Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2016 | Aug. 08, 2016 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 778,616 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 2,074,599 | |
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 | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Income Statements
Consolidated Income Statements (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Net Sales | ||||
Product Sales | $ 1,479,543 | $ 1,746,940 | $ 3,770,950 | $ 3,886,037 |
Service Sales | 50,701 | 57,674 | 182,790 | 171,977 |
Total Net Sales | 1,530,244 | 1,804,614 | 3,953,740 | 4,058,014 |
Costs and Expenses | ||||
Cost of Product Sold | 746,161 | 961,912 | 2,081,508 | 2,395,268 |
Cost of Service Sold | 23,269 | 34,908 | 122,987 | 110,856 |
Product Development | 258,406 | 245,794 | 777,889 | 742,239 |
Marketing and Administrative Expenses | 507,326 | 453,903 | 1,488,461 | 1,253,872 |
Interest Charges | 4,843 | 171 | 8,179 | 470 |
Other (Income) Expense | (1,666) | (1,705) | (5,556) | (7,003) |
Total Costs and Expenses | 1,538,339 | 1,694,983 | 4,473,468 | 4,495,702 |
Income (Loss) before Provision for Income Taxes | (8,095) | 109,631 | (519,728) | (437,688) |
Income (Recovery of) Taxes | ||||
Net Income (Loss) | $ (8,095) | $ 109,631 | $ (519,728) | $ (437,688) |
Earnings per Common Share: | ||||
Net Income (Loss) (in dollars per share) | $ (0.01) | $ 0.07 | $ (0.32) | $ (0.27) |
Earnings per Common Share Assuming Dilution: | ||||
Net Income (Loss) (in dollars per share) | (0.01) | 0.07 | (0.32) | (0.27) |
Dividends per Common Share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) | Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 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 | 256,051 | 346,405 | 364,649 |
Trade Accounts Receivable - Net | 793,935 | 1,101,554 | 752,677 |
Notes Receivable - Current | |||
Inventories | 1,948,674 | 1,926,513 | 1,681,100 |
Prepaid Expenses | 53,163 | 112,019 | 70,549 |
Total Current Assets | 3,051,823 | 3,486,491 | 2,868,975 |
Land | 233,479 | 233,479 | 233,479 |
Buildings | 1,440,138 | 1,440,138 | 1,429,718 |
Machinery and Equipment | 2,608,104 | 2,348,554 | 2,567,635 |
4,281,721 | 4,022,171 | 4,230,832 | |
Less: Allowance for Depreciation | 3,741,437 | 3,646,937 | 3,849,691 |
Total Property - Net | 540,284 | 375,234 | 381,141 |
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 | 3,596,957 | 3,866,575 | 3,255,966 |
Short-term Financing-related party | 250,000 | ||
Convertible Notes Payable-related party | 200,000 | 200,000 | |
Lease Payable | 54,627 | ||
Trade Accounts Payable | 190,718 | 297,761 | 173,103 |
Accrued Payroll & Related Expenses | 132,707 | 167,770 | 149,335 |
Accrued Expenses | 472,268 | 183,390 | 374,204 |
Accrued Taxes Other Than Income | 27,211 | 40,764 | 37,445 |
Accrued Income Taxes | |||
Total Current Liabilities | 1,327,531 | 689,685 | 934,087 |
Convertible Notes Payable-related party | 200,000 | ||
Lease Payable | 151,964 | ||
Accrued expenses | 339,700 | ||
Total Long-Term Liabilities | 151,964 | 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) | (1,107,152) | (587,424) | (902,735) |
Total Stockholders' Equity | 2,117,462 | 2,637,190 | 2,321,879 |
Total Liabilities and Stockholders' Equity | $ 3,596,957 | $ 3,866,575 | $ 3,255,966 |
Consolidated Balance Sheet (Un4
Consolidated Balance Sheet (Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 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 ($) | 9 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities: | ||
Cash received from customers | $ 4,261,359 | $ 4,477,605 |
Cash paid to suppliers and employees | (4,542,057) | (4,452,731) |
Interest paid | (7,329) | |
Interest received | 632 | 703 |
Income taxes (paid) refunded | ||
Net Cash Provided By (Used In) Operating Activities | (287,395) | 25,577 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (26,435) | (51,255) |
Net Cash Provided By (Used In) Investing Activities | (26,435) | (51,255) |
Cash Flows from Financing Activities: | ||
Short-term borrowing-related party | 250,000 | |
Payments on lease payable borrowing | (26,524) | |
Net Cash Provided By (Used In) Financing Activities | 223,476 | |
Net increase (decrease) in cash and cash equivalents | (90,354) | (25,678) |
Cash and cash equivalents at beginning of year | 346,405 | 390,327 |
Cash and cash equivalents at end of third quarter | 256,051 | 364,649 |
Reconciliation of Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities: | ||
Net Income (Loss) | (519,728) | (437,688) |
Adjustments to reconcile Net Income (Loss) to net cash provided by operating activities: | ||
Depreciation | 94,500 | 49,140 |
Non-cash share-based compensation expense | 543 | |
Changes in assets and liabilities: | ||
Decrease (Increase) in trade accounts receivable | 307,619 | 419,591 |
Decrease (Increase) in inventories | (22,161) | 33,097 |
Decrease (Increase) in prepaid expenses | 58,856 | (32,560) |
Increase (Decrease) in accounts payable | (107,043) | 27,546 |
Increase (Decrease) in accrued payroll and related expenses | (35,063) | 16,616 |
Increase (Decrease) in accrued expenses and accrued taxes other than income | (64,375) | (50,708) |
Total Adjustments | 232,333 | 463,265 |
Net Cash Provided By (Used In) Operating Activities | (287,395) | 25,577 |
Supplemental Schedule of Non-Cash Activity: | ||
Assets acquired by capital lease | $ 233,115 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jun. 30, 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 and nine month periods ended June 30, 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 | 9 Months Ended |
Jun. 30, 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: June 30, 2016 Sept. 30, 2015 June 30, 2015 Components $ 1,269,567 $ 1,254,294 $ 1,059,014 Work-in-Process 525,835 499,752 475,436 Finished Product 153,272 172,467 146,650 $ 1,948,674 $ 1,926,513 $ 1,681,100 The above amounts are net of reserve for obsolete inventory in the amount of $199,987 , $251,500 and $371,564 for the periods ended June 30, 2016, September 30, 2015 and June 30, 2015 respectively. |
Note 3 - Notes Receivable
Note 3 - Notes Receivable | 9 Months Ended |
Jun. 30, 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 | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 4. Convertible Notes Payabl e 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. for the three months and nine month periods ended June 30, 2016 respectively. |
Note 5 - Short-term Financing
Note 5 - Short-term Financing | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Short-term Debt [Text Block] | 5. Short-term Financing On June 3, 2016, management entered into an unsecured revolving credit agreement with First Francis Company Inc. First Francis Company Inc, became a major shareholder of the Company on July 1, 2016 when the Company entered into an Agreement and Plan of Merger with First Francis Company Inc. owner of Federal Hose, Federal Hose, and Mr. Edward Crawford and Mr. Matthew Crawford, each of whom are the shareholders of First Francis Company Inc. Edward Crawford and Matthew Crawford serve on the Board of directors of Hickok Incorporated. Matthew Crawford is the son of Edward Crawford. |
Note 6 - Capital Leases
Note 6 - Capital Leases | 9 Months Ended |
Jun. 30, 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 $ 35,006 $ - 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. 29,917 171,585 - $ 54,627 206,591 - Less current portion 54,627 - $ 151,964 $ - The cost of fixed assets related to the capital leases is $233,115 which approximates book value at June 30, 2016. |
Note 7 - Capital Stock, Treasur
Note 7 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options | 9 Months Ended |
Jun. 30, 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 June 30, 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. Options for 5,000 Class A shares were outstanding at June 30, 2016 (6,000 shares at September 30, 2015 and 20,000 shares at June 30, 2015) at prices ranging from $2.925 to $6.00 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 June 30, 2016: Directors Plans Outstanding Options Weighted Share Price Weighted Life Number of Options Exercisable Weighted Price Range of exercise prices: $2.925 - 5.25 4,000 $ 2.925 5.5 4,000 $ 2.925 $6.00 1,000 $ 6.00 3.8 1,000 $ 6.00 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 nine month periods ended June 30, 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 nine month periods ended June 30, 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 | 9 Months Ended |
Jun. 30, 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 | 9 Months Ended |
Jun. 30, 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 June 30, Nine Months Ended June 30, 2016 2015 2016 2015 Basic Income (Loss) per Share Income (Loss) available to common stockholders $ (8,095 ) $ 109,631 $ (519,728 ) $ (437,688 ) Shares denominator 1,638,215 1,638,215 1,638,215 1,638,215 Per share amount $ (.01 ) $ .07 $ (.32 ) $ (.27 ) 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 $ (8,095 ) $ 109,631 $ (519,728 ) $ (437,688 ) Per share amount $ (.01 ) $ .07 $ (.32 ) $ (.27 ) * 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 third quarter and the first nine months 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. In addition , conversion rights to purchase 252,367 shares of common stock during the third quarter and first nine 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 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. |
Note 10 - Segment and Related I
Note 10 - Segment and Related Information | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 10. 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, 2016 2015 2016 2015 Net Revenue Indicators and Gauges $ 368,065 $ 332,771 $ 882,125 $ 933,707 Automotive Diagnostic Tools and Equipment 1,162,179 1,471,843 3,071,615 3,124,307 $ 1,530,244 $ 1,804,614 $ 3,953,740 $ 4,058,014 Income (Loss) before provision for Income Taxes Indicators and Gauges $ 102,085 $ 54,783 $ 165,321 $ 119,379 Automotive Diagnostic Tools and Equipment 224,083 294,830 261,211 172,283 General Corporate Expenses (334,263 ) (239,982 ) (946,260 ) (729,350 ) $ (8,095 ) $ 109,631 $ (519,728 ) $ (437,688 ) Asset Information Indicators and Gauges $ 822,392 $ 721,504 Automotive Diagnostic Tools and Equipment 1,917,982 1,705,065 Corporate 856,583 829,397 $ 3,596,957 $ 3,255,966 Geographical Information Included in the consolidated financial statements are the following amounts related to geographical locations: Revenue: United States $ 1,506,778 $ 1,739,642 $ 3,851,487 $ 3,935,224 Australia 21,471 1,602 60,412 13,402 Canada 1,995 21,487 16,693 57,041 Mexico - 7,283 4,360 17,747 China - 29,657 - 29,657 England - 4,943 20,260 4,943 Other foreign countries - - 528 - $ 1,530,244 $ 1,804,614 $ 3,953,740 $ 4,058,014 All export sales to Australia, Canada, Mexico, China, England and other foreign countries are made in United States of America Dollars. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. 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 12 - Subsequent Events
Note 12 - Subsequent Events | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. Subsequent Events The Company has analyzed its operations subsequent to June 30, 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: On July 1, 2016, Hickok Incorporated completed its acquisition of Federal Hose Manufacturing LLC (Federal Hose). Pursuant to the terms of the Merger Agreement, the consummation of the transaction depended upon the satisfaction or waiver of a number of certain customary closing conditions and the approval of the Company's shareholders. All of these conditions were satisfied and the merger was completed on July 1, 2016. |
Note 13 - Business Condition an
Note 13 - Business Condition and Management Plan | 9 Months Ended |
Jun. 30, 2016 | |
Notes to Financial Statements | |
Going Concern Disclosure [Text Block] | 13. Business Condition and Management Plan On June 3, 2016, management entered into an unsecured revolving credit agreement with First Francis Company Inc. First Francis Company Inc, became a major shareholder of the Company on July 1, 2016 when the Company entered into an Agreement and Plan of Merger with First Francis Company Inc. owner of Federal Hose, Federal Hose, and Mr. Edward Crawford and Mr. Matthew Crawford, each of whom are the shareholders of First Francis Company Inc. Edward Crawford and Matthew Crawford serve on the Board of directors of Hickok Incorporated. Matthew Crawford is the son of Edward Crawford. On July 1, 2016 the Company completed the acquisition of Federal Hose and issued to First Francis Company Inc. a promissory note in the principal amount of $2,768,662 and a promissory note in the principal amount of $2,000,000, each of which is secured by all of the assets of Hickok and certain of its subsidiaries, bears interest at a rate of 4.0% per annum, is amortized over a ten year period, and will be fully due six years after the issue date. These promissory notes contain customary provisions regarding acceleration of the Company's obligations as a result of an event of default. Management’s strategic plan to increase revenues and profitability through increased sales of existing products, the introduction of new products to the market place, the completion of the acquisition of Federal Hose Manufacturing LLC (see Footnote No. 12 Subsequent Events) 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) | 9 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2016 Sept. 30, 2015 June 30, 2015 Components $ 1,269,567 $ 1,254,294 $ 1,059,014 Work-in-Process 525,835 499,752 475,436 Finished Product 153,272 172,467 146,650 $ 1,948,674 $ 1,926,513 $ 1,681,100 |
Note 6 - Capital Leases (Tables
Note 6 - Capital Leases (Tables) | 9 Months Ended |
Jun. 30, 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 $ 35,006 $ - 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. 29,917 171,585 - $ 54,627 206,591 - Less current portion 54,627 - $ 151,964 $ - |
Note 7 - Capital Stock, Treas21
Note 7 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Tables) | 9 Months Ended |
Jun. 30, 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 Options Weighted Share Price Weighted Life Number of Options Exercisable Weighted Price Range of exercise prices: $2.925 - 5.25 4,000 $ 2.925 5.5 4,000 $ 2.925 $6.00 1,000 $ 6.00 3.8 1,000 $ 6.00 5,000 $ 3.54 5,000 $ 3.54 |
Note 9 - Earnings Per Common 22
Note 9 - Earnings Per Common Share (Tables) | 9 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2016 2015 2016 2015 Basic Income (Loss) per Share Income (Loss) available to common stockholders $ (8,095 ) $ 109,631 $ (519,728 ) $ (437,688 ) Shares denominator 1,638,215 1,638,215 1,638,215 1,638,215 Per share amount $ (.01 ) $ .07 $ (.32 ) $ (.27 ) 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 $ (8,095 ) $ 109,631 $ (519,728 ) $ (437,688 ) Per share amount $ (.01 ) $ .07 $ (.32 ) $ (.27 ) |
Note 10 - Segment and Related23
Note 10 - Segment and Related Information (Tables) | 9 Months Ended |
Jun. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2016 2015 2016 2015 Net Revenue Indicators and Gauges $ 368,065 $ 332,771 $ 882,125 $ 933,707 Automotive Diagnostic Tools and Equipment 1,162,179 1,471,843 3,071,615 3,124,307 $ 1,530,244 $ 1,804,614 $ 3,953,740 $ 4,058,014 Income (Loss) before provision for Income Taxes Indicators and Gauges $ 102,085 $ 54,783 $ 165,321 $ 119,379 Automotive Diagnostic Tools and Equipment 224,083 294,830 261,211 172,283 General Corporate Expenses (334,263 ) (239,982 ) (946,260 ) (729,350 ) $ (8,095 ) $ 109,631 $ (519,728 ) $ (437,688 ) Asset Information Indicators and Gauges $ 822,392 $ 721,504 Automotive Diagnostic Tools and Equipment 1,917,982 1,705,065 Corporate 856,583 829,397 $ 3,596,957 $ 3,255,966 Geographical Information Included in the consolidated financial statements are the following amounts related to geographical locations: Revenue: United States $ 1,506,778 $ 1,739,642 $ 3,851,487 $ 3,935,224 Australia 21,471 1,602 60,412 13,402 Canada 1,995 21,487 16,693 57,041 Mexico - 7,283 4,360 17,747 China - 29,657 - 29,657 England - 4,943 20,260 4,943 Other foreign countries - - 528 - $ 1,530,244 $ 1,804,614 $ 3,953,740 $ 4,058,014 |
Note 2 - Inventories (Details T
Note 2 - Inventories (Details Textual) - USD ($) | Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 |
Inventory Valuation Reserves | $ 199,987 | $ 251,500 | $ 371,564 |
Note 2 - Inventory (Details)
Note 2 - Inventory (Details) - USD ($) | Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 |
Components | $ 1,269,567 | $ 1,254,294 | $ 1,059,014 |
Work-in-Process | 525,835 | 499,752 | 475,436 |
Finished Product | 153,272 | 172,467 | 146,650 |
$ 1,948,674 | $ 1,926,513 | $ 1,681,100 |
Note 3 - Notes Receivable (Deta
Note 3 - Notes Receivable (Details Textual) | 9 Months Ended |
Jun. 30, 2016 | |
Unsecured Note Receivable Interest Rate | 3.00% |
Note 4 - Convertible Notes Pa27
Note 4 - Convertible Notes Payable (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2016 | Dec. 30, 2016 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 30, 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 | $ 173 | $ 518 | |||||
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 - Short-term Financing (
Note 5 - Short-term Financing (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2015 | |
Revolving Credit Facility [Member] | First Francis [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | $ 250,000 | $ 250,000 | |||
Line of Credit Facility, Interest Rate During Period | 4.00% | |||||
Interest Paid | 0 | |||||
Proceeds from Lines of Credit | $ 250,000 | 250,000 | ||||
Interest Expense | 333 | |||||
Short-term Debt | 250,000 | 250,000 | 250,000 | |||
Interest Paid | 7,329 | |||||
Interest Expense | 4,843 | $ 171 | 8,179 | 470 | ||
Short-term Debt | $ 250,000 | $ 250,000 | $ 250,000 |
Note 6 - Capital Leases (Detail
Note 6 - Capital Leases (Details Textual) - USD ($) | Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 |
Assets Held under Capital Leases [Member] | |||
Property, Plant and Equipment, Gross | $ 233,115 | ||
Property, Plant and Equipment, Gross | $ 4,281,721 | $ 4,022,171 | $ 4,230,832 |
Note 6 - Capital Leased Assets
Note 6 - Capital Leased Assets (Details) - USD ($) | Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 |
Assets Held Under Capital Leases, MIS Computer Equipment [Member] | |||
Capital lease obligation, current portion | $ 24,710 | ||
Capital lease obligation | 35,006 | ||
Assets Held Under Capital Leases, IT Computer Equipment [Member] | |||
Capital lease obligation, current portion | 29,917 | ||
Capital lease obligation | 171,585 | ||
Capital lease obligation, current portion | 54,627 | ||
Capital lease obligation | 206,591 | ||
$ 151,964 |
Note 6 - Capital Leased Asset31
Note 6 - Capital Leased Assets (Details) (Parentheticals) | 9 Months Ended |
Jun. 30, 2016USD ($) | |
Assets Held Under Capital Leases, MIS Computer Equipment [Member] | Debt Instrument, Maturing at December, 2017 [Member] | |
Interest rate | 1.04% |
Assets Held Under Capital Leases, MIS Computer Equipment [Member] | |
Monthly Installment | $ 2,059 |
Assets Held Under Capital Leases, IT Computer Equipment [Member] | Debt Instrument, Maturing at February, 2021 [Member] | |
Interest rate | 9.83% |
Assets Held Under Capital Leases, IT Computer Equipment [Member] | |
Monthly Installment | $ 3,888 |
Note 7 - Capital Stock, Treas32
Note 7 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | 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 | $ 6 | |||||||
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, 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, 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% | ||||
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 |
Note 7 - Summary of Expired Dir
Note 7 - Summary of Expired Director Plans (Details) | 9 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Exercise Price Range 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 2.925 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 5.25 |
Outstanding stock options (in shares) | shares | 4,000 |
Outstanding, weighted average share price (in dollars per share) | $ 2.925 |
Weighted average remaining life | 5 years 182 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] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ 6 |
Outstanding stock options (in shares) | shares | 1,000 |
Outstanding, weighted average share price (in dollars per share) | $ 6 |
Weighted average remaining life | 3 years 292 days |
Number of stock options exercisable (in shares) | shares | 1,000 |
Exercisable, weighted average share price (in dollars per share) | $ 6 |
Outstanding stock options (in shares) | shares | 5,000 |
Outstanding, weighted average share price (in dollars per share) | $ 3.54 |
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 | 9 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
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 |
Warrant [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 100,000 | 200,000 | 100,000 | 200,000 |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,000 | 20,000 | 5,000 | 20,000 |
Options and Warrants [Member] | Minimum [Member] | ||||
Share Price | $ 2.50 | $ 2.50 | $ 2.50 | $ 2.50 |
Options and Warrants [Member] | Maximum [Member] | ||||
Share Price | $ 6 | $ 11 | $ 6 | $ 11 |
Note 9 - Summary of Earnings Pe
Note 9 - Summary of Earnings Per Share Calculation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Earnings per Common Share: | |||||
Income (Loss) available to common stockholders | $ (8,095) | $ 109,631 | $ (519,728) | $ (437,688) | |
Shares denominator (in shares) | 1,638,215 | 1,638,215 | 1,638,215 | 1,638,215 | |
Per share amount (in dollars per share) | $ (0.01) | $ 0.07 | $ (0.32) | $ (0.27) | |
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 | $ (8,095) | $ 109,631 | $ (519,728) | $ (437,688) | |
Net Income (Loss) (in dollars per share) | $ (0.01) | $ 0.07 | $ (0.32) | $ (0.27) | |
[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) | 9 Months Ended |
Jun. 30, 2016 | |
Number of Operating Segments | 3 |
Number of Reportable Segments | 2 |
Note 10 - Information by Indust
Note 10 - Information by Industry Segment (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2015 | |
Indicators and Gauges [Member] | |||||
Revenue | $ 368,065 | $ 332,771 | $ 882,125 | $ 933,707 | |
Income (Loss) before provision for Income Taxes | |||||
Income (Loss) before provision for Income Taxes | 102,085 | 54,783 | 165,321 | 119,379 | |
Asset Information | |||||
Assets | 822,392 | 721,504 | 822,392 | 721,504 | |
Revenue: | |||||
Revenue | 368,065 | 332,771 | 882,125 | 933,707 | |
Automotive Diagnostic Tools and Equipment [Member] | |||||
Revenue | 1,162,179 | 1,471,843 | 3,071,615 | 3,124,307 | |
Income (Loss) before provision for Income Taxes | |||||
Income (Loss) before provision for Income Taxes | 224,083 | 294,830 | 261,211 | 172,283 | |
Asset Information | |||||
Assets | 1,917,982 | 1,705,065 | 1,917,982 | 1,705,065 | |
Revenue: | |||||
Revenue | 1,162,179 | 1,471,843 | 3,071,615 | 3,124,307 | |
Corporate Segment [Member] | |||||
Income (Loss) before provision for Income Taxes | |||||
Income (Loss) before provision for Income Taxes | (334,263) | (239,982) | (946,260) | (729,350) | |
Asset Information | |||||
Assets | 856,583 | 829,397 | 856,583 | 829,397 | |
UNITED STATES | |||||
Revenue | 1,506,778 | 1,739,642 | 3,851,487 | 3,935,224 | |
Revenue: | |||||
Revenue | 1,506,778 | 1,739,642 | 3,851,487 | 3,935,224 | |
AUSTRALIA | |||||
Revenue | 21,471 | 1,602 | 60,412 | 13,402 | |
Revenue: | |||||
Revenue | 21,471 | 1,602 | 60,412 | 13,402 | |
CANADA | |||||
Revenue | 1,995 | 21,487 | 16,693 | 57,041 | |
Revenue: | |||||
Revenue | 1,995 | 21,487 | 16,693 | 57,041 | |
MEXICO | |||||
Revenue | 7,283 | 4,360 | 17,747 | ||
Revenue: | |||||
Revenue | 7,283 | 4,360 | 17,747 | ||
CHINA | |||||
Revenue | 29,657 | 29,657 | |||
Revenue: | |||||
Revenue | 29,657 | 29,657 | |||
England [Member] | |||||
Revenue | 4,943 | 20,260 | 4,943 | ||
Revenue: | |||||
Revenue | 4,943 | 20,260 | 4,943 | ||
Other Foreign Countries [Member] | |||||
Revenue | 528 | ||||
Revenue: | |||||
Revenue | 528 | ||||
Revenue | 1,530,244 | 1,804,614 | 3,953,740 | 4,058,014 | |
Income (Loss) before provision for Income Taxes | (8,095) | 109,631 | (519,728) | (437,688) | |
Assets | 3,596,957 | 3,255,966 | 3,596,957 | 3,255,966 | $ 3,866,575 |
Revenue | $ 1,530,244 | $ 1,804,614 | $ 3,953,740 | $ 4,058,014 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - USD ($) | Jul. 01, 2016 | Dec. 31, 2015 |
Common Class A [Member] | Federal Hose [Member] | First Francis [Member] | Subsequent Event [Member] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 911,250 | |
Common Class B [Member] | Federal Hose [Member] | First Francis [Member] | Subsequent Event [Member] | ||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 303,750 | |
Federal Hose [Member] | First Francis [Member] | Subsequent Event [Member] | Promissory Note 1 [Member] | ||
Debt Instrument, Face Amount | $ 2,768,662 | |
Federal Hose [Member] | First Francis [Member] | Subsequent Event [Member] | Promissory Note 2 [Member] | ||
Debt Instrument, Face Amount | $ 2,000,000 | |
Federal Hose [Member] | First Francis [Member] | Subsequent Event [Member] | Promissory Note 1 and 2 [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | |
Debt Instrument, Amortized Term | 10 years | |
Debt Instrument, Term | 6 years | |
Debt Instrument, Interest Rate, Stated Percentage | 0.34% |
Note 13 - Business Condition 39
Note 13 - Business Condition and Management Plan (Details Textual) - USD ($) | Jul. 01, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 30, 2015 | Sep. 30, 2015 | Jun. 30, 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 | $ 200,000 | |||||
Promissory Note 1 [Member] | Federal Hose [Member] | First Francis [Member] | Subsequent Event [Member] | |||||||
Debt Instrument, Face Amount | $ 2,768,662 | ||||||
Promissory Note 2 [Member] | Federal Hose [Member] | First Francis [Member] | Subsequent Event [Member] | |||||||
Debt Instrument, Face Amount | $ 2,000,000 | ||||||
Promissory Note 1 and 2 [Member] | Federal Hose [Member] | First Francis [Member] | Subsequent Event [Member] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||
Debt Instrument, Amortized Term | 10 years | ||||||
Debt Instrument, Term | 6 years | ||||||
Revolving Credit Facility [Member] | First Francis [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000 | 250,000 | |||||
Proceeds from Lines of Credit | 250,000 | 250,000 | |||||
Short-term Debt | 250,000 | 250,000 | |||||
Convertible Notes Payable, Current | 200,000 | 200,000 | $ 200,000 | ||||
Short-term Debt | $ 250,000 | $ 250,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.34% |