Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | ||
Jun. 30, 2014 | Aug. 08, 2014 | Aug. 08, 2014 | |
Common Class A [Member] | Common Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Entity Registrant Name | 'HICKOK INC | ' | ' |
Document Type | '10-Q | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,163,349 | 474,866 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000047307 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Consolidated_Income_Statements
Consolidated Income Statements (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net Sales | ' | ' | ' | ' |
Product Sales | $2,074,295 | $1,270,405 | $4,112,374 | $4,809,092 |
Service Sales | 56,117 | 69,526 | 184,747 | 234,080 |
Total Net Sales | 2,130,412 | 1,339,931 | 4,297,121 | 5,043,172 |
Costs and Expenses | ' | ' | ' | ' |
Cost of Product Sold | 963,721 | 731,058 | 2,259,005 | 2,687,961 |
Cost of Service Sold | 41,777 | 36,681 | 124,333 | 114,341 |
Product Development | 243,600 | 234,813 | 727,810 | 712,058 |
Marketing and Administrative Expenses | 496,832 | 453,621 | 1,425,374 | 1,339,619 |
Interest Charges | 2,691 | 22,750 | 2,691 | 68,428 |
Other (Income) Expense | -5,120 | -5,215 | -11,061 | -8,693 |
Total Costs and Expenses | 1,743,501 | 1,473,708 | 4,528,152 | 4,913,714 |
Income (Loss) before Provision for Income Taxes | 386,911 | -133,777 | -231,031 | 129,458 |
Income (Recovery of) Taxes | ' | ' | ' | ' |
Net Income (Loss) | $386,911 | ($133,777) | ($231,031) | $129,458 |
Earnings per Common Share: | ' | ' | ' | ' |
Net Income (Loss) (in Dollars per share) | $0.24 | ($0.08) | ($0.14) | $0.08 |
Earnings per Common Share Assuming Dilution: | ' | ' | ' | ' |
Net Income (Loss) (in Dollars per share) | $0.23 | ($0.08) | ($0.14) | $0.08 |
Dividends per Common Share (in Dollars per share) | $0 | $0 | $0 | $0 |
Consolidated_Balance_Sheet_Una
Consolidated Balance Sheet (Unaudited) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
Cash and Cash Equivalents | $129,731 | $938,852 | $785,499 |
Trade Accounts Receivable - Net | 1,531,183 | 638,316 | 703,766 |
Notes Receivable - Current | ' | ' | 3,600 |
Inventories | 2,107,875 | 1,589,816 | 1,583,993 |
Prepaid Expenses | 68,781 | 32,342 | 49,158 |
Total Current Assets | 3,837,570 | 3,199,326 | 3,126,016 |
Land | 233,479 | 233,479 | 233,479 |
Buildings | 1,429,718 | 1,429,718 | 1,429,718 |
Machinery and Equipment | 2,499,678 | 2,388,762 | 2,389,645 |
4,162,875 | 4,051,959 | 4,052,842 | |
Less: Allowance for Depreciation | 3,801,592 | 3,752,452 | 3,765,468 |
Total Property - Net | 361,283 | 299,507 | 287,374 |
Notes Receivable - Long-term | 4,100 | 4,100 | 28,600 |
Deposits | 1,750 | 1,750 | 1,750 |
Total Other Assets | 5,850 | 5,850 | 30,350 |
Total Assets | 4,204,703 | 3,504,683 | 3,443,740 |
Short-term Financing | 683,400 | ' | ' |
Convertible Notes Payable | 200,000 | ' | ' |
Trade Accounts Payable | 203,356 | 174,236 | 226,834 |
Accrued Payroll & Related Expenses | 116,458 | 142,519 | 107,537 |
Accrued Expenses | 456,576 | 395,426 | 364,949 |
Accrued Taxes Other Than Income | 25,839 | 44,691 | 29,914 |
Accrued Income Taxes | ' | ' | ' |
Total Current Liabilities | 1,685,629 | 756,872 | 729,234 |
Long-Term Financing | ' | ' | ' |
Preferred, no par value; authorized 1,000,000 shares; no shares outstanding | ' | ' | ' |
Contributed Capital | 1,487,474 | 1,485,180 | 1,461,222 |
Retained Earnings | -704,454 | -473,423 | -482,770 |
Total Stockholders' Equity | 2,519,074 | 2,747,811 | 2,714,506 |
Total Liabilities and Stockholders' Equity | 4,204,703 | 3,504,683 | 3,443,740 |
Common Class A [Member] | ' | ' | ' |
Class of common stock - value | 1,261,188 | 1,261,188 | 1,261,188 |
Common Class B [Member] | ' | ' | ' |
Class of common stock - value | $474,866 | $474,866 | $474,866 |
Consolidated_Balance_Sheet_Una1
Consolidated Balance Sheet (Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
Preferred stock - par value (in Dollars per share) | $0 | $0 | $0 |
Preferred stock - shares authorized | 1,000,000 | 1,000,000 | 1,000,000 |
Preferred stock - shares outstanding | 0 | 0 | 0 |
Common Class A [Member] | ' | ' | ' |
Class of common stock - par value (in Dollars per share) | $0 | $0 | $0 |
Class of common stock - shares authorized | 10,000,000 | 10,000,000 | 10,000,000 |
Class of common stock - shares outstanding | 1,163,349 | 1,163,349 | 1,163,349 |
Class of common stock - excluding shares in treasury | 15,795 | 15,795 | 15,795 |
Common Class B [Member] | ' | ' | ' |
Class of common stock - par value (in Dollars per share) | $0 | $0 | $0 |
Class of common stock - shares authorized | 2,500,000 | 2,500,000 | 2,500,000 |
Class of common stock - shares outstanding | 474,866 | 474,866 | 474,866 |
Class of common stock - excluding shares in treasury | 667 | 667 | 667 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows from Operating Activities: | ' | ' |
Cash received from customers | $3,404,254 | $5,042,252 |
Cash paid to suppliers and employees | -4,986,377 | -4,481,460 |
Interest paid | ' | ' |
Interest received | 518 | 760 |
Net Cash Provided By (Used In) Operating Activities | -1,581,605 | 561,552 |
Cash Flows from Investing Activities: | ' | ' |
Capital expenditures | -110,916 | -15,326 |
Payments received (advances) on notes receivable | ' | 2,400 |
Net Cash Provided By (Used In) Investing Activities | -110,916 | -12,926 |
Cash Flows from Financing Activities: | ' | ' |
Short-term borrowing | 683,400 | 250,000 |
Payments on short-term borrowings | ' | -250,000 |
Cost for additional Authorized shares | ' | -21,925 |
Increase in Convertible Notes Payable | 200,000 | ' |
Net Cash Provided By (Used In) Financing Activities | 883,400 | -21,925 |
Net increase (decrease) in cash and cash equivalents | -809,121 | 526,701 |
Cash and cash equivalents at beginning of year | 938,852 | 258,798 |
Cash and cash equivalents at end of third quarter | 129,731 | 785,499 |
Reconciliation of Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities: | ' | ' |
Net Income (Loss) | -231,031 | 129,458 |
Adjustments to reconcile Net Income (Loss) to net cash provided by operating activities: | ' | ' |
Depreciation | 49,140 | 77,202 |
Non-cash share-based compensation expense | 2,294 | 5,257 |
Warrants issued for debt offering | ' | 68,250 |
Changes in assets and liabilities: | ' | ' |
Decrease (Increase) in trade accounts receivable | -892,867 | -920 |
Decrease (Increase) in inventories | -518,059 | 150,777 |
Decrease (Increase) in prepaid expenses | -36,439 | 74,799 |
Increase (Decrease) in accounts payable | 29,120 | 47,999 |
Increase (Decrease) in accrued payroll and related expenses | -26,061 | -42,099 |
Increase (Decrease) in accrued expenses and accrued taxes other than income | 42,298 | 43,829 |
Total Adjustments | -1,350,574 | 432,094 |
Net Cash Provided By (Used In) Operating Activities | -1,581,605 | 561,552 |
Supplemental Schedule of Non-Cash Financing Activities: | ' | ' |
Conversion of convertible notes payable to Class A shares | ' | 208,591 |
Professional Service Expense [Member] | ' | ' |
Adjustments to reconcile Net Income (Loss) to net cash provided by operating activities: | ' | ' |
Non-cash professional service expense | ' | $7,000 |
Note_1_Basis_of_Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
1. Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ended September 30, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended September 30, 2013. |
Note_2_Inventories
Note 2 - Inventories | 9 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Inventory Disclosure [Text Block] | ' | ||||||||||||
2. Inventories | |||||||||||||
Inventories are valued at the lower of cost or market and consist of the following: | |||||||||||||
June 30, | Sept. 30, | June 30, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Components | $ | 916,362 | $ | 852,229 | $ | 889,080 | |||||||
Work-in-Process | 1,035,529 | 590,687 | 530,757 | ||||||||||
Finished Product | 155,984 | 146,900 | 164,156 | ||||||||||
$ | 2,107,875 | $ | 1,589,816 | $ | 1,583,993 | ||||||||
The above amounts are net of reserve for obsolete inventory in the amount of $817,000, $793,000 and $919,676 for the periods ended June 30, 2014, September 30, 2013 and June 30, 2013 respectively. |
Note_3_Notes_Receivable
Note 3 - Notes Receivable | 9 Months Ended |
Jun. 30, 2014 | |
Receivables [Abstract] | ' |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' |
3. Notes Receivable | |
The Company has notes receivable with a current and former employee at an interest rate of three percent per annum. The Company does not anticipate repayment within the next twelve months. |
Note_4_Convertible_Notes_Payab
Note 4 - Convertible Notes Payable | 9 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
4. Convertible Notes Payable | |
On December 30, 2011, Hickok Incorporated entered into a Convertible Loan Agreement with Roundball, LLC and the Aplin Family Trust. Under the Convertible Loan Agreement, the Company issued a convertible note to Roundball in the amount of $466,879 and a convertible note to the Aplin Family Trust in the amount of $208,591. In addition, Roundball, LLC shall have the right to cause the Company to borrow up to an additional $466,880 from Roundball, LLC. The notes were unsecured, bore interest at a rate of 0.20% per annum and were set to mature on December 30, 2012. | |
The notes were convertible by the Investors at any time into Class A Common Shares of the Company, at a conversion price of $1.85 per share, although up to no more than 504,735 Conversion Shares for Roundball and no more than 112,752 Conversion Shares for the Aplin Family Trust. The Company had the option to convert the notes at the expiration date, if the investors had not during the course of the agreement. On December 30, 2011, Roundball converted $233,438 into Class A Common Shares of the Company. In addition, on August 20, 2012 Roundball converted the remaining $233,441 under the Convertible Loan Agreement into Class A Common Shares of the Company. | |
On December 28, 2012, the Aplin Family Trust converted the $208,591 under the Convertible Loan Agreement into Class A Common Shares of the Company. | |
On December 30, 2012 management entered into an amended Convertible Loan Agreement with Roundball which may provide approximately $467,000 of liquidity to meet on going working capital requirements. The amended Convertible Loan Agreement is by and between the Company and a major shareholder who is also a Director modifying the terms and extending the due date of the loan agreement from December 30, 2012 to December 31, 2013 and modifying the terms to allow $250,000 of borrowing on the agreement at the Company's discretion at an interest rate of 0.24%. | |
In partial consideration for Amendment No. 1, the Company and Roundball entered into a Warrant Agreement, dated December 30, 2012, whereby the Company issued a warrant to Roundball to purchase, at its option, up to 100,000 shares of Class A Common Stock of the Company at an exercise price of $2.50 per share, subject to certain anti-dilution and other adjustments. If not exercised, this warrant will expire on December 30, 2015. Roundball is an affiliate of Steven Rosen, a Director of the Company. | |
The Company used the Black-Scholes option pricing model to determine the fair value estimate for recognizing the cost of services received in exchange for an award of equity instruments. The Black-Scholes option pricing model requires the use of subjective assumptions which can materially affect the fair value estimates. The warrants are immediately exercisable and expire in December 2015. The fair value of the warrants issued is amortized over the one year amended convertible loan agreement period. During the three and nine month periods ended June 30, 2013, $11,375 and $34,125 was expensed as non-cash interest expense. The following weighted-average assumptions were used in the option pricing model for the three and nine month periods ended June 30, 2013: a risk free interest rate of 0.42%; an expected life of 3 years; an expected dividend yield of 0.0%; and a volatility factor of .84. | |
On December 30, 2013 management entered into Amendment No. 2 of the Convertible Loan Agreement with Roundball which may provide approximately $467,000 of liquidity to meet on going working capital requirements. The amended Convertible Loan Agreement is by and between the Company and a major shareholder who is also a Director modifying the terms and extending the due date of the loan agreement from December 30, 2013 to December 30, 2014 and continues to allow $250,000 of borrowing on the agreement at the Company's discretion at an interest rate of 0.25%. | |
During the current fiscal quarter the Company borrowed $200,000 against this agreement. The Company recorded interest expense during the current quarter of $100 and as of June 30, 2014 no interest was paid. As of June 30, 2014 the outstanding balance on the Roundball convertible note was $200,000. |
Note_5_Shortterm_Financing
Note 5 - Short-term Financing | 9 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Short-term Debt [Text Block] | ' |
5. Short-term Financing | |
The Company had a credit agreement of $250,000 with Robert L. Bauman, one of its major shareholders who is also an employee of the Company. The agreement was to expire in April 2013 but was modified on December 31, 2012 to extend the maturity date to December 2013. Effective October 30, 2012 for the remainder of the agreement, the lender may terminate the agreement with 45 days written notice, but it is at the discretion of the Company to deny the termination notice until December 2013 if it will have a negative effect on the solvency of the Company. | |
The agreement provided for a revolving credit facility of $250,000 with interest at 0.24% per annum and was unsecured and included a three year warrant for 100,000 shares of Class A common stock at a price of $2.50 per share. In addition, the agreement generally allowed for borrowing based on an amount equal to eighty percent of eligible accounts receivables or $250,000. The revolving line of credit was not extended. | |
In partial consideration for the original extension of the revolving credit facility the Company and Bauman entered into a Warrant Agreement, dated December 30, 2012 whereby the Company issued a warrant to Bauman to purchase, at his option, up to 100,000 shares of Class A Common Stock of the Company at an exercise price of $2.50 per share, subject to certain anti-dilution and other adjustments. If not exercised, this warrant will expire on December 30, 2015. | |
The Company used the Black-Scholes option pricing model to determine the fair value estimate for recognizing the cost of services received in exchange for an award of equity instruments. The Black-Scholes option pricing model requires the use of subjective assumptions which can materially affect the fair value estimates. The warrants are immediately exercisable and expire in December 2015. The fair value of the warrants issued is amortized over the one year credit agreement period. During the three and nine month periods ended June 30, 2013, $11,375 and $34,125 was expensed as non-cash interest expense. The following weighted-average assumptions were used in the option pricing model for the three and nine month month periods ended June 30, 2013: a risk free interest rate of 0.42%; an expected life of 3 years; an expected dividend yield of 0.0%; and a volatility factor of .84. | |
During the quarter ended June 30, 2014 the Company entered into various short-term unsecured demand notes with Robert L. Bauman. The Company has borrowed $683,400 with interest at 4.0%. The Company recorded interest expense during the three months ended June 30, 2014 in the amount of $2,591 and as of June 30, 2014 no interest was paid. As of June 30, 2014 the outstanding balance of these notes was $683,400. The Company repaid $200,000 of the outstanding balance of these notes on July 29, 2014. |
Note_6_Capital_Stock_Treasury_
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options | 9 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||||
6. Capital Stock, Treasury Stock, Contributed Capital and Stock Options | ||||||||||||||||||||||||||||||||
On October 11, 2012, the Company's Amended Articles of Incorporation and the Amended Code of Regulations were adopted by an affirmative vote of more than two-thirds of the Company's Class A and Class B Shareholders. The Amended Articles amend and restate the Current Articles in a number of significant ways and are primarily as follows: increased the number of Class A Shares and Class B Shares from 3,750,000 and 1,000,000 to 10,000,000 and 2,500,000 respectively, and added a class of 1,000,000 Serial Preferred Shares; eliminated par value for for Class A Shares and Class B Shares; updated certain provisions relating to the payment of dividends; removed restrictions on the issuance of additional Class A Shares; clarified the method by which the Company may repurchase its shares; reduced the percentage of shareholder vote required to authorize corporate actions from two-thirds of the voting power to a majority of the voting power; and made other technical or conforming changes. | ||||||||||||||||||||||||||||||||
The Amended Regulations amend and restate the Current Regulations in a number of significant ways and are primarily as follows: updated certain provisions relating to the Company's meetings of shareholders in order to provide more consistency in the regulations regarding the Company's practices in this area; further clarifying the roles of the Company's officers and directors in conducting the Company's business; updated the Company's policy regarding the indemnification of its directors, officers, employees, and others; revised provisions allowing for the Board of Directors to adopt amendments to the Amended Regulations to the extent permitted by Ohio law; and made other technical or conforming changes. | ||||||||||||||||||||||||||||||||
Unissued shares of Class A common stock (956,233 shares) are reserved for the share-for-share conversion rights of the Class B common stock, stock options under the Directors Plans, conversion rights of the Convertible Promissory Note and available warrants. | ||||||||||||||||||||||||||||||||
On February 27, 2013, the Company's 2013 Omnibus Equity Plan was approved and adopted by an affirmative vote of a majority of the Company's Class A and Class B Shareholders. | ||||||||||||||||||||||||||||||||
The 2013 Omnibus Plan will provide the Company with the flexibility to grant a variety of share-based awards for covered employees, consultants and Directors. The 2013 Omnibus Plan provides for the grant of the following types of incentive awards: stock options, stock appreciation rights, restricted shares, restricted share units, performance shares and Class A Common Shares. Those who will be eligible for awards under the 2013 Omnibus Plan include employees who provide services to the Company and its affiliates, executive officers, non-employee Directors and consultants designated by the Compensation Committee. The Plan has 150,000 Class A Common Shares reserved for issuance. The Class A Common Shares may be either authorized, but unissued, common shares or treasury shares. No share-based awards have been granted under the 2013 Omnibus Equity Plan as of June 30, 2014. | ||||||||||||||||||||||||||||||||
Under the Company's expired Key Employees Stock Option Plans (collectively the "Employee Plans"), incentive stock options, in general, were exercisable for up to ten years, at an exercise price of not less than the market price on the date the option is granted. Non-qualified stock options may be granted at such exercise price and such other terms and conditions as the Compensation Committee of the Board of Directors may determine. No options may be granted at a price less than $2.925. Under the expired Employee Plans there are no options currently available for grant and there are no options outstanding at June 30, 2014. | ||||||||||||||||||||||||||||||||
The Company's expired Outside Directors Stock Option Plans (collectively the "Directors Plans"), have provided for the automatic grant of options to purchase up to 29,000 shares of Class A Common Stock to members of the Board of Directors who are not employees of the Company, at the fair market value on the date of grant. Options for 29,000 Class A shares were outstanding at June 30, 2014 (31,000 shares at September 30, 2013 and 31,000 shares at June 30, 2013) at prices ranging from $2.925 to $11.00 per share. Options for 2,000 shares expired during the three month period ended March 31, 2014 at $7.25 per share. In addition, options for 2,000 shares expired during the three month period ended March 31, 2013 at $3.67 per share. All outstanding options under the expired Directors Plans become fully exercisable on March 8, 2015. | ||||||||||||||||||||||||||||||||
The following is a summary of the range of exercise prices for stock options outstanding and exercisable under the expired Directors Plans at June 30, 2014: | ||||||||||||||||||||||||||||||||
Directors Plans | Outstanding | Weighted | Weighted | Number of | Weighted | |||||||||||||||||||||||||||
Stock | Average | Average | Stock Options Exercisable | Average | ||||||||||||||||||||||||||||
Options | Share Price | Remaining | Share | |||||||||||||||||||||||||||||
Life | Price | |||||||||||||||||||||||||||||||
Range of exercise prices: | ||||||||||||||||||||||||||||||||
$2.92 | - | 5.25 | 17,000 | $ | 3.34 | 5.9 | 14,667 | $ | 3.4 | |||||||||||||||||||||||
$6.00 | - | 7.25 | 6,000 | $ | 6.15 | 4.1 | 6,000 | $ | 6.15 | |||||||||||||||||||||||
$10.50 | - | 11 | 6,000 | $ | 10.75 | 3.3 | 6,000 | $ | 10.75 | |||||||||||||||||||||||
29,000 | $ | 5.45 | 26,667 | $ | 5.67 | |||||||||||||||||||||||||||
The Company accounts for Share-Based Payments under the modified prospective method for its stock options for both employees and non-employee Directors. Compensation cost for fixed based awards are measured at the grant date, and the Company uses the Black-Scholes option pricing model to determine the fair value estimates for recognizing the cost of employee and director services received in exchange for an award of equity instruments. The Black-Scholes option pricing model requires the use of subjective assumptions which can materially affect the fair value estimates. Employee stock options are immediately exercisable while Director's stock options are exercisable over a three year period. The fair value of stock option grants to Directors is amortized over the three year vesting period. During the three and the nine month periods ended June 30, 2014 and 2013 respectively $543 and $2,294; $1,208 and $5,257 was expensed as share-based compensation. The following weighted-average assumptions were used in the option pricing model for the three and nine month periods ended June 30, 2014 and 2013 respectively: a risk free interest rate of 5.0% and 5.0%; an expected life of 10 and 10 years; an expected dividend yield of 0.0% and 0.0%; and a volatility factor of .87 and .87. |
Note_7_Recently_Issued_Account
Note 7 - Recently Issued Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
7. Recently Issued Accounting Pronouncements | |
The Company did not incur any material impact to its financial condition or results of operations due to the adoption of any new accounting standards during the periods reported. |
Note_8_Earnings_per_Common_Sha
Note 8 - Earnings per Common Share | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
8. Earnings per Common Share | |||||||||||||||||
Earnings per common share information is computed on the weighted average number of shares outstanding during each period based on the provisions of FASB Codification ASC Topic 260, "Earnings per Share." The required reconciliations are as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic Income (Loss) per Share | |||||||||||||||||
Income (Loss) available to common stockholders | $ | 386,911 | $ | (133,777 | ) | $ | (231,031 | ) | $ | 129,458 | |||||||
Shares denominator | 1,638,215 | 1,638,215 | 1,638,215 | 1,601,256 | |||||||||||||
Per share amount | $ | 0.24 | $ | (.08 | ) | $ | (.14 | ) | $ | 0.08 | |||||||
Effect of Dilutive Securities | |||||||||||||||||
Average shares outstanding | 1,638,215 | 1,638,215 | 1,638,215 | 1,601,256 | |||||||||||||
Stock options | 27,906 | -* | -* | 18,927 | |||||||||||||
1,666,121 | 1,638,215 | 1,638,215 | 1,620,183 | ||||||||||||||
Diluted Income (Loss) per Share | |||||||||||||||||
Income (Loss) available to common stockholders | $ | 386,911 | $ | (133,777 | ) | $ | (231,031 | ) | $ | 129,458 | |||||||
Per share amount | $ | 0.23 | $ | (.08 | ) | $ | (.14 | ) | $ | 0.08 | |||||||
* Net effect of stock options and warrants were antidilutive for the period. | |||||||||||||||||
Options and warrants to purchase 29,000 and 200,000 shares of common stock respectively during the third quarter and the first nine months of fiscal 2014 at prices ranging from $2.50 to $11.00 per share were outstanding but were not included in the computation of diluted earnings per share because the option's and warrant's effect was antidilutive or the exercise price was greater than the average market price of the common share. | |||||||||||||||||
In addition, conversion rights to purchase 252,367 shares of common stock during the first nine months of fiscal 2014 at a price of $1.85 per share were not included in the computation of diluted earnings per share because the conversion rights of the Convertible Promissory Notes effect was antidilutive or the exercise price was greater than the average market price of the common share. | |||||||||||||||||
Options and warrants to purchase 31,000 and 200,000 shares of common stock respectively during the third quarter and the first nine months of fiscal 2013 at prices ranging from $2.50 to $11.00 per share were outstanding but were not included in the computation of diluted earnings per share because the option's and warrant's effect was antidilutive or the exercise price was greater than the average market price of the common share. |
Note_9_Segment_and_Related_Inf
Note 9 - Segment and Related Information | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
9. Segment and Related Information | |||||||||||||||||
The Company's three business units have a common management team and infrastructure that offer different products and services. The business units have been aggregated into two reportable segments: 1.) indicators and gauges and 2.) automotive related diagnostic tools and equipment. | |||||||||||||||||
Indicators and Gauges | |||||||||||||||||
This segment consists of products manufactured and sold primarily to companies in the aircraft and locomotive industry. Within the aircraft market, the primary customers are those companies that manufacture or service business, military and pleasure aircraft. Within the locomotive market, indicators and gauges are sold to both original equipment manufacturers and to operators of railroad equipment. | |||||||||||||||||
Automotive Diagnostic Tools and Equipment | |||||||||||||||||
This segment consists primarily of products designed and manufactured to support the testing or servicing of automotive systems using electronic means to measure vehicle parameters. These products are sold to OEM's and to the aftermarket using several brand names and a variety of distribution methods. Included in this segment are products used for state required testing of vehicle emissions. | |||||||||||||||||
Information by industry segment is set forth below: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Revenue | |||||||||||||||||
Indicators and Gauges | $ | 460,749 | $ | 432,912 | $ | 1,211,350 | $ | 1,260,745 | |||||||||
Automotive Diagnostic Tools and Equipment | 1,669,663 | 907,019 | 3,085,771 | 3,782,427 | |||||||||||||
$ | 2,130,412 | $ | 1,339,931 | $ | 4,297,121 | $ | 5,043,172 | ||||||||||
Income (Loss) before provision for Income Taxes | |||||||||||||||||
Indicators and Gauges | $ | 138,030 | $ | 109,648 | $ | 227,434 | $ | 334,488 | |||||||||
Automotive Diagnostic Tools and Equipment | 531,969 | 31,741 | 430,759 | 636,641 | |||||||||||||
General Corporate Expenses | (283,088 | ) | (275,166 | ) | (889,224 | ) | (841,671 | ) | |||||||||
$ | 386,911 | $ | (133,777 | ) | $ | (231,031 | ) | $ | 129,458 | ||||||||
Asset Information | |||||||||||||||||
Indicators and Gauges | $ | 800,751 | $ | 909,801 | |||||||||||||
Automotive Diagnostic Tools and Equipment | 2,836,401 | 1,377,016 | |||||||||||||||
Corporate | 567,551 | 1,156,923 | |||||||||||||||
$ | 4,204,703 | $ | 3,443,740 | ||||||||||||||
Geographical Information | |||||||||||||||||
Included in the consolidated financial statements are the following amounts related to geographical locations: | |||||||||||||||||
Revenue: | |||||||||||||||||
United States | $ | 2,103,243 | $ | 1,323,179 | $ | 4,201,849 | $ | 4,919,864 | |||||||||
Australia | 5,996 | - | 30,134 | 14,231 | |||||||||||||
Canada | 14,197 | 16,752 | 35,911 | 67,450 | |||||||||||||
England | - | - | - | 5,245 | |||||||||||||
Mexico | 6,976 | - | 25,288 | 10,536 | |||||||||||||
Taiwan | - | - | - | 22,481 | |||||||||||||
Other foreign countries | - | - | 3,939 | 3,365 | |||||||||||||
$ | 2,130,412 | $ | 1,339,931 | $ | 4,297,121 | $ | 5,043,172 | ||||||||||
All export sales to Australia, Canada, England, Mexico, Taiwan and other foreign countries are made in United States of America Dollars. |
Note_10_Commitments_and_Contin
Note 10 - Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
10. Commitments and Contingencies | |
Legal Matters | |
The Company is the plaintiff in a suit pursuing patent infringement against a competitor in the emissions market. Management believes that it is not currently possible to estimate the impact, if any, that the ultimate resolution of this matter will have on the Company's results of operations, financial position or cash flows. |
Note_11_Subsequent_Events
Note 11 - Subsequent Events | 9 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
11. Subsequent Events | |
The Company has analyzed its operations subsequent to June 30, 2014 through the date the financial statements were submitted to the Securities and Exchange Commission and has determined that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements. |
Note_12_Business_Condition_and
Note 12 - Business Condition and Management Plan | 9 Months Ended |
Jun. 30, 2014 | |
Going Concern Disclosure [Abstract] | ' |
Going Concern Disclosure [Text Block] | ' |
12. Business Condition and Management Plan | |
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has suffered recurring losses from operations during the past several years due primarily to decreasing sales of existing product lines and a general economic downturn in all markets the Company serves. | |
The ability of the Company to continue as a going concern is dependent on improving the Company's profitability and cash flow and securing additional financing if needed. Management continues to review and revise its strategic plan and believes in the viability of its strategy to increase revenues and profitability through increased sales of existing products and the introduction of new products to the market place. Management believes that the actions presently being taken by the Company will provide the stimulus for it to continue as a going concern, however, because of the inherent uncertainties there can be no assurances to that effect. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. | |
On December 30, 2012 management entered into an amended unsecured convertible loan agreement and an additional revolving line of credit which may provide approximately $717,000 of liquidity to meet on going working capital requirements. One agreement was an unsecured revolving line of credit with a major shareholder who is also an employee and the other was an unsecured convertible loan agreement with a major shareholder who is also a Director as discussed in Notes 4 and 5. These facilities were available through December 2013. The revolving line of credit was not extended. | |
In addition, on December 30, 2013 management entered into Amendment No. 2 of the unsecured convertible loan agreement which may provide approximately $467,000 of liquidity to meet on going working capital requirements. The agreement is with a major shareholder who is also a Director as discussed in Note 4. During the quarter ended June 30, 2014 the Company borrowed $200,000 against this facility. This facility is available through December 2014. | |
During the quarter ended June 30, 2014 the Company entered into various short-term unsecured demand notes with Robert L. Bauman. The Company has borrowed $683,400 to help meet the on going working capital requirements related to the large order received in January of 2014. The agreements are with a major shareholder who is also an employee of the Company as discussed in Note 5. The Company repaid $200,000 of the outstanding balance of these notes on July 29, 2014. | |
The above available financing resource together with management’s revised strategic plan to increase revenues and profitability through increased sales of existing products and the introduction of new products to the market place should provide the Company with the needed working capital for the next twelve months. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ended September 30, 2014. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's annual report on Form 10-K for the year ended September 30, 2013. |
Note_2_Inventories_Tables
Note 2 - Inventories (Tables) | 9 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Inventory Disclosure [Abstract] | ' | ||||||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||||||
June 30, | Sept. 30, | June 30, | |||||||||||
2014 | 2013 | 2013 | |||||||||||
Components | $ | 916,362 | $ | 852,229 | $ | 889,080 | |||||||
Work-in-Process | 1,035,529 | 590,687 | 530,757 | ||||||||||
Finished Product | 155,984 | 146,900 | 164,156 | ||||||||||
$ | 2,107,875 | $ | 1,589,816 | $ | 1,583,993 |
Note_6_Capital_Stock_Treasury_1
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Tables) (Directors Plans [Member]) | 9 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Directors Plans [Member] | ' | |||||||||||||||||||||||||||||||
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Tables) [Line Items] | ' | |||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | |||||||||||||||||||||||||||||||
Directors Plans | Outstanding | Weighted | Weighted | Number of | Weighted | |||||||||||||||||||||||||||
Stock | Average | Average | Stock Options Exercisable | Average | ||||||||||||||||||||||||||||
Options | Share Price | Remaining | Share | |||||||||||||||||||||||||||||
Life | Price | |||||||||||||||||||||||||||||||
Range of exercise prices: | ||||||||||||||||||||||||||||||||
$2.92 | - | 5.25 | 17,000 | $ | 3.34 | 5.9 | 14,667 | $ | 3.4 | |||||||||||||||||||||||
$6.00 | - | 7.25 | 6,000 | $ | 6.15 | 4.1 | 6,000 | $ | 6.15 | |||||||||||||||||||||||
$10.50 | - | 11 | 6,000 | $ | 10.75 | 3.3 | 6,000 | $ | 10.75 | |||||||||||||||||||||||
29,000 | $ | 5.45 | 26,667 | $ | 5.67 |
Note_8_Earnings_per_Common_Sha1
Note 8 - Earnings per Common Share (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Basic Income (Loss) per Share | |||||||||||||||||
Income (Loss) available to common stockholders | $ | 386,911 | $ | (133,777 | ) | $ | (231,031 | ) | $ | 129,458 | |||||||
Shares denominator | 1,638,215 | 1,638,215 | 1,638,215 | 1,601,256 | |||||||||||||
Per share amount | $ | 0.24 | $ | (.08 | ) | $ | (.14 | ) | $ | 0.08 | |||||||
Effect of Dilutive Securities | |||||||||||||||||
Average shares outstanding | 1,638,215 | 1,638,215 | 1,638,215 | 1,601,256 | |||||||||||||
Stock options | 27,906 | -* | -* | 18,927 | |||||||||||||
1,666,121 | 1,638,215 | 1,638,215 | 1,620,183 | ||||||||||||||
Diluted Income (Loss) per Share | |||||||||||||||||
Income (Loss) available to common stockholders | $ | 386,911 | $ | (133,777 | ) | $ | (231,031 | ) | $ | 129,458 | |||||||
Per share amount | $ | 0.23 | $ | (.08 | ) | $ | (.14 | ) | $ | 0.08 |
Note_9_Segment_and_Related_Inf1
Note 9 - Segment and Related Information (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Revenue | |||||||||||||||||
Indicators and Gauges | $ | 460,749 | $ | 432,912 | $ | 1,211,350 | $ | 1,260,745 | |||||||||
Automotive Diagnostic Tools and Equipment | 1,669,663 | 907,019 | 3,085,771 | 3,782,427 | |||||||||||||
$ | 2,130,412 | $ | 1,339,931 | $ | 4,297,121 | $ | 5,043,172 | ||||||||||
Income (Loss) before provision for Income Taxes | |||||||||||||||||
Indicators and Gauges | $ | 138,030 | $ | 109,648 | $ | 227,434 | $ | 334,488 | |||||||||
Automotive Diagnostic Tools and Equipment | 531,969 | 31,741 | 430,759 | 636,641 | |||||||||||||
General Corporate Expenses | (283,088 | ) | (275,166 | ) | (889,224 | ) | (841,671 | ) | |||||||||
$ | 386,911 | $ | (133,777 | ) | $ | (231,031 | ) | $ | 129,458 | ||||||||
Asset Information | |||||||||||||||||
Indicators and Gauges | $ | 800,751 | $ | 909,801 | |||||||||||||
Automotive Diagnostic Tools and Equipment | 2,836,401 | 1,377,016 | |||||||||||||||
Corporate | 567,551 | 1,156,923 | |||||||||||||||
$ | 4,204,703 | $ | 3,443,740 | ||||||||||||||
Geographical Information | |||||||||||||||||
Included in the consolidated financial statements are the following amounts related to geographical locations: | |||||||||||||||||
Revenue: | |||||||||||||||||
United States | $ | 2,103,243 | $ | 1,323,179 | $ | 4,201,849 | $ | 4,919,864 | |||||||||
Australia | 5,996 | - | 30,134 | 14,231 | |||||||||||||
Canada | 14,197 | 16,752 | 35,911 | 67,450 | |||||||||||||
England | - | - | - | 5,245 | |||||||||||||
Mexico | 6,976 | - | 25,288 | 10,536 | |||||||||||||
Taiwan | - | - | - | 22,481 | |||||||||||||
Other foreign countries | - | - | 3,939 | 3,365 | |||||||||||||
$ | 2,130,412 | $ | 1,339,931 | $ | 4,297,121 | $ | 5,043,172 |
Note_2_Inventories_Details
Note 2 - Inventories (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
Inventory Disclosure [Abstract] | ' | ' | ' |
Inventory Valuation Reserves | $817,000 | $793,000 | $919,676 |
Note_2_Inventories_Details_Inv
Note 2 - Inventories (Details) - Inventories Valued at Lower Cost or Market (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
Inventories Valued at Lower Cost or Market [Abstract] | ' | ' | ' |
Components | $916,362 | $852,229 | $889,080 |
Work-in-Process | 1,035,529 | 590,687 | 530,757 |
Finished Product | 155,984 | 146,900 | 164,156 |
$2,107,875 | $1,589,816 | $1,583,993 |
Note_3_Notes_Receivable_Detail
Note 3 - Notes Receivable (Details) | 9 Months Ended |
Jun. 30, 2013 | |
Receivables [Abstract] | ' |
Note Receivable Percentage | 3.00% |
Note_4_Convertible_Notes_Payab1
Note 4 - Convertible Notes Payable (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | |||||||||||||
Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Aug. 20, 2012 | Dec. 30, 2011 | Dec. 30, 2012 | Dec. 30, 2011 | Dec. 28, 2012 | Jun. 30, 2014 | Dec. 30, 2012 | Dec. 30, 2011 | Dec. 31, 2013 | Dec. 30, 2012 | Dec. 30, 2012 | Dec. 30, 2011 | Dec. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 30, 2011 | Dec. 31, 2012 | |
Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Roundball LLC [Member] | Roundball LLC [Member] | Roundball LLC [Member] | Roundball LLC [Member] | Roundball LLC [Member] | Roundball LLC [Member] | Roundball LLC [Member] | Roundball LLC [Member] | Aplin Family Trust [Member] | Warrant [Member] | |||||
Roundball LLC [Member] | Roundball LLC [Member] | Roundball LLC [Member] | Aplin Family Trust [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Amendment No 2 [Member] | Amendment No 2 [Member] | Amendment No 2 [Member] | Convertible Notes Payable [Member] | ||||||||
Convertible Notes Payable [Member] | Convertible Notes Payable [Member] | Amendment No. 1 [Member] | Convertible Notes Payable [Member] | Aplin Family Trust [Member] | Additional Borrowing [Member] | Director [Member] | Director [Member] | Director [Member] | |||||||||||||
Note 4 - Convertible Notes Payable (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Payable, Current | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $466,879 | ' | $200,000 | $200,000 | $208,591 | ' |
Proceeds from Issuance of Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 466,880 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.24% | ' | 0.20% | ' | 0.25% | ' | ' | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | ' | ' | ' | $1.85 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares) | ' | ' | ' | ' | ' | 504,735 | ' | 112,752 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Amount Converted | ' | ' | ' | ' | 233,441 | 233,438 | ' | ' | 208,591 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Working Capital Funding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 467,000 | ' | ' | 467,000 | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | 250,000 | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $2.50 | ' | $2.50 | ' | ' | ' | $2.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument Conversion Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year |
Interest Expense, Debt | 11,375 | ' | 34,125 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | 0 | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Risk Free Interest Rate | 0.42% | ' | 0.42% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Term | '3 years | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Dividend Rate | 0.00% | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Volatility Rate | 0.84% | ' | 0.84% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Convertible Debt | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | ' | ' | ' |
Note_5_Shortterm_Financing_Det
Note 5 - Short-term Financing (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 30, 2012 | Jul. 29, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 30, 2012 | |
Common Class A [Member] | Common Class A [Member] | Robert L. Bauman [Member] | Robert L. Bauman [Member] | Robert L. Bauman [Member] | Robert L. Bauman [Member] | Warrant Agreement [Member] | Warrant Agreement [Member] | Warrant Agreement [Member] | ||||
Note 5 - Short-term Financing (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to Related Parties, Current | ' | ' | ' | ' | ' | ' | ' | ' | $250,000 | ' | ' | ' |
Line of Credit Facility, Maximum Amount Outstanding During Period | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Interest Rate During Period | ' | 0.24% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Period | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | ' | ' | ' | 100,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $2.50 | ' | $2.50 | ' | ' | ' | ' | ' | ' | ' | ' | $2.50 |
Line of Credit Facility, Current Borrowing Capacity | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right Amortized Period | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, Debt | 11,375 | ' | 34,125 | ' | ' | ' | 2,591 | 0 | ' | 11,375 | 34,125 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.42% | 0.42% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '3 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.84% | 0.84% | ' |
Proceeds from Short-term Debt | ' | ' | ' | ' | ' | ' | 683,400 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | 4.00% | 4.00% | ' | ' | ' | ' |
Short-term Debt | ' | 683,400 | ' | ' | ' | ' | 683,400 | 683,400 | ' | ' | ' | ' |
Repayments of Short-term Debt | ' | ' | $250,000 | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' |
Note_6_Capital_Stock_Treasury_2
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 18 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 11, 2012 | Oct. 11, 2012 | Oct. 11, 2012 | Jun. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Oct. 11, 2012 | Oct. 11, 2012 | Oct. 11, 2012 | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Oct. 11, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | |
Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Common Class B [Member] | Serial Preferred Shares [Member] | Employee Stock Option [Member] | 2013 Omnibus Equity Plan [Member] | Employee Plans [Member] | Employee Plans [Member] | Directors Plans [Member] | Directors Plans [Member] | Directors Plans [Member] | Directors Plans [Member] | Directors Plans [Member] | ||||
Original Authorized Shares [Member] | Current Authorized Shares [Member] | 2013 Omnibus Equity Plan [Member] | Directors Plans [Member] | Directors Plans [Member] | Directors Plans [Member] | Original Authorized Shares [Member] | Current Authorized Shares [Member] | Employee Plans [Member] | ||||||||||||||||||||
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | ' | ' | ' | 3,750,000 | 10,000,000 | ' | ' | ' | ' | 10,000,000 | 10,000,000 | 10,000,000 | ' | 1,000,000 | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Capital Shares Reserved for Future Issuance | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | 956,233 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years | '10 years | '10 years | '10 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit (in Dollars per share) | ' | ' | ' | ' | ' | ' | $2.92 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.92 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options | ' | ' | ' | ' | ' | ' | 31,000 | 29,000 | 31,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29,000 | ' | 29,000 | ' | 29,000 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit (in Dollars per share) | ' | ' | ' | ' | ' | ' | $11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | ' | 2,000 | 2,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in Dollars per share) | ' | $7.25 | $3.67 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Allocated Share-based Compensation Expense (in Dollars) | $543 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,208 | $2,294 | $5,257 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | 5.00% | ' | 5.00% | 5.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 0.00% | 0.00% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.87% | 0.87% | 0.87% | 0.87% | ' |
Note_6_Capital_Stock_Treasury_3
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Details) - Summary of the Range of Exercise Prices for Stock Options Outstanding and Exercisable Under the Director Plans (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Outstanding Stock Options (in Shares) | 29,000 |
Weighted Average Share Price | $5.45 |
Number of Stock Options Exercisable (in Shares) | 26,667 |
Weighted Average Share Price | $5.67 |
Directors Plans [Member] | Exercise Price Range 1 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower Exercise Price | $2.92 |
Upper Exercise Price | $5.25 |
Outstanding Stock Options (in Shares) | 17,000 |
Weighted Average Share Price | $3.34 |
Weighted Average Remaining Life | '5 years 328 days |
Number of Stock Options Exercisable (in Shares) | 14,667 |
Weighted Average Share Price | $3.40 |
Directors Plans [Member] | Exercise Price Range 2 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower Exercise Price | $6 |
Upper Exercise Price | $7.25 |
Outstanding Stock Options (in Shares) | 6,000 |
Weighted Average Share Price | $6.15 |
Weighted Average Remaining Life | '4 years 36 days |
Number of Stock Options Exercisable (in Shares) | 6,000 |
Weighted Average Share Price | $6.15 |
Directors Plans [Member] | Exercise Price Range 3 [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower Exercise Price | $10.50 |
Upper Exercise Price | $11 |
Outstanding Stock Options (in Shares) | 6,000 |
Weighted Average Share Price | $10.75 |
Weighted Average Remaining Life | '3 years 109 days |
Number of Stock Options Exercisable (in Shares) | 6,000 |
Weighted Average Share Price | $10.75 |
Note_8_Earnings_per_Common_Sha2
Note 8 - Earnings per Common Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Employee Stock Option [Member] | ' | ' | ' |
Note 8 - Earnings per Common Share (Details) [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 29,000 | ' | ' |
Warrant [Member] | ' | ' | ' |
Note 8 - Earnings per Common Share (Details) [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 31,000 | 200,000 | 200,000 |
Options And Warrants [Member] | Minimum [Member] | ' | ' | ' |
Note 8 - Earnings per Common Share (Details) [Line Items] | ' | ' | ' |
Share Price | 2.5 | 2.5 | 2.5 |
Options And Warrants [Member] | Maximum [Member] | ' | ' | ' |
Note 8 - Earnings per Common Share (Details) [Line Items] | ' | ' | ' |
Share Price | 11 | 11 | 11 |
Conversion Rights [Member] | ' | ' | ' |
Note 8 - Earnings per Common Share (Details) [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | 252,367 | ' |
Share Price | 1.85 | 1.85 | ' |
Note_8_Earnings_per_Common_Sha3
Note 8 - Earnings per Common Share (Details) - Summary of Earnings Per Share Calculation (USD $) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Basic Income (Loss) per Share | ' | ' | ' | ' | |
Income (Loss) available to common stockholders (in Dollars) | $386,911 | ($133,777) | ($231,031) | $129,458 | |
Shares denominator | 1,638,215 | 1,638,215 | 1,638,215 | 1,601,256 | |
Per share amount (in Dollars per share) | $0.24 | ($0.08) | ($0.14) | $0.08 | |
Effect of Dilutive Securities | ' | ' | ' | ' | |
Average shares outstanding | 1,638,215 | 1,638,215 | 1,638,215 | 1,601,256 | |
Stock options | 27,906 | [1] | ' | ' | 18,927 |
1,666,121 | 1,638,215 | 1,638,215 | 1,620,183 | ||
Diluted Income (Loss) per Share | ' | ' | ' | ' | |
Income (Loss) available to common stockholders (in Dollars) | $386,911 | ($133,777) | ($231,031) | $129,458 | |
Per share amount (in Dollars per share) | $0.23 | ($0.08) | ($0.14) | $0.08 | |
[1] | Net effect of stock options and warrants were antidilutive for the period. |
Note_9_Segment_and_Related_Inf2
Note 9 - Segment and Related Information (Details) | 9 Months Ended |
Jun. 30, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Operating Segments | 3 |
Number of Reportable Segments | 2 |
Note_9_Segment_and_Related_Inf3
Note 9 - Segment and Related Information (Details) - Information by Industry Segment (USD $) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | |
Net Revenue | ' | ' | ' | ' | ' | ' |
Net Sales | $2,130,412 | $1,339,931 | $5,043,172 | $4,297,121 | $5,043,172 | ' |
Income (Loss) before provision for Income Taxes | ' | ' | ' | ' | ' | ' |
Income (Loss) before Provision for Income Taxes | 386,911 | -133,777 | ' | -231,031 | 129,458 | ' |
Asset Information | ' | ' | ' | ' | ' | ' |
Asset Information | 4,204,703 | 3,443,740 | 3,443,740 | 4,204,703 | 3,443,740 | 3,504,683 |
Revenue: | ' | ' | ' | ' | ' | ' |
Geographical Information - Revenue | 2,130,412 | 1,339,931 | 5,043,172 | 4,297,121 | ' | ' |
Indicators and Gauges [Member] | ' | ' | ' | ' | ' | ' |
Net Revenue | ' | ' | ' | ' | ' | ' |
Net Sales | 460,749 | 432,912 | 1,260,745 | 1,211,350 | ' | ' |
Income (Loss) before provision for Income Taxes | ' | ' | ' | ' | ' | ' |
Income (Loss) before Provision for Income Taxes | 138,030 | 109,648 | 334,488 | 227,434 | ' | ' |
Asset Information | ' | ' | ' | ' | ' | ' |
Asset Information | 800,751 | ' | 909,801 | 800,751 | ' | ' |
Automotive Diagnostic Tools and Equipment [Member] | ' | ' | ' | ' | ' | ' |
Net Revenue | ' | ' | ' | ' | ' | ' |
Net Sales | 1,669,663 | 907,019 | 3,782,427 | 3,085,771 | ' | ' |
Income (Loss) before provision for Income Taxes | ' | ' | ' | ' | ' | ' |
Income (Loss) before Provision for Income Taxes | 531,969 | 31,741 | 636,641 | 430,759 | ' | ' |
Asset Information | ' | ' | ' | ' | ' | ' |
Asset Information | 2,836,401 | ' | 1,377,016 | 2,836,401 | ' | ' |
General Corporate Expenses [Member] | ' | ' | ' | ' | ' | ' |
Income (Loss) before provision for Income Taxes | ' | ' | ' | ' | ' | ' |
Income (Loss) before Provision for Income Taxes | -283,088 | -275,166 | -841,671 | -889,224 | ' | ' |
Total [Member] | ' | ' | ' | ' | ' | ' |
Income (Loss) before provision for Income Taxes | ' | ' | ' | ' | ' | ' |
Income (Loss) before Provision for Income Taxes | 386,911 | -133,777 | 129,458 | -231,031 | ' | ' |
Corporate Segment [Member] | ' | ' | ' | ' | ' | ' |
Asset Information | ' | ' | ' | ' | ' | ' |
Asset Information | 567,551 | ' | 1,156,923 | 567,551 | ' | ' |
UNITED STATES | ' | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' | ' |
Geographical Information - Revenue | 2,103,243 | 1,323,179 | 4,919,864 | 4,201,849 | ' | ' |
AUSTRALIA | ' | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' | ' |
Geographical Information - Revenue | 5,996 | ' | 14,231 | 30,134 | ' | ' |
CANADA | ' | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' | ' |
Geographical Information - Revenue | 14,197 | 16,752 | 67,450 | 35,911 | ' | ' |
UNITED KINGDOM | ' | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' | ' |
Geographical Information - Revenue | ' | ' | 5,245 | ' | ' | ' |
MEXICO | ' | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' | ' |
Geographical Information - Revenue | 6,976 | ' | 10,536 | 25,288 | ' | ' |
TAIWAN, PROVINCE OF CHINA | ' | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' | ' |
Geographical Information - Revenue | ' | ' | 22,481 | ' | ' | ' |
Other Foreign Countries [Member] | ' | ' | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' | ' | ' |
Geographical Information - Revenue | ' | ' | $3,365 | $3,939 | ' | ' |
Note_12_Business_Condition_and1
Note 12 - Business Condition and Management Plan (Details) (USD $) | Dec. 30, 2013 | Jun. 30, 2014 | Jul. 29, 2014 | Dec. 31, 2013 | Dec. 30, 2012 |
Director [Member] | Roundball LLC [Member] | Robert L. Bauman [Member] | Robert L. Bauman [Member] | Amended Loan Agreement [Member] | |
Amendment No 2 [Member] | Amendment No 2 [Member] | ||||
Note 12 - Business Condition and Management Plan (Details) [Line Items] | ' | ' | ' | ' | ' |
Working Capital Funding | $467,000 | ' | ' | ' | $717,000 |
Proceeds from Notes Payable | ' | 200,000 | ' | ' | ' |
Due to Related Parties, Current | ' | 683,400 | ' | 250,000 | ' |
Repayments of Notes Payable | ' | ' | $200,000 | ' | ' |