Clearfield (CLFD) 10-Q 28 Apr 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Mar. 31, 2021	Apr. 14, 2021
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	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		13,732,806
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false
Title of 12(b) Security	Common Stock, $0.01 par value

Condensed Balance Sheets (Curre

Condensed Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2021	Sep. 30, 2020
Current Assets
Cash and cash equivalents	$ 22,338,721	$ 16,449,636
Short-term investments	9,957,831	10,582,527
Accounts receivables, net	13,195,295	10,496,672
Inventories, net	14,627,176	14,408,538
Other current assets	717,599	585,436
Total current assets	60,836,622	52,522,809
Property, plant and equipment, net	4,749,530	4,952,819
Other Assets
Long-term investments	25,565,000	25,143,000
Goodwill	4,708,511	4,708,511
Intangible assets, net	4,793,137	4,986,216
Right of use lease assets	2,724,233	2,539,100
Deferred tax asset	178,118	178,118
Other	262,352	266,857
Total other assets	38,231,351	37,821,802
Total Assets	103,817,503	95,297,430
Current Liabilities
Current portion of lease liability	887,677	665,584
Accounts payable	5,011,965	3,689,587
Accrued compensation	5,496,056	4,856,885
Accrued expenses	492,758	1,202,753
Total current liabilities	11,888,456	10,414,809
Other Liabilities
Long-term portion of lease liability	2,080,562	2,129,343
Total other liabilities	2,080,562	2,129,343
Total liabilities	13,969,018	12,544,152
Shareholders’ Equity
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding
Common stock, authorized 50,000,000, $.01 par value; 13,732,806 and 13,649,962 shares issued and outstanding as of March 31, 2021 and September 30, 2020.	137,328	136,500
Additional paid-in capital	57,794,061	57,502,905
Retained earnings	31,917,096	25,113,873
Total shareholders’ equity	89,848,485	82,753,278
Total Liabilities and Shareholders’ Equity	$ 103,817,503	$ 95,297,430

Condensed Balance Sheets (Cur_2

Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2021	Sep. 30, 2020
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)	13,732,806	13,649,962
Common stock, shares outstanding (in shares)	13,732,806	13,649,962

Condensed Statements of Earning

Condensed Statements of Earnings (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Net sales	$ 29,691,934	$ 20,408,509	$ 56,784,081	$ 39,786,500
Cost of sales	16,750,354	12,257,076	32,473,256	23,907,532
Gross profit	12,941,580	8,151,433	24,310,825	15,878,968
Operating expenses
Selling, general and administrative	8,490,120	7,431,261	16,145,657	14,757,881
Income from operations	4,451,460	720,172	8,165,168	1,121,087
Interest income	123,324	217,725	257,055	440,968
Income before income taxes	4,574,784	937,897	8,422,223	1,562,055
Income tax expense	935,000	190,000	1,619,000	313,000
Net income	$ 3,639,784	$ 747,897	$ 6,803,223	$ 1,249,055
Net income per share Basic (in dollars per share)	$ 0.27	$ 0.05	$ 0.50	$ 0.09
Net income per share Diluted (in dollars per share)	$ 0.27	$ 0.05	$ 0.50	$ 0.09
Weighted average shares outstanding:
Basic (in shares)	13,730,150	13,521,172	13,711,135	13,516,608
Diluted (in shares)	13,779,779	13,521,172	13,738,090	13,571,674

Condensed Statements of Shareho

Condensed Statements of Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
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
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
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		328,523		328,523
Restricted stock issuance, net of forfeitures (in shares)	9,580
Restricted stock issuance, net of forfeitures	$ 96	(96)
Exercise of stock options, net of shares exchanged for payment (in shares)	3,396
Exercise of stock options, net of shares exchanged for payment	$ 33	2,549		2,582
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			1,249,055	1,249,055
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
Repurchase of common stock (in shares)	(41,796)
Repurchase of common stock	$ (418)	(428,236)		(428,654)
Balance (in shares) at Mar. 31, 2020	13,627,639
Balance at Mar. 31, 2020	$ 136,276	57,042,604	19,069,862	76,248,742
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
Stock-based compensation expense		87,937		87,937
Restricted stock issuance, net of forfeitures (in shares)	9,580
Restricted stock issuance, net of forfeitures	$ 96	(96)
Exercise of stock options, net of shares exchanged for payment (in shares)	2,396
Exercise of stock options, net of shares exchanged for payment	$ 23	(21)		2
Net income			747,897	747,897
Repurchase of common stock (in shares)	(41,796)
Repurchase of common stock	$ (418)	(428,236)		(428,654)
Balance (in shares) at Mar. 31, 2020	13,627,639
Balance at Mar. 31, 2020	$ 136,276	57,042,604	19,069,862	76,248,742
Balance (in shares) at Sep. 30, 2020	13,649,962
Balance at Sep. 30, 2020	$ 136,500	57,502,905	25,113,873	82,753,278
Balance (in shares) at Dec. 31, 2020	13,727,906
Balance at Dec. 31, 2020	$ 137,279	57,696,847	28,277,312	86,111,438
Balance (in shares) at Sep. 30, 2020	13,649,962
Balance at Sep. 30, 2020	$ 136,500	57,502,905	25,113,873	82,753,278
Stock-based compensation expense		623,235		623,235
Restricted stock issuance, net of forfeitures (in shares)	36,509
Restricted stock issuance, net of forfeitures	$ 365	(365)
Exercise of stock options, net of shares exchanged for payment (in shares)	33,543
Exercise of stock options, net of shares exchanged for payment	$ 336	(456,460)		(456,124)
Tax withholding related to vesting of restricted stock grants (in shares)	(2,219)
Tax withholding related to vesting of restricted stock grants	$ (23)	(54,185)		(54,208)
Net income			6,803,223	6,803,223
Issuance of common stock under employee stock purchase plan (in shares)	15,011
Issuance of common stock under employee stock purchase plan	$ 150	178,931		179,081
Balance (in shares) at Mar. 31, 2021	13,732,806
Balance at Mar. 31, 2021	$ 137,328	57,794,061	31,917,096	89,848,485
Balance (in shares) at Dec. 31, 2020	13,727,906
Balance at Dec. 31, 2020	$ 137,279	57,696,847	28,277,312	86,111,438
Stock-based compensation expense		334,178		334,178
Restricted stock issuance, net of forfeitures (in shares)	(1,178)
Restricted stock issuance, net of forfeitures	$ (12)	12
Exercise of stock options, net of shares exchanged for payment (in shares)	7,828
Exercise of stock options, net of shares exchanged for payment	$ 79	(193,733)		(193,654)
Tax withholding related to vesting of restricted stock grants (in shares)	(1,750)
Tax withholding related to vesting of restricted stock grants	$ (18)	(43,243)		(43,261)
Net income			3,639,784	3,639,784
Balance (in shares) at Mar. 31, 2021	13,732,806
Balance at Mar. 31, 2021	$ 137,328	$ 57,794,061	$ 31,917,096	$ 89,848,485

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net income	$ 6,803,223	$ 1,249,055
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,139,261	1,210,961
Change in allowance for doubtful accounts	209,612
Amortization of discount on investments		(55,641)
Stock-based compensation	623,235	328,523
Changes in operating assets and liabilities:
Accounts receivable	(2,908,235)	1,049,108
Inventories, net	(218,638)	(2,675,123)
Other assets	(188,542)	98,010
Accounts payable and accrued expenses	1,239,733	1,091,431
Net cash provided by operating activities	6,699,649	2,296,324
Cash flows from investing activities
Purchases of property, plant and equipment and intangible assets	(682,009)	(1,183,336)
Purchases of investments	(6,448,304)	(19,076,930)
Proceeds from maturities of investments	6,651,000	16,720,000
Net cash used in investing activities	(479,313)	(3,540,266)
Cash flows from financing activities
Proceeds from issuance of common stock under employee stock purchase plan	179,081	169,652
Tax withholding related to exercise of stock options	(456,124)	2,582
Tax withholding related to vesting of restricted stock grants	(54,208)	(5,803)
Repurchase of common stock		(428,654)
Net cash used in financing activities	(331,251)	(262,223)
Increase (Decrease) in cash and cash equivalents	5,889,085	(1,506,165)
Cash and cash equivalents, beginning of period	16,449,636	10,081,721
Cash and cash equivalents, end of period	22,338,721	8,575,556
Supplemental disclosures for cash flow information
Cash paid during the year for income taxes	2,331,002	355,657
Non-cash financing activities
Cashless exercise of stock options	$ 1,269,414	$ 7,737

Note 1 - Basis of Presentation

Note 1 - Basis of Presentation	6 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Basis of Accounting [Text Block]	Note 1. The accompanying (a) condensed balance sheet as of September 30, 2020, three six March 31, 2021 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, 2020. 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. For the purposes of comparability, certain prior period amounts have been reclassified to conform to current period classification. There was no New Accounting Pronouncements In January 2017, 2017 04, 2 December 15, 2019. first 2021. 2017 04 first 2021 not In June 2016, 2016 13, November 2018, 2018 19 2016 13. first 2023, 2016 13

Note 2 - Net Income Per Share

Note 2 - Net Income Per Share	6 Months Ended
	Mar. 31, 2021
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 six March 31, 2021 2020: Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net income $ 3,639,784 $ 747,897 $ 6,803,223 $ 1,249,055 Weighted average common shares 13,730,150 13,521,172 13,711,135 13,516,608 Dilutive potential common shares 49,629 - 26,956 55,066 Weighted average dilutive common shares outstanding 13,779,779 13,521,172 13,738,090 13,571,674 Net income per common share: Basic $ 0.27 $ 0.05 $ 0.50 $ 0.09 Diluted $ 0.27 $ 0.05 $ 0.50 $ 0.09

Note 3 - Cash, Cash Equivalents

Note 3 - Cash, Cash Equivalents, and Investments	6 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	Note 3. The Company invests its excess cash in bank certificates of deposit (“CDs”) that are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) as well as money market accounts. CDs with original maturities of more than three The maturity dates of the Company's investments as of March 31, 2021 September 30, 2020 March 31, 2021 September 30, 2020 Less than one year $ 9,957,831 $ 10,582,527 1-5 years 25,565,000 25,143,000 Total $ 35,522,831 $ 35,725,527

Note 4 - Stock-based Compensati

Note 4 - Stock-based Compensation	6 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	Note 4. The Company recorded $334,178 $623,235 three six March 31, 2021, three March 31, 2021, $313,658 $20,520 six March 31, 2021, $594,546 $28,689 $87,937 $328,523 three six March 31, 2020, three March 31, 2020, $83,140 $4,797 six March 31, 2020, $318,928 $9,595 March 31, 2021, $3,182,923 3.4 Stock Options The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. During the six March 31, 2021, 105,089 five three $23.74. six March 31, 2020, 116,600 5.78 4.78 $12.43. The fair value of stock option awards during the six March 31, 2021 Six months ended March 31, 2021 Dividend yield 0 % Expected volatility 46.9 % Risk-free interest rate 0.24 % Expected life (years) 5 Vesting period (years) 3 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 six March 31, 2021: Number of options Weighted average exercise price Outstanding as of September 30, 2020 337,100 $ 12.48 Granted 105,089 23.74 Exercised (101,800 ) 12.47 Forfeited or Expired (25,309 ) 13.89 Outstanding as of March 31, 2021 315,080 $ 16.13 The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of March 31, 2021, 2.79 $890,093. Restricted Stock The Company's 2007 one ten During the six March 31, 2021, 2021 2,120 one $32.41 six March 31, 2021, 37,687 three $23.74 During the six March 31, 2020, 2020 5,830 one $10.72 Restricted stock transactions during the six March 31, 2021 Number of shares Weighted average grant date fair value Unvested shares as of September 30, 2020 109,070 $ 12.97 Granted 39,807 24.20 Vested (12,230 ) 11.08 Forfeited (3,298 ) 16.07 Unvested as of March 31, 2021 133,349 $ 16.41 Employee Stock Purchase Plan The Company'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, 2020 December 31, 2019, 15,011 15,107 $11.93 $11.23 December 31, 2020, 204,612

Note 5 - Revenue

Note 5 - Revenue	6 Months Ended
	Mar. 31, 2021
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 the Company expects to receive in exchange for transferring products. All revenue is recognized when the Company satisfies its performance obligations under the contract. The Company recognizes 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. The Company recognizes revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of the Company's 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. Revenues related to the following geographic areas were as follows for the three six Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 United States $ 27,743,937 $ 19,489,270 $ 53,776,138 $ 37,731,957 All other countries 1,947,997 919,239 3,007,943 2,054,543 Total Net Sales $ 29,691,934 $ 20,408,509 $ 56,784,081 $ 39,786,500 The Company manufactures and sells a proprietary product line designed for the Broadband Service Provider marketplace. In addition, the Company's Legacy business 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 six Three Months Ended March 31, Six Months Ended March 31, 2020 2020 2020 2020 Broadband service providers 97 % 96 % 98 % 95 % Legacy customers 3 % 4 % 2 % 5 % Total Net Sales 100 % 100 % 100 % 100 % Broadband Service Providers are made up of Community Broadband, which includes local and regional telecom companies, utilities, municipalities and alternative carriers, multiple system operators (“MSO's, or Cable TV”), which are 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 March 31, 2021 September 30, 2020, $79,473 $289,085, three March 31, 2021 See Note 7,

Note 6 - Inventories

Note 6 - Inventories	6 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Inventory Disclosure [Text Block]	Note 6. Inventories consist of the following as of: March 31, September 30, Raw materials $ 11,932,008 $ 12,287,134 Work-in-process 2,191,469 1,033,021 Finished goods 1,541,111 2,048,514 Inventories, gross 15,664,588 15,368,669 Inventory reserve (1,037,412 ) (960,131 ) Inventories, net $ 14,627,176 $ 14,408,538

Note 7 - Major Customer Concent

Note 7 - Major Customer Concentration	6 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	Note 7. For the three March 31, 2021, 21% 11% six March 31, 2021, 20% 11% three March 31, 2020, 21% six March 31, 2020, 20%, 11% 10%, not As of March 31, 2021, 10% 14% September 30, 2020, 12% 13%,

Note 8 - Goodwill and Intangibl

Note 8 - Goodwill and Intangibles	6 Months Ended
	Mar. 31, 2021
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, 2020 not six March 31, 2021, 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 March 31, 2021, 26 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. during fiscal year 2018. September 30, 2020 not six March 31, 2021, no

Note 9 - Income Taxes

Note 9 - Income Taxes	6 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Income Tax Disclosure [Text Block]	Note 9. For the three six March 31, 2021, $935,000 $1,619,000, 20.4% 19.2%, three six March 31, 2020, $190,000 $313,000, 20.3% 20.0%, 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” March 31, 2021 September 30, 2020 not As of March 31, 2021, not not 12

Note 10 - Leases

Note 10 - Leases	6 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	Note 10. The Company leases an 85,000 7050 ten two February 28, 2025. $249,000, one eighth not not On October 9, 2020, 46,000 three July 31, 2020. three 12 On February 12, 2020, 52,000 42 February 12, 2020. two three 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 the Company is reasonably certain to exercise. The Company's leases do not March 31, 2021, not not Operating lease expense included within cost of goods sold and selling, general and administrative expense was as follows for the three six March 31, 2021: Three Months Ended March 31, Six Months Ended March 31, Operating lease expense within: 2021 2020 2021 2020 Cost of sales $ 252,459 $ 218,874 $ 505,395 $ 404,502 Selling, general and administrative 55,335 55,398 110,733 111,764 Total lease expense $ 307,794 $ 274,272 $ 616,128 $ 516,266 Future maturities of lease liabilities were as follows as of March 31, 2021: FY2021 $ 485,717 FY2022 986,844 FY2023 943,682 FY2024 516,725 FY2025 217,552 Thereafter - Total lease payments 3,150,520 Less: Interest (182,281 ) Present value of lease liabilities $ 2,968,239 The weighted average term and weighted average discount rate for the Company's leases as of March 31, 2021 3.33 3.40%, 4.78 3.48%, March 31, 2021. three six March 31, 2021, $240,066 $479,801, $168,815 $336,655, three six March 31, 2020,

Note 2 - Net Income Per Share (

Note 2 - Net Income Per Share (Tables)	6 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 Net income $ 3,639,784 $ 747,897 $ 6,803,223 $ 1,249,055 Weighted average common shares 13,730,150 13,521,172 13,711,135 13,516,608 Dilutive potential common shares 49,629 - 26,956 55,066 Weighted average dilutive common shares outstanding 13,779,779 13,521,172 13,738,090 13,571,674 Net income per common share: Basic $ 0.27 $ 0.05 $ 0.50 $ 0.09 Diluted $ 0.27 $ 0.05 $ 0.50 $ 0.09

Note 3 - Cash, Cash Equivalen_2

Note 3 - Cash, Cash Equivalents, and Investments (Tables)	6 Months Ended
	Mar. 31, 2021
Notes Tables
Investments Classified by Contractual Maturity Date [Table Text Block]	March 31, 2021 September 30, 2020 Less than one year $ 9,957,831 $ 10,582,527 1-5 years 25,565,000 25,143,000 Total $ 35,522,831 $ 35,725,527

Note 4 - Stock-based Compensa_2

Note 4 - Stock-based Compensation (Tables)	6 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six months ended March 31, 2021 Dividend yield 0 % Expected volatility 46.9 % Risk-free interest rate 0.24 % Expected life (years) 5 Vesting period (years) 3
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Number of options Weighted average exercise price Outstanding as of September 30, 2020 337,100 $ 12.48 Granted 105,089 23.74 Exercised (101,800 ) 12.47 Forfeited or Expired (25,309 ) 13.89 Outstanding as of March 31, 2021 315,080 $ 16.13
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Number of shares Weighted average grant date fair value Unvested shares as of September 30, 2020 109,070 $ 12.97 Granted 39,807 24.20 Vested (12,230 ) 11.08 Forfeited (3,298 ) 16.07 Unvested as of March 31, 2021 133,349 $ 16.41

Note 5 - Revenue (Tables)

Note 5 - Revenue (Tables)	6 Months Ended
	Mar. 31, 2021
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, Six Months Ended March 31, 2021 2020 2021 2020 United States $ 27,743,937 $ 19,489,270 $ 53,776,138 $ 37,731,957 All other countries 1,947,997 919,239 3,007,943 2,054,543 Total Net Sales $ 29,691,934 $ 20,408,509 $ 56,784,081 $ 39,786,500 Three Months Ended March 31, Six Months Ended March 31, 2020 2020 2020 2020 Broadband service providers 97 % 96 % 98 % 95 % Legacy customers 3 % 4 % 2 % 5 % Total Net Sales 100 % 100 % 100 % 100 %

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	6 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, September 30, Raw materials $ 11,932,008 $ 12,287,134 Work-in-process 2,191,469 1,033,021 Finished goods 1,541,111 2,048,514 Inventories, gross 15,664,588 15,368,669 Inventory reserve (1,037,412 ) (960,131 ) Inventories, net $ 14,627,176 $ 14,408,538

Note 10 - Leases (Tables)

Note 10 - Leases (Tables)	6 Months Ended
	Mar. 31, 2021
Notes Tables
Lessee, Operating Lease Expense [Table Text Block]	Three Months Ended March 31, Six Months Ended March 31, Operating lease expense within: 2021 2020 2021 2020 Cost of sales $ 252,459 $ 218,874 $ 505,395 $ 404,502 Selling, general and administrative 55,335 55,398 110,733 111,764 Total lease expense $ 307,794 $ 274,272 $ 616,128 $ 516,266
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	FY2021 $ 485,717 FY2022 986,844 FY2023 943,682 FY2024 516,725 FY2025 217,552 Thereafter - Total lease payments 3,150,520 Less: Interest (182,281 ) Present value of lease liabilities $ 2,968,239

Note 2 - Net Income Per Share -

Note 2 - Net Income Per Share - Weighted Average Common Shares Outstanding (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 3,639,784	$ 747,897	$ 6,803,223	$ 1,249,055
Weighted average common shares (in shares)	13,730,150	13,521,172	13,711,135	13,516,608
Dilutive potential common shares (in shares)	49,629		26,956	55,066
Weighted average dilutive common shares outstanding (in shares)	13,779,779	13,521,172	13,738,090	13,571,674
Basic (in dollars per share)	$ 0.27	$ 0.05	$ 0.50	$ 0.09
Diluted (in dollars per share)	$ 0.27	$ 0.05	$ 0.50	$ 0.09

Note 3 - Cash, Cash Equivalen_3

Note 3 - Cash, Cash Equivalents, and Investments - Maturity Date of CDs (Details) - USD ($)	Mar. 31, 2021	Sep. 30, 2020
Less than one year	$ 9,957,831	$ 10,582,527
1-5 years	25,565,000	25,143,000
Total	$ 35,522,831	$ 35,725,527

Note 4 - Stock-based Compensa_3

Note 4 - Stock-based Compensation (Details Textual) - USD ($)	3 Months Ended				6 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expense	$ 334,178		$ 87,937		$ 623,235	$ 328,523
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total	3,182,923				$ 3,182,923
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)					3 years 146 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)					105,089	116,600
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)					5 years	5 years 284 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					3 years	4 years 284 days
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)					$ 23.74	$ 12.43
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)					2 years 288 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value	890,093				$ 890,093
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 (in shares)		15,011		15,107
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price (in dollars per share)		$ 11.93		$ 11.23
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)		204,612
Share-based Payment Arrangement, Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					3 years
Share-based Payment Arrangement, Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					5 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					39,807
Restricted Stock [Member] | Stock Compensation Plan 2007 [Member] | Share-based Payment Arrangement, Nonemployee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					1 year	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					2,120	5,830
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share (in dollars per share)					$ 32.41	$ 10.72
Restricted Stock [Member] | Stock Compensation Plan 2007 [Member] | Share-based Payment Arrangement, Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					37,687
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share (in dollars per share)					$ 23.74
Restricted Stock [Member] | Minimum [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					1 year
Restricted Stock [Member] | Maximum [Member] | Stock Compensation Plan 2007 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					10 years
Selling, General and Administrative Expenses [Member]
Share-based Payment Arrangement, Expense	313,658		83,140		$ 594,546	$ 318,928
Cost of Sales [Member]
Share-based Payment Arrangement, Expense	$ 20,520		$ 4,797		$ 28,689	$ 9,595

Note 4 - Stock-based Compensa_4

Note 4 - Stock-based Compensation - Valuation Assumptions (Details)	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Dividend yield	0.00%
Expected volatility	46.90%
Risk-free interest rate	0.24%
Expected life (Year)	5 years
Vesting period (Year)	3 years	4 years 284 days

Note 4 - Stock-based Compensa_5

Note 4 - Stock-based Compensation - Option Transaction Summary (Details) - $ / shares	6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Options, outstanding (in shares)	337,100
Weighted-average exercise price, outstanding (in dollars per share)	$ 12.48
Granted (in shares)	105,089	116,600
Weighted-average exercise price, Granted (in dollars per share)	$ 23.74	$ 12.43
Exercised (in shares)	(101,800)
Weighted-average exercise price, Exercised (in dollars per share)	$ 12.47
Forfeited or Expired (in shares)	(25,309)
Weighted-average exercise price, Forfeited or Expired (in dollars per share)	$ 13.89
Options, outstanding (in shares)	315,080
Weighted-average exercise price, outstanding (in dollars per share)	$ 16.13

Note 4 - Stock-based Compensa_6

Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]	6 Months Ended
	Mar. 31, 2021$ / sharesshares
Balance, unvested shares (in shares) | shares	109,070
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 12.97
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares	39,807
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 24.20
Vested (in shares) | shares	(12,230)
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 11.08
Forfeited (in shares) | shares	(3,298)
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 16.07
Balance, unvested shares (in shares) | shares	133,349
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares	$ 16.41

Note 5 - Revenue (Details Textu

Note 5 - Revenue (Details Textual) - USD ($)	Mar. 31, 2021	Sep. 30, 2020
Accounts Receivable, Allowance for Credit Loss, Current	$ 79,473	$ 289,085

Note 5 - Revenue - Disaggregati

Note 5 - Revenue - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Total Net Sales	$ 29,691,934	$ 20,408,509	$ 56,784,081	$ 39,786,500
Percent of net sales	100.00%	100.00%	100.00%	100.00%
Broadband Service Providers [Member]
Percent of net sales	97.00%	96.00%	98.00%	95.00%
Legacy Customers [Member]
Percent of net sales	3.00%	4.00%	2.00%	5.00%
UNITED STATES
Total Net Sales	$ 27,743,937	$ 19,489,270	$ 53,776,138	$ 37,731,957
Non-US [Member]
Total Net Sales	$ 1,947,997	$ 919,239	$ 3,007,943	$ 2,054,543

Note 6 - Inventories - Componen

Note 6 - Inventories - Components of Inventory (Details) - USD ($)	Mar. 31, 2021	Sep. 30, 2020
Raw materials	$ 11,932,008	$ 12,287,134
Work-in-process	2,191,469	1,033,021
Finished goods	1,541,111	2,048,514
Inventories, gross	15,664,588	15,368,669
Inventory reserve	(1,037,412)	(960,131)
Inventories, net	$ 14,627,176	$ 14,408,538

Note 7 - Major Customer Conce_2

Note 7 - Major Customer Concentration (Details Textual) - Customer Concentration Risk [Member]	3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Sep. 30, 2020
Revenue Benchmark [Member] | Customer A [Member]
Concentration Risk, Percentage	21.00%	21.00%	20.00%	20.00%
Revenue Benchmark [Member] | Customer B [Member]
Concentration Risk, Percentage	11.00%		11.00%	11.00%
Revenue Benchmark [Member] | Customer C [Member]
Concentration Risk, Percentage				10.00%
Accounts Receivable [Member] | Customer A [Member]
Concentration Risk, Percentage			10.00%		12.00%
Accounts Receivable [Member] | Customer B [Member]
Concentration Risk, Percentage			14.00%		13.00%

Note 8 - Goodwill and Intangi_2

Note 8 - Goodwill and Intangibles (Details Textual) $ in Thousands	6 Months Ended	12 Months Ended
	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)
Goodwill, Impairment Loss	$ 0	$ 0
Number of Patents Granted	26
Patents [Member]
Finite-Lived Intangible Asset, Useful Life (Year)	20 years

Note 9 - Income Taxes (Details

Note 9 - Income Taxes (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Income Tax Expense (Benefit), Total	$ 935,000	$ 190,000	$ 1,619,000	$ 313,000
Effective Income Tax Rate Reconciliation, Percent, Total	20.40%	20.30%	19.20%	20.00%
Unrecognized Tax Benefits, Ending Balance	$ 0		$ 0

Note 10 - Leases (Details Textu

Note 10 - Leases (Details Textual)	3 Months Ended		6 Months Ended
	Mar. 31, 2021USD ($)ft²	Mar. 31, 2020USD ($)	Mar. 31, 2021USD ($)ft²	Mar. 31, 2020USD ($)	Oct. 09, 2020ft²	Feb. 12, 2020ft²	Aug. 01, 2017	Jan. 01, 2015
Operating Lease, Weighted Average Remaining Lease Term (Year)	3 years 120 days	4 years 284 days	3 years 120 days	4 years 284 days
Operating Lease, Weighted Average Discount Rate, Percent	3.40%	3.48%	3.40%	3.48%
Operating Lease, Payments | $	$ 240,066	$ 168,815	$ 479,801	$ 336,655
7050 Winnetka Avenue North, Brooklyn Park, Minnesota [Member]
Area of Real Estate Property (Square Foot)	85,000		85,000
Lessee, Operating Lease, Term of Contract (Year)								10 years 62 days
Operating Lease Termination Fee | $			$ 249,000
Tijuana, Mexico [Member]
Area of Real Estate Property (Square Foot)					46,000
Lessee, Operating Lease, Term of Contract (Year)					3 years		3 years
Tijuana, Mexico 2 [Member]
Area of Real Estate Property (Square Foot)						52,000
Lessee, Operating Lease, Term of Contract (Year)						3 years 180 days
Lessee, Operating Lease, Number of Options to Renew						2
Lessee, Operating Lease, Renewal Term (Year)						3 years

Note 10 - Leases - Operating Le

Note 10 - Leases - Operating Lease Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Total lease expense under ASC 842	$ 307,794	$ 274,272	$ 616,128	$ 516,266
Cost of Sales [Member]
Total lease expense under ASC 842	252,459	218,874	505,395	404,502
Selling, General and Administrative Expenses [Member]
Total lease expense under ASC 842	$ 55,335	$ 55,398	$ 110,733	$ 111,764

Note 10 - Leases - Maturities o

Note 10 - Leases - Maturities of Lease Liabilities (Details)	Mar. 31, 2021USD ($)
FY2021	$ 485,717
FY2022	986,844
FY2023	943,682
FY2024	516,725
FY2025	217,552
Thereafter
Total lease payments	3,150,520
Less: Interest	(182,281)
Present value of lease liabilities	$ 2,968,239