Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2018 | Feb. 08, 2019 | |
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 | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 32,615,133 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 4,416,106 | $ 11,063,091 |
Short-term marketable securities | 3,783,863 | 3,592,175 |
Restricted cash | 397,933 | 403,427 |
Accounts receivable, net | 8,698,868 | 2,785,997 |
Inventories, net | 8,708,732 | 6,734,183 |
Prepaid expenses and other | 953,891 | 3,091,401 |
Total current assets | 26,959,393 | 27,670,274 |
Long-term marketable securities | 899,759 | 1,200,541 |
Long-term restricted cash | 339,591 | 339,556 |
Deferred tax assets, net | 5,673,997 | 5,957,000 |
Property and equipment, net | 2,362,920 | 2,448,725 |
Goodwill | 2,412,680 | 2,445,990 |
Intangible assets, net | 1,459,572 | 1,557,346 |
Other assets | 241,310 | 241,365 |
Total assets | 40,349,222 | 41,860,797 |
Current liabilities: | ||
Accounts payable | 3,013,104 | 3,083,344 |
Accrued liabilities | 2,079,618 | 3,199,864 |
Notes payable, current portion | 292,554 | 296,594 |
Total current liabilities | 5,385,276 | 6,579,802 |
Notes payable, less current portion | 51,644 | 52,358 |
Other liabilities, noncurrent | 1,916,139 | 1,739,430 |
Total liabilities | 7,353,059 | 8,371,590 |
Stockholders' equity: | ||
Preferred stock, $0.00001 par value; 5,000,000 shares authorized; none issued and outstanding | ||
Common stock, $0.00001 par value; 50,000,000 shares authorized; 32,589,321 and 33,176,146 shares issued and outstanding, respectively | 326 | 332 |
Additional paid-in capital | 88,766,502 | 90,251,145 |
Accumulated deficit | (55,470,955) | (56,516,895) |
Accumulated other comprehensive loss | (299,710) | (245,375) |
Total stockholders' equity | 32,996,163 | 33,489,207 |
Total liabilities and stockholders' equity | $ 40,349,222 | $ 41,860,797 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Dec. 31, 2018 | Sep. 30, 2018 |
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) | 32,589,321 | 33,176,146 |
Common stock, outstanding (in shares) | 32,589,321 | 33,176,146 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | ||
Revenues | $ 10,177,559 | $ 7,628,567 |
Cost of revenues | 5,088,301 | 3,671,027 |
Gross Profit | 5,089,258 | 3,957,540 |
Operating expenses | ||
Selling, general and administrative | 2,751,008 | 2,188,398 |
Research and development | 1,048,375 | 778,037 |
Total operating expenses | 3,799,383 | 2,966,435 |
Income from operations | 1,289,875 | 991,105 |
Other income | 39,068 | 34,530 |
Income before income taxes | 1,328,943 | 1,025,635 |
Income tax expense | 283,003 | 2,708,888 |
Net income (loss) | $ 1,045,940 | $ (1,683,253) |
Net income (loss) per common share - basic and diluted (in dollars per share) | $ 0.03 | $ (0.05) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 32,896,021 | 32,236,039 |
Diluted (in shares) | 33,570,866 | 32,236,039 |
Product [Member] | ||
Revenues: | ||
Revenues | $ 9,348,168 | $ 7,336,025 |
Service [Member] | ||
Revenues: | ||
Revenues | $ 829,391 | $ 292,542 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) | $ 1,045,940 | $ (1,683,253) |
Other comprehensive loss, net of tax | ||
Unrealized (loss) on marketable securities | (613) | (8,031) |
Unrealized foreign currency loss | (53,722) | |
Comprehensive income (loss) | $ 991,605 | $ (1,691,284) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Operating Activities: | ||||||
Net income (loss) | $ 1,045,940 | $ (1,683,253) | ||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities | ||||||
Depreciation and amortization | 201,267 | 60,105 | ||||
Warranty provision | 20,618 | 12,361 | ||||
Inventory obsolescence | 54,854 | 40,301 | ||||
Share-based compensation | 133,845 | 138,461 | ||||
Deferred income taxes | 283,003 | 2,708,888 | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable, net | (5,916,242) | 3,662 | ||||
Inventories, net | (2,029,403) | (43,001) | ||||
Prepaid expenses and other | 2,136,282 | 393,761 | ||||
Other assets | 46,874 | |||||
Accounts payable | (66,849) | 790,635 | ||||
Payroll and related | (1,047,037) | (1,023,537) | ||||
Warranty settlements | (4,789) | (3,154) | ||||
Accrued and other liabilities | 94,627 | 311,482 | ||||
Net cash (used in) provided by operating activities | (5,093,884) | 1,753,585 | ||||
Investing Activities: | ||||||
Purchases of marketable securities | (874,353) | (1,673,295) | ||||
Proceeds from maturities of marketable securities | 982,834 | 2,128,016 | ||||
Capital expenditures | (38,813) | (54,167) | ||||
Net cash provided by investing activities | 69,668 | 400,554 | ||||
Financing Activities: | ||||||
Proceeds from exercise of stock options | 2,528 | 159,518 | ||||
Repurchase of common stock | (1,621,022) | |||||
Net cash (used in) provided by financing activities | (1,618,494) | 159,518 | ||||
Effect of foreign exchange rate on cash | (9,734) | |||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (6,652,444) | 2,313,657 | ||||
Cash, cash equivalents and restricted cash, beginning of period | 11,806,074 | 12,803,887 | $ 12,803,887 | |||
Cash, cash equivalents and restricted cash, end of period | 5,153,630 | 15,117,544 | 11,806,074 | |||
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets: | ||||||
Cash and cash equivalents | $ 4,416,106 | $ 11,063,091 | $ 15,117,544 | |||
Restricted cash, current portion | 397,933 | |||||
Long-term restricted cash | 339,591 | |||||
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | 11,806,074 | 12,803,887 | $ 11,806,074 | $ 5,153,630 | $ 11,806,074 | $ 15,117,544 |
Noncash investing and financing activities: | ||||||
Change in unrealized loss on marketable securities | $ (613) | $ (8,031) |
Note 1 - Operations
Note 1 - Operations | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. LRAD ® |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. General The Company’s unaudited interim condensed consolidated financial statements included herein have been prepared in accordance with the instructions to Form 10 8 X not September 30, 2018 10 December 21, 2018. December 31, 2018 September 30, 2018 10 not Principles of Consolidation The Company has three two 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, 2018 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. New pronouncements pending adoption In June 2018, No. 2018 7, Compensation – Stock Compensation (Topic 718 2018 7” 718 2018 7 December 15, 2018, October 1, 2019. In February 2018, No. 2018 02, Income Statement—Reporting Comprehensive Income (Topic 220 not December 15, 2018 not In February 2016, No. 2016 02, Leases (Topic 842 12 October 1, 2019. New pronouncements adopted In November 2016, No. 2016 18, Statement of Cash Flows (Topic 230 230 No. 2016 18 December 15, 2017, No. 2016 18 January 1, 2018. September 30, 2018 three December 31, 2018, 13, 11, not In March 2016, No. 2016 09, Compensation – Stock Compensation (Topic 718 no first 2018. $1.1 not In May 2014, No. 2014 09, Revenue from Contracts with Customers 2014 09” 2014 09 July 2015, one October 1, 2018. 2015 14; 2016 08; 2016 10; 2016 12; 2016 13; 2016 20 October 1, 2018, not 4, |
Note 4 - Revenue Recognition
Note 4 - Revenue Recognition | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. REVENUE RECOGNITION On October 1, 2018, 606, 606” no The Company derives its revenue from the sale of products to customers, contracts, license fees, other services and freight. The Company sells its products through its direct sales force and through authorized resellers and system integrators. The Company recognizes revenue for goods including software when all the significant risks and rewards have been transferred to the customer, no no may one may Product Revenue The Company sells its products to customers, including resellers and system integrators, and revenue is recognized in the period that products are shipped (free on board (“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 when there are no no not Perpetual licensed software The sale and/or license of software products is deemed to have occurred when a customer either has taken possession of or has the ability to take immediate possession of the software and the software key. Perpetual software licenses can include one Time-based licensed software The time-based license agreements include the use of a software license for a fixed term, generally one not Warranty, maintenance and services We offer extended warranty, maintenance and other services. Extended warranty and maintenance contracts are offered with terms ranging from one one Multiple element arrangements The Company has entered into a number of multiple element arrangements, such as the sale of a product or perpetual licenses that may may Revenue is allocated to each deliverable based on the fair value of each individual element and is recognized when the revenue recognition criteria described above are met, except for time-based licenses which are not We disaggregate revenue by reporting segment (Hardware (LRAD) and Software (Genasys)) and geographically to depict the nature of revenue in a manner consistent with our business operations and to be consistent with other communications and public filings. See Note 17, 18, Contract Assets and Liabilities We enter into contracts to sell products and provide services, and we recognize contract assets and liabilities that arise from these transactions. We recognize revenue and corresponding accounts receivable according to ASC 606 may may December 31, 2018 September 30, 2018, The Company’s contract assets are as follows: Prepaid maintenance agreement Balance at September 30, 2018 $ 93,750 New prepaid maintenance agreements - Recognition of expense as a result of performing services (46,875 ) Balance at December 31, 2018 $ 46,875 Less: non-current portion - Current portion at December 31, 2018 $ 46,875 The Company’s contract liabilities are as follows: Customer deposits Deferred revenue Total contract liabilities Balance at September 30, 2018 $ 199,596 $ 536,458 $ 736,054 New performance obligations 137,431 159,907 297,338 Recognition of revenue as a result of satisfying performance obligations (153,693 ) (270,461 ) (424,154 ) Balance at December 31, 2018 $ 183,334 $ 425,904 $ 609,238 Less: non-current portion - (83,255 ) (83,255 ) Current portion at December 31, 2018 $ 183,334 $ 342,649 $ 525,983 Remaining Performance Obligations Remaining performance obligations related to ASC 606 one As of December 31, 2018, $609,238. $525,983 86% 12 Practical Expedients In cases where we are responsible for shipping after the customer has obtained control of the goods, we have elected to treat these activities as fulfillment activities rather than as a separate performance obligation. Additionally, we have elected to capitalize the cost to obtain a contract only if the period of amortization would be longer than one one |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. 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 three 3 Level 1: Level 2: not Level 3: The fair value of the Company’s cash equivalents and marketable securities was determined based on Level 1 2 not 3 December 31, 2018 September 30, 2018. Instruments Measured at Fair Value The following tables 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 December 31, 2018 September 30, 2018. December 31. 2018 Unrealized Fair Cash Short-term Long-term Cost Basis Losses Value Equivalents Securities Securities Level 1: Money Market Funds $ 538,922 $ (69 ) $ 538,853 $ 538,853 $ - $ - Level 2: Certificates of deposit 499,000 - 499,000 - - 499,000 Municipal securities 286,070 (277 ) 285,793 - 285,793 Corporate bonds 3,908,040 (9,211 ) 3,898,829 - 3,498,070 400,759 Subtotal 4,693,110 (9,488 ) 4,683,622 - 3,783,863 899,759 Total $ 5,232,032 $ (9,557 ) $ 5,222,475 $ 538,853 $ 3,783,863 $ 899,759 September 30, 2018 Unrealized Fair Cash Short-term Long-term Cost Basis Losses Value Equivalents Securities Securities Level 1: Money Market Funds $ 410,393 $ - $ 410,393 $ 410,393 $ - $ - Level 2: Certificates of deposit 499,000 - 499,000 - - 499,000 Municipal securities - - - - - - Corporate bonds 4,302,661 (8,945 ) 4,293,716 - 3,592,175 701,541 Subtotal 4,801,661 (8,945 ) 4,792,716 - 3,592,175 1,200,541 Total $ 5,212,054 $ (8,945 ) $ 5,203,109 $ 410,393 $ 3,592,175 $ 1,200,541 |
Note 6 - Inventories
Note 6 - Inventories | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6 . INVENTORIES Inventories consisted of the following: December 31, September 30, 2018 2018 Raw materials $ 6,674,524 $ 4,487,273 Finished goods 2,232,627 1,768,544 Work in process 253,486 875,417 Inventories, gross 9,160,637 7,131,234 Reserve for obsolescence (451,905 ) (397,051 ) Inventories, net $ 8,708,732 $ 6,734,183 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7 . PROPERTY AND EQUIPMENT Property and equipment consisted of the following: December 31, September 30, 2018 2018 Office furniture and equipment $ 1,412,506 $ 1,326,784 Machinery and equipment 1,156,983 1,095,099 Leasehold improvements 1,746,335 - Construction in progress 143,404 2,001,539 Property and equipment, gross 4,459,228 4,423,422 Accumulated depreciation (2,096,308 ) (1,974,697 ) Property and equipment, net $ 2,362,920 $ 2,448,725 Three Months Ended December 31, 2018 2017 Depreciation expense $ 124,460 $ 58,301 |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8 . GOODWILL AND INTANGIBLE ASSETS Goodwill is attributable to the acquisition of Genasys and is due to combining the mass messaging solutions and software development capabilities with existing LRAD products for enhanced offerings and the skill level of the workforce. The Company periodically reviews goodwill for impairment in accordance with relevant accounting standards. There were no three December 31, 2018. During the year ended September 30, 2018, no $11,133 September 30, 2018. no three December 31, 2018. Intangible assets and goodwill related to Genasys are translated from Euros to U.S. dollars at the balance sheet date. The net impact of foreign currency exchange differences arising during the period related to goodwill and intangible assets was a reduction of $54,009. December 31, September 30, 2018 2018 Technology $ 639,381 $ 648,208 Customer relationships 611,582 620,026 Trade name portfolio 222,394 225,464 Non-compete agreements 240,926 244,252 Patents 72,126 72,126 1,786,409 1,810,076 Accumulated amortization (326,837 ) (252,730 ) $ 1,459,572 $ 1,557,346 December 31, December 31, 2018 2017 Amortization expense $ 76,807 $ 1,804 Estimated amortization expense for the twelve December 31, 2019 $ 307,884 2020 307,633 2021 230,373 2022 226,957 2023 183,869 Thereafter 202,856 Total estimated amortization expense $ 1,459,572 |
Note 9 - Prepaid Expenses and O
Note 9 - Prepaid Expenses and Other | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Prepaid Expenses And Other Disclosure [Text Block] | 9 . PREPAID EXPENSES AND OTHER Prepaid expenses and other current assets consisted of the following: December 31, September 30, 2018 2018 Deposits for inventory $ 330,690 $ 1,366,069 Leashold improvement receivable 180,103 1,132,017 Prepaid insurance 114,346 162,822 Prepaid maintenance agreement 46,875 93,750 Dues and subscriptions 51,619 92,097 Other 230,258 244,646 $ 953,891 $ 3,091,401 Deposits for inventory Deposits for inventory consisted of cash payments to vendors for inventory to be delivered in the future. Leasehold improvement receivable Leasehold improvement receivable represents amounts owed to the Company by its landlord for costs incurred to renovate and prepare the Company’s new facility for use. The lease provided an allowance for tenant improvements of $1,588,214. 13, December 31, 2018, $180,103 not Prepaid Insurance Prepaid insurance consisted of premiums paid for health, commercial and corporate insurance. These premiums are amortized on a straight-line basis over the term of the agreements. Prepaid maintenance agreement At March 31, 2011, $1,500,000 third eight $187,500 eight December 31, 2018, $46,875 September 30, 2018, $93,750 |
Note 10 - Accrued Liabilities
Note 10 - Accrued Liabilities | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Current and Noncurrent Accrued Liabilities [Text Block] | 10 . ACCRUED LIABILITIES Accrued liabilities consisted of the following: December 31, September 30, 2018 2018 Payroll and related $ 993,116 $ 2,041,735 Deferred revenue 342,649 460,086 Customer deposits 183,334 199,596 Accrued contract costs 295,551 197,034 Severance 73,679 152,730 Warranty reserve 115,045 99,216 Deferred rent 76,244 49,467 Total $ 2,079,618 $ 3,199,864 Other liabilities-noncurrent consisted of the following: December 31, September 30, 2018 2018 Deferred rent $ 1,832,884 $ 1,663,058 Deferred extended warranty revenue 83,255 76,372 Total $ 1,916,139 $ 1,739,430 Payroll and related Payroll and related consists primarily of accrued vacation, bonus, sales commissions, and benefits. Deferred Revenue Deferred revenue consists primarily of extended warranty obligations and prepayments for software support agreements. Accrued contract costs Accrued contract costs consist of accrued expenses for contracting a third March 28, 2019 September 30, 2011. Severance Severance liability at December 31, 2018 September 30, 2018, September 30, 2019. W arranty Reserve Changes in the warranty reserve and extended warranty were as follows: December 31, 2018 September 30, 2018 Beginning balance 99,216 $ 104,518 Warranty provision 20,618 6,093 Warranty settlements (4,789 ) (11,395 ) Ending balance $ 115,045 $ 99,216 Deferred Rent Deferred rent liability as of December 31, 2018 September 30, 2018 $1,909,128 December 31, 2018 |
Note 11 - Debt
Note 11 - Debt | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 1 1 . DEBT In connection with the acquisition of Genasys the Company acquired certain debts of Genasys. The carrying value of the acquired debt approximates fair value. The balances of the acquired debt consist of loans with governmental agencies as of December 31, 2018. December 31, 2018 Agency Due Date Principal Ministry of Economy and Competitiveness February 2, 2022 $ 68,859 Ministry of Economy and Competitiveness February 2, 2024 275,339 (a) $ 344,198 (a) This loan is secured by $275,339 December 31, 2018. 2019 2019. December 31, 2018. The following is a schedule of future annual payments as of December 31, 2018: 2019 $ 292,554 2020 17,215 2021 17,215 2022 17,214 Total $ 344,198 The current portion of debt is $292,554 $51,644. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 2 . INCOME TAXES For the three December 31, 2018, $283,003 21.1%. three December 31, 2017, $234,888 22.9% $2,474,000 three December 31, 2018, 2017, ASC 740, Accounting for Uncertainty in Income Taxes may not not |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 3 . COMMITMENTS AND CONTINGENCIES Facility Lease On January 3, 2018, 54,766 July 1, 2018 August 30, 2028. $36,146 first fourteen $74,460, $76,694, $78,994, $81,364, $83,805, $86,319, $88,909, $91,576 $94,324 second tenth $1,588,214, Litigation The Company may no Bonus Plan The Company has a bonus plan for employees, in accordance with their terms of employment, whereby they can earn a percentage of their salary, at three three December 31, 2018, $392,930 three December 31, 2017, $405,267 |
Note 14 - Share-based Compensat
Note 14 - Share-based Compensation | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 1 4 . SHARE-BASED COMPENSATION Stock Option Plans At December 31, 2018, two 2005 “2005 March 2015, 2015 “2015 December 6, 2016 March 14, 2017. 2015 5,000,000 December 31, 2018, 717,283 2,140,971 2005 2015 2,122,359 4,980,613 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. There were no three December 31, 2018. three December 31, 2017 Three months ended December 31, 2017 Volatility 45.4% Risk free interest rate 2.2% Forfeiture rate 10.0% Dividend yield 0.0% Expected life in years 4.6 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 contractual term of the options was seven not 2018 2017. As of December 31, 2018, $397,670 1.4 Performance-Based Stock Options On August 1, 2016, 750,000 seven 2019 2020 375,000 four The Company determined that as of December 31, 2018, not Restricted Stock Units On March 14, 2017, 25,000 first $197,500, March 14, 2018 On March 20, 2018, 25,000 first $278,750, March 20, 2019 2018, 93,330 three first three $210,176, three A summary of the restricted stock units of the Company as of December 31, 2018 Number of Shares Outstanding September 30, 2018 218,330 Granted - Released - Forfeited/cancelled - Outstanding December 31, 2018 218,330 Stock Option Summary Information A summary of the activity in options to purchase the capital stock of the Company as of December 31, 2018 Number of Shares Weighted Average Exercise Price Outstanding September 30, 2018 3,394,858 $ 2.18 Granted - $ - Forfeited/expired (753,334 ) $ 2.99 Exercised (1,600 ) $ 1.58 Outstanding December 31, 2018 2,639,924 $ 1.94 Exerciseable December 31, 2018 1,702,236 $ 1.93 Options outstanding are exercisable at prices ranging from $0.93 $3.17 2020 2024 3.9 December 31, 2018 $1,313,333 $1,089,894, $2.52 three December 31, 2018 $1,504 $2,528. The following table summarized information about stock options outstanding at December 31, 2018: Weighted Average Weighted Average Weighted Average Range of Number Remaining Exercise Number Exercise Exercise Prices Outstanding Contractual Life Price Exercisable Price $0.93 - $1.69 603,198 4.42 $ 1.57 583,385 $ 1.57 $1.71 - $1.86 526,476 3.53 $ 1.80 455,601 $ 1.81 $1.99 - $1.99 1,125,000 4.58 $ 1.99 281,250 $ 1.99 $2.02 - $3.13 375,250 2.72 $ 2.56 372,000 $ 2.56 $3.17 - $3.17 10,000 2.88 $ 3.17 10,000 $ 3.17 2,639,924 1,702,236 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, 2018 2017 Cost of revenues $ 4,298 $ 6,209 Selling, general and administrative 111,851 109,322 Research and development 17,696 22,930 $ 133,845 $ 138,461 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 5 . STOCKHOLDERS’ EQUITY Summary The following table summarizes changes in the components of stockholders’ equity during the three December 31, 2017 three December 31, 2018: Accumulated Additional Other Total Common Stock Paid-in Accumulated Comprehensive Stockholders' Shares Amount Capital Deficit Loss Equity Balance at September 30, 2017 31,158,436 $ 322 $ 87,956,839 $ (52,771,853 ) $ (1,269 ) $ 35,184,039 Share-based compensation expense - - 138,461 - - 138,461 Issuance of common stock upon exercise of stock options, net 90,852 - 159,518 - - 159,518 Other comprehensive loss - - - - (8,031 ) (8,031 ) Net income - - - (1,683,253 ) - (1,683,253 ) Balance at December 31, 2017 31,249,288 $ 322 $ 88,254,818 $ (54,455,106 ) $ (9,300 ) $ 33,790,734 Accumulated Additional Other Total Common Stock Paid-in Accumulated Comprehensive Stockholders' Shares Amount Capital Deficit Loss Equity Balance at September 30, 2018 33,176,146 $ 332 $ 90,251,145 $ (56,516,895 ) $ (245,375 ) $ 33,489,207 Share-based compensation expense - - 133,845 - - 133,845 Issuance of common stock upon exercise of stock options, net 1,600 - 2,528 - - 2,528 Stock buyback (588,425 ) (6 ) (1,621,016 ) - - (1,621,022 ) Other comprehensive loss - - - - (54,335 ) (54,335 ) Net income - - - 1,045,940 - 1,045,940 Balance at December 31, 2018 32,589,321 $ 326 $ 88,766,502 $ (55,470,955 ) $ (299,710 ) $ 32,996,163 Share Buyback Program The Board of Directors approved a share buyback program in 2015 $4 December 2017, December 31, 2018. three December 31, 2018, 588,425 $1,621,022. three December 31, 2017 no December 31, 2018, In December 2018, January 1, 2019 December 31, 2020, $5 December 31, 2018. Dividends There were no three December 31, 2018 2017. |
Note 16 - Net Income (Loss) Per
Note 16 - Net Income (Loss) Per Share | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 6 . NET INCOME ( LOSS ) PER SHARE The following table sets forth the computation of basic and diluted loss per share: Three months ended December 31, 2018 2017 Numerator Net income (loss) $ 1,045,940 $ (1,683,253 ) Denominator Weighted average common shares outstanding 32,896,021 32,236,039 Assumed exercise of dilutive options and restricted stock units 674,845 - Weighted average dilutive shares outstanding 33,570,866 32,236,039 Basic income (loss) per common share $ 0.03 $ (0.05 ) Diluted income (loss) per common share $ 0.03 $ (0.05 ) Potentially dilutive securities outstanding at period end excluded from diluted computation as the inclusion would have been antidilutive: Options 991,750 3,289,067 Restricted stock units - 125,000 Total 991,750 3,414,067 |
Note 17 - Segment Information
Note 17 - Segment Information | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 1 7 . SEGMENT INFORMATION The Company is engaged in the design, development and commercialization of directed and multidirectional sound technologies, voice broadcast products and location-based mass messaging solutions for emergency warning and workforce management. The Company operates in two two not The following table presents the Company’s segment disclosures: Three months ended December 31, 2018 2017 Revenue from external customers LRAD $ 9,656,702 $ 7,628,567 Genasys 520,857 - $ 10,177,559 $ 7,628,567 Intercompany revenues LRAD $ - $ - Genasys 186,972 - $ 186,972 $ - Segment operating income (loss) LRAD $ 1,302,646 $ 991,105 Genasys (12,771 ) - $ 1,289,875 $ 991,105 Other expenses: Depreciation and amortization expense LRAD $ 124,301 $ 60,105 Genasys 76,966 - $ 201,267 $ 60,105 Income tax expense LRAD $ 283,003 $ 2,708,888 Genasys - - $ 283,003 $ 2,708,888 December 30, 2018 September 30, 2018 Long-lived assets LRAD $ 2,386,399 $ 2,478,144 Genasys 3,848,773 3,973,917 $ 6,235,172 $ 6,452,061 Total assets LRAD $ 35,522,540 $ 36,770,872 Genasys 4,826,682 5,089,925 $ 40,349,222 $ 41,860,797 |
Note 18 - Major Customers
Note 18 - Major Customers | 3 Months Ended |
Dec. 31, 2018 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 1 8 . MAJOR CUSTOMERS For the three December 31, 2018, one 60% no 10% December 31, 2018, one 64% no 10% For the three December 31, 2017, two 31% 26% no 10% December 31, 2017, one 42% no 10% The following table summarizes revenues by geographic region. Revenues are attributed to countries based on customer’s delivery location. Three months ended December 31, 2018 2017 Americas $ 8,721,320 $ 6,053,038 Asia Pacific 639,056 1,021,906 Europe, Middle East and Africa 817,183 553,623 Total Revenues $ 10,177,559 $ 7,628,567 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | General The Company’s unaudited interim condensed consolidated financial statements included herein have been prepared in accordance with the instructions to Form 10 8 X not September 30, 2018 10 December 21, 2018. December 31, 2018 September 30, 2018 10 not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company has three two |
Reclassification, Policy [Policy Text Block] | Reclassifications Where necessary, the prior year’s information has been reclassified to conform to the current year presentation. |
Note 4 - Revenue Recognition (T
Note 4 - Revenue Recognition (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Contract with Customer, Asset and Liability [Table Text Block] | Prepaid maintenance agreement Balance at September 30, 2018 $ 93,750 New prepaid maintenance agreements - Recognition of expense as a result of performing services (46,875 ) Balance at December 31, 2018 $ 46,875 Less: non-current portion - Current portion at December 31, 2018 $ 46,875 Customer deposits Deferred revenue Total contract liabilities Balance at September 30, 2018 $ 199,596 $ 536,458 $ 736,054 New performance obligations 137,431 159,907 297,338 Recognition of revenue as a result of satisfying performance obligations (153,693 ) (270,461 ) (424,154 ) Balance at December 31, 2018 $ 183,334 $ 425,904 $ 609,238 Less: non-current portion - (83,255 ) (83,255 ) Current portion at December 31, 2018 $ 183,334 $ 342,649 $ 525,983 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | December 31. 2018 Unrealized Fair Cash Short-term Long-term Cost Basis Losses Value Equivalents Securities Securities Level 1: Money Market Funds $ 538,922 $ (69 ) $ 538,853 $ 538,853 $ - $ - Level 2: Certificates of deposit 499,000 - 499,000 - - 499,000 Municipal securities 286,070 (277 ) 285,793 - 285,793 Corporate bonds 3,908,040 (9,211 ) 3,898,829 - 3,498,070 400,759 Subtotal 4,693,110 (9,488 ) 4,683,622 - 3,783,863 899,759 Total $ 5,232,032 $ (9,557 ) $ 5,222,475 $ 538,853 $ 3,783,863 $ 899,759 September 30, 2018 Unrealized Fair Cash Short-term Long-term Cost Basis Losses Value Equivalents Securities Securities Level 1: Money Market Funds $ 410,393 $ - $ 410,393 $ 410,393 $ - $ - Level 2: Certificates of deposit 499,000 - 499,000 - - 499,000 Municipal securities - - - - - - Corporate bonds 4,302,661 (8,945 ) 4,293,716 - 3,592,175 701,541 Subtotal 4,801,661 (8,945 ) 4,792,716 - 3,592,175 1,200,541 Total $ 5,212,054 $ (8,945 ) $ 5,203,109 $ 410,393 $ 3,592,175 $ 1,200,541 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, September 30, 2018 2018 Raw materials $ 6,674,524 $ 4,487,273 Finished goods 2,232,627 1,768,544 Work in process 253,486 875,417 Inventories, gross 9,160,637 7,131,234 Reserve for obsolescence (451,905 ) (397,051 ) Inventories, net $ 8,708,732 $ 6,734,183 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, September 30, 2018 2018 Office furniture and equipment $ 1,412,506 $ 1,326,784 Machinery and equipment 1,156,983 1,095,099 Leasehold improvements 1,746,335 - Construction in progress 143,404 2,001,539 Property and equipment, gross 4,459,228 4,423,422 Accumulated depreciation (2,096,308 ) (1,974,697 ) Property and equipment, net $ 2,362,920 $ 2,448,725 |
Depreciation Expense [Member] | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Three Months Ended December 31, 2018 2017 Depreciation expense $ 124,460 $ 58,301 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, September 30, 2018 2018 Technology $ 639,381 $ 648,208 Customer relationships 611,582 620,026 Trade name portfolio 222,394 225,464 Non-compete agreements 240,926 244,252 Patents 72,126 72,126 1,786,409 1,810,076 Accumulated amortization (326,837 ) (252,730 ) $ 1,459,572 $ 1,557,346 December 31, December 31, 2018 2017 Amortization expense $ 76,807 $ 1,804 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2019 $ 307,884 2020 307,633 2021 230,373 2022 226,957 2023 183,869 Thereafter 202,856 Total estimated amortization expense $ 1,459,572 |
Note 9 - Prepaid Expenses and_2
Note 9 - Prepaid Expenses and Other (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, September 30, 2018 2018 Deposits for inventory $ 330,690 $ 1,366,069 Leashold improvement receivable 180,103 1,132,017 Prepaid insurance 114,346 162,822 Prepaid maintenance agreement 46,875 93,750 Dues and subscriptions 51,619 92,097 Other 230,258 244,646 $ 953,891 $ 3,091,401 |
Note 10 - Accrued Liabilities (
Note 10 - Accrued Liabilities (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, September 30, 2018 2018 Payroll and related $ 993,116 $ 2,041,735 Deferred revenue 342,649 460,086 Customer deposits 183,334 199,596 Accrued contract costs 295,551 197,034 Severance 73,679 152,730 Warranty reserve 115,045 99,216 Deferred rent 76,244 49,467 Total $ 2,079,618 $ 3,199,864 |
Other Noncurrent Liabilities [Table Text Block] | December 31, September 30, 2018 2018 Deferred rent $ 1,832,884 $ 1,663,058 Deferred extended warranty revenue 83,255 76,372 Total $ 1,916,139 $ 1,739,430 |
Schedule of Product Warranty Liability [Table Text Block] | December 31, 2018 September 30, 2018 Beginning balance 99,216 $ 104,518 Warranty provision 20,618 6,093 Warranty settlements (4,789 ) (11,395 ) Ending balance $ 115,045 $ 99,216 |
Note 11 - Debt (Tables)
Note 11 - Debt (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Loans With Governmental Agencies [Table Text Block] | Agency Due Date Principal Ministry of Economy and Competitiveness February 2, 2022 $ 68,859 Ministry of Economy and Competitiveness February 2, 2024 275,339 (a) $ 344,198 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2019 $ 292,554 2020 17,215 2021 17,215 2022 17,214 Total $ 344,198 |
Note 14 - Share-based Compens_2
Note 14 - Share-based Compensation (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended December 31, 2017 Volatility 45.4% Risk free interest rate 2.2% Forfeiture rate 10.0% Dividend yield 0.0% Expected life in years 4.6 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Shares Outstanding September 30, 2018 218,330 Granted - Released - Forfeited/cancelled - Outstanding December 31, 2018 218,330 |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Outstanding September 30, 2018 3,394,858 $ 2.18 Granted - $ - Forfeited/expired (753,334 ) $ 2.99 Exercised (1,600 ) $ 1.58 Outstanding December 31, 2018 2,639,924 $ 1.94 Exerciseable December 31, 2018 1,702,236 $ 1.93 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Weighted Average Weighted Average Weighted Average Range of Number Remaining Exercise Number Exercise Exercise Prices Outstanding Contractual Life Price Exercisable Price $0.93 - $1.69 603,198 4.42 $ 1.57 583,385 $ 1.57 $1.71 - $1.86 526,476 3.53 $ 1.80 455,601 $ 1.81 $1.99 - $1.99 1,125,000 4.58 $ 1.99 281,250 $ 1.99 $2.02 - $3.13 375,250 2.72 $ 2.56 372,000 $ 2.56 $3.17 - $3.17 10,000 2.88 $ 3.17 10,000 $ 3.17 2,639,924 1,702,236 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three months ended December 31, 2018 2017 Cost of revenues $ 4,298 $ 6,209 Selling, general and administrative 111,851 109,322 Research and development 17,696 22,930 $ 133,845 $ 138,461 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Stockholders Equity [Table Text Block] | Accumulated Additional Other Total Common Stock Paid-in Accumulated Comprehensive Stockholders' Shares Amount Capital Deficit Loss Equity Balance at September 30, 2017 31,158,436 $ 322 $ 87,956,839 $ (52,771,853 ) $ (1,269 ) $ 35,184,039 Share-based compensation expense - - 138,461 - - 138,461 Issuance of common stock upon exercise of stock options, net 90,852 - 159,518 - - 159,518 Other comprehensive loss - - - - (8,031 ) (8,031 ) Net income - - - (1,683,253 ) - (1,683,253 ) Balance at December 31, 2017 31,249,288 $ 322 $ 88,254,818 $ (54,455,106 ) $ (9,300 ) $ 33,790,734 Accumulated Additional Other Total Common Stock Paid-in Accumulated Comprehensive Stockholders' Shares Amount Capital Deficit Loss Equity Balance at September 30, 2018 33,176,146 $ 332 $ 90,251,145 $ (56,516,895 ) $ (245,375 ) $ 33,489,207 Share-based compensation expense - - 133,845 - - 133,845 Issuance of common stock upon exercise of stock options, net 1,600 - 2,528 - - 2,528 Stock buyback (588,425 ) (6 ) (1,621,016 ) - - (1,621,022 ) Other comprehensive loss - - - - (54,335 ) (54,335 ) Net income - - - 1,045,940 - 1,045,940 Balance at December 31, 2018 32,589,321 $ 326 $ 88,766,502 $ (55,470,955 ) $ (299,710 ) $ 32,996,163 |
Note 16 - Net Income (Loss) P_2
Note 16 - Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended December 31, 2018 2017 Numerator Net income (loss) $ 1,045,940 $ (1,683,253 ) Denominator Weighted average common shares outstanding 32,896,021 32,236,039 Assumed exercise of dilutive options and restricted stock units 674,845 - Weighted average dilutive shares outstanding 33,570,866 32,236,039 Basic income (loss) per common share $ 0.03 $ (0.05 ) Diluted income (loss) per common share $ 0.03 $ (0.05 ) Potentially dilutive securities outstanding at period end excluded from diluted computation as the inclusion would have been antidilutive: Options 991,750 3,289,067 Restricted stock units - 125,000 Total 991,750 3,414,067 |
Note 17 - Segment Information (
Note 17 - Segment Information (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended December 31, 2018 2017 Revenue from external customers LRAD $ 9,656,702 $ 7,628,567 Genasys 520,857 - $ 10,177,559 $ 7,628,567 Intercompany revenues LRAD $ - $ - Genasys 186,972 - $ 186,972 $ - Segment operating income (loss) LRAD $ 1,302,646 $ 991,105 Genasys (12,771 ) - $ 1,289,875 $ 991,105 Other expenses: Depreciation and amortization expense LRAD $ 124,301 $ 60,105 Genasys 76,966 - $ 201,267 $ 60,105 Income tax expense LRAD $ 283,003 $ 2,708,888 Genasys - - $ 283,003 $ 2,708,888 December 30, 2018 September 30, 2018 Long-lived assets LRAD $ 2,386,399 $ 2,478,144 Genasys 3,848,773 3,973,917 $ 6,235,172 $ 6,452,061 Total assets LRAD $ 35,522,540 $ 36,770,872 Genasys 4,826,682 5,089,925 $ 40,349,222 $ 41,860,797 |
Note 18 - Major Customers (Tabl
Note 18 - Major Customers (Tables) | 3 Months Ended |
Dec. 31, 2018 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three months ended December 31, 2018 2017 Americas $ 8,721,320 $ 6,053,038 Asia Pacific 639,056 1,021,906 Europe, Middle East and Africa 817,183 553,623 Total Revenues $ 10,177,559 $ 7,628,567 |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Significant Accounting Policies (Details Textual) | 3 Months Ended |
Dec. 31, 2018 | |
Number of Wholly Owned Subsidiaries | 3 |
Number of Reportable Segments | 2 |
Note 3 - Recent Accounting Pr_2
Note 3 - Recent Accounting Pronouncements (Details Textual) - Accounting Standards Update 2016-09 [Member] $ in Millions | Jan. 01, 2018USD ($) |
Deferred Tax Assets, Valuation Allowance, Total | $ 1.1 |
Deferred Tax Assets, Gross, Total | $ 1.1 |
Note 4 - Revenue Recognition 1
Note 4 - Revenue Recognition 1 (Details Textual) | Dec. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 609,238 |
Note 4 - Revenue Recognition 2
Note 4 - Revenue Recognition 2 (Details Textual) | Dec. 31, 2018USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 609,238 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 525,983 |
Revenue, Remaining Performance Obligation, Percentage | 86.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Note 4 - Revenue Recognition -
Note 4 - Revenue Recognition - Contract Asset and Contract Liabilities (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Sep. 30, 2018 | |
Balance | $ 736,054 | |
New performance obligations | 297,338 | |
Recognition of revenue as a result of satisfying performance obligations | (424,154) | |
Balance | 609,238 | |
Less: non-current portion | (83,255) | |
Current portion | 525,983 | |
Customer Deposits [Member] | ||
Balance | 199,596 | |
New performance obligations | 137,431 | |
Recognition of revenue as a result of satisfying performance obligations | (153,693) | |
Balance | 183,334 | |
Less: non-current portion | ||
Current portion | 183,334 | $ 199,596 |
Deferred Revenue [Member] | ||
Balance | 536,458 | |
New performance obligations | 159,907 | |
Recognition of revenue as a result of satisfying performance obligations | (270,461) | |
Balance | 425,904 | |
Less: non-current portion | (83,255) | (76,372) |
Current portion | 342,649 | 460,086 |
Prepaid Maintenance Agreement [Member] | ||
Balance | 93,750 | |
New prepaid maintenance agreements | ||
Recognition of expense as a result of performing services | (46,875) | |
Balance | 46,875 | |
Less: non-current portion | ||
Current portion at December 31, 2018 | $ 46,875 | $ 93,750 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Sep. 30, 2018 |
Fair Value, Inputs, Level 3 [Member] | ||
Marketable Securities, Total | $ 0 | $ 0 |
Note 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurements - Fair Value by Major Security Type (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Short-term marketable securities | $ 3,783,863 | $ 3,592,175 |
Long-term Securities | 899,759 | 1,200,541 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Cost Basis | 5,232,032 | 5,212,054 |
Unrealized Gains (Losses) | (9,557) | (8,945) |
Fair Value | 5,222,475 | 5,203,109 |
Cash Equivalents | 538,853 | 410,393 |
Short-term marketable securities | 3,783,863 | 3,592,175 |
Long-term Securities | 899,759 | 1,200,541 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cost Basis | 538,922 | 410,393 |
Unrealized Gains (Losses) | (69) | |
Fair Value | 538,853 | 410,393 |
Cash Equivalents | 538,853 | 410,393 |
Short-term marketable securities | ||
Long-term Securities | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cost Basis | 4,693,110 | 4,801,661 |
Unrealized Gains (Losses) | (9,488) | (8,945) |
Fair Value | 4,683,622 | 4,792,716 |
Cash Equivalents | ||
Short-term marketable securities | 3,783,863 | 3,592,175 |
Long-term Securities | 899,759 | 1,200,541 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Cost Basis | 499,000 | 499,000 |
Unrealized Gains (Losses) | ||
Fair Value | 499,000 | 499,000 |
Cash Equivalents | ||
Short-term marketable securities | ||
Long-term Securities | 499,000 | 499,000 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Cost Basis | 286,070 | |
Unrealized Gains (Losses) | (277) | |
Fair Value | 285,793 | |
Cash Equivalents | ||
Short-term marketable securities | 285,793 | |
Long-term Securities | ||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Cost Basis | 3,908,040 | 4,302,661 |
Unrealized Gains (Losses) | (9,211) | (8,945) |
Fair Value | 3,898,829 | 4,293,716 |
Cash Equivalents | ||
Short-term marketable securities | 3,498,070 | 3,592,175 |
Long-term Securities | $ 400,759 | $ 701,541 |
Note 6 - Inventories - Schedule
Note 6 - Inventories - Schedule of Inventory (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Raw materials | $ 6,674,524 | $ 4,487,273 |
Finished goods | 2,232,627 | 1,768,544 |
Work in process | 253,486 | 875,417 |
Inventories, gross | 9,160,637 | 7,131,234 |
Reserve for obsolescence | (451,905) | (397,051) |
Inventories, net | $ 8,708,732 | $ 6,734,183 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Property and equipment | $ 4,459,228 | $ 4,423,422 |
Accumulated depreciation | (2,096,308) | (1,974,697) |
Property and equipment, net | 2,362,920 | 2,448,725 |
Furniture and Fixtures [Member] | ||
Property and equipment | 1,412,506 | 1,326,784 |
Machinery and Equipment [Member] | ||
Property and equipment | 1,156,983 | 1,095,099 |
Leasehold Improvements [Member] | ||
Property and equipment | 1,746,335 | |
Construction in Progress [Member] | ||
Property and equipment | $ 143,404 | $ 2,001,539 |
Note 7 - Property and Equipme_4
Note 7 - Property and Equipment - Property and Equipment, Depreciation Expense (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation expense | $ 124,460 | $ 58,301 |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Sep. 30, 2018 | |
Goodwill and Intangible Assets, Foreign Currency Translation Gain (Loss) | $ (54,009) | |
Patents [Member] | ||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 11,133 |
Note 8 - Goodwill and Intangi_4
Note 8 - Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Intangible assets, gross carrying amount | $ 1,786,409 | $ 1,810,076 | |
Accumulated amortization | (326,837) | (252,730) | |
Intangible assets, net | 1,459,572 | 1,557,346 | |
Amortization expense | 76,807 | $ 1,804 | |
Technology-Based Intangible Assets [Member] | |||
Intangible assets, gross carrying amount | 639,381 | 648,208 | |
Customer Relationships [Member] | |||
Intangible assets, gross carrying amount | 611,582 | 620,026 | |
Trade Names [Member] | |||
Intangible assets, gross carrying amount | 222,394 | 225,464 | |
Noncompete Agreements [Member] | |||
Intangible assets, gross carrying amount | 240,926 | 244,252 | |
Patents [Member] | |||
Intangible assets, gross carrying amount | $ 72,126 | $ 72,126 |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) | Dec. 31, 2018USD ($) |
2,019 | $ 307,884 |
2,020 | 307,633 |
2,021 | 230,373 |
2,022 | 226,957 |
2,023 | 183,869 |
Thereafter | 202,856 |
Total estimated amortization expense | $ 1,459,572 |
Note 9 - Prepaid Expenses and_3
Note 9 - Prepaid Expenses and Other (Details Textual) - USD ($) | Mar. 31, 2011 | Dec. 31, 2018 | Sep. 30, 2018 | Jan. 03, 2018 |
Allowance for Tenant Improvements | $ 1,588,214 | $ 1,588,214 | ||
Leasehold Improvement Receivable | 180,103 | |||
Amortization Period of Prepaid Maintenance Agreement | 8 years | |||
Prepaid Maintenance Agreement, Amortization Rate | $ 187,500 | |||
Prepaid Maintenance Agreement [Member] | ||||
Contract with Customer, Asset, Net, Total | $ 1,500,000 | 46,875 | $ 93,750 | |
Contract with Customer, Asset, Net, Current, Total | $ 46,875 | $ 93,750 |
Note 9 - Prepaid Expenses and_4
Note 9 - Prepaid Expenses and Other - Summary of Prepaid Expenses and Others (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Deposits for inventory | $ 330,690 | $ 1,366,069 |
Leashold improvement receivable | 180,103 | 1,132,017 |
Prepaid insurance | 114,346 | 162,822 |
Dues and subscriptions | 51,619 | 92,097 |
Other | 230,258 | 244,646 |
Prepaid expenses and other | 953,891 | 3,091,401 |
Prepaid Maintenance Agreement [Member] | ||
Prepaid maintenance agreement | $ 46,875 | $ 93,750 |
Note 10 - Accrued Liabilities_2
Note 10 - Accrued Liabilities (Details Textual) | Dec. 31, 2018USD ($) |
Deferred Rent Credit | $ 1,909,128 |
Note 10 - Accrued Liabilities -
Note 10 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Payroll and related | $ 993,116 | $ 2,041,735 |
Contract liability, current | 525,983 | |
Accrued contract costs | 295,551 | 197,034 |
Severance | 73,679 | 152,730 |
Warranty reserve | 115,045 | 99,216 |
Deferred rent | 76,244 | 49,467 |
Total | 2,079,618 | 3,199,864 |
Deferred Revenue [Member] | ||
Contract liability, current | 342,649 | 460,086 |
Customer Deposits [Member] | ||
Contract liability, current | $ 183,334 | $ 199,596 |
Note 10 - Accrued Liabilities_3
Note 10 - Accrued Liabilities - Noncurrent (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 |
Deferred rent | $ 1,832,884 | $ 1,663,058 |
Deferred extended warranty revenue | 83,255 | |
Total | 1,916,139 | 1,739,430 |
Deferred Revenue [Member] | ||
Deferred extended warranty revenue | $ 83,255 | $ 76,372 |
Note 10 - Accrued and Other Lia
Note 10 - Accrued and Other Liabilities - Changes in Warranty Reserve (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2018 | Sep. 30, 2018 | |
Beginning balance | $ 99,216 | $ 104,518 |
Warranty provision | 20,618 | 6,093 |
Warranty settlements | (4,789) | (11,395) |
Ending balance | $ 115,045 | $ 99,216 |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) | Dec. 31, 2018USD ($) |
Long-term Debt, Current Maturities, Total | $ 292,554 |
Long-term Debt, Excluding Current Maturities, Total | 51,644 |
Collateral Pledged [Member] | Loan with Ministry of Science and Innovation, Due February 2, 2024 [Member] | Genasys Acquisition [Member] | Loans With Governmental Agencies [Member] | |
Restricted Cash, Total | $ 275,339 |
Note 11 - Debt - Loans With Gov
Note 11 - Debt - Loans With Governmental Agencies (Details) | 3 Months Ended | |
Dec. 31, 2018USD ($) | ||
Principal, loans with governmental agencies | $ 344,198 | |
Loans With Governmental Agencies [Member] | ||
Principal, loans with governmental agencies | $ 344,198 | |
Loans With Governmental Agencies [Member] | Ministry of Economy and Competitiveness, Debt, Due February 2, 2022 [Member] | ||
Due date, loans with governmental agencies | Feb. 2, 2022 | |
Principal, loans with governmental agencies | $ 68,859 | |
Loans With Governmental Agencies [Member] | Ministry of Economy and Competitiveness, Debt, Due February 2, 2024 [Member] | ||
Due date, loans with governmental agencies | Feb. 2, 2024 | |
Principal, loans with governmental agencies | $ 275,339 | [1] |
[1] | This loan is secured by $275,339 of cash pledged as collateral by Genasys, which is the current balance of the loan. This amount is included in restricted cash at December 31, 2018. The Company expects the Ministry of Economy and Competitiveness to declare the terms of the loan satisfied within fiscal year 2019 and that the outstanding balance of the loan will be paid in full during fiscal year 2019. Accordingly, this has been included in the current portion of notes payable as of December 31, 2018. |
Note 11 - Debt - Future Annual
Note 11 - Debt - Future Annual Payments (Details) | Dec. 31, 2018USD ($) |
2,019 | $ 292,554 |
2,020 | 17,215 |
2,021 | 17,215 |
2,022 | 17,214 |
Total | $ 344,198 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense (Benefit), Total | $ 283,003 | $ 2,708,888 |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.10% | 22.90% |
Income Tax Expense (Benefit), Excluding Adjustment of Deferred Tax (Asset) Liability | $ 234,888 | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2,474,000 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) | Jan. 03, 2018USD ($)ft² | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Area of Leased Facility | ft² | 54,766 | ||
Operating Leases, Average Monthly Payments Due, Current | $ 36,146 | ||
Operating Leases, Average Monthly Payments, Due in Second Year | 74,460 | ||
Operating Leases, Average Monthly Payments, Due in Third Year | 76,694 | ||
Operating Leases, Average Monthly Payments, Due in Fourth Year | 78,994 | ||
Operating Leases, Average Monthly Payments, Due in Fifth Year | 81,364 | ||
Operating Leases, Average Monthly Payments, Due in Sixth Year | 83,805 | ||
Operating Leases, Average Monthly Payments, Due in Seventh Year | 86,319 | ||
Operating Leases, Average Monthly Payments, Due in Eighth Year | 88,909 | ||
Operating Leases, Average Monthly Payments, Due in Ninth Year | 91,576 | ||
Operating Leases, Average Monthly Payments, Due in Tenth Year | 94,324 | ||
Allowance for Tenant Improvements | $ 1,588,214 | $ 1,588,214 | |
Bonuses and Related Payroll Tax Expense [Member] | |||
Increase (Decrease) in Other Employee-Related Liabilities | $ 392,930 | $ 405,267 |
Note 14 - Share-based Compens_3
Note 14 - Share-based Compensation (Details Textual) - USD ($) | Mar. 20, 2018 | Mar. 14, 2017 | Aug. 01, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Sep. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 2,639,924 | 3,394,858 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||||
Share-based Compensation, Total | $ 133,845 | $ 138,461 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 1.94 | $ 2.18 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 328 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 1,313,333 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 1,089,894 | ||||||
Share Price | $ 2.52 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,504 | ||||||
Proceeds from Stock Options Exercised | $ 2,528 | $ 159,518 | |||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 0.93 | ||||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ 3.17 | ||||||
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, Total | $ 397,670 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 146 days | ||||||
Performance Shares [Member] | Chief Executive Officer [Member] | |||||||
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, Expiration Period | 7 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Performance Criteria, Maximum Vested Per Year, Number | 375,000 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation, Total | $ 210,176 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Per Person | 25,000 | 25,000 | |||||
Share-based Compensation, Total | $ 278,750 | $ 197,500 | |||||
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 93,330 | ||||||
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, Ending Balance | 2,140,971 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,980,613 | ||||||
2005 Equity Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 717,283 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,122,359 |
Note 14 - Share-based Compens_4
Note 14 - Share-based Compensation - Weighted-average Assumptions (Details) | 3 Months Ended |
Dec. 31, 2017 | |
Volatility | 45.40% |
Risk free interest rate | 2.20% |
Forfeiture rate | 10.00% |
Dividend yield | 0.00% |
Expected life in years (Year) | 4 years 219 days |
Note 14 - Share-based Compens_5
Note 14 - Share-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Dec. 31, 2018shares | |
Outstanding September 30, 2018 (in shares) | 218,330 |
Number of Shares Granted (in shares) | |
Released (in shares) | |
Forfeited/cancelled (in shares) | |
Outstanding December 31, 2018 (in shares) | 218,330 |
Note 14 - Share-based Compens_6
Note 14 - Share-based Compensation - Stock Option Activity (Details) | 3 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number of Shares Outstanding, Beginning Balance (in shares) | shares | 3,394,858 |
Weighted Average Exercise Price, Shares Outstanding, Beginning Balance (in dollars per share) | $ / shares | $ 2.18 |
Number of Shares Granted (in shares) | shares | |
Weighted Average Exercise Price, Shares Granted (in dollars per share) | $ / shares | |
Number of Shares Forfeited/expired (in shares) | shares | (753,334) |
Weighted Average Exercise Price, Shares Forfeited/expired (in dollars per share) | $ / shares | $ 2.99 |
Number of Shares Exercised (in shares) | shares | (1,600) |
Weighted Average Exercise Price, Exercised (in dollars per share) | $ / shares | $ 1.58 |
Number of Shares Outstanding, Ending Balance (in shares) | shares | 2,639,924 |
Weighted Average Exercise Price, Shares Outstanding, Ending Balance (in dollars per share) | $ / shares | $ 1.94 |
Number of Shares Exercisable (in shares) | shares | 1,702,236 |
Weighted Average Exercise Price, Shares Exercisable (in dollars per share) | $ / shares | $ 1.93 |
Note 14 - Share-based Compens_7
Note 14 - Share-based Compensation - Stock Options Outstanding (Details) | 3 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Number Outstanding (in shares) | shares | 2,639,924 |
Number Exercisable (in shares) | shares | 1,702,236 |
Range One [Member] | |
Lower Exercise Price (in dollars per share) | $ 0.93 |
Upper Exercise Price (in dollars per share) | $ 1.69 |
Number Outstanding (in shares) | shares | 603,198 |
Weighted Average Remaining Contractual Life (Year) | 4 years 153 days |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 1.57 |
Number Exercisable (in shares) | shares | 583,385 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 1.57 |
Range Two [Member] | |
Lower Exercise Price (in dollars per share) | 1.71 |
Upper Exercise Price (in dollars per share) | $ 1.86 |
Number Outstanding (in shares) | shares | 526,476 |
Weighted Average Remaining Contractual Life (Year) | 3 years 193 days |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 1.80 |
Number Exercisable (in shares) | shares | 455,601 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 1.81 |
Range Three [Member] | |
Lower Exercise Price (in dollars per share) | 1.99 |
Upper Exercise Price (in dollars per share) | $ 1.99 |
Number Outstanding (in shares) | shares | 1,125,000 |
Weighted Average Remaining Contractual Life (Year) | 4 years 211 days |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 1.99 |
Number Exercisable (in shares) | shares | 281,250 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 1.99 |
Range Four [Member] | |
Lower Exercise Price (in dollars per share) | 2.02 |
Upper Exercise Price (in dollars per share) | $ 3.13 |
Number Outstanding (in shares) | shares | 375,250 |
Weighted Average Remaining Contractual Life (Year) | 2 years 262 days |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 2.56 |
Number Exercisable (in shares) | shares | 372,000 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 2.56 |
Range Five [Member] | |
Lower Exercise Price (in dollars per share) | 3.17 |
Upper Exercise Price (in dollars per share) | $ 3.17 |
Number Outstanding (in shares) | shares | 10,000 |
Weighted Average Remaining Contractual Life (Year) | 2 years 321 days |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 3.17 |
Number Exercisable (in shares) | shares | 10,000 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 3.17 |
Note 14 - Share-based Compens_8
Note 14 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based compensation expense | $ 133,845 | $ 138,461 |
Cost of Sales [Member] | ||
Share-based compensation expense | 4,298 | 6,209 |
Selling, General and Administrative Expenses [Member] | ||
Share-based compensation expense | 111,851 | 109,322 |
Research and Development Expense [Member] | ||
Share-based compensation expense | $ 17,696 | $ 22,930 |
Note 15 - Stockholders' Equit_2
Note 15 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Thousands | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2015 | |
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0 | |
Share Buyback Program [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 5,000,000 | $ 4,000,000 | |
Stock Repurchased and Retired During Period, Shares | 588,425 | 0 | |
Stock Repurchased During Period, Value | $ 1,621,022 |
Note 15 - Stockholders' Equit_3
Note 15 - Stockholders' Equity - Summary of Changes in Stockholders' Equity (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Balance | $ 33,489,207 | $ 35,184,039 |
Share-based compensation expense | $ 133,845 | 138,461 |
Issuance of common stock upon exercise of stock options, net (in shares) | 1,600 | |
Issuance of common stock upon exercise of stock options, net | $ 2,528 | 159,518 |
Other comprehensive loss | (54,335) | (8,031) |
Net income | 1,045,940 | (1,683,253) |
Stock buyback | (1,621,022) | |
Balance | $ 32,996,163 | $ 33,790,734 |
Common Stock [Member] | ||
Balance (in shares) | 33,176,146 | 31,158,436 |
Balance | $ 332 | $ 322 |
Issuance of common stock upon exercise of stock options, net (in shares) | 1,600 | 90,852 |
Net income | ||
Stock buyback (in shares) | (588,425) | |
Stock buyback | $ (6) | |
Balance (in shares) | 32,589,321 | 31,249,288 |
Balance | $ 326 | $ 322 |
Additional Paid-in Capital [Member] | ||
Balance | 90,251,145 | 87,956,839 |
Share-based compensation expense | 133,845 | 138,461 |
Issuance of common stock upon exercise of stock options, net | 2,528 | 159,518 |
Net income | ||
Stock buyback | (1,621,016) | |
Balance | 88,766,502 | 88,254,818 |
Retained Earnings [Member] | ||
Balance | (56,516,895) | (52,771,853) |
Net income | 1,045,940 | (1,683,253) |
Stock buyback | ||
Balance | (55,470,955) | (54,455,106) |
AOCI Attributable to Parent [Member] | ||
Balance | (245,375) | (1,269) |
Other comprehensive loss | (54,335) | (8,031) |
Net income | ||
Stock buyback | ||
Balance | $ (299,710) | $ (9,300) |
Note 16 - Net Income (Loss) P_3
Note 16 - Net Income (Loss) Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 1,045,940 | $ (1,683,253) |
Weighted average common shares outstanding (in shares) | 32,896,021 | 32,236,039 |
Assumed exercise of dilutive options and restricted stock units (in shares) | 674,845 | |
Weighted average dilutive shares outstanding (in shares) | 33,570,866 | 32,236,039 |
Basic income (loss) per common share (in dollars per share) | $ 0.03 | $ (0.05) |
Diluted income (loss) per common share (in dollars per share) | $ 0.03 | $ (0.05) |
Antidilutive securities (in shares) | 991,750 | 3,414,067 |
Employee Stock Option [Member] | ||
Antidilutive securities (in shares) | 991,750 | 3,289,067 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive securities (in shares) | 125,000 |
Note 17 - Segment Information_2
Note 17 - Segment Information (Details Textual) | 3 Months Ended |
Dec. 31, 2018 | |
Number of Reportable Segments | 2 |
Number of Operating Segments | 2 |
Note 17 - Segment Information -
Note 17 - Segment Information - Segment Disclosures (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | |
Revenues | $ 10,177,559 | $ 7,628,567 | |
Operating Income | 1,289,875 | 991,105 | |
Depreciation and amortization | 201,267 | 60,105 | |
Interest expense | 283,003 | 2,708,888 | |
Long-lived assets | 6,235,172 | $ 6,452,061 | |
Total assets | 40,349,222 | 41,860,797 | |
Intersegment Eliminations [Member] | |||
Revenues | 186,972 | ||
LRAD Segment [Member] | |||
Revenues | 9,656,702 | 7,628,567 | |
Operating Income | 1,302,646 | 991,105 | |
Depreciation and amortization | 124,301 | 60,105 | |
Interest expense | 283,003 | 2,708,888 | |
Long-lived assets | 2,386,399 | 2,478,144 | |
Total assets | 35,522,540 | 36,770,872 | |
LRAD Segment [Member] | Intersegment Eliminations [Member] | |||
Revenues | |||
Genasys Segment [Member] | |||
Revenues | 520,857 | ||
Operating Income | (12,771) | ||
Depreciation and amortization | 76,966 | ||
Interest expense | |||
Long-lived assets | 3,848,773 | 3,973,917 | |
Total assets | 4,826,682 | $ 5,089,925 | |
Genasys Segment [Member] | Intersegment Eliminations [Member] | |||
Revenues | $ 186,972 |
Note 18 - Major Customers (Deta
Note 18 - Major Customers (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Sales Revenue, Net [Member] | ||
Concentration Risk, Percentage | 60.00% | |
Sales Revenue, Net [Member] | Customer 1 [Member] | ||
Concentration Risk, Percentage | 31.00% | |
Sales Revenue, Net [Member] | Customer 2 [Member] | ||
Concentration Risk, Percentage | 26.00% | |
Accounts Receivable [Member] | ||
Concentration Risk, Percentage | 64.00% | 42.00% |
Note 18 - Major Customers - Sch
Note 18 - Major Customers - Schedule of Major Customers (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 10,177,559 | $ 7,628,567 |
Americas [Member] | ||
Revenues | 8,721,320 | 6,053,038 |
Asia Pacific [Member] | ||
Revenues | 639,056 | 1,021,906 |
EMEA [Member] | ||
Revenues | $ 817,183 | $ 553,623 |