate Secretary.