Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Nov. 30, 2017 | Mar. 31, 2017 | |
Document Information [Line Items] | |||
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) | 32,367,185 | ||
Entity Public Float | $ 36,281,619 | ||
Document Type | 10-K | ||
Document Period End Date | Sep. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 12,803,887 | $ 13,466,711 |
Short-term marketable securities | 4,359,542 | 2,936,124 |
Accounts receivable | 5,681,882 | 3,408,912 |
Inventories, net | 5,257,234 | 4,763,909 |
Prepaid expenses and other | 983,322 | 595,638 |
Total current assets | 29,085,867 | 25,171,294 |
Long-term marketable securities | 711,124 | 2,187,536 |
Deferred tax assets | 8,331,000 | 8,527,000 |
Property and equipment, net | 509,603 | 473,344 |
Intangible assets, net | 55,689 | 62,905 |
Prepaid expenses and other - noncurrent | 164,517 | 391,454 |
Total assets | 38,857,800 | 36,813,533 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 1,112,366 | 574,566 |
Accrued liabilities | 2,561,395 | 1,503,044 |
Total current liabilities | 3,673,761 | 2,077,610 |
Other liabilities, noncurrent | 165,038 | |
Total liabilities | 3,673,761 | 2,242,648 |
Commitments and contingencies (Note 11) | ||
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; 32,158,436 and 31,800,103 shares issued and outstanding, respectively | 322 | 318 |
Additional paid-in capital | 87,956,839 | 86,467,215 |
Accumulated deficit | (52,771,853) | (51,895,099) |
Accumulated other comprehensive loss | (1,269) | (1,549) |
Total stockholders' equity | 35,184,039 | 34,570,885 |
Total liabilities and stockholders' equity | $ 38,857,800 | $ 36,813,533 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2017 | Sep. 30, 2016 |
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, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 32,158,436 | 31,800,103 |
Common stock, outstanding (in shares) | 32,158,436 | 31,800,103 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||
Product sales | $ 19,247,020 | $ 15,305,942 |
Contract and other | 1,067,158 | 1,055,063 |
Total revenues | 20,314,178 | 16,361,005 |
Cost of revenues | 10,035,577 | 8,689,484 |
Gross profit | 10,278,601 | 7,671,521 |
Operating expenses: | ||
Selling, general and administrative | 8,586,288 | 6,876,792 |
Research and development | 2,500,053 | 2,387,985 |
Total operating expenses | 11,086,341 | 9,264,777 |
Loss from operations | (807,740) | (1,593,256) |
Other income | 128,586 | 125,497 |
Loss from operations before income taxes | (679,154) | (1,467,759) |
Income tax expense (benefit) | 197,600 | (186,160) |
Net loss | $ (876,754) | $ (1,281,599) |
Net loss per common share | ||
- basic and diluted (in dollars per share) | $ (0.03) | $ (0.04) |
Weighted average common shares outstanding: | ||
Basic and diluted (in shares) | 31,855,430 | 31,970,600 |
Cash dividends declared per common share (in dollars per share) | $ 0.03 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net loss | $ (876,754) | $ (1,281,599) |
Other comprehensive income (loss), net of tax: | ||
Unrealized income (loss) on marketable securities, net of tax | 280 | (1,248) |
Other comprehensive income (loss) | 280 | (1,248) |
Comprehensive loss | $ (876,474) | $ (1,282,847) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Sep. 30, 2015 | 32,898,461 | ||||
Balances at Sep. 30, 2015 | $ 329 | $ 87,608,034 | $ (49,658,850) | $ (301) | $ 37,949,212 |
Share-based compensation expense | 605,426 | $ 605,426 | |||
Issuance of common stock upon exercise of stock options, net (in shares) | 1,250 | 1,250 | |||
Issuance of common stock upon exercise of stock options, net | 2,200 | $ 2,200 | |||
Repurchase of common stock (in shares) | (1,099,608) | ||||
Repurchase of common stock | $ (11) | (1,748,445) | (1,748,456) | ||
Common stock cash dividends | (954,650) | (954,650) | |||
Other comprehensive loss | (1,248) | (1,248) | |||
Net loss | (1,281,599) | (1,281,599) | |||
Balances (in shares) at Sep. 30, 2016 | 31,800,103 | ||||
Balances at Sep. 30, 2016 | $ 318 | 86,467,215 | (51,895,099) | (1,549) | 34,570,885 |
Share-based compensation expense | 1,116,400 | $ 1,116,400 | |||
Issuance of common stock upon exercise of stock options, net (in shares) | 233,333 | 233,333 | |||
Issuance of common stock upon exercise of stock options, net | $ 3 | 373,224 | $ 373,227 | ||
Other comprehensive loss | 280 | 280 | |||
Net loss | (876,754) | (876,754) | |||
Issuance of common stock upon vesting of restricted stock units (in shares) | 125,000 | ||||
Issuance of common stock upon vesting of restricted stock units | $ 1 | 1 | |||
Balances (in shares) at Sep. 30, 2017 | 32,158,436 | ||||
Balances at Sep. 30, 2017 | $ 322 | $ 87,956,839 | $ (52,771,853) | $ (1,269) | $ 35,184,039 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating Activities: | ||
Net loss | $ (876,754) | $ (1,281,599) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 153,283 | 167,693 |
Warranty provision | (109,924) | 79,954 |
Inventory obsolescence | 26,243 | 159,954 |
Share-based compensation | 1,116,400 | 605,426 |
Deferred income taxes | 196,000 | (188,000) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,272,970) | (1,292,589) |
Inventories | (519,568) | 2,309 |
Prepaid expenses and other | (147,456) | (29,972) |
Prepaid expenses and other - noncurrent | 226,937 | 187,484 |
Accounts payable | 537,800 | (129,376) |
Payroll and related | 1,487,734 | 51,929 |
Warranty settlements | (67,959) | (38,588) |
Accrued and other liabilities | (416,538) | 556,278 |
Net cash used in operating activities | (666,772) | (1,149,097) |
Investing Activities: | ||
Purchases of marketable securities | (2,908,093) | (825,795) |
Proceeds from maturities of available-for-sale marketable securities | 2,961,367 | |
Capital expenditures | (182,326) | (162,322) |
Patent costs paid | (11,272) | |
Net cash used in investing activities | (129,052) | (999,389) |
Financing Activities: | ||
Repurchase of common stock | (1,748,456) | |
Proceeds from exercise of stock options | 373,228 | 2,200 |
Common stock cash dividends paid | 0 | (954,650) |
Net cash provided by (used in) financing activities | 133,000 | (2,700,906) |
Net decrease in cash | (662,824) | (4,849,392) |
Cash and cash equivalents, beginning of period | 13,466,711 | 18,316,103 |
Cash and cash equivalents, end of period | $ 12,803,887 | $ 13,466,711 |
Note 1 - Operations
Note 1 - Operations | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. LRAD Corporation, a Delaware corporation (the “Company”), is engaged in design, development and commercialization of directed and omnidirectional sound technologies and products. The principal markets for the Company’s proprietary sound reproduction technologies and products are in North and South America, Europe, Middle East and Asia. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. 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 consolidated financial statements include the accounts of this subsidiary after elimination of intercompany transactions and accounts. USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions (e.g., share-based compensation valuation, valuation of inventory and intangible assets, warranty reserve, accrued bonus and valuation allowance related to deferred tax assets) that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting period s. Actual results could materially differ from those estimates. CONCENTRATION OF CREDIT RISK The Company sells its products to a large number of geographically diverse customers. The Company routinely assesses the financial strength of its customers and generally does not September 30, 2017, three 31%, 22% 14% no 10% September 30, 2016, three 27%, 24% 12% no 10% The Company maintains cash and cash equivalent accounts with Federal Deposit Insurance Corporation (“FDIC”) insured financial institutions. The Company places its cash investments in instruments that meet high credit quality standards, as specified in our investment policy guidelines such as money market funds, corporate bonds, municipal bonds and Certificates of Deposit. These guidelines also limit the amount of credit exposure to any one no three , with a portfolio weighted average maturity of no 18 . CASH, CASH EQUIVALENTS, AND RESTRICTED CASH The Company considers all highly liquid investments with an original maturity of three The Company considers any amounts pledged as collateral or otherwise restricted for use in current operations to be restricted cash. Restricted cash is classified as a current asset unless amounts are not one At September 30, 2017 2016, $39,406, MARKETABLE SECURITIES The Company accounts for investments in debt instruments as available-for-sale. Management determines the appropriate classification of such securities at the time of purchase and re-evaluates such classification as of each balance sheet date. Marketable securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), net of tax. The realized gains and losses on marketable securities are determined using the specific identification method. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company carries its accounts receivable at their historical cost, less an allowance for doubtful accounts. On a periodic basis, the Company evaluates its accounts receivable and establishes an allowance for doubtful accounts for estimated losses considering the following factors when determining if collection of a receivable is reasonably assured: customer credit-worthiness, past transaction history with the customer, current economic industry trends and changes in customer payment terms. If the Company has no may may not no September 30, 2017 2016 no September 30, 2017 2016. CONTRACT MANUFACTURERS The Company employs contract manufacturers for production of certain components and sub-assemblies. The Company may no year 2017, INVENTORIES Inventories are valued at the lower of cost or net realizable value. Cost is determined using a standard cost system whereby differences between the standard cost and purchase price are recorded as a purchase price variance in cost of revenues. Inventory is comprised of raw materials, assemblies and finished products intended for sale . $161,600 $159,954 September 30, 2017 2016, 2017 2016. EQUIPMENT AND DEPRECIATION Equipment is stated at cost. Depreciation on machinery and equipment and office furniture and equipment is computed over the estimated useful lives of t wo to seven INTANGIBLES Intangible assets, which consist of patents and trademarks, are carried at cost less accumulated amortization. Intangible assets are amortized over their estimated useful lives, which have been estimated to be 15 LEASES Leases entered into are classified as either capital or operating leases. At the time a capital lease is entered into, an asset is recorded, together with its related long-term obligation to reflect the purchase and financing. At September 30, 2017 2016, no REVENUE RECOGNITION The Company derives its revenue primarily from two product revenues, and (ii) contracts, license fees, other services, and freight. Product revenues from customers, including resellers and system integrators, are recognized in the periods that products are shipped (FOB shipping point) or received by customers (FOB destination), when the fee is fixed or determinable, when collection of resulting receivables is reasonably assured, and there are no no ’s customers do not The Company also sells extended repair and maintenance contracts with terms ranging from one , which provide repair and maintenance services after expiration of the original one SHIPPING AND HANDLING COSTS Shipping and handling costs are included in cost of revenues. Shipping and handling costs invoiced to customers are included in revenue. Actual shipping and handling costs were $148,862 $128,380 September 30, 2017 2016, $124,141 $78,975 September 30, 2017 2016, ADVERTISING Advertising costs are charged to expense as incurred. The Company expensed $42,232 $66,353 September 30, 2017 2016, RESEARCH AND DEVELOPMENT COSTS Research and development costs are expensed as incurred. WARRANTY RESERVES The Company warrants its products to be free from defects in materials and workmanship for a period of one may The Company establishes a warranty reserve based on anticipated warranty claims at the time product revenues are recognized. Factors affecting warranty reserve levels include the number of units sold, anticipated cost of warranty repairs and anticipated rates of warranty claims. The Company evaluates the adequacy of the provision for warranty costs each reporting period. The warranty reserve was $179,101 $356,984 September 30, 2017 2016, INCOME TAXES The Company determines its income tax provision using the asset and liability method. Temporary differences are differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. A valuation allowance is recorded by the Company to the extent it is more likely than not some portion or all of the deferred tax asset will not 10, IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets and identifiable intangibles held for use are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not ’s fair value. SEGMENT INFORMATION The Company presents its business as one ’s chief operating decision-making officer reviews financial information on sound products on a consolidated basis. See Note 15, NET (LOSS) INCOME PER SHARE Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding for the period. Diluted net (loss) income per share reflects the potential dilution of securities that could occur if outstanding securities convertible into common stock were exercised or converted. See Note 14, FOREIGN CURRENCY TRANSLATION The Company ’s functional currency is U.S. dollars as substantially all of the Company’s operations use this denomination. Foreign sales to date have been denominated in U.S. dollars. Transactions undertaken in other currencies, which have not SHARE-BASED COMPENSATION The Company recognized share-based compensation expense related to qualified and non-qualified stock options issued to employees and directors over the expected vesting term of the stock-based instrument based on the grant date fair value. 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. See Note 12, RECLASSIFICATIONS Where necessary, the prior year ’s information has been reclassified to conform to the fiscal year 2017 no SUBSEQUENT EVENTS Management has evaluated events subsequent to September 30, 2017 no September 30, 2017. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. In March 2016, No. 2016 09, Compensation – Stock Compensation (Topic 718 no October 1, 2017. In February 2016, 2016 02, Leases (Topic 842 12 October 1, 2019. In May 2014, the FASB issued ASU No. 2014 09, Revenue from Contracts with Customers 2014 09” 2014 09 In July 2015, one October 1, 2018, October 1, 2017. 2015 14; 2016 08; 2016 10; 2016 12; 2016 13; 2016 20 not In November 2015, No. 2015 17, Balance Sheet Classification of Deferred Taxes 2015 17” October 1, 2017. September 30, 2016 . |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. 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 three 3 Level 1: Level 2: not Level 3: The fair value of the majority of the Company ’ s cash equivalents and marketable securities was determined based on “ Level 1” inputs. The fair value of certain marketable securities, long-term debt, hedge fund investments, and derivative contracts were determined based on “ Level 2” inputs. The valuation techniques used to measure the fair value of the “ Level 2” instruments were valued based on quoted market prices or model-driven valuations using significant inputs derived from or corroborated by observable market data. The Company does not 3” There have been no 1, 2, 3 no years ended September 30, 2017 2016. Instruments Measured at Fair Value The following table s present the Company’s cash equivalents and marketable securities’ costs, gross unrealized gains and losses, and fair value by major security type recorded as cash equivalents or short-term or long-term marketable securities as of September 30, 2017 2016. September 30, 2017 Unrealized Fair Cash Short-term Long-term Cost Basis Gains/(Losses) Value Equivalents Securities Securities Level 1: Money Market Funds $ 55,257 $ - $ 55,257 $ 55,257 $ - $ - Level 2: Certificates of deposit $ 2,436,647 $ - $ 2,436,647 $ - $ 1,937,647 $ 499,000 Municipal securities 25,315 (12 ) 25,303 - 25,303 - Corporate bonds 2,609,973 (1,257 ) 2,608,716 - 2,396,592 212,124 Subtotal 5,071,935 (1,269 ) 5,070,666 - 4,359,542 711,124 Total $ 5,127,192 $ (1,269 ) $ 5,125,923 $ 55,257 $ 4,359,542 $ 711,124 September 30, 2016 Cost Basis Unrealized Gains/(Losses) Fair Value Cash Equivalents Short-term Securities Long-term Securities Level 1: Money Market Funds $ - $ - $ 95,538 $ 95,538 $ - $ - Level 2: Certificates of deposit $ 3,236,168 $ - $ 3,236,168 $ - $ 1,299,133 $ 1,937,035 Municipal securities 140,637 - 140,637 - 140,637 - Corporate bonds 1,748,404 (1,549 ) 1,746,855 - 1,496,354 250,501 Subtotal 5,125,209 (1,549 ) 5,123,660 - 2,936,124 2,187,536 Total $ 5,125,209 $ (1,549 ) $ 5,219,198 $ 95,538 $ 2,936,124 $ 2,187,536 |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5 . INVENTORIES Inventories consisted of the following: September 30, 2017 2016 Raw materials $ 3,784,935 $ 4,393,928 Finished goods 1,742,960 775,628 Work in process 147,871 174,485 Inventories, gross 5,675,766 5,344,041 Reserve for obsolescence (418,532 ) (580,132 ) Inventories, net $ 5,257,234 $ 4,763,909 The Company had raw materials l ocated at supplier locations of $69,693 $97,515 September 30, 2017 2016, The Company relies on one s and is making efforts to obtain alternative suppliers to reduce such reliance. The Company’s ability to manufacture its LRAD products could be adversely affected if it were to lose this sole source supplier and was unable to find an alternative supplier. |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6 . PROPERTY AND EQUIPMENT Property and equipment consisted of the following: September 30, 2017 2016 Machinery and equipment $ 994,157 $ 957,829 Office furniture and equipment 1,093,502 976,856 Leasehold improvements 76,138 71,738 Property and equipment, gross 2,163,797 2,006,423 Accumulated depreciation (1,654,194 ) (1,533,079 ) Property and equipment, net $ 509,603 $ 473,344 Year Ended September 30, 2017 2016 Depreciation expense $ 146,067 $ 160,941 |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 7 . INTANGIBLE ASSETS Intangible assets related to patents and trademarks consisted of the following: September 30, 2017 2016 Cost $ 108,247 $ 108,247 Accumulated amortization (52,558 ) (45,342 ) Intangible assets, net $ 55,689 $ 62,905 Year ended September 30, 2017 2016 Amortization expense $ 7,216 $ 6,752 Estimated Amortization Expense Years Ended September 30, 2018 $ 6,535 2019 6,247 2020 5,924 2021 5,636 2022 5,506 Thereafter 25,841 Total estimated amortization expense $ 55,689 |
Note 8 - Prepaid Maintenance Ag
Note 8 - Prepaid Maintenance Agreement | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Prepaid Maintenance Agreement Disclosure [Text Block] | 8 . PREPAID MAINTENANCE AGREEMENT At March 31, 2011, $1,500,000 third eight $187,500 eight September 30, 2017, $187,500 $93,750 September 30, 2016, $187,500 $281,250 |
Note 9 - Accrued and Other Liab
Note 9 - Accrued and Other Liabilities - Noncurrent | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Current and Noncurrent Accrued Liabilities [Text Block] | 9 . ACCRUED AND OTHER LIABILITIES—NONCURRENT Accrued liabilities consisted of the following: September 30, 2017 2016 Payroll and related $ 1,870,579 $ 382,845 Deferred revenue 268,580 637,763 Warranty reserve 179,101 285,402 Accrued contract costs 197,034 197,034 Deferred rent 46,101 - Total $ 2,561,395 $ 1,503,044 Other liabilities - noncurrent consisted of the following: Deferred rent $ - $ 93,456 Extended warranty - 71,582 Total $ - $ 165,038 Payroll and related Accrued payroll and related consists primarily of accrued bonus, accrued vacation, accrued sales commissions and benefits at September 30, 2017 2016. Deferred Revenue Deferred revenue at September 30, 201 7 September 30, 2018. Warranty Reserve Details of the estimated warranty reserve were as follows: Years ended September 30, 2017 2016 Beginning balance $ 356,984 $ 315,618 Warranty provision (109,925 ) 79,954 Warranty settlements (67,958 ) (38,588 ) Ending balance $ 179,101 $ 356,984 September 30, 2017 2016 Short-term warranty reserve $ 179,101 $ 285,402 Long-term warranty reserve - 71,582 Total warranty reserve $ 179,101 $ 356,984 The Company establishes a warranty reserve based on anticipated warranty claims at the time product revenue is recognized. Factors affecting warranty reserve levels include the number of units sold, anticipated cost of warranty repairs and anticipated rates of warranty claims. The Company evaluates the adequacy of the provision for warranty costs each reporting period and in the fourth 2017 $203,000 Accrued contract costs Accrued contract costs consist of accrued expenses for contracting a third 2019 September 30, 2011. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 0 . INCOME TAXES Income taxes consisted of the following: Years ended September 30, 2017 2016 Current tax provision Federal $ - $ - State 1,600 1,840 Total current tax provision 1,600 1,840 Deferred provision (benefit) Federal 166,600 (159,800 ) State 29,400 (28,200 ) Total deferred provision (benefit) 196,000 (188,000 ) Provision (benefit) for income taxes $ 197,600 $ (186,160 ) A reconciliation of income taxes at the federal statutory rate of 34% Years ended September 30, 2017 2016 Income taxes computed at the federal statutory rate $ (231,000 ) $ (499,000 ) Change in valuation allowance 197,000 (66,000 ) Expired net operating loss carryforwards 283,000 487,000 Nondeductible compensation, interest expense and other 21,000 99,000 State income taxes, net of federal tax benefit (24,000 ) (36,000 ) Change in R&D credit carryover (98,000 ) (98,000 ) Stock options and other prior year true-ups 48,000 (75,000 ) Other 1,600 1,840 Provision (benefit) for income taxes $ 197,600 $ (186,160 ) The types of temporary differences between the tax basis of assets and liabilities and their approximate tax effects that give rise to a significant portion of the net deferred tax asset at September 30, 2017 2016 At September 30, Deferred tax assets: 2017 2016 Net operating loss carryforwards $ 16,443,000 $ 16,410,000 Research and development credit 2,559,000 2,461,000 Share-based compensation 898,000 598,000 Equipment (80,000 ) (23,000 ) Patents 69,000 102,000 Accruals and other 546,000 832,000 State tax deduction (7,000 ) (7,000 ) Federal AMT Credit 52,000 52,000 Allowances 157,000 211,000 Gross deferred tax asset 20,637,000 20,636,000 Less valuation allowance (12,306,000 ) (12,109,000 ) Total deferred tax assets, net of valuation allowance $ 8,331,000 $ 8,527,000 At September 30, 2017, $8,331,000. September 30, 2017, $47,019,000, 2022 2036. $1,990,000 $569,000 September 30, 2017, 2018 not October 1, 2008 September 30, 2017, not $1,130,000. The Company reviews its ability to realize its deferred tax assets on a quarterly basis. In doing so, management considers historical and projected taxable income of the Company, along with any tax planning strategies and any other positive or negative evidence. Realization is dependent on generating sufficient taxable income prior to the expiration of the loss carryforwards and other deferred assets. The Company has sustained profitability over six seven ring the quarter ended September 30, 2015, not September 30, 2017 2016, 2017 2016. September 30, 2017 $12,306,000. may may The Company recorded a tax provision for the minimum state tax requirement for the year ended September 30, 2017 June 30, 2012, September 30, 2008 September 30, 2008 3 20 172 1 1986 172” 2009 September 30, 2017, no The Company is subject to taxation in the U.S. and various state jurisdictions. All of the Company ’s historical tax years are subject to examination by the Internal Revenue Service and various state jurisdictions due to the generation of NOL and credit carryforwards. |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 1 . COMMITMENTS AND CONTINGENCIES Facility Lease On November 29, 2011, 31,360 July 1, 2012 June 30, 2018. $16,306 first $25,088, $26,656, $28,224, $29,792 $31,360 second sixth Operating Leases Total operating lease expense, including facilities and business equipment commitments, recorded by the Company for the years ended September 30, 2017 2016 $351,418 $377,033, The obligations under all operating leases are as follows: Years ending September 30: 2018 298,797 2019 16,557 2020 15,177 Total lease obligations $ 330,531 Employment Agreements The Company entered into an employment agreement in August 2016 twelve 2019 two 18 first first one 375,000 2019 There are no Bonus Plan In fiscal 2017, three 2016, three three 2017, $1,100,693 2016, not no Employee Benefit —401K The Company has a defined contribution plan ( 401 covering its employees. Matching contributions are made on behalf of all participants at the discretion of the board of directors. During the fiscal years ended September 30, 2017 2016, $196,239 $157,081, Litigation The Company may ’s estimation, record adequate reserves in the Company’s financial statements for pending litigation. Guarantees and Indemnifications The Company enters into indemnification provisions under (i) its agreements with other companies in its ordinary course of business, typically with business partners, contractors, customers and landlords and (ii) its agreements with investors. Under these arrangements, the Company may third may not may not no September 30, 2017 2016. Under its bylaws, the Company has agreed to indemnify its officers and directors for certain events or occurrences arising as a result of the officer or director serving in such capacity. In addition, the Company executed indemnification agreements in June 2013 not no September 30, 2017 2016. |
Note 12 - Share-based Compensat
Note 12 - Share-based Compensation | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 2 . SHARE-BASED COMPENSATION Stock Option Plans At September 30, 201 7, two 2005 “2005 March 2015, 2015 “2015 December 6, 2016 March 14, 2017. 2015 5,000,000 September 30, 2017, 2,377,502 2,411,000 2005 2015 2,330,667 7,119,169 two Share-Based Compensation The Company ’s employee stock options have various restrictions that reduce option value, including vesting provisions and restrictions on transfer and hedging, among others, and are often exercised prior to their contractual maturity. The Company recorded $1,116,400 $605,426 September 30, 2017 2016, September 30, 2017 2016 2017 2016 Volatility 42.6% - 53.7% 49.0% - 52.0% Risk-free interest rate 1.73% - 2.01% 1.0% - 1.7% Forfeiture rate 10.0% 10.0% Dividend yield 0.0% 2.2% - 2.7% Expected life in years 3.8 - 4.6 3.2 - 4.6 Weighted average fair value of options granted during the period $0.71 $0.70 The Company did not 2017 September 30, 2016. seven As of September 30, 2017, $683,000 2.2 Performance-Based Stock Options On August 1, 2016, Company awarded a performance-based stock option (PVO) to purchase 750,000 seven 2019 2020 375,000 four Additionally, vesting is subject to the executive being employed by the Company at the time the Company achieves such financial targets. The Company determined that it is probable that the performance condition will be achieved at the low end of the expected revenue level for each of the years , and therefore assumed that 187,500 $0.81 $42,363 $4,774 September 30, 2017 2016 not September 30, 2017. Restricted Stock Units In the quarter ended December 31, 2016, 25,000 Amended and Restated 2015 2017 20,000 2016 first 2016 May 17, 2017. As a result of the stockholders approval of the Amended and Restated 2015 2017 March 14, 2017, $197,500 May 17, 2017 O n March 14, 2017, 25,000 first $197,500, March 14, 2018 A summary of activity of the Company ’s restricted stock plan as of September 30, 2017 2016 Number of Shares Balance, September 30, 2016 - Granted 250,000 Released (125,000 ) Forfeited/cancelled - Balance, September 30, 2017 125,000 Stock Option Summary Information A summary of activity for the Company ’s stock option plans as of September 30, 2017 2016 Number Weighted Average of Shares Exercise Price Outstanding October 1, 2016 4,404,002 $ 2.18 Granted 574,500 $ 2.09 Forfeited/expired (81,667 ) $ 2.51 Exercised (233,333 ) $ 1.60 Outstanding September 30, 2017 4,663,502 $ 2.16 Exercisable September 30, 2017 3,329,437 $ 2.25 The aggregate intrinsic value for options outstanding and options exercisable at September 30, 2017 $869,955 $673,225, $2.13 September 30, 2017 $72,709 $373,228. September 30, 2016 $288 $2,200. $72,709 $288 September 30, 2017 2016, The following table summarizes information about stock options outstanding at September 30, 2017: Weighted Average Weighted Weighted Range of Remaining Average Average Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life Price Exercisable Price $0.93 - $1.76 1,332,752 4.35 $ 1.65 1,036,036 $ 1.63 $1.77 - $1.99 1,654,500 4.63 $ 1.93 626,526 $ 1.89 $2.00 - $2.85 905,000 2.31 $ 2.57 902,500 $ 2.57 $2.86 - $3.13 761,250 1.29 $ 3.00 757,500 $ 3.00 $3.14 - $3.17 10,000 4.14 $ 3.17 6,875 $ 3.17 $0.93 - $3.17 4,663,502 3.41 $ 2.18 3,329,437 $ 2.25 The Company recorded non-cash share-based compensation expense for employees, directors and consultants for the fiscal years ended September 30, 2017 2016. Years Ended September 30, 2017 2016 Cost of revenues $ 24,151 $ 24,092 Selling, general and administrative 998,540 478,695 Research and development 93,709 102,639 Total $ 1,116,400 $ 605,426 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 3 . STOCKHOLDERS’ EQUITY Common Stock Activity During the year ended September 30, 2017, 233,333 $373,228 $240,228 September 30, 2016, 1,250 $2,200 September 30, 2017, 125,000 No September 30, 2016. Preferred Stock The Company is authorized under its certificate of incorporation and bylaws to issue 5,000,000 $0.00001 No September 30, 2017 2016. Share Buyback Program The Board of Directors approved a share buyback program under which the Company was authorized to repurchase up to $4 During the year ended September 30, 2017, no 1,099,608 $1,748,456 September 30, 2016. September 30, 2017, December 2017, December 31, 2018. |
Note 14 - Net Loss Per Share
Note 14 - Net Loss Per Share | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 4 . NET LOSS PER SHARE Basic earnings per share are computed by dividing net loss by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period increased to include the number of dilutive potential common shares outstanding during the period. The dilutive effect of outstanding stock options is reflected in diluted earnings per share by application of the treasury stock method, which assumes that the proceeds from the exercise of the outstanding options are used to repurchase common stock at market value. Under the treasury stock method, an increase in the fair market value of the Company’s common stock can result in a greater dilutive effect from potentially dilutive securities. If the Company has losses for the period, the inclusion of potential common stock instruments outstanding would be anti-dilutive. In addition, under the treasury stock method, the inclusion of stock options with an exercise price greater than the per-share market value would be antidilutive. Potential common shares that would be antidilutive are excluded from the calculation of diluted income per share. The following table sets forth the computation of basic and diluted earnings per share: Year Ended September 30, 2017 2016 Numerator: Loss available to common stockholders $ (876,754 ) $ (1,281,599 ) Denominator: Weighted average common shares outstanding 31,855,430 31,970,600 Basic loss income per common share $ (0.03 ) $ (0.04 ) Diluted loss income per common share $ (0.03 ) $ (0.04 ) |
Note 15 - Major Customers, Supp
Note 15 - Major Customers, Suppliers, Segment and Related Information | 12 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 1 5 . MAJOR CUSTOMERS, SUPPLIERS, SEGMENT AND RELATED INFORMATION Major Customers For the fiscal year ended September 30, 2017, one 15% no 10% September 30, 2016, not 10% Suppliers The Company has a large number of components and sub-assemblies produced by outside suppliers, some of which are sourced from a single supplier, which can magnify the risk of shortages and decrease the Company ’s ability to negotiate with suppliers on the basis of price. In particular, the Company depends on one Segment and Related Information The Company presents its business as one ’s chief operating decision making officer reviews financial information on sound products on a consolidated basis. The following table summarizes revenues by geographic region. Revenues are attributed to countries based on customer ’s delivery location. Years ended September 30, 2017 2016 Americas $ 8,688,005 $ 7,582,545 Europe, Middle East and Africa 1,439,157 1,035,559 Asia Pacific 10,187,016 7,742,901 Total Revenues $ 20,314,178 $ 16,361,005 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
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 consolidated financial statements include the accounts of this subsidiary after elimination of intercompany transactions and accounts. |
Use of Estimates, Policy [Policy Text Block] | USE OF ESTIMATES The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions (e.g., share-based compensation valuation, valuation of inventory and intangible assets, warranty reserve, accrued bonus and valuation allowance related to deferred tax assets) that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and affect the reported amounts of revenues and expenses during the reporting period s. Actual results could materially differ from those estimates. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | CONCENTRATION OF CREDIT RISK The Company sells its products to a large number of geographically diverse customers. The Company routinely assesses the financial strength of its customers and generally does not September 30, 2017, three 31%, 22% 14% no 10% September 30, 2016, three 27%, 24% 12% no 10% The Company maintains cash and cash equivalent accounts with Federal Deposit Insurance Corporation (“FDIC”) insured financial institutions. The Company places its cash investments in instruments that meet high credit quality standards, as specified in our investment policy guidelines such as money market funds, corporate bonds, municipal bonds and Certificates of Deposit. These guidelines also limit the amount of credit exposure to any one no three , with a portfolio weighted average maturity of no 18 . |
Cash and Cash Equivalents, Policy [Policy Text Block] | CASH, CASH EQUIVALENTS, AND RESTRICTED CASH The Company considers all highly liquid investments with an original maturity of three The Company considers any amounts pledged as collateral or otherwise restricted for use in current operations to be restricted cash. Restricted cash is classified as a current asset unless amounts are not one At September 30, 2017 2016, $39,406, |
Marketable Securities, Policy [Policy Text Block] | MARKETABLE SECURITIES The Company accounts for investments in debt instruments as available-for-sale. Management determines the appropriate classification of such securities at the time of purchase and re-evaluates such classification as of each balance sheet date. Marketable securities are reported at fair value with the related unrealized gains and losses included in accumulated other comprehensive income (loss), net of tax. The realized gains and losses on marketable securities are determined using the specific identification method. |
Trade and Other Accounts Receivable, Policy [Policy Text Block] | ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS The Company carries its accounts receivable at their historical cost, less an allowance for doubtful accounts. On a periodic basis, the Company evaluates its accounts receivable and establishes an allowance for doubtful accounts for estimated losses considering the following factors when determining if collection of a receivable is reasonably assured: customer credit-worthiness, past transaction history with the customer, current economic industry trends and changes in customer payment terms. If the Company has no may may not no September 30, 2017 2016 no September 30, 2017 2016. |
Contract Manufacturers, Policy [Policy Text Block] | CONTRACT MANUFACTURERS The Company employs contract manufacturers for production of certain components and sub-assemblies. The Company may no year 2017, |
Inventory, Policy [Policy Text Block] | INVENTORIES Inventories are valued at the lower of cost or net realizable value. Cost is determined using a standard cost system whereby differences between the standard cost and purchase price are recorded as a purchase price variance in cost of revenues. Inventory is comprised of raw materials, assemblies and finished products intended for sale . $161,600 $159,954 September 30, 2017 2016, 2017 2016. |
Property, Plant and Equipment, Policy [Policy Text Block] | EQUIPMENT AND DEPRECIATION Equipment is stated at cost. Depreciation on machinery and equipment and office furniture and equipment is computed over the estimated useful lives of t wo to seven |
Goodwill and Intangible Assets, Policy [Policy Text Block] | INTANGIBLES Intangible assets, which consist of patents and trademarks, are carried at cost less accumulated amortization. Intangible assets are amortized over their estimated useful lives, which have been estimated to be 15 |
Lessee, Leases [Policy Text Block] | LEASES Leases entered into are classified as either capital or operating leases. At the time a capital lease is entered into, an asset is recorded, together with its related long-term obligation to reflect the purchase and financing. At September 30, 2017 2016, no |
Revenue Recognition, Policy [Policy Text Block] | REVENUE RECOGNITION The Company derives its revenue primarily from two product revenues, and (ii) contracts, license fees, other services, and freight. Product revenues from customers, including resellers and system integrators, are recognized in the periods that products are shipped (FOB shipping point) or received by customers (FOB destination), when the fee is fixed or determinable, when collection of resulting receivables is reasonably assured, and there are no no ’s customers do not The Company also sells extended repair and maintenance contracts with terms ranging from one , which provide repair and maintenance services after expiration of the original one |
Shipping and Handling Cost, Policy [Policy Text Block] | SHIPPING AND HANDLING COSTS Shipping and handling costs are included in cost of revenues. Shipping and handling costs invoiced to customers are included in revenue. Actual shipping and handling costs were $148,862 $128,380 September 30, 2017 2016, $124,141 $78,975 September 30, 2017 2016, |
Advertising Costs, Policy [Policy Text Block] | ADVERTISING Advertising costs are charged to expense as incurred. The Company expensed $42,232 $66,353 September 30, 2017 2016, |
Research and Development Expense, Policy [Policy Text Block] | RESEARCH AND DEVELOPMENT COSTS Research and development costs are expensed as incurred. |
Standard Product Warranty, Policy [Policy Text Block] | WARRANTY RESERVES The Company warrants its products to be free from defects in materials and workmanship for a period of one may The Company establishes a warranty reserve based on anticipated warranty claims at the time product revenues are recognized. Factors affecting warranty reserve levels include the number of units sold, anticipated cost of warranty repairs and anticipated rates of warranty claims. The Company evaluates the adequacy of the provision for warranty costs each reporting period. The warranty reserve was $179,101 $356,984 September 30, 2017 2016, |
Income Tax, Policy [Policy Text Block] | INCOME TAXES The Company determines its income tax provision using the asset and liability method. Temporary differences are differences between the tax basis of assets and liabilities and their reported amounts in the financial statements that will result in taxable or deductible amounts in future years. A valuation allowance is recorded by the Company to the extent it is more likely than not some portion or all of the deferred tax asset will not 10, |
Property, Plant and Equipment, Impairment [Policy Text Block] | IMPAIRMENT OF LONG-LIVED ASSETS Long-lived assets and identifiable intangibles held for use are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not ’s fair value. |
Segment Reporting, Policy [Policy Text Block] | SEGMENT INFORMATION The Company presents its business as one ’s chief operating decision-making officer reviews financial information on sound products on a consolidated basis. See Note 15, |
Earnings Per Share, Policy [Policy Text Block] | NET (LOSS) INCOME PER SHARE Basic net (loss) income per share is computed by dividing net (loss) income by the weighted average number of common shares outstanding for the period. Diluted net (loss) income per share reflects the potential dilution of securities that could occur if outstanding securities convertible into common stock were exercised or converted. See Note 14, |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | FOREIGN CURRENCY TRANSLATION The Company ’s functional currency is U.S. dollars as substantially all of the Company’s operations use this denomination. Foreign sales to date have been denominated in U.S. dollars. Transactions undertaken in other currencies, which have not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | SHARE-BASED COMPENSATION The Company recognized share-based compensation expense related to qualified and non-qualified stock options issued to employees and directors over the expected vesting term of the stock-based instrument based on the grant date fair value. 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. See Note 12, |
Reclassification, Policy [Policy Text Block] | RECLASSIFICATIONS Where necessary, the prior year ’s information has been reclassified to conform to the fiscal year 2017 no |
Subsequent Events, Policy [Policy Text Block] | SUBSEQUENT EVENTS Management has evaluated events subsequent to September 30, 2017 no September 30, 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | 3. In March 2016, No. 2016 09, Compensation – Stock Compensation (Topic 718 no October 1, 2017. In February 2016, 2016 02, Leases (Topic 842 12 October 1, 2019. In May 2014, the FASB issued ASU No. 2014 09, Revenue from Contracts with Customers 2014 09” 2014 09 In July 2015, one October 1, 2018, October 1, 2017. 2015 14; 2016 08; 2016 10; 2016 12; 2016 13; 2016 20 not In November 2015, No. 2015 17, Balance Sheet Classification of Deferred Taxes 2015 17” October 1, 2017. September 30, 2016 . |
Note 4 - Fair Value Measureme24
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Fair Value Measurements, Nonrecurring [Table Text Block] | September 30, 2017 Unrealized Fair Cash Short-term Long-term Cost Basis Gains/(Losses) Value Equivalents Securities Securities Level 1: Money Market Funds $ 55,257 $ - $ 55,257 $ 55,257 $ - $ - Level 2: Certificates of deposit $ 2,436,647 $ - $ 2,436,647 $ - $ 1,937,647 $ 499,000 Municipal securities 25,315 (12 ) 25,303 - 25,303 - Corporate bonds 2,609,973 (1,257 ) 2,608,716 - 2,396,592 212,124 Subtotal 5,071,935 (1,269 ) 5,070,666 - 4,359,542 711,124 Total $ 5,127,192 $ (1,269 ) $ 5,125,923 $ 55,257 $ 4,359,542 $ 711,124 September 30, 2016 Cost Basis Unrealized Gains/(Losses) Fair Value Cash Equivalents Short-term Securities Long-term Securities Level 1: Money Market Funds $ - $ - $ 95,538 $ 95,538 $ - $ - Level 2: Certificates of deposit $ 3,236,168 $ - $ 3,236,168 $ - $ 1,299,133 $ 1,937,035 Municipal securities 140,637 - 140,637 - 140,637 - Corporate bonds 1,748,404 (1,549 ) 1,746,855 - 1,496,354 250,501 Subtotal 5,125,209 (1,549 ) 5,123,660 - 2,936,124 2,187,536 Total $ 5,125,209 $ (1,549 ) $ 5,219,198 $ 95,538 $ 2,936,124 $ 2,187,536 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2017 2016 Raw materials $ 3,784,935 $ 4,393,928 Finished goods 1,742,960 775,628 Work in process 147,871 174,485 Inventories, gross 5,675,766 5,344,041 Reserve for obsolescence (418,532 ) (580,132 ) Inventories, net $ 5,257,234 $ 4,763,909 |
Note 6 - Property and Equipme26
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2017 2016 Machinery and equipment $ 994,157 $ 957,829 Office furniture and equipment 1,093,502 976,856 Leasehold improvements 76,138 71,738 Property and equipment, gross 2,163,797 2,006,423 Accumulated depreciation (1,654,194 ) (1,533,079 ) Property and equipment, net $ 509,603 $ 473,344 |
Depreciation Expense [Member] | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Year Ended September 30, 2017 2016 Depreciation expense $ 146,067 $ 160,941 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2017 2016 Cost $ 108,247 $ 108,247 Accumulated amortization (52,558 ) (45,342 ) Intangible assets, net $ 55,689 $ 62,905 Year ended September 30, 2017 2016 Amortization expense $ 7,216 $ 6,752 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated Amortization Expense Years Ended September 30, 2018 $ 6,535 2019 6,247 2020 5,924 2021 5,636 2022 5,506 Thereafter 25,841 Total estimated amortization expense $ 55,689 |
Note 9 - Accrued and Other Li28
Note 9 - Accrued and Other Liabilities - Noncurrent (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, 2017 2016 Payroll and related $ 1,870,579 $ 382,845 Deferred revenue 268,580 637,763 Warranty reserve 179,101 285,402 Accrued contract costs 197,034 197,034 Deferred rent 46,101 - Total $ 2,561,395 $ 1,503,044 Deferred rent $ - $ 93,456 Extended warranty - 71,582 Total $ - $ 165,038 |
Schedule of Product Warranty Liability [Table Text Block] | Years ended September 30, 2017 2016 Beginning balance $ 356,984 $ 315,618 Warranty provision (109,925 ) 79,954 Warranty settlements (67,958 ) (38,588 ) Ending balance $ 179,101 $ 356,984 |
Warranty Reserves [Member] | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | September 30, 2017 2016 Short-term warranty reserve $ 179,101 $ 285,402 Long-term warranty reserve - 71,582 Total warranty reserve $ 179,101 $ 356,984 |
Note 10 - Income Taxes (Tables)
Note 10 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended September 30, 2017 2016 Current tax provision Federal $ - $ - State 1,600 1,840 Total current tax provision 1,600 1,840 Deferred provision (benefit) Federal 166,600 (159,800 ) State 29,400 (28,200 ) Total deferred provision (benefit) 196,000 (188,000 ) Provision (benefit) for income taxes $ 197,600 $ (186,160 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended September 30, 2017 2016 Income taxes computed at the federal statutory rate $ (231,000 ) $ (499,000 ) Change in valuation allowance 197,000 (66,000 ) Expired net operating loss carryforwards 283,000 487,000 Nondeductible compensation, interest expense and other 21,000 99,000 State income taxes, net of federal tax benefit (24,000 ) (36,000 ) Change in R&D credit carryover (98,000 ) (98,000 ) Stock options and other prior year true-ups 48,000 (75,000 ) Other 1,600 1,840 Provision (benefit) for income taxes $ 197,600 $ (186,160 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | At September 30, Deferred tax assets: 2017 2016 Net operating loss carryforwards $ 16,443,000 $ 16,410,000 Research and development credit 2,559,000 2,461,000 Share-based compensation 898,000 598,000 Equipment (80,000 ) (23,000 ) Patents 69,000 102,000 Accruals and other 546,000 832,000 State tax deduction (7,000 ) (7,000 ) Federal AMT Credit 52,000 52,000 Allowances 157,000 211,000 Gross deferred tax asset 20,637,000 20,636,000 Less valuation allowance (12,306,000 ) (12,109,000 ) Total deferred tax assets, net of valuation allowance $ 8,331,000 $ 8,527,000 |
Note 11 - Commitments and Con30
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ending September 30: 2018 298,797 2019 16,557 2020 15,177 Total lease obligations $ 330,531 |
Note 12 - Share-based Compens31
Note 12 - Share-based Compensation (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 Volatility 42.6% - 53.7% 49.0% - 52.0% Risk-free interest rate 1.73% - 2.01% 1.0% - 1.7% Forfeiture rate 10.0% 10.0% Dividend yield 0.0% 2.2% - 2.7% Expected life in years 3.8 - 4.6 3.2 - 4.6 Weighted average fair value of options granted during the period $0.71 $0.70 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Shares Balance, September 30, 2016 - Granted 250,000 Released (125,000 ) Forfeited/cancelled - Balance, September 30, 2017 125,000 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number Weighted Average of Shares Exercise Price Outstanding October 1, 2016 4,404,002 $ 2.18 Granted 574,500 $ 2.09 Forfeited/expired (81,667 ) $ 2.51 Exercised (233,333 ) $ 1.60 Outstanding September 30, 2017 4,663,502 $ 2.16 Exercisable September 30, 2017 3,329,437 $ 2.25 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Weighted Average Weighted Weighted Range of Remaining Average Average Exercise Number Contractual Exercise Number Exercise Prices Outstanding Life Price Exercisable Price $0.93 - $1.76 1,332,752 4.35 $ 1.65 1,036,036 $ 1.63 $1.77 - $1.99 1,654,500 4.63 $ 1.93 626,526 $ 1.89 $2.00 - $2.85 905,000 2.31 $ 2.57 902,500 $ 2.57 $2.86 - $3.13 761,250 1.29 $ 3.00 757,500 $ 3.00 $3.14 - $3.17 10,000 4.14 $ 3.17 6,875 $ 3.17 $0.93 - $3.17 4,663,502 3.41 $ 2.18 3,329,437 $ 2.25 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Years Ended September 30, 2017 2016 Cost of revenues $ 24,151 $ 24,092 Selling, general and administrative 998,540 478,695 Research and development 93,709 102,639 Total $ 1,116,400 $ 605,426 |
Note 14 - Net Loss Per Share (T
Note 14 - Net Loss Per Share (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended September 30, 2017 2016 Numerator: Loss available to common stockholders $ (876,754 ) $ (1,281,599 ) Denominator: Weighted average common shares outstanding 31,855,430 31,970,600 Basic loss income per common share $ (0.03 ) $ (0.04 ) Diluted loss income per common share $ (0.03 ) $ (0.04 ) |
Note 15 - Major Customers, Su33
Note 15 - Major Customers, Suppliers, Segment and Related Information (Tables) | 12 Months Ended |
Sep. 30, 2017 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Years ended September 30, 2017 2016 Americas $ 8,688,005 $ 7,582,545 Europe, Middle East and Africa 1,439,157 1,035,559 Asia Pacific 10,187,016 7,742,901 Total Revenues $ 20,314,178 $ 16,361,005 |
Note 2 - Basis of Presentatio34
Note 2 - Basis of Presentation and Significant Accounting Policies (Details Textual) | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Number of Major Customers Accounted for Accounts Receivable | 3 | 3 | |
Investments, Typical Final Maturity Maximum | 3 years | ||
Investments, Typical Portfolio Weighted Average Maturity | 1 year 180 days | ||
Restricted Cash and Cash Equivalents | $ 39,406 | $ 39,406 | |
Deferred Revenue for Collection Issues | 0 | 0 | |
Allowance for Doubtful Accounts Receivable | 0 | 0 | |
Inventory Obsolescence Write Down (Recoveries) | $ 26,243 | 159,954 | |
Finite-Lived Intangible Asset, Useful Life | 15 years | ||
Capital Lease Obligations | $ 0 | 0 | |
Product Warranty Period | 1 year | ||
Shipping, Handling and Transportation Costs | $ 148,862 | 128,380 | |
Shipping and Handling Revenue | 124,141 | 78,975 | |
Advertising Expense | 42,232 | 66,353 | |
Standard and Extended Product Warranty Accrual | $ 179,101 | $ 356,984 | $ 315,618 |
Number of Reportable Segments | 1 | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 7 years | ||
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk, Percentage | 0.00% | ||
Customer Concentration Risk [Member] | Customer 1 [Member] | Accounts Receivable [Member] | |||
Concentration Risk, Percentage | 31.00% | 27.00% | |
Customer Concentration Risk [Member] | Customer 2 [Member] | Accounts Receivable [Member] | |||
Concentration Risk, Percentage | 22.00% | 24.00% | |
Customer Concentration Risk [Member] | Customer 3 [Member] | Accounts Receivable [Member] | |||
Concentration Risk, Percentage | 14.00% | 12.00% |
Note 4 - Fair Value Measureme35
Note 4 - Fair Value Measurements - Fair Value by Major Security Type (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Short-term marketable securities | $ 4,359,542 | $ 2,936,124 |
Long-term marketable securities | 711,124 | 2,187,536 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Cost Basis | 5,127,192 | 5,125,209 |
Unrealized Gains (Losses) | (1,269) | (1,549) |
Fair Value | 5,125,923 | 5,219,198 |
Cash Equivalents | 55,257 | 95,538 |
Short-term marketable securities | 4,359,542 | 2,936,124 |
Long-term marketable securities | 711,124 | 2,187,536 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cost Basis | 55,257 | |
Unrealized Gains (Losses) | ||
Fair Value | 55,257 | 95,538 |
Cash Equivalents | 55,257 | 95,538 |
Short-term marketable securities | ||
Long-term marketable securities | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cost Basis | 5,071,935 | 5,125,209 |
Unrealized Gains (Losses) | (1,269) | (1,549) |
Fair Value | 5,070,666 | 5,123,660 |
Cash Equivalents | ||
Short-term marketable securities | 4,359,542 | 2,936,124 |
Long-term marketable securities | 711,124 | 2,187,536 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Cost Basis | 2,436,647 | 3,236,168 |
Unrealized Gains (Losses) | ||
Fair Value | 2,436,647 | 3,236,168 |
Short-term marketable securities | 1,937,647 | 1,299,133 |
Long-term marketable securities | 499,000 | 1,937,035 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Cost Basis | 25,315 | 140,637 |
Unrealized Gains (Losses) | (12) | |
Fair Value | 25,303 | 140,637 |
Cash Equivalents | ||
Short-term marketable securities | 25,303 | 140,637 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Cost Basis | 2,609,973 | 1,748,404 |
Unrealized Gains (Losses) | (1,257) | (1,549) |
Fair Value | 2,608,716 | 1,746,855 |
Short-term marketable securities | 2,396,592 | 1,496,354 |
Long-term marketable securities | $ 212,124 | $ 250,501 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Inventory, Raw Materials, Gross | $ 3,784,935 | $ 4,393,928 |
Held at Supplier Location [Member] | ||
Inventory, Raw Materials, Gross | $ 69,693 | $ 97,515 |
Note 5 - Inventories - Schedule
Note 5 - Inventories - Schedule of Inventory (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Raw materials | $ 3,784,935 | $ 4,393,928 |
Finished goods | 1,742,960 | 775,628 |
Work in process | 147,871 | 174,485 |
Inventories, gross | 5,675,766 | 5,344,041 |
Reserve for obsolescence | (418,532) | (580,132) |
Inventories, net | $ 5,257,234 | $ 4,763,909 |
Note 6 - Property and Equipme38
Note 6 - Property and Equipment - Property and Equipment (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Property and equipment | $ 2,163,797 | $ 2,006,423 |
Accumulated depreciation | (1,654,194) | (1,533,079) |
Property and equipment, net | 509,603 | 473,344 |
Machinery and Equipment [Member] | ||
Property and equipment | 994,157 | 957,829 |
Furniture and Fixtures [Member] | ||
Property and equipment | 1,093,502 | 976,856 |
Leasehold Improvements [Member] | ||
Property and equipment | $ 76,138 | $ 71,738 |
Note 6 - Property and Equipme39
Note 6 - Property and Equipment - Property and Equipment, Depreciation Expense (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Depreciation expense | $ 146,067 | $ 160,941 |
Note 7 - Intangible Assets - Su
Note 7 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cost | $ 108,247 | $ 108,247 |
Accumulated amortization | (52,558) | (45,342) |
Intangible assets, net | 55,689 | 62,905 |
Amortization expense | $ 7,216 | $ 6,752 |
Note 7 - Intangible Assets - Es
Note 7 - Intangible Assets - Estimated Amortization Expense (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
2,018 | $ 6,535 | |
2,019 | 6,247 | |
2,020 | 5,924 | |
2,021 | 5,636 | |
2,022 | 5,506 | |
Thereafter | 25,841 | |
Total estimated amortization expense | $ 55,689 | $ 62,905 |
Note 8 - Prepaid Maintenance 42
Note 8 - Prepaid Maintenance Agreement (Details Textual) - USD ($) | Mar. 31, 2011 | Sep. 30, 2017 | Sep. 30, 2016 |
Amortization Period of Prepaid Maintenance Agreement | 8 years | ||
Third Party Service Provider [Member] | |||
Prepaid Expense | $ 1,500,000 | ||
Prepaid Expense, Current | $ 187,500 | $ 187,500 | |
Prepaid Expense, Noncurrent | $ 93,750 | $ 281,250 |
Note 9 - Accrued and Other Li43
Note 9 - Accrued and Other Liabilities - Noncurrent (Details Textual) | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | $ (203,000) |
Note 9 - Accrued and Other Li44
Note 9 - Accrued and Other Liabilities - Noncurrent - Summary of Accrued Liabilities (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Payroll and related | $ 1,870,579 | $ 382,845 |
Deferred revenue | 268,580 | 637,763 |
Warranty reserve | 179,101 | 285,402 |
Accrued contract costs | 197,034 | 197,034 |
Deferred rent | 46,101 | |
Total | 2,561,395 | 1,503,044 |
Deferred rent | 93,456 | |
Long-term warranty reserve | 71,582 | |
Total | $ 165,038 |
Note 9 - Accrued and Other Li45
Note 9 - Accrued and Other Liabilities - Changes in Warranty Reserve (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Beginning balance | $ 356,984 | $ 315,618 |
Warranty provision | (109,925) | 79,954 |
Warranty settlements | (67,958) | (38,588) |
Ending balance | $ 179,101 | $ 356,984 |
Note 9 - Accrued and Other Li46
Note 9 - Accrued and Other Liabilities - Noncurrent - Short-term and Long-term Warranty Reserves (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2015 |
Short-term warranty reserve | $ 179,101 | $ 285,402 | |
Long-term warranty reserve | 71,582 | ||
Total warranty reserve | $ 179,101 | $ 356,984 | $ 315,618 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |
Deferred Tax Assets, Net | $ 8,331,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 2,559,000 | $ 2,461,000 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 72,709 | 288 |
Sustained Profitability, Number of Years | 6 years | |
Deferred Tax Assets, Valuation Allowance | $ 12,306,000 | $ 12,109,000 |
Effective Income Tax Rate Reconciliation, Percent | 0.00% | |
State and Local Jurisdiction [Member] | ||
Deferred Tax Assets, Tax Credit Carryforwards, Research | $ 569,000 | |
Internal Revenue Service (IRS) [Member] | ||
Operating Loss Carryforwards | 47,019,000 | |
Deferred Tax Assets, Tax Credit Carryforwards, Research | $ 1,990,000 |
Note 10 - Income Taxes - Summar
Note 10 - Income Taxes - Summary of Income Taxes (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Federal | ||
State | 1,600 | 1,840 |
Total current tax provision | 1,600 | 1,840 |
Federal | 166,600 | (159,800) |
State | 29,400 | (28,200) |
Total deferred provision (benefit) | 196,000 | (188,000) |
Provision (benefit) for income taxes | $ 197,600 | $ (186,160) |
Note 10 - Income Taxes - Reconc
Note 10 - Income Taxes - Reconciliation of Income Taxes (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income taxes computed at the federal statutory rate | $ (231,000) | $ (499,000) |
Change in valuation allowance | 197,000 | (66,000) |
Expired net operating loss carryforwards | 283,000 | 487,000 |
Nondeductible compensation, interest expense and other | 21,000 | 99,000 |
State income taxes, net of federal tax benefit | (24,000) | (36,000) |
Change in R&D credit carryover | (98,000) | (98,000) |
Stock options and other prior year true-ups | 48,000 | (75,000) |
Other | 1,600 | 1,840 |
Provision (benefit) for income taxes | $ 197,600 | $ (186,160) |
Note 10 - Income Taxes - Signif
Note 10 - Income Taxes - Significant Portion of Net Deferred Tax Asset (Details) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Net operating loss carryforwards | $ 16,443,000 | $ 16,410,000 |
Deferred Tax Assets, Tax Credit Carryforwards, Research | 2,559,000 | 2,461,000 |
Share-based compensation | 898,000 | 598,000 |
Equipment | (80,000) | (23,000) |
Patents | 69,000 | 102,000 |
Accruals and other | 546,000 | 832,000 |
State tax deduction | (7,000) | (7,000) |
Federal AMT Credit | 52,000 | 52,000 |
Allowances | 157,000 | 211,000 |
Gross deferred tax asset | 20,637,000 | 20,636,000 |
Less valuation allowance | (12,306,000) | (12,109,000) |
Total deferred tax assets, net of valuation allowance | $ 8,331,000 | $ 8,527,000 |
Note 11 - Commitments and Con51
Note 11 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2016shares | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Nov. 29, 2011ft² | |
Area of Leased Facility | ft² | 31,360 | |||
Operating Leases, Average Monthly Payments Due, Current | $ 16,306 | |||
Operating Leases, Average Monthly Payments, Due in Second Year | 25,088 | |||
Operating Leases, Average Monthly Payments, Due in Third Year | 26,656 | |||
Operating Leases, Average Monthly Payments, Due in Fourth Year | 28,224 | |||
Operating Leases, Average Monthly Payments, Due in Fifth Year | 29,792 | |||
Operating Leases, Average Monthly Payments, Due in Sixth Year | 31,360 | |||
Operating Leases, Rent Expense, Net | 351,418 | $ 377,033 | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 196,239 | 157,081 | ||
Bonuses and Related Payroll Tax Expense [Member] | ||||
Increase (Decrease) in Other Employee-Related Liabilities | $ 1,100,693 | $ 0 | ||
Performance Shares [Member] | Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vesting Upon Employee Termination and Change of Control, Number of Shares | shares | 375,000 |
Note 11 - Commitments and Con52
Note 11 - Commitments and Contingencies - Obligations Under Operating Leases (Details) | Sep. 30, 2017USD ($) |
2,018 | $ 298,797 |
2,019 | 16,557 |
2,020 | 15,177 |
Total lease obligations | $ 330,531 |
Note 12 - Share-based Compens53
Note 12 - Share-based Compensation (Details Textual) - USD ($) | Mar. 14, 2017 | Aug. 01, 2016 | Dec. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 4,663,502 | 4,404,002 | |||
Allocated Share-based Compensation Expense | $ 1,116,400 | $ 605,426 | |||
Payments of Ordinary Dividends, Common Stock | 0 | 954,650 | |||
Share-based Compensation | 1,116,400 | 605,426 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 869,955 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 673,225 | ||||
Share Price | $ 2.13 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 72,709 | 288 | |||
Proceeds from Stock Options Exercised | 373,228 | 2,200 | |||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 72,709 | 288 | |||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 683,000 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 73 days | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||
Performance Shares [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 7 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 750,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Performance Criteria, Maximum Vested Per Year, Number | 375,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 187,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ 0.81 | ||||
Share-based Compensation | $ 42,363 | $ 4,774 | |||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||
Share-based Compensation | $ 197,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Per Person | 25,000 | 25,000 | |||
Non-employee Stock Option [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, that Would Have Been Granted in Period | 20,000 | ||||
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 | 2,411,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 7,119,169 | ||||
2005 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,377,502 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,330,667 |
Note 12 - Share-based Compens54
Note 12 - Share-based Compensation - Weighted-average Assumptions (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Forfeiture rate | 10.00% | 10.00% |
Dividend yield | 0.00% | |
Weighted average fair value of options granted during the period (in dollars per share) | $ 0.71 | $ 0.70 |
Minimum [Member] | ||
Volatility | 42.60% | 49.00% |
Risk-free interest rate | 1.73% | 1.00% |
Dividend yield | 2.20% | |
Expected life in years (Year) | 3 years 292 days | 3 years 73 days |
Maximum [Member] | ||
Volatility | 53.70% | 52.00% |
Risk-free interest rate | 2.01% | 1.70% |
Dividend yield | 2.70% | |
Expected life in years (Year) | 4 years 219 days | 4 years 219 days |
Note 12 - Share-based Compens55
Note 12 - Share-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - shares | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Balance, September 30, 2016 (in shares) | ||
Number of Shares Granted (in shares) | 250,000 | |
Released (in shares) | (125,000) | 0 |
Forfeited/cancelled (in shares) | ||
Balance, September 30, 2017 (in shares) | 125,000 |
Note 12 - Share-based Compens56
Note 12 - Share-based Compensation - Stock Option Activity (Details) - $ / shares | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Number of Shares Outstanding, Beginning Balance (in shares) | 4,404,002 | |
Weighted Average Exercise Price, Shares Outstanding, Beginning Balance (in dollars per share) | $ 2.18 | |
Number of Shares Granted (in shares) | 574,500 | |
Weighted Average Exercise Price, Shares Granted (in dollars per share) | $ 2.09 | |
Number of Shares Forfeited/expired (in shares) | (81,667) | |
Weighted Average Exercise Price, Shares Forfeited/expired (in dollars per share) | $ 2.51 | |
Number of Shares Exercised (in shares) | (233,333) | (1,250) |
Weighted Average Exercise Price, Exercised (in dollars per share) | $ 1.60 | |
Number of Shares Outstanding, Ending Balance (in shares) | 4,663,502 | 4,404,002 |
Weighted Average Exercise Price, Shares Outstanding, Ending Balance (in dollars per share) | $ 2.16 | $ 2.18 |
Number of Shares Exercisable (in shares) | 3,329,437 | |
Weighted Average Exercise Price, Shares Exercisable (in dollars per share) | $ 2.25 |
Note 12 - Share-based Compens57
Note 12 - Share-based Compensation - Stock Options Outstanding (Details) | 12 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Lower Exercise Price (in dollars per share) | $ 0.93 |
Upper Exercise Price (in dollars per share) | $ 3.17 |
Number Outstanding (in shares) | shares | 4,663,502 |
Weighted Average Remaining Contractual Life (Year) | 3 years 149 days |
Weighted Average Exercise Price (in dollars per share) | $ 2.18 |
Number Exercisable (in shares) | shares | 3,329,437 |
Weighted Average Exercise Price (in dollars per share) | $ 2.25 |
Range One [Member] | |
Lower Exercise Price (in dollars per share) | 0.93 |
Upper Exercise Price (in dollars per share) | $ 1.76 |
Number Outstanding (in shares) | shares | 1,332,752 |
Weighted Average Remaining Contractual Life (Year) | 4 years 127 days |
Weighted Average Exercise Price (in dollars per share) | $ 1.65 |
Number Exercisable (in shares) | shares | 1,036,036 |
Weighted Average Exercise Price (in dollars per share) | $ 1.63 |
Range Two [Member] | |
Lower Exercise Price (in dollars per share) | 1.77 |
Upper Exercise Price (in dollars per share) | $ 1.99 |
Number Outstanding (in shares) | shares | 1,654,500 |
Weighted Average Remaining Contractual Life (Year) | 4 years 229 days |
Weighted Average Exercise Price (in dollars per share) | $ 1.93 |
Number Exercisable (in shares) | shares | 626,526 |
Weighted Average Exercise Price (in dollars per share) | $ 1.89 |
Range Three [Member] | |
Lower Exercise Price (in dollars per share) | 2 |
Upper Exercise Price (in dollars per share) | $ 2.85 |
Number Outstanding (in shares) | shares | 905,000 |
Weighted Average Remaining Contractual Life (Year) | 2 years 113 days |
Weighted Average Exercise Price (in dollars per share) | $ 2.57 |
Number Exercisable (in shares) | shares | 902,500 |
Weighted Average Exercise Price (in dollars per share) | $ 2.57 |
Range Four [Member] | |
Lower Exercise Price (in dollars per share) | 2.86 |
Upper Exercise Price (in dollars per share) | $ 3.13 |
Number Outstanding (in shares) | shares | 761,250 |
Weighted Average Remaining Contractual Life (Year) | 1 year 105 days |
Weighted Average Exercise Price (in dollars per share) | $ 3 |
Number Exercisable (in shares) | shares | 757,500 |
Weighted Average Exercise Price (in dollars per share) | $ 3 |
Range Five [Member] | |
Lower Exercise Price (in dollars per share) | 3.14 |
Upper Exercise Price (in dollars per share) | $ 3.17 |
Number Outstanding (in shares) | shares | 10,000 |
Weighted Average Remaining Contractual Life (Year) | 4 years 51 days |
Weighted Average Exercise Price (in dollars per share) | $ 3.17 |
Number Exercisable (in shares) | shares | 6,875 |
Weighted Average Exercise Price (in dollars per share) | $ 3.17 |
Note 12 - Share-based Compens58
Note 12 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Allocated Share-based Compensation Expense | $ 1,116,400 | $ 605,426 |
Cost of Sales [Member] | ||
Allocated Share-based Compensation Expense | 24,151 | 24,092 |
Selling, General and Administrative Expenses [Member] | ||
Allocated Share-based Compensation Expense | 998,540 | 478,695 |
Research and Development Expense [Member] | ||
Allocated Share-based Compensation Expense | $ 93,709 | $ 102,639 |
Note 13 - Stockholders' Equity
Note 13 - Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 233,333 | 1,250 | |
Proceeds from Stock Options Exercised | $ 373,228 | $ 2,200 | |
Incresase in Accounts Receivable, Stock Options Exercised | $ 240,228 | ||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |
Preferred Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 | |
Preferred Stock, Shares Outstanding | 0 | 0 | |
Share Buyback Program [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 4,000,000 | ||
Stock Repurchased and Retired During Period, Shares | 0 | 1,099,608 | |
Stock Repurchased During Period, Value | $ 1,748,456 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 125,000 | 0 |
Note 14 - Net Loss Per Share -
Note 14 - Net Loss Per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Numerator: | ||
Loss available to common stockholders | $ (876,754) | $ (1,281,599) |
Denominator: | ||
Weighted average common shares outstanding (in shares) | 31,855,430 | 31,970,600 |
Basic loss income per common share (in dollars per share) | $ (0.03) | $ (0.04) |
Diluted loss income per common share (in dollars per share) | $ (0.03) | $ (0.04) |
Note 15 - Major Customers, Su61
Note 15 - Major Customers, Suppliers, Segment and Related Information (Details Textual) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Number of Reportable Segments | 1 | |
Supplier Concentration Risk [Member] | ||
Number of Major Suppliers | 1 | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk, Percentage | 0.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer 1 [Member] | ||
Concentration Risk, Percentage | 15.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk, Percentage | 0.00% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer 1 [Member] | ||
Concentration Risk, Percentage | 31.00% | 27.00% |
Note 15 - Major Customers, Su62
Note 15 - Major Customers, Suppliers, Segment and Related Information - Schedule of Major Customers (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues | $ 20,314,178 | $ 16,361,005 |
Americas [Member] | ||
Revenues | 8,688,005 | 7,582,545 |
EMEA [Member] | ||
Revenues | 1,439,157 | 1,035,559 |
Asia Pacific [Member] | ||
Revenues | $ 10,187,016 | $ 7,742,901 |