Crawford United (CRAWA) 10-Q 14 Aug 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2017	Jul. 31, 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	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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)		2,114,886

Consolidated Balance Sheet (Cur

Consolidated Balance Sheet (Current Period Unaudited) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
CURRENT ASSETS:
Cash and Cash Equivalents	$ 1,030,560	$ 3,060,734
Accounts receivable-less allowance for doubtful accounts	8,702,023	1,354,199
Costs in Excess of Billings and estimated costs	3,106,868
Inventories-less allowance for obsolete inventory	3,896,865	3,308,799
Prepaid Expenses and other current assets	715,740	43,085
Total Current Assets	17,452,056	7,766,817
PROPERTY, PLANT AND EQUIPMENT:
Land	233,479	233,479
Buildings and Leasehold Improvements	2,028,914	1,448,978
Machinery and Equipment	5,236,781	3,392,734
Total Property, Plant and Equipment	7,499,174	5,075,191
Less accumulated depreciation	3,974,633	3,771,268
Property, Plant and Equipment, Net	3,524,541	1,303,923
OTHER ASSETS:
Goodwill	2,409,048	1,777,656
Intangibles, net of accumulated amortization	2,330,914	1,250,909
Deferred income taxes-less valuation allowance of $500,000	3,330,600	3,330,600
Other non-current assets	3,250	4,850
Total Non-Current Other Assets	8,073,812	6,364,015
Total Assets	29,050,409	15,434,755
CURRENT LIABILITIES:
Convertible notes payable - related party	200,000
Short-term financing - related party		250,000
Notes payable, related parties, current and non-current	142,726	379,761
Bank Debt - Current	500,000
Leases payable	42,896	59,369
Accounts payable	3,324,482	733,388
Billings in Excess of Costs & Earnings	647,276
Accrued payroll and related expenses	838,458	301,054
Accrued expenses	1,362,390	593,378
Accrued income taxes	77,744	31,000
Deferred revenue	503,646
Total Current Liabilities	7,639,618	2,347,950
LONG-TERM LIABILITIES:
Notes payable, related parties, non-current	3,861,766	4,388,901
Bank Debt	7,700,000
Leases payable	151,208	144,997
Convertible notes payable - related party		200,000
Deferred revenue	377,735
Total Long-Term Liabilities	12,090,709	4,733,898
STOCKHOLDERS' EQUITY
Preferred 1,000,000 shares authorized, no shares outstanding
Contributed capital	1,741,901	1,741,901
Treasury shares	(264,841)	(253,341)
Retained earnings	4,886,381	4,045,424
Total Stockholders' Equity	9,320,082	8,352,907
Total Liabilities and Stockholders' Equity	29,050,409	15,434,755
Common Class A [Member]
STOCKHOLDERS' EQUITY
Common stock	2,246,369	2,108,651
Common Class B [Member]
STOCKHOLDERS' EQUITY
Common stock	$ 710,272	$ 710,272

Consolidated Balance Sheet (Cu3

Consolidated Balance Sheet (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands	Jun. 30, 2017	Sep. 30, 2016
Deferred income taxes - valuation allowance	$ 500,000	$ 500,000
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)	0	0
Common Class A [Member]
Class of common stock, par value (in dollars per share)	$ 0	$ 0
Class of common stock, shares authorized (in shares)	10,000,000	10,000,000
Class of common stock, shares issued (in shares)	2,130,681	2,090,394
Treasury shares (in shares)	15,795	15,795
Common Class B [Member]
Class of common stock, par value (in dollars per share)	$ 0	$ 0
Class of common stock, shares authorized (in shares)	2,500,000	2,500,000
Class of common stock, shares issued (in shares)	779,283	779,283
Treasury shares (in shares)	5,667	667

Consolidated Statement of Incom

Consolidated Statement of Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Total sales	$ 7,220,626	$ 1,530,244	$ 12,923,867	$ 3,953,740
Costs and expenses:
Cost of Sales	4,191,480	769,430	7,933,969	2,204,495
Product Development	179,840	258,406	636,166	777,889
Selling, General and Administrative Expenses	1,808,920	507,326	3,354,796	1,488,461
Interest Charges	66,695	4,843	165,656	8,179
Legal matter			(50,000)
Other income	(5,205)	(1,666)	(11,177)	(5,556)
Total Costs and Expenses	6,241,730	1,538,339	12,029,410	4,473,468
Income (Loss) before Provision for Income Taxes	978,896	(8,095)	894,457	(519,728)
Provision for Income Taxes	37,373		53,500
Net Income (Loss)	$ 941,523	$ (8,095)	$ 840,957	$ (519,728)
Earnings (Loss) Per Common Share - Basic (in dollars per share)	$ 0.33	$ 0	$ 0.29	$ (0.32)
Earnings (Loss) Per Common Share - Diluted (in dollars per share)	$ 0.31	$ 0	$ 0.28	$ (0.32)
Weighted Average Shares of Common Stock Outstanding - Basic (in shares)	2,880,719	1,638,215	2,870,349	1,638,215
Weighted Average Shares of Common Stock Outstanding - Diluted (in shares)	3,044,440	1,638,215	2,962,430	1,638,215

Consolidated Statement of Cash

Consolidated Statement of Cash Flow (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers	$ 15,510,323	$ 4,261,359
Cash paid to suppliers and employees	(13,874,832)	(4,542,057)
Interest paid	(176,219)	(7,329)
Interest received	4,049	632
Income taxes paid	(51,500)
Net Cash Provided by (Used in) Operating Activities	1,411,821	(287,395)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash used in purchase of business	(10,250,000)
Capital Expenditures	(314,530)	(26,435)
Net Cash Used in Investing Activities	(10,564,530)	(26,435)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on Related Party Notes	(764,170)
Payments on related party short-term financing	(250,000)
Borrowing on short-term financing		250,000
Borrowing on bank debt	8,500,000
Payment on bank debt	(300,000)
Payments on capital lease	(51,795)	(26,524)
Net Cash Provided by Financing Activities	7,122,535	223,476
Decrease in Cash and Cash Equivalents	(2,030,174)	(90,354)
Cash and Cash Equivalents at Beginning of Period	3,060,734	346,405
Cash and Cash Equivalents at End of Period	1,030,560	256,051
RECONCILIATION OF NET INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
Net Income (Loss)	840,957	(519,728)
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
Depreciation and amortization	353,693	94,500
Loss on disposal of assets	2,667
Non-cash share-based compensation expense	129,832
CHANGES IN ASSETS AND LIABILITIES:
Decrease (Increase) in accounts receivable	(2,586,456)	307,619
Decrease (Increase) in excess of billing	873,956
Decrease (Increase) in inventories	6,437	(22,161)
Decrease (Increase) in prepaid expenses and other assets	(610,393)	58,856
Increase (Decrease) in accounts payable	864,476	(107,043)
Increase (Decrease) in billings in excess of costs and earnings	52,732	(35,063)
Increase (Decrease) in accrued payroll and related expenses	211,454	(64,375)
Increase (Decrease) in accrued expenses	344,341
Increase (Decrease) in accrued income taxes	46,744
Increase (Decrease) in deferred revenue	881,381
Total Adjustments	570,864	232,333
Net Cash Provided by Operating Activities	1,411,821	(287,395)
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	9 Months Ended
	Jun. 30, 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 generally accepted accounting principles for interim financial information and with the instructions to Form 10 8 X. not three nine June 30, 2017 not may September 30, 2017. 10 September 30, 2016. During the nine June 30, 2017, no 10 September 30, 2016.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s Summary of Significant Accounting Policies is provided with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10 September 30, 2016. June 1, 2017. Revenue Recognition: Revenue from contracts is recognized on the percentage-of-completion method measured by the percentage of costs incurred to date to total estimated costs for each contract. Contract costs include all direct costs and allocations of indirect costs. Provisions for estimated losses on uncompleted contracts are made in the period in which it is determined a loss will be incurred. As long-term contracts extend over one Because of the inherent uncertainties in estimating costs, it is at least reasonably possible the estimates of costs and revenue will change in the next year. Revenue earned on contracts in progress in excess of billings are classified as an asset. Amounts billed in excess of revenue earned are classified as a liability. The length of the contracts varies, but is typically three six Revenue relating to replacement parts is recognized upon the shipment of goods or rendering of services to customers. Deferred Commissions: Commissions are earned based on the percentage-of-completion of the contract. Commissions are paid upon receipt of payment for units shipped. Product Warranties: The Company provides a warranty for its customer air handling business covering parts for 12 18 may

Note 3 - Accounts Receivable

Note 3 - Accounts Receivable	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	3 . 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 $117,750 $10,000 June 30, 2017 September 30, 2016.

Note 4 - Inventory

Note 4 - Inventory	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	4. first first June 30 , 2017 September 30, 2016 Raw materials and component parts $ 2,760,341 $ 1,730,563 Work-in-process 592,670 438,447 Finished products 543,854 1,139,789 Inventories, net of reserve $ 3,896,865 $ 3,308,799 The reserve for inventory obsolescence was $561,087 and $235,592 June 30, 2017 September 30, 2016,

Note 5 - Goodwill and Other Int

Note 5 - Goodwill and Other Intangible Assets, Net	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	5. NGIBLE ASSETS, NET Intangible assets relate to the purchase of businesses on June 1, 2017 July 1, 2016. not one 15 June 30, 2017 September 30, 2016 Customer List: Backlog $ 1,970,000 $ 1,280,000 Non-Compete Agreements 200,000 0 Trademarks 340,000 0 Other Intangibles 2,510,000 1,280,000 Accumulated Amortization (179,086 ) (29,091 ) Other Intangibles, Net $ 2,330,914 $ 1,250,909 Amortization of other intangibles was: Three Months Ended Nine Months Ended June 30, June 30, 2017 2016 2017 2016 Intangible Amortization $ 91,813 $ - $ 149,995 $ -

Note 6 - Property, Plant and Eq

Note 6 - Property, Plant and Equipment, Net	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	6. 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 Nine Months Ended June 30, June 30, 2017 2016 2017 2016 Depreciation Expense $ 86,293 $ 31,500 $ 203,698 $ 94,500

Note 7 - Bank Debt

Note 7 - Bank Debt	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Long-term Debt [Text Block]	7. The Company entered into a Credit Agreement on June 1, 2017 $8,000,000, 80% 50% 50% $2,000,000, $41,667 July 1, 2017. The revolving facility includes a $3 0.00% 2.00% June 1, 2020. a per annum rate equal to Prime Rate or LIBOR plus applicable margins of (i) 0.25% 2.25% June 1, 2021. 0.25% In connection with entering into the Credit Agreement, the Company made a onetime prepayment of a portion of the outstanding principal under outstanding promissory notes held by First Francis Company Inc. (“First Francis”), in the amount of $500,000. not 2017. Bank debt balances consist of the following: Current June 30, 2017 Total June 30 , 2017 Total Term Debt $ 500,000 $ 2,000,000 $ - Revolving Debt - 6,200,000 - Total Bank Debt 8,200,000 - Less: Current Portion 500,000 Non-Current Bank Debt 7,700,000

Note 8 - Notes Payable

Note 8 - Notes Payable	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	8. 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, No. 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 June 30, 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. June 30, 2017, $0. Notes Payable – Related Party Notes payable - related parties is a result of the acquisition of a business on July 1, 2016 Current June 30, 2017 Total June 30 , 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. $ 81,254 $ 1,639,206 $ 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. 61,472 2,365,286 2,768,662 $ 142,726 4,004,492 4,768,662 Less current portion 142,726 379,761 $ 3,861,766 $ 4,388,901

Note 9 - Earnings Per Common Sh

Note 9 - Earnings Per Common Share	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	9. EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per share. Three Months Ended June 30, Nine Months Ended June 30, 2017 2016 2017 2016 Earnings (Loss) Per Share - Basic Net Income (Loss) $ 941,523 $ (8,095 ) $ 840,957 $ (519,728 ) Weighted average shares of common stock outstanding - Basic 2,880,719 1,638,215 2,870,349 1,638,215 Earnings (Loss) Per Share - Basic $ 0.33 $ (0.00 ) $ 0.29 $ (0.32 ) Earnings (Loss) Per Share - Diluted Weighted average shares of common stock outstanding - Basic 2,880,719 1,638,215 2,870,349 1,638,215 Warrants, Options and Convertible Notes 163,721 - 92,081 - Weighted average shares of common stock - Diluted 3,044,440 1,638,215 2,962,430 1,638,215 Earnings (Loss) Per Share - Diluted $ 0.31 $ (0.00 ) $ 0.28 $ (0.32 )

Note 10 - Acquisitions

Note 10 - Acquisitions	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Mergers, Acquisitions and Dispositions Disclosures [Text Block]	10 . ACQUISITIONS The Company purchased certain assets and assumed certain liabilities of Air Enterprises Acquisition, LLC on June 1, 2017 $10,250,000. one Accounts Receivable $ 4,761,368 Inventory 594,503 Costs in excess of billings and estimated costs 3,980,824 Fixed Assets 2,112,120 Prepaid and Other Assets 53,110 Intangibles Assets 1,230,000 Goodwill 631,392 Total Assets Acquired $ 13,363,317 Accounts Payable $ 1,726,618 Billings in Excess of costs and earnings 594,545 Accrued Payroll and related expenses 325,950 Accrued Expense 424,671 Lease Payable 41,533 Total Liabilities Assumed $ 3,113,317 Net Assets Acquired $ 10,250,000 $0.3 three nine June 30, 2017.

Note 11 - Segment and Related I

Note 11 - Segment and Related Information	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	11. SEGMENT AND RELATED INFORMATION The Company operates three 1 2 3 Commercial Air Handling : Test and Measurement : Industrial Hose: Information by industry segment is set forth below: Three Months Ended Nine Months Ended June 30 June 30 2017 2016 2017 2016 Sales Commercial Air Handling $ 3,343,945 $ - $ 3,343,945 $ - Test and Measurement 2,452,854 1,530,244 5,049,991 3,953,740 Industrial Hose 1,423,827 - 4,529,931 - Total Sales $ 7,220,626 $ 1,530,244 $ 12,923,867 $ 3,953,740 Income (Loss) Before Provision for Income Taxes Commercial Air Handling 607,471 - 607,471 - Test and Measurement (1) 880,600 (8,095 ) (19,446 ) (519,728 ) Industrial Hose (509,175 ) - 306,433 - Income (Loss) Before Provision for Income Taxes $ 978,896 $ (8,095 ) $ 894,458 $ (519,728 ) ( 1 Certain Expenses such as corporate general and administrative expenses, acquisition related expense and interest expense are included in the Test and Measurement division.

Note 12 - Recently Issued Accou

Note 12 - Recently Issued Accounting Standards	9 Months Ended
	Jun. 30, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	12 . RECENTLY ISSUED ACCOUNTING STANDARDS not

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition: Revenue from contracts is recognized on the percentage-of-completion method measured by the percentage of costs incurred to date to total estimated costs for each contract. Contract costs include all direct costs and allocations of indirect costs. Provisions for estimated losses on uncompleted contracts are made in the period in which it is determined a loss will be incurred. As long-term contracts extend over one Because of the inherent uncertainties in estimating costs, it is at least reasonably possible the estimates of costs and revenue will change in the next year. Revenue earned on contracts in progress in excess of billings are classified as an asset. Amounts billed in excess of revenue earned are classified as a liability. The length of the contracts varies, but is typically three six Revenue relating to replacement parts is recognized upon the shipment of goods or rendering of services to customers.
Commissions, Policy [Policy Text Block]	Deferred Earned Commissions: Commissions are earned based on the percentage-of-completion of the contract. Commissions are paid upon receipt of payment for units shipped.
Standard Product Warranty, Policy [Policy Text Block]	Product Warranties: The Company provides a warranty for its customer air handling business covering parts for 12 18 may

Note 4 - Inventory (Tables)

Note 4 - Inventory (Tables)	9 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30 , 2017 September 30, 2016 Raw materials and component parts $ 2,760,341 $ 1,730,563 Work-in-process 592,670 438,447 Finished products 543,854 1,139,789 Inventories, net of reserve $ 3,896,865 $ 3,308,799

Note 5 - Goodwill and Other I20

Note 5 - Goodwill and Other Intangible Assets, Net (Tables)	9 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Finite-Lived Intangible Assets [Table Text Block]	June 30, 2017 September 30, 2016 Customer List: Backlog $ 1,970,000 $ 1,280,000 Non-Compete Agreements 200,000 0 Trademarks 340,000 0 Other Intangibles 2,510,000 1,280,000 Accumulated Amortization (179,086 ) (29,091 ) Other Intangibles, Net $ 2,330,914 $ 1,250,909
Finite-lived Intangible Assets Amortization Expense [Table Text Block]	Three Months Ended Nine Months Ended June 30, June 30, 2017 2016 2017 2016 Intangible Amortization $ 91,813 $ - $ 149,995 $ -

Note 6 - Property, Plant and 21

Note 6 - Property, Plant and Equipment, Net (Tables)	9 Months Ended
	Jun. 30, 2017
Notes Tables
Property, Plant and Equipment [Table Text Block]	Three Months Ended Nine Months Ended June 30, June 30, 2017 2016 2017 2016 Depreciation Expense $ 86,293 $ 31,500 $ 203,698 $ 94,500

Note 7 - Bank Debt (Tables)

Note 7 - Bank Debt (Tables)	9 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Debt [Table Text Block]	Current June 30, 2017 Total June 30 , 2017 Total Term Debt $ 500,000 $ 2,000,000 $ - Revolving Debt - 6,200,000 - Total Bank Debt 8,200,000 - Less: Current Portion 500,000 Non-Current Bank Debt 7,700,000

Note 8 - Notes Payable (Tables)

Note 8 - Notes Payable (Tables)	9 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Related Party Transactions [Table Text Block]	Current June 30, 2017 Total June 30 , 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. $ 81,254 $ 1,639,206 $ 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. 61,472 2,365,286 2,768,662 $ 142,726 4,004,492 4,768,662 Less current portion 142,726 379,761 $ 3,861,766 $ 4,388,901

Note 9 - Earnings Per Common 24

Note 9 - Earnings Per Common Share (Tables)	9 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended June 30, Nine Months Ended June 30, 2017 2016 2017 2016 Earnings (Loss) Per Share - Basic Net Income (Loss) $ 941,523 $ (8,095 ) $ 840,957 $ (519,728 ) Weighted average shares of common stock outstanding - Basic 2,880,719 1,638,215 2,870,349 1,638,215 Earnings (Loss) Per Share - Basic $ 0.33 $ (0.00 ) $ 0.29 $ (0.32 ) Earnings (Loss) Per Share - Diluted Weighted average shares of common stock outstanding - Basic 2,880,719 1,638,215 2,870,349 1,638,215 Warrants, Options and Convertible Notes 163,721 - 92,081 - Weighted average shares of common stock - Diluted 3,044,440 1,638,215 2,962,430 1,638,215 Earnings (Loss) Per Share - Diluted $ 0.31 $ (0.00 ) $ 0.28 $ (0.32 )

Note 10 - Acquisitions (Tables)

Note 10 - Acquisitions (Tables)	9 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]	Accounts Receivable $ 4,761,368 Inventory 594,503 Costs in excess of billings and estimated costs 3,980,824 Fixed Assets 2,112,120 Prepaid and Other Assets 53,110 Intangibles Assets 1,230,000 Goodwill 631,392 Total Assets Acquired $ 13,363,317 Accounts Payable $ 1,726,618 Billings in Excess of costs and earnings 594,545 Accrued Payroll and related expenses 325,950 Accrued Expense 424,671 Lease Payable 41,533 Total Liabilities Assumed $ 3,113,317 Net Assets Acquired $ 10,250,000

Note 11 - Segment and Related26

Note 11 - Segment and Related Information (Tables)	9 Months Ended
	Jun. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended Nine Months Ended June 30 June 30 2017 2016 2017 2016 Sales Commercial Air Handling $ 3,343,945 $ - $ 3,343,945 $ - Test and Measurement 2,452,854 1,530,244 5,049,991 3,953,740 Industrial Hose 1,423,827 - 4,529,931 - Total Sales $ 7,220,626 $ 1,530,244 $ 12,923,867 $ 3,953,740 Income (Loss) Before Provision for Income Taxes Commercial Air Handling 607,471 - 607,471 - Test and Measurement (1) 880,600 (8,095 ) (19,446 ) (519,728 ) Industrial Hose (509,175 ) - 306,433 - Income (Loss) Before Provision for Income Taxes $ 978,896 $ (8,095 ) $ 894,458 $ (519,728 )

Note 3 - Accounts Receivable (D

Note 3 - Accounts Receivable (Details Textual) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Allowance for Doubtful Accounts Receivable	$ 117,750	$ 10,000

Note 4 - Inventory (Details Tex

Note 4 - Inventory (Details Textual) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Inventory Valuation Reserves	$ 561,087	$ 235,592

Note 4 - Inventory - Inventory

Note 4 - Inventory - Inventory (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Raw materials and component parts	$ 2,760,341	$ 1,730,563
Work-in-process	592,670	438,447
Finished products	543,854	1,139,789
Inventories, net of reserve	$ 3,896,865	$ 3,308,799

Note 5 - Goodwill and Other I30

Note 5 - Goodwill and Other Intangible Assets, Net (Details Textual)	9 Months Ended
	Jun. 30, 2017
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life	1 year
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life	15 years

Note 5 - Goodwill and Other I31

Note 5 - Goodwill and Other Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Other Intangibles	$ 2,510,000	$ 1,280,000
Accumulated Amortization	(179,086)	(29,091)
Other Intangibles, Net	2,330,914	1,250,909
Customer Lists [Member]
Customer List: Backlog	1,970,000	1,280,000
Noncompete Agreements [Member]
Customer List: Backlog	200,000	0
Trademarks [Member]
Customer List: Backlog	$ 340,000	$ 0

Note 5 - Goodwill and Other I32

Note 5 - Goodwill and Other Intangible Assets, Net - Amortization of Other Intangibles (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Intangible Amortization	$ 179,086	$ 29,091
Other Intangible Assets [Member]
Intangible Amortization			$ 91,813		$ 149,995

Note 6 - Property, Plant and 33

Note 6 - Property, Plant and Equipment, Net - Depreciation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Depreciation Expense	$ 86,293	$ 31,500	$ 203,698	$ 94,500

Note 7 - Bank Debt (Details Tex

Note 7 - Bank Debt (Details Textual) - USD ($)	Jun. 01, 2017	Jun. 30, 2017
Long-term Debt		$ 2,000,000
Line of Credit [Member] | First Francis [Member]
Repayments of Notes Payable	$ 500,000
J P Morgan Chase Bank [Member]
Long-term Debt	2,000,000
Debt Instrument, Periodic Payment	$ 41,667
J P Morgan Chase Bank [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.25%
J P Morgan Chase Bank [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.25%
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Percent of Eligible Inventory	50.00%
Line of Credit Facility, Maximum Borrowing Capacity	$ 8,000,000
Line of Credit Facility, Percent of Eligible Accounts	80.00%
Line of Credit Facility, Percent of Eligible Progress Billing Accounts	50.00%
Line of Credit Facility, Commitment Fee Percentage	0.25%
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.00%
J P Morgan Chase Bank [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.00%
J P Morgan Chase Bank [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 3,000,000

Note 7 - Bank Debt - Summary of

Note 7 - Bank Debt - Summary of Loan Balances (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Long-term Line of Credit	$ 6,200,000
Long-term Debt	2,000,000
Term Debt	500,000
Non-Current Bank Debt	7,700,000
Loans Payable [Member]
Long-term Debt	$ 8,200,000

Note 8 - Notes Payable (Details

Note 8 - Notes Payable (Details Textual) - USD ($)	Jun. 03, 2016	Jun. 30, 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
Long-term Line of Credit		6,200,000
Roundball LLC [Member] | Amendment No. 5 [Member]
Line of Credit Facility, Maximum Borrowing Capacity			$ 250,000
Debt Instrument, Interest Rate, Stated Percentage			0.34%
Working Capital Funding			$ 467,000
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
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]
Line of Credit Facility, Maximum Borrowing Capacity						$ 250,000
Debt Instrument, Interest Rate, Stated Percentage						0.25%
Working Capital Funding						$ 467,000

Note 8 - Notes Payable - Notes

Note 8 - Notes Payable - Notes Due to Related Parties (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Notes payable, related parties, current and non-current	$ 142,726	$ 379,761
Notes payable, related parties, non-current	3,861,766	4,388,901
First Francis [Member]
Notes payable, related parties, current and non-current	4,004,492	4,768,662
Notes payable, related parties, current and non-current	142,726	379,761
Notes payable, related parties, non-current	3,861,766	4,388,901
First Francis [Member] | Promissory Note 1 [Member]
Notes payable, related parties, current and non-current	1,639,206	2,000,000
Notes payable, related parties, current and non-current	81,254
First Francis [Member] | Promissory Note 2 [Member]
Notes payable, related parties, current and non-current	2,365,286	$ 2,768,662
Notes payable, related parties, current and non-current	$ 61,472

Note 8 - Notes Payable - Note38

Note 8 - Notes Payable - Notes Due to Related Parties (Details) (Parentheticals) - First Francis [Member]	9 Months Ended
	Jun. 30, 2017USD ($)
Promissory Note 1 [Member]
Notes payable, quarterly payment	$ 60,911
Notes payable, interest rate	4.00%
Notes payable, face value	$ 2,000,000
Promissory Note 2 [Member]
Notes payable, quarterly payment	$ 84,321
Notes payable, interest rate	4.00%
Notes payable, face value	$ 2,768,662

Note 9 - Earnings Per Common 39

Note 9 - Earnings Per Common Share - Summary of Earnings Per Share Calculation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings (Loss) Per Share - Basic
Net Income (Loss)	$ 941,523	$ (8,095)	$ 840,957	$ (519,728)
Earnings (Loss) Per Share - Basic (in dollars per share)	$ 0.33	$ 0	$ 0.29	$ (0.32)
Earnings (Loss) Per Share - Diluted
Weighted average shares of common stock outstanding - Basic (in shares)	2,880,719	1,638,215	2,870,349	1,638,215
Warrants, Options and Convertible Notes (in shares)	163,721		92,081
Weighted average shares of common stock -Diluted (in shares)	3,044,440	1,638,215	2,962,430	1,638,215
Earnings (Loss) Per Share - Diluted (in dollars per share)	$ 0.31	$ 0	$ 0.28	$ (0.32)

Note 10 - Acquisitions (Details

Note 10 - Acquisitions (Details Textual) - Air Enterprises [Member] - USD ($)	Jun. 01, 2017	Jun. 30, 2017	Jun. 30, 2017
Business Combination, Consideration Transferred	$ 10,250,000
Business Combination, Acquisition Related Costs		$ 300,000	$ 300,000

Note 10 - Acquisitions - Summar

Note 10 - Acquisitions - Summary Assets Acquired and Liabilities Assumed (Details) - USD ($)	Jun. 30, 2017	Jun. 01, 2017	Sep. 30, 2016
Goodwill	$ 2,409,048		$ 1,777,656
Air Enterprises [Member]
Accounts Receivable		$ 4,761,368
Inventory		594,503
Costs in excess of billings and estimated costs		3,980,824
Fixed Assets		2,112,120
Prepaid and Other Assets		53,110
Intangibles Assets		1,230,000
Goodwill		631,392
Total Assets Acquired		13,363,317
Accounts Payable		1,726,618
Billings in Excess of costs and earnings		594,545
Accrued Payroll and related expenses		325,950
Accrued Expense		424,671
Lease Payable		41,533
Total Liabilities Assumed		3,113,317
Net Assets Acquired		$ 10,250,000

Note 11 - Segment and Related42

Note 11 - Segment and Related Information (Details Textual)	9 Months Ended
	Jun. 30, 2017
Number of Reportable Segments	3

Note 11 - Segment and Related43

Note 11 - Segment and Related Information - Information by Industry Segment (Details) - USD ($)		3 Months Ended		9 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Sales		$ 7,220,626	$ 1,530,244	$ 12,923,867	$ 3,953,740
Income (Loss) Before Provision for Income Taxes
Commercial Air Handling		978,896	(8,095)	894,458	(519,728)
Operating Segments [Member] | Commercial Air Handling [Member]
Sales		3,343,945		3,343,945
Income (Loss) Before Provision for Income Taxes
Commercial Air Handling		607,471		607,471
Operating Segments [Member] | Test and Measurement [Member]
Sales		2,452,854	1,530,244	5,049,991	3,953,740
Income (Loss) Before Provision for Income Taxes
Commercial Air Handling	[1]	880,600	(8,095)	(19,446)	(519,728)
Operating Segments [Member] | Industrial Hose [Member]
Sales		1,423,827		4,529,931
Income (Loss) Before Provision for Income Taxes
Commercial Air Handling		$ (509,175)		$ 306,433
[1]	Certain Expenses such as corporate general and administrative expenses, acquisition related expense and interest expense are included in the Test and Measurement division.