Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | HICKOK INC | ||
Entity Central Index Key | 0000047307 | ||
Trading Symbol | hicka | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Public Float | $ 6,467,531 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 596,848 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 2,145,219 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 5,057,626 | $ 2,444,110 |
Accounts receivable less allowance for doubtful accounts | 9,835,262 | 9,011,677 |
Costs and estimated earnings in excess of billings | 2,083,349 | 1,605,991 |
Inventory less allowance for obsolete inventory | 5,497,982 | 3,903,481 |
Prepaid expenses and other current assets | 818,609 | 265,456 |
Total Current Assets | 23,292,828 | 17,230,715 |
PROPERTY, PLANT AND EQUIPMENT: | ||
Land and improvements | 257,205 | 235,179 |
Buildings and leasehold improvements | 1,709,165 | 2,239,763 |
Machinery and equipment | 13,343,878 | 5,091,360 |
Total property, plant and equipment | 15,310,248 | 7,566,302 |
Less accumulated depreciation | 2,006,133 | 4,242,913 |
Property, Plant and Equipment, Net | 13,304,115 | 3,323,389 |
OTHER ASSETS: | ||
Goodwill | 9,582,202 | 2,255,912 |
Intangibles, net of accumulated amortization | 4,332,202 | 1,896,399 |
Deferred income taxes less valuation allowance | 2,173,892 | |
Other non-current assets | 95,263 | 3,250 |
Total Non-Current Other Assets | 14,009,667 | 6,329,453 |
Total Assets | 50,606,610 | 26,883,557 |
CURRENT LIABILITIES: | ||
Convertible notes payable - current | 200,000 | 200,000 |
Notes payable - current | 1,555,663 | 352,727 |
Bank debt - current | 1,333,333 | 500,000 |
Leases payable | 13,800 | 55,735 |
Accounts payable | 5,169,819 | 2,112,695 |
Unearned revenue | 5,257,797 | 2,601,355 |
Accrued payroll and related expenses | 1,358,669 | 723,053 |
Accrued income taxes | 360,239 | 108,576 |
Accrued expenses | 1,606,429 | 1,340,465 |
Total Current Liabilities | 16,855,749 | 7,994,606 |
LONG-TERM LIABILITIES: | ||
Notes payable | 11,086,402 | 3,651,765 |
Bank debt | 8,194,679 | 4,732,550 |
Leases payable | 2,642 | 106,855 |
Deferred Income Taxes | 1,701,653 | |
Total Long-Term Liabilities | 20,985,376 | 8,491,170 |
STOCKHOLDERS' EQUITY | ||
Preferred 1,000,000 shares authorized, no shares outstanding | ||
Contributed capital | 1,741,901 | 1,741,901 |
Treasury shares | (1,905,780) | (264,841) |
Retained earnings | 9,577,792 | 5,964,082 |
Total Stockholders' Equity | 12,765,485 | 10,397,781 |
Total Liabilities and Stockholders' Equity | 50,606,610 | 26,883,557 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common stock | 2,641,300 | 2,246,367 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY | ||
Common stock | $ 710,272 | $ 710,272 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
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) | 2,161,014 | 2,130,681 |
Treasury shares, issued (in shares) | 37,208 | 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 | 779,283 |
Treasury shares, issued (in shares) | 182,435 | 5,667 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 | |
Total sales | $ 11,754,219 | $ 2,356,926 | $ 66,378,306 | $ 23,816,735 |
Cost of Sales | 8,528,387 | 1,773,688 | 51,074,339 | 15,792,458 |
Gross Profit | 3,225,832 | 583,238 | 15,303,967 | 8,024,277 |
Operating Expenses: | ||||
Product development costs | 121,579 | 239,010 | 220,418 | 795,957 |
Selling, general and administrative expenses | 1,813,308 | 651,574 | 7,769,090 | 4,546,383 |
Operating Income (Loss) | 1,290,945 | (307,346) | 7,314,459 | 2,681,937 |
Other (Income) and Expenses: | ||||
Interest charges | 98,228 | 50,769 | 749,021 | 282,648 |
Loss on sale of business | 1,160,574 | |||
Other (income) expense, net | 14,726 | (52,409) | 123,134 | 210,529 |
Total Other (Income) and Expenses | 112,954 | (1,640) | 2,032,729 | 493,177 |
Income (loss) before Provision for Income Taxes | 1,177,991 | (305,706) | 5,281,730 | 2,188,760 |
Provision for Income Taxes: | ||||
Current | 446,283 | 8,000 | 543,031 | 86,966 |
Deferred | 221,446 | 1,124,989 | 693,398 | |
Total Provision for Income Taxes | 667,729 | 8,000 | 1,668,020 | 780,364 |
Net Income (Loss) | $ 510,262 | $ (313,706) | $ 3,613,710 | $ 1,408,396 |
Net Income (Loss) Per Common Share - Basic (in dollars per share) | $ 0.18 | $ (0.11) | $ 1.29 | $ 0.49 |
Net Income (Loss) Per Common Share - Diluted (in dollars per share) | $ 0.16 | $ (0.11) | $ 1.14 | $ 0.46 |
Weighted Average Shares of Common Stock Outstanding – Basic (in shares) | 2,888,502 | 2,853,107 | 2,799,706 | 2,874,926 |
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares) | 3,256,012 | 2,901,584 | 3,181,572 | 3,069,077 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Total |
Balance at Sep. 30, 2016 | $ 2,108,651 | $ 710,272 | $ 1,741,901 | $ (253,341) | $ 4,045,424 | $ 8,352,907 |
Professional services expense | 7,884 | 7,884 | ||||
Share-based compensation expense | 129,832 | 129,832 | ||||
Repurchase of Class B Shares | (11,500) | (11,500) | ||||
Net Income (Loss) | 1,408,396 | 1,408,396 | ||||
Balance at Sep. 30, 2017 | 2,246,367 | 710,272 | 1,741,901 | (264,841) | 5,453,820 | 9,887,519 |
Net Income (Loss) | 510,262 | 510,262 | ||||
Balance at Dec. 31, 2017 | 2,246,367 | 710,272 | 1,741,901 | (264,841) | 5,964,082 | 10,397,781 |
Share-based compensation expense | 394,933 | 394,933 | ||||
Net Income (Loss) | 3,613,710 | 3,613,710 | ||||
Proceeds from sale of business | (1,640,939) | (1,640,939) | ||||
Balance at Dec. 31, 2018 | $ 2,641,300 | $ 710,272 | $ 1,741,901 | $ (1,905,780) | $ 9,577,792 | $ 12,765,485 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 | |
Cash Flows from Operating Activities | ||||
Net Income (Loss) | $ 510,262 | $ (313,706) | $ 3,613,710 | $ 1,408,396 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 360,241 | 71,037 | 1,606,509 | 720,872 |
Non-cash professional service expense | 7,884 | |||
Loss on disposal of assets | 10,750 | 13,386 | ||
Loss on disposal of operations | 1,160,574 | |||
Non-cash share-based compensation expense | 394,933 | 129,832 | ||
Deferred income taxes | 616,367 | 1,124,910 | 693,398 | |
Changes in assets and liabilities: | ||||
Decrease (Increase) in accounts receivable | (462,081) | 294,442 | 761,496 | (2,434,029) |
Decrease (Increase) in inventories | (45,718) | 89,006 | (1,681,250) | 45,539 |
Decrease (Increase) in costs in excess of billings | 33,528 | (477,358) | 2,341,305 | |
Decrease (Increase) in prepaid expenses & other assets | 167,577 | (124,686) | (697,202) | (335,159) |
Increase (Decrease) in accounts payable | 614,896 | (103,719) | 1,578,467 | (962,207) |
Increase (Decrease) in accrued payroll and related expenses | 46,551 | (133,328) | 454,624 | 49,498 |
Increase (Decrease) in accrued expenses | 50,101 | 3,360 | (424,208) | 224,674 |
Increase (Decrease) in accrued income taxes | 38,643 | (23,000) | 251,663 | 38,933 |
Increase (Decrease) in unearned revenue | 1,318,408 | 1,300,000 | 2,656,442 | 688,402 |
Total adjustments | 2,738,513 | 1,373,112 | 6,720,350 | 1,222,328 |
Net Cash Provided by Operating Cash Activities | 3,248,775 | 1,059,406 | 10,334,060 | 2,630,724 |
Cash Flows from Investing Activities | ||||
Cash paid for acquisition | (11,209,583) | (10,250,000) | ||
Capital expenditures | (78,585) | (154,853) | (479,880) | (332,794) |
Net Cash Provided by (Used in) Investing Activities | (78,585) | (154,853) | (11,689,463) | (10,582,794) |
Cash Flows from Financing Activities | ||||
Payments on related party notes | (331,711) | (362,427) | (1,014,170) | |
Payments on bank debt | (3,113,908) | (9,823,106) | (1,775,000) | |
Borrowings on bank debt | 1,468,657 | 14,186,750 | 8,694,486 | |
Payments on capital lease | (15,335) | (14,624) | (32,298) | (67,974) |
Repurchase of Class B shares | (11,500) | (11,500) | ||
Net Cash Provided by (Used in) Financing Activities | (1,660,586) | (357,835) | 3,968,919 | 5,825,842 |
Net Increase (decrease) in cash and cash equivalents | 1,509,604 | 546,718 | 2,613,516 | (2,126,228) |
Cash and cash equivalents at beginning of year | 934,506 | 3,060,734 | 2,444,110 | 3,060,734 |
Cash and cash equivalents at end of year | 2,444,110 | 3,607,452 | 5,057,626 | 934,506 |
Supplemental disclosures of cash flow information | ||||
Interest Paid | 37,612 | 67,045 | 783,739 | 236,634 |
Income Taxes Paid | 205,514 | 31,000 | ||
Non-cash proceeds received for Class A and Class B Shares in exchange for the sale of certain assets | 1,640,939 | |||
Non-cash seller note issued for acquisition | $ 9,000,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles for financial information and with the instructions to Form 10 8 X. Principles of Consolidation Reclassifications Certain prior year amounts were reclassified to conform to the current year’s presentation, including transaction costs related to acquisitions that were reclassified from selling, general and administrative to other (income) expenses as these costs are not no |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. The Company did not New Accounting Standards Adopted March 2016, 2016 09 no October 1, 2017. not In May 2014, 2014 09, December 15, 2017, 2014 09 not January 1, 2018. not In May 2017, 2017 09, 718 2017 09 December 15, 2017. not In August 2016, 2016 15, 230 eight December 15, 2017. not New Accounting Standards Not January 2017, 2017 04, 350 2017 04 second not December 15, 2019. 2017 04 not In June 2016, 2016 13, December 15, 2019. not In February 2016, 2016 02 not January 1, 2019, $14 not Concentration of Credit Risk July 2016, June 2017, July 2018, three December 31, 2017, two 22% December 31, 2018, one 18% Use of Estimates in the Preparation of Financial Statements may Fair Value of Financial Instruments Revenue Recognition not no Revenue from contracts is recognized on the percentage-of-completion method measured by the percentage of costs incurred to date to total estimated costs for each contract. Contract costs include all direct costs and allocations of indirect costs. Provisions for estimated losses on uncompleted contracts are made in the period in which it is determined a loss will be incurred. As long-term contracts extend over one Because of the inherent uncertainties in estimating costs, it is at least reasonably possible the estimates of costs and revenue will change in the next year. Revenue earned on contracts in progress in excess of billings are classified as an asset. Amounts billed in excess of revenue earned are classified as a liability. The length of the contracts varies, but is typically three six Revenue relating to replacement parts is recognized upon the shipment of goods or rendering of services to customers. Unearned Revenue Unearned revenue consists of customer deposits and costs and estimated earnings in excess of billings related to the Commercial Air Handling segment. Deferred Commissions Commissions are earned based on the percentage-of completion of the contract. Commissions are paid upon receipt of payment for units shipped. Product Warranties The Company provides a warranty for its custom air handling business covering parts for 12 18 may Product Development Costs Cash and Cash Equivalents three Accounts Receivable Inventory first first Property, Plant and Equipment Class Method Estimated Useful Lives (years) Buildings & Improvements Straight-line 10 to 40 Machinery and equipment Straight-line 3 to 17 Tools and dies Straight-line 3 Valuation of Long-Lived Assets may not Shipping and Handling Costs Income 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 not Income per Common Share |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. 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. The reserve for doubtful accounts was $35,000 $10,275 December 31, 2018 2017, |
Note 4 - Inventory
Note 4 - Inventory | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 4. Inventory is valued at the lower of cost ( first first December 31, 2018 December 31, 2017 Raw materials and component parts $ 2,313,664 $ 2,637,138 Work-in-process 1,209,117 523,644 Finished products 2,201,693 1,200,204 Total Inventory 5,724,474 4,360,986 Less: Inventory reserves 226,492 457,505 Net Inventory $ 5,497,982 $ 3,903,481 |
Note 5 - Goodwill and Other Int
Note 5 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 5. Intangible assets relate to the purchase of businesses on July 1, 2018, June 1, 2017 July 1, 2016. not one 15 December 31, 2018 December 31, 2017 Customer Intangibles $ 4,970,000 $ 1,970,000 Non-Compete Agreements 200,000 200,000 Trademarks 340,000 340,000 Total Other Intangibles 5,510,000 2,510,000 Less: Accumulated Amortization 1,177,798 613,601 Other Intangibles, Net $ 4,332,202 $ 1,896,399 Amortization of other intangibles was $217,257 $29,091 three December 31, 2017 2016, $564,197 $367,253 December 31, 2018 September 30, 2017, $379,030 2019, $379,030 2020, $379,030 2021, $339,030 2022, $339,030 2023 $2,517,052 |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, plant and equipment are recorded at cost and depreciated over their useful lives. Maintenance and repair costs are expenses as incurred. Property, plant and equipment are as follows: December 31, 2018 December 31, 2017 Land $ 257,205 $ 235,179 Buildings and Improvements 1,709,165 2,239,763 Machinery & Equipment 13,343,878 5,091,360 Total Property, Plant & Equipment 15,310,248 7,566,302 Less: Accumulated Depreciation 2,006,133 4,242,913 Property Plant & Equipment, Net $ 13,304,115 $ 3,323,389 Depreciation expense, including depreciation on capitalized leases, was $140,006 $41,946 three December 31, 2017 2016, $1,042,312 $350,641 December 31, 2018 September 30, 2017, |
Note 7 - Bank Debt
Note 7 - Bank Debt | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 7. BANK DEBT The Company entered into a Credit Agreement on June 1, 2017 July 5, 2018 ( $12,000,000, 80% 50% 50% $6,000,000. $111,111 The revolving facility under the Credit Agreement includes a $3 $1,000,000 July 5, 2019, five 0.00% 2.00% June 1, 2020. 0.25% 2.25% December 1, 2022. 0.25% In connection with entering into the Credit Agreement in 2017, one $500,000. Bank debt balances consist of the following: December 31, 2018 December 31, 2017 Term Debt $ 5,444,444 $ 1,750,000 Revolving Debt 4,184,158 3,524,235 Total Bank Debt 9,628,602 5,274,235 Less: Current Portion 1,333,333 500,000 Non-Current Bank Debt 8,295,269 4,774,235 Less: Unamortized Debt Costs 100,590 41,685 Net Non-Current Bank Debt $ 8,194,679 $ 4,732,550 The Company had $7.8 $4.5 December 31, 2018 2017, 2022 $1,333,333 2019, 2020, 2021 2022. |
Note 8 - Notes Payable
Note 8 - Notes Payable | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Convertible Notes Payable On 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 29, 2018, No. 7 ● Continues to provide approximately $467,000 ● Continues to allow $250,000 0.34%; ● Expand the rights available to Roundball under the Roundball Option to include the option, exercisable by Roundball in its sole discretion, and subject to requisite shareholder approval thereof and the terms and conditions set forth therein, to purchase up to 75,000 ● Extends the due date of the loan agreement from December 30, 2018 December 30, 2019. The outstanding balance on the Convertible Loan as of December 31, 2018 2017, $200,000. As part of the Convertible Loan, the parties entered into a Warrant Agreement, dated December 30, 2012 ( 100,000 $2.50 December 30, 2019. Notes Payable – Related Party On July 1, 2016, two July 1, 2018 July 5, 2018, July 1, 2016 $2,000,000, July 1, 2016 $2,768,662 4.0% 6.25% $2,768,662 July 5, 2019 $648,000, $6.48 Notes Payable – Seller Note Effective July 1, 2018, $21 $12 four 4% no June 30, 2023 ( no not second September 30, 2018, first June 30, 2019. four 4 September 30, 2019 Notes Payable Notes payable consist of the following: December 31, 2018 December 31, 2017 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,000,000 loan due to First Francis Company, payable in quarterly installments beginning on October 31, 2016. $ 1,485,061 $ 1,639,206 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,768,662 loan due to First Francis Company, payable in quarterly installments beginning on October 31, 2016. 2,157,004 2,365,286 In connection with the CAD acquisition, the Company entered into a promissory note on July 1, 2018 for a $9,000,000 loan due to the Loudermilks, payable in quarterly installments beginning September 30, 2018. 9,000,000 - Total notes payable 12,642,065 4,004,492 Less current portion 1,555,663 352,727 Notes payable – non-current portion $ 11,086,402 $ 3,651,765 Principal payments on the notes payable are as follows for the years ended December 31: Related Party Note Seller Note 2019 $ 430,663 $ 1,125,000 2020 458,217 2,250,000 2021 487,234 2,250,000 2022 2,265,957 2,250,000 2023 - 1,125,000 Total principal payments $ 3,642,071 $ 9,000,000 |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Capital Leases in Financial Statements of Lessee Disclosure [Text Block] | 9. Operating Leases three one June 30, 2026. The Company's minimum commitment under these operating leases is as follows: Facility Equipment 2019 $ 1,235,424 $ 122,280 2020 1,197,062 118,052 2021 1,201,202 87,746 2022 1,205,384 32,724 2023 1,216,978 - Thereafter 6,829,804 - Total minimum lease payments $ 12,885,854 $ 360,802 Rental expense was $245,029 $48,819 three December 31, 2017 2016, $1,228,012 $361,539 December 31, 2018 September 30, 2017, Commitments and Contingencies not no not |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. There are 10,000,000 2,500,000 1,000,000 Unissued shares of Class A common stock ( 832,233 December 31, 2018, September 30, 2017, one three $0.10 |
Note 11 - Stock Compensation
Note 11 - Stock Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. The Company's 2013 2013 150,000 may no three December 31, 2018 2017. 30,333 36,333 2013 December 31, 2018 September 30, 2017, 5,000 three not 10 March 8, 2015. Non-cash compensation expense related to stock option plans was $394,933 $129,832 December 31, 2018 September 30, 2017, not three December 31, 2017 2016, |
Note 12 - Income Taxes
Note 12 - Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. A reconciliation of the provision (recovery) of income taxes to the statutory federal income tax rate is as follows: Three Months Year Fiscal Year December 31, 2017 December 31, 2018 September 30, 2017 Income Before Provision for Income Taxes $ 1,177,991 $ 5,281,730 $ 2,188,760 Statutory rate 34 % 21 % 34 % Tax at statutory rate 400,517 1,109,163 744,178 Permanent differences 2,055 196,142 5,465 Research and development and other credits - net - - (77,220 ) Valuation allowance (452,681 ) - - State Tax 25,654 79,165 130,560 State Net Operating Loss - - (174,223 ) Transaction Costs - - 95,849 Deferred Adjustments - change in tax rates 290,965 - - Change in Reserve for uncertain tax positions 395,000 - - Return to Provision Adjustments and Other 6,219 283,550 55,755 Provision for income taxes $ 667,729 $ 1,668,020 $ 780,364 Deferred tax assets (liabilities) consist of the following: December 31, 2018 December 31, 2017 Inventories $ 145,844 $ 116,673 Bad debts 8,773 13,799 Accrued liabilities 281,475 140,280 Prepaid expense (95,371 ) (59,085 ) Depreciation and amortization (2,928,232 ) 166,798 Research and development and other credit carryforwards 1,266,043 2,150,820 Net operating loss carryforward - 59,852 Directors stock option plan 62,134 27,074 Total deferred tax asset (liability) (1,259,334 ) 2,616,211 Valuation allowance (47,319 ) (47,319 ) Reserve for uncertain tax positions (395,000 ) (395,000 ) Total reserves & allowances (442,319 ) (442,319 ) Net deferred tax asset (liability) $ (1,701,653 ) $ 2,173,892 On December 22, 2017, 2017 $0.3 34% 21%. Valuation Allowance $0.5 December 31, 2017. $47,319 December 31, 2018 2017, Reserve for Uncertain Tax Positions December 31, 2017, $0.4 740. $0.4 December 31, 2018 2017, may Net Operating Loss Carryforwards: At December 31, 2018, Tax Year Expires State Credits R& D & Other Credits 2019 $ - $ 2,319 2020 - 3,000 2021 - 3,000 2022 - 3,000 2023 - 3,000 2024 - 3,000 2025 - 3,000 2026 - 86,366 2027 - 152,732 2028 - 68,676 2029 - 31,081 2030 - 44,712 2031 - 59,085 2032 - 71,062 2033 - 73,198 2034 38,127 76,429 2035 111,708 73,315 2036 and beyond 359,233 - $ 509,068 $ 756,975 |
Note 13 - Earnings Per Common S
Note 13 - Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. The following table sets forth the computation of basic and diluted earnings per share. Years Ended Three Months Ended December 31, 2018 2017 201 7 201 6 (unaudited) Net Income Per Common Share - Basic Income (Loss) available to common stockholders $ 3,613,710 $ 1,408,396 $ 510,262 $ (313,706 ) Weighted Average Shares of Common Stock Outstanding 2,799,706 2,874,926 2,888,502 2,853,107 Net Income Per Common Share - Basic $ 1.29 $ 0.49 $ 0.18 $ (0.11 ) Effect of Dilutive Securities Weighted Average Shares of Common Stock Outstanding - Basic 2,799,706 2,874,926 2,888,502 2,853,107 Options and warrants under convertible note 376,773 194,151 367,510 48,477 Weighted Average Shares of Common Stock Outstanding - Diluted 3,176,479 3,069,077 3,256,012 2,901,584 Net Income Per Common Share – Diluted Income (Loss) available to common stockholders $ 3,613,710 $ 1,408,396 $ 510,262 $ (313,706 ) Weighted Average Shares of Common Stock Outstanding - Diluted 3,181,572 3,069,077 3,256,012 2,901,584 Net Income Per Common Share - Diluted $ 1.14 $ 0.46 $ 0.16 $ (0.11 ) three December 31, 2017 2016 December 31, 2018 September 30, 2017 |
Note 14 - Employee Benefit Plan
Note 14 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 14. The Company has a 401 401 July 1, 2018. For the three December 31, 2017 2016, $17,545 $2,532 December 31, 2018 September 30, 2017, $183,996 $39,249 not |
Note 15 - Acquisitions
Note 15 - Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | 15. Effective July 1, 2018, $21 $12 CAD manufactures high end components for the aerospace industry and has one Cash $ 790,417 Accounts Receivable 2,221,635 Inventory 2,098,732 Fixed Assets 10,867,500 Prepaid and Other Assets 35,264 Intangibles Assets 3,000,000 Goodwill 7,326,289 Total Assets Acquired $ 26,339,837 Accounts Payable $ 1,846,247 Accrued Payroll and related expenses 224,139 Accrued Expense 518,816 Deferred Income Taxes 2,750,635 Total Liabilities Assumed $ 5,339,837 Net Assets Acquired $ 21,000,000 The Company purchased certain assets and assumed certain liabilities of Air Enterprises Acquisition LLC on June 1, 2017 $10,250,000. one Accounts Receivable $ 4,761,368 Inventory 594,503 Costs in excess of billings 3,980,824 Fixed Assets 2,112,120 Prepaid and Other Assets 53,110 Intangibles Assets 1,230,000 Goodwill 631,392 Total Assets Acquired $ 13,363,317 Accounts Payable $ 1,726,618 Costs in excess of billings 594,545 Accrued Payroll 325,950 Accrued Expense 424,671 Lease Payable 41,533 Total Liabilities Assumed $ 3,113,317 Net Assets Acquired $ 10,250,000 Acquisition related costs are included in Other Expense, Net in the consolidated statements of income. There were no three December 31, 2017 2016, $268,607 $281,909 December 31, 2018 September 30, 2017, 4, 5, |
Note 16 - Dispositions
Note 16 - Dispositions | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 16. Effective June 1, 2018, Upon the closing of the Sale, all of the issued and outstanding shares of capital stock of the Company then-owned, directly or indirectly, by Mr. Bauman or his affiliate, equaling approximately 21,413 176,768 $1.6 $2.7 $1.2 |
Note 17 - Segment and Related I
Note 17 - Segment and Related Information | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 17. The Company operates three 1 2 3 June 1, 2018, Aerospace Components: July 1, 2018, 9001:2015/AS9100D, Commercial Air Handling: June 1, 2017, 50 Industrial Hose: The Industrial Hose segment was added July 1, 2016, Test and Measurement: The Test and Measurement segment is the legacy business that was started in 1910 June 1, 2018. Three Months Ended Years Ended December 31, December 31, 201 8 September 30, 201 7 201 7 201 6 (unaudited) Sales Commercial Air Handling $ 41,833,444 $ 11,190,844 $ 9,004,560 $ - Test and Measurement 3,204,419 6,610,684 1,161,773 827,066 Industrial Hose 6,942,886 6,015,207 1,587,886 1,529,860 Aerospace Components 14,397,557 - - - Total Sales $ 66,378,306 $ 23,816,735 $ 11,754,219 $ 2,356,926 Gross Profit Commercial Air Handling $ 11,046,113 $ 2,900,296 $ 2,103,202 $ - Test and Measurement 790,979 3,426,732 600,141 193,601 Industrial Hose 1,813,752 1,697,249 522,489 389,637 Aerospace Components 1,653,123 - - - Total Gross Profit $ 15,303,967 $ 8,024,277 $ 3,225,832 $ 583,238 Operating Income Commercial Air Handling $ 6,409,687 $ 1,129,995 $ 921,721 $ - Test and Measurement (723,969 ) 650,806 123,274 (461,972 ) Industrial Hose 820,881 605,606 245,950 235,011 Aerospace Components 807,860 - - - Unallocated Corporate General - - - - Total Operating Income $ 7,314,459 $ 2,681,937 $ 1,290,945 $ (307,346 ) Income Before Provision for Income Taxes Commercial Air Handling 6,328,158 1,424,278 905,736 - Test and Measurement (497,712 ) 1,859,936 96,947 (460,332 ) Industrial Hose 619,909 595,939 205,910 154,626 Aerospace Components 630,966 - - - Loss on sale of business (1,160,574 ) - - - Unallocated Corporate General & Other (639,017 ) (1,691,993 ) (30,602 ) - Income Before Provision for Income Taxes $ 5,281,730 $ 2,188,760 $ 1,177,991 $ (305,706 ) Geographical Information Three Months Ended December 31, 2017 Year Ended December 31, 2018 Year Ended September 30, 2017 United States of America $ 10,279,947 $ 64,874,554 $ 22,735,948 Australia 997 - 4,112 Canada 86,386 351,211 419,625 England 1,324,042 - - Mexico 4,649 53,246 315,869 Poland 52,492 10,299 316,666 Other 5,706 1,088,996 24,515 $ 11,754,219 $ 66,378,306 $ 23,816,735 In the three December 31, 2016 ( 95% |
Note 18 - Quarterly Data (Unaud
Note 18 - Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 8 . QUARTERLY DATA (UNAUDITED) The following table presents the Company’s unaudited quarterly consolidated income statement data for the years ended December 31, 2018 September 30, 2017. not Year Ended December 31, 2018 March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Sales $ 11,878,700 $ 13,593,192 $ 19,771,137 $ 21,135,277 Gross Profit $ 3,018,441 $ 3,486,578 4,450,389 4,460,559 Operating Income $ 643,085 $ 1,816,945 2,471,279 2,383,150 Net Income 373,752 394,625 1,497,079 1,348,163 Net Income per Common Share: Basic $ 0.13 $ 0.14 $ 0.55 $ 0.50 Diluted $ 0.11 $ 0.13 $ 0.48 $ 0.43 Fiscal Year Ended September 30, 2017 December 31, March 31, June 30, September 30, 2016 2017 2017 2017 Sales $ 2,356,926 $ 3,346,315 $ 7,220,626 $ 10,892,868 Gross Profit $ 583,238 $ 1,377,514 3,029,146 3,034,379 Operating Income (Loss) $ (307,346 ) $ 265,896 1,308,925 1,414,462 Net Income (Loss) $ (313,706 ) $ 213,140 941,523 567,439 Net Income (Loss) per Common Share: Basic $ (0.11 ) $ 0.07 $ 0.33 $ 0.20 Diluted $ (0.11 ) $ 0.07 $ 0.31 $ 0.18 |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 1 9 . SUBSEQUENT EVENTS On January 3, 2019, 24,000 18,000 6,000 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Deducted from Asset Accounts: Year Ended September 30, 2017 Reserve for doubtful accounts $ 10,000 $ 275 (1) $ (2) $ - (3) $ 10,275 Reserve for inventory obsolescence $ 235,592 $ 284,352 (5) $ - $ (46,692 ) (4) $ 473,252 Reserve for product warranty $ - $ $ - $ $ 0 Valuation allowance for deferred taxes $ 500,000 $ - $ - $ - $ 500,000 Year Ended December 31, 201 8 Reserve for doubtful accounts $ 60,275 $ - (1) $ - (2) $ (25,275 ) (3) $ 35,000 Reserve for inventory obsolescence $ 473,252 $ 56,261 (5) $ (303,201 ) $ (72,008 ) (4) $ 226,492 Reserve for product warranty $ 199,899 $ 419,460 $ - $ (145,055 ) $ 474,304 Valuation allowance for deferred taxes $ 47,319 $ - $ - $ - $ 47,319 Reserve for uncertain tax positions $ 395,000 $ - $ - $ - $ 395,000 ( 1 ( 2 ( 3 ( 4 ( 5 ( 6 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards Adopted March 2016, 2016 09 no October 1, 2017. not In May 2014, 2014 09, December 15, 2017, 2014 09 not January 1, 2018. not In May 2017, 2017 09, 718 2017 09 December 15, 2017. not In August 2016, 2016 15, 230 eight December 15, 2017. not New Accounting Standards Not January 2017, 2017 04, 350 2017 04 second not December 15, 2019. 2017 04 not In June 2016, 2016 13, December 15, 2019. not In February 2016, 2016 02 not January 1, 2019, $14 not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk July 2016, June 2017, July 2018, three December 31, 2017, two 22% December 31, 2018, one 18% |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in the Preparation of Financial Statements may |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition not no Revenue from contracts is recognized on the percentage-of-completion method measured by the percentage of costs incurred to date to total estimated costs for each contract. Contract costs include all direct costs and allocations of indirect costs. Provisions for estimated losses on uncompleted contracts are made in the period in which it is determined a loss will be incurred. As long-term contracts extend over one Because of the inherent uncertainties in estimating costs, it is at least reasonably possible the estimates of costs and revenue will change in the next year. Revenue earned on contracts in progress in excess of billings are classified as an asset. Amounts billed in excess of revenue earned are classified as a liability. The length of the contracts varies, but is typically three six Revenue relating to replacement parts is recognized upon the shipment of goods or rendering of services to customers. |
Revenue from Contract with Customer [Policy Text Block] | Unearned Revenue Unearned revenue consists of customer deposits and costs and estimated earnings in excess of billings related to the Commercial Air Handling segment. |
Revenue Recogniztion, Deferred Commissions, Policy [Policy Text Block] | Deferred Commissions Commissions are earned based on the percentage-of completion of the contract. Commissions are paid upon receipt of payment for units shipped. |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties The Company provides a warranty for its custom air handling business covering parts for 12 18 may |
Research, Development, and Computer Software, Policy [Policy Text Block] | Product Development Costs |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Receivables, Policy [Policy Text Block] | Accounts Receivable |
Inventory, Policy [Policy Text Block] | Inventory first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Class Method Estimated Useful Lives (years) Buildings & Improvements Straight-line 10 to 40 Machinery and equipment Straight-line 3 to 17 Tools and dies Straight-line 3 |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Valuation of Long-Lived Assets may not |
Cost of Goods and Service Sold, Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and Handling Costs |
Income Tax, Policy [Policy Text Block] | Income 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 not |
Earnings Per Share, Policy [Policy Text Block] | Income per Common Share |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment Estimated Useful Lives [Table Text Block] | Class Method Estimated Useful Lives (years) Buildings & Improvements Straight-line 10 to 40 Machinery and equipment Straight-line 3 to 17 Tools and dies Straight-line 3 |
Note 4 - Inventory (Tables)
Note 4 - Inventory (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2018 December 31, 2017 Raw materials and component parts $ 2,313,664 $ 2,637,138 Work-in-process 1,209,117 523,644 Finished products 2,201,693 1,200,204 Total Inventory 5,724,474 4,360,986 Less: Inventory reserves 226,492 457,505 Net Inventory $ 5,497,982 $ 3,903,481 |
Note 5 - Goodwill and Other I_2
Note 5 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2018 December 31, 2017 Customer Intangibles $ 4,970,000 $ 1,970,000 Non-Compete Agreements 200,000 200,000 Trademarks 340,000 340,000 Total Other Intangibles 5,510,000 2,510,000 Less: Accumulated Amortization 1,177,798 613,601 Other Intangibles, Net $ 4,332,202 $ 1,896,399 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2018 December 31, 2017 Land $ 257,205 $ 235,179 Buildings and Improvements 1,709,165 2,239,763 Machinery & Equipment 13,343,878 5,091,360 Total Property, Plant & Equipment 15,310,248 7,566,302 Less: Accumulated Depreciation 2,006,133 4,242,913 Property Plant & Equipment, Net $ 13,304,115 $ 3,323,389 |
Note 7 - Bank Debt (Tables)
Note 7 - Bank Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2018 December 31, 2017 Term Debt $ 5,444,444 $ 1,750,000 Revolving Debt 4,184,158 3,524,235 Total Bank Debt 9,628,602 5,274,235 Less: Current Portion 1,333,333 500,000 Non-Current Bank Debt 8,295,269 4,774,235 Less: Unamortized Debt Costs 100,590 41,685 Net Non-Current Bank Debt $ 8,194,679 $ 4,732,550 |
Note 8 - Notes Payable (Tables)
Note 8 - Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | December 31, 2018 December 31, 2017 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,000,000 loan due to First Francis Company, payable in quarterly installments beginning on October 31, 2016. $ 1,485,061 $ 1,639,206 In connection with the Federal Hose acquisition, the Company entered into a promissory note on July 1, 2016 for a $2,768,662 loan due to First Francis Company, payable in quarterly installments beginning on October 31, 2016. 2,157,004 2,365,286 In connection with the CAD acquisition, the Company entered into a promissory note on July 1, 2018 for a $9,000,000 loan due to the Loudermilks, payable in quarterly installments beginning September 30, 2018. 9,000,000 - Total notes payable 12,642,065 4,004,492 Less current portion 1,555,663 352,727 Notes payable – non-current portion $ 11,086,402 $ 3,651,765 |
Promissory Note 1 and 2 [Member] | First Francis [Member] | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Related Party Note Seller Note 2019 $ 430,663 $ 1,125,000 2020 458,217 2,250,000 2021 487,234 2,250,000 2022 2,265,957 2,250,000 2023 - 1,125,000 Total principal payments $ 3,642,071 $ 9,000,000 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Facility Equipment 2019 $ 1,235,424 $ 122,280 2020 1,197,062 118,052 2021 1,201,202 87,746 2022 1,205,384 32,724 2023 1,216,978 - Thereafter 6,829,804 - Total minimum lease payments $ 12,885,854 $ 360,802 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Year Fiscal Year December 31, 2017 December 31, 2018 September 30, 2017 Income Before Provision for Income Taxes $ 1,177,991 $ 5,281,730 $ 2,188,760 Statutory rate 34 % 21 % 34 % Tax at statutory rate 400,517 1,109,163 744,178 Permanent differences 2,055 196,142 5,465 Research and development and other credits - net - - (77,220 ) Valuation allowance (452,681 ) - - State Tax 25,654 79,165 130,560 State Net Operating Loss - - (174,223 ) Transaction Costs - - 95,849 Deferred Adjustments - change in tax rates 290,965 - - Change in Reserve for uncertain tax positions 395,000 - - Return to Provision Adjustments and Other 6,219 283,550 55,755 Provision for income taxes $ 667,729 $ 1,668,020 $ 780,364 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2018 December 31, 2017 Inventories $ 145,844 $ 116,673 Bad debts 8,773 13,799 Accrued liabilities 281,475 140,280 Prepaid expense (95,371 ) (59,085 ) Depreciation and amortization (2,928,232 ) 166,798 Research and development and other credit carryforwards 1,266,043 2,150,820 Net operating loss carryforward - 59,852 Directors stock option plan 62,134 27,074 Total deferred tax asset (liability) (1,259,334 ) 2,616,211 Valuation allowance (47,319 ) (47,319 ) Reserve for uncertain tax positions (395,000 ) (395,000 ) Total reserves & allowances (442,319 ) (442,319 ) Net deferred tax asset (liability) $ (1,701,653 ) $ 2,173,892 |
Summary of Operating Loss Carryforwards [Table Text Block] | Tax Year Expires State Credits R& D & Other Credits 2019 $ - $ 2,319 2020 - 3,000 2021 - 3,000 2022 - 3,000 2023 - 3,000 2024 - 3,000 2025 - 3,000 2026 - 86,366 2027 - 152,732 2028 - 68,676 2029 - 31,081 2030 - 44,712 2031 - 59,085 2032 - 71,062 2033 - 73,198 2034 38,127 76,429 2035 111,708 73,315 2036 and beyond 359,233 - $ 509,068 $ 756,975 |
Note 13 - Earnings Per Common_2
Note 13 - Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended Three Months Ended December 31, 2018 2017 201 7 201 6 (unaudited) Net Income Per Common Share - Basic Income (Loss) available to common stockholders $ 3,613,710 $ 1,408,396 $ 510,262 $ (313,706 ) Weighted Average Shares of Common Stock Outstanding 2,799,706 2,874,926 2,888,502 2,853,107 Net Income Per Common Share - Basic $ 1.29 $ 0.49 $ 0.18 $ (0.11 ) Effect of Dilutive Securities Weighted Average Shares of Common Stock Outstanding - Basic 2,799,706 2,874,926 2,888,502 2,853,107 Options and warrants under convertible note 376,773 194,151 367,510 48,477 Weighted Average Shares of Common Stock Outstanding - Diluted 3,176,479 3,069,077 3,256,012 2,901,584 Net Income Per Common Share – Diluted Income (Loss) available to common stockholders $ 3,613,710 $ 1,408,396 $ 510,262 $ (313,706 ) Weighted Average Shares of Common Stock Outstanding - Diluted 3,181,572 3,069,077 3,256,012 2,901,584 Net Income Per Common Share - Diluted $ 1.14 $ 0.46 $ 0.16 $ (0.11 ) |
Note 15 - Acquisitions (Tables)
Note 15 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Air Enterprises [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts Receivable $ 4,761,368 Inventory 594,503 Costs in excess of billings 3,980,824 Fixed Assets 2,112,120 Prepaid and Other Assets 53,110 Intangibles Assets 1,230,000 Goodwill 631,392 Total Assets Acquired $ 13,363,317 Accounts Payable $ 1,726,618 Costs in excess of billings 594,545 Accrued Payroll 325,950 Accrued Expense 424,671 Lease Payable 41,533 Total Liabilities Assumed $ 3,113,317 Net Assets Acquired $ 10,250,000 |
CAD Enterprises, Inc. [Member] | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash $ 790,417 Accounts Receivable 2,221,635 Inventory 2,098,732 Fixed Assets 10,867,500 Prepaid and Other Assets 35,264 Intangibles Assets 3,000,000 Goodwill 7,326,289 Total Assets Acquired $ 26,339,837 Accounts Payable $ 1,846,247 Accrued Payroll and related expenses 224,139 Accrued Expense 518,816 Deferred Income Taxes 2,750,635 Total Liabilities Assumed $ 5,339,837 Net Assets Acquired $ 21,000,000 |
Note 17 - Segment and Related_2
Note 17 - Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Years Ended December 31, December 31, 201 8 September 30, 201 7 201 7 201 6 (unaudited) Sales Commercial Air Handling $ 41,833,444 $ 11,190,844 $ 9,004,560 $ - Test and Measurement 3,204,419 6,610,684 1,161,773 827,066 Industrial Hose 6,942,886 6,015,207 1,587,886 1,529,860 Aerospace Components 14,397,557 - - - Total Sales $ 66,378,306 $ 23,816,735 $ 11,754,219 $ 2,356,926 Gross Profit Commercial Air Handling $ 11,046,113 $ 2,900,296 $ 2,103,202 $ - Test and Measurement 790,979 3,426,732 600,141 193,601 Industrial Hose 1,813,752 1,697,249 522,489 389,637 Aerospace Components 1,653,123 - - - Total Gross Profit $ 15,303,967 $ 8,024,277 $ 3,225,832 $ 583,238 Operating Income Commercial Air Handling $ 6,409,687 $ 1,129,995 $ 921,721 $ - Test and Measurement (723,969 ) 650,806 123,274 (461,972 ) Industrial Hose 820,881 605,606 245,950 235,011 Aerospace Components 807,860 - - - Unallocated Corporate General - - - - Total Operating Income $ 7,314,459 $ 2,681,937 $ 1,290,945 $ (307,346 ) Income Before Provision for Income Taxes Commercial Air Handling 6,328,158 1,424,278 905,736 - Test and Measurement (497,712 ) 1,859,936 96,947 (460,332 ) Industrial Hose 619,909 595,939 205,910 154,626 Aerospace Components 630,966 - - - Loss on sale of business (1,160,574 ) - - - Unallocated Corporate General & Other (639,017 ) (1,691,993 ) (30,602 ) - Income Before Provision for Income Taxes $ 5,281,730 $ 2,188,760 $ 1,177,991 $ (305,706 ) |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended December 31, 2017 Year Ended December 31, 2018 Year Ended September 30, 2017 United States of America $ 10,279,947 $ 64,874,554 $ 22,735,948 Australia 997 - 4,112 Canada 86,386 351,211 419,625 England 1,324,042 - - Mexico 4,649 53,246 315,869 Poland 52,492 10,299 316,666 Other 5,706 1,088,996 24,515 $ 11,754,219 $ 66,378,306 $ 23,816,735 |
Note 18 - Quarterly Data (Una_2
Note 18 - Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Year Ended December 31, 2018 March 31, June 30, September 30, December 31, 2018 2018 2018 2018 Sales $ 11,878,700 $ 13,593,192 $ 19,771,137 $ 21,135,277 Gross Profit $ 3,018,441 $ 3,486,578 4,450,389 4,460,559 Operating Income $ 643,085 $ 1,816,945 2,471,279 2,383,150 Net Income 373,752 394,625 1,497,079 1,348,163 Net Income per Common Share: Basic $ 0.13 $ 0.14 $ 0.55 $ 0.50 Diluted $ 0.11 $ 0.13 $ 0.48 $ 0.43 Fiscal Year Ended September 30, 2017 December 31, March 31, June 30, September 30, 2016 2017 2017 2017 Sales $ 2,356,926 $ 3,346,315 $ 7,220,626 $ 10,892,868 Gross Profit $ 583,238 $ 1,377,514 3,029,146 3,034,379 Operating Income (Loss) $ (307,346 ) $ 265,896 1,308,925 1,414,462 Net Income (Loss) $ (313,706 ) $ 213,140 941,523 567,439 Net Income (Loss) per Common Share: Basic $ (0.11 ) $ 0.07 $ 0.33 $ 0.20 Diluted $ (0.11 ) $ 0.07 $ 0.31 $ 0.18 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule Of Valuation and Qualifying Accounts [Table Text Block] | Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period Deducted from Asset Accounts: Year Ended September 30, 2017 Reserve for doubtful accounts $ 10,000 $ 275 (1) $ (2) $ - (3) $ 10,275 Reserve for inventory obsolescence $ 235,592 $ 284,352 (5) $ - $ (46,692 ) (4) $ 473,252 Reserve for product warranty $ - $ $ - $ $ 0 Valuation allowance for deferred taxes $ 500,000 $ - $ - $ - $ 500,000 Year Ended December 31, 201 8 Reserve for doubtful accounts $ 60,275 $ - (1) $ - (2) $ (25,275 ) (3) $ 35,000 Reserve for inventory obsolescence $ 473,252 $ 56,261 (5) $ (303,201 ) $ (72,008 ) (4) $ 226,492 Reserve for product warranty $ 199,899 $ 419,460 $ - $ (145,055 ) $ 474,304 Valuation allowance for deferred taxes $ 47,319 $ - $ - $ - $ 47,319 Reserve for uncertain tax positions $ 395,000 $ - $ - $ - $ 395,000 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | Jan. 01, 2019USD ($) | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Commercial Air Handling [Member] | |||
Number of Customers | 2 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Commercial Air Handling [Member] | Two Customers [Member] | |||
Concentration Risk, Percentage | 22.00% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Aerospace [Member] | |||
Number of Customers | 1 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Aerospace [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 18.00% | ||
Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member] | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 14 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Property, Plant and Equipment Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Building and Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 10 years |
Building and Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 40 years |
Machinery and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 3 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 17 years |
Tools, Dies and Molds [Member] | |
Property, Plant and Equipment Useful Lives (Year) | 3 years |
Note 3 - Accounts Receivable (D
Note 3 - Accounts Receivable (Details Textual) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for Doubtful Accounts Receivable, Ending Balance | $ 35,000 | $ 10,275 |
Note 4 - Inventory - Inventory
Note 4 - Inventory - Inventory (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Raw materials and component parts | $ 2,313,664 | $ 2,637,138 |
Work-in-process | 1,209,117 | 523,644 |
Finished products | 2,201,693 | 1,200,204 |
Total Inventory | 5,724,474 | 4,360,986 |
Less: Inventory reserves | 226,492 | 457,505 |
Net Inventory | $ 5,497,982 | $ 3,903,481 |
Note 5 - Goodwill and Other I_3
Note 5 - Goodwill and Other Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 | |
Amortization of Intangible Assets, Total | $ 217,257 | $ 29,091 | $ 564,197 | $ 367,253 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 379,030 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 379,030 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 379,030 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 339,030 | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 339,030 | |||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 2,517,052 | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 1 year | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 15 years |
Note 5 - Goodwill and Other I_4
Note 5 - Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Other intangibles, gross | $ 5,510,000 | $ 2,510,000 |
Less: Accumulated Amortization | 1,177,798 | 613,601 |
Other Intangibles, Net | 4,332,202 | 1,896,399 |
Customer-Related Intangible Assets [Member] | ||
Other intangibles, gross | 4,970,000 | 1,970,000 |
Noncompete Agreements [Member] | ||
Other intangibles, gross | 200,000 | 200,000 |
Trademarks [Member] | ||
Other intangibles, gross | $ 340,000 | $ 340,000 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment, Net (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 | |
Depreciation, Total | $ 140,006 | $ 41,946 | $ 1,042,312 | $ 350,641 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Property Plant and Equipment, Gross | $ 15,310,248 | $ 7,566,302 |
Less accumulated depreciation | 2,006,133 | 4,242,913 |
Property Plant & Equipment, Net | 13,304,115 | 3,323,389 |
Land [Member] | ||
Property Plant and Equipment, Gross | 257,205 | 235,179 |
Building and Building Improvements [Member] | ||
Property Plant and Equipment, Gross | 1,709,165 | 2,239,763 |
Machinery and Equipment [Member] | ||
Property Plant and Equipment, Gross | $ 13,343,878 | $ 5,091,360 |
Note 7 - Bank Debt (Details Tex
Note 7 - Bank Debt (Details Textual) - USD ($) | Jul. 05, 2019 | Jul. 05, 2018 | Jun. 01, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 1,333,333 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 1,333,333 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 1,333,333 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 1,333,333 | |||||
Revolving Credit Facility [Member] | J P Morgan Chase Bank [Member] | ||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 7,800,000 | $ 4,500,000 | ||||
Line of Credit [Member] | First Francis [Member] | ||||||
Repayments of Notes Payable | $ 500,000 | |||||
J P Morgan Chase Bank [Member] | Term Debt [Member] | ||||||
Long-term Debt, Total | $ 6,000,000 | |||||
Debt Instrument, Periodic Payment, Total | $ 111,111 | |||||
Debt Instrument, Maturity Date | Dec. 1, 2022 | |||||
J P Morgan Chase Bank [Member] | Term Debt [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||
J P Morgan Chase Bank [Member] | Term Debt [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 12,000,000 | |||||
Line of Credit Facility, Percent of Eligible Accounts | 80.00% | |||||
Line of Credit Facility, Percent of Eligible Progress Billing Accounts | 50.00% | |||||
Line of Credit Facility, Percent of Eligible Inventory | 50.00% | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||||
Line of Credit Facility, Expiration Date | Jun. 1, 2020 | |||||
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.00% | |||||
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |||||
J P Morgan Chase Bank [Member] | Letter of Credit [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000,000 | |||||
J P Morgan Chase Bank [Member] | Credit Line for Capital Expenditures [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | |||||
Line of Credit Facility, Expiration Date | Jul. 5, 2019 | |||||
J P Morgan Chase Bank [Member] | Credit Line for Capital Expenditures [Member] | Maximum [Member] | Scenario, Forecast [Member] | ||||||
Debt Instrument, Term | 5 years |
Note 7 - Bank Debt - Summary of
Note 7 - Bank Debt - Summary of Loan Balances (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Total Bank Debt | $ 9,628,602 | $ 5,274,235 |
Less: Current Portion | 1,333,333 | 500,000 |
Non-Current Bank Debt | 8,295,269 | 4,774,235 |
Less: Unamortized Debt Costs | 100,590 | 41,685 |
Net Non-Current Bank Debt | 8,194,679 | 4,732,550 |
Term Debt [Member] | ||
Total Bank Debt | 5,444,444 | 1,750,000 |
Line of Credit [Member] | ||
Total Bank Debt | $ 4,184,158 | $ 3,524,235 |
Note 8 - Notes Payable (Details
Note 8 - Notes Payable (Details Textual) | Dec. 29, 2018USD ($) | Jul. 05, 2018USD ($)$ / shares | Jul. 01, 2018USD ($) | Jun. 03, 2016 | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jul. 01, 2016USD ($) | Dec. 30, 2012$ / sharesshares | Dec. 30, 2011USD ($) |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 200,000 | $ 200,000 | |||||||
CAD Enterprises, Inc. [Member] | |||||||||
Debt Instrument, Face Amount | $ 9,000,000 | ||||||||
Business Combination, Consideration Transferred, Total | $ 21,000,000 | 21,000,000 | |||||||
Payments to Acquire Businesses, Gross | $ 12,000,000 | $ 12,000,000 | |||||||
Promissory Note 1 [Member] | |||||||||
Debt Instrument, Face Amount | $ 2,000,000 | ||||||||
Promissory Note 2 [Member] | |||||||||
Debt Instrument, Face Amount | 2,768,662 | ||||||||
Seller Note [Member] | CAD Enterprises, Inc. [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||
Roundball LLC [Member] | Amendment No. 7 [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. 7 [Member] | Common Class B [Member] | |||||||||
Debt Instrument, Convertible, Number of Equity Instruments | 75,000 | ||||||||
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 | shares | 100,000 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.50 | ||||||||
First Francis [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility, Interest Rate During Period | 4.00% | ||||||||
First Francis [Member] | Promissory Note 1 [Member] | |||||||||
Debt Instrument, Face Amount | 2,000,000 | ||||||||
First Francis [Member] | Promissory Note 2 [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | ||||||||
Debt Instrument, Face Amount | $ 2,768,662 | ||||||||
First Francis [Member] | Common Class B [Member] | Promissory Note 2 [Member] | |||||||||
Debt Instrument, Convertible Option, Maximum Debt Convertible | $ 648,000 | ||||||||
Debt Instrument, Convertible, Stock Price Trigger | $ / shares | $ 6.48 | ||||||||
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 8 - Notes Payable - Notes
Note 8 - Notes Payable - Notes Due to Related Parties (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Total notes payable | $ 12,642,065 | $ 4,004,492 |
Less current portion | 1,555,663 | 352,727 |
Notes payable | 11,086,402 | 3,651,765 |
CAD Enterprises, Inc. [Member] | ||
Notes payable, related parties | 9,000,000 | |
First Francis [Member] | Promissory Note 1 [Member] | ||
Notes payable, related parties | 1,485,061 | 1,639,206 |
First Francis [Member] | Promissory Note 2 [Member] | ||
Notes payable, related parties | $ 2,157,004 | $ 2,365,286 |
Note 8 - Notes Payable - Note_2
Note 8 - Notes Payable - Notes Due to Related Parties (Details) (Parentheticals) - USD ($) | Jul. 01, 2018 | Jul. 01, 2016 |
CAD Enterprises, Inc. [Member] | ||
Notes payable, face value | $ 9,000,000 | |
Promissory Note 1 [Member] | ||
Notes payable, face value | $ 2,000,000 | |
Promissory Note 2 [Member] | ||
Notes payable, face value | $ 2,768,662 |
Note 8 - Notes Payable - Relate
Note 8 - Notes Payable - Related Parties - Schedule of Future Payments (Details) | Dec. 31, 2018USD ($) |
2019 | $ 1,333,333 |
2020 | 1,333,333 |
2021 | 1,333,333 |
2022 | 1,333,333 |
CAD Enterprises, Inc. [Member] | |
2019 | 1,125,000 |
2020 | 2,250,000 |
2021 | 2,250,000 |
2022 | 2,250,000 |
2023 | 1,125,000 |
Total principal payments | 9,000,000 |
First Francis [Member] | |
2019 | 430,663 |
2020 | 458,217 |
2021 | 487,234 |
2022 | 2,265,957 |
2023 | |
Total principal payments | $ 3,642,071 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 | |
Operating Leases, Rent Expense, Total | $ 245,029 | $ 48,819 | $ 1,228,012 | $ 361,539 |
Note 9 - Leases - The Company's
Note 9 - Leases - The Company's Minimum Commitment Under Operating Leases (Details) | Dec. 31, 2018USD ($) |
Facility [Member] | |
2019 | $ 1,235,424 |
2020 | 1,197,062 |
2021 | 1,201,202 |
2022 | 1,205,384 |
2023 | 1,216,978 |
Thereafter | 6,829,804 |
Total minimum lease payments | 12,885,854 |
Equipment [Member] | |
2019 | 122,280 |
2020 | 118,052 |
2021 | 87,746 |
2022 | 32,724 |
2023 | |
Thereafter | |
Total minimum lease payments | $ 360,802 |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity (Details Textual) | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017shares | Sep. 30, 2017shares |
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 | 832,233 | |
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 11 - Stock Compensation (D
Note 11 - Stock Compensation (Details Textual) - USD ($) | Oct. 01, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Sep. 30, 2017 |
Directors Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | ||||
Allocated Share-based Compensation Expense, Total | $ 394,933 | $ 129,832 | |||
Common Class A [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 832,233 | 832,233 | 832,233 | ||
Common Class A [Member] | Omnibus 2013 Equity Plan [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 150,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 0 | 30,333 | 36,333 | |
Common Class A [Member] | Directors Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 5,000 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2018 |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 300,000 | ||
Unrecognized Tax Benefits, Ending Balance | 400,000 | $ 400,000 | |
SEC Schedule, 12-09, Valuation Allowance, Operating Loss Carryforward [Member] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (500,000) | ||
Tax Credit Carryforward, Valuation Allowance | 47,319 | 47,319 | $ 47,319 |
Valuation Allowance, Reserve for Uncertain Tax Position [Member] | |||
Tax Credit Carryforward, Valuation Allowance | $ 400,000 | $ 400,000 | $ 400,000 |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Tax Reconciliation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 | |
Income Before Provision for Income Taxes | $ 1,177,991 | $ (305,706) | $ 5,281,730 | $ 2,188,760 |
Statutory rate | 34.00% | 21.00% | 34.00% | |
Tax at statutory rate | $ 400,517 | $ 1,109,163 | $ 744,178 | |
Permanent differences | 2,055 | 196,142 | 5,465 | |
Research and development and other credits - net | (77,220) | |||
Valuation allowance | (452,681) | |||
State Tax | 25,654 | 79,165 | 130,560 | |
State Net Operating Loss | (174,223) | |||
Transaction Costs | 95,849 | |||
Deferred Adjustments - change in tax rates | 290,965 | |||
Change in Reserve for uncertain tax positions | 395,000 | |||
Return to Provision Adjustments and Other | 6,219 | 283,550 | 55,755 | |
Total Provision for Income Taxes | $ 667,729 | $ 8,000 | $ 1,668,020 | $ 780,364 |
Note 12 - Income Taxes - Deferr
Note 12 - Income Taxes - Deferred Tax Assets (Liabilities) (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Inventories | $ 145,844 | $ 116,673 |
Bad debts | 8,773 | 13,799 |
Accrued liabilities | 281,475 | 140,280 |
Prepaid expense | (95,371) | (59,085) |
Depreciation and amortization | 2,928,232 | |
Depreciation and amortization | 166,798 | |
Research and development and other credit carryforwards | 1,266,043 | 2,150,820 |
Net operating loss carryforward | 59,852 | |
Directors stock option plan | 62,134 | 27,074 |
Total deferred tax asset (liability) | (1,259,334) | |
Total deferred tax asset (liability) | 2,616,211 | |
Valuation allowance | (47,319) | (47,319) |
Reserve for uncertain tax positions | (395,000) | (395,000) |
Total reserves & allowances | (442,319) | (442,319) |
Net deferred tax asset (liability) | (1,701,653) | |
Net deferred tax asset (liability) | $ (2,173,892) |
Note 12 - Income Taxes - Net Op
Note 12 - Income Taxes - Net Operating Loss and Tax Credit Carryforwards (Details) | Dec. 31, 2018USD ($) |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | $ 509,068 |
State and Local Jurisdiction [Member] | |
Net Operating Loss | 756,975 |
Expires in Tax Year 2019 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2019 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 2,319 |
Expires in Tax Year 2020 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2020 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2021 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2021 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2022 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2022 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2023 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2023 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2024 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2024 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2025 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2025 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 3,000 |
Expires in Tax Year 2026 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2026 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 86,366 |
Expires in Tax Year 2027 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2027 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 152,732 |
Expires in Tax Year 2028 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2028 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 68,676 |
Expires in Tax Year 2029 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2029 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 31,081 |
Expires in Tax Year 2030 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2030 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 44,712 |
Expires in Tax Year 2031 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2031 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 59,085 |
Expires in Tax Year 2032 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2032 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 71,062 |
Expires in Tax Year 2033 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | |
Expires in Tax Year 2033 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 73,198 |
Expires in Tax Year 2034 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | 38,127 |
Expires in Tax Year 2034 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 76,429 |
Expires in Tax Year 2035 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | 111,708 |
Expires in Tax Year 2035 [Member] | State and Local Jurisdiction [Member] | |
Net Operating Loss | 73,315 |
Expires in Tax Year 2036 and Beyond [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss | 359,233 |
Expires in Tax Year 2036 [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Net Operating Loss |
Note 13 - Earnings Per Common_3
Note 13 - Earnings Per Common Share - Summary of Earnings Per Share Calculation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 | |
Income (Loss) available to common stockholders | $ 510,262 | $ (313,706) | $ 3,613,710 | $ 1,408,396 | |||||||
Weighted Average Shares of Common Stock Outstanding (in shares) | 2,888,502 | 2,853,107 | 2,799,706 | 2,874,926 | |||||||
Net Income Per Common Share - Basic (in dollars per share) | $ 0.50 | $ 0.55 | $ 0.14 | $ 0.13 | $ 0.18 | $ 0.20 | $ 0.33 | $ 0.07 | $ (0.11) | $ 1.29 | $ 0.49 |
Options and warrants under convertible note (in shares) | 367,510 | 48,477 | 376,773 | 194,151 | |||||||
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares) | 3,256,012 | 2,901,584 | 3,181,572 | 3,069,077 | |||||||
Income (Loss) available to common stockholders | $ 510,262 | $ (313,706) | $ 3,613,710 | $ 1,408,396 | |||||||
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares) | 3,256,012 | 2,901,584 | 3,181,572 | 3,069,077 | |||||||
Net Income Per Common Share - Diluted (in dollars per share) | $ 0.43 | $ 0.48 | $ 0.13 | $ 0.11 | $ 0.16 | $ 0.18 | $ 0.31 | $ 0.07 | $ (0.11) | $ 1.14 | $ 0.46 |
Note 14 - Employee Benefit Pl_2
Note 14 - Employee Benefit Plans (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 17,545 | $ 2,532 | $ 183,996 | $ 39,249 |
Note 15 - Acquisitions (Details
Note 15 - Acquisitions (Details Textual) | Jul. 05, 2018USD ($) | Jul. 01, 2018USD ($) | Jun. 01, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2017USD ($) |
Business Combination, Acquisition Related Costs | $ 0 | $ 0 | $ 268,607 | $ 281,909 | |||
Air Enterprises [Member] | |||||||
Number of States in which Entity Operates | 1 | ||||||
CAD Enterprises, Inc. [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 21,000,000 | $ 21,000,000 | |||||
Payments to Acquire Businesses, Gross | $ 12,000,000 | $ 12,000,000 | |||||
Air Enterprises [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 10,250,000 |
Note 15 - Acquisitions - Summar
Note 15 - Acquisitions - Summary Assets Acquired and Liabilities Assumed of CAD Enterprises (Details) - USD ($) | Dec. 31, 2018 | Jul. 01, 2018 | Dec. 31, 2017 |
Goodwill | $ 9,582,202 | $ 2,255,912 | |
CAD Enterprises, Inc. [Member] | |||
Cash | $ 790,417 | ||
Accounts Receivable | 2,221,635 | ||
Inventory | 2,098,732 | ||
Fixed Assets | 10,867,500 | ||
Prepaid and Other Assets | 35,264 | ||
Intangibles Assets | 3,000,000 | ||
Goodwill | 7,326,289 | ||
Total Assets Acquired | 26,339,837 | ||
Accounts Payable | 1,846,247 | ||
Accrued Payroll and related expenses | 224,139 | ||
Accrued Expense | 518,816 | ||
Deferred Income Taxes | 2,750,635 | ||
Total Liabilities Assumed | 5,339,837 | ||
Net Assets Acquired | $ 21,000,000 |
Note 15 - Acquisitions - Summ_2
Note 15 - Acquisitions - Summary Assets Acquired and Liabilities Assumed of Air Enterprises (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 01, 2017 |
Goodwill | $ 9,582,202 | $ 2,255,912 | |
Air Enterprises [Member] | |||
Accounts Receivable | $ 4,761,368 | ||
Inventory | 594,503 | ||
Costs in excess of billings | 3,980,824 | ||
Fixed Assets | 2,112,120 | ||
Prepaid and Other Assets | 53,110 | ||
Intangibles Assets | 1,230,000 | ||
Goodwill | 631,392 | ||
Total Assets Acquired | 13,363,317 | ||
Accounts Payable | 1,726,618 | ||
Costs in excess of billings | 594,545 | ||
Accrued Payroll | 325,950 | ||
Accrued Expense | 424,671 | ||
Lease Payable | 41,533 | ||
Total Liabilities Assumed | 3,113,317 | ||
Net Assets Acquired | $ 10,250,000 |
Note 16 - Dispositions (Details
Note 16 - Dispositions (Details Textual) - USD ($) | Jun. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (1,160,574) | ||||
Certain Assets from Test and Measurement business segment Sold Under an Asset Purchase Agreement to Hickock Waekon, LLC [Member] | |||||
Disposal Group, Including Discontinued Operation, Consideration | $ 1,600,000 | ||||
Disposal Group, Excluding Discontinued Operation, Net Assets Sold | 2,700,000 | ||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ (1,200,000) | ||||
Certain Assets from Test and Measurement business segment Sold Under an Asset Purchase Agreement to Hickock Waekon, LLC [Member] | Director and His Affiliate [Member] | Common Class A [Member] | |||||
Disposal Group, Excluding Discontinued Operation, Consideration, Shares | 21,413 | ||||
Certain Assets from Test and Measurement business segment Sold Under an Asset Purchase Agreement to Hickock Waekon, LLC [Member] | Director and His Affiliate [Member] | Common Class B [Member] | |||||
Disposal Group, Excluding Discontinued Operation, Consideration, Shares | 176,768 |
Note 17 - Segment and Related_3
Note 17 - Segment and Related Information (Details Textual) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016 | Dec. 31, 2018 | |
Number of Reportable Segments | 3 | |
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | UNITED STATES | ||
Concentration Risk, Percentage | 95.00% |
Note 17 - Segment and Related_4
Note 17 - Segment and Related Information - Information by Industry Segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 | |
Revenues | $ 21,135,277 | $ 19,771,137 | $ 13,593,192 | $ 11,878,700 | $ 11,754,219 | $ 10,892,868 | $ 7,220,626 | $ 3,346,315 | $ 2,356,926 | $ 66,378,306 | $ 23,816,735 |
Gross profit | 4,460,559 | 4,450,389 | 3,486,578 | 3,018,441 | 3,225,832 | 3,034,379 | 3,029,146 | 1,377,514 | 583,238 | 15,303,967 | 8,024,277 |
Operating income | $ 2,383,150 | $ 2,471,279 | $ 1,816,945 | $ 643,085 | 1,290,945 | $ 1,414,462 | $ 1,308,925 | $ 265,896 | (307,346) | 7,314,459 | 2,681,937 |
Income (loss) before provision for income taxes | 1,177,991 | (305,706) | 5,281,730 | 2,188,760 | |||||||
Operating Segments [Member] | Commercial Air Handling [Member] | |||||||||||
Revenues | 9,004,560 | 41,833,444 | 11,190,844 | ||||||||
Gross profit | 2,103,202 | 11,046,113 | 2,900,296 | ||||||||
Operating income | 921,721 | 6,409,687 | 1,129,995 | ||||||||
Income (loss) before provision for income taxes | 905,736 | 6,328,158 | 1,424,278 | ||||||||
Operating Segments [Member] | Test and Measurement [Member] | |||||||||||
Revenues | 1,161,773 | 827,066 | 3,204,419 | 6,610,684 | |||||||
Gross profit | 600,141 | 193,601 | 790,979 | 3,426,732 | |||||||
Operating income | 123,274 | (461,972) | (723,969) | 650,806 | |||||||
Income (loss) before provision for income taxes | 96,947 | (460,332) | (497,712) | 1,859,936 | |||||||
Operating Segments [Member] | Industrial Hose [Member] | |||||||||||
Revenues | 1,587,886 | 1,529,860 | 6,942,886 | 6,015,207 | |||||||
Gross profit | 522,489 | 389,637 | 1,813,752 | 1,697,249 | |||||||
Operating income | 245,950 | 235,011 | 820,881 | 605,606 | |||||||
Income (loss) before provision for income taxes | 205,910 | 154,626 | 619,909 | 595,939 | |||||||
Operating Segments [Member] | Aerospace [Member] | |||||||||||
Revenues | 14,397,557 | ||||||||||
Gross profit | 1,653,123 | ||||||||||
Operating income | 807,860 | ||||||||||
Income (loss) before provision for income taxes | 630,966 | ||||||||||
Corporate, Non-Segment [Member] | |||||||||||
Operating income | |||||||||||
Income (loss) before provision for income taxes | (30,602) | (639,017) | (1,691,993) | ||||||||
Consolidation, Eliminations [Member] | |||||||||||
Income (loss) before provision for income taxes | $ (1,160,574) |
Note 17 - Segment and Related_5
Note 17 - Segment and Related Information - Revenue By Geographic Location (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 | |
Revenues | $ 21,135,277 | $ 19,771,137 | $ 13,593,192 | $ 11,878,700 | $ 11,754,219 | $ 10,892,868 | $ 7,220,626 | $ 3,346,315 | $ 2,356,926 | $ 66,378,306 | $ 23,816,735 |
UNITED STATES | |||||||||||
Revenues | 10,279,947 | 64,874,554 | 22,735,948 | ||||||||
AUSTRALIA | |||||||||||
Revenues | 997 | 4,112 | |||||||||
CANADA | |||||||||||
Revenues | 86,386 | 351,211 | 419,625 | ||||||||
England [Member] | |||||||||||
Revenues | 1,324,042 | ||||||||||
MEXICO | |||||||||||
Revenues | 4,649 | 53,246 | 315,869 | ||||||||
POLAND | |||||||||||
Revenues | 52,492 | 10,299 | 316,666 | ||||||||
Other Foreign Countries [Member] | |||||||||||
Revenues | $ 5,706 | $ 1,088,996 | $ 24,515 |
Note 18 - Quarterly Data (Una_3
Note 18 - Quarterly Data (Unaudited) - Summary of Quarterly Data (Unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 30, 2017 | |
Sales | $ 21,135,277 | $ 19,771,137 | $ 13,593,192 | $ 11,878,700 | $ 11,754,219 | $ 10,892,868 | $ 7,220,626 | $ 3,346,315 | $ 2,356,926 | $ 66,378,306 | $ 23,816,735 |
Gross Profit | 4,460,559 | 4,450,389 | 3,486,578 | 3,018,441 | 3,225,832 | 3,034,379 | 3,029,146 | 1,377,514 | 583,238 | 15,303,967 | 8,024,277 |
Operating Income | 2,383,150 | 2,471,279 | 1,816,945 | 643,085 | 1,290,945 | 1,414,462 | 1,308,925 | 265,896 | (307,346) | 7,314,459 | 2,681,937 |
Net Income (Loss) | $ 1,348,163 | $ 1,497,079 | $ 394,625 | $ 373,752 | $ 510,262 | $ 567,439 | $ 941,523 | $ 213,140 | $ (313,706) | $ 3,613,710 | $ 1,408,396 |
Net Income Per Common Share - Basic (in dollars per share) | $ 0.50 | $ 0.55 | $ 0.14 | $ 0.13 | $ 0.18 | $ 0.20 | $ 0.33 | $ 0.07 | $ (0.11) | $ 1.29 | $ 0.49 |
Net Income Per Common Share - Diluted (in dollars per share) | $ 0.43 | $ 0.48 | $ 0.13 | $ 0.11 | $ 0.16 | $ 0.18 | $ 0.31 | $ 0.07 | $ (0.11) | $ 1.14 | $ 0.46 |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) - Subsequent Event [Member] | Jan. 03, 2019shares |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 24,000 |
Unrestricted Stock [Member] | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 18,000 |
Restricted Stock [Member] | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 6,000 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2017 | ||
SEC Schedule, 12-09, Allowance, Credit Loss [Member] | |||
Balance at beginning of period | $ 60,275 | $ 10,000 | |
Additions charged to costs and expenses | [1] | 275 | |
Additions charged to other accounts | [2] | ||
Deductions | [3] | (25,275) | |
Balance at end of period | 35,000 | 10,275 | |
SEC Schedule, 12-09, Reserve, Inventory [Member] | |||
Balance at beginning of period | 473,252 | 235,592 | |
Additions charged to costs and expenses | [4] | 56,261 | 284,352 |
Additions charged to other accounts | (303,201) | ||
Deductions | [5] | (72,008) | (46,692) |
Balance at end of period | 226,492 | 473,252 | |
SEC Schedule, 12-09, Reserve, Warranty [Member] | |||
Balance at beginning of period | 199,899 | ||
Additions charged to costs and expenses | 419,460 | ||
Additions charged to other accounts | |||
Deductions | (145,055) | ||
Balance at end of period | 474,304 | 0 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at beginning of period | 47,319 | 500,000 | |
Additions charged to costs and expenses | |||
Additions charged to other accounts | |||
Deductions | |||
Balance at end of period | 47,319 | $ 500,000 | |
Uncertain Tax Position Reserves [Member] | |||
Balance at beginning of period | 395,000 | ||
Additions charged to costs and expenses | |||
Additions charged to other accounts | |||
Deductions | |||
Balance at end of period | $ 395,000 | ||
[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 |