x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended December 31, 2016 |
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to |
New York | 11-2160665 | |
(State or other jurisdiction of | (I.R.S. Employer | |
incorporation or organization) | Identification No.) | |
135 Fell Court, Hauppauge, New York | 11788 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer ¨ | Accelerated filer ¨ | |
Non-accelerated filer ¨ | Smaller reporting company x | |
(Do not check if a smaller reporting company) |
Page Number | ||
Three Months Ended | |||||||
12/31/2016 | 12/31/2015 | ||||||
Net sales | $ | 6,604,978 | $ | 10,880,556 | |||
Cost of sales | 4,032,819 | 6,609,381 | |||||
Gross profit | 2,572,159 | 4,271,175 | |||||
Operating expenses: | |||||||
Selling, general and administrative expense | 2,680,857 | 3,930,151 | |||||
Engineering and development expense | 1,139,976 | 1,318,396 | |||||
3,820,833 | 5,248,547 | ||||||
Operating loss | (1,248,674 | ) | (977,372 | ) | |||
Other income (expense): | |||||||
Interest income | 233 | 164 | |||||
Interest expense | (53,568 | ) | — | ||||
Loss before income taxes | (1,302,009 | ) | (977,208 | ) | |||
Income tax expense | — | — | |||||
Net loss | $ | (1,302,009 | ) | $ | (977,208 | ) | |
Loss per share: | |||||||
Basic | $ | (.14 | ) | $ | (.10 | ) | |
Diluted | $ | (.14 | ) | $ | (.10 | ) | |
Weighted average shares outstanding: | |||||||
Basic | 9,348,388 | 9,330,779 | |||||
Diluted | 9,348,388 | 9,330,779 | |||||
Three Months Ended | |||||||
12/31/2016 | 12/31/2015 | ||||||
Net loss | $ | (1,302,009 | ) | $ | (977,208 | ) | |
Other comprehensive income (loss): | |||||||
Unrealized loss on securities | (411 | ) | (85 | ) | |||
Foreign currency translation adjustment | 135,238 | 157,309 | |||||
Other comprehensive income | 134,827 | 157,224 | |||||
Comprehensive loss | $ | (1,167,182 | ) | $ | (819,984 | ) |
ASSETS | 12/31/2016 | 9/30/2016 | |||||
(Unaudited) | |||||||
CURRENT ASSETS | |||||||
Cash and cash equivalents | $ | 2,769,122 | $ | 1,954,422 | |||
Marketable securities | 13,299 | 13,545 | |||||
Accounts receivable, net | 4,765,625 | 6,158,504 | |||||
Inventories: | |||||||
Parts, components, and materials | 1,230,357 | 1,432,135 | |||||
Work-in-process | 1,144,823 | 812,455 | |||||
Finished products | 4,855,177 | 4,745,660 | |||||
7,230,357 | 6,990,250 | ||||||
Prepaid expenses and other current assets | 500,357 | 572,440 | |||||
TOTAL CURRENT ASSETS | 15,278,760 | 15,689,161 | |||||
Property, plant and equipment | 5,861,178 | 5,865,969 | |||||
Less accumulated depreciation and amortization | (5,365,579 | ) | (5,345,786 | ) | |||
495,599 | 520,183 | ||||||
Intangible assets, net | 1,039,500 | 1,106,500 | |||||
Other assets | 736,338 | 761,865 | |||||
TOTAL ASSETS | $ | 17,550,197 | $ | 18,077,709 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES | |||||||
Accounts payable | 3,204,081 | $ | 2,551,080 | ||||
Accrued compensation and employee benefits | 1,774,003 | 1,701,103 | |||||
Accrued expenses | 1,319,293 | 1,472,272 | |||||
Unearned revenue | 548,231 | 476,565 | |||||
TOTAL CURRENT LIABILITIES | 6,845,608 | 6,201,020 | |||||
Revolving credit borrowings | 1,750,000 | 1,750,000 | |||||
Unearned revenue - non current | 69,585 | 76,950 | |||||
Other long-term liabilities | 1,512,499 | 1,522,825 | |||||
TOTAL LIABILITIES | 10,177,692 | 9,550,795 | |||||
Commitments and contingencies | |||||||
SHAREHOLDERS’ EQUITY | |||||||
Common stock, par value $.01 per share authorized - 25,000,000 shares issued - 10,044,827 shares | 100,448 | 100,448 | |||||
Capital in excess of par value | 40,530,692 | 40,517,919 | |||||
Accumulated deficit | (29,426,968 | ) | (28,124,959 | ) | |||
Treasury stock at cost, 696,439 shares | (3,437,643 | ) | (3,437,643 | ) | |||
Accumulated other comprehensive loss | (394,024 | ) | (528,851 | ) | |||
TOTAL SHAREHOLDERS’ EQUITY | 7,372,505 | 8,526,914 | |||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 17,550,197 | $ | 18,077,709 |
Three Months Ended | |||||||
12/31/2016 | 12/31/2015 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (1,302,009 | ) | $ | (977,208 | ) | |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 128,322 | 215,409 | |||||
Amortization of deferred compensation | 373 | 373 | |||||
Stock compensation expense | 12,399 | 153,198 | |||||
Change in assets and liabilities: | |||||||
Accounts receivable, net | 1,296,548 | 864,267 | |||||
Inventories, net | (312,261 | ) | 269,717 | ||||
Prepaid expenses and other current assets | 62,766 | (78,812 | ) | ||||
Other assets | 25,526 | (2,685 | ) | ||||
Accounts payable | 676,549 | (182,058 | ) | ||||
Accrued compensation and employee benefits | 78,803 | (287,007 | ) | ||||
Accrued expenses | (146,777 | ) | (34,741 | ) | |||
Unearned revenue | 64,301 | (413,916 | ) | ||||
Other liabilities | (6,520 | ) | (28,261 | ) | |||
Net cash provided by (used in) operating activities | 578,020 | (501,724 | ) | ||||
Cash flows from investing activities: | |||||||
Net increase in marketable securities | (165 | ) | (83 | ) | |||
Capital expenditures | (42,605 | ) | (48,963 | ) | |||
Net cash used in investing activities | (42,770 | ) | (49,046 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from exercise of stock options | — | 5,184 | |||||
Net cash provided by financing activities | — | 5,184 | |||||
Effect of exchange rate changes on cash | 279,450 | 223,469 | |||||
Net increase (decrease) in cash | 814,700 | (322,117 | ) | ||||
Cash and cash equivalents at beginning of year | 1,954,422 | 2,390,409 | |||||
Cash and cash equivalents at end of period | $ | 2,769,122 | $ | 2,068,292 |
Three Months Ended | |||||||
December 31, | |||||||
2016 | 2015 | ||||||
Basic EPS Computation | |||||||
Net loss | $ | (1,302,009 | ) | $ | (977,208 | ) | |
Weighted average shares outstanding | 9,348,388 | 9,330,779 | |||||
Basic loss per share | $ | (.14 | ) | $ | (.10 | ) |
Three Months Ended | |||||||
December 31, | |||||||
2016 | 2015 | ||||||
Diluted EPS Computation | |||||||
Net loss | $ | (1,302,009 | ) | $ | (977,208 | ) | |
Weighted average shares outstanding | 9,348,388 | 9,330,779 | |||||
Stock options | — | — | |||||
Stock compensation arrangements | — | — | |||||
Diluted shares outstanding | 9,348,388 | 9,330,779 | |||||
Diluted loss per share | $ | (.14 | ) | $ | (.10 | ) |
December 31, 2016 | September 30, 2016 | ||||||
Foreign currency translation adjustment | $ | (393,478 | ) | $ | (528,716 | ) | |
Unrealized loss on marketable securities | (546 | ) | (135 | ) | |||
Accumulated other comprehensive loss | $ | (394,024 | ) | $ | (528,851 | ) |
December 31, 2016 | September 30, 2016 | ||||||||||||||||
Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | Estimated Useful Life | |||||||||||||
Definite-lived intangibles: | |||||||||||||||||
Customer relationships | 910,000 | 427,833 | 910,000 | 371,833 | 7 years | ||||||||||||
Tradenames | 660,000 | 102,667 | 660,000 | 91,667 | 15 years | ||||||||||||
$ | 1,570,000 | $ | 530,500 | $ | 1,570,000 | $ | 463,500 |
Fiscal Year | Amount | ||
Remainder of 2017 | $ | 201,000 | |
2018 | 177,000 | ||
2019 | 123,000 | ||
2020 | 91,000 | ||
2021 | 72,000 | ||
Thereafter | $ | 375,500 |
Three Months Ended December 31, | ||||||||
2016 | 2015 | |||||||
Balance at beginning of period | $ | 650,000 | $ | 650,000 | ||||
Provision for warranties | 114,000 | 108,000 | ||||||
Expenses incurred | (114,000 | ) | (108,000 | ) | ||||
Balance at end of period | $ | 650,000 | $ | 650,000 |
Exhibit Number | Description |
31 | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32 | Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101.INS | XBRL Instance Document* |
101.SCH | XBRL Taxonomy Extension Schema Document* |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document* |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document* |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document* |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document* |
* | In accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to this Quarterly Report on Form 10-Q shall be deemed to be “furnished” and not “filed.” |
/s/ John M. Badke |
John M. Badke |
Chief Executive Officer and |
Chief Financial Officer |
Document and Entity Information Document - shares |
3 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Feb. 14, 2017 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | VICON INDUSTRIES INC /NY/ | |
Entity Central Index Key | 0000310056 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Smaller Reporting Company | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 9,348,388 |
Condensed Consolidated Statements of Operations - USD ($) |
3 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Document Period End Date | Dec. 31, 2016 | |
Net sales | $ 6,604,978 | $ 10,880,556 |
Cost of sales | 4,032,819 | 6,609,381 |
Gross profit | 2,572,159 | 4,271,175 |
Operating expenses: | ||
Selling, general and administrative expense | 2,680,857 | 3,930,151 |
Engineering & development expense | 1,139,976 | 1,318,396 |
Operating Expenses | 3,820,833 | 5,248,547 |
Operating loss | (1,248,674) | (977,372) |
Interest income | 233 | 164 |
Interest expense | (53,568) | 0 |
Loss before income taxes | (1,302,009) | (977,208) |
Income tax expense | 0 | 0 |
Net loss | $ (1,302,009) | $ (977,208) |
Loss per share: | ||
Earnings Per Share, Basic | $ (0.14) | $ (0.10) |
Earnings Per Share, Diluted | $ (0.14) | $ (0.10) |
Weighted average shares outstanding: | ||
Basic | 9,348,388 | 9,330,779 |
Diluted | 9,348,388 | 9,330,779 |
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) |
3 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Net loss | $ (1,302,009) | $ (977,208) |
Other comprehensive income (loss): | ||
Unrealized loss on securities, net of tax | (411) | (85) |
Foreign currency translation adjustment | 135,238 | (157,309) |
Other comprehensive loss | 134,827 | 157,224 |
Comprehensive loss | $ (1,167,182) | $ (819,984) |
Basis of Presentation |
3 Months Ended |
---|---|
Dec. 31, 2016 | |
Basis of Presentation [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended December 31, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ended September 30, 2017. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the fiscal year ended September 30, 2016. |
Marketable Securities |
3 Months Ended |
---|---|
Dec. 31, 2016 | |
Marketable Securities [Abstract] | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | Marketable Securities Marketable securities consist of mutual fund investments principally in federal, state and local government debt securities of $13,299 as of December 31, 2016. Such mutual fund investments are stated at market value based on quoted market prices (Level 1 inputs) and are classified as available-for-sale under the provisions of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 320, with unrealized gains and losses reported in accumulated other comprehensive loss as a component of shareholders’ equity. The cost of such securities at December 31, 2016 was $13,845, with $546 of cumulative unrealized losses reported at December 31, 2016. |
Accounts Receivable |
3 Months Ended |
---|---|
Dec. 31, 2016 | |
Accounts Receivable [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | Accounts Receivable Accounts receivable is stated net of an allowance for uncollectible accounts of $1,065,000 and $1,069,000 as of December 31, 2016 and September 30, 2016, respectively. |
Loss per Share |
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Loss per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Loss per Share Basic loss per share (EPS) is computed based on the weighted average number of common shares outstanding for the period. Diluted EPS reflects the maximum dilution that would have resulted from incremental common shares issuable upon the exercise of stock options and under deferred compensation agreements. The following tables provide the components of the basic and diluted EPS computations for the three month periods ended December 31, 2016 and 2015:
For the for the three month periods ended December 31, 2016 and 2015, all outstanding stock options and shares issuable under stock compensation arrangements totaling 623,587 and 670,300 shares, respectively, have been omitted from the calculation of diluted EPS as their effect would have been antidilutive. The actual effect of these stock options and shares, if any, on the diluted earnings per share calculation will vary significantly depending on fluctuations in the market price of the Company's stock. |
Accumulated Other Comprehensive Loss |
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Comprehensive Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] | Accumulated Other Comprehensive Loss The Company's accumulated other comprehensive loss balances at December 31, 2016 and September 30, 2016 consisted of the following:
|
Goodwill and Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | The components and estimated useful lives of intangible assets as of December 31, 2016 and September 30, 2016 are stated below. Amortization is provided on a straight line method, or in the case of customer relationships, on an accelerated method, over the following estimated useful lives:
Amortization expense was $67,000 and $129,250 for the three month periods ended December 31, 2016 and 2015, respectively. Future amortization expense for intangible assets over the next five years ending September 30 and thereafter is summarized as follows:
|
Stock Based Compensation |
3 Months Ended |
---|---|
Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Stock-Based Compensation The Company maintains stock option plans that include both incentive and non-qualified options reserved for issuance to key employees, including officers and directors. All options are issued at fair market value at the grant date and are exercisable in varying installments according to the plans. The plans allow for the payment of option exercises through the surrender of previously owned mature shares based on the fair market value of such shares at the date of surrender. The Company follows ASC 718 (“Share-Based Payment”), which requires that all share based payments to employees, including stock options, be recognized as compensation expense in the consolidated financial statements based on their grant date fair values and over the requisite service period. For the three month periods ended December 31, 2016 and 2015, the Company recorded non-cash compensation expense of $12,399 and $153,198, respectively ($.00 and $.02 per basic and diluted share, respectively), relating to stock compensation. |
Recent Accounting Pronouncements |
3 Months Ended |
---|---|
Dec. 31, 2016 | |
Recent Accounting Pronouncements [Abstract] | |
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | Recent Accounting Pronouncements In May 2014, the FASB issued guidance on revenue from contracts with customers. The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved, in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. This guidance permits the use of either the retrospective or cumulative effect transition method and is effective for the Company beginning in 2019; early adoption is not permitted prior to 2018. The Company is currently in the initial stages of evaluating the effect of implementing this guidance. In February 2016, the FASB issued guidance on lease accounting requiring lessees to recognize a right-of-use asset and a lease liability for long-term leases. The liability will be equal to the present value of lease payments. This guidance must be applied using a modified retrospective transition approach to all annual and interim periods presented and is effective for the Company beginning in fiscal 2019. The Company is currently in the initial stages of evaluating the effect of implementing this guidance. In March 2016, the FASB issued guidance on simplifying several aspects of accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance requires a mix of prospective, modified retrospective, and retrospective transition to all annual and interim periods presented and is effective for the Company beginning in fiscal 2018. The Company is currently in the initial stages of evaluating the effect of implementing this guidance. |
Income Taxes |
3 Months Ended |
---|---|
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes Deferred tax assets and liabilities are recognized based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax assets represent items to be used as a tax deduction or credit in future tax returns for which a tax benefit has been recorded in the income statement. The Company has a valuation allowance against its deferred tax assets due to the uncertainty of future realization. The full valuation allowance is determined to be appropriate due to the Company's operating losses since fiscal year 2010 and the inherent uncertainties of predicting future operating results in periods over which such net tax differences become deductible. At September 30, 2016, the Company had $13.4 million of unrecognized net deferred tax assets available, which includes approximately $8.8 million of tax effected U.S. and foreign net operating loss carryforwards. On August 29, 2014, the Company merged with IQinVision, Inc. In connection with this merger, the Company's ability to utilize pre-merger net operating losses and tax credit carryforwards in the future is subject to certain limitations pursuant to Section 382 of the Internal Revenue Code. The annual limitation on utilization of the Company's U.S. net operating loss carryforwards is presently estimated at $500,000. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits in income tax expense. The Company files U.S. Federal and State income tax returns and foreign tax returns in the United Kingdom, Germany and Israel. The Company is generally no longer subject to tax examinations in such jurisdictions for fiscal years prior to 2013 in the U.S. and 2010 in the U.K., Germany and Israel. |
Fair Value |
3 Months Ended |
---|---|
Dec. 31, 2016 | |
Fair Value [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Value The majority of the Company’s non-financial assets and liabilities are not required to be carried at fair value on a recurring basis, but the Company is required on a non-recurring basis to use fair value measurements when analyzing asset impairment as it relates to long-lived assets. The carrying amounts for trade accounts, other receivables, accounts payable and revolving credit borrowings approximate fair value due to either the short-term maturity of these instruments or the fact that the interest rate of the revolving credit borrowings is based upon current market rates. Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. |
Product Warranties (Notes) |
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties The Company provides for the estimated cost of product warranties at the time revenue is recognized. While the Company engages in product quality programs and processes, including monitoring and evaluating the quality of its component suppliers, its warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure. Should actual product failure rates, material usage or service delivery costs differ from its estimates, revisions to the estimated warranty liability may be required. Changes in the Company's warranty liability (included in accrued expenses) for the three month periods ended December 31, 2016 and 2015 were as follows:
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Credit Agreement (Notes) |
3 Months Ended |
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Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities [Table Text Block] | Credit Agreement On March 4, 2016, the Company entered into a Credit Agreement (the “Agreement”) with NIL Funding Corporation to provide a $3 million revolving line of credit for working capital purposes. The Agreement provides for a borrowing formula based upon eligible accounts receivable and is secured by a first priority security interest in substantially all of the Company’s assets. Borrowings under the Agreement bear interest at a rate of 6.75% per annum. The Agreement also provides for an unused commitment fee equal to .5% per annum. The Agreement includes provisions that are customarily found in similar financing agreements, but does not include any financial covenants. NIL Funding Corporation is an affiliate of The InterTech Group, whose Executive Vice President and Chief Operating Officer, Julian A. Tiedemann, serves as the Chairman of the Company’s Board of Directors. On August 18, 2016, the Company entered into an Amended and Restated Credit Agreement (the “Amended Agreement”) with NIL Funding Corporation which increased the $3 million revolving line of credit to $6 million. This facility, as amended, matures on October 2, 2018 and consists of two credit lines of $4 million and $2 million which bear interest at rates of 6.95% per annum and 8.25% per annum, respectively. The $4 million line of credit is subject to a borrowing formula based upon eligible accounts receivable. The Amended Agreement also provides for an initial commitment fee of $60,000, which was paid at closing, as well as an unused commitment fee equal to .5% per annum. The Amended Agreement includes a financial covenant that requires the Company to maintain a specified minimum tangible net worth, as defined, and is otherwise substantially similar to the original Agreement with NIL Funding Corporation. At December 31, 2016, the Company was in compliance with this covenant. As of December 31, 2016, outstanding borrowings under the Amended Agreement were $1,750,000. |
Going Concern and Liquidity (Notes) |
3 Months Ended |
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Dec. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | Going Concern and Liquidity The accompanying financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future and, thus, do not include any adjustments relating to the recoverability and classification of assets and liabilities that may be necessary if the Company is unable to continue as a going concern. However, the Company's ability to continue as a going concern is dependent upon generating profitable operations in the future and obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. The Company continues to incur operating losses due to decreased revenue levels and ongoing strategic investments. Since 2012, the Company has made a significant investment in the development of a completely new, and strategically critical, video management system (VMS). The first release of this product offering was launched in January 2017 and is ultimately expected to significantly enhance the Company’s market competitiveness. The funding of this major development effort has contributed to the ongoing operating losses and depletion of cash reserves. The Company has also encountered issues with certain of its camera offerings that have negatively impacted its revenues during the last nine months. Although these issues have been substantially resolved, their market impact has lingered into fiscal 2017. In response, the Company phased in material operating expense reductions over the course of the past several years and will consider further cost cutting measures throughout the remainder of the fiscal year. However, the Company intends to continue funding the development of its new VMS platform and rebuilding its market channels. At December 31, 2016, the Company had $2.8 million of cash reserves and a maximum of $4.25 million of borrowings available under the Credit Agreement described above, which is subject in part to a borrowing-base formula. Cash losses over the past several years have been financed in part by the sale of the Company’s two principal operating facilities and ongoing management of working capital levels. The Company expects to continue to draw on its credit facility to finance its near term working capital needs. In addition, the Company is currently seeking additional funding sources and evaluating strategic alternatives to finance its aggressive product development roadmap and growth initiatives over the upcoming twelve month period. Since there are no guarantees that such plans will be successful and that the Company will have sufficient available cash to sustain its operations through the next twelve month period, there is substantial doubt about the Company's ability to continue as a going concern. |
Loss per Share (Tables) |
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Loss per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following tables provide the components of the basic and diluted EPS computations for the three month periods ended December 31, 2016 and 2015:
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Accumulated Other Comprehensive Loss (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Comprehensive Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The Company's accumulated other comprehensive loss balances at December 31, 2016 and September 30, 2016 consisted of the following:
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Goodwill and Intangible Assets (Tables) |
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Schedule of Goodwill [Table Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Future amortization expense for intangible assets over the next five years ending September 30 and thereafter is summarized as follows:
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Schedule of Finite-Lived Intangible Assets [Table Text Block] | The components and estimated useful lives of intangible assets as of December 31, 2016 and September 30, 2016 are stated below. Amortization is provided on a straight line method, or in the case of customer relationships, on an accelerated method, over the following estimated useful lives:
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Product Warranties (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Product Warranties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | Changes in the Company's warranty liability (included in accrued expenses) for the three month periods ended December 31, 2016 and 2015 were as follows:
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Marketable Securities (Details) - USD ($) |
Dec. 31, 2016 |
Sep. 30, 2016 |
---|---|---|
Marketable Securities [Abstract] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 13,845 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 546 | $ 135 |
Available-for-sale Securities, Debt Securities | $ 13,299 |
Accounts Receivable (Details) - USD ($) |
Dec. 31, 2016 |
Sep. 30, 2016 |
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Accounts Receivable [Abstract] | ||
Allowance for Doubtful Accounts Receivable, Current | $ 1,065,000 | $ 1,069,000 |
Loss per Share (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
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Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net Income (Loss) Attributable to Parent | $ (1,302,009) | $ (977,208) |
Weighted Average Number of Shares Outstanding, Basic | 9,348,388 | 9,330,779 |
Earnings Per Share, Basic | $ (0.14) | $ (0.10) |
Loss per Share schedule of earnings per share diluted (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
|
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 623,587 | 670,300 |
Net Income (Loss) Attributable to Parent | $ (1,302,009) | $ (977,208) |
Weighted Average Number of Shares Outstanding, Basic | 9,348,388 | 9,330,779 |
Incremental Common Shares Attributable to Call Options and Warrants | 0 | 0 |
Incremental Common Shares Attributable to Share-based Payment Arrangements | 0 | 0 |
Weighted Average Number of Shares Outstanding, Diluted | 9,348,388 | 9,330,779 |
Earnings Per Share, Diluted | $ (0.14) | $ (0.10) |
Accumulated Other Comprehensive Loss (Details) - USD ($) |
Dec. 31, 2016 |
Sep. 30, 2016 |
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Comprehensive Loss [Abstract] | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ (393,478) | $ (528,716) |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (546) | (135) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ (394,024) | $ (528,851) |
Stock Based Compensation (Details) - USD ($) |
3 Months Ended | |
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Dec. 31, 2016 |
Dec. 31, 2015 |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation | $ 12,399 | $ 153,198 |
Share Based Compensation per share | $ 0.00 | $ 0.02 |
Income Taxes (Details) $ in Millions |
Sep. 30, 2016
USD ($)
|
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Valuation Allowance [Line Items] | |
Deferred tax assets net of liabilities before valuation allowance | $ 13.4 |
Deferred Tax Assets, Operating Loss Carryforwards | $ 8.8 |
Product Warranties (Details) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Product Warranties [Abstract] | ||||
Balance at beginning of period | $ 650,000 | $ 650,000 | $ 650,000 | $ 650,000 |
Provision for warranties | 114,000 | 108,000 | ||
Expenses incurred | $ (114,000) | $ (108,000) |
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