Nature of Operations and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Sep. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basic and Diluted EPS

The following presents the calculation of the basic and diluted EPS for the years ended September 30, 2020 and 2019:

	2020						2019
	Net Income		Shares		EPS		Net Income		Shares		EPS
Basic EPS	$	5,531,000		14,595,000	$	0.38	$	10,196,000		14,551,000	$	0.70
Common stock equivalents				125,000						157,000
Diluted EPS	$	5,531,000		14,720,000	$	0.38	$	10,196,000		14,708,000	$	0.69

Company's Assets Measured at Fair Value

The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2020:  

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Equities	$	11,949,000	$	—	$	—	$	11,949,000
Mutual Funds		9,595,000		—		—		9,595,000
Exchange-Traded Funds		10,344,000		—		—		10,344,000
Corporate Bonds		—		27,877,000		—		27,877,000
Government Securities		16,147,000		—		—		16,147,000
Cash and Money Funds		13,586,000		—		—		13,586,000
Total	$	61,621,000	$	27,877,000	$	—	$	89,498,000

The following table sets forth by level, within the fair value hierarchy, the Company’s assets measured at fair value as of September 30, 2019:

	Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Equities	$	10,412,000	$	—	$	—	$	10,412,000
Mutual Funds		3,987,000		—		—		3,987,000
Exchange-Traded Funds		5,163,000		—		—		5,163,000
Corporate Bonds		—		38,690,000		—		38,690,000
Government Securities		45,171,000		—		—		45,171,000
Cash and Money Funds		1,899,000		—		—		1,899,000
Total	$	66,632,000	$	38,690,000	$	—	$	105,322,000

Schedule of Changes in Allowance for Slow Moving and Obsolete Inventories

Changes in the allowance for slow-moving and obsolete inventories are as follows:

	2020			2019
Balance, beginning of year	$	4,700,000		$	4,543,000
Charged to cost of sales		401,000			304,000
Disposal of inventory, net of recoveries		(484,000	)		(147,000	)
Balance, end of year	$	4,617,000		$	4,700,000

Estimated Useful Lives of Assets

Property and equipment are stated at cost (see Note 4). Depreciation of property and equipment is computed using the straight-line method over the estimated useful lives of the related assets, as follows:

	Years
Land improvements	15
Buildings & improvements	6-40
Equipment	2-10

Disaggregation of Company's Net Revenue by Major Source

The following table disaggregates the Company’s net revenue by major source for the years ended September 30, 2020 and 2019:

	2020		2019
Equipment sales recognized over time	$	35,579,000	$	43,489,000
Equipment sales recognized at a point in time		23,642,000		19,987,000
Parts and component sales		13,896,000		13,356,000
Freight revenue		3,983,000		4,130,000
Other		320,000		367,000
Net revenue	$	77,420,000	$	81,329,000

Schedule of Changes in Accrual for Warranty and Related Costs

Changes in the accrual for warranty and related costs are composed of the following:

	2020			2019
Balance, beginning of year	$	277,000		$	400,000
Warranties issued		375,000			140,000
Warranties settled		(353,000	)		(263,000	)
Balance, end of year	$	299,000		$	277,000

Schedule of Changes in Allowance for Doubtful Accounts

Changes in the allowance for doubtful accounts are composed of the following:

	2020			2019
Balance, beginning of year	$	459,000		$	313,000
Provision for doubtful accounts		50,000			175,000
Provision for estimated returns and allowances		205,000			315,000
Uncollectible accounts written off		(5,000	)		(71,000	)
Returns and allowances issued		(267,000	)		(273,000	)
Balance, end of year	$	442,000		$	459,000