Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Nov. 30, 2022 | Mar. 31, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000783412 | ||
Entity Registrant Name | DAILY JOURNAL CORPORATION | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 0-14665 | ||
Entity Incorporation, State or Country Code | SC | ||
Entity Tax Identification Number | 95-4133299 | ||
Entity Address, Address Line One | 915 East First Street | ||
Entity Address, City or Town | Los Angeles | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90012 | ||
City Area Code | 213 | ||
Local Phone Number | 229-5300 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | DJCO | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 415,148,000 | ||
Entity Common Stock, Shares Outstanding | 1,377,026 | ||
Auditor Name | Baker Tilly US, LLP | ||
Auditor Firm ID | 23 | ||
Auditor Location | Los Angeles, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Current assets | ||
Cash and cash equivalents | $ 13,423,000 | $ 12,596,000 |
Restricted cash | 2,045,000 | 2,043,000 |
Marketable securities at fair value -- common stocks | 275,529,000 | 347,573,000 |
Accounts receivable, less allowance for doubtful accounts of $250,000 at September 30, 2022 and 2021 | 16,931,000 | 9,524,000 |
Inventories | 56,000 | 43,000 |
Prepaid expenses and other current assets | 451,000 | 557,000 |
Income tax receivable | 1,019,000 | |
Total current assets | 309,454,000 | 372,336,000 |
Property, plant and equipment, at cost | ||
Land, buildings and improvements | 16,330,000 | 16,499,000 |
Furniture, office equipment and computer software | 1,688,000 | 1,688,000 |
Machinery and equipment | 1,521,000 | 1,524,000 |
Property, Plant and Equipment, Gross, Ending Balance | 19,539,000 | 19,711,000 |
Less accumulated depreciation | (9,986,000) | (9,706,000) |
Property, Plant and Equipment, Net, Total | 9,553,000 | 10,005,000 |
Operating lease right-of-use assets | 104,000 | 215,000 |
Assets, Total | 319,111,000 | 382,556,000 |
Current liabilities | ||
Accounts payable | 5,062,000 | 4,239,000 |
Accrued liabilities | 7,066,000 | 6,052,000 |
Income tax payable | 6,244,000 | |
Note payable collateralized by real estate | 146,000 | 147,000 |
Total current liabilities | 33,619,000 | 34,012,000 |
Long term liabilities | ||
Investment margin account borrowings | 75,000,000 | 32,000,000 |
Note payable collateralized by real estate | 1,285,000 | 1,431,000 |
Deferred maintenance agreements | 370,000 | 995,000 |
Accrued liabilities | 4,547,000 | 3,383,000 |
Deferred income taxes | 25,273,000 | 56,094,000 |
Total long-term liabilities | 106,475,000 | 93,903,000 |
Commitments and contingencies (Notes 4 and 5) | ||
Shareholders' equity | ||
Preferred stock, $.01 par value, 5,000,000 shares authorized and no shares issued | 0 | 0 |
Common stock, $.01 par value, 5,000,000 shares authorized; 1,805,053 shares issued, including 428,027 and 424,307 treasury shares, at September 30, 2022 and September 30, 2021, respectively | 14,000 | 14,000 |
Additional paid-in capital | 1,755,000 | 1,755,000 |
Retained earnings | 177,248,000 | 252,872,000 |
Total shareholders' equity | 179,017,000 | 254,641,000 |
Liabilities and Equity, Total | 319,111,000 | 382,556,000 |
Subscription and Circulation [Member] | ||
Current liabilities | ||
Deferred revenue | 2,679,000 | 2,694,000 |
Professional Fees [Member] | ||
Current liabilities | ||
Deferred revenue | 6,394,000 | 5,498,000 |
License and Maintenance [Member] | ||
Current liabilities | ||
Deferred revenue | $ 12,272,000 | $ 9,138,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Accounts receivable, allowance for doubtful accounts | $ 250,000 | $ 250,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Common stock, shares issued (in shares) | 1,805,053 | 1,805,053 |
Common stock, treasury shares (in shares) | 428,027 | 424,307 |
Consolidated Statements and Com
Consolidated Statements and Comprehensive (Loss) Income - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 54,009,000 | $ 49,925,000 |
Costs and expenses | ||
Salaries and employee benefits | 36,935,000 | 34,230,000 |
Increase to the long-term supplemental compensation accrual | 1,245,000 | 1,835,000 |
Agency commissions | 905,000 | 536,000 |
Outside services | 4,001,000 | 3,084,000 |
Postage and delivery expenses | 668,000 | 654,000 |
Newsprint and printing expenses | 739,000 | 625,000 |
Depreciation and amortization | 379,000 | 480,000 |
Equipment maintenance and software | 1,029,000 | 1,039,000 |
Credit card merchant discount fees | 1,679,000 | 1,831,000 |
Rent expenses | 249,000 | 286,000 |
Accounting and legal fees | 833,000 | 937,000 |
Other general and administrative expenses | 3,358,000 | 2,236,000 |
Total operating expenses | 52,020,000 | 47,773,000 |
Income from operations | 1,989,000 | 2,152,000 |
Other income (expenses) | ||
Dividends and interest income | 5,451,000 | 2,908,000 |
Other income | 69,000 | |
Net unrealized (losses) gains on investments | (123,401,000) | 106,499,000 |
Gains on land sale | 272,000 | |
Gains on sales of marketable securities, net | 14,249,000 | 41,749,000 |
(Loss) income before taxes | (102,549,000) | 153,050,000 |
Benefit (provision) for income taxes | 26,925,000 | (40,150,000) |
Net (loss) income | $ (75,624,000) | $ 112,900,000 |
Weighted average number of common shares outstanding – basic and diluted (in shares) | 1,379,655 | 1,380,746 |
Basic and diluted net (loss) income per share (in dollars per share) | $ (54.81) | $ 81.77 |
Real Estate Bank Loan Secured by Logan Office [Member] | ||
Other income (expenses) | ||
Interest expense on debt | $ (83,000) | $ (94,000) |
Margin Account [Member] | ||
Other income (expenses) | ||
Interest expense on debt | (1,026,000) | (233,000) |
Advertising [Member] | ||
Revenues | ||
Revenue from Contract with Customer, Including Assessed Tax | 8,591,000 | 8,171,000 |
Subscription and Circulation [Member] | ||
Revenues | ||
Revenue from Contract with Customer, Including Assessed Tax | 4,394,000 | 4,576,000 |
Advertising Service Fees and Other [Member] | ||
Revenues | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,937,000 | 2,684,000 |
License and Maintenance [Member] | ||
Revenues | ||
Revenue from Contract with Customer, Including Assessed Tax | 19,192,000 | 21,044,000 |
Consulting Fees [Member] | ||
Revenues | ||
Revenue from Contract with Customer, Including Assessed Tax | 11,865,000 | 6,319,000 |
Service, Other [Member] | ||
Revenues | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 7,030,000 | $ 7,131,000 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Sep. 30, 2020 | 1,805,053 | (424,307) | |||
Balance at Sep. 30, 2020 | $ 18,000 | $ (4,000) | $ 1,755,000 | $ 139,972,000 | $ 141,741,000 |
Net (loss) income | 112,900,000 | 112,900,000 | |||
Balance (in shares) at Sep. 30, 2021 | 1,805,053 | (424,307) | |||
Balance at Sep. 30, 2021 | $ 18,000 | $ (4,000) | 1,755,000 | 252,872,000 | 254,641,000 |
Net (loss) income | (75,624,000) | (75,624,000) | |||
Receipt of donated treasury stock (in shares) | (3,720) | ||||
Balance (in shares) at Sep. 30, 2022 | 1,805,053 | (428,027) | |||
Balance at Sep. 30, 2022 | $ 18,000 | $ (4,000) | $ 1,755,000 | $ 177,248,000 | $ 179,017,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net (loss) income | $ (75,624,000) | $ 112,900,000 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities | ||
Depreciation and amortization | 379,000 | 480,000 |
Gains on land sale | (272,000) | |
Gains on sales of marketable securities, net | (14,249,000) | (41,749,000) |
Deferred income taxes | (30,821,000) | 31,895,000 |
Unrealized losses (gains) on marketable securities | 123,401,000 | (106,499,000) |
(Increase) decrease in current assets | ||
Accounts receivable, net | (7,407,000) | (2,797,000) |
Inventories | (13,000) | (7,000) |
Prepaid expenses and other current assets | 217,000 | 56,000 |
Income tax receivable | (1,019,000) | 601,000 |
Increase (decrease) in liabilities | ||
Accounts payable | 823,000 | 313,000 |
Accrued liabilities | 2,178,000 | 2,900,000 |
Income tax payable | (6,244,000) | 6,244,000 |
Net cash (used in) provided by operating activities | (5,261,000) | 3,286,000 |
Cash flows from investing activities | ||
Sales of marketable securities | 80,570,000 | 45,033,000 |
Purchases of marketable securities | (117,678,000) | (64,990,000) |
Sale of land | 381,000 | |
Purchases of property, plant and equipment, net | (36,000) | (29,000) |
Net cash used in investing activities | (36,763,000) | (19,986,000) |
Cash flows from financing activities | ||
Proceeds from margin loan borrowing | 43,014,000 | 17,000,000 |
Payment to margin loan borrowing | (14,000) | (14,493,000) |
Payment of real estate loan principal | (147,000) | (131,000) |
Net cash provided by financing activities | 42,853,000 | 2,376,000 |
Increase (decrease) in cash and cash equivalents and restricted cash | 829,000 | (14,324,000) |
Cash and cash equivalents and restricted cash | ||
Beginning of year | 14,639,000 | 28,963,000 |
End of year | 15,468,000 | 14,639,000 |
Interest paid during year | 1,053,000 | 329,000 |
Income taxes paid during year | 11,140,000 | 1,946,000 |
Subscription and Circulation [Member] | ||
Increase (decrease) in liabilities | ||
Deferred subscriptions | (15,000) | (205,000) |
Professional Fees [Member] | ||
Increase (decrease) in liabilities | ||
Deferred subscriptions | 896,000 | 630,000 |
License and Maintenance [Member] | ||
Increase (decrease) in liabilities | ||
Deferred subscriptions | $ 2,509,000 | $ (1,476,000) |
Note 1 - The Company and Operat
Note 1 - The Company and Operations | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. THE COMPANY AND OPERATIONS Daily Journal Corporation (“Daily Journal”) publishes newspapers and websites covering California and Arizona and produces several specialized information services. It also serves as a newspaper representative specializing in public notice advertising. This is sometimes referred to as the Company’s “Traditional Business”. Journal Technologies, Inc. (“Journal Technologies”), a wholly-owned subsidiary of Daily Journal, supplies case management software systems and related products to courts, prosecutor and public defender offices, probation departments and other justice agencies, including administrative law organizations, city and county governments and bar associations. These organizations use the Journal Technologies family of products to help manage cases and information electronically, to interface with other critical justice partners and to extend electronic services to the public, including efiling and a website to pay traffic citations and fees online. These products are licensed in approximately 30 August 2022, Essentially all of the Company’s U.S. operations are based in California, Arizona and Utah. The Company also has a presence in Australia where Journal Technologies is working on three |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: Certain reclassifications of previously reported amounts have been made to conform to the current year’s presentation. Concentrations of Credit Risk: The Company maintains the reserve account for estimated losses resulting from the inability of its customers to make required payments. If the financial condition of its customers were to deteriorate or its judgments about their abilities to pay are incorrect, additional allowances might be required and its results of operations could be materially affected. Cash Equivalents: three Restricted Cash: September 30, 2022 2021, two Fair Value of Financial Instruments: 2019, No. 2016 01, Financial Instruments Overall (Subtopic 825 10 2022, 2021, 1 820, Fair Value Measurement and Disclosures September 30, 2022, three one September 30, 2021, All marketable securities are classified as “Current assets” because they are available for sale at any time. During fiscal 2022, Investment in Financial Instruments September 30, 2022 September 30, 2021 Aggregate fair value Amortized/ Adjusted cost basis Pretax unrealized gains Aggregate fair value Amortized/ Adjusted cost basis Pretax unrealized gains Marketable securities Common stocks $ 275,529,000 $ 154,837,000 $ 120,692,000 $ 347,573,000 $ 103,480,000 $ 244,093,000 Inventories: first first not Property, plant and equipment: September 30, 2022, 2022 2021, Significant expenditures which extend the useful lives of existing assets are capitalized. Maintenance and repair costs are expensed as incurred. Gains or losses on dispositions of assets are reflected in current earnings. Impairment of Long-Lived Assets: may not no 2022 2021. Journal Technologies Software Development Costs: not The Company believes its process for developing software is essentially completed concurrent with the establishment of technological feasibility, and accordingly, no Revenue Recognition: The Company recognizes revenues in accordance with the provisions of ASU No. 2014 09, Revenue from Contracts with Customers (ASC Topic 606 For the Traditional Business, proceeds from the sale of subscriptions for newspapers, court rule books and other publications and other services are recorded as deferred revenue and are included in earned revenue only when the services are provided, generally over the subscription term. Advertising revenues are recognized when advertisements are published. Journal Technologies contracts may one third not third The adoption of ASC 606 no not Since the Company recognizes revenues when it can invoice the customer pursuant to the contract for the value of completed performance, as a practical expedient and because reliable estimates cannot be made, it has elected not not no not Approximately 71% and 69% of the Company’s revenues in fiscal 2022 2021, The change in allowance for doubtful accounts is as follows: Allowance for Doubtful Accounts Description Balance at Beginning of Year Additions (Reductions) charged to Costs and Expenses Accounts charged off less Recoveries Balance at End of Year Fiscal 2022 Allowance for doubtful accounts $ 250,000 $ 18,000 $ (18,000 ) $ 250,000 Fiscal 2021 Allowance for doubtful accounts $ 250,000 $ (3,000 ) $ 3,000 $ 250,000 Management Incentive Plan: 1987, ten 2022, Certificate interests entitled participants to receive 5.15% and 4.96% (amounting to $474,300 and $332,940, respectively) of Daily Journal non-consolidated income before taxes, workers’ compensation, supplemental compensation and certain other items, 21.7% and 12.33% (amounting to $455,700 and $255,300, respectively) for Journal Technologies and 11.69% and 12.24% (amounting to $1,295,540 and $1,049,750, respectively) for Daily Journal consolidated in fiscal 2022 2021, September 30, 2022 2021, 65. 2022 2021 10 Income taxes: 740 10 two first not” second 50% no Treasury stock and net (loss) income per common share: In June 2022, September, 2022. 2022 2021, not Use of Estimates: Right-of-Use (ROU) Asset At the beginning of fiscal 2020, 2016 02, Leases (Topic 842 no September 30, 2022, one one Accrued Liabilities Accrued liabilities primarily consisted of accrued payroll at September 30, 2022 2021. New Accounting Pronouncement: No |
Note 3 - Income Taxes
Note 3 - Income Taxes | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 3. INCOME TAXES The (benefit) provision from income taxes consists of the following: 2022 2021 Current: Federal $ 2,688,000 $ 5,420,000 State 1,208,000 2,835,000 3,896,000 8,255,000 Deferred: Federal (23,200,000 ) 24,385,000 State (7,621,000 ) 7,510,000 (30,821,000 ) 31,895,000 $ (26,925,000 ) $ 40,150,000 The difference between the statutory federal income tax rate and the Company’s effective rate is summarized below: 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % State franchise taxes (net of federal tax benefit) 5.7 5.2 Effect of state rate change on beginning balance of deferred tax liabilities (0.7 ) 0.1 Dividends received deduction 0.4 (0.2 ) Others (0.1 ) 0.1 Effective tax rate 26.3 % 26.2 % The Company’s deferred income tax assets and liabilities were comprised of the following: 2022 2021 Deferred tax assets attributable to: Accrued liabilities, including supplemental compensation and vacation pay accrual $ 1,792,000 $ 1,603,000 Impairment losses on marketable securities (182,000 ) 113,000 Bad debt reserves not yet deductible 56,000 55,000 Depreciation and amortization 2,686,000 3,065,000 Deferred revenues 1,316,000 1,836,000 Goodwill 451,000 520,000 Net operating losses 657,000 561,000 Credits and other 71,000 268,000 Total deferred tax assets 6,847,000 8,021,000 Deferred tax liabilities attributable to: Unrealized gains on marketable securities (32,120,000 ) (64,115,000 ) Net deferred income taxes $ (25,273,000 ) $ (56,094,000 ) During fiscal 2022, 2022 For fiscal 2021, The Company files consolidated federal income tax returns in the United States and with various state jurisdictions and is no 2019 2018 * * * * * * * * * * * * During fiscal 2021, 2020, 2021 2022. 2038 2039. Fiscal Year ended California NOLs Other State NOLs September 30, 2032 $ --- $ .1 September 30, 2037 --- .1 September 30, 2038 4.8 .2 September 30, 2039 .7 .1 No expiration --- 2.1 Total $ 5.5 $ 2.6 |
Note 4 - Debt and Commitments
Note 4 - Debt and Commitments | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | 4. DEBTS AND COMMITMENTS During fiscal 2013, two September 30, 2022. The interest rate for these investment margin account borrowings fluctuates based on the Federal Funds Rate plus 50 basis points with interest only payable monthly. The interest rate as of September 30, 2022 may not In November 2015, 1998 October 2020, September 30, 2022. April 2022, October 2022, The Company also owns its facilities in Los Angeles and leases space for its other offices under operating leases which expire at various dates through October 2023. The Company is responsible for a portion of maintenance, insurance and property tax expenses relating to the leased properties. Rental expenses, inclusive of these expenses, for fiscal years 2022 2021 The following table represents the Company ’ s future obligations Payments due by Fiscal Year 2023 2024 2025 2026 2027 2028 and after Total Real estate loan $ 146,000 $ 158,000 $ 164,000 $ 169,000 $ 175,000 $ 619,000 $ 1,431,000 Obligations under operating leases 140,000 3,000 --- --- --- --- 143,000 Long-term accrued liabilities* --- 1,818,000 720,000 616,000 508,000 863,000 4,525,000 $ 286,000 $ 1,979,000 $ 884,000 $ 785,000 $ 683,000 $ 1,482,000 $ 6,099,000 * The long-term accrued liabilities for the Management Incentive Plan are discounted to the present value using a discount rate of 6%. |
Note 5 - Contingencies
Note 5 - Contingencies | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 5. CONTINGENCIES From time to time, the Company is subject to litigation arising in the normal course of its business. While it is not not |
Note 6 - Reportable Segments
Note 6 - Reportable Segments | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 6. REPORTABLE SEGMENTS An operating segment is defined as a component of an enterprise which has discrete financial information that is evaluated regularly by the Company’s Chief Executive Officer to decide how to allocate resources and to access performance. In accordance with ASC 280 10, Segment Reporting August 2022, no 2022. Additional details about each of the reportable segments and its corporate income and expenses is set forth below: Overall Financial Results (000) For the twelve months ended September 30 Reportable Segments Traditional Business Journal Technologies Corporate Total 2022 2021 2022 2021 2022 2021 2022 2021 Revenues Advertising $ 8,591 $ 8,171 $ --- $ --- $ --- $ --- $ 8,591 $ 8,171 Circulation 4,394 4,576 --- --- --- --- 4,394 4,576 Advertising service fees and other 2,937 2,684 --- --- --- --- 2,937 2,684 Licensing and maintenance fees --- --- 19,192 21,044 --- --- 19,192 21,044 Consulting fees --- --- 11,865 6,319 --- --- 11,865 6,319 Other public service fees --- --- 7,030 7,131 --- --- 7,030 7,131 Total operating revenues 15,922 15,431 38,087 34,494 --- --- 54,009 49,925 Operating expenses Salaries and employee benefits 9,618 8,226 27,317 26,004 --- --- 36,935 34,230 Increase to the long-term Supplemental compensation accrual 1,130 1,795 115 40 --- --- 1,245 1,835 Others 4,472 4,967 9,368 6,741 --- --- 13,840 11,708 Total operating expenses 15,220 14,988 36,800 32,785 --- --- 52,020 47,773 Income from operations 702 443 1,287 1,709 --- --- 1,989 2,152 Dividends and interest income --- --- --- --- 5,451 2,908 5,451 2,908 Gains on sale of land --- --- --- --- 272 --- 272 --- Other income --- --- --- --- --- 69 --- 69 Interest expenses on note payable collateralized by real estate and other --- --- --- --- (83 ) (94 ) (83 ) (94 ) Interest expense on margin loans --- --- --- --- (1,026 ) (233 ) (1,026 ) (233 ) Gains on sales of marketable securities, net --- --- --- --- 14,249 41,749 14,249 41,749 Net unrealized (losses) gains on marketable securities --- --- --- --- (123,401 ) 106,499 (123,401 ) 106,499 Pretax income (loss) 702 443 1,287 1,709 (104,538 ) 150,898 (102,549 ) 153,050 Income tax (expense) benefit (185 ) (115 ) (205 ) (425 ) 27,315 (39,610 ) 26,925 (40,150 ) Net income (loss) $ 517 $ 328 $ 1,082 $ 1,284 $ (77,223 ) $ 111,288 $ (75,624 ) $ 112,900 Total assets $ 22,743 $ 22,412 $ 27,868 $ 20,480 $ 268,500 $ 339,664 $ 319,111 $ 382,556 Capital expenditures $ 3 $ 22 $ 33 $ 7 --- --- $ 36 $ 29 During fiscal 2022 2021, |
Note 7 - Subsequent Events
Note 7 - Subsequent Events | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 7. SUBSEQUENT EVENTS The Company has completed an evaluation of all subsequent events through the issuance date of these financial statements and concluded that no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of Presentation: Certain reclassifications of previously reported amounts have been made to conform to the current year’s presentation. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk: The Company maintains the reserve account for estimated losses resulting from the inability of its customers to make required payments. If the financial condition of its customers were to deteriorate or its judgments about their abilities to pay are incorrect, additional allowances might be required and its results of operations could be materially affected. |
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents: three |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash: September 30, 2022 2021, two |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments: 2019, No. 2016 01, Financial Instruments Overall (Subtopic 825 10 2022, 2021, 1 820, Fair Value Measurement and Disclosures September 30, 2022, three one September 30, 2021, All marketable securities are classified as “Current assets” because they are available for sale at any time. During fiscal 2022, Investment in Financial Instruments September 30, 2022 September 30, 2021 Aggregate fair value Amortized/ Adjusted cost basis Pretax unrealized gains Aggregate fair value Amortized/ Adjusted cost basis Pretax unrealized gains Marketable securities Common stocks $ 275,529,000 $ 154,837,000 $ 120,692,000 $ 347,573,000 $ 103,480,000 $ 244,093,000 |
Inventory, Policy [Policy Text Block] | Inventories: first first not |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment: September 30, 2022, 2022 2021, Significant expenditures which extend the useful lives of existing assets are capitalized. Maintenance and repair costs are expensed as incurred. Gains or losses on dispositions of assets are reflected in current earnings. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets: may not no 2022 2021. |
Research, Development, and Computer Software, Policy [Policy Text Block] | Journal Technologies Software Development Costs: not The Company believes its process for developing software is essentially completed concurrent with the establishment of technological feasibility, and accordingly, no |
Revenue [Policy Text Block] | Revenue Recognition: The Company recognizes revenues in accordance with the provisions of ASU No. 2014 09, Revenue from Contracts with Customers (ASC Topic 606 For the Traditional Business, proceeds from the sale of subscriptions for newspapers, court rule books and other publications and other services are recorded as deferred revenue and are included in earned revenue only when the services are provided, generally over the subscription term. Advertising revenues are recognized when advertisements are published. Journal Technologies contracts may one third not third The adoption of ASC 606 no not Since the Company recognizes revenues when it can invoice the customer pursuant to the contract for the value of completed performance, as a practical expedient and because reliable estimates cannot be made, it has elected not not no not Approximately 71% and 69% of the Company’s revenues in fiscal 2022 2021, The change in allowance for doubtful accounts is as follows: Allowance for Doubtful Accounts Description Balance at Beginning of Year Additions (Reductions) charged to Costs and Expenses Accounts charged off less Recoveries Balance at End of Year Fiscal 2022 Allowance for doubtful accounts $ 250,000 $ 18,000 $ (18,000 ) $ 250,000 Fiscal 2021 Allowance for doubtful accounts $ 250,000 $ (3,000 ) $ 3,000 $ 250,000 |
Share-Based Payment Arrangement [Policy Text Block] | Management Incentive Plan: 1987, ten 2022, Certificate interests entitled participants to receive 5.15% and 4.96% (amounting to $474,300 and $332,940, respectively) of Daily Journal non-consolidated income before taxes, workers’ compensation, supplemental compensation and certain other items, 21.7% and 12.33% (amounting to $455,700 and $255,300, respectively) for Journal Technologies and 11.69% and 12.24% (amounting to $1,295,540 and $1,049,750, respectively) for Daily Journal consolidated in fiscal 2022 2021, September 30, 2022 2021, 65. 2022 2021 10 |
Income Tax, Policy [Policy Text Block] | Income taxes: 740 10 two first not” second 50% no |
Earnings Per Share, Policy [Policy Text Block] | Treasury stock and net (loss) income per common share: In June 2022, September, 2022. 2022 2021, not |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates: |
Lessee, Leases [Policy Text Block] | Right-of-Use (ROU) Asset At the beginning of fiscal 2020, 2016 02, Leases (Topic 842 no September 30, 2022, one one |
Accrued Liabilities [Policy Text Block] | Accrued Liabilities Accrued liabilities primarily consisted of accrued payroll at September 30, 2022 2021. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncement: No |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Available-for-Sale Securities Reconciliation [Table Text Block] | September 30, 2022 September 30, 2021 Aggregate fair value Amortized/ Adjusted cost basis Pretax unrealized gains Aggregate fair value Amortized/ Adjusted cost basis Pretax unrealized gains Marketable securities Common stocks $ 275,529,000 $ 154,837,000 $ 120,692,000 $ 347,573,000 $ 103,480,000 $ 244,093,000 |
Valuation and Qualifying Accounts [Table Text Block] | Description Balance at Beginning of Year Additions (Reductions) charged to Costs and Expenses Accounts charged off less Recoveries Balance at End of Year Fiscal 2022 Allowance for doubtful accounts $ 250,000 $ 18,000 $ (18,000 ) $ 250,000 Fiscal 2021 Allowance for doubtful accounts $ 250,000 $ (3,000 ) $ 3,000 $ 250,000 |
Note 3 - Income Taxes (Tables)
Note 3 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2022 2021 Current: Federal $ 2,688,000 $ 5,420,000 State 1,208,000 2,835,000 3,896,000 8,255,000 Deferred: Federal (23,200,000 ) 24,385,000 State (7,621,000 ) 7,510,000 (30,821,000 ) 31,895,000 $ (26,925,000 ) $ 40,150,000 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % State franchise taxes (net of federal tax benefit) 5.7 5.2 Effect of state rate change on beginning balance of deferred tax liabilities (0.7 ) 0.1 Dividends received deduction 0.4 (0.2 ) Others (0.1 ) 0.1 Effective tax rate 26.3 % 26.2 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2022 2021 Deferred tax assets attributable to: Accrued liabilities, including supplemental compensation and vacation pay accrual $ 1,792,000 $ 1,603,000 Impairment losses on marketable securities (182,000 ) 113,000 Bad debt reserves not yet deductible 56,000 55,000 Depreciation and amortization 2,686,000 3,065,000 Deferred revenues 1,316,000 1,836,000 Goodwill 451,000 520,000 Net operating losses 657,000 561,000 Credits and other 71,000 268,000 Total deferred tax assets 6,847,000 8,021,000 Deferred tax liabilities attributable to: Unrealized gains on marketable securities (32,120,000 ) (64,115,000 ) Net deferred income taxes $ (25,273,000 ) $ (56,094,000 ) |
Summary of Operating Loss Carryforwards [Table Text Block] | Fiscal Year ended California NOLs Other State NOLs September 30, 2032 $ --- $ .1 September 30, 2037 --- .1 September 30, 2038 4.8 .2 September 30, 2039 .7 .1 No expiration --- 2.1 Total $ 5.5 $ 2.6 |
Note 4 - Debt and Commitments (
Note 4 - Debt and Commitments (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Payments due by Fiscal Year 2023 2024 2025 2026 2027 2028 and after Total Real estate loan $ 146,000 $ 158,000 $ 164,000 $ 169,000 $ 175,000 $ 619,000 $ 1,431,000 Obligations under operating leases 140,000 3,000 --- --- --- --- 143,000 Long-term accrued liabilities* --- 1,818,000 720,000 616,000 508,000 863,000 4,525,000 $ 286,000 $ 1,979,000 $ 884,000 $ 785,000 $ 683,000 $ 1,482,000 $ 6,099,000 |
Note 6 - Reportable Segments (T
Note 6 - Reportable Segments (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Overall Financial Results (000) For the twelve months ended September 30 Reportable Segments Traditional Business Journal Technologies Corporate Total 2022 2021 2022 2021 2022 2021 2022 2021 Revenues Advertising $ 8,591 $ 8,171 $ --- $ --- $ --- $ --- $ 8,591 $ 8,171 Circulation 4,394 4,576 --- --- --- --- 4,394 4,576 Advertising service fees and other 2,937 2,684 --- --- --- --- 2,937 2,684 Licensing and maintenance fees --- --- 19,192 21,044 --- --- 19,192 21,044 Consulting fees --- --- 11,865 6,319 --- --- 11,865 6,319 Other public service fees --- --- 7,030 7,131 --- --- 7,030 7,131 Total operating revenues 15,922 15,431 38,087 34,494 --- --- 54,009 49,925 Operating expenses Salaries and employee benefits 9,618 8,226 27,317 26,004 --- --- 36,935 34,230 Increase to the long-term Supplemental compensation accrual 1,130 1,795 115 40 --- --- 1,245 1,835 Others 4,472 4,967 9,368 6,741 --- --- 13,840 11,708 Total operating expenses 15,220 14,988 36,800 32,785 --- --- 52,020 47,773 Income from operations 702 443 1,287 1,709 --- --- 1,989 2,152 Dividends and interest income --- --- --- --- 5,451 2,908 5,451 2,908 Gains on sale of land --- --- --- --- 272 --- 272 --- Other income --- --- --- --- --- 69 --- 69 Interest expenses on note payable collateralized by real estate and other --- --- --- --- (83 ) (94 ) (83 ) (94 ) Interest expense on margin loans --- --- --- --- (1,026 ) (233 ) (1,026 ) (233 ) Gains on sales of marketable securities, net --- --- --- --- 14,249 41,749 14,249 41,749 Net unrealized (losses) gains on marketable securities --- --- --- --- (123,401 ) 106,499 (123,401 ) 106,499 Pretax income (loss) 702 443 1,287 1,709 (104,538 ) 150,898 (102,549 ) 153,050 Income tax (expense) benefit (185 ) (115 ) (205 ) (425 ) 27,315 (39,610 ) 26,925 (40,150 ) Net income (loss) $ 517 $ 328 $ 1,082 $ 1,284 $ (77,223 ) $ 111,288 $ (75,624 ) $ 112,900 Total assets $ 22,743 $ 22,412 $ 27,868 $ 20,480 $ 268,500 $ 339,664 $ 319,111 $ 382,556 Capital expenditures $ 3 $ 22 $ 33 $ 7 --- --- $ 36 $ 29 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted Cash and Cash Equivalents, Total | $ 2,045,000 | $ 2,043,000 | |
Net Income (Loss) Attributable to Parent, Total | (75,624,000) | 112,900,000 | |
Unrealized Gain (Loss) on Investments | (123,401,000) | 106,499,000 | |
Equity Securities, FV-NI, Current | 275,529,000 | 347,573,000 | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Total | 120,692,000 | 244,093,000 | |
Equity Securities, FV-NI, Unrealized Gain (Loss), Tax | 32,120,000 | 64,115,000 | |
Proceeds from Sale and Maturity of Debt Securities, Available-for-Sale, Total | 80,570,000 | 45,033,000 | |
Debt Securities, Available-for-Sale, Realized Gain (Loss), Total | 14,249,000 | 41,749,000 | |
Payments to Acquire Marketable Securities | 117,678,000 | 64,990,000 | |
Proceeds from Issuance of Debt | 43,014,000 | 17,000,000 | |
Depreciation, Total | 379,000 | $ 480,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||
Increase (Decrease) in Other Accrued Liabilities | $ 1,245,000 | ||
Other Accrued Liabilities Impact on Earnings Per Share (in dollars per share) | $ 90 | ||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 1,377,026 | ||
Weighted Average Number of Shares Outstanding, Basic, Total (in shares) | 1,379,655 | 1,380,746 | |
Operating Lease, Right-of-Use Asset | $ 104,000 | $ 215,000 | |
Accrued Liabilities, Current and Noncurrent [Member] | |||
Operating Lease, Liability, Total | 104,000 | ||
Operating Lease, Liability, Noncurrent | $ 22,000 | $ 103,000 | |
Director [Member] | |||
Receipt of Donated Treasury Stock, Shares (in shares) | 3,720 | ||
Receipt of Donated Treasury Stock, Value | $ 1,000,000 | ||
Measurement Input, Discount Rate [Member] | |||
Incentive Plan Future Commitment, Measurement Input | 6% | 6% | |
Management Incentive Plan, Future Commitment [Member] | |||
Other Accrued Liabilities | $ 4,525,000 | $ 3,280,000 | |
Increase (Decrease) in Other Accrued Liabilities | $ 1,835,000 | ||
Other Accrued Liabilities Impact on Earnings Per Share (in dollars per share) | $ 1.33 | ||
Daily Journal Non-Consolidated [Member] | |||
Management Incentive Plan Total Percentage of Pre Tax Earnings | 5.15% | 4.96% | |
Management Incentive Plan Total Amount Paid | $ 474,300 | $ 332,940 | |
Journal Technologies [Member] | |||
Management Incentive Plan Total Percentage of Pre Tax Earnings | 21.70% | 12.33% | |
Management Incentive Plan Total Amount Paid | $ 455,700 | $ 255,300 | |
Daily Journal Consolidated [Member] | |||
Management Incentive Plan Total Percentage of Pre Tax Earnings | 11.69% | 12.24% | |
Management Incentive Plan Total Amount Paid | $ 1,295,540 | $ 1,049,750 | |
Product Concentration Risk [Member] | Revenue Benchmark [Member] | License and Service [Member] | |||
Concentration Risk, Percentage | 71% | 69% | |
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Minimum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Minimum [Member] | Furniture, Office Equipment, and Software [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Minimum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||
Maximum [Member] | Building and Building Improvements [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 39 years | ||
Maximum [Member] | Furniture, Office Equipment, and Software [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 5 years | ||
Maximum [Member] | Machinery and Equipment [Member] | |||
Property, Plant and Equipment, Useful Life (Year) | 10 years |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Investment in Financial Instruments (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Marketable securities, fair value | $ 275,529,000 | $ 347,573,000 |
Marketable securities, gross unrealized gains | 120,692,000 | 244,093,000 |
Common Stock [Member] | ||
Marketable securities, fair value | 275,529,000 | 347,573,000 |
Marketable securities, amortized cost | 154,837,000 | 103,480,000 |
Marketable securities, gross unrealized gains | $ 120,692,000 | $ 244,093,000 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Allowance for doubtful accounts | $ 250,000 | $ 250,000 |
Allowance for doubtful accounts | 18,000 | (3,000) |
Allowance for doubtful accounts | (18,000) | 3,000 |
Allowance for doubtful accounts | 250,000 | 250,000 |
Allowance for doubtful accounts | $ (18,000) | $ 3,000 |
Note 3 - Income Taxes (Details
Note 3 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Expense (Benefit), Total | $ (26,925,000) | $ 40,150,000 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | (102,549,000) | 153,050,000 |
Effective Income Tax Rate Reconciliation, Unrealized Gains (Losses) on Marketable Securities, Amount | 32,840,000 | 27,938,000 |
Effective Income Tax Rate Reconciliation, Benefit for the Dividends Received Deduction and Other Permanent Book and Tax Differences, Amount | 340,000 | |
Effective Income Tax Rate Reconciliation, Realized Gains on Marketable Securities, Amount | 3,790,000 | $ 10,952,000 |
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | 1,735,000 | |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | $ 730,000 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 26.30% | 26.20% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | $ 1,260,000 | |
Domestic Tax Authority [Member] | ||
Open Tax Year | 2019 2020 2021 2022 | |
State and Local Jurisdiction [Member] | ||
Open Tax Year | 2018 2019 2020 2021 2022 | |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | ||
Operating Loss Carryforwards, Total | $ 5,500,000 |
Note 3 - Income Taxes - Provisi
Note 3 - Income Taxes - Provision for Income Taxes (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Federal | $ 2,688,000 | $ 5,420,000 |
State | 1,208,000 | 2,835,000 |
Current Income Tax Expense (Benefit), Total | 3,896,000 | 8,255,000 |
Federal | (23,200,000) | 24,385,000 |
State | (7,621,000) | 7,510,000 |
Deferred Income Tax Expense (Benefit), Total | (30,821,000) | 31,895,000 |
Income Tax Expense (Benefit), Total | $ (26,925,000) | $ 40,150,000 |
Note 3 - Income Taxes - Summary
Note 3 - Income Taxes - Summary of the Difference Between Statutory Federal Income Tax Rate and Effective Rate (Details) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statutory federal income tax rate | 21% | 21% |
State franchise taxes (net of federal tax benefit) | 5.70% | 5.20% |
Effect of state rate change on beginning balance of deferred tax liabilities | (0.70%) | 0.10% |
Dividends received deduction | 0.40% | (0.20%) |
Others | (0.10%) | 0.10% |
Effective tax rate | 26.30% | 26.20% |
Note 3 - Income Taxes - Deferre
Note 3 - Income Taxes - Deferred Income Taxes (Details) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Deferred tax assets attributable to: | ||
Accrued liabilities, including supplemental compensation and vacation pay accrual | $ 1,792,000 | $ 1,603,000 |
Impairment losses on marketable securities | (182,000) | (113,000) |
Impairment losses on marketable securities | 182,000 | 113,000 |
Bad debt reserves not yet deductible | 56,000 | 55,000 |
Depreciation and amortization | 2,686,000 | 3,065,000 |
Deferred revenues | 1,316,000 | 1,836,000 |
Goodwill | 451,000 | 520,000 |
Net operating losses | 657,000 | 561,000 |
Credits and other | 71,000 | 268,000 |
Total deferred tax assets | 6,847,000 | 8,021,000 |
Unrealized gains on marketable securities | (32,120,000) | (64,115,000) |
Net deferred income taxes | $ (25,273,000) | $ (56,094,000) |
Note 3 - Income Taxes - Operati
Note 3 - Income Taxes - Operating Loss Carryforwards (Details) - State and Local Jurisdiction [Member] $ in Millions | Sep. 30, 2022 USD ($) |
Other State [Member] | |
Operating Loss Carryforward | $ 2.6 |
Operating Loss Carryforward, No Expiration | 2.1 |
Other State [Member] | Expires at Fiscal Year Ended September 30, 2023 [Member] | |
Operating Loss Carryforward | 0.1 |
Other State [Member] | Expires at Fiscal Year Ended September 30, 2037 [Member] | |
Operating Loss Carryforward | 0.1 |
Other State [Member] | Expires at Fiscal Year Ended September 30, 2038 [Member] | |
Operating Loss Carryforward | 0.2 |
Other State [Member] | Expires at Fiscal Year Ended September 30, 2039 [Member] | |
Operating Loss Carryforward | 0.1 |
California Franchise Tax Board [Member] | |
Operating Loss Carryforward | 5.5 |
California Franchise Tax Board [Member] | Expires at Fiscal Year Ended September 30, 2038 [Member] | |
Operating Loss Carryforward | 4.8 |
California Franchise Tax Board [Member] | Expires at Fiscal Year Ended September 30, 2039 [Member] | |
Operating Loss Carryforward | $ 0.7 |
Note 4 - Debt and Commitments_2
Note 4 - Debt and Commitments (Details Textual) | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2022 USD ($) ft² | Nov. 30, 2015 USD ($) ft² a | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2013 USD ($) | Oct. 31, 2020 | |
Proceeds from Issuance of Debt | $ 43,014,000 | $ 17,000,000 | ||||
Investment Margin Account | 75,000,000 | 32,000,000 | ||||
Payments to Acquire Property, Plant, and Equipment, Total | 36,000 | 29,000 | ||||
Proceeds from Sale of Land Held-for-use | 272,000 | |||||
Operating Lease, Expense | $ 249,000 | $ 286,000 | ||||
Measurement Input, Discount Rate [Member] | ||||||
Incentive Plan Future Commitment, Measurement Input | 6% | 6% | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 17,564 | |||||
Proceeds from Sale of Land Held-for-use | $ 381,000 | |||||
UTAH | Building [Member] | ||||||
Area of Real Estate Property (Square Foot) | ft² | 30,700 | |||||
UTAH | Land [Member] | ||||||
Area of Land (Acre) | a | 3.6 | |||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 1,240,000 | |||||
Margin Account [Member] | ||||||
Proceeds from Issuance of Debt | $ 45,500,000 | $ 29,500,000 | ||||
Investment Margin Account | $ 75,000,000 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3% | |||||
Margin Account [Member] | Fed Funds Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Real Estate Bank Loan Secured by Logan Office [Member] | ||||||
Loans Payable to Bank, Total | $ 2,260,000 | $ 1,430,000 | ||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.66% | 3.33% | ||||
Long-term Debt, Term (Year) | 10 years | |||||
Debt Instrument, Periodic Payment, Total | $ 16,600 |
Note 4 - Debts and Commitments
Note 4 - Debts and Commitments - Future Obligations (Details) | Sep. 30, 2022 USD ($) |
Payments due by Fiscal Year One | $ 140,000 |
Payments due by Fiscal Year Two | 3,000 |
Payments due by Fiscal Year Total | 143,000 |
Payments due by Fiscal Year One | 286,000 |
Payments due by Fiscal Year Two | 1,979,000 |
Payments due by Fiscal Year Three | 884,000 |
Payments due by Fiscal Year Four | 785,000 |
Payments due by Fiscal Year Five | 683,000 |
Payments due by Fiscal Year After Year Five | 1,482,000 |
Payments due by Fiscal Year Total | 6,099,000 |
Real Estate Loan [Member] | |
Payments due by Fiscal Year One | 146,000 |
Payments due by Fiscal Year Two | 158,000 |
Payments due by Fiscal Year Three | 164,000 |
Payments due by Fiscal Year Four | 169,000 |
Payments due by Fiscal Year Five | 175,000 |
Payments due by Fiscal Year After Year Five | 619,000 |
Payments due by Fiscal Year Total | 1,431,000 |
Long Term Accrued Liabilities [Member] | |
Payments due by Fiscal Year Two | 1,818,000 |
Payments due by Fiscal Year Three | 720,000 |
Payments due by Fiscal Year Four | 616,000 |
Payments due by Fiscal Year Five | 508,000 |
Payments due by Fiscal Year After Year Five | 863,000 |
Payments due by Fiscal Year Total | $ 4,525,000 |
Note 6 - Reportable Segments (D
Note 6 - Reportable Segments (Details Textual) | 2 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Number of Reportable Segments | 2 | ||
Subsidiary Founding Cost | $ 4,000 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 54,009,000 | $ 49,925,000 | |
Traditional Business [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 15,922,000 | 15,431,000 | |
Traditional Business [Member] | Transferred at Point in Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 11,528,000 | 10,855,000 | |
Traditional Business [Member] | Transferred over Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 4,394,000 | 4,576,000 | |
Journal Technologies [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 38,087,000 | 34,494,000 | |
Journal Technologies [Member] | Transferred at Point in Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 19,459,000 | 14,787,000 | |
Journal Technologies [Member] | Transferred over Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 18,628,000 | $ 19,707,000 |
Note 6 - Reportable Segments -
Note 6 - Reportable Segments - Summarized Financial Information for Reportable Segments (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 54,009,000 | $ 49,925,000 |
Salaries and employee benefits | 36,935,000 | 34,230,000 |
Increase to the long-term supplemental compensation accrual | 1,245,000 | 1,835,000 |
Increase to the long-term Supplemental compensation accrual | 1,245,000 | 1,835,000 |
Others | 13,840,000 | 11,708,000 |
Total operating expenses | 52,020,000 | 47,773,000 |
Income from operations | 1,989,000 | 2,152,000 |
Dividends and interest income | 5,451,000 | 2,908,000 |
Gains on sale of land | 272,000 | |
Other income | 69,000 | |
Gains on sales of marketable securities, net | 14,249,000 | 41,749,000 |
Net unrealized (losses) gains on marketable securities | (123,401,000) | 106,499,000 |
Pretax income (loss) | (102,549,000) | 153,050,000 |
Benefit (provision) for income taxes | 26,925,000 | (40,150,000) |
Net (loss) income | (75,624,000) | 112,900,000 |
Total assets | 319,111,000 | 382,556,000 |
Capital expenditures | 36,000 | 29,000 |
Real Estate Bank Loan Secured by Logan Office [Member] | ||
Interest expense on debt | (83,000) | (94,000) |
Margin Account [Member] | ||
Interest expense on debt | (1,026,000) | (233,000) |
Advertising [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 8,591,000 | 8,171,000 |
Subscription and Circulation [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 4,394,000 | 4,576,000 |
Advertising Service Fees and Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,937,000 | 2,684,000 |
License and Maintenance [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 19,192,000 | 21,044,000 |
Consulting Fees [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 11,865,000 | 6,319,000 |
Service, Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 7,030,000 | 7,131,000 |
Traditional Business [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 15,922,000 | 15,431,000 |
Journal Technologies [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 38,087,000 | 34,494,000 |
Operating Segments [Member] | Traditional Business [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 15,922,000 | 15,431,000 |
Salaries and employee benefits | 9,618,000 | 8,226,000 |
Increase to the long-term supplemental compensation accrual | 1,130,000 | |
Increase to the long-term Supplemental compensation accrual | 1,795,000 | |
Others | 4,472,000 | 4,967,000 |
Total operating expenses | 15,220,000 | 14,988,000 |
Income from operations | 702,000 | 443,000 |
Pretax income (loss) | 702,000 | 443,000 |
Benefit (provision) for income taxes | (185,000) | (115,000) |
Net (loss) income | 517,000 | 328,000 |
Total assets | 22,743,000 | 22,412,000 |
Capital expenditures | 3,000 | 22,000 |
Operating Segments [Member] | Traditional Business [Member] | Advertising [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 8,591,000 | 8,171,000 |
Operating Segments [Member] | Traditional Business [Member] | Subscription and Circulation [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 4,394,000 | 4,576,000 |
Operating Segments [Member] | Traditional Business [Member] | Advertising Service Fees and Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 2,937,000 | 2,684,000 |
Operating Segments [Member] | Journal Technologies [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 38,087,000 | 34,494,000 |
Salaries and employee benefits | 27,317,000 | 26,004,000 |
Increase to the long-term Supplemental compensation accrual | 115,000 | 40,000 |
Others | 9,368,000 | 6,741,000 |
Total operating expenses | 36,800,000 | 32,785,000 |
Income from operations | 1,287,000 | 1,709,000 |
Pretax income (loss) | 1,287,000 | 1,709,000 |
Benefit (provision) for income taxes | (205,000) | (425,000) |
Net (loss) income | 1,082,000 | 1,284,000 |
Total assets | 27,868,000 | 20,480,000 |
Capital expenditures | 33,000 | 7,000 |
Operating Segments [Member] | Journal Technologies [Member] | License and Maintenance [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 19,192,000 | 21,044,000 |
Operating Segments [Member] | Journal Technologies [Member] | Consulting Fees [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 11,865,000 | 6,319,000 |
Operating Segments [Member] | Journal Technologies [Member] | Service, Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 7,030,000 | 7,131,000 |
Corporate, Non-Segment [Member] | ||
Dividends and interest income | 5,451,000 | 2,908,000 |
Gains on sale of land | 272,000 | |
Other income | 69,000 | |
Gains on sales of marketable securities, net | 14,249,000 | 41,749,000 |
Net unrealized (losses) gains on marketable securities | (123,401,000) | 106,499,000 |
Pretax income (loss) | (104,538,000) | 150,898,000 |
Benefit (provision) for income taxes | 27,315,000 | (39,610,000) |
Net (loss) income | (77,223,000) | 111,288,000 |
Total assets | 268,500,000 | 339,664,000 |
Corporate, Non-Segment [Member] | Real Estate Bank Loan Secured by Logan Office [Member] | ||
Interest expense on debt | (83,000) | (94,000) |
Corporate, Non-Segment [Member] | Margin Account [Member] | ||
Interest expense on debt | $ (1,026,000) | $ (233,000) |