Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2015 | Jan. 28, 2016 | |
Entity Registrant Name | LRAD Corp | |
Entity Central Index Key | 924,383 | |
Trading Symbol | lrad | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 31,867,253 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 15,582,881 | $ 18,316,103 |
Short-term marketable securities | 2,641,858 | 1,251,947 |
Accounts receivable | 1,941,984 | 2,116,323 |
Inventories, net | 5,214,517 | 4,926,172 |
Prepaid expenses and other | 447,638 | 565,666 |
Total current assets | 25,828,878 | 27,176,211 |
Long-term marketable securities | 2,276,651 | 3,047,166 |
Deferred tax assets | 8,650,195 | 8,339,000 |
Property and equipment, net | 487,868 | 471,963 |
Intangible assets, net | 57,951 | 58,385 |
Prepaid expenses and other, noncurrent | 532,067 | 578,938 |
Total assets | 37,833,610 | 39,671,663 |
Current liabilities: | ||
Accounts payable | 477,887 | 703,942 |
Accrued liabilities | 1,453,824 | 870,555 |
Total current liabilities | 1,931,711 | 1,574,497 |
Other liabilities, noncurrent | 150,821 | 147,954 |
Total liabilities | $ 2,082,532 | $ 1,722,451 |
Commitments and contingencies (Note 9) | ||
Stockholders' equity: | ||
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; 31,867,253 and 32,898,461 shares issued and outstanding | 319 | 329 |
Additional paid-in capital | 86,112,864 | 87,608,034 |
Accumulated deficit | (50,357,596) | (49,658,850) |
Accumulated other comprehensive loss | (4,509) | (301) |
Total stockholders' equity | 35,751,078 | 37,949,212 |
Total liabilities and stockholders' equity | $ 37,833,610 | $ 39,671,663 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2015 | Sep. 30, 2015 |
Preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 31,867,253 | 32,898,461 |
Common stock, shares outstanding (in shares) | 31,867,253 | 32,898,461 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | ||
Product sales | $ 2,563,807 | $ 4,146,072 |
Contract and other | 257,725 | 239,356 |
Total revenues | 2,821,532 | 4,385,428 |
Cost of revenues | 1,523,170 | 2,026,271 |
Gross profit | 1,298,362 | 2,359,157 |
Operating expenses: | ||
Selling, general and administrative | 1,460,092 | 1,402,021 |
Research and development | 561,202 | 477,704 |
Total operating expenses | 2,021,294 | 1,879,725 |
(Loss) income from operations | (722,932) | 479,432 |
Other income | 33,264 | 26,202 |
(Loss) income from operations before income taxes | (689,668) | 505,634 |
Income tax benefit | (309,595) | 0 |
Net (loss) income | $ (380,073) | $ 505,634 |
Basic (in dollars per share) | $ (0.01) | $ 0.02 |
Diluted (in dollars per share) | $ (0.01) | $ 0.01 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 32,462,220 | 33,236,489 |
Diluted (in shares) | 32,462,220 | 33,785,996 |
Cash dividends declared per common share (in dollars per share) | $ 0.01 |
Consolated Statements of Compre
Consolated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Net (loss) income | $ (380,073) | $ 505,634 |
Other comprehensive (loss) income, net of tax: | ||
Unrealized (loss) gain on marketable securities, net of tax | (4,208) | 790 |
Other comprehensive (loss) income | (4,208) | 790 |
Comprehensive (loss) income | $ (384,281) | $ 506,424 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | ||
Net (loss) income | $ (380,073) | $ 505,634 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 56,884 | 62,084 |
Warranty provision | (22,267) | 19,198 |
Inventory obsolescence | 6,081 | (3,534) |
Share-based compensation | 147,940 | $ 131,447 |
Deferred income taxes | (311,195) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 174,339 | $ 1,796,831 |
Inventories | (294,426) | (493,989) |
Prepaid expenses and other | 118,028 | 54,364 |
Prepaid expenses and other, noncurrent | 46,871 | 46,872 |
Accounts payable | (226,055) | 105,786 |
Warranty settlements | (972) | (8,402) |
Accrued and other liabilities | 290,702 | (2,817,785) |
Net cash used in operating activities | (394,143) | (601,494) |
Investing Activities: | ||
Purchases of marketable securities | (623,604) | (3,123,401) |
Capital expenditures | (71,150) | (79,501) |
Patent costs paid | (1,205) | (146) |
Net cash used in investing activities | (695,959) | $ (3,203,048) |
Financing Activities: | ||
Repurchase of common stock | (1,643,120) | |
Net cash used in financing activities | (1,643,120) | |
Net decrease in cash | (2,733,222) | $ (3,804,542) |
Cash and cash equivalents, beginning of period | 18,316,103 | 23,894,744 |
Cash and cash equivalents, end of period | $ 15,582,881 | $ 20,090,202 |
Note 1 - Operations
Note 1 - Operations | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. OPERATIONS LRAD ® |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
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, 2015 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on December 3, 2015. 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 Pron
Note 3 - Recent Accounting Pronouncements | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. RECENT ACCOUNTING PRONOUNCEMENTS In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, Balance Sheet Classification of Deferred Taxes The Company adopted this pronouncement early effective October 1, 2015 as it began reporting a deferred tax asset in the prior quarter and wanted to provide consistent reporting going forward. This change had no effect on the Company’s financial statements.. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In June 2014, the FASB issued ASU No. 2014-12, Compensation – Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In July 2015, the FASB deferred the effective date of the standard by an additional year; however, it provided companies the option to adopt one year earlier, commensurate with the original effective date. Accordingly, the standard will be effective for the Company in the fiscal year beginning October 1, 2018, with an option to adopt the standard for the fiscal year beginning October 1, 2017. The Company is currently evaluating this standard and has not yet selected a transition method or the effective date on which it plans to adopt the standard, nor has it determined the effect of the standard on its financial statements and related disclosures. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. FAIR VALUE MEASUREMENTS The Company’s financial instruments consist principally of cash equivalents, short and long-term marketable securities, accounts receivable and accounts payable. The fair value of a financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) defined as follows: Level 1: Inputs are based on quoted market prices for identical assets or liabilities in active markets at the measurement date. Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and/or quoted prices for identical or similar assets or liabilities in markets that are not active near the measurement date. Level 3: Inputs include management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation. The fair value of the Company’s cash equivalents and marketable securities was determined based on Level 1 and Level 2 inputs. The Company does not have any marketable securities in the Level 3 category. The Company believes that the recorded values of its other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations. Instruments Measured at Fair Value The following table presents the Company’s cash equivalents and marketable securities’ costs, gross unrealized gains and losses, and fair value by major security type recorded as cash and cash equivalents or short-term or long-term marketable securities as of December 31, 2015. December 31, 2015 Unrealized Fair Cash Short-term Long-term Cost Basis Gains/(Losses) Value Equivalents Securities Securities Level 1: Money Market Funds $ 74,197 $ - $ 74,197 $ 74,197 $ - $ - Level 2: Certificates of deposit 3,296,213 - 3,296,213 - 1,248,644 2,047,569 Municipal securities 267,269 43 267,312 40,056 227,256 - Corporate bonds 1,399,592 (4,552 ) 1,395,040 - 1,165,958 229,082 Subtotal 4,963,074 (4,509 ) 4,958,565 40,056 2,641,858 2,276,651 Total $ 5,037,271 $ (4,509 ) $ 5,032,762 $ 114,253 $ 2,641,858 $ 2,276,651 September 30, 2015 Unrealized Fair Cash Short-term Long-term Cost Basis Gains/(Losses) Value Equivalents Securities Securities Level 1: Money Market Funds $ 301,193 $ - $ 301,193 $ 301,193 $ - $ - Level 2: Certificates of deposit 3,296,238 - 3,296,238 - 249,072 3,047,166 Municipal securities 654,205 293 654,498 160,058 494,440 - Corporate bonds 509,029 (594 ) 508,435 - 508,435 - Subtotal 4,459,472 (301 ) 4,459,171 160,058 1,251,947 3,047,166 Total $ 4,760,665 $ (301 ) $ 4,760,364 $ 461,251 $ 1,251,947 $ 3,047,166 |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. INVENTORIES Inventories consisted of the following: December 31, September 30, 2015 2015 Raw materials $ 4,691,408 $ 4,562,535 Finished goods 753,544 763,227 Work in process 195,824 20,588 Inventories, gross 5,640,776 5,346,350 Reserve for obsolescence (426,259 ) (420,178 ) Inventories, net $ 5,214,517 $ 4,926,172 |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6 . PROPERTY AND EQUIPMENT Property and equipment consisted of the following: December 31, September 30, 2015 2015 Machinery and equipment $ 956,759 $ 940,289 Office furniture and equipment 913,211 877,011 Leasehold improvements 71,738 67,913 Property and equipment, gross 1,941,708 1,885,213 Accumulated depreciation (1,453,840 ) (1,413,250 ) Property and equipment, net $ 487,868 $ 471,963 Three months ended December 31, 2015 2014 Depreciation expense $ 55,245 $ 60,640 |
Note 7 - Accrued And Other Liab
Note 7 - Accrued And Other Liabilities - Noncurrent | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Current and Noncurrent Accrued Liabilities [Text Block] | 7 . ACCRUED LIABILITIES AND OTHER LIABILITIES—NONCURRENT Accrued liabilities consisted of the following: December 31, September 30, 2015 2015 Payroll and related $ 332,375 $ 330,916 Dividend Payable 318,673 - Accrued contract costs 295,551 197,034 Warranty reserve 257,595 289,660 Deferred revenue 249,630 51,345 Other - 1,600 Total $ 1,453,824 $ 870,555 Other liabilities - noncurrent consisted of the following: Deferred rent $ 116,037 $ 121,996 Extended warranty 34,784 25,958 Total $ 150,821 $ 147,954 Payroll and related Payroll and related consists primarily of accrued bonus and related taxes, vacation pay and outside commissions. Warranty Reserve Changes in the warranty reserve and extended warranty were as follows: Three months ended December 31, 2015 2014 Beginning balance $ 315,618 $ 314,311 Warranty provision (22,267 ) 19,198 Warranty settlements (972 ) (8,402 ) Ending balance $ 292,379 $ 325,107 December 31, September 30, 2015 2015 Short-term warranty reserve $ 257,595 $ 289,660 Long-term warranty reserve 34,784 25,958 Total warranty reserve $ 292,379 $ 315,618 Deferred Revenue Deferred revenue consists primarily of prepayments from customers in advance of product shipment. Accrued contract costs We have contracted with a third party service provider to administer the required services under the terms of a repair and maintenance agreement with a foreign military. This payment is made in arrears each year. |
Note 8 - Income Taxes
Note 8 - Income Taxes | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES At December 31, 2015, the Company had federal net operating losses (“NOLs”) and related state NOLs. The Company released $8,339,000 of its valuation allowance against its deferred tax assets in the quarter ended September 30, 2015 as it determined that it was more likely than not that those assets would be realized. The Company continues to maintain a valuation allowance of $12,175,000 as the Company believes that the negative evidence that it will be able to recover these net deferred tax assets outweighs the positive evidence. The Company recorded an income tax benefit of $309,595 and $0, reflecting effective tax rates of 44.9% and 0.0% for the three months ended December 31, 2015 and 2014, respectively. The change in the effective tax rate in the three months ended December 31, 2015, compared to the same period in the prior year, is primarily due to the partial release of our valuation allowance in the prior quarter, resulting in current year tax benefit. ASC 740, Accounting for Uncertainty in Income Taxes |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. COMMITMENTS AND CONTINGENCIES 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 consolidated 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 2016 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, 2015. During the three months ended December 31, 2015 and 2014, the Company accrued $0 and $170,279, respectively, for bonuses and related payroll tax expenses in connection with the bonus plans. |
Note 10 - Share-Based Compensat
Note 10 - Share-Based Compensation | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 10 . SHARE-BASED COMPENSATION Stock Option Plans At December 31, 2015, the Company had two equity incentive plans. The 2005 Equity Incentive Plan (“2005 Equity Plan”) was terminated with respect to new grants in March 2015, but remains in effect for grants issued prior to that time. The 2015 Equity Incentive Plan (“2015 Equity Plan”) was approved by the Company’s Board of Directors on January 19, 2015 and by the Company’s stockholders on March 18, 2015. The 2015 Equity Plan authorizes for issuance as stock options, restricted stock, stock appreciation rights, restricted stock units and performance awards, an aggregate of 5,000,000 new shares of common stock to employees, directors, advisors or consultants. At December 31, 2015, there were options outstanding covering 2,547,002 and 842,500 shares of common stock under the 2005 Equity Plan and 2015 Equity Plan, respectively. Stock Option Activity The following table summarizes information about stock option activity during the three months ended December 31, 2015: Number Weighted Average of Shares Exercise Price Outstanding October 1, 2015 2,852,419 $ 2.35 Granted 652,500 $ 1.85 Forfeited/expired (115,417 ) $ 2.57 Outstanding December 31, 2015 3,389,502 $ 2.24 Exercisable December 31, 2015 2,489,685 $ 2.31 Options outstanding are exercisable at prices ranging from $0.93 to $3.17 and expire over the period from 2020 to 2023 with an average life of 6.1 years. The aggregate intrinsic value of options outstanding and exercisable at December 31, 2015 was $465,682 and $347,928, 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 December 31, 2015 2014 Cost of revenue $ 5,637 $ 4,820 Selling, general and administrative 117,955 105,222 Research and development 24,348 21,405 Total $ 147,940 $ 131,447 The employee stock options granted in the three months ended December 31, 2015 and 2014 had a weighted-average estimated fair value of $0.63 per share and $1.18 per share, respectively, using the Black-Scholes option pricing model with the following weighted-average assumptions (annualized percentages): Three months ended December 31, 2015 2014 Volatility 51.0% - 52.0% 53.0% - 62.0% Risk-free interest rate 1.5% - 1.7% 1.3% - 1.6% Forfeiture rate 10.0% 10.0% Dividend yield 2.2% - 2.7% 0.0% Expected life in years 3.8 - 4.6 3.8 - 4.6 The Company declared its first dividend in the quarter ended December 31, 2015, so dividend yield assumptions were added to the valuation of options granted based on the expected annual yield. 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 December 31, 2015, no excess tax benefit for the tax deductions related to share-based awards was recognized for the three months ended December 31, 2015 and 2014. As of December 31, 2015, there was approximately $900,000 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 1.9 years. |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11 . STOCKHOLDERS’ EQUITY Summary The following table summarizes changes in the components of stockholders’ equity during the three months ended December 31, 2015: Accumulated Additional Other Total Common Stock Paid-in Retained Comprehensive Stockholders' Shares Amount Capital Earnings Loss Equity Balances, September 30, 2015 32,898,461 $ 329 $ 87,608,034 $ (49,658,850 ) $ (301 ) $ 37,949,212 Share-based compensation expense - - 147,940 - - 147,940 Repurchase of common stock (1,031,208 ) (10 ) (1,643,110 ) - - (1,643,120 ) Other comprehensive income - - - - (4,208 ) (4,208 ) Dividends declared - - - (318,673 ) - (318,673 ) Net income - - - (380,073 ) - (380,073 ) Balances, December 31, 2015 31,867,253 $ 319 $ 86,112,864 $ (50,357,596 ) $ (4,509 ) $ 35,751,078 Stock Purchase Warrants At December 31, 2015, 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 The Board of Directors approved a share buyback program in 2013 under which the Company was authorized to repurchase up to $4 million of its outstanding common shares. During the three months ended December 31, 2015, 1,031,208 shares were repurchased for $1,643,120 under this program. This program expired on December 31, 2015 and the remaining $275,862 balance was cancelled. In December 2015, the Board of Directors approved a new buyback program for calendar year 2016 under which the Company is authorized to repurchase up to $4 million of its outstanding common shares. Dividends On December 3, 2015, the Company announced a cash dividend of $0.01 per share on the Company’s common stock, payable on January 29, 2016 to stockholders of record on January 15, 2016. Dividends charged to retained earnings in the quarter ended December 31, 2015 were $318,673 with an offset to accrued liabilities. There were no dividends announced in the quarter ended December 31, 2014. |
Note 12 - Income (Loss) Per Sha
Note 12 - Income (Loss) Per Share | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. INCO ME (LOSS) PER SHARE The following table sets forth the computation of basic and diluted earnings per share: Three Months Ended December 31, 2015 2014 Numerator: Income available to common stockholders $ (380,073 ) $ 505,634 Denominator: Weighted average common shares outstanding 32,462,220 33,236,489 Assumed exercise of dilutive options and warrants - 549,507 Weighted average dilutive shares outstanding 32,462,220 33,785,996 Basic income per common share $ (0.01 ) $ 0.02 Diluted income per common share $ (0.01 ) $ 0.01 Potentially dilutive securities outstanding at period end excluded from the diluted computation as the inclusion would have been antidilutive: Options 2,999,002 1,325,750 Warrants 1,627,945 - Total 4,626,947 1,325,750 |
Note 13 - Major Customers
Note 13 - Major Customers | 3 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 13. MAJOR CUSTOMERS For the three months ended December 31, 2015, revenues from two customers accounted for 16% and 11% of total revenues, respectively, with no other single customer accounting for more than 10% of revenues. At December 31, 2015, accounts receivable from three customers accounted for 30%, 13% and 12% 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 December 31, 2014, revenues from three customers accounted for 23%, 15% and 13% of total revenues, with no other single customer accounting for more than 10% of revenues. At December 31, 2014, accounts receivable from two customers accounted for 38% and 24% of total accounts receivable, respectively, with no other single customer accounting for more than 10% of the accounts receivable balance. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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, 2015 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on December 3, 2015. 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | In November 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-17, Balance Sheet Classification of Deferred Taxes The Company adopted this pronouncement early effective October 1, 2015 as it began reporting a deferred tax asset in the prior quarter and wanted to provide consistent reporting going forward. This change had no effect on the Company’s financial statements.. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In June 2014, the FASB issued ASU No. 2014-12, Compensation – Stock Compensation: Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers In July 2015, the FASB deferred the effective date of the standard by an additional year; however, it provided companies the option to adopt one year earlier, commensurate with the original effective date. Accordingly, the standard will be effective for the Company in the fiscal year beginning October 1, 2018, with an option to adopt the standard for the fiscal year beginning October 1, 2017. The Company is currently evaluating this standard and has not yet selected a transition method or the effective date on which it plans to adopt the standard, nor has it determined the effect of the standard on its financial statements and related disclosures. |
Note 4 - Fair Value Measureme21
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | December 31, 2015 Unrealized Fair Cash Short-term Long-term Cost Basis Gains/(Losses) Value Equivalents Securities Securities Level 1: Money Market Funds $ 74,197 $ - $ 74,197 $ 74,197 $ - $ - Level 2: Certificates of deposit 3,296,213 - 3,296,213 - 1,248,644 2,047,569 Municipal securities 267,269 43 267,312 40,056 227,256 - Corporate bonds 1,399,592 (4,552 ) 1,395,040 - 1,165,958 229,082 Subtotal 4,963,074 (4,509 ) 4,958,565 40,056 2,641,858 2,276,651 Total $ 5,037,271 $ (4,509 ) $ 5,032,762 $ 114,253 $ 2,641,858 $ 2,276,651 September 30, 2015 Unrealized Fair Cash Short-term Long-term Cost Basis Gains/(Losses) Value Equivalents Securities Securities Level 1: Money Market Funds $ 301,193 $ - $ 301,193 $ 301,193 $ - $ - Level 2: Certificates of deposit 3,296,238 - 3,296,238 - 249,072 3,047,166 Municipal securities 654,205 293 654,498 160,058 494,440 - Corporate bonds 509,029 (594 ) 508,435 - 508,435 - Subtotal 4,459,472 (301 ) 4,459,171 160,058 1,251,947 3,047,166 Total $ 4,760,665 $ (301 ) $ 4,760,364 $ 461,251 $ 1,251,947 $ 3,047,166 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, September 30, 2015 2015 Raw materials $ 4,691,408 $ 4,562,535 Finished goods 753,544 763,227 Work in process 195,824 20,588 Inventories, gross 5,640,776 5,346,350 Reserve for obsolescence (426,259 ) (420,178 ) Inventories, net $ 5,214,517 $ 4,926,172 |
Note 6 - Property and Equipme23
Note 6 - Property and Equipment (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, September 30, 2015 2015 Machinery and equipment $ 956,759 $ 940,289 Office furniture and equipment 913,211 877,011 Leasehold improvements 71,738 67,913 Property and equipment, gross 1,941,708 1,885,213 Accumulated depreciation (1,453,840 ) (1,413,250 ) Property and equipment, net $ 487,868 $ 471,963 Three months ended December 31, 2015 2014 Depreciation expense $ 55,245 $ 60,640 |
Note 7 - Accrued And Other Li24
Note 7 - Accrued And Other Liabilities - Noncurrent (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Warranty Reserves [Member] | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | December 31, September 30, 2015 2015 Short-term warranty reserve $ 257,595 $ 289,660 Long-term warranty reserve 34,784 25,958 Total warranty reserve $ 292,379 $ 315,618 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, September 30, 2015 2015 Payroll and related $ 332,375 $ 330,916 Dividend Payable 318,673 - Accrued contract costs 295,551 197,034 Warranty reserve 257,595 289,660 Deferred revenue 249,630 51,345 Other - 1,600 Total $ 1,453,824 $ 870,555 Other liabilities - noncurrent consisted of the following: Deferred rent $ 116,037 $ 121,996 Extended warranty 34,784 25,958 Total $ 150,821 $ 147,954 |
Schedule of Product Warranty Liability [Table Text Block] | Three months ended December 31, 2015 2014 Beginning balance $ 315,618 $ 314,311 Warranty provision (22,267 ) 19,198 Warranty settlements (972 ) (8,402 ) Ending balance $ 292,379 $ 325,107 |
Note 10 - Share-Based Compens25
Note 10 - Share-Based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Number Weighted Average of Shares Exercise Price Outstanding October 1, 2015 2,852,419 $ 2.35 Granted 652,500 $ 1.85 Forfeited/expired (115,417 ) $ 2.57 Outstanding December 31, 2015 3,389,502 $ 2.24 Exercisable December 31, 2015 2,489,685 $ 2.31 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three months ended December 31, 2015 2014 Cost of revenue $ 5,637 $ 4,820 Selling, general and administrative 117,955 105,222 Research and development 24,348 21,405 Total $ 147,940 $ 131,447 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended December 31, 2015 2014 Volatility 51.0% - 52.0% 53.0% - 62.0% Risk-free interest rate 1.5% - 1.7% 1.3% - 1.6% Forfeiture rate 10.0% 10.0% Dividend yield 2.2% - 2.7% 0.0% Expected life in years 3.8 - 4.6 3.8 - 4.6 |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Additional Other Total Common Stock Paid-in Retained Comprehensive Stockholders' Shares Amount Capital Earnings Loss Equity Balances, September 30, 2015 32,898,461 $ 329 $ 87,608,034 $ (49,658,850 ) $ (301 ) $ 37,949,212 Share-based compensation expense - - 147,940 - - 147,940 Repurchase of common stock (1,031,208 ) (10 ) (1,643,110 ) - - (1,643,120 ) Other comprehensive income - - - - (4,208 ) (4,208 ) Dividends declared - - - (318,673 ) - (318,673 ) Net income - - - (380,073 ) - (380,073 ) Balances, December 31, 2015 31,867,253 $ 319 $ 86,112,864 $ (50,357,596 ) $ (4,509 ) $ 35,751,078 |
Note 12 - Income (Loss) Per S27
Note 12 - Income (Loss) Per Share (Tables) | 3 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, 2015 2014 Numerator: Income available to common stockholders $ (380,073 ) $ 505,634 Denominator: Weighted average common shares outstanding 32,462,220 33,236,489 Assumed exercise of dilutive options and warrants - 549,507 Weighted average dilutive shares outstanding 32,462,220 33,785,996 Basic income per common share $ (0.01 ) $ 0.02 Diluted income per common share $ (0.01 ) $ 0.01 Potentially dilutive securities outstanding at period end excluded from the diluted computation as the inclusion would have been antidilutive: Options 2,999,002 1,325,750 Warrants 1,627,945 - Total 4,626,947 1,325,750 |
Note 4 - Fair Value by Major Se
Note 4 - Fair Value by Major Security Type (Details) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | Fair Value, Measurements, Nonrecurring [Member] | Cash Equivalents [Member] | ||
Fair Value | $ 74,197 | $ 301,193 |
Cash and Cash Equivalents | 74,197 | 301,193 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Cost Basis | 74,197 | 301,193 |
Fair Value | 74,197 | 301,193 |
Cash and Cash Equivalents | 74,197 | 301,193 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Cost Basis | 3,296,213 | 3,296,238 |
Fair Value | 3,296,213 | 3,296,238 |
Short-term Securities | 1,248,644 | 249,072 |
Long-term Securities | 2,047,569 | 3,047,166 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Nonrecurring [Member] | Cash Equivalents [Member] | ||
Fair Value | 40,056 | 160,058 |
Cash and Cash Equivalents | 40,056 | 160,058 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Cost Basis | 267,269 | 654,205 |
Fair Value | 267,312 | 654,498 |
Short-term Securities | 227,256 | 494,440 |
Unrealized Gains (Losses) | 43 | 293 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Cost Basis | 1,399,592 | 509,029 |
Fair Value | 1,395,040 | 508,435 |
Short-term Securities | 1,165,958 | 508,435 |
Unrealized Gains (Losses) | (4,552) | (594) |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Cash Equivalents [Member] | ||
Fair Value | 40,056 | 160,058 |
Cash and Cash Equivalents | 40,056 | 160,058 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Cost Basis | 4,963,074 | 4,459,472 |
Fair Value | 4,958,565 | 4,459,171 |
Short-term Securities | 2,641,858 | 1,251,947 |
Long-term Securities | 2,276,651 | 3,047,166 |
Unrealized Gains (Losses) | (4,509) | (301) |
Fair Value, Measurements, Nonrecurring [Member] | Cash Equivalents [Member] | ||
Fair Value | 114,253 | 461,251 |
Cash and Cash Equivalents | 114,253 | 461,251 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Cost Basis | 5,037,271 | 4,760,665 |
Fair Value | 5,032,762 | 4,760,364 |
Short-term Securities | 2,641,858 | 1,251,947 |
Long-term Securities | 2,276,651 | 3,047,166 |
Unrealized Gains (Losses) | (4,509) | (301) |
Short-term Securities | 2,641,858 | 1,251,947 |
Long-term Securities | $ 2,276,651 | $ 3,047,166 |
Note 5 - Schedule of Inventory
Note 5 - Schedule of Inventory (Details) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 |
Raw materials | $ 4,691,408 | $ 4,562,535 |
Finished goods | 753,544 | 763,227 |
Work in process | 195,824 | 20,588 |
Inventories, gross | 5,640,776 | 5,346,350 |
Reserve for obsolescence | (426,259) | (420,178) |
Inventories, net | $ 5,214,517 | $ 4,926,172 |
Note 6 - Property and Equipme30
Note 6 - Property and Equipment (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
Machinery and Equipment [Member] | |||
Machinery and equipment | $ 956,759 | $ 940,289 | |
Furniture and Fixtures [Member] | |||
Machinery and equipment | 913,211 | 877,011 | |
Leasehold Improvements [Member] | |||
Machinery and equipment | 71,738 | 67,913 | |
Machinery and equipment | 1,941,708 | 1,885,213 | |
Accumulated depreciation | (1,453,840) | (1,413,250) | |
Property and equipment, net | 487,868 | $ 471,963 | |
Depreciation expense | $ 55,245 | $ 60,640 |
Note 7 - Summary of Accrued Lia
Note 7 - Summary of Accrued Liabilities (Details) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 |
Payroll and related | $ 332,375 | $ 330,916 |
Dividend Payable | 318,673 | |
Accrued contract costs | 295,551 | $ 197,034 |
Short-term warranty reserve | 257,595 | 289,660 |
Deferred revenue | $ 249,630 | 51,345 |
Other | 1,600 | |
Total | $ 1,453,824 | 870,555 |
Deferred rent | 116,037 | 121,996 |
Long-term warranty reserve | 34,784 | 25,958 |
Total | $ 150,821 | $ 147,954 |
Note 7 - Changes in Warranty Re
Note 7 - Changes in Warranty Reserve (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Beginning balance | $ 315,618 | $ 314,311 |
Warranty provision | (22,267) | 19,198 |
Warranty settlements | (972) | (8,402) |
Ending balance | $ 292,379 | $ 325,107 |
Note 7 - Short-term and Long-te
Note 7 - Short-term and Long-term Warranty Reserves (Details) - USD ($) | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 |
Short-term warranty reserve | $ 257,595 | $ 289,660 | ||
Long-term warranty reserve | 34,784 | 25,958 | ||
Total warranty reserve | $ 292,379 | $ 315,618 | $ 325,107 | $ 314,311 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (8,339,000) | ||
Deferred Tax Assets, Valuation Allowance | $ 12,175,000 | ||
Income Tax Expense (Benefit) | $ (309,595) | $ 0 | |
Effective Income Tax Rate Reconciliation, Percent | 44.90% | 0.00% |
Note 9 - Commitments and Cont35
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Level 1 [Member] | ||
Payment of Bonus as Percentage | 50.00% | |
Level 2 [Member] | ||
Payment of Bonus as Percentage | 100.00% | |
Level 3 [Member] | ||
Payment of Bonus as Percentage | 200.00% | |
Bonuses and Related Payroll Tax Expense [Member] | ||
Increase (Decrease) in Other Employee Related Liabilities | $ 0 | $ 170,279 |
Target Bonus Amounts of Percentage of Employee Base Salary, Minimum | 10.00% | |
Target Bonus Amounts of Percentage of Employee Base Salary Maximum | 50.00% |
Note 10 - Share-Based Compens36
Note 10 - Share-Based Compensation (Details Textual) - USD ($) | 3 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2015 | |
2015 Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 5,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 842,500 | ||
2005 Equity Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,547,002 | ||
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 0.93 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 3.17 | ||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 0 | $ 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 3,389,502 | 2,852,419 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.24 | $ 2.35 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 36 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 465,682 | $ 347,928 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.63 | $ 1.18 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 900,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 328 days |
Note 10 - Share-based Compens37
Note 10 - Share-based Compensation (Details) | 3 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Outstanding October 1, 2015 (in shares) | shares | 2,852,419 |
Outstanding October 1, 2015 (in dollars per share) | $ / shares | $ 2.35 |
Granted (in shares) | shares | 652,500 |
Granted (in dollars per share) | $ / shares | $ 1.85 |
Forfeited/expired (in shares) | shares | (115,417) |
Forfeited/expired (in dollars per share) | $ / shares | $ 2.57 |
Outstanding December 31, 2015 (in shares) | shares | 3,389,502 |
Outstanding December 31, 2015 (in dollars per share) | $ / shares | $ 2.24 |
Exercisable December 31, 2015 (in shares) | shares | 2,489,685 |
Exercisable December 31, 2015 (in dollars per share) | $ / shares | $ 2.31 |
Note 10 - Summary of Share-base
Note 10 - Summary of Share-based Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cost of Sales [Member] | ||
Share-based compensation expense | $ 5,637 | $ 4,820 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | 117,955 | 105,222 |
Research and Development Expense [Member] | ||
Share-based compensation expense | 24,348 | 21,405 |
Share-based compensation expense | $ 147,940 | $ 131,447 |
Note 10 - Weighted-Average Assu
Note 10 - Weighted-Average Assumptions (Details) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Minimum [Member] | ||
Volatility | 51.00% | 53.00% |
Risk-free interest rate | 1.50% | 1.30% |
Dividend yield | 2.20% | |
Expected life in years | 3 years 292 days | 3 years 292 days |
Maximum [Member] | ||
Volatility | 52.00% | 62.00% |
Risk-free interest rate | 1.70% | 1.60% |
Expected life in years | 4 years 219 days | 4 years 219 days |
Forfeiture rate | 10.00% | 10.00% |
Dividend yield | 0.00% | 0.00% |
Note 11 - Stockholders' Equit40
Note 11 - Stockholders' Equity (Details Textual) - USD ($) | Dec. 03, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2016 |
Share Buyback Program [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 4,000,000 | |||
Stock Repurchased and Retired During Period, Shares | 1,031,208 | |||
Stock Repurchased During Period, Value | $ 1,643,120 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount Cancelled | $ 275,862 | |||
New Share Buyback Program [Member] | Subsequent Event [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 4,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date | Feb. 4, 2016 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,627,945 | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.67 | |||
Common Stock, Dividends, Per Share, Declared | $ 0.01 | $ 0.01 | ||
Dividends, Common Stock | $ 318,673 |
Note 11 - Summary of Changes in
Note 11 - Summary of Changes in Stockholders (Details) | 3 Months Ended |
Dec. 31, 2015USD ($)shares | |
Common Stock [Member] | |
Balances (in shares) | shares | 32,898,461 |
Balances | $ 329 |
Repurchase of common stock (in shares) | shares | (1,031,208) |
Repurchase of common stock | $ (10) |
Balances (in shares) | shares | 31,867,253 |
Balances | $ 319 |
Additional Paid-in Capital [Member] | |
Balances | 87,608,034 |
Share-based compensation expense | 147,940 |
Repurchase of common stock | (1,643,110) |
Balances | 86,112,864 |
Retained Earnings [Member] | |
Balances | (49,658,850) |
Dividends declared | (318,673) |
Net (loss) income | (380,073) |
Balances | (50,357,596) |
AOCI Attributable to Parent [Member] | |
Balances | (301) |
Other comprehensive income | (4,208) |
Balances | (4,509) |
Balances | 37,949,212 |
Share-based compensation expense | 147,940 |
Repurchase of common stock | (1,643,120) |
Other comprehensive income | (4,208) |
Dividends declared | (318,673) |
Net (loss) income | (380,073) |
Balances | $ 35,751,078 |
Note 12 - Basic and Diluted Ear
Note 12 - Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Option [Member] | ||
Potentially dilutive securities outstanding at period end excluded from the diluted computation as the inclusion would have been antidilutive: | ||
Options (in shares) | 2,999,002 | 1,325,750 |
Warrant [Member] | ||
Potentially dilutive securities outstanding at period end excluded from the diluted computation as the inclusion would have been antidilutive: | ||
Options (in shares) | 1,627,945 | |
Income available to common stockholders | $ (380,073) | $ 505,634 |
Basic (in shares) | 32,462,220 | 33,236,489 |
Assumed exercise of dilutive options and warrants (in shares) | 549,507 | |
Weighted average dilutive shares outstanding (in shares) | 32,462,220 | 33,785,996 |
Basic income per common share (in dollars per share) | $ (0.01) | $ 0.02 |
Diluted income per common share (in dollars per share) | $ (0.01) | $ 0.01 |
Options (in shares) | 4,626,947 | 1,325,750 |
Note 13 - Major Customers (Deta
Note 13 - Major Customers (Details Textual) | 3 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer 1 [Member] | ||
Concentration Risk, Percentage | 16.00% | 23.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer 2 [Member] | ||
Concentration Risk, Percentage | 11.00% | 15.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer 3 [Member] | ||
Concentration Risk, Percentage | 13.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer 1 [Member] | ||
Concentration Risk, Percentage | 30.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer 2 [Member] | ||
Concentration Risk, Percentage | 13.00% | 38.00% |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer 3 [Member] | ||
Concentration Risk, Percentage | 12.00% | 24.00% |
Number of Customers Attaining Specified Percentage of Revenue | 2 | 3 |
Number of Customers Attaining Specified Percentage of Accounts Receivable | 3 | 2 |