National (NHLD) 10-Q 16 Feb 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2020	Jan. 31, 2021
Document Information [Line Items]
Entity Registrant Name	NATIONAL HOLDINGS CORP
Entity Central Index Key	0001023844
Trading Symbol	nhld
Current Fiscal Year End Date	--09-30
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		13,765,304
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common Stock, $0.02 par value per share

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
ASSETS
Cash	$ 27,965,000	$ 27,327,000
Restricted cash	962,000	962,000
Cash deposits with clearing organizations	686,000	686,000
Securities owned, at fair value	4,652,000	4,739,000
Receivables from broker-dealers and clearing organizations	5,198,000	3,367,000
Forgivable loans receivable	4,608,000	4,269,000
Other receivables, net	10,593,000	12,394,000
Prepaid expenses	6,565,000	4,258,000
Fixed assets, net	4,210,000	4,382,000
Intangible assets, net	12,532,000	12,276,000
Goodwill	11,673,000	11,673,000
Deferred tax asset, net	3,358,000	4,795,000
Right-of-use assets	13,868,000	14,721,000
Other assets	1,727,000	1,388,000
Total Assets	108,597,000	107,237,000
Liabilities
Accrued commissions and payroll payable	17,993,000	15,445,000
Accounts payable and accrued expenses	9,374,000	9,656,000
Deferred clearing and marketing credits	105,000	157,000
Contingent consideration	10,702,000	10,401,000
Present value of lease obligations, operating leases	15,864,000	16,719,000
PPP loans	6,538,000	6,523,000
Other	1,549,000	1,701,000
Total Liabilities	62,125,000	60,602,000
Commitments and Contingencies (Note 13)
Stockholders’ Equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized; none outstanding
Common stock $0.02 par value, authorized 75,000,000 shares at December 31, 2020 and September 30, 2020; 13,765,304 shares issued and outstanding at December 31, 2020 and 13,639,622 shares issued and outstanding at September 30, 2020	275,000	273,000
Additional paid-in-capital	93,773,000	93,079,000
Accumulated deficit	(47,576,000)	(46,717,000)
Total National Holdings Corporation Stockholders’ Equity	46,472,000	46,635,000
Total Liabilities and Stockholders’ Equity	$ 108,597,000	$ 107,237,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 31, 2020	Sep. 30, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.02	$ 0.02
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	13,765,304	13,639,622
Common stock, shares outstanding (in shares)	13,765,304	13,639,622

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues
Revenues from contracts with customers	$ 65,506,000	$ 48,489,000
Net dealer inventory gains (losses)	1,330,000	1,192,000
Interest and dividends	885,000	1,394,000
Other	111,000	116,000
Total Revenues	67,832,000	51,191,000
Operating Expenses
Commissions, compensation and fees	56,735,000	44,121,000
Clearing fees	2,564,000	1,502,000
Communications	984,000	674,000
Occupancy	1,302,000	1,168,000
License and registration	863,000	1,024,000
Professional fees	3,145,000	2,194,000
Interest	20,000	14,000
Depreciation and amortization	846,000	530,000
Other administrative expenses	2,669,000	2,304,000
Total Operating Expenses	69,128,000	53,531,000
Income (Loss) before Other Income (Expense) and Income Taxes	(1,296,000)	(2,340,000)
Other Income (Expense)
Other income (expense)	9,000	116,000
Total Other Income	9,000	116,000
Income (Loss) before Income Taxes	(1,287,000)	(2,224,000)
Income tax expense (benefit)	(428,000)	(725,000)
Net Income (Loss)	(859,000)	(1,499,000)
Net income attributable to non-controlling interest		(94,000)
Net income (loss) attributable to National Holdings Corporation common shareholders	$ (859,000)	$ (1,593,000)
Net income (loss) per share attributable to National Holdings Corporation common shareholders - Basic (in dollars per share)	$ (0.06)	$ (0.12)
Net income (loss) per share attributable to National Holdings Corporation common shareholders - Diluted (in dollars per share)	$ (0.06)	$ (0.12)
Weighted average number of shares outstanding - Basic (in shares)	13,639,622	13,169,025
Weighted average number of shares outstanding - Diluted (in shares)	13,639,622	13,169,025
Commissions [Member]
Revenues
Revenues from contracts with customers	$ 33,613,000	$ 23,167,000
Banking [Member]
Revenues
Revenues from contracts with customers	15,242,000	15,227,000
Investment Advice [Member]
Revenues
Revenues from contracts with customers	12,730,000	7,389,000
Clearing Service [Member]
Revenues
Revenues from contracts with customers	2,509,000	1,775,000
Tax Preparation and Accounting [Member]
Revenues
Revenues from contracts with customers	$ 1,412,000	$ 931,000

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($)	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Noncontrolling Interest [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
BALANCE (in shares) at Sep. 30, 2019						13,158,441
BALANCE at Sep. 30, 2019						$ 263,000	$ 90,354,000	$ (40,779,000)	$ 1,761,000	$ 51,599,000
Stock-based compensation for restricted stock units							907,000			907,000
Issuance of shares of common stock with respect to vested restricted stock units, net of tax withholding (in shares)						120,394
Issuance of shares of common stock with respect to vested restricted stock units, net of tax withholding						$ 2,000	(141,000)			(139,000)
Net income (loss)								(1,593,000)	94,000	(1,499,000)
BALANCE (in shares) at Dec. 31, 2019						13,278,835
BALANCE at Dec. 31, 2019						$ 265,000	91,120,000	(42,372,000)	1,855,000	50,868,000
BALANCE (in shares) at Sep. 30, 2020						13,639,622
BALANCE at Sep. 30, 2020						$ 273,000	93,079,000	(46,717,000)		46,635,000
Stock-based compensation for restricted stock units							781,000			781,000
Issuance of shares of common stock with respect to vested restricted stock units, net of tax withholding (in shares)						125,682
Issuance of shares of common stock with respect to vested restricted stock units, net of tax withholding						$ 2,000	(87,000)			(85,000)
Net income (loss)								$ (859,000)		$ (859,000)
BALANCE (in shares) at Dec. 31, 2020	13,765,304
BALANCE at Dec. 31, 2020	$ 275,000	$ 93,773,000	$ (47,576,000)		$ 46,472,000

Condensed Consolidated Statem_5

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Value of issuance of shares, tax withholding	$ 85,000	$ 139,000
Issuance of shares, tax withholding (in shares)	47,003	52,291

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ (859,000)	$ (1,499,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization	846,000	530,000
Amortization of forgivable loans	241,000	163,000
Stock-based compensation	781,000	907,000
Provision (recovery) for doubtful accounts	150,000	171,000
Amortization of deferred clearing and marketing credit	(52,000)	(53,000)
Change in fair value of contingent consideration	(24,000)	19,000
Deferred tax expense	(396,000)	59,000
Amortization of right-of-use assets	951,000	700,000
Changes in assets and liabilities, net of business acquisitions
Securities owned, at fair value	87,000	2,680,000
Receivables from broker-dealers and clearing organizations	(1,831,000)	1,549,000
Forgivable loans receivable	(753,000)	(1,393,000)
Other receivables, net	1,807,000	(1,223,000)
Prepaid expenses	(474,000)	(1,301,000)
Other assets	(339,000)	(201,000)
Accrued commissions and payroll payable, accounts payable and accrued expenses and other liabilities	1,287,000	(7,434,000)
Net cash provided by (used in) operating activities	1,422,000	(6,326,000)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of businesses, net of cash received	(250,000)	(1,805,000)
Purchase of fixed assets	(79,000)	(91,000)
Collection on notes receivable	17,000	18,000
Net cash used in investing activities	(312,000)	(1,878,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of common stock for tax withholding	(85,000)	(139,000)
Principal payments under finance lease obligations	(51,000)	(58,000)
Principal payments under finance obligations	(60,000)	(108,000)
Contingent consideration payments	(276,000)	(112,000)
Net cash used in financing activities	(472,000)	(417,000)
NET INCREASE (DECREASE) IN CASH AND RESTRICTED CASH	638,000	(8,621,000)
CASH AND RESTRICTED CASH BALANCE
Beginning of the period	28,289,000	31,403,000
End of the period	28,927,000	22,782,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Interest	7,000	14,000
Income taxes, net of refunds	(29,000)	88,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES
Fixed assets (acquired but not paid)		30,000
Assets acquired including goodwill	851,000	9,108,000
Contingent consideration payable	(601,000)	(4,819,000)
Additional consideration payable (net operating capital)		(873,000)
Escrow deposit		(500,000)
Cash received		(1,111,000)
Cash paid, net of cash received	$ 250,000	$ 1,805,000

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	NOTE 1. The accompanying condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10 10 01 X. not December 31, 2020 three December 31, 2020 2019 not September 30, 2020 not 10 September 30, 2020 Certain items in the condensed consolidated statement of operations for the fiscal 2020 2021 not Non-controlling Interest The Company's wholly-owned subsidiary, National Asset Management, Inc., a Washington corporation (“NAM”) has a majority voting interest in Innovation X X” 19 X, X

Note 2 - Organization and Descr

Note 2 - Organization and Description of Business	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 2. ORGANIZATION AND DESCRIPTION OF BUSINESS National Holdings Corporation (“National” or the “Company”), a Delaware corporation organized in 1996, 1 2 3 The Company's broker-dealer subsidiaries are National Securities Corporation, a Washington corporation (“NSC”) and Winslow, Evans & Crocker, Inc (“WEC”). NSC conducts a national securities brokerage business through its main offices in New York City, New York and Boca Raton, Florida. NSC is an introducing broker and clears all transactions through clearing organizations, on a fully disclosed basis. WEC is a Boston-based, full-service investment firm established in 1991. The Company's wholly-owned subsidiary, NAM, is a federally-registered investment adviser providing asset management advisory services to retail clients for a fee based upon a percentage of assets managed. The Company's wholly-owned subsidiaries, National Insurance Corporation, a Washington corporation (“National Insurance”) and Prime Financial Services, a Delaware corporation (“Prime Financial”), provide fixed insurance products to their clients, including life insurance, disability insurance, long term care insurance and fixed annuities. The Company's wholly-owned subsidiary, National Tax and Financial Services, Inc. (“National Tax”), provides tax preparation and accounting services to individuals and small to midsize companies. The Company's wholly-owned subsidiary, GC Capital Corporation (“GC”), provides licensed mortgage brokerage services in New York and Florida. The Company's wholly-owned subsidiary, Winslow, Evans & Crocker Insurance Agency, Inc., a Massachusetts corporation (“WIA”), provides fixed insurance products to its clients, and the Company's wholly-owned subsidiary, Winslow Financial, Inc., a Massachusetts corporation (“WF”), is an SEC Registered Investment Advisor. The Company's wholly-owned subsidiary, United Advisors, LLC, a New Jersey limited liability company (“UA”), is a New York-based advisor and wealth management firm. United Advisors Services, LLC, a New Jersey limited liability company (“UAS”), is an SEC Registered Investment Advisor, and Financial Services International Corporation, a Washington corporation (“FSIC”), was a FINRA registered broker-dealer. In October 2020, December 2020, November 2020,

Note 3 - Receivables from Broke

Note 3 - Receivables from Broker-dealers and Clearing Organizations and Other Receivables	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Due to and from Broker-Dealers and Clearing Organizations Disclosure [Text Block]	NOTE 3. At December 31, 2020 September 30, 2020 $5,198,000 $3,367,000 Other receivables at December 31, 2020 September 30, 2020 December 31, September 30, 2020 2020 Trailing fees $ 1,566,000 $ 1,391,000 Accounts receivable for tax and accounting services 864,000 1,009,000 Allowance for doubtful accounts - tax and accounting services (497,000 ) (347,000 ) Advances to registered representatives 1,651,000 1,834,000 Investment banking receivable 1,183,000 2,383,000 Advisory fees 291,000 771,000 Notes receivable 1,218,000 1,229,000 Other 4,317,000 4,124,000 Total other receivables, net $ 10,593,000 $ 12,394,000

Note 4 - Forgivable Loans Recei

Note 4 - Forgivable Loans Receivable	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Investments in and Advances to Affiliates, Schedule of Investments [Text Block]	NOTE 4. From time to time, the Company's operating subsidiaries may 4% 2029. $241,000 $163,000 three December 31, 2020 2019 The Company provides an allowance for doubtful accounts on the notes based on historical collection experience and continually evaluates the receivables for collectability and possible write-offs where a loss is deemed probable. As of December 31, 2020 September 30, 2020 no Forgivable loan activity for the three December 31, 2020 Balance, September 30, 2020 $ 4,269,000 Additions 753,000 Amortization (241,000 ) Reclassification to other receivables (173,000 ) Balance, December 31, 2020 $ 4,608,000

Note 5 - Fair Value of Assets a

Note 5 - Fair Value of Assets and Liabilities	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	NOTE 5. Authoritative accounting guidance defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market. Valuation techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value are classified and disclosed in one three Level 1 Level 2 Level 3 The following tables present the carrying values and estimated fair values at December 31, 2020 September 30, 2020 December 31, 2020 Total Estimated Assets Carrying Value Level 1 Level 2 Fair Value Cash $ 27,965,000 $ 27,965,000 $ — $ 27,965,000 Cash deposits with clearing organizations 686,000 686,000 — 686,000 Receivables from broker-dealers and clearing organizations 5,198,000 — 5,198,000 5,198,000 Forgivable loans receivable 4,608,000 — 4,608,000 4,608,000 Other receivables, net 10,593,000 — 10,593,000 10,593,000 $ 49,050,000 $ 28,651,000 $ 20,399,000 $ 49,050,000 Liabilities Accrued commissions and payroll payable $ 17,993,000 $ — $ 17,993,000 $ 17,993,000 Accounts payable and accrued expenses 9,374,000 — 9,374,000 9,374,000 $ 27,367,000 $ — $ 27,367,000 $ 27,367,000 September 30, 2020 Total Estimated Assets Carrying Value Level 1 Level 2 Fair Value Cash $ 27,327,000 $ 27,327,000 $ — $ 27,327,000 Cash deposits with clearing organizations 686,000 686,000 — 686,000 Receivables from broker-dealers and clearing organizations 3,367,000 — 3,367,000 3,367,000 Forgivable loans receivable 4,269,000 — 4,269,000 4,269,000 Other receivables, net 12,394,000 — 12,394,000 12,394,000 $ 48,043,000 $ 28,013,000 $ 20,030,000 $ 48,043,000 Liabilities Accrued commissions and payroll payable $ 15,445,000 $ — $ 15,445,000 $ 15,445,000 Accounts payable and accrued expenses 9,656,000 — 9,656,000 9,656,000 $ 25,101,000 $ — $ 25,101,000 $ 25,101,000 The following tables present the financial assets and liabilities measured at fair value on a recurring basis at December 31, 2020 September 30, 2020 December 31, 2020 Total Estimated Assets Carrying Value Level 1 Level 2 Level 3 Fair Value Securities owned: Corporate stocks $ 216,000 $ 216,000 $ — $ — $ 216,000 Municipal bonds 236,000 236,000 — — 236,000 Restricted stock 696,000 — 696,000 — 696,000 Corporate bonds 323,000 323,000 — 323,000 Warrants 3,181,000 — 2,140,000 1,041,000 3,181,000 $ 4,652,000 $ 452,000 $ 3,159,000 $ 1,041,000 $ 4,652,000 Liabilities Contingent consideration $ 10,702,000 $ — $ — $ 10,702,000 $ 10,702,000 $ 10,702,000 $ — $ — $ 10,702,000 $ 10,702,000 September 30, 2020 Total Estimated Assets Carrying Value Level 1 Level 2 Level 3 Fair Value Securities owned: Corporate stocks $ 137,000 $ 137,000 $ — $ — $ 137,000 Municipal bonds 332,000 332,000 — — 332,000 Restricted stock 529,000 — 529,000 — 529,000 Corporate bonds 438,000 — 438,000 — 438,000 Warrants 3,303,000 — 2,228,000 1,075,000 3,303,000 $ 4,739,000 $ 469,000 $ 3,195,000 $ 1,075,000 $ 4,739,000 Liabilities Contingent consideration $ 10,401,000 $ — $ — $ 10,401,000 $ 10,401,000 $ 10,401,000 $ — $ — $ 10,401,000 $ 10,401,000 Changes in Level 3 three December 31, 2020 Beginning Balance as of September 30, 2020 Net realized Gain or (losses) Net Change in Unrealized Appreciation (Depreciation) Purchases Sales Transfer Into Level 3 (a) Transfer Out of Level 3 Ending Balance as of December 31, 2020 Assets Warrants $ 1,075,000 $ — $ (34,000 ) $ — $ — $ — $ — $ 1,041,000 See changes in Level 3 three December 31, 2020 7. The table below presents information on the valuation techniques, significant unobservable inputs and their ranges for the Company's financial assets measured at fair value on a recurring basis with a significant Level 3 Financial Instruments Owned Fair Value Valuation Technique Significant Unobservable Input(s) Input/Range Warrants $ 1,041,000 Market Approach Discount for lack of marketability 25% 46% Volatility 65% 123% Certain positions in common stock and warrants were received as compensation for investment banking services. Restricted common stock and warrants may 144, three December 31, 2020 2019 $20,000 $( 143,000 Warrants are carried at fair value as determined by using the Black-Scholes option pricing model. This model takes into account the underlying securities' current market values, the underlying securities' market volatility, the terms of the warrants, exercise prices, and the risk-free return rate. A discount is applied for the warrants' lack of marketability. The discount is based on the value of a protective put. Debt securities are valued based on recently executed transactions.

Note 6 - Fixed Assets

Note 6 - Fixed Assets	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 6. Fixed assets as of December 31, 2020 September 30, 2020 December 31, September 30, Estimated Useful 2020 2020 Lives (years) Equipment and software $ 2,012,000 $ 1,989,000 3 7 Furniture and fixtures 911,000 892,000 5 Construction in Process 36,000 21,000 Leasehold improvements 3,699,000 3,677,000 Lesser of useful life or term of lease Finance leases (primarily composed of computer equipment) 907,000 907,000 3 7 7,565,000 7,486,000 Less accumulated depreciation and amortization (3,355,000 ) (3,104,000 ) Fixed assets, net $ 4,210,000 $ 4,382,000 Depreciation expense associated with fixed assets for the three December 31, 2020 2019 $251,000 $242,000

Note 7 - Business Combination a

Note 7 - Business Combination and Contingent Consideration	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Business Combination Disclosure [Text Block]	NOTE 7. Tax & Accounting Acquisition In October 2020, $250,000, $601,000, $851,000 seven The contingent consideration liability recognized in the above acquisition was valued using an income-based approach using unobservable inputs (Level 3 not not Contingent Consideration Set forth below are changes in the carrying value of the contingent consideration for the three December 31, 2020 Fair value of contingent consideration at September 30, 2020 $ 10,401,000 Fair value of contingent consideration in connection with the Tax & Accounting acquisition 601,000 Payments (276,000 ) Change in fair value (24,000 ) Fair value of contingent consideration at December 31, 2020 $ 10,702,000

Note 8 - Intangible Assets

Note 8 - Intangible Assets	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	NOTE 8. Intangibles consisted of the following at December 31, 2020 September 30, 2020 December 31, 2020 Estimated Accumulated Carrying Useful Life Intangible asset Cost Amortization Value (years) Customer relationships $ 18,318,000 $ 6,489,000 $ 11,829,000 3 12 Brand name 1,075,000 372,000 703,000 1 5 Software license 45,000 45,000 — 3 Total $ 19,438,000 $ 6,906,000 $ 12,532,000 September 30, 2020 Estimated Accumulated Carrying Useful Life Intangible asset Cost Amortization Value (years) Customer relationships $ 17,467,000 $ 5,988,000 $ 11,479,000 3 12 Brand name 1,075,000 282,000 793,000 1 5 Software license 45,000 41,000 4,000 3 Total $ 18,587,000 $ 6,311,000 $ 12,276,000 Amortization expense associated with intangible assets for the three December 31, 2020 2019 $595,000 $288,000 The estimated future amortization expense of the finite lived intangible assets for the next five Fiscal year ending September 30, Nine months ending September 30, 2021 $ 1,773,000 2022 2,245,000 2023 1,767,000 2024 1,363,000 2025 1,252,000 Thereafter 4,132,000 Total $ 12,532,000

Note 9 - Accounts Payable and A

Note 9 - Accounts Payable and Accrued Expenses	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	NOTE 9. Accounts payable and accrued expenses as of December 31, 2020 September 30, 2020 December 31, September 30, 2020 2020 Legal $ 1,446,000 $ 1,068,000 Audit 348,000 318,000 Telecommunications 60,000 74,000 Data services 494,000 467,000 Regulatory 2,358,000 2,176,000 Settlements 1,132,000 920,000 Other 3,536,000 4,633,000 Total $ 9,374,000 $ 9,656,000 At December 31, 2020 $105,000 $1,447,000 $252,000 $157,000 September 30, 2020 $151,000 $1,291,000 $130,000 $312,000 $493,000

Note 10 - Per Share Data

Note 10 - Per Share Data	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	NOTE 10. PER SHARE DATA Basic net income (loss) per share of common stock attributable to the Company is computed on the basis of the weighted average number of shares of common stock outstanding. Diluted net income (loss) per share is computed on the basis of such weighted average number of shares of common stock outstanding plus the dilutive effect of incremental shares of common stock potentially issuable under outstanding options, warrants and unvested restricted stock units utilizing the treasury stock method. A reconciliation of basic and diluted common shares used in the computation of per share data follows: Three Month Period Ended December 31, 2020 2019 Basic weighted-average shares 13,639,622 13,169,025 Effect of dilutive securities: Unvested restricted stock units — — Diluted weighted-average shares 13,639,622 13,169,025 At December 31, 2020 2019 8,993,737 9,843,370

Note 11 - Off Balance Sheet Ris

Note 11 - Off Balance Sheet Risk and Concentration of Credit Risk	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	NOTE 11. OFF BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK The Company is engaged in trading and providing a broad range of securities brokerage and investment services to a diverse group of retail and institutional clientele, as well as corporate finance and investment banking services to corporations and businesses. Counterparties to the Company's business activities include broker-dealers and clearing organizations, banks and other financial institutions. The Company uses clearing brokers to process transactions and maintain customer accounts for the Company on a fee basis. The Company permits the clearing firms to extend credit to its clientele secured by cash and securities in the client's account. The Company's exposure to credit risk associated with the non-performance by its customers and counterparties in fulfilling their contractual obligations can be directly impacted by volatile or illiquid trading markets, which may It is the Company's policy to review, as necessary, the credit standing of its customers and counterparties. Amounts due from customers that are considered uncollectible by the clearing broker are charged back to the Company by the clearing broker when such amounts become determinable. Upon notification of a charge back, such amounts, in total or in part, are then either (i) collected from the customers, (ii) charged to the broker initiating the transaction and/or (iii) charged to operations, based on the particular facts and circumstances. The Company maintains cash in bank deposits, which, at times, may not not A short sale involves the sale of a security that is not To the extent the Company invests in marketable securities, the Company is subject to various market risks related to the portfolio. As a result of the spread of COVID- 19, 19 19 may

Note 12 - New Accounting Guidan

Note 12 - New Accounting Guidance	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	NOTE 12. NEW ACCOUNTING GUIDANCE In June 2016, 2016 13, 326 may 2016 13 October 1, 2023, 2016 13 In August 2018, 2018 13, 2018 13 No. 2018 13 October 1, 2020. not In December 2019, 2019 12, 2019 12 740, 740 2019 12 October 1, 2021, 2019 12

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 13. COMMITMENTS AND CONTINGENCIES Litigation and Regulatory Matters The Company and its subsidiaries are defendants or respondents in various pending and threatened arbitrations, administrative proceedings and lawsuits seeking compensatory damages. Several cases have no no On July 3, 2019, 1–10, Kay Johnson v. National Securities Corporation, et al. No. 1:19 06197 three five February 2, 2020, March 18, 2020, April 15, 2020, May 6, 2020. August 20, 2020, January 15, 2021, The New York Department of Financial Services (the “Department”) is conducting an investigation of NSC's compliance with the Department's Cybersecurity Requirements for Financial Services Companies (the “Regulations”). The Regulations establish standards for the cybersecurity programs of entities the Department licenses or otherwise regulates, including NSC. NSC is cooperating with the Department's investigation. Based on preliminary indications from the Department, the Company believes it is probable that the Department will assess a fine against NSC. However, in light of the uncertainties and variables involved, the Company is unable to estimate either the timing or the amount of the loss associated with this matter. There can be no not Winslow, Evans & Crocker, Inc. (“WEC”) reached a settlement with the SEC over a mutual fund share class initiative. The settlement was reached in February 2021. Liabilities for potential losses from complaints, legal actions, government investigations and proceedings are established where management believes that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In making these decisions, management bases its judgments on its knowledge of the situations, consultations with legal counsel and its historical experience in resolving similar matters. In many lawsuits, arbitrations and regulatory proceedings, it is not In accordance with applicable accounting standards, the Company establishes an accrued liability for contingent litigation and regulatory matters when those matters present loss contingencies that are both probable and can be reasonably estimated. In such cases, there still may not not In making these decisions, management bases its judgments on its knowledge of the situations, consultations with legal counsel and its historical experience in resolving similar matters. In many lawsuits, arbitrations and regulatory proceedings, it is not Because of the broad differences in value ascribed to each case by each plaintiff and the Company, management cannot estimate the possible loss or range of loss, if any, in excess of any amounts reasonably estimated and accrued. As of December 31, 2020 September 30, 2020 $1,132,000 $920,000 three December 31, 2020 2019 $407,000 $388,000 $1,432,000 $441,000 three December 31, 2020 2019 See the additional update in Note 24. Other Commitments As of December 31, 2020 one $962,000

Note 14 - Net Capital Requireme

Note 14 - Net Capital Requirements	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Regulatory Capital Requirements under Banking Regulations [Text Block]	NOTE 14. NSC is subject to the SEC's Uniform Net Capital Rule (Rule 15c3 1 December 31, 2020 $3,875,125 $2,875,125 $1,000,000. 15c3 3 WEC is also subject to the Net Capital Rule, which, among other things, requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined under the Net Capital Rule, shall not 15 1. December 31, 2020 $777,629 $618,479 $159,150. 3.1 1. 15c3 3 Advances, dividend payments and other equity withdrawals from NSC and WEC are restricted by the regulations of the SEC, and other regulatory agencies. These regulatory restrictions may may

Note 15 - Stockholders' Equity

Note 15 - Stockholders' Equity	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	NOTE 15. Stock Options Information with respect to stock option activity during the three December 31, 2020 Weighted Weighted Average Weighted Average Grant Average Exercise Date Fair Remaining Aggregate Price Per Value Contractual Intrinsic Options Share Per Share term (years) Value Outstanding at September 30, 2020 269,200 $ 5.22 $ 2.19 $ 2.83 $ — Forfeited — $ — $ — $ — Outstanding at December 31, 2020 269,200 $ 5.22 $ 2.19 $ 2.57 $ — Vested and exercisable at December 31, 2020 269,200 $ 5.22 $ 2.19 $ 2.57 $ — All compensation expense associated with the grants of stock options was recognized in prior years. Warrants The following table summarizes information about warrant activity during the three December 31, 2020 Weighted Weighted Average Average Exercise Price Remaining Per Contractual Warrants Share Term Outstanding at September 30, 2020 5,398,907 $ 3.25 1.30 Forfeited — $ — Outstanding and exercisable at December 31, 2020 5,398,907 $ 3.25 1.05 Restricted Stock Units and Awards A summary of the Company's non-vested restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) for the three December 31, 2020 Weighted Average Grant Date Shares Fair Value Non-vested restricted stock units and awards at September 30, 2020 3,498,315 $ 9,695,000 Vested (172,685 ) (561,000 ) Non-vested restricted stock units and awards at December 31, 2020 3,325,630 $ 9,134,000 One RSU or RSA gives the right to one For the three December 31, 2020 $781,000 three December 31, 2019 $907,000 December 31, 2020 $3,324,000, 2.5

Note 16 - Income Taxes

Note 16 - Income Taxes	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 16. The Company files a consolidated federal income tax return and certain combined state and local income tax returns with its subsidiaries. Income taxes for the three- December 31, 2020 2019 The effective tax rate for the three- December 31, 2020 At December 31, 2020 not not

Note 17 - Segment Information

Note 17 - Segment Information	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 17. The Company has two The Corporate pre-tax income (loss) consists of certain items that have not Segment information for the three December 31, 2020 2019 Brokerage and Tax and Advisory Accounting Services Services Corporate Total Three Months Ended December 31, 2020 Revenues $ 66,419,000 $ 1,412,000 $ 1,000 $ 67,832,000 Pre-tax income (loss) 1,363,000 (1,019,000 ) (1,631,000 ) (a) (1,287,000 ) Assets 85,169,000 7,596,000 15,832,000 (b) 108,597,000 Depreciation and amortization 442,000 232,000 172,000 846,000 Interest 20,000 — — 20,000 Capital expenditures 54,000 25,000 — 79,000 2019 Revenues $ 50,259,000 $ 931,000 $ 1,000 $ 51,191,000 Pre-tax income (loss) 473,000 (1,106,000 ) (1,591,000 ) (a) (2,224,000 ) Assets 74,107,000 3,305,000 19,089,000 (b) 96,501,000 Depreciation and amortization 253,000 132,000 145,000 530,000 Interest 14,000 — — 14,000 Capital expenditures 21,000 — 100,000 121,000 (a) Consists of professional fees, depreciation expense and other expenses not (b) Consists principally of deferred tax assets, cash, prepaid and fixed asset balances held at Corporate.

Note 18 - Acquisition of Contro

Note 18 - Acquisition of Controlling Interest in the Company	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	NOTE 18. On November 14, 2018, December 31, 2021. 24. B. Riley Proposal On April 30, 2020, 13D 24.

Note 19 - Variable Interest Ent

Note 19 - Variable Interest Entities	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Variable Interest Entity Disclosure [Text Block]	NOTE 19. The Company has entered into agreements to provide investment banking and advisory services to numerous investment funds (the “Funds”) that are considered variable interest entities (“VIEs”) under the accounting guidance. These Funds are established primarily to make and manage investments in equity or convertible debt securities of privately held companies that the Company, as investment advisor to the Funds, believes possess innovative or disruptive technologies and present opportunities for an initial public offering (“IPO”) or other similar liquidity event within approximately one five six The Company earns fees from the Funds in the form of placement agent fees and carried interest. For placement agent fees, the Company receives a cash fee of generally 7% 10% 8% 15% one hundred 100% not not Placement agent fees attributable to such arrangements for the three December 31, 2020 2019 $5,174,000 $8,409,000, Unrecognized Carried Interest Based on the investment performance of the Funds as of December 31, 2020 $41,260,000 $28,586,000.

Note 20 - Revenues from Contrac

Note 20 - Revenues from Contracts and Significant Customers	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 20. Performance Obligations The Company recognizes revenue from contracts with customers when, or as, the Company satisfies its performance obligations by transferring the promised goods or services to the customers. A good or service is transferred to a customer when, or as, the customer obtains control of that good or service. A performance obligation may Transaction Price and Variable Consideration The amount of revenue recognized reflects the consideration (“transaction price”) the Company expects to be entitled to in exchange for the transfer of the goods or services to the customer services. In determining the transaction price, the Company considers multiple factors, including the effects of variable consideration. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not third Contract Assets Contract assets represent the Company's right to consideration in exchange for goods or services that the Company has transferred to a customer, excluding unconditional rights to consideration that are presented as receivables. Contract Liabilities Contract liabilities represent the Company's obligation to deliver products or provide data to customers in the future for which cash has already been received. The following provides detailed information on the recognition of the Company's revenues from contracts with customers: Commissions and Transaction Fees and Clearing Services . not not Investment Banking . first not The Company's revenues from advisory services primarily consist of fees generated in connection with mergers and acquisition and advisory transactions. Advisory fees from mergers and acquisitions engagements are recognized at a point in time when the related transaction is completed, as the performance obligation is to successfully execute a specific transaction. Fees received prior to the completion of the transaction are deferred within other liabilities in the consolidated statements of financial condition. A significant portion of the fees the Company receives for advisory services are considered variable as they are contingent upon a future event and are excluded from the transaction price until the uncertainty associated with the variable consideration is subsequently resolved, which is expected to occur upon achievement of the specified milestone. Payment for advisory services is generally due promptly upon completion of a specified milestone or, for retainer fees, periodically over the course of the engagement. The Company recognizes a receivable between the date of completion of the milestone and payment by the customer. Expenses associated with investment banking advisory engagements are deferred only to the extent they are explicitly reimbursable by the client and the related revenue is recognized at a point in time. All other investment banking advisory related costs are expensed as incurred. All investment banking advisory expenses are recognized within their respective expense category on the consolidated statements of operations and any expenses reimbursed by the clients are recognized as investment banking revenues. The Company controls the service as it is transferred to the customer, and is therefore acting as a principal. Accordingly, the Company records revenues and out-of-pocket reimbursements on a gross basis. Under accounting standards in effect for prior periods, the Company recorded expenses net of client reimbursements and/or netted against revenues. Investment Advisory/Asset Management Fees . not Tax Preparation and Accounting. Disaggregation of Revenue The following presents the Company's revenues from contracts with customers disaggregated by major business activity and segment for the three December 31, 2020 2019 Brokerage Tax and For the Three Months Ended and Advisory Accounting December 31, 2020 Services Services Corporate Total Revenues from customer contracts: Commissions and transaction fees and clearing services $ 36,122,000 $ — $ — $ 36,122,000 Investment banking 15,242,000 — — 15,242,000 Investment advisory 12,730,000 — — 12,730,000 Tax preparation and accounting — 1,412,000 — 1,412,000 Sub-total revenue from contracts with customers 64,094,000 1,412,000 — 65,506,000 Other revenue 2,325,000 — 1,000 2,326,000 Total revenue $ 66,419,000 $ 1,412,000 $ 1,000 $ 67,832,000 Brokerage Tax and For the Three Months Ended and Advisory Accounting December 31, 2019 Services Services Corporate Total Revenues from customer contracts: Commissions and transaction fees and clearing services $ 24,942,000 $ — $ — $ 24,942,000 Investment banking 15,227,000 — — 15,227,000 Investment advisory 7,389,000 — — 7,389,000 Tax preparation and accounting — 931,000 — 931,000 Sub-total revenue from contracts with customers 47,558,000 931,000 — 48,489,000 Other revenue 2,701,000 — 1,000 2,702,000 Total revenue $ 50,259,000 $ 931,000 $ 1,000 $ 51,191,000 Information on Remaining Performance Obligations and Revenue Recognized from Past Performance The Company does not one one not December 31, 2020 not December 31, 2020 Contract Balances The timing of the Company's revenue recognition may Contract Costs Incremental contract costs are expensed when incurred when the amortization period of the asset that would have been recognized is one

Note 21 - Leases

Note 21 - Leases	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	NOTE 21. LEASES The Company's lease agreements primarily cover office space in various states expiring at various dates. The Company's leases are predominantly operating leases, which are included in right-of-use assets and operating lease liabilities on the Company's condensed consolidated statements of financial condition. The Company's current lease arrangements expire from 2021 2032, not not The Company's lease population does not none not For leases with terms greater than 12 not not 842 12 not not The components of lease expense were as follows: For the Three Months Ended December 31, 2020 December 31, 2019 Operating lease cost: $ 1,412,000 $ 1,102,000 Finance lease cost: Amortization of finance lease assets $ 19,000 $ 19,000 Interest on finance lease liabilities — 4,000 Total finance lease cost $ 19,000 $ 23,000 Sublease income: $ 138,000 $ — The table below summarizes the Company's scheduled future minimum lease payments under operating leases, recorded on the condensed consolidated statements of financial condition as of December 31, 2020 Fiscal Year Operating Ending September 30, Leases Nine months ending September 30, 2021 $ 3,255,000 2022 2,763,000 2023 2,588,000 2024 2,400,000 2025 2,258,000 Thereafter 6,071,000 Total minimum lease payments 19,335,000 Less: Amounts representing interest not yet incurred 3,471,000 Present value of lease obligations $ 15,864,000 As of December 31, 2020 not The following table presents the balances for operating and finance right-of-use assets and lease liabilities: Leases Classification December 31, 2020 September 30, 2020 Assets Operating lease assets Right-of-use assets $ 13,868,000 $ 14,721,000 Finance lease assets Fixed assets 317,000 336,000 Total lease assets $ 14,185,000 $ 15,057,000 Liabilities Operating lease liabilities Operating lease liabilities $ 15,864,000 $ 16,719,000 Finance lease liabilities Other liabilities — 51,000 Total lease liabilities $ 15,864,000 $ 16,770,000 The table below presents additional information related to the Company's leases as of December 31, 2020 For the Three Months Ended December 31, 2020 December 31, 2019 Cash paid for amounts related to lease liabilities Operating cash flows from finance leases (interest) $ — $ 4,000 Operating cash flows from operating leases (lease payments reflected in the change in accounts payable, accrued expenses and other liabilities in the statement of cash flow) $ 1,197,000 $ 709,000 Financing cash flows from finance leases (principal payments) $ 51,000 $ 58,000 Operating lease assets obtained in exchange for lease liabilities $ 98,000 $ — Weighted Average Remaining Lease Term: Operating Leases (in years) 7.22 7.35 Weighted Average Discount Rate: Operating Leases 5.50 % 5.50 %

Note 22 - Paycheck Protection P

Note 22 - Paycheck Protection Program	3 Months Ended
	Dec. 31, 2020
Paycheck Protection Program CARES Act [Member]
Notes to Financial Statements
Unusual or Infrequent Items, or Both, Disclosure [Text Block]	NOTE 22. On April 10, 2020, $5,523,738. April 15, 2020, $973,062. The interest rate on each PPP Note is a fixed rate of 1% 360 first first first two 2 April 13, 2022 April 16, 2022 According to the terms of the PPP, all or a portion of loans under the PPP may 60% may Each PPP Note includes events of default, the occurrence and continuation of which would provide the Lender with the right to exercise remedies against NSC or WEC, as applicable, including the right to declare the entire unpaid principal balance under the applicable PPP Note and all accrued unpaid interest immediately due. The Company has applied for forgiveness of the loans, but no

Note 23 - Related Party Transac

Note 23 - Related Party Transactions	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	NOTE 23. During the three December 31, 2020 $620,000 Michael E. Singer, Executive Vice Chairman of the Board of the Company and Chief Strategy Officer, is the managing member and sole equity owner of Alternative Insight LLC (“Alternative Insight”). Alternative Insight is the general partner of Insight Wellness Fund, LLC (the “Wellness Fund”) and Insight Dharma, LLC (the “Dharma Fund” and, together with the Wellness Fund, the “Funds”). The Company performs certain solicitation and placement agent services on behalf of the Funds. During the three December 31, 2020, $232,000.

Note 24 - Subsequent Event

Note 24 - Subsequent Event	3 Months Ended
	Dec. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	NOTE 24. On January 10, 2021, $3.25 251 not 45% The board of directors of the Company (the “Board”) delegated to a special committee (the “Special Committee”) the responsibility and authority to review, evaluate, negotiate and recommend or not January 27, 2021 one 11:59 12:00 twentieth 20th may Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), (i) each share of Common Stock not no Concurrently with the execution of the Merger Agreement, B. Riley and the Company entered into an agreement (the “Termination Agreement”) pursuant to which (i) the Company waived the standstill obligations of B. Riley pursuant to the Standstill Agreement and (ii) the Standstill Agreement will terminate, effective upon the consummation of the Merger. Two lawsuits have been filed relating to the Offer and the Merger in federal courts by purported individual shareholders against the Company, certain of its directors and, in one Raul v. National Holdings Corporation et al. 1:21 01103 Feb. 8, 2021); Johnson v. National Holdings Corporation et al. 1:21 00176 Feb. 9, 2021). 14D 9 14 14 20 1934,

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	In June 2016, 2016 13, 326 may 2016 13 October 1, 2023, 2016 13 In August 2018, 2018 13, 2018 13 No. 2018 13 October 1, 2020. not In December 2019, 2019 12, 2019 12 740, 740 2019 12 October 1, 2021, 2019 12

Note 3 - Receivables from Bro_2

Note 3 - Receivables from Broker-dealers and Clearing Organizations and Other Receivables (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	December 31, September 30, 2020 2020 Trailing fees $ 1,566,000 $ 1,391,000 Accounts receivable for tax and accounting services 864,000 1,009,000 Allowance for doubtful accounts - tax and accounting services (497,000 ) (347,000 ) Advances to registered representatives 1,651,000 1,834,000 Investment banking receivable 1,183,000 2,383,000 Advisory fees 291,000 771,000 Notes receivable 1,218,000 1,229,000 Other 4,317,000 4,124,000 Total other receivables, net $ 10,593,000 $ 12,394,000

Note 4 - Forgivable Loans Rec_2

Note 4 - Forgivable Loans Receivable (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Investments in and Advances to Affiliates [Table Text Block]	Balance, September 30, 2020 $ 4,269,000 Additions 753,000 Amortization (241,000 ) Reclassification to other receivables (173,000 ) Balance, December 31, 2020 $ 4,608,000

Note 5 - Fair Value of Assets_2

Note 5 - Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	December 31, 2020 Total Estimated Assets Carrying Value Level 1 Level 2 Fair Value Cash $ 27,965,000 $ 27,965,000 $ — $ 27,965,000 Cash deposits with clearing organizations 686,000 686,000 — 686,000 Receivables from broker-dealers and clearing organizations 5,198,000 — 5,198,000 5,198,000 Forgivable loans receivable 4,608,000 — 4,608,000 4,608,000 Other receivables, net 10,593,000 — 10,593,000 10,593,000 $ 49,050,000 $ 28,651,000 $ 20,399,000 $ 49,050,000 Liabilities Accrued commissions and payroll payable $ 17,993,000 $ — $ 17,993,000 $ 17,993,000 Accounts payable and accrued expenses 9,374,000 — 9,374,000 9,374,000 $ 27,367,000 $ — $ 27,367,000 $ 27,367,000 September 30, 2020 Total Estimated Assets Carrying Value Level 1 Level 2 Fair Value Cash $ 27,327,000 $ 27,327,000 $ — $ 27,327,000 Cash deposits with clearing organizations 686,000 686,000 — 686,000 Receivables from broker-dealers and clearing organizations 3,367,000 — 3,367,000 3,367,000 Forgivable loans receivable 4,269,000 — 4,269,000 4,269,000 Other receivables, net 12,394,000 — 12,394,000 12,394,000 $ 48,043,000 $ 28,013,000 $ 20,030,000 $ 48,043,000 Liabilities Accrued commissions and payroll payable $ 15,445,000 $ — $ 15,445,000 $ 15,445,000 Accounts payable and accrued expenses 9,656,000 — 9,656,000 9,656,000 $ 25,101,000 $ — $ 25,101,000 $ 25,101,000
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]	December 31, 2020 Total Estimated Assets Carrying Value Level 1 Level 2 Level 3 Fair Value Securities owned: Corporate stocks $ 216,000 $ 216,000 $ — $ — $ 216,000 Municipal bonds 236,000 236,000 — — 236,000 Restricted stock 696,000 — 696,000 — 696,000 Corporate bonds 323,000 323,000 — 323,000 Warrants 3,181,000 — 2,140,000 1,041,000 3,181,000 $ 4,652,000 $ 452,000 $ 3,159,000 $ 1,041,000 $ 4,652,000 Liabilities Contingent consideration $ 10,702,000 $ — $ — $ 10,702,000 $ 10,702,000 $ 10,702,000 $ — $ — $ 10,702,000 $ 10,702,000 September 30, 2020 Total Estimated Assets Carrying Value Level 1 Level 2 Level 3 Fair Value Securities owned: Corporate stocks $ 137,000 $ 137,000 $ — $ — $ 137,000 Municipal bonds 332,000 332,000 — — 332,000 Restricted stock 529,000 — 529,000 — 529,000 Corporate bonds 438,000 — 438,000 — 438,000 Warrants 3,303,000 — 2,228,000 1,075,000 3,303,000 $ 4,739,000 $ 469,000 $ 3,195,000 $ 1,075,000 $ 4,739,000 Liabilities Contingent consideration $ 10,401,000 $ — $ — $ 10,401,000 $ 10,401,000 $ 10,401,000 $ — $ — $ 10,401,000 $ 10,401,000
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Beginning Balance as of September 30, 2020 Net realized Gain or (losses) Net Change in Unrealized Appreciation (Depreciation) Purchases Sales Transfer Into Level 3 (a) Transfer Out of Level 3 Ending Balance as of December 31, 2020 Assets Warrants $ 1,075,000 $ — $ (34,000 ) $ — $ — $ — $ — $ 1,041,000
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]	Financial Instruments Owned Fair Value Valuation Technique Significant Unobservable Input(s) Input/Range Warrants $ 1,041,000 Market Approach Discount for lack of marketability 25% 46% Volatility 65% 123%

Note 6 - Fixed Assets (Tables)

Note 6 - Fixed Assets (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Property, Plant and Equipment [Table Text Block]	December 31, September 30, Estimated Useful 2020 2020 Lives (years) Equipment and software $ 2,012,000 $ 1,989,000 3 7 Furniture and fixtures 911,000 892,000 5 Construction in Process 36,000 21,000 Leasehold improvements 3,699,000 3,677,000 Lesser of useful life or term of lease Finance leases (primarily composed of computer equipment) 907,000 907,000 3 7 7,565,000 7,486,000 Less accumulated depreciation and amortization (3,355,000 ) (3,104,000 ) Fixed assets, net $ 4,210,000 $ 4,382,000

Note 7 - Business Combination_2

Note 7 - Business Combination and Contingent Consideration (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block]	Fair value of contingent consideration at September 30, 2020 $ 10,401,000 Fair value of contingent consideration in connection with the Tax & Accounting acquisition 601,000 Payments (276,000 ) Change in fair value (24,000 ) Fair value of contingent consideration at December 31, 2020 $ 10,702,000

Note 8 - Intangible Assets (Tab

Note 8 - Intangible Assets (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	December 31, 2020 Estimated Accumulated Carrying Useful Life Intangible asset Cost Amortization Value (years) Customer relationships $ 18,318,000 $ 6,489,000 $ 11,829,000 3 12 Brand name 1,075,000 372,000 703,000 1 5 Software license 45,000 45,000 — 3 Total $ 19,438,000 $ 6,906,000 $ 12,532,000 September 30, 2020 Estimated Accumulated Carrying Useful Life Intangible asset Cost Amortization Value (years) Customer relationships $ 17,467,000 $ 5,988,000 $ 11,479,000 3 12 Brand name 1,075,000 282,000 793,000 1 5 Software license 45,000 41,000 4,000 3 Total $ 18,587,000 $ 6,311,000 $ 12,276,000
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Fiscal year ending September 30, Nine months ending September 30, 2021 $ 1,773,000 2022 2,245,000 2023 1,767,000 2024 1,363,000 2025 1,252,000 Thereafter 4,132,000 Total $ 12,532,000

Note 9 - Accounts Payable and_2

Note 9 - Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	December 31, September 30, 2020 2020 Legal $ 1,446,000 $ 1,068,000 Audit 348,000 318,000 Telecommunications 60,000 74,000 Data services 494,000 467,000 Regulatory 2,358,000 2,176,000 Settlements 1,132,000 920,000 Other 3,536,000 4,633,000 Total $ 9,374,000 $ 9,656,000

Note 10 - Per Share Data (Table

Note 10 - Per Share Data (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Month Period Ended December 31, 2020 2019 Basic weighted-average shares 13,639,622 13,169,025 Effect of dilutive securities: Unvested restricted stock units — — Diluted weighted-average shares 13,639,622 13,169,025

Note 15 - Stockholders' Equity

Note 15 - Stockholders' Equity (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Weighted Weighted Average Weighted Average Grant Average Exercise Date Fair Remaining Aggregate Price Per Value Contractual Intrinsic Options Share Per Share term (years) Value Outstanding at September 30, 2020 269,200 $ 5.22 $ 2.19 $ 2.83 $ — Forfeited — $ — $ — $ — Outstanding at December 31, 2020 269,200 $ 5.22 $ 2.19 $ 2.57 $ — Vested and exercisable at December 31, 2020 269,200 $ 5.22 $ 2.19 $ 2.57 $ —
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]	Weighted Weighted Average Average Exercise Price Remaining Per Contractual Warrants Share Term Outstanding at September 30, 2020 5,398,907 $ 3.25 1.30 Forfeited — $ — Outstanding and exercisable at December 31, 2020 5,398,907 $ 3.25 1.05
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Weighted Average Grant Date Shares Fair Value Non-vested restricted stock units and awards at September 30, 2020 3,498,315 $ 9,695,000 Vested (172,685 ) (561,000 ) Non-vested restricted stock units and awards at December 31, 2020 3,325,630 $ 9,134,000

Note 17 - Segment Information (

Note 17 - Segment Information (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Brokerage and Tax and Advisory Accounting Services Services Corporate Total Three Months Ended December 31, 2020 Revenues $ 66,419,000 $ 1,412,000 $ 1,000 $ 67,832,000 Pre-tax income (loss) 1,363,000 (1,019,000 ) (1,631,000 ) (a) (1,287,000 ) Assets 85,169,000 7,596,000 15,832,000 (b) 108,597,000 Depreciation and amortization 442,000 232,000 172,000 846,000 Interest 20,000 — — 20,000 Capital expenditures 54,000 25,000 — 79,000 2019 Revenues $ 50,259,000 $ 931,000 $ 1,000 $ 51,191,000 Pre-tax income (loss) 473,000 (1,106,000 ) (1,591,000 ) (a) (2,224,000 ) Assets 74,107,000 3,305,000 19,089,000 (b) 96,501,000 Depreciation and amortization 253,000 132,000 145,000 530,000 Interest 14,000 — — 14,000 Capital expenditures 21,000 — 100,000 121,000

Note 20 - Revenues from Contr_2

Note 20 - Revenues from Contracts and Significant Customers (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Disaggregation of Revenue [Table Text Block]	Brokerage Tax and For the Three Months Ended and Advisory Accounting December 31, 2020 Services Services Corporate Total Revenues from customer contracts: Commissions and transaction fees and clearing services $ 36,122,000 $ — $ — $ 36,122,000 Investment banking 15,242,000 — — 15,242,000 Investment advisory 12,730,000 — — 12,730,000 Tax preparation and accounting — 1,412,000 — 1,412,000 Sub-total revenue from contracts with customers 64,094,000 1,412,000 — 65,506,000 Other revenue 2,325,000 — 1,000 2,326,000 Total revenue $ 66,419,000 $ 1,412,000 $ 1,000 $ 67,832,000 Brokerage Tax and For the Three Months Ended and Advisory Accounting December 31, 2019 Services Services Corporate Total Revenues from customer contracts: Commissions and transaction fees and clearing services $ 24,942,000 $ — $ — $ 24,942,000 Investment banking 15,227,000 — — 15,227,000 Investment advisory 7,389,000 — — 7,389,000 Tax preparation and accounting — 931,000 — 931,000 Sub-total revenue from contracts with customers 47,558,000 931,000 — 48,489,000 Other revenue 2,701,000 — 1,000 2,702,000 Total revenue $ 50,259,000 $ 931,000 $ 1,000 $ 51,191,000

Note 21 - Leases (Tables)

Note 21 - Leases (Tables)	3 Months Ended
	Dec. 31, 2020
Notes Tables
Lease, Cost [Table Text Block]	For the Three Months Ended December 31, 2020 December 31, 2019 Operating lease cost: $ 1,412,000 $ 1,102,000 Finance lease cost: Amortization of finance lease assets $ 19,000 $ 19,000 Interest on finance lease liabilities — 4,000 Total finance lease cost $ 19,000 $ 23,000 Sublease income: $ 138,000 $ — For the Three Months Ended December 31, 2020 December 31, 2019 Cash paid for amounts related to lease liabilities Operating cash flows from finance leases (interest) $ — $ 4,000 Operating cash flows from operating leases (lease payments reflected in the change in accounts payable, accrued expenses and other liabilities in the statement of cash flow) $ 1,197,000 $ 709,000 Financing cash flows from finance leases (principal payments) $ 51,000 $ 58,000 Operating lease assets obtained in exchange for lease liabilities $ 98,000 $ — Weighted Average Remaining Lease Term: Operating Leases (in years) 7.22 7.35 Weighted Average Discount Rate: Operating Leases 5.50 % 5.50 %
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Fiscal Year Operating Ending September 30, Leases Nine months ending September 30, 2021 $ 3,255,000 2022 2,763,000 2023 2,588,000 2024 2,400,000 2025 2,258,000 Thereafter 6,071,000 Total minimum lease payments 19,335,000 Less: Amounts representing interest not yet incurred 3,471,000 Present value of lease obligations $ 15,864,000
Assets and Liabilities Lessee [Table Text Block]	Leases Classification December 31, 2020 September 30, 2020 Assets Operating lease assets Right-of-use assets $ 13,868,000 $ 14,721,000 Finance lease assets Fixed assets 317,000 336,000 Total lease assets $ 14,185,000 $ 15,057,000 Liabilities Operating lease liabilities Operating lease liabilities $ 15,864,000 $ 16,719,000 Finance lease liabilities Other liabilities — 51,000 Total lease liabilities $ 15,864,000 $ 16,770,000

Note 3 - Receivables from Bro_3

Note 3 - Receivables from Broker-dealers and Clearing Organizations and Other Receivables (Details Textual) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Receivables from Brokers-Dealers and Clearing Organizations, Total	$ 5,198,000	$ 3,367,000

Note 3 - Receivables from Bro_4

Note 3 - Receivables from Broker-dealers and Clearing Organizations and Other Receivables - Other Receivables (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Trailing fees	$ 1,566,000	$ 1,391,000
Accounts receivable for tax and accounting services	864,000	1,009,000
Allowance for doubtful accounts - tax and accounting services	(497,000)	(347,000)
Advances to registered representatives	1,651,000	1,834,000
Investment banking receivable	1,183,000	2,383,000
Advisory fees	291,000	771,000
Notes receivable	1,218,000	1,229,000
Other	4,317,000	4,124,000
Total other receivables, net	$ 10,593,000	$ 12,394,000

Note 4 - Forgivable Loans Rec_3

Note 4 - Forgivable Loans Receivable (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Amortization of Forgivable Loans	$ 241,000	$ 163,000
Loans Receivable [Member]
Financing Receivable, Weighted Average Interest Rate	4.00%
Accounts Receivable, Allowance for Credit Loss, Ending Balance	$ 0		$ 0

Note 4 - Forgivable Loans Rec_4

Note 4 - Forgivable Loans Receivable - Forgivable Loan Activity (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Balance	$ 4,269,000
Additions	753,000
Amortization	(241,000)	$ (163,000)
Reclassification to other receivables	(173,000)
Balance	$ 4,608,000

Note 5 - Fair Value of Assets_3

Note 5 - Fair Value of Assets and Liabilities (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss)	$ 20,000	$ 143,000

Note 5 - Fair Value of Assets_4

Note 5 - Fair Value of Assets and Liabilities - Carrying Values and Estimated Fair Values of Financial Assets and Liabilities (Details) - USD ($)	Dec. 31, 2020		Sep. 30, 2020
Reported Value Measurement [Member]
Receivables from broker-dealers and clearing organizations	$ 5,198,000		$ 3,367,000
Forgivable loans receivable	4,608,000		4,269,000
Other receivables, net	10,593,000		12,394,000
Assets, Fair Value Disclosure	49,050,000		48,043,000
Accrued commissions and payroll payable	17,993,000		15,445,000
Accounts payable and accrued expenses	9,374,000	[1]	9,656,000	[2]
Nonfinancial Liabilities Fair Value Disclosure, Total	27,367,000		25,101,000
Estimate of Fair Value Measurement [Member]
Receivables from broker-dealers and clearing organizations	5,198,000		3,367,000
Forgivable loans receivable	4,608,000		4,269,000
Other receivables, net	10,593,000		12,394,000
Assets, Fair Value Disclosure	49,050,000		48,043,000
Accrued commissions and payroll payable	17,993,000		15,445,000
Accounts payable and accrued expenses	9,374,000	[1]	9,656,000	[2]
Nonfinancial Liabilities Fair Value Disclosure, Total	27,367,000		25,101,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Receivables from broker-dealers and clearing organizations
Forgivable loans receivable
Other receivables, net
Assets, Fair Value Disclosure	28,651,000		28,013,000
Accrued commissions and payroll payable
Accounts payable and accrued expenses		[1]		[2]
Nonfinancial Liabilities Fair Value Disclosure, Total
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Receivables from broker-dealers and clearing organizations	5,198,000		3,367,000
Forgivable loans receivable	4,608,000		4,269,000
Other receivables, net	10,593,000		12,394,000
Assets, Fair Value Disclosure	20,399,000		20,030,000
Accrued commissions and payroll payable	17,993,000		15,445,000
Accounts payable and accrued expenses	9,374,000	[1]	9,656,000	[2]
Nonfinancial Liabilities Fair Value Disclosure, Total	27,367,000		25,101,000
Cash [Member] | Reported Value Measurement [Member]
Cash and cash equivalents	27,965,000		27,327,000
Cash [Member] | Estimate of Fair Value Measurement [Member]
Cash and cash equivalents	27,965,000		27,327,000
Cash [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	27,965,000		27,327,000
Cash [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents
Interest-bearing Deposits [Member] | Reported Value Measurement [Member]
Cash and cash equivalents	686,000		686,000
Interest-bearing Deposits [Member] | Estimate of Fair Value Measurement [Member]
Cash and cash equivalents	686,000		686,000
Interest-bearing Deposits [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash and cash equivalents	686,000		686,000
Interest-bearing Deposits [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Cash and cash equivalents
[1]	Excludes contingent consideration liabilities of $1,620,000.
[2]	Excludes contingent consideration liabilities of $744,000.

Note 5 - Fair Value of Assets_5

Note 5 - Fair Value of Assets and Liabilities - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Reported Value Measurement [Member]
Securities owned	$ 4,652,000	$ 4,739,000
Liabilities	10,702,000	10,401,000
Reported Value Measurement [Member] | Contingent Consideration [Member]
Liabilities	10,702,000	10,401,000
Reported Value Measurement [Member] | Equity Securities [Member]
Securities owned	216,000	137,000
Reported Value Measurement [Member] | Municipal Bonds [Member]
Securities owned	236,000	332,000
Reported Value Measurement [Member] | Restricted Stock [Member]
Securities owned	696,000	529,000
Reported Value Measurement [Member] | Corporate Bond Securities [Member]
Securities owned	323,000	438,000
Reported Value Measurement [Member] | Warrant [Member]
Securities owned	3,181,000	3,303,000
Estimate of Fair Value Measurement [Member]
Securities owned	4,652,000	4,739,000
Liabilities	10,702,000	10,401,000
Estimate of Fair Value Measurement [Member] | Contingent Consideration [Member]
Liabilities	10,702,000	10,401,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Securities owned	452,000	469,000
Liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Contingent Consideration [Member]
Liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Securities owned	3,159,000	3,195,000
Liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Contingent Consideration [Member]
Liabilities
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Securities owned	1,041,000	1,075,000
Liabilities	10,702,000	10,401,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Contingent Consideration [Member]
Liabilities	10,702,000	10,401,000
Estimate of Fair Value Measurement [Member] | Equity Securities [Member]
Securities owned	216,000	137,000
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Securities owned	216,000	137,000
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Securities owned
Estimate of Fair Value Measurement [Member] | Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Securities owned
Estimate of Fair Value Measurement [Member] | Municipal Bonds [Member]
Securities owned	236,000	332,000
Estimate of Fair Value Measurement [Member] | Municipal Bonds [Member] | Fair Value, Inputs, Level 1 [Member]
Securities owned	236,000	332,000
Estimate of Fair Value Measurement [Member] | Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member]
Securities owned
Estimate of Fair Value Measurement [Member] | Municipal Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Securities owned
Estimate of Fair Value Measurement [Member] | Restricted Stock [Member]
Securities owned	696,000	529,000
Estimate of Fair Value Measurement [Member] | Restricted Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Securities owned
Estimate of Fair Value Measurement [Member] | Restricted Stock [Member] | Fair Value, Inputs, Level 2 [Member]
Securities owned	696,000	529,000
Estimate of Fair Value Measurement [Member] | Restricted Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Securities owned
Estimate of Fair Value Measurement [Member] | Corporate Bond Securities [Member]
Securities owned	323,000	438,000
Estimate of Fair Value Measurement [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Securities owned
Estimate of Fair Value Measurement [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Securities owned	323,000	438,000
Estimate of Fair Value Measurement [Member] | Corporate Bond Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Securities owned
Estimate of Fair Value Measurement [Member] | Warrant [Member]
Securities owned	3,181,000	3,303,000
Estimate of Fair Value Measurement [Member] | Warrant [Member] | Fair Value, Inputs, Level 1 [Member]
Securities owned
Estimate of Fair Value Measurement [Member] | Warrant [Member] | Fair Value, Inputs, Level 2 [Member]
Securities owned	2,140,000	2,228,000
Estimate of Fair Value Measurement [Member] | Warrant [Member] | Fair Value, Inputs, Level 3 [Member]
Securities owned	$ 1,041,000	$ 1,075,000

Note 5 - Fair Value of Assets_6

Note 5 - Fair Value of Assets and Liabilities - Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - Warrant [Member]	3 Months Ended
	Dec. 31, 2020USD ($)
Balance	$ 1,075,000
Net realized gains or (losses)
Net change in unrealized appreciation (deprediation)	(34,000)
Purchases
Sales
Transfer into level 3		[1]
Transfer out of level 3		[2]
Balance	$ 1,041,000
[1]	The Company received warrants as part of investment banking transaction.
[2]	Transfer out consist of a transfer to Level 2 of a warrant as the underlying security became a publicly registered security and a warrant exercise.

Note 5 - Fair Value of Assets_7

Note 5 - Fair Value of Assets and Liabilities - Valuation Techniques and Significant Unobservable Inputs for Level 3 Financial Assets (Details)	Dec. 31, 2020USD ($)	Sep. 30, 2020USD ($)
Warrant [Member]
Fair value	$ 1,041,000	$ 1,075,000
Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Minimum [Member]
Input/range	0.25
Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | Measurement Input, Discount for Lack of Marketability [Member] | Maximum [Member]
Input/range	0.46
Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member]
Input/range	0.65
Fair Value, Inputs, Level 3 [Member] | Valuation, Market Approach [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member]
Input/range	1.23
Fair Value, Inputs, Level 3 [Member] | Warrant [Member]
Fair value	$ 1,041,000

Note 6 - Fixed Assets (Details

Note 6 - Fixed Assets (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Depreciation, Total	$ 251,000	$ 242,000

Note 6 - Fixed Assets - Fixed A

Note 6 - Fixed Assets - Fixed Assets (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Fixed assets, gross	$ 7,565,000	$ 7,486,000
Less accumulated depreciation and amortization	(3,355,000)	(3,104,000)
Fixed assets, net	4,210,000	4,382,000
Equipment [Member]
Fixed assets, gross	$ 2,012,000	1,989,000
Equipment [Member] | Minimum [Member]
Estimated useful lives (Year)	3 years
Equipment [Member] | Maximum [Member]
Estimated useful lives (Year)	7 years
Furniture and Fixtures [Member]
Fixed assets, gross	$ 911,000	892,000
Estimated useful lives (Year)	5 years
Construction in Progress [Member]
Fixed assets, gross	$ 36,000	21,000
Leasehold Improvements [Member]
Fixed assets, gross	3,699,000	3,677,000
Finance Leases [Member]
Fixed assets, gross	$ 907,000	$ 907,000
Finance Leases [Member] | Minimum [Member]
Estimated useful lives (Year)	3 years
Finance Leases [Member] | Maximum [Member]
Estimated useful lives (Year)	7 years

Note 7 - Business Combination_3

Note 7 - Business Combination and Contingent Consideration (Details Textual) - USD ($)	1 Months Ended
	Oct. 31, 2020	Dec. 31, 2020	Sep. 30, 2020
Business Combination, Contingent Consideration, Liability, Total		$ 10,702,000	$ 10,401,000
Certain Assets of a Tax Preparation and Accounting Business [Member]
Payments to Acquire Businesses, Gross	$ 250,000
Business Combination, Contingent Consideration, Liability, Total	601,000
Certain Assets of a Tax Preparation and Accounting Business [Member] | Customer Relationships [Member]
Finite-lived Intangible Assets Acquired	$ 851,000
Finite-Lived Intangible Asset, Useful Life (Year)	7 years

Note 7 - Business Combination_4

Note 7 - Business Combination and Contingent Consideration - Contingent Consideration (Details) - Contingent Consideration [Member]	3 Months Ended
	Dec. 31, 2020USD ($)
Fair value of contingent consideration	$ 10,401,000
Payments	(276,000)
Change in fair value	(24,000)
Fair value of contingent consideration	10,702,000
Certain Assets of a Tax Preparation and Accounting Business [Member]
Fair value of contingent consideration in connection with the Tax & Accounting acquisition	$ 601,000

Note 8 - Intangible Assets (Det

Note 8 - Intangible Assets (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Amortization of Intangible Assets, Total	$ 595,000	$ 288,000

Note 8 - Intangible Assets - In

Note 8 - Intangible Assets - Intangibles (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Accumulated amortization	$ 6,906,000	$ 6,311,000
Finite-lived intangible assets, carrying value	12,532,000
Intangible assets, cost	19,438,000	18,587,000
Intangible assets, carrying value	12,532,000	12,276,000
Customer Relationships [Member]
Finite-lived intangible assets, cost	18,318,000	17,467,000
Accumulated amortization	6,489,000	5,988,000
Finite-lived intangible assets, carrying value	$ 11,829,000	$ 11,479,000
Customer Relationships [Member] | Minimum [Member]
Estimated useful life (Year)	3 years	3 years
Customer Relationships [Member] | Maximum [Member]
Estimated useful life (Year)	12 years	12 years
Brand Name [Member]
Finite-lived intangible assets, cost	$ 1,075,000	$ 1,075,000
Accumulated amortization	372,000	282,000
Finite-lived intangible assets, carrying value	$ 703,000	$ 793,000
Brand Name [Member] | Minimum [Member]
Estimated useful life (Year)	1 year	1 year
Brand Name [Member] | Maximum [Member]
Estimated useful life (Year)	5 years	5 years
Software License Arrangement [Member]
Finite-lived intangible assets, cost	$ 45,000	$ 45,000
Accumulated amortization	45,000	41,000
Finite-lived intangible assets, carrying value		$ 4,000
Estimated useful life (Year)	3 years	3 years

Note 8 - Intangible Assets - Es

Note 8 - Intangible Assets - Estimated Future Amortization Expense (Details)	Dec. 31, 2020USD ($)
Nine months ending September 30, 2021	$ 1,773,000
2022	2,245,000
2023	1,767,000
2024	1,363,000
2025	1,252,000
Thereafter	4,132,000
Total	$ 12,532,000

Note 9 - Accounts Payable and_3

Note 9 - Accounts Payable and Accrued Expenses (Details Textual) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Broker-Dealer, Payable to Other Broker-Dealer and Clearing Organization, Total	$ 105,000	$ 151,000
Accrued Exchange Fee Rebate	1,447,000	1,291,000
Accrued Financial Obligation	252,000	312,000
Accrued Professional Fees	$ 157,000	130,000
Accrued Fixed Assets Payable		$ 493,000

Note 9 - Accounts Payable and_4

Note 9 - Accounts Payable and Accrued Expenses - Accounts Payable and Other Accrued Expenses (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Legal	$ 1,446,000	$ 1,068,000
Audit	348,000	318,000
Telecommunications	60,000	74,000
Data services	494,000	467,000
Regulatory	2,358,000	2,176,000
Settlements	1,132,000	920,000
Other	3,536,000	4,633,000
Total	$ 9,374,000	$ 9,656,000

Note 10 - Per Share Data (Detai

Note 10 - Per Share Data (Details Textual) - shares	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	8,993,737	9,843,370

Note 10 - Per Share Data - Reco

Note 10 - Per Share Data - Reconciliation of Basic and Diluted Common Shares Used in the Computation of Per Share Data (Details) - shares	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Basic weighted-average shares (in shares)	13,639,622	13,169,025
Unvested restricted stock units (in shares)
Diluted weighted-average shares (in shares)	13,639,622	13,169,025

Note 13 - Commitments and Con_2

Note 13 - Commitments and Contingencies (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Litigation Settlement, Expense	$ 407,000	$ 388,000
Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	962,000
Pending Litigation [Member] | Professional Fees [Member]
Legal Fees	1,432,000	$ 441,000
Accounts Payable and Accrued Liabilities [Member] | Pending Litigation [Member]
Loss Contingency Accrual, Ending Balance	$ 1,132,000		$ 920,000

Note 14 - Net Capital Require_2

Note 14 - Net Capital Requirements (Details Textual)	Dec. 31, 2020USD ($)
National Securities [Member]
Broker-Dealer, Net Capital, Total	$ 3,875,125
Broker-Dealer, Excess Net Capital, Alternative Standard, Total	2,875,125
National Securities [Member] | SEC Requirement [Member]
Broker-Dealer, Minimum Net Capital Required, Aggregate Indebtedness Standard, Total	1,000,000
Winslow, Evans & Crocker [Member]
Broker-Dealer, Net Capital, Total	777,629
Broker-Dealer, Excess Net Capital, Alternative Standard, Total	$ 618,479
Broker-Dealer, Minimum Net Capital Required, Aggregate Indebtedness Standard to Net Capital Ratio, Actual	3.1
Winslow, Evans & Crocker [Member] | SEC Requirement [Member]
Broker-Dealer, Minimum Net Capital Required, Aggregate Indebtedness Standard, Total	$ 159,150
Broker-Dealer, Minimum Net Capital Required, Maximum Aggregate Indebtedness Standard to Net Capital Ratio	15

Note 15 - Stockholders' Equit_2

Note 15 - Stockholders' Equity (Details Textual) - Restricted Stock and Restricted Stock Units [Member] - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expense	$ 781,000	$ 907,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 3,324,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	2 years 182 days

Note 15 - Stockholders' Equit_3

Note 15 - Stockholders' Equity - Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Outstanding, options (in shares)	269,200
Outstanding, weighted average exercise price per share (in dollars per share)	$ 5.22
Outstanding, weighted average grant-date fair value per share (in dollars per share)	$ 2.19
Outstanding, weighted average remaining contractual term (Year)	2 years 208 days	2 years 302 days
Forfeited, options (in shares)
Forfeited, weighted average exercise price per share (in dollars per share)
Forfeited, weighted average grant-date fair value per share (in dollars per share)
Outstanding, options (in shares)	269,200	269,200
Outstanding, weighted average exercise price per share (in dollars per share)	$ 5.22	$ 5.22
Outstanding, weighted average grant-date fair value per share (in dollars per share)	$ 2.19	$ 2.19
Vested and exercisable, options (in shares)	269,200
Vested and exercisable, weighted average exercise price per share (in dollars per share)	$ 5.22
Vested and exercisable, weighted average grant-date fair value per share (in dollars per share)	$ 2.19
Vested and exercisable, weighted average remaining contractual term (Year)	2 years 208 days

Note 15 - Stockholders' Equit_4

Note 15 - Stockholders' Equity - Warrant Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Outstanding, warrants (in shares)	5,398,907
Outstanding, weighted average exercise price per share (in dollars per share)	$ 3.25
Outstanding, weighted average remaining contractual period (Year)	1 year 18 days	1 year 109 days
Forfeited, warrants (in shares)
Forfeited, weighted average exercise price per share (in dollars per share)
Outstanding, warrants (in shares)	5,398,907	5,398,907
Outstanding and exercisable, weighted average exercise price per share (in dollars per share)	$ 3.25	$ 3.25

Note 15 - Stockholders' Equit_5

Note 15 - Stockholders' Equity - Summary of Non-vested Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member]	3 Months Ended
	Dec. 31, 2020USD ($)shares
Non-vested restricted stock units and awards (in shares) | shares	3,498,315
Non-vested restricted stock units and awards, weighted average grant date fair value | $	$ 9,695,000
Vested (in shares) | shares	(172,685)
Vested, weighted average grant date fair value | $	$ (561,000)
Non-vested restricted stock units and awards (in shares) | shares	3,325,630
Non-vested restricted stock units and awards at December 31, 2020 | $	$ 9,134,000

Note 17 - Segment Information_2

Note 17 - Segment Information (Details Textual)	3 Months Ended
	Dec. 31, 2020
Number of Reportable Segments	2

Note 17 - Segment Information -

Note 17 - Segment Information - Segment Information (Details) - USD ($)		3 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Revenues		$ 67,832,000	$ 51,191,000
Pre-tax income (loss)		(1,287,000)	(2,224,000)
Assets		108,597,000	96,501,000	$ 107,237,000
Depreciation and amortization		846,000	530,000
Interest		20,000	14,000
Capital expenditures		79,000	121,000
Corporate, Non-Segment [Member]
Revenues		1,000	1,000
Pre-tax income (loss)	[1]	(1,631,000)	(1,591,000)
Assets	[2]	15,832,000	19,089,000
Depreciation and amortization		172,000	145,000
Interest
Capital expenditures			100,000
Brokerage and Advisory Services [Member] | Operating Segments [Member]
Revenues		66,419,000	50,259,000
Pre-tax income (loss)		1,363,000	473,000
Assets		85,169,000	74,107,000
Depreciation and amortization		442,000	253,000
Interest		20,000	14,000
Capital expenditures		54,000	21,000
Tax and Accounting Services [Member] | Operating Segments [Member]
Revenues		1,412,000	931,000
Pre-tax income (loss)		(1,019,000)	(1,106,000)
Assets		7,596,000	3,305,000
Depreciation and amortization		232,000	132,000
Interest
Capital expenditures		$ 25,000
[1]	Consists of professional fees, depreciation expense and other expenses not allocated to reportable segments by management.
[2]	Consists principally of deferred tax assets, cash, prepaid and fixed asset balances held at Corporate.

Note 19 - Variable Interest E_2

Note 19 - Variable Interest Entities (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity, Distribution Threshold	100.00%
Investment Banking, Advisory, Brokerage, and Underwriting Fees and Commissions, Total	$ 5,174,000	$ 8,409,000
The Funds [Member]
Unrecognized Carried Interest	41,260,000
Unrecognized Carried Interest, Compensation Expense	$ 28,586,000
Minimum [Member]
Variable Interest Entity, Timing Of Liquidity Event For New Opportunities (Year)	1 year
Variable Interest Entity, Cash Fee Received, Percent	7.00%
Variable Interest Entity, Interest Received, Percent	8.00%
Maximum [Member]
Variable Interest Entity, Timing Of Liquidity Event For New Opportunities (Year)	5 years
Variable Interest Entity, Cash Fee Received, Percent	10.00%
Variable Interest Entity, Interest Received, Percent	15.00%

Note 20 - Revenues From Contr_3

Note 20 - Revenues From Contracts and Significant Customers - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue from contracts with customers	$ 65,506,000	$ 48,489,000
Other revenue	2,326,000	2,702,000
Total Revenues	67,832,000	51,191,000
Commissions and Transfer Fees and Clearing Services [Member]
Revenue from contracts with customers	36,122,000	24,942,000
Banking [Member]
Revenue from contracts with customers	15,242,000	15,227,000
Investment Advice [Member]
Revenue from contracts with customers	12,730,000	7,389,000
Tax Preparation and Accounting [Member]
Revenue from contracts with customers	1,412,000	931,000
Corporate, Non-Segment [Member]
Revenue from contracts with customers
Other revenue	1,000	1,000
Total Revenues	1,000	1,000
Corporate, Non-Segment [Member] | Commissions and Transfer Fees and Clearing Services [Member]
Revenue from contracts with customers
Corporate, Non-Segment [Member] | Banking [Member]
Revenue from contracts with customers
Corporate, Non-Segment [Member] | Investment Advice [Member]
Revenue from contracts with customers
Corporate, Non-Segment [Member] | Tax Preparation and Accounting [Member]
Revenue from contracts with customers
Brokerage and Advisory Services [Member] | Operating Segments [Member]
Revenue from contracts with customers	64,094,000	47,558,000
Other revenue	2,325,000	2,701,000
Total Revenues	66,419,000	50,259,000
Brokerage and Advisory Services [Member] | Operating Segments [Member] | Commissions and Transfer Fees and Clearing Services [Member]
Revenue from contracts with customers	36,122,000	24,942,000
Brokerage and Advisory Services [Member] | Operating Segments [Member] | Banking [Member]
Revenue from contracts with customers	15,242,000	15,227,000
Brokerage and Advisory Services [Member] | Operating Segments [Member] | Investment Advice [Member]
Revenue from contracts with customers	12,730,000	7,389,000
Brokerage and Advisory Services [Member] | Operating Segments [Member] | Tax Preparation and Accounting [Member]
Revenue from contracts with customers
Tax and Accounting Services [Member] | Operating Segments [Member]
Revenue from contracts with customers	1,412,000	931,000
Other revenue
Total Revenues	1,412,000	931,000
Tax and Accounting Services [Member] | Operating Segments [Member] | Commissions and Transfer Fees and Clearing Services [Member]
Revenue from contracts with customers
Tax and Accounting Services [Member] | Operating Segments [Member] | Banking [Member]
Revenue from contracts with customers
Tax and Accounting Services [Member] | Operating Segments [Member] | Investment Advice [Member]
Revenue from contracts with customers
Tax and Accounting Services [Member] | Operating Segments [Member] | Tax Preparation and Accounting [Member]
Revenue from contracts with customers	$ 1,412,000	$ 931,000

Note 21 - Leases - Components o

Note 21 - Leases - Components of Lease Expense (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating lease cost:	$ 1,412,000	$ 1,102,000
Amortization of finance lease assets	19,000	19,000
Interest on finance lease liabilities		4,000
Total finance lease cost	19,000	23,000
Sublease income:	138,000
Operating cash flows from finance leases (interest)		4,000
Operating cash flows from operating leases (lease payments reflected in the change in accounts payable, accrued expenses and other liabilities in the statement of cash flow)	1,197,000	709,000
Financing cash flows from finance leases (principal payments)	51,000	58,000
Operating lease assets obtained in exchange for lease liabilities	$ 98,000
Operating Leases (in years) (Year)	7 years 80 days	7 years 127 days
Operating Leases	5.50%	5.50%

Note 21 - Leases - Future Minim

Note 21 - Leases - Future Minimum Lease Payments (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Nine months ending September 30, 2021, operating leases	$ 3,255,000
2022, operating leases	2,763,000
2023, operating leases	2,588,000
2024, operating leases	2,400,000
2025, operating leases	2,258,000
Thereafter, operating leases	6,071,000
Total minimum lease payments, operating leases	19,335,000
Less: Amounts representing interest not yet incurred, operating leases	3,471,000
Present value of lease obligations, operating leases	$ 15,864,000	$ 16,719,000

Note 21 - Leases - Balances for

Note 21 - Leases - Balances for Operating and Finance Right-of-use Assets and Lease Liabilities (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Right-of-use assets	$ 13,868,000	$ 14,721,000
Finance lease assets	317,000	336,000
Total lease assets	14,185,000	15,057,000
Present value of lease obligations, operating leases	15,864,000	16,719,000
Finance lease liabilities		51,000
Total lease liabilities	$ 15,864,000	$ 16,770,000

Note 22 - Paycheck Protection_2

Note 22 - Paycheck Protection Program (Details Textual) - Paycheck Protection Program CARES Act [Member] - USD ($)	Apr. 15, 2020	Apr. 10, 2020
NSC [Member]
Proceeds from Issuance of Long-term Debt, Total		$ 5,523,738
WEC [Member]
Proceeds from Issuance of Long-term Debt, Total	$ 973,062

Note 23 - Related Party Trans_2

Note 23 - Related Party Transactions (Details Textual)	3 Months Ended
	Dec. 31, 2020USD ($)
B. Riley Financial, Inc [Member]
Related Party Transaction, Amounts of Transaction	$ 620,000
The Funds [Member]
Related Party Transaction, Amounts of Transaction	$ 232,000

Note 24 - Subsequent Event (Det

Note 24 - Subsequent Event (Details Textual) - Subsequent Event [Member] - Merger Agreement [Member]	Jan. 10, 2021$ / shares
Business Acquisition, Share Price (in dollars per share)	$ 3.25
B. Riley Financial, Inc [Member]
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage	45.00%