Daily Journal (DJCO) 10-Q 11 May 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document Information [Line Items]
Entity Registrant Name	DAILY JOURNAL CORPORATION
Entity Central Index Key	0000783412
Trading Symbol	djco
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		1,380,746
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Title of 12(b) Security	Common Stock, par value $.01 per share

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Current assets
Cash and cash equivalents	$ 5,822,000	$ 10,630,000
Marketable securities at fair value -- common stocks of $136,901,000 at March 31, 2020 and $194,581,000 at September 30, 2019	136,901,000	194,581,000
Accounts receivable, less allowance for doubtful accounts of $200,000 at March 31, 2020 and September 30, 2019	6,347,000	7,036,000
Inventories	40,000	40,000
Prepaid expenses and other current assets	593,000	508,000
Income tax receivable	470,000	153,000
Total current assets	150,173,000	212,948,000
Property, plant and equipment, at cost
Land, buildings and improvements	16,599,000	16,499,000
Furniture, office equipment and computer software	2,188,000	2,119,000
Machinery and equipment	1,749,000	1,750,000
Property, Plant and Equipment, Gross, Ending Balance	20,536,000	20,368,000
Less accumulated depreciation	(9,828,000)	(9,572,000)
Property, Plant and Equipment, Net, Ending Balance	10,708,000	10,796,000
Operating lease right-of-use assets	382,000
Deferred income taxes - Federal	11,661,000	12,596,000
Deferred income taxes - State	1,811,000	1,036,000
Total Assets	174,735,000	237,376,000
Current liabilities
Accounts payable	3,061,000	4,520,000
Accrued liabilities	5,216,000	5,173,000
Note payable collateralized by real estate	129,000	126,000
Total current liabilities	25,599,000	30,668,000
Long term liabilities
Investment margin account borrowings	29,493,000	29,493,000
Note payable collateralized by real estate	1,644,000	1,709,000
Deferred maintenance agreements	256,000	335,000
Accrued liabilities	343,000	230,000
Deferred income taxes	21,816,000	37,241,000
Total long term liabilities	53,552,000	69,008,000
Commitments and contingencies (Notes 8 and 9)
Shareholders' equity
Preferred stock, $.01 par value, 5,000,000 shares authorized and no shares issued	0	0
Common stock, $.01 par value, 5,000,000 shares authorized; 1,805,053 shares issued, including 424,307 treasury shares, at March 31, 2020 and September 30, 2019	14,000	14,000
Additional paid-in capital	1,755,000	1,755,000
Retained earnings	93,815,000	135,931,000
Total shareholders' equity	95,584,000	137,700,000
Liabilities and Equity, Total	174,735,000	237,376,000
Subscription and Circulation [Member]
Current liabilities
Deferred revenue	2,884,000	3,195,000
Installation Contracts [Member]
Current liabilities
Deferred revenue	1,108,000	1,932,000
License and Maintenance [Member]
Current liabilities
Deferred revenue	$ 13,201,000	$ 15,722,000

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Marketable securities	$ 136,901,000	$ 194,581,000
Accounts receivable, allowance for doubtful accounts	$ 200,000	$ 200,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	5,000,000	5,000,000
Common stock, shares issued (in shares)	1,805,053	1,805,053
Common stock, treasury shares (in shares)	424,307	424,307
Common Stock [Member]
Marketable securities	$ 136,901,000	$ 194,581,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($)	3 Months Ended			6 Months Ended
	Mar. 31, 2020		Mar. 31, 2019	Mar. 31, 2020		Mar. 31, 2019
Revenue
Revenues	$ 12,356,000		$ 10,712,000	$ 24,033,000		$ 21,140,000
Costs and expenses
Salaries and employee benefits	9,678,000		8,791,000	18,565,000		17,446,000
Outside services	1,154,000		1,244,000	2,014,000		2,402,000
Postage and delivery expenses	191,000		205,000	401,000		409,000
Newsprint and printing expenses	193,000		186,000	371,000		362,000
Depreciation and amortization	128,000		150,000	256,000		303,000
Equipment maintenance and software	504,000		410,000	826,000		753,000
Credit card merchant discount fees	388,000		375,000	770,000		645,000
Rent expenses	170,000		257,000	342,000		515,000
Accounting and legal fees	202,000		396,000	458,000		799,000
Other general and administrative expenses	846,000		1,369,000	2,646,000		2,698,000
Operating Expenses, Total	13,454,000	[1]	13,383,000	26,649,000	[1]	26,332,000
Loss from operations	(1,098,000)		(2,671,000)	(2,616,000)		(5,192,000)
Other income (expense)
Dividends and interest income	1,297,000		1,141,000	2,977,000		2,671,000
Other income			9,000	3,000		19,000
Net unrealized (losses) gains on investments	(77,211,000)		8,497,000	(57,680,000)		(20,143,000)
(Loss) income before income taxes	(77,186,000)		6,735,000	(57,696,000)		(23,115,000)
Benefit from (provision for) income taxes	20,860,000		(1,717,000)	15,580,000		6,600,000
Net (loss) income	$ (56,326,000)		$ 5,018,000	$ (42,116,000)		$ (16,515,000)
Weighted average number of common shares outstanding - basic and diluted (in shares)	1,380,746		1,380,746	1,380,746		1,380,746
Basic and diluted net (loss) income per share (in dollars per share)	$ (40.79)		$ 3.63	$ (30.50)		$ (11.96)
Comprehensive (loss) income	$ (56,326,000)		$ 5,018,000	$ (42,116,000)		$ (16,515,000)
Real Estate Bank Loan Secured by Logan Office [Member]
Other income (expense)
Interest expense on debt	(21,000)		(22,000)	(43,000)		(45,000)
Margin Account [Member]
Other income (expense)
Interest expense on debt	(153,000)		(219,000)	(337,000)		(425,000)
Advertising [Member]
Revenue
Revenues	1,992,000		2,108,000	4,118,000		4,300,000
Subscription and Circulation [Member]
Revenue
Revenues	1,286,000		1,273,000	2,598,000		2,611,000
Advertising Service Fees and Other [Member]
Revenue
Revenues	654,000		624,000	1,348,000		1,293,000
License and Maintenance [Member]
Revenue
Revenues	5,505,000		4,640,000	10,715,000		9,430,000
Consulting Fees [Member]
Revenue
Revenues	1,229,000		399,000	1,918,000		940,000
Service, Other [Member]
Revenue
Revenues	$ 1,690,000		$ 1,668,000	$ 3,336,000		$ 2,566,000
[1]	included goodwill impairment of $13,400,000

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($)	Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Common Stock [Member]	Treasury Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Sep. 30, 2018							1,805,053	(424,307)
Balance at Sep. 30, 2018				$ 115,786,000	$ (115,786,000)		$ 18,000	$ (4,000)	$ 1,755,000	$ 45,361,000	$ 115,786,000	$ 162,916,000
Net (loss) income										(21,533,000)		(21,533,000)
Balance (in shares) at Dec. 31, 2018							1,805,053	(424,307)
Balance at Dec. 31, 2018							$ 18,000	$ (4,000)	1,755,000	139,614,000		141,383,000
Balance (in shares) at Sep. 30, 2018							1,805,053	(424,307)
Balance at Sep. 30, 2018				$ 115,786,000	$ (115,786,000)		$ 18,000	$ (4,000)	1,755,000	45,361,000	115,786,000	162,916,000
Net (loss) income												(16,515,000)
Balance (in shares) at Mar. 31, 2019							1,805,053	(424,307)
Balance at Mar. 31, 2019							$ 18,000	$ (4,000)	1,755,000	144,632,000		146,401,000
Balance (in shares) at Dec. 31, 2018							1,805,053	(424,307)
Balance at Dec. 31, 2018							$ 18,000	$ (4,000)	1,755,000	139,614,000		141,383,000
Net (loss) income										5,018,000		5,018,000
Balance (in shares) at Mar. 31, 2019							1,805,053	(424,307)
Balance at Mar. 31, 2019							$ 18,000	$ (4,000)	1,755,000	144,632,000		146,401,000
Balance (in shares) at Sep. 30, 2019							1,805,053	(424,307)
Balance at Sep. 30, 2019							$ 18,000	$ (4,000)	1,755,000	135,931,000		137,700,000
Net (loss) income										14,210,000		14,210,000
Balance (in shares) at Dec. 31, 2019							1,805,053	(424,307)
Balance at Dec. 31, 2019							$ 18,000	$ (4,000)	1,755,000	150,141,000		151,910,000
Balance (in shares) at Sep. 30, 2019							1,805,053	(424,307)
Balance at Sep. 30, 2019							$ 18,000	$ (4,000)	1,755,000	135,931,000		137,700,000
Net (loss) income												(42,116,000)
Balance (in shares) at Mar. 31, 2020							1,805,053	(424,307)
Balance at Mar. 31, 2020							$ 18,000	$ (4,000)	1,755,000	93,815,000		95,584,000
Balance (in shares) at Dec. 31, 2019							1,805,053	(424,307)
Balance at Dec. 31, 2019							$ 18,000	$ (4,000)	1,755,000	150,141,000		151,910,000
Net (loss) income										(56,326,000)		(56,326,000)
Balance (in shares) at Mar. 31, 2020							1,805,053	(424,307)
Balance at Mar. 31, 2020							$ 18,000	$ (4,000)	$ 1,755,000	$ 93,815,000		$ 95,584,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net (loss) income	$ (42,116,000)	$ (16,515,000)
Adjustments to reconcile net loss to net cash used in operations
Depreciation and amortization	256,000	304,000
Net unrealized losses on investments	57,680,000	20,143,000
Deferred income taxes	(15,265,000)	(6,486,000)
(Increase) decrease in current assets
Accounts receivable, net	689,000	(2,539,000)
Inventories		3,000
Prepaid expenses and other assets	(85,000)	123,000
Income tax receivable	(317,000)	7,000
Increase (decrease) in liabilities
Accounts payable	(1,459,000)	1,751,000
Accrued liabilities	(226,000)	(64,000)
Net cash used in operating activities	(4,578,000)	(3,375,000)
Cash flows from investing activities
Purchases of property, plant and equipment	(168,000)	(84,000)
Net cash used in investing activities	(168,000)	(84,000)
Cash flows from financing activities
Payment of real estate loan principal	(62,000)	(60,000)
Net cash used in financing activities	(62,000)	(60,000)
Decrease in cash and cash equivalents	(4,808,000)	(3,519,000)
Cash and cash equivalents
Beginning of period	10,630,000	9,301,000
End of period	5,822,000	5,782,000
Interest paid during period	390,000	470,000
Net income taxes paid (refunded)	1,000	(121,000)
Subscription and Circulation [Member]
Increase (decrease) in liabilities
Deferred revenue arrangements	(311,000)	(196,000)
License and Maintenance [Member]
Increase (decrease) in liabilities
Deferred revenue arrangements	(2,600,000)	220,000
Installation Contracts [Member]
Increase (decrease) in liabilities
Deferred revenue arrangements	$ (824,000)	$ (126,000)

Note 1 - The Corporation and Op

Note 1 - The Corporation and Operations	6 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 Daily Journal Corporation (the “Company”) publishes newspapers and web sites covering California and Arizona and produces several specialized information services. It also serves as a newspaper representative specializing in public notice advertising. This is sometimes referred to as the Company’s “Traditional Business”. Journal Technologies, Inc. (“Journal Technologies”), a wholly-owned subsidiary of Daily Journal, supplies case management software systems and related products to courts, prosecutor and public defender offices, probation departments and other justice agencies, including administrative law organizations, city and county governments and bar associations. These organizations use the Journal Technologies family of products to help manage cases and information electronically, to interface with other critical justice partners and to extend electronic services to the public, including efiling and a website to pay traffic citations and fees online, and bar members. These products are licensed to more than 500 42 Essentially all of the Company’s U.S. operations are based in California, Arizona, Colorado and Utah. The Company also has a presence in Australia where Journal Technologies is working on two

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	6 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 2 In the opinion of the Company, the accompanying interim unaudited consolidated financial statements contain all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of its financial position as of March 31, 2020, three six March 31, 2020 2019, six March 31, 2020 2019 six March 31, 2020 2019. six March 31, 2020 not The consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not 10 September 30, 2019.

Note 3 - Accounting Standards A

Note 3 - Accounting Standards Adopted in Fiscal 2020	6 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	Note 3 2020 In February 2016, 2016 02, Leases (Topic 842 first 2020, not March 31, 2020, $382,000 not one March 31, 2020, $43,000 one no

Note 4 - Revenue Recognition

Note 4 - Revenue Recognition	6 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 4 The Company recognizes revenues in accordance with the provisions of ASU No. 2014 09, Revenue from Contracts with Customers (ASC Topic 606 October 1, 2017, For the Company’s Traditional Business, proceeds from the sale of subscriptions for newspapers, court rule books and other publications and other services are recorded as deferred revenue and are included in earned revenue only when the services are provided, generally over the subscription term. Advertising revenues are recognized when advertisements are published and are net of agency commissions. Journal Technologies’ contracts may one third not third ASC 606 no not Since the Company recognizes revenues when it can invoice the customer pursuant to the contract for the value of completed performance, as a practical expedient and because reliable estimates cannot be made, it has elected not not no not

Note 5 - Basic and Diluted Inco

Note 5 - Basic and Diluted Income Per Share	6 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 5 The Company does not

Note 6 - Investments in Marketa

Note 6 - Investments in Marketable Securities	6 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	Note 6 All investments are classified as “Current assets” because they are available for sale at any time. These “available-for-sale” marketable securities are stated at fair value. The Company uses quoted prices in active markets for identical assets (consistent with the Level 1 820, Fair Value Measurement March 31, 2020, $83,012,000. September 30, 2019, $140,692,000 three one With the adoption in the prior fiscal year of ASU No. 2016 01, 825 10, $77,211,000 $57,680,000 three six March 31, 2020 $8,497,000 $20,143,000, Investments in marketable securities as of March 31, 2020 September 30, 2019 Investments in Marketable Securities March 31, 2020 September 30, 2019 Aggregate fair value Adjusted cost basis Pretax net unrealized gains Aggregate fair value Amortized/Adjusted cost basis Pretax unrealized gains Marketable securities Common stocks $ 136,901,000 $ 53,889,000 $ 83,012,000 $ 194,581,000 $ 53,889,000 $ 140,692,000

Note 7 - Income Taxes

Note 7 - Income Taxes	6 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 7 For the six March 31, 2020, $15,580,000 $57,696,000. 2020 six March 31, 2020. $187,000 $15,425,000 six March 31, 2020. six March 31, 2020 27%, The CARES Act, which was signed into law on March 27, 2020, two 2018, five 2018. 2019 2014. 2014. 34% 2014 21% 2019. For the six March 31, 2019, $6,600,000 $23,115,000. 2019 six March 31, 2019. The Company’s effective tax rate was 27% six March 31, 2020 29% The Company files consolidated federal income tax returns in the United States and with various state jurisdictions and is no 2016 2015

Note 8 - Debts and Commitments

Note 8 - Debts and Commitments	6 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Commitments Disclosure [Text Block]	Note 8 During fiscal 2013, $29.5 two 50 March 31, 2020 0.75%. not In 2015, 30,700 1998 3.6 $1.24 $2.26 4.66% $17,600 2030. $1.77 March 31, 2020. The Company also owns its facilities in Los Angeles and leases space for its other offices under operating leases which expire at various dates through fiscal 2021.

Note 9 - Contingencies

Note 9 - Contingencies	6 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	Note 9 From time to time, the Company is subject to contingencies, including litigation, arising in the normal course of its business. While it is not not

Note 10 - Operating Segments

Note 10 - Operating Segments	6 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	Note 10 The Company’s reportable segments are: (i) the Traditional Business and (ii) Journal Technologies. All inter-segment transactions were eliminated. Summarized financial information regarding the Company’s reportable segments is shown in the following table: Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Six months ended March 31, 2020 Revenues Advertising $ 4,118,000 $ --- $ --- $ 4,118,000 Circulation 2,598,000 --- --- 2,598,000 Advertising service fees and other 1,348,000 --- --- 1,348,000 Licensing and maintenance fees --- 10,715,000 --- 10,715,000 Consulting fees --- 1,918,000 --- 1,918,000 Other public service fees --- 3,336,000 --- 3,336,000 Operating expenses 7,906,000 18,743,000 --- 26,649,000 Income (loss) from operations 158,000 (2,774,000 ) --- (2,616,000 ) Dividends and interest income --- --- 2,977,000 2,977,000 Other income --- --- 3,000 3,000 Net unrealized losses on investments --- --- (57,680,000 ) (57,680,000 ) Interest expenses on note payable collateralized by real estate (43,000 ) --- --- (43,000 ) Interest expenses on margin loans and others --- --- (337,000 ) (337,000 ) Pretax income (loss) 115,000 (2,774,000 ) (55,037,000 ) (57,696,000 ) Income tax (expense) benefit (30,000 ) 925,000 14,685,000 15,580,000 Net income (loss) 85,000 (1,849,000 ) (40,352,000 ) (42,116,000 ) Total assets 16,074,000 19,578,000 139,083,000 174,735,000 Capital expenditures 99,000 69,000 --- 168,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Six months ended March 31, 2019 Revenues Advertising $ 4,300,000 $ --- $ --- $ 4,300,000 Circulation 2,611,000 --- --- 2,611,000 Advertising service fees and other 1,293,000 --- --- 1,293,000 Licensing and maintenance fees --- 9,430,000 --- 9,430,000 Consulting fees --- 940,000 --- 940,000 Other public service fees --- 2,566,000 --- 2,566,000 Operating expenses 8,348,000 17,984,000 --- 26,332,000 Loss from operations (144,000 ) (5,048,000 ) --- (5,192,000 ) Dividends and interest income --- --- 2,671,000 2,671,000 Other income --- --- 19,000 19,000 Net unrealized losses on investments --- --- (20,143,000 ) (20,143,000 ) Interest expenses on note payable collateralized by real estate (45,000 ) --- --- (45,000 ) Interest expenses on margin loans --- --- (425,000 ) (425,000 ) Pretax loss (189,000 ) (5,048,000 ) (17,878,000 ) (23,115,000 ) Income tax benefit 115,000 1,300,000 5,185,000 6,600,000 Net loss (74,000 ) (3,748,000 ) (12,693,000 ) (16,515,000 ) Total assets 17,399,000 31,710,000 194,354,000 243,463,000 Capital expenditures 50,000 34,000 --- 84,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Three months ended March 31, 2020 Revenues Advertising $ 1,992,000 $ --- $ --- $ 1,992,000 Circulation 1,286,000 --- --- 1,286,000 Advertising service fees and other 654,000 --- --- 654,000 Licensing and maintenance fees --- 5,505,000 --- 5,505,000 Consulting fees --- 1,229,000 --- 1,229,000 Other public service fees --- 1,690,000 --- 1,690,000 Operating expenses 3,908,000 9,546,000 --- 13,454,000 Income (loss) from operations 24,000 (1,122,000 ) --- (1,098,000 ) Dividends and interest income --- --- 1,297,000 1,297,000 Net unrealized losses on investments --- --- (77,211,000 ) (77,211,000 ) Interest expenses on note payable collateralized by real estate (21,000 ) --- --- (21,000 ) Interest expenses on margin loans and others --- --- (153,000 ) (153,000 ) Pretax income (loss) 3,000 (1,122,000 ) (76,067,000 ) (77,186,000 ) Income tax benefit --- 415,000 20,445,000 20,860,000 Net income (loss) 3,000 (707,000 ) (55,622,000 ) (56,326,000 ) Total assets 16,074,000 19,578,000 139,083,000 174,735,000 Capital expenditures 64,000 7,000 --- 71,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Three months ended March 31, 2019 Revenues Advertising $ 2,108,000 $ --- $ --- $ 2,108,000 Circulation 1,273,000 --- --- 1,273,000 Advertising service fees and other 624,000 --- --- 624,000 Licensing and maintenance fees --- 4,640,000 --- 4,640,000 Consulting fees --- 399,000 --- 399,000 Other public service fees --- 1,668,000 --- 1,668,000 Operating expenses 4,140,000 9,243,000 --- 13,383,000 Loss from operations (135,000 ) (2,536,000 ) --- (2,671,000 ) Dividends and interest income --- --- 1,141,000 1,141,000 Other income --- --- 9,000 9,000 Net unrealized gains on investments --- --- 8,497,000 8,497,000 Interest expenses on note payable collateralized by real estate (22,000 ) --- --- (22,000 ) Interest expenses on margin loans --- --- (219,000 ) (219,000 ) Pretax income (loss) (157,000 ) (2,536,000 ) 9,428,000 6,735,000 Income tax benefit (expense) 35,000 715,000 (2,467,000 ) (1,717,000 ) Net (loss) income (122,000 ) (1,821,000 ) 6,961,000 5,018,000 Total assets 17,399,000 31,710,000 194,354,000 243,463,000 Capital expenditures --- --- --- --- During the six March 31, 2020, $8,064,000 $5,466,000 $2,598,000 $15,969,000 $5,631,000 $10,338,000 During the six March 31, 2019, $8,204,000 $5,593,000 $2,611,000 $12,936,000 $4,035,000 $8,901,000 During the three March 31, 2020, $3,932,000 $2,646,000 $1,286,000 $8,424,000 $3,177,000 $5,247,000 During the three March 31, 2019, $4,005,000 $2,732,000 $1,273,000 $6,707,000 $2,100,000 $4,607,000 Approximately 68% 66% three six March 31, 2020 63% 61% 1% The following table sets forth certain deferred obligations from October 1, 2019 March 31, 2020: Beginning Balance Oct. 1, 2019 Addition Recognized Ending Balance March 31, 2020 Deferred subscriptions $ 3,195,000 $ 2,287,000 $ (2,598,000 ) $ 2,884,000 Deferred installation contracts 1,932,000 1,471,000 (2,295,000 ) 1,108,000 Deferred maintenance agreements and others 16,057,000 7,738,000 (10,338,000 ) 13,457,000

Note 11 - Subsequent Events

Note 11 - Subsequent Events	6 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Subsequent Events [Text Block]	Note 11 On March 13, 2020, 19 19, In light of this extraordinary and ongoing situation, on April 30, 2020, Except for the personnel reorganization mentioned above, the Company has completed an evaluation of all subsequent events through the issuance date of these financial statements and concluded that no

Note 6 - Investments in Marke_2

Note 6 - Investments in Marketable Securities (Tables)	6 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	March 31, 2020 September 30, 2019 Aggregate fair value Adjusted cost basis Pretax net unrealized gains Aggregate fair value Amortized/Adjusted cost basis Pretax unrealized gains Marketable securities Common stocks $ 136,901,000 $ 53,889,000 $ 83,012,000 $ 194,581,000 $ 53,889,000 $ 140,692,000

Note 10 - Operating Segments (T

Note 10 - Operating Segments (Tables)	6 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Six months ended March 31, 2020 Revenues Advertising $ 4,118,000 $ --- $ --- $ 4,118,000 Circulation 2,598,000 --- --- 2,598,000 Advertising service fees and other 1,348,000 --- --- 1,348,000 Licensing and maintenance fees --- 10,715,000 --- 10,715,000 Consulting fees --- 1,918,000 --- 1,918,000 Other public service fees --- 3,336,000 --- 3,336,000 Operating expenses 7,906,000 18,743,000 --- 26,649,000 Income (loss) from operations 158,000 (2,774,000 ) --- (2,616,000 ) Dividends and interest income --- --- 2,977,000 2,977,000 Other income --- --- 3,000 3,000 Net unrealized losses on investments --- --- (57,680,000 ) (57,680,000 ) Interest expenses on note payable collateralized by real estate (43,000 ) --- --- (43,000 ) Interest expenses on margin loans and others --- --- (337,000 ) (337,000 ) Pretax income (loss) 115,000 (2,774,000 ) (55,037,000 ) (57,696,000 ) Income tax (expense) benefit (30,000 ) 925,000 14,685,000 15,580,000 Net income (loss) 85,000 (1,849,000 ) (40,352,000 ) (42,116,000 ) Total assets 16,074,000 19,578,000 139,083,000 174,735,000 Capital expenditures 99,000 69,000 --- 168,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Six months ended March 31, 2019 Revenues Advertising $ 4,300,000 $ --- $ --- $ 4,300,000 Circulation 2,611,000 --- --- 2,611,000 Advertising service fees and other 1,293,000 --- --- 1,293,000 Licensing and maintenance fees --- 9,430,000 --- 9,430,000 Consulting fees --- 940,000 --- 940,000 Other public service fees --- 2,566,000 --- 2,566,000 Operating expenses 8,348,000 17,984,000 --- 26,332,000 Loss from operations (144,000 ) (5,048,000 ) --- (5,192,000 ) Dividends and interest income --- --- 2,671,000 2,671,000 Other income --- --- 19,000 19,000 Net unrealized losses on investments --- --- (20,143,000 ) (20,143,000 ) Interest expenses on note payable collateralized by real estate (45,000 ) --- --- (45,000 ) Interest expenses on margin loans --- --- (425,000 ) (425,000 ) Pretax loss (189,000 ) (5,048,000 ) (17,878,000 ) (23,115,000 ) Income tax benefit 115,000 1,300,000 5,185,000 6,600,000 Net loss (74,000 ) (3,748,000 ) (12,693,000 ) (16,515,000 ) Total assets 17,399,000 31,710,000 194,354,000 243,463,000 Capital expenditures 50,000 34,000 --- 84,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Three months ended March 31, 2020 Revenues Advertising $ 1,992,000 $ --- $ --- $ 1,992,000 Circulation 1,286,000 --- --- 1,286,000 Advertising service fees and other 654,000 --- --- 654,000 Licensing and maintenance fees --- 5,505,000 --- 5,505,000 Consulting fees --- 1,229,000 --- 1,229,000 Other public service fees --- 1,690,000 --- 1,690,000 Operating expenses 3,908,000 9,546,000 --- 13,454,000 Income (loss) from operations 24,000 (1,122,000 ) --- (1,098,000 ) Dividends and interest income --- --- 1,297,000 1,297,000 Net unrealized losses on investments --- --- (77,211,000 ) (77,211,000 ) Interest expenses on note payable collateralized by real estate (21,000 ) --- --- (21,000 ) Interest expenses on margin loans and others --- --- (153,000 ) (153,000 ) Pretax income (loss) 3,000 (1,122,000 ) (76,067,000 ) (77,186,000 ) Income tax benefit --- 415,000 20,445,000 20,860,000 Net income (loss) 3,000 (707,000 ) (55,622,000 ) (56,326,000 ) Total assets 16,074,000 19,578,000 139,083,000 174,735,000 Capital expenditures 64,000 7,000 --- 71,000 Reportable Segments Traditional Business Journal Technologies Corporate income and expenses Total Three months ended March 31, 2019 Revenues Advertising $ 2,108,000 $ --- $ --- $ 2,108,000 Circulation 1,273,000 --- --- 1,273,000 Advertising service fees and other 624,000 --- --- 624,000 Licensing and maintenance fees --- 4,640,000 --- 4,640,000 Consulting fees --- 399,000 --- 399,000 Other public service fees --- 1,668,000 --- 1,668,000 Operating expenses 4,140,000 9,243,000 --- 13,383,000 Loss from operations (135,000 ) (2,536,000 ) --- (2,671,000 ) Dividends and interest income --- --- 1,141,000 1,141,000 Other income --- --- 9,000 9,000 Net unrealized gains on investments --- --- 8,497,000 8,497,000 Interest expenses on note payable collateralized by real estate (22,000 ) --- --- (22,000 ) Interest expenses on margin loans --- --- (219,000 ) (219,000 ) Pretax income (loss) (157,000 ) (2,536,000 ) 9,428,000 6,735,000 Income tax benefit (expense) 35,000 715,000 (2,467,000 ) (1,717,000 ) Net (loss) income (122,000 ) (1,821,000 ) 6,961,000 5,018,000 Total assets 17,399,000 31,710,000 194,354,000 243,463,000 Capital expenditures --- --- --- ---
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	Beginning Balance Oct. 1, 2019 Addition Recognized Ending Balance March 31, 2020 Deferred subscriptions $ 3,195,000 $ 2,287,000 $ (2,598,000 ) $ 2,884,000 Deferred installation contracts 1,932,000 1,471,000 (2,295,000 ) 1,108,000 Deferred maintenance agreements and others 16,057,000 7,738,000 (10,338,000 ) 13,457,000

Note 3 - Accounting Standards_2

Note 3 - Accounting Standards Adopted in Fiscal 2020 (Details Textual) - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Operating Lease, Right-of-Use Asset	$ 382,000
Office Lease Obligations Beyond One Year	43,000
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset	382,000
Operating Lease, Liability, Total	$ 382,000

Note 6 - Investments in Marke_3

Note 6 - Investments in Marketable Securities (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Marketable Securities, Accumulated Unrealized Gain (Loss)	$ 83,012,000		$ 83,012,000		$ 140,692,000
Marketable Securities, Unrealized Gain (Loss), Total	$ 77,211,000	$ 8,497,000	$ 57,680,000	$ 20,143,000

Note 6 - Investments in Marke_4

Note 6 - Investments in Marketable Securities - Summary of Investments (Details) - Common Stock [Member] - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Aggregate fair value	$ 136,901,000	$ 194,581,000
Amortized/adjusted cost basis	53,889,000	53,889,000
Pretax net unrealized gains	$ 83,012,000	$ 140,692,000

Note 7 - Income Taxes (Details

Note 7 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Income Tax Expense (Benefit), Total	$ (20,860,000)	$ 1,717,000	$ (15,580,000)	$ (6,600,000)
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest, Total			57,696,000	$ 23,115,000
Income Tax Reconciliation, Tax Credit, CARES Act			187,000
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount			$ 15,425,000
Effective Income Tax Rate Reconciliation, Percent, Total			27.00%	29.00%
Domestic Tax Authority [Member]
Open Tax Year	2016 2017 2018 2019
State and Local Jurisdiction [Member]
Open Tax Year	2015 2016 2017 2018 2019

Note 8 - Debts and Commitments

Note 8 - Debts and Commitments (Details Textual)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2015USD ($)ft²a	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Sep. 30, 2013USD ($)
Payments to Acquire Property, Plant, and Equipment, Total		$ 71,000		$ 168,000	$ 84,000
Loans Payable to Bank, Total		$ 1,770,000		$ 1,770,000
UTAH | Building [Member]
Area of Real Estate Property (Square Foot) | ft²	30,700
UTAH | Land [Member]
Area of Land (Acre) | a	3.6
UTAH | Land and Building [Member]
Payments to Acquire Property, Plant, and Equipment, Total	$ 1,240,000
Margin Account [Member]
Proceeds from Issuance of Debt						$ 29,500,000
Margin Account [Member] | Fed Funds Rate [Member]
Debt Instrument, Basis Spread on Variable Rate						0.50%
Debt Instrument, Interest Rate, Effective Percentage		0.75%		0.75%
Real Estate Bank Loan Secured by Logan Office [Member]
Loans Payable to Bank, Total	$ 2,260,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	4.66%
Debt Instrument, Periodic Payment, Total	$ 17,600

Note 10 - Operating Segments (D

Note 10 - Operating Segments (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Revenue from Contract with Customer, Including Assessed Tax	$ 12,356,000	$ 10,712,000	$ 24,033,000	$ 21,140,000
Revenue Benchmark [Member] | Product Concentration Risk [Member] | Non-US [Member]
Concentration Risk, Percentage	1.00%	1.00%	1.00%	1.00%
Traditional Business [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 3,932,000	$ 4,005,000	$ 8,064,000	$ 8,204,000
Traditional Business [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	2,646,000	2,732,000	5,466,000	5,593,000
Traditional Business [Member] | Transferred over Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	1,286,000	1,273,000	2,598,000	2,611,000
Journal Technologies [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 8,424,000	$ 6,707,000	$ 15,969,000	$ 12,936,000
Journal Technologies [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member]
Concentration Risk, Percentage	68.00%	63.00%	66.00%	61.00%
Journal Technologies [Member] | Transferred at Point in Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 3,177,000	$ 2,100,000	$ 5,631,000	$ 4,035,000
Journal Technologies [Member] | Transferred over Time [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 5,247,000	$ 4,607,000	$ 10,338,000	$ 8,901,000

Note 10 - Operating Segments -

Note 10 - Operating Segments - Summarized Financial Information for Reportable Segments (Details) - USD ($)	3 Months Ended					6 Months Ended
	Mar. 31, 2020		Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2020		Mar. 31, 2019	Sep. 30, 2019
Revenue from Contract with Customer, Including Assessed Tax	$ 12,356,000			$ 10,712,000		$ 24,033,000		$ 21,140,000
Operating expenses	13,454,000	[1]		13,383,000		26,649,000	[1]	26,332,000
Income (loss) from operations	(1,098,000)			(2,671,000)		(2,616,000)		(5,192,000)
Dividends and interest income	1,297,000			1,141,000		2,977,000		2,671,000
Other income				9,000		3,000		19,000
Net unrealized (losses) gains on investments	(77,211,000)			8,497,000		(57,680,000)		(20,143,000)
Pretax income (loss)	(77,186,000)			6,735,000		(57,696,000)		(23,115,000)
Income tax (expense) benefit	20,860,000			(1,717,000)		15,580,000		6,600,000
Net income (loss)	(56,326,000)		$ 14,210,000	5,018,000	$ (21,533,000)	(42,116,000)		(16,515,000)
Total assets	174,735,000			243,463,000		174,735,000		243,463,000	$ 237,376,000
Capital expenditures	71,000					168,000		84,000
Net unrealized losses on investments	(77,211,000)			8,497,000		(57,680,000)		(20,143,000)
(Loss) income before income taxes	(77,186,000)			6,735,000		(57,696,000)		(23,115,000)
Net (loss) income	(56,326,000)		$ 14,210,000	5,018,000	$ (21,533,000)	(42,116,000)		(16,515,000)
Real Estate Bank Loan Secured by Logan Office [Member]
Interest expense on debt	(21,000)			(22,000)		(43,000)		(45,000)
Margin Account [Member]
Interest expense on debt	(153,000)			(219,000)		(337,000)		(425,000)
Advertising [Member]
Revenue from Contract with Customer, Including Assessed Tax	1,992,000			2,108,000		4,118,000		4,300,000
Subscription and Circulation [Member]
Revenue from Contract with Customer, Including Assessed Tax	1,286,000			1,273,000		2,598,000		2,611,000
Advertising Service Fees and Other [Member]
Revenue from Contract with Customer, Including Assessed Tax	654,000			624,000		1,348,000		1,293,000
License and Maintenance [Member]
Revenue from Contract with Customer, Including Assessed Tax	5,505,000			4,640,000		10,715,000		9,430,000
Consulting Fees [Member]
Revenue from Contract with Customer, Including Assessed Tax	1,229,000			399,000		1,918,000		940,000
Service, Other [Member]
Revenue from Contract with Customer, Including Assessed Tax	1,690,000			1,668,000		3,336,000		2,566,000
Traditional Business [Member]
Revenue from Contract with Customer, Including Assessed Tax	3,932,000			4,005,000		8,064,000		8,204,000
Journal Technologies [Member]
Revenue from Contract with Customer, Including Assessed Tax	8,424,000			6,707,000		15,969,000		12,936,000
Operating Segments [Member] | Traditional Business [Member]
Operating expenses	3,908,000			4,140,000		7,906,000		8,348,000
Income (loss) from operations	24,000			(135,000)		158,000		(144,000)
Dividends and interest income
Other income
Net unrealized (losses) gains on investments
Pretax income (loss)	3,000			(157,000)		115,000		(189,000)
Income tax (expense) benefit				35,000		(30,000)		115,000
Net income (loss)	3,000			(122,000)		85,000		(74,000)
Total assets	16,074,000			17,399,000		16,074,000		17,399,000
Capital expenditures	64,000					99,000		50,000
Net unrealized losses on investments
(Loss) income before income taxes	3,000			(157,000)		115,000		(189,000)
Net (loss) income	3,000			(122,000)		85,000		(74,000)
Operating Segments [Member] | Traditional Business [Member] | Real Estate Bank Loan Secured by Logan Office [Member]
Interest expense on debt	(21,000)			(22,000)		(43,000)		(45,000)
Operating Segments [Member] | Traditional Business [Member] | Margin Account [Member]
Interest expense on debt
Operating Segments [Member] | Traditional Business [Member] | Advertising [Member]
Revenue from Contract with Customer, Including Assessed Tax	1,992,000			2,108,000		4,118,000		4,300,000
Operating Segments [Member] | Traditional Business [Member] | Subscription and Circulation [Member]
Revenue from Contract with Customer, Including Assessed Tax	1,286,000			1,273,000		2,598,000		2,611,000
Operating Segments [Member] | Traditional Business [Member] | Advertising Service Fees and Other [Member]
Revenue from Contract with Customer, Including Assessed Tax	654,000			624,000		1,348,000		1,293,000
Operating Segments [Member] | Traditional Business [Member] | License and Maintenance [Member]
Revenue from Contract with Customer, Including Assessed Tax
Operating Segments [Member] | Traditional Business [Member] | Consulting Fees [Member]
Revenue from Contract with Customer, Including Assessed Tax
Operating Segments [Member] | Traditional Business [Member] | Service, Other [Member]
Revenue from Contract with Customer, Including Assessed Tax
Operating Segments [Member] | Journal Technologies [Member]
Operating expenses	9,546,000	[1]		9,243,000		18,743,000	[1]	17,984,000
Income (loss) from operations	(1,122,000)			(2,536,000)		(2,774,000)		(5,048,000)
Dividends and interest income
Other income
Net unrealized (losses) gains on investments
Pretax income (loss)	(1,122,000)			(2,536,000)		(2,774,000)		(5,048,000)
Income tax (expense) benefit	415,000			715,000		925,000		1,300,000
Net income (loss)	(707,000)			(1,821,000)		(1,849,000)		(3,748,000)
Total assets	19,578,000			31,710,000		19,578,000		31,710,000
Capital expenditures	7,000					69,000		34,000
Net unrealized losses on investments
(Loss) income before income taxes	(1,122,000)			(2,536,000)		(2,774,000)		(5,048,000)
Net (loss) income	(707,000)			(1,821,000)		(1,849,000)		(3,748,000)
Operating Segments [Member] | Journal Technologies [Member] | Real Estate Bank Loan Secured by Logan Office [Member]
Interest expense on debt
Operating Segments [Member] | Journal Technologies [Member] | Margin Account [Member]
Interest expense on debt
Operating Segments [Member] | Journal Technologies [Member] | Advertising [Member]
Revenue from Contract with Customer, Including Assessed Tax
Operating Segments [Member] | Journal Technologies [Member] | Subscription and Circulation [Member]
Revenue from Contract with Customer, Including Assessed Tax
Operating Segments [Member] | Journal Technologies [Member] | Advertising Service Fees and Other [Member]
Revenue from Contract with Customer, Including Assessed Tax
Operating Segments [Member] | Journal Technologies [Member] | License and Maintenance [Member]
Revenue from Contract with Customer, Including Assessed Tax	5,505,000			4,640,000		10,715,000		9,430,000
Operating Segments [Member] | Journal Technologies [Member] | Consulting Fees [Member]
Revenue from Contract with Customer, Including Assessed Tax	1,229,000			399,000		1,918,000		940,000
Operating Segments [Member] | Journal Technologies [Member] | Service, Other [Member]
Revenue from Contract with Customer, Including Assessed Tax	1,690,000			1,668,000		3,336,000		2,566,000
Corporate, Non-Segment [Member]
Operating expenses
Income (loss) from operations
Dividends and interest income	1,297,000			1,141,000		2,977,000		2,671,000
Other income				9,000		3,000		19,000
Net unrealized (losses) gains on investments	(77,211,000)			8,497,000		(57,680,000)		(20,143,000)
Pretax income (loss)	(76,067,000)			9,428,000		(55,037,000)		(17,878,000)
Income tax (expense) benefit	20,445,000			(2,467,000)		14,685,000		5,185,000
Net income (loss)	(55,622,000)			6,961,000		(40,352,000)		(12,693,000)
Total assets	139,083,000			194,354,000		139,083,000		194,354,000
Capital expenditures
Net unrealized losses on investments	(77,211,000)			8,497,000		(57,680,000)		(20,143,000)
(Loss) income before income taxes	(76,067,000)			9,428,000		(55,037,000)		(17,878,000)
Net (loss) income	(55,622,000)			6,961,000		(40,352,000)		(12,693,000)
Corporate, Non-Segment [Member] | Real Estate Bank Loan Secured by Logan Office [Member]
Interest expense on debt
Corporate, Non-Segment [Member] | Margin Account [Member]
Interest expense on debt	(153,000)			(219,000)		(337,000)		(425,000)
Corporate, Non-Segment [Member] | Advertising [Member]
Revenue from Contract with Customer, Including Assessed Tax
Corporate, Non-Segment [Member] | Subscription and Circulation [Member]
Revenue from Contract with Customer, Including Assessed Tax
Corporate, Non-Segment [Member] | Advertising Service Fees and Other [Member]
Revenue from Contract with Customer, Including Assessed Tax
Corporate, Non-Segment [Member] | License and Maintenance [Member]
Revenue from Contract with Customer, Including Assessed Tax
Corporate, Non-Segment [Member] | Consulting Fees [Member]
Revenue from Contract with Customer, Including Assessed Tax
Corporate, Non-Segment [Member] | Service, Other [Member]
Revenue from Contract with Customer, Including Assessed Tax
[1]	included goodwill impairment of $13,400,000

Note 10 - Operating Segments _2

Note 10 - Operating Segments - Deferred Revenue Obligations (Details)	6 Months Ended
	Mar. 31, 2020USD ($)
Subscription and Circulation [Member]
Deferred revenue	$ 3,195,000
Deferred Revenue, Additions	2,287,000
Deferred Revenue, Revenue Recognized	(2,598,000)
Deferred revenue	2,884,000
Installation Contracts [Member]
Deferred revenue	1,932,000
Deferred Revenue, Additions	1,471,000
Deferred Revenue, Revenue Recognized	(2,295,000)
Deferred revenue	1,108,000
License and Maintenance [Member]
Deferred revenue	16,057,000
Deferred Revenue, Additions	7,738,000
Deferred Revenue, Revenue Recognized	(10,338,000)
Deferred revenue	$ 13,457,000