Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 08, 2021 | Mar. 31, 2021 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Sep. 30, 2021 | ||
Entity File Number | 000-10843 | ||
Entity Registrant Name | CSP Inc. | ||
Entity Incorporation, State or Country Code | MA | ||
Entity Tax Identification Number | 04-2441294 | ||
Entity Address, Address Line One | 175 Cabot Street | ||
Entity Address, City or Town | Lowell | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01854 | ||
City Area Code | 978 | ||
Local Phone Number | 954-5038 | ||
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 | ||
Entity Shell Company | false | ||
Entity Public Float | $ 33,233,374 | ||
Entity Common Stock, Shares Outstanding | 4,394,460 | ||
Entity Central Index Key | 0000356037 | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | CSPI | ||
Security Exchange Name | NASDAQ | ||
ICFR Auditor Attestation Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 20,007 | $ 19,264 |
Accounts receivable, net of allowances of $142 and $181 | 18,698 | 13,362 |
Investment in lease, net-current portion | 68 | 336 |
Inventories | 3,989 | 5,285 |
Refundable income taxes | 1,656 | 807 |
Other current assets | 4,616 | 2,535 |
Total current assets | 49,034 | 41,589 |
Property, equipment and improvements, net | 764 | 1,047 |
Operating lease right-of-use assets | 1,358 | 2,014 |
Intangibles, net | 19 | 28 |
Investment in lease, net-less current portion | 15 | 81 |
Long-term receivable | 7,522 | 3,642 |
Deferred income taxes | 1,149 | |
Cash surrender value of life insurance | 4,194 | 3,948 |
Other assets | 68 | 147 |
Total assets | 62,974 | 53,645 |
Current liabilities: | ||
Accounts payable and accrued expenses | 13,928 | 8,523 |
Line of credit | 941 | 1,573 |
Notes payable - current portion | 757 | 1,613 |
Deferred revenue | 1,893 | 947 |
Pension and retirement plans | 308 | 321 |
Total current liabilities | 17,827 | 12,977 |
Pension and retirement plans | 4,097 | 6,471 |
Notes payable - noncurrent portion | 876 | 2,485 |
Operating lease liabilities - noncurrent portion | 821 | 1,390 |
Income taxes payable | 524 | 586 |
Other noncurrent liabilities | 4,783 | 202 |
Total liabilities | 28,928 | 24,111 |
Shareholders' equity: | ||
Common stock, $.01 par value per share; authorized, 7,500 shares; issued and outstanding 4,394 and 4,276 shares, respectively | 45 | 43 |
Additional paid-in capital | 18,258 | 16,994 |
Retained earnings | 25,191 | 24,492 |
Accumulated other comprehensive loss | (9,448) | (11,995) |
Total shareholders' equity | 34,046 | 29,534 |
Total liabilities and shareholders' equity | $ 62,974 | $ 53,645 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
CONSOLIDATED BALANCE SHEETS | ||
Allowances (in dollars) | $ 142 | $ 181 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 7,500 | 7,500 |
Common stock, shares issued | 4,394 | 4,276 |
Common stock, shares outstanding | 4,394 | 4,276 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Sales: | ||
Total sales | $ 49,208 | $ 61,793 |
Cost of sales: | ||
Total cost of sales | 33,059 | 44,626 |
Gross profit | 16,149 | 17,167 |
Operating expenses: | ||
Engineering and development | 2,887 | 2,798 |
Selling, general and administrative | 14,624 | 15,793 |
Total operating expenses | 17,511 | 18,591 |
Operating loss | (1,362) | (1,424) |
Other income (expense): | ||
Foreign exchange loss | (488) | (2) |
Interest expense | (350) | (228) |
Interest income | 575 | 582 |
Gain on forgiveness of debt | 2,196 | |
Other income (expense), net | 107 | 10 |
Total other income (expense), net | 2,040 | 362 |
Income (loss) before income taxes | 678 | (1,062) |
Income tax expense | 444 | 384 |
Net income (loss) from continuing operations | 234 | (1,446) |
Discontinued operations: | ||
Gain from sale of discontinued operations | 465 | |
Net income (loss) | 699 | (1,446) |
Continued and discontinued operations: | ||
Net income (loss) from continuing operations attributable to common shareholders | 223 | (1,446) |
Net income from discontinued operations attributable to common shareholders | 443 | |
Net income (loss) attributable to common shareholders | $ 666 | $ (1,446) |
Net income (loss) per share from continuing operations - basic | $ 0.05 | $ (0.36) |
Net income per share from sale of discontinued operations - basic | 0.11 | |
Net income (loss) per share - basic | $ 0.16 | $ (0.36) |
Weighted average shares outstanding - basic | 4,151 | 4,028 |
Net income (loss) per share from continuing operations - diluted | $ 0.05 | $ (0.36) |
Net income per share from sale of discontinued operations - diluted | 0.11 | |
Net income (loss) per share - diluted | $ 0.16 | $ (0.36) |
Weighted average shares outstanding continuing operations - diluted | 4,220 | 4,028 |
Weighted average shares outstanding discontinued operations - diluted | 4,220 | 4,028 |
Weighted average shares outstanding net income - diluted | 4,220 | 4,028 |
Product | ||
Sales: | ||
Total sales | $ 35,226 | $ 47,989 |
Cost of sales: | ||
Total cost of sales | 28,024 | 39,907 |
Services | ||
Sales: | ||
Total sales | 13,982 | 13,804 |
Cost of sales: | ||
Total cost of sales | $ 5,035 | $ 4,719 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||
Net income (loss) | $ 699 | $ (1,446) |
Other comprehensive income (loss): | ||
Unrealized actuarial gain on minimum pension liability, net of tax effect | 1,901 | 183 |
Foreign currency translation gain adjustments | 646 | 415 |
Other comprehensive income | 2,547 | 598 |
Total comprehensive income (loss) | $ 3,246 | $ (848) |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated other comprehensive loss | Total |
Beginning Balance (in Shares) at Sep. 30, 2019 | 4,154,000 | ||||
Beginning Balance at Sep. 30, 2019 | $ 42 | $ 15,733 | $ 27,246 | $ (12,593) | $ 30,428 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | (1,446) | (1,446) | |||
Other comprehensive income | 598 | 598 | |||
Exercise of stock options | 2 | $ 2 | |||
Exercise of stock options (in shares) | 500 | ||||
Stock-based compensation | 982 | $ 982 | |||
Restricted stock issuance | $ 1 | 1 | |||
Restricted stock issuance (in shares) | 97,000 | ||||
Issuance of shares under employee stock purchase plan | 277 | $ 277 | |||
Issuance of shares under employee stock purchase plan (in shares) | 32,000 | 32,222 | |||
Purchase of common stock | (46) | $ (46) | |||
Purchase of common stock (in shares) | (7,000) | (6,400) | |||
Cash dividends paid on common stock | (1,262) | $ (1,262) | |||
Ending Balance (in Shares) at Sep. 30, 2020 | 4,276,000 | 4,276,000 | |||
Ending Balance at Sep. 30, 2020 | $ 43 | 16,994 | 24,492 | (11,995) | $ 29,534 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | 699 | 699 | |||
Other comprehensive income | 2,547 | $ 2,547 | |||
Exercise of stock options (in shares) | 0 | ||||
Stock-based compensation | 981 | $ 981 | |||
Restricted stock cancellation (in shares) | (19,000) | ||||
Restricted stock issuance | $ 2 | 2 | |||
Restricted stock issuance (in shares) | 104,000 | ||||
Issuance of shares under employee stock purchase plan | 283 | $ 283 | |||
Issuance of shares under employee stock purchase plan (in shares) | 33,000 | 32,939 | |||
Purchase of common stock (in shares) | 0 | ||||
Ending Balance (in Shares) at Sep. 30, 2021 | 4,394,000 | 4,394,000 | |||
Ending Balance at Sep. 30, 2021 | $ 45 | $ 18,258 | $ 25,191 | $ (9,448) | $ 34,046 |
CONSOLIDATED STATEMENT OF SHA_2
CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY (Parenthetical) - $ / shares | Mar. 13, 2020 | Jan. 15, 2020 | Sep. 30, 2020 |
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.15 | $ 0.15 | $ 0.30 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating activities | ||
Net income (loss) from continuing operations | $ 234 | $ (1,446) |
Net income from discontinued operations | 465 | |
Net income (loss) | 699 | (1,446) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 379 | 443 |
Amortization of intangibles | 9 | 9 |
Loss on sale of fixed assets, net | 14 | |
Foreign exchange loss | 488 | 2 |
Provision for losses on accounts receivable | 52 | 42 |
Provision for obsolete inventory | 36 | 430 |
Amortization of lease right-of-use assets | 648 | 653 |
Stock-based compensation expense on stock options and restricted stock awards | 981 | 982 |
Deferred income taxes | 1,149 | 797 |
Increase in cash surrender value of life insurance | (176) | (115) |
Non-cash other | 97 | 16 |
Adjustment for financing activities recognized in net income - Gain on forgiveness of debt | (2,196) | |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (5,375) | 1,755 |
Decrease in inventories | 1,263 | 2,105 |
Increase in refundable income taxes | (849) | (320) |
Decrease (increase) in operating lease right-of-use assets | 10 | (2,667) |
(Increase) decrease in other assets | (1,993) | 2,089 |
Decrease in investment in lease | 334 | 367 |
(Increase) decrease in long-term receivable | (3,880) | 1,685 |
Increase (decrease) in accounts payable and accrued expenses | 5,729 | (8,030) |
(Decrease) increase in operating lease liabilities | (661) | 2,068 |
Increase in deferred revenue | 946 | 206 |
Decrease in pension and retirement plans liabilities | (301) | (305) |
Decrease in income taxes payable | (65) | (108) |
Increase (decrease) in other long-term liabilities | 4,579 | (428) |
Net cash provided by operating activities | 1,903 | 244 |
Investing activities | ||
Life insurance premiums paid | (70) | (115) |
Proceeds from sales of property, equipment, and improvements | 2 | |
Purchases of property, equipment and improvements | (98) | (230) |
Net cash used in investing activities | (166) | (345) |
Financing activities | ||
Dividends paid | (1,262) | |
Net payments under line-of-credit agreement | (631) | (886) |
Proceeds from debt | 4,217 | |
Repayments on debt | (332) | (1,137) |
Principal payments on finance leases | (274) | (333) |
Purchase of common stock | (46) | |
Proceeds from issuance of shares under equity compensation plans | 283 | 279 |
Net cash (used in) provided by financing activities | (954) | 832 |
Effects of exchange rate on cash | (40) | 434 |
Net increase in cash and cash equivalents | 743 | 1,165 |
Cash and cash equivalents beginning of period | 19,264 | 18,099 |
Cash and cash equivalents end of period | 20,007 | 19,264 |
Supplementary cash flow information: | ||
Cash paid for income taxes | 114 | 22 |
Cash paid for interest | 189 | 277 |
Supplementary non-cash financing activities: | ||
Gain on forgiveness of debt | 2,196 | |
Obtaining a right-of-use asset in exchange for a lease liability | 216 | |
Customer financing for inventory sold (see Note 3 Accounts and Long-Term Receivable for details) | 16,014 | $ 1,988 |
Vendor financing for inventory purchased (see Note 9 Accounts payable and accrued expenses, and Other noncurrent liabilities for details) | $ 8,399 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation The accompanying audited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America and the rules and regulations of the Securities and Exchange Commission. For additional information, these Consolidated Financial Statements should be read in conjunction with CSPI’s notes to the Consolidated Financial Statements for the years ended September 30, 2021 and 2020. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. Foreign Currency Translation The U.S. Dollar is the reporting currency for all periods presented. The financial information for entities outside the United States is measured using the local currency as the functional currency. Assets and liabilities of the Company’s foreign operations are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at average rates in effect during the period. The resulting translation adjustment is reflected as accumulated other comprehensive loss, a separate component of shareholders’ equity on the consolidated balance sheets. Currency transaction gains and losses are recorded as other income (expense) in the consolidated statements of operations. Cash Equivalents For purposes of the consolidated statements of cash flows, highly liquid investments with original maturities of three months or less at the time of acquisition are considered cash equivalents. Research and Development Expense For the years ended September 30, 2021 and 2020, our expenses for research and development were approximately $2.9 million and $2.8 million, respectively. Expenditures for research and development are expensed as they are incurred. Impairment of Long-Lived Assets The Company reviews its long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Management assesses the recoverability of the long-lived assets (other than goodwill) by comparing the estimated undiscounted cash flows associated with the related asset or group of assets against their respective carrying amounts. The amount of impairment, if any, is calculated based on the excess of the carrying amount over the fair value of those assets. Intangible assets that are not subject to amortization are also required to be tested annually, or more frequently if events or circumstances indicate that the asset may be impaired. We did not have intangible assets with indefinite lives at any time during the two years ended September 30, 2021. Intangible assets subject to amortization are amortized on a straight-line basis over their estimated useful lives, generally three Leases as Lessee At the inception of an arrangement, the Company determines whether the arrangement contains a lease. This includes arrangements with goods and services to determine if there is an embedded lease. An arrangement containing a lease would allow the Company the right to control an implicitly or explicitly identified asset. If there is a lease in an arrangement, the classification is determined at inception of the arrangement. Certain leases may contain transfer of ownership or an option to purchase the underlying asset. The most relevant criterion for our lease classification is transfer of ownership, which if included in the arrangement makes the lease a finance lease rather than an operating lease. The discount rate used to assess classification is the incremental borrowing rate at the commencement date due to the implicit rate not being readily determinable. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The lease term includes periods where we are reasonably certain we will exercise the renewal option. The Company has elected not to apply Subtopic ASC 842-25 Note 10 Leases Operating leases The Company has operating leases for office space, data centers, and other information technology equipment under various leases. Operating lease right-of-use assets and liabilities are recognized at the commencement date using the present value of the fixed lease payments over the lease term. We do not have leases with variable consideration. The incremental borrowing rate is used in determining present value. Certain operating leases, primarily office space and IT equipment, have an option to extend the lease. Renewal periods related to certain lease agreements related to office buildings are included in the lease term for lease accounting. The Company has operating lease agreements with lease components (e.g. fixed payments including rent, real estate taxes, and insurance costs) as well as nonlease components (e.g. common-area maintenance, colocation services). The Company has elected to account for lease and nonlease components as one single lease component for all classes of assets. Lease expense is recognized on a straight-line basis over the lease term. Finance leases The Company has finance leases for information technology equipment and subleases all this equipment (see Lessor section below for details). All finance leases transfer ownership to the Company, which meets the criterion to be a finance lease. Due to our finance leases being subleases, there are no finance right-of-use assets because instead there is a net investment in lease in the Consolidated Balance Sheets. Leases as Lessor The Company is a lessor, but only as a sublessor. The process for identifying and classifying a lease is similar to the process described above in the lessee section. Additionally, the most relevant criteria to classification is transfer of ownership and present value of the total lease payments in relation to fair value of the underlying asset. The Company as a lessor has both sales-type and direct financing leases. The Company as a lessor does not have operating leases. All the Company’s sublease agreements are bundled agreements containing managed services, software, and other services. The fixed payments under bundled agreements are allocated based on the relative standalone selling prices of the lease and non-lease deliverables are consistent with ASC 606. The allocation of the fixed payments may be calculated using a budgeted cost-plus margin approach if there are other services in addition to managed services. Due to the complex nature of these contracts, there is significant judgment in allocating the fixed payments. There is no variable consideration in these agreements. The discount rate used as a lessor pertaining to the lease component is the implicit rate. As sublessor, lease agreements contain an option to purchase the underlying asset or transfers ownership at the end of the lease. The leases typically do not have any residual value to the Company. In the Company’s sublessor agreements, the payments allocated to the lease component cannot be terminated. There were no new agreements where the Company was a lessor for the year ended September 30, 2021. See Note 10 Leases Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out method. The recoverability of inventories is based upon the types and levels of inventories held, forecasted demand, pricing, competition and changes in technology. We write down our inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. As of September 30, 2021, and September 30, 2020, the Company maintained inventory reserves of $2.3 million and $4.1 million, respectively. The decrease is from disposing of inventory that was fully reserved. Property, Equipment and Improvements The components of property, equipment and improvements are stated at cost. The Company provides for depreciation by use of the straight-line method over the estimated useful lives of the related assets ( three Trade Accounts Receivable, Long Term Receivable, and Allowance for Doubtful Accounts Trade accounts receivable are stated at amounts that have been billed to customers less an allowance for doubtful accounts. Allowances for doubtful accounts are recorded for the estimated losses resulting from the inability of our customers to make required payments. The estimates for the allowance for doubtful accounts are based on the length of time the receivables are past due, current business environment, and our historical experience. If the financial condition of our customers were to deteriorate, resulting in impairment of their ability to make payments, additional allowances may be required. Accounts receivable are charged off against the reserve when management has determined they are uncollectible. Within trade accounts receivable and long-term receivable are financing agreements with an original payment term of greater than one year. Interest income earned on these receivables is recognized using the effective interest method. See Note 3 Accounts and Long-Term Receivables Pension and Retirement Plans The funded status of pension and other postretirement benefit plans is recognized on the consolidated balance sheet. Gains and losses, prior service costs and credits and any remaining transition amounts that have not yet been recognized through pension expense will be recognized in accumulated other comprehensive loss, net of tax, until they are amortized as a component of net periodic pension/postretirement benefits expense. Additionally, plan assets and obligations are measured as of our fiscal year-end balance sheet date (September 30). We have defined benefit and defined contribution plans in the United Kingdom (the “U.K.”) and in the U.S. In the U.K. the Company provides defined benefit pension plans for certain employees and former employees and defined contribution plans for the majority of the employees. The defined benefit plan in the U.K. is closed to newly hired employees and has been for the two years ended September 30, 2021. In the U.S., the Company also provides defined contribution plans that cover most employees and supplementary retirement plans to certain employees and former employees who are now retired. These supplementary retirement plans are also closed to newly hired employees and have been for the two years ended September 30, 2021. These supplementary plans are funded through whole life insurance policies. The Company expects to recover all insurance premiums paid under these policies in the future, through the cash surrender value of the policies and any death benefits or portions thereof to be paid upon the death of the participant. These whole life insurance policies are carried on the balance sheet at their cash surrender values as they are owned by the Company and not assets of the defined benefit plans. In the U.S., the Company also provides for officer death benefits and post-retirement health insurance benefits through supplemental post-retirement plans to certain officers. The Company also funds these supplemental plans’ obligations through whole life insurance policies on the officers. Pension expense is based on an actuarial computation of current future benefits using estimates for expected return on assets, expected compensation increases and applicable discount rates. Management has reviewed the discount rates and rates of return with our consulting actuaries and investment advisor and concluded they were reasonable. A decrease in the expected return on pension assets would increase pension expense. Expected compensation increases are estimated based on historical and expected increases in the future. Increases in estimated compensation increases would result in higher pension expense while decreases would lower pension expense. Discount rates are selected based upon rates of return on high quality fixed income investments currently available and expected to be available during the period to maturity of the pension benefit. A decrease in the discount rate would result in greater pension expense while an increase in the discount rate would decrease pension expense. The Company funds its pension plans in amounts sufficient to meet the requirements set forth in applicable employee benefits laws and local tax laws. Liabilities for amounts in excess of these funding levels are accrued and reported in the consolidated balance sheets. Segment Information We have two operating segments: (i) Technology Solutions ("TS") and (ii) High Performance Products ("HPP"). In the TS segment, we focus on value added reseller ("VAR") integrated solutions including third party hardware, software and technical computer-related consulting and managed services. In the HPP segment, we design, manufacture and deliver products and services to customers that require specialized cyber security services, networking and signal processing products. The operations and assets of our TS segment are located in the United States and the United Kingdom. The operations and assets of our HPP segment are located in the United States. Revenue Recognition We derive revenue from the sale of integrated hardware and software, third-party service contracts, professional services, managed services, financing of hardware and software, and other services. We recognize revenue from hardware upon transfer of control, which is at a point in time typically upon shipment when title transfers. Revenue from software is recognized at a point in time when the license is granted. We recognize revenue from third-party service contracts as either gross sales or net sales depending on whether we are acting as a principal party to the transaction or acting as an agent or broker based on control and timing. We are a principal if we control the good or service before that good or service is transferred to the customer. We record revenue as gross when we are a principal party to the arrangement and net of cost when we are acting as a broker or agent for a third party. Under gross sales recognition, the entire selling price is recorded in revenue and our cost to the third-party service provider or vendor is recorded in cost of sales. Under net sales recognition, the cost to the third-party service provider or vendor is recorded as a reduction to revenue resulting in net sales equal to the gross profit on the transaction. Third-party service contracts are sold in different combinations with hardware, software, and services. When we are an agent, revenue is typically recorded at a point in time. When we are the principal, revenue is recognized over the contract term. We have concluded we are the agent in sales of third-party maintenance, software or hardware support, and certain security software that is sold with integral third-party delivered software maintenance that include critical updates. Professional services generally include implementation, installation, and training services. Professional services are considered a series of distinct services that form one performance obligation and revenue is recognized over time as services are performed. Revenue generated from managed services is recognized over the term of the contract. Certain managed services contracts include financing of hardware and software. Revenues from arrangements which include financing are allocated considering relative standalone selling prices of lease and non-lease components within the agreement. The lease component includes hardware, which is subject to ASC 842, Leases Revenue from Contracts with Customers Other services generally include revenue generated through our royalty, extended warranty, multicomputer repair, and maintenance contracts. Royalty revenue is sales-based and recognized on date of subsequent sale of the product, which occurs on the date of customer shipment. Revenue from extended warranty contracts is recognized ratably over the warranty period. Multicomputer repair services revenue is recognized upon control transfer when the customer takes possession of the computer at time of shipping. Revenue generated from maintenance services is recognized evenly over the term of the contract. The right of return risk lies with the original manufacturer of the product. Managed service contracts contain the right to refund if canceled within 30 days of inception. Any products with a standard warranty are treated as a warranty obligation under ASC 460, Guarantees. The following policies are applicable to our major categories of segment revenue transactions: TS Segment Revenue TS Segment revenue is derived from the sale of hardware, software, professional services, third-party service contracts, maintenance contracts, managed services, and financing of hardware and software. Financing revenue pertaining to the portion of an arrangement containing a lease is recognized in accordance with ASC 842. Financing revenue related to the lease is recorded in revenue as equipment leasing is part of our operations. Third-party service contracts are evaluated to determine whether such service revenue should be recorded as gross or net sales and whether over time or at point in time. HPP Segment Revenue HPP segment revenue is derived from the sale of integrated hardware and software, maintenance, and other services through the Multicomputer, Myricom, and ARIA product lines. Myricom revenue is derived from the sale of products, which are comprised of both hardware and embedded software which is essential to the products’ functionality, and post contract maintenance and support. Post contract maintenance and support is considered immaterial in the context of the contract and therefore is not a separate performance obligation. See disaggregated revenues below by products/services and geography. Technology Solutions Segment High Performance Products United Consolidated For the year ended September 30 Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 3,126 $ 1,578 $ 30,502 $ 32,080 $ 35,206 Service 1,497 426 12,059 12,485 13,982 Finance * — — 20 20 20 Total sales $ 4,623 $ 2,004 $ 42,581 $ 44,585 $ 49,208 Technology Solutions Segment High Performance Products United Consolidated For the year ended September 30 Segment Kingdom U.S. Total Total (Amounts in thousands) 2020 Sales: Product $ 3,401 $ 943 $ 43,562 $ 44,505 $ 47,906 Service 2,475 440 10,889 11,329 13,804 Finance * — — 83 83 83 Total sales $ 5,876 $ 1,383 $ 54,534 $ 55,917 $ 61,793 * Finance revenue is related to equipment leasing and is not subject to the guidance on revenue from contracts with customers ( ASC 606 Contract Assets and Liabilities When we have performed work but do not have an unconditional right to payment, a contract asset is recorded. When we have the right to bill a customer, accounts receivable is recorded as an unconditional right exists. Current contract assets were $2.7 million and $1.0 million as of September 30, 2021 and September 30, 2020, respectively. The current portion is recorded in other current assets on the consolidated balance sheets. There were Contract liabilities arise when payment is received before we transfer a good or service to the customer. Current contract liabilities were $1.8 million and $0.9 million as of September 30, 2021 and September 30, 2020, respectively. The current portion of contract liabilities is recorded in deferred revenue on the consolidated balance sheets. The long-term portion of contract liabilities were $0.4 million and $0.2 million as of September 30, 2021 and 2020, respectively. These noncurrent liabilities are recorded in other noncurrent liabilities on the consolidated balance sheets. Revenue recognized for the year ended September 30, 2021 that was included in contract liabilities as of September 30, 2020 was $0.8 million. Contract Costs Incremental costs of obtaining a contract involving customer transactions where the revenue and the related transfer of goods and services are equal to or less than a one year period, are expensed as incurred, utilizing the practical expedient in ASC 340-40-25-4 amortization is generally three Costs to fulfill a contract are capitalized when the costs are related to a contract or anticipated contract, generate or enhance resources that will be used in satisfying performance obligations in the future, and costs are recoverable. Costs to fulfill a contract are related to the TS portion of the business and involve activities performed before managed services can be completed. Current capitalized fulfillment costs are in the other current assets and noncurrent costs are in other assets on the consolidated balance sheets. The portion of current capitalized costs were $13 thousand as of September 30, 2021 and $13 thousand as of September 30, 2020. The portion of noncurrent capitalized costs were $9 thousand and $22 thousand as of September 30, 2021 and September 30, 2020, respectively. The amount of fulfillment costs amortized year ended September 30, 2021 and 2020 were $13 thousand and $13 thousand, respectively. These costs amortized were recorded in cost of sales. There was no impairment related to fulfillment costs capitalized. Other Projects are typically billed upon completion or at certain milestones. Product and services are typically billed when shipped or as services are being performed. Payment terms are typically 30 days to pay in full except in Europe where it could be up to 90 days. Most of our contracts are less than one year. There are certain contracts that contain a financing component. See Note 1 Summary of Significant Accounting Policies We have certain contracts that have an original term of more than one year. The royalty agreement is longer than one year, but not included in the table below as the royalties are sales-based. Managed service contracts are generally longer than one year. For these contracts the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied as of September 30, 2021 is set forth in the table below: (Amounts in thousands) Fiscal 2022 $ 1,404 Fiscal 2023 670 Fiscal 2024 61 $ 2,135 Product Warranty Accrual Our product sales generally include a hardware warranty which ranges from 90 three Note 11 Product Warranties Engineering and Development Expenses Engineering and development expenses include payroll, employee benefits, stock-based compensation and other headcount-related expenses associated with product development. Engineering and development expenses also include third-party development and programming costs. We consider technological feasibility for our software products to be reached upon the release of the software, accordingly, no internal software development costs have been capitalized. Income Taxes We use the asset and liability method of accounting for income taxes whereby deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We also reduce deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. This methodology requires estimates and judgments in the determination of the recoverability of deferred tax assets and in the calculation of certain tax liabilities. Valuation allowances are recorded against the gross deferred tax assets that management believes, after considering all available positive and negative objective evidence, historical and prospective, with greater weight given to historical evidence, that it is more likely than not that these assets will not be realized. In addition, we are required to recognize in the consolidated financial statements, those tax positions determined to be more-likely-than-not of being sustained upon examination, based on the technical merits of the positions as of the reporting date. If a tax position is not considered more-likely-than-not to be sustained based solely on its technical merits, no benefits of the position are recognized. In addition, the calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations in a multitude of jurisdictions. The Company records liabilities for estimated tax obligations in the U.S. and other tax jurisdictions. These estimated tax liabilities include the provision for taxes that may become payable in the future. Earnings per Share of Common Stock Basic net income per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per common share reflects the maximum dilution that would have resulted from the assumed exercise and share repurchase related to dilutive stock options and is computed by dividing net income by the assumed weighted average number of common shares outstanding. We are required to present earnings per share ("EPS") utilizing the two-class method because we had outstanding, non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, which are considered participating securities. Basic and diluted earnings per share computations for the Company’s reported net income (loss) attributable to common stockholders are as follows: For the year ended September 30, September 30, 2021 2020 Net income (loss) from continuing operations $ 234 $ (1,446) Net income from sale of discontinued operations 465 — Net income (loss) 699 (1,446) Less: net income attributable to nonvested common stock 33 — Net income (loss) attributable to common shareholders $ 666 $ (1,446) Net income (loss) attributable to common shareholders from continuing operations $ 223 $ (1,446) Net income attributable to common shareholders from discontinued operations 443 — Net income (loss) attributable to common shareholders $ 666 $ (1,446) Weighted average total shares outstanding – basic 4,356 4,028 Less: weighted average non–vested shares outstanding (205) — Weighted average number of common shares outstanding – basic 4,151 4,028 Add: potential common shares from non–vested stock awards and the assumed exercise of stock options 69 — Weighted average common shares outstanding – diluted 4,220 4,028 Net income (loss) from continuing operations per share - basic $ 0.05 $ (0.36) Net income from discontinued operations per share - basic $ 0.11 $ — Net income (loss) per share - basic $ 0.16 $ (0.36) Net income (loss) from continuing operations per share - diluted $ 0.05 $ (0.36) Net income from discontinued operations per share - diluted $ 0.11 $ — Net income (loss) per share - diluted $ 0.16 $ (0.36) All anti-dilutive securities, including stock options, are excluded from the diluted income per share computation. Non-vested restricted stock awards of 136,000 shares were excluded from net income per share for the year ended September 30, 2021, because their inclusion would have been anti-dilutive. Non-vested restricted stock awards of 201,000 shares and stock options of 1,000 shares were excluded from net loss per share for the year ended September 30, 2020, because their inclusion would have been anti-dilutive. Use of Estimates The preparation of consolidated 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 period. Actual results may differ from those estimates under different assumptions or conditions. Stock-Based Compensation We measure and recognize compensation expense for all stock-based payment awards made to employees and directors including stock options and nonvested shares of restricted common stock based on estimated fair values of stock-based payment awards on the date of grant. The Company uses the Black-Scholes option-pricing model to calculate the fair value of stock option grants. The fair value of nonvested restricted share awards is equal to the quoted market price of our common stock as quoted on the Nasdaq Global Market on the date of grant. The fair value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statements of operations. Because stock-based compensation expense recognized in the consolidated statements of operations for the fiscal years ended September 30, 2021 and 2020 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures and will be revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Stock-based compensation expense recognized for the fiscal years ended September 30, 2021 and 2020 consisted of options and restricted stock granted pursuant to the Company’s stock incentive and employee stock purchase plans of approximately $1.0 million and $1.0 million, respectively. Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions in the U.S. and the U.K. Deposits held with banks may exceed the amount of insurance on such deposits. Generally, these deposits may be redeemed upon demand. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. Subsequent Events The Company recognizes in the consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the statement of financial position, including the estimates inherent in the process of preparing financial statements. The Company has evaluated subsequent events through the date of this filing. Accounting standards adopted in fiscal year 2021 In August 2018, the FASB issued Accounting Standard Update (“ASU”) No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) New accounting standards not adopted as of September 30, 2021 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates |
Discontinued Operations of TS S
Discontinued Operations of TS Segment | 12 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations of TS Segment | |
Discontinued Operations of TS Segment | 2. Discontinued Operations of TS Segment CSPi sold all stock of Modcomp GmbH to Reply AG on July 31, 2018 for $14.4 million cash and a gain of $18.1 million. This sale was recorded in fiscal year 2018. An additional €400 thousand was included in escrow as part of the Share Purchase and Assignment Agreement to potentially be received later as a purchase price adjustment in fiscal year 2021. This amount was received in July 2021 and recorded as a gain from discontinued operations in the Consolidated Statements of Operations, which is consistent with the presentation for the original transaction. No income taxes were provided as the transaction was a tax-free exchange in the U.K. There are no other amounts that will be received as part of the agreement. |
Accounts and Long-Term Receivab
Accounts and Long-Term Receivable | 12 Months Ended |
Sep. 30, 2021 | |
Accounts and Long-Term Receivable | |
Accounts and Long-Term Receivable | 3. Accounts and Long-Term Receivable Within accounts receivable and long-term receivable there are amounts due reflecting sales whose payment terms exceed one year. This financing is separate from agreements with a leasing component, see Note 10 Leases There is not an allowance for credit losses nor impairments for accounts and long-term receivables with a contractual maturity of over one year. All accounts had no past amounts due as of September 30, 2021 or 2020, respectively. There was no activity in the allowance for credit losses of these receivables for the years ended September 30, 2021 or 2020, respectively. All these agreements are looked at as one portfolio in determining credit losses. There are various factors that are considered in extending a customer payment terms longer than one year including payment history, economic conditions, and capacity to pay. The credit quality of customers is monitored by payment activity. The unearned income represents a rate similar to market at the inception of the agreement. The amount of interest income earned from sales whose payment terms exceed one year for the year ended September 30, 2021 and 2020 was $547 thousand and $453 thousand, respectively. Interest income from these agreements is recorded in Other income, net on the Consolidated Statements of Operations. There were two new agreements effective in the second quarter of fiscal year 2021 causing an increase in accounts and long-term receivable. These agreements included approximately $9.0 million of payments to be received over the next 4 years from the effective date of the agreement. It was determined we were acting as the agent in the transactions and recorded net revenue of approximately $0.5 million during the second quarter of fiscal year 2021. There were two new agreements effective in the third quarter of fiscal year 2021 causing an increase in accounts and long-term receivable. These agreements included approximately $5.2 million of payments to be received over the next 2 years from the effective date of the agreement. It was determined we were acting as the agent in the transactions and recorded net revenue of approximately $0.4 million during the third quarter of fiscal year 2021. There were two new agreements effective in the fourth quarter of fiscal year 2021 causing an increase in accounts and long-term receivable. These agreements included approximately $2.5 million of payments to be received over the next 2 years from the effective date of the agreement. It was determined we were acting as the agent in the transactions and recorded net revenue of approximately $0.2 million during the fourth quarter of fiscal year 2021. Receivables whose payment terms exceed one year are placed on nonaccrual status, meaning interest income stops being recorded, when the customer has a past due amount in excess of 30 days or reasonable doubt exists in collecting all interest and principal. A payment due in excess of 30 days is considered delinquent. If a payment is received for a receivable on nonaccrual status the payment is first applied to interest and then principal. Recording interest income resumes once no reasonable doubt exists regarding collecting all interest and principal. Contractual maturities of outstanding financing receivables with an original contractual maturity over one year are as follows: Fiscal year ending September 30: (Amounts in thousands) 2022 $ 6,927 2023 4,674 2024 1,560 2025 1,560 Total payments 14,721 Less: unearned interest income 753 Total, net of unearned interest income $ 13,968 |
Inventories
Inventories | 12 Months Ended |
Sep. 30, 2021 | |
Inventories | |
Inventories | 4. Inventories Inventories consist of the following: September 30, September 30, 2021 2020 (Amounts in thousands) Raw materials $ 736 $ 574 Work-in-process 289 213 Finished goods 2,964 4,498 Total $ 3,989 $ 5,285 Several components used in our HPP segment products are obtained from sole-source suppliers. We are dependent on key vendors such as Xilinx, NXP, and BCRM for a variety of processors for certain products and Wind River Systems, Inc. for VxWorks operating system software. We are dependent Mellanox Technologies for our high-speed interconnect components. Despite our dependence on these sole-source suppliers, based on our current forecast and our projected sales obligations, we believe we have adequate inventory on hand and our current near-term requirements can be met in the existing supply chain. COVID-19 has adversely affected the distribution channel leading to significantly longer lead times when ordering product. Manufacturers are not producing as much product as prior to the pandemic due to disruptions, resulting in supply shortages. Additionally, recent global shipping delays have exacerbated this problem. The TS segment has many vendors it transacts with and supply shortages are pervasive with many of them. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | 5. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: Effect of Accumulated Foreign Minimum Other Currency Pension Comprehensive Translation Liability Loss (Amounts in thousands) Balance as of September 30, 2019 $ (5,111) $ (7,482) $ (12,593) Change in period 415 150 565 Tax effect of change in period — 33 33 Balance as of September 30, 2020 $ (4,696) $ (7,299) $ (11,995) Change in period 646 1,972 2,618 Tax effect of change in period — (71) (71) Balance as of September 30, 2021 $ (4,050) $ (5,398) $ (9,448) The changes in the minimum pension liability are net of amortization of net loss of $235 thousand in 2021 and net loss of $102 thousand in 2020 included in net periodic pension cost. |
Income Taxes
Income Taxes | 12 Months Ended |
Sep. 30, 2021 | |
Income Taxes | |
Income Taxes | 6. Income Taxes The components of income (loss) before income tax and income tax expense are comprised of the following: For the Years Ended September 30, 2021 2020 (Amounts in thousands) Income (loss) before income tax (benefit) expense 1 U.S. $ 1,316 $ (941) Foreign (173) (121) $ 1,143 $ (1,062) Income tax (benefit) expense: Current: Federal $ (674) $ (435) State (30) 21 Foreign — — $ (704) $ (414) Deferred: Federal $ 1,148 $ 548 State — 250 $ 1,148 $ 798 $ 444 $ 384 1 The effective income tax rate differed from the statutory federal income tax rate due to the following: For the Years Ended September 30, 2021 2020 (Dollar amounts in thousands) Computed “expected” tax expense (benefit) $ 240 21.0 % $ (225) 21.2 % Increases (reductions) in taxes resulting from: State income taxes, net of federal tax benefit (38) (3.3) % (7) 0.7 % Foreign rate differential 13 1.1 % 2 (0.2) % Exclusion of PPP Loan Forgiveness Income (458) (40.1) % — — Exclusion of the UK's Gain on Sale of Disc Ops Entity (98) (8.6) % — — Permanent differences (22) (1.9) % (3) 0.3 % Change in valuation allowance 1,598 139.8 % 1,005 (94.7) % Research and development credit (116) (10.1) % (107) 10.1 % Benefit of US Federal NOL carryback (359) (31.4) % (222) 20.9 % Return to Provision Adjustments (394) (34.5) % — — Other items 78 6.8 % (59) 5.5 % Income tax (benefit) expense $ 444 38.8 % $ 384 (36.2) % Significant components of the Company's net deferred tax assets and liabilities as of September 30, 2021 and 2020 are as follows: September 30, September 30, 2021 2020 (Amounts in thousands) Deferred tax assets: Pension $ 1,006 $ 1,410 Intangibles 61 94 Other reserves and accruals 628 1,131 Inventory reserves and other 232 684 Federal and state tax credits 1,141 391 Federal and state net operating loss carryforwards 123 3 Foreign net operating loss carryforwards 2,333 1,766 Depreciation and amortization (190) (244) Gross deferred tax assets 5,334 5,235 Less: valuation allowance (5,334) (4,086) Realizable deferred tax asset $ — $ 1,149 The Company regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, the Company considers both positive and negative evidence related to the likelihood of realization of the deferred tax assets to determine, based on the weight of available evidence, whether it is more-likely-than-not that some or all of the deferred tax assets will not be realized. In assessing the realizability of deferred tax assets, we consider taxable income in prior carryback years, as permitted under the tax law, our forecasted taxable earnings, tax planning strategies, and the expected timing of the reversal of temporary differences. This determination requires significant judgment, including assumptions about future taxable income that are based on historical and projected information and is performed on a jurisdiction-by-jurisdiction basis. The valuation allowance against deferred tax assets increased by approximately $1.2 million during FY 2021, which was primarily due to the recording of a full valuation allowance against the U.S. deferred tax assets during the year. During the period ended September 30, 2021, management assessed the positive and negative evidence in the U.S. operations, and concluded that it is more likely than not that deferred tax assets as of September 30, 2021 will not be realized in light of recent results, the ongoing effects of the coronavirus (“COVID-19”) pandemic, and the resulting economic fallout. We continue to maintain a full valuation allowance against our U.K. deferred tax assets as we have experienced cumulative losses and do not have any indication that the operation will be profitable in the future to an extent that will allow us to utilize much of our net operating loss carryforwards. To the extent that actual experience deviates from our assumptions, our projections would be affected and hence our assessment of realizability of our deferred tax assets may change. As of September 30, 2021, and 2020, the Company had immaterial U.S. net operating loss carryforwards for federal purposes. Due to changes in federal tax law enacted as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act during FY 2021, the Company is carrying back all of its available federal net operating losses to recover federal taxes paid in prior periods. As a result, there is no federal net operating loss carryforwards as of September 30, 2021. As of September 30, 2021, and 2020, the Company had U.S. tax credit carryforwards for federal purposes of $753 and $0 thousand, respectively. The U.S. tax credit carryforwards begin to expire after the Company's FY 2038. The FY 2021 federal R&D credit and all carried forward credits will be used to offset future tax liabilities. As of September 30, 2021, and 2020, the Company had U.S. net operating loss carryforwards for state purposes of approximately $3.4 million and $76 thousand, respectively, which are available to offset future taxable income through 2041. As of September 30, 2021, the Company had state tax credit carryforwards of $1 million available to reduce future state tax expense, of which $50 thousand has unlimited carryover status and the remainder of the credits are available through FY 2035. As of September 30, 2021, the Company had U.K. net operating loss carryforwards of approximately $12.3 million that have an indefinite life with no expiration. Undistributed earnings of the Company's foreign subsidiaries amounted to approximately $7.9 million and $10.3 million as of September 30, 2021 and 2020, respectively. The Company's is considering cash distribution of undistributed foreign earnings in the future and will continue to assess the potential impact of any future distributions on U.S. taxes. The state tax impact of a distribution of foreign earnings and profits would not be material. In addition, the calculation of the Company's tax liabilities involves dealing with uncertainties in the application of complex tax regulations in a multitude of jurisdictions. The Company records liabilities for estimated tax obligations in the U.S. and other tax jurisdictions. These estimated tax liabilities include the provision for taxes that may become payable in the future. As of September 30, 2021, the total amount of uncertain tax liabilities relates to state tax credit carryforwards and are all recorded net in deferred taxes. A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows: For the Year Ended For the Year Ended September 30, 2021 September 30, 2020 (Amounts in thousands) Balance, beginning of year $ 343 $ — Additions for tax positions of current year 60 78 Additions for tax positions of prior years 30 265 Balance, end of period $ 433 $ 343 We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company has reviewed the tax positions taken on returns filed domestically and in its foreign jurisdictions for all open years, generally fiscal 2018 through 2021, and believes that tax adjustments in any audited year will not be material. |
Property, Equipment and Improve
Property, Equipment and Improvements, Net | 12 Months Ended |
Sep. 30, 2021 | |
Property, Equipment and Improvements, Net | |
Property, Equipment and Improvements, Net | 7. Property, Equipment and Improvements, Net Property, equipment and improvements, net consist of the following: September 30, September 30, 2021 2020 (Amounts in thousands) Leasehold improvements $ 224 $ 224 Equipment 8,707 8,603 Automobiles 116 116 Property, equipment and improvements, gross 9,047 8,943 Less accumulated depreciation and amortization (8,283) (7,896) Property, equipment and improvements, net $ 764 $ 1,047 The Company uses the straight-line method over the estimated useful lives of the assets to record depreciation expense. Depreciation expense was $379 thousand and $443 thousand for the years ended September 30, 2021 and 2020, respectively. |
Acquired Intangible Assets
Acquired Intangible Assets | 12 Months Ended |
Sep. 30, 2021 | |
Acquired Intangible Assets | |
Acquired Intangible Assets | 8. Acquired Intangible Assets As of September 30, 2021 and 2020, intangible assets are as follows: September 30, 2021 September 30, 2020 Weighted Weighted Average Average Remaining Remaining Amortization Accumulated Amortization Accumulated Period Gross Amortization Net Period Gross Amortization Net (Amounts in thousands) Customer list 3 $ 90 $ 71 $ 19 4 $ 90 $ 62 $ 28 Amortization expense on these intangible assets was $9 thousand and $9 thousand for fiscal 2021 and 2020, respectively. Annual amortization expense related to intangible assets for each of the following successive fiscal years is as follows: Fiscal year ending September 30: (Amounts in thousands) 2022 9 2023 9 2024 1 Total $ 19 |
Accounts payable and accrued ex
Accounts payable and accrued expenses, and Other noncurrent liabilities | 12 Months Ended |
Sep. 30, 2021 | |
Product Warranties | |
Accounts payable and accrued expenses, and Other noncurrent liabilities | 9. Accounts payable and accrued expenses, and Other noncurrent liabilities Accounts payable and accrued expenses consist of the following: September 30, 2021 2020 (Amounts in thousands) Accounts payable $ 11,271 $ 5,604 Commissions 305 335 Compensation and fringe benefits 1,233 1,024 Professional fees and shareholders’ reporting costs 300 368 Taxes, other than income 136 161 Finance lease liability 47 274 Operating lease liability 569 679 Warranty 67 78 $ 13,928 $ 8,523 In February 2021, the Company’s US. division of the TS segment entered into an agreement with a vendor to pay approximately $1.5 million including interest for goods and services through fiscal year 2025 in 5 payments related to a multi-year agreement with a customer. In February 2021, the Company’s US division of the TS segment entered into another agreement with a vendor to pay approximately $7.2 million including interest for goods and services through fiscal year 2025 in 6 payments related to a multi-year agreement with a customer. In July 2021, the Company’s US. division of the TS segment entered into another agreement with a vendor to pay approximately $0.5 million including interest for goods and services through fiscal year 2024 in 12 payments related to a multi-year agreement with a customer. See Note 3 Accounts and Long-Term Receivable There was not an interest rate stated and therefore interest was imputed under ASC 835 Interest Interest expense related to these agreements for the year ended September 30, 2021 was $190 thousand. There was not interest expense in prior year due to these type of agreements starting in the second quarter of fiscal year 2021. The amounts owed for these agreements are in within accounts payable and other noncurrent liabilities because they are owed to a vendor rather than banks or financial institutions for borrowings. See Note 12 Line of Credit Note 13 Notes Payable Below are details of the aforementioned agreements with the vendors that contain imputed interest: September 30, 2021 (Amounts in thousands) Current $ 1,627 Less: discount 247 Accounts payable and accrued expenses $ 1,380 Noncurrent $ 4,682 Less: discount 315 Other noncurrent liabilities $ 4,367 The Company had a total of approximately $7.8 million due (net of interest) to one of these vendors as of September 30, 2021. This is approximately 41% of Accounts payable and other noncurrent liabilities. The TS segment has many vendors it transacts with and does not have any specific agreement with this vendor that it must purchase certain products from the vendor. Management believes other suppliers could provide similar products on comparable terms. |
Leases
Leases | 12 Months Ended |
Sep. 30, 2021 | |
Leases | |
Leases | 10. Leases Information related to both lessee and lessor The following table specifies where the right-of-use assets and lease liabilities are within the Consolidated Balance Sheets as of September 30, 2021 and 2020: Consolidated Balance Sheets Location September 30, 2021 September 30, 2020 (Amounts in thousands) Assets Operating leases Operating lease right-of-use assets $ 1,358 $ 2,014 Lease receivable - current Investment in lease, net-current portion $ 68 $ 336 Lease receivable - noncurrent Investment in lease, net-less current portion 15 81 Total lease receivable $ 83 $ 417 Liabilities Current operating lease liabilities Accounts payable and accrued expenses $ 569 $ 679 Non-current operating lease liabilities Operating lease liabilities - noncurrent portion 821 1,390 Total operating lease liabilities $ 1,390 $ 2,069 Current finance lease liabilities Accounts payable and accrued expenses $ 47 $ 274 Non-current finance lease liabilities Other noncurrent liabilities 5 52 Total finance lease liabilities $ 52 $ 326 The components of lease costs for the year ended September 30, 2021 and 2020 are as follows: Year Ended Consolidated Statements of Operations Location Consolidated Statements of Operations Location September 30, 2021 September 30, 2020 (Amounts in thousands) Finance Lease: Interest on lease liabilities Interest expense $ 11 $ 30 Operating Lease: Operating lease cost Selling, general, and administrative 718 735 Short-term lease cost Selling, general, and administrative 47 12 Total lease costs $ 776 $ 777 Less sublease interest income Revenue (20) (83) Total lease costs, net of sublease interest income $ 756 $ 694 Future lease payments under our non-cancellable leases and payments to be received as a sublessor as of September 30, 2021 are in the following table: Operating lease Finance lease Sublease Fiscal year ending September 30: Costs Costs Payments received (Amounts in thousands) 2022 613 51 70 2023 439 5 12 2024 240 — 3 2025 182 — — Total $ 1,474 $ 56 $ 85 Less imputed interest (84) (4) (2) Total $ 1,390 $ 52 $ 83 Supplemental cash flow information related to leases for the fiscal year ended September 30, 2021 and 2020 is below: Year ended September 30, 2021 September 30, 2020 (Amounts in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 740 $ 757 Operating cash flows from short-term leases 47 38 Operating cash flows from finance leases 11 30 Financing cash flows from finance leases 274 333 Lease assets obtained in exchange for new lease liabilities Operating leases — 216 Cash received from subleases 356 451 Information as a lessee related to weighted averages of lease term and discount rate as of September 30, 2021 is below: Weighted-average remaining lease term (years) September 30, 2021 Operating leases 2.8 Finance leases 1.1 Weighted-average discount rate September 30, 2021 Operating leases 4.0% Finance leases 10.7% |
Product Warranties
Product Warranties | 12 Months Ended |
Sep. 30, 2021 | |
Product Warranties | |
Product Warranties | 11. Product Warranties Product warranty activity for the year ended September 30 2021 and 2020 was as follows: 2021 2020 (Amounts in thousands) Balance at the beginning of the period $ 78 $ 105 Accruals for warranties for products sold in the period 13 7 Fulfillment of warranty obligations (24) (34) Balance at the end of the period $ 67 $ 78 These amounts are within Accounts payable and accrued expenses on the Consolidated Balance Sheets. |
Line of Credit
Line of Credit | 12 Months Ended |
Sep. 30, 2021 | |
Line of Credit | |
Line of Credit | 12. Line of Credit As of September 30, 2021 and September 30, 2020, the Company maintained an inventory line of credit with a borrowing capacity of $15.0 million and $15.0 million, respectively. It may be used by the TS or HPP segment in the U.S. to purchase inventory from approved vendors with payment terms which exceed those offered by the vendors. No interest accrues under the inventory line of credit when advances are paid within terms, however, late payments are subject to an interest charge of the rate published in the Wall Street Journal as the “prime rate” plus 5%. The prime rate was 3.25% as of September 30, 2021. The credit agreement for the inventory line of credit contains financial covenants which require the Company to maintain the following TS segment-specific financial ratios: (1) a minimum current ratio of 1.2, (2) tangible net worth of no less than $4.0 million, and (3) a maximum ratio of total liabilities to total net worth of less than 5.0:1. As of September 30, 2021 and September 30, 2020, Company borrowings, all from the TS segment, under the inventory line of credit were $0.9 million and $1.6 million, respectively, and the Company was in compliance with all covenants. As of September 30, 2021 and September 30, 2020, this line of credit also included availability of a limited cash withdrawal of up to $1.0 million. As of September 30, 2021 and 2020, there were no cash withdrawals outstanding. |
Notes Payable
Notes Payable | 12 Months Ended |
Sep. 30, 2021 | |
Notes Payable | |
Notes Payable | 13. Notes Payable In September 2019, the Company borrowed $1.0 million with a 5.0% rate of interest related to a multi-year agreement with a customer. See Note 3 Accounts and Long-Term Receivable In October 2019, the Company borrowed $2.0 million with a 5.1% rate of interest related to a multi-year agreement with a customer. On April 17, 2020, CSP, Inc. and Modcomp, Inc., its wholly owned subsidiary (collectively, the “Borrowers”) each received a loan in the form of a promissory note from Paragon Bank (“Lender”) in the amounts of $827,000 and $1,353,600, respectively (the “SBA Loans”) under the Paycheck Protection Program (“PPP”), which was established under the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) administered by the U.S. Small Business Administration (“SBA”). The SBA Loans have a two-year term and carry an annual fixed interest rate of 1%. The SBA Loans provided for customary events of default, including, among others, those relating to failure to make payment, bankruptcy, materially false or misleading representations to Lender or SBA, and adverse changes in the financial condition or business operations that Lender believed could materially affect Borrowers’ ability to pay the SBA Loans. The Borrowers did not provide any collateral or guarantees for the SBA Loans and the Borrowers could prepay the principal of the SBA Loans at any time without penalty. The Borrowers applied to the Lender for forgiveness of an amount due on the SBA Loans in an amount equal to the sum of certain costs during the 24 week period beginning on the date of the first disbursement of the SBA Loans. The amount of SBA Loans forgiveness was calculated in accordance with the requirements of the PPP, including provisions of Section 1106 of the CARES Act. We used the SBA Loans proceeds in accordance with the applicable SBA guidelines. In November 2020 the SBA Loans were formally forgiven. The $2.2 million gain is presented on the Consolidated Statement of Operations as Gain on forgiveness of debt. Interest expense related to the notes for the year ended September 30, 2021 and 2020 was $87 thousand and $131 thousand, respectively. Below are details of the notes payable. Fiscal year ending September 30: (Amounts in thousands) 2022 808 2023 449 2024 449 Total 1,706 Less: note discount 73 Total $ 1,633 September 30, 2021 September 30, 2020 (Amounts in thousands) Current $ 808 $ 1,702 Less: notes discount 51 89 Notes payable - current portion $ 757 $ 1,613 Noncurrent $ 897 $ 2,559 Less: notes discount 21 74 Notes payable - noncurrent portion $ 876 $ 2,485 |
Pension and Retirement Plans
Pension and Retirement Plans | 12 Months Ended |
Sep. 30, 2021 | |
Pension and Retirement Plans | |
Pension and Retirement Plans | 14. Pension and Retirement Plans We have defined benefit and defined contribution plans in the U.K. and in the U.S. In the U.K., the Company provides defined benefit pension plans for certain employees and former employees and defined contribution plans for the majority of the employees. The defined benefit plans in the U.K. are closed to newly hired employees and have been for the two years ended September 30, 2021. In the U.S., the Company also provides defined contribution plans that cover most employees and supplementary retirement plans to certain employees and former employees who are now retired. These supplementary retirement plans are also closed to newly hired employees and have been for the two years ended September 30, 2021. These supplementary plans are funded through whole life insurance policies. The Company expects to recover all insurance premiums paid under these policies in the future, through the cash surrender value of the policies and any death benefits or portions thereof to be paid upon the death of the participant. These whole life insurance policies are carried on the balance sheet at their cash surrender values as they are owned by the Company and not assets of the defined benefit plans. In the U.S., the Company also provides for officer death benefits and post-retirement health insurance benefits through supplemental post-retirement plans to certain officers. The Company also funds these supplemental plans’ obligations through whole life insurance policies on the officers. Defined Benefit Plans The Company funds its pension plans in amounts sufficient to meet the requirements set forth in applicable employee benefits laws and local tax laws. Liabilities for amounts in excess of these funding levels are accrued and reported in the consolidated balance sheet. The domestic supplemental retirement plans have life insurance policies which are not considered plan assets but were purchased by the Company as a vehicle to fund the costs of the plan. These insurance policies are included in the balance sheet at their cash surrender value, net of policy loans, aggregating $2.6 million and $2.4 million as of September 30, 2021 and 2020, respectively. The loans against the policies have been taken out by the Company to pay the premiums. The costs and benefit payments for these plans are paid through operating cash flows of the Company to the extent that they cannot be funded through the use of the cash values in the insurance policies. The Company expects that the recorded value of the insurance policies will be sufficient to fund all of the Company’s obligations under these plans. Assumptions: The following table provides the weighted average actuarial assumptions used to determine the actuarial present value of projected benefit obligations at: Domestic International September 30, September 30, 2021 2020 2021 2020 Discount rate: 2.75 % 2.50 % 2.00 % 1.60 % Expected return on plan assets: 4.00 % 3.80 % Rate of compensation increase: — % — % The following table provides the weighted average actuarial assumptions used to determine net periodic benefit cost for years ended: Domestic International September 30, September 30, 2021 2020 2021 2020 Discount rate: 2.50 % 3.00 % 2.00 % 1.60 % Expected return on plan assets: 4.00 % 3.80 % Rate of compensation increase: — % — % For domestic plans, the discount rate was determined by comparison against the FTSE pension liability index for AA rated corporate instruments. The Company monitors other indices to assure that the pension obligations are fairly reported on a consistent basis. The international discount rates were determined by comparison against country specific AA corporate indices, adjusted for duration of the obligation. The periodic benefit cost and the actuarial present value of projected benefit obligations are based on actuarial assumptions that are reviewed on an annual basis. The Company revises these assumptions based on an annual evaluation of long-term trends, as well as market conditions that may have an impact on the cost of providing retirement benefits. The components of net periodic benefit costs related to the U.S. and international plans are as follows: Year Ended September 30, 2021 2020 U.K. U.S. Total U.K. U.S. Total (Amounts in thousands) Pension: Interest cost $ 243 $ 11 $ 254 $ 263 $ 15 $ 278 Expected return on plan assets (398) — (398) (289) — (289) Amortization of past service costs 7 — 7 7 — 7 Amortization of net gain (loss) 181 4 185 190 3 193 Net periodic benefit cost $ 33 $ 15 $ 48 $ 171 $ 18 $ 189 Post Retirement: Service cost $ — $ 45 $ 45 $ — $ 38 $ 38 Interest cost — 42 42 — 46 46 Amortization of net loss — 50 50 — 24 24 Net periodic cost $ — $ 137 $ 137 $ — $ 108 $ 108 Pension: Increase (decrease) in minimum liability included in other comprehensive income (loss) $ (1,794) (8) $ (1,802) $ (231) 2 $ (229) Post Retirement: Increase in minimum liability included in other comprehensive income — (170) (170) — 79 79 Total: Increase (decrease) in minimum liability included in comprehensive income (loss) $ (1,794) $ (178) $ (1,972) $ (231) $ 81 $ (150) The following table presents an analysis of the changes in 2021 and 2020 of the benefit obligation, the plan assets and the funded status of the plans: Years Ended September 30 2021 2020 Foreign U.S. Total Foreign U.S. Total (Amounts in thousands) Pension: Change in projected benefit obligation (“PBO”) Balance beginning of year $ 14,403 $ 426 $ 14,829 $ 13,447 $ 514 $ 13,961 Interest cost 243 11 254 263 15 278 Changes in actuarial assumptions (658) (6) (664) 324 7 331 Foreign exchange impact 670 — 670 629 — 629 Benefits paid (341) (92) (433) (260) (110) (370) Projected benefit obligation at end of year $ 14,317 $ 339 $ 14,656 $ 14,403 $ 426 $ 14,829 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 9,740 $ — $ 9,740 $ 8,238 $ — $ 8,238 Actual gain on plan assets 1,655 — 1,655 929 — 929 Company contributions 457 92 549 437 110 547 Foreign exchange impact 410 — 410 396 — 396 Benefits paid (341) (92) (433) (260) (110) (370) Fair value of plan assets at end of year $ 11,921 $ — $ 11,921 $ 9,740 — $ 9,740 Funded status \ net amount recognized $ (2,396) $ (339) $ (2,735) $ (4,663) $ (426) $ (5,089) Post Retirement: Change in projected benefit obligation (“PBO”): Balance beginning of year $ — $ 1,703 $ 1,703 $ — $ 1,516 $ 1,516 Service cost — 45 45 — 38 38 Interest cost — 42 42 — 46 46 Changes in actuarial assumptions — (120) (120) — 103 103 Projected benefit obligation at end of year $ — $ 1,670 $ 1,670 $ — $ 1,703 $ 1,703 Funded status \ net amount recognized $ — $ (1,670) $ (1,670) $ — $ (1,703) $ (1,703) The amounts recognized in the consolidated balance sheet consist of: Years Ended September 30 2021 2020 Foreign U.S. Total Foreign U.S. Total (Amounts in thousands) Pension: Accrued benefit liability $ (2,396) $ (339) $ (2,735) $ (4,663) $ (426) $ (5,089) Deferred tax — 17 17 — 14 14 Accumulated other comprehensive income 4,140 21 4,161 5,934 26 5,960 Net amount recognized $ 1,744 $ (301) $ 1,443 $ 1,271 $ (386) $ 885 Post Retirement: Accrued benefit liability $ — $ (1,670) $ (1,670) $ — $ (1,703) $ (1,703) Deferred tax — 78 78 — 10 10 Accumulated other comprehensive income — 57 57 — 160 160 Net amount recognized $ — $ (1,535) $ (1,535) $ — $ (1,533) $ (1,533) Total pension and post retirement: Accrued benefit liability $ (2,396) $ (2,009) $ (4,405) $ (4,663) $ (2,129) $ (6,792) Deferred tax — 95 95 — 24 24 Accumulated other comprehensive income 4,140 78 4,218 5,934 186 6,120 Net amount recognized $ 1,744 $ (1,836) $ (92) $ 1,271 $ (1,919) $ (648) Accumulated Benefit Obligation: Pension $ (14,317) $ (339) $ (14,656) $ (14,403) $ (426) $ (14,829) Post Retirement — (1,670) (1,670) — (1,703) (1,703) Total accumulated benefit obligation $ (14,317) $ (2,009) $ (16,326) $ (14,403) $ (2,129) $ (16,532) Plans with projected benefit obligations in excess of plan assets are attributable to unfunded domestic supplemental retirement plans, and our U.K. retirement plan. Accrued benefit liability reported as: September 30, 2021 2020 (Amounts in thousands) Current accrued benefit liability $ 308 $ 321 Non-current accrued benefit liability 4,097 6,471 Total accrued benefit liability $ 4,405 $ 6,792 As of September 30, 2021 and 2020, the amounts included in accumulated other comprehensive loss, consisted of deferred net losses totaling approximately $4.2 million and $6.1 million, respectively. The amount of net deferred loss expected to be recognized as a component of net periodic benefit cost for the year ending September 30, 2022, is approximately $146 thousand. The large decrease in the accrued benefit liability from $6.8 million as of September 30, 2020 to $4.4 million as of September 30, 2021 was due to a large return on assets during fiscal year 2021 (see table above for ending balances as of September 30, 2021 and 2020). Additionally, the assumed discount rate used for the calculation of the projected benefit obligation increased and the expected return on plan assets increased, which both cause the liability to decrease. Contributions The Company expects to contribute $0.4 million to its pension plans for fiscal 2022. Estimated Future Benefit Payments The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (amounts in thousands): Fiscal year ending September 30: (Amounts in thousands) 2022 $ 436 2023 $ 476 2024 $ 515 2025 $ 516 2026 $ 531 Thereafter $ 1,339 Plan Assets At September 30, 2021, our pension plan in the U.K. was the only plan with assets, holding investments of approximately $11.9 million. Pension plan assets are managed by a fiduciary committee. The Company’s investment strategy for pension plan assets is to maximize the long-term rate of return on plan assets within an acceptable level of risk while maintaining adequate funding levels. Local regulations, local funding rules, and local financial and tax considerations are part of the funding and investment process. In deciding on the investments to be held, the trustees take into account the risk of possible fluctuations in income from, and market values of, the assets as well as the risk of departing from an asset profile which broadly matches the liability profile. The committee has invested the plan assets in a single pooled fund with an authorized investment company (the “Fund”). The Fund selected by the trustees is consistent with the plan’s overall investment principles and strategy described herein. There are no specific targets as to asset allocation other than those contained within the Fund that is managed by the authorized investment company. The fair value of the assets held by the U.K. pension plan by asset category are as follows: Fair Values as of September 30, 2021 September 30, 2020 Fair Value Measurements Using Inputs Considered as Fair Value Measurements Using Inputs Considered as Asset Category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (Amounts in thousands) Cash on deposit $ 93 $ 93 $ — $ — $ 471 $ 471 $ — $ — Pooled funds 11,828 11,828 — — 9,269 9,269 — — Total plan assets $ 11,921 $ 11,921 $ — $ — $ 9,740 $ 9,740 $ — $ — The expected long-term rates of return on plan assets are equal to the yields to maturity of appropriate indices for government and corporate bonds and by adding a premium to the government bond return for equities. The expected rate of return on cash is the Bank of England base rate in force at the effective date. Level 1 investments represent mutual funds for which a quoted market price is available on an active market. These investments primarily hold stocks or bonds, or a combination of stocks and bonds. Defined Contribution Plans The Company has defined contribution plans in domestic and international locations under which the Company matches a portion of the employee’s contributions and may make discretionary contributions to the plans. The Company’s contributions were $174 thousand and $156 thousand for the years ended September 30, 2021 and 2020, respectively. |
Stock Based Incentive Compensat
Stock Based Incentive Compensation | 12 Months Ended |
Sep. 30, 2021 | |
Employee Stock Purchase Plan | |
Stock Based Incentive Compensation | 15. Stock Based Incentive Compensation In 2015, the Company adopted the 2015 Stock Incentive Plan (the "2015 Plan") and authorized 300,000 shares of common stock to be reserved for issuance pursuant to the 2015 Plan. During 2019 an additional 300,000 shares of common stock were authorized to be reserved for issuance pursuant to the 2015 Plan. As of September 30, 2021, there were 140,215 shares available to be granted under the 2015 Plan. Under all of the stock incentive plans, both incentive stock options and non-qualified stock options may be granted to officers, key employees and other persons providing services to the Company. All of the Company’s stock incentive plans have a ten-year life. Awards issued under any of the stock option plans are not affected by termination of the plan. The Company issues stock options at their fair market value on the date of grant. Vesting of stock options granted pursuant to the Company’s stock incentive plans is determined by the Company’s compensation committee. Generally, options granted to employees vest over four years and expire ten years from the date of grant. Options granted to non-employee directors have historically included cliff vesting after six months from the date of grant and expire three years from the date of grant. In fiscal years 2016 through 2021, the Company granted certain officers including its Chief Executive Officer and non-employee directors, and key employees shares of nonvested common stock instead of stock options. The vesting periods for the officers’, the Chief Executive Officer’s and the non-employee directors’ nonvested stock awards are four years, three years and one year, respectively. The vesting period for the key employees’ awards is four years or awards vest immediately. We measure and recognize compensation expense for all stock-based payment awards made to employees and directors including employee stock options and awards of nonvested stock based on estimated fair values, as described in Note 1 Summary of Significant Accounting Policies The following table summarizes stock-based compensation expense in the Company’s consolidated statements of operations: Years Ended September 30, September 30, 2021 2020 (Amounts in thousands) Cost of sales $ 5 $ 8 Engineering and development 38 83 Selling, general and administrative 938 891 Total $ 981 $ 982 For the year ended September 30, 2021, the Company granted 42,457 nonvested shares to certain key employees, 41,000 nonvested shares to certain officers including 30,000 shares granted to the Chief Executive Officer, and 20,000 nonvested shares to its non-employee directors. For the year ended September 30, 2020, the Company granted 36,750 nonvested shares to certain key employees, 40,000 nonvested shares to certain officers including 30,000 shares granted to the Chief Executive Officer, and 20,000 nonvested shares to its non-employee directors. The Company measures the fair value of nonvested stock awards based upon the market price of its common stock as of the date of grant. The Company used the Black-Scholes option-pricing model to value stock options. The Black-Scholes model requires the use of a number of assumptions including volatility of the Company’s stock price, the weighted average risk-free interest rate and the weighted average expected life of the options, at the time of grant. The expected dividend yield is equal to the divided per share declared, divided by the closing share price on the date the options were granted. All equity compensation awards granted for the years ended September 30, 2021 and September 30, 2020 were nonvested stock awards. As stock-based compensation expense recognized in the consolidated statements of operations is based on awards ultimately expected to vest, expense for grants beginning upon adoption on October 1, 2005 has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rates for the years ended September 30, 2021 and 2020 were based on actual forfeitures. No cash was used to settle equity instruments granted under share-base payment arrangements in any of the years in the two-year period ended September 30, 2021. The following tables provide summary data of stock option award activity: Weighted Weighted Average Aggregate average Remaining Intrinsic Number exercise Contractual Value of Options price Term (in thousands) Outstanding at September 30, 2019 2,000 $ 3.75 — — Granted — — — — Expired (500) $ 3.85 — — Forfeited — — — — Exercised (500) 3.85 — — Outstanding at September 30, 2020 1,000 $ 3.64 — — Granted — — — — Expired (500) 3.85 — — Forfeited — — — — Exercised — — — — Outstanding at September 30, 2021 500 — .29 Years $ 4 Exercisable at September 30, 2021 500 $ 3.43 .29 Years $ 4 Vested and expected to vest at September 30, 2021 500 $ 3.43 .29 Years $ 4 There were no stock options granted in the years ended September 30, 2021 and 2020. No stock options were exercised during the year ended September 30, 2021. The aggregate intrinsic value of stock options exercised during the year ended September 30, 2020 was $5 thousand. The following table provides summary data of nonvested stock award activity: Weighted Weighted Average Average Aggregate Number of grant date Remaining Intrinsic nonvested Fair Contractual Value shares Value Term (in thousands) Nonvested shares outstanding at September 30, 2019 190,735 $ 10.12 2.21 Years $ 2,560 Activity in fiscal year 2020: Granted 96,750 $ 13.28 — — Vested (84,743) $ 9.66 — — Forfeited — $ — — — Nonvested shares outstanding at September 30, 2020 202,742 $ 11.82 2.21 Years $ 1,750 Activity in fiscal year 2021: Granted 103,465 $ 8.60 — — Vested (90,395) $ 11.79 — — Forfeited (18,750) $ 10.37 — — Nonvested shares outstanding at September 30, 2021 197,063 $ 10.28 2.15 Years $ 1,760 As of September 30, 2021, there was $1.4 million of total unrecognized compensation cost related to nonvested stock-based compensation arrangements (including nonvested stock awards) granted under the Company’s stock incentive plans. This cost is expected to be expensed over a weighted average period of approximately 2.32 years. The total fair value of shares vested during the years ended September 30, 2021 and 2020 was $1.1 million and $0.8 million, respectively. |
Employee Stock Purchase Plan
Employee Stock Purchase Plan | 12 Months Ended |
Sep. 30, 2021 | |
Employee Stock Purchase Plan | |
Employee Stock Purchase Plan | 16. Employee Stock Purchase Plan In December 2013, the Board of Directors of the Company adopted the 2014 Employee Stock Purchase Plan covering up to 250,000 shares of Common Stock (the "ESPP"), which was ratified by a vote of the Company’s shareholders in February 2014. Under the ESPP, the Company’s employees may purchase shares of common stock at a price per share that is currently 95% of the lesser of the fair market value as of the beginning or end of semi-annual option periods. Pursuant to the ESPP, the Company issued 32,939 and 32,222 shares for the years ended September 30, 2021 and September 30, 2020, respectively. |
Repurchase of Common Stock
Repurchase of Common Stock | 12 Months Ended |
Sep. 30, 2021 | |
Repurchase of Common Stock | |
Repurchase of Common Stock | 17. Repurchase of Common Stock On February 8, 2011, the Board of Directors authorized the Company to purchase up to 250 thousand shares of the Company's outstanding common stock at market price. The plan does not expire. Pursuant to the aforementioned authorization, the Company repurchased 6.4 thousand shares of its outstanding common stock on the open market during the fiscal year ended September 30, 2020. There were no purchases during the fiscal year ended September 30, 2021. As of September 30, 2021, approximately 194 thousand shares remain authorized to repurchase under the stock repurchase program. As of May 14, 2020, we have suspended our stock repurchase program until further economic clarity. |
Segment Information
Segment Information | 12 Months Ended |
Sep. 30, 2021 | |
Segment Information | |
Segment Information | 18. Segment Information The following table presents certain operating segment information. Technology Solutions Segment High Performance Products United Consolidated For the year ended September 30, Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 3,126 $ 1,578 $ 30,522 $ 32,100 $ 35,226 Service 1,497 426 12,059 12,485 13,982 Total sales $ 4,623 $ 2,004 $ 42,581 $ 44,585 $ 49,208 Income (loss) from operations $ (4,578) $ (217) $ 3,433 $ 3,216 $ (1,362) Total assets $ 9,018 $ 10,174 $ 43,782 $ 53,956 $ 62,974 Capital expenditures 18 — 80 80 98 Depreciation and amortization 177 — 211 211 388 2020 Sales: Product $ 3,401 $ 943 $ 43,645 $ 44,588 $ 47,989 Service 2,475 440 10,889 11,329 13,804 Total sales $ 5,876 $ 1,383 $ 54,534 $ 55,917 $ 61,793 Income (loss) from operations $ (3,730) $ (168) $ 2,474 $ 2,306 $ (1,424) Total assets $ 9,915 $ 10,296 $ 33,434 $ 43,730 $ 53,645 Capital expenditures 89 — 141 141 230 Depreciation and amortization 218 3 231 234 452 Profit (loss) from operations is sales less cost of sales, engineering and development, selling, general and administrative expenses but is not affected by either non-operating charges/income or by income taxes. Non-operating charges/income consists principally of investment income and interest expense. All intercompany transactions have been eliminated. Over long-lived assets are located in North America. The following table details the Company’s sales by operating segment for fiscal years ended September 30, 2021 and 2020. The Company’s sales by geographic area based on the location of where the products were shipped or services rendered are as follows: % of 2021 Americas Europe Asia Total Total (Amounts in thousands) TS $ 41,783 $ 2,538 $ 264 $ 44,585 91 % HPP 3,538 665 420 4,623 9 % Total $ 45,321 $ 3,203 $ 684 $ 49,208 100 % % of Total 92 % 7 % 1 % 100 % 2020 TS $ 54,177 $ 1,645 $ 95 $ 55,917 90 % HPP 5,001 637 238 5,876 10 % Total $ 59,178 $ 2,282 $ 333 $ 61,793 100 % % of Total 95 % 4 % 1 % 100 % Deferred tax assets by geographic location at years ended September 30, 2021 and 2020 were as follows: September 30, September 30, 2021 2020 (Amounts in thousands) North America $ — $ 1,149 Europe — — Totals $ — $ 1,149 The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the years ended years ended September 30, 2021 and 2020. For the year ended September 30, 2021 2020 Customer % of Total Customer % of Total Revenues Revenues Revenues Revenues Customer A $ 0.6 1 % $ 6.5 10 % In addition, accounts receivable from Customer A totaled approximately $16.2 million, or 62%, and approximately $4.7 million, or 28%, of total consolidated accounts receivable as of September 30, 2021 and September 30, 2020, respectively. We believe that the Company is not exposed to any significant credit risk with respect to the accounts receivable with this customer as of September 30, 2021. No other customers accounted for 10% or more of total consolidated accounts receivable as of September 30, 2021. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures | |
Fair Value Disclosures | 19. Fair Value Disclosures Under the fair value standards fair value is based on the exit price and defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement should reflect all the assumptions that market participants would use in pricing an asset or liability. A fair value hierarchy is established in the authoritative guidance outlined in three levels ranking from Level 1 to level 3 with Level 1 being the highest priority. Level 1: observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly Level 3: unobservable inputs (e.g., a reporting entity’s or other entity’s own data) The Company had no assets or liabilities measured at fair value on a recurring (except our pension plan assets, see Note 14 Pension and Retirement Plan To estimate fair value of the financial instruments below quoted market prices are used when available and classified within Level 1. If this data is not available, we use observable market-based inputs to estimate fair value, which are classified within Level 2. If the preceding information is unavailable, we use internally generated data to estimate fair value which is classified within Level 3. As of September 30, 2021 As of September 30, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Fair Value Level Reference (Amounts in thousands) Assets: Cash and cash equivalents $ 20,007 $ 20,007 $ 19,264 $ 19,264 1 Consolidated Balance Sheets Accounts and long-term receivable* 13,968 13,968 5,839 5,839 3 Note 3 Liabilities: Accounts payable and accrued expenses and other long-term liabilities* 5,747 5,747 — — 3 Note 9 Line of Credit 941 941 1,573 1,573 2 Consolidated Balance Sheets & Note 12 Notes payable 1,633 1,633 4,098 4,098 3 Note 13 *Original maturity over one year Cash and cash equivalents Carrying amount approximated fair value. Accounts and long-term receivable with original maturity over one year Fair value was estimated by discounting future cash flows based on the current rate with similar terms. Line of credit The fair value of our line of credit is based on borrowing rates currently available to a market participant for loans with similar terms or maturity. The carrying amount of our outstanding revolving line of credit approximates fair value because the base interest rate charged varies with market conditions and the credit spread is commensurate with current market spreads for issuers of similar risk. No interest accrues under the inventory line of credit when advances are paid within terms. Notes Payable Fair value was estimated by discounting future cash flows based on the current rate the Company could get in another transaction with similar terms based on historical information. Fair value of accounts receivable with an original maturity of one year or less and accounts payable was not materially different from their carrying values at September 30, 2021, and 2020. |
Dividend
Dividend | 12 Months Ended |
Sep. 30, 2021 | |
Dividend | |
Dividend | 20. Dividend As of May 14, 2020, we have suspended our stock repurchase program until further economic clarity. There were no dividends paid in fiscal year 2021. For the year ended September 30, 2020, the Company paid cash dividends as follows: Amount Paid Fiscal Year Date Declared Record Date Date Paid Per Share 2020 12/10/2019 12/31/2019 1/15/2020 $ 0.15 2020 2/12/2020 2/28/2020 3/13/2020 $ 0.15 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Sep. 30, 2021 | |
Subsequent Events | |
Subsequent Events | 21. Subsequent Events None. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying audited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America and the rules and regulations of the Securities and Exchange Commission. For additional information, these Consolidated Financial Statements should be read in conjunction with CSPI’s notes to the Consolidated Financial Statements for the years ended September 30, 2021 and 2020. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated. |
Foreign Currency Translation | Foreign Currency Translation The U.S. Dollar is the reporting currency for all periods presented. The financial information for entities outside the United States is measured using the local currency as the functional currency. Assets and liabilities of the Company’s foreign operations are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Revenue and expenses are translated at average rates in effect during the period. The resulting translation adjustment is reflected as accumulated other comprehensive loss, a separate component of shareholders’ equity on the consolidated balance sheets. Currency transaction gains and losses are recorded as other income (expense) in the consolidated statements of operations. |
Cash Equivalents | Cash Equivalents For purposes of the consolidated statements of cash flows, highly liquid investments with original maturities of three months or less at the time of acquisition are considered cash equivalents. |
Research and Development Expense | Research and Development Expense For the years ended September 30, 2021 and 2020, our expenses for research and development were approximately $2.9 million and $2.8 million, respectively. Expenditures for research and development are expensed as they are incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its long-lived assets, including intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Management assesses the recoverability of the long-lived assets (other than goodwill) by comparing the estimated undiscounted cash flows associated with the related asset or group of assets against their respective carrying amounts. The amount of impairment, if any, is calculated based on the excess of the carrying amount over the fair value of those assets. Intangible assets that are not subject to amortization are also required to be tested annually, or more frequently if events or circumstances indicate that the asset may be impaired. We did not have intangible assets with indefinite lives at any time during the two years ended September 30, 2021. Intangible assets subject to amortization are amortized on a straight-line basis over their estimated useful lives, generally three |
Leases as Lessee | Leases as Lessee At the inception of an arrangement, the Company determines whether the arrangement contains a lease. This includes arrangements with goods and services to determine if there is an embedded lease. An arrangement containing a lease would allow the Company the right to control an implicitly or explicitly identified asset. If there is a lease in an arrangement, the classification is determined at inception of the arrangement. Certain leases may contain transfer of ownership or an option to purchase the underlying asset. The most relevant criterion for our lease classification is transfer of ownership, which if included in the arrangement makes the lease a finance lease rather than an operating lease. The discount rate used to assess classification is the incremental borrowing rate at the commencement date due to the implicit rate not being readily determinable. The incremental borrowing rate is the rate of interest the Company would have to pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in a similar economic environment. The lease term includes periods where we are reasonably certain we will exercise the renewal option. The Company has elected not to apply Subtopic ASC 842-25 Note 10 Leases Operating leases The Company has operating leases for office space, data centers, and other information technology equipment under various leases. Operating lease right-of-use assets and liabilities are recognized at the commencement date using the present value of the fixed lease payments over the lease term. We do not have leases with variable consideration. The incremental borrowing rate is used in determining present value. Certain operating leases, primarily office space and IT equipment, have an option to extend the lease. Renewal periods related to certain lease agreements related to office buildings are included in the lease term for lease accounting. The Company has operating lease agreements with lease components (e.g. fixed payments including rent, real estate taxes, and insurance costs) as well as nonlease components (e.g. common-area maintenance, colocation services). The Company has elected to account for lease and nonlease components as one single lease component for all classes of assets. Lease expense is recognized on a straight-line basis over the lease term. Finance leases The Company has finance leases for information technology equipment and subleases all this equipment (see Lessor section below for details). All finance leases transfer ownership to the Company, which meets the criterion to be a finance lease. Due to our finance leases being subleases, there are no finance right-of-use assets because instead there is a net investment in lease in the Consolidated Balance Sheets. |
Leases as Lessor | Leases as Lessor The Company is a lessor, but only as a sublessor. The process for identifying and classifying a lease is similar to the process described above in the lessee section. Additionally, the most relevant criteria to classification is transfer of ownership and present value of the total lease payments in relation to fair value of the underlying asset. The Company as a lessor has both sales-type and direct financing leases. The Company as a lessor does not have operating leases. All the Company’s sublease agreements are bundled agreements containing managed services, software, and other services. The fixed payments under bundled agreements are allocated based on the relative standalone selling prices of the lease and non-lease deliverables are consistent with ASC 606. The allocation of the fixed payments may be calculated using a budgeted cost-plus margin approach if there are other services in addition to managed services. Due to the complex nature of these contracts, there is significant judgment in allocating the fixed payments. There is no variable consideration in these agreements. The discount rate used as a lessor pertaining to the lease component is the implicit rate. As sublessor, lease agreements contain an option to purchase the underlying asset or transfers ownership at the end of the lease. The leases typically do not have any residual value to the Company. In the Company’s sublessor agreements, the payments allocated to the lease component cannot be terminated. There were no new agreements where the Company was a lessor for the year ended September 30, 2021. See Note 10 Leases |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value, with cost determined using the first-in, first-out method. The recoverability of inventories is based upon the types and levels of inventories held, forecasted demand, pricing, competition and changes in technology. We write down our inventory for estimated obsolescence or unmarketable inventory equal to the difference between the cost of inventory and the estimated market value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory write-downs may be required. As of September 30, 2021, and September 30, 2020, the Company maintained inventory reserves of $2.3 million and $4.1 million, respectively. The decrease is from disposing of inventory that was fully reserved. |
Property, Equipment and Improvements | Property, Equipment and Improvements The components of property, equipment and improvements are stated at cost. The Company provides for depreciation by use of the straight-line method over the estimated useful lives of the related assets ( three |
Trade Accounts Receivable, Long Term Receivable, and Allowance for Doubtful Accounts | Trade Accounts Receivable, Long Term Receivable, and Allowance for Doubtful Accounts Trade accounts receivable are stated at amounts that have been billed to customers less an allowance for doubtful accounts. Allowances for doubtful accounts are recorded for the estimated losses resulting from the inability of our customers to make required payments. The estimates for the allowance for doubtful accounts are based on the length of time the receivables are past due, current business environment, and our historical experience. If the financial condition of our customers were to deteriorate, resulting in impairment of their ability to make payments, additional allowances may be required. Accounts receivable are charged off against the reserve when management has determined they are uncollectible. Within trade accounts receivable and long-term receivable are financing agreements with an original payment term of greater than one year. Interest income earned on these receivables is recognized using the effective interest method. See Note 3 Accounts and Long-Term Receivables |
Pension and Retirement Plans | Pension and Retirement Plans The funded status of pension and other postretirement benefit plans is recognized on the consolidated balance sheet. Gains and losses, prior service costs and credits and any remaining transition amounts that have not yet been recognized through pension expense will be recognized in accumulated other comprehensive loss, net of tax, until they are amortized as a component of net periodic pension/postretirement benefits expense. Additionally, plan assets and obligations are measured as of our fiscal year-end balance sheet date (September 30). We have defined benefit and defined contribution plans in the United Kingdom (the “U.K.”) and in the U.S. In the U.K. the Company provides defined benefit pension plans for certain employees and former employees and defined contribution plans for the majority of the employees. The defined benefit plan in the U.K. is closed to newly hired employees and has been for the two years ended September 30, 2021. In the U.S., the Company also provides defined contribution plans that cover most employees and supplementary retirement plans to certain employees and former employees who are now retired. These supplementary retirement plans are also closed to newly hired employees and have been for the two years ended September 30, 2021. These supplementary plans are funded through whole life insurance policies. The Company expects to recover all insurance premiums paid under these policies in the future, through the cash surrender value of the policies and any death benefits or portions thereof to be paid upon the death of the participant. These whole life insurance policies are carried on the balance sheet at their cash surrender values as they are owned by the Company and not assets of the defined benefit plans. In the U.S., the Company also provides for officer death benefits and post-retirement health insurance benefits through supplemental post-retirement plans to certain officers. The Company also funds these supplemental plans’ obligations through whole life insurance policies on the officers. Pension expense is based on an actuarial computation of current future benefits using estimates for expected return on assets, expected compensation increases and applicable discount rates. Management has reviewed the discount rates and rates of return with our consulting actuaries and investment advisor and concluded they were reasonable. A decrease in the expected return on pension assets would increase pension expense. Expected compensation increases are estimated based on historical and expected increases in the future. Increases in estimated compensation increases would result in higher pension expense while decreases would lower pension expense. Discount rates are selected based upon rates of return on high quality fixed income investments currently available and expected to be available during the period to maturity of the pension benefit. A decrease in the discount rate would result in greater pension expense while an increase in the discount rate would decrease pension expense. The Company funds its pension plans in amounts sufficient to meet the requirements set forth in applicable employee benefits laws and local tax laws. Liabilities for amounts in excess of these funding levels are accrued and reported in the consolidated balance sheets. |
Segment Information | Segment Information We have two operating segments: (i) Technology Solutions ("TS") and (ii) High Performance Products ("HPP"). In the TS segment, we focus on value added reseller ("VAR") integrated solutions including third party hardware, software and technical computer-related consulting and managed services. In the HPP segment, we design, manufacture and deliver products and services to customers that require specialized cyber security services, networking and signal processing products. The operations and assets of our TS segment are located in the United States and the United Kingdom. The operations and assets of our HPP segment are located in the United States. |
Revenue Recognition | Revenue Recognition We derive revenue from the sale of integrated hardware and software, third-party service contracts, professional services, managed services, financing of hardware and software, and other services. We recognize revenue from hardware upon transfer of control, which is at a point in time typically upon shipment when title transfers. Revenue from software is recognized at a point in time when the license is granted. We recognize revenue from third-party service contracts as either gross sales or net sales depending on whether we are acting as a principal party to the transaction or acting as an agent or broker based on control and timing. We are a principal if we control the good or service before that good or service is transferred to the customer. We record revenue as gross when we are a principal party to the arrangement and net of cost when we are acting as a broker or agent for a third party. Under gross sales recognition, the entire selling price is recorded in revenue and our cost to the third-party service provider or vendor is recorded in cost of sales. Under net sales recognition, the cost to the third-party service provider or vendor is recorded as a reduction to revenue resulting in net sales equal to the gross profit on the transaction. Third-party service contracts are sold in different combinations with hardware, software, and services. When we are an agent, revenue is typically recorded at a point in time. When we are the principal, revenue is recognized over the contract term. We have concluded we are the agent in sales of third-party maintenance, software or hardware support, and certain security software that is sold with integral third-party delivered software maintenance that include critical updates. Professional services generally include implementation, installation, and training services. Professional services are considered a series of distinct services that form one performance obligation and revenue is recognized over time as services are performed. Revenue generated from managed services is recognized over the term of the contract. Certain managed services contracts include financing of hardware and software. Revenues from arrangements which include financing are allocated considering relative standalone selling prices of lease and non-lease components within the agreement. The lease component includes hardware, which is subject to ASC 842, Leases Revenue from Contracts with Customers Other services generally include revenue generated through our royalty, extended warranty, multicomputer repair, and maintenance contracts. Royalty revenue is sales-based and recognized on date of subsequent sale of the product, which occurs on the date of customer shipment. Revenue from extended warranty contracts is recognized ratably over the warranty period. Multicomputer repair services revenue is recognized upon control transfer when the customer takes possession of the computer at time of shipping. Revenue generated from maintenance services is recognized evenly over the term of the contract. The right of return risk lies with the original manufacturer of the product. Managed service contracts contain the right to refund if canceled within 30 days of inception. Any products with a standard warranty are treated as a warranty obligation under ASC 460, Guarantees. The following policies are applicable to our major categories of segment revenue transactions: TS Segment Revenue TS Segment revenue is derived from the sale of hardware, software, professional services, third-party service contracts, maintenance contracts, managed services, and financing of hardware and software. Financing revenue pertaining to the portion of an arrangement containing a lease is recognized in accordance with ASC 842. Financing revenue related to the lease is recorded in revenue as equipment leasing is part of our operations. Third-party service contracts are evaluated to determine whether such service revenue should be recorded as gross or net sales and whether over time or at point in time. HPP Segment Revenue HPP segment revenue is derived from the sale of integrated hardware and software, maintenance, and other services through the Multicomputer, Myricom, and ARIA product lines. Myricom revenue is derived from the sale of products, which are comprised of both hardware and embedded software which is essential to the products’ functionality, and post contract maintenance and support. Post contract maintenance and support is considered immaterial in the context of the contract and therefore is not a separate performance obligation. See disaggregated revenues below by products/services and geography. Technology Solutions Segment High Performance Products United Consolidated For the year ended September 30 Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 3,126 $ 1,578 $ 30,502 $ 32,080 $ 35,206 Service 1,497 426 12,059 12,485 13,982 Finance * — — 20 20 20 Total sales $ 4,623 $ 2,004 $ 42,581 $ 44,585 $ 49,208 Technology Solutions Segment High Performance Products United Consolidated For the year ended September 30 Segment Kingdom U.S. Total Total (Amounts in thousands) 2020 Sales: Product $ 3,401 $ 943 $ 43,562 $ 44,505 $ 47,906 Service 2,475 440 10,889 11,329 13,804 Finance * — — 83 83 83 Total sales $ 5,876 $ 1,383 $ 54,534 $ 55,917 $ 61,793 * Finance revenue is related to equipment leasing and is not subject to the guidance on revenue from contracts with customers ( ASC 606 Contract Assets and Liabilities When we have performed work but do not have an unconditional right to payment, a contract asset is recorded. When we have the right to bill a customer, accounts receivable is recorded as an unconditional right exists. Current contract assets were $2.7 million and $1.0 million as of September 30, 2021 and September 30, 2020, respectively. The current portion is recorded in other current assets on the consolidated balance sheets. There were Contract liabilities arise when payment is received before we transfer a good or service to the customer. Current contract liabilities were $1.8 million and $0.9 million as of September 30, 2021 and September 30, 2020, respectively. The current portion of contract liabilities is recorded in deferred revenue on the consolidated balance sheets. The long-term portion of contract liabilities were $0.4 million and $0.2 million as of September 30, 2021 and 2020, respectively. These noncurrent liabilities are recorded in other noncurrent liabilities on the consolidated balance sheets. Revenue recognized for the year ended September 30, 2021 that was included in contract liabilities as of September 30, 2020 was $0.8 million. Contract Costs Incremental costs of obtaining a contract involving customer transactions where the revenue and the related transfer of goods and services are equal to or less than a one year period, are expensed as incurred, utilizing the practical expedient in ASC 340-40-25-4 amortization is generally three Costs to fulfill a contract are capitalized when the costs are related to a contract or anticipated contract, generate or enhance resources that will be used in satisfying performance obligations in the future, and costs are recoverable. Costs to fulfill a contract are related to the TS portion of the business and involve activities performed before managed services can be completed. Current capitalized fulfillment costs are in the other current assets and noncurrent costs are in other assets on the consolidated balance sheets. The portion of current capitalized costs were $13 thousand as of September 30, 2021 and $13 thousand as of September 30, 2020. The portion of noncurrent capitalized costs were $9 thousand and $22 thousand as of September 30, 2021 and September 30, 2020, respectively. The amount of fulfillment costs amortized year ended September 30, 2021 and 2020 were $13 thousand and $13 thousand, respectively. These costs amortized were recorded in cost of sales. There was no impairment related to fulfillment costs capitalized. Other Projects are typically billed upon completion or at certain milestones. Product and services are typically billed when shipped or as services are being performed. Payment terms are typically 30 days to pay in full except in Europe where it could be up to 90 days. Most of our contracts are less than one year. There are certain contracts that contain a financing component. See Note 1 Summary of Significant Accounting Policies We have certain contracts that have an original term of more than one year. The royalty agreement is longer than one year, but not included in the table below as the royalties are sales-based. Managed service contracts are generally longer than one year. For these contracts the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied as of September 30, 2021 is set forth in the table below: (Amounts in thousands) Fiscal 2022 $ 1,404 Fiscal 2023 670 Fiscal 2024 61 $ 2,135 |
Product Warranty Accrual | Product Warranty Accrual Our product sales generally include a hardware warranty which ranges from 90 three Note 11 Product Warranties |
Engineering and Development Expenses | Engineering and Development Expenses Engineering and development expenses include payroll, employee benefits, stock-based compensation and other headcount-related expenses associated with product development. Engineering and development expenses also include third-party development and programming costs. We consider technological feasibility for our software products to be reached upon the release of the software, accordingly, no internal software development costs have been capitalized. |
Income Taxes | Income Taxes We use the asset and liability method of accounting for income taxes whereby deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We also reduce deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. This methodology requires estimates and judgments in the determination of the recoverability of deferred tax assets and in the calculation of certain tax liabilities. Valuation allowances are recorded against the gross deferred tax assets that management believes, after considering all available positive and negative objective evidence, historical and prospective, with greater weight given to historical evidence, that it is more likely than not that these assets will not be realized. In addition, we are required to recognize in the consolidated financial statements, those tax positions determined to be more-likely-than-not of being sustained upon examination, based on the technical merits of the positions as of the reporting date. If a tax position is not considered more-likely-than-not to be sustained based solely on its technical merits, no benefits of the position are recognized. In addition, the calculation of the Company’s tax liabilities involves dealing with uncertainties in the application of complex tax regulations in a multitude of jurisdictions. The Company records liabilities for estimated tax obligations in the U.S. and other tax jurisdictions. These estimated tax liabilities include the provision for taxes that may become payable in the future. |
Earnings per Share of Common Stock | Earnings per Share of Common Stock Basic net income per common share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted net income per common share reflects the maximum dilution that would have resulted from the assumed exercise and share repurchase related to dilutive stock options and is computed by dividing net income by the assumed weighted average number of common shares outstanding. We are required to present earnings per share ("EPS") utilizing the two-class method because we had outstanding, non-vested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, which are considered participating securities. Basic and diluted earnings per share computations for the Company’s reported net income (loss) attributable to common stockholders are as follows: For the year ended September 30, September 30, 2021 2020 Net income (loss) from continuing operations $ 234 $ (1,446) Net income from sale of discontinued operations 465 — Net income (loss) 699 (1,446) Less: net income attributable to nonvested common stock 33 — Net income (loss) attributable to common shareholders $ 666 $ (1,446) Net income (loss) attributable to common shareholders from continuing operations $ 223 $ (1,446) Net income attributable to common shareholders from discontinued operations 443 — Net income (loss) attributable to common shareholders $ 666 $ (1,446) Weighted average total shares outstanding – basic 4,356 4,028 Less: weighted average non–vested shares outstanding (205) — Weighted average number of common shares outstanding – basic 4,151 4,028 Add: potential common shares from non–vested stock awards and the assumed exercise of stock options 69 — Weighted average common shares outstanding – diluted 4,220 4,028 Net income (loss) from continuing operations per share - basic $ 0.05 $ (0.36) Net income from discontinued operations per share - basic $ 0.11 $ — Net income (loss) per share - basic $ 0.16 $ (0.36) Net income (loss) from continuing operations per share - diluted $ 0.05 $ (0.36) Net income from discontinued operations per share - diluted $ 0.11 $ — Net income (loss) per share - diluted $ 0.16 $ (0.36) All anti-dilutive securities, including stock options, are excluded from the diluted income per share computation. Non-vested restricted stock awards of 136,000 shares were excluded from net income per share for the year ended September 30, 2021, because their inclusion would have been anti-dilutive. Non-vested restricted stock awards of 201,000 shares and stock options of 1,000 shares were excluded from net loss per share for the year ended September 30, 2020, because their inclusion would have been anti-dilutive. |
Use of Estimates | Use of Estimates The preparation of consolidated 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 period. Actual results may differ from those estimates under different assumptions or conditions. |
Stock-Based Compensation | Stock-Based Compensation We measure and recognize compensation expense for all stock-based payment awards made to employees and directors including stock options and nonvested shares of restricted common stock based on estimated fair values of stock-based payment awards on the date of grant. The Company uses the Black-Scholes option-pricing model to calculate the fair value of stock option grants. The fair value of nonvested restricted share awards is equal to the quoted market price of our common stock as quoted on the Nasdaq Global Market on the date of grant. The fair value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statements of operations. Because stock-based compensation expense recognized in the consolidated statements of operations for the fiscal years ended September 30, 2021 and 2020 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures and will be revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Stock-based compensation expense recognized for the fiscal years ended September 30, 2021 and 2020 consisted of options and restricted stock granted pursuant to the Company’s stock incentive and employee stock purchase plans of approximately $1.0 million and $1.0 million, respectively. |
Concentrations of Credit Risk | Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions in the U.S. and the U.K. Deposits held with banks may exceed the amount of insurance on such deposits. Generally, these deposits may be redeemed upon demand. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk on cash and cash equivalents. |
Subsequent Events | Subsequent Events The Company recognizes in the consolidated financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the statement of financial position, including the estimates inherent in the process of preparing financial statements. The Company has evaluated subsequent events through the date of this filing. |
Accounting standards recently adopted and new accounting standards not adopted | Accounting standards adopted in fiscal year 2021 In August 2018, the FASB issued Accounting Standard Update (“ASU”) No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) New accounting standards not adopted as of September 30, 2021 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326) Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Summary of Significant Accounting Policies | |
Schedule of disaggregated revenues | See disaggregated revenues below by products/services and geography. Technology Solutions Segment High Performance Products United Consolidated For the year ended September 30 Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 3,126 $ 1,578 $ 30,502 $ 32,080 $ 35,206 Service 1,497 426 12,059 12,485 13,982 Finance * — — 20 20 20 Total sales $ 4,623 $ 2,004 $ 42,581 $ 44,585 $ 49,208 Technology Solutions Segment High Performance Products United Consolidated For the year ended September 30 Segment Kingdom U.S. Total Total (Amounts in thousands) 2020 Sales: Product $ 3,401 $ 943 $ 43,562 $ 44,505 $ 47,906 Service 2,475 440 10,889 11,329 13,804 Finance * — — 83 83 83 Total sales $ 5,876 $ 1,383 $ 54,534 $ 55,917 $ 61,793 * Finance revenue is related to equipment leasing and is not subject to the guidance on revenue from contracts with customers ( ASC 606 |
Schedule of revenue, performance obligations | For these contracts the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied or partially unsatisfied as of September 30, 2021 is set forth in the table below: (Amounts in thousands) Fiscal 2022 $ 1,404 Fiscal 2023 670 Fiscal 2024 61 $ 2,135 |
Schedule of basic and diluted earnings per share computations | Basic and diluted earnings per share computations for the Company’s reported net income (loss) attributable to common stockholders are as follows: For the year ended September 30, September 30, 2021 2020 Net income (loss) from continuing operations $ 234 $ (1,446) Net income from sale of discontinued operations 465 — Net income (loss) 699 (1,446) Less: net income attributable to nonvested common stock 33 — Net income (loss) attributable to common shareholders $ 666 $ (1,446) Net income (loss) attributable to common shareholders from continuing operations $ 223 $ (1,446) Net income attributable to common shareholders from discontinued operations 443 — Net income (loss) attributable to common shareholders $ 666 $ (1,446) Weighted average total shares outstanding – basic 4,356 4,028 Less: weighted average non–vested shares outstanding (205) — Weighted average number of common shares outstanding – basic 4,151 4,028 Add: potential common shares from non–vested stock awards and the assumed exercise of stock options 69 — Weighted average common shares outstanding – diluted 4,220 4,028 Net income (loss) from continuing operations per share - basic $ 0.05 $ (0.36) Net income from discontinued operations per share - basic $ 0.11 $ — Net income (loss) per share - basic $ 0.16 $ (0.36) Net income (loss) from continuing operations per share - diluted $ 0.05 $ (0.36) Net income from discontinued operations per share - diluted $ 0.11 $ — Net income (loss) per share - diluted $ 0.16 $ (0.36) |
Accounts and Long-Term Receiv_2
Accounts and Long-Term Receivable (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Accounts and Long-Term Receivable | |
Summary of contractual maturities of outstanding financing | Fiscal year ending September 30: (Amounts in thousands) 2022 $ 6,927 2023 4,674 2024 1,560 2025 1,560 Total payments 14,721 Less: unearned interest income 753 Total, net of unearned interest income $ 13,968 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Inventories | |
Schedule of Inventory, Current | Inventories consist of the following: September 30, September 30, 2021 2020 (Amounts in thousands) Raw materials $ 736 $ 574 Work-in-process 289 213 Finished goods 2,964 4,498 Total $ 3,989 $ 5,285 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Accumulated Other Comprehensive Loss | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss are as follows: Effect of Accumulated Foreign Minimum Other Currency Pension Comprehensive Translation Liability Loss (Amounts in thousands) Balance as of September 30, 2019 $ (5,111) $ (7,482) $ (12,593) Change in period 415 150 565 Tax effect of change in period — 33 33 Balance as of September 30, 2020 $ (4,696) $ (7,299) $ (11,995) Change in period 646 1,972 2,618 Tax effect of change in period — (71) (71) Balance as of September 30, 2021 $ (4,050) $ (5,398) $ (9,448) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Income Taxes | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income (loss) before income tax and income tax expense are comprised of the following: For the Years Ended September 30, 2021 2020 (Amounts in thousands) Income (loss) before income tax (benefit) expense 1 U.S. $ 1,316 $ (941) Foreign (173) (121) $ 1,143 $ (1,062) Income tax (benefit) expense: Current: Federal $ (674) $ (435) State (30) 21 Foreign — — $ (704) $ (414) Deferred: Federal $ 1,148 $ 548 State — 250 $ 1,148 $ 798 $ 444 $ 384 1 |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate differed from the statutory federal income tax rate due to the following: For the Years Ended September 30, 2021 2020 (Dollar amounts in thousands) Computed “expected” tax expense (benefit) $ 240 21.0 % $ (225) 21.2 % Increases (reductions) in taxes resulting from: State income taxes, net of federal tax benefit (38) (3.3) % (7) 0.7 % Foreign rate differential 13 1.1 % 2 (0.2) % Exclusion of PPP Loan Forgiveness Income (458) (40.1) % — — Exclusion of the UK's Gain on Sale of Disc Ops Entity (98) (8.6) % — — Permanent differences (22) (1.9) % (3) 0.3 % Change in valuation allowance 1,598 139.8 % 1,005 (94.7) % Research and development credit (116) (10.1) % (107) 10.1 % Benefit of US Federal NOL carryback (359) (31.4) % (222) 20.9 % Return to Provision Adjustments (394) (34.5) % — — Other items 78 6.8 % (59) 5.5 % Income tax (benefit) expense $ 444 38.8 % $ 384 (36.2) % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company's net deferred tax assets and liabilities as of September 30, 2021 and 2020 are as follows: September 30, September 30, 2021 2020 (Amounts in thousands) Deferred tax assets: Pension $ 1,006 $ 1,410 Intangibles 61 94 Other reserves and accruals 628 1,131 Inventory reserves and other 232 684 Federal and state tax credits 1,141 391 Federal and state net operating loss carryforwards 123 3 Foreign net operating loss carryforwards 2,333 1,766 Depreciation and amortization (190) (244) Gross deferred tax assets 5,334 5,235 Less: valuation allowance (5,334) (4,086) Realizable deferred tax asset $ — $ 1,149 |
Schedule of Unrecognized Tax Benefits Roll Forward | For the Year Ended For the Year Ended September 30, 2021 September 30, 2020 (Amounts in thousands) Balance, beginning of year $ 343 $ — Additions for tax positions of current year 60 78 Additions for tax positions of prior years 30 265 Balance, end of period $ 433 $ 343 |
Property, Equipment and Impro_2
Property, Equipment and Improvements, Net (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Property, Equipment and Improvements, Net | |
Schedule of Property, Equipment and Improvements | Property, equipment and improvements, net consist of the following: September 30, September 30, 2021 2020 (Amounts in thousands) Leasehold improvements $ 224 $ 224 Equipment 8,707 8,603 Automobiles 116 116 Property, equipment and improvements, gross 9,047 8,943 Less accumulated depreciation and amortization (8,283) (7,896) Property, equipment and improvements, net $ 764 $ 1,047 |
Acquired Intangible Assets (Tab
Acquired Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Acquired Intangible Assets | |
Schedule of Finite-Lived Intangible Assets | As of September 30, 2021 and 2020, intangible assets are as follows: September 30, 2021 September 30, 2020 Weighted Weighted Average Average Remaining Remaining Amortization Accumulated Amortization Accumulated Period Gross Amortization Net Period Gross Amortization Net (Amounts in thousands) Customer list 3 $ 90 $ 71 $ 19 4 $ 90 $ 62 $ 28 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Annual amortization expense related to intangible assets for each of the following successive fiscal years is as follows: Fiscal year ending September 30: (Amounts in thousands) 2022 9 2023 9 2024 1 Total $ 19 |
Accounts payable and accrued _2
Accounts payable and accrued expenses, and Other noncurrent liabilities (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Product Warranties | |
Schedule of Accounts Payable and Accrued Liabilities | September 30, 2021 2020 (Amounts in thousands) Accounts payable $ 11,271 $ 5,604 Commissions 305 335 Compensation and fringe benefits 1,233 1,024 Professional fees and shareholders’ reporting costs 300 368 Taxes, other than income 136 161 Finance lease liability 47 274 Operating lease liability 569 679 Warranty 67 78 $ 13,928 $ 8,523 |
Schedule of agreements with vendors contain imputed interest | September 30, 2021 (Amounts in thousands) Current $ 1,627 Less: discount 247 Accounts payable and accrued expenses $ 1,380 Noncurrent $ 4,682 Less: discount 315 Other noncurrent liabilities $ 4,367 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Leases | |
Schedule of Leases | The following table specifies where the right-of-use assets and lease liabilities are within the Consolidated Balance Sheets as of September 30, 2021 and 2020: Consolidated Balance Sheets Location September 30, 2021 September 30, 2020 (Amounts in thousands) Assets Operating leases Operating lease right-of-use assets $ 1,358 $ 2,014 Lease receivable - current Investment in lease, net-current portion $ 68 $ 336 Lease receivable - noncurrent Investment in lease, net-less current portion 15 81 Total lease receivable $ 83 $ 417 Liabilities Current operating lease liabilities Accounts payable and accrued expenses $ 569 $ 679 Non-current operating lease liabilities Operating lease liabilities - noncurrent portion 821 1,390 Total operating lease liabilities $ 1,390 $ 2,069 Current finance lease liabilities Accounts payable and accrued expenses $ 47 $ 274 Non-current finance lease liabilities Other noncurrent liabilities 5 52 Total finance lease liabilities $ 52 $ 326 |
Schedule of components of lease costs | The components of lease costs for the year ended September 30, 2021 and 2020 are as follows: Year Ended Consolidated Statements of Operations Location Consolidated Statements of Operations Location September 30, 2021 September 30, 2020 (Amounts in thousands) Finance Lease: Interest on lease liabilities Interest expense $ 11 $ 30 Operating Lease: Operating lease cost Selling, general, and administrative 718 735 Short-term lease cost Selling, general, and administrative 47 12 Total lease costs $ 776 $ 777 Less sublease interest income Revenue (20) (83) Total lease costs, net of sublease interest income $ 756 $ 694 |
Schedule of future lease payments under our non-cancellable leases and payments to be received as a sublessor | Future lease payments under our non-cancellable leases and payments to be received as a sublessor as of September 30, 2021 are in the following table: Operating lease Finance lease Sublease Fiscal year ending September 30: Costs Costs Payments received (Amounts in thousands) 2022 613 51 70 2023 439 5 12 2024 240 — 3 2025 182 — — Total $ 1,474 $ 56 $ 85 Less imputed interest (84) (4) (2) Total $ 1,390 $ 52 $ 83 |
Supplemental cash flow information | Supplemental cash flow information related to leases for the fiscal year ended September 30, 2021 and 2020 is below: Year ended September 30, 2021 September 30, 2020 (Amounts in thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 740 $ 757 Operating cash flows from short-term leases 47 38 Operating cash flows from finance leases 11 30 Financing cash flows from finance leases 274 333 Lease assets obtained in exchange for new lease liabilities Operating leases — 216 Cash received from subleases 356 451 |
Schedule of weighted average remaining lease term and weighted-average discount rate | Information as a lessee related to weighted averages of lease term and discount rate as of September 30, 2021 is below: Weighted-average remaining lease term (years) September 30, 2021 Operating leases 2.8 Finance leases 1.1 Weighted-average discount rate September 30, 2021 Operating leases 4.0% Finance leases 10.7% |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Product Warranties | |
Schedule of Product Warranty Liability | 2021 2020 (Amounts in thousands) Balance at the beginning of the period $ 78 $ 105 Accruals for warranties for products sold in the period 13 7 Fulfillment of warranty obligations (24) (34) Balance at the end of the period $ 67 $ 78 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Notes Payable | |
Schedule of maturities of notes payable | Fiscal year ending September 30: (Amounts in thousands) 2022 808 2023 449 2024 449 Total 1,706 Less: note discount 73 Total $ 1,633 |
Schedule of current and noncurrent notes payable | September 30, 2021 September 30, 2020 (Amounts in thousands) Current $ 808 $ 1,702 Less: notes discount 51 89 Notes payable - current portion $ 757 $ 1,613 Noncurrent $ 897 $ 2,559 Less: notes discount 21 74 Notes payable - noncurrent portion $ 876 $ 2,485 |
Pension and Retirement Plans (T
Pension and Retirement Plans (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Net Benefit Costs | The components of net periodic benefit costs related to the U.S. and international plans are as follows: Year Ended September 30, 2021 2020 U.K. U.S. Total U.K. U.S. Total (Amounts in thousands) Pension: Interest cost $ 243 $ 11 $ 254 $ 263 $ 15 $ 278 Expected return on plan assets (398) — (398) (289) — (289) Amortization of past service costs 7 — 7 7 — 7 Amortization of net gain (loss) 181 4 185 190 3 193 Net periodic benefit cost $ 33 $ 15 $ 48 $ 171 $ 18 $ 189 Post Retirement: Service cost $ — $ 45 $ 45 $ — $ 38 $ 38 Interest cost — 42 42 — 46 46 Amortization of net loss — 50 50 — 24 24 Net periodic cost $ — $ 137 $ 137 $ — $ 108 $ 108 Pension: Increase (decrease) in minimum liability included in other comprehensive income (loss) $ (1,794) (8) $ (1,802) $ (231) 2 $ (229) Post Retirement: Increase in minimum liability included in other comprehensive income — (170) (170) — 79 79 Total: Increase (decrease) in minimum liability included in comprehensive income (loss) $ (1,794) $ (178) $ (1,972) $ (231) $ 81 $ (150) |
Schedule of Changes in Projected Benefit Obligations | The following table presents an analysis of the changes in 2021 and 2020 of the benefit obligation, the plan assets and the funded status of the plans: Years Ended September 30 2021 2020 Foreign U.S. Total Foreign U.S. Total (Amounts in thousands) Pension: Change in projected benefit obligation (“PBO”) Balance beginning of year $ 14,403 $ 426 $ 14,829 $ 13,447 $ 514 $ 13,961 Interest cost 243 11 254 263 15 278 Changes in actuarial assumptions (658) (6) (664) 324 7 331 Foreign exchange impact 670 — 670 629 — 629 Benefits paid (341) (92) (433) (260) (110) (370) Projected benefit obligation at end of year $ 14,317 $ 339 $ 14,656 $ 14,403 $ 426 $ 14,829 Changes in fair value of plan assets: Fair value of plan assets at beginning of year $ 9,740 $ — $ 9,740 $ 8,238 $ — $ 8,238 Actual gain on plan assets 1,655 — 1,655 929 — 929 Company contributions 457 92 549 437 110 547 Foreign exchange impact 410 — 410 396 — 396 Benefits paid (341) (92) (433) (260) (110) (370) Fair value of plan assets at end of year $ 11,921 $ — $ 11,921 $ 9,740 — $ 9,740 Funded status \ net amount recognized $ (2,396) $ (339) $ (2,735) $ (4,663) $ (426) $ (5,089) Post Retirement: Change in projected benefit obligation (“PBO”): Balance beginning of year $ — $ 1,703 $ 1,703 $ — $ 1,516 $ 1,516 Service cost — 45 45 — 38 38 Interest cost — 42 42 — 46 46 Changes in actuarial assumptions — (120) (120) — 103 103 Projected benefit obligation at end of year $ — $ 1,670 $ 1,670 $ — $ 1,703 $ 1,703 Funded status \ net amount recognized $ — $ (1,670) $ (1,670) $ — $ (1,703) $ (1,703) |
Schedule of Amounts Recognized in Balance Sheet | The amounts recognized in the consolidated balance sheet consist of: Years Ended September 30 2021 2020 Foreign U.S. Total Foreign U.S. Total (Amounts in thousands) Pension: Accrued benefit liability $ (2,396) $ (339) $ (2,735) $ (4,663) $ (426) $ (5,089) Deferred tax — 17 17 — 14 14 Accumulated other comprehensive income 4,140 21 4,161 5,934 26 5,960 Net amount recognized $ 1,744 $ (301) $ 1,443 $ 1,271 $ (386) $ 885 Post Retirement: Accrued benefit liability $ — $ (1,670) $ (1,670) $ — $ (1,703) $ (1,703) Deferred tax — 78 78 — 10 10 Accumulated other comprehensive income — 57 57 — 160 160 Net amount recognized $ — $ (1,535) $ (1,535) $ — $ (1,533) $ (1,533) Total pension and post retirement: Accrued benefit liability $ (2,396) $ (2,009) $ (4,405) $ (4,663) $ (2,129) $ (6,792) Deferred tax — 95 95 — 24 24 Accumulated other comprehensive income 4,140 78 4,218 5,934 186 6,120 Net amount recognized $ 1,744 $ (1,836) $ (92) $ 1,271 $ (1,919) $ (648) Accumulated Benefit Obligation: Pension $ (14,317) $ (339) $ (14,656) $ (14,403) $ (426) $ (14,829) Post Retirement — (1,670) (1,670) — (1,703) (1,703) Total accumulated benefit obligation $ (14,317) $ (2,009) $ (16,326) $ (14,403) $ (2,129) $ (16,532) |
Schedule of accrued benefit liability | Accrued benefit liability reported as: September 30, 2021 2020 (Amounts in thousands) Current accrued benefit liability $ 308 $ 321 Non-current accrued benefit liability 4,097 6,471 Total accrued benefit liability $ 4,405 $ 6,792 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid (amounts in thousands): Fiscal year ending September 30: (Amounts in thousands) 2022 $ 436 2023 $ 476 2024 $ 515 2025 $ 516 2026 $ 531 Thereafter $ 1,339 |
Schedule of fair value of Plan Assets | The fair value of the assets held by the U.K. pension plan by asset category are as follows: Fair Values as of September 30, 2021 September 30, 2020 Fair Value Measurements Using Inputs Considered as Fair Value Measurements Using Inputs Considered as Asset Category Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 (Amounts in thousands) Cash on deposit $ 93 $ 93 $ — $ — $ 471 $ 471 $ — $ — Pooled funds 11,828 11,828 — — 9,269 9,269 — — Total plan assets $ 11,921 $ 11,921 $ — $ — $ 9,740 $ 9,740 $ — $ — |
Projected Benefit Obligations | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Assumptions Used | The following table provides the weighted average actuarial assumptions used to determine the actuarial present value of projected benefit obligations at: Domestic International September 30, September 30, 2021 2020 2021 2020 Discount rate: 2.75 % 2.50 % 2.00 % 1.60 % Expected return on plan assets: 4.00 % 3.80 % Rate of compensation increase: — % — % |
Net Periodic Benefit Cost | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Assumptions Used | The following table provides the weighted average actuarial assumptions used to determine net periodic benefit cost for years ended: Domestic International September 30, September 30, 2021 2020 2021 2020 Discount rate: 2.50 % 3.00 % 2.00 % 1.60 % Expected return on plan assets: 4.00 % 3.80 % Rate of compensation increase: — % — % |
Stock Based Incentive Compens_2
Stock Based Incentive Compensation (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Employee Stock Purchase Plan | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table summarizes stock-based compensation expense in the Company’s consolidated statements of operations: Years Ended September 30, September 30, 2021 2020 (Amounts in thousands) Cost of sales $ 5 $ 8 Engineering and development 38 83 Selling, general and administrative 938 891 Total $ 981 $ 982 |
Share-based Compensation, Stock Options, Activity | The following tables provide summary data of stock option award activity: Weighted Weighted Average Aggregate average Remaining Intrinsic Number exercise Contractual Value of Options price Term (in thousands) Outstanding at September 30, 2019 2,000 $ 3.75 — — Granted — — — — Expired (500) $ 3.85 — — Forfeited — — — — Exercised (500) 3.85 — — Outstanding at September 30, 2020 1,000 $ 3.64 — — Granted — — — — Expired (500) 3.85 — — Forfeited — — — — Exercised — — — — Outstanding at September 30, 2021 500 — .29 Years $ 4 Exercisable at September 30, 2021 500 $ 3.43 .29 Years $ 4 Vested and expected to vest at September 30, 2021 500 $ 3.43 .29 Years $ 4 |
Schedule of Nonvested Share Activity | The following table provides summary data of nonvested stock award activity: Weighted Weighted Average Average Aggregate Number of grant date Remaining Intrinsic nonvested Fair Contractual Value shares Value Term (in thousands) Nonvested shares outstanding at September 30, 2019 190,735 $ 10.12 2.21 Years $ 2,560 Activity in fiscal year 2020: Granted 96,750 $ 13.28 — — Vested (84,743) $ 9.66 — — Forfeited — $ — — — Nonvested shares outstanding at September 30, 2020 202,742 $ 11.82 2.21 Years $ 1,750 Activity in fiscal year 2021: Granted 103,465 $ 8.60 — — Vested (90,395) $ 11.79 — — Forfeited (18,750) $ 10.37 — — Nonvested shares outstanding at September 30, 2021 197,063 $ 10.28 2.15 Years $ 1,760 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Segment Information | |
Schedule of Segment Reporting Information, by Segment | Technology Solutions Segment High Performance Products United Consolidated For the year ended September 30, Segment Kingdom U.S. Total Total (Amounts in thousands) 2021 Sales: Product $ 3,126 $ 1,578 $ 30,522 $ 32,100 $ 35,226 Service 1,497 426 12,059 12,485 13,982 Total sales $ 4,623 $ 2,004 $ 42,581 $ 44,585 $ 49,208 Income (loss) from operations $ (4,578) $ (217) $ 3,433 $ 3,216 $ (1,362) Total assets $ 9,018 $ 10,174 $ 43,782 $ 53,956 $ 62,974 Capital expenditures 18 — 80 80 98 Depreciation and amortization 177 — 211 211 388 2020 Sales: Product $ 3,401 $ 943 $ 43,645 $ 44,588 $ 47,989 Service 2,475 440 10,889 11,329 13,804 Total sales $ 5,876 $ 1,383 $ 54,534 $ 55,917 $ 61,793 Income (loss) from operations $ (3,730) $ (168) $ 2,474 $ 2,306 $ (1,424) Total assets $ 9,915 $ 10,296 $ 33,434 $ 43,730 $ 53,645 Capital expenditures 89 — 141 141 230 Depreciation and amortization 218 3 231 234 452 |
Schedule of Revenue from External Customers by Geographic Areas | The following table details the Company’s sales by operating segment for fiscal years ended September 30, 2021 and 2020. The Company’s sales by geographic area based on the location of where the products were shipped or services rendered are as follows: % of 2021 Americas Europe Asia Total Total (Amounts in thousands) TS $ 41,783 $ 2,538 $ 264 $ 44,585 91 % HPP 3,538 665 420 4,623 9 % Total $ 45,321 $ 3,203 $ 684 $ 49,208 100 % % of Total 92 % 7 % 1 % 100 % 2020 TS $ 54,177 $ 1,645 $ 95 $ 55,917 90 % HPP 5,001 637 238 5,876 10 % Total $ 59,178 $ 2,282 $ 333 $ 61,793 100 % % of Total 95 % 4 % 1 % 100 % |
Schedule Of Deferred Tax Assets By Geographic Location | Deferred tax assets by geographic location at years ended September 30, 2021 and 2020 were as follows: September 30, September 30, 2021 2020 (Amounts in thousands) North America $ — $ 1,149 Europe — — Totals $ — $ 1,149 |
Schedule of Revenue by Major Customers | For the year ended September 30, 2021 2020 Customer % of Total Customer % of Total Revenues Revenues Revenues Revenues Customer A $ 0.6 1 % $ 6.5 10 % |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures | |
Summary of assets and liabilities at fair value | As of September 30, 2021 As of September 30, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Fair Value Level Reference (Amounts in thousands) Assets: Cash and cash equivalents $ 20,007 $ 20,007 $ 19,264 $ 19,264 1 Consolidated Balance Sheets Accounts and long-term receivable* 13,968 13,968 5,839 5,839 3 Note 3 Liabilities: Accounts payable and accrued expenses and other long-term liabilities* 5,747 5,747 — — 3 Note 9 Line of Credit 941 941 1,573 1,573 2 Consolidated Balance Sheets & Note 12 Notes payable 1,633 1,633 4,098 4,098 3 Note 13 *Original maturity over one year |
Dividend (Tables)
Dividend (Tables) | 12 Months Ended |
Sep. 30, 2021 | |
Dividend | |
Schedule of declared and paid cash dividends | Amount Paid Fiscal Year Date Declared Record Date Date Paid Per Share 2020 12/10/2019 12/31/2019 1/15/2020 $ 0.15 2020 2/12/2020 2/28/2020 3/13/2020 $ 0.15 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021USD ($)leasesegment | Sep. 30, 2020USD ($) | |
Number of Operating Segments | segment | 2 | |
Research and Development Expense (in Dollars) | $ 2,887 | $ 2,798 |
Impairment of long-lived assets | $ 0 | |
Number of leases not yet commenced | lease | 0 | |
One single lease component | true | |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization | $ 0 | |
Inventory Valuation Reserves | $ 2,300 | $ 4,100 |
Number of Years Defined Benefit Plans are Closed to Newly Hired Employees | 2 years | |
Number of Years Supplementary Retirement Plans are Closed to Newly Hired Employees | 2 years | |
Minimum | ||
Finite-Lived Intangible Asset, Useful Life | 3 years | |
Property, Plant and Equipment, Useful Life | 3 years | |
Maximum | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Property, Plant and Equipment, Useful Life | 7 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Disaggregated revenues below by products/services and geography (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue from External Customer [Line Items] | ||
Total sales | $ 49,208 | $ 61,793 |
Product | ||
Revenue from External Customer [Line Items] | ||
Sales | 35,206 | 47,906 |
Total sales | 35,226 | 47,989 |
Services | ||
Revenue from External Customer [Line Items] | ||
Sales | 13,982 | 13,804 |
Total sales | 13,982 | 13,804 |
Finance | ||
Revenue from External Customer [Line Items] | ||
Finance | 20 | 83 |
High Performance Products Segment | ||
Revenue from External Customer [Line Items] | ||
Total sales | 4,623 | 5,876 |
High Performance Products Segment | Product | ||
Revenue from External Customer [Line Items] | ||
Sales | 3,126 | 3,401 |
Total sales | 3,126 | 3,401 |
High Performance Products Segment | Services | ||
Revenue from External Customer [Line Items] | ||
Sales | 1,497 | 2,475 |
Total sales | 1,497 | 2,475 |
TS | ||
Revenue from External Customer [Line Items] | ||
Total sales | 44,585 | 55,917 |
TS | Product | ||
Revenue from External Customer [Line Items] | ||
Sales | 32,080 | 44,505 |
Total sales | 32,100 | 44,588 |
TS | Services | ||
Revenue from External Customer [Line Items] | ||
Sales | 12,485 | 11,329 |
Total sales | 12,485 | 11,329 |
TS | Finance | ||
Revenue from External Customer [Line Items] | ||
Finance | 20 | 83 |
TS | U.K. | ||
Revenue from External Customer [Line Items] | ||
Total sales | 2,004 | 1,383 |
TS | U.K. | Product | ||
Revenue from External Customer [Line Items] | ||
Sales | 1,578 | 943 |
Total sales | 1,578 | 943 |
TS | U.K. | Services | ||
Revenue from External Customer [Line Items] | ||
Sales | 426 | 440 |
Total sales | 426 | 440 |
TS | U.S. | ||
Revenue from External Customer [Line Items] | ||
Total sales | 42,581 | 54,534 |
TS | U.S. | Product | ||
Revenue from External Customer [Line Items] | ||
Sales | 30,502 | 43,562 |
Total sales | 30,522 | 43,645 |
TS | U.S. | Services | ||
Revenue from External Customer [Line Items] | ||
Sales | 12,059 | 10,889 |
Total sales | 12,059 | 10,889 |
TS | U.S. | Finance | ||
Revenue from External Customer [Line Items] | ||
Finance | $ 20 | $ 83 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Capitalized Contract Cost [Line Items] | ||
Current contract assets | $ 2,700,000 | $ 1,000,000 |
Non-current contract assets | 0 | |
Current contract liabilities | 1,893,000 | 947,000 |
Non-current contract liabilities | 400,000 | 200,000 |
Revenue recognized included in contract liabilities | $ 800,000 | |
Practical Expedient, Incremental Costs | true | |
Current capitalized costs | $ 137,000 | 130,000 |
Non-current capitalized costs | 0 | |
Incremental costs amortized | 442,000 | 332,000 |
Impairment related to costs capitalized | $ 0 | |
Payment terms | 30 days | |
Remaining Performance Obligation, Optional Exemption | true | |
Minimum | ||
Capitalized Contract Cost [Line Items] | ||
Amortization Period | 3 years | |
Maximum | ||
Capitalized Contract Cost [Line Items] | ||
Amortization Period | 6 years | |
TS | ||
Capitalized Contract Cost [Line Items] | ||
Current capitalized costs | $ 13,000 | 13,000 |
Non-current capitalized costs | 22,000 | 9,000 |
Incremental costs amortized | 13,000 | $ 13,000 |
Impairment related to costs capitalized | $ 0 | |
Europe | Maximum | ||
Capitalized Contract Cost [Line Items] | ||
Payment terms | 90 days |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Revenue - Performance Obligation (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation amount | $ 2,135 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligation amount | $ 1,404 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligation amount | $ 670 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Remaining performance obligation amount | $ 61 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Product Warranty (Details) | 12 Months Ended |
Sep. 30, 2021 | |
Minimum | |
Product Warranty Liability [Line Items] | |
Hardware Warranty Included in Product Sales | 90 days |
Maximum | |
Product Warranty Liability [Line Items] | |
Hardware Warranty Included in Product Sales | 3 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Summary of Significant Accounting Policies | ||
Net income (loss) from continuing operations | $ 234 | $ (1,446) |
Net income from sale of discontinued operations | 465 | |
Net income (loss) | 699 | (1,446) |
Less: net loss attributable to nonvested common stock | 33 | |
Net income (loss) attributable to common shareholders | 666 | (1,446) |
Net income (loss) attributable to common shareholders from continuing operations | 223 | (1,446) |
Net income attributable to common shareholders from discontinued operations | 443 | |
Net income (loss) from continuing operations | $ 234 | $ (1,446) |
Weighted average total shares outstanding - basic | 4,356 | 4,028 |
Less: weighted average non-vested shares outstanding | (205) | |
Weighted average number of common shares outstanding - basic | 4,151 | 4,028 |
Potential common shares from non-vested stock awards and the assumed exercise of stock options | 69 | |
Weighted average common shares outstanding - diluted | 4,220 | 4,028 |
Net income (loss) from continuing operations per share - basic | $ 0.05 | $ (0.36) |
Net income from discontinued operations per share - basic | 0.11 | |
Net income (loss) per share - basic | 0.16 | (0.36) |
Net income (loss) from continuing operations per share - diluted | 0.05 | (0.36) |
Net income from discontinued operations per share - diluted | 0.11 | |
Net income (loss) per share - diluted | $ 0.16 | $ (0.36) |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Anti-dilutive shares (Details) - shares | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Restricted stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Non-vested restricted stock awards shares were excluded from the diluted loss per share calculation | 136,000 | 201,000 |
Stock option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Non-vested restricted stock awards shares were excluded from the diluted loss per share calculation | 1,000 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Stock Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Summary of Significant Accounting Policies | ||
Stock-based compensation expense on stock options and restricted stock awards | $ 981 | $ 982 |
Discontinued Operations of TS_2
Discontinued Operations of TS Segment (Details) - Jul. 31, 2018 - Modcom GmbH - Discontinued Operations, Disposed of by Sale € in Thousands, $ in Millions | USD ($) | EUR (€) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash at closing | $ 14.4 | |
Gain recorded due to sale of stock | $ 18.1 | |
Amount in escrow | € | € 400 |
Accounts and Long-Term Receiv_3
Accounts and Long-Term Receivable (Details) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($)agreement | Mar. 31, 2021USD ($)agreement | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable | $ 18,698,000 | $ 18,698,000 | $ 13,362,000 | ||
Long-term receivable | $ 7,522,000 | $ 7,522,000 | 3,642,000 | ||
Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity term of accounts and long term receivables | 1 year | ||||
Vendor Agreement | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of agreements increase in accounts and long term receivable | 2 | 2 | 2 | ||
Payments to be received from over next four years | $ 5,200,000 | $ 9,000,000 | |||
Payments to be received from over next two years | $ 2,500,000 | ||||
Period of payments to be received for accounts and long term receivable | 2 years | 2 years | 4 years | ||
Net revenue recorded | $ 200,000 | $ 400,000 | $ 500,000 | ||
Financing receivables | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts receivable | 6,500,000 | $ 6,500,000 | 2,300,000 | ||
Long-term receivable | 7,500,000 | 7,500,000 | $ 3,500,000 | ||
Long term receivables interest rate | 4.50% | ||||
Amount of allowance for credit losses or impairments with a contractual maturity of over one year | 0 | 0 | $ 0 | ||
Accounts and long-term receivable past due | 0 | 0 | 0 | ||
Activity in allowance for credit losses for accounts and long-term receivables | 0 | 0 | |||
Construction Contractor, Receivable, Excluding Contract Retainage, Fiscal Year Maturity [Abstract] | |||||
2022 | 6,927,000 | 6,927,000 | |||
2023 | 4,674,000 | 4,674,000 | |||
2024 | 1,560,000 | 1,560,000 | |||
2025 | 1,560,000 | 1,560,000 | |||
Total payments | 14,721,000 | 14,721,000 | |||
Less: unearned interest income | 753,000 | 753,000 | |||
Total, net of unearned interest income | $ 13,968,000 | $ 13,968,000 | |||
Financing receivables | Minimum | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Maturity term of accounts and long term receivables | 1 year | ||||
Financing receivables | Other Income | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Accounts And Long Term Receivable, Interest Income | $ 547,000 | $ 453,000 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Inventories | ||
Raw materials | $ 736 | $ 574 |
Work-in-process | 289 | 213 |
Finished goods | 2,964 | 4,498 |
Total | $ 3,989 | $ 5,285 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 29,534 | $ 30,428 |
Ending Balance | 34,046 | 29,534 |
Accumulated other comprehensive loss | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (11,995) | (12,593) |
Change in period | 2,618 | 565 |
Tax effect of change in period | (71) | 33 |
Ending Balance | (9,448) | (11,995) |
Effect of Foreign Currency Translation | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (4,696) | (5,111) |
Change in period | 646 | 415 |
Ending Balance | (4,050) | (4,696) |
Minimum Pension Liability | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (7,299) | (7,482) |
Change in period | 1,972 | 150 |
Tax effect of change in period | (71) | 33 |
Ending Balance | $ (5,398) | $ (7,299) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Loss | ||
Amortization of net (gain) loss included in net periodic pension cost | $ 235 | $ 102 |
Income Taxes - Components of in
Income Taxes - Components of income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income (loss) before income tax (benefit) expense | ||
U.S. | $ 1,316 | $ (941) |
Foreign | (173) | (121) |
Income (loss) before income taxes | 1,143 | (1,062) |
Income (loss) before income taxes continued operations | 678 | (1,062) |
Income (loss) before income taxes discontinued operations | 465 | |
Current: | ||
Federal | (674) | (435) |
State | (30) | 21 |
Current Income Tax Expense (Benefit) | (704) | (414) |
Deferred: | ||
Federal | 1,148 | 548 |
State | 250 | |
Deferred Income Tax Expense (Benefit) | 1,148 | 798 |
Income tax (benefit) expense (in Dollars) | $ 444 | $ 384 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income tax expense (benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes | ||
Computed "expected" tax expense (benefit) (in Dollars) | $ 240 | $ (225) |
Computed "expected" tax expense (benefit) | 21.00% | 21.20% |
Increases (reductions) in taxes resulting from: | ||
State income taxes, net of federal tax benefit (in Dollars) | $ (38) | $ (7) |
State income taxes, net of federal tax benefit | (3.30%) | 0.70% |
Foreign rate differential (in Dollars) | $ 13 | $ 2 |
Foreign rate differential | 1.10% | (0.20%) |
Exclusion of PPP Loan Forgiveness Income (in Dollars) | $ (458) | |
Exclusion of PPP Loan Forgiveness Income | (40.10%) | |
Exclusion of the UK's Gain on Sale of Disc Ops Entity (in Dollars | $ (98) | |
Exclusion of the UK's Gain on Sale of Disc Ops Entity | (8.60%) | |
Permanent differences (in Dollars) | $ (22) | $ (3) |
Permanent differences | (1.90%) | 0.30% |
Change in valuation allowance (in Dollars) | $ 1,598 | $ 1,005 |
Change in valuation allowance | 139.80% | (94.70%) |
Research and development credit (in Dollars) | $ (116) | $ (107) |
Research & development credit | (10.10%) | 10.10% |
Benefit of US Federal NOL carryback (in Dollars) | $ (359) | $ (222) |
Benefit of US Federal NOL carryback | (31.40%) | 20.90% |
Return to Provision Adjustments (in Dollars) | $ (394) | |
Return to Provision Adjustments | (34.50%) | |
Other items (in Dollars) | $ 78 | $ (59) |
Other items | 6.80% | 5.50% |
Income tax (benefit) expense (in Dollars) | $ 444 | $ 384 |
Income tax (benefit) expense | 38.80% | (36.20%) |
Income Taxes - Deferred tax ass
Income Taxes - Deferred tax assets (liabilities) (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Deferred tax assets: | ||
Pension | $ 1,006 | $ 1,410 |
Intangibles | 61 | 94 |
Other reserves and accruals | 628 | 1,131 |
Inventory reserves and other | 232 | 684 |
Federal and state tax credits | 1,141 | 391 |
Federal and state net operating loss carryforwards | 123 | 3 |
Foreign net operating loss carryforwards | 2,333 | 1,766 |
Depreciation and amortization | (190) | (244) |
Gross deferred tax assets | 5,334 | 5,235 |
Less: valuation allowance | (5,334) | (4,086) |
Realizable deferred tax asset | $ 0 | $ 1,149 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 1,200 | |
Undistributed Earnings of Foreign Subsidiaries | 7,900 | $ 10,300 |
U.S. | ||
Operating Loss Carryforwards | 0 | |
Tax Credit Carryforwards | 753 | 0 |
State | ||
Operating Loss Carryforwards | 3,400 | $ 76,000 |
Tax Credit Carryforwards | 1,000 | |
Unlimited carryover | 50 | |
U.K. | ||
Operating Loss Carryforwards | $ 12,300 |
Income Taxes - Unrecognized tax
Income Taxes - Unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Income Taxes | ||
Balance, beginning of year | $ 343 | $ 0 |
Additions for tax positions of current year | 60 | 78 |
Additions for tax positions of prior years | 30 | 265 |
Balance, end of period | $ 433 | $ 343 |
Property, Equipment and Impro_3
Property, Equipment and Improvements, Net - Tabular (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | $ 9,047 | $ 8,943 |
Less accumulated depreciation and amortization | (8,283) | (7,896) |
Property, equipment and improvements, net | 764 | 1,047 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | 224 | 224 |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | 8,707 | 8,603 |
Automobiles | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and improvements, gross | $ 116 | $ 116 |
Property, Equipment and Impro_4
Property, Equipment and Improvements, Net - Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Property, Equipment and Improvements, Net | ||
Depreciation expense | $ 379 | $ 443 |
Acquired Intangible Assets - In
Acquired Intangible Assets - Intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Impaired Intangible Assets [Abstract] | ||
Net | $ 19 | |
Customer list | ||
Impaired Intangible Assets [Abstract] | ||
Weighted Average Remaining Amortization Period | 3 years | 4 years |
Gross | $ 90 | $ 90 |
Accumulated Amortization | 71 | 62 |
Net | $ 19 | $ 28 |
Acquired Intangible Assets - Am
Acquired Intangible Assets - Amortization expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Acquired Intangible Assets | ||
Amortization of Intangible Assets | $ 9 | $ 9 |
Acquired Intangible Assets - An
Acquired Intangible Assets - Annual Amortization Expense (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Acquired Intangible Assets | |
2022 | $ 9 |
2023 | 9 |
2024 | 1 |
Total | $ 19 |
Accounts payable and accrued _3
Accounts payable and accrued expenses, and Other noncurrent liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Product Warranties | ||
Accounts payable | $ 11,271 | $ 5,604 |
Commissions | 305 | 335 |
Compensation and fringe benefits | 1,233 | 1,024 |
Professional fees and shareholders' reporting costs | 300 | 368 |
Taxes, other than income | 136 | 161 |
Finance lease liability | 47 | 274 |
Operating lease liability | 569 | 679 |
Warranty | 67 | 78 |
Accounts payable and accrued expenses | $ 13,928 | $ 8,523 |
Accounts payable and accrued _4
Accounts payable and accrued expenses, and Other noncurrent liabilities - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021USD ($) | Jul. 31, 2021USD ($)item | Feb. 28, 2021USD ($)item | |
Vendor Agreement | |||
Accounts payable and other noncurrent liabilities | |||
Payable to vendor | $ 7,800 | ||
Imputed interest rate | 5.00% | ||
Percentage of accounts payable and noncurrent liabilities | 41.00% | ||
Interest expense | $ 190 | ||
Vendor Agreement One | |||
Accounts payable and other noncurrent liabilities | |||
Payable to vendor | $ 1,500 | ||
Number of payments to be made | item | 5 | ||
Vendor Agreement Two | |||
Accounts payable and other noncurrent liabilities | |||
Payable to vendor | $ 7,200 | ||
Number of payments to be made | item | 6 | ||
Vendor Agreement Three | |||
Accounts payable and other noncurrent liabilities | |||
Payable to vendor | $ 500 | ||
Number of payments to be made | item | 12 |
Accounts payable and accrued _5
Accounts payable and accrued expenses, and Other noncurrent liabilities - Agreements with Vendors (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Accounts payable and other noncurrent liabilities | ||
Accounts payable and accrued expenses | $ 13,928 | $ 8,523 |
Other noncurrent liabilities | 4,783 | $ 202 |
Vendor Agreement | ||
Accounts payable and other noncurrent liabilities | ||
Current | 1,627 | |
Less: discount | 247 | |
Accounts payable and accrued expenses | 1,380 | |
Noncurrent | 4,682 | |
Less: discount | 315 | |
Other noncurrent liabilities | $ 4,367 |
Leases - Right of use assets an
Leases - Right of use assets and lease liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Assets: | ||
Operating leases | $ 1,358 | $ 2,014 |
Lease receivable - current | 68 | 336 |
Lease receivable - noncurrent | 15 | 81 |
Total lease receivable | 83 | 417 |
Liabilities | ||
Current operating lease liabilities | $ 569 | $ 679 |
Current operating lease liabilities, Statement of Financial Position | Accounts payable and accrued expenses | Accounts payable and accrued expenses |
Non-current operating lease liabilities | $ 821 | $ 1,390 |
Total operating lease liabilities | 1,390 | 2,069 |
Current finance lease liabilities | $ 47 | $ 274 |
Current finance lease liabilities, Statement of Financial Position | Accounts payable and accrued expenses | Accounts payable and accrued expenses |
Non-current finance lease liabilities | $ 5 | $ 52 |
Non-current finance lease liabilities, Statement of Financial Position | Other noncurrent liabilities | Other noncurrent liabilities |
Total finance lease liabilities | $ 52 | $ 326 |
Leases - Components of lease co
Leases - Components of lease costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Lease: | ||
Total lease costs | $ 776 | $ 777 |
Total lease costs, net of sublease interest income | 756 | 694 |
Interest expense | ||
Finance Lease: | ||
Interest on lease liabilities | 11 | 30 |
Selling, general, and administrative | ||
Operating Lease: | ||
Operating lease cost | 718 | 735 |
Short-term Lease, Cost | 47 | 12 |
Revenue | ||
Operating Lease: | ||
Less sublease interest income | $ (20) | $ (83) |
Leases - Future lease payments
Leases - Future lease payments and sublease income (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Operating Lease costs | ||
2022 | $ 613 | |
2023 | 439 | |
2024 | 240 | |
2025 | 182 | |
Total | 1,474 | |
Less imputed interest | (84) | |
Lease Liabilities | 1,390 | $ 2,069 |
Finance lease costs | ||
2022 | 51 | |
2023 | 5 | |
Total | 56 | |
Less imputed interest | (4) | |
Total | 52 | $ 326 |
Sublease Payments received | ||
2022 | 70 | |
2023 | 12 | |
2024 | 3 | |
Total | 85 | |
Less imputed interest | (2) | |
Total | $ 83 |
Leases - Supplemental cash flow
Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 740 | $ 757 |
Operating cash flows from short-term leases | 47 | 38 |
Operating cash flows from finance leases | 11 | 30 |
Financing cash flows from finance leases | 274 | 333 |
Operating leases | 216 | |
Cash received from subleases | $ 356 | $ 451 |
Leases - Weighted-average remai
Leases - Weighted-average remaining lease term (Details) | Sep. 30, 2021 |
Leases | |
Weighted-average remaining lease term operating lease (years) | 2 years 9 months 18 days |
Weighted-average remaining lease term finance lease (years) | 1 year 1 month 6 days |
Leases - Weighted-average disco
Leases - Weighted-average discount rate (Details) | Sep. 30, 2021 |
Leases | |
Weighted-average discount rate operating leases | 4.00% |
Weighted-average discount rate finance leases | 10.70% |
Product Warranties (Details)
Product Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Product Warranties | ||
Balance at the beginning of the period | $ 78 | $ 105 |
Accruals for warranties for products sold in the period | 13 | 7 |
Fulfillment of warranty obligations | (24) | (34) |
Balance at the end of the period | $ 67 | $ 78 |
Line of Credit (Details)
Line of Credit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Line of Credit Facility | ||
Inventory line of credit | $ 941 | $ 1,573 |
Inventory Line of Credit | Line of Credit | ||
Line of Credit Facility | ||
Maximum borrowing capacity | 15,000 | 15,000 |
Interest Payable | 0 | |
Minimum net worth required for compliance | 4,000 | |
Inventory line of credit | 900 | 1,600 |
Cash withdrawal limit | 1,000 | 1,000 |
Cash withdrawals outstanding | $ 0 | $ 0 |
Inventory Line of Credit | Line of Credit | Minimum | ||
Line of Credit Facility | ||
Liquidity ratio | 1.2 | |
Inventory Line of Credit | Line of Credit | Maximum | ||
Line of Credit Facility | ||
Ratio of indebtedness to net capital | 5 | |
Inventory Line of Credit | Line of Credit | Prime Rate | ||
Line of Credit Facility | ||
Basis spread on variable rate | 5.00% | |
Interest rate | 3.25% |
Notes Payable - Narrative - (De
Notes Payable - Narrative - (Details) - USD ($) | Apr. 17, 2020 | Oct. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2021 | Sep. 30, 2020 |
Note payable | |||||
Borrowings | $ 4,217,000 | ||||
Gain on extinguishment of debt | $ 2,196,000 | ||||
Paragon Bank | |||||
Note payable | |||||
Borrowings | $ 827,000 | ||||
Notes payable | |||||
Note payable | |||||
Borrowings | $ 2,000,000 | $ 1,000,000 | |||
Interest rate | 5.10% | 5.00% | |||
Interest Expense, Debt | 87,000 | $ 131,000 | |||
Small Business Administration Loans | |||||
Note payable | |||||
Borrowings | $ 1,353,600 | ||||
Interest rate | 1.00% | ||||
Term of Loan | 2 years | ||||
Gain on extinguishment of debt | $ 2,200,000 |
Notes Payable - Current and Non
Notes Payable - Current and Noncurrent Portion (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Note payable - current | ||
Notes payable - current portion | $ 757 | $ 1,613 |
Note payable - noncurrent | ||
Notes payable - noncurrent portion | 876 | 2,485 |
Notes payable | ||
Fiscal year ending September 30: | ||
2022 | 808 | |
2023 | 449 | |
2024 | 449 | |
Total | 1,706 | |
Less: note discount | 73 | |
Total | 1,633 | |
Note payable - current | ||
Current | 808 | 1,702 |
Less: notes discount | 51 | 89 |
Notes payable - current portion | 757 | 1,613 |
Note payable - noncurrent | ||
Noncurrent | 897 | 2,559 |
Less: notes discount | 21 | 74 |
Notes payable - noncurrent portion | $ 876 | $ 2,485 |
Pension and Retirement Plans -
Pension and Retirement Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Number of Years Defined Benefit Plans are Closed to Newly Hired Employees | 2 years | |
Number of Years Supplementary Retirement Plans are Closed to Newly Hired Employees | 2 years | |
U.S. | Pension | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Loans, Gross, Insurance Policy | $ 2.6 | $ 2.4 |
Pension and Retirement Plans _2
Pension and Retirement Plans - Assumptions used for projected benefit obligation (Details) - Pension | Sep. 30, 2021 | Sep. 30, 2020 |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate: | 2.75% | 2.50% |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate: | 2.00% | 1.60% |
Expected return on plan assets: | 4.00% | 3.80% |
Rate of compensation increase: | 0.00% | 0.00% |
Pension and Retirement Plans _3
Pension and Retirement Plans - Assumptions used for net periodic benefit cost (Details) - Pension | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate: | 2.50% | 3.00% |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate: | 2.00% | 1.60% |
Expected return on plan assets: | 4.00% | 3.80% |
Rate of compensation increase: | 0.00% | 0.00% |
Pension and Retirement Plans _4
Pension and Retirement Plans - Components of net periodic benefit costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Increase (decrease) in minimum liability included in other comprehensive income (loss) | $ (1,972) | $ (150) |
U.K. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Increase (decrease) in minimum liability included in other comprehensive income (loss) | (1,794) | (231) |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Increase (decrease) in minimum liability included in other comprehensive income (loss) | (178) | 81 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 254 | 278 |
Expected return on plan assets | (398) | (289) |
Amortization of past service costs | 7 | 7 |
Amortization of net gain (loss) | 185 | 193 |
Net periodic benefit cost | 48 | 189 |
Increase (decrease) in minimum liability included in other comprehensive income (loss) | (1,802) | (229) |
Pension | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 243 | 263 |
Pension | U.K. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 243 | 263 |
Expected return on plan assets | (398) | (289) |
Amortization of past service costs | 7 | 7 |
Amortization of net gain (loss) | 181 | 190 |
Net periodic benefit cost | 33 | 171 |
Increase (decrease) in minimum liability included in other comprehensive income (loss) | (1,794) | (231) |
Pension | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | 11 | 15 |
Amortization of net gain (loss) | 4 | 3 |
Net periodic benefit cost | 15 | 18 |
Increase (decrease) in minimum liability included in other comprehensive income (loss) | (8) | 2 |
Post Retirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 45 | 38 |
Interest cost | 42 | 46 |
Amortization of net gain (loss) | 50 | 24 |
Net periodic benefit cost | 137 | 108 |
Increase (decrease) in minimum liability included in other comprehensive income (loss) | (170) | 79 |
Post Retirement | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 45 | 38 |
Interest cost | 42 | 46 |
Amortization of net gain (loss) | 50 | 24 |
Net periodic benefit cost | 137 | 108 |
Increase (decrease) in minimum liability included in other comprehensive income (loss) | $ (170) | $ 79 |
Pension and Retirement Plans _5
Pension and Retirement Plans - Changes of the benefit obligation, the plan assets and funded status of the plans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair Value of Plan Assets, Beginning Balance | $ 9,740 | |
Fair Value of Plan Assets, Ending Balance | 11,921 | $ 9,740 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 14,829 | 13,961 |
Interest cost | 254 | 278 |
Changes in actuarial assumptions | (664) | 331 |
Foreign exchange impact | 670 | 629 |
Benefits paid | (433) | (370) |
Projected benefit obligation | 14,656 | 14,829 |
Fair Value of Plan Assets, Beginning Balance | 9,740 | 8,238 |
Actual gain on plan assets | 1,655 | 929 |
Company contributions | 549 | 547 |
Foreign exchange impact | 410 | 396 |
Benefits paid | (433) | (370) |
Fair Value of Plan Assets, Ending Balance | 11,921 | 9,740 |
Funded status \ net amount recognized | (2,735) | (5,089) |
Pension | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 426 | 514 |
Interest cost | 11 | 15 |
Changes in actuarial assumptions | (6) | 7 |
Benefits paid | (92) | (110) |
Projected benefit obligation | 339 | 426 |
Company contributions | 92 | 110 |
Benefits paid | (92) | (110) |
Funded status \ net amount recognized | (339) | (426) |
Pension | International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 14,403 | 13,447 |
Interest cost | 243 | 263 |
Changes in actuarial assumptions | (658) | 324 |
Foreign exchange impact | 670 | 629 |
Benefits paid | (341) | (260) |
Projected benefit obligation | 14,317 | 14,403 |
Fair Value of Plan Assets, Beginning Balance | 9,740 | 8,238 |
Actual gain on plan assets | 1,655 | 929 |
Company contributions | 457 | 437 |
Foreign exchange impact | 410 | 396 |
Benefits paid | (341) | (260) |
Fair Value of Plan Assets, Ending Balance | 11,921 | 9,740 |
Funded status \ net amount recognized | (2,396) | (4,663) |
Post Retirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 1,703 | 1,516 |
Service cost | 45 | 38 |
Interest cost | 42 | 46 |
Changes in actuarial assumptions | (120) | 103 |
Projected benefit obligation | 1,670 | 1,703 |
Funded status \ net amount recognized | (1,670) | (1,703) |
Post Retirement | U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | 1,703 | 1,516 |
Service cost | 45 | 38 |
Interest cost | 42 | 46 |
Changes in actuarial assumptions | (120) | 103 |
Projected benefit obligation | 1,670 | 1,703 |
Funded status \ net amount recognized | $ (1,670) | $ (1,703) |
Pension and Retirement Plans _6
Pension and Retirement Plans - Amounts recognized in the consolidated balance sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | $ (4,405) | $ (6,792) |
Deferred tax | 95 | 24 |
Accumulated other comprehensive income | 4,218 | 6,120 |
Net amount recognized | (92) | (648) |
Accumulated benefit obligation | (16,326) | (16,532) |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | (2,735) | (5,089) |
Deferred tax | 17 | 14 |
Accumulated other comprehensive income | 4,161 | 5,960 |
Net amount recognized | 1,443 | 885 |
Accumulated benefit obligation | (14,656) | (14,829) |
Post Retirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | (1,670) | (1,703) |
Deferred tax | 78 | 10 |
Accumulated other comprehensive income | 57 | 160 |
Net amount recognized | (1,535) | (1,533) |
Accumulated benefit obligation | (1,670) | (1,703) |
International | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | (2,396) | (4,663) |
Accumulated other comprehensive income | 4,140 | 5,934 |
Net amount recognized | 1,744 | 1,271 |
Accumulated benefit obligation | (14,317) | (14,403) |
International | Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | (2,396) | (4,663) |
Accumulated other comprehensive income | 4,140 | 5,934 |
Net amount recognized | 1,744 | 1,271 |
Accumulated benefit obligation | (14,317) | (14,403) |
U.S. | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | (2,009) | (2,129) |
Deferred tax | 95 | 24 |
Accumulated other comprehensive income | 78 | 186 |
Net amount recognized | (1,836) | (1,919) |
Accumulated benefit obligation | (2,009) | (2,129) |
U.S. | Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | (339) | (426) |
Deferred tax | 17 | 14 |
Accumulated other comprehensive income | 21 | 26 |
Net amount recognized | (301) | (386) |
Accumulated benefit obligation | (339) | (426) |
U.S. | Post Retirement | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accrued benefit liability | (1,670) | (1,703) |
Deferred tax | 78 | 10 |
Accumulated other comprehensive income | 57 | 160 |
Net amount recognized | (1,535) | (1,533) |
Accumulated benefit obligation | $ (1,670) | $ (1,703) |
Pension and Retirement Plans _7
Pension and Retirement Plans - Accrued benefit liability (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Liability, Defined Benefit Plan [Abstract] | ||
Current accrued benefit liability | $ 308 | $ 321 |
Non-current accrued benefit liability | 4,097 | 6,471 |
Total accrued benefit liability | 4,405 | 6,792 |
Accumulated other comprehensive income | 4,218 | $ 6,120 |
Pension and Other Postretirement Benefit Plans, Amounts that Will be Amortized from Accumulated Other Comprehensive Income (Loss) in Next Fiscal Year | 146 | |
Defined Benefit Plan, Estimated Future Employer Contributions in Next Fiscal Year | $ 400 |
Pension and Retirement Plans _8
Pension and Retirement Plans - Future benefit payments (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2022 | $ 436 |
2023 | 476 |
2024 | 515 |
2025 | 516 |
2026 | 531 |
Thereafter | $ 1,339 |
Pension and Retirement Plans _9
Pension and Retirement Plans - Fair value of the assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Sep. 30, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 11,921 | $ 9,740 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 11,921 | 9,740 |
Cash on deposit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 93 | 471 |
Cash on deposit | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 93 | 471 |
Pooled funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | 11,828 | 9,269 |
Pooled funds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 11,828 | $ 9,269 |
Pension and Retirement Plans_10
Pension and Retirement Plans - Defined Contribution Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Pension and Retirement Plans | ||
Contributions in Defined Contribution Plans | $ 174 | $ 156 |
Stock Based Incentive Compens_3
Stock Based Incentive Compensation - Narrative (Details) - USD ($) | 12 Months Ended | 24 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2021 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 981,000 | $ 982,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 103,465 | 96,750 | |||
Employee Benefits and Share-based Compensation, Cash | $ 0 | ||||
The 2015 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 300,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 300,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 140,215 | 140,215 | |||
Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,000 | 20,000 | |||
Key Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 42,457 | 36,750 | |||
Officers | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 41,000 | 40,000 | |||
Chief Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 30,000 | 30,000 | |||
Stock Incentive Plans | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award Expiration | 10 years | ||||
Stock option | Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award Expiration | 10 years | ||||
Stock option | Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 6 months | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award Expiration | 3 years | ||||
Nonvested Stock Awards | Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Nonvested Stock Awards | Officers | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Nonvested Stock Awards | Chief Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years |
Stock Based Incentive Compens_4
Stock Based Incentive Compensation - Stock-based compensation expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 981 | $ 982 |
Cost of sales | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 5 | 8 |
Engineering and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 38 | 83 |
Selling, general, and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 938 | $ 891 |
Stock Based Incentive Compens_5
Stock Based Incentive Compensation - Summary data of stock option award activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Shares | ||
Outstanding, number of shares | 1,000 | 2,000 |
Granted, number of shares | 0 | 0 |
Expired, number of shares | (500) | (500) |
Forfeited, number of shares | 0 | 0 |
Exercised, number of shares | 0 | (500) |
Outstanding, number of shares | 500 | 1,000 |
Exercisable | 500 | |
Vested and expected to vest | 500 | |
Weighted Average Exercise Price | ||
Outstanding, weighted average exercise price (in Dollars per share) | $ 3.64 | $ 3.75 |
Granted, weighted average exercise price (in Dollars per share) | 0 | 0 |
Expired, weighted average exercise price (in Dollars per share) | 3.85 | 3.85 |
Forfeited, weighted average exercise price (in Dollars per share) | 0 | 0 |
Exercised, weighted average exercise price (in Dollars per share) | 3.85 | |
Outstanding, weighted average exercise price (in Dollars per share) | $ 3.64 | |
Exercisable (in Dollars per share) | 3.43 | |
Vested and expected to vest (in Dollars per share) | $ 3.43 | |
Outstanding, weighted average remaining contractual term | 3 months 14 days | |
Exercisable - - weighted average remaining contractual term | 3 months 14 days | |
Vested and expected to vest - weighted average remaining contractual term | 3 months 14 days | |
Outstanding, aggregate intrinsic value (in Dollars) | $ 4 | |
Exercisable - intrinsic value (in Dollars) | 4 | |
Vested and expected to vest - intrinsic value (in Dollars) | $ 4 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value (in Dollars) | $ 5 |
Stock Based Incentive Compens_6
Stock Based Incentive Compensation - Summary data of nonvested stock award activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Nonvested Shares | |||
Nonvested shares outstanding, number of nonvested shares | 202,742 | 190,735 | |
Granted, number of nonvested shares | 103,465 | 96,750 | |
Vested, number of nonvested shares | (90,395) | (84,743) | |
Forfeited, number of nonvested shares | (18,750) | ||
Nonvested shares outstanding, number of nonvested shares | 197,063 | 202,742 | 190,735 |
Weighted Average Grant-Date Fair Value | |||
Nonvested shares outstanding, weighted average grant date fair value (in Dollars per share) | $ 11.82 | $ 10.12 | |
Granted, weighted average grant date fair value (in Dollars per share) | 8.60 | 13.28 | |
Vested, weighted average grant date fair value (in Dollars per share) | 11.79 | 9.66 | |
Forfeited, weighted average grant date fair value (in Dollars per share) | 10.37 | ||
Nonvested shares outstanding, weighted average grant date fair value (in Dollars per share) | $ 10.28 | $ 11.82 | $ 10.12 |
Nonvested shares outstanding, weighted average remaining contractual term | 2 years 1 month 24 days | 2 years 2 months 15 days | 2 years 2 months 15 days |
Nonvested shares outstanding, aggregate intrinsic value (in Dollars) | $ 1,760 | $ 1,750 | $ 2,560 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized (in Dollars) | $ 1,400 | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 25 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value (in Dollars) | $ 1,100 | $ 800 |
Employee Stock Purchase Plan (D
Employee Stock Purchase Plan (Details) - shares | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2013 | |
Employee Stock Purchase Plan | |||
Number of shares covered under the Employee Stock Purchase Plan (ESPP) | 250,000 | ||
Purchase price per share as percentage of fair market value | 95.00% | ||
Issuance of shares under employee stock purchase plan (in shares) | 32,939 | 32,222 |
Repurchase of Common Stock (Det
Repurchase of Common Stock (Details) - shares | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Feb. 08, 2011 | |
Repurchase of Common Stock | |||
Shares Authorized for repurchase | 250,000 | ||
Shares repurchased | 0 | 6,400 | |
Remaining shares authorized to repurchase | 194,000 |
Segment Information - Operating
Segment Information - Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||
Total sales | $ 49,208 | $ 61,793 |
Sales: | ||
Income (loss) from operations | (1,362) | (1,424) |
Total assets | 62,974 | 53,645 |
Capital expenditures | 98 | 230 |
Depreciation and amortization | 388 | 452 |
High Performance Products Segment | ||
Segment Reporting Information [Line Items] | ||
Total sales | 4,623 | 5,876 |
Sales: | ||
Income (loss) from operations | (4,578) | (3,730) |
Total assets | 9,018 | 9,915 |
Capital expenditures | 18 | 89 |
Depreciation and amortization | 177 | 218 |
TS | ||
Segment Reporting Information [Line Items] | ||
Total sales | 44,585 | 55,917 |
Sales: | ||
Income (loss) from operations | 3,216 | 2,306 |
Total assets | 53,956 | 43,730 |
Capital expenditures | 80 | 141 |
Depreciation and amortization | 211 | 234 |
Product | ||
Segment Reporting Information [Line Items] | ||
Total sales | 35,226 | 47,989 |
Product | High Performance Products Segment | ||
Segment Reporting Information [Line Items] | ||
Total sales | 3,126 | 3,401 |
Product | TS | ||
Segment Reporting Information [Line Items] | ||
Total sales | 32,100 | 44,588 |
Services | ||
Segment Reporting Information [Line Items] | ||
Total sales | 13,982 | 13,804 |
Services | High Performance Products Segment | ||
Segment Reporting Information [Line Items] | ||
Total sales | 1,497 | 2,475 |
Services | TS | ||
Segment Reporting Information [Line Items] | ||
Total sales | 12,485 | 11,329 |
U.K. | TS | ||
Segment Reporting Information [Line Items] | ||
Total sales | 2,004 | 1,383 |
Sales: | ||
Income (loss) from operations | (217) | (168) |
Total assets | 10,174 | 10,296 |
Depreciation and amortization | 3 | |
U.K. | Product | TS | ||
Segment Reporting Information [Line Items] | ||
Total sales | 1,578 | 943 |
U.K. | Services | TS | ||
Segment Reporting Information [Line Items] | ||
Total sales | 426 | 440 |
U.S. | TS | ||
Segment Reporting Information [Line Items] | ||
Total sales | 42,581 | 54,534 |
Sales: | ||
Income (loss) from operations | 3,433 | 2,474 |
Total assets | 43,782 | 33,434 |
Capital expenditures | 80 | 141 |
Depreciation and amortization | 211 | 231 |
U.S. | Product | TS | ||
Segment Reporting Information [Line Items] | ||
Total sales | 30,522 | 43,645 |
U.S. | Services | TS | ||
Segment Reporting Information [Line Items] | ||
Total sales | $ 12,059 | $ 10,889 |
Segment Information - Sales By
Segment Information - Sales By Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Customer Revenues | $ 49,208 | $ 61,793 |
% of total | 100.00% | 100.00% |
Americas | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Customer Revenues | $ 45,321 | $ 59,178 |
% of total | 92.00% | 95.00% |
Europe | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Customer Revenues | $ 3,203 | $ 2,282 |
% of total | 7.00% | 4.00% |
Asia | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Customer Revenues | $ 684 | $ 333 |
% of total | 1.00% | 1.00% |
TS | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Customer Revenues | $ 44,585 | $ 55,917 |
% of total | 91.00% | 90.00% |
TS | Americas | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Customer Revenues | $ 41,783 | $ 54,177 |
TS | Europe | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Customer Revenues | 2,538 | 1,645 |
TS | Asia | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Customer Revenues | 264 | 95 |
High Performance Products Segment | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Customer Revenues | $ 4,623 | $ 5,876 |
% of total | 9.00% | 10.00% |
High Performance Products Segment | Americas | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Customer Revenues | $ 3,538 | $ 5,001 |
High Performance Products Segment | Europe | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Customer Revenues | 665 | 637 |
High Performance Products Segment | Asia | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||
Customer Revenues | $ 420 | $ 238 |
Segment Information - Deferred
Segment Information - Deferred tax assets by geographic location (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Deferred income taxes | $ 1,149 |
North America | |
Deferred income taxes | $ 1,149 |
Segment Information - Major cus
Segment Information - Major customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||
Customer Revenues | $ 49,208 | $ 61,793 |
Customer A | Sales Revenue, Net | Customer Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Customer Revenues | $ 600 | $ 6,500 |
Concentration risk percentage | 1.00% | 10.00% |
Customer A | Accounts Receivable | Customer Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Accounts receivable, gross | $ 16,200 | $ 4,700 |
Concentration risk percentage | 62.00% | 28.00% |
Fair Value Disclosures (Details
Fair Value Disclosures (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Fair Value, Recurring | ||
Assets: | ||
Assets, Fair Value Disclosure | $ 0 | $ 0 |
Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Nonrecurring | ||
Assets: | ||
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities Fair Value Disclosure | $ 0 | 0 |
Minimum | ||
Liabilities: | ||
Maturity term of accounts and long term receivables | 1 year | |
Carrying Amount | ||
Assets: | ||
Cash and cash equivalents | $ 20,007 | 19,264 |
Accounts and long-term receivable | 13,968 | 5,839 |
Liabilities: | ||
Accounts payable and accrued expenses and other long-term liabilities | 5,747 | |
Line of Credit | 941 | 1,573 |
Notes payable | 1,633 | 4,098 |
Fair Value | ||
Assets: | ||
Cash and cash equivalents | 20,007 | 19,264 |
Accounts and long-term receivable | 13,968 | 5,839 |
Liabilities: | ||
Accounts payable and accrued expenses and other long-term liabilities | 5,747 | |
Line of Credit | 941 | 1,573 |
Notes payable | $ 1,633 | $ 4,098 |
Dividends (Details)
Dividends (Details) - $ / shares | Mar. 13, 2020 | Jan. 15, 2020 | Sep. 30, 2020 |
Dividend | |||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.15 | $ 0.15 | $ 0.30 |