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 December 31, 2015

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 mark 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 smaller 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   [ ]	Smaller 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 February 9, 2016:  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
December 31,

	2015	2014
Net Sales
Product Sales	$1,307,166	$1,100,314
Service Sales	69,706	61,904
Total Net Sales	1,376,872	1,162,218
Costs and Expenses
Cost of Product Sold	693,035	759,510
Cost of Service Sold	47,486	40,603
Product Development	246,773	235,938
Marketing and Administrative      Expenses	438,225	399,399
Interest Charges	174	128
Other Income	(1,632)	(2,704)
Total Costs and Expenses	1,424,061	1,432,874
Income (Loss) before Provision for Income Taxes	(47,189)	(270,656)
Provision for (Recovery of) Income Taxes	-	-
Net Income (Loss)	$(47,189)	$(270,656)
Earnings per Common Share:
Net Income (Loss)	$(.03)	$(.17)
Earnings per Common Share Assuming Dilution:
Net Income (Loss)	$(.03)	$(.17)
Dividends per Common Share	$-0-	$-0-

See Notes to Consolidated Financial Statements

HICKOK INCORPORATED CONSOLIDATED BALANCE SHEET

	December 31, 2015 (Unaudited)	September 30, 2015 (Note)	December 31, 2014 (Unaudited)
Assets
Current Assets
Cash and Cash Equivalents	$752,798	$346,405	$683,826
Trade Accounts Receivable-Net	441,720	1,101,554	486,258
Notes Receivable-Current	-	-	-
Inventories	1,920,842	1,926,513	1,684,526
Prepaid Expenses	100,563	112,019	113,667
Total Current Assets	3,215,923	3,486,491	2,968,277
Property, Plant and Equipment
Land	233,479	233,479	233,479
Buildings	1,440,138	1,440,138	1,429,718
Machinery and Equipment	2,350,738	2,348,554	2,525,972
	4,024,355	4,022,171	4,189,169
Less: Allowance for Depreciation	3,678,437	3,646,937	3,816,931
Total Property - Net	345,918	375,234	372,238
Other Assets
Notes Receivable-Long-term	4,100	4,100	4,100
Deposits	750	750	1,750
Total Other Assets	4,850	4,850	5,850
Total Assets	$3,566,691	$3,866,575	$3,346,365

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

See Notes to Consolidated Financial Statements 

	December 31, 2015 (Unaudited)	September 30, 2015 (Note)	December 31, 2014 (Unaudited)
Liabilities and Stockholders' Equity
Current Liabilities
Convertible Notes Payable-related party	$200,000	$-	$200,000
Trade Accounts Payable	192,211	297,761	165,798
Accrued Payroll & Related Expenses	138,420	167,770	105,926
Accrued Expenses	60,725	183,390	94,882
Accrued Taxes Other Than Income	45,634	40,764	55,648
Accrued Income Taxes	-	-	-
Total Current Liabilities	636,990	689,685	622,254
Long-Term Liabilities
Convertible Notes Payable-related party	-	200,000	-
Accrued Expenses	339,700	339,700	235,200
Total Long-Term Liabilities	339,700	539,700	235,200
Stockholders' Equity
Class A, no par value;    authorized 10,000,000 shares;    1,163,349 shares outstanding    (1,163,349 shares outstanding    at September 30, 2015 and    December 31, 2014)excluding    15,795 shares in treasury	1,261,188	1,261,188	1,261,188
Class B, no par value;    authorized 2,500,000 shares;    474,866 shares outstanding    (474,866 at September 30, 2015    and December 31, 2014)excluding    667 shares in treasury	474,866	474,866	474,866
Preferred, no par value;    authorized 1,000,000 shares;    no shares outstanding	-	-	-
Contributed Capital	1,488,560	1,488,560	1,488,560
Retained Earnings (Deficit)	(634,613)	(587,424)	(735,703)
Total Stockholders' Equity	2,590,001	2,637,190	2,488,911
Total Liabilities and Stockholders' Equity	$3,566,691	$3,866,575	$3,346,365

HICKOK INCORPORATED
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED DECEMBER 31,
(Unaudited)

	2015	2014
Cash Flows from Operating Activities:
Cash received from customers	$2,036,706	$1,848,228
Cash paid to suppliers and employees	(1,628,380)	(1,545,549)
Interest paid	-	-
Interest received	251	412
Net Cash Provided By (Used In) Operating          Activities	408,577	303,091
Cash Flows from Investing Activities:
Capital expenditures	(2,184)	(9,592)
Net Cash Provided By (Used In) Investing           Activities	(2,184)	(9,592)
Net increase (decrease) in cash and cash equivalents	406,393	293,499
Cash and cash equivalents at beginning of year	346,405	390,327
Cash and cash equivalents at end of first quarter	$752,798	$683,826
See Notes to Consolidated Financial Statements
	2015	2014
Reconciliation of Net Income (Loss) to Net Cash  Provided By (Used In) Operating Activities:
Net Income (Loss)	$(47,189)	$(270,656)
Adjustments to reconcile net income (loss) to       net cash provided by operating activities:
Depreciation	31,500	16,380
Share-based compensation expense	-	543
Deferred income taxes	-	-
Changes in assets and liabilities:
Decrease (Increase) in accounts                receivable	659,834	686,010
Decrease (Increase) in inventories	5,671	29,671
Decrease (Increase) in prepaid expenses	11,456	(75,678)
Increase (Decrease) in accounts payable	(105,550)	20,241
Increase (Decrease) in accrued payroll                and related expenses	(29,350)	(26,793)
Increase (Decrease) in accrued expenses                and accrued taxes other than income                and long-term liabilities	(117,795)	(76,627)
Total Adjustments	455,766	573,747
Net Cash Provided By (Used In)                   Operating Activities	$408,577	$303,091

HICKOK INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
DECEMBER 31, 2015

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 month period ended December 31, 2015 are not necessarily indicative of the results that may be expected for the year ended September 30, 2016. 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, 2015.

2. Inventories

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

	December 31, 2015	September 30, 2015	December 31, 2014
Components	$1,284,865	$1,254,294	$1,049,254
Work-in-Process	454,969	499,752	501,125
Finished Product	181,008	172,467	134,147
	$1,920,842	$1,926,513	$1,684,526

The above amounts are net of reserve for obsolete inventory in the amount of $254,500, $251,500 and $365,564 for the periods ended December 31, 2015, September 30, 2015 and December 31, 2014 respectively.

3. Notes Receivable

The Company has a note receivable with a current 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, management entered into a Convertible Loan Agreement with Roundball LLC. Over the past several years there have been several amendments to the original agreement.

On December 30, 2015, management entered into Amendment No. 4 of the Convertible Loan Agreement with Roundball which continues to 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 an affiliate of two Directors extending the due date of the loan agreement from December 30, 2015 to December 30, 2016 and continues to allow $250,000 of borrowing on the agreement at the Company's discretion at an interest rate of 0.34% of which $200,000 is outstanding at December 31, 2015.

During fiscal year ended September 30, 2014, the Company borrowed $200,000 against this agreement. As of December 31, 2015, the outstanding balance on the Roundball convertible note was $200,000.

As part of the Convertible Loan Agreement between the Company and Roundball LLC. the parties 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 or amended, this warrant would have expired on December 30, 2015.

On December 30, 2015, management entered into Amendment No. 1 of the Warrant Agreement with Roundball. The amended Warrant Agreement is by and between the Company and a major shareholder who is also an affiliate of two Directors extending the due date of the agreement from December 30, 2015 to December 30, 2016.

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 2016. The fair value of the warrants issued was amortized over the one-year amended convertible loan agreement period. The following weighted-average assumptions were used in the option pricing model: 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.

The Company recorded interest expense on the Roundball note of $174 for the quarter ended December 31, 2015.

5. Warrant Agreement

In addition to the Warrant Agreement disclosed in Note 4. the Company and Robert L. 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. The warrant was not exercised, and expired on December 30, 2015.

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

Unissued shares of Class A common stock (833,233 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.

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 and 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 December 31, 2015.

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 6,000 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. The options are exercisable for up to 10 years. Options for 6,000 Class A shares were outstanding at December 31, 2015 (6,000 shares at September 30, 2015 and 22,000 shares at December 31, 2014) at prices ranging from $2.925 to $11.00 per share. All outstanding options under the Directors Plans became 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 Directors Plans at December 31, 2015:

   

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	5,000	$2.925	6.1	5,000	$2.925
$6.00 - $7.25	1,000	$6.00	4.3	1,000	$6.00
$10.50 - $11.00	-	-	-	-	-
	6,000	$3.44		6,000	$3.44

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 were 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 quarter ended December 31, 2014, $543 was expensed as share-based compensation. The following weighted-average assumptions were used in the option pricing model for the three month period ended December 31, 2014: a risk free interest rate of 5.0%; an expected life of 10 years; an expected dividend yield of 0.0%; and a volatility factor of ..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.

In May 2014, the FASB issued its final standard on the recognition of revenue from contracts with customers. The standard, issued as Accounting Standards Update (ASU) 2014-09, outlines a single comprehensive model for entities to use in the accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. The core principle of this model is that “an entity recognizes revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to e entitled in exchange for those goods and services.” The update is effective for financial statement periods beginning after December 15, 2017, with early adoption prohibited. The Company has not determined the impact of this pronouncement on its financial statements and related disclosure.

In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15") requires that an entity's management evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for annual periods beginning after December 15, 2016 and for interim periods thereafter. The Company is evaluating the potential impacts of this new standard on its quarterly reporting process.

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 December 31,
	2015	2014
Basic Income (Loss) per Share
Income (Loss) available to common stockholders	$(47,189)	$(270,656)
Shares denominator	1,638,215	1,638,215
Per share amount	$(.03)	$(.17)
Effect of Dilutive Securities
Average shares outstanding	1,638,215	1,638,215
Stock options	-*	-*
	1,638,215	1,638,215
Diluted Income (Loss) per Share
Income (Loss) available to common stockholders	$(47,189)	$(270,656)
Per share amount	$(.03)	$(.17)
* Net effect of stock options, warrants, and Convertible Note were antidilutive for the period.

Options and warrants to purchase 6,000 and 100,000 shares of common stock respectively during the first quarter of fiscal 2016 at prices ranging from $2.50 to $6.00 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.

Options and warrants to purchase 22,000 and 200,000 shares of common stock respectively during the first quarter of fiscal 2015 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 at a price of $1.85 per share were not included in the computation of diluted earnings per share during the first quarter of fiscal 2016 and 2015 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.

9. Segment and Related Information

The Company's four 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 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
December 31,

	2015	2014
Net Sales
Indicators and Gauges	$242,123	$245,669
Automotive Diagnostic Tools and Equipment	1,134,749	916,549
	$1,376,872	$1,162,218
Income (Loss) before Provision for Income Taxes
Indicators and Gauges	$31,074	$2,493
Automotive Diagnostic Tools and Equipment	171,233	(31,388)
General Corporate Expenses	(249,496)	(241,761)
	$(47,189)	$(270,656)
Asset Information
Indicators and Gauges	$706,460	$704,441
Automotive Diagnostic Tools and Equipment	1,652,603	1,462,089
Corporate	1,207,628	1,179,835
	$3,566,691	$3,346,365
Geographical Information
Included in the consolidated financial statements are the following amounts related to geographical locations:
Revenue:
United States	$1,329,619	$1,127,459
Australia	38,353	8,125
Canada	8,900	19,658
Mexico	-	6,976
Other foreign countries	-	-
	$1,376,872	$1,162,218

All export sales to Australia, Canada, Mexico 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 December 31, 2015 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, except as follows:

On January 8, 2016, the Company entered into an Agreement and Plan of Merger (Agreement) with First Francis Company Inc. (First Francis), the shareholders of First Francis, Federal Hose Manufacturing LLC (Federal Hose), a wholly owned subsidiary of First Francis, and Federal Hose Merger Sub, Inc. (Merger Sub), a wholly owned subsidiary of the Company. The Merger Sub will be merged with and into Federal Hose, with Federal Hose surviving the merger on the terms and conditions set forth in the Agreement.

The consideration to be delivered to First Francis upon the closing of the merger shall be (i) the issuance by the Company to First Francis of 911,250 shares of the Company's Class A common capital stock, without par value, (ii) the issuance by the Company to First Francis of 303,750 shares of the Company's Class B common capital stock, without par value, and (iii) the issuance by the Company to First Francis of promissory notes in the original principal amounts of $2,768,662 and $2,000,000 (subject to adjustment as set forth in the Agreement), to be in the forms set forth in the Agreement, with such notes secured by a security interest in all of the Company's, Federal Hose's and Supreme Electronics' assets under the terms of a Security Agreement.

The Agreement may be terminated by mutual consent at any time prior to the closing, or if all conditions of the Agreement have not been satisfied by July 1, 2016.

Before the closing of the merger, the shareholders of the Company must approve the transactions contemplated by the Agreement.

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 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.

In addition, on December 30, 2015, management entered into an amended unsecured convertible loan agreement which may provide approximately $467,000 of liquidity to meet on going working capital requirements. The unsecured convertible loan agreement is with a major shareholder who is also an affiliate of two Directors extending the due date of the loan agreement and continues to allow $250,000 of borrowing on the agreement at the Company's discretion. This facility is available through December 2016. The Company had previously borrowed $200,000 and it is outstanding at December 31, 2015.

On December 30, 2015, management entered into Amendment No. 1 of the Warrant Agreement with Roundball. The amended Warrant Agreement is by and between the Company and a major shareholder who is also an affiliate of two Directors extending the due date of the agreement from December 30, 2015 to December 30, 2016.

Management’s strategic plan to increase revenues and profitability through increased sales of existing products, the introduction of new products to the market place and the cash generated from the completion of the large orders from a Tier 1 Supplier during the prior fiscal year 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, First Quarter (October 1, 2015 through December 31, 2015)
Fiscal 2016 Compared to First Quarter Fiscal 2015
-----------------------------------------------------------------------------------------

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 $242,123 and $245,669 for the first quarter of fiscal 2016 and fiscal 2015, 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 $1,134,749 and $916,549 for the first quarter of fiscal 2016 and fiscal 2015, respectively.

Results of Operations

Product sales for the quarter ended December 31, 2015 were $1,307,166 versus $1,100,314 for the quarter ended December 31, 2014. The increase in product sales during the current quarter of approximately $207,000 was volume related due primarily to increased sales of automotive diagnostic testing products to OEM's and aftermarket of approximately $179,000 and $68,000 respectively, offset by a decrease in sales of indicator products and emissions testing products of approximately $17,000 and $23,000 respectively. Product sales are expected to decrease slightly during the remainder of fiscal 2016.

Service sales for the quarter ended December 31, 2015 were $69,706 versus $61,904 for the quarter ended December 31, 2014. The increase was volume related and due primarily to a higher sales volume for chargeable repairs. The current level of service sales related to product repair sales is expected to continue at current levels for the balance of the fiscal year.

Cost of product sold in the first quarter of fiscal 2016 was $693,035 (53.0% of product sales) as compared to $759,510 (69.0% of product sales) in the first quarter of fiscal 2015. The dollar and percentage decrease in the cost of product sold was due primarily to increased plant utilization, a change in product mix and a volume increase in product sales during the current quarter. The current cost of product sold percentage is expected to increase slightly for the remainder of the year due to a change in product mix.

Cost of service sold in the first quarter of fiscal 2016 was $47,486 (68.1% of service sales) as compared to $40,603 (65.6% of service sales) in the first quarter of fiscal 2015. The dollar increase was due primarily to a higher sales volume of chargeable repairs in the current quarter. The percentage increase was due primarily to product specifics of chargeable repairs. The current cost of services sold percentage is expected to continue for the balance of the fiscal year.

Product development expenses were $246,773 in the first quarter of fiscal 2016 (18.9% of product sales) as compared to $235,938 (21.4% of product sales) in the first quarter of fiscal 2015. 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 for the balance of the fiscal year. The Company 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 $438,225 (31.8% of total net sales) in the first quarter of fiscal 2016 versus $399,399 (34.3% of total net sales) for the same period a year ago. The percentage decrease was due primarily to the higher level of total sales for the current quarter. Marketing expenses were approximately $187,000 in the first quarter of fiscal 2016 versus $155,000 for the same period a year ago. Within marketing expenses, royalty expense, advertising expense, wages, credit and collection expense and travel expense increased by approximately $17,000, $10,000, $4,000, $3,000 and $1,000 respectively. Commission expense and promotion expense decreased by approximately $3,000 and $2,000 respectively. Administrative expenses were approximately $251,000 in the first quarter of fiscal 2016 versus $244,000 for the same period a year ago. Within administrative expenses, depreciation expense and wages increased approximately $7,000 and $3,000 respectively. The increases were offset primarily by a decrease in data processing expenses of approximately $4,000. The current level of marketing and administrative expenses are expected to increase moderately for the balance of the fiscal year due to anticipated additional professional regarding the probable acquisition. See Discussions Regarding Potential Acquisition section below.

Interest expense was $174 in the first quarter of fiscal 2016 which compares with $128 in the first quarter of fiscal 2015. The increase in interest charges in the current quarter compared to a year ago was due to recording interest expense on the outstanding balance of the convertible notes payable. The current level of interest expense is anticipated to continue for the remainder of the fiscal year.

Other income was $1,632 in the first quarter of fiscal 2016 which compares with $2,704 in the first quarter of fiscal 2015. Other income consists primarily of interest income on cash and cash equivalents invested and the proceeds from the sale of scrap metal shavings. The decrease was due primarily to a decrease in the sale of scrap metal shavings.

Income taxes in the first quarter of fiscal 2016 was $0 which compares with income taxes of $0 in the first quarter of fiscal 2015. In the first quarter of fiscal 2016 and 2015 recovery of income taxes was calculated at an effective tax rate of 37% offset by a increase in the valuation allowance netting to $0.

The net loss in the first quarter of fiscal 2016 was $47,189 which compares with a net loss of $270,656 in the first quarter of fiscal 2015. The lower net loss in fiscal 2016 was due primarily to the higher sales volume.
 
Unshipped customer orders as of December 31, 2015 were $644,000 versus $469,000 at December 31, 2014. The $175,000 increase was due primarily to increased orders for automotive diagnostic products to OEM's and aftermarket products including emissions products of approximately $171,000 and $47,000 respectively. In addition, orders for indicators, and parts and service decreased by approximately $26,000 and $17,000 respectively. The Company anticipates that most of the current backlog will be shipped in fiscal 2016.

Liquidity and Capital Resources

Total current assets were $3,215,923, $3,486,491 and $2,968,277 at December 31, 2015, September 30, 2015 and December 31, 2014, respectively. The increase of approximately $248,000 from December to December is due primarily to the increase in cash and cash equivalents and inventories of approximately $70,000 and $236,000 respectively, offset by a decrease in accounts receivable and prepaid expenses of approximately $45,000 and $13,000 respectively. The increase in cash and cash equivalents combined with the decrease in accounts receivable was due to the completion of the large order obtained in June 2015 for an OEM supplier. The decrease from September 30, 2015 to December 31, 2015 of approximately $271,000 is due primarily to the decrease in accounts receivable, prepaid expenses and inventory of approximately $660,000, $11,000 and $6,000 respectively, offset by an increase in cash and cash equivalents of approximately $406,000. The decrease in cash and accounts receivable was due primarily to the collection of accounts receivable from the large order completed during the fourth quarter of fiscal 2015.

Working capital as of December 31, 2015 amounted to $2,578,933 as compared with $2,346,023 a year earlier. Current assets were 5.0 times current liabilities and total cash and cash equivalents and receivables were 1.9 times current liabilities. These ratios compare to 4.8 and 1.9, respectively, at December 31, 2014.

Internally generated funds during the three months ended December 31, 2015 were a positive $408,577 and were adequate to fund the Company's primary non-operating cash requirements consisting of capital expenditures of $2,184. The primary reason for the positive cash flow from operations was the decrease of accounts receivable, offset in part by a decrease in accounts payable, accrued expenses of $106,000, $118,000 respectively and the net loss during the current quarter of $47,189. The Company does anticipate additional capital expenditures during fiscal 2016 of approximately $140,000 primarily to complete the upgrade and replacement of the Company's IT infrastructure, and the management information computer system. The Company believes that cash and cash equivalents together with funds anticipated to be generated by operations in addition to available short-term or long-term financing will provide adequate funding of the Company's working capital needs.

Shareholders' equity during the three months ended December 31, 2015 decreased by $47,189 which was the net loss during the period.

Whenever there may be a requirement to increase inventory in fiscal 2016, there will be a negative but temporary impact on liquidity. Management continues to tightly control expenses and will take actions as deemed necessary to manage its working capital.

In December 2015, management entered into Amendment No. 4 of the Convertible Loan Agreement which may provide up to approximately $467,000 of liquidity to meet on going working capital requirements. The Convertible Loan Agreement, as amended, is between the Company and a major shareholder who is also affiliated with two Directors, as discussed in Note 4 to the Company's financial statements. This amended agreement modified the terms of the previously amended agreement by extending the due date of the loan agreement from December 30, 2015 to December 30, 2016 and continues to allow $250,000 of borrowing on the agreement at the Company's discretion. During fiscal 2014, the Company borrowed $200,000 against this facility and at December 31, 2015 this balance is outstanding.

Discussions Regarding Potential Acquisition

The Company signed a Merger Agreement on January 8, 2016 with First Francis Company, Inc.("First Francis"), an entity affiliated with Edward F. Crawford and Matthew V. Crawford, directors of the Company, concerning a potential acquisition of Federal Hose Manufacturing LLC, a wholly owned subsidiary of First Francis ("Federal Hose"). The Merger Agreement provides that the Company will acquire all of the membership interests of Federal Hose in exchange for an aggregate of (i) 911,250 of the Company’s Class A Common Shares; (ii) 303,750 of the Company’s Class B Common Shares; and (iii) $4,768,662 in certain promissory notes to be issued by the Company, which will bear interest at an annual rate of 4% payable quarterly, be subject to redemption over a mandatory 10-year amortization schedule and is required to be fully redeemed within six years of their issuance date.
 
Information concerning this proposed transaction constitutes forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. With respect to statements relating to this proposed transaction, such uncertainties include, among other things, the fact that any such transaction would be subject to a number of conditions precedent, including the receipt of third party consents, and the satisfaction of other customary conditions precedent. In addition, shareholder approval of the transactions contemplated by the Merger Agreement will be required, including with respect to the issuance of Class B Common Shares, which requires separate approval of the holders of a two-thirds majority of the Company's Class A Common Shares. We cannot assure you that the proposed transaction will be consummated or as to the timing thereof.

Off-Balance Sheet Arrangements

Hickok has no off-balance sheet arrangements (as defined in Regulation S-K Item 303 paragraph (a)(4)(ii)) that have or are reasonably likely to have a material current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

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 Operation in our Form 10-K for the year ended September 30, 2015.

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 and the automotive industry, (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 risks are exposure related to interest rate risk and equity market fluctuations. The Company's funds available from the convertible note were the only debt subject to interest rate risk during the current quarter. The Company currently has available under the convertible note agreement a credit facility subject to a nominal fixed rate of interest. As a result, the Company believes that the market risk related to interest rate movements is minimal. The Company had $200,000 of outstanding borrowings under this credit facility at December 31, 2015.

Item 4. Controls and Procedures.

As of December 31, 2015, 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 December 31, 2015 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 first fiscal quarter ended December 31, 2015 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 has been no material developments in this legal proceeding since the filing of Form 10-K for fiscal 2015. 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 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: February 16, 2016	/s/ R. L. Bauman
	R. L. Bauman, Chief Executive Officer, President, and Treasurer
Date: February 16, 2016	/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
	December 31,
	2015	2014
NET INCOME Net income (loss) applicable to common shares for basic earnings per share	$(47,189)	$(270,656)
Net income (loss) applicable to common shares for diluted earnings per share	$(47,189)	$(270,656)
SHARES OUTSTANDING Weighted average shares for basic earnings per share	1,638,215	1,638,215
Net effect of dilutive stock options - based on the treasury stock method using year-end market price, if higher than average market price	-*	-*
Total shares for diluted earnings per share	1,638,215	1,638,215
Basic Earnings Per Common Share	$(.03)	$(.17)
Diluted Earnings Per Common Share	$(.03)	$(.17)

*  Net effect of stock options, warrants and Convertible Note were 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

February 16, 2016

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

February 16, 2016

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 December 31, 2015 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

February 16, 2016

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 December 31, 2015 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

February 16, 2016

XML

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2015	Feb. 09, 2016
Common Class B [Member]
Entity Common Stock, Shares Outstanding (in shares)		474,866
Common Class A [Member]
Entity Common Stock, Shares Outstanding (in shares)		1,163,349
Entity Registrant Name	HICKOK INC
Entity Central Index Key	0000047307
Trading Symbol	hicka
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Consolidated Income Statements (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Net Sales
Product Sales	$ 1,307,166	$ 1,100,314
Service Sales	69,706	61,904
Total Net Sales	1,376,872	1,162,218
Costs and Expenses
Cost of Product Sold	693,035	759,510
Cost of Service Sold	47,486	40,603
Product Development	246,773	235,938
Marketing and Administrative Expenses	438,225	399,399
Interest Charges	174	128
Other Income	(1,632)	(2,704)
Total Costs and Expenses	1,424,061	1,432,874
Income (Loss) before Provision for Income Taxes	$ (47,189)	$ (270,656)
Provision for (Recovery of) Income Taxes
Net Income (Loss)	$ (47,189)	$ (270,656)
Earnings per Common Share:
Net Income (Loss) (in dollars per share)	$ (0.03)	$ (0.17)
Earnings per Common Share Assuming Dilution:
Net Income (Loss) (in dollars per share)	(0.03)	(0.17)
Dividends per Common Share (in dollars per share)	$ 0	$ 0

XML

Consolidated Balance Sheet (Unaudited) - USD ($)	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Common Class A [Member]
Stockholders' Equity
Common stock, value	$ 1,261,188	$ 1,261,188	$ 1,261,188
Common Class B [Member]
Stockholders' Equity
Common stock, value	474,866	474,866	474,866
Cash and Cash Equivalents	752,798	346,405	683,826
Trade Accounts Receivable-Net	$ 441,720	$ 1,101,554	$ 486,258
Notes Receivable-Current
Inventories	$ 1,920,842	$ 1,926,513	$ 1,684,526
Prepaid Expenses	100,563	112,019	113,667
Total Current Assets	3,215,923	3,486,491	2,968,277
Land	233,479	233,479	233,479
Buildings	1,440,138	1,440,138	1,429,718
Machinery and Equipment	2,350,738	2,348,554	2,525,972
	4,024,355	4,022,171	4,189,169
Less: Allowance for Depreciation	3,678,437	3,646,937	3,816,931
Total Property - Net	345,918	375,234	372,238
Notes Receivable-Long-term	4,100	4,100	4,100
Deposits	750	750	1,750
Total Other Assets	4,850	4,850	5,850
Total Assets	3,566,691	$ 3,866,575	3,346,365
Convertible Notes Payable-related party	200,000		200,000
Trade Accounts Payable	192,211	$ 297,761	165,798
Accrued Payroll & Related Expenses	138,420	167,770	105,926
Accrued Expenses	60,725	183,390	94,882
Accrued Taxes Other Than Income	$ 45,634	$ 40,764	$ 55,648
Accrued Income Taxes
Total Current Liabilities	$ 636,990	$ 689,685	$ 622,254
Convertible Notes Payable-related party		200,000
Accrued Expenses	$ 339,700	339,700	$ 235,200
Total Long-Term Liabilities	$ 339,700	$ 539,700	$ 235,200
Preferred, no par value; authorized 1,000,000 shares; no shares outstanding
Contributed Capital	$ 1,488,560	$ 1,488,560	$ 1,488,560
Retained Earnings (Deficit)	(634,613)	(587,424)	(735,703)
Total Stockholders' Equity	2,590,001	2,637,190	2,488,911
Total Liabilities and Stockholders' Equity	$ 3,566,691	$ 3,866,575	$ 3,346,365

XML

Consolidated Balance Sheet (Unaudited) (Parentheticals) - $ / shares	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0	$ 0
Common stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Common stock, shares outstanding (in shares)	1,163,349	1,163,349	1,163,349
Treasury stock, shares (in shares)	15,795	15,795	15,795
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0	$ 0	$ 0
Common stock, shares authorized (in shares)	2,500,000	2,500,000	2,500,000
Common stock, shares outstanding (in shares)	474,866	474,866	474,866
Treasury stock, shares (in shares)	667	667	667
Preferred stock, par value (in dollars per share)	$ 0	$ 0	$ 0
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000	1,000,000
Preferred stock, shares outstanding (in shares)	0	0	0

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities:
Cash received from customers	$ 2,036,706	$ 1,848,228
Cash paid to suppliers and employees	$ (1,628,380)	$ (1,545,549)
Interest paid
Interest received	$ 251	$ 412
Net Cash Provided By (Used In) Operating Activities	408,577	303,091
Cash Flows from Investing Activities:
Capital expenditures	(2,184)	(9,592)
Net Cash Provided By (Used In) Investing Activities	(2,184)	(9,592)
Net increase (decrease) in cash and cash equivalents	406,393	293,499
Cash and cash equivalents at beginning of year	346,405	390,327
Cash and cash equivalents at end of first quarter	752,798	683,826
Reconciliation of Net Income (Loss) to Net Cash Provided By (Used In) Operating Activities:
Net Income (Loss)	(47,189)	(270,656)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	$ 31,500	16,380
Share-based compensation expense		$ 543
Deferred income taxes
Changes in assets and liabilities:
Decrease (Increase) in accounts receivable	$ 659,834	$ 686,010
Decrease (Increase) in inventories	5,671	29,671
Decrease (Increase) in prepaid expenses	11,456	(75,678)
Increase (Decrease) in accounts payable	(105,550)	20,241
Increase (Decrease) in accrued payroll and related expenses	(29,350)	(26,793)
Increase (Decrease) in accrued expenses and accrued taxes other than income and long-term liabilities	(117,795)	(76,627)
Total Adjustments	455,766	573,747
Net Cash Provided By (Used In) Operating Activities	$ 408,577	$ 303,091

XML

Note 1 - Basis of Presentation

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

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 month period ended December 31, 2015 are not necessarily indicative of the results that may be expected for the year ended September 30, 2016. 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, 2015.

XML

Note 2 - Inventories

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Inventory Disclosure [Text Block]

2.

Inventories

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

	December 31, 2015		September 30, 2015		December 31, 2014
Components	$	1,284,865	$	1,254,294	$	1,049,254
Work-in-Process		454,969		499,752		501,125
Finished Product		181,008		172,467		134,147
	$	1,920,842	$	1,926,513	$	1,684,526

The above amounts are net of reserve for obsolete inventory in the amount of $254,500, $251,500 and $365,564 for the periods ended December 31, 2015, September 30, 2015 and December 31, 2014 respectively.

XML

Note 3 - Notes Receivable

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

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

3.

Notes Receivable

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

XML

Note 4 - Convertible Notes Payable

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Debt Disclosure [Text Block]

4.

Convertible Notes Payable

On December 30, 2011, management entered into a Convertible Loan Agreement with Roundball LLC. Over the past several years there have been several amendments to the original agreement.

On December 30, 2015, management entered into Amendment No. 4 of the Convertible Loan Agreement with Roundball which continues to 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 an affiliate of two Directors extending the due date of the loan agreement from December 30, 2015 to December 30, 2016 and continues to allow $250,000 of borrowing on the agreement at the Company's discretion at an interest rate of 0.34% of which $200,000 is outstanding at December 31, 2015.

During fiscal year ended September 30, 2014, the Company borrowed $200,000 against this agreement. As of December 31, 2015, the outstanding balance on the Roundball convertible note was $200,000.

As part of the Convertible Loan Agreement between the Company and Roundball LLC. the parties 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 or amended, this warrant would have expired on December 30, 2015.

On December 30, 2015, management entered into Amendment No. 1 of the Warrant Agreement with Roundball. The amended Warrant Agreement is by and between the Company and a major shareholder who is also an affiliate of two Directors extending the due date of the agreement from December 30, 2015 to December 30, 2016.

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 2016. The fair value of the warrants issued was amortized over the one-year amended convertible loan agreement period. The following weighted-average assumptions were used in the option pricing model: 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.

The Company recorded interest expense on the Roundball note of $174 for the quarter ended December 31, 2015.

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Note 5 - Warrant Agreement

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Warrants [Text Block]

5.

Warrant Agreement

In addition to the Warrant Agreement disclosed in Note 4. the Company and Robert L. 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. The warrant was not exercised, and expired on December 30, 2015.

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

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

6.

Capital Stock, Treasury Stock, Contributed Capital and Stock Options

Unissued shares of Class A common stock (833,233 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.

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 and 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 December 31, 2015.

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 6,000 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. The options are exercisable for up to 10 years. Options for 6,000 Class A shares were outstanding at December 31, 2015 (6,000 shares at September 30, 2015 and 22,000 shares at December 31, 2014) at prices ranging from $2.925 to $11.00 per share. All outstanding options under the Directors Plans became 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 Directors Plans at December 31, 2015:

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		5,000	$	2.925		6.1		5,000	$	2.925
$6.00	-	$7.25		1,000	$	6.00		4.3		1,000	$	6.00
$10.50	-	$11.00		-		-		-		-		-
				6,000	$	3.44				6,000	$	3.44

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 were 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 quarter ended December 31, 2014, $543 was expensed as share-based compensation. The following weighted-average assumptions were used in the option pricing model for the three month period ended December 31, 2014: a risk free interest rate of 5.0%; an expected life of 10 years; an expected dividend yield of 0.0%; and a volatility factor of .87.

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Note 7 - Recently Issued Accounting Pronouncements

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

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.

In May 2014, the FASB issued its final standard on the recognition of revenue from contracts with customers. The standard, issued as Accounting Standards Update (ASU) 2014-09, outlines a single comprehensive model for entities to use in the accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. The core principle of this model is that “an entity recognizes revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to e entitled in exchange for those goods and services.” The update is effective for financial statement periods beginning after December 15, 2017, with early adoption prohibited. The Company has not determined the impact of this pronouncement on its financial statements and related disclosure.

In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15") requires that an entity's management evaluate whether there are conditions or events that raise substantial doubt about the entity's ability to continue as a going concern within one year after the date that the financial statements are issued. ASU 2014-15 is effective for annual periods beginning after December 15, 2016 and for interim periods thereafter. The Company is evaluating the potential impacts of this new standard on its quarterly reporting process.

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Note 8 - Earnings Per Common Share

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

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 December 31,
	2015			2014
Basic Income (Loss) per Share
Income (Loss) available to common stockholders	$	(47,189	)	$	(270,656	)
Shares denominator		1,638,215			1,638,215
Per share amount	$	(.03	)	$	(.17	)
Effect of Dilutive Securities
Average shares outstanding		1,638,215			1,638,215
Stock options		-*			-*
		1,638,215			1,638,215
Diluted Income (Loss) per Share
Income (Loss) available to common stockholders	$	(47,189	)	$	(270,656	)
Per share amount	$	(.03	)	$	(.17	)

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

Options and warrants to purchase 6,000 and 100,000 shares of common stock respectively during the first quarter of fiscal 2016 at prices ranging from $2.50 to $6.00 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.

Options and warrants to purchase 22,000 and 200,000 shares of common stock respectively during the first quarter of fiscal 2015 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 at a price of $1.85 per share were not included in the computation of diluted earnings per share during the first quarter of fiscal 2016 and 2015 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.

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Note 9 - Segment and Related Information

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

9.

Segment and Related Information

The Company's four 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 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 December 31,
	2015			2014
Net Sales
Indicators and Gauges	$	242,123		$	245,669
Automotive Diagnostic Tools and Equipment		1,134,749			916,549
	$	1,376,872		$	1,162,218
Income (Loss) before Provision for Income Taxes
Indicators and Gauges	$	31,074		$	2,493
Automotive Diagnostic Tools and Equipment		171,233			(31,388	)
General Corporate Expenses		(249,496	)		(241,761	)
	$	(47,189	)	$	(270,656	)
Asset Information
Indicators and Gauges	$	706,460		$	704,441
Automotive Diagnostic Tools and Equipment		1,652,603			1,462,089
Corporate		1,207,628			1,179,835
	$	3,566,691		$	3,346,365

Geographical Information
Included in the consolidated financial statements are the following amounts related to geographical locations:
Revenue:
United States	$	1,329,619	$	1,127,459
Australia		38,353		8,125
Canada		8,900		19,658
Mexico		-		6,976
Other foreign countries		-		-
	$	1,376,872	$	1,162,218

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

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Note 10 - Commitments and Contingencies

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

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 11 - Subsequent Events

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

Subsequent Events [Text Block]

11.

Subsequent Events

The Company has analyzed its operations subsequent to December 31, 2015 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, except as follows:

On January 8, 2016, the Company entered into an Agreement and Plan of Merger (Agreement) with First Francis Company Inc. (First Francis), the shareholders of First Francis, Federal Hose Manufacturing LLC (Federal Hose), a wholly owned subsidiary of First Francis, and Federal Hose Merger Sub, Inc. (Merger Sub), a wholly owned subsidiary of the Company. The Merger Sub will be merged with and into Federal Hose, with Federal Hose surviving the merger on the terms and conditions set forth in the Agreement.

The consideration to be delivered to First Francis upon the closing of the merger shall be (i) the issuance by the Company to First Francis of 911,250 shares of the Company's Class A common capital stock, without par value, (ii) the issuance by the Company to First Francis of 303,750 shares of the Company's Class B common capital stock, without par value, and (iii) the issuance by the Company to First Francis of promissory notes in the original principal amounts of $2,768,662 and $2,000,000 (subject to adjustment as set forth in the Agreement), to be in the forms set forth in the Agreement, with such notes secured by a security interest in all of the Company's, Federal Hose's and Supreme Electronics' assets under the terms of a Security Agreement.

The Agreement may be terminated by mutual consent at any time prior to the closing, or if all conditions of the Agreement have not been satisfied by July 1, 2016.

Before the closing of the merger, the shareholders of the Company must approve the transactions contemplated by the Agreement.

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Note 12 - Business Condition and Management Plan

3 Months Ended

Dec. 31, 2015

Notes to Financial Statements

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 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.

In addition, on December 30, 2015, management entered into an amended unsecured convertible loan agreement which may provide approximately $467,000 of liquidity to meet on going working capital requirements. The unsecured convertible loan agreement is with a major shareholder who is also an affiliate of two Directors extending the due date of the loan agreement and continues to allow $250,000 of borrowing on the agreement at the Company's discretion. This facility is available through December 2016. The Company had previously borrowed $200,000 and it is outstanding at December 31, 2015.

On December 30, 2015, management entered into Amendment No. 1 of the Warrant Agreement with Roundball. The amended Warrant Agreement is by and between the Company and a major shareholder who is also an affiliate of two Directors extending the due date of the agreement from December 30, 2015 to December 30, 2016.

Management’s strategic plan to increase revenues and profitability through increased sales of existing products, the introduction of new products to the market place and the cash generated from the completion of the large orders from a Tier 1 Supplier during the prior fiscal year should provide the Company with the needed working capital for the next twelve months.

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Note 2 - Inventories (Tables)

3 Months Ended

Dec. 31, 2015

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 31, 2015		September 30, 2015		December 31, 2014
Components	$	1,284,865	$	1,254,294	$	1,049,254
Work-in-Process		454,969		499,752		501,125
Finished Product		181,008		172,467		134,147
	$	1,920,842	$	1,926,513	$	1,684,526

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Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Tables)

3 Months Ended

Dec. 31, 2015

Directors Plans [Member]

Notes Tables

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		5,000	$	2.925		6.1		5,000	$	2.925
$6.00	-	$7.25		1,000	$	6.00		4.3		1,000	$	6.00
$10.50	-	$11.00		-		-		-		-		-
				6,000	$	3.44				6,000	$	3.44

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Note 8 - Earnings Per Common Share (Tables)

3 Months Ended

Dec. 31, 2015

Notes Tables

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

	Three Months ended December 31,
	2015			2014
Basic Income (Loss) per Share
Income (Loss) available to common stockholders	$	(47,189	)	$	(270,656	)
Shares denominator		1,638,215			1,638,215
Per share amount	$	(.03	)	$	(.17	)
Effect of Dilutive Securities
Average shares outstanding		1,638,215			1,638,215
Stock options		-*			-*
		1,638,215			1,638,215
Diluted Income (Loss) per Share
Income (Loss) available to common stockholders	$	(47,189	)	$	(270,656	)
Per share amount	$	(.03	)	$	(.17	)

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Note 9 - Segment and Related Information (Tables)

3 Months Ended

Dec. 31, 2015

Notes Tables

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

	Three Months Ended December 31,
	2015			2014
Net Sales
Indicators and Gauges	$	242,123		$	245,669
Automotive Diagnostic Tools and Equipment		1,134,749			916,549
	$	1,376,872		$	1,162,218
Income (Loss) before Provision for Income Taxes
Indicators and Gauges	$	31,074		$	2,493
Automotive Diagnostic Tools and Equipment		171,233			(31,388	)
General Corporate Expenses		(249,496	)		(241,761	)
	$	(47,189	)	$	(270,656	)
Asset Information
Indicators and Gauges	$	706,460		$	704,441
Automotive Diagnostic Tools and Equipment		1,652,603			1,462,089
Corporate		1,207,628			1,179,835
	$	3,566,691		$	3,346,365

Geographical Information
Included in the consolidated financial statements are the following amounts related to geographical locations:
Revenue:
United States	$	1,329,619	$	1,127,459
Australia		38,353		8,125
Canada		8,900		19,658
Mexico		-		6,976
Other foreign countries		-		-
	$	1,376,872	$	1,162,218

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Note 2 - Inventories (Details Textual) - USD ($)	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Inventory Valuation Reserves	$ 254,500	$ 251,500	$ 365,564

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Note 2 - Inventory (Details) - USD ($)	Dec. 31, 2015	Sep. 30, 2015	Dec. 31, 2014
Components	$ 1,284,865	$ 1,254,294	$ 1,049,254
Work-in-Process	454,969	499,752	501,125
Finished Product	181,008	172,467	134,147
	$ 1,920,842	$ 1,926,513	$ 1,684,526

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Note 3 - Notes Receivable (Details Textual)	3 Months Ended
	Dec. 31, 2015
Unsecured Note Receivable Interest Rate	3.00%

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Note 4 - Convertible Notes Payable (Details Textual) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2015	Dec. 30, 2016	Sep. 30, 2014	Dec. 30, 2012
Director [Member] | Roundball LLC [Member] | Convertible Notes Payable [Member]
Working Capital Funding				$ 467,000
Line of Credit Facility, Maximum Borrowing Capacity				$ 250,000
Roundball LLC [Member] | Amendment No. 1 [Member] | Warrant to Purchase Class A Common Stock [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				100,000
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 2.50
Roundball LLC [Member]
Interest Expense, Debt	$ 174
Fair Value Assumptions, Expected Term		3 years
Debt Instrument, Interest Rate, Stated Percentage	0.34%
Line of Credit Facility, Fair Value of Amount Outstanding	$ 200,000
Proceeds from Convertible Debt			$ 200,000
Warrant Term		1 year
Fair Value Assumptions, Risk Free Interest Rate		0.42%
Fair Value Assumptions, Expected Dividend Rate		0.00%
Fair Value Assumptions, Weighted Average Volatility Rate		0.84%

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Note 5 - Warrant Agreement (Details Textual) - Robert L Bauman [Member] - Common Class A [Member]	Dec. 30, 2012 $ / shares shares
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	100,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares	$ 2.50

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Note 6 - Capital Stock, Treasury Stock, Contributed Capital and Stock Options (Details Textual) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015	Feb. 27, 2013
Common Class A [Member] | Omnibus 2013 Equity Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	0
Common Stock, Capital Shares Reserved for Future Issuance				150,000
Common Class A [Member] | Directors Plans [Member] | Minimum [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 2.925
Common Class A [Member] | Directors Plans [Member] | Maximum [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$ 11
Common Class A [Member] | Directors Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	6,000	22,000	6,000
Common Class A [Member]
Common Stock, Capital Shares Reserved for Future Issuance	833,233
Directors Plans [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Allocated Share-based Compensation Expense		$ 543
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate		5.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term		10 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate		0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate		0.87%

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Note 6 - Summary of Expired Director Plans (Details)	3 Months Ended
	Dec. 31, 2015 $ / shares shares
Exercise Price Range 1 [Member]
Range of exercise price, lower limit (in dollars per share)	$ 2.925
Range of exercise price, upper limit (in dollars per share)	$ 5.25
Outstanding stock options (in shares) | shares	5,000
Outstanding, weighted average share price (in dollars per share) (in dollars per share)	$ 2.925
Weighted average remaining life	6 years 36 days
Number of stock options exercisable (in shares) | shares	5,000
Exercisable, weighted average share price (in dollars per share)	$ 2.925
Exercise Price Range 2 [Member]
Range of exercise price, lower limit (in dollars per share)	6
Range of exercise price, upper limit (in dollars per share)	$ 7.25
Outstanding stock options (in shares) | shares	1,000
Outstanding, weighted average share price (in dollars per share) (in dollars per share)	$ 6
Weighted average remaining life	4 years 109 days
Number of stock options exercisable (in shares) | shares	1,000
Exercisable, weighted average share price (in dollars per share)	$ 6
Exercise Price Range 3 [Member]
Range of exercise price, lower limit (in dollars per share)	10.50
Range of exercise price, upper limit (in dollars per share)	$ 11
Outstanding stock options (in shares) | shares
Outstanding, weighted average share price (in dollars per share) (in dollars per share)
Weighted average remaining life
Number of stock options exercisable (in shares) | shares
Exercisable, weighted average share price (in dollars per share)
Outstanding stock options (in shares) | shares	6,000
Outstanding, weighted average share price (in dollars per share) (in dollars per share)	$ 3.44
Weighted average remaining life
Number of stock options exercisable (in shares) | shares	6,000
Exercisable, weighted average share price (in dollars per share)	$ 3.44

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Note 8 - Earnings Per Common Share (Details Textual) - $ / shares	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Conversion Rights [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	252,367	252,367
Share Price	$ 1.85	$ 1.85
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	6,000	22,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	100,000	200,000
Options and Warrants [Member] | Minimum [Member]
Share Price	$ 2.50	$ 2.50
Options and Warrants [Member] | Maximum [Member]
Share Price	$ 6	$ 11

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Note 8 - Summary of Earnings Per Share Calculation (Details) - USD ($)		3 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Earnings per Common Share:
Income (Loss) available to common stockholders		$ (47,189)	$ (270,656)
Shares denominator (in shares)		1,638,215	1,638,215
Net Income (Loss) (in dollars per share)		$ (0.03)	$ (0.17)
Effect of Dilutive Securities
Average shares outstanding (in shares)		1,638,215	1,638,215
Stock options (in shares)	[1]
(in shares)		1,638,215	1,638,215
Earnings per Common Share Assuming Dilution:
Income (Loss) available to common stockholders		$ (47,189)	$ (270,656)
Per share amount (in dollars per share)		$ (0.03)	$ (0.17)

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

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Note 9 - Segment and Related Information (Details Textual)	3 Months Ended
	Dec. 31, 2015
Number of Operating Segments	4
Number of Reportable Segments	2

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Note 9 - Information by Industry Segment (Details) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Indicators and Gauges [Member]
Net Sales
Revenue	$ 242,123	$ 245,669
Income (Loss) before Provision for Income Taxes
Income (Loss) before provision for Income Taxes	31,074	2,493
Asset Information
Assets	706,460	704,441
Revenue:
Revenue	242,123	245,669
Automotive Diagnostic Tools and Equipment [Member]
Net Sales
Revenue	1,134,749	916,549
Income (Loss) before Provision for Income Taxes
Income (Loss) before provision for Income Taxes	171,233	(31,388)
Asset Information
Assets	1,652,603	1,462,089
Revenue:
Revenue	1,134,749	916,549
Corporate Segment [Member]
Income (Loss) before Provision for Income Taxes
Income (Loss) before provision for Income Taxes	(249,496)	(241,761)
Asset Information
Assets	1,207,628	1,179,835
UNITED STATES
Net Sales
Revenue	1,329,619	1,127,459
Revenue:
Revenue	1,329,619	1,127,459
AUSTRALIA
Net Sales
Revenue	38,353	8,125
Revenue:
Revenue	38,353	8,125
CANADA
Net Sales
Revenue	8,900	19,658
Revenue:
Revenue	$ 8,900	19,658
MEXICO
Net Sales
Revenue		6,976
Revenue:
Revenue		$ 6,976
Other Foreign Countries [Member]
Net Sales
Revenue
Revenue:
Revenue
Revenue	$ 1,376,872	$ 1,162,218
Income (Loss) before provision for Income Taxes	(47,189)	(270,656)
Assets	3,566,691	3,346,365
Revenue	$ 1,376,872	$ 1,162,218

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Note 11 - Subsequent Events (Details Textual) - Federal Hose [Member] - Subsequent Event [Member] - First Francis [Member]	Jan. 08, 2016 USD ($) shares
Common Class A [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	911,250
Common Class B [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	303,750
Promissory Note 1 [Member]
Debt Instrument, Face Amount | $	$ 2,768,662
Promissory Note 2 [Member]
Debt Instrument, Face Amount | $	$ 2,000,000

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Note 12 - Business Condition and Management Plan (Details Textual) - USD ($)	Dec. 31, 2015	Dec. 30, 2015	Sep. 30, 2015	Dec. 31, 2014
Amendment No. 3 [Member] | Director [Member] | Roundball LLC [Member]
Working Capital Funding		$ 467,000
Line of Credit Facility, Current Borrowing Capacity		$ 250,000
Convertible Notes Payable, Current	$ 200,000
Convertible Notes Payable, Current	$ 200,000			$ 200,000