Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2019 | May 03, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | LRAD Corp | |
Entity Central Index Key | 0000924383 | |
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) | 32,572,118 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 7,723,503 | $ 11,063,091 |
Short-term marketable securities | 3,108,878 | 3,592,175 |
Restricted cash | 390,008 | 403,427 |
Accounts receivable, net | 6,757,217 | 2,785,997 |
Inventories, net | 8,305,843 | 6,734,183 |
Prepaid expenses and other | 687,594 | 3,091,401 |
Total current assets | 26,973,043 | 27,670,274 |
Long-term marketable securities | 1,695,341 | 1,200,541 |
Long-term restricted cash | 339,624 | 339,556 |
Deferred tax assets, net | 5,399,853 | 5,957,000 |
Property and equipment, net | 2,484,109 | 2,448,725 |
Goodwill | 2,364,633 | 2,445,990 |
Intangible assets, net | 1,355,709 | 1,557,346 |
Other assets | 124,005 | 241,365 |
Total assets | 40,736,317 | 41,860,797 |
Current liabilities: | ||
Accounts payable | 1,227,925 | 3,083,344 |
Accrued liabilities | 3,334,159 | 3,199,864 |
Notes payable, current portion | 286,728 | 296,594 |
Total current liabilities | 4,848,812 | 6,579,802 |
Notes payable, less current portion | 33,744 | 52,358 |
Other liabilities, noncurrent | 2,083,218 | 1,739,430 |
Total liabilities | 6,965,774 | 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; 32,572,118 and 33,176,146 shares issued and outstanding, respectively | 326 | 332 |
Additional paid-in capital | 88,431,123 | 90,251,145 |
Accumulated deficit | (54,292,105) | (56,516,895) |
Accumulated other comprehensive loss | (368,801) | (245,375) |
Total stockholders' equity | 33,770,543 | 33,489,207 |
Total liabilities and stockholders' equity | $ 40,736,317 | $ 41,860,797 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2019 | 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) | 32,572,118 | 33,176,146 |
Common stock, outstanding (in shares) | 32,572,118 | 33,176,146 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues: | ||||
Revenues | $ 10,191,691 | $ 7,868,448 | $ 20,369,250 | $ 15,497,015 |
Cost of revenues | 5,001,183 | 3,832,468 | 10,089,484 | 7,503,494 |
Gross Profit | 5,190,508 | 4,035,980 | 10,279,766 | 7,993,521 |
Operating expenses | ||||
Selling, general and administrative | 2,475,378 | 2,517,891 | 5,226,386 | 4,706,289 |
Research and development | 1,279,744 | 913,935 | 2,328,119 | 1,691,972 |
Total operating expenses | 3,755,122 | 3,431,826 | 7,554,505 | 6,398,261 |
Income from operations | 1,435,386 | 604,154 | 2,725,261 | 1,595,260 |
Other income and expense, net | 17,608 | 15,205 | 56,676 | 49,735 |
Income from operations before income taxes | 1,452,994 | 619,359 | 2,781,937 | 1,644,995 |
Income tax expense | 274,144 | 158,451 | 557,147 | 2,867,339 |
Net income (loss) | $ 1,178,850 | $ 460,908 | $ 2,224,790 | $ (1,222,344) |
Basic income (loss) per share (in dollars per share) | $ 0.04 | $ 0.01 | $ 0.07 | $ (0.04) |
Diluted income (loss) per share (in dollars per share) | $ 0.04 | $ 0.01 | $ 0.07 | $ (0.04) |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 32,584,952 | 32,275,647 | 32,738,871 | 32,212,286 |
Diluted (in shares) | 33,077,255 | 33,299,206 | 33,272,164 | 32,212,286 |
Product [Member] | ||||
Revenues: | ||||
Revenues | $ 9,340,523 | $ 7,125,258 | $ 18,688,691 | $ 14,461,283 |
Service [Member] | ||||
Revenues: | ||||
Revenues | $ 851,168 | $ 743,190 | $ 1,680,559 | $ 1,035,732 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) | $ 1,178,850 | $ 460,908 | $ 2,224,790 | $ (1,222,344) |
Other comprehensive income (loss), net of tax | ||||
Unrealized gain (loss) on marketable securities | 10,232 | (8,837) | 9,620 | (16,868) |
Unrealized foreign currency gain (loss) | (79,323) | 4,355 | (133,046) | 4,355 |
Comprehensive income (loss) | $ 1,109,759 | $ 456,426 | $ 2,101,364 | $ (1,234,857) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Activities: | ||
Net income (loss) | $ 2,224,790 | $ (1,222,344) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 417,637 | 193,809 |
Warranty provision | 44,037 | 12,361 |
Inventory obsolescence | 133,259 | 85,435 |
Share-based compensation | 305,820 | 284,250 |
Deferred income taxes | 557,147 | 2,867,339 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (3,981,947) | 389,434 |
Inventories, net | (1,704,919) | (271,543) |
Prepaid expenses and other | 2,401,303 | 174,589 |
Other assets | 116,973 | (60,614) |
Accounts payable | (1,847,512) | 502,933 |
Payroll and related | (553,919) | (656,540) |
Warranty settlements | (18,078) | (22,258) |
Accrued and other liabilities | 1,021,149 | 622,485 |
Net cash (used in) provided by operating activities | (884,260) | 2,899,336 |
Investing Activities: | ||
Purchases of marketable securities | (2,318,646) | (2,402,346) |
Proceeds from maturities of marketable securities | 2,316,764 | 2,401,856 |
Capital expenditures | (299,965) | (90,135) |
Purchase of Genasys, net of cash and restricted cash acquired | (2,246,545) | |
Net cash used in investing activities | (301,847) | (2,337,170) |
Financing Activities: | ||
Proceeds from exercise of stock options | 45,172 | 185,718 |
Repurchase of common stock | (2,171,022) | |
Proceeds from the issuance of unsecured promissory notes | 63,144 | |
Payments on promissory notes | (17,044) | (414,477) |
Net cash used in financing activities | (2,142,894) | (165,615) |
Effect of foreign exchange rate on cash | (23,938) | 335 |
Net decrease in cash, cash equivalents, and restricted cash | (3,352,939) | 396,886 |
Cash, cash equivalents and restricted cash, beginning of period | 11,806,074 | 12,803,887 |
Cash, cash equivalents and restricted cash, end of period | 8,453,135 | 13,200,773 |
Reconciliation of cash, cash equivalents and restricted cash to the consolidated balance sheets: | ||
Total cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows | 11,806,074 | 12,803,887 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 2,860 | 9,186 |
Noncash investing and financing activities: | ||
Change in unrealized loss on marketable securities | 9,620 | (16,868) |
Business combinations accounted for as a purchase: | ||
Fair value of assets acquired | 5,520,504 | |
Cash paid or payable | (3,011,439) | |
Liabilities assumed | $ 2,509,065 |
Note 1 - Operations
Note 1 - Operations | 6 Months Ended |
Mar. 31, 2019 | |
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 | 6 Months Ended |
Mar. 31, 2019 | |
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. September 30, 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 | 6 Months Ended |
Mar. 31, 2019 | |
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. not 842, 13. 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 six March 31, 2019, 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 | 6 Months Ended |
Mar. 31, 2019 | |
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 Product revenue is recognized as a distinct single performance obligation when products are tendered to a carrier for delivery, which represents the point in time that our customer obtains control of the products. A smaller portion of product revenue is recognized when the customer receives delivery of the products. A portion of products are sold through resellers and system integrators based on firm commitments from an end user, and as a result, resellers and system integrators carry little or 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 March 31, 2019 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 (93,750 ) Balance at March 31, 2019 $ - The Company’s contract liabilities are as follows: Customer deposits Deferred revenue Total contract liabilities Balance at September 30, 2018 $ 199,596 $ 523,021 $ 736,054 New performance obligations 951,719 601,313 1,553,032 Recognition of revenue as a result of satisfying performance obligations (418,798 ) (521,434 ) (940,232 ) Balance at March 31, 2019 $ 732,517 $ 602,900 $ 1,348,854 Less: non-current portion - (146,043 ) (146,043 ) Current portion at March 31, 2019 $ 732,517 $ 456,857 $ 1,202,811 Remaining Performance Obligations Remaining performance obligations related to ASC 606 one As of March 31, 2019, $1,348,854. $1,202,811 89% 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 | 6 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 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 March 31, 2019 September 30, 2018. March 31, 2019 Unrealized Fair Cash Short-term Long-term Cost Basis Gain Value Equivalents Securities Securities Level 1: Money Market Funds $ 480,856 $ - $ 480,856 $ 480,856 $ - $ - Level 2: Certificates of deposit 499,000 - 499,000 - - 499,000 Municipal securities 241,780 350 242,130 - 242,130 - Corporate bonds 4,062,764 325 4,063,089 - 2,866,748 1,196,341 Subtotal 4,803,544 675 4,804,219 - 3,108,878 1,695,341 Total $ 5,284,400 $ 675 $ 5,285,075 $ 480,856 $ 3,108,878 $ 1,695,341 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 | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. INVENTORIES Inventories consisted of the following: March 31, September 30, 2019 2018 Raw materials $ 6,079,243 $ 4,487,273 Finished goods 1,969,021 1,768,544 Work in process 789,889 875,417 Inventories, gross 8,838,153 7,131,234 Reserve for obsolescence (532,310 ) (397,051 ) Inventories, net $ 8,305,843 $ 6,734,183 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7 . PROPERTY AND EQUIPMENT Property and equipment consisted of the following: March 31, September 30, 2019 2018 Office furniture and equipment $ 1,483,577 $ 1,326,784 Machinery and equipment 1,224,183 1,095,099 Leasehold improvements 1,997,927 - Construction in progress 10,957 2,001,539 Property and equipment, gross 4,716,644 4,423,422 Accumulated depreciation (2,232,535 ) (1,974,697 ) Property and equipment, net $ 2,484,109 $ 2,448,725 Three months ended March 31, Six months ended March 31, 2019 2018 2019 2018 Depreciation expense $ 139,737 $ 63,666 $ 264,197 $ 121,967 |
Note 8 - Goodwill and Intangibl
Note 8 - Goodwill and Intangible Assets | 6 Months Ended |
Mar. 31, 2019 | |
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 six March 31, 2019. March 31, 2019 September 30, 2018, $2,364,633 $2,445,990, During the year ended September 30, 2018, no $11,133 September 30, 2018. no six March 31, 2019. 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 six March 31, 2019, $130,403. March 31, September 30, 2019 2018 Technology $ 626,648 $ 648,208 Customer relationships 599,403 620,026 Trade name portfolio 217,965 225,464 Non-compete agreements 236,128 244,252 Patents 72,126 72,126 1,752,270 1,810,076 Accumulated amortization (396,561 ) (252,730 ) $ 1,355,709 $ 1,557,346 Three months ended Six months ended March 31, March 31, 2019 2018 2019 2018 Amortization expense $ 76,633 $ 70,038 $ 153,440 $ 71,842 Estimated Amortization Expense for the twelve months ended March 31, 2020 $ 301,741 2021 285,128 2022 222,575 2023 213,376 2024 178,288 Thereafter 154,601 Total estimated amortization expense $ 1,355,709 |
Note 9 - Prepaid Expenses and O
Note 9 - Prepaid Expenses and Other | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Prepaid Expenses And Other Disclosure [Text Block] | 9. EXPENSES AND OTHER Prepaid expenses and other current assets consisted of the following: March 31, September 30, 2019 2018 Deposits for inventory $ 72,846 $ 1,366,069 Leashold improvement receivable 180,103 1,132,017 Prepaid insurance 168,554 162,822 Prepaid maintenance agreement - 93,750 Dues and subscriptions 109,991 92,097 Other 156,100 244,646 $ 687,594 $ 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, March 31, 2019, $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 March 31, 2019. September 30, 2018, $93,750 |
Note 10 - Accrued Liabilities
Note 10 - Accrued Liabilities | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Current and Noncurrent Accrued Liabilities [Text Block] | 10. ACCRUED LIABILITIES Accrued liabilities consisted of the following: March 31, September 30, 2019 2018 Payroll and related $ 1,484,278 $ 2,041,735 Deferred revenue 456,857 460,086 Customer deposits 732,517 199,596 Accrued contract costs 439,068 197,034 Severance - 152,730 Warranty reserve 125,175 99,216 Deferred rent 96,264 49,467 Total $ 3,334,159 $ 3,199,864 Other liabilities-noncurrent consisted of the following: March 31, September 30, 2019 2018 Deferred rent $ 1,937,175 $ 1,663,058 Deferred extended warranty revenue 146,043 76,372 Total $ 2,083,218 $ 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 prepayments from customers in advance of product shipment. Accrued contract costs Accrued contract costs consist of accrued expenses for contracting a third March 28, 2019 September 30, 2011. Severance Severance liability at September 30, 2018, March 31, 2019. W arranty Reserve Changes in the warranty reserve and extended warranty were as follows: March 31, September 30, 2019 2018 Beginning balance $ 99,216 $ 104,518 Warranty provision 44,037 6,093 Warranty settlements (18,078 ) (11,395 ) Ending balance $ 125,175 $ 99,216 Deferred Rent Deferred rent liability as of March 31, 2019 September 30, 2018 $2,033,439 March 31, 2019 |
Note 11 - Debt
Note 11 - Debt | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 1 1 . DEBT In connection with the acquisition of Genasys the Company assumed certain debts of Genasys. The balances of the acquired debt consist of loans with governmental agencies as of March 31, 2019. March 31, 2019 Agency Due Date Principal Ministry of Economy and Competitiveness February 2, 2022 50,616 Ministry of Economy and Competitiveness February 2, 2024 269,856 (a) $ 320,472 (a) This loan is secured by $269,856 March 31, 2019. 2019 2019. March 31, 2019. The following is a schedule of future annual payments as of March 31, 2019: 2019 $ 286,728 2020 16,872 2021 16,872 2022 - Total $ 320,472 The current portion of debt is $286,728 $33,744. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 2 . INCOME TAXES For the six March 31, 2019, $557,147 21.1%. six March 31, 2018, $393,339 $2,474,000 ASC 740, Accounting for Uncertainty in Income Taxes may not not |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2019 | |
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 six March 31, 2019, $785,102 six March 31, 2018, $738,543 |
Note 14 - Share-based Compensat
Note 14 - Share-based Compensation | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 1 4 . SHARE-BASED COMPENSATION Equity Incentive Plans At March 31, 2019, two 2005 “2005 March 2015, 2015 “2015 December 6, 2016 March 14, 2017. 2015 5,000,000 March 31, 2019, 694,883 2,214,874 2005 2015 2,435,559 5,345,316 two Stock Option Information A summary of the activity in options to purchase the capital stock of the Company as of March 31, 2019 Number of Shares Weighted Average Exercise Price Outstanding September 30, 2018 3,394,858 $ 2.18 Granted - $ - Forfeited/expired (768,334 ) $ 2.99 Exercised (28,282 ) $ 1.60 Outstanding March 31, 2019 2,598,242 $ 1.94 Exerciseable March 31, 2019 1,702,145 $ 1.93 Options outstanding are exercisable at prices ranging from $0.93 $3.17 2020 2024 3.71 March 31, 2019 $2,369,242 $1,576,690, $2.85 six March 31, 2019 $34,903 $45,172. The following table summarized information about stock options outstanding and exercisable at March 31, 2019: Weighted Average Weighted Average Weighted Average Range of Number Remaining Exercise Number Exercise Exercise Prices Outstanding Contractual Life Price Exercisable Price $0.93 - $1.69 577,766 4.20 $ 1.57 560,545 $ 1.57 $1.71 - $1.86 525,226 3.29 $ 1.80 461,257 $ 1.81 $1.99 - $1.99 1,125,000 4.34 $ 1.99 312,500 $ 1.99 $2.02 - $3.13 360,250 2.59 $ 2.55 357,843 $ 2.55 $3.17 - $3.17 10,000 2.64 $ 3.17 10,000 $ 3.17 2,598,242 1,702,145 Performance-Based Stock Options On August 1, 2016, 750,000 seven 2019 2020 375,000 four The Company determined that as of March 31, 2019, 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 93,330 three $210,176, three On February 7, 2019, 30,000 first $412,500, March 12, 2020 A summary of the restricted stock units of the Company as of March 31, 2019 Number of Shares Outstanding September 30, 2018 218,330 Granted 249,300 Released (156,115 ) Forfeited/cancelled - Outstanding March 31, 2019 311,515 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 six March 31, 2019. six March 31, 2018 Three months ended March 31, 2018 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 six March 31, 2019 2018. As of March 31, 2019, $736,226 1.63 The Company recorded share-based compensation expense and classified it in the condensed consolidated statements of operations as follows: Three months ended Six months ended March 31, March 31, 2019 2018 2019 2018 Cost of revenues $ 4,201 $ 5,047 $ 8,499 $ 11,256 Selling, general and administrative 154,250 120,113 266,101 229,455 Research and development 13,524 20,609 31,220 43,539 $ 171,975 $ 145,769 $ 305,820 $ 284,250 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity | 6 Months Ended |
Mar. 31, 2019 | |
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 six March 31, 2019 six March 31, 2018: 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 Issuance of common stock upon vesting of restricted stock units - - - - - - 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-based compensation expense - - 171,975 - - 171,975 Issuance of common stock upon exercise of stock options, net 26,682 - 42,644 - - 42,644 Issuance of common stock upon vesting of restricted stock units 156,115 2 - - - 2 Stock buyback (200,000 ) (2 ) (549,998 ) (550,000 ) Other comprehensive loss - - - - (69,091 ) (69,091 ) Net income - - - 1,178,850 - 1,178,850 Balance at March 31, 2019 32,572,118 $ 326 $ 88,431,123 $ (54,292,105 ) $ (368,801 ) $ 33,770,543 Accumulated Additional Other Total Common Stock Paid-in Accumulated Comprehensive Stockholders' Shares Amount Capital Deficit Loss Equity Balance at September 30, 2017 32,158,436 $ 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 Issuance of common stock upon vesting of restricted stock units - - - - - - Stock buyback - - - - - - Other comprehensive loss - - - - (8,031 ) (8,031 ) Net income - - - (1,683,252 ) - (1,683,252 ) Balance at December 31, 2017 32,249,288 $ 322 $ 88,254,818 $ (54,455,105 ) $ (9,300 ) $ 33,790,735 Share-based compensation expense - - 145,789 - - 145,789 Issuance of common stock upon exercise of stock options, net 20,000 - 26,200 - - 26,200 Issuance of common stock upon vesting of restricted stock units 125,000 - - - - - Stock buyback - - - - Other comprehensive loss - - - - (4,482 ) (4,482 ) Net income - - - 460,908 - 460,908 Balance at March 31, 2018 32,394,288 $ 322 $ 88,426,807 $ (53,994,197 ) $ (13,782 ) $ 34,419,150 Share Buyback Program The Board of Directors approved a share buyback program in 2015 $4 December 2017, December 31, 2018. In December 2018, January 1, 2019 December 31, 2020, $5 March 31, 2019, $4.5 December 31, 2018. There were 788,425 $2,171,022 six March 31, 2019. no six March 31, 2018. March 31, 2019, Dividends There were no six March 31, 2019 2018. |
Note 16 - Net Income (Loss) Per
Note 16 - Net Income (Loss) Per Share | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 6 . NET INCOME ( 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 net income (loss) per share: Three months ended Six months ended 3/31/2019 3/31/2018 3/31/2019 3/31/2018 Net income (loss) 1,178,850 460,908 2,224,790 (1,222,344 ) Basic income (loss) per share $ 0.04 $ 0.01 $ 0.07 $ (0.04 ) Diluted income (loss) per share $ 0.04 $ 0.01 $ 0.07 $ (0.04 ) Weighted average shares outstanding - basic 32,584,952 32,275,647 32,738,871 32,212,286 Assumed exercise of dilutive options 492,303 1,023,559 533,293 - Weighted average shares outstanding - diluted 33,077,255 33,299,206 33,272,164 32,212,286 Potentially diluted securities outstanding at period end excluded from diluted computation as the inclusion would have been antidilutive: Options 976,750 1,766,250 976,750 2,706,567 RSU - 218,330 - 218,330 Total 976,750 1,984,580 976,750 2,924,897 |
Note 17 - Segment Information
Note 17 - Segment Information | 6 Months Ended |
Mar. 31, 2019 | |
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 March 31, Six months ended March 31, 2019 2018 2019 2018 Revenue from external customers LRAD $ 9,646,513 $ 7,453,794 19,303,215 15,082,361 Genasys 545,178 414,654 1,066,035 414,654 $ 10,191,691 $ 7,868,448 $ 20,369,250 $ 15,497,015 Intercompany revenues LRAD $ - $ - - Genasys 279,997 89,818 466,969 89,818 $ 279,997 $ 89,818 $ 466,969 $ 89,818 Segment operating income LRAD $ 1,282,308 $ 579,498 2,584,954 1,570,604 Genasys 153,078 24,656 140,307 24,656 $ 1,435,386 $ 604,154 $ 2,725,261 $ 1,595,260 Other expenses: Depreciation and amortization expense LRAD $ (138,665 ) $ (64,660 ) $ (262,966 ) $ (124,765 ) Genasys (77,705 ) (69,044 ) (154,671 ) (69,044 ) $ (216,370 ) $ (133,704 ) $ (417,637 ) $ (193,809 ) Interest expense LRAD $ - $ - $ - $ - Genasys - (9,815 ) - (9,815 ) $ - $ (9,815 ) $ - $ (9,815 ) Income tax expense LRAD $ (274,144 ) $ (158,451 ) $ (557,147 ) $ (2,867,339 ) Genasys - - - - $ (274,144 ) $ (158,451 ) $ (557,147 ) $ (2,867,339 ) March 31, 2019 September 30, 2018 Long-lived assets LRAD $ 2,508,027 $ 2,478,144 Genasys 3,696,424 3,973,917 $ 6,204,451 $ 6,452,061 Total assets LRAD $ 35,948,659 $ 36,770,872 Genasys 4,787,658 5,089,925 $ 40,736,317 $ 41,860,797 |
Note 18 - Major Customers
Note 18 - Major Customers | 6 Months Ended |
Mar. 31, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | 1 8 . MAJOR CUSTOMERS For the three March 31, 2019, two 56% 13% six March 31, 2019 two 58% 10% no 10% March 31, 2019, two 55% 11% no 10% For the three March 31, 2018, three 40%, 15% 14% six March 31, 2018 two 33% 16% no 10% March 31, 2018, one 56% no 10% The following table summarizes revenues by geographic region. Revenues are attributed to countries based on customer’s delivery location. Three months ended March 31, Six months ended March 31, 2019 2018 2019 2018 Americas $ 9,048,167 $ 5,051,072 $ 17,769,488 $ 11,104,110 Asia Pacific 506,968 2,255,856 1,146,024 3,277,762 Europe, Middle East and Africa 636,556 561,520 1,453,738 1,115,143 Total Revenues $ 10,191,691 $ 7,868,448 $ 20,369,250 $ 15,497,015 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2019 | |
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. September 30, 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) | 6 Months Ended |
Mar. 31, 2019 | |
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 (93,750 ) Balance at March 31, 2019 $ - Customer deposits Deferred revenue Total contract liabilities Balance at September 30, 2018 $ 199,596 $ 523,021 $ 736,054 New performance obligations 951,719 601,313 1,553,032 Recognition of revenue as a result of satisfying performance obligations (418,798 ) (521,434 ) (940,232 ) Balance at March 31, 2019 $ 732,517 $ 602,900 $ 1,348,854 Less: non-current portion - (146,043 ) (146,043 ) Current portion at March 31, 2019 $ 732,517 $ 456,857 $ 1,202,811 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, 2019 Unrealized Fair Cash Short-term Long-term Cost Basis Gain Value Equivalents Securities Securities Level 1: Money Market Funds $ 480,856 $ - $ 480,856 $ 480,856 $ - $ - Level 2: Certificates of deposit 499,000 - 499,000 - - 499,000 Municipal securities 241,780 350 242,130 - 242,130 - Corporate bonds 4,062,764 325 4,063,089 - 2,866,748 1,196,341 Subtotal 4,803,544 675 4,804,219 - 3,108,878 1,695,341 Total $ 5,284,400 $ 675 $ 5,285,075 $ 480,856 $ 3,108,878 $ 1,695,341 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) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, September 30, 2019 2018 Raw materials $ 6,079,243 $ 4,487,273 Finished goods 1,969,021 1,768,544 Work in process 789,889 875,417 Inventories, gross 8,838,153 7,131,234 Reserve for obsolescence (532,310 ) (397,051 ) Inventories, net $ 8,305,843 $ 6,734,183 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, September 30, 2019 2018 Office furniture and equipment $ 1,483,577 $ 1,326,784 Machinery and equipment 1,224,183 1,095,099 Leasehold improvements 1,997,927 - Construction in progress 10,957 2,001,539 Property and equipment, gross 4,716,644 4,423,422 Accumulated depreciation (2,232,535 ) (1,974,697 ) Property and equipment, net $ 2,484,109 $ 2,448,725 |
Depreciation Expense [Member] | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Three months ended March 31, Six months ended March 31, 2019 2018 2019 2018 Depreciation expense $ 139,737 $ 63,666 $ 264,197 $ 121,967 |
Note 8 - Goodwill and Intangi_2
Note 8 - Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | March 31, September 30, 2019 2018 Technology $ 626,648 $ 648,208 Customer relationships 599,403 620,026 Trade name portfolio 217,965 225,464 Non-compete agreements 236,128 244,252 Patents 72,126 72,126 1,752,270 1,810,076 Accumulated amortization (396,561 ) (252,730 ) $ 1,355,709 $ 1,557,346 Three months ended Six months ended March 31, March 31, 2019 2018 2019 2018 Amortization expense $ 76,633 $ 70,038 $ 153,440 $ 71,842 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated Amortization Expense for the twelve months ended March 31, 2020 $ 301,741 2021 285,128 2022 222,575 2023 213,376 2024 178,288 Thereafter 154,601 Total estimated amortization expense $ 1,355,709 |
Note 9 - Prepaid Expenses and_2
Note 9 - Prepaid Expenses and Other (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, September 30, 2019 2018 Deposits for inventory $ 72,846 $ 1,366,069 Leashold improvement receivable 180,103 1,132,017 Prepaid insurance 168,554 162,822 Prepaid maintenance agreement - 93,750 Dues and subscriptions 109,991 92,097 Other 156,100 244,646 $ 687,594 $ 3,091,401 |
Note 10 - Accrued Liabilities (
Note 10 - Accrued Liabilities (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, September 30, 2019 2018 Payroll and related $ 1,484,278 $ 2,041,735 Deferred revenue 456,857 460,086 Customer deposits 732,517 199,596 Accrued contract costs 439,068 197,034 Severance - 152,730 Warranty reserve 125,175 99,216 Deferred rent 96,264 49,467 Total $ 3,334,159 $ 3,199,864 |
Other Noncurrent Liabilities [Table Text Block] | March 31, September 30, 2019 2018 Deferred rent $ 1,937,175 $ 1,663,058 Deferred extended warranty revenue 146,043 76,372 Total $ 2,083,218 $ 1,739,430 |
Schedule of Product Warranty Liability [Table Text Block] | March 31, September 30, 2019 2018 Beginning balance $ 99,216 $ 104,518 Warranty provision 44,037 6,093 Warranty settlements (18,078 ) (11,395 ) Ending balance $ 125,175 $ 99,216 |
Note 11 - Debt (Tables)
Note 11 - Debt (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Loans With Governmental Agencies [Table Text Block] | Agency Due Date Principal Ministry of Economy and Competitiveness February 2, 2022 50,616 Ministry of Economy and Competitiveness February 2, 2024 269,856 (a) $ 320,472 |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2019 $ 286,728 2020 16,872 2021 16,872 2022 - Total $ 320,472 |
Note 14 - Share-based Compens_2
Note 14 - Share-based Compensation (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted Average Exercise Price Outstanding September 30, 2018 3,394,858 $ 2.18 Granted - $ - Forfeited/expired (768,334 ) $ 2.99 Exercised (28,282 ) $ 1.60 Outstanding March 31, 2019 2,598,242 $ 1.94 Exerciseable March 31, 2019 1,702,145 $ 1.93 |
Share-based Payment Arrangement, Option, 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 - $1.69 577,766 4.20 $ 1.57 560,545 $ 1.57 $1.71 - $1.86 525,226 3.29 $ 1.80 461,257 $ 1.81 $1.99 - $1.99 1,125,000 4.34 $ 1.99 312,500 $ 1.99 $2.02 - $3.13 360,250 2.59 $ 2.55 357,843 $ 2.55 $3.17 - $3.17 10,000 2.64 $ 3.17 10,000 $ 3.17 2,598,242 1,702,145 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of Shares Outstanding September 30, 2018 218,330 Granted 249,300 Released (156,115 ) Forfeited/cancelled - Outstanding March 31, 2019 311,515 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended March 31, 2018 Volatility 45.4% Risk free interest rate 2.2% Forfeiture rate 10.0% Dividend yield 0.0% Expected life in years 4.6 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended Six months ended March 31, March 31, 2019 2018 2019 2018 Cost of revenues $ 4,201 $ 5,047 $ 8,499 $ 11,256 Selling, general and administrative 154,250 120,113 266,101 229,455 Research and development 13,524 20,609 31,220 43,539 $ 171,975 $ 145,769 $ 305,820 $ 284,250 |
Note 15 - Stockholders' Equity
Note 15 - Stockholders' Equity (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
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, 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 Issuance of common stock upon vesting of restricted stock units - - - - - - 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-based compensation expense - - 171,975 - - 171,975 Issuance of common stock upon exercise of stock options, net 26,682 - 42,644 - - 42,644 Issuance of common stock upon vesting of restricted stock units 156,115 2 - - - 2 Stock buyback (200,000 ) (2 ) (549,998 ) (550,000 ) Other comprehensive loss - - - - (69,091 ) (69,091 ) Net income - - - 1,178,850 - 1,178,850 Balance at March 31, 2019 32,572,118 $ 326 $ 88,431,123 $ (54,292,105 ) $ (368,801 ) $ 33,770,543 Accumulated Additional Other Total Common Stock Paid-in Accumulated Comprehensive Stockholders' Shares Amount Capital Deficit Loss Equity Balance at September 30, 2017 32,158,436 $ 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 Issuance of common stock upon vesting of restricted stock units - - - - - - Stock buyback - - - - - - Other comprehensive loss - - - - (8,031 ) (8,031 ) Net income - - - (1,683,252 ) - (1,683,252 ) Balance at December 31, 2017 32,249,288 $ 322 $ 88,254,818 $ (54,455,105 ) $ (9,300 ) $ 33,790,735 Share-based compensation expense - - 145,789 - - 145,789 Issuance of common stock upon exercise of stock options, net 20,000 - 26,200 - - 26,200 Issuance of common stock upon vesting of restricted stock units 125,000 - - - - - Stock buyback - - - - Other comprehensive loss - - - - (4,482 ) (4,482 ) Net income - - - 460,908 - 460,908 Balance at March 31, 2018 32,394,288 $ 322 $ 88,426,807 $ (53,994,197 ) $ (13,782 ) $ 34,419,150 |
Note 16 - Net Income (Loss) P_2
Note 16 - Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Six months ended 3/31/2019 3/31/2018 3/31/2019 3/31/2018 Net income (loss) 1,178,850 460,908 2,224,790 (1,222,344 ) Basic income (loss) per share $ 0.04 $ 0.01 $ 0.07 $ (0.04 ) Diluted income (loss) per share $ 0.04 $ 0.01 $ 0.07 $ (0.04 ) Weighted average shares outstanding - basic 32,584,952 32,275,647 32,738,871 32,212,286 Assumed exercise of dilutive options 492,303 1,023,559 533,293 - Weighted average shares outstanding - diluted 33,077,255 33,299,206 33,272,164 32,212,286 Potentially diluted securities outstanding at period end excluded from diluted computation as the inclusion would have been antidilutive: Options 976,750 1,766,250 976,750 2,706,567 RSU - 218,330 - 218,330 Total 976,750 1,984,580 976,750 2,924,897 |
Note 17 - Segment Information (
Note 17 - Segment Information (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three months ended March 31, Six months ended March 31, 2019 2018 2019 2018 Revenue from external customers LRAD $ 9,646,513 $ 7,453,794 19,303,215 15,082,361 Genasys 545,178 414,654 1,066,035 414,654 $ 10,191,691 $ 7,868,448 $ 20,369,250 $ 15,497,015 Intercompany revenues LRAD $ - $ - - Genasys 279,997 89,818 466,969 89,818 $ 279,997 $ 89,818 $ 466,969 $ 89,818 Segment operating income LRAD $ 1,282,308 $ 579,498 2,584,954 1,570,604 Genasys 153,078 24,656 140,307 24,656 $ 1,435,386 $ 604,154 $ 2,725,261 $ 1,595,260 Other expenses: Depreciation and amortization expense LRAD $ (138,665 ) $ (64,660 ) $ (262,966 ) $ (124,765 ) Genasys (77,705 ) (69,044 ) (154,671 ) (69,044 ) $ (216,370 ) $ (133,704 ) $ (417,637 ) $ (193,809 ) Interest expense LRAD $ - $ - $ - $ - Genasys - (9,815 ) - (9,815 ) $ - $ (9,815 ) $ - $ (9,815 ) Income tax expense LRAD $ (274,144 ) $ (158,451 ) $ (557,147 ) $ (2,867,339 ) Genasys - - - - $ (274,144 ) $ (158,451 ) $ (557,147 ) $ (2,867,339 ) March 31, 2019 September 30, 2018 Long-lived assets LRAD $ 2,508,027 $ 2,478,144 Genasys 3,696,424 3,973,917 $ 6,204,451 $ 6,452,061 Total assets LRAD $ 35,948,659 $ 36,770,872 Genasys 4,787,658 5,089,925 $ 40,736,317 $ 41,860,797 |
Note 18 - Major Customers (Tabl
Note 18 - Major Customers (Tables) | 6 Months Ended |
Mar. 31, 2019 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three months ended March 31, Six months ended March 31, 2019 2018 2019 2018 Americas $ 9,048,167 $ 5,051,072 $ 17,769,488 $ 11,104,110 Asia Pacific 506,968 2,255,856 1,146,024 3,277,762 Europe, Middle East and Africa 636,556 561,520 1,453,738 1,115,143 Total Revenues $ 10,191,691 $ 7,868,448 $ 20,369,250 $ 15,497,015 |
Note 2 - Basis of Presentatio_2
Note 2 - Basis of Presentation and Significant Accounting Policies (Details Textual) | 6 Months Ended |
Mar. 31, 2019 | |
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) | Mar. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 1,348,854 |
Note 4 - Revenue Recognition 2
Note 4 - Revenue Recognition 2 (Details Textual) | Mar. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 1,348,854 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 1,202,811 |
Revenue, Remaining Performance Obligation, Percentage | 89.00% |
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 ($) | 6 Months Ended | |
Mar. 31, 2019 | Sep. 30, 2018 | |
Balance | $ 736,054 | |
New performance obligations | 1,553,032 | |
Recognition of revenue as a result of satisfying performance obligations | (940,232) | |
Balance | 1,348,854 | |
Less: non-current portion | (146,043) | |
Current portion | 1,202,811 | |
Customer Deposits [Member] | ||
Balance | 199,596 | |
New performance obligations | 951,719 | |
Recognition of revenue as a result of satisfying performance obligations | (418,798) | |
Balance | 732,517 | |
Less: non-current portion | ||
Current portion | 732,517 | $ 199,596 |
Deferred Revenue [Member] | ||
Balance | 523,021 | |
New performance obligations | 601,313 | |
Recognition of revenue as a result of satisfying performance obligations | (521,434) | |
Balance | 602,900 | |
Less: non-current portion | (146,043) | (76,372) |
Current portion | 456,857 | $ 460,086 |
Prepaid Maintenance Agreement [Member] | ||
Balance | 93,750 | |
New prepaid maintenance agreements | ||
Recognition of expense as a result of performing services | (93,750) | |
Balance |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2019 | 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 ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Short-term marketable securities | $ 3,108,878 | $ 3,592,175 |
Long-term Securities | 1,695,341 | 1,200,541 |
Fair Value, Nonrecurring [Member] | ||
Cost Basis | 5,284,400 | 5,212,054 |
Unrealized Gains (Losses) | 675 | (8,945) |
Fair Value | 5,285,075 | 5,203,109 |
Cash Equivalents | 480,856 | 410,393 |
Short-term marketable securities | 3,108,878 | 3,592,175 |
Long-term Securities | 1,695,341 | 1,200,541 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cost Basis | 480,856 | 410,393 |
Unrealized Gains (Losses) | ||
Fair Value | 480,856 | 410,393 |
Cash Equivalents | 480,856 | 410,393 |
Short-term marketable securities | ||
Long-term Securities | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cost Basis | 4,803,544 | 4,801,661 |
Unrealized Gains (Losses) | 675 | (8,945) |
Fair Value | 4,804,219 | 4,792,716 |
Cash Equivalents | ||
Short-term marketable securities | 3,108,878 | 3,592,175 |
Long-term Securities | 1,695,341 | 1,200,541 |
Fair Value, 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, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Cost Basis | 241,780 | |
Unrealized Gains (Losses) | 350 | |
Fair Value | 242,130 | |
Cash Equivalents | ||
Short-term marketable securities | 242,130 | |
Long-term Securities | ||
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Cost Basis | 4,062,764 | 4,302,661 |
Unrealized Gains (Losses) | 325 | (8,945) |
Fair Value | 4,063,089 | 4,293,716 |
Cash Equivalents | ||
Short-term marketable securities | 2,866,748 | 3,592,175 |
Long-term Securities | $ 1,196,341 | $ 701,541 |
Note 6 - Inventories - Schedule
Note 6 - Inventories - Schedule of Inventory (Details) - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Raw materials | $ 6,079,243 | $ 4,487,273 |
Finished goods | 1,969,021 | 1,768,544 |
Work in process | 789,889 | 875,417 |
Inventories, gross | 8,838,153 | 7,131,234 |
Reserve for obsolescence | (532,310) | (397,051) |
Inventories, net | $ 8,305,843 | $ 6,734,183 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Property and equipment | $ 4,716,644 | $ 4,423,422 |
Accumulated depreciation | (2,232,535) | (1,974,697) |
Property and equipment, net | 2,484,109 | 2,448,725 |
Furniture and Fixtures [Member] | ||
Property and equipment | 1,483,577 | 1,326,784 |
Machinery and Equipment [Member] | ||
Property and equipment | 1,224,183 | 1,095,099 |
Leasehold Improvements [Member] | ||
Property and equipment | 1,997,927 | |
Construction in Progress [Member] | ||
Property and equipment | $ 10,957 | $ 2,001,539 |
Note 7 - Property and Equipme_4
Note 7 - Property and Equipment - Property and Equipment, Depreciation Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Depreciation expense | $ 139,737 | $ 63,666 | $ 264,197 | $ 121,967 |
Note 8 - Goodwill and Intangi_3
Note 8 - Goodwill and Intangible Assets (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Sep. 30, 2018 | |
Goodwill, Ending Balance | $ 2,364,633 | $ 2,445,990 |
Goodwill and Intangible Assets, Foreign Currency Translation Gain (Loss) | (130,403) | |
Goodwill, Impairment Loss | 0 | |
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 | 6 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | |
Intangible assets, gross carrying amount | $ 1,752,270 | $ 1,752,270 | $ 1,810,076 | ||
Accumulated amortization | (396,561) | (396,561) | (252,730) | ||
Intangible assets, net | 1,355,709 | 1,355,709 | 1,557,346 | ||
Amortization expense | 76,633 | $ 70,038 | 153,440 | $ 71,842 | |
Technology-Based Intangible Assets [Member] | |||||
Intangible assets, gross carrying amount | 626,648 | 626,648 | 648,208 | ||
Customer Relationships [Member] | |||||
Intangible assets, gross carrying amount | 599,403 | 599,403 | 620,026 | ||
Trade Names [Member] | |||||
Intangible assets, gross carrying amount | 217,965 | 217,965 | 225,464 | ||
Noncompete Agreements [Member] | |||||
Intangible assets, gross carrying amount | 236,128 | 236,128 | 244,252 | ||
Patents [Member] | |||||
Intangible assets, gross carrying amount | $ 72,126 | $ 72,126 | $ 72,126 |
Note 8 - Goodwill and Intangi_5
Note 8 - Goodwill and Intangible Assets - Estimated Future Amortization Expense (Details) | Mar. 31, 2019USD ($) |
2020 | $ 301,741 |
2021 | 285,128 |
2022 | 222,575 |
2023 | 213,376 |
2024 | 178,288 |
Thereafter | 154,601 |
Total estimated amortization expense | $ 1,355,709 |
Note 9 - Prepaid Expenses and_3
Note 9 - Prepaid Expenses and Other (Details Textual) - USD ($) | Mar. 31, 2011 | Mar. 31, 2019 | 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, after Allowance for Credit Loss, Total | $ 1,500,000 | $ 93,750 | ||
Contract with Customer, Asset, Net, Current, Total | $ 93,750 |
Note 9 - Prepaid Expenses and_4
Note 9 - Prepaid Expenses and Other - Summary of Prepaid Expenses and Others (Details) - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Deposits for inventory | $ 72,846 | $ 1,366,069 |
Leashold improvement receivable | 180,103 | 1,132,017 |
Prepaid insurance | 168,554 | 162,822 |
Dues and subscriptions | 109,991 | 92,097 |
Other | 156,100 | 244,646 |
Prepaid expenses and other | 687,594 | 3,091,401 |
Prepaid Maintenance Agreement [Member] | ||
Prepaid maintenance agreement | $ 93,750 |
Note 10 - Accrued Liabilities_2
Note 10 - Accrued Liabilities (Details Textual) | Mar. 31, 2019USD ($) |
Deferred Rent Credit | $ 2,033,439 |
Note 10 - Accrued Liabilities -
Note 10 - Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Payroll and related | $ 1,484,278 | $ 2,041,735 |
Contract liability, current | 1,202,811 | |
Accrued contract costs | 439,068 | 197,034 |
Severance | 152,730 | |
Warranty reserve | 125,175 | 99,216 |
Deferred rent | 96,264 | 49,467 |
Total | 3,334,159 | 3,199,864 |
Deferred Revenue [Member] | ||
Contract liability, current | 456,857 | 460,086 |
Customer Deposits [Member] | ||
Contract liability, current | $ 732,517 | $ 199,596 |
Note 10 - Accrued Liabilities_3
Note 10 - Accrued Liabilities - Noncurrent (Details) - USD ($) | Mar. 31, 2019 | Sep. 30, 2018 |
Deferred rent | $ 1,937,175 | $ 1,663,058 |
Deferred extended warranty revenue | 146,043 | |
Total | 2,083,218 | 1,739,430 |
Deferred Revenue [Member] | ||
Deferred extended warranty revenue | $ 146,043 | $ 76,372 |
Note 10 - Accrued Liabilities_4
Note 10 - Accrued Liabilities - Changes in Warranty Reserve (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Sep. 30, 2018 | |
Beginning balance | $ 99,216 | $ 104,518 |
Warranty provision | 44,037 | 6,093 |
Warranty settlements | (18,078) | (11,395) |
Ending balance | $ 125,175 | $ 99,216 |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) | Mar. 31, 2019USD ($) |
Long-term Debt, Current Maturities, Total | $ 286,728 |
Long-term Debt, Excluding Current Maturities, Total | 33,744 |
Collateral Pledged [Member] | Loan with Ministry of Science and Innovation, Due February 2, 2024 [Member] | Genasys Acquisition [Member] | Loans With Governmental Agencies [Member] | |
Long-term Debt, Current Maturities, Total | $ 269,856 |
Note 11 - Debt - Loans With Gov
Note 11 - Debt - Loans With Governmental Agencies (Details) | 3 Months Ended | |
Mar. 31, 2019USD ($) | ||
Principal, loans with governmental agencies | $ 320,472 | |
Loans With Governmental Agencies [Member] | ||
Principal, loans with governmental agencies | $ 320,472 | |
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 | $ 50,616 | |
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 | $ 269,856 | [1] |
[1] | This loan is secured by $269,856 of cash pledged as collateral by Genasys, which is the current balance of the loan. This amount is included in restricted cash at March 31, 2019. The Company expects the Ministry of Economy and Competitiveness to declare the terms of the loan satisfied within fiscal year 2019 and the outstanding balance of the loan will be paid in full during fiscal 2019. Accordingly, this has been included in the current portion of notes payable as of March 31, 2019. |
Note 11 - Debt - Future Annual
Note 11 - Debt - Future Annual Payments (Details) | Mar. 31, 2019USD ($) |
2019 | $ 286,728 |
2020 | 16,872 |
2021 | 16,872 |
2022 | |
Total | $ 320,472 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ 274,144 | $ 158,451 | $ 557,147 | $ 2,867,339 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.10% | ||||
Income Tax Expense (Benefit), Excluding Adjustment of Deferred Tax (Asset) Liability | 393,339 | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2,474,000 | ||||
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 | $ 0 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) | Jan. 03, 2018USD ($)ft² | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) |
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 | $ 785,102 | $ 738,543 |
Note 14 - Share-based Compens_3
Note 14 - Share-based Compensation (Details Textual) - USD ($) | Feb. 07, 2019 | Mar. 20, 2018 | Mar. 14, 2017 | Aug. 01, 2016 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 2,598,242 | 3,394,858 | ||||||
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 259 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 2,369,242 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 1,576,690 | |||||||
Share Price | $ 2.85 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 34,903 | |||||||
Proceeds from Stock Options Exercised | $ 45,172 | $ 185,718 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |||||||
Share-based Payment Arrangement, Noncash Expense, Total | $ 305,820 | $ 284,250 | ||||||
Payments of Ordinary Dividends, Common Stock | 0 | $ 0 | ||||||
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 Payment Arrangement, Noncash Expense, Total | $ 210,176 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 249,300 | |||||||
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 Payment Arrangement, Noncash Expense, 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 | |||||||
Restricted Stock Units (RSUs) [Member] | Non-employee Directors [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options, Annual Grants, Gross | 30,000 | |||||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ 412,500 | |||||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 736,226 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 229 days | |||||||
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 | |||||||
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 | 2,214,874 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 5,345,316 | |||||||
2005 Equity Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 694,883 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,435,559 |
Note 14 - Share-based Compens_4
Note 14 - Share-based Compensation - Stock Option Activity (Details) - $ / shares | 6 Months Ended |
Mar. 31, 2019 | |
Number of Shares Outstanding, Beginning Balance (in shares) | 3,394,858 |
Weighted Average Exercise Price, Shares Outstanding, Beginning Balance (in dollars per share) | $ 2.18 |
Number of Shares Granted (in shares) | |
Weighted Average Exercise Price, Shares Granted (in dollars per share) | |
Number of Shares Forfeited/expired (in shares) | (768,334) |
Weighted Average Exercise Price, Shares Forfeited/expired (in dollars per share) | $ 2.99 |
Number of Shares Exercised (in shares) | (28,282) |
Weighted Average Exercise Price, Exercised (in dollars per share) | $ 1.60 |
Number of Shares Outstanding, Ending Balance (in shares) | 2,598,242 |
Weighted Average Exercise Price, Shares Outstanding, Ending Balance (in dollars per share) | $ 1.94 |
Number of Shares Exercisable (in shares) | 1,702,145 |
Weighted Average Exercise Price, Shares Exercisable (in dollars per share) | $ 1.93 |
Note 14 - Share-based Compens_5
Note 14 - Share-based Compensation - Stock Options Outstanding (Details) | 6 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Number Outstanding (in shares) | shares | 2,598,242 |
Number Exercisable (in shares) | shares | 1,702,145 |
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 | 577,766 |
Weighted Average Remaining Contractual Life (Year) | 4 years 73 days |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 1.57 |
Number Exercisable (in shares) | shares | 560,545 |
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 | 525,226 |
Weighted Average Remaining Contractual Life (Year) | 3 years 105 days |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 1.80 |
Number Exercisable (in shares) | shares | 461,257 |
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 124 days |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 1.99 |
Number Exercisable (in shares) | shares | 312,500 |
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 | 360,250 |
Weighted Average Remaining Contractual Life (Year) | 2 years 215 days |
Weighted Average Exercise Price, Outstanding (in dollars per share) | $ 2.55 |
Number Exercisable (in shares) | shares | 357,843 |
Weighted Average Exercise Price, Exercisable (in dollars per share) | $ 2.55 |
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 233 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_6
Note 14 - Share-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Mar. 31, 2019shares | |
Outstanding September 30, 2018 (in shares) | 218,330 |
Number of Shares Granted (in shares) | 249,300 |
Released (in shares) | (156,115) |
Forfeited/cancelled (in shares) | |
Outstanding March 31, 2019 (in shares) | 311,515 |
Note 14 - Share-based Compens_7
Note 14 - Share-based Compensation - Weighted-average Assumptions (Details) | 3 Months Ended |
Mar. 31, 2018 | |
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_8
Note 14 - Share-based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based compensation expense | $ 171,975 | $ 145,769 | $ 305,820 | $ 284,250 |
Cost of Sales [Member] | ||||
Share-based compensation expense | 4,201 | 5,047 | 8,499 | 11,256 |
Selling, General and Administrative Expenses [Member] | ||||
Share-based compensation expense | 154,250 | 120,113 | 266,101 | 229,455 |
Research and Development Expense [Member] | ||||
Share-based compensation expense | $ 13,524 | $ 20,609 | $ 31,220 | $ 43,539 |
Note 15 - Stockholders' Equit_2
Note 15 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Thousands | 6 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Sep. 30, 2015 | |
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0 | ||
Share Buyback Program [Member] | ||||
Stock Repurchase Program, Authorized Amount | $ 4,500,000 | $ 5,000,000 | $ 4,000,000 | |
Stock Repurchased and Retired During Period, Shares | 788,425 | 0 | ||
Stock Repurchased During Period, Value | $ 2,171,022 |
Note 15 - Stockholders' Equit_3
Note 15 - Stockholders' Equity - Summary of Changes in Stockholders' Equity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Balance | $ 32,996,163 | $ 33,489,207 | $ 33,790,735 | $ 35,184,039 | $ 33,489,207 | $ 35,184,039 |
Share-based compensation expense | 171,975 | 133,845 | 145,789 | 138,461 | ||
Issuance of common stock upon exercise of stock options, net (in shares) | 28,282 | |||||
Issuance of common stock upon exercise of stock options, net | 42,644 | 2,528 | 26,200 | 159,518 | ||
Issuance of common stock upon vesting of restricted stock units | 2 | |||||
Stock buyback | (550,000) | (1,621,022) | ||||
Other comprehensive loss | (69,091) | (54,335) | (4,482) | (8,031) | ||
Net income (loss) | 1,178,850 | 1,045,940 | 460,908 | (1,683,252) | $ 2,224,790 | (1,222,344) |
Balance | $ 33,770,543 | $ 32,996,163 | $ 34,419,150 | $ 33,790,735 | $ 33,770,543 | $ 34,419,150 |
Common Stock [Member] | ||||||
Balance (in shares) | 32,589,321 | 33,176,146 | 32,249,288 | 32,158,436 | 33,176,146 | 32,158,436 |
Balance | $ 326 | $ 332 | $ 322 | $ 322 | $ 332 | $ 322 |
Share-based compensation expense | ||||||
Issuance of common stock upon exercise of stock options, net (in shares) | 26,682 | 1,600 | 20,000 | 90,852 | ||
Issuance of common stock upon exercise of stock options, net | ||||||
Issuance of common stock upon vesting of restricted stock units | $ 2 | |||||
Stock buyback (in shares) | (200,000) | (588,425) | ||||
Stock buyback | $ (2) | $ (6) | ||||
Other comprehensive loss | ||||||
Net income (loss) | ||||||
Issuance of common stock upon vesting of restricted stock units (in shares) | 156,115 | 125,000 | ||||
Balance (in shares) | 32,572,118 | 32,589,321 | 32,394,288 | 32,249,288 | 32,572,118 | 32,394,288 |
Balance | $ 326 | $ 326 | $ 322 | $ 322 | $ 326 | $ 322 |
Additional Paid-in Capital [Member] | ||||||
Balance | 88,766,502 | 90,251,145 | 88,254,818 | 87,956,839 | 90,251,145 | 87,956,839 |
Share-based compensation expense | 171,975 | 133,845 | 145,789 | 138,461 | ||
Issuance of common stock upon exercise of stock options, net | 42,644 | 2,528 | 26,200 | 159,518 | ||
Issuance of common stock upon vesting of restricted stock units | ||||||
Stock buyback | (549,998) | (1,621,016) | ||||
Other comprehensive loss | ||||||
Net income (loss) | ||||||
Balance | 88,431,123 | 88,766,502 | 88,426,807 | 88,254,818 | 88,431,123 | 88,426,807 |
Retained Earnings [Member] | ||||||
Balance | (55,470,955) | (56,516,895) | (54,455,105) | (52,771,853) | (56,516,895) | (52,771,853) |
Share-based compensation expense | ||||||
Issuance of common stock upon exercise of stock options, net | ||||||
Issuance of common stock upon vesting of restricted stock units | ||||||
Stock buyback | ||||||
Other comprehensive loss | ||||||
Net income (loss) | 1,178,850 | 1,045,940 | 460,908 | (1,683,252) | ||
Balance | (54,292,105) | (55,470,955) | (53,994,197) | (54,455,105) | (54,292,105) | (53,994,197) |
AOCI Attributable to Parent [Member] | ||||||
Balance | (299,710) | (245,375) | (9,300) | (1,269) | (245,375) | (1,269) |
Share-based compensation expense | ||||||
Issuance of common stock upon exercise of stock options, net | ||||||
Issuance of common stock upon vesting of restricted stock units | ||||||
Stock buyback | ||||||
Other comprehensive loss | (69,091) | (54,335) | (4,482) | (8,031) | ||
Net income (loss) | ||||||
Balance | $ (368,801) | $ (299,710) | $ (13,782) | $ (9,300) | $ (368,801) | $ (13,782) |
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 | 6 Months Ended | ||||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | |
Net income (loss) | $ 1,178,850 | $ 1,045,940 | $ 460,908 | $ (1,683,252) | $ 2,224,790 | $ (1,222,344) |
Basic income (loss) per share (in dollars per share) | $ 0.04 | $ 0.01 | $ 0.07 | $ (0.04) | ||
Diluted income (loss) per share (in dollars per share) | $ 0.04 | $ 0.01 | $ 0.07 | $ (0.04) | ||
Weighted average shares outstanding - basic (in shares) | 32,584,952 | 32,275,647 | 32,738,871 | 32,212,286 | ||
Assumed exercise of dilutive options (in shares) | 492,303 | 1,023,559 | 533,293 | |||
Weighted average shares outstanding - diluted (in shares) | 33,077,255 | 33,299,206 | 33,272,164 | 32,212,286 | ||
Antidilutive securities (in shares) | 976,750 | 1,984,580 | 976,750 | 2,924,897 | ||
Share-based Payment Arrangement, Option [Member] | ||||||
Antidilutive securities (in shares) | 976,750 | 1,766,250 | 976,750 | 2,706,567 | ||
Restricted Stock Units (RSUs) [Member] | ||||||
Antidilutive securities (in shares) | 218,330 | 218,330 |
Note 17 - Segment Information_2
Note 17 - Segment Information (Details Textual) | 6 Months Ended |
Mar. 31, 2019 | |
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 | 6 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Sep. 30, 2018 | |
Revenues | $ 10,191,691 | $ 7,868,448 | $ 20,369,250 | $ 15,497,015 | |
Operating Income | 1,435,386 | 604,154 | 2,725,261 | 1,595,260 | |
Depreciation and amortization | (216,370) | (133,704) | (417,637) | (193,809) | |
Interest expense | (9,815) | (9,815) | |||
Income tax expense | (274,144) | (158,451) | (557,147) | (2,867,339) | |
Long-lived assets | 6,204,451 | 6,204,451 | $ 6,452,061 | ||
Total assets | 40,736,317 | 40,736,317 | 41,860,797 | ||
Intersegment Eliminations [Member] | |||||
Revenues | 279,997 | 89,818 | 466,969 | 89,818 | |
LRAD Segment [Member] | |||||
Revenues | 9,646,513 | 7,453,794 | 19,303,215 | 15,082,361 | |
Operating Income | 1,282,308 | 579,498 | 2,584,954 | 1,570,604 | |
Depreciation and amortization | (138,665) | (64,660) | (262,966) | (124,765) | |
Interest expense | |||||
Income tax expense | (274,144) | (158,451) | (557,147) | (2,867,339) | |
Long-lived assets | 2,508,027 | 2,508,027 | 2,478,144 | ||
Total assets | 35,948,659 | 35,948,659 | 36,770,872 | ||
LRAD Segment [Member] | Intersegment Eliminations [Member] | |||||
Revenues | |||||
Genasys Segment [Member] | |||||
Revenues | 545,178 | 414,654 | 1,066,035 | 414,654 | |
Operating Income | 153,078 | 24,656 | 140,307 | 24,656 | |
Depreciation and amortization | (77,705) | (69,044) | (154,671) | (69,044) | |
Interest expense | (9,815) | (9,815) | |||
Income tax expense | |||||
Long-lived assets | 3,696,424 | 3,696,424 | 3,973,917 | ||
Total assets | 4,787,658 | 4,787,658 | $ 5,089,925 | ||
Genasys Segment [Member] | Intersegment Eliminations [Member] | |||||
Revenues | $ 279,997 | $ 89,818 | $ 466,969 | $ 89,818 |
Note 18 - Major Customers (Deta
Note 18 - Major Customers (Details Textual) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue Benchmark [Member] | Customer 1 [Member] | ||||
Concentration Risk, Percentage | 56.00% | 40.00% | 58.00% | 33.00% |
Revenue Benchmark [Member] | Customer 2 [Member] | ||||
Concentration Risk, Percentage | 13.00% | 15.00% | 10.00% | 16.00% |
Revenue Benchmark [Member] | Customer 3 [Member] | ||||
Concentration Risk, Percentage | 14.00% | |||
Accounts Receivable [Member] | Customer 1 [Member] | ||||
Concentration Risk, Percentage | 55.00% | 56.00% | ||
Accounts Receivable [Member] | Customer 2 [Member] | ||||
Concentration Risk, Percentage | 11.00% |
Note 18 - Major Customers - Sch
Note 18 - Major Customers - Schedule of Major Customers (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | $ 10,191,691 | $ 7,868,448 | $ 20,369,250 | $ 15,497,015 |
Americas [Member] | ||||
Revenues | 9,048,167 | 5,051,072 | 17,769,488 | 11,104,110 |
Asia Pacific [Member] | ||||
Revenues | 506,968 | 2,255,856 | 1,146,024 | 3,277,762 |
EMEA [Member] | ||||
Revenues | $ 636,556 | $ 561,520 | $ 1,453,738 | $ 1,115,143 |
Uncategorized Items - lrad-2019
Label | Element | Value |
us-gaap_RestrictedCashAndCashEquivalentsNoncurrent | us-gaap_RestrictedCashAndCashEquivalentsNoncurrent | $ 339,624 |
us-gaap_RestrictedCashAndCashEquivalentsNoncurrent | us-gaap_RestrictedCashAndCashEquivalentsNoncurrent | 104,146 |
us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue | us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue | 390,008 |
us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue | us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue | $ 363,745 |