Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2023 | Feb. 01, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-23153 | |
Entity Registrant Name | Track Group, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0543981 | |
Entity Address, Address Line One | 200 E. 5th Avenue Suite 100 | |
Entity Address, City or Town | Naperville | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60563 | |
City Area Code | 877 | |
Local Phone Number | 260-2010 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 11,863,758 | |
Entity Central Index Key | 0001045942 | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Consolidated Balan
Consolidated Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Current assets: | ||
Cash | $ 3,730,885 | $ 4,057,195 |
Accounts receivable, net of allowance for credit losses of $298,969 and $178,095, respectively | 5,658,004 | 4,536,916 |
Prepaid expense and deposits | 499,943 | 610,440 |
Inventory, net of reserves of $3,772 and $3,772, respectively | 970,329 | 1,286,194 |
Total current assets | 10,859,161 | 10,490,745 |
Intangible assets, net of accumulated amortization of $18,138,039 and $17,430,846, respectively | 14,063,959 | 14,157,294 |
Goodwill | 8,061,509 | 7,851,466 |
Other assets | 2,382,312 | 2,442,154 |
Total assets | 40,610,458 | 40,244,559 |
Current liabilities: | ||
Accounts payable | 3,276,912 | 2,796,712 |
Accrued liabilities | 2,664,755 | 2,571,839 |
Current portion of long-term debt | 228,317 | 308,417 |
Total current liabilities | 6,169,984 | 5,676,968 |
Long-term debt, net of current portion | 42,797,352 | 42,801,165 |
Long-term liabilities | 238,865 | 259,359 |
Total liabilities | 49,206,201 | 48,737,492 |
Commitments and Contingencies | ||
Stockholders’ equity (deficit): | ||
Common stock, $0.0001 par value: 30,000,000 shares authorized; 11,863,758 and 11,863,758 shares outstanding, respectively | 1,186 | 1,186 |
Preferred stock, $0.0001 par value: 20,000,000 shares authorized; 0 shares outstanding | 0 | 0 |
Paid in capital | 302,600,546 | 302,597,115 |
Accumulated deficit | (309,609,936) | (309,610,397) |
Accumulated other comprehensive loss | (1,587,539) | (1,480,837) |
Total equity (deficit) | (8,595,743) | (8,492,933) |
Total liabilities and stockholders’ equity (deficit) | 40,610,458 | 40,244,559 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders’ equity (deficit): | ||
Preferred stock, $0.0001 par value: 20,000,000 shares authorized; 0 shares outstanding | 0 | 0 |
Property, Plant, and Equipment, Excluding Monitoring Equipment [Member] | ||
Current assets: | ||
Property and equipment, net of accumulated depreciation of $1,942,870 and $1,920,850, respectively | 97,393 | 115,808 |
Monitoring Equipment [Member] | ||
Current assets: | ||
Property and equipment, net of accumulated depreciation of $1,942,870 and $1,920,850, respectively | $ 5,146,124 | $ 5,187,092 |
Consolidated Consolidated Bal_2
Consolidated Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 298,969 | $ 178,095 |
Reserve for inventory | 3,772 | 3,772 |
Intangible assets, accumulated amortization | $ 18,138,039 | $ 17,430,846 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock - shares outstanding (in shares) | 11,863,758 | 11,863,758 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Series A Convertible Preferred Stock - shares authorized (in shares) | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 |
Series A Convertible Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized (in shares) | 1,200,000 | 1,200,000 |
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.0001 | $ 0.0001 |
Series A Convertible Preferred Stock - shares authorized (in shares) | 1,200,000 | 1,200,000 |
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 |
Property, Plant, and Equipment, Excluding Monitoring Equipment [Member] | ||
Property, Plant, and Equipment, Owned, Accumulated Depreciation | $ 1,942,870 | $ 1,920,850 |
Monitoring Equipment [Member] | ||
Property, Plant, and Equipment, Owned, Accumulated Depreciation | $ 6,863,281 | $ 6,348,695 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income/(Loss) (Unaudited) - USD ($) $ / shares in Thousands | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue: | ||
Revenues | $ 8,966,972 | $ 8,855,691 |
Cost of revenue: | ||
Monitoring, products and other related services | 3,973,989 | 3,901,994 |
Depreciation and amortization | 789,463 | 773,019 |
Total cost of revenue | 4,763,452 | 4,675,013 |
Gross profit | 4,203,520 | 4,180,678 |
Operating expense: | ||
General & administrative | 2,757,887 | 2,754,521 |
Selling & marketing | 706,531 | 729,470 |
Research & development | 682,463 | 589,805 |
Depreciation & amortization | 239,760 | 247,710 |
Total operating expense | 4,386,641 | 4,321,506 |
Operating income (loss) | (183,121) | (140,828) |
Other income (expense): | ||
Interest income | 48,162 | 76,222 |
Interest expense | (486,084) | (495,772) |
Currency exchange rate gain | 538,945 | 483,151 |
Total other income (expense) | 101,023 | 63,601 |
Income (loss) before income taxes | (82,098) | (77,227) |
Income tax expense (benefit) | (82,559) | (113,611) |
Net income attributable to common stockholders | 461 | 36,384 |
Foreign currency translation adjustments | (106,702) | 152,246 |
Comprehensive income (loss) | $ (106,241) | $ 188,630 |
Net income (loss) per common share, basic (in dollars per share) | $ 0 | $ 0 |
Weighted average common shares outstanding, basic (in shares) | 11,863,758 | 11,863,758 |
Net income (loss) per common share - diluted (in dollars per share) | $ 0 | $ 0 |
Weighted average common shares outstanding - diluted (in shares) | 11,863,758 | 11,863,758 |
Monitoring and Other Related Services [Member] | ||
Revenue: | ||
Revenues | $ 8,674,485 | $ 8,289,782 |
Product Sales and Other [Member] | ||
Revenue: | ||
Revenues | $ 292,487 | $ 565,909 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity/(Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Sep. 30, 2022 | 11,863,758 | ||||
Balance at Sep. 30, 2022 | $ 1,186 | $ 302,437,593 | $ (306,218,889) | $ (1,274,617) | $ (5,054,727) |
Stock-based compensation | 0 | 61,750 | 0 | 0 | 61,750 |
Foreign currency translation adjustments | $ 0 | 0 | 0 | 152,246 | 152,246 |
Net loss | 36,384 | 36,384 | |||
Balance (in shares) at Dec. 31, 2022 | 11,863,758 | ||||
Balance at Dec. 31, 2022 | $ 1,186 | 302,499,343 | (306,182,505) | (1,122,371) | (4,804,347) |
Balance (in shares) at Sep. 30, 2023 | 11,863,758 | ||||
Balance at Sep. 30, 2023 | $ 1,186 | 302,597,115 | (309,610,397) | (1,480,837) | (8,492,933) |
Stock-based compensation | 0 | 3,431 | 0 | 0 | 3,431 |
Foreign currency translation adjustments | 0 | 0 | 0 | (106,702) | (106,702) |
Net loss | $ 0 | 0 | 461 | 0 | 461 |
Balance (in shares) at Dec. 31, 2023 | 11,863,758 | ||||
Balance at Dec. 31, 2023 | $ 1,186 | $ 302,600,546 | $ (309,609,936) | $ (1,587,539) | $ (8,595,743) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ 461 | $ 36,384 |
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract | ||
Depreciation and amortization | 1,029,223 | 1,020,729 |
Bad debt expense | 120,703 | 39,041 |
Sales allowance | (3,065) | 0 |
Stock based compensation | 3,431 | 61,750 |
Loss on monitoring equipment included in cost of revenue | 98,673 | 66,644 |
Amortization of debt issuance costs | 35,413 | 48,762 |
Amortization of monitoring center assets included in cost of revenue | 134,317 | 133,304 |
Foreign currency exchange (gain) loss | (538,945) | (483,151) |
Change in assets and liabilities: | ||
Accounts receivable, net | (1,238,726) | 469,642 |
Inventories | 315,648 | 306,038 |
Prepaid expense, deposits and other assets | 63,261 | (192,380) |
Accounts payable | 480,200 | 536,982 |
Accrued liabilities | 141,731 | 284,678 |
Net cash provided by operating activities | 642,325 | 2,328,423 |
Cash flow from investing activities: | ||
Purchase of property and equipment | 0 | (6,120) |
Capitalized software | (369,524) | (159,089) |
Purchase of monitoring equipment and parts | (486,991) | (2,023,407) |
Net cash used in investing activities | (856,515) | (2,188,616) |
Cash flow from financing activities: | ||
Principal payments on long-term debt | (124,338) | (126,316) |
Net cash used in financing activities | (124,338) | (126,316) |
Effect of exchange rate changes on cash | 12,218 | 218,745 |
Net increase (decrease) in cash | (326,310) | 232,236 |
Cash, beginning of year | 4,057,195 | 5,311,104 |
Cash, end of year | 3,730,885 | 5,543,340 |
Cash paid for interest | 29,720 | 46,056 |
Cash paid for taxes | $ 239 | $ 72,213 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | (1) BASIS OF PRESENTATION The unaudited interim condensed consolidated financial information of Track Group, Inc. and subsidiaries (collectively, the “ Company Track Group SEC GAAP As of December 31, 2023 and September 30, 2023, the Company had an accumulated deficit of $309,609,936 and $309,610,397, respectively. The Company had net income of $461 and $36,384 for the three months ended December 31, 2023 and 2022, respectively. On April 27, 2023, the Company announced a three-year extension of its $42.9 million debt to July 1, 2027 (See Note 19). The Company also has six notes payable maturing between January 2, 2024, and February 17, 2025, related to the construction of two monitoring centers for a contract, with outstanding balances due for the six notes totaling $252,020, net of deferred financing fees at December 31, 2023 (See Note 19). The Company’s ability to return to profitable operations is dependent upon generating a level of revenue adequate to support its cost structure. Management has evaluated the significance of these conditions, as well as the recent change in the maturity date, and has determined that the Company can meet its operating obligations for a reasonable period. The Company expects to fund operations using cash on hand and through operational cash flows through the upcoming twelve months. |
Note 2 - Principles of Consolid
Note 2 - Principles of Consolidation | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | (2) PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of Track Group, Inc. and its active wholly-owned subsidiaries, Track Group Analytics Limited, Track Group Americas, Inc., Track Group International LTD., and Track Group - Chile SpA. All significant inter-company transactions have been eliminated in consolidation. |
Note 3 - Recent Accounting Stan
Note 3 - Recent Accounting Standards | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | (3) RECENT ACCOUNTING STANDARDS The Company evaluates all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”) for consideration of their applicability to our consolidated financial statements. New Accounting Standards or Updates Adopted in Fiscal 2024 In January 2017, the FASB issued Accounting Standards Update (“ ASU Intangibles Goodwill and Other: Simplifying the Test for Goodwill Impairment In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments CECL Recent Accounting Standards or Updates Not Yet Effective In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendment in Response to the SEC s Disclosure Update and Simplification Initiative In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures No other new accounting pronouncements issued or effective as of December 31, 2023 have had or are expected to have a material impact on our consolidated financial statements. |
Note 4 - Impairment of Long-liv
Note 4 - Impairment of Long-lived Assets | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Asset Impairment Charges [Text Block] | (4) IMPAIRMENT OF LONG-LIVED ASSETS The Company reviews its long-lived assets for impairment when events or changes in circumstances indicate that the book value of an asset may not be recoverable and in the case of goodwill, at least annually. The Company evaluates whether events and circumstances have occurred which indicate possible impairment as of each balance sheet date. If the carrying amount of an asset exceeds its fair value, an impairment charge is recognized for the amount by which the carrying amount exceeds the estimated fair value of the asset. Impairment of long-lived assets is assessed at the lowest levels for which there is an identifiable fair value that is independent of other groups of assets. |
Note 5 - Business Combinations
Note 5 - Business Combinations | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | (5) BUSINESS COMBINATIONS The Company accounts for its business acquisitions under the acquisition method of accounting as indicated in Accounting Standards Codification (“ ASC Business Combinations ASC 805 Acquired Assets and Assumed Liabilities Pursuant to ASC 805-10-25, if the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, but during the allowed measurement period not to exceed one year from the acquisition date, the Company retrospectively adjusts the provisional amounts recognized at the acquisition date, by means of adjusting the amount recognized for goodwill. Contingent Consideration In certain acquisitions, the Company has agreed to pay additional amounts to the seller contingent upon the achievement by the acquired businesses of certain future goals, which may include revenue milestones, new customer accounts and earnings targets. The Company records contingent consideration based on its estimated fair value as of the date of the acquisition. The Company evaluates and adjusts the value of contingent consideration, if necessary, at each reporting period based on the progress toward and likely achievement of certain targets on which issuance of the contingent consideration is based. Any differences between the acquisition-date fair value and the changes in fair value of the contingent consideration subsequent to the acquisition date are recognized in the current period earnings until the arrangement is settled. If there is uncertainty surrounding the value of contingent consideration, then the Company’s policy is to wait until the end of the measurement period before making an adjustment. |
Note 6 - Accumulated Other Comp
Note 6 - Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | (6) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) includes net income (loss) as currently reported under GAAP and other comprehensive income (loss). Other comprehensive income (loss) considers the effects of additional economic events, such as foreign currency translation adjustments, which are not required to be recorded in determining net income (loss), but rather are reported as a separate component of stockholders’ equity. The Chilean Peso, New Israeli Shekel and the Canadian Dollar are used as functional currencies of the following operating subsidiaries: (i) Track Group Chile SpA; (ii) Track Group International Ltd.; and (iii) Track Group Analytics Limited, respectively. The balance sheets of all subsidiaries have been converted into United States Dollars at the prevailing exchange rate at December 31, 2023. |
Note 7 - Net Income (Loss) Per
Note 7 - Net Income (Loss) Per Common Share | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | (7) NET INCOME PER COMMON SHARE Basic net income (loss) per common share (“ Basic EPS Diluted net income (loss) per common share (“ Diluted EPS Common share equivalents consist of shares issuable upon the exercise of options to purchase shares of the Company’s common stock, $0.0001 par value per share (“ Common Stock options warrants At December 31, 2023 and 2022, all stock options and warrants had exercise prices that were above the market price of $0.23 and $0.35, respectively and have been excluded from the diluted earnings per share calculations. The common stock equivalents outstanding as of December 31, 2023 and 2022 consisted of the following: December 31, December 31, 2023 2022 Issuable common stock options and warrants - 160,881 Total common stock equivalents - 160,881 |
Note 8 - Revenue Recognition
Note 8 - Revenue Recognition | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | (8) REVENUE RECOGNITION Monitoring and Other Related Services. Monitoring services include two components: (i) lease contracts pursuant to which the Company provides monitoring services and lease devices to distributors or end users and the Company retains ownership of the leased device; and (ii) monitoring services purchased by distributors or end users who have previously purchased monitoring devices and opt to use the Company’s monitoring services. Sales of devices and leased GPS devices are required to use the Company’s monitoring service and both the GPS leased devices and monitoring services are accounted for as a single performance obligation. Monitoring revenue is recognized ratably over time, as the customer simultaneously receives and consumes the benefit of these services as they are performed. Payment due or received from the customers prior to rendering the associated services are recorded as deferred revenue. The balance of accounts receivable at December 31, 2023 of $5,658,004 includes an unbilled balance of $513,921, and the balance of accounts receivable at September 30, 2023 of $4,536,916 included an unbilled balance of $490,848, and the balance of accounts receivable at September 30, 2022 of $6,236,555 included an unbilled balance of $777,514. Accounts receivable, which is made up of trade receivables for monitoring and other related services, are carried at original invoice amount less allowances for credits and for any potential uncollectible amounts due to credit losses. We make estimates of the expected credit and collectability trends for the allowance for credit losses based on our assessment of various factors, including historical experience, the age of the accounts receivable balances, credit quality of our customers, current economic conditions, and other factors that may affect our ability to collect from our customers. Expected credit losses are recorded as general and administrative expenses on our Condensed Consolidated Statements of Operations. As of December 31, 2023, September 30, 2023, and September 30, 2022 the Company had an allowance for doubtful accounts of $278,969, $155,029, and $102,570 respectively. For the three months ended December 31, 2023 and December 31, 2022, the Company wrote-off accounts receivables of $14 and $107, respectively. For December 31, 2023, September 30, 2023, and September 30, 2022 the reserve for credit memos was $20,000, $23,065, and $0 respectively. The balances of the deferred revenue at December 31, 2023, September 30, 2023, and September 30, 2022 are $50,000, $431, and $3,299 respectively, and were included in accrued liabilities on the Condensed Consolidated Balance Sheets. The Company recognized $150,431 and $3,012 of deferred revenue in the three months ended December 31, 2023 and 2022, respectively. Product Sales and Other Multiple Element Arrangements. The majority of our revenue transactions do not have multiple elements. However, on occasion, the Company may enter revenue transactions that have multiple elements. These may include different combinations of products or services that are included in a single billable rate. These products or services are delivered over time as the customer utilizes our services. In cases where obligations in a contract are distinct and thus require separation into multiple performance obligations, revenue recognition guidance requires that contract consideration be allocated to each distinct performance obligation based on its relative standalone selling price. The value allocated to each performance obligation is then recognized as revenue when the revenue recognition criteria for each distinct promise or bundle of promises has been met. There were no multiple element arrangements for the fiscal quarters ended December 31, 2023 and 2022. The standalone selling price for each performance obligation is an amount that depicts the amount of consideration to which the entity expects to be entitled in exchange for transferring the good or service. When there is only one performance obligation associated with a contract, the entire sale value is attributed to that obligation. When a contract contains multiple performance obligations the transaction value is first allocated using the observable price, which is generally a list price, net of applicable discount, or the price used to sell in similar circumstances. In circumstances when a selling price is not directly observable, the Company will estimate the standalone selling price using information available to us. The following table presents the Company’s revenue by geography, based on management’s assessment of available data: Three Months Ended December 31, 2023 Three Months Ended December 31, 2022 Total Revenue % of Total Revenue Total Revenue % of Total Revenue United States $ 6,457,328 72 % $ 6,102,350 69 % Latin America 2,332,787 26 % 2,282,372 26 % Other 176,857 2 % 470,969 5 % Total $ 8,966,972 100 % $ 8,855,691 100 % The above table includes total revenue for the Company, of which monitoring and other related services is the majority (approximately 97% and 94% for the three months ended December 31, 2023 and 2022, respectively) of the Company’s revenue. Latin America includes Bahamas, Chile, Puerto Rico, Brazil, Panama and the U.S. Virgin Islands. Other includes Canada and Saudi Arabia. |
Note 9 - Prepaid Expense and De
Note 9 - Prepaid Expense and Deposits | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Deferred Costs, Capitalized, Prepaid, and Other Assets [Text Block] | (9) PREPAID EXPENSE AND DEPOSITS As of December 31, 2023 and September 30, 2023, the outstanding balance of prepaid expense and deposits was $499,943 and $610,440, respectively. These balances are comprised largely of performance bond deposits, tax deposits, vendor deposits and other prepaid supplier expense. |
Note 10 - Inventory
Note 10 - Inventory | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | (10) INVENTORY Inventory is valued at the lower of the cost or net realizable value. Cost is determined using the first-in/first-out method. Net realizable value is determined based on the item's selling price. Inventory is periodically reviewed in order to identify obsolete or damaged items or impaired values. Inventory primarily consists of completed circuit boards and other parts used to manufacture new devices. Completed and shipped ReliAlert™ devices are reflected in Monitoring Equipment. As of December 31, 2023 and September 30, 2023, inventory consisted of the following: December 31, 2023 September 30, 2023 Monitoring equipment component boards inventory $ 974,101 $ 1,289,966 Reserve for damaged or obsolete inventory (3,772 ) (3,772 ) Total inventory, net of reserves $ 970,329 $ 1,286,194 The Company uses a third-party fulfillment service provider. As a result of this service, the Company’s employees do not actively assemble new products or repair a significant amount of monitoring equipment shipped directly from suppliers. Purchases of monitoring equipment are recognized directly. Management believes this process reduces maintenance and fulfillment costs associated with inventory and monitoring equipment. |
Note 11 - Property and Equipmen
Note 11 - Property and Equipment | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | (11) PROPERTY AND EQUIPMENT Property and equipment consisted of the following as of December 31, 2023 and September 30, 2023: December 31, 2023 September 30, 2023 Equipment, software and tooling $ 1,429,570 $ 1,427,522 Automobiles 4,573 4,460 Leasehold improvements 382,752 382,122 Furniture and fixtures 223,368 222,554 Total property and equipment before accumulated depreciation 2,040,263 2,036,658 Accumulated depreciation (1,942,870 ) (1,920,850 ) Property and equipment, net of accumulated depreciation $ 97,393 $ 115,808 Property and equipment depreciation expense for the three months ended December 31, 2023 and 2022 was $18,989 and $23,595, respectively. Depreciation expense for property and equipment is recognized in operating expense on the Condensed Consolidated Statements of Operations. |
Note 12 - Monitoring Equipment
Note 12 - Monitoring Equipment | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Monitoring Equipment Disclosure [Text Block] | (12) MONITORING EQUIPMENT The Company leases monitoring equipment to agencies for offender tracking under contractual service agreements. The monitoring equipment is depreciated using the straight-line method over an estimated useful life of between one and three years for customer tablets and three to five years for monitoring devices. Monitoring equipment as of December 31, 2023 and September 30, 2023 is as follows: December 31, 2023 September 30, 2023 Monitoring equipment $ 12,009,405 $ 11,535,787 Less: accumulated depreciation (6,863,281 ) (6,348,695 ) Monitoring equipment, net of accumulated depreciation $ 5,146,124 $ 5,187,092 Depreciation of monitoring equipment for the three months ended December 31, 2023 and 2022 was $382,453 and $342,068, respectively. Depreciation expense for monitoring devices is recognized in cost of revenue on the Condensed Consolidated Statements of Operations. During the three months ended December 31, 2023 and 2022, the Company recorded charges of $98,673 and $66,644, respectively, for devices that were lost, stolen or damaged. Lost, stolen and damaged items are included in Monitoring, products & other related service costs in the Condensed Consolidated Statements of Operations. |
Note 13 - Intangible Assets
Note 13 - Intangible Assets | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | (13) INTANGIBLE ASSETS The following table summarizes the activity of intangible assets at December 31, 2023 and September 30, 2023: December 31, 2023 September 30, 2022 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Patent & royalty agreements $ 21,120,565 $ (14,691,173 ) $ 6,429,392 $ 21,120,565 $ (14,358,431 ) $ 6,762,134 Developed technology 10,941,260 (3,306,693 ) 7,634,567 10,328,125 (2,933,499 ) 7,394,626 Trade name 140,173 (140,173 ) - 139,450 (138,916 ) 534 Total intangible assets $ 32,201,998 $ (18,138,039 ) $ 14,063,959 $ 31,588,140 $ (17,430,846 ) $ 14,157,294 The intangible assets summarized above were purchased or developed on various dates from July 2011 through December 31, 2023. Total amortization expense for the three months ended December 31, 2023 and 2022 was $627,781 and $655,066, respectively. Included in the total amortization expense is $407,010 and $430,951 in amortization expense included in cost of revenue on the Condensed Consolidated Statements of Operations for three months ended December 31, 2023 and 2022, respectively and $220,771 and $224,115 in amortization expense included in operating expense on the Condensed Consolidated Statements of Operations for three months ended December 31, 2023 and 2022, respectively. |
Note 14 - Goodwill
Note 14 - Goodwill | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | (14) GOODWILL The following table summarizes the activity of Goodwill at December 31, 2023 and September 30, 2023, respectively: Three Months Ended December 31, 2023 Year Ended September 30, 2023 Balance - beginning of period $ 7,851,466 $ 8,061,002 Effect of foreign currency translation on goodwill 210,043 (209,536 ) Balance - end of period $ 8,061,509 $ 7,851,466 Goodwill is recognized in connection with acquisition transactions in accordance with ASC 805. The Company performs an impairment test for goodwill annually or more frequently if indicators of potential impairment exist. No impairment of goodwill was recognized through December 31, |
Note 15 - Other Assets
Note 15 - Other Assets | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Investments and Other Noncurrent Assets [Text Block] | (15) OTHER ASSETS As of December 31, 2023 and September 30, 2023, the balance of other assets was $2,382,312 and $2,442,154, respectively. Other assets at December 31, 2023 are comprised largely of cash used as collateral for Performance Bonds as well as contractually required monitoring center and other equipment, right of use assets, lease deposits and other long-term assets. The Company anticipates these performance bonds will be reimbursed to the Company upon completion of its contracts with the customer. See Note 23. The Company was contractually obligated to construct and equip two monitoring centers for an international customer, as well as supply equipment for the customer’s satellite locations, which have been owned by the customer since construction was completed. The monitoring center equipment is amortized using the straight-line method over the contract period between 32 and 40 months. Monitoring center equipment as of December 31, 2023 and September 30, 2023 was as follows: December 31, 2023 September 30, 2023 Monitoring center equipment $ 1,660,012 $ 1,619,278 Less: accumulated amortization (1,252,164 ) (1,088,825 ) Monitoring center equipment, net of accumulated amortization $ 407,848 $ 530,453 The Santiago and Puerto Montt monitoring centers amortization is recorded in Monitoring, products and other related service costs on the Condensed Consolidated Statements of Operations. Amortization of costs related to the Santiago and Puerto Montt monitoring centers for the three months ended December 31, 2023 and 2022 were $134,317 and $133,304, respectively. The Company recorded revenue from the customer based on a contractually agreed upon unit per day amount during the contract period. See Note 19 for details of the borrowings related to the monitoring centers construction and equipment. |
Note 16 - Leases
Note 16 - Leases | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | (16) LEASES Leases as Lessor Monitoring Equipment and Other Related Services The Company leases monitoring equipment and provides monitoring services to its customers with contract terms varying from month-to-month to several years and each daily contract price varies. Devices supplied to customers are not serial number unique and a single device may be used by multiple customers over its useful life. If a leased device is returned for repair, it will likely be replaced with a different device from a different customer or possibly a new device. The Company’s tracking devices are considered operating leases under ASC 842 as transfer of control of the asset does not occur at the end of the lease, a single device is not specific to a customer and devices may be used by multiple customers throughout their life cycle. Due to the movement of devices from customer to customer, relatively few long-term contracts, the measurement of the equipment life and the present value of the equipment’s fair values would not be a measurement to qualify the devices as sales-type leases. Operating lease and monitoring revenue associated with the Company’s monitoring equipment for the three months ended December 31, 2023 and 2022, respectively, are shown in the table below: Three Months Ended December 31, 2023 2022 Monitoring equipment operating revenue $ 7,317,614 $ 6,977,443 The Company cannot accurately estimate 5-years of future minimum lease receipts for its devices leased to customers because none of its customers make any contractual commitment regarding the number of active devices utilized in any given year and those quantities of active devices vary significantly for every customer each and every day. Leases as Lessee The following table shows right of use assets and lease liabilities for real estate and equipment, with the associated financial statement line items as of December 31, 2023 and September 30, 2023. December 31, 2023 September 30, 2023 Operating lease asset Operating lease liability Operating lease asset Operating lease liability Other assets $ 400,259 $ 403,205 $ - Accrued liabilities 161,394 - 143,846 Long-term liabilities 238,865 - 259,359 The following table summarizes the supplemental cash flow information for the three months ended December 31, 2023 and 2022: December 31, 2023 December 31, 2022 Cash paid for noncancelable operating leases included in operating cash flows $ 69,940 $ 69,992 Right of use assets obtained in exchange for operating lease liabilities $ 43,974 $ 5,459 The future minimum lease payments under noncancelable operating leases with terms greater than one year as of December 31, 2023 are: Operating Leases From January 2024 to December 2024 $ 174,191 From January 2025 to December 2025 92,933 From January 2026 to December 2026 94,719 From January 2027 to December 2027 63,898 From January 2028 to December 2028 482 Undiscounted cash flow 426,223 Less: imputed interest (25,964 ) Total $ 400,259 Reconciliation to lease liabilities: Lease liabilities - current $ 161,394 Lease liabilities - long-term 238,865 Total lease liabilities $ 400,259 The weighted-average remaining lease term and discount rate related to the Company’s lease liabilities as of December 31, 2023 were 3.07 years and 4%, respectively. The Company’s lease discount rates are generally based on the estimates of its incremental borrowing rate as the discount rates implicit in the Company’s leases cannot be readily determined. |
Note 17 - Accrued Liabilities
Note 17 - Accrued Liabilities | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | (17) ACCRUED LIABILITES Accrued liabilities consisted of the following as of December 31, 2023 and September 30, 2023: December 31, 2023 September 30, 2023 Accrued payroll, taxes and employee benefits $ 1,111,082 $ 1,116,036 Deferred revenue 50,000 431 Accrued taxes - foreign and domestic 187,058 260,697 Accrued other expense 84,711 108,476 Accrued legal and other professional costs 63,751 80,210 Accrued costs of revenue 128,186 410,726 Right of use liability 161,394 143,846 Accrued interest 878,573 451,417 Total accrued liabilities $ 2,664,755 $ 2,571,839 |
Note 18 - Related Parties
Note 18 - Related Parties | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | (18) RELATED PARTIES ETS Limited is currently the beneficial owner of 4,706,579 shares of the Company's Common Stock (the “ Track Group Shares ADS Board |
Note 19 - Debt Obligations
Note 19 - Debt Obligations | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | (19) DEBT OBLIGATIONS Debt obligations, net of debt issuance costs, as of December 31, 2023 and September 30, 2023, consisted of the following: December 31, 2023 September 30, 2023 The unsecured loan (the “ Amended Facility Agreement Conrent $ 42,773,649 $ 42,743,599 The unsecured Note Payable Agreement with HP Financial Services Chile Limitada bearing interest at a rate of 6.56% per annum, with a maturity date of February 6, 2024. 4,727 11,435 The unsecured Note Payable Agreement with Banco Santander, net of unamortized issuance costs $3,099, bearing interest at a rate of 5.04% per annum, with a maturity date of May 11, 2024. 50,099 77,670 The unsecured Note Payable Agreement with Banco Estado, net of unamortized issuance costs of $506, bearing interest at a rate of 3.50% per annum, with a maturity date of January 2, 2024. 9,469 36,773 The unsecured Note Payable Agreement with HP Financial Services Chile Limitada bearing interest at a rate of 6.61% per annum, with a maturity date of March 4, 2024. 15,048 29,118 The unsecured Note Payable Agreement with Banco de Chile, net of unamortized issuance costs of $29, bearing interest at a rate of 2.54% per annum, with a maturity date of March 4, 2024. 9,482 18,440 The unsecured Note Payable Agreement with Banco de Chile, net of unamortized issuance costs of $9,124, bearing interest at a rate of 3.12% per annum, with a maturity date of February 17, 2025. 163,195 192,547 Total debt obligations 43,025,669 43,109,582 Less: current portion (228,317 ) (308,417 ) Long-term debt, less current portion $ 42,797,352 $ 42,801,165 On December 21, 2020, Conrent and the Company signed an amendment to the Amended Facility Agreement which extended the maturity date of the Amended Facility Agreement to July 1, 2024 (“ Amended Facility Amendment Maturity Date Change of Control On January 6, 2021, the Company borrowed 70,443,375 Chilean Pesos (“ CLP HP Note 1 Santiago Monitoring Center Puerto Montt Monitoring Center On January 12, 2021, the Company borrowed 347,198,500CLP ($482,965USD), net of 2,801,500CLP fees ($3,897USD), from Banco Santander (the “ Banco Santander Note On February 2, 2021, the Company borrowed 247,999,300CLP ($338,954USD), net of 2,000,700CLP fees ($2,734USD), from Banco Estado (the “ Banco Estado Note On February 4, 2021, the Company borrowed 149,794,432CLP ($205,330USD) from HP Financial Services Chile Limitada (the “ HP Note 2 On February 5, 2021, the Company borrowed 99,808,328CLP ($136,564USD), net of 210,485CLP fees ($286USD), from Banco de Chile (the “ Banco de Chile Note 1 On February 15, 2021, the Company borrowed 500,000,000CLP ($678,214USD) from Banco de Chile (the “ Banco de Chile Note 2 The following table summarizes our future maturities of debt obligations, net of the amortization of debt discounts as of December 31, 2023: Twelve months ended December 31: Total 2024 $ 239,772 2025 25,006 2026 - 2027 42,864,000 Total 43,128,778 Issuance costs (103,109 ) Debt obligations, net of unamortized issuance costs $ 43,025,669 |
Note 20 - Preferred and Common
Note 20 - Preferred and Common Stock | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Preferred and Common Stock Disclosure [Text Block] | (20) PREFERRED AND COMMON STOCK The Company is authorized to issue up to 30,000,000 shares of Common Stock and up to 20,000,000 shares of preferred stock, $0.0001 par value per share (“ Preferred Stock No dividends were paid during the three months ended December 31, 2023 or 2022 Common Stock Issuances There were no issuances of Common Stock in the three months ended December 31, 2023. Series A Convertible Preferred Stock On October 12, 2017, the Company filed a Certificate of Designation of the Relative Rights and Preferences (“ Certificate of Designation Series A Preferred Except with respect to transactions upon which holders of the Series A Preferred are entitled to vote separately as a class under the terms of the Certificate of Designation, the Series A Preferred has no voting rights. The shares of Common Stock into which Series A Preferred is convertible shall, upon issuance, have all of the same voting rights as other issued and outstanding shares of our Common Stock. The Series A Preferred has no separate dividend rights; however, whenever the Board declares a dividend on the Company’s Common Stock, if ever, each holder of record of a share of Series A Preferred shall be entitled to receive an amount equal to such dividend declared on one share of Common Stock multiplied by the number of shares of Common Stock into which such share of Series A Preferred could be converted on the Record Date. Each share of Series A Preferred has a liquidation preference of $35.00 per share, and is convertible, at the holder’s option, into ten five As of December 31, 2023, |
Note 21 - Stock Options and War
Note 21 - Stock Options and Warrants | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | (21) STOCK OPTIONS AND WARRANTS Stock Incentive Plan At the annual meeting of stockholders on April 13, 2022, our stockholders approved the 2022 Omnibus Equity Incentive Plan (the “ 2022 Plan 2012 Plan The Board suspended further awards under the 2012 Plan as of June 30, 2020. Any awards outstanding under the 2012 Plan will remain subject to the 2012 Plan. All shares of Common Stock remaining authorized and available for issuance under the 2012 Plan and any shares subject to outstanding awards under the 2012 Plan that subsequently expire, terminate, or are surrendered or forfeited for any reason without issuance of shares will automatically become available for issuance under our 2022 Plan. There were no issuances of restricted shares in the three months ended December 31, The Company recorded expense of $3,431 and $61,750 for the three months ended December 31, 2023 and 2022, respectively, related to the 2022 Plan. As of December 31, 2023, there were 215,000 shares of our Common Stock reserved for future issuance under the 2022 Plan and 27,218 shares of our Common Stock reserved for future issuance under the 2012 Plan. All Options and Warrants The fair value of each stock option and warrant grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company recorded no expense for the three months ended December 31, 2023 and 2022, respectively, related to the issuance and vesting of outstanding options and warrants. During the three months ended December 31, 2023 and 2022, the Company granted no The expected life of options (warrants) represents the period of time that the options or warrants are expected to be outstanding based on the simplified method allowed under GAAP. The expected volatility is based on the historical price volatility of the Company’s Common Stock. The risk-free interest rate represents the U.S. Treasury bill rate for the expected life of the related options (warrants). The dividend yield represents the Company’s anticipated cash dividends over the expected life of the options (warrants). A summary of stock option (warrant) activity for the three months ended December 31, 2023, is presented below: Shares Under Option Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding as of September 30, 2023 4,688 $ 1.24 0.25 $ - Granted - - - - Expired/Cancelled (4,688 ) 1.24 - - Exercised - - - - Outstanding as of December 31, 2023 - $ - - $ - Exercisable as of December 31, 2023 - $ - - $ - |
Note 22 - Income Taxes
Note 22 - Income Taxes | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | (22) INCOME TAXES The Company recognizes deferred income tax assets or liabilities for the expected future tax consequences of events that have been recognized in the financial statements or income tax returns. Deferred income tax assets or liabilities are determined based upon the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates expected to apply when the differences are expected to be settled or realized. Deferred income tax assets are reviewed periodically for recoverability and valuation allowances are provided as necessary. Interest and penalties related to income tax liabilities, when incurred, are classified in interest expense and income tax provision, respectively. The amount and ultimate realization of the benefits from the net operating losses is dependent, in part, upon the tax laws in effect, our future earnings, and other future events, the effects of which cannot be determined. The Company has established a valuation allowance for all deferred income tax assets not offset by deferred income tax liabilities due to the uncertainty of their realization. In computing income tax, we recognize an income tax provision in tax jurisdictions in which we have pre-tax income for the period and are expecting to generate pre-tax book income during the fiscal year. |
Note 23 - Commitments and Conti
Note 23 - Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | (23) COMMITMENTS AND CONTINGENCIES The Company is, from time to time, involved in various legal proceedings incidental to the conduct of our business. Historically, the outcome of nearly all such legal proceedings has not, in the aggregate, had a material adverse effect on our business, financial condition, results of operations or liquidity. Other than as set forth below, there are no additional pending or threatened legal proceedings at this time. SecureAlert, Inc. v. Federal Government of Mexico (Department of the Interior). Commonwealth of Puerto Rico, through its Trustees v. International Surveillance Services Corporation. ISS Jeffrey Mohamed Abed v. Track Group, Inc., et al. Track Group Chile SpA. v. Republic of Chile Track Chile Customer Performance Bond Expiration Date Michael Matthews v. Track Group, Inc., et al. Kevin Barnes v. Track Group, Inc., et. al. Performance Bonds As of December 31, 2023, the Company has one provided, however Track Group Chile SpA. v. Republic of Chile The amounts held on two The Company pays interest on the full amount of the Performance Bond to the financial institution providing the guarantee at 2.8% interest per annum for the Performance Bond expiring in July 2024. The Company recorded interest expense for the three months ended December 31, 2023 and 2022 of $11,960 and $31,525, respectively. |
Note 24 - Subsequent Events
Note 24 - Subsequent Events | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | (24) SUBSEQUENT EVENTS In accordance with the Subsequent Events Topic of FASB ASC 855, |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 7 - Net Income (Loss) Pe_2
Note 7 - Net Income (Loss) Per Common Share (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Common Stock Equivalents [Table Text Block] | December 31, December 31, 2023 2022 Issuable common stock options and warrants - 160,881 Total common stock equivalents - 160,881 |
Note 8 - Revenue Recognition (T
Note 8 - Revenue Recognition (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregated Revenue by Geography [Table Text Block] | Three Months Ended December 31, 2023 Three Months Ended December 31, 2022 Total Revenue % of Total Revenue Total Revenue % of Total Revenue United States $ 6,457,328 72 % $ 6,102,350 69 % Latin America 2,332,787 26 % 2,282,372 26 % Other 176,857 2 % 470,969 5 % Total $ 8,966,972 100 % $ 8,855,691 100 % |
Note 10 - Inventory (Tables)
Note 10 - Inventory (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2023 September 30, 2023 Monitoring equipment component boards inventory $ 974,101 $ 1,289,966 Reserve for damaged or obsolete inventory (3,772 ) (3,772 ) Total inventory, net of reserves $ 970,329 $ 1,286,194 |
Note 11 - Property and Equipm_2
Note 11 - Property and Equipment (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 September 30, 2023 Equipment, software and tooling $ 1,429,570 $ 1,427,522 Automobiles 4,573 4,460 Leasehold improvements 382,752 382,122 Furniture and fixtures 223,368 222,554 Total property and equipment before accumulated depreciation 2,040,263 2,036,658 Accumulated depreciation (1,942,870 ) (1,920,850 ) Property and equipment, net of accumulated depreciation $ 97,393 $ 115,808 |
Note 12 - Monitoring Equipment
Note 12 - Monitoring Equipment (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Monitoring Property and Equipment [Table Text Block] | December 31, 2023 September 30, 2023 Monitoring equipment $ 12,009,405 $ 11,535,787 Less: accumulated depreciation (6,863,281 ) (6,348,695 ) Monitoring equipment, net of accumulated depreciation $ 5,146,124 $ 5,187,092 |
Note 13 - Intangible Assets (Ta
Note 13 - Intangible Assets (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2023 September 30, 2022 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Patent & royalty agreements $ 21,120,565 $ (14,691,173 ) $ 6,429,392 $ 21,120,565 $ (14,358,431 ) $ 6,762,134 Developed technology 10,941,260 (3,306,693 ) 7,634,567 10,328,125 (2,933,499 ) 7,394,626 Trade name 140,173 (140,173 ) - 139,450 (138,916 ) 534 Total intangible assets $ 32,201,998 $ (18,138,039 ) $ 14,063,959 $ 31,588,140 $ (17,430,846 ) $ 14,157,294 |
Note 14 - Goodwill (Tables)
Note 14 - Goodwill (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Three Months Ended December 31, 2023 Year Ended September 30, 2023 Balance - beginning of period $ 7,851,466 $ 8,061,002 Effect of foreign currency translation on goodwill 210,043 (209,536 ) Balance - end of period $ 8,061,509 $ 7,851,466 |
Note 15 - Other Assets (Tables)
Note 15 - Other Assets (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Other Assets [Table Text Block] | December 31, 2023 September 30, 2023 Monitoring center equipment $ 1,660,012 $ 1,619,278 Less: accumulated amortization (1,252,164 ) (1,088,825 ) Monitoring center equipment, net of accumulated amortization $ 407,848 $ 530,453 |
Note 16 - Leases (Tables)
Note 16 - Leases (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended December 31, 2023 2022 Monitoring equipment operating revenue $ 7,317,614 $ 6,977,443 |
Lessee, Operating Lease, Balance Sheet Information [Table Text Block] | December 31, 2023 September 30, 2023 Operating lease asset Operating lease liability Operating lease asset Operating lease liability Other assets $ 400,259 $ 403,205 $ - Accrued liabilities 161,394 - 143,846 Long-term liabilities 238,865 - 259,359 |
Lease, Cost [Table Text Block] | December 31, 2023 December 31, 2022 Cash paid for noncancelable operating leases included in operating cash flows $ 69,940 $ 69,992 Right of use assets obtained in exchange for operating lease liabilities $ 43,974 $ 5,459 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Operating Leases From January 2024 to December 2024 $ 174,191 From January 2025 to December 2025 92,933 From January 2026 to December 2026 94,719 From January 2027 to December 2027 63,898 From January 2028 to December 2028 482 Undiscounted cash flow 426,223 Less: imputed interest (25,964 ) Total $ 400,259 Reconciliation to lease liabilities: Lease liabilities - current $ 161,394 Lease liabilities - long-term 238,865 Total lease liabilities $ 400,259 |
Note 17 - Accrued Liabilities (
Note 17 - Accrued Liabilities (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2023 September 30, 2023 Accrued payroll, taxes and employee benefits $ 1,111,082 $ 1,116,036 Deferred revenue 50,000 431 Accrued taxes - foreign and domestic 187,058 260,697 Accrued other expense 84,711 108,476 Accrued legal and other professional costs 63,751 80,210 Accrued costs of revenue 128,186 410,726 Right of use liability 161,394 143,846 Accrued interest 878,573 451,417 Total accrued liabilities $ 2,664,755 $ 2,571,839 |
Note 19 - Debt Obligations (Tab
Note 19 - Debt Obligations (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | December 31, 2023 September 30, 2023 The unsecured loan (the “ Amended Facility Agreement Conrent $ 42,773,649 $ 42,743,599 The unsecured Note Payable Agreement with HP Financial Services Chile Limitada bearing interest at a rate of 6.56% per annum, with a maturity date of February 6, 2024. 4,727 11,435 The unsecured Note Payable Agreement with Banco Santander, net of unamortized issuance costs $3,099, bearing interest at a rate of 5.04% per annum, with a maturity date of May 11, 2024. 50,099 77,670 The unsecured Note Payable Agreement with Banco Estado, net of unamortized issuance costs of $506, bearing interest at a rate of 3.50% per annum, with a maturity date of January 2, 2024. 9,469 36,773 The unsecured Note Payable Agreement with HP Financial Services Chile Limitada bearing interest at a rate of 6.61% per annum, with a maturity date of March 4, 2024. 15,048 29,118 The unsecured Note Payable Agreement with Banco de Chile, net of unamortized issuance costs of $29, bearing interest at a rate of 2.54% per annum, with a maturity date of March 4, 2024. 9,482 18,440 The unsecured Note Payable Agreement with Banco de Chile, net of unamortized issuance costs of $9,124, bearing interest at a rate of 3.12% per annum, with a maturity date of February 17, 2025. 163,195 192,547 Total debt obligations 43,025,669 43,109,582 Less: current portion (228,317 ) (308,417 ) Long-term debt, less current portion $ 42,797,352 $ 42,801,165 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Twelve months ended December 31: Total 2024 $ 239,772 2025 25,006 2026 - 2027 42,864,000 Total 43,128,778 Issuance costs (103,109 ) Debt obligations, net of unamortized issuance costs $ 43,025,669 |
Note 21 - Stock Options and W_2
Note 21 - Stock Options and Warrants (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Stock Options Roll Forward [Table Text Block] | Shares Under Option Weighted Average Exercise Price Weighted Average Remaining Contractual Life (years) Aggregate Intrinsic Value Outstanding as of September 30, 2023 4,688 $ 1.24 0.25 $ - Granted - - - - Expired/Cancelled (4,688 ) 1.24 - - Exercised - - - - Outstanding as of December 31, 2023 - $ - - $ - Exercisable as of December 31, 2023 - $ - - $ - |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - USD ($) | 3 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Apr. 27, 2023 | |
Retained Earnings (Accumulated Deficit) | $ 309,609,936 | $ 309,610,397 | ||
Net loss | 461 | $ 36,384 | ||
Long-Term Debt | 43,025,669 | $ 43,109,582 | ||
Debt Maturing in July 2027 [Member] | ||||
Long-Term Debt | $ 42,900,000 | |||
Notes Payable Related to Construction of Monitoring Centers [Member] | ||||
Long-Term Debt | $ 252,020 |
Note 7 - Net Income (Loss) Pe_3
Note 7 - Net Income (Loss) Per Common Share (Details Textual) - $ / shares | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 160,881 | |
Share Price | $ 0.23 | $ 0.35 |
Note 7 - Net Income (Loss) Pe_4
Note 7 - Net Income (Loss) Per Common Share - Schedule of Common Stock Equivalents (Details) - shares | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 31, 2022 |
Issuable common stock options and warrants (in shares) | 0 | 4,688 | |
Total common stock equivalents (in shares) | 0 | 160,881 | |
Stock Options and Warrants [Member] | |||
Issuable common stock options and warrants (in shares) | 0 | 160,881 |
Note 8 - Revenue Recognition (D
Note 8 - Revenue Recognition (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accounts and Financing Receivable, after Allowance for Credit Loss, Total | $ 5,658,004 | $ 4,536,916 | $ 6,236,555 | |||
Unbilled Receivables, Current | 513,921 | $ 490,848 | $ 777,514 | |||
Accounts Receivable, Allowance for Credit Loss, Including Credit Memos, Current | $ 278,969 | 155,029 | $ 102,570 | |||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 14 | $ 107 | ||||
Allowance for Credit Memos | 20,000 | 23,065 | 0 | |||
Contract with Customer, Liability | 50,000 | $ 431 | $ 3,299 | |||
Contract with Customer, Liability, Deferred Revenue Recognized | $ 150,431 | $ 3,012 | ||||
Revenue From Contract With Customer, Percent | 97% | 94% |
Note 8 - Revenue Recognition -
Note 8 - Revenue Recognition - Revenue Disaggregated by Geography (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Customer revenue amount | $ 8,966,972 | $ 8,855,691 |
Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||
Customer concentration risk percentage | 100% | 100% |
UNITED STATES | ||
Customer revenue amount | $ 6,457,328 | $ 6,102,350 |
UNITED STATES | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||
Customer concentration risk percentage | 72% | 69% |
Latin America [Member] | ||
Customer revenue amount | $ 2,332,787 | $ 2,282,372 |
Latin America [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||
Customer concentration risk percentage | 26% | 26% |
Other than United States and Latin America [Member] | ||
Customer revenue amount | $ 176,857 | $ 470,969 |
Other than United States and Latin America [Member] | Revenue Benchmark [Member] | Geographic Concentration Risk [Member] | ||
Customer concentration risk percentage | 2% | 5% |
Note 9 - Prepaid Expense and _2
Note 9 - Prepaid Expense and Deposits (Details Textual) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Prepaid Expense and Other Assets, Current | $ 499,943 | $ 610,440 |
Note 10 - Inventory - Summary o
Note 10 - Inventory - Summary of Inventory (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Monitoring equipment component boards inventory | $ 974,101 | $ 1,289,966 |
Reserve for damaged or obsolete inventory | (3,772) | (3,772) |
Total inventory, net of reserves | $ 970,329 | $ 1,286,194 |
Note 11 - Property and Equipm_3
Note 11 - Property and Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation, Nonproduction | $ 18,989 | $ 23,595 |
Note 11 - Property and Equipm_4
Note 11 - Property and Equipment - Property and Equipment (Details) - Property, Plant, and Equipment, Excluding Monitoring Equipment [Member] - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Equipment, software and tooling | $ 1,429,570 | $ 1,427,522 |
Automobiles | 4,573 | 4,460 |
Leasehold improvements | 382,752 | 382,122 |
Furniture and fixtures | 223,368 | 222,554 |
Total property and equipment before accumulated depreciation | 2,040,263 | 2,036,658 |
Accumulated depreciation | (1,942,870) | (1,920,850) |
Property and equipment, net of accumulated depreciation | $ 97,393 | $ 115,808 |
Note 12 - Monitoring Equipmen_2
Note 12 - Monitoring Equipment (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation, Lessor Asset under Operating Lease | $ 382,453 | $ 342,068 |
Impairment, Lessor Asset under Operating Lease | $ 98,673 | $ 66,644 |
Note 12 - Monitoring Equipmen_3
Note 12 - Monitoring Equipment - Schedule of Monitoring Property and Equipment (Details) - Monitoring Equipment [Member] - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Monitoring equipment | $ 12,009,405 | $ 11,535,787 |
Less: accumulated depreciation | (6,863,281) | (6,348,695) |
Monitoring equipment, net of accumulated depreciation | $ 5,146,124 | $ 5,187,092 |
Note 13 - Intangible Assets (De
Note 13 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Amortization of Intangible Assets | $ 627,781 | $ 655,066 |
Cost of Sales [Member] | ||
Amortization of Intangible Assets | 407,010 | 430,951 |
Operating Expense [Member] | ||
Amortization of Intangible Assets | $ 220,771 | $ 224,115 |
Note 13 - Intangible Assets - I
Note 13 - Intangible Assets - Intangible Asset Activity (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Gross | $ 32,201,998 | $ 31,588,140 |
Accumulated amortization | 18,138,039 | 17,430,846 |
Net | 14,063,959 | 14,157,294 |
Patents [Member] | ||
Gross | 21,120,565 | 21,120,565 |
Accumulated amortization | 14,691,173 | 14,358,431 |
Net | 6,429,392 | 6,762,134 |
Developed Technology Rights [Member] | ||
Gross | 10,941,260 | 10,328,125 |
Accumulated amortization | 3,306,693 | 2,933,499 |
Net | 7,634,567 | 7,394,626 |
Trade Names [Member] | ||
Gross | 140,173 | 139,450 |
Accumulated amortization | 140,173 | 138,916 |
Net | $ 0 | $ 534 |
Note 14 - Goodwill (Details Tex
Note 14 - Goodwill (Details Textual) $ in Thousands | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Goodwill, Impairment Loss | $ 0 |
Note 14 - Goodwill - Schedule O
Note 14 - Goodwill - Schedule Of Goodwill (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Sep. 30, 2023 | |
Balance - beginning of period | $ 7,851,466 | $ 8,061,002 |
Effect of foreign currency translation on goodwill | 210,043 | (209,536) |
Balance - end of period | $ 8,061,509 | $ 7,851,466 |
Note 15 - Other Assets (Details
Note 15 - Other Assets (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Other Assets, Total | $ 2,382,312 | $ 2,442,154 | |
Capitalized Contract Cost, Santiago Monitoring Center [Member] | |||
Capitalized Contract Cost, Amortization | $ 134,317 | $ 133,304 |
Note 15 - Other Assets - Monito
Note 15 - Other Assets - Monitoring Center Equipment (Details) - Monitoring Center Equipment [Member] - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Monitoring center equipment | $ 1,660,012 | $ 1,619,278 |
Accumulated depreciation | (1,252,164) | (1,088,825) |
Property and equipment, net of accumulated depreciation of $1,942,870 and $1,920,850, respectively | $ 407,848 | $ 530,453 |
Note 16 - Leases (Details Textu
Note 16 - Leases (Details Textual) | Dec. 31, 2023 |
Operating Lease, Weighted Average Remaining Lease Term | 3 years 25 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4% |
Note 16 - Leases - Operating Le
Note 16 - Leases - Operating Lease Revenue Associated With Monitoring Equipment (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Monitoring equipment operating revenue | $ 7,317,614 | $ 6,977,443 |
Note 16 - Leases - Schedule of
Note 16 - Leases - Schedule of Right of Use Assets and Lease Liabilities (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Accrued liabilities | $ 161,394 | |
Long-term liabilities | 238,865 | $ 259,359 |
Other Assets [Member] | ||
Other assets | 400,259 | 403,205 |
Accrued Liabilites [Member] | ||
Accrued liabilities | $ 161,394 | $ 143,846 |
Note 16 - Leases - Schedule o_2
Note 16 - Leases - Schedule of Cash Flow Information (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid for noncancelable operating leases included in operating cash flows | $ 69,940 | $ 69,992 |
Right of use assets obtained in exchange for operating lease liabilities | $ 43,974 | $ 5,459 |
Note 16 - Leases - Schedule o_3
Note 16 - Leases - Schedule of Future Minimum Lease Payments (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
From January 2024 to December 2024 | $ 174,191 | |
From January 2025 to December 2025 | 92,933 | |
From January 2026 to December 2026 | 94,719 | |
From January 2027 to December 2027 | 63,898 | |
From January 2028 to December 2028 | 482 | |
Undiscounted cash flow | 426,223 | |
Less: imputed interest | (25,964) | |
Total | 400,259 | |
Lease liabilities - current | 161,394 | |
Long-term liabilities | $ 238,865 | $ 259,359 |
Note 17 - Accrued Liabilities -
Note 17 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Accrued payroll, taxes and employee benefits | $ 1,111,082 | $ 1,116,036 |
Deferred revenue | 50,000 | 431 |
Accrued taxes - foreign and domestic | 187,058 | 260,697 |
Accrued other expense | 84,711 | 108,476 |
Accrued legal and other professional costs | 63,751 | 80,210 |
Accrued costs of revenue | 128,186 | 410,726 |
Accrued liabilities | 161,394 | |
Accrued interest | 878,573 | 451,417 |
Total accrued liabilities | 2,664,755 | 2,571,839 |
Right-of-use Liability [Member] | ||
Accrued liabilities | $ 161,394 | $ 143,846 |
Note 18 - Related Parties (Deta
Note 18 - Related Parties (Details Textual) | Sep. 28, 2017 shares |
Stock Issued During Period, Shares, Acquisitions (in shares) | 4,706,579 |
Note 19 - Debt Obligations (Det
Note 19 - Debt Obligations (Details Textual) | 3 Months Ended | |||||||||||||||||||||
Feb. 15, 2021 USD ($) | Feb. 15, 2021 CLP ($) | Feb. 05, 2021 USD ($) | Feb. 05, 2021 CLP ($) | Feb. 04, 2021 USD ($) | Feb. 04, 2021 CLP ($) | Feb. 02, 2021 USD ($) | Feb. 02, 2021 CLP ($) | Jan. 12, 2021 USD ($) | Jan. 12, 2021 CLP ($) | Jan. 06, 2021 USD ($) | Jan. 06, 2021 CLP ($) | Dec. 31, 2023 USD ($) | Jun. 30, 2026 | Jun. 30, 2025 | Jun. 30, 2024 | Sep. 30, 2023 | Feb. 15, 2021 CLP ($) | Feb. 02, 2021 CLP ($) | Jan. 12, 2021 CLP ($) | Dec. 21, 2020 | Dec. 20, 2020 | |
Principal Amount | $ 42,864,000 | |||||||||||||||||||||
Repayments of Long-Term Debt | $ 678,214 | $ 136,564 | $ 205,330 | $ 338,954 | $ 482,965 | $ 101,186 | ||||||||||||||||
Other Expenses, Total | $ 286 | 2,734 | 3,897 | |||||||||||||||||||
Broker Fees Others | $ 38,317 | $ 19,304 | $ 27,275 | |||||||||||||||||||
Chilean Pesos [Member] | ||||||||||||||||||||||
Repayments of Long-Term Debt | $ 500,000,000 | $ 99,808,328 | $ 149,794,432 | $ 247,999,300 | $ 347,198,500 | $ 70,443,375 | ||||||||||||||||
Other Expenses, Total | $ 210,485 | $ 2,000,700 | $ 2,801,500 | |||||||||||||||||||
Broker Fees Others | $ 28,248,588 | $ 14,124,294 | $ 19,607,843 | |||||||||||||||||||
Agreement with Conrent [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | 4% | 8% | |||||||||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 876,331 | |||||||||||||||||||||
Amended Agreement with Conrent [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | |||||||||||||||||||||
Amended Agreement with Conrent [Member] | Forecast [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6% | 5.50% | 5% | |||||||||||||||||||
Note Payable With HP Financial Services Maturing on Feb 6, 2024 [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.56% | 6.56% | ||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.56% | 6.56% | ||||||||||||||||||||
Note Payable With Banco Santander [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.04% | |||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 5.04% | 5.04% | ||||||||||||||||||||
Note Payable With Banco Estado [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.50% | 3.50% | ||||||||||||||||||||
Note Payable with HP Financial Services Maturing on March 4, 2024 [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.61% | 6.61% | ||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 6.61% | 6.61% | ||||||||||||||||||||
Note Payable with Banco De Chile Maturing on March 4, 2024 [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.54% | |||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 2.54% | 2.54% | ||||||||||||||||||||
Note Payable with Banco De Chile Maturing on Feb 17, 2025 [Member] | ||||||||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.12% | |||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 3.12% | 3.12% |
Note 19 - Debt Obligations - Su
Note 19 - Debt Obligations - Summary of Debt Obligations (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Total debt obligations | $ 43,025,669 | $ 43,109,582 |
Less: current portion | (228,317) | (308,417) |
Long-term debt, net of current portion | 42,797,352 | 42,801,165 |
Agreement with Conrent [Member] | ||
Total debt obligations | 42,773,649 | 42,743,599 |
Note Payable With HP Financial Services Maturing on Feb 6, 2024 [Member] | ||
Total debt obligations | 4,727 | 11,435 |
Note Payable With Banco Santander [Member] | ||
Total debt obligations | 50,099 | 77,670 |
Note Payable With Banco Estado [Member] | ||
Total debt obligations | 9,469 | 36,773 |
Note Payable with HP Financial Services Maturing on March 4, 2024 [Member] | ||
Total debt obligations | 15,048 | 29,118 |
Note Payable with Banco De Chile Maturing on March 4, 2024 [Member] | ||
Total debt obligations | 9,482 | 18,440 |
Note Payable with Banco De Chile Maturing on Feb 17, 2025 [Member] | ||
Total debt obligations | $ 163,195 | $ 192,547 |
Note 19 - Debt Obligations - _2
Note 19 - Debt Obligations - Summary of Debt Obligations (Details) (Parentheticals) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 | Dec. 21, 2020 | Dec. 20, 2020 |
Debt Issuance Costs, Net | $ 103,109 | |||
Agreement with Conrent [Member] | ||||
Debt Instrument, Face Amount | $ 42,864,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4% | 4% | 8% | |
Debt Issuance Costs, Net | $ 90,351 | |||
Debt Instrument, Face Amount | 42,864,000 | |||
Interest Payable | $ 876,331 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4% | 4% | 8% | |
Note Payable With HP Financial Services Maturing on Feb 6, 2024 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.56% | 6.56% | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.56% | 6.56% | ||
Note Payable With Banco Santander [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 5.04% | |||
Debt Issuance Costs, Net | $ 3,099 | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.04% | |||
Note Payable With Banco Estado [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||
Debt Issuance Costs, Net | $ 506 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||
Note Payable with HP Financial Services Maturing on March 4, 2024 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.61% | 6.61% | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.61% | 6.61% | ||
Note Payable with Banco De Chile Maturing on March 4, 2024 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.54% | |||
Debt Issuance Costs, Net | $ 29 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.54% | |||
Note Payable with Banco De Chile Maturing on Feb 17, 2025 [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.12% | |||
Debt Issuance Costs, Net | $ 9,124 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.12% |
Note 19 - Debt Obligations - Fu
Note 19 - Debt Obligations - Future Maturities of Debt Obligations (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
2024 | $ 239,772 | |
2025 | 25,006 | |
2026 | 0 | |
2027 | 42,864,000 | |
Total | 43,128,778 | |
Issuance costs | (103,109) | |
Total debt obligations | $ 43,025,669 | $ 43,109,582 |
Note 20 - Preferred and Commo_2
Note 20 - Preferred and Common Stock (Details Textual) | 3 Months Ended | |||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Sep. 30, 2023 $ / shares shares | Oct. 12, 2017 shares | |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 | ||
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | 20,000,000 | ||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||
Dividends, Preferred Stock | $ | $ 0 | $ 2,022 | ||
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 | ||
Series A Convertible Preferred Stock [Member] | ||||
Preferred Stock, Shares Authorized (in shares) | 1,200,000 | 1,200,000 | 1,200,000 | |
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 35 | |||
Preferred Stock, Convertible, Conversion Ratio | 10 | |||
Preferred Stock, Convertible, Convertibility, Period After Date of Issuance (Day) | 540 days | |||
Preferred Stock, Shares Issued | 0 | |||
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 |
Note 21 - Stock Options and W_3
Note 21 - Stock Options and Warrants (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted Stock [Member] | ||
Stock Issued During Period, Shares, New Issues | 0 | |
The 2022 Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 500,000 | |
Common Stock, Capital Shares Reserved for Future Issuance | 215,000 | |
Class of Warrant or Right, Issued During Period (in shares) | 0 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount (in shares) | 0 | |
The 2022 Plan [Member] | Restricted Stock [Member] | ||
Share-Based Payment Arrangement, Expense | $ 3,431 | $ 61,750 |
The 2012 Plan [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 27,218 | |
Class of Warrant or Right, Issued During Period (in shares) | 0 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount (in shares) | 0 |
Note 21 - Stock Options and W_4
Note 21 - Stock Options and Warrants - Summary of Stock Options and Warrants Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2023 | Sep. 30, 2023 | |
Outstanding (in shares) | 4,688 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 1.24 | |
Outstanding, weighted average remaining contractual life (Year) | 3 months | |
Outstanding, aggregate intrinsic value | $ 0 | $ 0 |
Expired/Cancelled (in shares) | (4,688) | |
Expired/Cancelled (in dollars per share) | $ 1.24 | |
Outstanding (in shares) | 0 | 4,688 |
Outstanding, weighted average exercise price (in dollars per share) | $ 0 | $ 1.24 |
Exercisable (in shares) | 0 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 0 | |
Exercisable, aggregate intrinsic value | $ 0 |
Note 23 - Commitments and Con_2
Note 23 - Commitments and Contingencies (Details Textual) | 3 Months Ended | |||
Mar. 24, 2017 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | |
Number of Performance Bonds in Connection with a Foreign Customer | 1 | |||
Performance Bonds in Connection with a Foreign Customer | $ 1,695,741 | |||
Number of Performance Bonds. Released, in Connection with a Foreign Customer | 2 | |||
Performance Bonds in Connection with a Foreign Customer, Including Interest | $ 1,041,797 | |||
Performance Bonds in Connection with a Foreign Customer, Bonds Expiring in Third Fiscal Year, Interest Rate | 2.80% | |||
Performance Bonds in Connection with a Foreign Customer, Interest Expense | 11,960 | $ 31,525 | ||
Other Assets [Member] | ||||
Performance Bonds in Connection with a Foreign Customer | $ 1,186,991 | |||
SecureAlert, Inc. v. Federal Government of Mexico [Member] | ||||
Claim Amount | $ 4,000,000 |