Crawford United (CRAWA) 10-Q 16 May 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Mar. 31, 2016	May. 09, 2016
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
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	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Income Statements

Consolidated Income Statements (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Net Sales
Product Sales	$ 984,241	$ 1,038,783	$ 2,291,407	$ 2,139,097
Service Sales	62,383	52,399	132,089	114,303
Total Net Sales	1,046,624	1,091,182	2,423,496	2,253,400
Costs and Expenses
Cost of Product Sold	642,312	673,846	1,335,347	1,433,356
Cost of Service Sold	52,232	35,345	99,718	75,948
Product Development	272,710	260,507	519,483	496,445
Marketing and Administrative Expenses	542,910	400,570	981,135	799,969
Interest Charges	3,162	171	3,336	299
Other Income	(2,258)	(2,594)	(3,890)	(5,298)
Total Costs and Expenses	1,511,068	1,367,845	2,935,129	2,800,719
Income (Loss) before Provision for Income Taxes	$ (464,444)	$ (276,663)	$ (511,633)	$ (547,319)
Provision for (Recovery of) Income Taxes
Net Income (Loss)	$ (464,444)	$ (276,663)	$ (511,633)	$ (547,319)
Earnings per Common Share:
Net Income (Loss) (in dollars per share)	$ (0.28)	$ (0.17)	$ (0.31)	$ (0.33)
Earnings per Common Share Assuming Dilution:
Net Income (Loss) (in dollars per share)	(0.28)	(0.17)	(0.31)	(0.33)
Dividends per Common Share (in dollars per share)	$ 0	$ 0	$ 0	$ 0

Consolidated Balance Sheet (Una

Consolidated Balance Sheet (Unaudited) - USD ($)	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015
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	381,843	346,405	282,401
Trade Accounts Receivable-Net	$ 397,971	$ 1,101,554	$ 593,265
Notes Receivable - Current
Inventories	$ 1,975,372	$ 1,926,513	$ 1,778,854
Prepaid Expenses	73,040	112,019	68,203
Total Current Assets	2,828,226	3,486,491	2,722,723
Land	233,479	233,479	233,479
Buildings	1,440,138	1,440,138	1,429,718
Machinery and Equipment	2,596,376	2,348,554	2,541,835
	4,269,993	4,022,171	4,205,032
Less: Allowance for Depreciation	3,709,937	3,646,937	3,833,311
Total Property - Net	560,056	375,234	371,721
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	3,393,132	$ 3,866,575	3,100,294
Convertible Notes Payable - related party	200,000		$ 200,000
Capital lease obligation on MIS computer equipment and software, payable in monthly installments of $2,059 including interest at approximately 1.04% per annum through December, 2017.	54,627
Trade Accounts Payable	260,749	$ 297,761	$ 206,049
Accrued Payroll & Related Expenses	77,626	167,770	141,637
Accrued Expenses	500,890	183,390	310,968
Accrued Taxes Other Than Income	$ 10,275	$ 40,764	$ 29,392
Accrued Income Taxes
Total Current Liabilities	$ 1,104,167	$ 689,685	$ 888,046
Convertible Notes Payable - related party		$ 200,000
Leases Payable	$ 163,408
Accrued Expenses		$ 339,700
Total Long-term Liabilities	$ 163,408	$ 539,700
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)	(1,099,057)	(587,424)	(1,012,366)
Total Stockholders' Equity	2,125,557	2,637,190	2,212,248
Total Liabilities and Stockholders' Equity	$ 3,393,132	$ 3,866,575	$ 3,100,294

Consolidated Balance Sheet (Un4

Consolidated Balance Sheet (Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015
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 ($)	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows from Operating Activities:
Cash received from customers	$ 3,127,079	$ 2,832,403
Cash paid to suppliers and employees	(3,059,419)	$ (2,915,519)
Interest paid	(2,991)
Interest received	$ 556	$ 645
Income taxes (paid) refunded
Net Cash Provided By (Used In) Operating Activities	$ 65,225	$ (82,471)
Cash Flows from Investing Activities:
Capital expenditures	(247,822)	(25,455)
Net Cash Provided By (Used In) Investing Activities	(247,822)	$ (25,455)
Cash Flows from Financing Activities:
Lease payable borrowing	233,115
Payments on lease payable borrowing	(15,080)
Net cash Provided By (Used In) Financing Activities	218,035
Net increase (decrease) in cash and cash equivalents	35,438	$ (107,926)
Cash and cash equivalents at beginning of year	346,405	390,327
Cash and cash equivalents at end of second quarter	381,843	282,401
Reconciliation of Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities:
Net Income (Loss)	(511,633)	(547,319)
Adjustments to reconcile Net Income (Loss) to net cash provided by operating activities:
Depreciation	$ 63,000	32,760
Share-based compensation expense		$ 543
Deferred income taxes
Changes in assets and liabilities:
Decrease (Increase) in accounts receivable	$ 703,583	$ 579,003
Decrease (Increase) in inventories	(48,859)	(64,657)
Decrease (Increase) in prepaid expenses	38,979	(30,214)
Increase (Decrease) in accounts payable	(37,012)	60,492
Increase (Decrease) in accrued payroll and related expenses	(90,144)	8,918
Increase (Decrease) in accrued expenses and accrued taxes other than income	(52,689)	(121,997)
Total Adjustments	576,858	464,848
Net Cash Provided By (Used In) Operating Activities	65,225	$ (82,471)
Supplemental Schedule of Non-Cash Activity:
Assets acquired by capital lease	$ 233,115

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Mar. 31, 2016
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 and six month periods ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ended September 30, 2016. 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, 2015.

Note 2 - Inventories

Note 2 - Inventories	6 Months Ended
	Mar. 31, 2016
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: March 31, 2016 September 30, 2015 March 31, 2015 Components $ 1,238,650 $ 1,254,294 $ 1,140,410 Work-in-Process 594,481 499,752 508,069 Finished Product 142,241 172,467 130,375 $ 1,975,372 $ 1,926,513 $ 1,778,854 The above amounts are net of reserve for obsolete inventory in the amount of $219,292, $251,500 and $368,564 for the periods ended March 31, 2016, September 30, 2015 and March 31, 2015 respectively.

Note 3 - Notes Receivable

Note 3 - Notes Receivable	6 Months Ended
	Mar. 31, 2016
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	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Debt Disclosure [Text Block]	4. Convertible Notes Payable On December 30, 2011, management entered into a Convertible Loan Agreement with Roundball LLC. Over the past several years there have been several amendments to the original agreement. 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 1 year; an expected dividend yield of 0.0%; and a volatility factor of .84.

Note 5 - Warrant Agreement

Note 5 - Warrant Agreement	6 Months Ended
	Mar. 31, 2016
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 Leases

Note 6 - Capital Leases	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Capital Leases in Financial Statements of Lessee Disclosure [Text Block]	6 . Capital Leases Current 2016 Total 2016 Total 2015 Capital lease obligation on MIS computer equipment and software, payable in monthly installments of $2,059 including interest at approximately 1.04% per annum through December, 2017. $ 24,710 $ 39,124 $ - Capital lease obligation on IT computer equipment and software, payable in monthly installments of $3,888 including interest at approximately 9.83% per annum, through February, 2021. 29,917 178,911 - $ 54,627 218,035 - Less current portion 54,627 - $ 163,408 $ - The cost of fixed assets related to the capital leases is $233,115 which approximates book value at March 31, 2016.

Note 7 - Capital Stock, Treasur

Note 7 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	7. Capital Stock, Treasury Stock, Contributed Capital and Stock Options Unissued shares of Class A common stock (832,233 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 March 31, 2016. 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 5,000 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 5,000 Class A shares were outstanding at March 31, 2016 (6,000 shares at September 30, 2015 and 20,000 shares at March 31, 2015) at prices ranging from $2.925 to $11.00 per share. Options for 1,000 shares expired during the three month period ended March 31, 2016 at $2.925 per share. In addition, options for 2,000 shares expired during the three month period ended March 31, 2015 at $6.45 per share. All outstanding options under the expired Directors Plans became 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 March 31, 2016: Directors Plans Outstanding Stock Options Weighted Average Share Price Weighted Average Remaining Life Number of Stock Options Exercisable Weighted Share Price Range of exercise prices: $2.925 - 5.25 4,000 $ 2.925 5.8 4,000 $ 2.925 $6.00 - 7.25 1,000 $ 6.00 4.0 1,000 $ 6.00 $10.50 - $11.00 - - - - - 5,000 $ 3.54 5,000 $ 3.54 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 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 six month periods ended March 31, 2016 and 2015 respectively $0 and $0; $0 and $543 was expensed as share-based compensation. The following weighted-average assumptions were used in the option pricing model for the three and six month periods ended March 31, 2016 and 2015 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 8 - Recently Issued Accoun

Note 8 - Recently Issued Accounting Pronouncements	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	8. 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 March 2016, the Financial Accounting Standards Board (FASB) issued a new standard that changes the accounting for certain aspects of share-based payments to employees. The new guidance requires excess tax benefits and tax deficiencies to be recorded in the income statement when the awards vest or are settled. In addition, cash flows related to excess tax benefits will no longer be separately classified as a financing activity apart from the other income tax cash flows. The standard also allows us to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting, clarifies that all cash payments made on an employee’s behalf for withheld shares should be presented as a financing activity on our cash flow statements, and provides an accounting policy election to account for forfeitures as they occur. The new standard is effective for us beginning October 1, 2017, with early adoption permitted. This new standard is not expected to have a significant impact on the Company’s financial statements. In February 2016, the FASB issued a new standard related to leases to increase transparency and comparability among organizations by requiring the recognition of lease assets and lease liabilities on the balance sheet. Most prominent among the amendments is the recognition of assets and liabilities by lessees for those leases classified as operating leases under previous U.S. GAAP. Under the new standard, disclosures are required to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The new standard will be effective for us beginning October 1, 2019, with early adoption permitted. We are evaluating the impact this standard will have to our financial statements. 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 9 - Earnings Per Common Sh

Note 9 - Earnings Per Common Share	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	9. 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 Six Months Ended March 31, March 31, 2016 2015 2016 2015 Basic Income (Loss) per Share Income (Loss) available to common stockholders $ (464,444 ) $ (276,663 ) $ (511,633 ) $ (547,319 ) Shares denominator 1,638,215 1,638,215 1,638,215 1,638,215 Per share amount $ (.28 ) $ (.17 ) $ (.31 ) $ (.33 ) Effect of Dilutive Securities Average shares outstanding 1,638,215 1,638,215 1,638,215 1,638,215 Stock options -* -* -* -* 1,638,215 1,638,215 1,638,215 1,638,215 Diluted Income (Loss) per Share Income (Loss) available to common stockholders $ (464,444 ) $ (276,663 ) $ (511,633 ) $ (547,319 ) Per share amount $ (.28 ) $ (.17 ) $ (.31 ) $ (.33 ) * Net effect of stock options and warrants were antidilutive for the period. Options and warrants to purchase 5,000 and 100,000 shares of common stock respectively during the second quarter and the first six months of fiscal 2016 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 second quarter and the first six months of fiscal 2016 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 20,000 and 200,000 shares of common stock respectively during the second quarter and the first six 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 second quarter and the first six 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.

Note 10 - Segment and Related I

Note 10 - Segment and Related Information	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	10. 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 Automotive Diagnostic Tools and Equipment Information by industry segment is set forth below: Three Months Ended Six Months Ended March 31, March 31, 2016 2015 2016 2015 Net Sales Indicators and Gauges $ 271,937 $ 355,267 $ 514,060 $ 600,936 Automotive Diagnostic Tools and Equipment 774,687 735,915 1,909,436 1,652,464 $ 1,046,624 $ 1,091,182 $ 2,423,496 $ 2,253,400 Income (Loss) before provision for Income Taxes Indicators and Gauges $ 32,162 $ 62,103 $ 63,236 $ 64,596 Automotive Diagnostic Tools and Equipment (134,105 ) (91,159 ) 37,128 (122,547 ) General Corporate Expenses (362,501 ) (247,607 ) (611,997 ) (489,368 ) $ (464,444 ) $ (276,663 ) $ (511,633 ) $ (547,319 ) Asset Information Indicators and Gauges $ 754,134 $ 794,095 Automotive Diagnostic Tools and Equipment 1,613,917 1,575,734 Corporate 1,025,081 730,465 $ 3,393,132 $ 3,100,294 Geographical Information Included in the consolidated financial statements are the following amounts related to geographical locations: Revenue: United States $ 1,015,090 $ 1,068,123 $ 2,344,709 $ 2,195,582 Australia 588 3,675 38,941 11,800 Canada 5,798 15,896 14,698 35,554 England 20,260 - 20,260 - Mexico 4,360 3,488 4,360 10,464 Other foreign countries 528 - 528 - $ 1,046,624 $ 1,091,182 $ 2,423,496 $ 2,253,400 All export sales to Australia, Canada, England, Mexico and other foreign countries are made in United States of America Dollars.

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. Commitments and Contingencies

Note 12 - Subsequent Events

Note 12 - Subsequent Events	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	12. Subsequent Events The Company has analyzed its operations subsequent to March 31, 2016 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, except as follows:

Note 13 - Business Condition an

Note 13 - Business Condition and Management Plan	6 Months Ended
	Mar. 31, 2016
Notes to Financial Statements
Going Concern Disclosure [Text Block]	13. Business Condition and Management Plan 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, and other additional short-term or long-term financing is expected to provide the Company with the needed working capital for the next twelve months.

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	6 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, 2016 September 30, 2015 March 31, 2015 Components $ 1,238,650 $ 1,254,294 $ 1,140,410 Work-in-Process 594,481 499,752 508,069 Finished Product 142,241 172,467 130,375 $ 1,975,372 $ 1,926,513 $ 1,778,854

Note 6 - Capital Leases (Tables

Note 6 - Capital Leases (Tables)	6 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Capital Leased Assets [Table Text Block]	Current 2016 Total 2016 Total 2015 Capital lease obligation on MIS computer equipment and software, payable in monthly installments of $2,059 including interest at approximately 1.04% per annum through December, 2017. $ 24,710 $ 39,124 $ - Capital lease obligation on IT computer equipment and software, payable in monthly installments of $3,888 including interest at approximately 9.83% per annum, through February, 2021. 29,917 178,911 - $ 54,627 218,035 - Less current portion 54,627 - $ 163,408 $ -

Note 7 - Capital Stock, Treas21

Note 7 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Tables)	6 Months Ended
	Mar. 31, 2016
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 Share Price Range of exercise prices: $2.925 - 5.25 4,000 $ 2.925 5.8 4,000 $ 2.925 $6.00 - 7.25 1,000 $ 6.00 4.0 1,000 $ 6.00 $10.50 - $11.00 - - - - - 5,000 $ 3.54 5,000 $ 3.54

Note 9 - Earnings Per Common 22

Note 9 - Earnings Per Common Share (Tables)	6 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended Six Months Ended March 31, March 31, 2016 2015 2016 2015 Basic Income (Loss) per Share Income (Loss) available to common stockholders $ (464,444 ) $ (276,663 ) $ (511,633 ) $ (547,319 ) Shares denominator 1,638,215 1,638,215 1,638,215 1,638,215 Per share amount $ (.28 ) $ (.17 ) $ (.31 ) $ (.33 ) Effect of Dilutive Securities Average shares outstanding 1,638,215 1,638,215 1,638,215 1,638,215 Stock options -* -* -* -* 1,638,215 1,638,215 1,638,215 1,638,215 Diluted Income (Loss) per Share Income (Loss) available to common stockholders $ (464,444 ) $ (276,663 ) $ (511,633 ) $ (547,319 ) Per share amount $ (.28 ) $ (.17 ) $ (.31 ) $ (.33 )

Note 10 - Segment and Related23

Note 10 - Segment and Related Information (Tables)	6 Months Ended
	Mar. 31, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended Six Months Ended March 31, March 31, 2016 2015 2016 2015 Net Sales Indicators and Gauges $ 271,937 $ 355,267 $ 514,060 $ 600,936 Automotive Diagnostic Tools and Equipment 774,687 735,915 1,909,436 1,652,464 $ 1,046,624 $ 1,091,182 $ 2,423,496 $ 2,253,400 Income (Loss) before provision for Income Taxes Indicators and Gauges $ 32,162 $ 62,103 $ 63,236 $ 64,596 Automotive Diagnostic Tools and Equipment (134,105 ) (91,159 ) 37,128 (122,547 ) General Corporate Expenses (362,501 ) (247,607 ) (611,997 ) (489,368 ) $ (464,444 ) $ (276,663 ) $ (511,633 ) $ (547,319 ) Asset Information Indicators and Gauges $ 754,134 $ 794,095 Automotive Diagnostic Tools and Equipment 1,613,917 1,575,734 Corporate 1,025,081 730,465 $ 3,393,132 $ 3,100,294 Geographical Information Included in the consolidated financial statements are the following amounts related to geographical locations: Revenue: United States $ 1,015,090 $ 1,068,123 $ 2,344,709 $ 2,195,582 Australia 588 3,675 38,941 11,800 Canada 5,798 15,896 14,698 35,554 England 20,260 - 20,260 - Mexico 4,360 3,488 4,360 10,464 Other foreign countries 528 - 528 - $ 1,046,624 $ 1,091,182 $ 2,423,496 $ 2,253,400

Note 2 - Inventories (Details T

Note 2 - Inventories (Details Textual) - USD ($)	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015
Inventory Valuation Reserves	$ 219,292	$ 251,500	$ 368,564

Note 2 - Inventory (Details)

Note 2 - Inventory (Details) - USD ($)	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015
Components	$ 1,238,650	$ 1,254,294	$ 1,140,410
Work-in-Process	594,481	499,752	508,069
Finished Product	142,241	172,467	130,375
	$ 1,975,372	$ 1,926,513	$ 1,778,854

Note 3 - Notes Receivable (Deta

Note 3 - Notes Receivable (Details Textual)	3 Months Ended
	Mar. 31, 2016
Unsecured Note Receivable Interest Rate	3.00%

Note 4 - Convertible Notes Pa27

Note 4 - Convertible Notes Payable (Details Textual) - USD ($)	Dec. 30, 2015	Mar. 31, 2016	Mar. 31, 2016	Dec. 30, 2016	Sep. 30, 2014	Dec. 31, 2015	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		$ 171	$ 345
Debt Instrument, Interest Rate, Stated Percentage						0.34%
Line of Credit Facility, Fair Value of Amount Outstanding		$ 200,000	$ 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 Term	1 year
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 Leases (Detail

Note 6 - Capital Leases (Details Textual) - USD ($)	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015
Assets Held under Capital Leases [Member]
Property, Plant and Equipment, Gross	$ 233,115
Property, Plant and Equipment, Gross	$ 4,269,993	$ 4,022,171	$ 4,205,032

Note 6 - Capital Leased Assets

Note 6 - Capital Leased Assets (Details) - USD ($)	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015
Assets Held Under Capital Leases, MIS Computer Equipment [Member]
Capital lease obligation on MIS computer equipment and software, payable in monthly installments of $2,059 including interest at approximately 1.04% per annum through December, 2017.	$ 24,710
Capital lease obligation on MIS computer equipment and software, payable in monthly installments of $2,059 including interest at approximately 1.04% per annum through December, 2017.	39,124
Less current portion	24,710
Assets Held Under Capital Leases, IT Computer Equipment [Member]
Capital lease obligation on MIS computer equipment and software, payable in monthly installments of $2,059 including interest at approximately 1.04% per annum through December, 2017.	29,917
Capital lease obligation on MIS computer equipment and software, payable in monthly installments of $2,059 including interest at approximately 1.04% per annum through December, 2017.	178,911
Less current portion	29,917
Capital lease obligation on MIS computer equipment and software, payable in monthly installments of $2,059 including interest at approximately 1.04% per annum through December, 2017.	54,627
Capital lease obligation on MIS computer equipment and software, payable in monthly installments of $2,059 including interest at approximately 1.04% per annum through December, 2017.	218,035
Less current portion	54,627
	$ 163,408

Note 6 - Capital Leased Asset31

Note 6 - Capital Leased Assets (Details) (Parentheticals) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2016	Mar. 31, 2015
Assets Held Under Capital Leases, MIS Computer Equipment [Member] | Debt Instrument, Maturing at December, 2017 [Member]
Interest rate	1.04%	1.04%
Assets Held Under Capital Leases, MIS Computer Equipment [Member]
Monthly Installment	$ 2,059	$ 2,059
Assets Held Under Capital Leases, IT Computer Equipment [Member] | Debt Instrument, Maturing at February, 2021 [Member]
Interest rate	9.83%	9.83%
Assets Held Under Capital Leases, IT Computer Equipment [Member]
Monthly Installment	$ 3,888	$ 3,888

Note 7 - Capital Stock, Treas32

Note 7 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015	Feb. 27, 2013
Common Class A [Member] | Omnibus 2013 Equity Plan [Member]
Common Stock, Capital Shares Reserved for Future Issuance						150,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0
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, Options, Outstanding, Number	5,000	20,000	5,000	20,000	6,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period	1,000	2,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price	$ 2.925	$ 6.45
Common Class A [Member]
Common Stock, Capital Shares Reserved for Future Issuance	832,233		832,233
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	$ 0	$ 0	$ 0	$ 543
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%

Note 7 - Summary of Expired Dir

Note 7 - Summary of Expired Director Plans (Details)	3 Months Ended
	Mar. 31, 2016$ / 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	4,000
Outstanding, weighted average share price (in dollars per share) (in dollars per share)	$ 2.925
Weighted average remaining life	5 years 292 days
Number of stock options exercisable (in shares) | shares	4,000
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
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	5,000
Outstanding, weighted average share price (in dollars per share) (in dollars per share)	$ 3.54
Weighted average remaining life
Number of stock options exercisable (in shares) | shares	5,000
Exercisable, weighted average share price (in dollars per share)	$ 3.54

Note 9 - Earnings Per Common 34

Note 9 - Earnings Per Common Share (Details Textual) - $ / shares	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	5,000	20,000	5,000	20,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	100,000	200,000	100,000	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	252,367
Share Price	$ 1.85	$ 1.85	$ 1.85	$ 1.85

Note 9 - Summary of Earnings Pe

Note 9 - Summary of Earnings Per Share Calculation (Details) - USD ($)		3 Months Ended		6 Months Ended
		Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Earnings per Common Share:
Income (Loss) available to common stockholders		$ (464,444)	$ (276,663)	$ (511,633)	$ (547,319)
Shares denominator (in shares)		1,638,215	1,638,215	1,638,215	1,638,215
Net Income (Loss) (in dollars per share)		$ (0.28)	$ (0.17)	$ (0.31)	$ (0.33)
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)	[1]
(in shares)		1,638,215	1,638,215	1,638,215	1,638,215
Earnings per Common Share Assuming Dilution:
Income (Loss) available to common stockholders		$ (464,444)	$ (276,663)	$ (511,633)	$ (547,319)
Per share amount (in dollars per share)		$ (0.28)	$ (0.17)	$ (0.31)	$ (0.33)
[1]	Net effect of stock options, warrants, and Convertible Note were antidilutive for the period.

Note 10 - Segment and Related36

Note 10 - Segment and Related Information (Details Textual)	3 Months Ended
	Mar. 31, 2016
Number of Operating Segments	4
Number of Reportable Segments	2

Note 10 - Information by Indust

Note 10 - Information by Industry Segment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015
Indicators and Gauges [Member]
Net Sales
Revenue	$ 271,937	$ 355,267	$ 514,060	$ 600,936
Income (Loss) before provision for Income Taxes
Income (Loss) before provision for Income Taxes	32,162	62,103	63,236	64,596
Asset Information
Assets	754,134	794,095	754,134	794,095
Revenue:
Revenue	271,937	355,267	514,060	600,936
Automotive Diagnostic Tools and Equipment [Member]
Net Sales
Revenue	774,687	735,915	1,909,436	1,652,464
Income (Loss) before provision for Income Taxes
Income (Loss) before provision for Income Taxes	(134,105)	(91,159)	37,128	(122,547)
Asset Information
Assets	1,613,917	1,575,734	1,613,917	1,575,734
Revenue:
Revenue	774,687	735,915	1,909,436	1,652,464
Corporate Segment [Member]
Income (Loss) before provision for Income Taxes
Income (Loss) before provision for Income Taxes	(362,501)	(247,607)	(611,997)	(489,368)
Asset Information
Assets	1,025,081	730,465	1,025,081	730,465
UNITED STATES
Net Sales
Revenue	1,015,090	1,068,123	2,344,709	2,195,582
Revenue:
Revenue	1,015,090	1,068,123	2,344,709	2,195,582
AUSTRALIA
Net Sales
Revenue	588	3,675	38,941	11,800
Revenue:
Revenue	588	3,675	38,941	11,800
CANADA
Net Sales
Revenue	5,798	15,896	14,698	35,554
Revenue:
Revenue	5,798	15,896	14,698	35,554
England [Member]
Net Sales
Revenue	20,260		20,260
Revenue:
Revenue	20,260		20,260
MEXICO
Net Sales
Revenue	4,360	3,488	4,360	10,464
Revenue:
Revenue	4,360	3,488	4,360	10,464
Other Foreign Countries [Member]
Net Sales
Revenue	528		528
Revenue:
Revenue	528		528
Revenue	1,046,624	1,091,182	2,423,496	2,253,400
Income (Loss) before provision for Income Taxes	(464,444)	(276,663)	(511,633)	(547,319)
Assets	3,393,132	3,100,294	3,393,132	3,100,294	$ 3,866,575
Revenue	$ 1,046,624	$ 1,091,182	$ 2,423,496	$ 2,253,400

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual) - Federal Hose [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 13 - Business Condition 39

Note 13 - Business Condition and Management Plan (Details Textual) - USD ($)	Mar. 31, 2016	Dec. 30, 2015	Sep. 30, 2015	Mar. 31, 2015
Roundball LLC [Member] | Director [Member] | Amendment No.4 [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