Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2015 | Feb. 09, 2016 | |
Common Class B [Member] | ||
Entity Common Stock, Shares Outstanding (in shares) | 474,866 | |
Common Class A [Member] | ||
Entity Common Stock, Shares Outstanding (in shares) | 1,163,349 | |
Entity Registrant Name | HICKOK INC | |
Entity Central Index Key | 47,307 | |
Trading Symbol | hicka | |
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 | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Income Statements
Consolidated Income Statements (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net Sales | ||
Product Sales | $ 1,307,166 | $ 1,100,314 |
Service Sales | 69,706 | 61,904 |
Total Net Sales | 1,376,872 | 1,162,218 |
Costs and Expenses | ||
Cost of Product Sold | 693,035 | 759,510 |
Cost of Service Sold | 47,486 | 40,603 |
Product Development | 246,773 | 235,938 |
Marketing and Administrative Expenses | 438,225 | 399,399 |
Interest Charges | 174 | 128 |
Other Income | (1,632) | (2,704) |
Total Costs and Expenses | 1,424,061 | 1,432,874 |
Income (Loss) before Provision for Income Taxes | $ (47,189) | $ (270,656) |
Provision for (Recovery of) Income Taxes | ||
Net Income (Loss) | $ (47,189) | $ (270,656) |
Earnings per Common Share: | ||
Net Income (Loss) (in dollars per share) | $ (0.03) | $ (0.17) |
Earnings per Common Share Assuming Dilution: | ||
Net Income (Loss) (in dollars per share) | (0.03) | (0.17) |
Dividends per Common Share (in dollars per share) | $ 0 | $ 0 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Common Class A [Member] | |||
Stockholders' Equity | |||
Common stock, value | $ 1,261,188 | $ 1,261,188 | $ 1,261,188 |
Common Class B [Member] | |||
Stockholders' Equity | |||
Common stock, value | 474,866 | 474,866 | 474,866 |
Cash and Cash Equivalents | 752,798 | 346,405 | 683,826 |
Trade Accounts Receivable-Net | $ 441,720 | $ 1,101,554 | $ 486,258 |
Notes Receivable-Current | |||
Inventories | $ 1,920,842 | $ 1,926,513 | $ 1,684,526 |
Prepaid Expenses | 100,563 | 112,019 | 113,667 |
Total Current Assets | 3,215,923 | 3,486,491 | 2,968,277 |
Land | 233,479 | 233,479 | 233,479 |
Buildings | 1,440,138 | 1,440,138 | 1,429,718 |
Machinery and Equipment | 2,350,738 | 2,348,554 | 2,525,972 |
4,024,355 | 4,022,171 | 4,189,169 | |
Less: Allowance for Depreciation | 3,678,437 | 3,646,937 | 3,816,931 |
Total Property - Net | 345,918 | 375,234 | 372,238 |
Notes Receivable-Long-term | 4,100 | 4,100 | 4,100 |
Deposits | 750 | 750 | 1,750 |
Total Other Assets | 4,850 | 4,850 | 5,850 |
Total Assets | 3,566,691 | $ 3,866,575 | 3,346,365 |
Convertible Notes Payable-related party | 200,000 | 200,000 | |
Trade Accounts Payable | 192,211 | $ 297,761 | 165,798 |
Accrued Payroll & Related Expenses | 138,420 | 167,770 | 105,926 |
Accrued Expenses | 60,725 | 183,390 | 94,882 |
Accrued Taxes Other Than Income | $ 45,634 | $ 40,764 | $ 55,648 |
Accrued Income Taxes | |||
Total Current Liabilities | $ 636,990 | $ 689,685 | $ 622,254 |
Convertible Notes Payable-related party | 200,000 | ||
Accrued Expenses | $ 339,700 | 339,700 | $ 235,200 |
Total Long-Term Liabilities | $ 339,700 | $ 539,700 | $ 235,200 |
Preferred, no par value; authorized 1,000,000 shares; no shares outstanding | |||
Contributed Capital | $ 1,488,560 | $ 1,488,560 | $ 1,488,560 |
Retained Earnings (Deficit) | (634,613) | (587,424) | (735,703) |
Total Stockholders' Equity | 2,590,001 | 2,637,190 | 2,488,911 |
Total Liabilities and Stockholders' Equity | $ 3,566,691 | $ 3,866,575 | $ 3,346,365 |
Consolidated Balance Sheet (Un4
Consolidated Balance Sheet (Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Common Class A [Member] | |||
Common stock, par value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock, shares outstanding (in shares) | 1,163,349 | 1,163,349 | 1,163,349 |
Treasury stock, shares (in shares) | 15,795 | 15,795 | 15,795 |
Common Class B [Member] | |||
Common stock, par value (in dollars per share) | $ 0 | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 2,500,000 | 2,500,000 | 2,500,000 |
Common stock, shares outstanding (in shares) | 474,866 | 474,866 | 474,866 |
Treasury stock, shares (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 ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities: | ||
Cash received from customers | $ 2,036,706 | $ 1,848,228 |
Cash paid to suppliers and employees | $ (1,628,380) | $ (1,545,549) |
Interest paid | ||
Interest received | $ 251 | $ 412 |
Net Cash Provided By (Used In) Operating Activities | 408,577 | 303,091 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (2,184) | (9,592) |
Net Cash Provided By (Used In) Investing Activities | (2,184) | (9,592) |
Net increase (decrease) in cash and cash equivalents | 406,393 | 293,499 |
Cash and cash equivalents at beginning of year | 346,405 | 390,327 |
Cash and cash equivalents at end of first quarter | 752,798 | 683,826 |
Reconciliation of Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities: | ||
Net Income (Loss) | (47,189) | (270,656) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | $ 31,500 | 16,380 |
Share-based compensation expense | $ 543 | |
Deferred income taxes | ||
Changes in assets and liabilities: | ||
Decrease (Increase) in accounts receivable | $ 659,834 | $ 686,010 |
Decrease (Increase) in inventories | 5,671 | 29,671 |
Decrease (Increase) in prepaid expenses | 11,456 | (75,678) |
Increase (Decrease) in accounts payable | (105,550) | 20,241 |
Increase (Decrease) in accrued payroll and related expenses | (29,350) | (26,793) |
Increase (Decrease) in accrued expenses and accrued taxes other than income and long-term liabilities | (117,795) | (76,627) |
Total Adjustments | 455,766 | 573,747 |
Net Cash Provided By (Used In) Operating Activities | $ 408,577 | $ 303,091 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 1. Basis of Presentation |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 2. Inventories December 31, September 30, December 31, Components $ 1,284,865 $ 1,254,294 $ 1,049,254 Work-in-Process 454,969 499,752 501,125 Finished Product 181,008 172,467 134,147 $ 1,920,842 $ 1,926,513 $ 1,684,526 |
Note 3 - Notes Receivable
Note 3 - Notes Receivable | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 3. Notes Receivable |
Note 4 - Convertible Notes Paya
Note 4 - Convertible Notes Payable | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Convertible Notes Payable 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 2016. The fair value of the warrants issued was amortized over the one-year amended convertible loan agreement period. The following weighted-average assumptions were used in the option pricing model: 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. |
Note 5 - Warrant Agreement
Note 5 - Warrant Agreement | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Warrants [Text Block] | 5. Warrant Agreement In addition to the Warrant Agreement disclosed in Note 4. the Company and Robert L. 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. The warrant was not exercised, and expired on December 30, 2015. |
Note 6 - Capital Stock, Treasur
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options | 3 Months Ended |
Dec. 31, 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 (833,233 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. 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 and 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, 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 6,000 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. The options are exercisable for up to 10 years. Options for 6,000 Class A shares were outstanding at December 31, 2015 (6,000 shares at September 30, 2015 and 22,000 shares at December 31, 2014) at prices ranging from $2.925 to $11.00 per share. All outstanding options under the Directors Plans became fully exercisable on March 8, 2015. Directors Plans Outstanding Stock Options Weighted Average Share Price Weighted Average Remaining Life Number of Stock Options Exercisable Weighted Average Share Price Range of exercise prices: $2.925 - $5.25 5,000 $ 2.925 6.1 5,000 $ 2.925 $6.00 - $7.25 1,000 $ 6.00 4.3 1,000 $ 6.00 $10.50 - $11.00 - - - - - 6,000 $ 3.44 6,000 $ 3.44 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. The following weighted-average assumptions were used in the option pricing model for the three month period ended December 31, 2014: a risk free interest rate of 5.0%; an expected life of 10 years; an expected dividend yield of 0.0%; and a volatility factor of .87. |
Note 7 - Recently Issued Accoun
Note 7 - Recently Issued Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 7. Recently Issued Accounting Pronouncements In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15") requires that an entity's management evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for annual periods beginning after December 15, 2016 and for interim periods thereafter. The Company is evaluating the potential impacts of this new standard on its quarterly reporting process. |
Note 8 - Earnings Per Common Sh
Note 8 - Earnings Per Common Share | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 8. Earnings per Common Share Three Months ended December 31, 2015 2014 Basic Income (Loss) per Share Income (Loss) available to common stockholders $ (47,189 ) $ (270,656 ) Shares denominator 1,638,215 1,638,215 Per share amount $ (.03 ) $ (.17 ) 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 $ (47,189 ) $ (270,656 ) Per share amount $ (.03 ) $ (.17 ) * Net effect of stock options, warrants, and Convertible Note were antidilutive for the period. Options and warrants to purchase 6,000 and 100,000 shares of common stock respectively during the first quarter of fiscal 2016 at prices ranging from $2.50 to $6.00 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 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. 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 2016 and 2015 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 | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 9. Segment and Related Information Indicators and Gauges Automotive Diagnostic Tools and Equipment Information by industry segment is set forth below: Three Months Ended December 31, 2015 2014 Net Sales Indicators and Gauges $ 242,123 $ 245,669 Automotive Diagnostic Tools and Equipment 1,134,749 916,549 $ 1,376,872 $ 1,162,218 Income (Loss) before Provision for Income Taxes Indicators and Gauges $ 31,074 $ 2,493 Automotive Diagnostic Tools and Equipment 171,233 (31,388 ) General Corporate Expenses (249,496 ) (241,761 ) $ (47,189 ) $ (270,656 ) Asset Information Indicators and Gauges $ 706,460 $ 704,441 Automotive Diagnostic Tools and Equipment 1,652,603 1,462,089 Corporate 1,207,628 1,179,835 $ 3,566,691 $ 3,346,365 Geographical Information Included in the consolidated financial statements are the following amounts related to geographical locations: Revenue: United States $ 1,329,619 $ 1,127,459 Australia 38,353 8,125 Canada 8,900 19,658 Mexico - 6,976 Other foreign countries - - $ 1,376,872 $ 1,162,218 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. Commitments and Contingencies |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. Subsequent Events On January 8, 2016, the Company entered into an Agreement and Plan of Merger (Agreement) with First Francis Company Inc. (First Francis), the shareholders of First Francis, Federal Hose Manufacturing LLC (Federal Hose), a wholly owned subsidiary of First Francis, and Federal Hose Merger Sub, Inc. (Merger Sub), a wholly owned subsidiary of the Company. The Merger Sub will be merged with and into Federal Hose, with Federal Hose surviving the merger on the terms and conditions set forth in the Agreement. |
Note 12 - Business Condition an
Note 12 - Business Condition and Management Plan | 3 Months Ended |
Dec. 31, 2015 | |
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. 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 orders 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, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, September 30, December 31, Components $ 1,284,865 $ 1,254,294 $ 1,049,254 Work-in-Process 454,969 499,752 501,125 Finished Product 181,008 172,467 134,147 $ 1,920,842 $ 1,926,513 $ 1,684,526 |
Note 6 - Capital Stock, Treas19
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Tables) | 3 Months Ended |
Dec. 31, 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 Stock Options Weighted Average Share Price Weighted Average Remaining Life Number of Stock Options Exercisable Weighted Average Share Price Range of exercise prices: $2.925 - $5.25 5,000 $ 2.925 6.1 5,000 $ 2.925 $6.00 - $7.25 1,000 $ 6.00 4.3 1,000 $ 6.00 $10.50 - $11.00 - - - - - 6,000 $ 3.44 6,000 $ 3.44 |
Note 8 - Earnings Per Common 20
Note 8 - Earnings Per Common Share (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months ended December 31, 2015 2014 Basic Income (Loss) per Share Income (Loss) available to common stockholders $ (47,189 ) $ (270,656 ) Shares denominator 1,638,215 1,638,215 Per share amount $ (.03 ) $ (.17 ) 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 $ (47,189 ) $ (270,656 ) Per share amount $ (.03 ) $ (.17 ) |
Note 9 - Segment and Related 21
Note 9 - Segment and Related Information (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31, 2015 2014 Net Sales Indicators and Gauges $ 242,123 $ 245,669 Automotive Diagnostic Tools and Equipment 1,134,749 916,549 $ 1,376,872 $ 1,162,218 Income (Loss) before Provision for Income Taxes Indicators and Gauges $ 31,074 $ 2,493 Automotive Diagnostic Tools and Equipment 171,233 (31,388 ) General Corporate Expenses (249,496 ) (241,761 ) $ (47,189 ) $ (270,656 ) Asset Information Indicators and Gauges $ 706,460 $ 704,441 Automotive Diagnostic Tools and Equipment 1,652,603 1,462,089 Corporate 1,207,628 1,179,835 $ 3,566,691 $ 3,346,365 Geographical Information Included in the consolidated financial statements are the following amounts related to geographical locations: Revenue: United States $ 1,329,619 $ 1,127,459 Australia 38,353 8,125 Canada 8,900 19,658 Mexico - 6,976 Other foreign countries - - $ 1,376,872 $ 1,162,218 |
Note 2 - Inventories (Details T
Note 2 - Inventories (Details Textual) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Inventory Valuation Reserves | $ 254,500 | $ 251,500 | $ 365,564 |
Note 2 - Inventory (Details)
Note 2 - Inventory (Details) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Components | $ 1,284,865 | $ 1,254,294 | $ 1,049,254 |
Work-in-Process | 454,969 | 499,752 | 501,125 |
Finished Product | 181,008 | 172,467 | 134,147 |
$ 1,920,842 | $ 1,926,513 | $ 1,684,526 |
Note 3 - Notes Receivable (Deta
Note 3 - Notes Receivable (Details Textual) | 3 Months Ended |
Dec. 31, 2015 | |
Unsecured Note Receivable Interest Rate | 3.00% |
Note 4 - Convertible Notes Pa25
Note 4 - Convertible Notes Payable (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 30, 2016 | Sep. 30, 2014 | Dec. 30, 2012 | |
Director [Member] | Roundball LLC [Member] | Convertible Notes Payable [Member] | ||||
Working Capital Funding | $ 467,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |||
Roundball LLC [Member] | Amendment No. 1 [Member] | Warrant to Purchase Class A Common Stock [Member] | ||||
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 | $ 2.50 | |||
Roundball LLC [Member] | ||||
Interest Expense, Debt | $ 174 | |||
Fair Value Assumptions, Expected Term | 3 years | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.34% | |||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 200,000 | |||
Proceeds from Convertible Debt | $ 200,000 | |||
Warrant Term | 1 year | |||
Fair Value Assumptions, Risk Free Interest Rate | 0.42% | |||
Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Fair Value Assumptions, Weighted Average Volatility Rate | 0.84% |
Note 5 - Warrant Agreement (Det
Note 5 - Warrant Agreement (Details Textual) - Robert L Bauman [Member] - Common Class A [Member] | Dec. 30, 2012$ / sharesshares |
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 |
Note 6 - Capital Stock, Treas27
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Details Textual) - USD ($) | 3 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | 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, Expiration Period | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 6,000 | 22,000 | 6,000 | |
Common Class A [Member] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 833,233 | |||
Directors Plans [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
Allocated Share-based Compensation Expense | $ 543 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 5.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 10 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 0.87% |
Note 6 - Summary of Expired Dir
Note 6 - Summary of Expired Director Plans (Details) | 3 Months Ended |
Dec. 31, 2015$ / sharesshares | |
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) | shares | 5,000 |
Outstanding, weighted average share price (in dollars per share) (in dollars per share) | $ 2.925 |
Weighted average remaining life | 6 years 36 days |
Number of stock options exercisable (in shares) | shares | 5,000 |
Exercisable, weighted average share price (in dollars per share) | $ 2.925 |
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) | shares | 1,000 |
Outstanding, weighted average share price (in dollars per share) (in dollars per share) | $ 6 |
Weighted average remaining life | 4 years 109 days |
Number of stock options exercisable (in shares) | shares | 1,000 |
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) | shares | |
Outstanding, weighted average share price (in dollars per share) (in dollars per share) | |
Weighted average remaining life | |
Number of stock options exercisable (in shares) | shares | |
Exercisable, weighted average share price (in dollars per share) | |
Outstanding stock options (in shares) | shares | 6,000 |
Outstanding, weighted average share price (in dollars per share) (in dollars per share) | $ 3.44 |
Weighted average remaining life | |
Number of stock options exercisable (in shares) | shares | 6,000 |
Exercisable, weighted average share price (in dollars per share) | $ 3.44 |
Note 8 - Earnings Per Common 29
Note 8 - Earnings Per Common Share (Details Textual) - $ / shares | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Conversion Rights [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 252,367 | 252,367 |
Share Price | $ 1.85 | $ 1.85 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,000 | 22,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 100,000 | 200,000 |
Options and Warrants [Member] | Minimum [Member] | ||
Share Price | $ 2.50 | $ 2.50 |
Options and Warrants [Member] | Maximum [Member] | ||
Share Price | $ 6 | $ 11 |
Note 8 - Summary of Earnings Pe
Note 8 - Summary of Earnings Per Share Calculation (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Earnings per Common Share: | |||
Income (Loss) available to common stockholders | $ (47,189) | $ (270,656) | |
Shares denominator (in shares) | 1,638,215 | 1,638,215 | |
Net Income (Loss) (in dollars per share) | $ (0.03) | $ (0.17) | |
Effect of Dilutive Securities | |||
Average shares outstanding (in shares) | 1,638,215 | 1,638,215 | |
Stock options (in shares) | [1] | ||
(in shares) | 1,638,215 | 1,638,215 | |
Earnings per Common Share Assuming Dilution: | |||
Income (Loss) available to common stockholders | $ (47,189) | $ (270,656) | |
Per share amount (in dollars per share) | $ (0.03) | $ (0.17) | |
[1] | Net effect of stock options, warrants, and Convertible Note were antidilutive for the period. |
Note 9 - Segment and Related 31
Note 9 - Segment and Related Information (Details Textual) | 3 Months Ended |
Dec. 31, 2015 | |
Number of Operating Segments | 4 |
Number of Reportable Segments | 2 |
Note 9 - Information by Industr
Note 9 - Information by Industry Segment (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Indicators and Gauges [Member] | ||
Net Sales | ||
Revenue | $ 242,123 | $ 245,669 |
Income (Loss) before Provision for Income Taxes | ||
Income (Loss) before provision for Income Taxes | 31,074 | 2,493 |
Asset Information | ||
Assets | 706,460 | 704,441 |
Revenue: | ||
Revenue | 242,123 | 245,669 |
Automotive Diagnostic Tools and Equipment [Member] | ||
Net Sales | ||
Revenue | 1,134,749 | 916,549 |
Income (Loss) before Provision for Income Taxes | ||
Income (Loss) before provision for Income Taxes | 171,233 | (31,388) |
Asset Information | ||
Assets | 1,652,603 | 1,462,089 |
Revenue: | ||
Revenue | 1,134,749 | 916,549 |
Corporate Segment [Member] | ||
Income (Loss) before Provision for Income Taxes | ||
Income (Loss) before provision for Income Taxes | (249,496) | (241,761) |
Asset Information | ||
Assets | 1,207,628 | 1,179,835 |
UNITED STATES | ||
Net Sales | ||
Revenue | 1,329,619 | 1,127,459 |
Revenue: | ||
Revenue | 1,329,619 | 1,127,459 |
AUSTRALIA | ||
Net Sales | ||
Revenue | 38,353 | 8,125 |
Revenue: | ||
Revenue | 38,353 | 8,125 |
CANADA | ||
Net Sales | ||
Revenue | 8,900 | 19,658 |
Revenue: | ||
Revenue | $ 8,900 | 19,658 |
MEXICO | ||
Net Sales | ||
Revenue | 6,976 | |
Revenue: | ||
Revenue | $ 6,976 | |
Other Foreign Countries [Member] | ||
Net Sales | ||
Revenue | ||
Revenue: | ||
Revenue | ||
Revenue | $ 1,376,872 | $ 1,162,218 |
Income (Loss) before provision for Income Taxes | (47,189) | (270,656) |
Assets | 3,566,691 | 3,346,365 |
Revenue | $ 1,376,872 | $ 1,162,218 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - Federal Hose [Member] - Subsequent Event [Member] - First Francis [Member] | Jan. 08, 2016USD ($)shares |
Common Class A [Member] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 911,250 |
Common Class B [Member] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 303,750 |
Promissory Note 1 [Member] | |
Debt Instrument, Face Amount | $ | $ 2,768,662 |
Promissory Note 2 [Member] | |
Debt Instrument, Face Amount | $ | $ 2,000,000 |
Note 12 - Business Condition 34
Note 12 - Business Condition and Management Plan (Details Textual) - USD ($) | Dec. 31, 2015 | Dec. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Amendment No. 3 [Member] | Director [Member] | Roundball LLC [Member] | ||||
Working Capital Funding | $ 467,000 | |||
Line of Credit Facility, Current Borrowing Capacity | $ 250,000 | |||
Convertible Notes Payable, Current | $ 200,000 | |||
Convertible Notes Payable, Current | $ 200,000 | $ 200,000 |