Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 28, 2015 | 8-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 28-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | TCCO | |
Entity Registrant Name | TECHNICAL COMMUNICATIONS CORP | |
Entity Central Index Key | 96699 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,838,921 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 |
Current Assets: | ||
Cash and cash equivalents | $1,604,033 | $3,210,237 |
Marketable securities | ||
Available for sale | 1,022,034 | 1,416,890 |
Held to maturity | 410,715 | 310,437 |
Accounts receivable - trade, less allowance of $25,000 at March 28, 2015 and September 27, 2014 | 1,860,326 | 403,139 |
Inventories, net | 2,804,426 | 2,721,313 |
Other current assets | 190,024 | 210,379 |
Total current assets | 7,891,558 | 8,272,395 |
Marketable securities - held to maturity | 881,079 | 1,105,140 |
Equipment and leasehold improvements | 4,465,096 | 4,465,096 |
Less: accumulated depreciation and amortization | -4,135,361 | -4,033,233 |
Equipment and leasehold improvements, net | 329,735 | 431,863 |
Investment in unconsolidated subsidiary | 275,000 | |
Total Assets | 9,377,372 | 9,809,398 |
Current Liabilities: | ||
Accounts payable | 297,948 | 173,553 |
Accrued liabilities: | ||
Accrued compensation and related expenses | 193,531 | 163,410 |
Customer deposits | 61,487 | 169,943 |
Other current liabilities | 121,054 | 157,784 |
Income taxes payable | 75,877 | 76,859 |
Total current liabilities | 749,897 | 741,549 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Common stock, par value $0.10 per share; 7,000,000 shares authorized; 1,838,921 shares issued and outstanding at March 28, 2015 and September 27, 2014 | 183,892 | 183,892 |
Additional paid-in capital | 4,061,302 | 3,986,996 |
Accumulated other comprehensive loss | -682 | -3,598 |
Retained earnings | 4,382,963 | 4,900,559 |
Total stockholders' equity | 8,627,475 | 9,067,849 |
Total Liabilities and Stockholders' Equity | $9,377,372 | $9,809,398 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $25,000 | $25,000 |
Common stock, par value | $0.10 | $0.10 |
Common stock, shares authorized | 7,000,000 | 7,000,000 |
Common stock, shares issued | 1,838,921 | 1,838,921 |
Common stock, shares outstanding | 1,838,921 | 1,838,921 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $2,372,575 | $1,293,478 | $3,255,721 | $3,802,198 |
Cost of sales | 649,334 | 337,592 | 920,365 | 1,126,452 |
Gross profit | 1,723,241 | 955,886 | 2,335,356 | 2,675,746 |
Operating expenses: | ||||
Selling, general and administrative | 765,398 | 841,988 | 1,521,424 | 1,549,106 |
Product development | 752,979 | 765,852 | 1,342,544 | 1,527,737 |
Total operating expenses | 1,518,377 | 1,607,840 | 2,863,968 | 3,076,843 |
Operating income (loss) | 204,864 | -651,954 | -528,612 | -401,097 |
Other income: | ||||
Interest income | 5,121 | 6,491 | 11,016 | 13,176 |
Income (Loss) before provision for income taxes | 209,985 | -645,463 | -517,596 | -387,921 |
Provision for income taxes | 821,066 | 894,458 | ||
Net income (loss) | $209,985 | ($1,466,529) | ($517,596) | ($1,282,379) |
Net income (loss) per common share: | ||||
Basic | $0.11 | ($0.80) | ($0.28) | ($0.70) |
Diluted | $0.11 | ($0.80) | ($0.28) | ($0.70) |
Weighted average shares: | ||||
Basic | 1,838,921 | 1,838,907 | 1,838,921 | 1,838,812 |
Diluted | 1,846,399 | 1,838,907 | 1,838,921 | 1,838,812 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $209,985 | ($1,466,529) | ($517,596) | ($1,282,379) |
Unrealized gain (loss) on available for sale securities, net of tax | 935 | -455 | 2,916 | -4,869 |
Comprehensive income (loss) | $210,920 | ($1,466,984) | ($514,680) | ($1,287,248) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Operating Activities: | ||
Net loss | ($517,596) | ($1,282,379) |
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 102,128 | 101,897 |
Stock-based compensation | 74,306 | 138,878 |
Deferred income taxes | 894,459 | |
Amortization of premium on held to maturity securities | 24,555 | 32,924 |
Changes in certain operating assets and liabilities: | ||
Accounts receivable | -1,457,187 | 1,124,921 |
Inventories | -83,113 | 489,604 |
Income taxes payable / receivable | -982 | -4,912 |
Other current assets | 20,355 | -9,002 |
Customer deposits | -108,456 | 97,692 |
Accounts payable and other accrued liabilities | 117,786 | -210,666 |
Net cash (used in) provided by operating activities | -1,828,204 | 1,373,416 |
Investing Activities: | ||
Additions to equipment and leasehold improvements | -106,536 | |
Investment in unconsolidated subsidiary | -275,000 | |
Proceeds from maturities of marketable securities | 497,000 | 1,245,000 |
Purchases of marketable securities | -2,579,000 | |
Net cash provided by (used in) investing activities | 222,000 | -1,440,536 |
Financing Activities: | ||
Net cash used in financing activities | 0 | 0 |
Net decrease in cash and cash equivalents | -1,606,204 | -67,120 |
Cash and cash equivalents at beginning of the period | 3,210,237 | 2,810,923 |
Cash and cash equivalents at end of the period | 1,604,033 | 2,743,803 |
Supplemental Disclosures: | ||
Interest paid | 0 | 0 |
Income taxes paid | $982 | $4,942 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and Significant Judgments and Estimates | 6 Months Ended | ||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Summary of Significant Accounting Policies and Significant Judgments and Estimates | NOTE 1. | Summary of Significant Accounting Policies and Significant Judgments and Estimates | |||||||||||||||||||
Basis of Presentation | |||||||||||||||||||||
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company’s investment in an unconsolidated subsidiary is accounted for on a cost basis. | |||||||||||||||||||||
The discussion and analysis of our financial condition and results of operations are based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting periods. | |||||||||||||||||||||
On an ongoing basis, management evaluates its estimates and judgments, including but not limited to those related to revenue recognition, inventory reserves, receivable reserves, marketable securities, impairment of long-lived assets, income taxes, fair value of financial instruments and stock-based compensation. Management bases its estimates on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. By their nature estimates are subject to an inherent degree of uncertainty. Actual results may differ from these estimates under different assumptions or conditions. | |||||||||||||||||||||
The accounting policies that management believes are most critical to aid in fully understanding and evaluating our reported financial results include the following: | |||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||
Product revenue is recognized when there is persuasive evidence of an arrangement, the fee is fixed or determinable, delivery of the product and passage of title to the customer has occurred and we have determined that collection of the fee is probable. Title to the product generally passes upon shipment of the product, as the products are shipped FOB shipping point, except for certain foreign shipments for which title passes upon entry of the product into the first port in the buyer’s country. If the product requires installation to be performed by TCC or there exists other acceptance criteria, all revenue related to the product is deferred and recognized upon completion of the installation or satisfaction of the customer acceptance criteria. We provide for a warranty reserve at the time the product revenue is recognized. | |||||||||||||||||||||
We perform funded research and development and technology development for commercial companies and government agencies under both cost reimbursement and fixed-price contracts. Cost reimbursement contracts provide for the reimbursement of allowable costs and, in some situations, the payment of a fee. These contracts may contain incentive clauses providing for increases or decreases in the fee depending on how actual costs compare with a budget. Revenue from cost reimbursement contracts is recognized as services are performed. On fixed-price contracts that are expected to exceed one year in duration, revenue is recognized pursuant to the proportional performance method based upon the proportion of actual costs incurred to date to the total estimated costs for the contract. In each type of contract, we receive periodic progress payments or payments upon reaching interim milestones, and we retain the rights to the intellectual property developed in government contracts. All payments to TCC for work performed on contracts with agencies of the U.S. government are subject to audit and adjustment by the Defense Contract Audit Agency. Adjustments are recognized in the period made. There have been no government audits in recent years and the Company believes the result of such audits, should they occur, would not have a material adverse effect on its financial position or results of operations. When current estimates of total contract revenue and contract costs for a product development contract indicate a loss, a provision for the entire amount of the loss on the contract is recorded. Any losses incurred in performing funded research and development projects are recognized as funded research and development expenses. | |||||||||||||||||||||
A portion of the Company’s revenues are derived from arrangements that contain multiple deliverables. As a result, the Company separates and assigns value to each element in its multiple element arrangements following ASC 605-25 Revenue Recognition – Multiple Element Arrangements. This guidance establishes a hierarchy for determining the amount to allocate to each separable deliverable in an arrangement. For those deliverables that qualify as separate units of accounting, the Company must assign value based on each deliverable’s vendor-specific objective evidence (“VSOE”) of value if available, third-party evidence (“TPE”) of its value if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE or TPE is available. Arrangement consideration is then allocated to all deliverables using the relative selling price method. Management performs an analysis to determine the relative selling price of each unit of accounting. Management’s ESP is used for products. The Company determines ESP for the products using an internal price list matrix, which is used in practice, and recent sales. | |||||||||||||||||||||
Cost of product revenue includes material, labor and overhead. Costs incurred in connection with funded research and development are included in cost of sales. Product development costs are charged to billable engineering services, bid and proposal efforts or business development activities, as appropriate. Product development costs charged to billable projects are recorded as cost of sales; engineering costs charged to bid and proposal efforts are recorded as selling expenses; and product development costs charged to business development activities are recorded as marketing expenses. Product development costs consist primarily of personnel costs, outside contractor and engineering services, supplies and materials. | |||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and cash equivalents include demand deposits at banks and other investments (including mutual funds) readily convertible into cash. Cash equivalents are stated at cost, which approximates market value. At March 28, 2015, the Company had restrictions on the use of cash used as collateral to secured four outstanding letters of credit totaling $363,414. | |||||||||||||||||||||
Long-lived Assets | |||||||||||||||||||||
The Company’s only long-lived assets are equipment and leasehold improvements. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These events include a significant decrease in the market price of a long-lived asset, a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition, a significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset (including an adverse action or assessment by a regulator), an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset, a current-period operating or cash flow loss combined with a history of operating or cash flow losses, or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset, among other items. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to the estimated undiscounted future cash flows expected to be generated by such asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. | |||||||||||||||||||||
Inventory | |||||||||||||||||||||
We value our inventory at the lower of actual cost (based on first-in, first-out ) to purchase and/or manufacture or the current estimated market value (based on the estimated selling prices, less the cost to sell) of the inventory. We periodically review inventory quantities on hand and record a provision for excess and/or obsolete inventory based primarily on our estimated forecast of product demand, as well as historical usage. Due to the custom and specific nature of certain of our products, demand and usage for products and materials can fluctuate significantly. A significant decrease in demand for our products could result in a short-term increase in the cost of inventory purchases and an increase in excess inventory quantities on hand. In addition, our industry is characterized by rapid technological change, frequent new product development and rapid product obsolescence, any of which could result in an increase in the amount of obsolete inventory quantities on hand. Therefore, although we make every effort to ensure the accuracy of our forecasts of future product demand, any significant unanticipated changes in demand or technological developments could have a significant negative impact on the value of our inventory and would reduce our reported operating results. | |||||||||||||||||||||
Accounts Receivable | |||||||||||||||||||||
Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The estimated allowance for uncollectible amounts is based primarily on a specific analysis of accounts in the receivable portfolio and historical write-off experience. While management believes the allowance to be adequate, if the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required and would result in a reduction to our net income. The allowance recorded for accounts receivable at each of March 28, 2015 and September 27, 2014 was $25,000. | |||||||||||||||||||||
Investments | |||||||||||||||||||||
The Company accounts for marketable securities in accordance with FASB ASC 320, Investments—Debt and Equity Securities. All marketable securities must be classified as one of the following: held to maturity, available for sale, or trading. The Company classifies its marketable securities as either available for sale and or held to maturity. The available for sale investments, comprised of certificates of deposit and money market mutual funds, are valued at fair value, with unrealized holding gains and losses reported in stockholders’ equity as a separate component of accumulated other comprehensive income (loss). The cost of securities sold is determined based on the specific identification method. Realized gains and losses, and declines in value judged to be other than temporary, are included in investment income. The Company’s held to maturity securities, comprised of investments in municipal bonds, are valued at amortized cost. The purchase discount or premium is amortized to income or expense, respectively, over the life of the securities. | |||||||||||||||||||||
Accounting for Income Taxes | |||||||||||||||||||||
The preparation of our unaudited condensed consolidated financial statements requires us to estimate our income taxes in each of the jurisdictions in which we operate, including those outside the United States, which may subject the Company to certain risks that ordinarily would not be expected in the United States. The income tax accounting process involves estimating our actual current exposure together with assessing temporary differences resulting from differing treatments of items, such as deferred revenue, reserves on accounts receivable and inventory, as well as depreciation differences for tax and accounting purposes. These differences result in the recognition of deferred tax assets and liabilities. We must then record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. | |||||||||||||||||||||
Significant management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. During the fiscal year ended September 27, 2014, we recorded a full valuation allowance against our net deferred tax assets of approximately $2.4 million due to uncertainties related to our ability to utilize these assets. The valuation allowance is based on our estimates of taxable income by jurisdiction and the period over which our deferred tax assets will be recoverable. In the event that actual results differ from these estimates or we adjust these estimates in future periods, we may need to adjust our valuation allowance, which could materially impact our financial position and results of operation. | |||||||||||||||||||||
We recognize tax liabilities in accordance with FASB ASC 740-10, Income Taxes and we adjust such liabilities when our judgment changes as a result of the evaluation of information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. | |||||||||||||||||||||
The Company also follows FASB ASC 740-10 relative to uncertain tax positions. This standard provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Uncertain tax positions must meet a recognition threshold of more-likely-than-not in order for those tax positions to be recognized in the financial statements. As of March 28, 2015 and September 27, 2014, the Company had uncertain tax positions of $81,602 and $81,218, respectively. The Company’s policy is to reflect the changes in uncertain tax positions in its selling, general and administrative expenses. | |||||||||||||||||||||
Due to the nature of our current operations in foreign countries (selling products into these countries with the assistance of local representatives), the Company has not been subject to any foreign taxes in recent years, and it is not anticipated that we will be subject to foreign taxes in the near future. | |||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
In determining the fair value of financial instruments, the Company follows the provisions of FASB ASC 820, Fair Value Measurements and Disclosures. FASB ASC 820 defines fair value, establishes a framework for measuring fair value under GAAP and enhances disclosures about fair value measurements. The topic provides a consistent definition of fair value which focuses on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The topic also prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. The three-level hierarchy is as follows: | |||||||||||||||||||||
Level 1 | - | Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date. | |||||||||||||||||||
Level 2 | - | Pricing inputs are quoted prices for similar investments, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. | |||||||||||||||||||
Level 3 | - | Pricing inputs are unobservable for the investment, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. | |||||||||||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. | |||||||||||||||||||||
The Company’s held to maturity securities are comprised of investments in municipal bonds. These securities represent ownership in individual bonds issued by municipalities within the United States. The Company’s available for sale securities are comprised of certificates of deposit in U.S. banks and money market funds held in a brokerage account. The fair value of these investments is based on quoted prices from recognized pricing services (e.g. Standard & Poor’s, Bloomberg, etc.) or, in the case of mutual funds, at their closing net asset value. | |||||||||||||||||||||
The Company assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the six month period ended March 28, 2015 and the year ended September 27, 2014, there were no transfers between levels. | |||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, the financial instruments carried at fair value as of March 28, 2015 and September 27, 2014, in accordance with the fair value hierarchy as defined above. As of March 28, 2015 and September 27, 2014, the Company did not hold any assets classified as Level 3. | |||||||||||||||||||||
Total | Quoted Prices in | Significant Other | |||||||||||||||||||
Active Markets for | Observable Inputs | ||||||||||||||||||||
Identical Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
March 28, 2015 | |||||||||||||||||||||
Certificates of deposits: | |||||||||||||||||||||
Certificates of deposit | $ | 1,022,034 | $ | — | $ | 1,022,034 | |||||||||||||||
Total debt instruments | 1,022,034 | — | 1,022,034 | ||||||||||||||||||
Mutual funds: | |||||||||||||||||||||
Money market funds | 833,619 | 833,619 | — | ||||||||||||||||||
Total mutual funds | 833,619 | 833,619 | — | ||||||||||||||||||
Total investments | $ | 1,855,653 | $ | 833,619 | $ | 1,022,034 | |||||||||||||||
September 27, 2014 | |||||||||||||||||||||
Debt and certificates of deposits: | |||||||||||||||||||||
Certificates of deposit | $ | 1,416,890 | $ | — | $ | 1,416,890 | |||||||||||||||
Total debt instruments | 1,416,890 | — | 1,416,890 | ||||||||||||||||||
Mutual funds: | |||||||||||||||||||||
Money market funds | 1,801,443 | 1,801,443 | — | ||||||||||||||||||
Total mutual funds | 1,801,443 | 1,801,443 | — | ||||||||||||||||||
Total investments | $ | 3,218,333 | $ | 1,801,443 | $ | 1,416,890 | |||||||||||||||
There were no assets or liabilities measured on a nonrecurring basis at March 28, 2015 and September 27, 2014. | |||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||
Stock-based compensation cost is measured at the grant date based on the calculated fair value of the award. The expense is recognized over the participant’s requisite service period, generally the vesting period of the award. The related excess tax benefit received upon the exercise of stock options, if any, is reflected in the Company’s statement of cash flows as a financing activity rather than an operating activity. There were no excess tax benefits recorded during the three and six month periods ended March 28, 2015 and March 29, 2014. | |||||||||||||||||||||
The Company uses the Black-Scholes option pricing model as the method for determining the estimated fair value of its stock awards. The Black-Scholes method of valuation requires several assumptions: (1) the expected term of the stock award, (2) the expected future stock price volatility over the expected term, (3) a risk-free interest rate and (4) the expected dividend rate. The expected term represents the expected period of time the Company believes the options will be outstanding based on historical information. Estimates of expected future stock price volatility are based on the historic volatility of the Company’s common stock, and the risk free interest rate is based on the U.S. Treasury Note rate. The Company utilizes a forfeiture rate based on an analysis of its actual experience, which forfeiture rate is not material to the calculation of share-based compensation. | |||||||||||||||||||||
The fair value of options at date of grant was estimated with the following assumptions: | |||||||||||||||||||||
Three and Six Months Ended | |||||||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||||||
Option term | — | 6.5 years | |||||||||||||||||||
Risk-free interest rate | — | 1.33% to 1.53% | |||||||||||||||||||
Stock price volatility | — | 60% to 65% | |||||||||||||||||||
Dividend rate | — | — | |||||||||||||||||||
There were no options granted during the six months ended March 28, 2015, and 14,200 options granted during the six months ended March 29, 2014. The weighted average grant date fair value for the options granted during the six months ended March 29, 2014 was $4.53. | |||||||||||||||||||||
The following table summarizes stock-based compensation costs included in the Company’s condensed consolidated income statements for the three and six month periods ended March 28, 2015 and March 29, 2014: | |||||||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||||||
3 months | 6 months | 3 months | 6 months | ||||||||||||||||||
Cost of sales | $ | 3,801 | $ | 7,850 | $ | 4,079 | $ | 8,158 | |||||||||||||
Selling, general and administrative expenses | 11,965 | 23,942 | 75,360 | 87,290 | |||||||||||||||||
Product development expenses | 21,245 | 42,514 | 21,165 | 43,430 | |||||||||||||||||
Total share-based compensation expense before taxes | $ | 37,011 | $ | 74,306 | $ | 100,604 | $ | 138,878 | |||||||||||||
As of March 28, 2015 and September 27, 2014, there was $66,338 and $141,213, respectively, of unrecognized compensation expense related to options outstanding. The unrecognized compensation expense will be recognized over the remaining requisite service period. As of March 28, 2015, the weighted average period over which the compensation expense is expected to be recognized is 1.1 years. | |||||||||||||||||||||
The Company had the following stock option plans outstanding as of March 28, 2015: the 2001 Stock Option Plan, the 2005 Non-Statutory Stock Option Plan and the 2010 Equity Incentive Plan. There were an aggregate 750,000 shares originally authorized for issuance under these plans, of which options to purchase 268,612 shares were outstanding at March 28, 2015. Vesting periods for options are at the discretion of the Board of Directors and typically range between zero and five years. Options under these plans are granted with an exercise price equal to fair market value at time of grant and have a term of ten years from the date of grant. | |||||||||||||||||||||
As of March 28, 2015, there were no shares available for new option grants under the 2001 Stock Option Plan, there were 19,723 shares available for grant under the 2005 Non-Statutory Stock Option Plan and there were 56,476 shares available for grant under the 2010 Equity Incentive Plan. As of May 5, 2015 the 2005 Non-Statutory Stock Option Plan expired and shares are no longer available for grant. | |||||||||||||||||||||
The following table summarizes stock option activity during the first six months of fiscal 2015: | |||||||||||||||||||||
Options Outstanding | |||||||||||||||||||||
Number of Shares | Weighted Average | Weighted Average | |||||||||||||||||||
Unvested | Vested | Total | Exercise Price | Contractual Life | |||||||||||||||||
Outstanding, September 27, 2014 | 32,739 | 236,746 | 269,485 | $ | 8.74 | 5.46 years | |||||||||||||||
Grants | — | — | — | — | |||||||||||||||||
Vested | (940 | ) | 940 | — | 10.29 | ||||||||||||||||
Cancellations/forfeitures | — | — | — | — | |||||||||||||||||
Outstanding, December 27, 2014 | 31,799 | 237,686 | 269,485 | $ | 8.74 | 5.21 years | |||||||||||||||
Grants | — | — | — | — | |||||||||||||||||
Vested | (600 | ) | 600 | — | 7.32 | ||||||||||||||||
Cancellations/forfeitures | (175 | ) | (698 | ) | (873 | ) | 11.51 | ||||||||||||||
Outstanding, March 28, 2015 | 31,024 | 237,588 | 268,612 | $ | 8.73 | 4.96 years | |||||||||||||||
Information related to the stock options vested and expected to vest as of March 28, 2015 is as follows: | |||||||||||||||||||||
Range of Exercise Prices | Number of | Weighted-Average | Weighted | Exercisable | Exercisable | ||||||||||||||||
Shares | Remaining | Average | Number of | Weighted- | |||||||||||||||||
Contractual | Exercise Price | Shares | Average | ||||||||||||||||||
Life (years) | Exercise Price | ||||||||||||||||||||
$ 2.01 - $ 3.00 | 15,288 | 0.45 | $ | 3 | 15,288 | $ | 3 | ||||||||||||||
$ 3.01 - $ 4.00 | 16,600 | 1.33 | $ | 3.66 | 16,600 | $ | 3.66 | ||||||||||||||
$ 4.01 - $ 5.00 | 28,000 | 6.06 | $ | 4.78 | 27,100 | $ | 4.78 | ||||||||||||||
$ 5.01 - $10.00 | 69,900 | 5.29 | $ | 7.45 | 66,040 | $ | 7.46 | ||||||||||||||
$10.01 - $15.00 | 138,824 | 5.5 | $ | 11.41 | 112,560 | $ | 11.39 | ||||||||||||||
268,612 | 4.96 | $ | 8.73 | 237,588 | $ | 8.46 | |||||||||||||||
The aggregate intrinsic value of the Company’s “in-the-money” outstanding and exercisable options as of March 28, 2015 and September 27, 2014 was $24,157 and $29,987, respectively. Nonvested common stock options are subject to the risk of forfeiture until the fulfillment of specified conditions. |
Inventories
Inventories | 6 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | NOTE 2. | Inventories | |||||||
Inventories consisted of the following: | |||||||||
March 28, 2015 | September 27, 2014 | ||||||||
Finished goods | $ | 17,110 | $ | 8,014 | |||||
Work in process | 1,045,894 | 1,126,365 | |||||||
Raw materials | 1,741,422 | 1,586,934 | |||||||
$ | 2,804,426 | $ | 2,721,313 | ||||||
Income_Taxes
Income Taxes | 6 Months Ended | ||||
Mar. 28, 2015 | |||||
Income Tax Disclosure [Abstract] | |||||
Income Taxes | NOTE 3. | Income Taxes | |||
The Company has not recorded an income tax benefit on its net loss for the six months ended March 28, 2015 due to its uncertain realizability. During the second quarter of fiscal 2014, the Company recorded a valuation allowance for the full amount of its net deferred tax assets since it cannot currently predict the realization of these assets. | |||||
During the three months ended March 29, 2014, the Company established a valuation allowance against deferred tax assets and as a result recorded an income tax provision for the six month period ended March 29, 2014 of $894,458. The valuation allowance is related to uncertainty with respect to the Company’s ability to realize its deferred tax assets. Deferred tax assets consist of net operating loss carryforwards, tax credits, inventory differences and other temporary differences. | |||||
The below table details the changes in uncertain tax positions, which if recognized would favorably impact our effective tax rate: | |||||
Balance at September 27, 2014 | $ | 80,829 | |||
Addition related to prior year positions | 773 | ||||
Balance at March 28, 2015 | $ | 81,602 | |||
The increase in the Company’s total uncertain tax positions relates to additional accrued interest and penalties for the period. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 6 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Earnings (Loss) Per Share | NOTE 4. | Earnings (Loss) Per Share | |||||||||||||||
Basic and diluted earnings (loss) per share were calculated as follows: | |||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||
3 months | 6 months | 3 months | 6 months | ||||||||||||||
Net income (loss) | $ | 209,985 | $ | (517,596 | ) | $ | (1,466,529 | ) | $ | (1,282,379 | ) | ||||||
Weighted average shares outstanding - basic | 1,838,921 | 1,838,921 | 1,838,907 | 1,838,812 | |||||||||||||
Dilutive effect of stock options | 7,478 | — | — | — | |||||||||||||
Weighted average shares outstanding - diluted | 1,846,399 | 1,838,921 | 1,838,907 | 1,838,812 | |||||||||||||
Basic net income (loss) per share | $ | 0.11 | $ | (0.28 | ) | $ | (0.80 | ) | $ | (0.70 | ) | ||||||
Diluted net income (loss) per share | $ | 0.11 | $ | (0.28 | ) | $ | (0.80 | ) | $ | (0.70 | ) | ||||||
Outstanding potentially dilutive stock options, which were not included in the earnings per share calculations because their inclusion would have been anti-dilutive, were 268,612 at March 28, 2015 and 268,185 at March 29, 2014. | |||||||||||||||||
Major_Customers_and_Export_Sal
Major Customers and Export Sales | 6 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Major Customers and Export Sales | NOTE 5. | Major Customers and Export Sales | |||||||||||||||
During the three months ended March 28, 2015, the Company had two customers that represented 94% (76% and 18%) of net sales as compared to the three months ended March 29, 2014, during which one customer represented 70% of net sales. During the six months ended March 28, 2015, the Company had three customers that represented 87% (57%, 17% and 13%, respectively) of net sales as compared to the six month period ended March 29, 2014, during which three customers represented 81% (46%, 24% and 11%, respectively) of net sales. | |||||||||||||||||
A breakdown of foreign and domestic net sales is as follows: | |||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||
3 months | 6 months | 3 months | 6 months | ||||||||||||||
Domestic | $ | 515,842 | $ | 1,280,588 | $ | 1,262,434 | $ | 3,525,188 | |||||||||
Foreign | 1,856,733 | 1,975,133 | 31,044 | 277,010 | |||||||||||||
Total sales | $ | 2,372,575 | $ | 3,255,721 | $ | 1,293,478 | $ | 3,802,198 | |||||||||
The Company sold products into two countries during the three month period ended March 28, 2015 and one country during the three month period ended March 29, 2014. The Company sold products into five countries during the six month period ended March 28, 2015 and two countries during the six month period ended March 29, 2014. A sale is attributed to a foreign country based on the location of the contracting party. Domestic revenue may include the sale of products shipped through domestic resellers or manufacturers to international destinations. The table below summarizes our foreign revenues by country as a percentage of total foreign revenue. | |||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||
3 months | 6 months | 3 months | 6 months | ||||||||||||||
Egypt | 97 | % | 93 | % | — | — | |||||||||||
Colombia | — | — | — | 89 | % | ||||||||||||
Saudi Arabia | — | — | 100 | % | 11 | % | |||||||||||
Other | 3 | % | 7 | % | — | — | |||||||||||
A summary of foreign revenue, as a percentage of total foreign revenue by geographic area, is as follows: | |||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||
3 months | 6 months | 3 months | 6 months | ||||||||||||||
North America (excluding the U.S.) | — | — | — | — | |||||||||||||
Central and South America | — | — | — | 89 | % | ||||||||||||
Europe | — | — | — | — | |||||||||||||
Mid-East and Africa | 97 | % | 94 | % | 100 | % | 11 | % | |||||||||
Far East | 3 | % | 6 | % | — | — |
Cash_Equivalents_and_Marketabl
Cash Equivalents and Marketable Securities | 6 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||
Cash Equivalents and Marketable Securities | NOTE 6. | Cash Equivalents and Marketable Securities | |||||||||||||||||||||||
The Company considers all highly liquid instruments with an original maturity of three months or less to be cash equivalents. Substantially all cash equivalents are invested in money market mutual funds. Money market mutual funds held in a brokerage account are considered available for sale. The Company accounts for marketable securities in accordance with FASB ASC 320, Investments—Debt and Equity Securities. All marketable securities must be classified as one of the following: held to maturity, available for sale, or trading. The Company classifies its marketable securities as either available for sale or held to maturity. Available for sale securities are carried at fair value, with unrealized holding gains and losses reported in stockholders’ equity as a separate component of accumulated other comprehensive income (loss). Held to maturity securities are carried at amortized cost. The cost of securities sold is determined based on the specific identification method. Realized gains and losses, and declines in value judged to be other than temporary, are included in investment income. During fiscal year 2013, the Company determined it would hold its investment in municipal bonds until maturity and subsequently reclassified these securities from available for sale to held to maturity. These securities are now carried at amortized cost. | |||||||||||||||||||||||||
As of March 28, 2015, available for sale securities consisted of the following: | |||||||||||||||||||||||||
Accrued | Gross Unrealized | Estimated | |||||||||||||||||||||||
Cost | Interest | Gains | Losses | Fair Value | |||||||||||||||||||||
Money market funds | $ | 833,619 | $ | — | $ | — | $ | — | $ | 833,619 | |||||||||||||||
Certificates of deposit | 1,021,000 | 1,716 | — | 682 | 1,022,034 | ||||||||||||||||||||
$ | 1,854,619 | $ | 1,716 | $ | — | $ | 682 | $ | 1,855,653 | ||||||||||||||||
As of March 28, 2015, held to maturity securities consisted of the following: | |||||||||||||||||||||||||
Accrued | Amortization | Amortized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Interest | Bond Premium | Cost | Gains | Fair Value | ||||||||||||||||||||
Municipal bonds | $ | 1,392,147 | $ | 16,886 | $ | 117,239 | $ | 1,291,794 | $ | 10,495 | $ | 1,302,289 | |||||||||||||
As of September 27, 2014, available for sale securities consisted of the following: | |||||||||||||||||||||||||
Accrued | Gross Unrealized | Estimated | |||||||||||||||||||||||
Cost | Interest | Gains | Losses | Fair Value | |||||||||||||||||||||
Money market funds | $ | 1,801,443 | $ | — | $ | — | $ | — | $ | 1,801,443 | |||||||||||||||
Certificates of deposit | 1,418,000 | 2,488 | — | 3,598 | 1,416,890 | ||||||||||||||||||||
$ | 3,219,443 | $ | 2,488 | $ | — | $ | 3,598 | $ | 3,218,333 | ||||||||||||||||
As of September 27, 2014, held to maturity securities consisted of the following: | |||||||||||||||||||||||||
Accrued | Amortization | Amortized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Interest | Bond Premium | Cost | Gains | Fair Value | ||||||||||||||||||||
Municipal bonds | $ | 1,506,653 | $ | 17,963 | $ | 109,039 | $ | 1,415,577 | $ | 15,331 | $ | 1,430,908 | |||||||||||||
The contractual maturities of available for sale investments as of March 28, 2015 were all due within five months. The contractual maturities of held to maturity investments as of March 28, 2015 were as follows: | |||||||||||||||||||||||||
Cost | Amortized Cost | ||||||||||||||||||||||||
Within 1 year | $ | 447,162 | $ | 410,700 | |||||||||||||||||||||
After 1 year through 5 years | 944,985 | 881,094 | |||||||||||||||||||||||
$ | 1,392,147 | $ | 1,291,794 | ||||||||||||||||||||||
The Company’s available for sale securities were included in the following captions in the consolidated balance sheets: | |||||||||||||||||||||||||
March 28, 2015 | September 27, 2014 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 833,619 | $ | 1,801,443 | |||||||||||||||||||||
Marketable securities | 1,022,034 | 1,416,890 | |||||||||||||||||||||||
$ | 1,855,653 | $ | 3,218,333 | ||||||||||||||||||||||
Investment_in_Unconsolidated_S
Investment in Unconsolidated Subsidiary | 6 Months Ended | |
Mar. 28, 2015 | ||
Investments Schedule [Abstract] | ||
Investment in Unconsolidated Subsidiary | NOTE 7 | Investment in Unconsolidated Subsidiary |
On October 30, 2014 the Company made an investment of $275,000 to purchase 11,000 shares of common stock of PulsedLight, Inc., an early stage start-up company located in Bend, Oregon. Our investment represented an 11% ownership stake in PulsedLight, Inc. at the time of the investment and is accounted for utilizing the cost method of accounting. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and Significant Judgments and Estimates (Policies) | 6 Months Ended | ||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Basis of Presentation | Basis of Presentation | ||||||||||||||||||||
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company’s investment in an unconsolidated subsidiary is accounted for on a cost basis. | |||||||||||||||||||||
The discussion and analysis of our financial condition and results of operations are based on our unaudited condensed consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these unaudited condensed consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting periods. | |||||||||||||||||||||
On an ongoing basis, management evaluates its estimates and judgments, including but not limited to those related to revenue recognition, inventory reserves, receivable reserves, marketable securities, impairment of long-lived assets, income taxes, fair value of financial instruments and stock-based compensation. Management bases its estimates on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. By their nature estimates are subject to an inherent degree of uncertainty. Actual results may differ from these estimates under different assumptions or conditions. | |||||||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||||||
Product revenue is recognized when there is persuasive evidence of an arrangement, the fee is fixed or determinable, delivery of the product and passage of title to the customer has occurred and we have determined that collection of the fee is probable. Title to the product generally passes upon shipment of the product, as the products are shipped FOB shipping point, except for certain foreign shipments for which title passes upon entry of the product into the first port in the buyer’s country. If the product requires installation to be performed by TCC or there exists other acceptance criteria, all revenue related to the product is deferred and recognized upon completion of the installation or satisfaction of the customer acceptance criteria. We provide for a warranty reserve at the time the product revenue is recognized. | |||||||||||||||||||||
We perform funded research and development and technology development for commercial companies and government agencies under both cost reimbursement and fixed-price contracts. Cost reimbursement contracts provide for the reimbursement of allowable costs and, in some situations, the payment of a fee. These contracts may contain incentive clauses providing for increases or decreases in the fee depending on how actual costs compare with a budget. Revenue from cost reimbursement contracts is recognized as services are performed. On fixed-price contracts that are expected to exceed one year in duration, revenue is recognized pursuant to the proportional performance method based upon the proportion of actual costs incurred to date to the total estimated costs for the contract. In each type of contract, we receive periodic progress payments or payments upon reaching interim milestones, and we retain the rights to the intellectual property developed in government contracts. All payments to TCC for work performed on contracts with agencies of the U.S. government are subject to audit and adjustment by the Defense Contract Audit Agency. Adjustments are recognized in the period made. There have been no government audits in recent years and the Company believes the result of such audits, should they occur, would not have a material adverse effect on its financial position or results of operations. When current estimates of total contract revenue and contract costs for a product development contract indicate a loss, a provision for the entire amount of the loss on the contract is recorded. Any losses incurred in performing funded research and development projects are recognized as funded research and development expenses. | |||||||||||||||||||||
A portion of the Company’s revenues are derived from arrangements that contain multiple deliverables. As a result, the Company separates and assigns value to each element in its multiple element arrangements following ASC 605-25 Revenue Recognition – Multiple Element Arrangements. This guidance establishes a hierarchy for determining the amount to allocate to each separable deliverable in an arrangement. For those deliverables that qualify as separate units of accounting, the Company must assign value based on each deliverable’s vendor-specific objective evidence (“VSOE”) of value if available, third-party evidence (“TPE”) of its value if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE or TPE is available. Arrangement consideration is then allocated to all deliverables using the relative selling price method. Management performs an analysis to determine the relative selling price of each unit of accounting. Management’s ESP is used for products. The Company determines ESP for the products using an internal price list matrix, which is used in practice, and recent sales. | |||||||||||||||||||||
Cost of product revenue includes material, labor and overhead. Costs incurred in connection with funded research and development are included in cost of sales. Product development costs are charged to billable engineering services, bid and proposal efforts or business development activities, as appropriate. Product development costs charged to billable projects are recorded as cost of sales; engineering costs charged to bid and proposal efforts are recorded as selling expenses; and product development costs charged to business development activities are recorded as marketing expenses. Product development costs consist primarily of personnel costs, outside contractor and engineering services, supplies and materials. | |||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||||||
Cash and cash equivalents include demand deposits at banks and other investments (including mutual funds) readily convertible into cash. Cash equivalents are stated at cost, which approximates market value. At March 28, 2015, the Company had restrictions on the use of cash used as collateral to secured four outstanding letters of credit totaling $363,414. | |||||||||||||||||||||
Long-lived Assets | Long-lived Assets | ||||||||||||||||||||
The Company’s only long-lived assets are equipment and leasehold improvements. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. These events include a significant decrease in the market price of a long-lived asset, a significant adverse change in the extent or manner in which a long-lived asset is being used or in its physical condition, a significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset (including an adverse action or assessment by a regulator), an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset, a current-period operating or cash flow loss combined with a history of operating or cash flow losses, or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset, among other items. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the asset to the estimated undiscounted future cash flows expected to be generated by such asset. If the carrying amount of the asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized in the amount by which the carrying amount exceeds the fair value of the asset. | |||||||||||||||||||||
Inventory | Inventory | ||||||||||||||||||||
We value our inventory at the lower of actual cost (based on first-in, first-out ) to purchase and/or manufacture or the current estimated market value (based on the estimated selling prices, less the cost to sell) of the inventory. We periodically review inventory quantities on hand and record a provision for excess and/or obsolete inventory based primarily on our estimated forecast of product demand, as well as historical usage. Due to the custom and specific nature of certain of our products, demand and usage for products and materials can fluctuate significantly. A significant decrease in demand for our products could result in a short-term increase in the cost of inventory purchases and an increase in excess inventory quantities on hand. In addition, our industry is characterized by rapid technological change, frequent new product development and rapid product obsolescence, any of which could result in an increase in the amount of obsolete inventory quantities on hand. Therefore, although we make every effort to ensure the accuracy of our forecasts of future product demand, any significant unanticipated changes in demand or technological developments could have a significant negative impact on the value of our inventory and would reduce our reported operating results. | |||||||||||||||||||||
Accounts Receivable | Accounts Receivable | ||||||||||||||||||||
Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The estimated allowance for uncollectible amounts is based primarily on a specific analysis of accounts in the receivable portfolio and historical write-off experience. While management believes the allowance to be adequate, if the financial condition of our customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required and would result in a reduction to our net income. The allowance recorded for accounts receivable at each of March 28, 2015 and September 27, 2014 was $25,000. | |||||||||||||||||||||
Investments | Investments | ||||||||||||||||||||
The Company accounts for marketable securities in accordance with FASB ASC 320, Investments—Debt and Equity Securities. All marketable securities must be classified as one of the following: held to maturity, available for sale, or trading. The Company classifies its marketable securities as either available for sale and or held to maturity. The available for sale investments, comprised of certificates of deposit and money market mutual funds, are valued at fair value, with unrealized holding gains and losses reported in stockholders’ equity as a separate component of accumulated other comprehensive income (loss). The cost of securities sold is determined based on the specific identification method. Realized gains and losses, and declines in value judged to be other than temporary, are included in investment income. The Company’s held to maturity securities, comprised of investments in municipal bonds, are valued at amortized cost. The purchase discount or premium is amortized to income or expense, respectively, over the life of the securities. | |||||||||||||||||||||
Accounting for Income Taxes | Accounting for Income Taxes | ||||||||||||||||||||
The preparation of our unaudited condensed consolidated financial statements requires us to estimate our income taxes in each of the jurisdictions in which we operate, including those outside the United States, which may subject the Company to certain risks that ordinarily would not be expected in the United States. The income tax accounting process involves estimating our actual current exposure together with assessing temporary differences resulting from differing treatments of items, such as deferred revenue, reserves on accounts receivable and inventory, as well as depreciation differences for tax and accounting purposes. These differences result in the recognition of deferred tax assets and liabilities. We must then record a valuation allowance to reduce our deferred tax assets to the amount that is more likely than not to be realized. | |||||||||||||||||||||
Significant management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. During the fiscal year ended September 27, 2014, we recorded a full valuation allowance against our net deferred tax assets of approximately $2.4 million due to uncertainties related to our ability to utilize these assets. The valuation allowance is based on our estimates of taxable income by jurisdiction and the period over which our deferred tax assets will be recoverable. In the event that actual results differ from these estimates or we adjust these estimates in future periods, we may need to adjust our valuation allowance, which could materially impact our financial position and results of operation. | |||||||||||||||||||||
We recognize tax liabilities in accordance with FASB ASC 740-10, Income Taxes and we adjust such liabilities when our judgment changes as a result of the evaluation of information not previously available. Due to the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the tax liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which they are determined. | |||||||||||||||||||||
The Company also follows FASB ASC 740-10 relative to uncertain tax positions. This standard provides detailed guidance for the financial statement recognition, measurement and disclosure of uncertain tax positions recognized in the financial statements. Uncertain tax positions must meet a recognition threshold of more-likely-than-not in order for those tax positions to be recognized in the financial statements. As of March 28, 2015 and September 27, 2014, the Company had uncertain tax positions of $81,602 and $81,218, respectively. The Company’s policy is to reflect the changes in uncertain tax positions in its selling, general and administrative expenses. | |||||||||||||||||||||
Due to the nature of our current operations in foreign countries (selling products into these countries with the assistance of local representatives), the Company has not been subject to any foreign taxes in recent years, and it is not anticipated that we will be subject to foreign taxes in the near future. | |||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||||||
In determining the fair value of financial instruments, the Company follows the provisions of FASB ASC 820, Fair Value Measurements and Disclosures. FASB ASC 820 defines fair value, establishes a framework for measuring fair value under GAAP and enhances disclosures about fair value measurements. The topic provides a consistent definition of fair value which focuses on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The topic also prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information and establishes a three-level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. The three-level hierarchy is as follows: | |||||||||||||||||||||
Level 1 | - | Pricing inputs are quoted prices available in active markets for identical investments as of the reporting date. | |||||||||||||||||||
Level 2 | - | Pricing inputs are quoted prices for similar investments, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. | |||||||||||||||||||
Level 3 | - | Pricing inputs are unobservable for the investment, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. | |||||||||||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. | |||||||||||||||||||||
The Company’s held to maturity securities are comprised of investments in municipal bonds. These securities represent ownership in individual bonds issued by municipalities within the United States. The Company’s available for sale securities are comprised of certificates of deposit in U.S. banks and money market funds held in a brokerage account. The fair value of these investments is based on quoted prices from recognized pricing services (e.g. Standard & Poor’s, Bloomberg, etc.) or, in the case of mutual funds, at their closing net asset value. | |||||||||||||||||||||
The Company assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the six month period ended March 28, 2015 and the year ended September 27, 2014, there were no transfers between levels. | |||||||||||||||||||||
The following table sets forth by level, within the fair value hierarchy, the financial instruments carried at fair value as of March 28, 2015 and September 27, 2014, in accordance with the fair value hierarchy as defined above. As of March 28, 2015 and September 27, 2014, the Company did not hold any assets classified as Level 3. | |||||||||||||||||||||
Total | Quoted Prices in | Significant Other | |||||||||||||||||||
Active Markets for | Observable Inputs | ||||||||||||||||||||
Identical Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
March 28, 2015 | |||||||||||||||||||||
Certificates of deposits: | |||||||||||||||||||||
Certificates of deposit | $ | 1,022,034 | $ | — | $ | 1,022,034 | |||||||||||||||
Total debt instruments | 1,022,034 | — | 1,022,034 | ||||||||||||||||||
Mutual funds: | |||||||||||||||||||||
Money market funds | 833,619 | 833,619 | — | ||||||||||||||||||
Total mutual funds | 833,619 | 833,619 | — | ||||||||||||||||||
Total investments | $ | 1,855,653 | $ | 833,619 | $ | 1,022,034 | |||||||||||||||
September 27, 2014 | |||||||||||||||||||||
Debt and certificates of deposits: | |||||||||||||||||||||
Certificates of deposit | $ | 1,416,890 | $ | — | $ | 1,416,890 | |||||||||||||||
Total debt instruments | 1,416,890 | — | 1,416,890 | ||||||||||||||||||
Mutual funds: | |||||||||||||||||||||
Money market funds | 1,801,443 | 1,801,443 | — | ||||||||||||||||||
Total mutual funds | 1,801,443 | 1,801,443 | — | ||||||||||||||||||
Total investments | $ | 3,218,333 | $ | 1,801,443 | $ | 1,416,890 | |||||||||||||||
There were no assets or liabilities measured on a nonrecurring basis at March 28, 2015 and September 27, 2014. | |||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||||||||||
Stock-based compensation cost is measured at the grant date based on the calculated fair value of the award. The expense is recognized over the participant’s requisite service period, generally the vesting period of the award. The related excess tax benefit received upon the exercise of stock options, if any, is reflected in the Company’s statement of cash flows as a financing activity rather than an operating activity. There were no excess tax benefits recorded during the three and six month periods ended March 28, 2015 and March 29, 2014. | |||||||||||||||||||||
The Company uses the Black-Scholes option pricing model as the method for determining the estimated fair value of its stock awards. The Black-Scholes method of valuation requires several assumptions: (1) the expected term of the stock award, (2) the expected future stock price volatility over the expected term, (3) a risk-free interest rate and (4) the expected dividend rate. The expected term represents the expected period of time the Company believes the options will be outstanding based on historical information. Estimates of expected future stock price volatility are based on the historic volatility of the Company’s common stock, and the risk free interest rate is based on the U.S. Treasury Note rate. The Company utilizes a forfeiture rate based on an analysis of its actual experience, which forfeiture rate is not material to the calculation of share-based compensation. | |||||||||||||||||||||
The fair value of options at date of grant was estimated with the following assumptions: | |||||||||||||||||||||
Three and Six Months Ended | |||||||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||||||
Option term | — | 6.5 years | |||||||||||||||||||
Risk-free interest rate | — | 1.33% to 1.53% | |||||||||||||||||||
Stock price volatility | — | 60% to 65% | |||||||||||||||||||
Dividend rate | — | — | |||||||||||||||||||
There were no options granted during the six months ended March 28, 2015, and 14,200 options granted during the six months ended March 29, 2014. The weighted average grant date fair value for the options granted during the six months ended March 29, 2014 was $4.53. | |||||||||||||||||||||
The following table summarizes stock-based compensation costs included in the Company’s condensed consolidated income statements for the three and six month periods ended March 28, 2015 and March 29, 2014: | |||||||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||||||
3 months | 6 months | 3 months | 6 months | ||||||||||||||||||
Cost of sales | $ | 3,801 | $ | 7,850 | $ | 4,079 | $ | 8,158 | |||||||||||||
Selling, general and administrative expenses | 11,965 | 23,942 | 75,360 | 87,290 | |||||||||||||||||
Product development expenses | 21,245 | 42,514 | 21,165 | 43,430 | |||||||||||||||||
Total share-based compensation expense before taxes | $ | 37,011 | $ | 74,306 | $ | 100,604 | $ | 138,878 | |||||||||||||
As of March 28, 2015 and September 27, 2014, there was $66,338 and $141,213, respectively, of unrecognized compensation expense related to options outstanding. The unrecognized compensation expense will be recognized over the remaining requisite service period. As of March 28, 2015, the weighted average period over which the compensation expense is expected to be recognized is 1.1 years. | |||||||||||||||||||||
The Company had the following stock option plans outstanding as of March 28, 2015: the 2001 Stock Option Plan, the 2005 Non-Statutory Stock Option Plan and the 2010 Equity Incentive Plan. There were an aggregate 750,000 shares originally authorized for issuance under these plans, of which options to purchase 268,612 shares were outstanding at March 28, 2015. Vesting periods for options are at the discretion of the Board of Directors and typically range between zero and five years. Options under these plans are granted with an exercise price equal to fair market value at time of grant and have a term of ten years from the date of grant. | |||||||||||||||||||||
As of March 28, 2015, there were no shares available for new option grants under the 2001 Stock Option Plan, there were 19,723 shares available for grant under the 2005 Non-Statutory Stock Option Plan and there were 56,476 shares available for grant under the 2010 Equity Incentive Plan. As of May 5, 2015 the 2005 Non-Statutory Stock Option Plan expired and shares are no longer available for grant. | |||||||||||||||||||||
The following table summarizes stock option activity during the first six months of fiscal 2015: | |||||||||||||||||||||
Options Outstanding | |||||||||||||||||||||
Number of Shares | Weighted Average | Weighted Average | |||||||||||||||||||
Unvested | Vested | Total | Exercise Price | Contractual Life | |||||||||||||||||
Outstanding, September 27, 2014 | 32,739 | 236,746 | 269,485 | $ | 8.74 | 5.46 years | |||||||||||||||
Grants | — | — | — | — | |||||||||||||||||
Vested | (940 | ) | 940 | — | 10.29 | ||||||||||||||||
Cancellations/forfeitures | — | — | — | — | |||||||||||||||||
Outstanding, December 27, 2014 | 31,799 | 237,686 | 269,485 | $ | 8.74 | 5.21 years | |||||||||||||||
Grants | — | — | — | — | |||||||||||||||||
Vested | (600 | ) | 600 | — | 7.32 | ||||||||||||||||
Cancellations/forfeitures | (175 | ) | (698 | ) | (873 | ) | 11.51 | ||||||||||||||
Outstanding, March 28, 2015 | 31,024 | 237,588 | 268,612 | $ | 8.73 | 4.96 years | |||||||||||||||
Information related to the stock options vested and expected to vest as of March 28, 2015 is as follows: | |||||||||||||||||||||
Range of Exercise Prices | Number of | Weighted-Average | Weighted | Exercisable | Exercisable | ||||||||||||||||
Shares | Remaining | Average | Number of | Weighted- | |||||||||||||||||
Contractual | Exercise Price | Shares | Average | ||||||||||||||||||
Life (years) | Exercise Price | ||||||||||||||||||||
$ 2.01 - $ 3.00 | 15,288 | 0.45 | $ | 3 | 15,288 | $ | 3 | ||||||||||||||
$ 3.01 - $ 4.00 | 16,600 | 1.33 | $ | 3.66 | 16,600 | $ | 3.66 | ||||||||||||||
$ 4.01 - $ 5.00 | 28,000 | 6.06 | $ | 4.78 | 27,100 | $ | 4.78 | ||||||||||||||
$ 5.01 - $10.00 | 69,900 | 5.29 | $ | 7.45 | 66,040 | $ | 7.46 | ||||||||||||||
$10.01 - $15.00 | 138,824 | 5.5 | $ | 11.41 | 112,560 | $ | 11.39 | ||||||||||||||
268,612 | 4.96 | $ | 8.73 | 237,588 | $ | 8.46 | |||||||||||||||
The aggregate intrinsic value of the Company’s “in-the-money” outstanding and exercisable options as of March 28, 2015 and September 27, 2014 was $24,157 and $29,987, respectively. Nonvested common stock options are subject to the risk of forfeiture until the fulfillment of specified conditions. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies and Significant Judgments and Estimates (Tables) | 6 Months Ended | ||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Fair Value of Financial Instruments | The following table sets forth by level, within the fair value hierarchy, the financial instruments carried at fair value as of March 28, 2015 and September 27, 2014, in accordance with the fair value hierarchy as defined above. As of March 28, 2015 and September 27, 2014, the Company did not hold any assets classified as Level 3. | ||||||||||||||||||||
Total | Quoted Prices in | Significant Other | |||||||||||||||||||
Active Markets for | Observable Inputs | ||||||||||||||||||||
Identical Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
March 28, 2015 | |||||||||||||||||||||
Certificates of deposits: | |||||||||||||||||||||
Certificates of deposit | $ | 1,022,034 | $ | — | $ | 1,022,034 | |||||||||||||||
Total debt instruments | 1,022,034 | — | 1,022,034 | ||||||||||||||||||
Mutual funds: | |||||||||||||||||||||
Money market funds | 833,619 | 833,619 | — | ||||||||||||||||||
Total mutual funds | 833,619 | 833,619 | — | ||||||||||||||||||
Total investments | $ | 1,855,653 | $ | 833,619 | $ | 1,022,034 | |||||||||||||||
September 27, 2014 | |||||||||||||||||||||
Debt and certificates of deposits: | |||||||||||||||||||||
Certificates of deposit | $ | 1,416,890 | $ | — | $ | 1,416,890 | |||||||||||||||
Total debt instruments | 1,416,890 | — | 1,416,890 | ||||||||||||||||||
Mutual funds: | |||||||||||||||||||||
Money market funds | 1,801,443 | 1,801,443 | — | ||||||||||||||||||
Total mutual funds | 1,801,443 | 1,801,443 | — | ||||||||||||||||||
Total investments | $ | 3,218,333 | $ | 1,801,443 | $ | 1,416,890 | |||||||||||||||
Assumptions for Estimated Fair Value of Options at Date of Grant | The fair value of options at date of grant was estimated with the following assumptions: | ||||||||||||||||||||
Three and Six Months Ended | |||||||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||||||
Option term | — | 6.5 years | |||||||||||||||||||
Risk-free interest rate | — | 1.33% to 1.53% | |||||||||||||||||||
Stock price volatility | — | 60% to 65% | |||||||||||||||||||
Dividend rate | — | — | |||||||||||||||||||
Share-Based Compensation Costs | The following table summarizes stock-based compensation costs included in the Company’s condensed consolidated income statements for the three and six month periods ended March 28, 2015 and March 29, 2014: | ||||||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||||||
3 months | 6 months | 3 months | 6 months | ||||||||||||||||||
Cost of sales | $ | 3,801 | $ | 7,850 | $ | 4,079 | $ | 8,158 | |||||||||||||
Selling, general and administrative expenses | 11,965 | 23,942 | 75,360 | 87,290 | |||||||||||||||||
Product development expenses | 21,245 | 42,514 | 21,165 | 43,430 | |||||||||||||||||
Total share-based compensation expense before taxes | $ | 37,011 | $ | 74,306 | $ | 100,604 | $ | 138,878 | |||||||||||||
Stock Option Activity | The following table summarizes stock option activity during the first six months of fiscal 2015: | ||||||||||||||||||||
Options Outstanding | |||||||||||||||||||||
Number of Shares | Weighted Average | Weighted Average | |||||||||||||||||||
Unvested | Vested | Total | Exercise Price | Contractual Life | |||||||||||||||||
Outstanding, September 27, 2014 | 32,739 | 236,746 | 269,485 | $ | 8.74 | 5.46 years | |||||||||||||||
Grants | — | — | — | — | |||||||||||||||||
Vested | (940 | ) | 940 | — | 10.29 | ||||||||||||||||
Cancellations/forfeitures | — | — | — | — | |||||||||||||||||
Outstanding, December 27, 2014 | 31,799 | 237,686 | 269,485 | $ | 8.74 | 5.21 years | |||||||||||||||
Grants | — | — | — | — | |||||||||||||||||
Vested | (600 | ) | 600 | — | 7.32 | ||||||||||||||||
Cancellations/forfeitures | (175 | ) | (698 | ) | (873 | ) | 11.51 | ||||||||||||||
Outstanding, March 28, 2015 | 31,024 | 237,588 | 268,612 | $ | 8.73 | 4.96 years | |||||||||||||||
Stock Options Vested and Expected to Vest | Information related to the stock options vested and expected to vest as of March 28, 2015 is as follows: | ||||||||||||||||||||
Range of Exercise Prices | Number of | Weighted-Average | Weighted | Exercisable | Exercisable | ||||||||||||||||
Shares | Remaining | Average | Number of | Weighted- | |||||||||||||||||
Contractual | Exercise Price | Shares | Average | ||||||||||||||||||
Life (years) | Exercise Price | ||||||||||||||||||||
$ 2.01 - $ 3.00 | 15,288 | 0.45 | $ | 3 | 15,288 | $ | 3 | ||||||||||||||
$ 3.01 - $ 4.00 | 16,600 | 1.33 | $ | 3.66 | 16,600 | $ | 3.66 | ||||||||||||||
$ 4.01 - $ 5.00 | 28,000 | 6.06 | $ | 4.78 | 27,100 | $ | 4.78 | ||||||||||||||
$ 5.01 - $10.00 | 69,900 | 5.29 | $ | 7.45 | 66,040 | $ | 7.46 | ||||||||||||||
$10.01 - $15.00 | 138,824 | 5.5 | $ | 11.41 | 112,560 | $ | 11.39 | ||||||||||||||
268,612 | 4.96 | $ | 8.73 | 237,588 | $ | 8.46 | |||||||||||||||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Mar. 28, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventories | Inventories consisted of the following: | ||||||||
March 28, 2015 | September 27, 2014 | ||||||||
Finished goods | $ | 17,110 | $ | 8,014 | |||||
Work in process | 1,045,894 | 1,126,365 | |||||||
Raw materials | 1,741,422 | 1,586,934 | |||||||
$ | 2,804,426 | $ | 2,721,313 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||
Mar. 28, 2015 | |||||
Income Tax Disclosure [Abstract] | |||||
Schedule of Changes in Uncertain Tax Positions | The below table details the changes in uncertain tax positions, which if recognized would favorably impact our effective tax rate: | ||||
Balance at September 27, 2014 | $ | 80,829 | |||
Addition related to prior year positions | 773 | ||||
Balance at March 28, 2015 | $ | 81,602 | |||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Summary of Basic and Diluted Earnings (Loss) Per Share | Basic and diluted earnings (loss) per share were calculated as follows: | ||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||
3 months | 6 months | 3 months | 6 months | ||||||||||||||
Net income (loss) | $ | 209,985 | $ | (517,596 | ) | $ | (1,466,529 | ) | $ | (1,282,379 | ) | ||||||
Weighted average shares outstanding - basic | 1,838,921 | 1,838,921 | 1,838,907 | 1,838,812 | |||||||||||||
Dilutive effect of stock options | 7,478 | — | — | — | |||||||||||||
Weighted average shares outstanding - diluted | 1,846,399 | 1,838,921 | 1,838,907 | 1,838,812 | |||||||||||||
Basic net income (loss) per share | $ | 0.11 | $ | (0.28 | ) | $ | (0.80 | ) | $ | (0.70 | ) | ||||||
Diluted net income (loss) per share | $ | 0.11 | $ | (0.28 | ) | $ | (0.80 | ) | $ | (0.70 | ) |
Major_Customers_and_Export_Sal1
Major Customers and Export Sales (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Breakdown of Foreign and Domestic Net Sales | A breakdown of foreign and domestic net sales is as follows: | ||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||
3 months | 6 months | 3 months | 6 months | ||||||||||||||
Domestic | $ | 515,842 | $ | 1,280,588 | $ | 1,262,434 | $ | 3,525,188 | |||||||||
Foreign | 1,856,733 | 1,975,133 | 31,044 | 277,010 | |||||||||||||
Total sales | $ | 2,372,575 | $ | 3,255,721 | $ | 1,293,478 | $ | 3,802,198 | |||||||||
Foreign Revenues by Country as Percentage of Total Foreign Revenue | The table below summarizes our foreign revenues by country as a percentage of total foreign revenue. | ||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||
3 months | 6 months | 3 months | 6 months | ||||||||||||||
Egypt | 97 | % | 93 | % | — | — | |||||||||||
Colombia | — | — | — | 89 | % | ||||||||||||
Saudi Arabia | — | — | 100 | % | 11 | % | |||||||||||
Other | 3 | % | 7 | % | — | — | |||||||||||
Foreign Revenue, as Percentage of Total Foreign Revenue by Geographic Area | A summary of foreign revenue, as a percentage of total foreign revenue by geographic area, is as follows: | ||||||||||||||||
March 28, 2015 | March 29, 2014 | ||||||||||||||||
3 months | 6 months | 3 months | 6 months | ||||||||||||||
North America (excluding the U.S.) | — | — | — | — | |||||||||||||
Central and South America | — | — | — | 89 | % | ||||||||||||
Europe | — | — | — | — | |||||||||||||
Mid-East and Africa | 97 | % | 94 | % | 100 | % | 11 | % | |||||||||
Far East | 3 | % | 6 | % | — | — | |||||||||||
Cash_Equivalents_and_Marketabl1
Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Mar. 28, 2015 | |||||||||||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||||||||||
Available-for-Sale Securities | As of March 28, 2015, available for sale securities consisted of the following: | ||||||||||||||||||||||||
Accrued | Gross Unrealized | Estimated | |||||||||||||||||||||||
Cost | Interest | Gains | Losses | Fair Value | |||||||||||||||||||||
Money market funds | $ | 833,619 | $ | — | $ | — | $ | — | $ | 833,619 | |||||||||||||||
Certificates of deposit | 1,021,000 | 1,716 | — | 682 | 1,022,034 | ||||||||||||||||||||
$ | 1,854,619 | $ | 1,716 | $ | — | $ | 682 | $ | 1,855,653 | ||||||||||||||||
As of September 27, 2014, available for sale securities consisted of the following: | |||||||||||||||||||||||||
Accrued | Gross Unrealized | Estimated | |||||||||||||||||||||||
Cost | Interest | Gains | Losses | Fair Value | |||||||||||||||||||||
Money market funds | $ | 1,801,443 | $ | — | $ | — | $ | — | $ | 1,801,443 | |||||||||||||||
Certificates of deposit | 1,418,000 | 2,488 | — | 3,598 | 1,416,890 | ||||||||||||||||||||
$ | 3,219,443 | $ | 2,488 | $ | — | $ | 3,598 | $ | 3,218,333 | ||||||||||||||||
Held to Maturity Securities | As of March 28, 2015, held to maturity securities consisted of the following: | ||||||||||||||||||||||||
Accrued | Amortization | Amortized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Interest | Bond Premium | Cost | Gains | Fair Value | ||||||||||||||||||||
Municipal bonds | $ | 1,392,147 | $ | 16,886 | $ | 117,239 | $ | 1,291,794 | $ | 10,495 | $ | 1,302,289 | |||||||||||||
As of September 27, 2014, held to maturity securities consisted of the following: | |||||||||||||||||||||||||
Accrued | Amortization | Amortized | Unrealized | Estimated | |||||||||||||||||||||
Cost | Interest | Bond Premium | Cost | Gains | Fair Value | ||||||||||||||||||||
Municipal bonds | $ | 1,506,653 | $ | 17,963 | $ | 109,039 | $ | 1,415,577 | $ | 15,331 | $ | 1,430,908 | |||||||||||||
Contractual Maturities of Held to Maturity Investments | The contractual maturities of held to maturity investments as of March 28, 2015 were as follows: | ||||||||||||||||||||||||
Cost | Amortized Cost | ||||||||||||||||||||||||
Within 1 year | $ | 447,162 | $ | 410,700 | |||||||||||||||||||||
After 1 year through 5 years | 944,985 | 881,094 | |||||||||||||||||||||||
$ | 1,392,147 | $ | 1,291,794 | ||||||||||||||||||||||
Available-for-Sale Securities Included in Balance Sheets | The Company’s available for sale securities were included in the following captions in the consolidated balance sheets: | ||||||||||||||||||||||||
March 28, 2015 | September 27, 2014 | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 833,619 | $ | 1,801,443 | |||||||||||||||||||||
Marketable securities | 1,022,034 | 1,416,890 | |||||||||||||||||||||||
$ | 1,855,653 | $ | 3,218,333 | ||||||||||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies and Significant Judgments and Estimates - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Mar. 28, 2015 | Dec. 27, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | Sep. 27, 2014 | |
CreditFacility | CreditFacility | ||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Expected period of revenue recognized pursuant to proportional performance | 1 year | ||||
Number of secured letter of credit facilities | 4 | 4 | |||
Allowance for accounts receivable | $25,000 | $25,000 | $25,000 | ||
Valuation allowance for deferred tax assets | 2,400,000 | ||||
Unrecognized tax benefits | 81,602 | 81,602 | 81,218 | ||
Fair value measurements, transfers between levels | 0 | 0 | 0 | ||
Fair value measurements, transfers between levels | 0 | 0 | 0 | ||
Assets measured on a nonrecurring basis | 0 | 0 | 0 | ||
Liabilities measured on a nonrecurring basis | 0 | 0 | 0 | ||
Excess tax benefits | 0 | 0 | |||
Number of Shares, Granted | 0 | 0 | 0 | 14,200 | |
Weighted average fair value, Granted | $4.53 | ||||
Unrecognized compensation expense related to options outstanding | 66,338 | 66,338 | 141,213 | ||
Weighted average period of compensation expense | 1 year 1 month 6 days | ||||
Shares authorized for issuance | 750,000 | 750,000 | |||
Shares outstanding | 268,612 | 269,485 | 268,612 | 269,485 | |
Fair market value term period | 10 years | ||||
Intrinsic value of outstanding and exercisable options | 24,157 | 24,157 | 29,987 | ||
Letter of Credit [Member] | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Outstanding letter of credit amount | $363,414 | $363,414 | |||
2001 Stock Option Plan [Member] | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Share available for grants | 0 | 0 | |||
2005 Non-Statutory Stock Option Plan [Member] | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Share available for grants | 19,723 | 19,723 | |||
2010 Equity Plan [Member] | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Share available for grants | 56,476 | 56,476 | |||
Minimum [Member] | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Vesting periods | 0 years | ||||
Maximum [Member] | |||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | |||||
Vesting periods | 5 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies and Significant Judgments and Estimates - Fair Value of Financial Instruments (Detail) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 |
Fair Value Inputs Liabilities Quantitative Information Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Estimated Fair Value | $1,855,653 | $3,218,333 |
Debt and Certificates of Deposits [Member] | ||
Fair Value Inputs Liabilities Quantitative Information Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Estimated Fair Value | 1,022,034 | 1,416,890 |
Debt and Certificates of Deposits [Member] | Certificates of Deposit [Member] | ||
Fair Value Inputs Liabilities Quantitative Information Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Estimated Fair Value | 1,022,034 | 1,416,890 |
Mutual Funds [Member] | ||
Fair Value Inputs Liabilities Quantitative Information Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Estimated Fair Value | 833,619 | 1,801,443 |
Mutual Funds [Member] | Money Market Funds [Member] | ||
Fair Value Inputs Liabilities Quantitative Information Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Estimated Fair Value | 833,619 | 1,801,443 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value Inputs Liabilities Quantitative Information Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Estimated Fair Value | 833,619 | 1,801,443 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mutual Funds [Member] | ||
Fair Value Inputs Liabilities Quantitative Information Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Estimated Fair Value | 833,619 | 1,801,443 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mutual Funds [Member] | Money Market Funds [Member] | ||
Fair Value Inputs Liabilities Quantitative Information Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Estimated Fair Value | 833,619 | 1,801,443 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value Inputs Liabilities Quantitative Information Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Estimated Fair Value | 1,022,034 | 1,416,890 |
Significant Other Observable Inputs (Level 2) [Member] | Debt and Certificates of Deposits [Member] | ||
Fair Value Inputs Liabilities Quantitative Information Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Estimated Fair Value | 1,022,034 | 1,416,890 |
Significant Other Observable Inputs (Level 2) [Member] | Debt and Certificates of Deposits [Member] | Certificates of Deposit [Member] | ||
Fair Value Inputs Liabilities Quantitative Information Financial Statement Captions [Line Items] | ||
Available-for-sale securities, Estimated Fair Value | $1,022,034 | $1,416,890 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies and Significant Judgments and Estimates - Assumptions for Estimated Fair Value of Options at Date of Grant (Detail) | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Accounting Policies [Abstract] | ||||
Option term | 6 years 6 months | 6 years 6 months | ||
Risk-free interest rate, Minimum | 1.33% | 1.33% | ||
Risk-free interest rate, Maximum | 1.53% | 1.53% | ||
Stock price volatility, Minimum | 60.00% | 60.00% | ||
Stock price volatility, Maximum | 65.00% | 65.00% | ||
Dividend rate | 0.00% | 0.00% | 0.00% | 0.00% |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies and Significant Judgments and Estimates - Share-Based Compensation Costs (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense before taxes | $37,011 | $100,604 | $74,306 | $138,878 |
Cost of Sales [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense before taxes | 3,801 | 4,079 | 7,850 | 8,158 |
Selling, General and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense before taxes | 11,965 | 75,360 | 23,942 | 87,290 |
Product Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total share-based compensation expense before taxes | $21,245 | $21,165 | $42,514 | $43,430 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies and Significant Judgments and Estimates - Stock Option Activity (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Accounting Policies [Abstract] | |||||
Beginning balance, Outstanding, Unvested | 31,799 | 32,739 | 32,739 | ||
Grants, Unvested | 0 | 0 | |||
Vested, Unvested | -600 | -940 | |||
Cancellations/forfeitures, Unvested | -175 | ||||
Ending balance, Outstanding, Unvested | 31,024 | 31,799 | 32,739 | 31,024 | |
Beginning balance, Outstanding, Vested | 237,686 | 236,746 | 236,746 | ||
Grants, Vested | 0 | 0 | |||
Vested, Vested | 600 | 940 | |||
Cancellations/forfeitures, Vested | -698 | ||||
Ending balance, Outstanding, Vested | 237,588 | 237,686 | 236,746 | 237,588 | |
Number of Shares, Outstanding, Beginning balance | 269,485 | 269,485 | 269,485 | ||
Number of Shares, Granted | 0 | 0 | 0 | 14,200 | |
Number of Shares, Vested | 0 | 0 | |||
Number of Shares, Cancellations/forfeitures | -873 | ||||
Number of Shares, Outstanding, Ending balance | 268,612 | 269,485 | 269,485 | 268,612 | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $8.74 | $8.74 | $8.74 | ||
Weighted Average Exercise Price, Granted | $0 | $0 | |||
Weighted Average Exercise Price, Vested | $7.32 | $10.29 | |||
Weighted Average Exercise Price, Cancellations/ forfeitures | $11.51 | ||||
Weighted Average Exercise Price, Outstanding, Ending balance | $8.73 | $8.74 | $8.74 | $8.73 | |
Weighted Average Contractual Life, Outstanding | 4 years 11 months 16 days | 5 years 2 months 16 days | 5 years 5 months 16 days |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies and Significant Judgments and Estimates - Stock Options Vested and Expected to Vest (Detail) (USD $) | 6 Months Ended | ||
Mar. 28, 2015 | Dec. 27, 2014 | Sep. 27, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares | 268,612 | ||
Weighted-Average Remaining Contractual Life (years) | 4 years 11 months 16 days | ||
Weighted Average Exercise Price | $8.73 | ||
Exercisable Number of Shares | 237,588 | 237,686 | 236,746 |
Exercisable Weighted-Average Exercise Price | $8.46 | ||
$2.01 - $3.00 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Range of Exercise Prices, Lower limit | $2.01 | ||
Range of Exercise Prices, Upper limit | $3 | ||
Number of Shares | 15,288 | ||
Weighted-Average Remaining Contractual Life (years) | 5 months 12 days | ||
Weighted Average Exercise Price | $3 | ||
Exercisable Number of Shares | 15,288 | ||
Exercisable Weighted-Average Exercise Price | $3 | ||
$3.01 - $4.00 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Range of Exercise Prices, Lower limit | $3.01 | ||
Range of Exercise Prices, Upper limit | $4 | ||
Number of Shares | 16,600 | ||
Weighted-Average Remaining Contractual Life (years) | 1 year 3 months 29 days | ||
Weighted Average Exercise Price | $3.66 | ||
Exercisable Number of Shares | 16,600 | ||
Exercisable Weighted-Average Exercise Price | $3.66 | ||
$4.01 - $5.00 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Range of Exercise Prices, Lower limit | $4.01 | ||
Range of Exercise Prices, Upper limit | $5 | ||
Number of Shares | 28,000 | ||
Weighted-Average Remaining Contractual Life (years) | 6 years 22 days | ||
Weighted Average Exercise Price | $4.78 | ||
Exercisable Number of Shares | 27,100 | ||
Exercisable Weighted-Average Exercise Price | $4.78 | ||
$5.01 - $10.00 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Range of Exercise Prices, Lower limit | $5.01 | ||
Range of Exercise Prices, Upper limit | $10 | ||
Number of Shares | 69,900 | ||
Weighted-Average Remaining Contractual Life (years) | 5 years 3 months 15 days | ||
Weighted Average Exercise Price | $7.45 | ||
Exercisable Number of Shares | 66,040 | ||
Exercisable Weighted-Average Exercise Price | $7.46 | ||
$10.01 - $15.00 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Range of Exercise Prices, Lower limit | $10.01 | ||
Range of Exercise Prices, Upper limit | $15 | ||
Number of Shares | 138,824 | ||
Weighted-Average Remaining Contractual Life (years) | 5 years 6 months | ||
Weighted Average Exercise Price | $11.41 | ||
Exercisable Number of Shares | 112,560 | ||
Exercisable Weighted-Average Exercise Price | $11.39 |
Inventories_Schedule_of_Invent
Inventories - Schedule of Inventories (Detail) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 |
Inventory Disclosure [Abstract] | ||
Finished goods | $17,110 | $8,014 |
Work in process | 1,045,894 | 1,126,365 |
Raw materials | 1,741,422 | 1,586,934 |
Total inventories | $2,804,426 | $2,721,313 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
Mar. 29, 2014 | Mar. 29, 2014 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $821,066 | $894,458 |
Income_Taxes_Schedule_of_Chang
Income Taxes - Schedule of Changes in Uncertain Tax Positions (Detail) (USD $) | 6 Months Ended |
Mar. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Balance at September 27, 2014 | $81,218 |
Addition related to prior year positions | 773 |
Balance at March 28, 2015 | $81,602 |
Earnings_Loss_Per_Share_Summar
Earnings (Loss) Per Share - Summary of Basic and Diluted Earnings (Loss) Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $209,985 | ($1,466,529) | ($517,596) | ($1,282,379) |
Weighted average shares outstanding - basic | 1,838,921 | 1,838,907 | 1,838,921 | 1,838,812 |
Dilutive effect of stock options | 7,478 | |||
Weighted average shares outstanding - diluted | 1,846,399 | 1,838,907 | 1,838,921 | 1,838,812 |
Basic net income (loss) per share | $0.11 | ($0.80) | ($0.28) | ($0.70) |
Diluted net income (loss) per share | $0.11 | ($0.80) | ($0.28) | ($0.70) |
Earnings_Loss_Per_Share_Additi
Earnings (Loss) Per Share - Additional Information (Detail) | 6 Months Ended | |
Mar. 28, 2015 | Mar. 29, 2014 | |
Earnings Per Share [Abstract] | ||
Outstanding potentially anti-dilutive stock options | 268,612 | 268,185 |
Major_Customers_and_Export_Sal2
Major Customers and Export Sales - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Customer | Customer | Country | Customer | |
Country | Country | Customer | Country | |
Segment Reporting Information [Line Items] | ||||
Number of major customers | 2 | 1 | 3 | 3 |
Number of countries in which products are sold | 2 | 1 | 5 | 2 |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Major customers percentage | 94.00% | 70.00% | 87.00% | 81.00% |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | First Customer [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Major customers percentage | 76.00% | 57.00% | 46.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Second Customer [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Major customers percentage | 18.00% | 17.00% | 24.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Third Customer [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Major customers percentage | 13.00% | 11.00% |
Major_Customers_and_Export_Sal3
Major Customers and Export Sales - Breakdown of Foreign and Domestic Net Sales (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Schedule Of Net Sales By Geographical Segment [Line Items] | ||||
Total Sales | $2,372,575 | $1,293,478 | $3,255,721 | $3,802,198 |
Domestic [Member] | ||||
Schedule Of Net Sales By Geographical Segment [Line Items] | ||||
Total Sales | 515,842 | 1,262,434 | 1,280,588 | 3,525,188 |
Foreign [Member] | ||||
Schedule Of Net Sales By Geographical Segment [Line Items] | ||||
Total Sales | $1,856,733 | $31,044 | $1,975,133 | $277,010 |
Major_Customers_and_Export_Sal4
Major Customers and Export Sales - Foreign Revenues by Country as Percentage of Total Foreign Revenue (Detail) | 3 Months Ended | 6 Months Ended | 3 Months Ended | |
Mar. 28, 2015 | Mar. 28, 2015 | Mar. 29, 2014 | Mar. 29, 2014 | |
Egypt [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from foreign countries as a percentage of foreign revenue | 97.00% | 93.00% | ||
Colombia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from foreign countries as a percentage of foreign revenue | 89.00% | |||
Saudi Arabia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from foreign countries as a percentage of foreign revenue | 11.00% | 100.00% | ||
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from foreign countries as a percentage of foreign revenue | 3.00% | 7.00% |
Major_Customers_and_Export_Sal5
Major Customers and Export Sales - Foreign Revenue, as Percentage of Total Foreign Revenue by Geographic Area (Detail) | 3 Months Ended | 6 Months Ended | ||
Mar. 28, 2015 | Mar. 29, 2014 | Mar. 28, 2015 | Mar. 29, 2014 | |
Central and South America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from geographical area as a percentage of foreign revenue | 89.00% | |||
Mid-East and Africa [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from geographical area as a percentage of foreign revenue | 97.00% | 100.00% | 94.00% | 11.00% |
Far East [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue from geographical area as a percentage of foreign revenue | 3.00% | 6.00% |
Cash_Equivalents_and_Marketabl2
Cash Equivalents and Marketable Securities - Available-for-Sale Securities (Detail) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Available-for-sale securities, Cost | $1,854,619 | $3,219,443 |
Available-for-sale securities, Accrued Interest | 1,716 | 2,488 |
Available-for-sale securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale securities, Gross Unrealized Losses | 682 | 3,598 |
Available-for-sale securities, Estimated Fair Value | 1,855,653 | 3,218,333 |
Money Market Funds [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Available-for-sale securities, Cost | 833,619 | 1,801,443 |
Available-for-sale securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale securities, Estimated Fair Value | 833,619 | 1,801,443 |
Certificates of Deposit [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Available-for-sale securities, Cost | 1,021,000 | 1,418,000 |
Available-for-sale securities, Accrued Interest | 1,716 | 2,488 |
Available-for-sale securities, Gross Unrealized Gains | 0 | 0 |
Available-for-sale securities, Gross Unrealized Losses | 682 | 3,598 |
Available-for-sale securities, Estimated Fair Value | $1,022,034 | $1,416,890 |
Cash_Equivalents_and_Marketabl3
Cash Equivalents and Marketable Securities - Held to Maturity Securities (Detail) (USD $) | 0 Months Ended | ||
Mar. 28, 2015 | Sep. 27, 2014 | Mar. 28, 2015 | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to Maturity Securities, Cost | $1,392,147 | $1,392,147 | |
Held to Maturity Securities, Amortized Cost | 1,291,794 | 1,291,794 | |
Municipal Bonds [Member] | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Held to Maturity Securities, Cost | 1,392,147 | 1,506,653 | 1,392,147 |
Held to Maturity Securities, Accrued Interest | 16,886 | 17,963 | 16,886 |
Held to Maturity Securities, Amortization Bond Premium | 117,239 | 109,039 | 117,239 |
Held to Maturity Securities, Amortized Cost | 1,291,794 | 1,415,577 | 1,291,794 |
Held to Maturity Securities, Unrealized Gains | 10,495 | 15,331 | |
Held to Maturity Securities, Estimated Fair Value | $1,302,289 | $1,430,908 | $1,302,289 |
Cash_Equivalents_and_Marketabl4
Cash Equivalents and Marketable Securities - Additional Information (Detail) | 0 Months Ended |
Mar. 28, 2015 | |
Cash and Cash Equivalents [Abstract] | |
Contractual maturity due | 5 months |
Cash_Equivalents_and_Marketabl5
Cash Equivalents and Marketable Securities - Contractual Maturities of Held to Maturity Investments (Detail) (USD $) | Mar. 28, 2015 |
Cash and Cash Equivalents [Abstract] | |
Contractual maturities, Within 1 year, Cost | $447,162 |
Contractual maturities, After 1 year through 5 years, Cost | 944,985 |
Total, Cost | 1,392,147 |
Contractual maturities, Within 1 year, Amortized Cost | 410,700 |
Contractual maturities, After 1 year through 5 years, Amortized Cost | 881,094 |
Total, Amortized Cost | $1,291,794 |
Cash_Equivalents_and_Marketabl6
Cash Equivalents and Marketable Securities - Available-for-Sale Securities Included in Balance Sheets (Detail) (USD $) | Mar. 28, 2015 | Sep. 27, 2014 |
Net Investment Income [Line Items] | ||
Available-for-sale Securities, Total | $1,855,653 | $3,218,333 |
Cash and Cash Equivalents [Member] | ||
Net Investment Income [Line Items] | ||
Available-for-sale Securities, Total | 833,619 | 1,801,443 |
Marketable Securities [Member] | ||
Net Investment Income [Line Items] | ||
Available-for-sale Securities, Total | $1,022,034 | $1,416,890 |
Investment_in_Unconsolidated_S1
Investment in Unconsolidated Subsidiary - Additional Information (Detail) (USD $) | Mar. 28, 2015 | Oct. 30, 2014 |
Investments [Line Items] | ||
Equity investment made by the company | $275,000 | |
PulsedLight [Member] | ||
Investments [Line Items] | ||
Equity investment made by the company | $275,000 | |
Percentage of stake ownership in investment | 11.00% | |
Purchase of common stock shares | 11,000 |