Hennessy Advisors (HNNA) 10-K 6 Dec 23 2023 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2023	Dec. 04, 2023	Mar. 31, 2023
Document Information [Line Items]
Entity Central Index Key	0001145255
Entity Registrant Name	HENNESSY ADVISORS INC
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-36423
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	68-0176227
Entity Address, Address Line One	7250 Redwood Boulevard, Suite 200
Entity Address, City or Town	Novato
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94945
City Area Code	415
Local Phone Number	899-1555
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 36,924,433
Entity Common Stock, Shares Outstanding		7,673,869
Auditor Name	Marcum LLC
Auditor Location	San Francisco, CA
Auditor Firm ID	688
Public Income Notes [Member]
Document Information [Line Items]
Title of 12(b) Security	4.875% Notes due 2026
Trading Symbol	HNNAZ
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, no par value
Trading Symbol	HNNA
Security Exchange Name	NASDAQ

Balance Sheets

Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Current assets
Cash and cash equivalents	$ 60,476	$ 58,487
Investments in marketable securities, at fair value	10	9
Investment fee income receivable	2,046	2,051
Interest income receivable	253	100
Prepaid expenses	669	753
Other accounts receivable	247	257
Total current assets	63,701	61,657
Property and equipment, net of accumulated depreciation of $2,287 and $2,057, respectively	305	320
Operating lease right-of-use asset	295	651
Management contracts	81,262	80,868
Other assets	156	156
Total assets	145,719	143,652
Current liabilities
Accrued liabilities and accounts payable	3,165	3,320
Accrued management contract payment	0	210
Operating lease liability	279	367
Income taxes payable	748	820
Total current liabilities	4,192	4,717
Notes payable, net of issuance costs	39,164	38,870
Long-term operating lease liability	0	279
Net deferred income tax liability	14,611	13,488
Total liabilities	57,967	57,354
Commitments and contingencies (Note 10)
Stockholders' equity
Common stock, no par value, 22,500,000 shares authorized; 7,671,099 shares issued and outstanding as of September 30, 2023, and 7,571,741 as of September 30, 2022	21,800	20,951
Retained earnings	65,952	65,347
Total stockholders' equity	87,752	86,298
Total liabilities and stockholders' equity	$ 145,719	$ 143,652

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Accumulated depreciation	$ 2,287	$ 2,057
Common Stock, No Par Value (in dollars per share)	$ 0	$ 0
Common Stock, Authorized (in shares)	22,500,000	22,500,000
Common Stock, Issued (in shares)	7,671,099	7,571,741
Common Stock, Outstanding (in shares)	7,671,099	7,571,741

Statements of Income

Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Revenue
Revenue	$ 24,020	$ 29,667
Operating expenses
Compensation and benefits	7,732	8,322
General and administrative	5,479	5,036
Fund distribution and other	486	536
Sub-advisory fees	3,759	5,727
Depreciation	230	207
Total operating expenses	17,686	19,828
Net operating income	6,334	9,839
Interest expense	2,256	2,122
Interest income	(2,522)	(229)
Income before income tax expense	6,600	7,946
Income tax expense	1,829	1,756
Net income	$ 4,771	$ 6,190
Earnings per share
Basic (in dollars per share)	$ 0.63	$ 0.83
Diluted (in dollars per share)	$ 0.63	$ 0.82
Weighted average shares outstanding
Basic (in shares)	7,580,120	7,483,342
Diluted (in shares)	7,603,676	7,558,008
Cash dividends declared per share (in dollars per share)	$ 0.55	$ 0.55
Investment Advice [Member]
Revenue
Revenue	$ 22,090	$ 27,468
Shareholder Service [Member]
Revenue
Revenue	$ 1,930	$ 2,199

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Two Thousand Eighteen Dividend Reinvestment and Stock Purchase Plan [Member] Common Stock [Member]	Two Thousand Eighteen Dividend Reinvestment and Stock Purchase Plan [Member] Common Stock Including Additional Paid in Capital [Member]	Two Thousand Eighteen Dividend Reinvestment and Stock Purchase Plan [Member] Retained Earnings [Member]	Two Thousand Eighteen Dividend Reinvestment and Stock Purchase Plan [Member]	Two Thousand Twenty One Dividend Reinvestment and Stock Purchase Plan [Member] Common Stock [Member]	Two Thousand Twenty One Dividend Reinvestment and Stock Purchase Plan [Member] Common Stock Including Additional Paid in Capital [Member]	Two Thousand Twenty One Dividend Reinvestment and Stock Purchase Plan [Member] Retained Earnings [Member]	Two Thousand Twenty One Dividend Reinvestment and Stock Purchase Plan [Member]	Common Stock [Member]	Common Stock Including Additional Paid in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Sep. 30, 2021									7,469,584
Balance at Sep. 30, 2021										$ 19,964	$ 63,298	$ 83,262
Net income										0	6,190	6,190
Dividends paid										0	(4,113)	(4,113)
Employee and director restricted stock vested (in shares)									132,263
Employee and director restricted stock vested										0	0	0
Repurchase of vested employee restricted stock for tax withholding (in shares)									(37,718)
Repurchase of vested employee restricted stock for tax withholding										(328)	(28)	(356)
Shares issued for auto-investments pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan (in shares)	471
Shares issued for auto-investments pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan		$ 5	$ 0	$ 5
Shares issued for dividend reinvestment pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan (in shares)	7,141
Shares issued for dividend reinvestment pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan		$ 74	$ 0	$ 74
Stock-based compensation										1,252	0	1,252
Employee restricted stock forfeiture										(16)	0	(16)
Balance (in shares) at Sep. 30, 2022									7,571,741
Balance at Sep. 30, 2022										20,951	65,347	86,298
Net income										0	4,771	4,771
Dividends paid										0	(4,166)	(4,166)
Employee and director restricted stock vested (in shares)									124,015
Employee and director restricted stock vested										0	0	0
Repurchase of vested employee restricted stock for tax withholding (in shares)									(34,192)
Repurchase of vested employee restricted stock for tax withholding										(233)	0	(233)
Shares issued for auto-investments pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan (in shares)					1,206
Shares issued for auto-investments pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan						$ 9	$ 0	$ 9
Shares issued for dividend reinvestment pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan (in shares)					8,329
Shares issued for dividend reinvestment pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan						$ 64	$ 0	$ 64
Stock-based compensation										1,026	0	1,026
Employee restricted stock forfeiture										(17)	0	(17)
Balance (in shares) at Sep. 30, 2023									7,671,099
Balance at Sep. 30, 2023										$ 21,800	$ 65,952	$ 87,752

Statements of Cash Flows

Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net income	$ 4,771	$ 6,190
Depreciation	230	207
Change in right-of-use asset and operating lease liability	(11)	0
Amortization of note issuance costs	294	263
Deferred income taxes	1,123	1,051
Employee restricted stock forfeiture	(17)	(16)
Stock-based compensation	1,026	1,252
Unrealized loss (gain) on marketable securities	(1)	1
Change in operating assets and liabilities:
Investment fee income receivable	5	744
Interest income receivable	(153)	(100)
Prepaid expenses	84	35
Other accounts receivable	10	20
Other assets	0	79
Accrued liabilities and accounts payable	(155)	(831)
Income taxes payable	(72)	(230)
Net cash provided by operating activities	7,134	8,665
Cash flows from investing activities
Purchases of property and equipment	(215)	(216)
Payments related to management contracts	(604)	(15)
Net cash used in investing activities	(819)	(231)
Cash flows from financing activities
Proceeds from issuance of notes, net of underwriting discount	0	39,042
Payment of issuance costs on notes	0	(435)
Repurchase of vested employee restricted stock for tax withholding	(233)	(356)
Dividend payments	(4,102)	(4,039)
Net cash (used in) provided by financing activities	(4,326)	34,217
Net increase in cash and cash equivalents	1,989	42,651
Cash and cash equivalents at the beginning of the period	58,487	15,836
Cash and cash equivalents at the end of the period	60,476	58,487
Supplemental disclosures of cash flow information
Cash paid for income taxes	779	938
Cash paid for interest	1,962	1,859
Dividend investment issued in shares	64	74
Payment related to management contracts in accounts payable	0	210
Two Thousand Eighteen Dividend Reinvestment and Stock Purchase Plan [Member]
Cash flows from financing activities
Proceeds from shares issued pursuant to the 2021 Dividend Reinvestment and Stock Repurchase Plan	$ 9	$ 5

Note 1 - Organization and Descr

Note 1 - Organization and Description of Business and Significant Accounting Policies	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	( 1 Organization and Description of Business and Significant Accounting Policies (a) Organization and Description of Business Hennessy Advisors, Inc. (the “Company”) was founded on February 1, 1989, 1990, April 15, 2001, The Company’s operating activities consist primarily of providing investment advisory services to 16 open-end mutual funds and one exchange‑traded fund (“ETF”) branded as the Hennessy Funds. The Company serves as the investment advisor to all classes of the Hennessy Cornerstone Growth Fund, the Hennessy Focus Fund, the Hennessy Cornerstone Mid Cap 30 The employee retention credit (“ERC”), as originally enacted on March 27, 2020, 50% December 31, 2021, COVID‑19 941‑X May 2023, not 20” 20, The Company’s operating revenues consist of contractual investment advisory and shareholder service fees paid to it by the Hennessy Funds. The Company earns investment advisory fees from each Hennessy Fund by, among other things: ● acting as portfolio manager for the fund or overseeing the sub‑advisor acting as portfolio manager for the fund, which includes managing the composition of the fund’s portfolio (including the purchase, retention, and disposition of portfolio securities in accordance with the fund’s investment objectives, policies, and restrictions), seeking best execution for the fund’s portfolio, managing the use of soft dollars for the fund, and managing proxy voting for the fund; ● performing a daily reconciliation of portfolio positions and cash for the fund; ● monitoring the liquidity of the fund; ● monitoring the fund’s compliance with its investment objectives and restrictions and federal securities laws; ● maintaining a compliance program (including a code of ethics), conducting ongoing reviews of the compliance programs of the fund’s service providers (including any sub‑advisor), including their codes of ethics, as appropriate, conducting on‑site visits to the fund’s service providers (including any sub-advisor) as feasible, monitoring incidents of abusive trading practices, reviewing fund expense accruals, payments, and fixed expense ratios, evaluating insurance providers for fidelity bond, directors and officers and errors and omissions insurance, and cybersecurity insurance coverage, managing regulatory examination compliance and responses, conducting employee compliance training, reviewing reports provided by service providers, and maintaining books and records; ● if applicable, overseeing the selection and continued employment of the fund’s sub‑advisor, reviewing the fund’s investment performance, and monitoring the sub‑advisor’s adherence to the fund’s investment objectives, policies, and restrictions; ● overseeing service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the fund; ● maintaining in‑house marketing and distribution departments on behalf of the fund; ● preparing or directing the preparation of all regulatory filings for the fund, including writing and annually updating the fund’s prospectus and related documents; ● for each annual report of the fund, preparing or reviewing a written summary of the fund’s performance during the most recent 12‑month ● monitoring and overseeing the accessibility of the fund on financial institution platforms; ● paying the incentive compensation of the fund’s compliance officer and employing other staff such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives; ● providing a quarterly compliance certification to the Board of Trustees of Hennessy Funds Trust (the “Funds’ Board of Trustees”); and ● preparing or reviewing materials for the Funds’ Board of Trustees, presenting to or leading discussions with the Funds’ Board of Trustees, preparing or reviewing all meeting minutes, and arranging for training and education of the Funds’ Board of Trustees. The Company earns shareholder service fees from Investor Class shares of the Hennessy Mutual Funds by, among other things, maintaining a toll‑free number that the current investors in the Hennessy Funds may Investment advisory and shareholder service fee revenues are earned and calculated daily by the Hennessy Funds’ accountants at U.S. Bank Global Fund Services and are subsequently reviewed by management. The Company recognizes revenues when its obligations related to the investment advisory and shareholder services are satisfied, and it is probable that a significant reversal of the revenue amount would not 12 606 The Company waives a portion of its fees with respect to the Hennessy Midstream Fund, the Hennessy Technology Fund, and the Hennessy Stance ESG ETF to comply with contractual expense ratio limitations. The fee waivers are calculated daily by the Hennessy Funds’ accountants at U.S. Bank Global Fund Services, reviewed by management, and then charged to expense monthly as offsets to the Company’s revenues. Each waived fee is then deducted from investment advisory fee income and reduces the aggregate amount of advisory fees the Company receives from such fund in the subsequent month. To date, the Company has only waived fees based on contractual obligations, but the Company has the ability to waive fees at its discretion. Any decision to waive fees would apply only on a going‑forward basis. The Company’s contractual agreements for investment advisory and shareholder services prove that a contract exists with fixed and determinable fees, and the services are rendered daily. The collectability is deemed probable because the fees are received from the Hennessy Funds in the month subsequent to the month in which the services are provided. (b) Cash and Cash Equivalents Cash and cash equivalents include all cash balances and highly liquid investments with original maturities of three (c) Fair Value of Financial Instruments The Financial Accounting Standards Board (“FASB”) guidance on “Disclosures about Fair Value of Financial Instruments” requires disclosures regarding the fair value of all financial instruments for financial statement purposes. The estimates presented in these financial statements are based on information available to management as of the end of fiscal years 2023 2022 2023 2022 may not (d) Investments Investments in highly‑liquid financial instruments with remaining maturities of less than one one 3 8, The Company holds investments in publicly traded mutual funds, which are accounted for as trading securities. Accordingly, unrealized gains and losses of less than $1,000 per year were recognized in operations for fiscal years 2023 2022 Dividend income is recorded on the ex‑dividend date. Purchases and sales of marketable securities are recorded on a trade‑date basis, and realized gains and losses recognized on sale are determined on a specific identification/average cost basis. (e) Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally between one ten (f) Management Contracts Purchased Throughout its history, the Company has completed 11 31 not 2023 2022 third not" Under Accounting Standards Codification 350 not no 2023 The Company completed its most recent asset purchase on December 22, 2022, August 29, 2022, July 2023, September 30, 2023, September 30, 2022, September 30, 2023. On April 26, 2023, two 2023. In the current period, the Company capitalized $0.2 million in legal costs related to the transaction. Upon completion of the transaction, the assets of the CCM Equity Funds will be reorganized into the Hennessy Stance ESG ETF. The transaction is subject to customary closing conditions, including the approval of the CCM Equity Funds’ shareholders. (g) Income Taxes The Company, under the FASB guidance on “Accounting for Uncertainty in Income Tax,” uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in a company’s income tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company utilizes a two first not second not The Company believes the positions taken on its tax returns are fully supported, but tax authorities may may not may 12 8, The Company is subject to income tax in the U.S. federal jurisdiction and multiple state jurisdictions. The Company’s U.S. federal income taxes for 2019 2023 22 Year Number of State Tax Jurisdictions 2023 22 2022 22 2021 22 2020 22 2019 19 For state tax jurisdictions with unfiled tax returns, the statutes of limitations remains open indefinitely. (h) Earnings per Share Basic earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding, while diluted earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding adjusted for the dilutive effect of common stock equivalents, which consist of restricted stock units (“RSUs”). (i) Equity Amended and Restated 2013 The Company has adopted, and the Company’s shareholders have approved, the Amended and Restated 2013 may 50% not may 50% not one may The compensation committee of the Company’s Board of Directors has the authority to determine the awards granted under the Omnibus Plan, including among other things, the individuals who receive the awards, the times when they receive them, vesting schedules, performance goals, whether an option is an incentive or nonqualified option, and the number of shares to be subject to each award. However, no may five may 10 March 2014 may one first may not may, Under the Omnibus Plan, participants may four four All compensation costs related to RSUs vested during fiscal years 2023 2022 The Company has available up to 3,835,550 shares of the Company’s common stock in respect of granted stock awards, in accordance with terms of the Omnibus Plan. A summary of RSU activity is as follows: Fiscal Years Ended September 30, 2023 2022 Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Non-vested balance at beginning of year 315,561 $ 8.15 323,810 $ 8.87 Granted 159,700 5.53 132,875 7.72 Vested (1) (124,746 ) (8.22 ) (133,207 ) (9.42 ) Forfeited (5,360 ) (8.12 ) (7,917 ) (8.76 ) Non-vested balance at end of year 345,155 $ 6.91 315,561 $ 8.15 ( 1 Represents partially vested RSUs for which the Company already has recognized the associated compensation expense but has not Additional information related to RSUs is as follows: September 30, 2023 (In thousands, except years) Unrecognized compensation expense related to RSUs $ 2,386 Weighted average remaining period to expense for RSUs (in years) 3.1 Dividend Reinvestment and Stock Purchase Plan In January 2021, 2018. 2023 2022 may September 30, 2023 Stock Buyback Program In August 2010, not August 2022, may not 2023 (j) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Note 2 - Fair Value Measurement

Note 2 - Fair Value Measurements	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 2 Fair Value Measurements The Company applies Accounting Standards Codification 820 three ● Level 1 ● Level 2 not not ● Level 3 not Based on the definitions, the following table represents the Company’s assets categorized in the Level 1 3 September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Money market fund deposits $ 59,382 $ - $ - $ 59,382 Mutual fund investments 10 - - 10 Total $ 59,392 $ - $ - $ 59,392 Amounts included in Cash and cash equivalents $ 59,382 $ - $ - $ 59,382 Investments in marketable securities 10 - - 10 Total $ 59,392 $ - $ - $ 59,392 September 30, 2022 Level 1 Level 2 Level 3 Total (In thousands) Money market fund deposits $ 54,225 $ - $ - $ 54,225 Mutual fund investments 9 - - 9 Total $ 54,234 $ - $ - $ 54,234 Amounts included in Cash and cash equivalents $ 54,225 $ - $ - $ 54,225 Investments in marketable securities 9 - - 9 Total $ 54,234 $ - $ - $ 54,234 There were no 2023 2022 The fair values of receivables, payables, and accrued liabilities approximate their book values given the short-term nature of those instruments. The fair value of the 2026 9 8, September 30, 2023 1

Note 3 - Investments

Note 3 - Investments	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Investment [Text Block]	( 3 Investments The cost, gross unrealized gains, gross unrealized losses, and fair market value of the Company’s trading investments were as follows: Cost Gross Unrealized Gains Gross Unrealized Losses Total (In thousands) 2023 Mutual fund investments $ 4 $ 26 $ (20 ) $ 10 Total 4 26 (20 ) 10 2022 Mutual fund investments $ 4 $ 24 $ (19 ) $ 9 Total 4 24 (19 ) 9 The mutual fund investments are included as a separate line item in current assets on the Company’s balance sheets.

Note 4 - Property and Equipment

Note 4 - Property and Equipment, Net	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	( 4 Property and Equipment, Net The following table summarizes the Company’s property and equipment balances: September 30, 2023 2022 (In thousands) Equipment $ 786 $ 703 Leasehold improvements 154 154 Furniture and fixtures 399 396 IT infrastructure 87 85 Software 1,166 1,039 Property and equipment, gross 2,592 2,377 Accumulated depreciation (2,287 ) (2,057 ) Property and equipment, net $ 305 $ 320 The following useful lives are assigned to fixed assets: furniture is seven three one three 2023 2022

Note 5 - Management Contracts

Note 5 - Management Contracts	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Intangible Assets Disclosure [Text Block]	( 5 Management Contracts The costs related to the Company’s purchase of the assets related to management contracts are capitalized as incurred and comprise the management contract asset. This asset was $81.3 million as of the end of fiscal year 2023 2022 350

Note 6 - Investment Advisory Ag

Note 6 - Investment Advisory Agreements	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Investment Advisory Agreements [Text Block]	( 6 Investment Advisory Agreements The Company has investment advisory agreements with Hennessy Funds Trust under which it provides investment advisory services to all classes of the 17 Hennessy Funds. The investment advisory agreements must be renewed annually (except in limited circumstances) by (a) the Funds’ Board of Trustees or the vote of a majority of the outstanding shares of the applicable Hennessy Fund and (b) the vote of a majority of the trustees of Hennessy Funds Trust who are not not two may As provided in each investment advisory agreement, the Company receives investment advisory fees monthly based on a percentage of the applicable fund’s average daily net asset value. The Company has entered into sub-advisory agreements for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Japan Fund, the Hennessy Japan Small Cap Fund, and the Hennessy Stance ESG ETF. Under each of these sub-advisory agreements, the sub‑advisor is responsible for the investment and reinvestments of the assets of the applicable Hennessy Fund in accordance with the terms of such agreement and the applicable Hennessy Fund’s Prospectus and Statement of Additional Information. The sub‑advisors are subject to the direction, supervision, and control of the Company and the Funds’ Board of Trustees. The sub‑advisory agreements must be renewed annually (except in limited circumstances) in the same manner as, and are subject to the same termination provisions as, the investment advisory agreements. In exchange for the sub-advisory services, the Company ( not Effective January 31, 2022,

Note 7 - Leases

Note 7 - Leases	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	( 7 Leases The Company determines if an arrangement is an operating lease at inception. Operating leases are included in operating lease right‑of‑use assets and current and long‑term operating lease liabilities on the Company’s balance sheet. During the quarter ended March 31, 2021, three July 31, 2024, September 30, 2023. no 2023 Right‑of‑use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right‑of‑use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The Company’s lease terms may not not 12 not The Company’s most significant leases are real estate leases of office facilities. The Company leases office space under non-cancelable operating leases. Its principal executive office is located in Novato, California, and it has additional offices in Austin, Texas, Dallas, Texas, Boston, Massachusetts, and Chapel Hill, North Carolina. Only the office lease in Novato, California has been capitalized because the other operating leases have terms of 12 September 30, 2023 (In thousands, except years and percentages) Operating lease right-of-use assets $ 295 Current operating lease liability $ 279 Long-term operating lease liability $ - Weighted average remaining lease term 0.8 Weighted average discount rate 0.90 % For fiscal years 2023 2022 The undiscounted cash flows for future maturities of the Company’s operating lease liabilities and the reconciliation to the balance of operating lease liabilities reflected on the Company’s balance sheet are as follows: September 30, 2023 (In thousands) Fiscal year 2024 undiscounted cash flows 286 Present value discount (7 ) Total operating lease liabilities $ 279

Note 8 - Accrued Liabilities an

Note 8 - Accrued Liabilities and Accounts Payable	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	( 8 Accrued Liabilities and Accounts Payable Details relating to the accrued liabilities and accounts payable reflected on the Company’s balance sheet are as follows: September 30, 2023 2022 (In thousands) Accrued bonus liabilities $ 2,260 $ 2,207 Accrued sub-advisor fees 310 336 Other accrued expenses 595 777 Total accrued expenses $ 3,165 $ 3,320

Note 9 - Debt Outstanding

Note 9 - Debt Outstanding	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	( 9 Debt Outstanding On October 20, 2021, 2026 “2026 2026 4.875% December 31, 2021. 2026 December 31, 2026 The 2026 2026

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 10 Commitments and Contingencies In addition to the operating leases discussed in Note 7 8, February 28, 2024. December 31, 2024. 2023 2022 The Company has no other commitments and no one

Note 11 - Retirement Plan

Note 11 - Retirement Plan	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Retirement Benefits [Text Block]	( 11 Retirement Plan The Company has a 401 21 one 80 2023 2022 401 501

Note 12 - Income Taxes

Note 12 - Income Taxes	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 12 Income Taxes As of the end of each of fiscal years 2023 2022 September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 The Company’s activity was as follows: Fiscal Years Ended September 30, 2023 2022 (In thousands) Beginning year balance $ 353 $ 608 Decrease related to prior year tax positions - (255 ) Ending year balance $ 353 $ 353 The total amount of unrecognized tax benefits can change due to final regulations, audit settlements, tax examinations activities, lapse of applicable statutes of limitations, and the recognition and measurement criteria under the guidance related to accounting for uncertainly in income taxes. The Company is unable to estimate what this change could be within the next 12 not The Company’s income tax expense was as follows: Fiscal Years Ended September 30, 2023 2022 (In thousands) Current Federal $ 485 $ 854 State 221 (149 ) Total Current 706 705 Deferred Federal 955 888 State 168 163 Total Deferred 1,123 1,051 Total $ 1,829 $ 1,756 The principal reasons for the differences from the federal statutory income tax rate and the Company’s effective tax rate were as follows: Fiscal Years Ended September 30, 2023 2022 Federal statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal benefit 4.0 3.9 Permanent and other differences (0.4 ) 0.4 Difference due to executive compensation 0.7 1.0 Tax return to provision adjustments 0.8 (1.3 ) Uncertain tax position 0.9 (3.0 ) Stock-based compensation 0.7 0.1 Effective income tax rate 27.7 % 22.1 % The tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows: Fiscal Years Ended September 30, 2023 2022 (In thousands) Deferred tax assets Accrued compensation $ 37 $ 40 Stock compensation 18 20 State taxes 176 175 Capital loss carryforward 7 7 Lease liability 70 (1 ) Gross deferred tax assets 308 241 Disallowed capital loss (7 ) (7 ) Net deferred tax assets 301 234 Deferred tax liabilities Property and equipment (31 ) (35 ) Management contracts (14,807 ) (13,687 ) ROU asset (74 ) - Total deferred tax liabilities (14,912 ) (13,722 ) Net deferred tax liabilities $ (14,611 ) $ (13,488 )

Note 13 - Earnings Per Share

Note 13 - Earnings Per Share	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	( 13 Earnings per Share The weighted average common shares outstanding used in the calculation of basic earnings per share and weighted average common shares outstanding, adjusted for common stock equivalents, used in the computation of diluted earnings per share were as follows: September 30, 2023 2022 Weighted average common stock outstanding, basic 7,580,120 7,483,342 Dilutive impact of RSUs 23,556 74,666 Weighted average common stock outstanding, diluted 7,603,676 7,558,008 For fiscal years 2023 2022 not

Note 14 - Concentration of Cred

Note 14 - Concentration of Credit Risk	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	( 14 Concentration of Credit Risk The Company maintains its cash accounts with three may September 30, 2023 not not

Note 15 - Recently Issued and A

Note 15 - Recently Issued and Adopted Accounting Standards	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	( 15 Recently Issued and Adopted Accounting Standards The Company has reviewed accounting pronouncements issued between December 7, 2022, 10 December 6, 2023 10 no There have been no 2023

Note 16 - Risk and Uncertaintie

Note 16 - Risk and Uncertainties - Geopolitical Tensions	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Risk and Uncertainties [Text block]	( 16 Risk and Uncertainties – Geopolitical Tensions The short and long-term implications of Russia’s invasion of Ukraine and Hamas' attack against Israel are difficult to predict. Because of the highly uncertain and dynamic nature of these events, their impact on the Company’s business, financial condition, or operating results cannot be reasonably estimated at this time.

Note 17 - Pending Asset Purchas

Note 17 - Pending Asset Purchase of the CCM Equity Funds	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Asset Acquisition [Text Block]	( 17 Pending Asset Purchase of the CCM Equity Funds On April 26, 2023, 8‑K April 26, 2023. Upon completion of the transaction, the assets related to the CCM Equity Funds will be reorganized into the Hennessy Stance ESG ETF. The transaction is subject to customary closing conditions, including approval by the Board of Trustees of Hennessy Funds Trust, the Board of Trustees of the Quaker Investment Trust, and the shareholders of each of the CCM Equity Funds.

Note 18 - Subsequent Events

Note 18 - Subsequent Events	12 Months Ended
	Sep. 30, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	( 18 Subsequent Events As of December 6, 2023 10‑K, 2023 On October 26, 2023, November 27, 2023, November 13, 2023. may On November 13, 2023, April 26, 2023, November 10, 2023. The Special Meeting of shareholders of the CCM Core Impact Equity Fund has been adjourned to January 31, 2024.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Organization And Description Of Business [Policy Text Block]	(a) Organization and Description of Business Hennessy Advisors, Inc. (the “Company”) was founded on February 1, 1989, 1990, April 15, 2001, The Company’s operating activities consist primarily of providing investment advisory services to 16 open-end mutual funds and one exchange‑traded fund (“ETF”) branded as the Hennessy Funds. The Company serves as the investment advisor to all classes of the Hennessy Cornerstone Growth Fund, the Hennessy Focus Fund, the Hennessy Cornerstone Mid Cap 30 The employee retention credit (“ERC”), as originally enacted on March 27, 2020, 50% December 31, 2021, COVID‑19 941‑X May 2023, not 20” 20, The Company’s operating revenues consist of contractual investment advisory and shareholder service fees paid to it by the Hennessy Funds. The Company earns investment advisory fees from each Hennessy Fund by, among other things: ● acting as portfolio manager for the fund or overseeing the sub‑advisor acting as portfolio manager for the fund, which includes managing the composition of the fund’s portfolio (including the purchase, retention, and disposition of portfolio securities in accordance with the fund’s investment objectives, policies, and restrictions), seeking best execution for the fund’s portfolio, managing the use of soft dollars for the fund, and managing proxy voting for the fund; ● performing a daily reconciliation of portfolio positions and cash for the fund; ● monitoring the liquidity of the fund; ● monitoring the fund’s compliance with its investment objectives and restrictions and federal securities laws; ● maintaining a compliance program (including a code of ethics), conducting ongoing reviews of the compliance programs of the fund’s service providers (including any sub‑advisor), including their codes of ethics, as appropriate, conducting on‑site visits to the fund’s service providers (including any sub-advisor) as feasible, monitoring incidents of abusive trading practices, reviewing fund expense accruals, payments, and fixed expense ratios, evaluating insurance providers for fidelity bond, directors and officers and errors and omissions insurance, and cybersecurity insurance coverage, managing regulatory examination compliance and responses, conducting employee compliance training, reviewing reports provided by service providers, and maintaining books and records; ● if applicable, overseeing the selection and continued employment of the fund’s sub‑advisor, reviewing the fund’s investment performance, and monitoring the sub‑advisor’s adherence to the fund’s investment objectives, policies, and restrictions; ● overseeing service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the fund; ● maintaining in‑house marketing and distribution departments on behalf of the fund; ● preparing or directing the preparation of all regulatory filings for the fund, including writing and annually updating the fund’s prospectus and related documents; ● for each annual report of the fund, preparing or reviewing a written summary of the fund’s performance during the most recent 12‑month ● monitoring and overseeing the accessibility of the fund on financial institution platforms; ● paying the incentive compensation of the fund’s compliance officer and employing other staff such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives; ● providing a quarterly compliance certification to the Board of Trustees of Hennessy Funds Trust (the “Funds’ Board of Trustees”); and ● preparing or reviewing materials for the Funds’ Board of Trustees, presenting to or leading discussions with the Funds’ Board of Trustees, preparing or reviewing all meeting minutes, and arranging for training and education of the Funds’ Board of Trustees. The Company earns shareholder service fees from Investor Class shares of the Hennessy Mutual Funds by, among other things, maintaining a toll‑free number that the current investors in the Hennessy Funds may Investment advisory and shareholder service fee revenues are earned and calculated daily by the Hennessy Funds’ accountants at U.S. Bank Global Fund Services and are subsequently reviewed by management. The Company recognizes revenues when its obligations related to the investment advisory and shareholder services are satisfied, and it is probable that a significant reversal of the revenue amount would not 12 606 The Company waives a portion of its fees with respect to the Hennessy Midstream Fund, the Hennessy Technology Fund, and the Hennessy Stance ESG ETF to comply with contractual expense ratio limitations. The fee waivers are calculated daily by the Hennessy Funds’ accountants at U.S. Bank Global Fund Services, reviewed by management, and then charged to expense monthly as offsets to the Company’s revenues. Each waived fee is then deducted from investment advisory fee income and reduces the aggregate amount of advisory fees the Company receives from such fund in the subsequent month. To date, the Company has only waived fees based on contractual obligations, but the Company has the ability to waive fees at its discretion. Any decision to waive fees would apply only on a going‑forward basis. The Company’s contractual agreements for investment advisory and shareholder services prove that a contract exists with fixed and determinable fees, and the services are rendered daily. The collectability is deemed probable because the fees are received from the Hennessy Funds in the month subsequent to the month in which the services are provided.
Cash and Cash Equivalents, Policy [Policy Text Block]	(b) Cash and Cash Equivalents Cash and cash equivalents include all cash balances and highly liquid investments with original maturities of three
Fair Value of Financial Instruments, Policy [Policy Text Block]	(c) Fair Value of Financial Instruments The Financial Accounting Standards Board (“FASB”) guidance on “Disclosures about Fair Value of Financial Instruments” requires disclosures regarding the fair value of all financial instruments for financial statement purposes. The estimates presented in these financial statements are based on information available to management as of the end of fiscal years 2023 2022 2023 2022 may not
Investment, Policy [Policy Text Block]	(d) Investments Investments in highly‑liquid financial instruments with remaining maturities of less than one one 3 8, The Company holds investments in publicly traded mutual funds, which are accounted for as trading securities. Accordingly, unrealized gains and losses of less than $1,000 per year were recognized in operations for fiscal years 2023 2022 Dividend income is recorded on the ex‑dividend date. Purchases and sales of marketable securities are recorded on a trade‑date basis, and realized gains and losses recognized on sale are determined on a specific identification/average cost basis.
Property, Plant and Equipment, Policy [Policy Text Block]	(e) Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally between one ten
Management Contracts Acquired [Policy Text Block]	(f) Management Contracts Purchased Throughout its history, the Company has completed 11 31 not 2023 2022 third not" Under Accounting Standards Codification 350 not no 2023 The Company completed its most recent asset purchase on December 22, 2022, August 29, 2022, July 2023, September 30, 2023, September 30, 2022, September 30, 2023. On April 26, 2023, two 2023. In the current period, the Company capitalized $0.2 million in legal costs related to the transaction. Upon completion of the transaction, the assets of the CCM Equity Funds will be reorganized into the Hennessy Stance ESG ETF. The transaction is subject to customary closing conditions, including the approval of the CCM Equity Funds’ shareholders.
Income Tax, Policy [Policy Text Block]	(g) Income Taxes The Company, under the FASB guidance on “Accounting for Uncertainty in Income Tax,” uses a recognition threshold and measurement attribute for the financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in a company’s income tax return and also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company utilizes a two first not second not The Company believes the positions taken on its tax returns are fully supported, but tax authorities may may not may 12 8, The Company is subject to income tax in the U.S. federal jurisdiction and multiple state jurisdictions. The Company’s U.S. federal income taxes for 2019 2023 22 Year Number of State Tax Jurisdictions 2023 22 2022 22 2021 22 2020 22 2019 19 For state tax jurisdictions with unfiled tax returns, the statutes of limitations remains open indefinitely.
Earnings Per Share, Policy [Policy Text Block]	(h) Earnings per Share Basic earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding, while diluted earnings per share is determined by dividing net earnings by the weighted average number of shares of common stock outstanding adjusted for the dilutive effect of common stock equivalents, which consist of restricted stock units (“RSUs”).
Stockholders' Equity, Policy [Policy Text Block]	(i) Equity Amended and Restated 2013 The Company has adopted, and the Company’s shareholders have approved, the Amended and Restated 2013 may 50% not may 50% not one may The compensation committee of the Company’s Board of Directors has the authority to determine the awards granted under the Omnibus Plan, including among other things, the individuals who receive the awards, the times when they receive them, vesting schedules, performance goals, whether an option is an incentive or nonqualified option, and the number of shares to be subject to each award. However, no may five may 10 March 2014 may one first may not may, Under the Omnibus Plan, participants may four four All compensation costs related to RSUs vested during fiscal years 2023 2022 The Company has available up to 3,835,550 shares of the Company’s common stock in respect of granted stock awards, in accordance with terms of the Omnibus Plan. A summary of RSU activity is as follows: Fiscal Years Ended September 30, 2023 2022 Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Non-vested balance at beginning of year 315,561 $ 8.15 323,810 $ 8.87 Granted 159,700 5.53 132,875 7.72 Vested (1) (124,746 ) (8.22 ) (133,207 ) (9.42 ) Forfeited (5,360 ) (8.12 ) (7,917 ) (8.76 ) Non-vested balance at end of year 345,155 $ 6.91 315,561 $ 8.15 ( 1 Represents partially vested RSUs for which the Company already has recognized the associated compensation expense but has not Additional information related to RSUs is as follows: September 30, 2023 (In thousands, except years) Unrecognized compensation expense related to RSUs $ 2,386 Weighted average remaining period to expense for RSUs (in years) 3.1 Dividend Reinvestment and Stock Purchase Plan In January 2021, 2018. 2023 2022 may September 30, 2023 Stock Buyback Program In August 2010, not August 2022, may not 2023
Use of Estimates, Policy [Policy Text Block]	(j) Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Note 1 - Organization and Des_2

Note 1 - Organization and Description of Business and Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Disclosure of Number of State Tax Jurisdictions That Remain Open to Examination [Table Text Block]	Year Number of State Tax Jurisdictions 2023 22 2022 22 2021 22 2020 22 2019 19
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Fiscal Years Ended September 30, 2023 2022 Shares Weighted Average Grant Date Fair Value per Share Shares Weighted Average Grant Date Fair Value per Share Non-vested balance at beginning of year 315,561 $ 8.15 323,810 $ 8.87 Granted 159,700 5.53 132,875 7.72 Vested (1) (124,746 ) (8.22 ) (133,207 ) (9.42 ) Forfeited (5,360 ) (8.12 ) (7,917 ) (8.76 ) Non-vested balance at end of year 345,155 $ 6.91 315,561 $ 8.15
Schedule of Non Vested Restricted Stock Unit Compensation [Table Text Block]	September 30, 2023 (In thousands, except years) Unrecognized compensation expense related to RSUs $ 2,386 Weighted average remaining period to expense for RSUs (in years) 3.1

Note 2 - Fair Value Measureme_2

Note 2 - Fair Value Measurements (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Money market fund deposits $ 59,382 $ - $ - $ 59,382 Mutual fund investments 10 - - 10 Total $ 59,392 $ - $ - $ 59,392 Amounts included in Cash and cash equivalents $ 59,382 $ - $ - $ 59,382 Investments in marketable securities 10 - - 10 Total $ 59,392 $ - $ - $ 59,392 September 30, 2022 Level 1 Level 2 Level 3 Total (In thousands) Money market fund deposits $ 54,225 $ - $ - $ 54,225 Mutual fund investments 9 - - 9 Total $ 54,234 $ - $ - $ 54,234 Amounts included in Cash and cash equivalents $ 54,225 $ - $ - $ 54,225 Investments in marketable securities 9 - - 9 Total $ 54,234 $ - $ - $ 54,234

Note 3 - Investments (Tables)

Note 3 - Investments (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Investment Holdings, Schedule of Investments [Table Text Block]	Cost Gross Unrealized Gains Gross Unrealized Losses Total (In thousands) 2023 Mutual fund investments $ 4 $ 26 $ (20 ) $ 10 Total 4 26 (20 ) 10 2022 Mutual fund investments $ 4 $ 24 $ (19 ) $ 9 Total 4 24 (19 ) 9

Note 4 - Property and Equipme_2

Note 4 - Property and Equipment, Net (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30, 2023 2022 (In thousands) Equipment $ 786 $ 703 Leasehold improvements 154 154 Furniture and fixtures 399 396 IT infrastructure 87 85 Software 1,166 1,039 Property and equipment, gross 2,592 2,377 Accumulated depreciation (2,287 ) (2,057 ) Property and equipment, net $ 305 $ 320

Note 7 - Leases (Tables)

Note 7 - Leases (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Operating Lease Right of Use Assets Lease Liabilities and Other Supplemental Information [Table Text Block]	September 30, 2023 (In thousands, except years and percentages) Operating lease right-of-use assets $ 295 Current operating lease liability $ 279 Long-term operating lease liability $ - Weighted average remaining lease term 0.8 Weighted average discount rate 0.90 %
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	September 30, 2023 (In thousands) Fiscal year 2024 undiscounted cash flows 286 Present value discount (7 ) Total operating lease liabilities $ 279

Note 8 - Accrued Liabilities _2

Note 8 - Accrued Liabilities and Accounts Payable (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	September 30, 2023 2022 (In thousands) Accrued bonus liabilities $ 2,260 $ 2,207 Accrued sub-advisor fees 310 336 Other accrued expenses 595 777 Total accrued expenses $ 3,165 $ 3,320

Note 12 - Income Taxes (Tables)

Note 12 - Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]	Fiscal Years Ended September 30, 2023 2022 (In thousands) Beginning year balance $ 353 $ 608 Decrease related to prior year tax positions - (255 ) Ending year balance $ 353 $ 353
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Fiscal Years Ended September 30, 2023 2022 (In thousands) Current Federal $ 485 $ 854 State 221 (149 ) Total Current 706 705 Deferred Federal 955 888 State 168 163 Total Deferred 1,123 1,051 Total $ 1,829 $ 1,756 Fiscal Years Ended September 30, 2023 2022 Federal statutory income tax rate 21.0 % 21.0 % State income taxes, net of federal benefit 4.0 3.9 Permanent and other differences (0.4 ) 0.4 Difference due to executive compensation 0.7 1.0 Tax return to provision adjustments 0.8 (1.3 ) Uncertain tax position 0.9 (3.0 ) Stock-based compensation 0.7 0.1 Effective income tax rate 27.7 % 22.1 %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Fiscal Years Ended September 30, 2023 2022 (In thousands) Deferred tax assets Accrued compensation $ 37 $ 40 Stock compensation 18 20 State taxes 176 175 Capital loss carryforward 7 7 Lease liability 70 (1 ) Gross deferred tax assets 308 241 Disallowed capital loss (7 ) (7 ) Net deferred tax assets 301 234 Deferred tax liabilities Property and equipment (31 ) (35 ) Management contracts (14,807 ) (13,687 ) ROU asset (74 ) - Total deferred tax liabilities (14,912 ) (13,722 ) Net deferred tax liabilities $ (14,611 ) $ (13,488 )

Note 13 - Earnings Per Share (T

Note 13 - Earnings Per Share (Tables)	12 Months Ended
	Sep. 30, 2023
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	September 30, 2023 2022 Weighted average common stock outstanding, basic 7,580,120 7,483,342 Dilutive impact of RSUs 23,556 74,666 Weighted average common stock outstanding, diluted 7,603,676 7,558,008

Note 1 - Organization and Des_3

Note 1 - Organization and Description of Business and Significant Accounting Policies (Details Textual)		12 Months Ended
	Dec. 22, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 shares	Sep. 30, 2017 USD ($)	Apr. 26, 2023	Aug. 31, 2022 shares	Aug. 31, 2010 shares
Management Contracts Impairment Amount | $		$ 0
Increase (Decrease) in Assets Under Management | $	$ 43,000,000
Percentage of Current Net Assets to Be Paid					1.25%
Share-Based Compensation Arrangement by Share-Based Payment Award, Percentage of Outstanding Stock Maximum		50%
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)				10 years
Maximum Aggregate Fair value Of Options Granted to Individual | $				$ 100,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)		3,835,550
Common Stock, Shares Authorized (in shares)		22,500,000	22,500,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)		1,443,310
Stock Buyback Program [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)						2,000,000	1,500,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)			1,096,368
Dividend Reinvestment and Stock Purchase Plan (DRSPP) [Member]
Stock Issued During Period, Shares, New Issues (in shares)		9,535	7,612
Common Stock, Shares Authorized (in shares)		1,470,000
Restricted Stock Units (RSUs) [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		25%
Vident Advisory, LLC [Member]
Capitalized Contract Cost, Net | $		$ 200,000
Community Capital Management, LLC [Member] | Legal Costs [Member]
Capitalized Contract Cost, Net | $		200,000
Maximum [Member]
Gain (Loss) on Investments | $		$ 1,000,000
Maximum [Member] | Stock Appreciation Rights (SARs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Maximum Number of Shares Per Employee (in shares)		75,000
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award Exercise Price Percentage				110%
Minimum [Member] | Incentive Stock Option Plan [Member]
Shareholder Threshold Percentage				10%
Employee Retention Credit [Member]
Income Tax Credits and Adjustments | $		$ 300,000
Open-end Mutual Funds [Member]
Number of Funds		16
Exchange-traded Fund [Member]
Number of Funds		1

Note 1 - Organization and Decri

Note 1 - Organization and Decription of Business and Significant Accounting Policies - Schedule of Tax Jurisdictions (Details) - State and Local Jurisdiction [Member]	Sep. 30, 2023
Tax Year 2023 [Member]
Number of State Tax Jurisdictions That Remain Open to Examination	22
Tax Year 2022 [Member]
Number of State Tax Jurisdictions That Remain Open to Examination	22
Tax Year 2021 [Member]
Number of State Tax Jurisdictions That Remain Open to Examination	22
Tax Year 2020 [Member]
Number of State Tax Jurisdictions That Remain Open to Examination	22
Tax Year 2019 [Member]
Number of State Tax Jurisdictions That Remain Open to Examination	19

Note 1 - Organization and Des_4

Note 1 - Organization and Description of Business and Significant Accounting Policies - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Balance, shares (in shares)	315,561	323,810
Balance, weighted average grant date fair value (in dollars per share)	$ 8.15	$ 8.87
Granted, shares (in shares)	159,700	132,875
Granted, weighted average grant date fair value (in dollars per share)	$ 5.53	$ 7.72
Vested, shares (in shares)	(124,746)	(133,207)
Vested, weighted average grant date fair value (in dollars per share)	$ (8.22)	$ (9.42)
Forfeited, shares (in shares)	(5,360)	(7,917)
Forfeited, weighted average grant date fair value (in dollars per share)	$ (8.12)	$ (8.76)
Balance, shares (in shares)	345,155	315,561
Balance, weighted average grant date fair value (in dollars per share)	$ 6.91	$ 8.15

Note 1 - Organization and Des_5

Note 1 - Organization and Description of Business and Significant Accounting Policies - Additional Information Related to RSUs (Details) - Restricted Stock Units (RSUs) [Member] $ in Thousands	12 Months Ended
	Sep. 30, 2023 USD ($)
Unrecognized compensation expense related to RSUs	$ 2,386
Weighted average remaining period to expense for RSUs (in years) (Year)	3 years 1 month 6 days

Note 2 - Fair Value Measureme_3

Note 2 - Fair Value Measurements (Details Textual) $ in Millions	Sep. 30, 2023 USD ($)
Fair Value, Inputs, Level 1 [Member] | Notes Payable, Other Payables [Member] | Two Thousand and Twenty Six Notes [Member]
Notes Payable, Fair Value Disclosure	$ 36.8

Note 2 - Fair Value Measureme_4

Note 2 - Fair Value Measurements - Assets Categorized on Basis of Various Levels (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Assets, fair value	$ 59,392	$ 54,234
Money Market Funds [Member]
Assets, fair value	59,382	54,225
Mutual Fund Investment [Member]
Assets, fair value	10	9
Cash and Cash Equivalents [Member]
Assets, fair value	59,382	54,225
Marketable Securities [Member]
Assets, fair value	10	9
Fair Value, Inputs, Level 1 [Member]
Assets, fair value	59,392	54,234
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Assets, fair value	59,382	54,225
Fair Value, Inputs, Level 1 [Member] | Mutual Fund Investment [Member]
Assets, fair value	10	9
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member]
Assets, fair value	59,382	54,225
Fair Value, Inputs, Level 1 [Member] | Marketable Securities [Member]
Assets, fair value	10	9
Fair Value, Inputs, Level 2 [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 2 [Member] | Mutual Fund Investment [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 2 [Member] | Marketable Securities [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Mutual Fund Investment [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 3 [Member] | Marketable Securities [Member]
Assets, fair value	$ 0	$ 0

Note 3 - Investments - Schedule

Note 3 - Investments - Schedule of Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Mutual fund investments, cost	$ 4	$ 4
Mutual fund investments, gains	26	24
Mutual fund investments, losses	(20)	(19)
Mutual fund investments, total	10	9
Mutual Fund Investment [Member]
Mutual fund investments, cost	4	4
Mutual fund investments, gains	26	24
Mutual fund investments, losses	(20)	(19)
Mutual fund investments, total	$ 10	$ 9

Note 4 - Property and Equipme_3

Note 4 - Property and Equipment, Net (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Depreciation	$ 230	$ 207
Furniture and Fixtures [Member]
Property, Plant and Equipment, Useful Life (Year)	7 years
Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years
Software and Software Development Costs [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life (Year)	1 year
Software and Software Development Costs [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life (Year)	3 years

Note 4 - Property and Equipme_4

Note 4 - Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Property and Equipment	$ 2,592	$ 2,377
Accumulated depreciation	(2,287)	(2,057)
Property and equipment, net	305	320
Equipment [Member]
Property and Equipment	786	703
Leasehold Improvements [Member]
Property and Equipment	154	154
Furniture and Fixtures [Member]
Property and Equipment	399	396
IT Infrastructure [Member]
Property and Equipment	87	85
Software Development [Member]
Property and Equipment	$ 1,166	$ 1,039

Note 5 - Management Contracts (

Note 5 - Management Contracts (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Indefinite-Lived Contractual Rights	$ 81,262	$ 80,868
Increase Decrease in Management Contract Asset	$ 400

Note 6 - Investment Advisory _2

Note 6 - Investment Advisory Agreements (Details Textual)	12 Months Ended
	Sep. 30, 2023
Number of Open End Mutual Funds	17
Notice Period for Termination of Agreement (Day)	60 days

Note 7 - Leases (Details Textua

Note 7 - Leases (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Operating Lease, Right-of-Use Asset	$ 295	$ 651
Operating Lease, Payments	370	360
General and Administrative Expense [Member]
Operating Lease, Cost	$ 510	$ 490
Office in Novato, California [Member]
Lessee, Operating Lease, Renewal Term (Year)	3 years
Operating Lease, Right-of-Use Asset			$ 1,100

Note 7 - Leases - Schedule of S

Note 7 - Leases - Schedule of Supplemental Lease Information (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Operating Lease, Right-of-Use Asset	$ 295	$ 651
Current operating lease liability	279	367
Long-term operating lease liability	$ 0	$ 279
Weighted average remaining lease term (Year)	9 months 18 days
Weighted average discount rate	0.90%

Note 7 - Leases - Schedule of F

Note 7 - Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Fiscal year 2024 undiscounted cash flows	$ 286
Present value discount	(7)
Total operating lease liabilities	$ 279

Note 8 - Accrued Liabilities _3

Note 8 - Accrued Liabilities and Accounts Payable - Schedule of Accrued Liabilities and Accounts Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Accrued bonus liabilities	$ 2,260	$ 2,207
Accrued sub-advisor fees	310	336
Other accrued expenses	595	777
Total accrued expenses	$ 3,165	$ 3,320

Note 9 - Debt Outstanding (Deta

Note 9 - Debt Outstanding (Details Textual) - The 2026 Notes [Member]	Oct. 20, 2021 USD ($)
Debt Instrument, Interest Rate, Stated Percentage	4.875%
Debt Instrument, Face Amount	$ 40,250,000
Proceeds from Issuance of Debt	$ 38,607,000
Debt Instrument, Maturity Date	Dec. 31, 2026

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Investment Company, Contractual Fee Waived	$ 150	$ 110
Other Commitment	$ 0

Note 11 - Retirement Plan (Deta

Note 11 - Retirement Plan (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0.2	$ 0.2

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
Unrecognized Tax Benefits	$ 353	$ 353	$ 608
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	300	300
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	$ 50	$ 20

Note 12 - Income Taxes - Schedu

Note 12 - Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Balance	$ 353	$ 608
Decrease related to prior year tax positions	0	(255)
Balance	$ 353	$ 353

Note 12 - Income Taxes - Income

Note 12 - Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Federal	$ 485	$ 854
State	221	(149)
Total Current	706	705
Federal	955	888
State	168	163
Total Deferred	1,123	1,051
Total	$ 1,829	$ 1,756
Federal statutory income tax rate	21%	21%
State income taxes, net of federal benefit	4%	3.90%
Permanent and other differences	(0.40%)	0.40%
Difference due to executive compensation	0.70%	1%
Tax return to provision adjustments	0.80%	(1.30%)
Uncertain tax position	0.90%	(3.00%)
Stock-based compensation	0.70%	0.10%
Effective income tax rate	27.70%	22.10%

Note 12 - Income Taxes - Sche_2

Note 12 - Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Accrued compensation	$ 37	$ 40
Stock compensation	18	20
State taxes	176	175
Capital loss carryforward	7	7
Lease liability	70	(1)
Gross deferred tax assets	308	241
Disallowed capital loss	(7)	(7)
Net deferred tax assets	301	234
Property and equipment	(31)	(35)
Management contracts	(14,807)	(13,687)
ROU asset	(74)	0
Total deferred tax liabilities	(14,912)	(13,722)
Net deferred tax liabilities	$ (14,611)	$ (13,488)

Note 13 - Earnings Per Share (D

Note 13 - Earnings Per Share (Details Textual) - shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	100,569	282

Note 13 - Earnings per Share -

Note 13 - Earnings per Share - Schedule of Weighted Average Number Shares (Details) - shares	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Weighted average common stock outstanding, basic (in shares)	7,580,120	7,483,342
Dilutive impact of RSUs (in shares)	23,556	74,666
Weighted average common stock outstanding, diluted (in shares)	7,603,676	7,558,008

Note 14 - Concentration of Cr_2

Note 14 - Concentration of Credit Risk (Details Textual) $ in Millions	Sep. 30, 2023 USD ($)
Deposit In Excess of Insured Amount	$ 1.1
Money Market Funds [Member]
Cash, Uninsured Amount	$ 59.3

Note 18 - Subsequent Events (De

Note 18 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Nov. 13, 2023	Oct. 26, 2023
Acquisition of CCM Small/Mid-Cap Impact Value Fund Assets [Member]
Assets under Management, Carrying Amount	$ 12
Asset Acquisition, Consideration Transferred	$ 0.2
Dividend Declared [Member]
Dividends Payable, Amount Per Share (in dollars per share)		$ 0.1375