Crawford United (CRAWA) 10-Q 17 Feb 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Dec. 31, 2014	Feb. 09, 2015
Entity Registrant Name	HICKOK INC
Entity Central Index Key	47307
Current Fiscal Year End Date	-21
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Type	10-Q
Document Period End Date	31-Dec-14
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE
Common Class A [Member]
Entity Common Stock, Shares Outstanding (in shares)		1,163,349
Common Class B [Member]
Entity Common Stock, Shares Outstanding (in shares)		474,866

Consolidated_Income_Statements

Consolidated Income Statements (Unaudited) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Net Sales
Product Sales	$1,100,314	$980,395
Service Sales	61,904	69,847
Total Net Sales	1,162,218	1,050,242
Costs and Expenses
Cost of Product Sold	759,510	655,300
Cost of Service Sold	40,603	34,104
Product Development	235,938	231,056
Marketing and Administrative Expenses	399,399	453,997
Interest Charges	128
Other Income	-2,704	-3,928
Total Costs and Expenses	1,432,874	1,370,529
Income (Loss) before Provision for Income Taxes	-270,656	-320,287
Net Income (Loss)	($270,656)	($320,287)
Earnings per Common Share:
Net Income (Loss) (in dollars per share)	($0.17)	($0.20)
Earnings per Common Share Assuming Dilution:
Net Income (Loss) (in dollars per share)	($0.17)	($0.20)
Dividends per Common Share (in dollars per share)	$0	$0

Consolidated_Balance_Sheet_Una

Consolidated Balance Sheet (Unaudited) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Current Assets
Cash and Cash Equivalents	$683,826	$390,327	$571,424
Trade Accounts Receivable-Net	486,258	1,172,268	510,450
Inventories	1,684,526	1,714,197	1,647,927
Prepaid Expenses	113,667	37,989	122,907
Total Current Assets	2,968,277	3,314,781	2,852,708
Property, Plant and Equipment
Land	233,479	233,479	233,479
Buildings	1,429,718	1,429,718	1,429,718
Machinery and Equipment	2,525,972	2,516,380	2,428,890
	4,189,169	4,179,577	4,092,087
Less: Allowance for Depreciation	3,816,931	3,800,551	3,768,832
Total Property - Net	372,238	379,026	323,255
Other Assets
Notes Receivable-Long-term	4,100	4,100	4,100
Deposits	1,750	1,750	1,750
Total Other Assets	5,850	5,850	5,850
Total Assets	3,346,365	3,699,657	3,181,813
Current Liabilities
Convertible Notes Payable-related party	200,000
Trade Accounts Payable	165,798	145,557	246,605
Accrued Payroll & Related Expenses	105,926	132,719	123,643
Accrued Expenses	94,882	178,815	323,199
Accrued Taxes Other Than Income	55,648	48,342	59,634
Total Current Liabilities	622,254	505,433	753,081
Long-Term Liabilities
Convertible Notes Payable-related party		200,000
Accrued Expenses	235,200	235,200
Total Long-Term Liabilities	235,200	435,200
Stockholders' Equity
Preferred, no par value; authorized 1,000,000 shares; no shares outstanding	0	0	0
Contributed Capital	1,488,560	1,488,017	1,486,388
Retained Earnings (Deficit)	-735,703	-465,047	-793,710
Total Stockholders' Equity	2,488,911	2,759,024	2,428,732
Total Liabilities and Stockholders' Equity	3,346,365	3,699,657	3,181,813
Common Class A [Member]
Stockholders' Equity
Class of common stock - value	1,261,188	1,261,188	1,261,188
Common Class B [Member]
Stockholders' Equity
Class of common stock - value	$474,866	$474,866	$474,866

Consolidated_Balance_Sheet_Una1

Consolidated Balance Sheet (Unaudited) (Parentheticals) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Preferred stock - par value (in dollars per share)	$0	$0	$0
Preferred stock - shares authorized (in shares)	1,000,000	1,000,000	1,000,000
Preferred stock - shares outstanding (in shares)	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 (in shares)	10,000,000	10,000,000	10,000,000
Class of common stock - shares outstanding (in shares)	1,163,349	1,163,349	1,163,349
Class of common stock - excluding shares in treasury (in shares)	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 (in shares)	2,500,000	2,500,000	2,500,000
Class of common stock - shares outstanding (in shares)	474,866	474,866	474,866
Class of common stock - excluding shares in treasury (in shares)	667	667	667

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities:
Cash received from customers	$1,848,228	$1,178,108
Cash paid to suppliers and employees	-1,545,549	-1,505,791
Interest received	412	383
Net Cash Provided By (Used In) Operating Activities	303,091	-327,300
Cash Flows from Investing Activities:
Capital expenditures	-9,592	-40,128
Net Cash Provided By (Used In) Investing Activities	-9,592	-40,128
Net increase (decrease) in cash and cash equivalents	293,499	-367,428
Cash and cash equivalents at beginning of year	390,327	938,852
Cash and cash equivalents at end of first quarter	683,826	571,424
Reconciliation of Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities:
Net Income (Loss)	-270,656	-320,287
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	16,380	16,380
Share-based compensation expense	543	1,208
Deferred income taxes	0	0
Changes in assets and liabilities:
Decrease (Increase) in accounts receivable	686,010	127,866
Decrease (Increase) in inventories	29,671	-58,111
Decrease (Increase) in prepaid expenses	-75,678	-90,565
Increase (Decrease) in accounts payable	20,241	72,369
Increase (Decrease) in accrued payroll and related expenses	-26,793	-18,876
Increase (Decrease) in accrued expenses and accrued taxes other than income and long-term liabilities	-76,627	-57,284
Total Adjustments	573,747	-7,013
Net Cash Provided By (Used In) Operating Activities	$303,091	($327,300)

Note_1_Basis_of_Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
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 month period ended December 31, 2014 are not necessarily indicative of the results that may be expected for the year ended September 30, 2015. 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, 2014.

Note_2_Inventories

Note 2 - Inventories	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Inventory Disclosure [Text Block]	2
	Inventories
	Inventories are valued at the lower of cost or market and consist of the following:
		December 31,		September 30,		December 31,
		2014		2014		2013
	Components	$	1,049,254	$	1,066,672	$	864,844
	Work-in-Process		501,125		521,424		612,598
	Finished Product		134,147		126,101		170,485
		$	1,684,526	$	1,714,197	$	1,647,927
	The above amounts are net of reserve for obsolete inventory in the amount of $365,564, $363,500 and $810,376 for the periods ended December 31, 2014, September 30, 2014 and December 31, 2013 respectively.

Note_3_Notes_Receivable

Note 3 - Notes Receivable	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	3
	Notes Receivable
	The Company has a note receivable with a current 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	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Debt Disclosure [Text Block]	4
	Convertible Notes Payable
	On December 30, 2011, Hickok Incorporated entered into a Convertible Loan Agreement with Roundball, LLC. Under the Convertible Loan Agreement, the Company issued a convertible note to Roundball in the amount of $466,879. In addition, Roundball, LLC had the right to cause the Company to borrow up to an additional $466,880 from Roundball, LLC. The note was unsecured, bore interest at a rate of 0.20% per annum and was set to mature on December 30, 2012. The note was convertible by the Investor 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. The Company had the option to convert the note at the expiration date, if the investor 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 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 was 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 modified 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 was amortized over the one year amended convertible loan agreement period.
	On December 30, 2013 management entered into Amendment No. 2 of the Convertible Loan Agreement with Roundball which continued to provide approximately $467,000 of liquidity to meet on going working capital requirements. The amended Convertible Loan Agreement was 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 fiscal year ended September 30, 2014, the Company borrowed $200,000 against this agreement. As of December 31, 2014, the outstanding balance on the Roundball convertible note was $200,000.
	On December 31, 2014, management entered into Amendment No. 3 of the Convertible Loan Agreement with Roundball which continues to 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, 2014 to December 30, 2015 and continues to allow $250,000 of borrowing on the agreement at the Company's discretion at an interest rate of 0.34%.

Note_5_Shortterm_Financing

Note 5 - Short-term Financing	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
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 would have had 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 was amortized over the one year credit agreement period.

Note_6_Capital_Stock_Treasury_

Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	6
	Capital Stock, Treasury Stock, Contributed Capital and Stock Options
	Unissued shares of Class A common stock (949,233 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 December 31, 2014.
	The Company's expired Outside Directors Stock Option Plans (collectively the "Directors Plans"), provided for the automatic grant of options to purchase up to 22,000 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 22,000 Class A shares were outstanding at December 31, 2014 (22,000 shares at September 30, 2014 and 31,000 shares at December 31, 2013) at prices ranging from $2.925 to $11.00 per share. All outstanding options under the 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 Directors Plans at December 31, 2014:
		Directors Plans			Outstanding		Weighted Average		Weighted Average Remaining		Number of Stock Options		Weighted Average
					Stock Options		Share Price		Life		Exercisable		Share Price
		Range of exercise prices:
		$2.92	-	$5.25		13,000	$	3.28		5.6		11,000	$	3.35
		$6.00	-	$7.25		5,000	$	6.18		3.3		5,000	$	6.18
		$10.50	-	$11.00		4,000	$	10.75		2.8		4,000	$	10.75
						22,000	$	5.3				20,000	$	5.54
	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 were 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 quarter ended December 31, 2014 $543 was expensed as share-based compensation. During the quarter ended December 31, 2013 $1,208 was expensed as share-based compensation. The following weighted-average assumptions were used in the option pricing model for the three month periods ended December 31, 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	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
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.
	In May 2014, the FASB issued its final standard on the recognition of revenue from contracts with customers.  The standard, issued as Accounting Standards Update (ASU) 2014-09, outlines a single comprehensive model for entities to use in the accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. The core principle of this model is that “an entity recognizes revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to e entitled in exchange for those goods and services.” The update is effective for financial statement periods beginning after December 15, 2016, with early adoption prohibited. The Company has not determined the impact of this pronouncement on its financial statements and related disclosure.

Note_8_Earnings_Per_Common_Sha

Note 8 - Earnings Per Common Share	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
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
		December 31,
		2014			2013
	Basic Income (Loss) per Share
	Income (Loss) available to common stockholders	$	(270,656	)	$	(320,287	)
	Shares denominator		1,638,215			1,638,215
	Per share amount	$	(.17	)	$	(.20	)
	Effect of Dilutive Securities
	Average shares outstanding		1,638,215			1,638,215
	Stock options		-*			-*
			1,638,215			1,638,215
	Diluted Income (Loss) per Share
	Income (Loss) available to common stockholders	$	(270,656	)	$	(320,287	)
	Per share amount	$	(.17	)	$	(.20	)
	* Net effect of stock options, warrants, and Convertible Note were antidilutive for the period.
	Options and warrants to purchase 22,000 and 200,000 shares of common stock respectively during the first quarter of fiscal 2015 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.
	Options and warrants to purchase 31,000 and 200,000 shares of common stock respectively during the first quarter 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 at a price of $1.85 per share were not included in the computation of diluted earnings per share during the first quarter of fiscal 2015 and 2014 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.

Note_9_Segment_and_Related_Inf

Note 9 - Segment and Related Information	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	9
	Segment and Related Information
	The Company's four 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 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
		December 31,
		2014			2013
	Net Sales
	Indicators and Gauges	$	245,669		$	404,405
	Automotive Diagnostic Tools and Equipment		916,549			645,837
		$	1,162,218		$	1,050,242
	Income (Loss) before Provision for Income Taxes
	Indicators and Gauges	$	2,493		$	65,634
	Automotive Diagnostic Tools and Equipment		(31,388	)		(87,070	)
	General Corporate Expenses		(241,761	)		(298,851	)
		$	(270,656	)	$	(320,287	)
	Asset Information
	Indicators and Gauges	$	704,441		$	922,325
	Automotive Diagnostic Tools and Equipment		1,462,089			1,235,229
	Corporate		1,179,835			1,024,259
		$	3,346,365		$	3,181,813
	Geographical Information
	Included in the consolidated financial statements are the following amounts related to geographical locations:
	Revenue:
	United States	$	1,127,459		$	1,004,148
	Australia		8,125			24,138
	Canada		19,658			11,492
	Mexico		6,976			10,464
	Other foreign countries		-			-
		$	1,162,218		$	1,050,242
	All export sales to Australia, Canada, Mexico and other foreign countries are made in United States of America Dollars.

Note_10_Commitments_and_Contin

Note 10 - Commitments and Contingencies	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
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	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
Subsequent Events [Text Block]	11
	Subsequent Events
	The Company has analyzed its operations subsequent to December 31, 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	3 Months Ended
	Dec. 31, 2014
Notes to Financial Statements
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 resulting lower sales levels have impacted the Company's accounts receivable and cash balances, if this situation continues it may prevent the Company from generating sufficient cash flow to sustain its operations.
	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. Additionally, the Company has net operating loss carryforwards, currently valued at $0, that offset taxable income.
	In addition, on December 31, 2014, management entered into an amended unsecured convertible loan agreement which may provide approximately $467,000 of liquidity to meet on going working capital requirements. The unsecured convertible loan agreement is with a major shareholder who is also a Director modifying the terms and extending the due date of the loan agreement and continues to allow $250,000 of borrowing on the agreement at the Company's discretion. This facility is available through December 2015. The Company borrowed $200,000 on the loan agreement during the fiscal year ended September 30, 2014 and it is outstanding at December 31, 2014.
	In December 2014, the Company issued a non-binding proposal letter to acquire the membership interests of Federal Hose LLC, a wholly owned subsidiary of First Francis Company, Inc. First Francis is owned by certain directors of the Company and the terms of the potential transaction are still being negotiated.
	Management’s strategic plan to increase revenues and profitability through increased sales of existing products, the introduction of new products to the market place and the cash generated from the completion of the large order from a Tier 1 Supplier during the prior fiscal year should provide the Company with the needed working capital for the next twelve months.

Note_2_Inventories_Tables

Note 2 - Inventories (Tables)	3 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Inventory, Current [Table Text Block]		December 31,		September 30,		December 31,
		2014		2014		2013
	Components	$	1,049,254	$	1,066,672	$	864,844
	Work-in-Process		501,125		521,424		612,598
	Finished Product		134,147		126,101		170,485
		$	1,684,526	$	1,714,197	$	1,647,927

Note_6_Capital_Stock_Treasury_1

Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Tables) (Directors Plans [Member])	3 Months Ended
	Dec. 31, 2014
Directors Plans [Member]
Notes Tables
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]		Directors Plans			Outstanding		Weighted Average		Weighted Average Remaining		Number of Stock Options		Weighted Average
					Stock Options		Share Price		Life		Exercisable		Share Price
		Range of exercise prices:
		$2.92	-	$5.25		13,000	$	3.28		5.6		11,000	$	3.35
		$6.00	-	$7.25		5,000	$	6.18		3.3		5,000	$	6.18
		$10.50	-	$11.00		4,000	$	10.75		2.8		4,000	$	10.75
						22,000	$	5.3				20,000	$	5.54

Note_8_Earnings_Per_Common_Sha1

Note 8 - Earnings Per Common Share (Tables)	3 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]		Three Months ended
		December 31,
		2014			2013
	Basic Income (Loss) per Share
	Income (Loss) available to common stockholders	$	(270,656	)	$	(320,287	)
	Shares denominator		1,638,215			1,638,215
	Per share amount	$	(.17	)	$	(.20	)
	Effect of Dilutive Securities
	Average shares outstanding		1,638,215			1,638,215
	Stock options		-*			-*
			1,638,215			1,638,215
	Diluted Income (Loss) per Share
	Income (Loss) available to common stockholders	$	(270,656	)	$	(320,287	)
	Per share amount	$	(.17	)	$	(.20	)

Note_9_Segment_and_Related_Inf1

Note 9 - Segment and Related Information (Tables)	3 Months Ended
	Dec. 31, 2014
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]		Three Months Ended
		December 31,
		2014			2013
	Net Sales
	Indicators and Gauges	$	245,669		$	404,405
	Automotive Diagnostic Tools and Equipment		916,549			645,837
		$	1,162,218		$	1,050,242
	Income (Loss) before Provision for Income Taxes
	Indicators and Gauges	$	2,493		$	65,634
	Automotive Diagnostic Tools and Equipment		(31,388	)		(87,070	)
	General Corporate Expenses		(241,761	)		(298,851	)
		$	(270,656	)	$	(320,287	)
	Asset Information
	Indicators and Gauges	$	704,441		$	922,325
	Automotive Diagnostic Tools and Equipment		1,462,089			1,235,229
	Corporate		1,179,835			1,024,259
		$	3,346,365		$	3,181,813
	Geographical Information
	Included in the consolidated financial statements are the following amounts related to geographical locations:
	Revenue:
	United States	$	1,127,459		$	1,004,148
	Australia		8,125			24,138
	Canada		19,658			11,492
	Mexico		6,976			10,464
	Other foreign countries		-			-
		$	1,162,218		$	1,050,242

Note_2_Inventories_Details_Tex

Note 2 - Inventories (Details Textual) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$365,564	$363,500	$810,376

Note_2_Inventory_Details

Note 2 - Inventory (Details) (USD $)	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Components	$1,049,254	$1,066,672	$864,844
Work-in-Process	501,125	521,424	612,598
Finished Product	134,147	126,101	170,485
	$1,684,526	$1,714,197	$1,647,927

Note_4_Convertible_Notes_Payab1

Note 4 - Convertible Notes Payable (Details Textual) (USD $)	1 Months Ended		12 Months Ended
	Aug. 20, 2012	Dec. 30, 2011	Sep. 30, 2014	Dec. 31, 2014	Dec. 30, 2012	Dec. 31, 2013	Dec. 30, 2013
Debt Disclosure [Abstract]
Convertible Notes Payable, Current				$200,000
Roundball LLC [Member] | Convertible Notes Payable [Member]
Debt Disclosure [Abstract]
Convertible Notes Payable, Current		466,879
Debt Instrument, Interest Rate, Stated Percentage					0.20%
Roundball LLC [Member] | Convertible Notes Payable [Member] | Director [Member]
Debt Disclosure [Abstract]
Working Capital Funding					467,000
Debt Instrument, Interest Rate, Stated Percentage						0.24%
Line of Credit Facility, Maximum Borrowing Capacity						250,000
Roundball LLC [Member] | Convertible Notes Payable [Member] | Common Class A [Member]
Debt Disclosure [Abstract]
Debt Instrument, Convertible, Conversion Price		$1.85
Convertible Preferred Stock, Shares Issued upon Conversion		504,735
Conversion of Stock, Amount Converted	233,441	233,438
Additional Borrowing [Member] | Roundball LLC [Member] | Convertible Notes Payable [Member]
Debt Disclosure [Abstract]
Proceeds from Issuance of Debt		466,880
Amendment No. 1 [Member] | Roundball LLC [Member] | Common Class A [Member]
Debt Disclosure [Abstract]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					100,000
Class of Warrant or Right, Exercise Price of Warrants or Rights					2.5
Amendment No 2 [Member] | Roundball LLC [Member]
Debt Disclosure [Abstract]
Convertible Notes Payable, Current			200,000
Proceeds from Convertible Debt			200,000
Amendment No 2 [Member] | Roundball LLC [Member] | Director [Member]
Debt Disclosure [Abstract]
Working Capital Funding						467,000
Debt Instrument, Interest Rate, Stated Percentage							0.25%
Line of Credit Facility, Maximum Borrowing Capacity							250,000
Amendment No. 3 [Member] | Roundball LLC [Member] | Director [Member]
Debt Disclosure [Abstract]
Working Capital Funding				467,000
Convertible Notes Payable, Current				200,000
Debt Instrument, Interest Rate, Stated Percentage				0.34%
Line of Credit Facility, Maximum Borrowing Capacity				$250,000

Note_5_Shortterm_Financing_Det

Note 5 - Short-term Financing (Details Textual) (USD $)	12 Months Ended
	Dec. 31, 2013
Robert L Bauman [Member]
Warrant Period	3 years
Class of Warrant or Right, Exercise Price of Warrants or Rights	$2.50
Robert L Bauman [Member] | Common Class A [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights	100,000
Revolving Credit Facility [Member] | Robert L Bauman [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$250,000
Line of Credit Facility, Interest Rate During Period	0.24%

Note_6_Capital_Stock_Treasury_2

Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Details Textual) (USD $)	3 Months Ended		22 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Sep. 30, 2014	Feb. 27, 2013
Common Class A [Member]
Stockholders' Equity Note [Abstract]
Common Stock, Capital Shares Reserved for Future Issuance	949,233		949,233
Directors Plans [Member]
Stockholders' Equity Note [Abstract]
Allocated Share-based Compensation Expense	$543	$1,208
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	5.00%	5.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	10 years	10 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, Expected Volatility Rate	0.87%	0.87%
Directors Plans [Member] | Common Class A [Member]
Stockholders' Equity Note [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	22,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	22,000	31,000	22,000	22,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$11
Employee Plans [Member]
Stockholders' Equity Note [Abstract]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$2.92
Omnibus 2013 Equity Plan [Member] | Common Class A [Member]
Stockholders' Equity Note [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			0
Common Stock, Capital Shares Reserved for Future Issuance					150,000

Note_6_Summary_of_Expired_Dire

Note 6 - Summary of Expired Director Plans (Details) (USD $)	3 Months Ended
	Dec. 31, 2014
Outstanding Stock Options (in shares)	22,000
Weighted AverageShare Price (in dollars per share)	$5.30
Number of Stock Options Exercisable (in shares)	20,000
Weighted Average Share Price (in dollars per share)	$5.54
Exercise Price Range 1 [Member]
Range of Exercise Price, Lower Limit (in dollars per share)	$2.92
Range of Exercise Price, Upper Limit (in dollars per share)	$5.25
Outstanding Stock Options (in shares)	13,000
Weighted AverageShare Price (in dollars per share)	$3.28
Weighted Average Remaining Life	5 years 219 days
Number of Stock Options Exercisable (in shares)	11,000
Weighted Average Share Price (in dollars per share)	$3.35
Exercise Price Range 2 [Member]
Range of Exercise Price, Lower Limit (in dollars per share)	$6
Range of Exercise Price, Upper Limit (in dollars per share)	$7.25
Outstanding Stock Options (in shares)	5,000
Weighted AverageShare Price (in dollars per share)	$6.18
Weighted Average Remaining Life	3 years 109 days
Number of Stock Options Exercisable (in shares)	5,000
Weighted Average Share Price (in dollars per share)	$6.18
Exercise Price Range 3 [Member]
Range of Exercise Price, Lower Limit (in dollars per share)	$10.50
Range of Exercise Price, Upper Limit (in dollars per share)	$11
Outstanding Stock Options (in shares)	4,000
Weighted AverageShare Price (in dollars per share)	$10.75
Weighted Average Remaining Life	2 years 292 days
Number of Stock Options Exercisable (in shares)	4,000
Weighted Average Share Price (in dollars per share)	$10.75

Note_8_Earnings_Per_Common_Sha2

Note 8 - Earnings Per Common Share (Details Textual) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Equity Option [Member]
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	22,000	31,000
Warrant [Member]
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	200,000	200,000
Conversion Rights [Member]
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	252,367	252,367
Share Price	1.85	1.85
Options and Warrants [Member] | Maximum [Member]
Earnings Per Share [Abstract]
Share Price	11	11
Options and Warrants [Member] | Minimum [Member]
Earnings Per Share [Abstract]
Share Price	2.5	2.5

Note_8_Summary_of_Earnings_Per

Note 8 - Summary of Earnings Per Share Calculation (Details) (USD $)	3 Months Ended
	Dec. 31, 2014		Dec. 31, 2013
Earnings per Common Share:
Income (Loss) available to common stockholders	($270,656)		($320,287)
Shares denominator (in shares)	1,638,215		1,638,215
Per share amount (in dollars per share)	($0.17)		($0.20)
Effect of Dilutive Securities
Average shares outstanding (in shares)	1,638,215		1,638,215
Stock options (in shares)		[1]		[1]
Average shares outstanding, diluted (in shares)	1,638,215		1,638,215
Earnings per Common Share Assuming Dilution:
Income (Loss) available to common stockholders	($270,656)		($320,287)
Per share amount (in dollars per share)	($0.17)		($0.20)
[1]	Net effect of stock options, warrants, and Convertible Note were antidilutive for the period.

Note_9_Segment_and_Related_Inf2

Note 9 - Segment and Related Information (Details Textual)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting [Abstract]
Number of Operating Segments	4
Number of Reportable Segments		2

Note_9_Information_by_Industry

Note 9 - Information by Industry Segment (Details) (USD $)	3 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Revenue	$1,162,218	$1,050,242
Income (loss) before provistion for income taxes	-270,656	-320,287
Asset information	3,346,365	3,181,813
Australia [Member]
Revenue	8,125	24,138
Canada [Member]
Revenue	19,658	11,492
Mexico [Member]
Revenue	6,976	10,464
United States [Member]
Revenue	1,127,459	1,004,148
Corporate Segment [Member]
Asset information	1,179,835	1,024,259
Automotive Diagnostic Tools and Equipment [Member]
Revenue	916,549	645,837
Income (loss) before provistion for income taxes	-31,388	-87,070
Asset information	1,462,089	1,235,229
Indicators and Gauges [Member]
Revenue	245,669	404,405
Income (loss) before provistion for income taxes	2,493	65,634
Asset information	704,441	922,325
Corporate, Non-Segment [Member]
Income (loss) before provistion for income taxes	($241,761)	($298,851)

Note_12_Business_Condition_and1

Note 12 - Business Condition and Management Plan (Details Textual) (USD $)	Dec. 31, 2014
Operating Loss Carryforward, Net of Allowance	$0
Convertible Notes Payable, Current	200,000
Amendment No. 3 [Member] | Roundball LLC [Member] | Director [Member]
Working Capital Funding	467,000
Line of Credit Facility, Current Borrowing Capacity	250,000
Convertible Notes Payable, Current	$200,000