Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | ADDVANTAGE TECHNOLOGIES GROUP INC | |
Entity Central Index Key | 0000874292 | |
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 Common Stock, Shares Outstanding (in shares) | 10,361,292 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Condensed Balance
Consolidated Condensed Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2019 | Sep. 30, 2018 |
Assets | ||
Cash and cash equivalents | $ 2,672,640 | $ 3,129,280 |
Restricted cash | 260,802 | |
Accounts receivable, net of allowance for doubtful accounts of $150,000 | 5,481,478 | 2,578,998 |
Unbilled revenue | 2,272,381 | |
Other receivable | 753,199 | |
Promissory note – current | 1,400,000 | |
Income tax receivable | 174,290 | 178,766 |
Inventories, net of allowance for excess and obsolete inventory of $800,000 and $815,000, respectively | 9,094,002 | 7,462,491 |
Prepaid expenses | 793,992 | 253,405 |
Other current assets | 171,695 | |
Current assets of discontinued operations | 16,925,526 | |
Total current assets | 23,074,479 | 30,528,466 |
Property and equipment, at cost: | ||
Machinery and equipment | 2,419,740 | 1,084,024 |
Leasehold improvements | 190,984 | 190,984 |
Total property and equipment, at cost | 2,610,724 | 1,275,008 |
Less: Accumulated depreciation | (813,978) | (773,312) |
Net property and equipment | 1,796,746 | 501,696 |
Promissory note – noncurrent | 4,975,000 | |
Investment in and loans to equity method investee | 49,000 | |
Intangibles, net of accumulated amortization | 6,275,873 | 6,844,398 |
Goodwill | 4,836,472 | 4,820,185 |
Other assets | 210,854 | 125,903 |
Assets of discontinued operations | 1,524,972 | |
Total assets | 41,169,424 | 44,394,620 |
Current liabilities: | ||
Accounts payable | 6,856,372 | 3,300,388 |
Accrued expenses | 1,644,337 | 711,936 |
Bank revolving line of credit | 750,000 | |
Notes payable – current portion | 1,996,279 | |
Other current liabilities | 748,850 | 664,374 |
Current liabilities of discontinued operations | 2,392,780 | |
Total current liabilities | 9,999,559 | 9,065,757 |
Other liabilities | 203,682 | 801,612 |
Total liabilities | 10,203,241 | 9,867,369 |
Shareholders’ equity: | ||
Common stock, $.01 par value; 30,000,000 shares authorized; 10,861,950 and 10,806,803 shares issued, respectively; 10,361,292 and 10,306,145 shares outstanding, respectively | 108,620 | 108,068 |
Paid in capital | (4,419,954) | (4,598,343) |
Retained earnings | 36,277,531 | 40,017,540 |
Total shareholders’ equity before treasury stock | 31,966,197 | 35,527,265 |
Less: Treasury stock, 500,658 shares, at cost | (1,000,014) | (1,000,014) |
Total shareholders’ equity | 30,966,183 | 34,527,251 |
Total liabilities and shareholders’ equity | $ 41,169,424 | $ 44,394,620 |
Consolidated Condensed Balanc_2
Consolidated Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2019 | Sep. 30, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 150,000 | $ 150,000 |
Inventories, allowance for excess and obsolete inventory | $ 800,000 | $ 815,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 10,861,950 | 10,806,803 |
Common stock, shares outstanding (in shares) | 10,361,292 | 10,306,145 |
Treasury stock, shares (in shares) | 500,658 | 500,658 |
Consolidated Condensed Statemen
Consolidated Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Sales | $ 17,559,315 | $ 7,674,997 | $ 37,259,352 | $ 21,137,787 |
Cost of sales | 14,248,680 | 5,681,646 | 29,953,292 | 15,158,725 |
Gross profit | 3,310,635 | 1,993,351 | 7,306,060 | 5,979,062 |
Operating, selling, general and administrative expenses | 3,315,268 | 2,661,493 | 9,665,151 | 7,715,354 |
Loss from operations | (4,633) | (668,142) | (2,359,091) | (1,736,292) |
Other income (expense): | ||||
Income (loss) from equity method investment | 20,005 | 75,005 | (258,558) | |
Other expense | (89,708) | (132,967) | ||
Interest expense | (25,860) | (39,571) | (68,612) | (171,017) |
Total other expense, net | (95,563) | (39,571) | (126,574) | (429,575) |
Loss before income taxes | (100,196) | (707,713) | (2,485,665) | (2,165,867) |
Benefit for income taxes | 42,000 | 359,000 | 13,000 | 169,000 |
Loss from continuing operations | (58,196) | (348,713) | (2,472,665) | (1,996,867) |
Loss from discontinued operations, net of tax | (1,426,969) | (1,157,986) | (1,267,344) | (476,291) |
Net loss | $ (1,485,165) | $ (1,506,699) | $ (3,740,009) | $ (2,473,158) |
Loss per share: | ||||
Continuing operations (in dollars per share) | $ 0 | $ (0.03) | $ (0.24) | $ (0.19) |
Discontinued operations (in dollars per share) | (0.14) | (0.12) | (0.12) | (0.05) |
Net loss (in dollars per share) | (0.14) | (0.15) | (0.36) | (0.24) |
Continuing operations (in dollars per share) | 0 | (0.03) | (0.24) | (0.19) |
Discontinued operations (in dollars per share) | (0.14) | (0.12) | (0.12) | (0.05) |
Net loss (in dollars per share) | $ (0.14) | $ (0.15) | $ (0.36) | $ (0.24) |
Shares used in per share calculation: | ||||
Basic (in shares) | 10,361,292 | 10,306,145 | 10,361,292 | 10,261,617 |
Diluted (in shares) | 10,361,292 | 10,306,145 | 10,361,292 | 10,261,617 |
Consolidated Condensed Statem_2
Consolidated Condensed Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Paid in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance | $ 107,267 | $ (4,746,466) | $ 47,337,396 | $ (1,000,014) | $ 41,698,183 |
Balance (in shares) at Sep. 30, 2017 | 10,726,653 | ||||
Balance at Sep. 30, 2017 | $ 107,267 | (4,746,466) | 47,337,396 | (1,000,014) | 41,698,183 |
Net income (loss) | (706,762) | (706,762) | |||
Share based compensation expense | 12,328 | 12,328 | |||
Balance (in shares) at Dec. 31, 2017 | 10,726,653 | ||||
Balance | $ 107,267 | (4,746,466) | 47,337,396 | (1,000,014) | 41,698,183 |
Balance (in shares) at Sep. 30, 2017 | 10,726,653 | ||||
Balance at Sep. 30, 2017 | $ 107,267 | (4,746,466) | 47,337,396 | (1,000,014) | 41,698,183 |
Net income (loss) | (2,473,158) | ||||
Balance (in shares) at Jun. 30, 2018 | 10,806,803 | ||||
Balance | $ 107,267 | (4,746,466) | 47,337,396 | (1,000,014) | 41,698,183 |
Balance | $ 107,267 | (4,734,138) | 46,630,634 | (1,000,014) | 41,003,749 |
Balance (in shares) at Dec. 31, 2017 | 10,726,653 | ||||
Balance at Dec. 31, 2017 | $ 107,267 | (4,734,138) | 46,630,634 | (1,000,014) | 41,003,749 |
Net income (loss) | (259,697) | (259,697) | |||
Restricted stock issuance (in shares) | 80,150 | ||||
Restricted stock issuance | $ 801 | 104,199 | 105,000 | ||
Share based compensation expense | 10,531 | 10,531 | |||
Balance (in shares) at Mar. 31, 2018 | 10,806,803 | ||||
Balance | $ 107,267 | (4,734,138) | 46,630,634 | (1,000,014) | 41,003,749 |
Balance | 108,068 | (4,619,408) | 46,370,937 | (1,000,014) | 40,859,583 |
Balance at Mar. 31, 2018 | 108,068 | (4,619,408) | 46,370,937 | (1,000,014) | 40,859,583 |
Net income (loss) | (1,506,699) | (1,506,699) | |||
Share based compensation expense | 10,533 | 10,533 | |||
Balance (in shares) at Jun. 30, 2018 | 10,806,803 | ||||
Balance | $ 108,068 | (4,619,408) | 46,370,937 | (1,000,014) | 40,859,583 |
Balance | 108,068 | (4,608,875) | 44,864,238 | (1,000,014) | 39,363,417 |
Balance | $ 108,068 | (4,598,343) | 40,017,540 | (1,000,014) | 34,527,251 |
Balance (in shares) at Sep. 30, 2018 | 10,806,803 | ||||
Balance at Sep. 30, 2018 | $ 108,068 | (4,598,343) | 40,017,540 | (1,000,014) | 34,527,251 |
Net income (loss) | (1,038,981) | (1,038,981) | |||
Restricted stock issuance (in shares) | 55,147 | ||||
Restricted stock issuance | $ 552 | 74,448 | 75,000 | ||
Share based compensation expense | 28,070 | 28,070 | |||
Balance (in shares) at Dec. 31, 2018 | 10,861,950 | ||||
Balance | $ 108,068 | (4,598,343) | 40,017,540 | (1,000,014) | 34,527,251 |
Balance (in shares) at Sep. 30, 2018 | 10,806,803 | ||||
Balance at Sep. 30, 2018 | $ 108,068 | (4,598,343) | 40,017,540 | (1,000,014) | 34,527,251 |
Net income (loss) | (3,740,009) | ||||
Balance (in shares) at Jun. 30, 2019 | 10,861,950 | ||||
Balance | $ 108,068 | (4,598,343) | 40,017,540 | (1,000,014) | 34,527,251 |
Balance | $ 108,620 | (4,495,825) | 38,978,559 | (1,000,014) | 33,591,340 |
Balance (in shares) at Dec. 31, 2018 | 10,861,950 | ||||
Balance at Dec. 31, 2018 | $ 108,620 | (4,495,825) | 38,978,559 | (1,000,014) | 33,591,340 |
Net income (loss) | (1,215,863) | (1,215,863) | |||
Share based compensation expense | 33,019 | 33,019 | |||
Balance (in shares) at Mar. 31, 2019 | 10,861,950 | ||||
Balance | $ 108,620 | (4,495,825) | 38,978,559 | (1,000,014) | 33,591,340 |
Balance | 108,620 | (4,462,806) | 37,762,696 | (1,000,014) | 32,408,496 |
Balance at Mar. 31, 2019 | 108,620 | (4,462,806) | 37,762,696 | (1,000,014) | 32,408,496 |
Net income (loss) | (1,485,165) | (1,485,165) | |||
Share based compensation expense | 42,852 | 42,852 | |||
Balance (in shares) at Jun. 30, 2019 | 10,861,950 | ||||
Balance | $ 108,620 | (4,462,806) | 37,762,696 | (1,000,014) | 32,408,496 |
Balance | $ 108,620 | $ (4,419,954) | $ 36,277,531 | $ (1,000,014) | $ 30,966,183 |
Consolidated Condensed Statem_3
Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities | ||
Net loss | $ (3,740,009) | $ (2,473,158) |
Net loss from discontinued operations | (1,267,344) | (476,291) |
Net loss from continuing operations | (2,472,665) | (1,996,867) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 257,128 | 96,055 |
Amortization | 812,525 | 939,933 |
Provision for excess and obsolete inventories | 77,889 | 560,711 |
Charge for lower of cost or net realizable value for inventories | 219,846 | |
Gain on disposal of property and equipment | (250,877) | (1,980) |
Deferred income tax provision | 55,000 | |
Share based compensation expense | 152,691 | 122,142 |
(Gain) loss from equity method investment | (75,005) | 258,558 |
Changes in assets and liabilities: | ||
Accounts receivable | (2,074,342) | 36,539 |
Unbilled revenue | (1,793,065) | |
Income tax receivable\payable | 4,476 | (95,578) |
Inventories | (1,799,042) | (976,343) |
Prepaid expenses | (432,047) | 31,218 |
Other assets | 36,321 | (291) |
Accounts payable | 2,306,092 | (342,739) |
Accrued expenses | 477,352 | 151,045 |
Other liabilities | (21,926) | 51,270 |
Net cash used in operating activities – continuing operations | (4,794,495) | (891,481) |
Net cash provided by operating activities – discontinued operations | 1,179,876 | 3,295,784 |
Net cash provided by (used in) operating activities | (3,614,619) | 2,404,303 |
Investing Activities | ||
Acquisition of net operating assets | (1,264,058) | |
Loan repayment from (investment in and loans to) equity method investee | 124,005 | (249,354) |
Purchases of property and equipment | (457,225) | (35,331) |
Disposals of property and equipment | 452,244 | 13,500 |
Net cash used in investing activities – continuing operations | (1,145,034) | (271,185) |
Net cash provided by investing activities – discontinued operations | 7,075,000 | 10,400 |
Net cash provided by (used in) investing activities | 5,929,966 | (260,785) |
Financing Activities | ||
Change in revolving line of credit | 750,000 | 500,000 |
Guaranteed payments for acquisition of business | (667,000) | (667,000) |
Payments on notes payable | (1,996,279) | (3,669,801) |
Net cash used in financing activities – continuing operations | (1,913,279) | (3,836,801) |
Net cash used in financing activities – discontinued operations | (597,906) | (138,006) |
Net cash used in financing activities | (2,511,185) | (3,974,807) |
Net decrease in cash and cash equivalents and restricted cash | (195,838) | (1,831,289) |
Cash and cash equivalents and restricted cash at beginning of period | 3,129,280 | 3,972,723 |
Cash and cash equivalents and restricted cash at end of period | 2,933,442 | 2,141,434 |
Supplemental cash flow information: | ||
Cash paid for interest | 109,106 | 129,655 |
Cash paid for income taxes | 2,000 | |
Supplemental noncash investing activities: | ||
Note receivable from disposition of business | 753,199 | |
Promissory note from disposition of business | $ 6,375,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Accounting Policies | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | Note 1 Accounting Policies Basis of presentation The consolidated condensed financial statements include the accounts of ADDvantage Technologies Group, Inc. and its subsidiaries, all of which are wholly owned (collectively, the “Company” or “we”). Intercompany balances and transactions have been eliminated in consolidation. The Company’s reportable segments are Wireless Infrastructure Services (“Wireless”) and Telecommunications (“Telco”). The Cable Television (“Cable TV”) segment was approved by the Company’s stockholders to be sold in May 2019, 4 The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial statements and do not not 10 September 30, 2018. Reclassification The Company adopted Accounting Standards Update (“ASU”) 2016 15: 230 October 1, 2018. $667,000 nine June 30, 2018. no Recently Issued Accounting Standards In February 2016, 2016 02: 842 twelve December 15, 2018 2016 02 not $4.6 In June 2016, 2016 13: 326 2016 13 December 15, 2019, may December 15, 2018, |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 2 On October 1, 2018, 2014 09, 606 no not The Company acquired the net assets of Fulton Technologies, Inc. and Mill City Communications, Inc. (collectively “Fulton”), wireless infrastructure services businesses, on January 4, 2019 ( 3 four 5G The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for its products, repair services or wireless infrastructure services. The following steps are applied in determining the amount and timing of revenue recognition: 1. Identification of a contract with a customer is a sales arrangement involving a purchase order issued by the customer stating the goods or services to be transferred. Payment terms are generally due in net 30 not 2. Identification of performance obligations in the sales arrangement which is predominantly the promise to transfer goods, repair services, recycled items or wireless infrastructure services to the customer. 3. Determination of the transaction price which is specified in the purchase order based on product or services pricing negotiated between the Company and the customer. Wireless infrastructure services transaction prices are based on the Master Service Agreement contracts between the Company and the wireless customers. 4. Allocation of the transaction price to performance obligations. Substantially all the contracts are single performance obligations and the allocated purchase price is the transaction price. 5. Recognition of revenue occurs upon the satisfaction of the performance obligation and transfer of control. Transfer of control by the Telco segment generally occurs at the point the Company ships the sold or repaired product from its warehouse locations. Transfer of control for the Wireless segment generally occurs over time as the Company installs or decommissions the equipment on the cell towers or performs other services. To measure progress towards completion on performance obligations for which revenue is recognized over time the Company utilizes an input method based upon a ratio of direct labor costs incurred to date to management’s estimate of the total labor costs to be incurred on each contract. The Company has established the systems and procedures to develop the estimates required to account for performance obligations over time. These procedures include monthly review by management of costs incurred, progress towards completion, changes in estimates of costs yet to be incurred and execution by subcontractors. The Company’s principal sales are from Wireless services, sales of Telco equipment and Telco recycled equipment. Sales are primarily to customers in the United States. International sales are made by the Telco segment to customers in Central America, South America and, to a substantially lesser extent, other international regions that utilize the same technology which totaled approximately $1.6 $2.1 nine June 30, 2019 2018, The Company’s customers include wireless carriers, wireless equipment providers, multiple system operators, resellers and direct sales to end-user customers. Sales to the Company’s largest customer totaled approximately 11% Our sales by type were as follows: Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Wireless services sales $ 8,733,444 $ ‒ $ 12,951,368 $ ‒ Equipment sales: Telco 7,989,318 7,110,920 22,876,047 19,647,811 Intersegment (5,305 ) (5,562 ) (49,452 ) (7,872 ) Telco repair sales 31,142 ‒ 36,542 ‒ Telco recycle sales 810,716 569,639 1,444,847 1,497,848 Total sales $ 17,559,315 $ 7,674,997 $ 37,259,352 $ 21,137,787 With the acquisition of Fulton, the timing of revenue recognition results in contract assets and contract liabilities. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. However, we sometimes receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities. Contract assets and contract liabilities are included in Unbilled revenue and Accrued expenses, respectively, in the Consolidated Condensed Balance Sheets. At June 30, 2019 $2.3 |
Note 3 - Acquisition
Note 3 - Acquisition | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 3 – Acquisition Purchase of Net Assets of Fulton Technologies, Inc. and Mill City Communications, Inc. On December 27, 2018, four 5G. January 4, 2019. The purchase price for the net assets of Fulton was $1.3 January 4, 2019, The following summarizes the final purchase price allocation of the fair value of the assets acquired and the liabilities assumed at January 4, 2019: Assets acquired: (in thousands) Accounts receivable $ 1,307 Prepaid expenses 341 Property and equipment, net 1,201 Intangible assets 244 Goodwill 16 Other assets 35 Total assets acquired 3,144 Liabilities assumed: Accounts payable 1,250 Accrued expenses 455 Capital lease obligation 175 Total liabilities assumed 1,880 Net purchase price $ 1,264 The acquired intangible asset of approximately $0.2 The unaudited financial information in the table below summarizes the combined results of operations of ADDvantage Technologies Group and Fulton Technologies for the three nine June 30, 2019 June 30, 2018, October 1, 2017. three June 30, 2018 $6 nine June 30, 2019 June 30, 2018 $18 $0.2 nine June 30, 2019 nine June 30, 2018 October 1, 2017. not not October 1, 2017 Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 (in thousands) Total net sales $ 17,559 $ 12,560 $ 41,078 $ 36,592 Loss from continuing operations $ (58 ) $ (1,223 ) $ (2,916 ) $ (5,877 ) Net loss $ (1,485 ) $ (2,381 ) $ (4,184 ) $ (6,353 ) |
Note 4 - Discontinued Operation
Note 4 - Discontinued Operations | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 4 – Dis continued O perations In fiscal year 2018, 8, 8” 8 December 2018, 8, On May 29, 2019, 8 $10.3 June 30, 2019. $3.9 $1.1 $2.1 $6.4 five 6.0%. Contract price $ 10,314,141 Less: Real estate sales 2,075,000 Less: Working capital adjustment 1,110,942 Net purchase price 7,128,199 Assets sold: Accounts receivable 2,038,305 Inventories 10,258,487 Prepaids and other assets 73,073 Property and equipment, net 335,980 12,705,845 Liabilities transferred: Accounts payable 1,306,294 Accrued expenses 466,759 1,773,053 Net assets sold 10,932,792 Pretax loss on sale of net assets of Cable TV segment $ (3,804,593 ) While the Company was in the process of selling the Cable TV segment to Leveling 8, three two $10.3 October 2018, $5,000,000 November 29, 2018, $1.4 In March 2019, $1,350,000 $0.5 June 2019, $725,000 $0.4 Following is the calculation of the total pretax gain of the sale of the three Aggregate purchase price $ 7,075,000 Less: Book value of real estate facilities 4,762,782 Pretax gain $ 2,312,218 Therefore, as a result of the sale of the Cable TV segment to Leveling 8 three $14.2 $1.5 nine June 30, 2019 Proceeds: Cash received from real estate facility sales $ 7,075,000 Receivable from sale of Cable TV segment 753,199 Promissory note from sale of Cable TV segment 6,375,000 Total proceeds 14,203,199 Book value of assets sold: Cable TV segment 10,932,792 Real estate facilities 4,762,782 Total book value of assets sold 15,695,574 Pretax loss on sale of discontinued operations $ (1,492,375 ) The receivable from the sale of the Cable TV segment resulted from the down payment of $1.8 $1.1 fourth 2019. five 6% Fiscal year 2020 $ 1,400,000 Fiscal year 2021 1,400,000 Fiscal year 2022 940,000 Fiscal year 2023 940,000 Fiscal year 2024 2,970,000 Total proceeds $ 7,650,000 As part of the sale of the Cable TV segment to Leveling 8, three Assets and liabilities included within discontinued operations in the Company’s Consolidated Condensed Balance Sheets at June 30, 2019 September 30, 2018, June 30, 2019 September 30, 2018 Assets: Accounts receivable, net $ ‒ $ 1,821,870 Inventories ‒ 11,425,551 Prepaid expenses ‒ 11,352 Assets held for sale ‒ 3,666,753 Current assets of discontinued operations $ ‒ $ 16,925,526 Property and equipment, at cost: Land and building $ ‒ $ 2,208,676 Machinery and equipment ‒ 2,800,835 Leasehold improvements ‒ 9,633 Less accumulated depreciation ‒ (3,502,712 ) Net property and equipment ‒ 1,516,432 Deposits and other assets ‒ 8,540 Non-current assets of discontinued operations $ ‒ $ 1,524,972 Liabilities: Accounts payable $ ‒ $ 1,356,800 Accrued expenses ‒ 438,074 Notes payable – current portion ‒ 597,906 Current liabilities of discontinued operations $ ‒ $ 2,392,780 Income (loss) from discontinued operations, net of tax and the loss on sale of discontinued operations, net of tax, of the Cable TV segment business which are presented in total as discontinued operations, net of tax in the Company’s Consolidated Condensed Statements of Operations for the three nine June 30, Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Total net sales $ 4,897,987 $ 4,898,903 $ 13,743,339 $ 15,370,405 Cost of sales 3,661,352 3,809,320 10,096,553 11,540,313 Operating, selling, general and administrative expenses 1,156,368 2,130,001 3,411,869 4,152,246 Other expenses − 5,568 1,886 16,137 Income (loss) from discontinued operations 80,267 (1,045,986 ) 233,031 (338,291 ) Loss on sale of discontinued operations (1,533,236 ) − (1,492,375 ) − Income tax provision (benefit) (26,000 ) 112,000 8,000 138,000 Discontinued operations, net of tax $ (1,426,969 ) $ (1,157,986 ) $ (1,267,344 ) $ (476,291 ) |
Note 5 - Accounts Receivable Ag
Note 5 - Accounts Receivable Agreements | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | Note 5 – Ac counts Receivable Agreements The Company’s Wireless segment has entered into various agreements, one third third 90% 10% third 10% June 30, 2019, third $0.3 may $1.6 June 30, 2019. not June 30, 2019 For the nine June 30, 2019, $9.9 1.0% 1.8% $122 $165 three nine June 30, 2019, The Company accounts for these transactions in accordance with ASC 860, 860" 860 |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | Note 6 – Inventories Inventories, which are all within the Telco segment, at June 30, 2019 September 30, 2018 June 30, 2019 September 30, 2018 New equipment $ 1,911,995 $ 1,371,545 Refurbished and new equipment 7,982,007 6,905,946 Allowance for excess and obsolete inventory: (800,000 ) (815,000 ) Total inventories $ 9,094,002 $ 7,462,491 New inventory includes products purchased from manufacturers plus “surplus-new”, which are unused products purchased from other distributors or multiple system operators. Refurbished inventory includes factory refurbished, Company refurbished and used products. Generally, the Company does not In the nine June 30, 2019 2018, not not $0.8 June 30, 2019. |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 7 – Intangible Assets As a result of the Fulton acquisition, the Company has recorded an additional intangible asset for customer relationships of $0.2 3 June 30, 2019 September 30, 2018 June 30, 2019 Gross Accumulated Amortization Net Intangible assets: Customer relationships – 10 years $ 8,396,000 $ (3,337,489 ) $ 5,058,511 Trade name – 10 years 2,119,000 (913,305 ) 1,205,695 Non-compete agreements – 3 years 374,000 (362,333 ) 11,667 Total intangible assets $ 10,889,000 $ (4,613,127 ) $ 6,275,873 September 30, 2018 Gross Accumulated Amortization Net Intangible assets: Customer relationships – 10 years $ 8,152,000 $ (2,713,890 ) $ 5,438,110 Trade name – 10 years 2,119,000 (754,380 ) 1,364,620 Non-compete agreements – 3 years 374,000 (332,332 ) 41,668 Total intangible assets $ 10,645,000 $ (3,800,602 ) $ 6,844,398 |
Note 8 - Notes Payable and Line
Note 8 - Notes Payable and Line of Credit | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8 – Notes Payable and Line of Credit New Credit Agreement In December 2018, $2.5 December 17, 2019. 5.5% June 30, 2019), not 1.25 1.0 June 30, 2019, $750,000 $2.5 80% 25% $2.5 June 30, 2019. Subsequent to June 30, 2019, $750,000 Forbearance Agreement On May 31, 2018, Under the forbearance agreement, which is Amendment Ten to the Credit and Term Loan Agreement, Lender agreed to delete the fixed charge ratio covenant from the Credit and Term Loan Agreement and to forbear from exercising its rights and remedies under the Credit and Term Loan Agreement through October 31, 2018 Revolving credit and term loans created under the Credit and Term Loan Agreement were collateralized by inventory, accounts receivable, equipment and fixtures, general intangibles and a mortgage on certain property. Among other financial covenants, the Credit and Term Loan Agreement provided that the Company maintain a leverage ratio (total funded debt to EBITDA) of not 2.50 1.0. The Company had two first $0.6 October 31, 2018, $15,334 30 1.4% 3.66% October 31, 2018). The second $1.5 October 31, 2018, $118,809. 4.40%. During the first 2019, two $2.1 $0.5 Since the Company extinguished all of its outstanding term loans and line of credit outstanding under the forbearance agreement in the first 2019, no Fair Value of Debt The carrying value of the Company’s variable-rate line of credit approximates its fair value since the interest rate fluctuates periodically based on a floating interest rate. |
Note 9 - Earnings Per Share
Note 9 - Earnings Per Share | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 9 – Earnings Per Share Basic earnings per share are based on the sum of the average number of common shares outstanding and issuable, restricted and deferred shares. Diluted earnings per share include any dilutive effect of stock options and restricted stock. In computing the diluted weighted average shares, the average share price for the period is used in determining the number of shares assumed to be reacquired under the treasury stock method from the exercise of options. Basic and diluted earnings per share for the nine June 30, 2019 2018 Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Loss from continuing operations $ (58,196 ) $ (348,713 ) $ (2,472,665 ) $ (1,996,867 ) Discontinued operations, net of tax (1,426,969 ) (1,157,986 ) (1,267,344 ) (476,291 ) Net loss attributable to common shareholders $ (1,485,165 ) $ (1,506,699 ) $ (3,740,009 ) $ (2,473,158 ) Basic weighted average shares 10,361,292 10,306,145 10,361,292 10,261,617 Effect of dilutive securities: Stock options – – – – Diluted weighted average shares 10,361,292 10,306,145 10,361,292 10,261,617 Loss per common share: Basic Continuing operations $ (0.00 ) $ (0.03 ) $ (0.24 ) $ (0.19 ) Discontinued operations (0.14 ) (0.12 ) (0.12 ) (0.05 ) Net loss $ (0.14 ) $ (0.15 ) $ (0.36 ) $ (0.24 ) Diluted Continuing operations $ (0.00 ) $ (0.03 ) $ (0.24 ) $ (0.19 ) Discontinued operations (0.14 ) (0.12 ) (0.12 ) (0.05 ) Net loss $ (0.14 ) $ (0.15 ) $ (0.36 ) $ (0.24 ) The table below includes information related to stock options that were outstanding at the end of each respective three nine June 30, three nine June 30, 2019 2018. Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Stock options excluded 770,000 645,000 770,000 645,000 Weighted average exercise price of stock options $ 1.73 $ 2.59 $ 1.73 $ 2.59 Average market price of common stock $ 1.38 $ 1.29 $ 1.37 $ 1.38 |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 10 – Stock-Based Compensation Plan Information The 2015 may not At June 30, 2019, 1,100,415 7,154 Stock Options All share-based payments to employees, including grants of employee stock options, are recognized in the financial statements based on their grant date fair value over the requisite service period. Compensation expense for share-based awards is included in the operating, selling, general and administrative expense section of the Company’s consolidated condensed statements of operations. Stock options are valued at the date of the award, which does not four five ten ten A summary of the status of the Company's stock options at June 30, 2019 nine Shares Wtd. Avg. Ex. Price Outstanding at September 30, 2018 290,000 $ 2.40 Granted 480,000 $ 1.32 Exercised – – Expired – – Forfeited ‒ ‒ Outstanding at June 30, 2019 770,000 $ 1.73 Exercisable at June 30, 2019 443,334 $ 1.99 The Company granted 480,000 nine June 30, 2019. zero not zero The estimated fair value at date of grant for stock options utilizing the Black-Scholes option valuation model and the assumptions that were used in the Black-Scholes option valuation model for the nine June 30, 2019 Nine Months Ended June 30, 2019 Estimated fair value of options at grant date $ 196,970 Black-Scholes model assumptions: Average expected life (years) 5 Average expected volatility factor 29 % Average risk-free interest rate 2.8 % Average expected dividends yield – Compensation expense related to unvested stock options recorded for the nine June 30, 2019 Nine Months Ended June 30, 2019 Fiscal year 2017 grants $ 13,782 Fiscal year 2019 grants $ 90,162 The Company records compensation expense over the vesting term of the related options. At June 30, 2019, not $116,495. Restricted Stock The Company granted restricted stock in October 2018 55,147 20% first first |
Note 11 - Segment Reporting
Note 11 - Segment Reporting | 9 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 11 – Segment Reporting The Company is reporting its financial performance based on its external reporting segments: Wireless Infrastructure Services and Telecommunications. These reportable segments are described below. Wireless Infrastruture Services (“ Wireless ”) On January 4, 2019, four 5G. Telecommunications (“Telco”) The Company’s Telco segment sells new and refurbished telecommunications networking equipment, including both central office and customer premise equipment, to its customer base of telecommunications providers, enterprise customers and resellers located primarily in North America. This segment also offers its customers repair and testing services for telecommunications networking equipment. In addition, this segment offers its customers decommissioning services for surplus and obsolete equipment, which it in turn processes through its recycling program. The Company evaluates performance and allocates its resources based on operating income. The accounting policies of its reportable segments are the same as those described in the summary of significant accounting policies. Segment assets consist primarily of cash and cash equivalents, accounts receivable, inventory, property and equipment, goodwill and intangible assets. Three Months Ended Nine Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Sales Wireless $ 8,733,444 $ ‒ $ 12,951,368 $ ‒ Telco 8,831,176 7,680,559 24,357,436 21,145,659 Intercompany (5,305 ) (5,562 ) (49,452 ) (7,872 ) Total sales $ 17,559,315 $ 7,674,997 $ 37,259,352 $ 21,137,787 Gross profit Wireless $ 899,429 $ ‒ $ 983,372 $ ‒ Telco 2,411,206 1,993,351 6,322,688 5,979,062 Total gross profit $ 3,310,635 $ 1,993,351 $ 7,306,060 $ 5,979,062 Income (loss) from operations Wireless $ (147,463 ) $ ‒ $ (1,334,215 ) $ ‒ Telco 142,830 (668,142 ) (1,024,876 ) (1,736,292 ) Total loss from operations $ (4,633 ) $ (668,142 ) $ (2,359,091 ) $ (1,736,292 ) June 30, 2019 September 30, 2018 Segment assets Wireless $ 5,766,141 $ ‒ Telco 24,598,393 22,173,797 Discontinued operations ‒ 18,450,498 Non-allocated 10,804,890 3,770,325 Total assets $ 41,169,424 $ 44,394,620 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The consolidated condensed financial statements include the accounts of ADDvantage Technologies Group, Inc. and its subsidiaries, all of which are wholly owned (collectively, the “Company” or “we”). Intercompany balances and transactions have been eliminated in consolidation. The Company’s reportable segments are Wireless Infrastructure Services (“Wireless”) and Telecommunications (“Telco”). The Cable Television (“Cable TV”) segment was approved by the Company’s stockholders to be sold in May 2019, 4 The accompanying unaudited consolidated condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial statements and do not not 10 September 30, 2018. |
Reclassification, Policy [Policy Text Block] | Reclassification The Company adopted Accounting Standards Update (“ASU”) 2016 15: 230 October 1, 2018. $667,000 nine June 30, 2018. no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In February 2016, 2016 02: 842 twelve December 15, 2018 2016 02 not $4.6 In June 2016, 2016 13: 326 2016 13 December 15, 2019, may December 15, 2018, |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Wireless services sales $ 8,733,444 $ ‒ $ 12,951,368 $ ‒ Equipment sales: Telco 7,989,318 7,110,920 22,876,047 19,647,811 Intersegment (5,305 ) (5,562 ) (49,452 ) (7,872 ) Telco repair sales 31,142 ‒ 36,542 ‒ Telco recycle sales 810,716 569,639 1,444,847 1,497,848 Total sales $ 17,559,315 $ 7,674,997 $ 37,259,352 $ 21,137,787 |
Note 3 - Acquisition (Tables)
Note 3 - Acquisition (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Assets acquired: (in thousands) Accounts receivable $ 1,307 Prepaid expenses 341 Property and equipment, net 1,201 Intangible assets 244 Goodwill 16 Other assets 35 Total assets acquired 3,144 Liabilities assumed: Accounts payable 1,250 Accrued expenses 455 Capital lease obligation 175 Total liabilities assumed 1,880 Net purchase price $ 1,264 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 (in thousands) Total net sales $ 17,559 $ 12,560 $ 41,078 $ 36,592 Loss from continuing operations $ (58 ) $ (1,223 ) $ (2,916 ) $ (5,877 ) Net loss $ (1,485 ) $ (2,381 ) $ (4,184 ) $ (6,353 ) |
Note 4 - Discontinued Operati_2
Note 4 - Discontinued Operations (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Contract price $ 10,314,141 Less: Real estate sales 2,075,000 Less: Working capital adjustment 1,110,942 Net purchase price 7,128,199 Assets sold: Accounts receivable 2,038,305 Inventories 10,258,487 Prepaids and other assets 73,073 Property and equipment, net 335,980 12,705,845 Liabilities transferred: Accounts payable 1,306,294 Accrued expenses 466,759 1,773,053 Net assets sold 10,932,792 Pretax loss on sale of net assets of Cable TV segment $ (3,804,593 ) Aggregate purchase price $ 7,075,000 Less: Book value of real estate facilities 4,762,782 Pretax gain $ 2,312,218 Proceeds: Cash received from real estate facility sales $ 7,075,000 Receivable from sale of Cable TV segment 753,199 Promissory note from sale of Cable TV segment 6,375,000 Total proceeds 14,203,199 Book value of assets sold: Cable TV segment 10,932,792 Real estate facilities 4,762,782 Total book value of assets sold 15,695,574 Pretax loss on sale of discontinued operations $ (1,492,375 ) June 30, 2019 September 30, 2018 Assets: Accounts receivable, net $ ‒ $ 1,821,870 Inventories ‒ 11,425,551 Prepaid expenses ‒ 11,352 Assets held for sale ‒ 3,666,753 Current assets of discontinued operations $ ‒ $ 16,925,526 Property and equipment, at cost: Land and building $ ‒ $ 2,208,676 Machinery and equipment ‒ 2,800,835 Leasehold improvements ‒ 9,633 Less accumulated depreciation ‒ (3,502,712 ) Net property and equipment ‒ 1,516,432 Deposits and other assets ‒ 8,540 Non-current assets of discontinued operations $ ‒ $ 1,524,972 Liabilities: Accounts payable $ ‒ $ 1,356,800 Accrued expenses ‒ 438,074 Notes payable – current portion ‒ 597,906 Current liabilities of discontinued operations $ ‒ $ 2,392,780 Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Total net sales $ 4,897,987 $ 4,898,903 $ 13,743,339 $ 15,370,405 Cost of sales 3,661,352 3,809,320 10,096,553 11,540,313 Operating, selling, general and administrative expenses 1,156,368 2,130,001 3,411,869 4,152,246 Other expenses − 5,568 1,886 16,137 Income (loss) from discontinued operations 80,267 (1,045,986 ) 233,031 (338,291 ) Loss on sale of discontinued operations (1,533,236 ) − (1,492,375 ) − Income tax provision (benefit) (26,000 ) 112,000 8,000 138,000 Discontinued operations, net of tax $ (1,426,969 ) $ (1,157,986 ) $ (1,267,344 ) $ (476,291 ) |
Schedule of Financing Receivables, Minimum Payments [Table Text Block] | Fiscal year 2020 $ 1,400,000 Fiscal year 2021 1,400,000 Fiscal year 2022 940,000 Fiscal year 2023 940,000 Fiscal year 2024 2,970,000 Total proceeds $ 7,650,000 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2019 September 30, 2018 New equipment $ 1,911,995 $ 1,371,545 Refurbished and new equipment 7,982,007 6,905,946 Allowance for excess and obsolete inventory: (800,000 ) (815,000 ) Total inventories $ 9,094,002 $ 7,462,491 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | June 30, 2019 Gross Accumulated Amortization Net Intangible assets: Customer relationships – 10 years $ 8,396,000 $ (3,337,489 ) $ 5,058,511 Trade name – 10 years 2,119,000 (913,305 ) 1,205,695 Non-compete agreements – 3 years 374,000 (362,333 ) 11,667 Total intangible assets $ 10,889,000 $ (4,613,127 ) $ 6,275,873 September 30, 2018 Gross Accumulated Amortization Net Intangible assets: Customer relationships – 10 years $ 8,152,000 $ (2,713,890 ) $ 5,438,110 Trade name – 10 years 2,119,000 (754,380 ) 1,364,620 Non-compete agreements – 3 years 374,000 (332,332 ) 41,668 Total intangible assets $ 10,645,000 $ (3,800,602 ) $ 6,844,398 |
Note 9 - Earnings Per Share (Ta
Note 9 - Earnings Per Share (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Loss from continuing operations $ (58,196 ) $ (348,713 ) $ (2,472,665 ) $ (1,996,867 ) Discontinued operations, net of tax (1,426,969 ) (1,157,986 ) (1,267,344 ) (476,291 ) Net loss attributable to common shareholders $ (1,485,165 ) $ (1,506,699 ) $ (3,740,009 ) $ (2,473,158 ) Basic weighted average shares 10,361,292 10,306,145 10,361,292 10,261,617 Effect of dilutive securities: Stock options – – – – Diluted weighted average shares 10,361,292 10,306,145 10,361,292 10,261,617 Loss per common share: Basic Continuing operations $ (0.00 ) $ (0.03 ) $ (0.24 ) $ (0.19 ) Discontinued operations (0.14 ) (0.12 ) (0.12 ) (0.05 ) Net loss $ (0.14 ) $ (0.15 ) $ (0.36 ) $ (0.24 ) Diluted Continuing operations $ (0.00 ) $ (0.03 ) $ (0.24 ) $ (0.19 ) Discontinued operations (0.14 ) (0.12 ) (0.12 ) (0.05 ) Net loss $ (0.14 ) $ (0.15 ) $ (0.36 ) $ (0.24 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Stock options excluded 770,000 645,000 770,000 645,000 Weighted average exercise price of stock options $ 1.73 $ 2.59 $ 1.73 $ 2.59 Average market price of common stock $ 1.38 $ 1.29 $ 1.37 $ 1.38 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Wtd. Avg. Ex. Price Outstanding at September 30, 2018 290,000 $ 2.40 Granted 480,000 $ 1.32 Exercised – – Expired – – Forfeited ‒ ‒ Outstanding at June 30, 2019 770,000 $ 1.73 Exercisable at June 30, 2019 443,334 $ 1.99 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended June 30, 2019 Estimated fair value of options at grant date $ 196,970 Black-Scholes model assumptions: Average expected life (years) 5 Average expected volatility factor 29 % Average risk-free interest rate 2.8 % Average expected dividends yield – |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Nine Months Ended June 30, 2019 Fiscal year 2017 grants $ 13,782 Fiscal year 2019 grants $ 90,162 |
Note 11 - Segment Reporting (Ta
Note 11 - Segment Reporting (Tables) | 9 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Nine Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Sales Wireless $ 8,733,444 $ ‒ $ 12,951,368 $ ‒ Telco 8,831,176 7,680,559 24,357,436 21,145,659 Intercompany (5,305 ) (5,562 ) (49,452 ) (7,872 ) Total sales $ 17,559,315 $ 7,674,997 $ 37,259,352 $ 21,137,787 Gross profit Wireless $ 899,429 $ ‒ $ 983,372 $ ‒ Telco 2,411,206 1,993,351 6,322,688 5,979,062 Total gross profit $ 3,310,635 $ 1,993,351 $ 7,306,060 $ 5,979,062 Income (loss) from operations Wireless $ (147,463 ) $ ‒ $ (1,334,215 ) $ ‒ Telco 142,830 (668,142 ) (1,024,876 ) (1,736,292 ) Total loss from operations $ (4,633 ) $ (668,142 ) $ (2,359,091 ) $ (1,736,292 ) June 30, 2019 September 30, 2018 Segment assets Wireless $ 5,766,141 $ ‒ Telco 24,598,393 22,173,797 Discontinued operations ‒ 18,450,498 Non-allocated 10,804,890 3,770,325 Total assets $ 41,169,424 $ 44,394,620 |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Accounting Policies (Details Textual) - USD ($) | 9 Months Ended | |
Jun. 30, 2019 | Oct. 01, 2019 | |
Accounting Standards Update 2016-15 [Member] | ||
Reclassification of Guaranteed Payments for Business Acquisitions from Investing Activities to Financing Activities | $ 667,000 | |
Accounting Standards Update 2016-02 [Member] | Forecast [Member] | ||
Operating Lease, Right-of-Use Asset | $ 4,600,000 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 17,559,315 | $ 7,674,997 | $ 37,259,352 | $ 21,137,787 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Largest Customer [Member] | ||||
Concentration Risk, Percentage | 11.00% | |||
International Regions Excluding Central America and South America [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 1,600,000 | $ 2,100,000 | ||
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 2,300,000 | $ 2,300,000 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Sales | $ 17,559,315 | $ 7,674,997 | $ 37,259,352 | $ 21,137,787 |
Intersegment Eliminations [Member] | ||||
Sales | (5,305) | (5,562) | (49,452) | (7,872) |
Telco [Member] | Operating Segments [Member] | ||||
Sales | 8,831,176 | 7,680,559 | 24,357,436 | 21,145,659 |
Wireless Services [Member] | ||||
Sales | 8,733,444 | 12,951,368 | ||
Equipment Sales [Member] | Intersegment Eliminations [Member] | ||||
Sales | (5,305) | (5,562) | (49,452) | (7,872) |
Equipment Sales [Member] | Telco [Member] | Operating Segments [Member] | ||||
Sales | 7,989,318 | 7,110,920 | 22,876,047 | 19,647,811 |
Telco Repair [Member] | ||||
Sales | 31,142 | 36,542 | ||
Telco Recycle [Member] | ||||
Sales | $ 810,716 | $ 569,639 | $ 1,444,847 | $ 1,497,848 |
Note 3 - Acquisition (Details T
Note 3 - Acquisition (Details Textual) - Fulton and Mill City [Member] - USD ($) $ in Thousands | Jan. 04, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Business Combination, Consideration Transferred, Total | $ 1,300 | |||
Business Acquisition, Pro Forma Intangible Amortization Expense | $ 6 | $ 18 | $ 18 | |
Business Combination, Acquisition Related Costs | $ 200 | |||
Customer Relationships [Member] | ||||
Finite-lived Intangible Assets Acquired | $ 200 |
Note 3 - Acquisition - Assets A
Note 3 - Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) | Jun. 30, 2019 | Jan. 04, 2019 | Sep. 30, 2018 |
Goodwill | $ 4,836,472 | $ 4,820,185 | |
Fulton and Mill City [Member] | |||
Accounts receivable | $ 1,307,000 | ||
Prepaid expenses | 341,000 | ||
Property and equipment, net | 1,201,000 | ||
Intangible assets | 244,000 | ||
Goodwill | 16,000 | ||
Other assets | 35,000 | ||
Total assets acquired | 3,144,000 | ||
Accounts payable | 1,250,000 | ||
Accrued expenses | 455,000 | ||
Capital lease obligation | 175,000 | ||
Total liabilities assumed | 1,880,000 | ||
Net purchase price | $ 1,264,000 |
Note 3 - Acquisition - Pro Form
Note 3 - Acquisition - Pro Forma Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total net sales | $ 17,559 | $ 12,560 | $ 41,078 | $ 36,592 |
Loss from continuing operations | (58) | (1,223) | (2,916) | (5,877) |
Net loss | $ (1,485) | $ (2,381) | $ (4,184) | $ (6,353) |
Note 4 - Discontinued Operati_3
Note 4 - Discontinued Operations (Details Textual) - Cable TV Business Segment [Member] - USD ($) | Nov. 29, 2018 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2019 |
Disposal Group, Including Discontinued Operation, Consideration | $ 14,200,000 | $ 14,200,000 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Total | 1,500,000 | |||
Leveling 8 [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration, Purchase Price | 10,300,000 | 10,300,000 | ||
Disposal Group, Including Discontinued Operation, Consideration, Cash | 3,900,000 | 3,900,000 | ||
Disposal Group, Including Discontinued Operation, Consideration, Estimated Working Capital Adjustment | 1,100,000 | 1,100,000 | ||
Disposal Group, Including Discontinued Operation, Consideration, Real Estate Sales | $ 2,100,000 | |||
Disposal Group, Including Discontinued Operation, Consideration, Promissory Note | $ 6,400,000 | $ 6,400,000 | ||
Note Receivable, Term | 5 years | |||
Note Receivable, Interest Rate | 6.00% | 6.00% | ||
Disposal Group, Including Discontinued Operation, Consideration, Down Payment | $ 1,800,000 | $ 1,800,000 | ||
David Chymiak [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 5,000,000 | |||
David Chymiak [Member] | Broken Arrow, Oklahoma facility [Member] | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Total | $ 1,400,000 | |||
David Chymiak [Member] | Sedalia, Missouri Building [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | 1,350,000 | |||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Total | $ 500,000 | |||
David Chymiak [Member] | Warminster, Pennsylvania Building [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | 725,000 | $ 725,000 | ||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax, Total | $ 400,000 |
Note 4 - Discontinued Operati_4
Note 4 - Discontinued Operations - Sale of Cable TV Segment (Details) - USD ($) | May 29, 2019 | Mar. 31, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Nov. 29, 2018 | Sep. 30, 2018 |
Current assets of discontinued operations | $ 16,925,526 | |||||||
Non-current assets of discontinued operations | 1,524,972 | |||||||
Current liabilities of discontinued operations | 2,392,780 | |||||||
Discontinued operations, net of tax | (1,426,969) | $ (1,157,986) | (1,267,344) | $ (476,291) | ||||
Cable TV Business Segment [Member] | ||||||||
Net purchase price | 14,200,000 | 14,200,000 | ||||||
Pretax loss on sale of net assets of Cable TV segment | 1,500,000 | |||||||
Cable TV Business Segment [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||
Net purchase price | 14,203,199 | 14,203,199 | ||||||
Net assets sold | 15,695,574 | 15,695,574 | ||||||
Pretax loss on sale of net assets of Cable TV segment | (1,533,236) | (1,492,375) | ||||||
Cash received from real estate facility sales | 7,075,000 | 7,075,000 | ||||||
Receivable from sale of Cable TV segment | 753,199 | 753,199 | ||||||
Promissory note from sale of Cable TV segment | 6,375,000 | 6,375,000 | ||||||
Total net sales | 4,897,987 | 13,743,339 | ||||||
Cost of sales | 3,661,352 | 10,096,553 | ||||||
Operating, selling, general and administrative expenses | 1,156,368 | 3,411,869 | ||||||
Other expenses | 1,886 | |||||||
Income (loss) from discontinued operations | 80,267 | 233,031 | ||||||
Income tax provision (benefit) | (26,000) | 8,000 | ||||||
Discontinued operations, net of tax | (1,426,969) | (1,267,344) | ||||||
Cable TV Business Segment [Member] | Discontinued Operations, Held-for-sale [Member] | ||||||||
Accounts receivable | 1,821,870 | |||||||
Pretax loss on sale of net assets of Cable TV segment | ||||||||
Inventories | 11,425,551 | |||||||
Prepaid expenses | 11,352 | |||||||
Assets held for sale | 3,666,753 | |||||||
Current assets of discontinued operations | 16,925,526 | |||||||
Land and building | 2,208,676 | |||||||
Machinery and equipment | 2,800,835 | |||||||
Leasehold improvements | 9,633 | |||||||
Less accumulated depreciation | (3,502,712) | |||||||
Net property and equipment | 1,516,432 | |||||||
Deposits and other assets | 8,540 | |||||||
Non-current assets of discontinued operations | 1,524,972 | |||||||
Accounts payable | 1,356,800 | |||||||
Accrued expenses | 438,074 | |||||||
Notes payable – current portion | 597,906 | |||||||
Current liabilities of discontinued operations | $ 2,392,780 | |||||||
Total net sales | 4,898,903 | 15,370,405 | ||||||
Cost of sales | 3,809,320 | 11,540,313 | ||||||
Operating, selling, general and administrative expenses | 2,130,001 | 4,152,246 | ||||||
Other expenses | 5,568 | 16,137 | ||||||
Income (loss) from discontinued operations | (1,045,986) | (338,291) | ||||||
Income tax provision (benefit) | 112,000 | 138,000 | ||||||
Discontinued operations, net of tax | $ (1,157,986) | $ (476,291) | ||||||
Cable TV Business Segment [Member] | Leveling 8 [Member] | ||||||||
Contract price | 10,300,000 | 10,300,000 | ||||||
Less: Real estate sales | $ 2,100,000 | |||||||
Less: Working capital adjustment | 1,100,000 | 1,100,000 | ||||||
Cash received from real estate facility sales | 3,900,000 | 3,900,000 | ||||||
Promissory note from sale of Cable TV segment | 6,400,000 | 6,400,000 | ||||||
Cable TV Business Segment [Member] | Leveling 8 [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||
Contract price | $ 10,314,141 | |||||||
Less: Real estate sales | 2,075,000 | |||||||
Less: Working capital adjustment | 1,110,942 | |||||||
Net purchase price | 7,128,199 | |||||||
Accounts receivable | 2,038,305 | |||||||
Inventories | 10,258,487 | |||||||
Prepaids and other assets | 73,073 | |||||||
Property and equipment, net | 335,980 | |||||||
12,705,845 | ||||||||
Accounts payable | 1,306,294 | |||||||
Accrued expenses | 466,759 | |||||||
1,773,053 | ||||||||
Net assets sold | 10,932,792 | 10,932,792 | 10,932,792 | |||||
Pretax loss on sale of net assets of Cable TV segment | $ (3,804,593) | |||||||
Cable TV Business Segment [Member] | David Chymiak [Member] | ||||||||
Net purchase price | $ 5,000,000 | |||||||
Cable TV Business Segment [Member] | David Chymiak [Member] | Discontinued Operations, Disposed of by Sale [Member] | ||||||||
Net purchase price | 7,075,000 | |||||||
Net assets sold | 4,762,782 | $ 4,762,782 | $ 4,762,782 | |||||
Pretax loss on sale of net assets of Cable TV segment | $ 2,312,218 |
Note 4 - Discontinued Operati_5
Note 4 - Discontinued Operations - Promissory Note (Details) - Notes Receivable [Member] | Jun. 30, 2019USD ($) |
Fiscal year 2020 | $ 1,400,000 |
Fiscal year 2021 | 1,400,000 |
Fiscal year 2022 | 940,000 |
Fiscal year 2023 | 940,000 |
Fiscal year 2024 | 2,970,000 |
Total proceeds | $ 7,650,000 |
Note 5 - Accounts Receivable _2
Note 5 - Accounts Receivable Agreements (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Sep. 30, 2018 | |
Restricted Cash, Total | $ 260,802 | $ 260,802 | |
Certain Receivables to Unrelated Third-parties [Member] | |||
Accounts Receivable Agreement, Percent of Sold Receivables Advanced | 90.00% | 90.00% | |
Accounts Receivable Agreement, Reserve of Sold Receivables | 10.00% | 10.00% | |
Restricted Cash, Total | $ 300,000 | $ 300,000 | |
Accounts Receivable, after Allowance for Credit Loss, Total | 1,600,000 | 1,600,000 | |
Proceeds from Collection of Finance Receivables | 9,900,000 | ||
Certain Receivables to Unrelated Third-parties [Member] | Other Nonoperating Income (Expense) [Member] | |||
Cost of Selling Receivables | $ 122,000 | $ 165,000 | |
Certain Receivables to Unrelated Third-parties [Member] | Minimum [Member] | |||
Receivables, Cost of Sales, Percent | 1.00% | ||
Certain Receivables to Unrelated Third-parties [Member] | Maximum [Member] | |||
Receivables, Cost of Sales, Percent | 1.80% |
Note 6 - Inventories (Details T
Note 6 - Inventories (Details Textual) - USD ($) | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | |
Inventory Write-down | $ 77,889 | $ 560,711 | |
Inventory Valuation Reserves, Ending Balance | 800,000 | $ 815,000 | |
Telco [Member] | |||
Inventory Write-down | 0 | $ 0 | |
Inventory Valuation Reserves, Ending Balance | $ 800,000 |
Note 6 - Inventories - Schedule
Note 6 - Inventories - Schedule of Inventory (Details) - USD ($) | Jun. 30, 2019 | Sep. 30, 2018 |
Allowance for excess and obsolete inventory: | $ (800,000) | $ (815,000) |
Total inventories | 9,094,002 | 7,462,491 |
New Inventory [Member] | ||
Inventory | 1,911,995 | 1,371,545 |
Refurbished and Used Inventory [Member] | ||
Inventory | $ 7,982,007 | $ 6,905,946 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) $ in Thousands | Jan. 04, 2019USD ($) |
Customer Relationships [Member] | Fulton and Mill City [Member] | |
Finite-lived Intangible Assets Acquired | $ 200 |
Note 7 - Intangible Assets - Sc
Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Jun. 30, 2019 | Sep. 30, 2018 |
Gross | $ 10,889,000 | $ 10,645,000 |
Accumulated Amortization | (4,613,127) | (3,800,602) |
Net | 6,275,873 | 6,844,398 |
Customer Relationships [Member] | ||
Gross | 8,396,000 | 8,152,000 |
Accumulated Amortization | (3,337,489) | (2,713,890) |
Net | 5,058,511 | 5,438,110 |
Trade Names [Member] | ||
Gross | 2,119,000 | 2,119,000 |
Accumulated Amortization | (913,305) | (754,380) |
Net | 1,205,695 | 1,364,620 |
Noncompete Agreements [Member] | ||
Gross | 374,000 | 374,000 |
Accumulated Amortization | (362,333) | (332,332) |
Net | $ 11,667 | $ 41,668 |
Note 7 - Intangible Assets - _2
Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) (Parentheticals) | 9 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Sep. 30, 2018 | |
Customer Relationships [Member] | ||
Finite-lived intangible asset, useful life (Year) | 10 years | 10 years |
Trade Names [Member] | ||
Finite-lived intangible asset, useful life (Year) | 10 years | 10 years |
Noncompete Agreements [Member] | ||
Finite-lived intangible asset, useful life (Year) | 3 years | 3 years |
Note 8 - Notes Payable and Li_2
Note 8 - Notes Payable and Line of Credit (Details Textual) | 1 Months Ended | 9 Months Ended | ||
Nov. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 31, 2018USD ($) | |
Number of Term Loans Outstanding | 2 | |||
Term Loan [Member] | ||||
Extinguishment of Debt, Amount | $ 2,100,000 | |||
Credit and Term Loan Agreement [Member] | ||||
Fixed Charge Leverage Ratio, Maximum Requirement | 2.5 | |||
Credit and Term Loan Agreement [Member] | Term Loan 1 [Member] | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.66% | |||
Loans Payable, Total | $ 600,000 | |||
Debt Instrument, Periodic Payment, Principal | $ 15,334 | |||
Credit and Term Loan Agreement [Member] | Term Loan 1 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | |||
Credit and Term Loan Agreement [Member] | Term Loan 2 [Member] | ||||
Loans Payable, Total | $ 1,500,000 | |||
Debt Instrument, Periodic Payment, Total | $ 118,809 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | |||
Revolving Credit Facility [Member] | New Credit Agreement [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,500,000 | |||
Debt Instrument, Interest Rate, Effective Percentage | 5.50% | |||
Fixed Charge Leverage Ratio, Maximum Requirement | 1.25 | |||
Long-term Line of Credit, Total | $ 750,000 | |||
Percentage of Qualified Accounts Receivable Used in Determination of Maximum Borrowing Capacity of Line of Credit | 80.00% | |||
Percentage of Qualified Inventory Used in Determination of Maximum Borrowing Capacity of Line of Credit | 25.00% | |||
Line of Credit Facility, Current Borrowing Capacity | $ 2,500,000 | |||
Revolving Credit Facility [Member] | Credit and Term Loan Agreement [Member] | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 750,000 | $ 500,000 |
Note 9 - Earnings Per Share - B
Note 9 - Earnings Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Loss from continuing operations | $ (58,196) | $ (348,713) | $ (2,472,665) | $ (1,996,867) |
Discontinued operations, net of tax | (1,426,969) | (1,157,986) | (1,267,344) | (476,291) |
Net loss attributable to common shareholders | $ (1,485,165) | $ (1,506,699) | $ (3,740,009) | $ (2,473,158) |
Basic (in shares) | 10,361,292 | 10,306,145 | 10,361,292 | 10,261,617 |
Stock options (in shares) | ||||
Diluted weighted average shares (in shares) | 10,361,292 | 10,306,145 | 10,361,292 | 10,261,617 |
Continuing operations (in dollars per share) | $ 0 | $ (0.03) | $ (0.24) | $ (0.19) |
Discontinued operations (in dollars per share) | (0.14) | (0.12) | (0.12) | (0.05) |
Net loss (in dollars per share) | (0.14) | (0.15) | (0.36) | (0.24) |
Continuing operations (in dollars per share) | 0 | (0.03) | (0.24) | (0.19) |
Discontinued operations (in dollars per share) | (0.14) | (0.12) | (0.12) | (0.05) |
Net loss (in dollars per share) | $ (0.14) | $ (0.15) | $ (0.36) | $ (0.24) |
Note 9 - Earnings Per Share - A
Note 9 - Earnings Per Share - Anti-dilutive Securities (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Stock options excluded (in shares) | 770,000 | 645,000 | 770,000 | 645,000 |
Weighted average exercise price of stock options (in dollars per share) | $ 1.73 | $ 2.59 | $ 1.73 | $ 2.59 |
Average market price of common stock (in dollars per share) | $ 1.38 | $ 1.29 | $ 1.37 | $ 1.38 |
Note 10 - Stock-based Compens_3
Note 10 - Stock-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 9 Months Ended |
Oct. 31, 2018 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 480,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 116,495 | |
Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ||
Nonqualified Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 480,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |
Employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Employees [Member] | Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Employees [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |
Employees [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |
Board Of Directors [Member] | Share-based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Board of Directors and Officer [Member] | ||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 55,147 | |
Restricted Stock, Vesting Percentage Per Year | 20.00% | |
The 2015 Incentive Stock Plan [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 1,100,415 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 7,154 |
Note 10 - Stock-based Compens_4
Note 10 - Stock-based Compensation - Summary of the Status of the Company's Stock Options (Details) | 9 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Outstanding (in shares) | shares | 290,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 2.40 |
Granted (in shares) | shares | 480,000 |
Granted, weighted average exercise price (in dollars per share) | $ / shares | $ 1.32 |
Exercised (in shares) | shares | |
Exercised, weighted average exercise price (in dollars per share) | $ / shares | |
Expired (in shares) | shares | |
Expired, weighted average exercise price (in dollars per share) | $ / shares | |
Forfeited (in shares) | shares | |
Forfeited, weighted average exercise price (in dollars per share) | $ / shares | |
Outstanding (in shares) | shares | 770,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 1.73 |
Exercisable (in shares) | shares | 443,334 |
Exercisable, weighted average exercise price (in dollars per share) | $ / shares | $ 1.99 |
Note 10 - Stock-based Compens_5
Note 10 - Stock-based Compensation - Estimated Fair Value of Stock Options (Details) - Share-based Payment Arrangement, Option [Member] | 9 Months Ended |
Jun. 30, 2019USD ($) | |
Estimated fair value of options at grant date | $ 196,970 |
Average expected life (years) (Year) | 5 years |
Average expected volatility factor | 29.00% |
Average risk-free interest rate | 2.80% |
Average expected dividends yield |
Note 10 - Stock-based Compens_6
Note 10 - Stock-based Compensation - Compensation Expense Related to Stock Options (Details) - Share-based Payment Arrangement, Option [Member] | 9 Months Ended |
Jun. 30, 2019USD ($) | |
Fiscal Year 2017 Grants [Member] | |
Compensation expense | $ 13,782 |
Fiscal Year 2019 [Member] | |
Compensation expense | $ 90,162 |
Note 11 - Segment Reporting - S
Note 11 - Segment Reporting - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Sep. 30, 2018 | |
Sales | $ 17,559,315 | $ 7,674,997 | $ 37,259,352 | $ 21,137,787 | |
Gross profit | 3,310,635 | 1,993,351 | 7,306,060 | 5,979,062 | |
Operating income (loss) | (4,633) | (668,142) | (2,359,091) | (1,736,292) | |
Segment assets | 41,169,424 | 41,169,424 | $ 44,394,620 | ||
Discontinued Operations [Member] | |||||
Segment assets | 18,450,498 | ||||
Operating Segments [Member] | Wireless [Member] | |||||
Sales | 8,733,444 | 12,951,368 | |||
Gross profit | 899,429 | 983,372 | |||
Operating income (loss) | (147,463) | (1,334,215) | |||
Operating Segments [Member] | Wireless [Member] | Continuing Operations [Member] | |||||
Segment assets | 5,766,141 | 5,766,141 | |||
Operating Segments [Member] | Telco [Member] | |||||
Sales | 8,831,176 | 7,680,559 | 24,357,436 | 21,145,659 | |
Gross profit | 2,411,206 | 1,993,351 | 6,322,688 | 5,979,062 | |
Operating income (loss) | 142,830 | (668,142) | (1,024,876) | (1,736,292) | |
Operating Segments [Member] | Telco [Member] | Continuing Operations [Member] | |||||
Segment assets | 24,598,393 | 24,598,393 | 22,173,797 | ||
Intersegment Eliminations [Member] | |||||
Sales | (5,305) | $ (5,562) | (49,452) | $ (7,872) | |
Segment Reconciling Items [Member] | |||||
Segment assets | $ 10,804,890 | $ 10,804,890 | $ 3,770,325 |