10-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2014

or

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____ .

Commission File No. 0-147

HICKOK INCORPORATED
_____________________________________________________________
(Exact name of registrant as specified in its charter)

Ohio	34-0288470
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
10514 Dupont Avenue, Cleveland, Ohio	44108
(Address of principal executive offices)	(Zip Code)
(Registrant's telephone number, including area code)	(216) 541-8060

Indicate by check whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes X No___

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T(232.405 of this chapter)during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [ ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]	Accelerated filer [ ]
Non-accelerated filer   [ ]	Small reporting company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No_X_

As of August 8, 2014:  1,163,349 Hickok Incorporated Class A Common Shares and 474,866 Class B Common Shares were outstanding.

PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.

HICKOK INCORPORATED
CONSOLIDATED INCOME STATEMENTS
(Unaudited)

Three months ended
  June 30,  Nine months ended
    June 30, 

	2014	2013	2014	2013
Net Sales
Product Sales	$2,074,295	$1,270,405	$4,112,374	$4,809,092
Service Sales	56,117	69,526	184,747	234,080
Total Net Sales	2,130,412	1,339,931	4,297,121	5,043,172
Costs and Expenses
Cost of Product Sold	963,721	731,058	2,259,005	2,687,961
Cost of Service Sold	41,777	36,681	124,333	114,341
Product Development	243,600	234,813	727,810	712,058
Marketing and    Administrative Expenses	496,832	453,621	1,425,374	1,339,619
Interest Charges	2,691	22,750	2,691	68,428
Other (Income) Expense	(5,120)	(5,215)	(11,061)	(8,693)
Total Costs and Expenses	1,743,501	1,473,708	4,528,152	4,913,714
Income (Loss) before Provision for Income Taxes	386,911	(133,777)	(231,031)	129,458
Income (Recovery of) Taxes	-	-	-	-
Net Income (Loss)	$386,911	$(133,777)	$(231,031)	$129,458
Earnings per Common Share:
Net Income (Loss)	$.24	$(.08)	$(.14)	$.08
Earnings per Common Share
Assuming Dilution:
Net Income (Loss)	$.23	$(.08)	$(.14)	$.08
Dividends per Common Share	$ - 0 -	$ - 0 -	$ - 0 -	$ - 0 -

See Notes to Consolidated Financial Statements

HICKOK INCORPORATED
CONSOLIDATED BALANCE SHEET

   
 

	June 30,   2014  (Unaudited)	September 30,    2013   (Note)	June 30,    2013   (Unaudited)
Assets
Current Assets
Cash and Cash Equivalents	$129,731	$938,852	$785,499
Trade Accounts Receivable - Net	1,531,183	638,316	703,766
Notes Receivable - Current	-	-	3,600
Inventories	2,107,875	1,589,816	1,583,993
Prepaid Expenses	68,781	32,342	49,158
Total Current Assets	3,837,570	3,199,326	3,126,016
Property, Plant and Equipment
Land	233,479	233,479	233,479
Buildings	1,429,718	1,429,718	1,429,718
Machinery and Equipment	2,499,678	2,388,762	2,389,645
	4,162,875	4,051,959	4,052,842
Less: Allowance for Depreciation	3,801,592	3,752,452	3,765,468
Total Property - Net	361,283	299,507	287,374
Other Assets
Notes Receivable - Long-term	4,100	4,100	28,600
Deposits	1,750	1,750	1,750
Total Other Assets	5,850	5,850	30,350
Total Assets	$4,204,703	$3,504,683	$3,443,740

Note:  Amounts derived from audited financial statements previously filed with the Securities and Exchange Commission.

See Notes to Consolidated Financial Statements

 
 
 
 
 
 

			June 30,   2014  (Unaudited)	September 30, ____2013___ (Note)	June 30,    2013    (Unaudited)
Liabilities and Stockholders' Equity
Current Liabilities
Short-term Financing			$683,400	$-	$-
Convertible Notes Payable			200,000	-	-
Trade Accounts Payable			203,356	174,236	226,834
Accrued Payroll & Related Expenses			116,458	142,519	107,537
Accrued Expenses			456,576	395,426	364,949
Accrued Taxes Other Than Income			25,839	44,691	29,914
Accrued Income Taxes			-	-	-
Total Current Liabilities			1,685,629	756,872	729,234
Long-Term Financing			-	-	-
Stockholders' Equity
Class A, no par value; authorized			1,261,188	1,261,188	1,261,188
	10,000,000 shares; 1,163,349 shares outstanding (1,163,349 shares outstanding at September 30, 2013 and June 30, 2013) excluding 15,795 shares in treasury
Class B, no par value; authorized			474,866	474,866	474,866
		2,500,000 shares; 474,866 shares outstanding (474,866 shares outstanding at September 30, 2013 and June 30, 2013) excluding 667 shares in treasury
Preferred, no par value; authorized
	1,000,000 shares; no shares outstanding		-	-	-
Contributed Capital			1,487,474	1,485,180	1,461,222
Retained Earnings			(704,454)	(473,423)	(482,770)
Total Stockholders' Equity			2,519,074	2,747,811	2,714,506
Total Liabilities and  Stockholders' Equity			$4,204,703	$3,504,683	$3,443,740

HICKOK INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE MONTHS ENDED JUNE 30,
(Unaudited)

 

	2014	2013
Cash Flows from Operating Activities:
Cash received from customers	$3,404,254	$5,042,252
Cash paid to suppliers and employees	(4,986,377)	(4,481,460)
Interest paid	-	-
Interest received	518	760
Income taxes (paid) refunded	-	-
Net Cash Provided By (Used In) Operating Activities	(1,581,605)	561,552
Cash Flows from Investing Activities:
Capital expenditures	(110,916)	(15,326)
Payments received (advances) on notes receivable	-	2,400
Net Cash Provided By (Used In) Investing Activities	(110,916)	(12,926)
Cash Flows from Financing Activities:
Short-term borrowing	683,400	250,000
Payments on short-term borrowings	-	(250,000)
Cost for additional Authorized shares	-	(21,925)
Increase in Convertible Notes Payable	200,000	-
Net Cash Provided By (Used In) Financing Activities	883,400	(21,925)
Net increase (decrease) in cash and cash equivalents	(809,121)	526,701
Cash and cash equivalents at beginning of year	938,852	258,798
Cash and cash equivalents at end of third quarter	$129,731	$785,499
See Notes to Consolidated Financial Statements
	2014	2013
Reconciliation of Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities:
Net Income (Loss)	$(231,031)	$129,458
Adjustments to reconcile Net Income (Loss)  to net cash provided by operating activities:
Depreciation	49,140	77,202
Non-cash share-based compensation expense	2,294	5,257
Non-cash professional service expense	-	7,000
Warrants issued for debt offering	-	68,250
Changes in assets and liabilities:
Decrease (Increase) in trade accounts receivable	(892,867)	(920)
Decrease (Increase) in inventories	(518,059)	150,777
Decrease (Increase) in prepaid expenses	(36,439)	74,799
Increase (Decrease) in accounts payable	29,120	47,999
Increase (Decrease) in accrued payroll and          related expenses	(26,061)	(42,099)
Increase (Decrease) in accrued expenses and         accrued taxes other than income	42,298	43,829
Total Adjustments	(1,350,574)	432,094
Net Cash Provided By (Used In) Operating Activities	$(1,581,605)	$561,552
Supplemental Schedule of Non-Cash Financing Activities:
Conversion of convertible notes payable      to Class A shares	$-	$208,591

HICKOK INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
JUNE 30, 2014

1. Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles 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 and nine month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ended September 30, 2014. 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 year ended September 30, 2013.

2. Inventories

Inventories are valued at the lower of cost or market and consist of the following:
 
   

	June 30,    2014	Sept. 30,    2013	June 30,    2013
Components	$916,362	$852,229	$889,080
Work-in-Process	1,035,529	590,687	530,757
Finished Product	155,984	146,900	164,156
	$2,107,875	$1,589,816	$1,583,993

The above amounts are net of reserve for obsolete inventory in the amount of $817,000, $793,000 and $919,676 for the periods ended June 30, 2014, September 30, 2013 and June 30, 2013 respectively.

3. Notes Receivable

The Company has notes receivable with a current and former employee at an interest rate of three percent per annum. The Company does not anticipate repayment within the next twelve months.

4. Convertible Notes Payable

On December 30, 2011, Hickok Incorporated entered into a Convertible Loan Agreement with Roundball, LLC and the Aplin Family Trust. Under the Convertible Loan Agreement, the Company issued a convertible note to Roundball in the amount of $466,879 and a convertible note to the Aplin Family Trust in the amount of $208,591. In addition, Roundball, LLC shall have the right to cause the Company to borrow up to an additional $466,880 from Roundball, LLC. The notes were unsecured, bore interest at a rate of 0.20% per annum and were set to mature on December 30, 2012.

The notes were convertible by the Investors at any time into Class A Common Shares of the Company, at a conversion price of $1.85 per share, although up to no more than 504,735 Conversion Shares for Roundball and no more than 112,752 Conversion Shares for the Aplin Family Trust. The Company had the option to convert the notes at the expiration date, if the investors had not during the course of the agreement. On December 30, 2011, Roundball converted $233,438 into Class A Common Shares of the Company. In addition, on August 20, 2012 Roundball converted the remaining $233,441 under the Convertible Loan Agreement into Class A Common Shares of the Company.

On December 28, 2012, the Aplin Family Trust converted the $208,591 under the Convertible Loan Agreement into Class A Common Shares of the Company.

On December 30, 2012 management entered into an amended Convertible Loan Agreement with Roundball which may provide approximately $467,000 of liquidity to meet on going working capital requirements. The amended Convertible Loan Agreement is by and between the Company and a major shareholder who is also a Director modifying the terms and extending the due date of the loan agreement from December 30, 2012 to December 31, 2013 and modifying the terms to allow $250,000 of borrowing on the agreement at the Company's discretion at an interest rate of 0.24%.

In partial consideration for Amendment No. 1, the Company and Roundball entered into a Warrant Agreement, dated  December 30, 2012, whereby the Company issued a warrant to Roundball to purchase, at its option, up to 100,000 shares of Class A Common Stock of the Company at an exercise price of $2.50 per share, subject to certain anti-dilution and other adjustments. If not exercised, this warrant will expire on December 30, 2015. Roundball is an affiliate of Steven Rosen, a Director of the Company.

The Company used the Black-Scholes option pricing model to determine the fair value estimate for recognizing the cost of services received in exchange for an award of equity instruments. The Black-Scholes option pricing model requires the use of subjective assumptions which can materially affect the fair value estimates. The warrants are immediately exercisable and expire in December 2015. The fair value of the warrants issued is amortized over the one year amended convertible loan agreement period. During the three and nine month periods ended June 30, 2013, $11,375 and $34,125 was expensed as non-cash interest expense. The following weighted-average assumptions were used in the option pricing model for the three and nine month periods ended June 30, 2013: a risk free interest rate of 0.42%; an expected life of 3 years; an expected dividend yield of 0.0%; and a volatility factor of .84.

On December 30, 2013 management entered into Amendment No. 2 of the Convertible Loan Agreement with Roundball which may provide approximately $467,000 of liquidity to meet on going working capital requirements. The amended Convertible Loan Agreement is by and between the Company and a major shareholder who is also a Director modifying the terms and extending the due date of the loan agreement from December 30, 2013 to December 30, 2014 and continues to allow $250,000 of borrowing on the agreement at the Company's discretion at an interest rate of 0.25%.

During the current fiscal quarter the Company borrowed $200,000 against this agreement. The Company recorded interest expense during the current quarter of $100 and as of June 30, 2014 no interest was paid. As of June 30, 2014 the outstanding balance on the Roundball convertible note was $200,000.

5. Short-term Financing

The Company had a credit agreement of $250,000 with Robert L. Bauman, one of its major shareholders who is also an employee of the Company. The agreement was to expire in April 2013 but was modified on December 31, 2012 to extend the maturity date to December 2013. Effective October 30, 2012 for the remainder of the agreement, the lender may terminate the agreement with 45 days written notice, but it is at the discretion of the Company to deny the termination notice until December 2013 if it will have a negative effect on the solvency of the Company.

The agreement provided for a revolving credit facility of $250,000 with interest at 0.24% per annum and was unsecured and included a three year warrant for 100,000 shares of Class A common stock at a price of $2.50 per share. In addition, the agreement generally allowed for borrowing based on an amount equal to eighty percent of eligible accounts receivables or $250,000. The revolving line of credit was not extended.

In partial consideration for the original extension of the revolving credit facility the Company and Bauman entered into a Warrant Agreement, dated December 30, 2012 whereby the Company issued a warrant to Bauman to purchase, at his option, up to 100,000 shares of Class A Common Stock of the Company at an exercise price of $2.50 per share, subject to certain anti-dilution and other adjustments. If not exercised, this warrant will expire on December 30, 2015.

The Company used the Black-Scholes option pricing model to determine the fair value estimate for recognizing the cost of services received in exchange for an award of equity instruments. The Black-Scholes option pricing model requires the use of subjective assumptions which can materially affect the fair value estimates. The warrants are immediately exercisable and expire in December 2015. The fair value of the warrants issued is amortized over the one year credit agreement period. During the three and nine month periods ended June 30, 2013, $11,375 and $34,125 was expensed as non-cash interest expense. The following weighted-average assumptions were used in the option pricing model for the three and nine month month periods ended June 30, 2013: a risk free interest rate of 0.42%; an expected life of 3 years; an expected dividend yield of 0.0%; and a volatility factor of .84.

During the quarter ended June 30, 2014 the Company entered into various short-term unsecured demand notes with Robert L. Bauman. The Company has borrowed $683,400 with interest at 4.0%. The Company recorded interest expense during the three months ended June 30, 2014 in the amount of $2,591 and as of June 30, 2014 no interest was paid. As of June 30, 2014 the outstanding balance of these notes was $683,400. The Company repaid $200,000 of the outstanding balance of these notes on July 29, 2014.

6. Capital Stock, Treasury Stock, Contributed Capital and Stock Options

On October 11, 2012, the Company's Amended Articles of Incorporation and the Amended Code of Regulations were adopted by an affirmative vote of more than two-thirds of the Company's Class A and Class B Shareholders.

The Amended Articles amend and restate the Current Articles in a number of significant ways and are primarily as follows: increased the number of Class A Shares and Class B Shares from 3,750,000 and 1,000,000 to 10,000,000 and 2,500,000 respectively, and added a class of 1,000,000 Serial Preferred Shares; eliminated par value for for Class A Shares and Class B Shares; updated certain provisions relating to the payment of dividends; removed restrictions on the issuance of additional Class A Shares; clarified the method by which the Company may repurchase its shares; reduced the percentage of shareholder vote required to authorize corporate actions from two-thirds of the voting power to a majority of the voting power; and made other technical or conforming changes.

The Amended Regulations amend and restate the Current Regulations in a number of significant ways and are primarily as follows: updated certain provisions relating to the Company's meetings of shareholders in order to provide more consistency in the regulations regarding the Company's practices in this area; further clarifying the roles of the Company's officers and directors in conducting the Company's business; updated the Company's policy regarding the indemnification of its directors, officers, employees, and others; revised provisions allowing for the Board of Directors to adopt amendments to the Amended Regulations to the extent permitted by Ohio law; and made other technical or conforming changes.

Unissued shares of Class A common stock (956,233 shares) are reserved for the share-for-share conversion rights of the Class B common stock, stock options under the Directors Plans, conversion rights of the Convertible Promissory Note and available warrants.

On February 27, 2013, the Company's 2013 Omnibus Equity Plan was approved and adopted by an affirmative vote of a majority of the Company's Class A and Class B Shareholders.

The 2013 Omnibus Plan will provide the Company with the flexibility to grant a variety of share-based awards for covered employees, consultants and Directors. The 2013 Omnibus Plan provides for the grant of the following types of incentive awards: stock options, stock appreciation rights, restricted shares, restricted share units, performance shares and Class A Common Shares. Those who will be eligible for awards under the 2013 Omnibus Plan include employees who provide services to the Company and its affiliates, executive officers, non-employee Directors and consultants designated by the Compensation Committee. The Plan has 150,000 Class A Common Shares reserved for issuance. The Class A Common Shares may be either authorized, but unissued, common shares or treasury shares. No share-based awards have been granted under the 2013 Omnibus Equity Plan as of June 30, 2014.

Under the Company's expired Key Employees Stock Option Plans (collectively the "Employee Plans"), incentive stock options, in general, were exercisable for up to ten years, at an exercise price of not less than the market price on the date the option is granted. Non-qualified stock options may be granted at such exercise price and such other terms and conditions as the Compensation Committee of the Board of Directors may determine. No options may be granted at a price less than $2.925. Under the expired Employee Plans there are no options currently available for grant and there are no options outstanding at June 30, 2014.

The Company's expired Outside Directors Stock Option Plans (collectively the "Directors Plans"), have provided for the automatic grant of options to purchase up to 29,000 shares of Class A Common Stock to members of the Board of Directors who are not employees of the Company, at the fair market value on the date of grant. Options for 29,000 Class A shares were outstanding at June 30, 2014 (31,000 shares at September 30, 2013 and 31,000 shares at June 30, 2013) at prices ranging from $2.925 to $11.00 per share. Options for 2,000 shares expired during the three month period ended March 31, 2014 at $7.25 per share. In addition, options for 2,000 shares expired during the three month period ended March 31, 2013 at $3.67 per share. All outstanding options under the expired Directors Plans become fully exercisable on March 8, 2015.

The following is a summary of the range of exercise prices for stock options outstanding and exercisable under the expired Directors Plans at June 30, 2014:

Directors Plans	Outstanding  Stock  Options	Weighted  Average  Share Price	Weighted  Average  Remaining  Life	Number of  Stock Options  Exercisable	Weighted  Average  Share  Price
Range of exercise prices:
$2.925 - 5.25	17,000	$3.34	5.9	14,667	$3.40
$6.00 - 7.25	6,000	$6.15	4.1	6,000	$6.15
$10.50 -11.00	6,000	$10.75	3.3	6,000	$10.75
	29,000	$5.45		26,667	$5.67

The Company accounts for Share-Based Payments under the modified prospective method for its stock options for both employees and non-employee Directors. Compensation cost for fixed based awards are measured at the grant date, and the Company uses the Black-Scholes option pricing model to determine the fair value estimates for recognizing the cost of employee and director services received in exchange for an award of equity instruments. The Black-Scholes option pricing model requires the use of subjective assumptions which can materially affect the fair value estimates. Employee stock options are immediately exercisable while Director's stock options are exercisable over a three year period. The fair value of stock option grants to Directors is amortized over the three year vesting period. During the three and the nine month periods ended June 30, 2014 and 2013 respectively $543 and $2,294; $1,208 and $5,257 was expensed as share-based compensation. The following weighted-average assumptions were used in the option pricing model for the three and nine month periods ended June 30, 2014 and 2013 respectively: a risk free interest rate of 5.0% and 5.0%; an expected life of 10 and 10 years; an expected dividend yield of 0.0% and 0.0%; and a volatility factor of .87 and .87.

7. Recently Issued Accounting Pronouncements

The Company did not incur any material impact to its financial condition or results of operations due to the adoption of any new accounting standards during the periods reported.

8. Earnings per Common Share

Earnings per common share information is computed on the weighted average number of shares outstanding during each period based on the provisions of FASB Codification ASC Topic 260, "Earnings per Share." The required reconciliations are as follows:
 

Three Months Ended
      June 30,  Nine Months Ended 
  June 30, 

	2014	2013	2014	2013
Basic Income (Loss) per Share
Income (Loss) available   to common stockholders	$386,911	$(133,777)	$(231,031)	$129,458
Shares denominator	1,638,215	1,638,215	1,638,215	1,601,256
Per share amount	$.24	$(.08)	$(.14)	$.08
Effect of Dilutive Securities
Average shares outstanding	1,638,215	1,638,215	1,638,215	1,601,256
Stock options	27,906	-*	-*	18,927
	1,666,121	1,638,215	1,638,215	1,620,183
Diluted Income (Loss) per Share
Income (Loss) available   to common stockholders	$386,911	$(133,777)	$(231,031)	$129,458
Per share amount	$.23	$(.08)	$(.14)	$.08
* Net effect of stock options and warrants were antidilutive for the period.

 

Options and warrants to purchase 29,000 and 200,000 shares of common stock respectively during the third quarter and the first nine months of fiscal 2014 at prices ranging from $2.50 to $11.00 per share were outstanding but were not included in the computation of diluted earnings per share because the option's and warrant's effect was antidilutive or the exercise price was greater than the average market price of the common share.

In addition, conversion rights to purchase 252,367 shares of common stock during the first nine months of fiscal 2014 at a price of $1.85 per share were not included in the computation of diluted earnings per share because the conversion rights of the Convertible Promissory Notes effect was antidilutive or the exercise price was greater than the average market price of the common share.

Options and warrants to purchase 31,000 and 200,000 shares of common stock respectively during the third quarter and the first nine months of fiscal 2013 at prices ranging from $2.50 to $11.00 per share were outstanding but were not included in the computation of diluted earnings per share because the option's and warrant's effect was antidilutive or the exercise price was greater than the average market price of the common share.

9. Segment and Related Information

The Company's three business units have a common management team and infrastructure that offer different products and services. The business units have been aggregated into two reportable segments: 1.) indicators and gauges and 2.) automotive related diagnostic tools and equipment.

Indicators and Gauges
This segment consists of products manufactured and sold primarily to companies in the aircraft and locomotive industry. Within the aircraft market, the primary customers are those companies that manufacture or service business, military and pleasure aircraft. Within the locomotive market, indicators and gauges are sold to both original equipment manufacturers and to operators of railroad equipment.

Automotive Diagnostic Tools and Equipment
This segment consists primarily of products designed and manufactured to support the testing or servicing of automotive systems using electronic means to measure vehicle parameters. These products are sold to OEM's and to the aftermarket using several brand names and a variety of distribution methods. Included in this segment are products used for state required testing of vehicle emissions.

Information by industry segment is set forth below:

       

Three Months Ended
         June 30,   Nine Months Ended
      June 30, 

	2014	2013	2014	2013
Net Revenue
Indicators and Gauges	$460,749	$432,912	$1,211,350	$1,260,745
Automotive Diagnostic  Tools and Equipment	1,669,663	907,019	3,085,771	3,782,427
	$2,130,412	$1,339,931	$4,297,121	$5,043,172
Income (Loss) before provision for Income Taxes
Indicators and Gauges	$138,030	$109,648	$227,434	$334,488
Automotive Diagnostic  Tools and Equipment	531,969	31,741	430,759	636,641
General Corporate Expenses	(283,088)	(275,166)	(889,224)	(841,671)
	$386,911	$(133,777)	$(231,031)	$129,458
Asset Information
Indicators and Gauges			$800,751	$909,801
Automotive Diagnostic Tools and Equipment			2,836,401	1,377,016
Corporate			567,551	1,156,923
			$4,204,703	$3,443,740
Geographical Information
Included in the consolidated financialstatements are the following amounts relatedto geographical locations:
Revenue:
United States	$2,103,243	$1,323,179	$4,201,849	$4,919,864
Australia	5,996	-	30,134	14,231
Canada	14,197	16,752	35,911	67,450
England	-	-	-	5,245
Mexico	6,976	-	25,288	10,536
Taiwan	-	-	-	22,481
Other foreign countries	-	-	3,939	3,365
	$2,130,412	$1,339,931	$4,297,121	$5,043,172

All export sales to Australia, Canada, England, Mexico, Taiwan and other foreign countries are made in United States of America Dollars.

10. Commitments and Contingencies

Legal Matters

The Company is the plaintiff in a suit pursuing patent infringement against a competitor in the emissions market. Management believes that it is not currently possible to estimate the impact, if any, that the ultimate resolution of this matter will have on the Company's results of operations, financial position or cash flows.

11. Subsequent Events

The Company has analyzed its operations subsequent to June 30, 2014 through the date the financial statements were submitted to the Securities and Exchange Commission and has determined that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements.

12. Business Condition and Management Plan

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has suffered recurring losses from operations during the past several years due primarily to decreasing sales of existing product lines and a general economic downturn in all markets the Company serves.

The ability of the Company to continue as a going concern is dependent on improving the Company's profitability and cash flow and securing additional financing if needed. Management continues to review and revise its strategic plan and believes in the viability of its strategy to increase revenues and profitability through increased sales of existing products and the introduction of new products to the market place. Management believes that the actions presently being taken by the Company will provide the stimulus for it to continue as a going concern, however, because of the inherent uncertainties there can be no assurances to that effect. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

On December 30, 2012 management entered into an amended unsecured convertible loan agreement and an additional revolving line of credit which may provide approximately $717,000 of liquidity to meet on going working capital requirements. One agreement was an unsecured revolving line of credit with a major shareholder who is also an employee and the other was an unsecured convertible loan agreement with a major shareholder who is also a Director as discussed in Notes 4 and 5. These facilities were available through December 2013. The revolving line of credit was not extended.

In addition, on December 30, 2013 management entered into Amendment No. 2 of the unsecured convertible loan agreement which may provide approximately $467,000 of liquidity to meet on going working capital requirements. The agreement is with a major shareholder who is also a Director as discussed in Note 4. During the quarter ended June 30, 2014 the Company borrowed $200,000 against this facility. This facility is available through December 2014.

During the quarter ended June 30, 2014 the Company entered into various short-term unsecured demand notes with Robert L. Bauman. The Company has borrowed $683,400 to help meet the on going working capital requirements related to the large order received in January of 2014. The agreements are with a major shareholder who is also an employee of the Company as discussed in Note 5. The Company repaid $200,000 of the outstanding balance of these notes on July 29, 2014.

The above available financing resource together with management’s revised strategic plan to increase revenues and profitability through increased sales of existing products and the introduction of new products to the market place should provide the Company with the needed working capital for the next twelve months.

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations.

Results of Operations, Third Quarter (April 1, 2014 through June 30, 2014)
Fiscal 2014 Compared to Third Quarter Fiscal 2013
-------------------------------------------------------------------------------------

Reportable Segment Information

The Company has determined that it has two reportable segments: 1) indicators and gauges and 2) automotive related diagnostic tools and equipment. The indicators and gauges segment consists of products manufactured and sold primarily to companies in the aircraft and locomotive industry. Within the aircraft market, the primary customers are those companies that manufacture or service business, military and pleasure aircraft. Within the locomotive market, indicators and gauges are sold to original equipment manufacturers, servicers of locomotives and operators of railroad equipment. Revenue in this segment was $460,749 and $432,812 for the third quarter of fiscal 2014 and fiscal 2013, respectively, and $1,211,350 and $1,260,745 for the first nine months of fiscal 2014 and fiscal 2013, respectively.

The automotive diagnostic tools and equipment segment consists primarily of products designed and manufactured to support the testing or servicing of automotive systems using electronic means to measure vehicle parameters. These products are sold to OEM's and to the aftermarket using several brand names and a variety of distribution methods. Included in this segment are products used for state required testing of vehicle emissions. Revenue in this segment was $1,669,663 and $907,019 for the third quarter of fiscal 2014 and fiscal 2013, respectively, and $3,085,771 and $3,782,427 for the first nine months of fiscal 2014 and fiscal 2013, respectively. Increased sales volume in both fiscal years over the recent past was primarily due to large orders from a Tier 1 OEM supplier.

Results of Operations

Product sales for the quarter ended June 30, 2014 were $2,074,295 versus $1,270,405 for the quarter ended June 30, 2013. The 63% increase in product sales during the current quarter of approximately $804,000 was volume related due primarily to increased sales of automotive diagnostic testing products to OEM's of approximately $1,042,000. Sales of emission products and aftermarket products decreased during the current quarter by approximately $196,000 and $69,000 respectively. In addition, sales of indicator products increased during the current quarter by approximately $27,000. Product sales for the quarter ended June 30, 2014 benefited from the large order from a Tier 1 Supplier with no similar order in the prior year third quarter. Product sales are expected to increase slightly during the fourth quarter of the fiscal year due to the completion of the large order and to anticipated improved sales in other markets the Company serves. 

Service sales for the quarter ended June 30, 2014 were $56,117 versus $69,526 for the quarter ended June 30, 2013. The decrease was volume related and due primarily to a lower sales volume for chargeable repairs. The current level of service sales related to product repair sales is expected to continue in the fourth quarter of the fiscal year.

Cost of product sold in the third quarter of fiscal 2014 was $963,721 (46.5% of product sales) as compared to $731,058 (57.5% of product sales) in the third quarter of 2013. The percentage decrease in the cost of product sold was due primarily to a change in product mix. The dollar increase was due to the increased sales volume during the current quarter from the large order from the Tier 1 Supplier. The current cost of product sold percentage is expected to continue during the fourth quarter of the fiscal year.

Cost of service sold for the quarter ended June 30, 2014 was $41,777 (74.4% of service sales) as compared to $36,681 (52.8% of service sales) in the quarter ended June 30, 2013. The percentage increase was due primarily to the lower service sales volume, product specifics of chargeable repairs and an increase in warranty repairs in the current quarter. The current cost of services sold percentage is anticipated to decrease slightly in the fourth quarter of the fiscal year.

Product development expenses were $243,600 in the third quarter of fiscal 2014 (11.7% of product sales) as compared to $234,813 (18.5% of product sales) in the third quarter of fiscal 2013. The percentage decrease was due primarily to higher product sales during the current quarter. The current level of product development expenses is expected to continue in the fourth quarter of the fiscal year. Management believes the existing resources will be sufficient to continue to develop identified new products for both OEM and Aftermarket customers.

Marketing and administrative expenses were $496,832 (23.3% of total sales) in the third quarter of fiscal 2014 versus $453,621 (33.9% of total sales) for the same period a year ago. Marketing expenses were approximately $211,000 in the third quarter of fiscal 2014 versus $196,000 for the same period a year ago. Within marketing expenses,royalty expense and labor costs increased by approximately $41,000 and $3,000 respectively. These increases were offset in part by a decrease in advertising expense, commissions, travel expense and credit and collection expense of approximately $19,000, $8,000, $1,000 and $1,000 respectively. Administrative expenses were approximately $285,000 in the third quarter of fiscal 2014 versus $258,000 for the same period a year ago. Within administrative expenses, professional fees, labor costs, repairs and maintenance computer equipment and rent machinery and equipment increased by approximately $23,000, $5,000, $2,000 and $1,000 respectively. These increases were offset in part by a decrease in data processing expense of approximately $4,000. The current level of marketing and administrative expenses is expected to continue during the fourth quarter Interest expense was $2,691 in the third quarter of fiscal 2014 which compares with $22,750 in the third quarter of fiscal 2013. Interest expense for the current quarter was due primarily to short-term borrowing on notes from a major shareholder who is also an employee and to a lesser extent to the borrowing available on the convertible note payable. Interest expense for the prior year third quarter was due to recording as non-cash interest expense a portion of the present value of the warrants issued in December 2012. The current level of interest expense is expected to decrease during the fourth quarter of the fiscal year due to an anticipated decease in short-term borrowing.

Other income was $5,120 in the third quarter of fiscal 2014 which compares with $5,215 in the third quarter of fiscal 2013. Other income consists primarily of the proceeds from the sale of scrap metal shavings, purchase discounts and interest income on cash and cash equivalents invested. The current level of other income is expected to continue during the fourth quarter

Income taxes in the third quarter of fiscal 2014 and 2013 was $0. In the third quarter of fiscal 2014 income taxes were calculated at an effective tax rate of 37% offset by deferred taxes, specifically net operating loss carryforwards. In the third quarter of fiscal 2013 recovery of income taxes was calculated at an effective rate of 37% offset by an increase in the valuation allowance netting to $0.

The net income in the third quarter of fiscal 2014 was $386,911 which compares with a net loss of $133,777 in fiscal 2013. The net income for the current quarter was the result of a higher sales volume due primarily from shipments made on the large order from a Tier 1 Supplier to an OEM.

Unshipped customer orders as of June 30, 2014 were $1,287,000 versus $652,000 at June 30, 2013. The $697,000 increase was due primarily to increased orders for diagnostic products to automotive OEM's of approximately $860,000 and aftermarket products of approximately $62,000, offset in part by a decrease in orders for indicator products of approximately $161,000 and emissions products of approximately $64,000. The Company anticipates that most of the current backlog will be shipped in the last quarter of fiscal 2014. The current order backlog increased substantially due to the large order for a Tier 1 Supplier and the remaining balance of this order will ship in the fourth quarter of fiscal 2014.

Results of Operations, Nine Months Ended June 30, 2014
Compared to Nine Months Ended June 30, 2013

Product sales for the nine months ended June 30, 2014 were $4,112,374 versus $4,809,092 for the same period in fiscal 2013. The decrease in product sales during the first nine months of the current fiscal year of approximately $697,000 was volume related due to lower sales of automotive diagnostic testing products, primarily, automotive diagnostic testing products to OEM's of approximately $308,000. Sales of emission products and aftermarket products decreased by approximately $230,000 and $123,000 respectively. In addition, sales of indicator products decreased by approximately $36,000. The decrease in product sales to OEM's is due to the prior year benefiting from a large order for a Tier 1 OEM supplier shipping during the first half of fiscal 2013. A similar large order during the current year began shipping during the third quarter and will be completed during the fourth quarter. Management anticipates product sales for the fourth quarter to increase slightly.

Service sales for the nine months ended June 30, 2014 were $184,747 compared with $234,080 for the same period in fiscal 2013. The decrease was volume related and due primarily to a lower sales volume for chargeable repairs. The current level of service sales related to product repair sales is expected to continue in the last three months of the fiscal year.

Cost of product sold was $2,259,005 (54.9% of product sales) compared with $2,687,961 (55.9% of product sales) for the nine months ended June 30, 2013. The dollar decrease in the cost of product sold was due primarily to a lower sales volume in the current fiscal year. The current cost of product sold percentage is expected to decrease slightly during the fourth quarter of the fiscal year.

Cost of service sold was $124,333 (67.3% of service sales) compared with $114,341 (48.8% of service sales) for the nine months ended June 30, 2013. The dollar and percentage increase was due primarily to the product specifics of chargeable repairs and an increase in warranty repairs. The cost of services sold percentage is expected to continue in the fourth quarter of the fiscal year.

Product development expenses were $727,810 (17.7% of product sales) compared to $712,058 (14.8% of product sales) for the nine months ended June 30, 2013. The percentage increase was due primarily to lower product sales during the current nine months of fiscal 2014. The current level of product development expenditures is expected to continue for the fourth quarter of the fiscal year. Management believes the existing and planned resources will be sufficient to continue to develop identified new products for both OEM and Aftermarket customers.

Marketing and administrative expenses were $1,425,374 for the nine months ended June 30, 2014 (33.2% of total sales) versus $1,339,619 (26.5% of total sales) for the nine months ended June 30, 2013. The percentage increase during the first nine months of the current fiscal year was due primarily to the lower level of sales. Marketing expenses were approximately $528,000 during the first nine months of the current fiscal year versus $558,000 for the same period a year ago. Within marketing expenses, decreases were primarily in commission expense, advertising expense and royalty expense of approximately $21,000, $17,000 and $10,000 respectively. These decreases were offset in part by increases in labor costs, credit and collection expense and promotion expense of approximately $11,000, $3,000 and $2,000 respectively. Administrative expenses were approximately $897,000 during the first nine months of the current fiscal year versus $782,000 for the same period a year ago. The dollar increase during the first nine months of the current fiscal year was due primarily to increases in professional fees and labor costs of approximately $122,000 and $16,000 respectively. These increases were offset in part by decreases in data processing expenses, depreciation expense, rent machinery and equipment and travel expense of approximately $9,000, $7,000, $6,000 and $3,000 respectively. The current level of marketing and administrative expenses are expected to continue for the remainder of the fiscal year.

Interest expense was $2,691 for the nine months ended June 30, 2014, and $68,428 for the same period in 2013. Interest expense for the current year was due primarily to short-term borrowing on notes from a major shareholder who is also an employee and to a lesser extent to the borrowing available on the convertible note payable. Interest expense for the prior year year was due to recording as non-cash interest expense a portion of the present value of the warrants issued in December 2012. The current level of interest expense is expected to decrease during the fourth quarter of the fiscal year due to an anticipated decease in short-term borrowing.

Other income of $11,061 compares with other income of $8,693 in the same period last year. Other income consists primarily of the proceeds from the sale of scrap metal shavings, purchase discounts and interest income on cash and cash equivalents invested. The increase was due primarily to an increase in the sale of scrap metal shavings of approximately $3,500 during the current year nine month period. The current level of other income is expected to continue for the fourth quarter of fiscal 2014.

Income taxes during the first nine months of fiscal 2014 was $0 which compares with income taxes of $0 in the first nine months of fiscal 2013. In the first nine months of fiscal 2014 recovery of income taxes was calculated at an effective tax rate of 37% offset by a increase in the valuation allowance netting to $0. In the first nine months of fiscal 2013 income taxes were recorded at an effective tax rate of 37% offset by deferred taxes, specifically net operating loss carryforwards. 

The net loss for the nine months ended June 30, 2014 was $231,031 which compares with net income of $128,458 for the nine months ended June 30, 2013. The net loss for the first nine months of fiscal 2014 was primarily the result of a lower sales volume.

Liquidity and Capital Resources

Total current assets were $3,837,570, $3,199,326 and $3,126,016 at June 30, 2014, September 30, 2013 and June 30, 2013, respectively. The increase of approximately $712,000 from June to June is due primarily to the increase in accounts receivable, inventory and prepaid expenses of approximately $827,000, $524,000 and $20,000 respectively, offset in part by a decrease in cash and cash equivalents of approximately $656,000. The decrease in cash and cash equivalents combined with the increase in inventory was due primarily to the purchase of inventory for the large OEM order being shipped in the last half of the fiscal year. The increase in accounts receivable was due to the increased sales volume during the period from the large OEM order. The increase in current assets from September to June of approximately $638,000 was due primarily to the increase in accounts receivable, inventory and prepaid expenses of approximately $893,000, $518,000 and $36,000 respectively, offset in part by a decrease in cash and cash equivalents of approximately $809,000. The decrease in cash and cash equivalents combined with the increase in inventory was due primarily to the purchase of inventory for the large OEM order being shipped in the last half of the fiscal year. The increase in accounts receivable was due to the increased sales volume during the period from the large OEM order.

Working capital as of June 30, 2014 amounted to $2,151,941 as compared with $2,396,782 a year earlier. Current assets were 2.3 times current liabilities compared to 4.3 a year ago. The quick ratio was 1.0 compared to 2.0 a year ago. 

Internally generated funds during the nine months ended June 30, 2014 were a negative $1,581,605 and were not adequate to fund the Company's primary non-operating cash requirements consisting of capital expenditures of $110,916. The primary reason for the negative cash flow from operations was the net loss during the period of $231,031 and the increase in inventory and accounts receivable due to the large order received in January 2014. The Company does anticipate additional capital expenditures during fiscal 2014 of approximately $35,000. The Company believes that cash and cash equivalents, together with funds anticipated to be generated by operations in addition to available short-term financing will provide adequate funding of the Company's working capital needs.

Shareholders' equity during the nine months ended June 30, 2014 decreased by $228,737 which was the net loss during the period of $231,031 and share-based compensation expense of $2,294.

During fiscal 2014 the Company received an order for approximately $1,800,000. The order has required a temporary increase in inventory and has caused  a short-term cash drain, subsequent cash collections on this order began in July 2014. The Company believes that internally generated funds and available short-term financing will provide sufficient liquidity to meet ongoing working capital requirements.

Critical Accounting Policies

Our critical accounting policies are as presented in Notes to Consolidated Financial Statements and Management's Discussion and Analysis of Financial Condition and Results of Operations in our Form 10-K for the year ended September 30, 2013.

Forward-Looking Statements

The foregoing discussion includes forward-looking statements relating to the business of the Company. These forward-looking statements, or other statements made by the Company, are made based on management's expectations and beliefs concerning future events impacting the Company and are subject to uncertainties and factors (including, but not limited to, those specified below) which are difficult to predict and, in many instances, are beyond the control of the Company. As a result, actual results of the Company could differ materially from those expressed in or implied by any such forward-looking statements. These uncertainties and factors include (a) the Company's dependence upon a limited number of customers, (b) the highly competitive industry in which the company operates, which includes several competitors with greater financial resources and larger sales organizations, (c) the acceptance in the marketplace of new products and/or services developed or under development by the Company including automotive diagnostic products and indicating instrument products, (d) the ability of the Company to further establish distribution and a customer base in the automotive aftermarket, (e) the Company's ability to capitalize on market opportunities including state automotive emissions programs and OEM tool programs and (f) the Company's ability to obtain cost effective financing.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Market Risk

The Company is exposed to certain market risks from transactions that are entered into during the normal course of business. The Company has not entered into derivative financial instruments for trading purposes. The Company's primary market risk is exposure related to interest rate risk. The Company's only debt subject to interest rate risk during the current quarter was the funds available from the convertible note agreement and various short-term notes from a major shareholder who is also an employee of the Company. The Company had outstanding balances on the convertible note and short-term notes at June 30, 2014, of $200,000 and $683,400 respectively, which are subject to a fixed rate of interest of 0.25% and 4.0% respectively. As a result, the Company believes that the market risk relating to interest rate movements is minimal. 

Item 4. Controls and Procedures.

As of June 30, 2014, an evaluation was performed, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer along with the Company's Vice President, Finance and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures. Based upon that evaluation, the Company's management, including the Chief Executive Officer along with the Company's Vice President, Finance and Chief Financial Officer, concluded that the Company's disclosure controls and procedures were effective as of June 30, 2014 in ensuring that information required to be disclosed by the Company in the reports it files and submits under the Exchange Act is (1) recorded, processed, summarized and reported, within the time periods specified in the Commission's rules and forms, and (2) is accumulated and communicated to the Company's management, including its principal executive and principal financial officer, as appropriate to allow timely decisions regarding required disclosure. There were no changes in the Company's internal controls over financial reporting during the third fiscal quarter ended June 30, 2014 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II.  OTHER INFORMATION

Item 1. Legal Proceedings.

The Company is the plaintiff in a suit pursuing patent infringement against a competitor in the emissions market. There have been several legal developments in this legal proceeding since the filing of Form 10-K for fiscal 2013 however it is still difficult to access the status of the proceedings or probable outcomes. Management believes that it is not currently possible to estimate the impact, if any, that the ultimate resolution of the patent infringement matter will have on the Company's results of operations, financial position or cash flows.

Item 6. Exhibits.

Exhibit No.	Description
11	Statement Regarding Computation of Earnings Per share and Common Share Equivalents
31.1	Rule 13a-14(a)/15d-14(a) Certification by the Chief Executive Officer
31.2	Rule 13a-14(a)/15d-14(a) Certification by the Chief Financial Officer
32.1	Certification by the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification by the Chief Financial Officer 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
101.SCH**	XBRL Taxonomy Extension Schema
101.CAL**	XBRL Taxonomy Extension Calculation
101.DEF**	XBRL Taxonomy Extension Definition
101.LAB**	XBRL Taxonomy Extension Labels
101.PRE**	XBRL Taxonomy Extension Presentation

** XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		HICKOK INCORPORATED (Registrant)
Date: August 14, 2014	/s/ R. L. Bauman
	R. L. Bauman, Chief Executive Officer, President, and Treasurer
Date: August 14, 2014	/s/ G. M. Zoloty
	G. M. Zoloty, Chief Financial Officer

EX-11

FORM 10-Q

EXHIBIT 11

HICKOK INCORPORATED
CONSOLIDATED STATEMENT OF COMPUTATION OF EARNINGS
PER COMMON SHARE AND COMMON SHARE EQUIVALENTS

Three Months Ended	Nine Months Ended
June 30,	June 30,
2014           2013	2014           2013

NET INCOME Net Income (Loss) applicable to common shares for basic earnings per share	$386,911	$(133,777)	$(231,031)	$129,458
Net Income (Loss) applicable to common shares for diluted earnings per share	$386,911	$(133,777)	$(231,031)	$129,458
SHARES OUTSTANDING Weighted average shares for basic earnings per share	1,638,215	1,638,215	1,638,215	1,601,256
Net effect of dilutive stock options - based on the treasury  stock method using year-end market price, if higher than average market price	27,906	*	*	18,927
Total shares for diluted earnings per share	1,666,121	1,638,215	1,638,215	1,620,183
Basic Earnings Per Common Share	$.24	$.(08)	$(.14)	$.08
Diluted Earnings Per Common Share	$.23	$(.08)	$(.14)	$.08

 *  Net effect of stock options was antidilutive for the period.
 
 
 
 
 
 
 

EX-31

Form 10-Q

Exhibit 31.1

RULE 13a-14(a)/15d-14(a) CERTIFICATION

I, Robert L. Bauman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Hickok Incorporated (the "registrant");
    

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
    

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
    

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

   a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
   b) Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
   c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
   
   d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
   
   

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:

/s/ R. L. Bauman

R. L. Bauman

Chief Executive Officer

August 14, 2014

EX-31

Form 10-Q

Exhibit 31.2

RULE 13a-14(a)/15d-14(a) CERTIFICATION

I, Gregory M. Zoloty, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Hickok Incorporated (the "registrant");
    

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
    

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
    

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

   a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
   
   b) Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
   
   c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
   
   d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
   
   

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

By:

/s/ G. M. Zoloty

G. M. Zoloty

Vice President, Finance
and Chief Financial Officer

August 14, 2014

EX-32

Form 10-Q

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Hickok Incorporated (the "Company") on form 10-Q for the period ending June 30, 2014 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Robert L. Bauman, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ R. L. Bauman

R. L. Bauman

Chief Executive Officer

August 14, 2014

EX-32

Form 10-Q

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Hickok Incorporated (the "Company") on Form 10-Q for the period ending June 30, 2014 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Gregory M. Zoloty, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ G. M. Zoloty

G. M. Zoloty

Chief Financial Officer

August 14, 2014

XML

Note 9 - Segment and Related Information (Details) - Information by Industry Segment (USD $)	3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2013
Net Revenue
Net Sales	$ 2,130,412	$ 1,339,931	$ 5,043,172	$ 4,297,121	$ 5,043,172
Income (Loss) before provision for Income Taxes
Income (Loss) before Provision for Income Taxes	386,911	(133,777)		(231,031)	129,458
Asset Information
Asset Information	4,204,703	3,443,740	3,443,740	4,204,703	3,443,740	3,504,683
Revenue:
Geographical Information - Revenue	2,130,412	1,339,931	5,043,172	4,297,121
Indicators and Gauges [Member]
Net Revenue
Net Sales	460,749	432,912	1,260,745	1,211,350
Income (Loss) before provision for Income Taxes
Income (Loss) before Provision for Income Taxes	138,030	109,648	334,488	227,434
Asset Information
Asset Information	800,751		909,801	800,751
Automotive Diagnostic Tools and Equipment [Member]
Net Revenue
Net Sales	1,669,663	907,019	3,782,427	3,085,771
Income (Loss) before provision for Income Taxes
Income (Loss) before Provision for Income Taxes	531,969	31,741	636,641	430,759
Asset Information
Asset Information	2,836,401		1,377,016	2,836,401
General Corporate Expenses [Member]
Income (Loss) before provision for Income Taxes
Income (Loss) before Provision for Income Taxes	(283,088)	(275,166)	(841,671)	(889,224)
Total [Member]
Income (Loss) before provision for Income Taxes
Income (Loss) before Provision for Income Taxes	386,911	(133,777)	129,458	(231,031)
Corporate Segment [Member]
Asset Information
Asset Information	567,551		1,156,923	567,551
UNITED STATES
Revenue:
Geographical Information - Revenue	2,103,243	1,323,179	4,919,864	4,201,849
AUSTRALIA
Revenue:
Geographical Information - Revenue	5,996		14,231	30,134
CANADA
Revenue:
Geographical Information - Revenue	14,197	16,752	67,450	35,911
UNITED KINGDOM
Revenue:
Geographical Information - Revenue			5,245
MEXICO
Revenue:
Geographical Information - Revenue	6,976		10,536	25,288
TAIWAN, PROVINCE OF CHINA
Revenue:
Geographical Information - Revenue			22,481
Other Foreign Countries [Member]
Revenue:
Geographical Information - Revenue			$ 3,365	$ 3,939

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Note 3 - Notes Receivable (Details)	9 Months Ended
	Jun. 30, 2013
Receivables [Abstract]
Note Receivable Percentage	3.00%

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Note 4 - Convertible Notes Payable

9 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

4. Convertible Notes Payable

On December 30, 2011, Hickok Incorporated entered into a Convertible Loan Agreement with Roundball, LLC and the Aplin Family Trust. Under the Convertible Loan Agreement, the Company issued a convertible note to Roundball in the amount of $466,879 and a convertible note to the Aplin Family Trust in the amount of $208,591. In addition, Roundball, LLC shall have the right to cause the Company to borrow up to an additional $466,880 from Roundball, LLC. The notes were unsecured, bore interest at a rate of 0.20% per annum and were set to mature on December 30, 2012.

The notes were convertible by the Investors at any time into Class A Common Shares of the Company, at a conversion price of $1.85 per share, although up to no more than 504,735 Conversion Shares for Roundball and no more than 112,752 Conversion Shares for the Aplin Family Trust. The Company had the option to convert the notes at the expiration date, if the investors had not during the course of the agreement. On December 30, 2011, Roundball converted $233,438 into Class A Common Shares of the Company. In addition, on August 20, 2012 Roundball converted the remaining $233,441 under the Convertible Loan Agreement into Class A Common Shares of the Company.

On December 28, 2012, the Aplin Family Trust converted the $208,591 under the Convertible Loan Agreement into Class A Common Shares of the Company.

On December 30, 2012 management entered into an amended Convertible Loan Agreement with Roundball which may provide approximately $467,000 of liquidity to meet on going working capital requirements. The amended Convertible Loan Agreement is by and between the Company and a major shareholder who is also a Director modifying the terms and extending the due date of the loan agreement from December 30, 2012 to December 31, 2013 and modifying the terms to allow $250,000 of borrowing on the agreement at the Company's discretion at an interest rate of 0.24%.

In partial consideration for Amendment No. 1, the Company and Roundball entered into a Warrant Agreement, dated December 30, 2012, whereby the Company issued a warrant to Roundball to purchase, at its option, up to 100,000 shares of Class A Common Stock of the Company at an exercise price of $2.50 per share, subject to certain anti-dilution and other adjustments. If not exercised, this warrant will expire on December 30, 2015. Roundball is an affiliate of Steven Rosen, a Director of the Company.

The Company used the Black-Scholes option pricing model to determine the fair value estimate for recognizing the cost of services received in exchange for an award of equity instruments. The Black-Scholes option pricing model requires the use of subjective assumptions which can materially affect the fair value estimates. The warrants are immediately exercisable and expire in December 2015. The fair value of the warrants issued is amortized over the one year amended convertible loan agreement period. During the three and nine month periods ended June 30, 2013, $11,375 and $34,125 was expensed as non-cash interest expense. The following weighted-average assumptions were used in the option pricing model for the three and nine month periods ended June 30, 2013: a risk free interest rate of 0.42%; an expected life of 3 years; an expected dividend yield of 0.0%; and a volatility factor of .84.

On December 30, 2013 management entered into Amendment No. 2 of the Convertible Loan Agreement with Roundball which may provide approximately $467,000 of liquidity to meet on going working capital requirements. The amended Convertible Loan Agreement is by and between the Company and a major shareholder who is also a Director modifying the terms and extending the due date of the loan agreement from December 30, 2013 to December 30, 2014 and continues to allow $250,000 of borrowing on the agreement at the Company's discretion at an interest rate of 0.25%.

During the current fiscal quarter the Company borrowed $200,000 against this agreement. The Company recorded interest expense during the current quarter of $100 and as of June 30, 2014 no interest was paid. As of June 30, 2014 the outstanding balance on the Roundball convertible note was $200,000.

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Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Details) - Summary of the Range of Exercise Prices for Stock Options Outstanding and Exercisable Under the Director Plans (USD $)	9 Months Ended
	Jun. 30, 2014
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding Stock Options (in Shares)	29,000
Weighted Average Share Price	$ 5.45
Number of Stock Options Exercisable (in Shares)	26,667
Weighted Average Share Price	$ 5.67
Directors Plans [Member] | Exercise Price Range 1 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower Exercise Price	$ 2.925
Upper Exercise Price	$ 5.25
Outstanding Stock Options (in Shares)	17,000
Weighted Average Share Price	$ 3.34
Weighted Average Remaining Life	5 years 328 days
Number of Stock Options Exercisable (in Shares)	14,667
Weighted Average Share Price	$ 3.40
Directors Plans [Member] | Exercise Price Range 2 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower Exercise Price	$ 6.00
Upper Exercise Price	$ 7.25
Outstanding Stock Options (in Shares)	6,000
Weighted Average Share Price	$ 6.15
Weighted Average Remaining Life	4 years 36 days
Number of Stock Options Exercisable (in Shares)	6,000
Weighted Average Share Price	$ 6.15
Directors Plans [Member] | Exercise Price Range 3 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower Exercise Price	$ 10.50
Upper Exercise Price	$ 11.00
Outstanding Stock Options (in Shares)	6,000
Weighted Average Share Price	$ 10.75
Weighted Average Remaining Life	3 years 109 days
Number of Stock Options Exercisable (in Shares)	6,000
Weighted Average Share Price	$ 10.75

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Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Details) (USD $)	3 Months Ended						9 Months Ended														9 Months Ended	3 Months Ended	9 Months Ended	3 Months Ended		9 Months Ended		18 Months Ended
	Jun. 30, 2014	Mar. 31, 2014	Mar. 31, 2013	Oct. 11, 2012 Common Class A [Member] Original Authorized Shares [Member]	Oct. 11, 2012 Common Class A [Member] Current Authorized Shares [Member]	Oct. 11, 2012 Common Class A [Member] 2013 Omnibus Equity Plan [Member]	Jun. 30, 2013 Common Class A [Member] Directors Plans [Member]	Jun. 30, 2014 Common Class A [Member] Directors Plans [Member]	Sep. 30, 2013 Common Class A [Member] Directors Plans [Member]	Jun. 30, 2014 Common Class A [Member]	Sep. 30, 2013 Common Class A [Member]	Jun. 30, 2013 Common Class A [Member]	Oct. 11, 2012 Common Class A [Member]	Oct. 11, 2012 Common Class B [Member] Original Authorized Shares [Member]	Oct. 11, 2012 Common Class B [Member] Current Authorized Shares [Member]	Jun. 30, 2014 Common Class B [Member]	Sep. 30, 2013 Common Class B [Member]	Jun. 30, 2013 Common Class B [Member]	Oct. 11, 2012 Serial Preferred Shares [Member]	Jun. 30, 2014 Employee Stock Option [Member] Employee Plans [Member]	Jun. 30, 2014 2013 Omnibus Equity Plan [Member]	Jun. 30, 2013 Employee Plans [Member]	Jun. 30, 2014 Employee Plans [Member]	Jun. 30, 2014 Directors Plans [Member]	Jun. 30, 2013 Directors Plans [Member]	Jun. 30, 2014 Directors Plans [Member]	Jun. 30, 2013 Directors Plans [Member]	Jun. 30, 2014 Directors Plans [Member]
Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Details) [Line Items]
Common Stock, Shares Authorized				3,750,000	10,000,000					10,000,000	10,000,000	10,000,000		1,000,000	2,500,000	2,500,000	2,500,000	2,500,000	1,000,000
Common Stock, Capital Shares Reserved for Future Issuance						150,000							956,233
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period																					0
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term																							10 years	10 years	10 years	10 years	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted																							0
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit (in Dollars per share)							$ 2.925																$ 2.925
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant																				0
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options							31,000	29,000	31,000															29,000		29,000		29,000
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit (in Dollars per share)							$ 11.00
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period		2,000	2,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price (in Dollars per share)		$ 7.25	$ 3.67
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Remaining Contractual Term																												3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period																												3 years
Allocated Share-based Compensation Expense (in Dollars)	$ 543																								$ 1,208	$ 2,294	$ 5,257
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate																						5.00%		5.00%		5.00%	5.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate																								0.00%	0.00%	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate																								0.87%	0.87%	0.87%	0.87%

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Note 8 - Earnings per Common Share (Details) (USD $)	3 Months Ended	9 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013
Employee Stock Option [Member]
Note 8 - Earnings per Common Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	29,000
Warrant [Member]
Note 8 - Earnings per Common Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	31,000	200,000	200,000
Options And Warrants [Member] | Minimum [Member]
Note 8 - Earnings per Common Share (Details) [Line Items]
Share Price	$ 2.50	$ 2.50	$ 2.50
Options And Warrants [Member] | Maximum [Member]
Note 8 - Earnings per Common Share (Details) [Line Items]
Share Price	$ 11.00	$ 11.00	$ 11.00
Conversion Rights [Member]
Note 8 - Earnings per Common Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		252,367
Share Price	$ 1.85	$ 1.85

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Note 8 - Earnings per Common Share (Details) - Summary of Earnings Per Share Calculation (USD $)	3 Months Ended			9 Months Ended
	Jun. 30, 2014		Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Basic Income (Loss) per Share
Income (Loss) available to common stockholders (in Dollars)	$ 386,911		$ (133,777)	$ (231,031)	$ 129,458
Shares denominator	1,638,215		1,638,215	1,638,215	1,601,256
Per share amount (in Dollars per share)	$ 0.24		$ (0.08)	$ (0.14)	$ 0.08
Effect of Dilutive Securities
Average shares outstanding	1,638,215		1,638,215	1,638,215	1,601,256
Stock options	27,906	[1]			18,927
	1,666,121		1,638,215	1,638,215	1,620,183
Diluted Income (Loss) per Share
Income (Loss) available to common stockholders (in Dollars)	$ 386,911		$ (133,777)	$ (231,031)	$ 129,458
Per share amount (in Dollars per share)	$ 0.23		$ (0.08)	$ (0.14)	$ 0.08

[1] Net effect of stock options and warrants were antidilutive for the period.

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Note 3 - Notes Receivable

9 Months Ended

Jun. 30, 2014

Receivables [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

3. Notes Receivable

The Company has notes receivable with a current and former employee at an interest rate of three percent per annum. The Company does not anticipate repayment within the next twelve months.

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Note 9 - Segment and Related Information (Details)	9 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]
Number of Operating Segments	3
Number of Reportable Segments	2

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Consolidated Income Statements (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Net Sales
Product Sales	$ 2,074,295	$ 1,270,405	$ 4,112,374	$ 4,809,092
Service Sales	56,117	69,526	184,747	234,080
Total Net Sales	2,130,412	1,339,931	4,297,121	5,043,172
Costs and Expenses
Cost of Product Sold	963,721	731,058	2,259,005	2,687,961
Cost of Service Sold	41,777	36,681	124,333	114,341
Product Development	243,600	234,813	727,810	712,058
Marketing and Administrative Expenses	496,832	453,621	1,425,374	1,339,619
Interest Charges	2,691	22,750	2,691	68,428
Other (Income) Expense	(5,120)	(5,215)	(11,061)	(8,693)
Total Costs and Expenses	1,743,501	1,473,708	4,528,152	4,913,714
Income (Loss) before Provision for Income Taxes	386,911	(133,777)	(231,031)	129,458
Income (Recovery of) Taxes
Net Income (Loss)	$ 386,911	$ (133,777)	$ (231,031)	$ 129,458
Earnings per Common Share:
Net Income (Loss) (in Dollars per share)	$ 0.24	$ (0.08)	$ (0.14)	$ 0.08
Earnings per Common Share Assuming Dilution:
Net Income (Loss) (in Dollars per share)	$ 0.23	$ (0.08)	$ (0.14)	$ 0.08
Dividends per Common Share (in Dollars per share)	$ 0	$ 0	$ 0	$ 0

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Note 1 - Basis of Presentation

9 Months Ended

Jun. 30, 2014

Disclosure Text Block [Abstract]

Basis of Accounting [Text Block]

1. Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles 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 and nine month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ended September 30, 2014. 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 year ended September 30, 2013.

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Note 9 - Segment and Related Information (Tables)

9 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended June 30,						Nine Months Ended June 30,
	2014			2013			2014			2013
Net Revenue
Indicators and Gauges	$	460,749		$	432,912		$	1,211,350		$	1,260,745
Automotive Diagnostic Tools and Equipment		1,669,663			907,019			3,085,771			3,782,427
	$	2,130,412		$	1,339,931		$	4,297,121		$	5,043,172
Income (Loss) before provision for Income Taxes
Indicators and Gauges	$	138,030		$	109,648		$	227,434		$	334,488
Automotive Diagnostic Tools and Equipment		531,969			31,741			430,759			636,641
General Corporate Expenses		(283,088	)		(275,166	)		(889,224	)		(841,671	)
	$	386,911		$	(133,777	)	$	(231,031	)	$	129,458
Asset Information
Indicators and Gauges							$	800,751		$	909,801
Automotive Diagnostic Tools and Equipment								2,836,401			1,377,016
Corporate								567,551			1,156,923
							$	4,204,703		$	3,443,740
Geographical Information
Included in the consolidated financial statements are the following amounts related to geographical locations:
Revenue:
United States	$	2,103,243		$	1,323,179		$	4,201,849		$	4,919,864
Australia		5,996			-			30,134			14,231
Canada		14,197			16,752			35,911			67,450
England		-			-			-			5,245
Mexico		6,976			-			25,288			10,536
Taiwan		-			-			-			22,481
Other foreign countries		-			-			3,939			3,365
	$	2,130,412		$	1,339,931		$	4,297,121		$	5,043,172

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Note 2 - Inventories (Details) - Inventories Valued at Lower Cost or Market (USD $)	Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2013
Inventories Valued at Lower Cost or Market [Abstract]
Components	$ 916,362	$ 852,229	$ 889,080
Work-in-Process	1,035,529	590,687	530,757
Finished Product	155,984	146,900	164,156
	$ 2,107,875	$ 1,589,816	$ 1,583,993

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Note 2 - Inventories

9 Months Ended

Jun. 30, 2014

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

2. Inventories

Inventories are valued at the lower of cost or market and consist of the following: 
  

	June 30, 2014		Sept. 30, 2013		June 30, 2013
Components	$	916,362	$	852,229	$	889,080
Work-in-Process		1,035,529		590,687		530,757
Finished Product		155,984		146,900		164,156
	$	2,107,875	$	1,589,816	$	1,583,993

The above amounts are net of reserve for obsolete inventory in the amount of $817,000, $793,000 and $919,676 for the periods ended June 30, 2014, September 30, 2013 and June 30, 2013 respectively.

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Consolidated Balance Sheet (Unaudited) (USD $)	Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2013
Cash and Cash Equivalents	$ 129,731	$ 938,852	$ 785,499
Trade Accounts Receivable - Net	1,531,183	638,316	703,766
Notes Receivable - Current			3,600
Inventories	2,107,875	1,589,816	1,583,993
Prepaid Expenses	68,781	32,342	49,158
Total Current Assets	3,837,570	3,199,326	3,126,016
Land	233,479	233,479	233,479
Buildings	1,429,718	1,429,718	1,429,718
Machinery and Equipment	2,499,678	2,388,762	2,389,645
	4,162,875	4,051,959	4,052,842
Less: Allowance for Depreciation	3,801,592	3,752,452	3,765,468
Total Property - Net	361,283	299,507	287,374
Notes Receivable - Long-term	4,100	4,100	28,600
Deposits	1,750	1,750	1,750
Total Other Assets	5,850	5,850	30,350
Total Assets	4,204,703	3,504,683	3,443,740
Short-term Financing	683,400
Convertible Notes Payable	200,000
Trade Accounts Payable	203,356	174,236	226,834
Accrued Payroll & Related Expenses	116,458	142,519	107,537
Accrued Expenses	456,576	395,426	364,949
Accrued Taxes Other Than Income	25,839	44,691	29,914
Accrued Income Taxes
Total Current Liabilities	1,685,629	756,872	729,234
Long-Term Financing
Preferred, no par value; authorized 1,000,000 shares; no shares outstanding
Contributed Capital	1,487,474	1,485,180	1,461,222
Retained Earnings	(704,454)	(473,423)	(482,770)
Total Stockholders' Equity	2,519,074	2,747,811	2,714,506
Total Liabilities and Stockholders' Equity	4,204,703	3,504,683	3,443,740
Common Class A [Member]
Class of common stock - value	1,261,188	1,261,188	1,261,188
Common Class B [Member]
Class of common stock - value	$ 474,866	$ 474,866	$ 474,866

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Note 12 - Business Condition and Management Plan

9 Months Ended

Jun. 30, 2014

Going Concern Disclosure [Abstract]

Going Concern Disclosure [Text Block]

12. Business Condition and Management Plan

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has suffered recurring losses from operations during the past several years due primarily to decreasing sales of existing product lines and a general economic downturn in all markets the Company serves.

The ability of the Company to continue as a going concern is dependent on improving the Company's profitability and cash flow and securing additional financing if needed. Management continues to review and revise its strategic plan and believes in the viability of its strategy to increase revenues and profitability through increased sales of existing products and the introduction of new products to the market place. Management believes that the actions presently being taken by the Company will provide the stimulus for it to continue as a going concern, however, because of the inherent uncertainties there can be no assurances to that effect. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.

On December 30, 2012 management entered into an amended unsecured convertible loan agreement and an additional revolving line of credit which may provide approximately $717,000 of liquidity to meet on going working capital requirements. One agreement was an unsecured revolving line of credit with a major shareholder who is also an employee and the other was an unsecured convertible loan agreement with a major shareholder who is also a Director as discussed in Notes 4 and 5. These facilities were available through December 2013. The revolving line of credit was not extended.

In addition, on December 30, 2013 management entered into Amendment No. 2 of the unsecured convertible loan agreement which may provide approximately $467,000 of liquidity to meet on going working capital requirements. The agreement is with a major shareholder who is also a Director as discussed in Note 4. During the quarter ended June 30, 2014 the Company borrowed $200,000 against this facility. This facility is available through December 2014.

During the quarter ended June 30, 2014 the Company entered into various short-term unsecured demand notes with Robert L. Bauman. The Company has borrowed $683,400 to help meet the on going working capital requirements related to the large order received in January of 2014. The agreements are with a major shareholder who is also an employee of the Company as discussed in Note 5. The Company repaid $200,000 of the outstanding balance of these notes on July 29, 2014.

The above available financing resource together with management’s revised strategic plan to increase revenues and profitability through increased sales of existing products and the introduction of new products to the market place should provide the Company with the needed working capital for the next twelve months.

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Document And Entity Information	9 Months Ended
	Jun. 30, 2014	Aug. 08, 2014 Common Class A [Member]	Aug. 08, 2014 Common Class B [Member]
Document Information [Line Items]
Entity Registrant Name	HICKOK INC
Document Type	10-Q
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		1,163,349	474,866
Amendment Flag	false
Entity Central Index Key	0000047307
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q3

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Accounting Policies, by Policy (Policies)

9 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles 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 and nine month periods ended June 30, 2014 are not necessarily indicative of the results that may be expected for the year ended September 30, 2014. 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 year ended September 30, 2013.

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Consolidated Balance Sheet (Unaudited) (Parentheticals) (USD $)	Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2013
Preferred stock - par value (in Dollars per share)	$ 0	$ 0	$ 0
Preferred stock - shares authorized	1,000,000	1,000,000	1,000,000
Preferred stock - shares outstanding	0	0	0
Common Class A [Member]
Class of common stock - par value (in Dollars per share)	$ 0	$ 0	$ 0
Class of common stock - shares authorized	10,000,000	10,000,000	10,000,000
Class of common stock - shares outstanding	1,163,349	1,163,349	1,163,349
Class of common stock - excluding shares in treasury	15,795	15,795	15,795
Common Class B [Member]
Class of common stock - par value (in Dollars per share)	$ 0	$ 0	$ 0
Class of common stock - shares authorized	2,500,000	2,500,000	2,500,000
Class of common stock - shares outstanding	474,866	474,866	474,866
Class of common stock - excluding shares in treasury	667	667	667

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Note 7 - Recently Issued Accounting Pronouncements

9 Months Ended

Jun. 30, 2014

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

7. Recently Issued Accounting Pronouncements

The Company did not incur any material impact to its financial condition or results of operations due to the adoption of any new accounting standards during the periods reported.

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Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options

9 Months Ended

Jun. 30, 2014

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

6. Capital Stock, Treasury Stock, Contributed Capital and Stock Options

On October 11, 2012, the Company's Amended Articles of Incorporation and the Amended Code of Regulations were adopted by an affirmative vote of more than two-thirds of the Company's Class A and Class B Shareholders. The Amended Articles amend and restate the Current Articles in a number of significant ways and are primarily as follows: increased the number of Class A Shares and Class B Shares from 3,750,000 and 1,000,000 to 10,000,000 and 2,500,000 respectively, and added a class of 1,000,000 Serial Preferred Shares; eliminated par value for for Class A Shares and Class B Shares; updated certain provisions relating to the payment of dividends; removed restrictions on the issuance of additional Class A Shares; clarified the method by which the Company may repurchase its shares; reduced the percentage of shareholder vote required to authorize corporate actions from two-thirds of the voting power to a majority of the voting power; and made other technical or conforming changes.

The Amended Regulations amend and restate the Current Regulations in a number of significant ways and are primarily as follows: updated certain provisions relating to the Company's meetings of shareholders in order to provide more consistency in the regulations regarding the Company's practices in this area; further clarifying the roles of the Company's officers and directors in conducting the Company's business; updated the Company's policy regarding the indemnification of its directors, officers, employees, and others; revised provisions allowing for the Board of Directors to adopt amendments to the Amended Regulations to the extent permitted by Ohio law; and made other technical or conforming changes.

Unissued shares of Class A common stock (956,233 shares) are reserved for the share-for-share conversion rights of the Class B common stock, stock options under the Directors Plans, conversion rights of the Convertible Promissory Note and available warrants.

On February 27, 2013, the Company's 2013 Omnibus Equity Plan was approved and adopted by an affirmative vote of a majority of the Company's Class A and Class B Shareholders.

The 2013 Omnibus Plan will provide the Company with the flexibility to grant a variety of share-based awards for covered employees, consultants and Directors. The 2013 Omnibus Plan provides for the grant of the following types of incentive awards: stock options, stock appreciation rights, restricted shares, restricted share units, performance shares and Class A Common Shares. Those who will be eligible for awards under the 2013 Omnibus Plan include employees who provide services to the Company and its affiliates, executive officers, non-employee Directors and consultants designated by the Compensation Committee. The Plan has 150,000 Class A Common Shares reserved for issuance. The Class A Common Shares may be either authorized, but unissued, common shares or treasury shares. No share-based awards have been granted under the 2013 Omnibus Equity Plan as of June 30, 2014.

Under the Company's expired Key Employees Stock Option Plans (collectively the "Employee Plans"), incentive stock options, in general, were exercisable for up to ten years, at an exercise price of not less than the market price on the date the option is granted. Non-qualified stock options may be granted at such exercise price and such other terms and conditions as the Compensation Committee of the Board of Directors may determine. No options may be granted at a price less than $2.925. Under the expired Employee Plans there are no options currently available for grant and there are no options outstanding at June 30, 2014.

The Company's expired Outside Directors Stock Option Plans (collectively the "Directors Plans"), have provided for the automatic grant of options to purchase up to 29,000 shares of Class A Common Stock to members of the Board of Directors who are not employees of the Company, at the fair market value on the date of grant. Options for 29,000 Class A shares were outstanding at June 30, 2014 (31,000 shares at September 30, 2013 and 31,000 shares at June 30, 2013) at prices ranging from $2.925 to $11.00 per share. Options for 2,000 shares expired during the three month period ended March 31, 2014 at $7.25 per share. In addition, options for 2,000 shares expired during the three month period ended March 31, 2013 at $3.67 per share. All outstanding options under the expired Directors Plans become fully exercisable on March 8, 2015.

The following is a summary of the range of exercise prices for stock options outstanding and exercisable under the expired Directors Plans at June 30, 2014:

Directors Plans			Outstanding Stock Options		Weighted Average Share Price		Weighted Average Remaining Life		Number of Stock Options Exercisable		Weighted Average Share Price
Range of exercise prices:
$2.925	-	5.25		17,000	$	3.34		5.9		14,667	$	3.40
$6.00	-	7.25		6,000	$	6.15		4.1		6,000	$	6.15
$10.50	-	11.00		6,000	$	10.75		3.3		6,000	$	10.75
				29,000	$	5.45				26,667	$	5.67

The Company accounts for Share-Based Payments under the modified prospective method for its stock options for both employees and non-employee Directors. Compensation cost for fixed based awards are measured at the grant date, and the Company uses the Black-Scholes option pricing model to determine the fair value estimates for recognizing the cost of employee and director services received in exchange for an award of equity instruments. The Black-Scholes option pricing model requires the use of subjective assumptions which can materially affect the fair value estimates. Employee stock options are immediately exercisable while Director's stock options are exercisable over a three year period. The fair value of stock option grants to Directors is amortized over the three year vesting period. During the three and the nine month periods ended June 30, 2014 and 2013 respectively $543 and $2,294; $1,208 and $5,257 was expensed as share-based compensation. The following weighted-average assumptions were used in the option pricing model for the three and nine month periods ended June 30, 2014 and 2013 respectively: a risk free interest rate of 5.0% and 5.0%; an expected life of 10 and 10 years; an expected dividend yield of 0.0% and 0.0%; and a volatility factor of .87 and .87.

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Note 2 - Inventories (Details) (USD $)	Jun. 30, 2014	Sep. 30, 2013	Jun. 30, 2013
Inventory Disclosure [Abstract]
Inventory Valuation Reserves	$ 817,000	$ 793,000	$ 919,676

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Note 2 - Inventories (Tables)

9 Months Ended

Jun. 30, 2014

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

	June 30, 2014		Sept. 30, 2013		June 30, 2013
Components	$	916,362	$	852,229	$	889,080
Work-in-Process		1,035,529		590,687		530,757
Finished Product		155,984		146,900		164,156
	$	2,107,875	$	1,589,816	$	1,583,993

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Note 10 - Commitments and Contingencies

9 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

10. Commitments and Contingencies

Legal Matters

The Company is the plaintiff in a suit pursuing patent infringement against a competitor in the emissions market. Management believes that it is not currently possible to estimate the impact, if any, that the ultimate resolution of this matter will have on the Company's results of operations, financial position or cash flows.

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Note 8 - Earnings per Common Share

9 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

8. Earnings per Common Share

Earnings per common share information is computed on the weighted average number of shares outstanding during each period based on the provisions of FASB Codification ASC Topic 260, "Earnings per Share." The required reconciliations are as follows:

	Three Months Ended June 30,					Nine Months Ended June 30,
	2014		2013			2014			2013
Basic Income (Loss) per Share
Income (Loss) available to common stockholders	$	386,911	$	(133,777	)	$	(231,031	)	$	129,458
Shares denominator		1,638,215		1,638,215			1,638,215			1,601,256
Per share amount	$	.24	$	(.08	)	$	(.14	)	$	.08
Effect of Dilutive Securities
Average shares outstanding		1,638,215		1,638,215			1,638,215			1,601,256
Stock options		27,906		-*			-*			18,927
		1,666,121		1,638,215			1,638,215			1,620,183
Diluted Income (Loss) per Share
Income (Loss) available to common stockholders	$	386,911	$	(133,777	)	$	(231,031	)	$	129,458
Per share amount	$	.23	$	(.08	)	$	(.14	)	$	.08

* Net effect of stock options and warrants were antidilutive for the period.

Options and warrants to purchase 29,000 and 200,000 shares of common stock respectively during the third quarter and the first nine months of fiscal 2014 at prices ranging from $2.50 to $11.00 per share were outstanding but were not included in the computation of diluted earnings per share because the option's and warrant's effect was antidilutive or the exercise price was greater than the average market price of the common share.

In addition, conversion rights to purchase 252,367 shares of common stock during the first nine months of fiscal 2014 at a price of $1.85 per share were not included in the computation of diluted earnings per share because the conversion rights of the Convertible Promissory Notes effect was antidilutive or the exercise price was greater than the average market price of the common share.

Options and warrants to purchase 31,000 and 200,000 shares of common stock respectively during the third quarter and the first nine months of fiscal 2013 at prices ranging from $2.50 to $11.00 per share were outstanding but were not included in the computation of diluted earnings per share because the option's and warrant's effect was antidilutive or the exercise price was greater than the average market price of the common share.

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Note 9 - Segment and Related Information

9 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

9. Segment and Related Information

The Company's three business units have a common management team and infrastructure that offer different products and services. The business units have been aggregated into two reportable segments: 1.) indicators and gauges and 2.) automotive related diagnostic tools and equipment.

Indicators and Gauges
This segment consists of products manufactured and sold primarily to companies in the aircraft and locomotive industry. Within the aircraft market, the primary customers are those companies that manufacture or service business, military and pleasure aircraft. Within the locomotive market, indicators and gauges are sold to both original equipment manufacturers and to operators of railroad equipment.

Automotive Diagnostic Tools and Equipment
This segment consists primarily of products designed and manufactured to support the testing or servicing of automotive systems using electronic means to measure vehicle parameters. These products are sold to OEM's and to the aftermarket using several brand names and a variety of distribution methods. Included in this segment are products used for state required testing of vehicle emissions.

Information by industry segment is set forth below:

	Three Months Ended June 30,						Nine Months Ended June 30,
	2014			2013			2014			2013
Net Revenue
Indicators and Gauges	$	460,749		$	432,912		$	1,211,350		$	1,260,745
Automotive Diagnostic Tools and Equipment		1,669,663			907,019			3,085,771			3,782,427
	$	2,130,412		$	1,339,931		$	4,297,121		$	5,043,172
Income (Loss) before provision for Income Taxes
Indicators and Gauges	$	138,030		$	109,648		$	227,434		$	334,488
Automotive Diagnostic Tools and Equipment		531,969			31,741			430,759			636,641
General Corporate Expenses		(283,088	)		(275,166	)		(889,224	)		(841,671	)
	$	386,911		$	(133,777	)	$	(231,031	)	$	129,458
Asset Information
Indicators and Gauges							$	800,751		$	909,801
Automotive Diagnostic Tools and Equipment								2,836,401			1,377,016
Corporate								567,551			1,156,923
							$	4,204,703		$	3,443,740
Geographical Information
Included in the consolidated financial statements are the following amounts related to geographical locations:
Revenue:
United States	$	2,103,243		$	1,323,179		$	4,201,849		$	4,919,864
Australia		5,996			-			30,134			14,231
Canada		14,197			16,752			35,911			67,450
England		-			-			-			5,245
Mexico		6,976			-			25,288			10,536
Taiwan		-			-			-			22,481
Other foreign countries		-			-			3,939			3,365
	$	2,130,412		$	1,339,931		$	4,297,121		$	5,043,172

All export sales to Australia, Canada, England, Mexico, Taiwan and other foreign countries are made in United States of America Dollars.

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Note 11 - Subsequent Events

9 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

11. Subsequent Events

The Company has analyzed its operations subsequent to June 30, 2014 through the date the financial statements were submitted to the Securities and Exchange Commission and has determined that no subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements.

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Note 12 - Business Condition and Management Plan (Details) (USD $)		3 Months Ended	1 Months Ended
	Dec. 30, 2013 Director [Member] Amendment No 2 [Member]	Jun. 30, 2014 Roundball LLC [Member] Amendment No 2 [Member]	Jul. 29, 2014 Robert L. Bauman [Member]	Dec. 31, 2013 Robert L. Bauman [Member]	Dec. 30, 2012 Amended Loan Agreement [Member]
Note 12 - Business Condition and Management Plan (Details) [Line Items]
Working Capital Funding	$ 467,000				$ 717,000
Proceeds from Notes Payable		200,000
Due to Related Parties, Current		683,400		250,000
Repayments of Notes Payable			$ 200,000

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Note 8 - Earnings per Common Share (Tables)

9 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended June 30,					Nine Months Ended June 30,
	2014		2013			2014			2013
Basic Income (Loss) per Share
Income (Loss) available to common stockholders	$	386,911	$	(133,777	)	$	(231,031	)	$	129,458
Shares denominator		1,638,215		1,638,215			1,638,215			1,601,256
Per share amount	$	.24	$	(.08	)	$	(.14	)	$	.08
Effect of Dilutive Securities
Average shares outstanding		1,638,215		1,638,215			1,638,215			1,601,256
Stock options		27,906		-*			-*			18,927
		1,666,121		1,638,215			1,638,215			1,620,183
Diluted Income (Loss) per Share
Income (Loss) available to common stockholders	$	386,911	$	(133,777	)	$	(231,031	)	$	129,458
Per share amount	$	.23	$	(.08	)	$	(.14	)	$	.08

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Note 4 - Convertible Notes Payable (Details) (USD $)	3 Months Ended	9 Months Ended			1 Months Ended				1 Months Ended			1 Months Ended						3 Months Ended	9 Months Ended		1 Months Ended
	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Sep. 30, 2013	Aug. 20, 2012 Common Class A [Member] Roundball LLC [Member] Convertible Notes Payable [Member]	Dec. 30, 2011 Common Class A [Member] Roundball LLC [Member] Convertible Notes Payable [Member]	Dec. 30, 2012 Common Class A [Member] Roundball LLC [Member] Amendment No. 1 [Member]	Dec. 30, 2011 Common Class A [Member] Aplin Family Trust [Member] Convertible Notes Payable [Member]	Dec. 28, 2012 Common Class A [Member] Convertible Notes Payable [Member] Aplin Family Trust [Member]	Jun. 30, 2014 Common Class A [Member]	Dec. 30, 2012 Common Class A [Member]	Dec. 30, 2011 Roundball LLC [Member] Convertible Notes Payable [Member] Additional Borrowing [Member]	Dec. 31, 2013 Roundball LLC [Member] Convertible Notes Payable [Member] Director [Member]	Dec. 30, 2012 Roundball LLC [Member] Convertible Notes Payable [Member] Director [Member]	Dec. 30, 2012 Roundball LLC [Member] Convertible Notes Payable [Member]	Dec. 30, 2011 Roundball LLC [Member] Convertible Notes Payable [Member]	Dec. 30, 2013 Roundball LLC [Member] Amendment No 2 [Member] Director [Member]	Jun. 30, 2014 Roundball LLC [Member] Amendment No 2 [Member]	Jun. 30, 2014 Roundball LLC [Member] Amendment No 2 [Member]	Dec. 30, 2011 Aplin Family Trust [Member] Convertible Notes Payable [Member]	Dec. 31, 2012 Warrant [Member]
Note 4 - Convertible Notes Payable (Details) [Line Items]
Convertible Notes Payable, Current		$ 200,000														$ 466,879		$ 200,000	$ 200,000	$ 208,591
Proceeds from Issuance of Debt												466,880
Debt Instrument, Interest Rate, Stated Percentage													0.24%		0.20%		0.25%
Debt Instrument, Convertible, Conversion Price (in Dollars per share)						$ 1.85
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares)						504,735		112,752
Conversion of Stock, Amount Converted					233,441	233,438			208,591
Working Capital Funding														467,000			467,000
Line of Credit Facility, Maximum Borrowing Capacity													250,000				250,000
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares)							100,000			100,000	100,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)	$ 2.50		$ 2.50				$ 2.50
Debt Instrument Conversion Period																					1 year
Interest Expense, Debt	11,375		34,125															100	0
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Risk Free Interest Rate	0.42%		0.42%
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Term	3 years		3 years
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Dividend Rate	0.00%		0.00%
Share-based Goods and Nonemployee Services Transaction, Valuation Method, Expected Volatility Rate	0.84%		0.84%
Proceeds from Convertible Debt		$ 200,000																$ 200,000

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Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash Flows from Operating Activities:
Cash received from customers	$ 3,404,254	$ 5,042,252
Cash paid to suppliers and employees	(4,986,377)	(4,481,460)
Interest paid
Interest received	518	760
Net Cash Provided By (Used In) Operating Activities	(1,581,605)	561,552
Cash Flows from Investing Activities:
Capital expenditures	(110,916)	(15,326)
Payments received (advances) on notes receivable		2,400
Net Cash Provided By (Used In) Investing Activities	(110,916)	(12,926)
Cash Flows from Financing Activities:
Short-term borrowing	683,400	250,000
Payments on short-term borrowings		(250,000)
Cost for additional Authorized shares		(21,925)
Increase in Convertible Notes Payable	200,000
Net Cash Provided By (Used In) Financing Activities	883,400	(21,925)
Net increase (decrease) in cash and cash equivalents	(809,121)	526,701
Cash and cash equivalents at beginning of year	938,852	258,798
Cash and cash equivalents at end of third quarter	129,731	785,499
Reconciliation of Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities:
Net Income (Loss)	(231,031)	129,458
Adjustments to reconcile Net Income (Loss) to net cash provided by operating activities:
Depreciation	49,140	77,202
Non-cash share-based compensation expense	2,294	5,257
Warrants issued for debt offering		68,250
Changes in assets and liabilities:
Decrease (Increase) in trade accounts receivable	(892,867)	(920)
Decrease (Increase) in inventories	(518,059)	150,777
Decrease (Increase) in prepaid expenses	(36,439)	74,799
Increase (Decrease) in accounts payable	29,120	47,999
Increase (Decrease) in accrued payroll and related expenses	(26,061)	(42,099)
Increase (Decrease) in accrued expenses and accrued taxes other than income	42,298	43,829
Total Adjustments	(1,350,574)	432,094
Net Cash Provided By (Used In) Operating Activities	(1,581,605)	561,552
Supplemental Schedule of Non-Cash Financing Activities:
Conversion of convertible notes payable to Class A shares		208,591
Professional Service Expense [Member]
Adjustments to reconcile Net Income (Loss) to net cash provided by operating activities:
Non-cash professional service expense		$ 7,000

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Note 5 - Short-term Financing

9 Months Ended

Jun. 30, 2014

Disclosure Text Block [Abstract]

Short-term Debt [Text Block]

5. Short-term Financing

The Company had a credit agreement of $250,000 with Robert L. Bauman, one of its major shareholders who is also an employee of the Company. The agreement was to expire in April 2013 but was modified on December 31, 2012 to extend the maturity date to December 2013. Effective October 30, 2012 for the remainder of the agreement, the lender may terminate the agreement with 45 days written notice, but it is at the discretion of the Company to deny the termination notice until December 2013 if it will have a negative effect on the solvency of the Company.

The agreement provided for a revolving credit facility of $250,000 with interest at 0.24% per annum and was unsecured and included a three year warrant for 100,000 shares of Class A common stock at a price of $2.50 per share. In addition, the agreement generally allowed for borrowing based on an amount equal to eighty percent of eligible accounts receivables or $250,000. The revolving line of credit was not extended.

In partial consideration for the original extension of the revolving credit facility the Company and Bauman entered into a Warrant Agreement, dated December 30, 2012 whereby the Company issued a warrant to Bauman to purchase, at his option, up to 100,000 shares of Class A Common Stock of the Company at an exercise price of $2.50 per share, subject to certain anti-dilution and other adjustments. If not exercised, this warrant will expire on December 30, 2015.

The Company used the Black-Scholes option pricing model to determine the fair value estimate for recognizing the cost of services received in exchange for an award of equity instruments. The Black-Scholes option pricing model requires the use of subjective assumptions which can materially affect the fair value estimates. The warrants are immediately exercisable and expire in December 2015. The fair value of the warrants issued is amortized over the one year credit agreement period. During the three and nine month periods ended June 30, 2013, $11,375 and $34,125 was expensed as non-cash interest expense. The following weighted-average assumptions were used in the option pricing model for the three and nine month month periods ended June 30, 2013: a risk free interest rate of 0.42%; an expected life of 3 years; an expected dividend yield of 0.0%; and a volatility factor of .84.

During the quarter ended June 30, 2014 the Company entered into various short-term unsecured demand notes with Robert L. Bauman. The Company has borrowed $683,400 with interest at 4.0%. The Company recorded interest expense during the three months ended June 30, 2014 in the amount of $2,591 and as of June 30, 2014 no interest was paid. As of June 30, 2014 the outstanding balance of these notes was $683,400. The Company repaid $200,000 of the outstanding balance of these notes on July 29, 2014.

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Note 5 - Short-term Financing (Details) (USD $)	3 Months Ended	9 Months Ended				1 Months Ended	3 Months Ended	9 Months Ended		3 Months Ended	9 Months Ended
	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014 Common Class A [Member]	Dec. 30, 2012 Common Class A [Member]	Jul. 29, 2014 Robert L. Bauman [Member]	Jun. 30, 2014 Robert L. Bauman [Member]	Jun. 30, 2014 Robert L. Bauman [Member]	Dec. 31, 2013 Robert L. Bauman [Member]	Jun. 30, 2013 Warrant Agreement [Member]	Jun. 30, 2013 Warrant Agreement [Member]	Dec. 30, 2012 Warrant Agreement [Member]
Note 5 - Short-term Financing (Details) [Line Items]
Due to Related Parties, Current									$ 250,000
Line of Credit Facility, Maximum Amount Outstanding During Period		250,000
Line of Credit Facility, Interest Rate During Period		0.24%
Warrant Period			3 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares)				100,000	100,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share)	$ 2.50		$ 2.50									$ 2.50
Line of Credit Facility, Current Borrowing Capacity		250,000
Class of Warrant or Right Amortized Period		1 year
Interest Expense, Debt	11,375		34,125				2,591	0		11,375	34,125
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate										0.42%	0.42%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term										3 years	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate										0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate										0.84%	0.84%
Proceeds from Short-term Debt							683,400
Debt Instrument, Interest Rate, Stated Percentage							4.00%	4.00%
Short-term Debt		683,400					683,400	683,400
Repayments of Short-term Debt			$ 250,000			$ 200,000

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Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Tables) (Directors Plans [Member])

9 Months Ended

Jun. 30, 2014

Directors Plans [Member]

Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Tables) [Line Items]

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]

Directors Plans			Outstanding Stock Options		Weighted Average Share Price		Weighted Average Remaining Life		Number of Stock Options Exercisable		Weighted Average Share Price
Range of exercise prices:
$2.925	-	5.25		17,000	$	3.34		5.9		14,667	$	3.40
$6.00	-	7.25		6,000	$	6.15		4.1		6,000	$	6.15
$10.50	-	11.00		6,000	$	10.75		3.3		6,000	$	10.75
				29,000	$	5.45				26,667	$	5.67