Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'LRAD Corp | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--09-30 | ' |
Entity Common Stock, Shares Outstanding | ' | 33,002,099 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000924383 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Current assets: | ' | ' |
Cash | $21,200,411 | $15,805,195 |
Accounts receivable, less allowance of $9,488 and $3,772 for doubtful accounts | 3,748,503 | 4,958,532 |
Inventories, net | 4,731,999 | 4,587,750 |
Prepaid expenses and other | 549,690 | 1,003,875 |
Total current assets | 30,230,603 | 26,355,352 |
Property and equipment, net | 336,649 | 237,377 |
Intangible assets, net | 46,695 | 51,650 |
Prepaid expenses and other - noncurrent | 773,891 | 914,516 |
Total assets | 31,387,838 | 27,558,895 |
Current liabilities: | ' | ' |
Accounts payable | 652,280 | 1,596,409 |
Accrued liabilities | 3,007,470 | 1,054,968 |
Total current liabilities | 3,659,750 | 2,651,377 |
Other liabilities - noncurrent | 160,847 | 146,109 |
Total liabilities | 3,820,597 | 2,797,486 |
Commitments and contingencies (Note 8) | ' | ' |
Preferred stock, $0.00001 par value; 5,000,000 shares authorized; none issued and outstanding | 0 | 0 |
Common stock, $0.00001 par value; 50,000,000 shares authorized; 33,002,099 and 32,900,705 shares issued and outstanding, respectively | 330 | 329 |
Additional paid-in capital | 87,640,361 | 87,434,834 |
Accumulated deficit | -60,073,450 | -62,673,754 |
Total stockholders' equity | 27,567,241 | 24,761,409 |
Total liabilities and stockholders' equity | $31,387,838 | $27,558,895 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Accounts receivable, allowance for doubtful accounts (in Dollars) | $9,488 | $3,772 |
Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 33,002,099 | 32,900,705 |
Common stock, shares outstanding | 33,002,099 | 32,900,705 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Product sales | $7,621,392 | $1,905,518 | $16,291,114 | $7,555,330 |
Contract and other | 382,696 | 252,126 | 922,910 | 772,231 |
Total revenues | 8,004,088 | 2,157,644 | 17,214,024 | 8,327,561 |
Cost of revenues | 2,955,292 | 1,242,190 | 7,491,421 | 4,564,215 |
Gross profit | 5,048,796 | 915,454 | 9,722,603 | 3,763,346 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 2,488,284 | 1,607,237 | 5,543,793 | 4,149,971 |
Research and development | 622,273 | 423,434 | 1,591,665 | 1,302,102 |
Total operating expenses | 3,110,557 | 2,030,671 | 7,135,458 | 5,452,073 |
Income (loss) from operations | 1,938,239 | -1,115,217 | 2,587,145 | -1,688,727 |
Other income | 5,128 | 6,807 | 15,411 | 22,163 |
Income (loss) from operations before income taxes | 1,943,367 | -1,108,410 | 2,602,556 | -1,666,564 |
Income tax expense | 552 | ' | 2,252 | 1,600 |
Net income (loss) | $1,942,815 | ($1,108,410) | $2,600,304 | ($1,668,164) |
Net income per common share | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.06 | ($0.03) | $0.08 | ($0.05) |
Diluted (in Dollars per share) | $0.06 | ($0.03) | $0.08 | ($0.05) |
Weighted average common shares outstanding: | ' | ' | ' | ' |
Basic (in Shares) | 33,041,142 | 32,428,095 | 33,067,515 | 32,407,475 |
Diluted (in Shares) | 33,185,564 | 32,428,095 | 33,342,311 | 32,407,475 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Net income (loss) | $2,600,304 | ($1,668,164) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 147,534 | 106,485 |
Provision for doubtful accounts | 5,716 | -400 |
Warranty provision | 147,887 | -834 |
Inventory obsolescence | 19,032 | -219,419 |
Share-based compensation | 488,958 | 582,058 |
Loss on sale or impairment of patents | 6,980 | 5,138 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 1,204,313 | 4,351,696 |
Inventories | -163,281 | -1,913,407 |
Prepaid expenses and other | 454,185 | -24,674 |
Prepaid expenses and other - noncurrent | 140,625 | 140,625 |
Accounts payable | -944,129 | -86,671 |
Warranty settlements | -40,975 | -11,585 |
Accrued and other liabilities | 1,860,328 | -30,927 |
Net cash provided by operating activities | 5,927,477 | 1,229,921 |
Capital expenditures | -242,483 | -134,349 |
Patent costs paid | -6,348 | -2,734 |
Net cash used in investing activities | -248,831 | -137,083 |
Repurchase of common stock | -476,494 | ' |
Proceeds from exercise of stock options | 193,064 | 105,228 |
Net cash (used in) provided by financing activities | -283,430 | 105,228 |
Net increase in cash | 5,395,216 | 1,198,066 |
Cash, beginning of period | 15,805,195 | 13,859,505 |
Cash, end of period | 21,200,411 | 15,057,571 |
Supplemental Disclosure of Cash Flow Information | ' | ' |
Cash paid (refunded) for taxes | $325 | ($38,724) |
Note_1_Operations
Note 1 - Operations | 9 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. OPERATIONS | |
LRAD® Corporation, a Delaware corporation (the “Company”), is engaged in the design, development and commercialization of directed sound technologies and products. The Company sells its proprietary sound reproduction technologies and products in markets around the world. |
Note_2_Basis_of_Presentation_a
Note 2 - Basis of Presentation and Significant Acounting Policies | 9 Months Ended |
Jun. 30, 2014 | |
Disclosure Text Block [Abstract] | ' |
Basis of Presentation and Significant Accounting Policies [Text Block] | ' |
2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |
General | |
The Company’s unaudited condensed consolidated financial statements included herein have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In our opinion, the accompanying statements reflect adjustments necessary to present fairly the financial position, results of operations, and cash flows for those periods indicated, and contain adequate disclosure to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the footnotes. The condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended September 30, 2013 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on November 21, 2013. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year. | |
Principles of Consolidation | |
The Company has a currently inactive wholly owned subsidiary, LRAD International Corporation, which the Company formed to conduct international marketing, sales and distribution activities. The condensed consolidated financial statements include the accounts of this subsidiary after elimination of intercompany transactions and accounts. | |
Reclassifications | |
Where necessary, the prior year’s information has been reclassified to conform to the current year presentation. |
Note_3_Recent_Accounting_Prono
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | ' |
3. RECENT ACCOUNTING PRONOUNCEMENTS | |
In May 2014, the Financial Accountings Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles when it becomes effective. ASU 2014-09 is effective for the Company starting in the first quarter of fiscal 2018. Early application is not permitted. ASU 2014-09 permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. |
Note_4_Inventories
Note 4 - Inventories | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
4. INVENTORIES | |||||||||
Inventories consisted of the following: | |||||||||
June 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 4,019,445 | $ | 3,941,203 | |||||
Finished goods | 686,523 | 605,240 | |||||||
Work in process | 362,582 | 358,826 | |||||||
5,068,550 | 4,905,269 | ||||||||
Reserve for obsolescence | (336,551 | ) | (317,519 | ) | |||||
$ | 4,731,999 | $ | 4,587,750 | ||||||
Note_5_Property_and_Equipment
Note 5 - Property and Equipment | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
5. PROPERTY AND EQUIPMENT | |||||||||
Property and equipment consisted of the following: | |||||||||
June 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Machinery and equipment | $ | 824,549 | $ | 607,803 | |||||
Office furniture and equipment | 732,116 | 769,799 | |||||||
Leasehold improvements | 56,638 | 55,298 | |||||||
1,613,303 | 1,432,900 | ||||||||
Accumulated depreciation | (1,276,654 | ) | (1,195,523 | ) | |||||
$ | 336,649 | $ | 237,377 | ||||||
Nine months ended | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Depreciation expense | $ | 143,211 | $ | 89,015 | |||||
Note_6_Accrued_Liabilities_and
Note 6 - Accrued Liabilities and Other Liabilities - Noncurrent | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Current And Noncurrent Accrued Liabilities [Abstract] | ' | ||||||||||||||||
Current And Noncurrent Accrued Liabilities [Text Block] | ' | ||||||||||||||||
6. ACCRUED LIABILITIES AND OTHER LIABILITIES—NONCURRENT | |||||||||||||||||
Accrued liabilities consisted of the following: | |||||||||||||||||
June 30, | September 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Payroll and related | $ | 2,001,382 | $ | 650,125 | |||||||||||||
Deferred revenue and other | 594,173 | 18,532 | |||||||||||||||
Warranty reserve | 291,798 | 189,277 | |||||||||||||||
Accrued contract costs | 98,517 | 197,034 | |||||||||||||||
Customer deposits | 20,000 | - | |||||||||||||||
Income tax liability | 1,600 | - | |||||||||||||||
Total | $ | 3,007,470 | $ | 1,054,968 | |||||||||||||
Other liabilities - noncurrent consisted of the following: | |||||||||||||||||
Deferred rent | $ | 132,974 | $ | 122,627 | |||||||||||||
Extended warranty | 27,873 | 23,482 | |||||||||||||||
Total | $ | 160,847 | $ | 146,109 | |||||||||||||
Payroll and related | |||||||||||||||||
Payroll and related at June 30, 2014 included $1,019,125 of accrued bonus and related payroll tax expenses and $691,241 of accrued third party sales commissions, compared to $0 and $393,026, respectively, at September 30, 2013. | |||||||||||||||||
Deferred Revenue | |||||||||||||||||
Deferred revenue at June 30, 2014 included $594,173 for prepayments from customers in advance of product shipment compared to $18,532 at September 30, 2013. | |||||||||||||||||
Warranty Reserve | |||||||||||||||||
Changes in the warranty reserve during the three and nine months ended June 30, 2014 and 2013 were as follows: | |||||||||||||||||
Three month ended | Nine months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Beginning balance | $ | 260,208 | $ | 205,005 | $ | 212,759 | $ | 204,313 | |||||||||
Warranty provision | 64,369 | (7,302 | ) | 147,887 | (834 | ) | |||||||||||
Warranty settlements | (4,906 | ) | (5,809 | ) | (40,975 | ) | (11,585 | ) | |||||||||
Ending balance | $ | 319,671 | $ | 191,894 | $ | 319,671 | $ | 191,894 | |||||||||
June 30, | September 30, | June 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Short-term warranty reserve | $ | 291,798 | $ | 189,277 | $ | 291,798 | $ | 189,277 | |||||||||
Long-term warranty reserve | 27,873 | 23,482 | 27,873 | 23,482 | |||||||||||||
$ | 319,671 | $ | 212,759 | $ | 319,671 | $ | 212,759 | ||||||||||
Note_7_Income_Taxes
Note 7 - Income Taxes | 9 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
7. INCOME TAXES | |
At June 30, 2014, the Company had federal net operating losses (“NOLs”) and related state NOLs. In accordance with FASB Accounting Standards Codification (“ASC”) Topic 740, “Accounting for Income Taxes” (“ASC 740”), the Company recorded a full valuation allowance as it is more likely than not that some or all of the deferred tax assets will not be realized in the future. | |
The Company recorded only the minimum tax provision for California during the nine months ended June 30, 2014 as the Company expects its annual effective tax rate to be zero. In addition to the Company’s federal NOLs, it also made an election under Section 172(b)(1)(H) of the Internal Revenue Code of 1986 (“Section 172”), as amended per the American Recovery and Reinvestment Tax Act of 2009, to carry back its fiscal year ended September 30, 2008 applicable NOL for a period of 3 years, and carry forward the loss for up to 20 years, which offsets the Alternative Minimum Tax in the current tax year. In addition, the state of California has reinstated the NOL carryover deduction for taxable years beginning on or after January 1, 2012, which are expected to offset most state taxes during the 2014 fiscal year. | |
ASC 740 requires the Company to recognize in its financial statements uncertainties in tax positions taken that may not be sustained upon examination by the taxing authorities. If interest or penalties are assessed, the Company would recognize these charges as income tax expense. The Company has not recorded any income tax expense or benefit for uncertain tax positions. |
Note_8_Commitments_and_Conting
Note 8 - Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
8. COMMITMENTS AND CONTINGENCIES | |
Bank and Other Cash Equivalent Deposits in Excess of FDIC Insurance Limits | |
The Company maintains cash accounts with Federal Deposit Insurance Corporation (“FDIC”) insured financial institutions. The FDIC coverage includes all deposit accounts up to $250,000 per depositor for each insured bank. In addition, the Company’s security account is protected by coverage offered by the Securities Investor Protection Corporation up to $500,000, which is inclusive of up to $250,000 of protection for claims for cash. The Company’s exposure for amounts in excess of these insured limits at June 30, 2014 was approximately $20,700,000. The Company has not experienced any losses in such accounts. | |
Litigation | |
The Company may at times be involved in litigation in the ordinary course of business. The Company will, from time to time, when appropriate in management’s estimation, record adequate reserves in the Company’s financial statements for pending litigation. Currently, there are no pending material legal proceedings to which the Company is a party or to which any of its property is subject. | |
Bonus Plan | |
The Company has an incentive bonus plan for fiscal year 2014 designed to motivate its employees to achieve the Company’s financial objectives. All of the Company’s employees are entitled to participate in the incentive plan. Target Bonus Amounts (“Target”) vary based on a percentage of the employee’s base salary which range from 10% to 50% of base salary and a bonus payment may be made at three levels, including at 50% of Target, at 100% of Target and at 200% of Target, depending upon the achievement by the Company of specified earnings per share goals. Included in such calculation is the cost of the incentive plan. For purposes of the earnings per share calculation, the number of shares outstanding will be held constant as of October 1, 2013. During the nine months ended June 30, 2014, the Company accrued $1,019,125 for bonuses and related payroll tax expenses in connection with the 2014 plan. The Company did not record any bonus expense during the nine months ended June 30, 2013 in connection with the 2013 plan. |
Note_9_Sharebased_Compensation
Note 9 - Share-based Compensation | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
9. SHARE-BASED COMPENSATION | |||||||||||||||||
Stock Option Plans | |||||||||||||||||
At June 30, 2014, the Company had one equity incentive plan, the 2005 Equity Incentive Plan (“2005 Equity Plan”). The 2005 Equity Plan, as amended, authorizes for issuance as stock options, stock appreciation rights, or stock awards an aggregate of 3,250,000 new shares of common stock to employees, directors or consultants. The total plan reserve includes these new shares and shares reserved under prior plans, allowing for the issuance of up to 4,999,564 shares. At June 30, 2014, there were options outstanding covering 2,787,500 shares of common stock under the 2005 Equity Plan and an additional 762,134 shares of common stock available for grant. | |||||||||||||||||
Stock Option Activity | |||||||||||||||||
The following table summarizes information about stock option activity during the nine months ended June 30, 2014: | |||||||||||||||||
Number | Weighted Average | ||||||||||||||||
of Shares | Exercise Price | ||||||||||||||||
Outstanding October 1, 2013 | 2,394,476 | $ | 1.89 | ||||||||||||||
Granted | 785,500 | $ | 1.77 | ||||||||||||||
Forfeited/expired | (35,000 | ) | $ | 2.01 | |||||||||||||
Exercised | (357,476 | ) | $ | 0.54 | |||||||||||||
Outstanding June 30, 2014 | 2,787,500 | $ | 2.02 | ||||||||||||||
Exercisable June 30, 2014 | 2,204,280 | $ | 2.1 | ||||||||||||||
Options outstanding are exercisable at prices ranging from $0.93 to $3.13 and expire over the period from 2014 to 2023 with an average life of 5.9 years. The aggregate intrinsic value of options outstanding and exercisable at June 30, 2014 was $929,545 and $734,908, respectively. | |||||||||||||||||
Share-Based Compensation | |||||||||||||||||
The Company recorded share-based compensation expense and classified it in the condensed consolidated statements of operations as follows: | |||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenue | $ | 2,702 | $ | 1,180 | $ | 9,169 | $ | 6,385 | |||||||||
Selling, general and administrative | 125,407 | 178,777 | 419,968 | 539,652 | |||||||||||||
Research and development | 19,427 | 11,798 | 59,821 | 36,021 | |||||||||||||
Total | $ | 147,536 | $ | 191,755 | $ | 488,958 | $ | 582,058 | |||||||||
The employee stock options granted in the nine months ended June 30, 2014 and 2013 had a weighted-average estimated fair value of $0.85 per share and $0.64 per share, respectively, using the Black-Scholes option pricing model with the following weighted-average assumptions (annualized percentages): | |||||||||||||||||
Nine months ended | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Volatility | 54.0% - 76.0% | 77.0% - 81.0% | |||||||||||||||
Risk-free interest rate | 0.6% - 2.0% | 0.93% - 1.08% | |||||||||||||||
Forfeiture rate | 10.00% | 10.00% | |||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||
Expected life in years | 3.2 - 6.5 | 6.4 | |||||||||||||||
The Company has never paid cash dividends and has no present intention to pay cash dividends. Expected volatility is based on the historical volatility of the Company’s common stock over the period commensurate with the expected life of the options. The risk-free interest rate is based on rates published by the Federal Reserve Board. The expected life is based on observed and expected time to post-vesting exercise. The expected forfeiture rate is based on past experience and employee retention data. Forfeitures are estimated at the time of the grant and revised in subsequent periods if actual forfeitures differ from those estimates or if the Company updates its estimated forfeiture rate. Such amounts will be recorded as a cumulative adjustment in the period in which the estimate is changed. | |||||||||||||||||
Since the Company has an NOL carryforward as of June 30, 2014, no excess tax benefit for the tax deductions related to share-based awards was recognized for the nine months ended June 30, 2014 and 2013. As of June 30, 2014, there was approximately $500,000 of total unrecognized compensation cost related to non-vested share-based employee compensation arrangements. The cost is expected to be recognized over a weighted-average period of 1.6 years. |
Note_10_Stockholders_Equity
Note 10 - Stockholders' Equity | 9 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||||||
10. STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Summary | |||||||||||||||||||||
The following table summarizes changes in the components of stockholders’ equity during the nine months ended June 30, 2014: | |||||||||||||||||||||
Additional | Total | ||||||||||||||||||||
Common Stock | Paid-in | Accumulated | Stockholders' | ||||||||||||||||||
Shares | Amount | Capital | Deficit | Equity | |||||||||||||||||
Balances, September 30, 2013 | 32,900,705 | $ | 329 | $ | 87,434,834 | $ | (62,673,754 | ) | $ | 24,761,409 | |||||||||||
Issuance of common stock upon exercise of stock options, net | 357,476 | 4 | 193,060 | 193,064 | |||||||||||||||||
Share-based compensation expense | 488,958 | 488,958 | |||||||||||||||||||
Repurchase of common stock | (256,082 | ) | (3 | ) | (476,491 | ) | (476,494 | ) | |||||||||||||
Net income | 2,600,304 | 2,600,304 | |||||||||||||||||||
Balances, June 30, 2014 | 33,002,099 | $ | 330 | $ | 87,640,361 | $ | (60,073,450 | ) | $ | 27,567,241 | |||||||||||
Stock Purchase Warrants | |||||||||||||||||||||
At June 30, 2014, the Company had 1,627,945 shares purchasable under outstanding warrants at an exercise price of $2.67 which are exercisable through February 4, 2016. | |||||||||||||||||||||
Share Buyback Program | |||||||||||||||||||||
In July 2013, the Board of Directors approved a share buyback program under which the Company may repurchase up to $3 million of its outstanding common shares. In November 2013, the Board of Directors authorized the repurchase of an additional $1 million of the Company’s outstanding common shares. The repurchase authorization expires December 31, 2014. During the nine months ended June 30, 2014, the Company purchased 256,082 shares at an average price paid per share of $1.86 for a total cost of $476,494. At June 30, 2014, all repurchased shares were retired. |
Note_11_Income_Loss_Per_Share
Note 11 - Income (Loss) Per Share | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||||||
11. INCOME (LOSS) PER SHARE | |||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) available to common stockholders | $ | 1,942,815 | $ | (1,108,410 | ) | $ | 2,600,304 | $ | (1,668,164 | ) | |||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding | 33,041,142 | 32,428,095 | 33,067,515 | 32,407,475 | |||||||||||||
Assumed exercise of dilutive options and warrants | 144,422 | 0 | 274,796 | 0 | |||||||||||||
Weighted average dilutive shares outstanding | 33,185,564 | 32,428,095 | 33,342,311 | 32,407,475 | |||||||||||||
Basic income (loss) per common share | $ | 0.06 | $ | (0.03 | ) | $ | 0.08 | $ | (0.05 | ) | |||||||
Diluted income (loss) per common share | $ | 0.06 | $ | (0.03 | ) | $ | 0.08 | $ | (0.05 | ) | |||||||
Potentially dilutive securities outstanding at period end excluded from the diluted computation as the inclusion would have been antidilutive: | |||||||||||||||||
Options | 1,215,000 | 2,870,639 | 1,215,000 | 2,870,639 | |||||||||||||
Warrants | 1,627,945 | 1,627,945 | 1,627,945 | 1,627,945 | |||||||||||||
Total | 2,842,945 | 4,498,584 | 2,842,945 | 4,498,584 | |||||||||||||
Note_12_Major_Customers
Note 12 - Major Customers | 9 Months Ended |
Jun. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
12. MAJOR CUSTOMERS | |
For the three months ended June 30, 2014, revenues from one customer accounted for 50% of total revenues, and for the nine months ended June 30, 2014, revenues from one customer accounted for 23% of revenues, with no other single customer accounting for more than 10% of revenues. At June 30, 2014, accounts receivable from two customers accounted for 53% and 16% of total accounts receivable, respectively, with no other single customer accounting for more than 10% of the accounts receivable balance. | |
For the three months ended June 30, 2013, revenues from one customer accounted for 20% of total revenues, and for the nine months ended June 30, 2013, revenues from two customers accounted for 19% and 11% of revenues, respectively, with no other single customer accounting for more than 10% of revenues. At June 30, 2013, accounts receivable from six customers accounted for 18%, 17%, 12%, 11%, 11% and 11% of total accounts receivable, respectively, with no other single customer accounting for more than 10% of the accounts receivable balance. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
The Company’s unaudited condensed consolidated financial statements included herein have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In our opinion, the accompanying statements reflect adjustments necessary to present fairly the financial position, results of operations, and cash flows for those periods indicated, and contain adequate disclosure to make the information presented not misleading. Adjustments included herein are of a normal, recurring nature unless otherwise disclosed in the footnotes. The condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended September 30, 2013 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on November 21, 2013. Results of operations for interim periods are not necessarily indicative of the results of operations for a full year. | |
Consolidation, Policy [Policy Text Block] | ' |
Principles of Consolidation | |
The Company has a currently inactive wholly owned subsidiary, LRAD International Corporation, which the Company formed to conduct international marketing, sales and distribution activities. The condensed consolidated financial statements include the accounts of this subsidiary after elimination of intercompany transactions and accounts | |
Reclassification, Policy [Policy Text Block] | ' |
Reclassifications | |
Where necessary, the prior year’s information has been reclassified to conform to the current year presentation. |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
June 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 4,019,445 | $ | 3,941,203 | |||||
Finished goods | 686,523 | 605,240 | |||||||
Work in process | 362,582 | 358,826 | |||||||
5,068,550 | 4,905,269 | ||||||||
Reserve for obsolescence | (336,551 | ) | (317,519 | ) | |||||
$ | 4,731,999 | $ | 4,587,750 |
Note_5_Property_and_Equipment_
Note 5 - Property and Equipment (Tables) | 9 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Note 5 - Property and Equipment (Tables) [Line Items] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
June 30, | September 30, | ||||||||
2014 | 2013 | ||||||||
Machinery and equipment | $ | 824,549 | $ | 607,803 | |||||
Office furniture and equipment | 732,116 | 769,799 | |||||||
Leasehold improvements | 56,638 | 55,298 | |||||||
1,613,303 | 1,432,900 | ||||||||
Accumulated depreciation | (1,276,654 | ) | (1,195,523 | ) | |||||
$ | 336,649 | $ | 237,377 | ||||||
Depreciation Expense [Member] | ' | ||||||||
Note 5 - Property and Equipment (Tables) [Line Items] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
Nine months ended | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Depreciation expense | $ | 143,211 | $ | 89,015 |
Note_6_Accrued_Liabilities_and1
Note 6 - Accrued Liabilities and Other Liabilities - Noncurrent (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Note 6 - Accrued Liabilities and Other Liabilities - Noncurrent (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||||||||||
June 30, | September 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Payroll and related | $ | 2,001,382 | $ | 650,125 | |||||||||||||
Deferred revenue and other | 594,173 | 18,532 | |||||||||||||||
Warranty reserve | 291,798 | 189,277 | |||||||||||||||
Accrued contract costs | 98,517 | 197,034 | |||||||||||||||
Customer deposits | 20,000 | - | |||||||||||||||
Income tax liability | 1,600 | - | |||||||||||||||
Total | $ | 3,007,470 | $ | 1,054,968 | |||||||||||||
Other liabilities - noncurrent consisted of the following: | |||||||||||||||||
Deferred rent | $ | 132,974 | $ | 122,627 | |||||||||||||
Extended warranty | 27,873 | 23,482 | |||||||||||||||
Total | $ | 160,847 | $ | 146,109 | |||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||||||
Three month ended | Nine months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Beginning balance | $ | 260,208 | $ | 205,005 | $ | 212,759 | $ | 204,313 | |||||||||
Warranty provision | 64,369 | (7,302 | ) | 147,887 | (834 | ) | |||||||||||
Warranty settlements | (4,906 | ) | (5,809 | ) | (40,975 | ) | (11,585 | ) | |||||||||
Ending balance | $ | 319,671 | $ | 191,894 | $ | 319,671 | $ | 191,894 | |||||||||
Warranty Reserves [Member] | ' | ||||||||||||||||
Note 6 - Accrued Liabilities and Other Liabilities - Noncurrent (Tables) [Line Items] | ' | ||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | ' | ||||||||||||||||
June 30, | September 30, | June 30, | September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Short-term warranty reserve | $ | 291,798 | $ | 189,277 | $ | 291,798 | $ | 189,277 | |||||||||
Long-term warranty reserve | 27,873 | 23,482 | 27,873 | 23,482 | |||||||||||||
$ | 319,671 | $ | 212,759 | $ | 319,671 | $ | 212,759 |
Note_9_Sharebased_Compensation1
Note 9 - Share-based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Number | Weighted Average | ||||||||||||||||
of Shares | Exercise Price | ||||||||||||||||
Outstanding October 1, 2013 | 2,394,476 | $ | 1.89 | ||||||||||||||
Granted | 785,500 | $ | 1.77 | ||||||||||||||
Forfeited/expired | (35,000 | ) | $ | 2.01 | |||||||||||||
Exercised | (357,476 | ) | $ | 0.54 | |||||||||||||
Outstanding June 30, 2014 | 2,787,500 | $ | 2.02 | ||||||||||||||
Exercisable June 30, 2014 | 2,204,280 | $ | 2.1 | ||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
Three months ended | Nine months ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenue | $ | 2,702 | $ | 1,180 | $ | 9,169 | $ | 6,385 | |||||||||
Selling, general and administrative | 125,407 | 178,777 | 419,968 | 539,652 | |||||||||||||
Research and development | 19,427 | 11,798 | 59,821 | 36,021 | |||||||||||||
Total | $ | 147,536 | $ | 191,755 | $ | 488,958 | $ | 582,058 | |||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
Nine months ended | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Volatility | 54.0% - 76.0% | 77.0% - 81.0% | |||||||||||||||
Risk-free interest rate | 0.6% - 2.0% | 0.93% - 1.08% | |||||||||||||||
Forfeiture rate | 10.00% | 10.00% | |||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||
Expected life in years | 3.2 - 6.5 | 6.4 |
Note_10_Stockholders_Equity_Ta
Note 10 - Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | ||||||||||||||||||||
Additional | Total | ||||||||||||||||||||
Common Stock | Paid-in | Accumulated | Stockholders' | ||||||||||||||||||
Shares | Amount | Capital | Deficit | Equity | |||||||||||||||||
Balances, September 30, 2013 | 32,900,705 | $ | 329 | $ | 87,434,834 | $ | (62,673,754 | ) | $ | 24,761,409 | |||||||||||
Issuance of common stock upon exercise of stock options, net | 357,476 | 4 | 193,060 | 193,064 | |||||||||||||||||
Share-based compensation expense | 488,958 | 488,958 | |||||||||||||||||||
Repurchase of common stock | (256,082 | ) | (3 | ) | (476,491 | ) | (476,494 | ) | |||||||||||||
Net income | 2,600,304 | 2,600,304 | |||||||||||||||||||
Balances, June 30, 2014 | 33,002,099 | $ | 330 | $ | 87,640,361 | $ | (60,073,450 | ) | $ | 27,567,241 |
Note_11_Income_Loss_Per_Share_
Note 11 - Income (Loss) Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) available to common stockholders | $ | 1,942,815 | $ | (1,108,410 | ) | $ | 2,600,304 | $ | (1,668,164 | ) | |||||||
Denominator: | |||||||||||||||||
Weighted average common shares outstanding | 33,041,142 | 32,428,095 | 33,067,515 | 32,407,475 | |||||||||||||
Assumed exercise of dilutive options and warrants | 144,422 | 0 | 274,796 | 0 | |||||||||||||
Weighted average dilutive shares outstanding | 33,185,564 | 32,428,095 | 33,342,311 | 32,407,475 | |||||||||||||
Basic income (loss) per common share | $ | 0.06 | $ | (0.03 | ) | $ | 0.08 | $ | (0.05 | ) | |||||||
Diluted income (loss) per common share | $ | 0.06 | $ | (0.03 | ) | $ | 0.08 | $ | (0.05 | ) | |||||||
Potentially dilutive securities outstanding at period end excluded from the diluted computation as the inclusion would have been antidilutive: | |||||||||||||||||
Options | 1,215,000 | 2,870,639 | 1,215,000 | 2,870,639 | |||||||||||||
Warrants | 1,627,945 | 1,627,945 | 1,627,945 | 1,627,945 | |||||||||||||
Total | 2,842,945 | 4,498,584 | 2,842,945 | 4,498,584 |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventories (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Inventories [Abstract] | ' | ' |
Raw materials | $4,019,445 | $3,941,203 |
Finished goods | 686,523 | 605,240 |
Work in process | 362,582 | 358,826 |
5,068,550 | 4,905,269 | |
Reserve for obsolescence | -336,551 | -317,519 |
$4,731,999 | $4,587,750 |
Note_5_Property_and_Equipment_1
Note 5 - Property and Equipment (Details) - Property and Equipment (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Property and Equipment [Abstract] | ' | ' |
Machinery and equipment | $824,549 | $607,803 |
Office furniture and equipment | 732,116 | 769,799 |
Leasehold improvements | 56,638 | 55,298 |
1,613,303 | 1,432,900 | |
Accumulated depreciation | -1,276,654 | -1,195,523 |
$336,649 | $237,377 |
Note_5_Property_and_Equipment_2
Note 5 - Property and Equipment (Details) - Property and Equipment, Depreciation Expense (USD $) | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Property and Equipment, Depreciation Expense [Abstract] | ' | ' |
Depreciation expense | $143,211 | $89,015 |
Note_6_Accrued_Liabilities_and2
Note 6 - Accrued Liabilities and Other Liabilities - Noncurrent (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 |
Current And Noncurrent Accrued Liabilities [Abstract] | ' | ' | ' |
Accrued Bonuses, Current | $1,019,125 | $0 | $0 |
Accrued Sales Commission, Current | 691,241 | 393,026 | ' |
Deferred Revenue | $594,173 | $18,532 | ' |
Note_6_Accrued_Liabilities_and3
Note 6 - Accrued Liabilities and Other Liabilities - Noncurrent (Details) - Summary of Accrued Liabilities (USD $) | Jun. 30, 2014 | Sep. 30, 2013 |
Summary of Accrued Liabilities [Abstract] | ' | ' |
Payroll and related | $2,001,382 | $650,125 |
Deferred revenue and other | 594,173 | 18,532 |
Warranty reserve | 291,798 | 189,277 |
Accrued contract costs | 98,517 | 197,034 |
Customer deposits | 20,000 | ' |
Income tax liability | 1,600 | ' |
Total | 3,007,470 | 1,054,968 |
Deferred rent | 132,974 | 122,627 |
Extended warranty | 27,873 | 23,482 |
Total | $160,847 | $146,109 |
Note_6_Accrued_Liabilities_and4
Note 6 - Accrued Liabilities and Other Liabilities - Noncurrent (Details) - Changes in Warranty Reserve (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Changes in Warranty Reserve [Abstract] | ' | ' | ' | ' |
Beginning balance | $260,208 | $205,005 | $212,759 | $204,313 |
Warranty provision | 64,369 | -7,302 | 147,887 | -834 |
Warranty settlements | -4,906 | -5,809 | -40,975 | -11,585 |
Ending balance | $319,671 | $191,894 | $319,671 | $191,894 |
Note_6_Accrued_Liabilities_and5
Note 6 - Accrued Liabilities and Other Liabilities - Noncurrent (Details) - Short-term and Long-term Warranty Reserves (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 |
Short-term and Long-term Warranty Reserves [Abstract] | ' | ' | ' | ' | ' | ' |
Short-term warranty reserve | $291,798 | ' | $189,277 | ' | ' | ' |
Long-term warranty reserve | 27,873 | ' | 23,482 | ' | ' | ' |
$319,671 | $260,208 | $212,759 | $191,894 | $205,005 | $204,313 |
Note_7_Income_Taxes_Details
Note 7 - Income Taxes (Details) | 9 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Effective Income Tax Rate Reconciliation, Percent | 0.00% |
Net Operating Loss Carry Forwards | '3 years |
Net Operating Loss Carry Forwards Maximum Number Of Years | '20 years |
Note_8_Commitments_and_Conting1
Note 8 - Commitments and Contingencies (Details) (USD $) | Jun. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Target Bonus Amounts, Minimum [Member] | Target Bonus Amounts, Maximum [Member] | Level 1 [Member] | Level 2 [Member] | Level 3 [Member] | ||||
Note 8 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash, FDIC Insured Amount | $250,000 | ' | ' | ' | ' | ' | ' | ' |
Security Account SIPC Insured Amount | 500,000 | ' | ' | ' | ' | ' | ' | ' |
Cash Portion SIPC Insured Amount | 250,000 | ' | ' | ' | ' | ' | ' | ' |
Cash, Uninsured Amount | 20,700,000 | ' | ' | ' | ' | ' | ' | ' |
Target Bonus Amounts Of Percentage Of Employee Base Salary Minimum | ' | ' | ' | 10.00% | ' | ' | ' | ' |
TargetBonusAmountsOfPercentageOfEmployeeBaseSalaryMaximum | ' | ' | ' | ' | 50.00% | ' | ' | ' |
PaymentOfBonusAsPercentage | ' | ' | ' | ' | ' | 50.00% | 100.00% | 200.00% |
Accrued Bonuses, Current | $1,019,125 | $0 | $0 | ' | ' | ' | ' | ' |
Note_9_Sharebased_Compensation2
Note 9 - Share-based Compensation (Details) (USD $) | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | |
Note 9 - Share-based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 2,787,500 | ' | 2,394,476 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $2.02 | ' | $1.89 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '5 years 328 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $929,545 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 734,908 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $0.85 | $0.64 | ' |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 0 | 0 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $500,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '1 year 219 days | ' | ' |
2005 Equity Incentive Plan [Member] | ' | ' | ' |
Note 9 - Share-based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | 3,250,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 4,999,564 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 2,787,500 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 762,134 | ' | ' |
Minimum [Member] | ' | ' | ' |
Note 9 - Share-based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $0.93 | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 9 - Share-based Compensation (Details) [Line Items] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $3.13 | ' | ' |
Note_9_Sharebased_Compensation3
Note 9 - Share-based Compensation (Details) - Share-based Compensation (USD $) | 9 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation [Abstract] | ' |
Outstanding October 1, 2013 | 2,394,476 |
Outstanding October 1, 2013 | $1.89 |
Granted | 785,500 |
Granted | $1.77 |
Forfeited/expired | -35,000 |
Forfeited/expired | $2.01 |
Exercised | -357,476 |
Exercised | $0.54 |
Outstanding June 30, 2014 | 2,787,500 |
Outstanding June 30, 2014 | $2.02 |
Exercisable June 30, 2014 | 2,204,280 |
Exercisable June 30, 2014 | $2.10 |
Note_9_Sharebased_Compensation4
Note 9 - Share-based Compensation (Details) - Summary of Share-based Compensation Expense (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $147,536 | $191,755 | $488,958 | $582,058 |
Cost of revenue [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 2,702 | 1,180 | 9,169 | 6,385 |
Selling, General and Administrative Expenses [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | 125,407 | 178,777 | 419,968 | 539,652 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $19,427 | $11,798 | $59,821 | $36,021 |
Note_9_Sharebased_Compensation5
Note 9 - Share-based Compensation (Details) - Weighted-average Assumptions | 9 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Note 9 - Share-based Compensation (Details) - Weighted-average Assumptions [Line Items] | ' | ' |
Forfeiture rate | 10.00% | 10.00% |
Dividend yield | 0.00% | 0.00% |
Expected life in years | ' | '6 years 146 days |
Minimum [Member] | ' | ' |
Note 9 - Share-based Compensation (Details) - Weighted-average Assumptions [Line Items] | ' | ' |
Volatility | 54.00% | 77.00% |
Risk-free interest rate | 0.60% | 0.93% |
Expected life in years | '3 years 73 days | ' |
Maximum [Member] | ' | ' |
Note 9 - Share-based Compensation (Details) - Weighted-average Assumptions [Line Items] | ' | ' |
Volatility | 76.00% | 81.00% |
Risk-free interest rate | 2.00% | 1.08% |
Expected life in years | '6 years 6 months | ' |
Note_10_Stockholders_Equity_De
Note 10 - Stockholders' Equity (Details) (USD $) | 9 Months Ended | ||
Jun. 30, 2014 | Nov. 30, 2013 | Jul. 31, 2013 | |
Note 10 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 1,627,945 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $2.67 | ' | ' |
Stock Repurchased During Period, Value | $476,494 | ' | ' |
Warrant [Member] | ' | ' | ' |
Note 10 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' |
End date of warrants exercisable period | 4-Feb-16 | ' | ' |
Share Buyback Program [Member] | ' | ' | ' |
Note 10 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' |
Stock Repurchase Program, Authorized Amount | ' | 1,000,000 | 3,000,000 |
Stock Repurchased and Retired During Period, Shares (in Shares) | 256,082 | ' | ' |
Treasury Stock Acquired, Average Cost Per Share (in Dollars per share) | $1.86 | ' | ' |
Stock Repurchased During Period, Value | $476,494 | ' | ' |
Note_10_Stockholders_Equity_De1
Note 10 - Stockholders' Equity (Details) - Summary of Changes in Stockholders' Equity (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Note 10 - Stockholders' Equity (Details) - Summary of Changes in Stockholders' Equity [Line Items] | ' | ' | ' | ' |
Balances, September 30, 2013 (in Shares) | ' | ' | 32,900,705 | ' |
Balances, September 30, 2013 | ' | ' | $329 | ' |
Balances, September 30, 2013 | ' | ' | -62,673,754 | ' |
Balances, September 30, 2013 | ' | ' | 24,761,409 | ' |
Balances, September 30, 2013 | ' | ' | 87,434,834 | ' |
Issuance of common stock upon exercise of stock options, net (in Shares) | ' | ' | 357,476 | ' |
Issuance of common stock upon exercise of stock options, net | ' | ' | 193,064 | ' |
Share-based compensation expense | ' | ' | 488,958 | 582,058 |
Repurchase of common stock | ' | ' | -476,494 | ' |
Net income | 1,942,815 | -1,108,410 | 2,600,304 | -1,668,164 |
Balances, June 30, 2014 (in Shares) | 33,002,099 | ' | 33,002,099 | ' |
Balances, June 30, 2014 | 330 | ' | 330 | ' |
Balances, June 30, 2014 | 87,640,361 | ' | 87,640,361 | ' |
Balances, June 30, 2014 | -60,073,450 | ' | -60,073,450 | ' |
Balances, June 30, 2014 | 27,567,241 | ' | 27,567,241 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Note 10 - Stockholders' Equity (Details) - Summary of Changes in Stockholders' Equity [Line Items] | ' | ' | ' | ' |
Balances, September 30, 2013 (in Shares) | ' | ' | 32,900,705 | ' |
Balances, September 30, 2013 | ' | ' | 329 | ' |
Issuance of common stock upon exercise of stock options, net (in Shares) | ' | ' | 357,476 | ' |
Issuance of common stock upon exercise of stock options, net | ' | ' | 4 | ' |
Repurchase of common stock (in Shares) | ' | ' | -256,082 | ' |
Repurchase of common stock | ' | ' | -3 | ' |
Balances, June 30, 2014 (in Shares) | 33,002,099 | ' | 33,002,099 | ' |
Balances, June 30, 2014 | 330 | ' | 330 | ' |
Additional Paid-in Capital [Member] | ' | ' | ' | ' |
Note 10 - Stockholders' Equity (Details) - Summary of Changes in Stockholders' Equity [Line Items] | ' | ' | ' | ' |
Balances, September 30, 2013 | ' | ' | 87,434,834 | ' |
Issuance of common stock upon exercise of stock options, net | ' | ' | 193,060 | ' |
Share-based compensation expense | ' | ' | 488,958 | ' |
Repurchase of common stock | ' | ' | -476,491 | ' |
Balances, June 30, 2014 | 87,640,361 | ' | 87,640,361 | ' |
Retained Earnings [Member] | ' | ' | ' | ' |
Note 10 - Stockholders' Equity (Details) - Summary of Changes in Stockholders' Equity [Line Items] | ' | ' | ' | ' |
Balances, September 30, 2013 | ' | ' | -62,673,754 | ' |
Net income | ' | ' | 2,600,304 | ' |
Balances, June 30, 2014 | ($60,073,450) | ' | ($60,073,450) | ' |
Note_11_Income_Loss_Per_Share_1
Note 11 - Income (Loss) Per Share (Details) - Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Numerator: | ' | ' | ' | ' |
Income (loss) available to common stockholders (in Dollars) | $1,942,815 | ($1,108,410) | $2,600,304 | ($1,668,164) |
Denominator: | ' | ' | ' | ' |
Weighted average common shares outstanding | 33,041,142 | 32,428,095 | 33,067,515 | 32,407,475 |
Assumed exercise of dilutive options and warrants | 144,422 | 0 | 274,796 | 0 |
Weighted average dilutive shares outstanding | 33,185,564 | 32,428,095 | 33,342,311 | 32,407,475 |
Basic income (loss) per common share (in Dollars per share) | $0.06 | ($0.03) | $0.08 | ($0.05) |
Diluted income (loss) per common share (in Dollars per share) | $0.06 | ($0.03) | $0.08 | ($0.05) |
Potentially dilutive securities outstanding at period end excluded from the diluted computation as the inclusion would have been antidilutive: | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 2,842,945 | 4,498,584 | 2,842,945 | 4,498,584 |
Options [Member] | ' | ' | ' | ' |
Potentially dilutive securities outstanding at period end excluded from the diluted computation as the inclusion would have been antidilutive: | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 1,215,000 | 2,870,639 | 1,215,000 | 2,870,639 |
Warrant [Member] | ' | ' | ' | ' |
Potentially dilutive securities outstanding at period end excluded from the diluted computation as the inclusion would have been antidilutive: | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 1,627,945 | 1,627,945 | 1,627,945 | 1,627,945 |
Note_12_Major_Customers_Detail
Note 12 - Major Customers (Details) (Customer Concentration Risk [Member]) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Customer 1 [Member] | Sales [Member] | ' | ' | ' | ' |
Note 12 - Major Customers (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | 50.00% | 20.00% | ' | 19.00% |
Customer 1 [Member] | Accounts Receivable [Member] | ' | ' | ' | ' |
Note 12 - Major Customers (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 53.00% | 18.00% |
Customer 2 [Member] | Sales [Member] | ' | ' | ' | ' |
Note 12 - Major Customers (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | 11.00% |
Customer 2 [Member] | Accounts Receivable [Member] | ' | ' | ' | ' |
Note 12 - Major Customers (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 16.00% | 17.00% |
Customer 3 [Member] | Accounts Receivable [Member] | ' | ' | ' | ' |
Note 12 - Major Customers (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | 12.00% |
Customer 4 [Member] | Accounts Receivable [Member] | ' | ' | ' | ' |
Note 12 - Major Customers (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | 11.00% |
Customer 5 [Member] | Accounts Receivable [Member] | ' | ' | ' | ' |
Note 12 - Major Customers (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | 11.00% |
Customer 6 [Member] | Accounts Receivable [Member] | ' | ' | ' | ' |
Note 12 - Major Customers (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | 11.00% |
Customer 1 [Member] | Sales [Member] | ' | ' | ' | ' |
Note 12 - Major Customers (Details) [Line Items] | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | 23.00% | ' |
Sales [Member] | ' | ' | ' | ' |
Note 12 - Major Customers (Details) [Line Items] | ' | ' | ' | ' |
Number of customers, recorded more than 10% of revenue | 1 | 1 | 1 | 2 |
Minimum percentage of revenue required to be disclosed as major customer | ' | ' | 10.00% | 10.00% |
Accounts Receivable [Member] | ' | ' | ' | ' |
Note 12 - Major Customers (Details) [Line Items] | ' | ' | ' | ' |
Number of customers, recorded more than 10% of accounts receivable | ' | ' | 2 | 6 |
Minimum percentage of accounts receivable required to be disclosed as major customer | ' | ' | 10.00% | 10.00% |