Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document Information [Line Items] | ||
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, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 773,616 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 2,105,599 |
Consolidated Balance Sheet (Cur
Consolidated Balance Sheet (Current Period Unaudited) - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Cash and cash equivalents | $ 3,174,522 | $ 3,060,734 |
Accounts receivable-less allowance for doubtful accounts | 1,585,503 | 1,354,199 |
Inventories-less allowance for obsolete inventory | 3,218,443 | 3,308,799 |
Prepaid expenses and other current assets | 414,025 | 43,085 |
Total Current Assets | 8,392,493 | 7,766,817 |
Land | 233,479 | 233,479 |
Buildings | 1,477,312 | 1,448,978 |
Machinery and equipment | 3,580,416 | 3,392,734 |
5,291,207 | 5,075,191 | |
Less accumulated depreciation | 3,888,340 | 3,771,268 |
Property, Plant and Equipment, Net | 1,402,867 | 1,303,923 |
Goodwill | 1,777,656 | 1,777,656 |
Deferred income taxes-less valuation allowance of $500,000 | 3,330,600 | 3,330,600 |
Other non-current assets | 750 | 4,850 |
Total Non-Current Other Assets | 6,301,733 | 6,364,015 |
Total Assets | 16,097,093 | 15,434,755 |
CURRENT LIABILITIES: | ||
Convertible notes payable - related party | 200,000 | |
Short-term financing - related party | 250,000 | |
Notes payable – related party | 403,387 | 379,761 |
Leases payable | 51,825 | 59,369 |
Accounts payable | 786,541 | 733,388 |
Accrued payroll and related expenses | 227,695 | 301,054 |
Accrued expenses | 630,835 | 593,378 |
Accrued income taxes | 31,000 | |
Deferred revenue | 631,992 | |
Total Current Liabilities | 2,932,275 | 2,347,950 |
LONG-TERM LIABILITIES: | ||
Notes payable - related party | 4,185,201 | 4,388,901 |
Leases payable | 119,825 | 144,997 |
Convertible notes payable - related party | 200,000 | |
Deferred revenue | 510,451 | |
Total Long-term Liabilities | 4,815,477 | 4,733,898 |
STOCKHOLDERS' EQUITY: | ||
Preferred 1,000,000 shares authorized, no shares outstanding | ||
Contributed capital | 1,741,901 | 1,741,901 |
Treasury shares - Class A - 15,795 shares, Class B - 5,667 and 667 shares | (264,841) | (253,341) |
Retained earnings | 3,944,858 | 4,045,424 |
Total Stockholders' Equity | 8,349,341 | 8,352,907 |
Total Liabilities and Stockholders' Equity | 16,097,093 | 15,434,755 |
Common Class A [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Common stock | 2,217,151 | 2,108,651 |
Common Class B [Member] | ||
STOCKHOLDERS' EQUITY: | ||
Common stock | 710,272 | 710,272 |
Customer Lists [Member] | ||
Customer list-less accumulated amortization | $ 1,192,727 | $ 1,250,909 |
Consolidated Balance Sheet (Cu3
Consolidated Balance Sheet (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands | Mar. 31, 2017 | Sep. 30, 2016 |
Deferred income taxes - valuation allowance | $ 500,000 | $ 500,000 |
Preferred stock, shares authorized (in shares) | 1,000,000 | |
Preferred stock, shares outstanding (in shares) | 0 | |
Common Class A [Member] | ||
Class of common stock, par value (in dollars per share) | $ 0 | |
Class of common stock, shares authorized (in shares) | 10,000,000 | |
Class of common stock, shares issued (in shares) | 2,090,394 | |
Common Class B [Member] | ||
Class of common stock, par value (in dollars per share) | $ 0 | |
Class of common stock, shares authorized (in shares) | 2,500,000 | |
Class of common stock, shares issued (in shares) | 779,283 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Total sales | $ 3,346,315 | $ 1,046,624 | $ 5,703,241 | $ 2,423,496 |
Costs and expenses: | ||||
Cost of sales | 1,968,801 | 694,544 | 3,742,489 | 1,435,065 |
Product development | 217,316 | 272,710 | 456,326 | 519,483 |
Marketing and administrative expenses | 894,302 | 542,910 | 1,545,876 | 981,135 |
Interest charges | 48,192 | 3,162 | 98,961 | 3,336 |
Legal matter | (50,000) | |||
Other income | (3,563) | (2,258) | (5,972) | (3,890) |
Total Costs and Expenses | 3,125,048 | 1,511,068 | 5,787,680 | 2,935,129 |
Income (Loss) before Provision for Income Taxes | 221,267 | (464,444) | (84,439) | (511,633) |
Provision for Income Taxes | 8,127 | 16,127 | ||
Net Income (Loss) | $ 213,140 | $ (464,444) | $ (100,566) | $ (511,633) |
Earnings (Loss) Per Common Share - Basic (in dollars per share) | $ 0.07 | $ (0.28) | $ (0.04) | $ (0.31) |
Earnings (Loss) per Common Share - Diluted (in dollars per share) | $ 0.07 | $ (0.28) | $ (0.04) | $ (0.31) |
Weighted average shares of common stock outstanding – Basic (in shares) | 2,877,493 | 1,638,215 | 2,865,165 | 1,638,215 |
Weighted average shares of common stock outstanding – Diluted (in shares) | 2,964,729 | 1,638,215 | 2,865,165 | 1,638,215 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flow (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Cash received from customers | $ 6,821,937 | $ 3,127,079 |
Cash paid to suppliers and employees | (5,848,626) | (3,059,419) |
Interest paid | (115,722) | (2,991) |
Interest received | 2,672 | 556 |
Income taxes paid | (51,500) | |
Net Cash Provided by Operating Activities | 808,761 | 65,225 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (220,683) | (247,822) |
Net Cash (Used in) Investing Activities | (220,683) | (247,822) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payments on notes payable – related party | (180,074) | |
Payments on short-term financing – related party | (250,000) | |
Borrowing from capital lease | 233,115 | |
Payments on capital lease | (32,716) | (15,080) |
Net Cash Provided by (Used in) Financing Activities | (474,290) | 218,035 |
Increase in Cash and Cash Equivalents | 113,788 | 35,438 |
Cash and Cash Equivalents at Beginning of Period | 3,060,734 | 346,405 |
Cash and Cash Equivalents at End of Period | 3,174,522 | 381,843 |
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | ||
Net Income (Loss) | (100,566) | (511,633) |
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES: | ||
Depreciation and amortization | 175,254 | 63,000 |
Loss on disposal of assets | 4,667 | |
Non-cash share-based compensation expense | 108,500 | |
CHANGES IN ASSETS AND LIABILITIES: | ||
Decrease (Increase) in accounts receivable | (231,304) | 703,583 |
Decrease (Increase) in inventories | 90,356 | (48,859) |
Decrease (Increase) in prepaid expenses and other assets | (366,840) | 38,979 |
Increase (Decrease) in accounts payable | 53,153 | (37,012) |
(Decrease) in accrued payroll and related expenses | (73,359) | (90,144) |
Increase (Decrease) in accrued expenses | 37,457 | (52,689) |
(Decrease) in accrued income taxes | (31,000) | |
Increase in deferred revenue | 1,142,443 | |
Total Adjustments | 909,327 | 576,858 |
Net Cash Provided by Operating Activities | 808,761 | 65,225 |
Common Class B [Member] | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Purchase of Class B shares | $ (11,500) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Mar. 31, 2017 | |
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 general accepted accounting principles for interim financial information and with the instructions to Form 10 8 three six March 31, 2017 may September 30, 2017. 10 September 30, 2016. During the six March 31, 2017, 10 September 30, 2016. |
Note 2 - Accounts Receivable
Note 2 - Accounts Receivable | 6 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 2. ACCOUNTS RECEIVABLE The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. The reserve for doubtful accounts was $10,141 $10,000 March 31, 2017 September 30, 2016. |
Note 3 - Inventory
Note 3 - Inventory | 6 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 3. (first first March 31, 2017 September 30, 2016 Raw materials and component parts $ 1,574,883 $ 1,730,563 Work-in-process 535,981 438,447 Finished products 1,107,579 1,139,789 Inventories, net of reserve $ 3,218,443 $ 3,308,799 The reserve for inventory obsolescence was $478,277 and $235,592 March 31, 2017 September 30, 2016, |
Note 4 - Goodwill and Other Int
Note 4 - Goodwill and Other Intangible Assets, Net | 6 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 4. NGIBLE ASSETS, NET Intangible assets relate to the purchase of a business on July 1, 2016. 11 years. Amortization of other intangibles was: Three Months Ended Six Months Ended 201 7 201 6 201 7 201 6 Intangible Amortization $ 29,091 $ - $ 58,182 $ - |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment, Net | 6 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 5. NET Property, plant and equipment are recorded at cost and depreciated over their useful lives. Maintenance and repair costs are expenses as incurred. Depreciation expense was: Three Months Ended Six Months Ended 201 7 201 6 201 7 201 6 Depreciation Expense $ 75,459 $ 31,500 $ 117,405 $ 63,000 |
Note 6 - Notes Payable
Note 6 - Notes Payable | 6 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. Convertible Notes Payable On December 30, 2011, $467,000 $250,000 0.25%. There have been several amendments to the original agreement over the years for the purpose of extending the existing terms of the Convertible Loan. On December 20, 2016, 5 ● Continues to provide approximately $467,000 ● Continues to allow $250,000 0.34%; ● Extends the due date of the loan agreement from December 30, 2016 December 30, 2017. The outstanding balance on the Convertible Loan as of March 31, 2017, September 30, 2016 $200,000 As part of the Convertible Loan Agreement between the Company and Roundball, the parties entered into a Warrant Agreement, dated December 30, 2012, 100,000 $2.50 December 30, 2017. Short-Term Financing June 3, 2016, July 1, 2016 $250,000 4.0% eighty $250,000. May 31, 2017. $250,000 September 30, 2016. March 31, 2017, $0. Notes Payable – Related Party Notes payable - related parties is a result of the acquisition of a business on July 1, 2016 Current March 31, 201 7 Total March 31 , 2017 Total September 30 , 2016 In connection with the acquisition, the Company entered into a promissory note on July 1, 2016 for $2,000,000 loan due to First Francis Company, payable in quarterly installments of $60,911 beginning on October 31, 2016, bearing interest at 4%. The remaining balance of the note shall be payable in full on July 1, 2022. Collateralized by all of the assets of the Company. $ 169,182 $ 1,924,476 $ 2,000,000 In connection with the acquisition, the Company entered into a promissory note on July 1, 2016 for $2,768,662 loan due to First Francis Company, payable in quarterly installments of $84,321 beginning on October 31, 2016, bearing interest at 4%. The remaining balance of the note shall be payable in full on July 1, 2022. Collateralized by all of the assets of the Company. 234,205 2,664,112 2,768,662 $ 403,387 4,588,588 4,768,662 Less current portion 403,387 379,761 $ 4,185,201 $ 4,388,901 |
Note 7 - Earnings Per Common Sh
Note 7 - Earnings Per Common Share | 6 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per share. Three Months Ended March 31, Six Months Ended March 31, 201 7 201 6 201 7 201 6 Earnings (Loss) Per Share - Basic Net Income (Loss) $ 213,140 $ (464,444 ) $ (100,566 ) $ (511,633 ) Weighted average shares of common stock outstanding - Basic 2,877,493 1,638,215 2,865,165 1,638,215 Earnings (Loss) Per Share - Basic $ 0.07 $ (0.28 ) $ (0.04 ) $ (0.31 ) Earnings (Loss) Per Share - Diluted Weighted average shares of common stock outstanding - Basic 2,877,493 1,638,215 2,865,165 1,638,215 Warrants and options 87,236 - - - Weighted average shares of common stock - Diluted 2,964,729 1,638,215 2,865,165 1,638,215 Net Income (Loss) $ 213,140 $ (464,444 ) $ (100,566 ) $ (511,633 ) Earnings (Loss) Per Share - Diluted $ 0.07 $ (0.28 ) $ (0.04 ) $ (0.31 ) |
Note 8 - Segment and Related In
Note 8 - Segment and Related Information | 6 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 8. SEGMENT AND RELATED INFORMATION The Company operates two 1) 2) Test and Measurement : Industrial Hose: Information by industry segment is set forth below: Three Months Ended March 31, Six Months Ended March 31, 2017 2016 2017 2016 Sales Test and Measurement $ 1,770,071 $ 1,046,624 $ 2,597,137 $ 2,423,496 Industrial Hose 1,576,244 - 3,106,104 - Total Sales $ 3,346,315 $ 1,046,624 $ 5,703,241 $ 2,423,496 Income (Loss) Before Provision for Income Taxes Test and Measurement $ 734,228 $ 79,370 688,818 468,948 Industrial Hose 425,970 - 815,607 - Administrative and Other Expenses (938,931 ) (543,814 ) (1,588,864 ) (980,581 ) Income (Loss) Before Provision for Income Taxes $ 221,267 $ (464,444 ) $ (84,439 ) $ (511,633 ) Geographical Information 95%) |
Note 9 - Recently Issued Accoun
Note 9 - Recently Issued Accounting Standards | 6 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 9 |
Note 3 - Inventory (Tables)
Note 3 - Inventory (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2017 September 30, 2016 Raw materials and component parts $ 1,574,883 $ 1,730,563 Work-in-process 535,981 438,447 Finished products 1,107,579 1,139,789 Inventories, net of reserve $ 3,218,443 $ 3,308,799 |
Note 4 - Goodwill and Other I16
Note 4 - Goodwill and Other Intangible Assets, Net (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended Six Months Ended 201 7 201 6 201 7 201 6 Intangible Amortization $ 29,091 $ - $ 58,182 $ - |
Note 5 - Property, Plant and 17
Note 5 - Property, Plant and Equipment, Net (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Three Months Ended Six Months Ended 201 7 201 6 201 7 201 6 Depreciation Expense $ 75,459 $ 31,500 $ 117,405 $ 63,000 |
Note 6 - Notes Payable (Tables)
Note 6 - Notes Payable (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | Current March 31, 201 7 Total March 31 , 2017 Total September 30 , 2016 In connection with the acquisition, the Company entered into a promissory note on July 1, 2016 for $2,000,000 loan due to First Francis Company, payable in quarterly installments of $60,911 beginning on October 31, 2016, bearing interest at 4%. The remaining balance of the note shall be payable in full on July 1, 2022. Collateralized by all of the assets of the Company. $ 169,182 $ 1,924,476 $ 2,000,000 In connection with the acquisition, the Company entered into a promissory note on July 1, 2016 for $2,768,662 loan due to First Francis Company, payable in quarterly installments of $84,321 beginning on October 31, 2016, bearing interest at 4%. The remaining balance of the note shall be payable in full on July 1, 2022. Collateralized by all of the assets of the Company. 234,205 2,664,112 2,768,662 $ 403,387 4,588,588 4,768,662 Less current portion 403,387 379,761 $ 4,185,201 $ 4,388,901 |
Note 7 - Earnings Per Common 19
Note 7 - Earnings Per Common Share (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, Six Months Ended March 31, 201 7 201 6 201 7 201 6 Earnings (Loss) Per Share - Basic Net Income (Loss) $ 213,140 $ (464,444 ) $ (100,566 ) $ (511,633 ) Weighted average shares of common stock outstanding - Basic 2,877,493 1,638,215 2,865,165 1,638,215 Earnings (Loss) Per Share - Basic $ 0.07 $ (0.28 ) $ (0.04 ) $ (0.31 ) Earnings (Loss) Per Share - Diluted Weighted average shares of common stock outstanding - Basic 2,877,493 1,638,215 2,865,165 1,638,215 Warrants and options 87,236 - - - Weighted average shares of common stock - Diluted 2,964,729 1,638,215 2,865,165 1,638,215 Net Income (Loss) $ 213,140 $ (464,444 ) $ (100,566 ) $ (511,633 ) Earnings (Loss) Per Share - Diluted $ 0.07 $ (0.28 ) $ (0.04 ) $ (0.31 ) |
Note 8 - Segment and Related 20
Note 8 - Segment and Related Information (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, Six Months Ended March 31, 2017 2016 2017 2016 Sales Test and Measurement $ 1,770,071 $ 1,046,624 $ 2,597,137 $ 2,423,496 Industrial Hose 1,576,244 - 3,106,104 - Total Sales $ 3,346,315 $ 1,046,624 $ 5,703,241 $ 2,423,496 Income (Loss) Before Provision for Income Taxes Test and Measurement $ 734,228 $ 79,370 688,818 468,948 Industrial Hose 425,970 - 815,607 - Administrative and Other Expenses (938,931 ) (543,814 ) (1,588,864 ) (980,581 ) Income (Loss) Before Provision for Income Taxes $ 221,267 $ (464,444 ) $ (84,439 ) $ (511,633 ) |
Note 2 - Accounts Receivable (D
Note 2 - Accounts Receivable (Details Textual) - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Allowance for Doubtful Accounts Receivable | $ 10,141 | $ 10,000 |
Note 3 - Inventory (Details Tex
Note 3 - Inventory (Details Textual) - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Inventory Valuation Reserves | $ 478,277 | $ 235,592 |
Note 3 - Inventory - Inventory
Note 3 - Inventory - Inventory (Details) - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Raw materials and component parts | $ 1,574,883 | $ 1,730,563 |
Work-in-process | 535,981 | 438,447 |
Finished products | 1,107,579 | 1,139,789 |
Inventories, net of reserve | $ 3,218,443 | $ 3,308,799 |
Note 4 - Goodwill and Other I24
Note 4 - Goodwill and Other Intangible Assets, Net (Details Textual) | 6 Months Ended |
Mar. 31, 2017 | |
Customer Lists [Member] | |
Finite-Lived Intangible Asset, Useful Life | 11 years |
Note 4 - Goodwill and Other I25
Note 4 - Goodwill and Other Intangible Assets, Net - Amortization of Other Intangibles (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Customer Lists [Member] | ||||
Intangible Amortization | $ 29,091 | $ 58,182 |
Note 5 - Property, Plant and 26
Note 5 - Property, Plant and Equipment, Net - Depreciation Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Depreciation Expense | $ 75,459 | $ 31,500 | $ 117,405 | $ 63,000 |
Note 6 - Notes Payable (Details
Note 6 - Notes Payable (Details Textual) - USD ($) | Jun. 03, 2016 | Mar. 31, 2017 | Dec. 20, 2016 | Sep. 30, 2016 | Dec. 30, 2012 | Dec. 30, 2011 |
Line of Credit Facility, Fair Value of Amount Outstanding | $ 200,000 | $ 200,000 | ||||
Roundball LLC [Member] | Amendment No. 5 [Member] | ||||||
Working Capital Funding | $ 467,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.34% | |||||
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 | |||||
First Francis [Member] | Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |||||
Line of Credit Facility, Interest Rate During Period | 4.00% | |||||
Line of Credit Facility, Maximum Borrowing Capacity, Percentage of Accounts Receivable | 80.00% | |||||
Long-term Line of Credit | $ 0 | $ 250,000 | ||||
Director [Member] | Roundball LLC [Member] | Convertible Notes Payable [Member] | ||||||
Working Capital Funding | $ 467,000 | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 0.25% |
Note 6 - Notes Payable - Notes
Note 6 - Notes Payable - Notes Due to Related Parties (Details) - USD ($) | Mar. 31, 2017 | Sep. 30, 2016 |
Notes payable, related parties, current | $ 403,387 | $ 379,761 |
Notes payable, related parties, non-current | 4,185,201 | 4,388,901 |
First Francis [Member] | ||
Notes payable, related parties, current | 403,387 | 379,761 |
Notes payable, related parties, current and non-current | 4,588,588 | 4,768,662 |
Notes payable, related parties, non-current | 4,185,201 | 4,388,901 |
First Francis [Member] | Promissory Note 1 [Member] | ||
Notes payable, related parties, current | 169,182 | |
Notes payable, related parties, current and non-current | 1,924,476 | 2,000,000 |
First Francis [Member] | Promissory Note 2 [Member] | ||
Notes payable, related parties, current | 234,205 | |
Notes payable, related parties, current and non-current | $ 2,664,112 | $ 2,768,662 |
Note 6 - Notes Payable - Note29
Note 6 - Notes Payable - Notes Due to Related Parties (Details) (Parentheticals) - First Francis [Member] | 6 Months Ended |
Mar. 31, 2017USD ($) | |
Promissory Note 1 [Member] | |
Notes payable, face value | $ 2,000,000 |
Notes payable, quarterly payment | $ 60,911 |
Notes payable, interest rate | 4.00% |
Promissory Note 2 [Member] | |
Notes payable, face value | $ 2,768,662 |
Notes payable, quarterly payment | $ 84,321 |
Notes payable, interest rate | 4.00% |
Note 7 - Earnings Per Common 30
Note 7 - Earnings Per Common Share - Summary of Earnings Per Share Calculation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings (Loss) Per Share - Basic | ||||
Net Income (Loss) | $ 213,140 | $ (464,444) | $ (100,566) | $ (511,633) |
Weighted average shares of common stock outstanding - Basic (in shares) | 2,877,493 | 1,638,215 | 2,865,165 | 1,638,215 |
Earnings (Loss) Per Share - Basic (in dollars per share) | $ 0.07 | $ (0.28) | $ (0.04) | $ (0.31) |
Earnings (Loss) Per Share - Diluted | ||||
Weighted average shares of common stock outstanding - Basic (in shares) | 2,877,493 | 1,638,215 | 2,865,165 | 1,638,215 |
Warrants and options (in shares) | 87,236 | |||
Weighted average shares of common stock - Diluted (in shares) | 2,964,729 | 1,638,215 | 2,865,165 | 1,638,215 |
Net Income (Loss) | $ 213,140 | $ (464,444) | $ (100,566) | $ (511,633) |
Earnings (Loss) Per Share - Diluted (in dollars per share) | $ 0.07 | $ (0.28) | $ (0.04) | $ (0.31) |
Note 8 - Segment and Related 31
Note 8 - Segment and Related Information (Details Textual) | 6 Months Ended |
Mar. 31, 2017 | |
Number of Reportable Segments | 2 |
UNITED STATES | Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | |
Concentration Risk, Percentage | 95.00% |
Note 8 - Segment and Related 32
Note 8 - Segment and Related Information - Information by Industry Segment (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Sales | $ 3,346,315 | $ 1,046,624 | $ 5,703,241 | $ 2,423,496 |
Income (Loss) Before Provision for Income Taxes | ||||
Test and Measurement | 221,267 | (464,444) | (84,439) | (511,633) |
Operating Segments [Member] | Test and Measurement [Member] | ||||
Sales | 1,770,071 | 1,046,624 | 2,597,137 | 2,423,496 |
Income (Loss) Before Provision for Income Taxes | ||||
Test and Measurement | 734,228 | 79,370 | 688,818 | 468,948 |
Operating Segments [Member] | Industrial Hose [Member] | ||||
Sales | 1,576,244 | 3,106,104 | ||
Income (Loss) Before Provision for Income Taxes | ||||
Test and Measurement | 425,970 | 815,607 | ||
Corporate, Non-Segment [Member] | ||||
Income (Loss) Before Provision for Income Taxes | ||||
Test and Measurement | $ (938,931) | $ (543,814) | $ (1,588,864) | $ (980,581) |