Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Dec. 31, 2015 | Jan. 15, 2016 | |
Entity Registrant Name | NVE CORP /NEW/ | |
Entity Central Index Key | 724,910 | |
Trading Symbol | nvec | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 4,844,845 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Balance Sheets (Current Period
Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 | |
Current assets | |||
Cash and cash equivalents | $ 3,594,164 | $ 9,437,262 | [1] |
Marketable securities, short term | 23,629,484 | 20,099,288 | [1] |
Accounts receivable, net of allowance for uncollectible accounts of $15,000 | 1,753,689 | 2,963,974 | [1] |
Inventories | 3,108,911 | 3,742,492 | [1] |
Deferred tax assets | 152,789 | 102,052 | [1] |
Prepaid expenses and other assets | 903,568 | 574,913 | [1] |
Total current assets | 33,142,605 | 36,919,981 | [1] |
Fixed assets | |||
Machinery and equipment | 8,766,708 | 8,604,926 | [1] |
Leasehold improvements | 1,539,965 | 1,524,298 | [1] |
10,306,673 | 10,129,224 | [1] | |
Less accumulated depreciation and amortization | 8,502,002 | 7,873,816 | |
Net fixed assets | 1,804,671 | $ 2,255,408 | [1] |
Long-term deferred tax assets | 99,958 | [1] | |
Marketable securities, long term | 68,127,073 | $ 70,913,807 | [1] |
Total assets | 103,174,307 | 110,089,196 | [1] |
Current liabilities | |||
Accounts payable | 209,686 | 358,818 | [1] |
Accrued payroll and other | 650,846 | $ 1,127,136 | [1] |
Deferred revenue | 714,805 | [1] | |
Total current liabilities | $ 1,575,337 | $ 1,485,954 | [1] |
Long-term deferred tax liabilities | 275,708 | [1] | |
Shareholders’ equity | |||
Common stock, $0.01 par value, 6,000,000 shares authorized; 4,844,845 issued and outstanding as of December 31, 2015 and 4,857,953 issued and outstanding as of March 31, 2015 | $ 48,449 | 48,580 | [1] |
Additional paid-in capital | 19,665,966 | 20,850,762 | [1] |
Accumulated other comprehensive income | 81,357 | 746,447 | [1] |
Retained earnings | 81,803,198 | 86,681,745 | [1] |
Total shareholders’ equity | 101,598,970 | 108,327,534 | [1] |
Total liabilities and shareholders’ equity | $ 103,174,307 | $ 110,089,196 | [1] |
[1] | The March 31, 2015 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2015. |
Balance Sheets (Current Period3
Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 | [1] |
Allowance for uncollectible accounts | $ 15,000 | $ 15,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Common stock, shares authorized (in shares) | 6,000,000 | 6,000,000 | |
Common stock, shares issued (in shares) | 4,844,845 | 4,857,953 | |
Common stock, shares outstanding (in shares) | 4,844,845 | 4,857,953 | |
[1] | The March 31, 2015 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2015. |
Statements of Income (Unaudited
Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | ||||
Product sales | $ 5,025,041 | $ 5,883,690 | $ 19,197,578 | $ 22,345,577 |
Contract research and development | 990,974 | 408,058 | 2,419,113 | 666,579 |
Total revenue | 6,016,015 | 6,291,748 | 21,616,691 | 23,012,156 |
Cost of sales | 1,508,361 | 1,473,655 | 5,146,803 | 4,641,633 |
Gross profit | 4,507,654 | 4,818,093 | 16,469,888 | 18,370,523 |
Expenses | ||||
Selling, general, and administrative | 406,676 | 533,695 | 1,416,071 | 1,788,944 |
Research and development | 738,657 | 694,758 | 2,048,620 | 2,285,465 |
Total expenses | 1,145,333 | 1,228,453 | 3,464,691 | 4,074,409 |
Income from operations | 3,362,321 | 3,589,640 | 13,005,197 | 14,296,114 |
Interest income | 468,367 | 557,843 | 1,422,696 | 1,669,320 |
Income before taxes | 3,830,688 | 4,147,483 | 14,427,893 | 15,965,434 |
Provision for income taxes | 1,253,237 | 1,354,577 | 4,736,421 | 5,259,796 |
Net income | $ 2,577,451 | $ 2,792,906 | $ 9,691,472 | $ 10,705,638 |
Net income per share – basic (in dollars per share) | $ 0.53 | $ 0.57 | $ 2 | $ 2.21 |
Net income per share – diluted (in dollars per share) | 0.53 | $ 0.57 | 2 | $ 2.20 |
Cash dividends declared per common share (in dollars per share) | $ 1 | $ 3 | ||
Weighted average shares outstanding | ||||
Basic (in shares) | 4,844,845 | 4,857,953 | 4,853,970 | 4,854,702 |
Diluted (in shares) | 4,846,970 | 4,876,074 | 4,857,103 | 4,871,270 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income | $ 2,577,451 | $ 2,792,906 | $ 9,691,472 | $ 10,705,638 |
Unrealized loss from marketable securities, net of tax | (321,222) | (41,941) | (665,090) | (351,824) |
Comprehensive income | $ 2,256,229 | $ 2,750,965 | $ 9,026,382 | $ 10,353,814 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
OPERATING ACTIVITIES | |||
Net income | $ 9,691,472 | $ 10,705,638 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 628,186 | 698,820 | |
Stock-based compensation | 21,160 | 58,960 | |
Excess tax benefits | (352,294) | (24,288) | |
Deferred income taxes | 305,391 | 141,060 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 1,210,285 | 476,495 | |
Inventories | 633,581 | (478,791) | |
Prepaid expenses and other assets | (328,655) | (709,502) | |
Accounts payable and accrued expenses | (625,422) | $ (20,142) | |
Deferred revenue | 714,805 | ||
Net cash provided by operating activities | 11,898,509 | $ 10,848,250 | |
INVESTING ACTIVITIES | |||
Purchases of fixed assets | (177,449) | (114,139) | |
Purchases of marketable securities | (9,613,052) | (9,136,457) | |
Proceeds from maturities and sales of marketable securities | 7,825,000 | 8,610,000 | |
Net cash used in investing activities | (1,965,501) | (640,596) | |
FINANCING ACTIVITIES | |||
Proceeds from sale of common stock | 292,909 | 302,701 | |
Excess tax benefits | 352,294 | $ 24,288 | |
Repurchase of common stock | (1,851,290) | ||
Payment of dividends to shareholders | (14,570,019) | ||
Net cash (used in) provided by financing activities | (15,776,106) | $ 326,989 | |
(Decrease) increase in cash and cash equivalents | (5,843,098) | 10,534,643 | |
Cash and cash equivalents at beginning of period | 9,437,262 | [1] | 1,262,300 |
Cash and cash equivalents at end of period | 3,594,164 | 11,796,943 | |
Supplemental disclosures of cash flow information: | |||
Cash paid during the period for income taxes | $ 4,490,000 | $ 5,600,000 | |
[1] | The March 31, 2015 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2015. |
Note 1 - Description of Busines
Note 1 - Description of Business | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | NOTE 1. DESCRIPTION OF BUSINESS e develop and sell devices that use spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store, and transmit information. |
Note 2 - Interim Financial Info
Note 2 - Interim Financial Information | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 2. INTERIM FINANCIAL INFORMATION |
Note 3 - Recently Issued Accoun
Note 3 - Recently Issued Accounting Standards | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 3. RECENTLY ISSUED ACCOUNTING STANDARDS Balance Sheet Classification of Deferred Taxes Simplifying the Measurement of Inventory Revenue from Contracts with Customers (Topic 606) Revenue Recognition |
Note 4 - Net Income Per Share
Note 4 - Net Income Per Share | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 4. NET INCOME PER SHARE Quarter Ended Dec. 31 2015 2014 Weighted average common shares outstanding – basic 4,844,845 4,857,953 Dilutive effect of stock options 2,125 18,121 Shares used in computing net income per share – diluted 4,846,970 4,876,074 Nine Months Ended Dec. 31 2015 2014 Weighted average common shares outstanding – basic 4,853,970 4,854,702 Dilutive effect of stock options 3,133 16,568 Shares used in computing net income per share – diluted 4,857,103 4,871,270 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE 5. MARKETABLE SECURITIES Total <1 Year 1–3 Years 3–5 Years $ 91,756,557 $ 23,629,484 $ 43,633,379 $ 24,493,694 As of December 31, 2015 As of March 31, 2015 Gross Gross Fair Gross Gross Fair Corporate bonds $ 90,274,572 $ 280,496 $ (153,811 ) $ 90,401,257 $ 88,456,886 $ 1,185,469 $ (16,371 ) $ 89,625,984 Municipal bonds 1,354,206 1,094 - 1,355,300 1,383,839 3,272 - 1,387,111 Total $ 91,628,778 $ 281,590 $ (153,811 ) $ 91,756,557 $ 89,840,725 $ 1,188,741 $ (16,371 ) $ 91,013,095 Less Than 12 Months 12 Months or Greater Total Fair Gross Fair Gross Fair Gross As of December 31, 2015 Corporate bonds $ 39,526,380 $ (132,870 ) $ 2,583,664 $ (20,941 ) $ 42,110,044 $ (153,811 ) Municipal bonds - - - - - - Total $ 39,526,380 $ (132,870 ) $ 2,583,664 $ (20,941 ) $ 42,110,044 $ (153,811 ) As of March 31, 2015 Corporate bonds $ 3,015,900 $ (163 ) $ 2,590,240 $ (16,208 ) $ 5,606,140 $ (16,371 ) Municipal bonds - - - - - - Total $ 3,015,900 $ (163 ) $ 2,590,240 $ (16,208 ) $ 5,606,140 $ (16,371 ) |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 6. INVENTORIES December 31, March 31, Raw materials $ 734,094 $ 738,169 Work in process 1,568,449 2,302,751 Finished goods 806,368 701,572 Total inventories $ 3,108,911 $ 3,742,492 |
Note 7 - Stock-based Compensati
Note 7 - Stock-based Compensation | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 7. STOCK-BASED COMPENSATION |
Note 8 - Income Taxes
Note 8 - Income Taxes | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8. INCOME TAXES |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE 9. FAIR VALUE MEASUREMENTS |
Note 10 - Stock Repurchase Prog
Note 10 - Stock Repurchase Program | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Stock Repurchase Plan Disclosure [Text Block] | NOTE 10. STOCK REPURCHASE PROGRAM |
Note 11 - Dividends
Note 11 - Dividends | 9 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Dividends [Text Block] | NOTE 11. DIVIDENDS |
Note 4 - Net Income Per Share (
Note 4 - Net Income Per Share (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Quarter Ended Dec. 31 2015 2014 Weighted average common shares outstanding – basic 4,844,845 4,857,953 Dilutive effect of stock options 2,125 18,121 Shares used in computing net income per share – diluted 4,846,970 4,876,074 Nine Months Ended Dec. 31 2015 2014 Weighted average common shares outstanding – basic 4,853,970 4,854,702 Dilutive effect of stock options 3,133 16,568 Shares used in computing net income per share – diluted 4,857,103 4,871,270 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Marketable Securities [Table Text Block] | Total <1 Year 1–3 Years 3–5 Years $ 91,756,557 $ 23,629,484 $ 43,633,379 $ 24,493,694 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | As of December 31, 2015 As of March 31, 2015 Gross Gross Fair Gross Gross Fair Corporate bonds $ 90,274,572 $ 280,496 $ (153,811 ) $ 90,401,257 $ 88,456,886 $ 1,185,469 $ (16,371 ) $ 89,625,984 Municipal bonds 1,354,206 1,094 - 1,355,300 1,383,839 3,272 - 1,387,111 Total $ 91,628,778 $ 281,590 $ (153,811 ) $ 91,756,557 $ 89,840,725 $ 1,188,741 $ (16,371 ) $ 91,013,095 |
Schedule of Unrealized Loss on Investments [Table Text Block] | Less Than 12 Months 12 Months or Greater Total Fair Gross Fair Gross Fair Gross As of December 31, 2015 Corporate bonds $ 39,526,380 $ (132,870 ) $ 2,583,664 $ (20,941 ) $ 42,110,044 $ (153,811 ) Municipal bonds - - - - - - Total $ 39,526,380 $ (132,870 ) $ 2,583,664 $ (20,941 ) $ 42,110,044 $ (153,811 ) As of March 31, 2015 Corporate bonds $ 3,015,900 $ (163 ) $ 2,590,240 $ (16,208 ) $ 5,606,140 $ (16,371 ) Municipal bonds - - - - - - Total $ 3,015,900 $ (163 ) $ 2,590,240 $ (16,208 ) $ 5,606,140 $ (16,371 ) |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 9 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, March 31, Raw materials $ 734,094 $ 738,169 Work in process 1,568,449 2,302,751 Finished goods 806,368 701,572 Total inventories $ 3,108,911 $ 3,742,492 |
Note 4 - Net Income Per Share21
Note 4 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,000 | 4,000 | 4,000 |
Note 4 - Components of Common S
Note 4 - Components of Common Shares Outstanding (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basic (in shares) | 4,844,845 | 4,857,953 | 4,853,970 | 4,854,702 |
Dilutive effect of stock options (in shares) | 2,125 | 18,121 | 3,133 | 16,568 |
Shares used in computing net income per share – diluted (in shares) | 4,846,970 | 4,876,074 | 4,857,103 | 4,871,270 |
Note 5 - Marketable Securitie23
Note 5 - Marketable Securities (Details Textual) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | |
Corporate Bond Securities [Member] | Maximum [Member] | ||
Severity of Unrealized Loss, Percentage of Adjusted Cost | 1.00% | |
Corporate Bond Securities [Member] | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 1 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 153,811 | $ 16,371 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 2,583,664 | 2,590,240 |
Number of Other-than-temporarily Impaired Marketable Securities | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ 153,811 | 16,371 |
Number of Corporate Bonds Resulted in Loss | 13 | |
Number of Corporate Bonds | 28 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | $ 2,583,664 | $ 2,590,240 |
Note 5 - Fair Value of Marketab
Note 5 - Fair Value of Marketable Securities (Details) | Dec. 31, 2015USD ($) |
Available-for-sale Securities, Debt Securities | $ 91,756,557 |
91,756,557 | 23,629,484 |
91,756,557 | 43,633,379 |
91,756,557 | $ 24,493,694 |
Note 5 - Reconciliation of Mark
Note 5 - Reconciliation of Marketable Securities (Details) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Corporate Bond Securities [Member] | ||
Adjusted Cost | $ 90,274,572 | $ 88,456,886 |
Gross Unrealized Gains | 280,496 | 1,185,469 |
Gross Unrealized Losses | (153,811) | (16,371) |
Available-for-sale Securities, Debt Securities | 90,401,257 | 89,625,984 |
Municipal Bonds [Member] | ||
Adjusted Cost | 1,354,206 | 1,383,839 |
Gross Unrealized Gains | $ 1,094 | $ 3,272 |
Gross Unrealized Losses | ||
Available-for-sale Securities, Debt Securities | $ 1,355,300 | $ 1,387,111 |
Adjusted Cost | 91,628,778 | 89,840,725 |
Gross Unrealized Gains | 281,590 | 1,188,741 |
Gross Unrealized Losses | (153,811) | (16,371) |
Available-for-sale Securities, Debt Securities | $ 91,756,557 | $ 91,013,095 |
Note 5 - Gross Unrealized Losse
Note 5 - Gross Unrealized Losses and Fair Value of Investments (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2015 | Mar. 31, 2015 | |
Corporate Bond Securities [Member] | ||
Fair market value, less than 12 months | $ 39,526,380 | $ 3,015,900 |
Gross unrealized losses, less than 12 months | (132,870) | (163) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,583,664 | 2,590,240 |
Gross unrealized losses, greater than 12 months | (20,941) | (16,208) |
Total Fair Market Value | 42,110,044 | 5,606,140 |
Total Gross Unrealized Losses | $ (153,811) | $ (16,371) |
Municipal Bonds [Member] | ||
Fair market value, less than 12 months | ||
Gross unrealized losses, less than 12 months | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ||
Gross unrealized losses, greater than 12 months | ||
Total Fair Market Value | ||
Total Gross Unrealized Losses | ||
Fair market value, less than 12 months | $ 39,526,380 | $ 3,015,900 |
Gross unrealized losses, less than 12 months | (132,870) | (163) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 2,583,664 | 2,590,240 |
Gross unrealized losses, greater than 12 months | (20,941) | (16,208) |
Total Fair Market Value | 42,110,044 | 5,606,140 |
Total Gross Unrealized Losses | $ (153,811) | $ (16,371) |
Note 6 - Inventories (Details)
Note 6 - Inventories (Details) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 | |
Raw materials | $ 734,094 | $ 738,169 | |
Work in process | 1,568,449 | 2,302,751 | |
Finished goods | 806,368 | 701,572 | |
Total inventories | $ 3,108,911 | $ 3,742,492 | [1] |
[1] | The March 31, 2015 Balance Sheet is derived from the audited financial statements contained in our Annual Report on Form 10-K for the fiscal year ended March 31, 2015. |
Note 7 - Stock-based Compensa28
Note 7 - Stock-based Compensation (Details Textual) - USD ($) | 9 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Non-employee Director Stock Options [Member] | ||
Allocated Share-based Compensation Expense | $ 21,160 | $ 58,960 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) | 9 Months Ended |
Dec. 31, 2015USD ($) | |
Earliest Tax Year [Member] | |
Open Tax Year | 1,999 |
Latest Tax Year [Member] | |
Open Tax Year | 2,014 |
Unrecognized Tax Benefits | $ 0 |
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | $ 0 |
Note 9 - Fair Value Measureme30
Note 9 - Fair Value Measurements (Details Textual) - USD ($) | Dec. 31, 2015 | Mar. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | Corporate Bond Securities [Member] | ||
Available-for-sale Securities, Debt Securities | $ 90,401,257 | $ 89,625,984 |
Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||
Available-for-sale Securities, Debt Securities | 1,355,300 | 1,387,111 |
Corporate Bond Securities [Member] | ||
Available-for-sale Securities, Debt Securities | 90,401,257 | 89,625,984 |
Municipal Bonds [Member] | ||
Available-for-sale Securities, Debt Securities | 1,355,300 | 1,387,111 |
Available-for-sale Securities, Debt Securities | $ 91,756,557 | $ 91,013,095 |
Note 10 - Stock Repurchase Pr31
Note 10 - Stock Repurchase Program (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 31, 2015 | Aug. 27, 2015 | Jan. 21, 2009 | |
Treasury Stock, Shares, Acquired | 0 | ||
Stock Repurchase Program, Authorized Amount | $ 2,500,000 | ||
Stock Repurchase Program Authorized Additional Amount | $ 5,000,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 5,001,189 |
Note 11 - Dividends (Details Te
Note 11 - Dividends (Details Textual) | Jan. 20, 2016$ / shares |
Subsequent Event [Member] | |
Dividends Payable, Amount Per Share | $ 1 |