Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2021 | Aug. 09, 2021 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Entity File Number | 0-10843 | |
Entity Registrant Name | CSP Inc | |
Entity Incorporation, State or Country Code | MA | |
Entity Tax Identification Number | 04-2441294 | |
Entity Address, Address Line One | 175 Cabot Street | |
Entity Address, Address Line Two | Suite 210 | |
Entity Address, City or Town | Lowell | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01854 | |
City Area Code | 978 | |
Local Phone Number | 954-5038 | |
Current Fiscal Year End Date | --09-30 | |
Entity Common Stock, Shares Outstanding | 4,377,466 | |
Amendment Flag | false | |
Entity Central Index Key | 0000356037 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CSPI | |
Security Exchange Name | NASDAQ |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 19,653 | $ 19,264 |
Accounts receivable, net of allowances of $151 and $181 | 16,301 | 13,362 |
Investment in lease, net-current portion | 67 | 336 |
Inventories | 5,177 | 5,285 |
Refundable income taxes | 1,145 | 807 |
Other current assets | 3,420 | 2,535 |
Total current assets | 45,763 | 41,589 |
Property, equipment and improvements, net | 842 | 1,047 |
Operating lease right-of-use assets | 1,523 | 2,014 |
Intangibles, net | 21 | 28 |
Investment in lease, net-less current portion | 31 | 81 |
Long-term receivable | 8,117 | 3,642 |
Deferred income taxes | 1,149 | |
Cash surrender value of life insurance | 4,161 | 3,948 |
Other assets | 98 | 147 |
Total assets | 60,556 | 53,645 |
Current liabilities: | ||
Accounts payable and accrued expenses | 12,255 | 8,523 |
Line of credit | 1,654 | 1,573 |
Notes payable - current portion | 748 | 1,613 |
Deferred revenue | 1,446 | 947 |
Pension and retirement plans | 311 | 321 |
Total current liabilities | 16,414 | 12,977 |
Pension and retirement plans | 6,423 | 6,471 |
Notes payable - noncurrent portion | 954 | 2,485 |
Operating lease liabilities - noncurrent portion | 939 | 1,390 |
Income taxes payable | 524 | 586 |
Other noncurrent liabilities | 4,649 | 202 |
Total liabilities | 29,903 | 24,111 |
Shareholders' equity: | ||
Common stock, $.01 par value per share; authorized, 7,500 shares; issued and outstanding 4,377 and 4,276 shares, respectively | 44 | 43 |
Additional paid-in capital | 17,848 | 16,994 |
Retained earnings | 24,373 | 24,492 |
Accumulated other comprehensive loss | (11,612) | (11,995) |
Total shareholders' equity | 30,653 | 29,534 |
Total liabilities and shareholders' equity | $ 60,556 | $ 53,645 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Allowances (in Dollars) | $ 151 | $ 181 |
Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 7,500 | 7,500 |
Common stock, shares issued | 4,377 | 4,276 |
Common stock, shares outstanding | 4,377 | 4,276 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Sales: | ||||
Total sales | $ 13,721 | $ 13,780 | $ 39,197 | $ 47,521 |
Cost of sales: | ||||
Total cost of sales | 9,492 | 9,556 | 27,222 | 34,783 |
Gross profit | 4,229 | 4,224 | 11,975 | 12,738 |
Operating expenses: | ||||
Engineering and development | 700 | 693 | 2,191 | 2,081 |
Selling, general and administrative | 3,886 | 3,924 | 10,799 | 11,595 |
Total operating expenses | 4,586 | 4,617 | 12,990 | 13,676 |
Operating loss | (357) | (393) | (1,015) | (938) |
Other income (expense): | ||||
Foreign exchange (loss) gain | (110) | 113 | (731) | 257 |
Interest expense | (131) | (56) | (244) | (168) |
Interest income | 175 | 133 | 406 | 469 |
Gain on forgiveness of debt | 2,196 | |||
Other income (expense), net | 35 | 3 | 137 | 7 |
Total other income (expense), net | (31) | 193 | 1,764 | 565 |
(Loss) income before income taxes | (388) | (200) | 749 | (373) |
Income tax expense | 35 | 10 | 868 | 1,109 |
Net loss | (423) | (210) | (119) | (1,482) |
Net loss attributable to common shareholders | $ (423) | $ (210) | $ (119) | $ (1,482) |
Net loss per share - basic | $ (0.10) | $ (0.05) | $ (0.03) | $ (0.37) |
Weighted average shares outstanding - basic | 4,179 | 4,048 | 4,137 | 4,015 |
Net loss per share - diluted | $ (0.10) | $ (0.05) | $ (0.03) | $ (0.37) |
Weighted average shares outstanding - diluted | 4,179 | 4,048 | 4,137 | 4,015 |
Product | ||||
Sales: | ||||
Total sales | $ 10,142 | $ 10,399 | $ 29,526 | $ 37,104 |
Cost of sales: | ||||
Total cost of sales | 8,176 | 8,600 | 23,678 | 31,237 |
Service | ||||
Sales: | ||||
Total sales | 3,579 | 3,381 | 9,671 | 10,417 |
Cost of sales: | ||||
Total cost of sales | $ 1,316 | $ 956 | $ 3,544 | $ 3,546 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Loss | ||||
Net loss | $ (423) | $ (210) | $ (119) | $ (1,482) |
Other comprehensive income (loss): | ||||
Foreign currency translation gain (loss) adjustments | 32 | (22) | 383 | 2 |
Total comprehensive (loss) income | $ (391) | $ (232) | $ 264 | $ (1,480) |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated other comprehensive loss | Total |
Beginning Balance (in Shares) at Sep. 30, 2019 | 4,154 | ||||
Beginning Balance at Sep. 30, 2019 | $ 42 | $ 15,733 | $ 27,246 | $ (12,593) | $ 30,428 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (1,482) | (1,482) | |||
Other comprehensive income (loss) | 2 | 2 | |||
Exercise of stock options | 2 | 2 | |||
Stock-based compensation | 717 | 717 | |||
Restricted stock issuance | $ 1 | 1 | |||
Restricted stock issuance (in shares) | 97 | ||||
Issuance of shares under employee stock purchase plan | 110 | 110 | |||
Issuance of shares under employee stock purchase plan (in shares) | 9 | ||||
Purchase of common stock | (46) | (46) | |||
Purchase of common stock (in shares) | 7 | ||||
Cash paid on common stock | (1,263) | (1,263) | |||
Ending Balance (in Shares) at Jun. 30, 2020 | 4,253 | ||||
Ending Balance at Jun. 30, 2020 | $ 43 | 16,562 | 24,455 | (12,591) | 28,469 |
Beginning Balance (in Shares) at Mar. 31, 2020 | 4,254 | ||||
Beginning Balance at Mar. 31, 2020 | $ 43 | 16,300 | 24,668 | (12,569) | 28,442 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (210) | (210) | |||
Other comprehensive income (loss) | (22) | (22) | |||
Stock-based compensation | 262 | 262 | |||
Purchase of common stock | (3) | (3) | |||
Purchase of common stock (in shares) | 1 | ||||
Ending Balance (in Shares) at Jun. 30, 2020 | 4,253 | ||||
Ending Balance at Jun. 30, 2020 | $ 43 | 16,562 | 24,455 | (12,591) | $ 28,469 |
Beginning Balance (in Shares) at Sep. 30, 2020 | 4,276 | 4,276 | |||
Beginning Balance at Sep. 30, 2020 | $ 43 | 16,994 | 24,492 | (11,995) | $ 29,534 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (119) | (119) | |||
Other comprehensive income (loss) | 383 | 383 | |||
Stock-based compensation | 748 | 748 | |||
Restricted stock cancellation (in shares) | (17) | ||||
Restricted stock issuance | $ 1 | 1 | |||
Restricted stock issuance (in shares) | 103 | ||||
Issuance of shares under employee stock purchase plan | 106 | $ 106 | |||
Issuance of shares under employee stock purchase plan (in shares) | 15 | ||||
Ending Balance (in Shares) at Jun. 30, 2021 | 4,377 | 4,377 | |||
Ending Balance at Jun. 30, 2021 | $ 44 | 17,848 | 24,373 | (11,612) | $ 30,653 |
Beginning Balance (in Shares) at Mar. 31, 2021 | 4,394 | ||||
Beginning Balance at Mar. 31, 2021 | $ 44 | 17,605 | 24,796 | (11,644) | 30,801 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (423) | (423) | |||
Other comprehensive income (loss) | 32 | 32 | |||
Stock-based compensation | 243 | $ 243 | |||
Restricted stock cancellation (in shares) | (17) | ||||
Ending Balance (in Shares) at Jun. 30, 2021 | 4,377 | 4,377 | |||
Ending Balance at Jun. 30, 2021 | $ 44 | $ 17,848 | $ 24,373 | $ (11,612) | $ 30,653 |
CONSOLIDATED STATEMENT OF SHA_2
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY (Parenthetical) | 9 Months Ended |
Jun. 30, 2020$ / shares | |
Statement of Stockholders' Equity [Abstract] | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.30 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating activities | ||
Net loss | $ (119) | $ (1,482) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 286 | 345 |
Amortization of intangibles | 7 | 7 |
Loss on sale of fixed assets, net | 1 | 9 |
Foreign exchange loss | 731 | (257) |
Non-cash changes in accounts receivable | 51 | 53 |
Non-cash changes in inventories | 29 | 342 |
Non-cash lease expense | 483 | 486 |
Stock-based compensation expense on stock options and restricted stock awards | 748 | 717 |
Deferred income taxes | 1,149 | 1,946 |
Increase in cash surrender value of life insurance | (143) | (21) |
Non-cash other | 82 | |
Adjustment for financing activities recognized in net income - Gain on forgiveness of debt | (2,196) | |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (2,974) | 4,228 |
Decrease in inventories | 82 | 1,064 |
Increase in refundable income taxes | (338) | (160) |
Decrease (increase) in operating lease right-of-use assets | 9 | (2,666) |
(Increase) decrease in other assets | (825) | 1,360 |
Decrease in investment in lease | 318 | 265 |
(Increase) decrease in long-term receivable | (4,475) | 182 |
Increase (decrease) in accounts payable and accrued expenses | 3,843 | (6,911) |
(Decrease) increase in operating lease liabilities | (352) | 2,240 |
Increase in deferred revenue | 499 | 525 |
(Decrease) Increase in pension and retirement plans liabilities | (402) | 26 |
Decrease in income taxes payable | (62) | (694) |
Increase (decrease) in other long-term liabilities | 4,445 | (379) |
Net cash provided by operating activities | 877 | 1,225 |
Investing activities | ||
Life insurance premiums paid | (70) | (144) |
Proceeds from sales of property, equipment, and improvements | 1 | |
Purchases of property, equipment and improvements | (84) | (285) |
Net cash used in investing activities | (153) | (429) |
Financing activities | ||
Dividends paid | (1,263) | |
Net payments under line-of-credit agreement | 82 | (1,346) |
Proceeds from debt | 4,219 | |
Repayments on debt | (248) | (623) |
Principal payments on finance leases | (262) | (248) |
Purchase of common stock | (46) | |
Proceeds from issuance of shares under equity compensation plans | 106 | 112 |
Net cash (used in) provided by financing activities | (322) | 805 |
Effects of exchange rate on cash | (13) | 276 |
Net increase in cash and cash equivalents | 389 | 1,877 |
Cash and cash equivalents beginning of period | 19,264 | 18,099 |
Cash and cash equivalents end of period | 19,653 | 19,976 |
Supplementary cash flow information: | ||
Cash paid for income taxes | 114 | 16 |
Cash paid for interest | 189 | 189 |
Supplementary non-cash financing activities: | ||
Gain on forgiveness of debt | $ 2,196 | |
Obtaining a right-of-use asset in exchange for a lease liability | $ 216 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation | |
Basis of Presentation | Organization and Business CSP Inc. ("CSPi" or "CSPI" or "the Company" or "we" or "our") was incorporated in 1968 and is based in Lowell, Massachusetts. CSPi and its subsidiaries develop and market IT integration solutions, advanced security products, managed IT services, purpose built network adapters, and high-performance cluster computer systems to meet the diverse requirements of its commercial and defense customers worldwide. The Company operates in two segments, its Technology Solutions (“TS”) segment and High Performance Products (“HPP”) segment. 1. Basis of Presentation The accompanying interim consolidated financial statements have been prepared by the Company, without audit, and reflect all adjustments which, in the opinion of management, are necessary for a fair statement of the results of the interim periods presented. All adjustments were of a normal recurring nature. Certain information and footnote disclosures normally included in the annual consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States, have been omitted. Accordingly, the Company believes that although the disclosures are adequate to make the information presented not misleading, the unaudited consolidated financial statements should be read in conjunction with the footnotes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020. Revision of Prior Period Financial Statements During the preparation of the consolidated financial statements for the year ended September 30, 2020, we identified an immaterial error in the first three quarters of fiscal year 2020 related to the recognition of certain revenue as “net,” when in fact the revenue should have been recorded on a “gross” basis. As a result of evaluating the error, we determined the impact was not material to our financial statements in any prior interim period. However, management has revised the first three quarters of fiscal year 2020. The revised numbers for the three and nine months ended June 30, 2020 are reflected in this Form 10-Q. The only financial statement affected was the Consolidated Statement of Operations. Specifically, financial statement line items Sales - Product, Sales - Services, Cost of sales – Product, and Cost of sales - Services. Net income (loss) and gross profit did not change. Notes affected include Note 4, “Revenue” and Note 15, “Segment Information.” For the three months ended June 30, 2020 For the nine months ended June 30, 2020 As reported Adjustment As revised As reported Adjustment As revised Sales: Product $ 10,294 $ 105 $ 10,399 $ 35,812 $ 1,292 $ 37,104 Services 3,238 143 3,381 10,387 30 10,417 Total sales 13,532 248 13,780 46,199 1,322 47,521 Cost of sales: Product 8,361 239 8,600 29,924 1,313 31,237 Services 947 9 956 3,537 9 3,546 Total cost of sales 9,308 248 9,556 33,461 1,322 34,783 Gross profit $ 4,224 $ — $ 4,224 $ 12,738 $ — $ 12,738 Operating loss $ (393) $ — $ (393) $ (938) $ — $ (938) Net loss $ (210) $ — $ (210) $ (1,482) $ — $ (1,482) Net loss per share – basic $ (0.05) $ — $ (0.05) $ (0.37) $ — $ (0.37) Net loss per share – diluted $ (0.05) $ — $ (0.05) $ (0.37) $ — $ (0.37) |
Use of Estimates
Use of Estimates | 9 Months Ended |
Jun. 30, 2021 | |
Use of Estimates | |
Use of Estimates | 2. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates and assumptions are related to reserves for bad debt, reserves for inventory obsolescence, the impairment assessment of intangible assets, right-of-use assets and lease liabilities, and the calculation of standalone selling price for revenue recognition, the calculation of liabilities related to deferred compensation and retirement plans and the calculation of income tax liabilities. Actual results may differ from those estimates under different assumptions or conditions. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2021 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements Accounting standards adopted in fiscal year 2021 In August 2018, the FASB issued Accounting Standard Update (“ASU”) No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) New accounting standards not adopted as of June 30, 2021 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates |
Revenue
Revenue | 9 Months Ended |
Jun. 30, 2021 | |
Revenue | |
Revenue | 4. Revenue We derive revenue from the sale of integrated hardware and software, third-party service contracts, professional services, managed services, financing of hardware and software, and other services. We recognize revenue from hardware upon transfer of control, which is at a point in time typically upon shipment when title transfers. Revenue from software is recognized at a point in time when the license is granted. Professional services generally include implementation, installation, and training services. Professional services are considered a series of distinct services that form one performance obligation and revenue is recognized over time as services are performed. Revenue generated from managed services is recognized over the term of the contract. Certain managed services contracts include financing of hardware and software. Revenues from arrangements which include financing are allocated considering relative standalone selling prices of lease and non-lease components within the agreement. The lease component includes hardware, which is subject to ASC 842, Leases Revenue from Contracts with Customers Other services generally include revenue generated through our royalty, extended warranty, multicomputer repair, and maintenance contracts. Royalty revenue is sales-based and recognized on date of subsequent sale of the product, which occurs on the date of customer shipment. Revenue from extended warranty contracts is recognized ratably over the warranty period. Multicomputer repair services revenue is recognized upon control transfer when the customer takes possession of the computer at time of shipping. Revenue generated from maintenance services is recognized evenly over the term of the contract. The right of return risk lies with the original manufacturer of the product. Managed service contracts contain the right to refund if canceled within 30 days of inception. Any products with a standard warranty are treated as a warranty obligation under ASC 460, Guarantees. The following policies are applicable to our major categories of segment revenue transactions: TS Segment Revenue TS Segment revenue is derived from the sale of hardware, software, professional services, third-party service contracts, maintenance contracts, managed services, and financing of hardware and software. Financing revenue pertaining to the portion of an arrangement containing a lease is recognized in accordance with ASC 842. Financing revenue related to the lease is recorded in revenue as equipment leasing is part of our operations. Third-party service contracts are evaluated to determine whether such service revenue should be recorded as gross or net sales and whether over time or at point in time. HPP Segment Revenue HPP segment revenue is derived from the sale of integrated hardware and software, maintenance, and other services through the Multicomputer, Myricom, and ARIA product lines. Myricom revenue is derived from the sale of products, which are comprised of both hardware and embedded software which is essential to the products’ functionality, and post contract maintenance and support. Post contract maintenance and support is considered immaterial in the context of the contract and therefore is not a separate performance obligation. See disaggregated revenues below by products/services and geography. Technology Solutions Segment High Performance Products United Consolidated For the three months ended June 30, Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 602 $ 130 $ 9,408 $ 9,538 $ 10,140 Service 356 83 3,140 3,223 3,579 Finance * — — 2 2 2 Total sales $ 958 $ 213 $ 12,550 $ 12,763 $ 13,721 Technology Solutions Segment High Performance Products United Consolidated For the three months ended June 30, Segment Kingdom U.S. Total Total (Amounts in thousands) 2020 Sales: Product $ 780 $ 75 $ 9,525 $ 9,600 $ 10,380 Service 803 132 2,446 2,578 3,381 Finance * — — 19 19 19 Total sales $ 1,583 $ 207 $ 11,990 $ 12,197 $ 13,780 Technology Solutions Segment High Performance Products United Consolidated For the nine months ended June 30 Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 2,494 $ 1,774 $ 25,238 $ 27,012 $ 29,506 Service 908 260 8,503 8,763 9,671 Finance * — — 20 20 20 Total sales $ 3,402 $ 2,034 $ 33,761 $ 35,795 $ 39,197 Technology Solutions Segment High Performance Products United Consolidated For the nine months ended June 30 Segment Kingdom U.S. Total Total (Amounts in thousands) 2020 Sales: Product $ 2,469 $ 812 $ 33,755 $ 34,567 $ 37,036 Service 1,630 342 8,445 8,787 10,417 Finance * — — 68 68 68 Total sales $ 4,099 $ 1,154 $ 42,268 $ 43,422 $ 47,521 * Finance revenue is related to equipment leasing and is not subject to the guidance on revenue from contracts with customers (ASC 606). Significant Judgments The input method using labor hours expended relative to the total expected hours is used to recognize revenue for professional services. Only the hours that depict our performance toward satisfying a performance obligation are used to measure progress. An estimate of hours for each professional service agreement is made at the beginning of each contract based on prior experience and monitored throughout the performance of the services. This method is most appropriate as it depicts the measure of progress towards satisfaction of the performance obligation. A financing component exists when at contract inception the period between the transfer of a promised good and/or service to the customer differs from when the customer pays for the good and/or service. As a practical expedient, we have elected not to adjust the amount of consideration for effects of a significant financing component when it is anticipated the promised good or service will be transferred and the subsequent payment will be one year or less. Certain contracts contain a financing component including managed services contracts with financing of hardware and software. The interest rate used reflects the approximate interest rate consistent with a separate financing transaction with the customer at the inception of the agreement. Revenues from arrangements which include financing are allocated considering relative standalone selling prices of lease and non-lease components within the agreement. The lease component includes hardware, which is subject to ASC 842, Leases Revenue from Contracts with Customers When product and non-managed services are sold together, the allocation of the transaction price to each performance obligation is calculated based on the estimated relative selling price or a budgeted cost-plus margin approach, as appropriate. Due to the complex nature of these contracts, there is significant judgment in allocating the transaction price. These estimates are periodically reviewed by project managers, engineers, and other staff involved to ensure estimates remain appropriate. For items sold separately, including hardware, software, professional services, maintenance contracts, other services, and third-party service contracts, there is no allocation as there is one performance obligation. We recognize revenue from third-party service contracts as either gross sales or net sales depending on whether we are acting as a principal party to the transaction or simply acting as an agent or broker based on control and timing. We are a principal if we control the good or service before that good or service is transferred to the customer. We record revenue as gross when we are a principal party to the arrangement and net of cost when we are acting as a broker or agent for a third party. Under gross sales recognition, the entire selling price is recorded in revenue and our cost to the third-party service provider or vendor is recorded in cost of sales. Under net sales recognition, the cost to the third-party service provider or vendor is recorded as a reduction to revenue resulting in net sales equal to the gross profit on the transaction. Third-party service contracts are sold in different combinations with hardware, software, and services. When we are an agent, revenue is typically recorded at a point in time. When we are the principal, revenue is recognized over the contract term. We have concluded we are the agent in sales of third-party maintenance, software or hardware support, and certain security software that is sold with integral third-party delivered software maintenance that include critical updates. Contract Assets and Liabilities When we have performed work but do not have an unconditional right to payment, a contract asset is recorded. When we have the right to bill a customer, accounts receivable is recorded as an unconditional right exists. Current contract assets were $1.7 million and $1.0 million as of June 30, 2021 and September 30, 2020, respectively. The current portion is recorded in other current assets on the consolidated balance sheets. There were no noncurrent contract assets as of June 30, 2021 and September 30, 2020. The difference in the balances is due to regular timing differences between when work is performed and having an unconditional right to payment. There was a large increase during the nine months ended June 30, 2021 due to a noncancelable contract for managed services in the TS segment. Contract liabilities arise when payment is received before we transfer a good or service to the customer. Current contract liabilities were $1.4 million and $0.9 million as of June 30, 2021 and September 30, 2020, respectively. The current portion of contract liabilities is recorded in deferred revenue on the consolidated balance sheets. The long-term portion of contract liabilities were $0.6 million and $0.2 million as of June 30, 2021 and September 30, 2020, respectively. These noncurrent liabilities are recorded in other noncurrent liabilities on the consolidated balance sheets. Revenue recognized for the nine months ended that was included in contract liabilities as of September 30, 2020 was $0.5 million. Contract Costs Incremental costs ASC 340-40-25-4 three Costs to fulfill a contract are capitalized when the costs are related to a contract or anticipated contract, generate or enhance resources that will be used in satisfying performance obligations in the future, and costs are recoverable. Costs to fulfill a contract are related to the TS portion of the business and involve activities performed before managed services can be completed. Current capitalized fulfillment costs are in the other current assets and noncurrent costs are in other assets on the consolidated balance sheets. The portion of current capitalized costs were $13 thousand as of June 30, 2021 and $13 thousand as of September 30, 2020. The portion of noncurrent capitalized costs were $13 thousand and $22 thousand as of June 30, 2021 and September 30, 2020, respectively. The amount of fulfillment costs amortized for three and nine months ended June 30, 2021 were $3 thousand and $9 thousand, respectively. These costs amortized were recorded in cost of sales. The amount of fulfillment costs amortized for three and nine months ended June 30, 2020 were $3 thousand and $9 thousand, respectively. These costs amortized were recorded in cost of sales. There was no impairment related to fulfillment costs capitalized. Other Projects are typically billed upon completion or at certain milestones. Product and services are typically billed when shipped or as services are being performed. Payment terms are typically 30 days to pay in full except in Europe where it could be up to 90 days. Most of our contracts are less than one year. There are certain contracts that contain a financing component. See Note 6 to the consolidated financial statements for additional information. We elected to use the optional exemption We have certain contracts that have an original term of more than one year. The royalty agreement is longer than one year, but not included in the table below as the royalties are sales-based. Managed service contracts are generally longer than one year. For these contracts the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2021 is set forth in the table below: (Amounts in thousands) Fiscal 2021 (remaining 3 months) $ 463 Fiscal 2022 1,429 Fiscal 2023 668 Fiscal 2024 61 $ 2,621 |
Earnings Per Share of Common St
Earnings Per Share of Common Stock | 9 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share of Common Stock | |
Earnings Per Share of Common Stock | 5. Earnings Per Share of Common Stock Basic net income (loss) per common share is computed by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per common share reflects the maximum dilution that would have resulted from the assumed exercise and share repurchase related to dilutive stock options and is computed by dividing net income (loss) by the assumed weighted average number of common shares outstanding. We are required to present earnings per share (“EPS”), utilizing the two class method because we had outstanding, non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, which are considered participating securities. Basic and diluted earnings per share computations for the Company’s reported net loss attributable to common stockholders are as follows: For the three months ended For the nine months ended June 30, June 30, June 30, June 30, 2021 2020 2021 2020 (Amounts in thousands except per share data) Net loss $ (423) $ (210) (119) (1,482) Less: net loss attributable to nonvested common stock — — — — Net loss attributable to common shareholders $ (423) $ (210) $ (119) $ (1,482) Weighted average total shares outstanding – basic 4,179 4,048 4,137 4,015 Less: weighted average non–vested shares outstanding — — — — Weighted average number of common shares outstanding – basic 4,179 4,048 4,137 4,015 Potential common shares from non–vested stock awards and the assumed exercise of stock options — — — — Weighted average common shares outstanding – diluted 4,179 4,048 4,137 4,015 Net loss per share – basic $ (0.10) $ (0.05) $ (0.03) $ (0.37) Net loss per share – diluted $ (0.10) $ (0.05) $ (0.03) $ (0.37) Non-vested restricted stock awards of 208,000 and 209,000 shares were excluded from the diluted loss per share calculation for the three and nine months ended June 30, 2021, respectively. Non-vested restricted stock awards of 205,000 and 200,000 shares were excluded from the diluted loss per share calculation for the three and nine months ended June 30, 2020, respectively. These awards were excluded because there was a net loss for these periods and their inclusion would have been anti-dilutive. |
Accounts and Long Term Receivab
Accounts and Long Term Receivable | 9 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Accounts and Long Term Receivable | 6 . Accounts and Long-Term Receivable Within accounts receivable and long-term receivable there are amounts due reflecting sales whose payment terms exceed one year. This financing is separate from agreements with a leasing component, see Note 8, “Leases” for financing through leases. These receivables are included in Accounts receivable and Long-term receivable in the amount of $4.6 million and $8.1 million as of June 30, 2021. These receivables are included in Accounts receivable and Long-term receivable in the amount of $2.3 million and $3.5 million as of September 30, 2020, respectively. There were two new agreements effective in the second quarter of fiscal year 2021 causing an increase in accounts and long-term receivable. These agreements included approximately $9.0 million of payments to be received over the next 4 years from the effective date of the agreement. It was determined we were acting as the agent in the transactions and recorded net revenue of approximately $0.5 million during the second quarter of fiscal year 2021. There were two new agreements effective in the third quarter of fiscal year 2021 causing an increase in accounts and long-term receivable. These agreements included approximately $5.2 million of payments to be received over the next 2 years from the effective date of the agreement. It was determined we were acting as the agent in the transactions and recorded net revenue of approximately $0.4 million during the third quarter of fiscal year 2021. The receivables with a payment term exceeding one year carry an average weighted interest rate of 4.8%, which reflects the approximate interest rate consistent with a separate financing transaction with the customer at the inception of the agreement. There is not an allowance for credit losses nor impairments for accounts and long-term receivables with a contractual maturity of over one The amount of interest income earned from sales whose payment terms exceed one year for the three months ended June 30, 2021 and 2020 was $169 thousand and $120 thousand, respectively. The amount of interest income earned from sales whose payment terms exceed one year for the nine months ended June 30, 2021 and 2020 was $387 thousand and $349 thousand, respectively. Interest income from these agreements is recorded in Other income (expense), net on the Consolidated Statements of Operations. Receivables whose payment terms exceed one year are placed on non-accrual status, meaning interest income stops being recorded, when the customer has a past due amount in excess of 30 days or reasonable doubt exists in collecting all interest and principal. A payment due in excess of 30 days is considered delinquent. If a payment is received for a receivable on non-accrual status the payment is first applied to interest and then principal. Recording interest income resumes once no reasonable doubt exists regarding collecting all interest and principal. Contractual maturities of outstanding financing with an original contractual maturity over one year are as follows: Fiscal year ending September 30: (Amounts in thousands) 2021 (3 months) $ 1,280 2022 4,991 2023 4,115 2024 1,560 2025 1,560 Total payments 13,506 Less: unearned income 841 Total, net of unearned income $ 12,665 |
Inventories
Inventories | 9 Months Ended |
Jun. 30, 2021 | |
Inventories | |
Inventories | 7 . Inventories Inventories consist of the following: June 30, September 30, 2021 2020 (Amounts in thousands) Raw materials $ 761 $ 574 Work-in-process 395 213 Finished goods 4,021 4,498 Total $ 5,177 $ 5,285 |
Leases
Leases | 9 Months Ended |
Jun. 30, 2021 | |
Leases | |
Leases | 8 . Leases Information related to both lessee and lessor The components of lease costs for the three months ended June 30, 2021 and 2020 are as follows: Three months ended Consolidated Statements of Operations Location Consolidated Statements of Operations Location June 30, 2021 June 30, 2020 (Amounts in thousands) Finance Lease: Interest on lease liabilities Interest expense $ 2 $ 5 Operating Lease: Operating lease cost Selling, general, and administrative 170 186 Short-term lease cost Selling, general, and administrative 23 3 Total lease costs $ 195 $ 194 Less sublease interest income Revenue (2) (19) Total lease costs, net of sublease interest income $ 193 $ 175 The components of lease costs for nine months ended June 30, 2021 and 2020 are as follows: Nine months ended Consolidated Statements of Operations Location Consolidated Statements of Operations Location June 30, 2021 June 30, 2020 (Amounts in thousands) Finance Lease: Interest on lease liabilities Interest expense $ 10 $ 24 Operating Lease: Operating lease cost Selling, general, and administrative 538 547 Short-term lease cost Selling, general, and administrative 36 9 Total lease costs $ 584 $ 580 Less sublease interest income Revenue (20) (68) Total lease costs, net of sublease interest income $ 564 $ 512 Supplemental cash flow information related to leases for three months ended June 30, 2021 and 2020 is below: Three months ended June 30, 2021 June 30, 2020 (Amounts in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 177 $ 182 Operating cash flows from short-term leases 23 10 Operating cash flows from finance leases 2 6 Financing cash flows from finance leases 89 91 Lease assets obtained in exchange for new lease liabilities Operating leases — 212 Cash received from subleases 113 113 Supplemental cash flow information related to leases for nine months ended June 30, 2021 and 2020 is below: Nine months ended June 30, 2021 June 30, 2020 (Amounts in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 553 $ 561 Operating cash flows from short-term leases 36 29 Operating cash flows from finance leases 10 25 Financing cash flows from finance leases 262 248 Lease assets obtained in exchange for new lease liabilities Operating leases — 216 Cash received from subleases 338 338 |
Accounts payable and other nonc
Accounts payable and other noncurrent liabilities | 9 Months Ended |
Jun. 30, 2021 | |
Accounts payable and other noncurrent liabilities | |
Accounts payable and other noncurrent liabilities | 9. Accounts payable and other noncurrent liabilities In February 2021, the Company’s US. division of the TS segment entered into another agreement with a vendor to pay approximately $7.2 million including interest for goods and services through fiscal year 2025 in 6 payments through fiscal year 2025 related to a multi-year agreement with a customer. See Note 6, “Accounts and Long-Term Receivable” for further information related to the multi-year agreements above. There was not an interest rate stated and therefore interest was imputed under ASC 835 Interest Interest expense related to these agreements for the three months ended June 30, 2021 was $92 thousand. Interest expense related to the notes for the nine months ended June 30, 2021 was $121 thousand. There was not interest expense in prior year due to these agreements being effective in the second quarter of fiscal year 2021. The amounts owed for these agreements are in within accounts payable and other noncurrent liabilities because they are owed to a vendor rather than banks or financial institutions for borrowings. See Note 10, “Notes Payable and Line of Credit” for amounts due to banks and other financial institutions for borrowings. Below are details of the agreements with the vendor that contain imputed interest: June 30, 2021 (Amounts in thousands) Current $ 1,468 Less: discount 246 Accounts payable and accrued expenses $ 1,222 Noncurrent $ 4,403 Less: discount 353 Other noncurrent liabilities $ 4,050 The Company had a total of approximately $6.8 million due to this vendor including the two aforementioned agreements and other payables as of June 30, 2021. This is approximately 40% of Accounts payable and other noncurrent liabilities. The TS segment has many vendors it transacts with and does not have any specific agreement with this vendor that it must purchase certain products from the vendor. Management believes other suppliers could provide similar products on comparable terms. |
Notes Payable and Line of Credi
Notes Payable and Line of Credit | 9 Months Ended |
Jun. 30, 2021 | |
Notes Payable and Line of Credit | |
Notes Payable and Line of Credit | 10 . Notes Payable and Line of Credit In September 2019, the Company borrowed $1.0 million with a 5.0% rate of interest related to a multi-year agreement with a customer. See Note 6 for the disclosure related to the receivables. In October 2019, the Company borrowed $2.0 million with a 5.1% rate of interest related to a multi-year agreement with a customer. On April 17, 2020, CSP, Inc. and Modcomp, Inc., its wholly owned subsidiary (collectively, the “Borrowers”) each received a loan in the form of a promissory note from Paragon Bank (“Lender”) in the amounts of $827,000 and $1,353,600, respectively (the “SBA Loans”) under the Paycheck Protection Program (“PPP”), which was established under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) administered by the U.S. Small Business Administration (“SBA”). The SBA Loans have a two-year term and carry an annual fixed interest rate of 1%. The SBA Loans provided for customary events of default, including, among others, those relating to failure to make payment, bankruptcy, materially false or misleading representations to Lender or SBA, and adverse changes in the financial condition or business operations that Lender believed could materially affect Borrowers’ ability to pay the SBA Loans. The Borrowers did not provide any collateral or guarantees for the SBA Loans and the Borrowers could prepay the principal of the SBA Loans at any time without penalty. The Borrowers applied to the Lender for forgiveness of an amount due on the SBA Loans in an amount equal to the sum of certain costs during the 24 week period beginning on the date of the first disbursement of the SBA Loans. The amount of SBA Loans forgiveness was calculated in accordance with the requirements of the PPP, including provisions of Section 1106 of the CARES Act. We used the SBA Loans proceeds in accordance with the applicable SBA guidelines. In November 2020 the SBA Loans were formally forgiven. The $2.2 million gain is presented on the Consolidated Statement of Operations as Gain on forgiveness of debt. Interest expense related to the notes for the three months ended June 30, 2021 and 2020 was $21 thousand and $36 thousand, respectively. Interest expense related to the notes for the nine months ended June 30, 2021 and 2020 was $67 thousand and $99 thousand, respectively. Below are details of the notes payable. June 30, 2021 September 30, 2020 (Amounts in thousands) Current $ 808 $ 1,702 Less: notes discount 60 89 Notes payable - current portion $ 748 $ 1,613 Noncurrent $ 987 $ 2,559 Less: notes discount 33 74 Notes payable - noncurrent portion $ 954 $ 2,485 As of June 30, 2021 and September 30, 2020, the Company maintained an inventory line of credit with a borrowing capacity of $15.0 million. It may be used by the TS and HPP segments in the U.S. to purchase inventory from approved vendors with payment terms which exceed those offered by the vendors. No interest accrues under the inventory line of credit when advances are paid within terms, however, late payments are subject to an interest charge of Prime plus 5%. The credit agreement for the inventory line of credit contains financial covenants which require the Company to maintain the following TS segment-specific financial ratios: (1) a minimum current ratio of 1.2, (2) tangible net worth of no less than $4.0 million, and (3) a maximum ratio of total liabilities to total net worth of less than 5.0:1. As of June 30, 2021 and September 30, 2020, Company borrowings, all from the TS segment, under the inventory line of credit were $1.7 million and $1.6 million, respectively, and the Company was in compliance with all financial covenants. As of June 30, 2021 and September 30, 2020 this line of credit also includes availability of a limited cash withdrawal of up to $1.0 million and $1.0 million, respectively. As of June 30, 2021 and September 30, 2020 there were no cash withdrawals outstanding. |
Pension and Retirement Plans
Pension and Retirement Plans | 9 Months Ended |
Jun. 30, 2021 | |
Pension and Retirement Plans | |
Pension and Retirement Plans | 11. Pension and Retirement Plans The Company’s operations have defined benefit and defined contribution plans in the U.K. and in the U.S. In the U.K., the Company provides defined benefit pension plans and defined contribution plans for some of its employees. In the U.S., the Company provides benefits through supplemental retirement plans to certain former employees. The U.S. supplemental retirement plans have life insurance policies which are not plan assets but were purchased by the Company as a vehicle to fund the costs of the plan. The Company also provides for officer death benefits through post-retirement plans to certain officers of the Company in the U.S. All the Company’s defined benefit plans are closed to newly hired employees and have been since September 2009. The Company funds its pension plans in amounts sufficient to meet the requirements set forth in applicable employee benefits laws and local tax laws. Liabilities for amounts in excess of these funding levels are accrued and reported in the consolidated balance sheets. The Company’s pension plan in the U.K. is the only plan with plan assets. The plan assets consist of an investment in a commingled fund which in turn comprises a diversified mix of assets including corporate equity securities, government securities and corporate debt securities. The components of net periodic benefit costs related to the U.S. and U.K. plans are as follows: Three Months Ended June 30, 2021 2020 U.K. U.S. Total U.K. U.S. Total (Amounts in thousands) Pension: Interest cost $ 63 $ 3 $ 66 $ 64 $ 3 $ 67 Expected return on plan assets (103) — (103) (72) — (72) Amortization of past service costs 2 — 2 2 — 2 Amortization of net gain 47 1 48 46 — 46 Net periodic benefit cost $ 9 $ 4 $ 13 $ 40 $ 3 $ 43 Post Retirement: Service cost $ — $ 8 $ 8 $ — $ 10 $ 10 Interest cost — 13 13 — 12 12 Amortization of net gain — (39) (39) — 4 4 Net periodic cost $ — $ (18) $ (18) $ — $ 26 $ 26 Nine Months Ended June 30, 2021 2020 U.K. U.S. Total U.K. U.S. Total (Amounts in thousands) Pension: Interest cost $ 182 $ 8 $ 190 $ 196 $ 11 $ 207 Expected return on plan assets (299) — (299) (220) — (220) Amortization of past service costs 6 — 6 6 — 6 Amortization of net gain (loss) 136 3 139 142 2 144 Net periodic benefit cost $ 25 $ 11 $ 36 $ 124 $ 13 $ 137 Post Retirement: Service cost $ — $ 31 $ 31 $ — $ 29 $ 29 Interest cost — 35 35 — 35 35 Amortization of net loss — (14) (14) — 16 16 Net periodic cost $ — $ 52 $ 52 $ — $ 80 $ 80 The fair value of the assets held by the U.K. pension plan by asset category are as follows: Fair Values as of June 30, 2021 September 30, 2020 Fair Value Measurements Using Inputs Considered as Fair Value Measurements Using Inputs Considered as Asset Category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (Amounts in thousands) Cash on deposit $ 178 $ 178 $ — $ — $ 471 $ 471 $ — $ — Pooled funds 11,891 11,891 — — 9,269 9,269 — — Total plan assets $ 12,069 $ 12,069 $ — $ — $ 9,740 $ 9,740 $ — $ — |
Income Taxes
Income Taxes | 9 Months Ended |
Jun. 30, 2021 | |
Income Taxes | |
Income Taxes | 12. Income Taxes An income tax expense of $35 thousand was recorded for the three months ended June 30, 2021 compared to an income tax expense of $10 thousand in the same period of 2020. An income tax expense of $868 thousand was recorded for the nine months ended June 30, 2021 compared to income tax expense of $1,109 thousand in the same period of 2020. The income tax expense for the nine months ended June 30, 2021 is primarily driven by an increase in the valuation allowance against deferred tax assets in the period, offset by a benefit recorded for a change in tax law, allowing for the immediate deduction of covered expenses incurred through the Paycheck Protection Program. The income tax expense for the year to date ended June 30, 2020 reflected the recording of a valuation allowance against deferred tax assets during the third fiscal quarter, offset by the anticipated tax benefit from the carryback of net operating losses. The provisions above are estimates, and accordingly, changes to these estimates will be recorded in subsequent periods as more information and guidance becomes available. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | 13. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: June 30, September 30, 2021 2020 (Amounts in thousands) Cumulative effect of foreign currency translation $ (4,313) $ (4,696) Cumulative unrealized loss on pension liability (7,299) (7,299) Accumulated other comprehensive loss $ (11,612) $ (11,995) |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended |
Jun. 30, 2021 | |
Fair Value of Financial Assets and Liabilities | |
Fair Value of Financial Assets and Liabilities | 14. Fair Value of Financial Assets and Liabilities Under the fair value standards fair value is based on the exit price and defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement should reflect all the assumptions that market participants would use in pricing an asset or liability. A fair value hierarchy is established in the authoritative guidance outlined in three levels ranking from Level 1 to Level 3 with Level 1 being the highest priority. Level 1: observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly Level 3: unobservable inputs (e.g., a reporting entity’s or other entity’s own data) The Company had no assets or liabilities measured at fair value on a recurring (except our pension plan assets and whole life insurance policies, see Note 11 for pension plan assets) or non-recurring basis as of June 30, 2021 or September 30, 2020. To estimate fair value of the financial instruments below, quoted market prices are used when available and classified within Level 1. If this data is not available, we use observable market-based inputs to estimate fair value, which are classified within Level 2. If the preceding information is unavailable, we use internally generated data to estimate fair value which is classified within Level 3. As of June 30, 2021 As of September 30, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Fair Value Level Reference (Amounts in thousands) Assets: Cash and cash equivalents $ 19,653 $ 19,653 $ 19,264 $ 19,264 1 Consolidated Balance Sheets Accounts and long-term receivable* 12,665 12,665 5,839 5,839 3 Note 6 Liabilities: Accounts payable and accrued expenses and other long-term liabilities* 5,272 5,272 — — 3 Note 9 Line of Credit 1,654 1,654 1,573 1,573 2 Consolidated Balance Sheets & Note 10 Notes payable 1,702 1,702 4,098 4,098 3 Note 10 *Original maturity over one year Cash and cash equivalents Carrying amount approximated fair value. Accounts and long-term receivable with original maturity over one year Fair value was estimated by discounting future cash flows based on the current rate with similar terms. Line of credit The fair value of our line of credit is based on borrowing rates currently available to a market participant for loans with similar terms or maturity. The carrying amount of our outstanding revolving line of credit approximates fair value because the base interest rate charged varies with market conditions and the credit spread is commensurate with current market spreads for issuers of similar risk. No interest accrues under the inventory line of credit when advances are paid within terms. Notes Payable Fair value was estimated by discounting future cash flows based on the current rate the Company could get in another transaction with similar terms based on historical information. Fair value of accounts receivable with an original maturity of one year or less and accounts payable was not materially different from their carrying values as of June 30, 2021 and September 30, 2020. |
Segment Information
Segment Information | 9 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | 15. Segment Information The following tables present certain operating segment information for the three and nine months ended June 30, 2021 and 2020. Technology Solutions Segment High Performance Products United Consolidated For the three months ended June 30, Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 602 $ 130 $ 9,410 $ 9,540 $ 10,142 Service 356 83 3,140 3,223 3,579 Total sales $ 958 $ 213 $ 12,550 $ 12,763 $ 13,721 Income (loss) from operations $ (1,372) $ (95) $ 1,110 $ 1,015 $ (357) Total assets $ 8,501 $ 9,942 $ 42,113 $ 52,055 $ 60,556 Capital expenditures 11 — 30 30 41 Depreciation and amortization 41 — 50 50 91 2020 Sales: Product $ 780 $ 75 $ 9,544 $ 9,619 $ 10,399 Service 803 132 2,446 2,578 3,381 Total sales $ 1,583 $ 207 $ 11,990 $ 12,197 $ 13,780 Income (loss) from operations $ (765) $ 32 $ 340 $ 372 $ (393) Total assets $ 9,046 $ 10,729 $ 34,486 $ 45,215 $ 54,261 Capital expenditures — — 45 45 45 Depreciation and amortization 50 — 63 63 113 Technology Solutions Segment High Performance Products United Consolidated For the nine months ended June 30, Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 2,494 $ 1,774 $ 25,258 $ 27,032 $ 29,526 Service 908 260 8,503 8,763 9,671 Total sales $ 3,402 $ 2,034 $ 33,761 $ 35,795 $ 39,197 Income (loss) from operations $ (3,565) $ (130) $ 2,680 $ 2,550 $ (1,015) Total assets $ 8,501 $ 9,942 $ 42,113 $ 52,055 $ 60,556 Capital expenditures 18 — 66 66 84 Depreciation and amortization 134 — 159 159 293 2020 Sales: Product $ 2,469 $ 812 $ 33,823 $ 34,635 $ 37,104 Service 1,630 342 8,445 8,787 10,417 Total sales $ 4,099 $ 1,154 $ 42,268 $ 43,422 $ 47,521 Income (loss) from operations $ (3,052) $ (15) $ 2,129 $ 2,114 $ (938) Total assets $ 9,046 $ 10,729 $ 34,486 $ 45,215 $ 54,261 Capital expenditures 63 — 222 222 285 Depreciation and amortization 165 3 184 187 352 Income (loss) from operations consists of sales less cost of sales, engineering and development expenses, and selling, general and administrative expenses but is not affected by either other income/expense or by income taxes expense (benefit). Non-operating expenses/income consists principally of investment income, interest income from transactions with payment terms exceeding one year (see Note 6, “Accounts and Long-Term Receivable” for details), and interest expense. All intercompany transactions have been eliminated. The following table lists customers from which the Company derived revenues of 10% or more of total revenues for the three and nine months ended June 30, 2021 and 2020. For the three months ended June 30, For the nine months ended June 30, 2021 2020 2021 2020 Customer % of Total Customer % of Total Customer % of Total Customer % of Total Revenues Revenues Revenues Revenues Revenues Revenues Revenues Revenues (Amounts in millions) Customer A $ 1.4 11 % $ 1.6 11 % $ 2.2 6 % $ 2.3 5 % Customer B $ 0.5 4 % $ 1.9 14 % $ 2.3 6 % $ 4.2 9 % Customer B totaled approximately $12.4 million, or 51%, and approximately $4.7 million, or 28%, of total consolidated accounts receivable and long-term receivable as of June 30, 2021 and September 30, 2020, respectively. There were no other customers that were more than 10% of total consolidated accounts receivable and long-term receivable as of June 30, 2021. We believe that the Company is not exposed to any significant credit risk with respect to the accounts receivable with any customers as of June 30, 2021. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation | |
Summary of revisions for previously reported financial statements | For the three months ended June 30, 2020 For the nine months ended June 30, 2020 As reported Adjustment As revised As reported Adjustment As revised Sales: Product $ 10,294 $ 105 $ 10,399 $ 35,812 $ 1,292 $ 37,104 Services 3,238 143 3,381 10,387 30 10,417 Total sales 13,532 248 13,780 46,199 1,322 47,521 Cost of sales: Product 8,361 239 8,600 29,924 1,313 31,237 Services 947 9 956 3,537 9 3,546 Total cost of sales 9,308 248 9,556 33,461 1,322 34,783 Gross profit $ 4,224 $ — $ 4,224 $ 12,738 $ — $ 12,738 Operating loss $ (393) $ — $ (393) $ (938) $ — $ (938) Net loss $ (210) $ — $ (210) $ (1,482) $ — $ (1,482) Net loss per share – basic $ (0.05) $ — $ (0.05) $ (0.37) $ — $ (0.37) Net loss per share – diluted $ (0.05) $ — $ (0.05) $ (0.37) $ — $ (0.37) |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Revenue | |
Schedule of disaggregated revenues | See disaggregated revenues below by products/services and geography. Technology Solutions Segment High Performance Products United Consolidated For the three months ended June 30, Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 602 $ 130 $ 9,408 $ 9,538 $ 10,140 Service 356 83 3,140 3,223 3,579 Finance * — — 2 2 2 Total sales $ 958 $ 213 $ 12,550 $ 12,763 $ 13,721 Technology Solutions Segment High Performance Products United Consolidated For the three months ended June 30, Segment Kingdom U.S. Total Total (Amounts in thousands) 2020 Sales: Product $ 780 $ 75 $ 9,525 $ 9,600 $ 10,380 Service 803 132 2,446 2,578 3,381 Finance * — — 19 19 19 Total sales $ 1,583 $ 207 $ 11,990 $ 12,197 $ 13,780 Technology Solutions Segment High Performance Products United Consolidated For the nine months ended June 30 Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 2,494 $ 1,774 $ 25,238 $ 27,012 $ 29,506 Service 908 260 8,503 8,763 9,671 Finance * — — 20 20 20 Total sales $ 3,402 $ 2,034 $ 33,761 $ 35,795 $ 39,197 Technology Solutions Segment High Performance Products United Consolidated For the nine months ended June 30 Segment Kingdom U.S. Total Total (Amounts in thousands) 2020 Sales: Product $ 2,469 $ 812 $ 33,755 $ 34,567 $ 37,036 Service 1,630 342 8,445 8,787 10,417 Finance * — — 68 68 68 Total sales $ 4,099 $ 1,154 $ 42,268 $ 43,422 $ 47,521 * Finance revenue is related to equipment leasing and is not subject to the guidance on revenue from contracts with customers (ASC 606). |
Schedule of revenue, performance obligations | (Amounts in thousands) Fiscal 2021 (remaining 3 months) $ 463 Fiscal 2022 1,429 Fiscal 2023 668 Fiscal 2024 61 $ 2,621 |
Earnings Per Share of Common _2
Earnings Per Share of Common Stock (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share of Common Stock | |
Schedule of basic and diluted earnings per share computations | Basic and diluted earnings per share computations for the Company’s reported net loss attributable to common stockholders are as follows: For the three months ended For the nine months ended June 30, June 30, June 30, June 30, 2021 2020 2021 2020 (Amounts in thousands except per share data) Net loss $ (423) $ (210) (119) (1,482) Less: net loss attributable to nonvested common stock — — — — Net loss attributable to common shareholders $ (423) $ (210) $ (119) $ (1,482) Weighted average total shares outstanding – basic 4,179 4,048 4,137 4,015 Less: weighted average non–vested shares outstanding — — — — Weighted average number of common shares outstanding – basic 4,179 4,048 4,137 4,015 Potential common shares from non–vested stock awards and the assumed exercise of stock options — — — — Weighted average common shares outstanding – diluted 4,179 4,048 4,137 4,015 Net loss per share – basic $ (0.10) $ (0.05) $ (0.03) $ (0.37) Net loss per share – diluted $ (0.10) $ (0.05) $ (0.03) $ (0.37) |
Accounts and Long Term Receiv_2
Accounts and Long Term Receivable (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Summary of contractual maturities of outstanding financing | Fiscal year ending September 30: (Amounts in thousands) 2021 (3 months) $ 1,280 2022 4,991 2023 4,115 2024 1,560 2025 1,560 Total payments 13,506 Less: unearned income 841 Total, net of unearned income $ 12,665 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Inventories | |
Schedule of Inventory, Current | Inventories consist of the following: June 30, September 30, 2021 2020 (Amounts in thousands) Raw materials $ 761 $ 574 Work-in-process 395 213 Finished goods 4,021 4,498 Total $ 5,177 $ 5,285 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Leases | |
Schedule of components of lease costs | Three months ended Consolidated Statements of Operations Location Consolidated Statements of Operations Location June 30, 2021 June 30, 2020 (Amounts in thousands) Finance Lease: Interest on lease liabilities Interest expense $ 2 $ 5 Operating Lease: Operating lease cost Selling, general, and administrative 170 186 Short-term lease cost Selling, general, and administrative 23 3 Total lease costs $ 195 $ 194 Less sublease interest income Revenue (2) (19) Total lease costs, net of sublease interest income $ 193 $ 175 Nine months ended Consolidated Statements of Operations Location Consolidated Statements of Operations Location June 30, 2021 June 30, 2020 (Amounts in thousands) Finance Lease: Interest on lease liabilities Interest expense $ 10 $ 24 Operating Lease: Operating lease cost Selling, general, and administrative 538 547 Short-term lease cost Selling, general, and administrative 36 9 Total lease costs $ 584 $ 580 Less sublease interest income Revenue (20) (68) Total lease costs, net of sublease interest income $ 564 $ 512 |
Supplemental cash flow information | Three months ended June 30, 2021 June 30, 2020 (Amounts in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 177 $ 182 Operating cash flows from short-term leases 23 10 Operating cash flows from finance leases 2 6 Financing cash flows from finance leases 89 91 Lease assets obtained in exchange for new lease liabilities Operating leases — 212 Cash received from subleases 113 113 Nine months ended June 30, 2021 June 30, 2020 (Amounts in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 553 $ 561 Operating cash flows from short-term leases 36 29 Operating cash flows from finance leases 10 25 Financing cash flows from finance leases 262 248 Lease assets obtained in exchange for new lease liabilities Operating leases — 216 Cash received from subleases 338 338 |
Accounts payable and other no_2
Accounts payable and other noncurrent liabilities (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Accounts payable and other noncurrent liabilities | |
Schedule of agreements with vendors contain imputed interest | June 30, 2021 (Amounts in thousands) Current $ 1,468 Less: discount 246 Accounts payable and accrued expenses $ 1,222 Noncurrent $ 4,403 Less: discount 353 Other noncurrent liabilities $ 4,050 |
Notes Payable and Line of Cre_2
Notes Payable and Line of Credit (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Notes Payable [Abstract] | |
Schedule of current and noncurrent notes payable | June 30, 2021 September 30, 2020 (Amounts in thousands) Current $ 808 $ 1,702 Less: notes discount 60 89 Notes payable - current portion $ 748 $ 1,613 Noncurrent $ 987 $ 2,559 Less: notes discount 33 74 Notes payable - noncurrent portion $ 954 $ 2,485 |
Pension and Retirement Plans (T
Pension and Retirement Plans (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Pension and Retirement Plans | |
Schedule of Net Benefit Costs | The components of net periodic benefit costs related to the U.S. and U.K. plans are as follows: Three Months Ended June 30, 2021 2020 U.K. U.S. Total U.K. U.S. Total (Amounts in thousands) Pension: Interest cost $ 63 $ 3 $ 66 $ 64 $ 3 $ 67 Expected return on plan assets (103) — (103) (72) — (72) Amortization of past service costs 2 — 2 2 — 2 Amortization of net gain 47 1 48 46 — 46 Net periodic benefit cost $ 9 $ 4 $ 13 $ 40 $ 3 $ 43 Post Retirement: Service cost $ — $ 8 $ 8 $ — $ 10 $ 10 Interest cost — 13 13 — 12 12 Amortization of net gain — (39) (39) — 4 4 Net periodic cost $ — $ (18) $ (18) $ — $ 26 $ 26 Nine Months Ended June 30, 2021 2020 U.K. U.S. Total U.K. U.S. Total (Amounts in thousands) Pension: Interest cost $ 182 $ 8 $ 190 $ 196 $ 11 $ 207 Expected return on plan assets (299) — (299) (220) — (220) Amortization of past service costs 6 — 6 6 — 6 Amortization of net gain (loss) 136 3 139 142 2 144 Net periodic benefit cost $ 25 $ 11 $ 36 $ 124 $ 13 $ 137 Post Retirement: Service cost $ — $ 31 $ 31 $ — $ 29 $ 29 Interest cost — 35 35 — 35 35 Amortization of net loss — (14) (14) — 16 16 Net periodic cost $ — $ 52 $ 52 $ — $ 80 $ 80 |
Schedule of fair value of Plan Assets | The fair value of the assets held by the U.K. pension plan by asset category are as follows: Fair Values as of June 30, 2021 September 30, 2020 Fair Value Measurements Using Inputs Considered as Fair Value Measurements Using Inputs Considered as Asset Category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (Amounts in thousands) Cash on deposit $ 178 $ 178 $ — $ — $ 471 $ 471 $ — $ — Pooled funds 11,891 11,891 — — 9,269 9,269 — — Total plan assets $ 12,069 $ 12,069 $ — $ — $ 9,740 $ 9,740 $ — $ — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Loss | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss are as follows: June 30, September 30, 2021 2020 (Amounts in thousands) Cumulative effect of foreign currency translation $ (4,313) $ (4,696) Cumulative unrealized loss on pension liability (7,299) (7,299) Accumulated other comprehensive loss $ (11,612) $ (11,995) |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Fair Value of Financial Assets and Liabilities | |
Summary of assets and liabilities at fair value | As of June 30, 2021 As of September 30, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Fair Value Level Reference (Amounts in thousands) Assets: Cash and cash equivalents $ 19,653 $ 19,653 $ 19,264 $ 19,264 1 Consolidated Balance Sheets Accounts and long-term receivable* 12,665 12,665 5,839 5,839 3 Note 6 Liabilities: Accounts payable and accrued expenses and other long-term liabilities* 5,272 5,272 — — 3 Note 9 Line of Credit 1,654 1,654 1,573 1,573 2 Consolidated Balance Sheets & Note 10 Notes payable 1,702 1,702 4,098 4,098 3 Note 10 *Original maturity over one year |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Technology Solutions Segment High Performance Products United Consolidated For the three months ended June 30, Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 602 $ 130 $ 9,410 $ 9,540 $ 10,142 Service 356 83 3,140 3,223 3,579 Total sales $ 958 $ 213 $ 12,550 $ 12,763 $ 13,721 Income (loss) from operations $ (1,372) $ (95) $ 1,110 $ 1,015 $ (357) Total assets $ 8,501 $ 9,942 $ 42,113 $ 52,055 $ 60,556 Capital expenditures 11 — 30 30 41 Depreciation and amortization 41 — 50 50 91 2020 Sales: Product $ 780 $ 75 $ 9,544 $ 9,619 $ 10,399 Service 803 132 2,446 2,578 3,381 Total sales $ 1,583 $ 207 $ 11,990 $ 12,197 $ 13,780 Income (loss) from operations $ (765) $ 32 $ 340 $ 372 $ (393) Total assets $ 9,046 $ 10,729 $ 34,486 $ 45,215 $ 54,261 Capital expenditures — — 45 45 45 Depreciation and amortization 50 — 63 63 113 Technology Solutions Segment High Performance Products United Consolidated For the nine months ended June 30, Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 2,494 $ 1,774 $ 25,258 $ 27,032 $ 29,526 Service 908 260 8,503 8,763 9,671 Total sales $ 3,402 $ 2,034 $ 33,761 $ 35,795 $ 39,197 Income (loss) from operations $ (3,565) $ (130) $ 2,680 $ 2,550 $ (1,015) Total assets $ 8,501 $ 9,942 $ 42,113 $ 52,055 $ 60,556 Capital expenditures 18 — 66 66 84 Depreciation and amortization 134 — 159 159 293 2020 Sales: Product $ 2,469 $ 812 $ 33,823 $ 34,635 $ 37,104 Service 1,630 342 8,445 8,787 10,417 Total sales $ 4,099 $ 1,154 $ 42,268 $ 43,422 $ 47,521 Income (loss) from operations $ (3,052) $ (15) $ 2,129 $ 2,114 $ (938) Total assets $ 9,046 $ 10,729 $ 34,486 $ 45,215 $ 54,261 Capital expenditures 63 — 222 222 285 Depreciation and amortization 165 3 184 187 352 |
Schedule of Revenue by Major Customers | For the three months ended June 30, For the nine months ended June 30, 2021 2020 2021 2020 Customer % of Total Customer % of Total Customer % of Total Customer % of Total Revenues Revenues Revenues Revenues Revenues Revenues Revenues Revenues (Amounts in millions) Customer A $ 1.4 11 % $ 1.6 11 % $ 2.2 6 % $ 2.3 5 % Customer B $ 0.5 4 % $ 1.9 14 % $ 2.3 6 % $ 4.2 9 % |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) | 9 Months Ended |
Jun. 30, 2021segment | |
Basis of Presentation | |
Number of Operating Segments | 2 |
Basis of Presentation - Revisio
Basis of Presentation - Revision of Prior Period Financial Statements (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Sales: | ||||
Total sales | $ 13,721 | $ 13,780 | $ 39,197 | $ 47,521 |
Cost of sales: | ||||
Total cost of sales | 9,492 | 9,556 | 27,222 | 34,783 |
Gross profit | 4,229 | 4,224 | 11,975 | 12,738 |
Operating loss | (357) | (393) | (1,015) | (938) |
Net loss | $ (423) | $ (210) | $ (119) | $ (1,482) |
Net loss per share - basic | $ (0.10) | $ (0.05) | $ (0.03) | $ (0.37) |
Net loss per share - diluted | $ (0.10) | $ (0.05) | $ (0.03) | $ (0.37) |
Product | ||||
Sales: | ||||
Total sales | $ 10,142 | $ 10,399 | $ 29,526 | $ 37,104 |
Cost of sales: | ||||
Total cost of sales | 8,176 | 8,600 | 23,678 | 31,237 |
Service | ||||
Sales: | ||||
Total sales | 3,579 | 3,381 | 9,671 | 10,417 |
Cost of sales: | ||||
Total cost of sales | $ 1,316 | 956 | $ 3,544 | 3,546 |
As Reported | ||||
Sales: | ||||
Total sales | 13,532 | 46,199 | ||
Cost of sales: | ||||
Total cost of sales | 9,308 | 33,461 | ||
Gross profit | 4,224 | 12,738 | ||
Operating loss | (393) | (938) | ||
Net loss | $ (210) | $ (1,482) | ||
Net loss per share - basic | $ (0.05) | $ (0.37) | ||
Net loss per share - diluted | $ (0.05) | $ (0.37) | ||
As Reported | Product | ||||
Sales: | ||||
Total sales | $ 10,294 | $ 35,812 | ||
Cost of sales: | ||||
Total cost of sales | 8,361 | 29,924 | ||
As Reported | Service | ||||
Sales: | ||||
Total sales | 3,238 | 10,387 | ||
Cost of sales: | ||||
Total cost of sales | 947 | 3,537 | ||
Restatement Adjustment | ||||
Sales: | ||||
Total sales | 248 | 1,322 | ||
Cost of sales: | ||||
Total cost of sales | 248 | 1,322 | ||
Restatement Adjustment | Product | ||||
Sales: | ||||
Total sales | 105 | 1,292 | ||
Cost of sales: | ||||
Total cost of sales | 239 | 1,313 | ||
Restatement Adjustment | Service | ||||
Sales: | ||||
Total sales | 143 | 30 | ||
Cost of sales: | ||||
Total cost of sales | $ 9 | $ 9 |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from External Customer [Line Items] | ||||
Managed service contracts, right to refund, period | 30 days | |||
Total sales | $ 13,721 | $ 13,780 | $ 39,197 | $ 47,521 |
Product | ||||
Revenue from External Customer [Line Items] | ||||
Sales | 10,140 | 10,380 | 29,506 | 37,036 |
Total sales | 10,142 | 10,399 | 29,526 | 37,104 |
Service | ||||
Revenue from External Customer [Line Items] | ||||
Sales | 3,579 | 3,381 | 9,671 | 10,417 |
Total sales | 3,579 | 3,381 | 9,671 | 10,417 |
Finance | ||||
Revenue from External Customer [Line Items] | ||||
Finance | 2 | 19 | 20 | 68 |
High Performance Products Segment | ||||
Revenue from External Customer [Line Items] | ||||
Total sales | 958 | 1,583 | 3,402 | 4,099 |
High Performance Products Segment | Product | ||||
Revenue from External Customer [Line Items] | ||||
Sales | 602 | 780 | 2,494 | 2,469 |
Total sales | 602 | 780 | 2,494 | 2,469 |
High Performance Products Segment | Service | ||||
Revenue from External Customer [Line Items] | ||||
Sales | 356 | 803 | 908 | 1,630 |
Total sales | 356 | 803 | 908 | 1,630 |
TS | ||||
Revenue from External Customer [Line Items] | ||||
Total sales | 12,763 | 12,197 | 35,795 | 43,422 |
TS | U.K. | ||||
Revenue from External Customer [Line Items] | ||||
Total sales | 213 | 207 | 2,034 | 1,154 |
TS | U.S. | ||||
Revenue from External Customer [Line Items] | ||||
Total sales | 12,550 | 11,990 | 33,761 | 42,268 |
TS | Product | ||||
Revenue from External Customer [Line Items] | ||||
Sales | 9,538 | 9,600 | 27,012 | 34,567 |
Total sales | 9,540 | 9,619 | 27,032 | 34,635 |
TS | Product | U.K. | ||||
Revenue from External Customer [Line Items] | ||||
Sales | 130 | 75 | 1,774 | 812 |
Total sales | 130 | 75 | 1,774 | 812 |
TS | Product | U.S. | ||||
Revenue from External Customer [Line Items] | ||||
Sales | 9,408 | 9,525 | 25,238 | 33,755 |
Total sales | 9,410 | 9,544 | 25,258 | 33,823 |
TS | Service | ||||
Revenue from External Customer [Line Items] | ||||
Sales | 3,223 | 2,578 | 8,763 | 8,787 |
Total sales | 3,223 | 2,578 | 8,763 | 8,787 |
TS | Service | U.K. | ||||
Revenue from External Customer [Line Items] | ||||
Sales | 83 | 132 | 260 | 342 |
Total sales | 83 | 132 | 260 | 342 |
TS | Service | U.S. | ||||
Revenue from External Customer [Line Items] | ||||
Sales | 3,140 | 2,446 | 8,503 | 8,445 |
Total sales | 3,140 | 2,446 | 8,503 | 8,445 |
TS | Finance | ||||
Revenue from External Customer [Line Items] | ||||
Finance | 2 | 19 | 20 | 68 |
TS | Finance | U.S. | ||||
Revenue from External Customer [Line Items] | ||||
Finance | $ 2 | $ 19 | $ 20 | $ 68 |
Revenue - Revenue Recognition (
Revenue - Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Capitalized Contract Cost [Line Items] | |||||
Current contract assets | $ 1,700 | $ 1,700 | $ 1,000 | ||
Non-current contract assets | 0 | 0 | 0 | ||
Current contract liabilities | 1,446 | 1,446 | 947 | ||
Non-current contract liabilities | 600 | 600 | 200 | ||
Revenue recognized included in contract liabilities | 500 | ||||
Current capitalized costs | 204 | 204 | 130 | ||
Non-current capitalized costs | 0 | 0 | |||
Incremental costs amortized | 89 | $ 84 | 260 | $ 162 | |
Impairment related to costs capitalized | $ 0 | $ 0 | |||
Payment terms | 30 days | ||||
Practical Expedient, Incremental Costs | true | ||||
Remaining Performance Obligation, Optional Exemption | true | ||||
Minimum | |||||
Capitalized Contract Cost [Line Items] | |||||
Amortization Period | 3 years | 3 years | |||
Maximum | |||||
Capitalized Contract Cost [Line Items] | |||||
Amortization Period | 6 years | 6 years | |||
Europe | Maximum | |||||
Capitalized Contract Cost [Line Items] | |||||
Payment terms | 90 days | ||||
TS | |||||
Capitalized Contract Cost [Line Items] | |||||
Current capitalized costs | $ 13 | $ 13 | 13 | ||
Non-current capitalized costs | 13 | 13 | $ 22 | ||
Incremental costs amortized | $ 3 | $ 3 | 9 | $ 9 | |
Impairment related to costs capitalized | $ 0 |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation amount | $ 2,621 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 3 months |
Remaining performance obligation amount | $ 463 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligation amount | $ 1,429 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligation amount | $ 668 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligation amount | $ 61 |
Earnings Per Share of Common _3
Earnings Per Share of Common Stock - Basic and diluted earnings per share computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share of Common Stock | ||||
Net loss | $ (423) | $ (210) | $ (119) | $ (1,482) |
Net loss attributable to common shareholders | $ (423) | $ (210) | $ (119) | $ (1,482) |
Weighted average total shares outstanding - basic | 4,179 | 4,048 | 4,137 | 4,015 |
Weighted average number of common shares outstanding - basic | 4,179 | 4,048 | 4,137 | 4,015 |
Weighted average common shares outstanding - diluted | 4,179 | 4,048 | 4,137 | 4,015 |
Net loss per share - basic | $ (0.10) | $ (0.05) | $ (0.03) | $ (0.37) |
Net loss per share - diluted | $ (0.10) | $ (0.05) | $ (0.03) | $ (0.37) |
Earnings Per Share of Common _4
Earnings Per Share of Common Stock - Anti-dilutive (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share of Common Stock | ||||
Non-vested restricted stock awards shares were excluded from the diluted loss per share calculation | 208,000 | 205,000 | 209,000 | 200,000 |
Accounts and Long Term Receiv_3
Accounts and Long Term Receivable (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Jun. 30, 2021USD ($)agreement | Mar. 31, 2021USD ($)agreement | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable | $ 16,301 | $ 16,301 | $ 13,362 | |||
Long-term receivable | $ 8,117 | $ 8,117 | 3,642 | |||
Minimum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Maturity term of accounts and long term receivables | 1 year | |||||
Vendor Agreement | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of agreements increase in accounts and long term receivable | agreement | 2 | 2 | ||||
Payments to be received from over next four years | $ 9,000 | |||||
Payments to be received from over next two years | $ 5,200 | |||||
Period of payments to be received for accounts and long term receivable | 2 years | 4 years | ||||
Net revenue recorded | $ 400 | $ 500 | ||||
Financing receivables | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts receivable | 4,600 | $ 4,600 | 2,300 | |||
Long-term receivable | $ 8,100 | $ 8,100 | 3,500 | |||
Long term receivables interest rate | 4.80% | 4.80% | ||||
Amount of allowance for credit losses or impairments with a contractual maturity of over one year | $ 0 | $ 0 | ||||
Accounts and long-term receivable past due | 0 | 0 | 0 | |||
Activity in allowance for credit losses for accounts and long-term receivables | $ 0 | $ 0 | ||||
Construction Contractor, Receivable, Excluding Contract Retainage, Fiscal Year Maturity [Abstract] | ||||||
2021 (3 months) | 1,280 | |||||
2022 | 4,991 | |||||
2023 | 4,115 | |||||
2024 | 1,560 | |||||
2025 | 1,560 | |||||
Total payments | 13,506 | |||||
Less: unearned income | 841 | |||||
Total, net of unearned income | $ 12,665 | |||||
Financing receivables | Minimum | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Maturity term of accounts and long term receivables | 1 year | |||||
Financing receivables | Other Income | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accounts And Long Term Receivable, Interest Income | $ 169 | $ 120 | $ 387 | $ 349 |
Inventories - Tabular Disclosur
Inventories - Tabular Disclosure - (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Inventories | ||
Raw materials | $ 761 | $ 574 |
Work-in-process | 395 | 213 |
Finished goods | 4,021 | 4,498 |
Total | $ 5,177 | $ 5,285 |
Leases - Components of lease co
Leases - Components of lease costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Lease: | ||||
Total lease costs | $ 195 | $ 194 | $ 584 | $ 580 |
Total lease costs, net of sublease interest income | 193 | 175 | 564 | 512 |
Selling, general, and administrative | ||||
Finance Lease: | ||||
Interest on lease liabilities | 2 | 5 | 10 | 24 |
Operating Lease: | ||||
Operating lease cost | 170 | 186 | 538 | 547 |
Short-term Lease, Cost | 23 | 3 | 36 | 9 |
Revenue | ||||
Operating Lease: | ||||
Less sublease interest income | $ (2) | $ (19) | $ (20) | $ (68) |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 177 | $ 182 | $ 553 | $ 561 |
Operating cash flows from short-term leases | 23 | 10 | 36 | 29 |
Operating cash flows from finance leases | 2 | 6 | 10 | 25 |
Financing cash flows from finance leases | 89 | 91 | 262 | 248 |
Operating leases | 212 | 216 | ||
Cash received from subleases | $ 113 | $ 113 | $ 338 | $ 338 |
Accounts payable and other no_3
Accounts payable and other noncurrent liabilities - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2021USD ($)item | Jun. 30, 2021USD ($)item | Feb. 28, 2021USD ($)item | |
Vendor Agreement | |||
Accounts payable and other noncurrent liabilities | |||
Payable to vendor | $ 6,800 | $ 6,800 | |
Imputed interest rate | 5.00% | 5.00% | |
Number of vendor agreements | item | 2 | 2 | |
Percentage of Accounts Payable and Noncurrent Liabilities | 40.00% | 40.00% | |
Interest expense | $ 92 | $ 121 | |
Vendor Agreement One | |||
Accounts payable and other noncurrent liabilities | |||
Payable to vendor | $ 1,500 | ||
Number of payments to be made | item | 5 | ||
Vendor Agreement Two | |||
Accounts payable and other noncurrent liabilities | |||
Payable to vendor | $ 7,200 | ||
Number of payments to be made | item | 6 |
Accounts payable and other no_4
Accounts payable and other noncurrent liabilities - Agreements with Vendors (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Accounts payable and other noncurrent liabilities | ||
Accounts payable and accrued expenses | $ 12,255 | $ 8,523 |
Other noncurrent liabilities | 4,649 | $ 202 |
Vendor Agreement | ||
Accounts payable and other noncurrent liabilities | ||
Current | 1,468 | |
Less: discount | 246 | |
Accounts payable and accrued expenses | 1,222 | |
Noncurrent | 4,403 | |
Less: discount | 353 | |
Other noncurrent liabilities | $ 4,050 |
Note Payable and Line of Credit
Note Payable and Line of Credit - Narrative - (Details) - USD ($) | Apr. 17, 2020 | Oct. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Note payable | |||||||
Borrowings | $ 4,219,000 | ||||||
Gain on extinguishment of debt | $ 2,196,000 | ||||||
Notes payable | |||||||
Note payable | |||||||
Borrowings | $ 2,000,000 | $ 1,000,000 | |||||
Interest rate | 5.10% | 5.00% | |||||
Interest Expense, Debt | $ 21,000 | $ 36,000 | 67,000 | $ 99,000 | |||
Small Business Administration Loans | |||||||
Note payable | |||||||
Borrowings | $ 827,000 | ||||||
Term of Loan | 2 years | ||||||
Interest rate | 1.00% | ||||||
Gain on extinguishment of debt | $ 2,200,000 | ||||||
Small Business Administration Loans | Modcomp Inc | |||||||
Note payable | |||||||
Borrowings | $ 1,353,600 |
Notes Payable and Line of Cre_3
Notes Payable and Line of Credit - Current and Noncurrent Portion (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Note payable - current | ||
Notes payable - current portion | $ 748 | $ 1,613 |
Note payable - noncurrent | ||
Notes payable - noncurrent portion | 954 | 2,485 |
Notes payable | ||
Note payable - current | ||
Current | 808 | 1,702 |
Less: notes discount | 60 | 89 |
Notes payable - current portion | 748 | 1,613 |
Note payable - noncurrent | ||
Noncurrent | 987 | 2,559 |
Less: notes discount | 33 | 74 |
Notes payable - noncurrent portion | $ 954 | $ 2,485 |
Notes Payable and Line of Cre_4
Notes Payable and Line of Credit - Line of Credit (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Line of Credit Facility | ||
Line of Credit, Current | $ 1,654 | $ 1,573 |
Inventory Line of Credit | Line of Credit | ||
Line of Credit Facility | ||
Maximum borrowing capacity | 15,000 | 15,000 |
Interest Payable | 0 | |
Minimum Net Worth Required for Compliance | 4,000 | |
Line of Credit, Current | 1,700 | 1,600 |
Cash withdrawal limit | 1,000 | 1,000 |
Cash withdrawals outstanding | $ 0 | $ 0 |
Inventory Line of Credit | Line of Credit | Minimum | ||
Line of Credit Facility | ||
Liquidity ratio | 1.2 | |
Inventory Line of Credit | Line of Credit | Maximum | ||
Line of Credit Facility | ||
Ratio of Indebtedness to Net Capital | 5 | |
Inventory Line of Credit | Line of Credit | Prime Rate | ||
Line of Credit Facility | ||
Interest rate | 5.00% |
Pension and Retirement Plans -
Pension and Retirement Plans - Components of net periodic benefit costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Pension | ||||
Pension: | ||||
Interest cost | $ 66 | $ 67 | $ 190 | $ 207 |
Expected return on plan assets | (103) | (72) | (299) | (220) |
Amortization of: | ||||
Amortization of past service costs | 2 | 2 | 6 | 6 |
Amortization of net gain (loss) | 48 | 46 | 139 | 144 |
Net periodic benefit cost | 13 | 43 | 36 | 137 |
Post Retirement | ||||
Pension: | ||||
Service cost | 8 | 10 | 31 | 29 |
Interest cost | 13 | 12 | 35 | 35 |
Amortization of: | ||||
Amortization of net gain (loss) | (39) | 4 | (14) | 16 |
Net periodic benefit cost | (18) | 26 | 52 | 80 |
U.S. | Pension | ||||
Pension: | ||||
Interest cost | 3 | 3 | 8 | 11 |
Amortization of: | ||||
Amortization of net gain (loss) | 1 | 3 | 2 | |
Net periodic benefit cost | 4 | 3 | 11 | 13 |
U.S. | Post Retirement | ||||
Pension: | ||||
Service cost | 8 | 10 | 31 | 29 |
Interest cost | 13 | 12 | 35 | 35 |
Amortization of: | ||||
Amortization of net gain (loss) | (39) | 4 | (14) | 16 |
Net periodic benefit cost | (18) | 26 | 52 | 80 |
U.K. | Pension | ||||
Pension: | ||||
Interest cost | 63 | 64 | 182 | 196 |
Expected return on plan assets | (103) | (72) | (299) | (220) |
Amortization of: | ||||
Amortization of past service costs | 2 | 2 | 6 | 6 |
Amortization of net gain (loss) | 47 | 46 | 136 | 142 |
Net periodic benefit cost | $ 9 | $ 40 | $ 25 | $ 124 |
Pension and Retirement Plans _2
Pension and Retirement Plans - Fair value of the assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 12,069 | $ 9,740 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 12,069 | 9,740 |
Cash on deposit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 178 | 471 |
Cash on deposit | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 178 | 471 |
Pooled funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 11,891 | 9,269 |
Pooled funds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 11,891 | $ 9,269 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Taxes | ||||
Income tax expense | $ 35 | $ 10 | $ 868 | $ 1,109 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Sep. 30, 2020 |
Accumulated Other Comprehensive Loss | ||
Cumulative effect of foreign currency translation | $ (4,313) | $ (4,696) |
Cumulative unrealized loss on pension liability | (7,299) | (7,299) |
Accumulated other comprehensive loss | $ (11,612) | $ (11,995) |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Recurring | ||
Assets: | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Nonrecurring | ||
Assets: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities Fair Value Disclosure | $ 0 | 0 |
Minimum | ||
Liabilities: | ||
Maturity term of accounts and long term receivables | 1 year | |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | $ 19,653 | 19,264 |
Accounts and long-term receivable | 12,665 | 5,839 |
Liabilities: | ||
Accounts payable and accrued expenses and other long-term liabilities | 5,272 | |
Line of Credit | 1,654 | 1,573 |
Notes payable | 1,702 | 4,098 |
Fair Value | ||
Assets: | ||
Cash and cash equivalents | 19,653 | 19,264 |
Accounts and long-term receivable | 12,665 | 5,839 |
Liabilities: | ||
Accounts payable and accrued expenses and other long-term liabilities | 5,272 | |
Line of Credit | 1,654 | 1,573 |
Notes payable | $ 1,702 | $ 4,098 |
Segment Information - Operating
Segment Information - Operating Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||
Total sales | $ 13,721 | $ 13,780 | $ 39,197 | $ 47,521 | |
Sales: | |||||
Income (loss) from operations | (357) | (393) | (1,015) | (938) | |
Total assets | 60,556 | 54,261 | 60,556 | 54,261 | $ 53,645 |
Capital expenditures | 41 | 45 | 84 | 285 | |
Depreciation and amortization | 91 | 113 | 293 | 352 | |
High Performance Products Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 958 | 1,583 | 3,402 | 4,099 | |
Sales: | |||||
Income (loss) from operations | (1,372) | (765) | (3,565) | (3,052) | |
Total assets | 8,501 | 9,046 | 8,501 | 9,046 | |
Capital expenditures | 11 | 18 | 63 | ||
Depreciation and amortization | 41 | 50 | 134 | 165 | |
TS | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 12,763 | 12,197 | 35,795 | 43,422 | |
Sales: | |||||
Income (loss) from operations | 1,015 | 372 | 2,550 | 2,114 | |
Total assets | 52,055 | 45,215 | 52,055 | 45,215 | |
Capital expenditures | 30 | 45 | 66 | 222 | |
Depreciation and amortization | 50 | 63 | 159 | 187 | |
Product | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 10,142 | 10,399 | 29,526 | 37,104 | |
Product | High Performance Products Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 602 | 780 | 2,494 | 2,469 | |
Product | TS | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 9,540 | 9,619 | 27,032 | 34,635 | |
Service | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 3,579 | 3,381 | 9,671 | 10,417 | |
Service | High Performance Products Segment | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 356 | 803 | 908 | 1,630 | |
Service | TS | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 3,223 | 2,578 | 8,763 | 8,787 | |
U.K. | TS | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 213 | 207 | 2,034 | 1,154 | |
Sales: | |||||
Income (loss) from operations | (95) | 32 | (130) | (15) | |
Total assets | 9,942 | 10,729 | 9,942 | 10,729 | |
Depreciation and amortization | 3 | ||||
U.K. | Product | TS | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 130 | 75 | 1,774 | 812 | |
U.K. | Service | TS | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 83 | 132 | 260 | 342 | |
U.S. | TS | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 12,550 | 11,990 | 33,761 | 42,268 | |
Sales: | |||||
Income (loss) from operations | 1,110 | 340 | 2,680 | 2,129 | |
Total assets | 42,113 | 34,486 | 42,113 | 34,486 | |
Capital expenditures | 30 | 45 | 66 | 222 | |
Depreciation and amortization | 50 | 63 | 159 | 184 | |
U.S. | Product | TS | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | 9,410 | 9,544 | 25,258 | 33,823 | |
U.S. | Service | TS | |||||
Segment Reporting Information [Line Items] | |||||
Total sales | $ 3,140 | $ 2,446 | $ 8,503 | $ 8,445 |
Segment Information - Major cus
Segment Information - Major customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |||||
Customer Revenues | $ 13,721 | $ 13,780 | $ 39,197 | $ 47,521 | |
Customer A | Sales Revenue, Net | Customer Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Customer Revenues | $ 1,400 | $ 1,600 | $ 2,200 | $ 2,300 | |
Concentration risk percentage | 11.00% | 11.00% | 6.00% | 5.00% | |
Customer B | Sales Revenue, Net | Customer Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Customer Revenues | $ 500 | $ 1,900 | $ 2,300 | $ 4,200 | |
Concentration risk percentage | 4.00% | 14.00% | 6.00% | 9.00% | |
Customer B | Accounts Receivable | Customer Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Accounts receivable, gross | $ 12,400 | $ 12,400 | $ 4,700 | ||
Concentration risk percentage | 51.00% | 28.00% |