Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Dec. 29, 2016 | Mar. 31, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | HICKOK INC | ||
Entity Central Index Key | 47,307 | ||
Trading Symbol | hicka | ||
Current Fiscal Year End Date | --09-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 928,102 | ||
Document Type | 10-K/A | ||
Document Period End Date | Sep. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | true | ||
Amendment Description | Amendment No. 1 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 2,074,599 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 778,616 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 3,060,734 | $ 346,405 |
Accounts receivable-less allowance for doubtful accounts of $10,000 ($10,000, 2015) | 1,354,199 | 1,101,554 |
Inventories-less allowance for obsolete inventory of $235,592 ($251,500, 2015) | 3,308,799 | 1,926,513 |
Prepaid expenses | 43,085 | 112,019 |
Total Current Assets | 7,766,817 | 3,486,491 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land | 233,479 | 233,479 |
Buildings | 1,448,978 | 1,440,138 |
Machinery and equipment | 3,392,734 | 2,348,554 |
5,075,191 | 4,022,171 | |
Less accumulated depreciation | 3,771,268 | 3,646,937 |
1,303,923 | 375,234 | |
OTHER ASSETS: | ||
Goodwill | 1,777,656 | |
Deferred income taxes-less valuation allowance of $500,000 ($4,248,900, 2015) | 3,330,600 | |
Notes receivable-long-term | 4,100 | 4,100 |
Deposits | 750 | 750 |
6,364,015 | 4,850 | |
Total Assets | 15,434,755 | 3,866,575 |
CURRENT LIABILITIES: | ||
Short-term financing - related party | 250,000 | |
Notes payable, related parties, current | 379,761 | |
Leases payable | 59,369 | |
Accounts payable | 733,388 | 297,761 |
Accrued payroll and related expenses | 301,054 | 167,770 |
Accrued expenses | 528,996 | 183,390 |
Accrued taxes other than income | 64,382 | 40,764 |
Accrued income taxes | 31,000 | |
Total Current Liabilities | 2,347,950 | 689,685 |
LONG-TERM LIABILITIES: | ||
Notes payable - related party | 4,388,901 | |
Leases payable | 144,997 | |
Convertible notes payable - related party | 200,000 | 200,000 |
Accrued expenses | 339,700 | |
Total Long-term Liabilities | 4,733,898 | 539,700 |
STOCKHOLDERS' EQUITY: | ||
Preferred 1,000,000 shares authorized, no shares outstanding | ||
Contributed capital | 1,741,901 | 1,741,901 |
Treasury shares - 15,795 (2016 and 2015) Class A shares and 667 (2016 and 2014) Class B shares | (253,341) | (253,341) |
Retained earnings(deficit) | 4,045,424 | (587,424) |
Total Stockholders' Equity | 8,352,907 | 2,637,190 |
Total Liabilities and Stockholders' Equity | 15,434,755 | 3,866,575 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Class A 10,000,000 shares authorized, 2,090,394 shares issued (1,179,144 shares 2015) | 2,108,651 | 1,261,188 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Class A 10,000,000 shares authorized, 2,090,394 shares issued (1,179,144 shares 2015) | 710,272 | 474,866 |
Customer Lists [Member] | ||
OTHER ASSETS: | ||
Customer list-less accumulated amortization of $29,091 | $ 1,250,909 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parentheticals) - USD ($) $ / shares in Thousands | Sep. 30, 2016 | Sep. 30, 2015 |
Allowance for doubtful accounts | $ 10,000 | $ 10,000 |
Allowance for obsolete inventory | 235,592 | 251,500 |
Deferred income taxes-valuation | $ 500,000 | $ 4,248,900 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Class A [Member] | ||
Class of common stock, par value (in dollars per share) | $ 0 | $ 0 |
Class of common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Class of common stock, shares issued (in shares) | 2,090,394 | 1,179,144 |
Treasury shares (in shares) | 15,795 | 15,795 |
Common Class B [Member] | ||
Class of common stock, par value (in dollars per share) | $ 0 | $ 0 |
Class of common stock, shares authorized (in shares) | 2,500,000 | 2,500,000 |
Class of common stock, shares issued (in shares) | 779,283 | 475,533 |
Treasury shares (in shares) | 667 | 667 |
Customer Lists [Member] | ||
Accumulated amortization | $ 29,091 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
NET SALES: | |||
Product sales | $ 6,417,760 | $ 5,608,218 | $ 6,078,349 |
Service sales | 228,020 | 244,706 | 227,487 |
Total Net Sales | 6,645,780 | 5,852,924 | 6,305,836 |
COSTS AND EXPENSES: | |||
Cost of product sold | 4,181,341 | 3,017,837 | 3,462,092 |
Cost of services sold | 153,474 | 150,466 | 149,068 |
Product development | 1,050,157 | 1,015,414 | 965,975 |
Marketing and administrative expenses | 2,145,937 | 1,798,960 | 1,728,107 |
Interest charges | 59,386 | 657 | 6,592 |
Legal settlement | (2,270,567) | ||
Other income | (7,196) | (8,033) | (14,374) |
Total Costs and Expenses | 5,312,532 | 5,975,301 | 6,297,460 |
Income (Loss) before Provision for (Recovery of) Income Taxes | 1,333,248 | (122,377) | 8,376 |
Provision For Income Taxes: | |||
Current | 31,000 | (82,200) | (44,400) |
Deferred | (3,330,600) | 82,200 | 44,400 |
(3,299,600) | |||
Net Income (Loss) | $ 4,632,848 | $ (122,377) | $ 8,376 |
NET Income (LOSS) PER COMMON SHARE - BASIC (in dollars per share) | $ 2.38 | $ (0.07) | $ 0.01 |
NET Income (LOSS) PER COMMON SHARE - DILUTED (in dollars per share) | $ 2.38 | $ (0.07) | $ 0.01 |
WEIGHTED AVERAGE SHARES OF COMMON STOCK OUTSTANDING (in shares) | 1,943,625 | 1,638,215 | 1,638,215 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) | Retained Earnings [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Total |
Balance at Sep. 30, 2013 | $ (473,423) | $ 1,261,188 | $ 474,866 | $ 1,738,521 | $ (253,341) | $ 2,747,811 |
Share-based compensation expense | 2,837 | 2,837 | ||||
Net Income (Loss) | 8,376 | 8,376 | ||||
Balance at Sep. 30, 2014 | (465,047) | 1,261,188 | 474,866 | 1,741,358 | (253,341) | 2,759,024 |
Share-based compensation expense | 543 | 543 | ||||
Net Income (Loss) | (122,377) | (122,377) | ||||
Balance at Sep. 30, 2015 | (587,424) | 1,261,188 | 474,866 | 1,741,901 | (253,341) | 2,637,190 |
Net Income (Loss) | 4,632,848 | 4,632,848 | ||||
Balance at Sep. 30, 2016 | 4,045,424 | 2,108,651 | 710,272 | 1,741,901 | (253,341) | 8,352,907 |
Purchase of business partially financed by issuance of Class A and Class B Shares | $ 847,463 | $ 235,406 | $ 1,082,869 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flow - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Cash received from customers | $ 6,393,135 | $ 5,923,638 | $ 5,771,884 |
Cash paid to suppliers and employees | (3,868,252) | (5,902,702) | (6,373,180) |
Interest paid | (11,830) | (1,858) | (6,174) |
Interest received | 833 | 894 | 659 |
Net Cash Provided by (Used in) Operating Activities | 2,513,886 | 19,972 | (606,811) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Capital expenditures | (36,209) | (64,894) | (141,714) |
Decrease in deposits | 1,000 | ||
Net Cash (Used in) Investing Activities | (36,209) | (63,894) | (141,714) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Short-term borrowings | 250,000 | 683,400 | |
Payments on short-term borrowings | (683,400) | ||
Proceeds from Convertible Notes Payable | 200,000 | ||
Payments on lease payable borrowings | (43,445) | ||
Cash acquired in purchase of business | 30,097 | ||
Net Cash Provided by Financing Activities | 236,652 | 200,000 | |
Increase (Decrease) in Cash and Cash Equivalents | 2,714,329 | (43,922) | (548,525) |
Cash and Cash Equivalents at Beginning of Year | 346,405 | 390,327 | 938,852 |
Cash and Cash Equivalents at End of Year | 3,060,734 | 346,405 | 390,327 |
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | |||
Net Income (Loss) | 4,632,848 | (122,377) | 8,376 |
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | |||
Depreciation and amortization | 133,422 | 68,686 | 62,195 |
Share-based compensation expense | 543 | 2,837 | |
Deferred income taxes | (3,330,600) | 82,200 | 44,400 |
CHANGES IN ASSETS AND LIABILITIES: | |||
Decrease (Increase) in accounts receivable | 582,075 | 70,714 | (533,952) |
Decrease (Increase) in inventories | 373,593 | (212,316) | (124,381) |
Decrease (Increase) in prepaid expenses | 78,843 | (74,030) | (5,647) |
Increase (Decrease) in accounts payable | (39,886) | 152,204 | (28,679) |
Increase (Decrease) in accrued payroll and related expenses | 118,792 | 35,051 | (9,800) |
Increase (Decrease) in other accrued expenses and accrued taxes other than income and long-term liabilities | (86,201) | 101,497 | 22,240 |
Increase (Decrease) in accrued income taxes | 31,000 | ||
Total Adjustments | (2,118,962) | 142,349 | (615,187) |
Net Cash Provided by (Used in) Operating Activities | 2,513,886 | 19,972 | (606,811) |
Supplemental Schedule of Non-Cash Financing Activities: | |||
Assets acquired by capital lease | 247,811 | ||
Federal Hose [Member] | |||
Supplemental Schedule of Non-Cash Financing Activities: | |||
5,821,434 | |||
Accounts receivable - trade | (834,720) | ||
Inventory | (1,755,879) | ||
Prepaid expenses | (9,909) | ||
Fixed assets | (769,000) | ||
Customer List | (1,280,000) | ||
Goodwill | (1,777,656) | ||
Accounts payable | 475,513 | ||
Accrued payroll related | 14,492 | ||
Accrued expenses | 115,725 | ||
5,821,434 | |||
Federal Hose [Member] | Common Class A [Member] | |||
Supplemental Schedule of Non-Cash Financing Activities: | |||
Issuance of common stock | 847,463 | ||
Federal Hose [Member] | Common Class B [Member] | |||
Supplemental Schedule of Non-Cash Financing Activities: | |||
Issuance of common stock | 235,406 | ||
First Francis [Member] | Federal Hose [Member] | |||
Supplemental Schedule of Non-Cash Financing Activities: | |||
Additional borrowings on long-term debt net of cash | $ 4,738,565 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. NATURE OF OPERATIONS Hickok Incorporated and its wholly - owned domestic subsidiaries ("Company") develop and manufacture products used by companies in the transportation and emissions testing industries. Among the products are indicators and gauges sold to companies in aircraft and locomotive markets. On a larger scale, the Company manufactures diagnostic equipment used by technicians to test the various electronic systems in automobiles and trucks, and emissions testing equipment specified by various states for testing vehicle emissions. In addition, the Company is a manufacturer of flexible interlocking metal hose and a distributor of silicone hose with the recent addition of Federal Hose Manufacturing LLC (“Federal Hose”). The Company serves the automotive, trucking, locomotive and general aviation markets predominately in North America. Sales in the Company's principal product classes, as a percent of consolidated sales, are as follows: Product Classes 2016 2015 2014 Automotive Test Equipment 55.5 % 77.8 % 76.3 % Indicating Instruments 18.0 22.2 23.7 Flexible Hose 26.5 - - Total 100.0 % 100.0 % 100.0 % Current operating properties consist of manufacturing plants in Greenwood, Mississippi and Painesville, Ohio, and a corporate headquarters, marketing and product development facility in Cleveland, Ohio. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of Hickok Incorporated and its wholly - owned domestic subsidiaries. Significant intercompany transactions and balances have been eliminated in the financial statements. New Accounting Standards The Company did not incur any material impact to its financial condition or results of operations due to the adoption of any new accounting standards during the periods reported. In March 2016, 2016 09) October 1, 2017, In February 2016, 2016 02) October 1, 2019, May 2014, 2014 09, December 15, 2017, In June 2016, 2016 13, December 31, 2019. Concentration of Credit Risk The Company sells its products and services primarily to customers in the United States of America and to a lesser extent overseas. All sales are made in United States of America dollars. The Company extends normal credit terms to its customers. Customers in the automotive industry comprise 17 % of outstanding receivables at September 30, 2016 (80% 2015). one $1,306,000 (2016), $2,158,000 (2015), $2,768,000 (2014), $52,000 (2016) $741,000 (2015). Use of Estimates in the Prepa ration of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that may Fair Value of Financial Instruments Accounting for "Financial Instruments" requires the Company to disclose estimated fair values of financial instruments. Financial instruments held by the Company include, among others, accounts receivable, accounts payable, and convertible notes payable. The carrying amounts reported in the consolidated balance sheet for assets and liabilities qualifying as financial instruments is a reasonable estimate of fair value. Revenue Recognition The Company records sales as manufactured items are shipped to customers on an FOB shipping point arrangement, at which time title passes and the earnings process is complete. The Company primarily records service sales as the items are repaired. The customer does not have a right to return merchandise unless defective or warranty related and there are no formal customer acceptance provisions. Sales returns and allowances were immaterial during each of the three September 30, 2016. Product Warranties The Company warrants certain products against defects for primarily 12 three September 30, 2016. Product Development Costs Product development costs, which include engineering production support, are expensed as incurred. Research and development performed for customers represents no more than 1% Cash and Cash Equivalents For purposes of the Statement of Cash Flows, the Company considers all highly liquid debt instruments purchased with a maturity of three September 30, 2016 2015 $3,060,734 $346,405, Accounts Receivable The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. Inventory Inventory is valued at the lower of cost (first first 2016 2015 Raw materials and component parts $ 1,730,563 $ 1,254,294 Work-in-process 438,447 499,752 Finished products 1,139,789 172,467 $ 3,308,799 $ 1,926,513 The reserve for inventory obsolescence was $235,592 and $251,500 September 30, 2016 2015, Property, Plant and Equipment Property, plant and equipment are carried at cost. Maintenance and repair costs are expensed as incurred. Additions and betterments are capitalized. The depreciation policy of the Company is generally as follows: Class Method Estimated Useful Lives (in years) Buildings Straight-line 10 to 40 Machinery and equipment Straight-line 3 to 10 Tools and dies Straight-line 3 $133,422 (2016), $68,686 (2015), $62,195 (2014). Intangible Assets Intangible assets relate to the purchase of Federal Hose Manufacturing LLC on July 1, 2016. 11 years. Amortization of other intangibles was $20,000 (2016), $0 (2015) $0 (2014). Valuation of Long - Lived Assets Long - lived assets such as property, plant and equipment and software are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may Shipping and Handling Costs Shipping and handling costs are classified as cost of product sold. Advertising Costs Advertising costs are expensed as incurred and amounted to $22,979 (2016), $22,764 (2015) $9,017 (2014). Income Taxes The provision for income taxes is computed on domestic financial statement income. Where transactions are included in the determination of taxable income in a different year, deferred income tax accounting is used (Note 10). During the year, the Company adopted the provisions of FASB ASU 2015 17, Balance Sheet Classification of Deferred Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus any change in deferred taxes during the year. Deferred taxes result from differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Income per Common Share Income per common share information is computed on the weighted average number of shares outstanding during each period as disclosed in Note 11. |
Note 3 - Notes Receivable
Note 3 - Notes Receivable | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. NOTES RECEIVABLE Notes receivable consists of an unsecured note receivable from a current Director which bears interest at 3% |
Note 4 - Convertible Notes Paya
Note 4 - Convertible Notes Payable | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. CONVERTIBLE NOTES PAYABLE December 30, 2011, $467,000 $250,000 0.25%. There have been several amendments to the original agreement over the years for the purpose of extending the existing terms of the Convertible Loan. On December 20, 2016, 5 ? Continues to provide approximately $467,000 ? Continues to allow $250,000 0.34%; ? Extends the due date of the loan agreement from December 30, 2016 December 30, 2017. The outstanding balance on the Convertible Loan as of September 30, 2016, $200,000. As part of the Convertible Loan Agreement between the Company and Roundball, the parties entered into a Warrant Agreement, dated December 30, 2012, 100,000 $2.50 December 30, 2015. 1 December 30, 2015 December 30, 2016. 2 December 30, 2016 December 30, 2017. The Company used the Black - Scholes option pricing model to determine the fair value estimate for recognizing the cost of services received in exchange for an award of equity instruments. The Black - Scholes option pricing model requires the use of subjective assumptions which can materially affect the fair value estimates. The warrants are immediately exercisable and expire in December 2017. one September 30, 2013: 0.42%; 3 0.0%; .84. $691 for fiscal 2016, $644 2015, $228 2014. September 30, 2016, September 30, 2015, $691 and $1,176 |
Note 5 - Short - Term Financing
Note 5 - Short - Term Financing | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | 5. June 3, 2016, July 1, 2016 $250,000 4.0% eighty $250,000. May 31, 2017. $2,889 2016. $2,889 September 30, 2016. $250,000 September 30, 2016. October 11, 2016, $250,000 2016 2015 Amount Weighted Average Interest Rate Balance at September 30, 2016 $ 250,000 4.00 % Average during 2016 $ 83,333 4.00 % Maximum during 2016 (month end) $ 250,000 4.00 % Balance at September 30, 2015 $ - .00 % Average during 2015 $ - .00 % Maximum during 2015 (month end) $ - .00 % |
Note 6 - Notes Payable - Relate
Note 6 - Notes Payable - Related Parties | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 6. NOTES PAYABLE - RELATED PARTIES Notes payable - related parties is a result of the acquisition of Federal Hose Manufacturing LLC (see footnote 16 ) and consists of the following: Current 2016 Total 2016 Total 2015 In connection with the acquisition of Federal Hose Manufacturing LLC, the Company entered into a promissory note on July 1, 2016 for $2,000,000 loan due to First Francis Company, payable in quarterly installments of $60,911 beginning on October 31, 2016, bearing interest at 4%. The remaining balance of the note shall be payable in full on July 1, 2022. Collateralized by all of the assets of the Company. $ 159,274 $ 2,000,000 $ - In connection with the acquisition of Federal Hose Manufacturing LLC, the Company entered into a promissory note on July 1, 2016 for $2,768,662 loan due to First Francis Company, payable in quarterly installments of $84,321 beginning on October 31, 2016, bearing interest at 4%. The remaining balance of the note shall be payable in full on July 1, 2022. Collateralized by all of the assets of the Company. 220,487 2,768,662 - $ 379,761 4,768,662 - Less current portion 379,761 - $ 4,388,901 $ - Total Payments Year Ending, September 30: 2017 $ 379,761 2018 411,495 2019 428,203 2020 445,590 2021 463,683 Thereafter 2,639,930 $ 4,768,662 |
Note 7 - Leases
Note 7 - Leases | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | 7. LEASES Operating The Company leases a facility from a related party and certain equipment under operating leases expiring through June 30, 2026. Facility Equipment 2017 $ 180,000 $ 8,938 2018 180,000 7,443 2019 180,000 - 2020 180,000 - 2021 180,000 - Total $ 900,000 $ 16,381 Rental expense was $57,767 (2016), $11,382 (2015) $10,521 (2014). Capital Current Total September 30, 2016 Total September 30, 2015 Capital lease obligation on MIS computer equipment and software, payable in monthly installments of $2,059 including interest at approximately 1.04% per annum through December, 2017. $ 24,710 $ 28,828 $ - Capital lease obligation on IT computer equipment and software, payable in monthly installments of $3,888 including interest at approximately 6.57% per annum, through February, 2021. 34,659 175,538 - $ 59,369 204,366 - Less current portion 59,369 - $ 144,997 $ - Capital Lease Obligations Year Ending Total Less Interest Present Obligation 2017 $ 70,082 $ 10,713 $ 59,369 2018 50,772 8,042 42,730 2019 46,654 5,383 41,271 2020 46,345 2,281 44,064 2021 17,141 209 16,932 $ 230,994 $ 26,628 $ 204,366 2016 2015 Cost $ 247,811 $ - Depreciation $ 27,673 - Net Book Value $ 220,138 $ - A facility held under a capital lease has a net book value of $0 September 30, 2016. 2061 |
Note 8 - Stock Options
Note 8 - Stock Options | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 8. STOCK OPTIONS The Company's 2013 2013 150,000 may 2013 September 30, 2016. 5,000 three 10 March 8, 2015. Non - cash compensation expense related to stock option plans for fiscal years ended September 30, 2016, 2015 2014 $0, $543 $2,837 Transactions involving the Directors Plans are summarized as follows: Weighted Average Exercise Weighted Average Exercise Weighted Average Exercise 2016 Price 2015 Price 2014 Price Option Shares Directors Plans: Outstanding October 1, 6,000 $ 3.440 22,000 $ 5.300 31,000 $ 5.570 Granted - - - - - - Canceled/expired (1,000 ) $ 2.925 (16,000 ) $ 6.000 (9,000 ) $ 6.230 Exercised - - - - - - Outstanding September 30, ($2.925 to $11.00 per share) 5,000 $ 3.540 6,000 $ 3.440 22,000 $ 5.300 Exercisable September 30, 5,000 $ 3.540 6,000 $ 3.440 20,000 $ 5.540 September 30, 2016. Directors Plans Outstanding Stock Options Weighted Average Exercise Price Weighted Average Remaining Life Number of Stock Options Exercisable Weighted Average Exercise Price Range of exercise prices: $ 2.925 4,000 $ 2.925 5.3 4,000 $ 2.925 $ 6.00 1,000 $ 6.000 3.5 1,000 $ 6.000 5,000 $ 3.540 5,000 $ 3.540 three three September 30, 2016 2015, $0 $543, $0 (2016). |
Note 9 - Capital Stock, Treasur
Note 9 - Capital Stock, Treasury Stock, and Contributed Capital | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 9. CAPITAL STOCK, TREASURY STOCK, AND CONTRIBUTED CAPITAL There are 10,000,000 2,500,000 1,000,000 Unissued shares of Class A common stock (832,233 and 933,233 2016 2015, 4, 5 8). one three $.10 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES A reconciliation of the provision (recovery) of income taxes to the statutory federal income tax rate is as follows: 2016 2015 2014 Income (Loss) Before Provision for (Recovery of) Income Taxes $ 1,333,248 $ (122,377 ) $ 8,376 Statutory rate 34 % 34 % 34 % 453,304 (41,608 ) 2,848 Permanent differences 1,000 900 1,200 Research and development and other credits - net (47,400 ) (48,500 ) (46,300 ) Valuation allowance (3,681,100 ) 82,200 44,400 Other (25,404 ) 7,008 (2,148 ) Total recovery of income taxes $ (3,299,600 ) $ - $ - Deferred tax assets (liabilities) consist of the following: 2016 2015 Inventories $ 302,600 $ 81,500 Bad debts 3,400 3,400 Accrued liabilities 77,700 70,600 Prepaid expense (8,900 ) (13,400 ) Depreciation and amortization 93,000 46,700 Research and development and other credit carryforwards 2,019,700 1,980,200 Net operating loss carryforward 1,303,000 1,914,300 Directors stock option plan 40,100 40,100 Acquisition costs - 125,500 3,830,600 4,248,900 Valuation allowance (500,000 ) (4,248,900 ) Total $ 3,330,600 $ - The Company did not incur any material impact to its financial condition or results of operations due to the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Valuation Reserve The decrease in the current year valuation reserve of $3,748,900 $67,800 $3,681,000 $82,200 may Net Operating Loss Carryforwards: Tax Year Expires NOLS R& D & Other Credits 2018 $ - $ 44,980 2019 - 166,019 2020 - 195,753 2021 - 125,939 2022 - 48,573 2023 - 107,172 2024 - 156,392 2025 - 155,394 2026 - 139,885 2027 - 154,991 2028 - 152,732 2029 1,587,809 68,676 2030 942,727 31,081 2031 358,744 44,712 2032 622,879 59,085 2033 33,807 111,323 2034 186,708 73,198 2035 99,688 76,429 2036 - 107,315 $ 3,832,362 $ 2,019,649 |
Note 11 - Earnings Per Common S
Note 11 - Earnings Per Common Share | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 11. EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per share. 2016 2015 2014 Basic Income (Loss) Per Share Income (Loss) available to common stockholders $ 4,632,848 $ (122,377 ) $ 8,376 Shares denominator 1,943,625 1,638,215 1,638,215 Per share amount $ 2.38 $ (.07 ) $ .01 Effect of Dilutive Securities Average shares outstanding 1,943,625 1,638,215 1,638,215 Options available under convertible note - - 31,097 1,943,625 1,638,215 1,669,312 Diluted Income (Loss) Per Share Income (Loss) available to common stockholders $ 4,632,848 $ (122,377 ) $ 8,376 Per share amount $ 2.38 $ (.07 ) $ .01 5,000 100,000 2016 $2.50 $6.00 6,000 200,000 2015 $2.50 $6.00 Options and warrants to purchase 22,000 200,000 2014 $2.50 $11.00 |
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 12. EMPLOYEE BENEFIT PLANS The Company has a 401(k) September 30, 2016, 2015 2014, $14,412 , $15,045 $16,979, |
Note 13 - Segment and Related I
Note 13 - Segment and Related Information | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 13. SEGMENT AND RELATED INFORMATION The Company's three three 1) 2) 3) Indicators and Gauges: This segment consists of products manufactured and sold primarily to companies in the aircraft and locomotive industry. Within the aircraft market, the primary customers are those companies that manufacture or service business and pleasure aircraft. Within the locomotive market, indicators and gauges are sold to both original equipment manufacturers and to operators of railroad equipment. Automotive Diagnostic Tools and Equipment: This segment consists primarily of products designed and manufactured to support the testing or servicing of automotive systems using electronic means to measure vehicle parameters. These products are sold to OEMs and to the aftermarket using several brand names and a variety of distribution methods. Included in this segment are products used for state required testing of vehicle emissions. Flexible Metal Hose and Silicone Hose: This segment consists primarily of products designed and manufactured or distributed primarily to the trucking industry. These products are sold to OEMs and to the aftermarket using a variety of distribution methods. Information by industry segment is set forth below: Years Ended September 30, 2016 2015 2014 Net Sales Indicators and Gauges $ 1,196,204 $ 1,298,901 $ 1,492,348 Automotive Diagnostic Tools and Equipment 3,688,574 4,554,023 4,813,488 Flexible Metal Hose and Silicone Hose 1,761,002 - - $ 6,645,780 $ 5,852,924 $ 6,305,836 Income (Loss) Before Provision for Income Taxes Indicators and Gauges $ 161,878 $ 260,296 $ 312,692 Automotive Diagnostic Tools and Equipment (18,857 ) 679,720 704,427 Flexible Metal Hose and Silicone Hose 166,075 - - General Corporate Expenses 1,024,152 (1,062,393 ) (1,008,743 ) $ 1,333,248 $ (122,377 ) $ 8,376 Asset Information Years Ended September 30, 2016 2015 Identifiable Assets Indicators and Gauges $ 754,149 $ 729,520 Automotive Diagnostic Tools and Equipment 1,418,345 2,292,737 Flexible Metal Hose and Silicone Hose 6,784,751 - Corporate 6,477,510 844,318 $ 15,434,755 $ 3,866,575 Geographical Information Included in the consolidated financial statements are the following amounts related to geographic locations: Years Ended September 30, 2016 2015 2014 Revenue: United States of America $ 6,492,423 $ 5,678,888 $ 6,149,883 Australia 60,412 20,043 64,744 Canada 59,653 75,612 58,983 England 25,789 21,822 6,938 Mexico 6,976 26,902 25,288 Taiwan and other 527 29,657 - $ 6,645,780 $ 5,852,924 $ 6,305,836 All export sales to Australia, Canada, England, Mexico, Taiwan and other foreign countries are made in United States of America Dollars. |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Legal Matters: The Company is the plaintiff in a suit pursuing patent infringement against a competitor in the emissions market. In December 2016, 15, |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. September 30, 2016 December 20, 2016, 5 ? Continues to provide approximately $467,000 ? Continues to allow $250,000 0.34%; ? Extends the due date of the loan agreement from December 30, 2016 December 30, 2017. On December 20, 2016, 2. December 30, 2016 December 30, 2017. In December 2016, |
Note 16 - Acquisitions
Note 16 - Acquisitions | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 16. ACQUISITIONS The Company purchased Federal Hose Manufacturing LLC on July 1, 2016 $5,851,531 911,250 $847,463, 303,750 $235,406, $4,768,662. The purchase price has been allocated to the following accounts: Cash $ 30,097 Accounts Receivable - trade 834,720 Inventory 1,755,879 Prepaid Expenses 9,909 Fixed Assets 769,000 Customer List 1,280,000 Goodwill 1,777,656 Total Assets Acquired $ 6,457,261 Accounts Payable $ 475,513 Accrued Payroll 14,725 Accrued Expenses 115,725 Total Liabilities Assumed $ 605,730 Net Assets Acquired $ 5,851,531 Acquisition related costs were $211,951 2016, $71,939 2015, $150,921 2014. 6, |
Note 17 - Quarterly Data (Unaud
Note 17 - Quarterly Data (Unaudited) | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 17. QUARTERLY DATA (UNAUDITED) First Second Third Fourth Net Sales 2016 $ 1,376,872 $ 1,046,624 $ 1,530,244 $ 2,692,040 2015 1,162,218 1,091,182 1,804,614 1,794,910 2014 1,050,242 1,116,467 2,130,412 2,008,715 Gross Profit 2016 636,351 352,080 760,814 561,720 2015 362,105 381,991 807,794 1,132,731 2014 360,838 428,031 1,124,914 780,893 Net Income (Loss) 2016 (47,189 ) (464,444 ) (8,095 ) 5,152,576 2015 (270,656 ) (276,663 ) 109,631 315,311 2014 (320,287 ) (297,655 ) 386,911 239,407 Net Income (Loss) per Common Share Basic 2016 (0.03 ) (0.28 ) (0.01 ) 2.70 2015 (0.17 ) (0.17 ) 0.07 0.19 2014 (0.20 ) (0.18 ) 0.24 0.15 Diluted 2016 (0.03 ) (0.28 ) (0.01 ) 2.70 2015 (0.17 ) (0.17 ) 0.07 0.19 2014 (0.20 ) (0.18 ) 0.23 0.14 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | HICKOK INCORPORATED Col. A Col. B Col. C Col. D Col. E Additions Balance at Charged to Charged to Balance Beginning Costs and Other at End Description of Period Expenses Accounts Deductions of Period Deducted from Asset Accounts: Year Ended September 30, 2014 Reserve for doubtful accounts $ 10,000 $ (4,446 ) (1) $ - (2) $ (4,446 ) (3) $ 10,000 Reserve for inventory obsolescence $ 793,000 $ (113,603 ) (5) $ - $ 315,897 (4) $ 363,500 Reserve for product warranty $ 89 $ 10,275 $ - $ 10,335 $ 9 Valuation allowance deferred taxes $ 4,122,300 $ 44,400 $ - $ - $ 4,166,700 Year Ended September 30, 2015 Reserve for doubtful accounts $ 10,000 $ (3,255 ) (1) $ - (2) $ (3,255 ) (3) $ 10,000 Reserve for inventory obsolescence $ 363,500 $ (47,045 ) (5) $ - $ 64,955 (4) $ 251,500 Reserve for product warranty $ 9 $ 12,555 $ - $ 12,564 $ - Valuation allowance deferred taxes $ 4,166,700 $ 82,200 $ - $ - $ 4,248,900 Year Ended September 30, 2016 Reserve for doubtful accounts $ 10,000 $ (1,784 ) (1) $ - (2) $ (1,784 ) (3) $ 10,000 Reserve for inventory obsolescence $ 251,500 $ 82,292 (5) $ - $ (98,200 ) (4) $ 235,592 Reserve for product warranty $ - $ 8,912 $ - $ 8,912 $ - Valuation allowance deferred taxes $ 4,248,900 $ (3,681,100 ) $ 67,800 (6) $ - $ 500,000 (1) (2) (3) (4) (5) (6) |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Hickok Incorporated and its wholly - owned domestic subsidiaries. Significant intercompany transactions and balances have been eliminated in the financial statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards The Company did not incur any material impact to its financial condition or results of operations due to the adoption of any new accounting standards during the periods reported. In March 2016, 2016 09) October 1, 2017, In February 2016, 2016 02) October 1, 2019, May 2014, 2014 09, December 15, 2017, In June 2016, 2016 13, December 31, 2019. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk The Company sells its products and services primarily to customers in the United States of America and to a lesser extent overseas. All sales are made in United States of America dollars. The Company extends normal credit terms to its customers. Customers in the automotive industry comprise 17 % of outstanding receivables at September 30, 2016 (80% 2015). one $1,306,000 (2016), $2,158,000 (2015), $2,768,000 (2014), $52,000 (2016) $741,000 (2015). |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Prepa ration of Financial Statements The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that may |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Accounting for "Financial Instruments" requires the Company to disclose estimated fair values of financial instruments. Financial instruments held by the Company include, among others, accounts receivable, accounts payable, and convertible notes payable. The carrying amounts reported in the consolidated balance sheet for assets and liabilities qualifying as financial instruments is a reasonable estimate of fair value. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Company records sales as manufactured items are shipped to customers on an FOB shipping point arrangement, at which time title passes and the earnings process is complete. The Company primarily records service sales as the items are repaired. The customer does not have a right to return merchandise unless defective or warranty related and there are no formal customer acceptance provisions. Sales returns and allowances were immaterial during each of the three September 30, 2016. |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties The Company warrants certain products against defects for primarily 12 three September 30, 2016. |
Research, Development, and Computer Software, Policy [Policy Text Block] | Product Development Costs Product development costs, which include engineering production support, are expensed as incurred. Research and development performed for customers represents no more than 1% |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents For purposes of the Statement of Cash Flows, the Company considers all highly liquid debt instruments purchased with a maturity of three September 30, 2016 2015 $3,060,734 $346,405, |
Receivables, Policy [Policy Text Block] | Accounts Receivable The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. |
Inventory, Policy [Policy Text Block] | Inventory Inventory is valued at the lower of cost (first first 2016 2015 Raw materials and component parts $ 1,730,563 $ 1,254,294 Work-in-process 438,447 499,752 Finished products 1,139,789 172,467 $ 3,308,799 $ 1,926,513 The reserve for inventory obsolescence was $235,592 and $251,500 September 30, 2016 2015, |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Property, plant and equipment are carried at cost. Maintenance and repair costs are expensed as incurred. Additions and betterments are capitalized. The depreciation policy of the Company is generally as follows: Class Method Estimated Useful Lives (in years) Buildings Straight-line 10 to 40 Machinery and equipment Straight-line 3 to 10 Tools and dies Straight-line 3 $133,422 (2016), $68,686 (2015), $62,195 (2014). |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible Assets Intangible assets relate to the purchase of Federal Hose Manufacturing LLC on July 1, 2016. 11 years. Amortization of other intangibles was $20,000 (2016), $0 (2015) $0 (2014). |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Valuation of Long - Lived Assets Long - lived assets such as property, plant and equipment and software are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs Shipping and handling costs are classified as cost of product sold. |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are expensed as incurred and amounted to $22,979 (2016), $22,764 (2015) $9,017 (2014). |
Income Tax, Policy [Policy Text Block] | Income Taxes The provision for income taxes is computed on domestic financial statement income. Where transactions are included in the determination of taxable income in a different year, deferred income tax accounting is used (Note 10). During the year, the Company adopted the provisions of FASB ASU 2015 17, Balance Sheet Classification of Deferred Taxes The provision for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid. The provision for income taxes represents income taxes paid or payable for the current year plus any change in deferred taxes during the year. Deferred taxes result from differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. |
Earnings Per Share, Policy [Policy Text Block] | Income per Common Share Income per common share information is computed on the weighted average number of shares outstanding during each period as disclosed in Note 11. |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Product Classes 2016 2015 2014 Automotive Test Equipment 55.5 % 77.8 % 76.3 % Indicating Instruments 18.0 22.2 23.7 Flexible Hose 26.5 - - Total 100.0 % 100.0 % 100.0 % |
Note 2 - Summary of Significa27
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2016 2015 Raw materials and component parts $ 1,730,563 $ 1,254,294 Work-in-process 438,447 499,752 Finished products 1,139,789 172,467 $ 3,308,799 $ 1,926,513 |
Property, Plant and Equipment [Table Text Block] | Class Method Estimated Useful Lives (in years) Buildings Straight-line 10 to 40 Machinery and equipment Straight-line 3 to 10 Tools and dies Straight-line 3 |
Note 5 - Short - Term Financi28
Note 5 - Short - Term Financing (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | Amount Weighted Average Interest Rate Balance at September 30, 2016 $ 250,000 4.00 % Average during 2016 $ 83,333 4.00 % Maximum during 2016 (month end) $ 250,000 4.00 % Balance at September 30, 2015 $ - .00 % Average during 2015 $ - .00 % Maximum during 2015 (month end) $ - .00 % |
Note 6 - Notes Payable - Rela29
Note 6 - Notes Payable - Related Parties (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Current 2016 Total 2016 Total 2015 In connection with the acquisition of Federal Hose Manufacturing LLC, the Company entered into a promissory note on July 1, 2016 for $2,000,000 loan due to First Francis Company, payable in quarterly installments of $60,911 beginning on October 31, 2016, bearing interest at 4%. The remaining balance of the note shall be payable in full on July 1, 2022. Collateralized by all of the assets of the Company. $ 159,274 $ 2,000,000 $ - In connection with the acquisition of Federal Hose Manufacturing LLC, the Company entered into a promissory note on July 1, 2016 for $2,768,662 loan due to First Francis Company, payable in quarterly installments of $84,321 beginning on October 31, 2016, bearing interest at 4%. The remaining balance of the note shall be payable in full on July 1, 2022. Collateralized by all of the assets of the Company. 220,487 2,768,662 - $ 379,761 4,768,662 - Less current portion 379,761 - $ 4,388,901 $ - |
Promissory Note 1 and 2 [Member] | First Francis [Member] | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Total Payments Year Ending, September 30: 2017 $ 379,761 2018 411,495 2019 428,203 2020 445,590 2021 463,683 Thereafter 2,639,930 $ 4,768,662 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Facility Equipment 2017 $ 180,000 $ 8,938 2018 180,000 7,443 2019 180,000 - 2020 180,000 - 2021 180,000 - Total $ 900,000 $ 16,381 |
Schedule of Capital Leases [Table Text Block] | Current Total September 30, 2016 Total September 30, 2015 Capital lease obligation on MIS computer equipment and software, payable in monthly installments of $2,059 including interest at approximately 1.04% per annum through December, 2017. $ 24,710 $ 28,828 $ - Capital lease obligation on IT computer equipment and software, payable in monthly installments of $3,888 including interest at approximately 6.57% per annum, through February, 2021. 34,659 175,538 - $ 59,369 204,366 - Less current portion 59,369 - $ 144,997 $ - |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year Ending Total Less Interest Present Obligation 2017 $ 70,082 $ 10,713 $ 59,369 2018 50,772 8,042 42,730 2019 46,654 5,383 41,271 2020 46,345 2,281 44,064 2021 17,141 209 16,932 $ 230,994 $ 26,628 $ 204,366 |
Schedule of Capital Leased Assets [Table Text Block] | 2016 2015 Cost $ 247,811 $ - Depreciation $ 27,673 - Net Book Value $ 220,138 $ - |
Note 8 - Stock Options (Tables)
Note 8 - Stock Options (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted Average Exercise Weighted Average Exercise Weighted Average Exercise 2016 Price 2015 Price 2014 Price Option Shares Directors Plans: Outstanding October 1, 6,000 $ 3.440 22,000 $ 5.300 31,000 $ 5.570 Granted - - - - - - Canceled/expired (1,000 ) $ 2.925 (16,000 ) $ 6.000 (9,000 ) $ 6.230 Exercised - - - - - - Outstanding September 30, ($2.925 to $11.00 per share) 5,000 $ 3.540 6,000 $ 3.440 22,000 $ 5.300 Exercisable September 30, 5,000 $ 3.540 6,000 $ 3.440 20,000 $ 5.540 |
Directors Plans [Member] | |
Notes Tables | |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Directors Plans Outstanding Stock Options Weighted Average Exercise Price Weighted Average Remaining Life Number of Stock Options Exercisable Weighted Average Exercise Price Range of exercise prices: $ 2.925 4,000 $ 2.925 5.3 4,000 $ 2.925 $ 6.00 1,000 $ 6.000 3.5 1,000 $ 6.000 5,000 $ 3.540 5,000 $ 3.540 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2016 2015 2014 Income (Loss) Before Provision for (Recovery of) Income Taxes $ 1,333,248 $ (122,377 ) $ 8,376 Statutory rate 34 % 34 % 34 % 453,304 (41,608 ) 2,848 Permanent differences 1,000 900 1,200 Research and development and other credits - net (47,400 ) (48,500 ) (46,300 ) Valuation allowance (3,681,100 ) 82,200 44,400 Other (25,404 ) 7,008 (2,148 ) Total recovery of income taxes $ (3,299,600 ) $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2016 2015 Inventories $ 302,600 $ 81,500 Bad debts 3,400 3,400 Accrued liabilities 77,700 70,600 Prepaid expense (8,900 ) (13,400 ) Depreciation and amortization 93,000 46,700 Research and development and other credit carryforwards 2,019,700 1,980,200 Net operating loss carryforward 1,303,000 1,914,300 Directors stock option plan 40,100 40,100 Acquisition costs - 125,500 3,830,600 4,248,900 Valuation allowance (500,000 ) (4,248,900 ) Total $ 3,330,600 $ - |
Summary of Operating Loss Carryforwards [Table Text Block] | Tax Year Expires NOLS R& D & Other Credits 2018 $ - $ 44,980 2019 - 166,019 2020 - 195,753 2021 - 125,939 2022 - 48,573 2023 - 107,172 2024 - 156,392 2025 - 155,394 2026 - 139,885 2027 - 154,991 2028 - 152,732 2029 1,587,809 68,676 2030 942,727 31,081 2031 358,744 44,712 2032 622,879 59,085 2033 33,807 111,323 2034 186,708 73,198 2035 99,688 76,429 2036 - 107,315 $ 3,832,362 $ 2,019,649 |
Note 11 - Earnings Per Common33
Note 11 - Earnings Per Common Share (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2016 2015 2014 Basic Income (Loss) Per Share Income (Loss) available to common stockholders $ 4,632,848 $ (122,377 ) $ 8,376 Shares denominator 1,943,625 1,638,215 1,638,215 Per share amount $ 2.38 $ (.07 ) $ .01 Effect of Dilutive Securities Average shares outstanding 1,943,625 1,638,215 1,638,215 Options available under convertible note - - 31,097 1,943,625 1,638,215 1,669,312 Diluted Income (Loss) Per Share Income (Loss) available to common stockholders $ 4,632,848 $ (122,377 ) $ 8,376 Per share amount $ 2.38 $ (.07 ) $ .01 |
Note 13 - Segment and Related34
Note 13 - Segment and Related Information (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | Years Ended September 30, 2016 2015 2014 Net Sales Indicators and Gauges $ 1,196,204 $ 1,298,901 $ 1,492,348 Automotive Diagnostic Tools and Equipment 3,688,574 4,554,023 4,813,488 Flexible Metal Hose and Silicone Hose 1,761,002 - - $ 6,645,780 $ 5,852,924 $ 6,305,836 Income (Loss) Before Provision for Income Taxes Indicators and Gauges $ 161,878 $ 260,296 $ 312,692 Automotive Diagnostic Tools and Equipment (18,857 ) 679,720 704,427 Flexible Metal Hose and Silicone Hose 166,075 - - General Corporate Expenses 1,024,152 (1,062,393 ) (1,008,743 ) $ 1,333,248 $ (122,377 ) $ 8,376 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | Years Ended September 30, 2016 2015 Identifiable Assets Indicators and Gauges $ 754,149 $ 729,520 Automotive Diagnostic Tools and Equipment 1,418,345 2,292,737 Flexible Metal Hose and Silicone Hose 6,784,751 - Corporate 6,477,510 844,318 $ 15,434,755 $ 3,866,575 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Years Ended September 30, 2016 2015 2014 Revenue: United States of America $ 6,492,423 $ 5,678,888 $ 6,149,883 Australia 60,412 20,043 64,744 Canada 59,653 75,612 58,983 England 25,789 21,822 6,938 Mexico 6,976 26,902 25,288 Taiwan and other 527 29,657 - $ 6,645,780 $ 5,852,924 $ 6,305,836 |
Note 16 - Acquisitions (Tables)
Note 16 - Acquisitions (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 30,097 Accounts Receivable - trade 834,720 Inventory 1,755,879 Prepaid Expenses 9,909 Fixed Assets 769,000 Customer List 1,280,000 Goodwill 1,777,656 Total Assets Acquired $ 6,457,261 Accounts Payable $ 475,513 Accrued Payroll 14,725 Accrued Expenses 115,725 Total Liabilities Assumed $ 605,730 Net Assets Acquired $ 5,851,531 |
Note 17 - Quarterly Data (Una36
Note 17 - Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth Net Sales 2016 $ 1,376,872 $ 1,046,624 $ 1,530,244 $ 2,692,040 2015 1,162,218 1,091,182 1,804,614 1,794,910 2014 1,050,242 1,116,467 2,130,412 2,008,715 Gross Profit 2016 636,351 352,080 760,814 561,720 2015 362,105 381,991 807,794 1,132,731 2014 360,838 428,031 1,124,914 780,893 Net Income (Loss) 2016 (47,189 ) (464,444 ) (8,095 ) 5,152,576 2015 (270,656 ) (276,663 ) 109,631 315,311 2014 (320,287 ) (297,655 ) 386,911 239,407 Net Income (Loss) per Common Share Basic 2016 (0.03 ) (0.28 ) (0.01 ) 2.70 2015 (0.17 ) (0.17 ) 0.07 0.19 2014 (0.20 ) (0.18 ) 0.24 0.15 Diluted 2016 (0.03 ) (0.28 ) (0.01 ) 2.70 2015 (0.17 ) (0.17 ) 0.07 0.19 2014 (0.20 ) (0.18 ) 0.23 0.14 |
Schedule II - Valuation and Q37
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule Of Valuation and Qualifying Accounts [Table Text Block] | Year Ended September 30, 2014 Reserve for doubtful accounts $ 10,000 $ (4,446 ) (1) $ - (2) $ (4,446 ) (3) $ 10,000 Reserve for inventory obsolescence $ 793,000 $ (113,603 ) (5) $ - $ 315,897 (4) $ 363,500 Reserve for product warranty $ 89 $ 10,275 $ - $ 10,335 $ 9 Valuation allowance deferred taxes $ 4,122,300 $ 44,400 $ - $ - $ 4,166,700 Year Ended September 30, 2015 Reserve for doubtful accounts $ 10,000 $ (3,255 ) (1) $ - (2) $ (3,255 ) (3) $ 10,000 Reserve for inventory obsolescence $ 363,500 $ (47,045 ) (5) $ - $ 64,955 (4) $ 251,500 Reserve for product warranty $ 9 $ 12,555 $ - $ 12,564 $ - Valuation allowance deferred taxes $ 4,166,700 $ 82,200 $ - $ - $ 4,248,900 Year Ended September 30, 2016 Reserve for doubtful accounts $ 10,000 $ (1,784 ) (1) $ - (2) $ (1,784 ) (3) $ 10,000 Reserve for inventory obsolescence $ 251,500 $ 82,292 (5) $ - $ (98,200 ) (4) $ 235,592 Reserve for product warranty $ - $ 8,912 $ - $ 8,912 $ - Valuation allowance deferred taxes $ 4,248,900 $ (3,681,100 ) $ 67,800 (6) $ - $ 500,000 |
Note 1 - Nature of Operations -
Note 1 - Nature of Operations - Summary of Company's Product Classes (Details) | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Product Classes | 100.00% | 100.00% | 100.00% |
Automotive Test Equipment [Member] | |||
Product Classes | 55.50% | 77.80% | 76.30% |
Indicating Instruments [Member] | |||
Product Classes | 18.00% | 22.20% | 23.70% |
Flexible Hose [Member] | |||
Product Classes | 26.50% |
Note 2 - Summary of Significa39
Note 2 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2013USD ($) | |
Revenue, Net | $ 2,692,040 | $ 1,530,244 | $ 1,046,624 | $ 1,376,872 | $ 1,794,910 | $ 1,804,614 | $ 1,091,182 | $ 1,162,218 | $ 2,008,715 | $ 2,130,412 | $ 1,116,467 | $ 1,050,242 | $ 6,645,780 | $ 5,852,924 | $ 6,305,836 | |
Cash and Cash Equivalents, at Carrying Value | 3,060,734 | 346,405 | $ 390,327 | 3,060,734 | 346,405 | 390,327 | $ 938,852 | |||||||||
Inventory Valuation Reserves | 235,592 | 251,500 | 235,592 | 251,500 | ||||||||||||
Depreciation | 133,422 | 68,686 | 62,195 | |||||||||||||
Advertising Expense | $ 22,979 | 22,764 | 9,017 | |||||||||||||
Customer Lists [Member] | ||||||||||||||||
Finite-Lived Intangible Asset, Useful Life | 11 years | |||||||||||||||
Amortization of Intangible Assets | $ 20,000 | $ 0 | $ 0 | |||||||||||||
Accounts Receivable [Member] | Automotive Industry [Member] | ||||||||||||||||
Concentration Risk, Percentage | 17.00% | 80.00% | ||||||||||||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||||||||||||||
Accounts Receivable, Net | $ 52,000 | $ 741,000 | $ 52,000 | $ 741,000 | ||||||||||||
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | ||||||||||||||||
Number of Customers | 1 | 1 | 1 | |||||||||||||
Revenue, Net | $ 1,306,000 | $ 2,158,000 | $ 2,768,000 |
Note 2 - Summary of Significa40
Note 2 - Summary of Significant Accounting Policies - Inventories Summary (Details) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Raw materials and component parts | $ 1,730,563 | $ 1,254,294 |
Work-in-process | 438,447 | 499,752 |
Finished products | 1,139,789 | 172,467 |
$ 3,308,799 | $ 1,926,513 |
Note 2 - Summary of Significa41
Note 2 - Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Details) | 12 Months Ended |
Sep. 30, 2016 | |
Tools, Dies and Molds [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 3 years |
Minimum [Member] | Building [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 10 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 3 years |
Maximum [Member] | Building [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 10 years |
Note 3 - Notes Receivable (Deta
Note 3 - Notes Receivable (Details Textual) | 12 Months Ended |
Sep. 30, 2016 | |
Unsecured Note Receivable Interest Rate | 3.00% |
Note 4 - Convertible Notes Pa43
Note 4 - Convertible Notes Payable (Details Textual) - USD ($) | 12 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 20, 2016 | Dec. 30, 2012 | Dec. 30, 2011 | |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 200,000 | ||||||
Fair Value Assumptions, Risk Free Interest Rate | 0.42% | ||||||
Fair Value Assumptions, Expected Term | 3 years | ||||||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||
Fair Value Assumptions, Weighted Average Volatility Rate | 0.84% | ||||||
Interest Paid | 11,830 | $ 1,858 | $ 6,174 | ||||
Amendment No. 1 [Member] | Warrant to Purchase Class A Common Stock [Member] | Roundball LLC [Member] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.50 | ||||||
Roundball LLC [Member] | |||||||
Interest Expense, Debt | 691 | 644 | $ 228 | ||||
Interest Paid | $ 691 | $ 1,176 | |||||
Roundball LLC [Member] | Warrant to Purchase Class A Common Stock [Member] | |||||||
Warrant Term | 1 year | ||||||
Roundball LLC [Member] | Amendment No. 5 [Member] | Subsequent Event [Member] | |||||||
Working Capital Funding | $ 467,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.34% | ||||||
Roundball LLC [Member] | Amendment No. 1 [Member] | Warrant to Purchase Class A Common Stock [Member] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 100,000 | ||||||
Director [Member] | Roundball LLC [Member] | Convertible Notes Payable [Member] | |||||||
Working Capital Funding | $ 467,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.25% |
Note 5 - Short - Term Financi44
Note 5 - Short - Term Financing (Details Textual) - USD ($) | Oct. 11, 2016 | Jun. 03, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Interest Expense | $ 59,386 | $ 657 | $ 6,592 | ||
Interest Paid | 11,830 | $ 1,858 | $ 6,174 | ||
Revolving Credit Facility [Member] | First Francis [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||||
Line of Credit Facility, Interest Rate During Period | 4.00% | ||||
Interest Expense | 2,889 | ||||
Interest Paid | 2,889 | ||||
Long-term Line of Credit | $ 250,000 | ||||
Revolving Credit Facility [Member] | First Francis [Member] | Subsequent Event [Member] | |||||
Repayments of Lines of Credit | $ 250,000 |
Note 5 - Short - Term Financi45
Note 5 - Short - Term Financing - Summary of Short-term Borrowings (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Balance at September 30, 2015, Amount | $ 250,000 | |
Balance at September 30, 2016 | 4.00% | 0.00% |
Average during 2015, Amount | $ 83,333 | |
Maximum during 2015 (month end), Amount | $ 250,000 |
Note 6 - Notes Payable - Rela46
Note 6 - Notes Payable - Related Parties - Notes Due to Related Parties (Details) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Notes payable, related parties, current | $ 379,761 | |
4,388,901 | ||
First Francis [Member] | ||
Notes payable, related parties, current | 379,761 | |
Notes payable, related parties, current | 4,768,662 | |
4,388,901 | ||
First Francis [Member] | Promissory Note 1 [Member] | ||
Notes payable, related parties, current | 159,274 | |
Notes payable, related parties, current | 2,000,000 | |
First Francis [Member] | Promissory Note 2 [Member] | ||
Notes payable, related parties, current | $ 220,487 | |
Notes payable, related parties, current | $ 2,768,662 |
Note 6 - Notes Payable - Rela47
Note 6 - Notes Payable - Related Parties - Notes Due to Related Parties (Details) (Parentheticals) - First Francis [Member] | 12 Months Ended |
Sep. 30, 2016USD ($) | |
Promissory Note 1 [Member] | |
Notes payable, face value | $ 2,000,000 |
Notes payable, quarterly payment | $ 60,911 |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |
Promissory Note 2 [Member] | |
Notes payable, face value | $ 2,768,662 |
Notes payable, quarterly payment | $ 84,321 |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% |
Note 6 - Notes Payable - Rela48
Note 6 - Notes Payable - Related Parties - Schedule of Future Payments (Details) - First Francis [Member] | Sep. 30, 2016USD ($) |
2,017 | $ 379,761 |
2,018 | 411,495 |
2,019 | 428,203 |
2,020 | 445,590 |
2,021 | 463,683 |
Thereafter | 2,639,930 |
$ 4,768,662 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating Leases, Rent Expense | $ 57,767 | $ 11,382 | $ 10,521 |
Capital Leased Assets Net Book Value | $ 0 |
Note 7 - Leases - The Company's
Note 7 - Leases - The Company's Minimum Commitment Under Operating Leases (Details) | Sep. 30, 2016USD ($) |
Facility [Member] | |
2,017 | $ 180,000 |
2,018 | 180,000 |
2,019 | 180,000 |
2,020 | 180,000 |
2,021 | 180,000 |
Total | 900,000 |
Equipment [Member] | |
2,017 | 8,938 |
2,018 | 7,443 |
2,019 | |
2,020 | |
2,021 | |
Total | $ 16,381 |
Note 7 - Leases - Capital Lease
Note 7 - Leases - Capital Leased Assets (Details) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Capital lease obligation, current portion | $ 59,369 | |
Capital lease obligation | 204,366 | |
144,997 | ||
Assets Held Under Capital Leases, MIS Computer Equipment [Member] | ||
Capital lease obligation, current portion | 24,710 | |
Capital lease obligation | 28,828 | |
Assets Held Under Capital Leases, IT Computer Equipment [Member] | ||
Capital lease obligation, current portion | 34,659 | |
Capital lease obligation | $ 175,538 |
Note 7 - Leases - Capital Lea52
Note 7 - Leases - Capital Leased Assets (Details) (Parentheticals) - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Assets Held Under Capital Leases, MIS Computer Equipment [Member] | ||
Monthly Installment | $ 2,059 | |
Assets Held Under Capital Leases, MIS Computer Equipment [Member] | Debt Instrument, Maturing at December, 2017 [Member] | ||
Interest rate | 1.04% | |
Assets Held Under Capital Leases, IT Computer Equipment [Member] | ||
Monthly Installment | $ 3,888 | |
Assets Held Under Capital Leases, IT Computer Equipment [Member] | Debt Instrument, Maturing at February, 2021 [Member] | ||
Interest rate | 6.57% |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Capital Lease Payments (Details) | Sep. 30, 2016USD ($) |
Minimum lease payment, 2017 | $ 70,082 |
Interest, 2017 | 10,713 |
Present value of obligation, 2017 | 59,369 |
Minimum lease payment, 2018 | 50,772 |
Interest, 2018 | 8,042 |
Present value of obligation, 2018 | 42,730 |
Minimum lease payment, 2019 | 46,654 |
Interest, 2019 | 5,383 |
Present value of obligation, 2019 | 41,271 |
Minimum lease payment, 2020 | 46,345 |
Interest, 2020 | 2,281 |
Present value of obligation, 2020 | 44,064 |
Minimum lease payment, 2021 | 17,141 |
Interest, 2021 | 209 |
Present value of obligation, 2021 | 16,932 |
Minimum lease payment | 230,994 |
Interest | 26,628 |
Present value of obligation | $ 204,366 |
Note 7 - Leases - Assets Acquir
Note 7 - Leases - Assets Acquired Under Lease (Details) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Cost | $ 247,811 | |
Depreciation | 27,673 | |
Net Book Value | $ 220,138 |
Note 8 - Stock Options (Details
Note 8 - Stock Options (Details Textual) - USD ($) | 12 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | Feb. 27, 2013 | |
Directors Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | |||
Allocated Share-based Compensation Expense | $ 0 | $ 543 | $ 2,837 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 0 | |||
Common Class A [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 832,233 | 933,233 | ||
Common Class A [Member] | Omnibus 2013 Equity Plan [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 150,000 | |||
Common Class A [Member] | Directors Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 5,000 |
Note 8 - Stock Options - Transa
Note 8 - Stock Options - Transactions Involving the Directors Plans (Details) - Employee Plans [Member] - $ / shares | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Outstanding October 1, (in shares) | 6,000 | 22,000 | 31,000 |
Outstanding October 1, (in dollars per share) | $ 3.44 | $ 5.30 | $ 5.57 |
Granted (in shares) | |||
Granted (in dollars per share) | |||
Canceled/expired (in shares) | (1,000) | (16,000) | (9,000) |
Canceled/expired (in dollars per share) | $ 2.925 | $ 6 | $ 6.23 |
Outstanding September 30, ($2.925 to $11.00 per share) (in shares) | 5,000 | 6,000 | 22,000 |
Outstanding September 30, ($2.925 to $11.00 per share) (in dollars per share) | $ 3.54 | $ 3.44 | $ 5.30 |
Exercisable September 30, (in shares) | 5,000 | 6,000 | 20,000 |
Exercisable September 30, (in dollars per share) | $ 3.54 | $ 3.44 | $ 5.54 |
Note 8 - Stock Options - Summar
Note 8 - Stock Options - Summary of Expired Director Plans (Details) | 12 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Outstanding Stock Options (in shares) | shares | 5,000 |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 3.54 |
Number of Stock Options Exercisable (in shares) | shares | 5,000 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 3.54 |
Exercise Price Range 1 [Member] | |
Outstanding Stock Options (in shares) | shares | 4,000 |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 2.925 |
Weighted Average Remaining Life (Year) | 5 years 109 days |
Number of Stock Options Exercisable (in shares) | shares | 4,000 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 2.925 |
Range of Exercise Price, Lower Limit (in dollars per share) | $ 2.925 |
Exercise Price Range 2 [Member] | |
Outstanding Stock Options (in shares) | shares | 1,000 |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 6 |
Weighted Average Remaining Life (Year) | 3 years 182 days |
Number of Stock Options Exercisable (in shares) | shares | 1,000 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 6 |
Range of Exercise Price, Upper Limit (in dollars per share) | $ 6 |
Note 9 - Capital Stock, Treas58
Note 9 - Capital Stock, Treasury Stock, and Contributed Capital (Details Textual) | Sep. 30, 2016$ / sharesshares | Sep. 30, 2015shares |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Common Class A [Member] | ||
Common Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Common Stock, Capital Shares Reserved for Future Issuance | 832,233 | 933,233 |
Common Stock, Voting Rights, per Share | 1 | |
Common Class A [Member] | Minimum [Member] | ||
Dividends Payable, Amount Per Share | $ / shares | $ 0.10 | |
Common Class B [Member] | ||
Common Stock, Shares Authorized | 2,500,000 | 2,500,000 |
Common Stock, Voting Rights, per Share | 3 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (3,748,900) | $ 82,200 |
Research and Development Credits Expiration [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 67,800 | |
Likely Utilization of Net Operating Loss and Credit Carryforwards [Member] | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 3,681,000 |
Note 10 - Income Taxes - Income
Note 10 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income (Loss) Before Provision for (Recovery of) Income Taxes | $ 1,333,248 | $ (122,377) | $ 8,376 |
Statutory rate | 34.00% | 34.00% | 34.00% |
$ 453,304 | $ (41,608) | $ 2,848 | |
Permanent differences | 1,000 | 900 | 1,200 |
Research and development and other credits - net | (47,400) | (48,500) | (46,300) |
Valuation allowance | (3,681,100) | 82,200 | 44,400 |
Other | (25,404) | 7,008 | (2,148) |
$ (3,299,600) |
Note 10 - Income Taxes - Deferr
Note 10 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Inventories | $ 302,600 | $ 81,500 |
Bad debts | 3,400 | 3,400 |
Accrued liabilities | 77,700 | 70,600 |
Prepaid expense | (8,900) | (13,400) |
Depreciation and amortization | 93,000 | 46,700 |
Research and development and other credit carryforwards | 2,019,700 | 1,980,200 |
Net operating loss carryforward | 1,303,000 | 1,914,300 |
Directors stock option plan | 40,100 | 40,100 |
Acquisition costs | 125,500 | |
3,830,600 | 4,248,900 | |
Valuation allowance | (500,000) | (4,248,900) |
Total | $ 3,330,600 | $ 0 |
Note 10 - Income Taxes - Net Op
Note 10 - Income Taxes - Net Operating Loss and Tax Credit Carryforwards (Details) | Sep. 30, 2016USD ($) |
Net Operating Loss | $ 3,832,362 |
Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 2,019,649 |
Expires in Tax Year 2018 [Member] | |
Net Operating Loss | |
Expires in Tax Year 2018 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 44,980 |
Expires in Tax Year 2019 [Member] | |
Net Operating Loss | |
Expires in Tax Year 2019 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 166,019 |
Expires in Tax Year 2020 [Member] | |
Net Operating Loss | |
Expires in Tax Year 2020 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 195,753 |
Expires in Tax Year 2021 [Member] | |
Net Operating Loss | |
Expires in Tax Year 2021 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 125,939 |
Expires in Tax Year 2022 [Member] | |
Net Operating Loss | |
Expires in Tax Year 2022 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 48,573 |
Expires in Tax Year 2023 [Member] | |
Net Operating Loss | |
Expires in Tax Year 2023 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 107,172 |
Expires in Tax Year 2024 [Member] | |
Net Operating Loss | |
Expires in Tax Year 2024 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 156,392 |
Expires in Tax Year 2025 [Member] | |
Net Operating Loss | |
Expires in Tax Year 2025 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 155,394 |
Expires in Tax Year 2026 [Member] | |
Net Operating Loss | |
Expires in Tax Year 2026 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 139,885 |
Expires in Tax Year 2027 [Member] | |
Net Operating Loss | |
Expires in Tax Year 2027 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 154,991 |
Expires in Tax Year 2028 [Member] | |
Net Operating Loss | |
Expires in Tax Year 2028 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 152,732 |
Expires in Tax Year 2029 [Member] | |
Net Operating Loss | 1,587,809 |
Expires in Tax Year 2029 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 68,676 |
Expires in Tax Year 2030 [Member] | |
Net Operating Loss | 942,727 |
Expires in Tax Year 2030 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 31,081 |
Expires in Tax Year 2031 [Member] | |
Net Operating Loss | 358,744 |
Expires in Tax Year 2031 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 44,712 |
Expires in Tax Year 2032 [Member] | |
Net Operating Loss | 622,879 |
Expires in Tax Year 2032 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 59,085 |
Expires in Tax Year 2033 [Member] | |
Net Operating Loss | 33,807 |
Expires in Tax Year 2033 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 111,323 |
Expires in Tax Year 2034 [Member] | |
Net Operating Loss | 186,708 |
Expires in Tax Year 2034 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 73,198 |
Expires in Tax Year 2035 [Member] | |
Net Operating Loss | 99,688 |
Expires in Tax Year 2035 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | 76,429 |
Expires in Tax Year 2036 [Member] | |
Net Operating Loss | |
Expires in Tax Year 2036 [Member] | Research & Development & Other Tax Credits [Member] | |
R&D & Other Credits | $ 107,315 |
Note 11 - Earnings Per Common63
Note 11 - Earnings Per Common Share (Details Textual) - $ / shares | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Employee Stock Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,000 | 6,000 | 22,000 |
Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 100,000 | 200,000 | 200,000 |
Options and Warrants [Member] | Minimum [Member] | |||
Share Price | $ 2.50 | $ 2.50 | $ 2.50 |
Options and Warrants [Member] | Maximum [Member] | |||
Share Price | $ 6 | $ 6 | $ 11 |
Note 11 - Earnings Per Common64
Note 11 - Earnings Per Common Share - Summary of Earnings Per Share Calculation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Basic Income (Loss) Per Share | |||||||||||||||
Income (Loss) available to common stockholders | $ 4,632,848 | $ (122,377) | $ 8,376 | ||||||||||||
Shares denominator (in shares) | 1,943,625 | 1,638,215 | 1,638,215 | ||||||||||||
Per share amount (in dollars per share) | $ 2.70 | $ (0.01) | $ (0.28) | $ (0.03) | $ 0.19 | $ 0.07 | $ (0.17) | $ (0.17) | $ 0.15 | $ 0.24 | $ (0.18) | $ (0.20) | $ 2.38 | $ (0.07) | $ 0.01 |
Effect of Dilutive Securities | |||||||||||||||
Average shares outstanding (in shares) | 1,943,625 | 1,638,215 | 1,638,215 | ||||||||||||
Options available under convertible note (in shares) | 31,097 | ||||||||||||||
(in shares) | 1,943,625 | 1,638,215 | 1,669,312 | ||||||||||||
Diluted Income (Loss) Per Share | |||||||||||||||
Income (Loss) available to common stockholders | $ 4,632,848 | $ (122,377) | $ 8,376 | ||||||||||||
Per share amount (in dollars per share) | $ 2.70 | $ (0.01) | $ (0.28) | $ (0.03) | $ 0.19 | $ 0.07 | $ (0.17) | $ (0.17) | $ 0.14 | $ 0.23 | $ (0.18) | $ (0.20) | $ 2.38 | $ (0.07) | $ 0.01 |
Note 12 - Employee Benefit Pl65
Note 12 - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 14,412 | $ 15,045 | $ 16,979 |
Note 13 - Segment and Related66
Note 13 - Segment and Related Information (Details Textual) | 12 Months Ended |
Sep. 30, 2016 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 13 - Segment and Related67
Note 13 - Segment and Related Information - Information By Industry Segment (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue | $ 6,645,780 | $ 5,852,924 | $ 6,305,836 |
Income (Loss) Before Provision for Income Taxes | |||
Income (Loss) before provision for Income Taxes | 1,333,248 | (122,377) | 8,376 |
Corporate, Non-Segment [Member] | |||
Income (Loss) Before Provision for Income Taxes | |||
Income (Loss) before provision for Income Taxes | 1,024,152 | (1,062,393) | (1,008,743) |
Indicators and Gauges [Member] | Operating Segments [Member] | |||
Revenue | 1,196,204 | 1,298,901 | 1,492,348 |
Income (Loss) Before Provision for Income Taxes | |||
Income (Loss) before provision for Income Taxes | 161,878 | 260,296 | 312,692 |
Automotive Diagnostic Tools and Equipment [Member] | Operating Segments [Member] | |||
Revenue | 3,688,574 | 4,554,023 | 4,813,488 |
Income (Loss) Before Provision for Income Taxes | |||
Income (Loss) before provision for Income Taxes | (18,857) | 679,720 | 704,427 |
Flexible Metal Hose and Silicone Hose [Member] | Operating Segments [Member] | |||
Revenue | 1,761,002 | ||
Income (Loss) Before Provision for Income Taxes | |||
Income (Loss) before provision for Income Taxes | $ 166,075 |
Note 13 - Segment and Related68
Note 13 - Segment and Related Information - Asset Information (Details) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Identifiable Assets | ||
Assets | $ 15,434,755 | $ 3,866,575 |
Corporate, Non-Segment [Member] | ||
Identifiable Assets | ||
Assets | 6,477,510 | 844,318 |
Indicators and Gauges [Member] | Operating Segments [Member] | ||
Identifiable Assets | ||
Assets | 754,149 | 729,520 |
Automotive Diagnostic Tools and Equipment [Member] | Operating Segments [Member] | ||
Identifiable Assets | ||
Assets | 1,418,345 | 2,292,737 |
Flexible Metal Hose and Silicone Hose [Member] | Operating Segments [Member] | ||
Identifiable Assets | ||
Assets | $ 6,784,751 |
Note 13 - Segment and Related69
Note 13 - Segment and Related Information - Revenue By Geographic Location (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues | $ 6,645,780 | $ 5,852,924 | $ 6,305,836 |
UNITED STATES | |||
Revenues | 6,492,423 | 5,678,888 | 6,149,883 |
AUSTRALIA | |||
Revenues | 60,412 | 20,043 | 64,744 |
CANADA | |||
Revenues | 59,653 | 75,612 | 58,983 |
England [Member] | |||
Revenues | 25,789 | 21,822 | 6,938 |
MEXICO | |||
Revenues | 6,976 | 26,902 | 25,288 |
Taiwan and Other [Member] | |||
Revenues | $ 527 | $ 29,657 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - Roundball LLC [Member] - Amendment No. 5 [Member] - Subsequent Event [Member] | Dec. 20, 2016USD ($) |
Working Capital Funding | $ 467,000 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 |
Debt Instrument, Interest Rate, Stated Percentage | 0.34% |
Note 16 - Acquisitions (Details
Note 16 - Acquisitions (Details Textual) - Federal Hose [Member] - USD ($) | Jul. 01, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 |
Business Combination, Consideration Transferred | $ 5,851,531 | |||
Business Combination, Acquisition Related Costs | $ 211,951 | $ 71,939 | $ 150,921 | |
First Francis [Member] | Promissory Note 1 and 2 [Member] | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 4,768,662 | |||
Common Class A [Member] | First Francis [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 911,250 | |||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 847,463 | |||
Common Class B [Member] | First Francis [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 303,750 | |||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 235,406 |
Note 16 - Acquisitions - Summar
Note 16 - Acquisitions - Summary Assets Acquired and Liabilities Assumed (Details) - USD ($) | Sep. 30, 2016 | Jul. 01, 2016 | Sep. 30, 2015 |
Goodwill | $ 1,777,656 | ||
Federal Hose [Member] | |||
Cash | $ 30,097 | ||
Accounts Receivable - trade | 834,720 | ||
Inventory | 1,755,879 | ||
Prepaid Expenses | 9,909 | ||
Fixed Assets | 769,000 | ||
Goodwill | 1,777,656 | ||
Total Assets Acquired | 6,457,261 | ||
Accounts Payable | 475,513 | ||
Accrued Payroll | 14,725 | ||
Accrued Expenses | 115,725 | ||
Total Liabilities Assumed | 605,730 | ||
Net Assets Acquired | 5,851,531 | ||
Federal Hose [Member] | Customer Lists [Member] | |||
Customer List | $ 1,280,000 |
Note 17 - Quarterly Data (Una73
Note 17 - Quarterly Data (Unaudited) - Summary of Quarterly Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue, Net | $ 2,692,040 | $ 1,530,244 | $ 1,046,624 | $ 1,376,872 | $ 1,794,910 | $ 1,804,614 | $ 1,091,182 | $ 1,162,218 | $ 2,008,715 | $ 2,130,412 | $ 1,116,467 | $ 1,050,242 | $ 6,645,780 | $ 5,852,924 | $ 6,305,836 |
Gross Profit | 561,720 | 760,814 | 352,080 | 636,351 | 1,132,731 | 807,794 | 381,991 | 362,105 | 780,893 | 1,124,914 | 428,031 | 360,838 | |||
Net Income (Loss) | $ 5,152,576 | $ (8,095) | $ (464,444) | $ (47,189) | $ 315,311 | $ 109,631 | $ (276,663) | $ (270,656) | $ 239,407 | $ 386,911 | $ (297,655) | $ (320,287) | $ 4,632,848 | $ (122,377) | $ 8,376 |
Basic (in dollars per share) | $ 2.70 | $ (0.01) | $ (0.28) | $ (0.03) | $ 0.19 | $ 0.07 | $ (0.17) | $ (0.17) | $ 0.15 | $ 0.24 | $ (0.18) | $ (0.20) | $ 2.38 | $ (0.07) | $ 0.01 |
Per share amount (in dollars per share) | $ 2.70 | $ (0.01) | $ (0.28) | $ (0.03) | $ 0.19 | $ 0.07 | $ (0.17) | $ (0.17) | $ 0.14 | $ 0.23 | $ (0.18) | $ (0.20) | $ 2.38 | $ (0.07) | $ 0.01 |
Schedule II - Valuation and Q74
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Details) - USD ($) | 12 Months Ended | ||||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2014 | |||||
Allowance for Doubtful Accounts [Member] | |||||||
Balance at Beginning of Period | $ 10,000 | $ 10,000 | $ 10,000 | ||||
Additions Charged to Costs and Expenses | [1] | (1,784) | (3,255) | (4,446) | |||
Additions Charged to Other Accounts | [2] | [2] | |||||
Deductions | [3] | (1,784) | (3,255) | (4,446) | |||
Balance at End of Period | 10,000 | 10,000 | 10,000 | ||||
Inventory Valuation Reserve [Member] | |||||||
Balance at Beginning of Period | 251,500 | 363,500 | 793,000 | ||||
Additions Charged to Costs and Expenses | [4] | 82,292 | (47,045) | (113,603) | |||
Additions Charged to Other Accounts | |||||||
Deductions | [5] | (98,200) | 64,955 | 315,897 | |||
Balance at End of Period | 235,592 | 251,500 | 363,500 | ||||
Warranty Reserves [Member] | |||||||
Balance at Beginning of Period | 9 | 89 | |||||
Additions Charged to Costs and Expenses | 8,912 | 12,555 | 10,275 | ||||
Additions Charged to Other Accounts | |||||||
Deductions | 8,912 | 12,564 | 10,335 | ||||
Balance at End of Period | 9 | ||||||
Valuation Allowance of Deferred Tax Assets [Member] | |||||||
Balance at Beginning of Period | 4,248,900 | 4,166,700 | 4,122,300 | ||||
Additions Charged to Costs and Expenses | (3,681,100) | 82,200 | 44,400 | ||||
Additions Charged to Other Accounts | 67,800 | [6] | |||||
Deductions | |||||||
Balance at End of Period | $ 500,000 | $ 4,248,900 | $ 4,166,700 | ||||
[1] | Classified as bad debt expense. | ||||||
[2] | Recoveries on accounts charged off in prior years. | ||||||
[3] | Accounts charged off during year as uncollectible. | ||||||
[4] | Reduction in inventory obsolescence reserve. | ||||||
[5] | Inventory charged off during the year as obsolete. | ||||||
[6] | Recovery of net operating loss reserve. |