Clearfield (CLFD) 10-Q 29 Jan 20 2020 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2019	Jan. 17, 2020
Document Information [Line Items]
Entity Registrant Name	Clearfield, Inc.
Entity Central Index Key	0000796505
Trading Symbol	clfd
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	true
Entity Common Stock, Shares Outstanding (in shares)		13,657,459
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Common stock, par value $.01
Entity Interactive Data Current	Yes

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($)	Dec. 31, 2019	Sep. 30, 2019
Current Assets
Cash and cash equivalents	$ 10,586,850	$ 10,081,721
Short-term investments	14,523,321	13,524,270
Accounts receivables, net	7,025,727	9,118,639
Inventories, net	10,630,441	9,012,980
Other current assets	825,065	769,161
Total current assets	43,591,404	42,506,771
Property, plant and equipment, net	5,682,166	5,413,241
Other Assets
Long-term investments	21,704,000	23,902,000
Goodwill	4,708,511	4,708,511
Intangible assets, net	5,059,707	5,147,135
Right of use lease asset	2,215,103
Other	202,539	210,905
Total other assets	33,889,860	33,968,551
Total Assets	83,163,430	81,888,563
Current Liabilities
Current portion of lease liability	516,167
Accounts payable	2,316,100	3,173,599
Accrued compensation	2,120,735	3,224,860
Accrued expenses	327,154	208,603
Total current liabilities	5,280,156	6,607,062
Other Liabilities
Long term portion of lease liability	1,940,024
Deferred taxes	101,690	101,690
Deferred rent		246,424
Total other liabilities	2,041,714	348,114
Total liabilities	7,321,870	6,955,176
Shareholders’ Equity
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding
Common stock, authorized 50,000,000, $.01 par value; 13,657,459 and 13,641,805 shares issued and outstanding as of December 31, 2019 and September 30, 2019	136,575	136,418
Additional paid-in capital	57,383,020	56,976,162
Retained earnings	18,321,965	17,820,807
Total shareholders’ equity	75,841,560	74,933,387
Total Liabilities and Shareholders’ Equity	$ 83,163,430	$ 81,888,563

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 31, 2019	Sep. 30, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized shares (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares issued (in shares)	13,657,459	13,641,805
Common stock, shares outstanding (in shares)	13,657,459	13,641,805

Statements of Earnings (Unaudit

Statements of Earnings (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net sales	$ 19,377,991	$ 20,089,150
Cost of sales	11,650,456	12,142,452
Gross profit	7,727,535	7,946,698
Operating expenses
Selling, general and administrative	7,326,620	6,775,875
Income from operations	400,915	1,170,823
Interest income	223,243	135,137
Income before income taxes	624,158	1,305,960
Income tax expense	123,000	296,000
Net income	$ 501,158	$ 1,009,960
Net income per share Basic (in dollars per share)	$ 0.04	$ 0.08
Net income per share Diluted (in dollars per share)	$ 0.04	$ 0.08
Weighted average shares outstanding:
Basic (in shares)	13,512,094	13,400,383
Diluted (in shares)	13,622,226	13,400,383

Statements of Shareholders' Equ

Statements of Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Sep. 30, 2018	13,646,553
Balance at Sep. 30, 2018	$ 136,466	$ 55,483,759	$ 13,254,651	$ 68,874,876
Stock-based compensation expense		538,524		538,524
Issuance of common stock under employee stock purchase plan (in shares)	17,312
Issuance of common stock under employee stock purchase plan	$ 173	145,767		145,940
Tax withholding related to vesting of restricted stock grants (in shares)	(545)
Tax withholding related to vesting of restricted stock grants	$ (5)	(6,671)		(6,676)
Net income			1,009,960	1,009,960
Restricted stock issuance, net (in shares)	(3,838)
Restricted stock issuance, net	$ (38)	38
Exercise of stock options, net of shares exchanged for payment (in shares)	2,974
Exercise of stock options, net of shares exchanged for payment	$ 29	(12)		17
Balance (in shares) at Dec. 31, 2018	13,662,456
Balance at Dec. 31, 2018	$ 136,625	56,161,405	14,264,611	70,562,641
Balance (in shares) at Sep. 30, 2019	13,641,805
Balance at Sep. 30, 2019	$ 136,418	56,976,162	17,820,807	74,933,387
Stock-based compensation expense		240,586		240,586
Issuance of common stock under employee stock purchase plan (in shares)	15,107
Issuance of common stock under employee stock purchase plan	$ 151	169,501		$ 169,652
Exercise of stock options (in shares)	1,000			1,000
Exercise of stock options	$ 10	2,570		$ 2,580
Tax withholding related to vesting of restricted stock grants (in shares)	(453)
Tax withholding related to vesting of restricted stock grants	$ (4)	(5,799)		(5,803)
Net income			501,158	501,158
Balance (in shares) at Dec. 31, 2019	13,657,459
Balance at Dec. 31, 2019	$ 136,575	$ 57,383,020	$ 18,321,965	$ 75,841,560

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities
Net income	$ 501,158	$ 1,009,960
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	606,972	529,414
Amortization of discount on investments	(28,051)
Stock-based compensation	240,586	538,524
Changes in operating assets and liabilities:
Accounts receivable, net	2,092,912	4,653,817
Inventories, net	(1,617,461)	424,019
Other assets	(47,538)	102,481
Accounts payable, accrued expenses and deferred rent	(1,848,409)	(432,340)
Net cash (used in) provided by operating activities	(99,831)	6,825,875
Cash flows from investing activities
Purchases of property, plant and equipment and intangible assets	(788,469)	(276,599)
Purchases of investments	(3,211,000)	(1,558,000)
Proceeds from maturities of investments	4,438,000	1,680,000
Net cash provided by (used in) investing activities	438,531	(154,599)
Cash flows from financing activities
Proceeds from issuance of common stock under employee stock purchase plan	169,652	145,940
Proceeds from issuance of common stock upon exercise of stock options	2,580	17
Tax withholding related to vesting of restricted stock grants	(5,803)	(6,676)
Net cash provided by financing activities	166,429	139,281
Increase in cash and cash equivalents	505,129	6,810,557
Cash and cash equivalents, beginning of period	10,081,721	8,547,777
Cash and cash equivalents, end of period	10,586,850	15,358,334
Supplemental disclosures for cash flow information
Cash paid during the year for income taxes	(29,907)	(1,043)
Non-cash financing activities
Cashless exercise of stock options		$ 9,658

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	3 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 1. The accompanying (a) condensed balance sheet as of September 30, 2019, three December 31, 2019 not These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10 September 30, 2019. In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Recently Adopted Accounting Pronouncements Effective October 1, 2019 2016 02, Leases July 2018, 2018 11, Leases, Targeted Improvements not 12 not $2.4 $2.6 not

Note 2 - Net Income Per Share

Note 2 - Net Income Per Share	3 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Earnings Per Share [Text Block]	Note 2. Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options, when dilutive. The following is a reconciliation of the numerator and denominator of the net income per common share computations for the three December 31, 2019 2018: Three Months Ended December 31, 2019 2018 Net income $ 501,158 $ 1,009,960 Weighted average common shares 13,512,094 13,400,383 Dilutive potential common shares 110,132 - Weighted average dilutive common shares outstanding 13,622,226 13,400,383 Net income per common share: Basic $ 0.04 $ 0.08 Diluted $ 0.04 $ 0.08

Note 3 - Cash, Cash Equivalents

Note 3 - Cash, Cash Equivalents and Investments	3 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	Note 3. The Company currently invests its excess cash in bank certificates of deposit (“CDs”) that are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) and Unites States Treasury (“Treasuries”) securities with terms of not five three The maturity dates of the Company’s investments as of December 31, 2019 September 30, 2019 December 31, 2019 September 30, 2019 Less than one year $ 14,523,321 $ 13,524,270 1-5 years 21,704,000 23,902,000 Total $ 36,227,321 $ 37,426,270

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	3 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 4. The Company recorded $240,586 three December 31, 2019 $235,788 $4,798 $538,524 three December 31, 2018 $507,284 $31,240 December 31, 2019, $2,650,700 4.7 Stock Options The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. During the three December 31, 2019, 116,600 5.78 4.78 $12.43. three December 31, 2018, 172,000 four three $12.17. three December 31, 2019 $4.93. This fair value was estimated as of the grant date using the range of assumptions listed below: Three months ended Dividend yield 0% Expected volatility 39.57 - 41.59% Risk-free interest rate 1.65 - 1.69% Expected life (years) 4 - 6 Vesting period (years) 3 - 5 The expected stock price volatility is based on the historical volatility of the Company’s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate as of the grant date on zero Options are granted at fair market values determined on the date of grant and vesting normally occurs over a three five The following is a summary of stock option activity during the three December 31, 2019: Number of Weighted average Outstanding as of September 30, 2019 290,750 $ 11.86 Granted 116,600 12.43 Exercised (1,000 ) 2.58 Cancelled or Forfeited - - Outstanding as of December 31, 2019 406,350 $ 12.05 The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of December 31, 2019, 2.40 $362,123. three December 31, 2019, $2,580 three December 31, 2018, $17 Restricted Stock The Company’s 2007 one ten There were no three December 31, 2019 2018. three December 31, 2019, 8,625 2020 one $11.86 Restricted stock transactions during the three December 31, 2019 Number of Weighted average grant Unvested shares as of September 30, 2019 130,440 $ 13.25 Granted 8,625 11.86 Vested (1,400 ) 12.81 Forfeited - - Unvested as of December 31, 2019 137,665 $ 13.16 Employee Stock Purchase Plan Clearfield, Inc.’s ESPP allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may may no 85% one six January 1 July 1 December 31, 2019 December 31, 2018, 15,107 17,312 $11.23 $8.43 December 31, 2019, 34,739

Note 5 - Revenue

Note 5 - Revenue	3 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	Note 5. Revenue Recognition Net sales include products and shipping and handling charges. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring products. All revenue is recognized when we satisfy our performance obligations under the contract. We recognize revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time the customer obtains control of the products. We recognize revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of our contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales. Disaggregation of Revenue The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to countries in the Caribbean, Canada, Central and South America. Our revenues related to the following geographic areas were as follows for the three Three Months Ended December 31, 2019 2018 United States $ 18,240,788 $ 18,504,467 All other countries 1,137,203 1,584,683 Total Net Sales $ 19,377,991 $ 20,089,150 Clearfield manufactures and sells a proprietary product line designed for the Broadband Service Provider marketplace. In addition, the Company provides Build-to-Print services for original equipment manufacturers requiring copper and fiber cable assemblies built to their specification. The percentages of our sales by markets were as follows for the three Three Months Ended December 31, 2019 2018 Broadband Service Providers 94 % 94 % Build-to-Print Customers 6 % 6 % Total Net Sales 100 % 100 % Broadband Service Providers are made up of Community Broadband, which includes local and regional telecom companies, utilities, municipalities and alternative carriers, also referred to as Tier 2 3 large national and global wireline and wireless providers also referred to as Tier 1’s Accounts Receivable Credit is extended based on the evaluation of a customer’s financial condition and collateral is generally not December 31, 2019 September 30, 2019, $289,085 See Note 7,

Note 6 - Inventories

Note 6 - Inventories	3 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 6. Inventories consist of the following as of: December 31, 2019 September 30, 2019 Raw materials $ 8,384,548 $ 7,115,298 Work-in-progress 778,957 540,962 Finished goods 1,466,936 1,356,720 Inventories, net $ 10,630,441 $ 9,012,980

Note 7 - Major Customer Concent

Note 7 - Major Customer Concentration	3 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 7. For the three December 31, 2019, three 18%, 13%, 10%, 41% three three December 31, 2018, two 18%, 14%, 32% not As of December 31, 2019, two 14%, 11%, 25% September 30, 2019, two 16%, 12%, 28%

Note 8 - Goodwill and Patents

Note 8 - Goodwill and Patents	3 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	Note 8. The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed as of September 30, 2019 not three December 31, 2019, no The Company capitalizes legal costs incurred to obtain patents. Once accepted by either the U.S. Patent Office or the equivalent office of a foreign country, these legal costs are amortized using the straight-line method over the remaining estimated lives, not 20 December 31, 2019, 21 In addition, the Company has various finite lived intangible assets, most of which were acquired as a result of the acquisition of the active cabinet product line from Calix, Inc. (“Calix”) during fiscal year 2018. September 30, 2019 not three December 31, 2019, no

Note 9 - Income Taxes

Note 9 - Income Taxes	3 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 9. For the three December 31, 2019, $123,000, 19.7%. three December 31, 2018, $296,000, 22.7%. first 2020 Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company’s realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a “more likely than not” As of December 31, 2019 September 30, 2019, $47,000 not no three December 31, 2019. As of December 31, 2019, not not 12

Note 10 - Leases

Note 10 - Leases	3 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 10. Clearfield leases a 71,000 7050 ten two January 1, 2015. June 30, 2019, 14,000 $249,000, one eighth not not We also have an indirect lease arrangement for a 46,000 three August 1, 2017. not Right-of-use lease assets and lease liabilities are recognized as of the commencement date based on the present value of the remaining lease payments over the lease term which includes renewal periods we are reasonably certain to exercise. Our leases do not December 31, 2019, not not For the three December 31, 2019, $185,628 $56,366, Maturities of lease liabilities were as follows as of December 31, 2019: Operating 2020 (remainder of fiscal year) $ 475,205 2021 479,221 2022 491,404 2023 503,903 2024 516,725 Thereafter 217,552 Total lease payments 2,684,010 Less: Interest (227,818 ) Present value of lease liabilities $ 2,456,191 The weighted average term and weighted average discount rate for our leases as of December 31, 2019 4.94 3.51%, three December 31, 2019, $167,840. Rent expense for our operating leases the three December 31, 2018 840, $168,828 $53,538, As previously disclosed in Note B of the Notes to the Financial Statements in our 2019 10 2016 02, Leases (Topic 842 As of 2020 $ 643,040 2021 479,213 2022 491,397 2023 503,895 2024 516,720 Thereafter 217,551 Total minimum lease payments $ 2,851,816

Note 2 - Net Income Per Share (

Note 2 - Net Income Per Share (Tables)	3 Months Ended
	Dec. 31, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended December 31, 2019 2018 Net income $ 501,158 $ 1,009,960 Weighted average common shares 13,512,094 13,400,383 Dilutive potential common shares 110,132 - Weighted average dilutive common shares outstanding 13,622,226 13,400,383 Net income per common share: Basic $ 0.04 $ 0.08 Diluted $ 0.04 $ 0.08

Note 3 - Cash, Cash Equivalen_2

Note 3 - Cash, Cash Equivalents and Investments (Tables)	3 Months Ended
	Dec. 31, 2019
Notes Tables
Investments Classified by Contractual Maturity Date [Table Text Block]	December 31, 2019 September 30, 2019 Less than one year $ 14,523,321 $ 13,524,270 1-5 years 21,704,000 23,902,000 Total $ 36,227,321 $ 37,426,270

Note 4 - Stock-based Compensa_2

Note 4 - Stock-based Compensation (Tables)	3 Months Ended
	Dec. 31, 2019
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three months ended Dividend yield 0% Expected volatility 39.57 - 41.59% Risk-free interest rate 1.65 - 1.69% Expected life (years) 4 - 6 Vesting period (years) 3 - 5
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of Weighted average Outstanding as of September 30, 2019 290,750 $ 11.86 Granted 116,600 12.43 Exercised (1,000 ) 2.58 Cancelled or Forfeited - - Outstanding as of December 31, 2019 406,350 $ 12.05
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Number of Weighted average grant Unvested shares as of September 30, 2019 130,440 $ 13.25 Granted 8,625 11.86 Vested (1,400 ) 12.81 Forfeited - - Unvested as of December 31, 2019 137,665 $ 13.16

Note 5 - Revenue (Tables)

Note 5 - Revenue (Tables)	3 Months Ended
	Dec. 31, 2019
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended December 31, 2019 2018 United States $ 18,240,788 $ 18,504,467 All other countries 1,137,203 1,584,683 Total Net Sales $ 19,377,991 $ 20,089,150 Three Months Ended December 31, 2019 2018 Broadband Service Providers 94 % 94 % Build-to-Print Customers 6 % 6 % Total Net Sales 100 % 100 %

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	3 Months Ended
	Dec. 31, 2019
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, 2019 September 30, 2019 Raw materials $ 8,384,548 $ 7,115,298 Work-in-progress 778,957 540,962 Finished goods 1,466,936 1,356,720 Inventories, net $ 10,630,441 $ 9,012,980

Note 10 - Leases (Tables)

Note 10 - Leases (Tables)	3 Months Ended
	Dec. 31, 2019
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Operating 2020 (remainder of fiscal year) $ 475,205 2021 479,221 2022 491,404 2023 503,903 2024 516,725 Thereafter 217,552 Total lease payments 2,684,010 Less: Interest (227,818 ) Present value of lease liabilities $ 2,456,191
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block]	As of 2020 $ 643,040 2021 479,213 2022 491,397 2023 503,895 2024 516,720 Thereafter 217,551 Total minimum lease payments $ 2,851,816

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation (Details Textual) - USD ($)	Dec. 31, 2019	Oct. 01, 2019	Sep. 30, 2019
Operating Lease, Right-of-Use Asset	$ 2,215,103
Operating Lease, Liability, Total	$ 2,456,191
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset		$ 2,400,000
Operating Lease, Liability, Total		$ 2,600,000

Note 2 - Net Income Per Share -

Note 2 - Net Income Per Share - Weighted Average Common Shares Outstanding (Details) - USD ($)	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Net income	$ 501,158	$ 1,009,960
Weighted average common shares (in shares)	13,512,094	13,400,383
Dilutive potential common shares (in shares)	110,132
Weighted average dilutive common shares outstanding (in shares)	13,622,226	13,400,383
Basic (in dollars per share)	$ 0.04	$ 0.08
Diluted (in dollars per share)	$ 0.04	$ 0.08

Note 3 - Cash, Cash Equivalen_3

Note 3 - Cash, Cash Equivalents and Investments (Details Textual)	3 Months Ended
	Dec. 31, 2019
Maximum [Member]
Held-to-maturity Securities, Investment Term	5 years

Note 3 - Cash, Cash Equivalen_4

Note 3 - Cash, Cash Equivalents and Investments - Maturity Date of CDs (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019
Less than one year	$ 14,523,321	$ 13,524,270
1-5 years	21,704,000	23,902,000
Total	$ 36,227,321	$ 37,426,270

Note 4 - Stock-based Compensa_3

Note 4 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2019	Jun. 30, 2019
Share-based Payment Arrangement, Expense	$ 240,586	$ 538,524
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	$ 2,650,700		$ 2,650,700
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	4 years 255 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	116,600	172,000
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	5 years 284 days	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years 284 days	3 years
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 12.43	$ 12.17
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 4.93
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term	2 years 146 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	$ 362,123		$ 362,123
Proceeds from Stock Options Exercised	$ 2,580	$ 17
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Market Price Percentage, Offering Date	85.00%
Stock Issued During Period, Shares, Employee Stock Purchase Plans			15,107	17,312
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price			$ 11.23	$ 8.43
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	34,739		34,739
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Share-based Payment Arrangement, Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Share-based Payment Arrangement, Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	5 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		8,625
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 11.86
Restricted Stock [Member] | Non Employee Directors [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0	0
Restricted Stock [Member] | Minimum [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Restricted Stock [Member] | Maximum [Member] | Employees [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	10 years
Performance Shares [Member] | Non Employee Directors [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	8,625
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 11.86
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expense	$ 235,788	$ 507,284
Cost of Sales [Member]
Share-based Payment Arrangement, Expense	$ 4,798	$ 31,240

Note 4 - Stock-based Compensa_4

Note 4 - Stock-based Compensation - Valuation Assumptions (Details)	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Dividend yield	0.00%
Vesting period (years) (Year)	4 years 284 days	3 years
Minimum [Member]
Expected volatility	39.57%
Risk-free interest rate	1.65%
Expected life (years) (Year)	4 years
Vesting period (years) (Year)	3 years
Maximum [Member]
Expected volatility	41.59%
Risk-free interest rate	1.69%
Expected life (years) (Year)	6 years
Vesting period (years) (Year)	5 years

Note 4 - Stock-based Compensa_5

Note 4 - Stock-based Compensation - Option Transaction Summary (Details) - $ / shares	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Options, outstanding (in shares)	290,750
Weighted-average exercise price, outstanding (in dollars per share)	$ 11.86
Granted (in shares)	116,600	172,000
Weighted-average exercise price, Granted (in dollars per share)	$ 12.43	$ 12.17
Exercised (in shares)	(1,000)
Weighted-average exercise price, Exercised (in dollars per share)	$ 2.58
Cancelled or Forfeited (in shares)
Weighted-average exercise price, Cancelled or Forfeited (in dollars per share)
Options, outstanding (in shares)	406,350
Weighted-average exercise price, outstanding (in dollars per share)	$ 12.05

Note 4 - Stock-based Compensa_6

Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]	3 Months Ended
	Dec. 31, 2018$ / sharesshares
Balance, unvested shares (in shares) | shares	130,440
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 13.25
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	8,625
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 11.86
Vested (in shares) | shares	(1,400)
Vested (in dollars per share) | $ / shares	$ 12.81
Forfeited (in shares) | shares
Forfeited (in dollars per share) | $ / shares
Balance, unvested shares (in shares) | shares	137,665
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 13.16

Note 5 - Revenue (Details Textu

Note 5 - Revenue (Details Textual) - USD ($)	Dec. 31, 2019	Sep. 30, 2019
Accounts Receivable, Allowance for Credit Loss, Current	$ 289,085	$ 289,085

Note 5 - Revenue - Disaggregati

Note 5 - Revenue - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Total Net Sales	$ 19,377,991	$ 20,089,150
Percent of net sales	100.00%	100.00%
Broadband Service Providers [Member]
Percent of net sales	94.00%	94.00%
Build-to-print Customers [Member]
Percent of net sales	6.00%	6.00%
UNITED STATES
Total Net Sales	$ 18,240,788	$ 18,504,467
Non-US [Member]
Total Net Sales	$ 1,137,203	$ 1,584,683

Note 6 - Inventories - Componen

Note 6 - Inventories - Components of Inventory (Details) - USD ($)	Dec. 31, 2019	Sep. 30, 2019
Raw materials	$ 8,384,548	$ 7,115,298
Work-in-progress	778,957	540,962
Finished goods	1,466,936	1,356,720
Inventories, net	$ 10,630,441	$ 9,012,980

Note 7 - Major Customer Conce_2

Note 7 - Major Customer Concentration (Details Textual) - Customer Concentration Risk [Member]	3 Months Ended		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019
Revenue Benchmark [Member]
Number of Major Customers	3	2
Revenue Benchmark [Member] | Customer One [Member]
Concentration Risk, Percentage	18.00%	18.00%
Revenue Benchmark [Member] | Customer Two [Member]
Concentration Risk, Percentage	13.00%	14.00%
Revenue Benchmark [Member] | Customer Three [Member]
Concentration Risk, Percentage	10.00%
Revenue Benchmark [Member] | Three Customers [Member]
Concentration Risk, Percentage	41.00%
Revenue Benchmark [Member] | Two Customers [Member]
Concentration Risk, Percentage		32.00%
Accounts Receivable [Member]
Number of Major Customers	2		2
Accounts Receivable [Member] | Customer One [Member]
Concentration Risk, Percentage	14.00%		16.00%
Accounts Receivable [Member] | Customer Two [Member]
Concentration Risk, Percentage	11.00%		12.00%
Accounts Receivable [Member] | Two Customers [Member]
Concentration Risk, Percentage	25.00%		28.00%

Note 8 - Goodwill and Patents (

Note 8 - Goodwill and Patents (Details Textual) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)
Goodwill, Impairment Loss	$ 0	$ 0
Number of Patents Granted	21
Patents [Member]
Finite-Lived Intangible Asset, Useful Life	20 years

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019
Income Tax Expense (Benefit), Total	$ 123,000	$ 296,000
Effective Income Tax Rate Reconciliation, Percent, Total	19.70%	22.70%
Unrecognized Tax Benefits, Ending Balance	$ 0
State and Local Jurisdiction [Member]
Operating Loss Carryforwards, Valuation Allowance, Total	$ 47,000		$ 47,000

Note 10 - Leases (Details Textu

Note 10 - Leases (Details Textual)	Jun. 30, 2019a	Dec. 31, 2019USD ($)a	Dec. 31, 2018USD ($)
Operating Lease, Weighted Average Discount Rate, Percent		3.51%
Operating Lease, Payments		$ 167,840
Weighted Average [Member]
Lessee, Operating Lease, Term of Contract		4 years 343 days
Cost of Sales [Member]
Operating Lease, Expense		$ 185,628
Operating Leases, Rent Expense, Total			$ 168,828
General and Administrative Expense [Member]
Operating Lease, Expense		$ 56,366
Operating Leases, Rent Expense, Total			$ 53,538
7050 Winnetka Avenue North, Brooklyn Park, Minnesota [Member]
Area of Real Estate Property | a		71,000
Lessee, Operating Lease, Term of Contract		10 years 62 days
Additional area of rental space | a	14,000
Operating Lease Termination Fee		$ 249,000
Tijuana, Mexico [Member]
Area of Real Estate Property | a		46,000
Lessee, Operating Lease, Term of Contract		3 years

Note 10 - Leases - Maturities o

Note 10 - Leases - Maturities of Lease Liabilities (Details)	Dec. 31, 2019USD ($)
2020 (remainder of fiscal year)	$ 475,205
2021	479,221
2022	491,404
2023	503,903
2024	516,725
Thereafter	217,552
Total lease payments	2,684,010
Less: Interest	(227,818)
Present value of lease liabilities	$ 2,456,191

Note 10 - Leases - Future Minim

Note 10 - Leases - Future Minimum Payments Prior Adoption of ASU 2016-02 (Details)	Sep. 30, 2019USD ($)
2020	$ 643,040
2021	479,213
2022	491,397
2023	503,895
2024	516,720
Thereafter	217,551
Total minimum lease payments	$ 2,851,816