Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2015 | Aug. 07, 2015 | |
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 | |
Entity Registrant Name | HICKOK INC | |
Entity Central Index Key | 47,307 | |
Current Fiscal Year End Date | --09-30 | |
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 | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Income Statements
Consolidated Income Statements (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net Sales | ||||
Product Sales | $ 1,746,940 | $ 2,074,295 | $ 3,886,037 | $ 4,112,374 |
Service Sales | 57,674 | 56,117 | 171,977 | 184,747 |
Total Net Sales | 1,804,614 | 2,130,412 | 4,058,014 | 4,297,121 |
Costs and Expenses | ||||
Cost of Product Sold | 961,912 | 963,721 | 2,395,268 | 2,259,005 |
Cost of Service Sold | 34,908 | 41,777 | 110,856 | 124,333 |
Product Development | 245,794 | 243,600 | 742,239 | 727,810 |
Marketing and Administrative Expenses | 453,903 | 496,832 | 1,253,872 | 1,425,374 |
Interest Charges | 171 | 2,691 | 470 | 2,691 |
Other (Income) Expense | (1,705) | (5,120) | (7,003) | (11,061) |
Total Costs and Expenses | 1,694,983 | 1,743,501 | 4,495,702 | 4,528,152 |
Income (Loss) before Provision for Income Taxes | $ 109,631 | $ 386,911 | $ (437,688) | $ (231,031) |
Income (Recovery of) Taxes | ||||
Net Income (Loss) | $ 109,631 | $ 386,911 | $ (437,688) | $ (231,031) |
Earnings per Common Share: | ||||
Net Income (Loss) (in dollars per share) | $ 0.07 | $ 0.24 | $ (0.27) | $ (0.14) |
Earnings per Common Share Assuming Dilution: | ||||
Net Income (Loss) (in dollars per share) | 0.07 | 0.23 | (0.27) | (0.14) |
Dividends per Common Share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 |
Common Class A [Member] | |||
Stockholders' Equity | |||
Common stock | $ 1,261,188 | $ 1,261,188 | $ 1,261,188 |
Common Class B [Member] | |||
Stockholders' Equity | |||
Common stock | 474,866 | 474,866 | 474,866 |
Cash and Cash Equivalents | 364,649 | 390,327 | 129,731 |
Trade Accounts Receivable - Net | $ 752,677 | $ 1,172,268 | $ 1,531,183 |
Notes Receivable - Current | |||
Inventories | $ 1,681,100 | $ 1,714,197 | $ 2,107,875 |
Prepaid Expenses | 70,549 | 37,989 | 68,781 |
Total Current Assets | 2,868,975 | 3,314,781 | 3,837,570 |
Land | 233,479 | 233,479 | 233,479 |
Buildings | 1,429,718 | 1,429,718 | 1,429,718 |
Machinery and Equipment | 2,567,635 | 2,516,380 | 2,499,678 |
4,230,832 | 4,179,577 | 4,162,875 | |
Less: Allowance for Depreciation | 3,849,691 | 3,800,551 | 3,801,592 |
Total Property - Net | 381,141 | 379,026 | 361,283 |
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 | $ 3,255,966 | $ 3,699,657 | 4,204,703 |
Short-term Financing | 683,400 | ||
Convertible Notes Payable-related party | $ 200,000 | 200,000 | |
Trade Accounts Payable | 173,103 | $ 145,557 | 203,356 |
Accrued Payroll & Related Expenses | 149,335 | 132,719 | 116,458 |
Accrued Expenses | 374,204 | 178,815 | 456,576 |
Accrued Taxes Other Than Income | $ 37,445 | $ 48,342 | $ 25,839 |
Accrued Income Taxes | |||
Total Current Liabilities | $ 934,087 | $ 505,433 | $ 1,685,629 |
Convertible Notes Payable-related party | 200,000 | ||
Accrued expenses | 235,200 | ||
Total Long-Term Liabilities | $ 435,200 | ||
Preferred, no par value; authorized 1,000,000 shares; no shares outstanding | |||
Contributed Capital | $ 1,488,560 | $ 1,488,017 | $ 1,487,474 |
Retained Earnings | (902,735) | (465,047) | (704,454) |
Total Stockholders' Equity | 2,321,879 | 2,759,024 | 2,519,074 |
Total Liabilities and Stockholders' Equity | $ 3,255,966 | $ 3,699,657 | $ 4,204,703 |
Consolidated Balance Sheet (Un4
Consolidated Balance Sheet (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 |
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 |
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 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Cash received from customers | $ 4,477,605 | $ 3,404,254 |
Cash paid to suppliers and employees | $ (4,452,731) | $ (4,986,377) |
Interest paid | ||
Interest received | $ 703 | $ 518 |
Income taxes (paid) refunded | ||
Net Cash Provided By (Used In) Operating Activities | $ 25,577 | $ (1,581,605) |
Cash Flows from Investing Activities: | ||
Capital expenditures | (51,255) | (110,916) |
Net Cash Provided By (Used In) Investing Activities | $ (51,255) | (110,916) |
Cash Flows from Financing Activities: | ||
Short-term borrowing | 683,400 | |
Increase in Convertible Notes Payable | 200,000 | |
Net Cash Provided By (Used In) Financing Activities | 883,400 | |
Net increase (decrease) in cash and cash equivalents | $ (25,678) | (809,121) |
Cash and cash equivalents at beginning of year | 390,327 | 938,852 |
Cash and cash equivalents at end of third quarter | 364,649 | 129,731 |
Reconciliation of Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities: | ||
Net Income (Loss) | (437,688) | (231,031) |
Adjustments to reconcile Net Income (Loss) to net cash provided by operating activities: | ||
Depreciation | 49,140 | 49,140 |
Non-cash share-based compensation expense | 543 | 2,294 |
Changes in assets and liabilities: | ||
Decrease (Increase) in trade accounts receivable | 419,591 | (892,867) |
Decrease (Increase) in inventories | 33,097 | (518,059) |
Decrease (Increase) in prepaid expenses | (32,560) | (36,439) |
Increase (Decrease) in accounts payable | 27,546 | 29,120 |
Increase (Decrease) in accrued payroll and related expenses | 16,616 | (26,061) |
Increase (Decrease) in accrued expenses and accrued taxes other than income | (50,708) | 42,298 |
Total Adjustments | 463,265 | (1,350,574) |
Net Cash Provided By (Used In) Operating Activities | $ 25,577 | $ (1,581,605) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jun. 30, 2015 | |
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 and nine month periods ended June 30, 2015 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 | 9 Months Ended |
Jun. 30, 2015 | |
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: June 30, 2015 Sept. 30, 2014 June 30, 2014 Components $ 1,059,014 $ 1,066,672 $ 916,362 Work-in-Process 475,436 521,424 1,035,529 Finished Product 146,650 126,101 155,984 $ 1,681,100 $ 1,714,197 $ 2,107,875 The above amounts are net of reserve for obsolete inventory in the amount of $371,564, $363,500 and $817,000 for the periods ended June 30, 2015, September 30, 2014 and June 30, 2014 respectively. |
Note 3 - Notes Receivable
Note 3 - Notes Receivable | 9 Months Ended |
Jun. 30, 2015 | |
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 Paya
Note 4 - Convertible Notes Payable | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Convertible Notes Payable 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. |
Note 5 - Short-term Financing
Note 5 - Short-term Financing | 9 Months Ended |
Jun. 30, 2015 | |
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. 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, Treasur
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options | 9 Months Ended |
Jun. 30, 2015 | |
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 (947,233 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, 2015. 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 20,000 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 20,000 Class A shares were outstanding at June 30, 2015 (22,000 shares at September 30, 2014 and 29,000 shares at June 30, 2014) 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, 2015 at $6.45 per share. In addition, options for 2,000 shares expired during the three month period ended March 31, 2014 at $7.25 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, 2015: Directors Plans Outstanding Options Weighted Share Price Weighted Life Number of Exercisable Weighted Price Range of exercise prices: $ 2.925 - 5.25 13,000 $ 3.28 5.1 13,000 $ 3.28 $ 6.00 3,000 $ 6.00 4.8 3,000 $ 6.00 $ 10.50 - 11.00 4,000 $ 10.75 2.3 4,000 $ 10.75 20,000 $ 5.18 20,000 $ 5.18 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, 2015 and 2014 respectively $0 and $543; $543 and $2,294 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, 2015 and 2014 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 Accoun
Note 7 - Recently Issued Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2015 | |
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 be 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. However, the FASB currently has a proposal outstanding to defer the effective date by one year. The Company has not determined the impact of this pronouncement on its financial statements and related disclosure. |
Note 8 - Earnings Per Common Sh
Note 8 - Earnings Per Common Share | 9 Months Ended |
Jun. 30, 2015 | |
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 June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Basic Income (Loss) per Share Income (Loss) available to common stockholders $ 109,631 $ 386,911 $ (437,688 ) $ (231,031 ) Shares denominator 1,638,215 1,638,215 1,638,215 1,638,215 Per share amount $ .07 $ .24 $ (.27 ) $ (.14 ) Effect of Dilutive Securities Average shares outstanding 1,638,215 1,638,215 1,638,215 1,638,215 Stock options -* 27,906 -* -* 1,638,215 1,666,121 1,638,215 1,638,215 Diluted Income (Loss) per Share Income (Loss) available to common stockholders $ 109,631 $ 386,911 $ (437,688 ) $ (231,031 ) Per share amount $ .07 $ .23 $ (.27 ) $ (.14 ) * Net effect of stock options and warrants were antidilutive for the period. Options and warrants to purchase 20,000 and 200,000 shares of common stock respectively during the third quarter and the first nine months 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. In addition, conversion rights to purchase 252,367 shares of common stock during the third quarter and first nine months of fiscal 2015 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 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. |
Note 9 - Segment and Related In
Note 9 - Segment and Related Information | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
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 Automotive Diagnostic Tools and Equipment Information by industry segment is set forth below: Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Net Revenue Indicators and Gauges $ 332,771 $ 460,749 $ 933,707 $ 1,211,350 Automotive Diagnostic Tools and Equipment 1,471,843 1,669,663 3,124,307 3,085,771 $ 1,804,614 $ 2,130,412 $ 4,058,014 $ 4,297,121 Income (Loss) before provision for Income Taxes Indicators and Gauges $ 54,783 $ 138,030 $ 119,379 $ 227,434 Automotive Diagnostic Tools and Equipment 294,830 531,969 172,283 430,759 General Corporate Expenses (239,982 ) (283,088 ) (729,350 ) (889,224 ) $ 109,631 $ 386,911 $ (437,688 ) $ (231,031 ) Asset Information Indicators and Gauges $ 721,504 $ 800,751 Automotive Diagnostic Tools and Equipment 1,705,065 2,836,401 Corporate 829,397 567,551 $ 3,255,966 $ 4,204,703 Geographical Information Included in the consolidated financial statements are the following amounts related to geographical locations: Revenue: United States $ 1,739,642 $ 2,103,243 $ 3,935,224 $ 4,201,849 Australia 1,602 5,996 13,402 30,134 Canada 21,487 14,197 57,041 35,911 Mexico 7,283 6,976 17,747 25,288 China 29,657 - 29,657 - Other foreign countries 4,943 - 4,943 3,939 $ 1,804,614 $ 2,130,412 $ 4,058,014 $ 4,297,121 All export sales to Australia, Canada, Mexico, China and other foreign countries are made in United States of America Dollars. |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies 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, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. Subsequent Events The Company has analyzed its operations subsequent to June 30, 2015 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 an
Note 12 - Business Condition and Management Plan | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Going Concern Disclosure [Text Block] | 12. Business Condition and Management Plan |
Note 13 - Potential Acquisition
Note 13 - Potential Acquisition | 9 Months Ended |
Jun. 30, 2015 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 13. Potential Acquisition The Company is engaged in discussions with First Francis Company, Inc., an entity affiliated with two directors of Hickok Incorporated, concerning a potential acquisition of Federal Hose LLC, a wholly owned subsidiary of First Francis. The Company has signed a non-binding Letter of Intent with First Francis and the terms of the potential transaction are still being negotiated. |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2015 Sept. 30, 2014 June 30, 2014 Components $ 1,059,014 $ 1,066,672 $ 916,362 Work-in-Process 475,436 521,424 1,035,529 Finished Product 146,650 126,101 155,984 $ 1,681,100 $ 1,714,197 $ 2,107,875 |
Note 6 - Capital Stock, Treas20
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
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 Options Weighted Share Price Weighted Life Number of Exercisable Weighted Price Range of exercise prices: $ 2.925 - 5.25 13,000 $ 3.28 5.1 13,000 $ 3.28 $ 6.00 3,000 $ 6.00 4.8 3,000 $ 6.00 $ 10.50 - 11.00 4,000 $ 10.75 2.3 4,000 $ 10.75 20,000 $ 5.18 20,000 $ 5.18 |
Note 8 - Earnings Per Common 21
Note 8 - Earnings Per Common Share (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Basic Income (Loss) per Share Income (Loss) available to common stockholders $ 109,631 $ 386,911 $ (437,688 ) $ (231,031 ) Shares denominator 1,638,215 1,638,215 1,638,215 1,638,215 Per share amount $ .07 $ .24 $ (.27 ) $ (.14 ) Effect of Dilutive Securities Average shares outstanding 1,638,215 1,638,215 1,638,215 1,638,215 Stock options -* 27,906 -* -* 1,638,215 1,666,121 1,638,215 1,638,215 Diluted Income (Loss) per Share Income (Loss) available to common stockholders $ 109,631 $ 386,911 $ (437,688 ) $ (231,031 ) Per share amount $ .07 $ .23 $ (.27 ) $ (.14 ) |
Note 9 - Segment and Related 22
Note 9 - Segment and Related Information (Tables) | 9 Months Ended |
Jun. 30, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Net Revenue Indicators and Gauges $ 332,771 $ 460,749 $ 933,707 $ 1,211,350 Automotive Diagnostic Tools and Equipment 1,471,843 1,669,663 3,124,307 3,085,771 $ 1,804,614 $ 2,130,412 $ 4,058,014 $ 4,297,121 Income (Loss) before provision for Income Taxes Indicators and Gauges $ 54,783 $ 138,030 $ 119,379 $ 227,434 Automotive Diagnostic Tools and Equipment 294,830 531,969 172,283 430,759 General Corporate Expenses (239,982 ) (283,088 ) (729,350 ) (889,224 ) $ 109,631 $ 386,911 $ (437,688 ) $ (231,031 ) Asset Information Indicators and Gauges $ 721,504 $ 800,751 Automotive Diagnostic Tools and Equipment 1,705,065 2,836,401 Corporate 829,397 567,551 $ 3,255,966 $ 4,204,703 Revenue: United States $ 1,739,642 $ 2,103,243 $ 3,935,224 $ 4,201,849 Australia 1,602 5,996 13,402 30,134 Canada 21,487 14,197 57,041 35,911 Mexico 7,283 6,976 17,747 25,288 China 29,657 - 29,657 - Other foreign countries 4,943 - 4,943 3,939 $ 1,804,614 $ 2,130,412 $ 4,058,014 $ 4,297,121 |
Note 2 - Inventories (Details T
Note 2 - Inventories (Details Textual) - USD ($) | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 |
Inventory Valuation Reserves | $ 371,564 | $ 363,500 | $ 817,000 |
Note 2 - Inventory (Details)
Note 2 - Inventory (Details) - USD ($) | Jun. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 |
Components | $ 1,059,014 | $ 1,066,672 | $ 916,362 |
Work-in-Process | 475,436 | 521,424 | 1,035,529 |
Finished Product | 146,650 | 126,101 | 155,984 |
$ 1,681,100 | $ 1,714,197 | $ 2,107,875 |
Note 3 - Notes Receivable (Deta
Note 3 - Notes Receivable (Details Textual) | 9 Months Ended |
Jun. 30, 2015 | |
Unsecured Note Receivable Interest Rate | 3.00% |
Note 4 - Convertible Notes Pa26
Note 4 - Convertible Notes Payable (Details Textual) | Dec. 30, 2012USD ($)$ / sharesshares | Aug. 20, 2012USD ($) | Dec. 30, 2011USD ($)$ / sharesshares | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($)shares | Dec. 30, 2013USD ($) |
Director [Member] | Roundball LLC [Member] | Amendment No. 3 [Member] | Common Class A [Member] | ||||||||
Threshold Percentage of Class A Common Share Holders | 67.00% | |||||||
Director [Member] | Roundball LLC [Member] | Amendment No. 3 [Member] | Common Class B [Member] | ||||||||
Common Stock, Voting Rights, per Share | 3 | |||||||
Director [Member] | Roundball LLC [Member] | Amendment No. 3 [Member] | Upon Approval of Class A Common Share Holders [Member] | ||||||||
Debt Conversion, Convertible Instrument, Shares Issuable | shares | 252,367 | |||||||
Director [Member] | Roundball LLC [Member] | Amendment No. 3 [Member] | ||||||||
Working Capital Funding | $ 467,000 | |||||||
Convertible Notes Payable, Current | $ 200,000 | $ 200,000 | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.34% | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |||||||
Director [Member] | Roundball LLC [Member] | Amendment No 2 [Member] | ||||||||
Working Capital Funding | $ 467,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.25% | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |||||||
Director [Member] | Roundball LLC [Member] | Convertible Notes Payable [Member] | ||||||||
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] | Amendment No. 1 [Member] | Warrant to Purchase Class A Common Stock [Member] | ||||||||
Warrant Term | 1 year | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 100,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2.50 | |||||||
Roundball LLC [Member] | Amendment No 2 [Member] | ||||||||
Convertible Notes Payable, Current | 200,000 | |||||||
Proceeds from Convertible Debt | $ 200,000 | |||||||
Roundball LLC [Member] | Additional Borrowing [Member] | Convertible Notes Payable [Member] | ||||||||
Proceeds from Issuance of Debt | $ 466,880 | |||||||
Roundball LLC [Member] | Common Class A [Member] | Convertible Notes Payable [Member] | ||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1.85 | |||||||
Convertible Preferred Stock, Shares Issued upon Conversion | shares | 504,735 | |||||||
Conversion of Stock, Amount Converted | $ 233,441 | $ 233,438 | ||||||
Roundball LLC [Member] | Convertible Notes Payable [Member] | ||||||||
Convertible Notes Payable, Current | $ 466,879 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.20% | |||||||
Convertible Notes Payable, Current | $ 200,000 | $ 200,000 | ||||||
Proceeds from Convertible Debt | $ 200,000 |
Note 5 - Short-term Financing (
Note 5 - Short-term Financing (Details Textual) - Dec. 31, 2013 - USD ($) | Total |
Robert L Bauman [Member] | Revolving Credit Facility [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 |
Line of Credit Facility, Interest Rate During Period | 0.24% |
Robert L Bauman [Member] | |
Warrant Period | 3 years |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.50 |
Common Class A [Member] | Robert L Bauman [Member] | |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 100,000 |
Note 6 - Capital Stock, Treas28
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 28 Months Ended | ||||||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Sep. 30, 2014 | Feb. 27, 2013 | |
Common Class A [Member] | Omnibus 2013 Equity Plan [Member] | |||||||||
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 | ||||||||
Common Class A [Member] | Directors Plans [Member] | Minimum [Member] | |||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 2.925 | ||||||||
Common Class A [Member] | Directors Plans [Member] | Maximum [Member] | |||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 11 | ||||||||
Common Class A [Member] | Directors Plans [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 20,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 20,000 | 29,000 | 20,000 | 29,000 | 20,000 | 22,000 | |||
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 | $ 6.45 | $ 7.25 | |||||||
Common Class A [Member] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 947,233 | 947,233 | 947,233 | ||||||
Directors Plans [Member] | |||||||||
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 Term | 10 years | 10 years | 10 years | 10 years | |||||
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% | |||||
Allocated Share-based Compensation Expense | $ 0 | $ 543 | $ 543 | $ 2,294 |
Note 6 - Summary of Expired Dir
Note 6 - Summary of Expired Director Plans (Details) - Jun. 30, 2015 - $ / shares | Total |
Exercise Price Range 1 [Member] | |
Range of exercise price, lower limit (in dollars per share) | $ 2.925 |
Range of exercise price, upper limit (in dollars per share) | $ 5.25 |
Outstanding stock options (in shares) | 13,000 |
Outstanding, weighted average share price (in dollars per share) (in dollars per share) | $ 3.28 |
Weighted average remaining life | 5 years 36 days |
Number of stock options exercisable (in shares) | 13,000 |
Exercisable, weighted average share price (in dollars per share) | $ 3.28 |
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) | |
Outstanding stock options (in shares) | 3,000 |
Outstanding, weighted average share price (in dollars per share) (in dollars per share) | $ 6 |
Weighted average remaining life | 4 years 292 days |
Number of stock options exercisable (in shares) | 3,000 |
Exercisable, weighted average share price (in dollars per share) | $ 6 |
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 |
Outstanding, weighted average share price (in dollars per share) (in dollars per share) | $ 10.75 |
Weighted average remaining life | 2 years 109 days |
Number of stock options exercisable (in shares) | 4,000 |
Exercisable, weighted average share price (in dollars per share) | $ 10.75 |
Outstanding stock options (in shares) | 20,000 |
Outstanding, weighted average share price (in dollars per share) (in dollars per share) | $ 5.18 |
Weighted average remaining life | |
Number of stock options exercisable (in shares) | 20,000 |
Exercisable, weighted average share price (in dollars per share) | $ 5.18 |
Note 8 - Earnings Per Common 30
Note 8 - Earnings Per Common Share (Details Textual) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 20,000 | 29,000 | 29,000 | |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 200,000 | 200,000 | 200,000 | |
Options and Warrants [Member] | Minimum [Member] | ||||
Share Price | $ 2.50 | $ 2.50 | $ 2.50 | $ 2.50 |
Options and Warrants [Member] | Maximum [Member] | ||||
Share Price | $ 11 | 11 | $ 11 | $ 11 |
Conversion Rights [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 252,367 | 252,367 | 252,367 | |
Share Price | $ 1.85 | $ 1.85 | $ 1.85 | $ 1.85 |
Note 8 - Summary of Earnings Pe
Note 8 - Summary of Earnings Per Share Calculation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings per Common Share: | ||||
Income (Loss) available to common stockholders | $ 109,631 | $ 386,911 | $ (437,688) | $ (231,031) |
Shares denominator (in shares) | 1,638,215 | 1,638,215 | 1,638,215 | 1,638,215 |
Net Income (Loss) (in dollars per share) | $ 0.07 | $ 0.24 | $ (0.27) | $ (0.14) |
Effect of Dilutive Securities | ||||
Average shares outstanding (in shares) | 1,638,215 | 1,638,215 | 1,638,215 | 1,638,215 |
Stock options (in shares) | 27,906 | |||
(in shares) | 1,638,215 | 1,666,121 | 1,638,215 | 1,638,215 |
Earnings per Common Share Assuming Dilution: | ||||
Income (Loss) available to common stockholders | $ 109,631 | $ 386,911 | $ (437,688) | $ (231,031) |
Per share amount (in dollars per share) | $ 0.07 | $ 0.23 | $ (0.27) | $ (0.14) |
[1] | Net effect of stock options, warrants, and Convertible Note were antidilutive for the period. |
Note 9 - Segment and Related 32
Note 9 - Segment and Related Information (Details Textual) | 9 Months Ended |
Jun. 30, 2015 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 2 |
Note 9 - Information by Industr
Note 9 - Information by Industry Segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Indicators and Gauges [Member] | ||||
Net Sales | ||||
Revenue | $ 332,771 | $ 460,749 | $ 933,707 | $ 1,211,350 |
Income (Loss) before provision for Income Taxes | ||||
Income (Loss) before provision for Income Taxes | 54,783 | 138,030 | 119,379 | 227,434 |
Asset Information | ||||
Assets | 721,504 | 800,751 | 721,504 | 800,751 |
Revenue: | ||||
Revenue | 332,771 | 460,749 | 933,707 | 1,211,350 |
Automotive Diagnostic Tools and Equipment [Member] | ||||
Net Sales | ||||
Revenue | 1,471,843 | 1,669,663 | 3,124,307 | 3,085,771 |
Income (Loss) before provision for Income Taxes | ||||
Income (Loss) before provision for Income Taxes | 294,830 | 531,969 | 172,283 | 430,759 |
Asset Information | ||||
Assets | 1,705,065 | 2,836,401 | 1,705,065 | 2,836,401 |
Revenue: | ||||
Revenue | 1,471,843 | 1,669,663 | 3,124,307 | 3,085,771 |
Corporate Segment [Member] | ||||
Income (Loss) before provision for Income Taxes | ||||
Income (Loss) before provision for Income Taxes | (239,982) | (283,088) | (729,350) | (889,224) |
Asset Information | ||||
Assets | 829,397 | 567,551 | 829,397 | 567,551 |
UNITED STATES | ||||
Net Sales | ||||
Revenue | 1,739,642 | 2,103,243 | 3,935,224 | 4,201,849 |
Revenue: | ||||
Revenue | 1,739,642 | 2,103,243 | 3,935,224 | 4,201,849 |
AUSTRALIA | ||||
Net Sales | ||||
Revenue | 1,602 | 5,996 | 13,402 | 30,134 |
Revenue: | ||||
Revenue | 1,602 | 5,996 | 13,402 | 30,134 |
CANADA | ||||
Net Sales | ||||
Revenue | 21,487 | 14,197 | 57,041 | 35,911 |
Revenue: | ||||
Revenue | 21,487 | 14,197 | 57,041 | 35,911 |
MEXICO | ||||
Net Sales | ||||
Revenue | 7,283 | 6,976 | 17,747 | 25,288 |
Revenue: | ||||
Revenue | 7,283 | $ 6,976 | 17,747 | $ 25,288 |
CHINA | ||||
Net Sales | ||||
Revenue | 29,657 | 29,657 | ||
Revenue: | ||||
Revenue | 29,657 | 29,657 | ||
Other Foreign Countries [Member] | ||||
Net Sales | ||||
Revenue | 4,943 | 4,943 | $ 3,939 | |
Revenue: | ||||
Revenue | 4,943 | 4,943 | 3,939 | |
Revenue | 1,804,614 | $ 2,130,412 | 4,058,014 | 4,297,121 |
Income (Loss) before provision for Income Taxes | 109,631 | 386,911 | (437,688) | (231,031) |
Assets | 3,255,966 | 4,204,703 | 3,255,966 | 4,204,703 |
Revenue | $ 1,804,614 | $ 2,130,412 | $ 4,058,014 | $ 4,297,121 |
Note 12 - Business Condition 34
Note 12 - Business Condition and Management Plan (Details Textual) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 |
Amendment No. 3 [Member] | Director [Member] | Roundball LLC [Member] | ||||
Convertible Notes Payable, Current | $ 200,000 | $ 200,000 | ||
Working Capital Funding | $ 467,000 | |||
Line of Credit Facility, Current Borrowing Capacity | 250,000 | |||
Convertible Notes Payable, Current | 200,000 | $ 200,000 | ||
Operating Loss Carryforward, Net of Allowance | $ 0 |