0001171843-21-000707.txt : 20210203 0001171843-21-000707.hdr.sgml : 20210203 20210203103021 ACCESSION NUMBER: 0001171843-21-000707 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20201231 FILED AS OF DATE: 20210203 DATE AS OF CHANGE: 20210203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Clearfield, Inc. CENTRAL INDEX KEY: 0000796505 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE & TELEGRAPH APPARATUS [3661] IRS NUMBER: 411347235 STATE OF INCORPORATION: MN FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-16106 FILM NUMBER: 21584796 BUSINESS ADDRESS: STREET 1: 7050 WINNETKA AVE. N. STREET 2: SUITE 100 CITY: BROOKLYN PARK STATE: MN ZIP: 55428 BUSINESS PHONE: 763-476-6866 MAIL ADDRESS: STREET 1: 7050 WINNETKA AVE. N. STREET 2: SUITE 100 CITY: BROOKLYN PARK STATE: MN ZIP: 55428 FORMER COMPANY: FORMER CONFORMED NAME: APA Enterprises, Inc. DATE OF NAME CHANGE: 20041116 FORMER COMPANY: FORMER CONFORMED NAME: APA OPTICS INC /MN/ DATE OF NAME CHANGE: 19920703 10-Q 1 f10q_020321p.htm FORM 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

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2020

 

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

For the transition period from __________________ to ___________________

 

Commission File Number 0-16106

 

Clearfield, Inc.

(Exact name of Registrant as specified in its charter)

 

Minnesota 41-1347235
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

 

7050 Winnetka Avenue North, Suite 100, Brooklyn Park, Minnesota 55428

(Address of principal executive offices and zip code)

 

(763) 476-6866

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, $0.01 par value CLFD The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant (1) 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.

[X] YES [_] NO

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).

 

[X] YES [_] NO

 

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

 

Large accelerated filer [_] Accelerated filer [_] Non-accelerated filer [X]

 

Smaller reporting company [X] Emerging growth company [_]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [_]

 

 1 

 

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

 

[_] YES [X] NO

 

 Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

 

Class: Outstanding as of January 21, 2021
Common stock, par value $.01 13,727,906

 

 

 2 

 

CLEARFIELD, INC.

FORM 10-Q

TABLE OF CONTENTS

 

 

 

 

PART I.  FINANCIAL INFORMATION 4
ITEM 1.  FINANCIAL STATEMENTS 4
ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 15
ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 18
ITEM 4.   CONTROLS AND PROCEDURES 19
PART II. OTHER INFORMATION 18
ITEM 1.  LEGAL PROCEEDINGS 19
ITEM 1A.  RISK FACTORS 19
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 20
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 20
ITEM 4. MINE SAFETY DISCLOSURES 20
ITEM 5. OTHER INFORMATION 20
ITEM 6. Exhibits 20
SIGNATURES 21
   

 

 3 

 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

CLEARFIELD, INC.

CONDENSED BALANCE SHEETS

 

   December 31,
2020 (Unaudited)		  September 30,
2020
Assets          
Current Assets          
Cash and cash equivalents  $19,151,076   $16,449,636 
Short-term investments   9,125,527    10,582,527 
Accounts receivables, net   9,797,641    10,496,672 
Inventories, net   13,687,589    14,408,538 
Other current assets   449,596    585,436 
Total current assets   52,211,429    52,522,809 
           
Property, plant and equipment, net   5,002,750    5,109,988 
           
Other Assets          
Long-term investments   26,142,000    25,143,000 
Goodwill   4,708,511    4,708,511 
Intangible assets, net   4,747,450    4,829,047 
Right of use lease assets   2,930,911    2,539,100 
Deferred tax asset   178,118    178,118 
Other   266,515    266,857 
Total other assets   38,973,505    37,664,633 
Total Assets  $96,187,684   $95,297,430 
           
Liabilities and Shareholders’ Equity          
Current Liabilities          
Current portion of lease liability  $874,476   $665,584 
Accounts payable   1,866,249    3,689,587 
Accrued compensation   3,118,895    4,856,885 
Accrued expenses   1,909,236    1,202,753 
Total current liabilities   7,768,856    10,414,809 
           
Other Liabilities          
Long-term portion of lease liability   2,307,390    2,129,343 
Total other liabilities   2,307,390    2,129,343 
Total liabilities   10,076,246    12,544,152 
           
Shareholders’ Equity          
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding   -    - 
Common stock, authorized 50,000,000, $.01 par value; 13,727,906 and 13,649,962 shares issued and outstanding as of December 31, 2020 and September 30, 2020   137,279    136,500 
Additional paid-in capital   57,696,847    57,502,905 
Retained earnings   28,277,312    25,113,873 
Total shareholders’ equity   86,111,438    82,753,278 
Total Liabilities and Shareholders’ Equity  $96,187,684   $95,297,430 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 4 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF EARNINGS

UNAUDITED

 

   Three Months Ended
December 31,
2020		  Three Months Ended
December 31,
2019
       
Net sales  $27,092,147   $19,377,991 
           
Cost of sales   15,722,902    11,650,456 
           
Gross profit   11,369,245    7,727,535 
           
Operating expenses          
Selling, general and administrative   7,655,537    7,326,620 
Income from operations   3,713,708    400,915 
           
Interest income   133,731    223,243 
           
Income before income taxes   3,847,439    624,158 
           
Income tax expense   684,000    123,000 
Net income  $3,163,439   $501,158 
           
Net income per share Basic  $0.23   $0.04 
Net income per share Diluted  $0.23   $0.04 
           
Weighted average shares outstanding:          
Basic   13,692,533    13,512,094 
Diluted   13,696,815    13,622,226 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 

 5 

 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY

UNAUDITED

 

For the three months ended December 31, 2020               
   Common Stock  Additional  Retained  Total share-
   Shares  Amount  paid-in capital  earnings  holders’ equity
Balance as of September 30, 2020   13,649,962   $136,500   $57,502,905   $25,113,873   $82,753,278 
Restricted stock issued   37,687    377    (377)   -    - 
Stock-based compensation expense   -    -    289,057    -    289,057 
Issuance of common stock under employee stock purchase plan   15,011    150    178,931    -    179,081 
Exercise of stock options, net of shares exchanged for payment   25,715    257    (262,727)   -    (262,470)
Tax withholding related to vesting of restricted stock grants   (469)   (5)   (10,942)   -    (10,947)
Net income   -    -    -    3,163,439    3,163,439 
Balance at December 31, 2020   13,727,906   $137,279   $57,696,847   $28,277,312   $86,111,438 

 

For the three months ended December 31, 2019               
   Common Stock  Additional  Retained  Total share-
   Shares  Amount  paid-in capital  earnings  holders’ equity
Balance as of September 30, 2019   13,641,805   $136,418   $56,976,162   $17,820,807   $74,933,387 
Stock-based compensation expense   -    -    240,586    -    240,586 
Issuance of common stock under employee stock purchase plan   15,107    151    169,501    -    169,652 
Exercise of stock options, net of shares exchanged for payment   1,000    10    2,570    -    2,580 
Tax withholding related to vesting of restricted stock grants   (453)   (4)   (5,799)   -    (5,803)
Net income   -    -    -    501,158    501,158 
Balance at December 31, 2019   13,657,459   $136,575   $57,383,020   $18,321,965   $75,841,560 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 6 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

UNAUDITED      

 

   Three Months Ended December 31,
   2020  2019
Cash flows from operating activities          
Net income  $3,163,439   $501,158 
Adjustments to reconcile net income to net cash provided by  (used in) operating activities:          
Depreciation and amortization   567,718    606,972 
Amortization of discount on investments   -    (28,051)
Stock-based compensation   289,057    240,586 
Changes in operating assets and liabilities:          
Accounts receivable   699,031    2,092,912 
Inventories, net   720,949    (1,617,461)
Other assets   136,182    (47,538)
Accounts payable and accrued expenses   (2,859,717)   (1,848,409)
  Net cash provided by (used in) operating activities   2,716,659    (99,831)
           
Cash flows from investing activities          
Purchases of property, plant and equipment and intangible assets   (378,883)   (788,469)
Purchases of investments   (3,968,000)   (3,211,000)
Proceeds from maturities of investments   4,426,000    4,438,000 
Net cash provided by investing activities   79,117    438,531 
           
Cash flows from financing activities          
Proceeds from issuance of common stock under employee stock purchase plan   179,081    169,652 
Tax withholding related to exercise of stock options   (262,470)   2,580 
Tax withholding related to vesting of restricted stock grants   (10,947)   (5,803)
Net cash (used in) provided by financing activities   (94,336)   166,429 
           
Increase in cash and cash equivalents   2,701,440    505,129 
           
Cash and cash equivalents, beginning of period   16,449,636    10,081,721 
           
Cash and cash equivalents, end of period  $19,151,076   $10,586,850 
           
Supplemental disclosures for cash flow information          
Cash paid during the year for income taxes  $17,000   $29,907 
           
Non-cash financing activities          
Cashless exercise of stock options  $996,182   $- 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 7 

 

NOTES TO CONDENSED FINANCIAL STATEMENTS

 

Note 1. Basis of Presentation

 

The accompanying (a) condensed balance sheet as of September 30, 2020, which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements as of and for the three months ended December 31, 2020 have been prepared by Clearfield, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations and cash flows of the interim periods presented. Operating results for the interim periods presented are not necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors. These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended September 30, 2020.

 

In preparation of the Company’s financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.

 

New Accounting Pronouncements

 

In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill, which offers amended guidance to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit’s carrying value exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit. This guidance is to be applied on a prospective basis effective for the Company’s interim and annual periods beginning after December 15, 2019. The new guidance is effective for the Company beginning in the first quarter of fiscal 2021. The adoption of ASU 2017-04 did not have a material impact on the Company’s financial statements.

 

In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments. In November 2018, the FASB issued update ASU 2018-19 that clarifies the scope of the standard in the amendments in ASU 2016-13. This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Financial instruments impacted include accounts receivable, trade receivables, other financial assets measured at amortized cost and other off-balance sheet credit exposures. The new guidance is effective for the Company beginning in the first quarter of fiscal 2023, with early adoption permitted. The Company is evaluating the impact of the adoption of ASU 2016-13 on our financial statements.

 

 

Note 2. Net Income Per Share

 

Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options, when dilutive.

 8 

 

The following is a reconciliation of the numerator and denominator of the net income per common share computations for the three months ended December 31, 2020 and 2019:

 

   Three Months Ended December 31,
   2020  2019
Net income  $3,163,439   $501,158 
Weighted average common shares   13,692,533    13,512,094 
Dilutive potential common shares   4,282    110,132 
Weighted average dilutive common shares outstanding   13,696,815    13,622,226 
Net income per common share:          
Basic  $0.23   $0.04 
Diluted  $0.23   $0.04 

 

Note 3. Cash, Cash Equivalents and Investments

 

The Company invests its excess cash in bank certificates of deposit (“CDs”) that are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) as well as money market accounts. CDs with original maturities of more than three months are reported as held-to-maturity investments and are recorded at amortized cost, which approximates fair value due to the negligible risk of changes in value due to interest rates. The maturity dates of the Company’s investments as of December 31, 2020 and September 30, 2020 are as follows:

 

   December 31, 2020  September 30, 2020
Less than one year  $9,125,527   $10,582,527 
1-5 years   26,142,000    25,143,000 
Total  $35,267,527   $35,725,527 

 

Note 4. Stock-Based Compensation

 

The Company recorded $289,057 of compensation expense related to current and past restricted stock grants, non-qualified stock options and the Company’s Employee Stock Purchase Plan (“ESPP”) for the three months ended December 31, 2020. For the three months ended December 31, 2020, $280,889 of this expense is included in selling, general and administrative expense, and $8,168 is included in cost of sales. The Company recorded $240,586 of compensation expense related to current and past restricted stock grants, non-qualified stock options and the ESPP for the three months ended December 31, 2019, of which $235,788 is included in selling, general and administrative expense, and $4,798 is included in cost of sales. As of December 31, 2020, $3,429,805 of total unrecognized compensation expense related to non-vested restricted stock awards and stock options is expected to be recognized over a period of approximately 3.7 years.

 

Stock Options

 

The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. During the three months ended December 31, 2020, the Company granted employees non-qualified stock options to purchase an aggregate of 105,089 shares of common stock with a weighted average contractual term of five years, a weighted average three year vesting term, and a weighted average exercise price of $23.74. During the three months ended December 31, 2019, the Company granted employees non-qualified stock options to purchase an aggregate of 116,600 shares of common stock with a weighted average contractual term of 5.78 years, a weighted average 4.78 year vesting term, and a weighted average exercise price of $12.43. The weighted average fair value at the grant date for options issued during the three months ended December 31, 2020 was $8.14.

 9 

 

The fair value of awards during the three months ended December 31, 2020 was estimated as of the grant date using the assumptions listed below:

 

   Three months ended
December 31, 2020
Dividend yield   0%
Expected volatility   46.9%
Risk-free interest rate   0.24%
Expected life (years)   5 
Vesting period (years)   3 

 

The expected stock price volatility is based on the historical volatility of the Company’s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate as of the grant date on zero-coupon U.S. governmental bonds with a remaining life similar to the expected option term.

 

Options are granted at fair market values determined on the date of grant, and vesting normally occurs over a three to five-year period. Shares issued upon exercise of a stock option are issued from the Company’s authorized but unissued shares.

 

The following is a summary of stock option activity during the three months ended December 31, 2020:

 

   Number of
options		  Weighted average
exercise price
Outstanding as of September 30, 2020   337,100   $12.48 
Granted   105,089    23.74 
Exercised   (79,400)   12.55 
Cancelled or Forfeited   -    - 
Outstanding as of December 31, 2020   362,789   $15.73 

 

The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of December 31, 2020, the weighted average remaining contractual term for all outstanding and exercisable stock options was 2.65 years and their aggregate intrinsic value was $1,173,691. During the three months ended December 31, 2020, the Company received proceeds of $85 from the exercise of stock options. During the three months ended December 31, 2019, the Company received proceeds of $2,580 from the exercise of stock options.

 

Restricted Stock

 

The Company’s 2007 Stock Compensation Plan permits its Compensation Committee to grant stock-based awards, including stock options and restricted stock, to key employees and non-employee directors. The Company has made restricted stock grants that vest over one to ten years.

 

During the three months ended December 31, 2020, the Company granted employees restricted stock awards totaling 37,687 shares of common stock, with a vesting term of approximately three years and a fair value of $23.74 per share. There were no restricted stock awards granted during the three months ended December 31, 2019.

 

Restricted stock transactions during the three months ended December 31, 2020 are summarized as follows:

 

   Number of
shares		  Weighted average grant
date fair value
Unvested shares as of September 30, 2020   109,070   $12.98 
Granted   37,687    23.74 
Vested   (1,400)   12.81 
Forfeited   -    - 
Unvested as of December 31, 2020   145,357   $15.76 

 

 10 

 

Employee Stock Purchase Plan

 

The Company’s ESPP allows participating employees to purchase shares of the Company’s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company’s common stock on a voluntary after-tax basis. Employees may purchase the Company’s common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six-month phases, with phases beginning on January 1 and July 1 of each calendar year. For the phases that ended on December 31, 2020 and December 31, 2019, employees purchased 15,011 and 15,107 shares at a price of $11.93 and $11.23 per share, respectively. After the employee purchase on December 31, 2020, 204,612 shares of common stock were available for future purchase under the ESPP.

 

Note 5. Revenue

 

Revenue Recognition

 

Net sales include products and shipping and handling charges. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. All revenue is recognized when the Company satisfies its performance obligations under the contract. The Company recognizes revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time the customer obtains control of the products. The Company recognizes revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of the Company’s contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales.

 

Disaggregation of Revenue

 

The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to countries in the Caribbean, Canada, Central and South America.

 

Revenues related to the following geographic areas were as follows for the three months ended:

 

   December 31,
   2020  2019
United States  $26,032,202   $18,240,788 
All other countries   1,059,945    1,137,203 
Total Net Sales  $27,092,147   $19,377,991 

 

The Company manufactures and sells a proprietary product line designed for the Broadband Service Provider marketplace. In addition, the Company’s Legacy business provides build-to-print services for original equipment manufacturers requiring copper and fiber cable assemblies built to their specification.

 

 

 11 

 

The percentages of our sales by markets were as follows for the three months ended:

 

   December 31,
   2020  2019
Broadband service providers   98%   94%
Legacy customers   2%   6%
Total Net Sales   100%   100%

 

Broadband Service Providers are made up of Community Broadband, which includes local and regional telecom companies, utilities, municipalities and alternative carriers, also referred to as Tier 2 and Tier 3 customers, National Carriers, which includes large national and global wireline and wireless providers also referred to as Tier 1’s, multiple system operators (“MSO’s, or Cable TV”), and international customers.

 

Accounts Receivable

 

Credit is extended based on the evaluation of a customer’s financial condition, and collateral is generally not required. Accounts that are outstanding longer than the contractual payment terms are considered past due. The Company writes off accounts receivable when they become uncollectible; payments subsequently received on such receivables are credited to the allowance for doubtful accounts. As of both December 31, 2020 and September 30, 2020, the balance in the allowance for doubtful accounts was $289,085.

 

See Note 7, “Major Customer Concentration” for further information regarding accounts receivable and net sales.

 

Note 6. Inventories

 

Inventories consist of the following as of:

 

   December 31,
2020		  September 30,
2020
       
Raw materials  $11,475,903   $12,287,134 
Work-in-process   966,731    1,033,021 
Finished goods   2,233,090    2,048,514 
Inventories, gross   14,675,724    15,368,669 
Inventory reserve   (988,135)   (960,131)
Inventories, net  $13,687,589   $14,408,538 

 

Note 7. Major Customer Concentration

 

For the three months ended December 31, 2020, Customer A comprised 19% and Customer B comprised 12% of the Company’s net sales. Both of these customers are distributors. For the three months ended December 31, 2019, Customers A, B, and C comprised 18%, 13%, and 10%, respectively, of the Company’s net sales. Customers A, B, and C are distributors. These major customers, like our other customers, purchase our products from time to time through purchase orders, and the Company does not have any agreements that obligate these major customers to purchase products from us in the future.

 

As of December 31, 2020, Customer B accounted for 16% of accounts receivable. As of September 30, 2020, Customers A and B accounted for 13%, and 12%, respectively, or 25% in the aggregate of accounts receivable. Both of these customers are distributors.

 

Note 8. Goodwill and Intangibles

 

The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed as of September 30, 2020 did not indicate an impairment of goodwill. During the three months ended December 31, 2020, there were no triggering events that indicate potential impairment exists.

 

 12 

 

The Company capitalizes legal costs incurred to obtain patents. Once accepted by either the U.S. Patent Office or the equivalent office of a foreign country, these legal costs are amortized using the straight-line method over the remaining estimated lives, not exceeding 20 years. As of December 31, 2020, the Company has 26 patents granted and multiple pending applications both inside and outside the United States.

 

In addition, the Company has various finite lived intangible assets, most of which were acquired as a result of the acquisition of the active cabinet product line from Calix, Inc. during fiscal year 2018. The Company analyzes its intangible assets for impairment annually or at interim periods when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed as of September 30, 2020 did not indicate an impairment of our intangible assets. During the three months ended December 31, 2020, there were no triggering events that indicate potential impairment exists.

 

Note 9. Income Taxes

 

For the three months ended December 31, 2020, the Company recorded income tax expense of $684,000 reflecting an effective tax rate of 17.8%. The differences between the effective tax rate and the statutory tax rate were primarily related to excess tax benefits from non-qualified stock options exercised during the quarter as well as research and development credits. For the three months ended December 31, 2019, the Company recorded a provision for income taxes of $123,000, reflecting an effective tax rate of 19.7%. The differences between the effective tax rate and the statutory tax rate were related to nondeductible meals and entertainment, nondeductible stock compensation, foreign derived intangibles income deduction (FDII) and research and development credits.

 

Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company’s realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a “more likely than not” criteria by assessing the available positive and negative factors surrounding its recoverability and determined that as of December 31, 2020 and September 30, 2020 a valuation allowance against our deferred tax assets is not required. The Company will continue to assess the need for a valuation allowance based on changes in assumptions of estimated future income and other factors in future periods.

 

As of December 31, 2020, the Company does not have any unrecognized tax benefits. It is the Company’s practice to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does not expect any material changes in its unrecognized tax positions over the next 12 months.

 

Note 10. Leases

 

The Company leases an 85,000 square foot facility at 7050 Winnetka Avenue North, Brooklyn Park, Minnesota consisting of our corporate offices, manufacturing and warehouse space. The lease term is ten years and two months, ending on February 28, 2025.  Upon proper notice and payment of a termination fee of approximately $249,000, the Company has a one-time option to terminate the lease effective as of the last day of the eighth year of the term after the Company commenced paying base rent. The renewal and termination options have not been included within the lease term because it is not reasonably certain that the Company will exercise either option.

 

On October 9, 2020, the Company entered into an indirect lease arrangement for its original 46,000 square foot manufacturing facility in Tijuana, Mexico. The Company had previously been leasing this facility on a month to month basis after its three-year lease expired on July 31, 2020. The new lease term is three years. This lease contains a written option to renew and rent payments that increase annually based on U.S. inflation for the preceding 12 months.

 

On February 12, 2020, the Company entered into an indirect lease arrangement for an additional 52,000 square foot manufacturing facility in Tijuana, Mexico. The lease term is approximately 42 months and commenced on February 12, 2020. The lease contains written options to renew for two additional consecutive periods of three years each.

 

 13 

 

Right-of-use lease assets and lease liabilities are recognized as of the commencement date based on the present value of the remaining lease payments over the lease term which includes renewal periods the Company is reasonably certain to exercise. The Company’s leases do not contain any material residual value guarantees or material restrictive covenants. As of December 31, 2020, the Company does not have material lease commitments that have not commenced.

 

Operating lease expense included within cost of goods sold and selling, general and administrative expense was as follows for the three months ended December 31, 2020:

 

Operating lease expense under ASC842, Leases, within:  Three months ended
December 31, 2020		  Three months ended
December 31, 2019
Cost of goods sold  $252,936   $185,628 
Selling, general and administrative   55,398    56,366 
Total lease expense  $308,334   $241,994 

 

Future maturities of lease liabilities were as follows as of December 31, 2020:

 

FY2021  $725,783 
FY2022   986,844 
FY2023   943,682 
FY2024   516,725 
FY2025   217,552 
Thereafter   - 
Total lease payments   3,390,586 
Less: Interest   (208,720)
Present value of lease liabilities  $3,181,866 

 

The weighted average term and weighted average discount rate for the Company’s leases as of December 31, 2020 were 3.56 years and 3.40%, respectively, compared to 4.94 years and 3.51%, respectively, as of December 31, 2019. For the three months ended December 31, 2020, the operating cash outflows from the Company’s leases was $239,735, compared to $167,840 for the three months ended December 31, 2019.

 

 

 

 

 

 

 

 

 

 14 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The statements contained in this Quarterly Report on Form 10-Q that are not purely historical are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to future events and typically address the Company’s expected future business and financial performance. Words such as “plan,” “expect,” “aim,” “believe,” “project,” “target,” “anticipate,” “intend,” “estimate,” “will,” “should,” “could” and other words and terms of similar meaning, typically identify these forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events and trends that are subject to risks and uncertainties. Actual results could differ from those projected in any forward-looking statements because of the factors identified in and incorporated by reference from Part I, Item 1A, “Risk Factors,” of our Annual Report on Form 10-K for the year ended September 30, 2020, as well as in other filings we make with the Securities and Exchange Commission, which should be considered an integral part of Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” All forward-looking statements included herein are made as the date of this Quarterly Report on Form 10-Q and we assume no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

 

The following discussion and analysis of the Company’s financial condition and results of operations as of and for the three months ended December 31, 2020 and 2019 should be read in conjunction with the financial statements and related notes in Item 1 of this report and our Annual Report on Form 10-K for the year ended September 30, 2020.

 

OVERVIEW

 

General

 

Clearfield, Inc. (“Clearfield” or the “Company”) designs, manufactures and distributes fiber optic management, protection and delivery products for communications networks. Our “fiber to the anywhere” platform serves the unique requirements of leading Broadband Service Providers in the United States, which include Community Broadband, National Carriers, and MSO’s, while also serving the broadband needs of the International markets, primarily countries in the Caribbean, Canada, and Central and South America. These customers are collectively included in Broadband Service Providers. The Company also provides contract manufacturing services for its Legacy customers which include original equipment manufacturers (OEM) requiring copper and fiber cable assemblies built to their specifications.  

 

The Company has historically focused on the unserved or underserved rural communities that receive voice, video and data services from independent telephone companies. By aligning its in-house engineering and technical knowledge alongside its customers, the Company has been able to develop, customize and enhance products from design through production. Final build and assembly of the Company’s products is completed at Clearfield’s manufacturing facilities in Brooklyn Park, Minnesota, and Tijuana, Mexico, with manufacturing support from a network of domestic and global manufacturing partners. Clearfield specializes in producing these products on both a quick-turn and scheduled delivery basis. The Company deploys a hybrid sales model with some sales made directly to customers, some made through two-tier distribution (channel) partners, sales agents and manufacturing representatives, and sales through original equipment suppliers who private label their products.

 

Under U.S. federal and state guidance in response to the COVID-19 pandemic, Clearfield’s operations are classified as part of the Cybersecurity and Infrastructure Security Agency (“CISA”) critical infrastructure sector and similar categorization in Minnesota. In March 2020, we transitioned our corporate employees at our Brooklyn Park headquarters to remote work arrangements and they currently continue remote work. In accordance with the Centers for Disease Control and Prevention (“CDC”) and World Health Organization (“WHO”) guidelines, we implemented and have continued health and safety measures for the production staff that remain onsite at our Brooklyn Park facility. We have maintained our manufacturing capacity in Brooklyn Park with these personnel at near historic levels. Similarly, we have implemented the recommended health and safety measures for the production staff that remains onsite at our Tijuana, Mexico manufacturing facilities. Throughout the COVID-19 pandemic, the Company has closely monitored the operations and staffing levels at its Brooklyn Park facility and its two manufacturing facilities in Tijuana, Mexico.

 

Due to the risks to timely supply of materials to our facilities, we have taken multiple actions to ensure sufficient safety stock inventory levels at both our Minnesota and Mexico facilities. Additionally, we made the decision to maximize the availability of all product lines at all three of our plants by assuring that each location can manufacture across our broad product portfolio. These actions, combined with our historic practice of dual sourcing most of our components, has positioned us to meet our obligations to customers and to fulfill our order backlog going forward. However, in the event of serious border restrictions or border delays or serious disruption in our supply chain, we may experience diminished or temporarily suspended operations, longer lead times than typical for product deliveries, or temporarily suspended product deliveries, which would result in delayed or reduced revenue from the affected orders in production and higher operating costs.

 

 15 

 

RESULTS OF OPERATIONS

 

Three months ended December 31, 2020 vS. three months ended December 30, 2019

 

Net sales for the first quarter of fiscal 2021 ended December 31, 2020 were $27,092,000, an increase of approximately 40% or $7,714,000, from net sales of $19,378,000 for the first quarter of fiscal 2020. Net sales to Broadband Service Providers were $26,570,000 in the first quarter of fiscal 2021 versus $18,155,000 in the same period of fiscal 2020. Among this group, the Company recorded $1,060,000 in international sales for the first quarter of fiscal 2021 versus $1,137,000 in the same period of fiscal 2020. Net sales to Legacy customers decreased $711,000 to $515,000 in the first quarter of fiscal 2021 from $1,223,000 in the same period of fiscal 2020. The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Accordingly, international sales represented 4% and 6% of total net sales for the first quarter of fiscal 2021 and 2020, respectively.

 

The increase in net sales for the quarter ended December 31, 2020 of $7,714,000 compared to the quarter ended December 31, 2019 was driven primarily by increased sales to Community Broadband Service Providers and MSO customers of $8,198,000, and $701,000, respectively. Offsetting this was decreased sales to Legacy and Tier 1 customers of $711,000 and $379,000, respectively. The increase to Community Broadband and MSO customers was due to increased demand in response to COVID-19 driven by customers accelerating their purchasing decisions and deployment schedules of our fiber optic solutions and the need for high-speed broadband required in the work from anywhere environment.

 

Revenue from all customers is obtained from purchase orders submitted from time to time. Accordingly, the Company’s ability to predict orders in future periods or trends affecting orders in future periods is limited. The Company’s ability to predict revenue has become further limited by potential disruption to its supply chains or changes in customer ordering patterns due to COVID-19. The Company’s ability to recognize revenue in the future for its backlog of customer orders will depend on the Company’s ability to manufacture and deliver products to the customers and fulfill its other contractual obligations.

 

Cost of sales for the first quarter of fiscal 2021 was $15,723,000, an increase of $4,072,000, or 35%, from $11,650,000 in the comparable period of fiscal 2020. Gross profit percent was 42.0% of net sales in the first quarter of fiscal 2021, an increase from 39.9% of net sales for the first quarter of fiscal 2020. Gross profit increased $3,642,000, or 47%, to $11,369,000 for the three months ended December 31, 2020 from $7,728,000 in the comparable period in fiscal 2020. The increase in gross profit in the first quarter of fiscal 2021 was due to increased volume of net sales while the increase in gross profit percent was primarily due to a favorable product mix and cost reduction efforts across the Company’s product lines, including greater use of its Mexico manufacturing plants and efficiencies realized from supply chain programs. Gross profit was negatively impacted by tariff costs of approximately $113,000 for the three months ended December 31, 2020 and $100,000 in the comparable period in fiscal 2020. In the first quarter of fiscal 2021, the Company did not experience any significant impacts on cost of sales due to COVID-19.

 

Selling, general and administrative expenses increased $329,000, or 4%, to $7,656,000 in the first quarter fiscal 2021 from $7,327,000 for the fiscal 2020 first quarter. The increase in expense in the first quarter of fiscal 2021 consists primarily of increases of $809,000 in compensation expense due to increased wages and performance compensation driven by higher net sales, partially offset by lower travel and entertainment expenses of $373,000 due to COVID-19 restrictions. In the first quarter of fiscal 2021, other than the travel and entertainment costs mentioned above, the Company did not experience any significant impacts on selling, general and administrative expense due to COVID-19.

 

Income from operations for the quarter ended December 31, 2020 was $3,714,000 compared to $401,000 for the comparable quarter of fiscal 2020, an increase of approximately 826%. This increase is attributable to increased gross profit from higher sales, offset by higher selling, general and administrative expenses.

 

 16 

 

Interest income for the quarter ended December 31, 2020 was $134,000 compared to $223,000 for the comparable quarter for fiscal 2020. The decrease is due to lower interest rates earned on investments in the first quarter of fiscal 2020. We expect interest income to decline due to the prevailing lower interest rates and the potential for further decreases in rates in the current economic environment. The Company invests its excess cash in FDIC-backed bank certificates of deposit, and money market accounts.

 

We recorded a provision for income taxes of $684,000 and $123,000 for the three months ended December 31, 2020 and 2019, respectively. We record our quarterly provision for income taxes based on our estimated annual effective tax rate for the year. The increase in tax expense of $561,000 from the first quarter for fiscal 2020 is primarily due to increased income from operations. The decrease in the income tax expense rate to 17.8% for the first quarter of fiscal 2021 from 19.7% for the first quarter of fiscal 2020 is primarily due to excess tax benefits from non-qualified stock options exercised during the quarter.

 

The Company’s net income for the three months ended December 31, 2020 was $3,163,000, or $0.23 per basic and diluted share. The Company’s net income for the three months ended December 31, 2019 was $501,000, or $0.04 per basic and diluted share.

 

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of December 31, 2020, our principal source of liquidity was our cash, cash equivalents and short-term investments. Those sources total $28,277,000 as of December 31, 2020 compared to $27,032,000 as of September 30, 2020. Our excess cash is invested mainly in certificates of deposit backed by the FDIC, U.S. treasury securities and money market accounts. Substantially all of our funds are insured by the FDIC. Investments considered long-term were $26,142,000 as of December 31, 2020, compared to $25,143,000 as of September 30, 2020. We believe the combined balances of short-term cash and investments along with long-term investments provide a more accurate indication of our available liquidity. At the end of the first quarter of fiscal 2021, our cash, cash equivalents and short-term and long-term investments increased to $54.4 million compared to $52.2 million as of the prior quarter end. We had no long-term debt obligations as of December 31, 2020 or September 30, 2020.

 

We believe our existing cash equivalents and short-term investments, along with cash flow from operations, will be sufficient to meet our working capital and investment requirements for beyond the next 12 months. The Company intends on utilizing its available cash and assets primarily for its continued organic growth and potential future strategic transactions, as well as to mitigate the potential impacts of COVID-19 on the Company’s business.

 

Due to the economic crisis resulting from the COVID-19 pandemic, our future cash flow from operating and investing activities may be negatively impacted. Our uses of cash may also be materially impacted by increased operating expense associated with mitigating supply chain, logistics, and customer fulfillment risks caused by COVID-19.

 

Operating Activities

 

Net cash provided by operating activities totaled $2,717,000 for the three months ended December 31, 2020. This was primarily due to net income of $3,163,000, non-cash expenses for depreciation and amortization of $568,000, and stock-based compensation of $289,000 in addition to changes in operating assets and liabilities providing cash. Changes in operating assets and liabilities using cash include a decrease in accounts payable and accrued expenses of $2,860,000, offset by decreases in inventory of $721,000 and accounts receivable of $699,000. The decrease in accounts payable and accrued expenses is due to the timing of payments to vendors in the quarter and $2,373,000 of fiscal 2020 accrued bonus compensation accruals paid in the first quarter of fiscal 2021. The decrease in inventory is a result of higher utilization of inventory components due to increased net sales. Accounts receivable balances can be influenced by the timing of shipments for customer projects and payment terms. Days sales outstanding, which measures how quickly receivables are collected, decreased two days to 33 days from September 30, 2020 to December 31, 2020.

 

Net cash used in operating activities totaled $100,000 for the three months ended December 31, 2019. This was primarily due to net income of $501,000, non-cash expenses for depreciation and amortization of $607,000, and stock-based compensation of $241,000 in addition to changes in operating assets and liabilities providing cash. Changes in operating assets and liabilities using cash include increases in inventory of $1,617,000, decreases in accounts payable of $1,816,000, offset by decreases in accounts receivable of $2,093,000. Accounts receivable balances can be influenced by the timing of shipments for customer projects and payment terms. Days sales outstanding, which measures how quickly receivables are collected, decreased two days to 33 days from September 30, 2019 to December 31, 2019. The increase in inventory represents an adjustment for seasonal demand along with changes in stocking levels. Changes in working capital reflects items using cash, including a decrease in accounts payable and accrued expenses of $1,848,000 which primarily reflects fiscal 2019 accrued bonus compensation accruals and accounts payable paid in the first quarter of fiscal 2020.

 

 

 17 

 

Investing Activities

 

We invest our excess cash in money market accounts, U.S. Treasury securities and bank CDs in denominations across numerous banks. We believe we obtain a competitive rate of return given the economic climate along with the security provided by the FDIC on these investments. During the three months ended December 31, 2020, we used cash to purchase $3,968,000 of FDIC-backed securities and received $4,426,000 on CDs that matured. Purchases of property, plant and equipment, mainly related to manufacturing equipment, consumed $379,000 of cash during the three months ended December 31, 2020.

 

During the three months ended December 31, 2019, we used cash to purchase $3,211,000 of FDIC-backed securities and received $4,438,000 on CDs that matured. Purchases of property, plant and equipment, mainly related to manufacturing equipment, consumed $788,000 of cash during the three months ended December 31, 2019.

 

 

Financing Activities

 

For the three months ended December 31, 2020, we received $179,000 from employees’ participation and purchase of stock through our ESPP, we used $262,000 related to share withholding for taxes associated with the issuance of common stock upon cashless exercise of stock options and used $11,000 to pay for taxes as a result of employees’ vesting of restricted shares using share withholding.

 

For the three months ended December 31, 2019, we received $170,000 from employees’ participation and purchase of stock through our ESPP and used $6,000 to pay for taxes as a result of employees’ vesting of restricted shares using share withholding.

 

 

 

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

 

Management utilizes its technical knowledge, cumulative business experience, judgment and other factors in the selection and application of the Company’s accounting policies. The accounting policies considered by management to be the most critical to the presentation of the financial statements because they require the most difficult, subjective and complex judgments include revenue recognition, stock-based compensation, and valuation of inventory, long-lived assets, finite lived intangible assets and goodwill.

 

These accounting policies are described in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Annual Report on Form 10-K for the year ended September 30, 2020. Management made no changes to the Company’s critical accounting policies during the quarter ended December 31, 2020.

 

In applying its critical accounting policies, management reassesses its estimates each reporting period based on available information. Changes in these estimates did not have a significant impact on earnings for the quarter ended December 31, 2020.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 18 

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

The Company’s management carried out an evaluation, under the supervision and with the participation of the Company’s Chief Executive Officer and the Company’s Chief Financial Officer of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of December 31, 2020. Based upon that evaluation, the Company’s Chief Executive Officer and the Company’s Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

 

Changes in Internal Control over Financial Reporting

 

There were no changes to the Company’s internal control over financial reporting, as defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, that occurred during the quarter ended December 31, 2020 that 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

 

There are no pending legal proceedings against or involving the Company for which the outcome is likely to have a material adverse effect upon its financial position or results of operations.

 

ITEM 1A. RISK FACTORS

 

The most significant risk factors applicable to the Company are described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended September 30, 2020. There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K.

 

 

 19 

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

In the three months ending December 31, 2020, the Company repurchased shares of stock as follows:

 

ISSUER PURCHASES OF EQUITY SECURITIES        

 

Period  Total
Number
of Shares
Purchased		  Average
Price Paid
per Share		  Total Number of
Shares
Purchased as Part
of Publicly
Announced Plans
or Programs		  Approximate Dollar Value
of Shares that
May Yet Be Purchased
Under the Program (1)
October 1-31, 2020   —   $—    —   $4,980,671 
November 1-30, 2020   469    23.34    —    4,980,671 
December 1-31, 2020   —    —    —    4,980,671 
Total   469   $23.34    —   $4,980,671 
 (1)Amount remaining from the aggregate $12,000,000 repurchase authorizations approved by the Company’s Board of Directors on April 25, 2017.

 

In the three months ending December 31, 2020, the Company repurchased a total of 469 shares in connection with payment of taxes upon vesting of restricted stock previously issued to employees.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

Not applicable.

 

ITEM 6. Exhibits

 

Exhibit 31.1 * – Certification of Chief Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act

Exhibit 31.2 *– Certification of Chief Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act

Exhibit 32.1 **– Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. §1350

 

* Filed herewith.

**Furnished herewith.

 

 

 

 20 

 

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.

 

CLEARFIELD, INC.

 

 

February 3, 2021    /s/ Cheryl Beranek
   

By: Cheryl Beranek

Its: President and Chief Executive Officer

    (Principal Executive Officer)
     
February 3, 2021   /s/ Daniel Herzog
   

By: Daniel Herzog

Its: Chief Financial Officer

    (Principal Financial and Accounting Officer)

 

 

 

 

 

 

 

21

 
 EX-31.1 2 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

 

CERTIFICATION

 

I, Cheryl Beranek, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Clearfield, Inc.;

 

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(s) 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 control 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(s) 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.

 

February 3, 2021    /s/ Cheryl Beranek
    By: Cheryl Beranek, President and Chief Executive Officer
    (Principal Executive Officer)
 EX-31.2 3 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

 

CERTIFICATION

 

I, Daniel Herzog, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Clearfield, Inc.;

 

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(s) 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 control 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(s) 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.

 

February 3, 2021    /s/ Daniel Herzog
    By: Daniel Herzog, Chief Financial Officer
    (Principal Financial and Accounting Officer)
 EX-32.1 4 exh_321.htm EXHIBIT 32.1

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

 

The undersigned certify pursuant to 18 U.S.C. § 1350, that:

 

(1) The accompanying Quarterly Report on Form 10-Q for the period ended December 31, 2020 of Clearfield, Inc. (the “Company”) 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 accompanying report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

February 3, 2021    /s/ Cheryl Beranek
    By: Cheryl Beranek, President and Chief Executive Officer
    (Principal Executive Officer)

 

February 3, 2021   /s/ Daniel Herzog
    By: Daniel Herzog, Chief Financial Officer
    (Principal Financial and Accounting Officer)

 

 EX-101.INS 5 clfd-20201231.xml XBRL INSTANCE FILE 38973505 37664633 -2859717 -1848409 996182 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-style: italic; border-bottom: Black 1pt solid">Operating lease expense under ASC842, Leases, within:</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Three months ended <br /> December 31, 2020</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Three months ended <br /> December 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Cost of goods sold</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">252,936</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">185,628</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Selling, general and administrative</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,398</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,366</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt">Total lease expense</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">308,334</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">241,994</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> 2 26 249000 0.98 0.94 0.02 0.06 1 1 11.93 11.23 0.85 25715 1000 257 -262727 -262470 10 2570 2580 false --09-30 Q1 2021 2020-12-31 10-Q 0000796505 13727906 Yes false Non-accelerated Filer Yes Clearfield, Inc. false true Common Stock, $0.01 par value clfd 1866249 3689587 9797641 10496672 28051 1909236 1202753 3118895 4856885 57696847 57502905 5 10942 10947 4 5799 5803 289057 289057 240586 240586 289057 280889 8168 240586 235788 4798 289085 289085 85000 46000 52000 96187684 95297430 52211429 52522809 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">1.</div> Basis of Presentation</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">The accompanying (a) condensed balance sheet as of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements as of and for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>have been prepared by Clearfield, Inc. (the &#x201c;Company&#x201d;) in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations and cash flows of the interim periods presented. </div>Operating results for the interim periods presented are <div style="display: inline; font-style: italic; font: inherit;">not</div> necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors. <div style="display: inline; color: black">These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form <div style="display: inline; font-style: italic; font: inherit;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020.</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In preparation of the Company's financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">New Accounting Pronouncements</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font: inherit;"> January 2017, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2017</div>-<div style="display: inline; font-style: italic; font: inherit;">04,</div> Intangibles-Goodwill, which offers amended guidance to simplify the accounting for goodwill impairment by removing Step <div style="display: inline; font-style: italic; font: inherit;">2</div> of the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit's carrying value exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit. This guidance is to be applied on a prospective basis effective for the Company's interim and annual periods beginning after <div style="display: inline; font-style: italic; font: inherit;"> December 15, 2019. </div>The new guidance is effective for the Company beginning in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of fiscal <div style="display: inline; font-style: italic; font: inherit;">2021.</div> The adoption of ASU <div style="display: inline; font-style: italic; font: inherit;">2017</div>-<div style="display: inline; font-style: italic; font: inherit;">04</div> did <div style="display: inline; font-style: italic; font: inherit;">not</div> have a material impact on the Company's financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font: inherit;"> June 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13,</div> Measurement of Credit Losses on Financial Instruments. In <div style="display: inline; font-style: italic; font: inherit;"> November 2018, </div>the FASB issued update ASU <div style="display: inline; font-style: italic; font: inherit;">2018</div>-<div style="display: inline; font-style: italic; font: inherit;">19</div> that clarifies the scope of the standard in the amendments in ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13.</div> This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Financial instruments impacted include accounts receivable, trade receivables, other financial assets measured at amortized cost and other off-balance sheet credit exposures. The new guidance is effective for the Company beginning in the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of fiscal <div style="display: inline; font-style: italic; font: inherit;">2023,</div> with early adoption permitted. The Company is evaluating the impact of the adoption of ASU <div style="display: inline; font-style: italic; font: inherit;">2016</div>-<div style="display: inline; font-style: italic; font: inherit;">13</div> on our financial statements.</div></div> 19151076 16449636 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">3.</div> Cash, Cash Equivalents and Investments</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company invests its excess cash in bank certificates of deposit (&#x201c;CDs&#x201d;) that are fully insured by the Federal Deposit Insurance Corporation (&#x201c;FDIC&#x201d;) as well as money market accounts. CDs with original maturities of more than <div style="display: inline; font-style: italic; font: inherit;">three</div> months are reported as held-to-maturity investments and are recorded at amortized cost, which approximates fair value due to the negligible risk of changes in value due to interest rates. <div style="display: inline; color: black">The maturity dates of the Company's investments as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020 </div>are as follows:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">&nbsp;</div></div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">September 30, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Less than one year</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,125,527</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,582,527</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">1-5 years</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,142,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,143,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">Total</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,267,527</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,725,527</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div></div> 16449636 10081721 19151076 10586850 2701440 505129 0.01 0.01 50000000 50000000 13727906 13649962 13727906 13649962 137279 136500 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">7.</div> Major Customer Concentration</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>Customer A comprised <div style="display: inline; font-style: italic; font: inherit;">19%</div> and Customer B comprised <div style="display: inline; font-style: italic; font: inherit;">12%</div> of the Company's net sales. Both of these customers are distributors. For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>Customers A, B, and C comprised <div style="display: inline; font-style: italic; font: inherit;">18%,</div> <div style="display: inline; font-style: italic; font: inherit;">13%,</div> and <div style="display: inline; font-style: italic; font: inherit;">10%,</div> respectively, of the Company's net sales. Customers A, B, and C are distributors. These major customers, like our other customers, purchase our products from time to time through purchase orders, and the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have any agreements that obligate these major customers to purchase products from us in the future.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>Customer B accounted for <div style="display: inline; font-style: italic; font: inherit;">16%</div> of accounts receivable. As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>Customers A and B accounted for <div style="display: inline; font-style: italic; font: inherit;">13%,</div> and <div style="display: inline; font-style: italic; font: inherit;">12%,</div> respectively, or <div style="display: inline; font-style: italic; font: inherit;">25%</div> in the aggregate of accounts receivable. Both of these customers are distributors.</div></div> 0.19 0.12 0.18 0.13 0.1 0.16 0.13 0.12 0.25 15722902 11650456 178118 178118 567718 606972 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">United States</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,032,202</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,240,788</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">All other countries</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,059,945</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,137,203</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt">Total Net Sales</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,092,147</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,377,991</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="text-align: center; white-space: nowrap; border-bottom: Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Broadband service providers</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">98</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">94</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Legacy customers</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt">Total Net Sales</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">%</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">%</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">4.</div> Stock-Based Compensation</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recorded <div style="display: inline; font-style: italic; font: inherit;">$289,057</div> of compensation expense related to current and past restricted stock grants, non-qualified stock options and the Company's Employee Stock Purchase Plan (&#x201c;ESPP&#x201d;) for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020. </div>For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">$280,889</div> of this expense is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font: inherit;">$8,168</div> is included in cost of sales. The Company recorded <div style="display: inline; font-style: italic; font: inherit;">$240,586</div> of compensation expense related to current and past restricted stock grants, non-qualified stock options and the ESPP for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>of which <div style="display: inline; font-style: italic; font: inherit;">$235,788</div> is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font: inherit;">$4,798</div> is included in cost of sales. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">$3,429,805</div> of total unrecognized compensation expense related to non-vested restricted stock awards and stock options is expected to be recognized over a period of approximately <div style="display: inline; font-style: italic; font: inherit;">3.7</div> years.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Stock Options</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. During the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company granted employees non-qualified stock options to purchase an aggregate of <div style="display: inline; font-style: italic; font: inherit;">105,089</div> shares of common stock with a weighted average contractual term of <div style="display: inline; font-style: italic; font: inherit;">five</div> years, a weighted average <div style="display: inline; font-style: italic; font: inherit;">three</div> year vesting term, and a weighted average exercise price of <div style="display: inline; font-style: italic; font: inherit;">$23.74.</div> During the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company granted employees non-qualified stock options to purchase an aggregate of <div style="display: inline; font-style: italic; font: inherit;">116,600</div> shares of common stock with a weighted average contractual term of <div style="display: inline; font-style: italic; font: inherit;">5.78</div> years, a weighted average <div style="display: inline; font-style: italic; font: inherit;">4.78</div> year vesting term, and a weighted average exercise price of <div style="display: inline; font-style: italic; font: inherit;">$12.43.</div> The weighted average fair value at the grant date for options issued during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>was <div style="display: inline; font-style: italic; font: inherit;">$8.14.</div><br style="clear: both" /> </div> <!-- Field: Page; Sequence: 9 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of awards during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>was estimated as of the grant date using the assumptions listed below:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Three months ended <br /> December 31, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; text-align: left">Dividend yield</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46.9</div></td> <td style="white-space: nowrap; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.24</div></td> <td style="white-space: nowrap; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected life (years)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vesting period (years)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The expected stock price volatility is based on the historical volatility of the Company's stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate as of the grant date on <div style="display: inline; font-style: italic; font: inherit;">zero</div>-coupon U.S. governmental bonds with a remaining life similar to the expected option term.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Options are granted at fair market values determined on the date of grant, and vesting normally occurs over a <div style="display: inline; font-style: italic; font: inherit;">three</div> to <div style="display: inline; font-style: italic; font: inherit;">five</div>-year period. Shares issued upon exercise of a stock option are issued from the Company's authorized but unissued shares.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a summary of stock option activity during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Number of <br /> options</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Weighted average <br /> exercise&nbsp;price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Outstanding as of September 30, 2020</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">337,100</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.48</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Granted</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,089</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23.74</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Exercised</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(79,400</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.55</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Cancelled or Forfeited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">Outstanding as of December 31, 2020</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">362,789</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15.73</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9.35pt; text-indent: -0.35pt">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the weighted average remaining contractual term for all outstanding and exercisable stock options was <div style="display: inline; font-style: italic; font: inherit;">2.65</div> years and their aggregate intrinsic value was <div style="display: inline; font-style: italic; font: inherit;">$1,173,691.</div> During the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company received proceeds of <div style="display: inline; font-style: italic; font: inherit;">$85</div> from the exercise of stock options. During the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company received proceeds of <div style="display: inline; font-style: italic; font: inherit;">$2,580</div> from the exercise of stock options.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Restricted Stock</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company's <div style="display: inline; font-style: italic; font: inherit;">2007</div> Stock Compensation Plan permits its Compensation Committee to grant stock-based awards, including stock options and restricted stock, to key employees and non-employee directors. The Company has made restricted stock grants that vest over <div style="display: inline; font-style: italic; font: inherit;">one</div> to <div style="display: inline; font-style: italic; font: inherit;">ten</div> years.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">During the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company granted employees restricted stock awards totaling <div style="display: inline; font-style: italic; font: inherit;">37,687</div> shares of common stock, with a vesting term of approximately <div style="display: inline; font-style: italic; font: inherit;">three</div> years and a fair value of <div style="display: inline; font-style: italic; font: inherit;">$23.74</div> per share. There were <div style="display: inline; font-style: italic; font: inherit;">no</div> restricted stock awards granted during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Restricted stock transactions during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>are summarized as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Number of <br /> shares</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Weighted average grant <br /> date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Unvested shares as of September 30, 2020</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">109,070</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.98</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Granted</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,687</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23.74</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Vested</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,400</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.81</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">Unvested as of December 31, 2020</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">145,357</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15.76</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <!-- Field: Page; Sequence: 10 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Employee Stock Purchase Plan </div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company's ESPP allows participating employees to purchase shares of the Company's common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees <div style="display: inline; font-style: italic; font: inherit;"> may </div>purchase the Company's common stock on a voluntary after-tax basis. Employees <div style="display: inline; font-style: italic; font: inherit;"> may </div>purchase the Company's common stock at a price that is <div style="display: inline; font-style: italic; font: inherit;">no</div> less than the lower of <div style="display: inline; font-style: italic; font: inherit;">85%</div> of the fair market value of <div style="display: inline; font-style: italic; font: inherit;">one</div> share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in <div style="display: inline; font-style: italic; font: inherit;">six</div>-month phases, with phases beginning on <div style="display: inline; font-style: italic; font: inherit;"> January 1 </div>and <div style="display: inline; font-style: italic; font: inherit;"> July 1 </div>of each calendar year. For the phases that ended on <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>employees purchased <div style="display: inline; font-style: italic; font: inherit;">15,011</div> and <div style="display: inline; font-style: italic; font: inherit;">15,107</div> shares at a price of <div style="display: inline; font-style: italic; font: inherit;">$11.93</div> and <div style="display: inline; font-style: italic; font: inherit;">$11.23</div> per share, respectively. After the employee purchase on <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">204,612</div> shares of common stock were available for future purchase under the ESPP.</div></div> 0.23 0.04 0.23 0.04 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">2.</div> Net Income Per Share</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Basic net income per common share (&#x201c;EPS&#x201d;) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options, when dilutive.</div> <!-- Field: Page; Sequence: 8 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following is a reconciliation of the numerator and denominator of the net income per common share computations for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;">2019:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left; text-indent: 0in">Net income</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,163,439</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">501,158</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0in">Weighted average common shares</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,692,533</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,512,094</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0in">Dilutive potential common shares</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,282</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110,132</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0in">Weighted average dilutive common shares outstanding</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,696,815</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,622,226</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0in">Net income per common share:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; text-indent: 0in">Basic</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.23</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.04</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; text-indent: 0in">Diluted</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.23</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.04</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> </table> </div></div> 0.178 0.197 3429805 P3Y255D P20Y 4708511 4708511 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">8.</div> Goodwill and Intangibles</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed as of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020 </div>did <div style="display: inline; font-style: italic; font: inherit;">not</div> indicate an impairment of goodwill. During the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>there were <div style="display: inline; font-style: italic; font: inherit;">no</div> triggering events that indicate potential impairment exists.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <!-- Field: Page; Sequence: 12 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company capitalizes legal costs incurred to obtain patents. Once accepted by either the U.S. Patent Office or the equivalent office of a foreign country, these legal costs are amortized using the straight-line method over the remaining estimated lives, <div style="display: inline; font-style: italic; font: inherit;">not</div> exceeding <div style="display: inline; font-style: italic; font: inherit;">20</div> years. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company has <div style="display: inline; font-style: italic; font: inherit;">26</div> patents granted and multiple pending applications both inside and outside the United States.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Company has various finite lived intangible assets, most of which were acquired as a result of the acquisition of the active cabinet product line from Calix, Inc. during fiscal year <div style="display: inline; font-style: italic; font: inherit;">2018.</div> The Company analyzes its intangible assets for impairment annually or at interim periods when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed as of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020 </div>did <div style="display: inline; font-style: italic; font: inherit;">not</div> indicate an impairment of our intangible assets. During the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>there were <div style="display: inline; font-style: italic; font: inherit;">no</div> triggering events that indicate potential impairment exists.</div></div> 0 0 11369245 7727535 35267527 35725527 26142000 25143000 9125527 10582527 3847439 624158 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">9.</div> Income Taxes</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company recorded income tax expense of <div style="display: inline; font-style: italic; font: inherit;">$684,000</div> reflecting an effective tax rate of <div style="display: inline; font-style: italic; font: inherit;">17.8%.</div> The differences between the effective tax rate and the statutory tax rate were primarily related to excess tax benefits from non-qualified stock options exercised during the quarter as well as research and development credits. <div style="display: inline; color: black">For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019, </div>the Company recorded a provision for income taxes of <div style="display: inline; font-style: italic; font: inherit;">$123,000,</div> reflecting an effective tax rate of <div style="display: inline; font-style: italic; font: inherit;">19.7%.</div></div> The differences between the effective tax rate and the statutory tax rate were related to nondeductible meals and entertainment, nondeductible stock compensation, foreign derived intangibles income deduction (FDII) and research and development credits.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company's realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a &#x201c;more likely than <div style="display: inline; font-style: italic; font: inherit;">not&#x201d;</div> criteria by assessing the available positive and negative factors surrounding its recoverability and determined that as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020 </div>a valuation allowance against our deferred tax assets is <div style="display: inline; font-style: italic; font: inherit;">not</div> required. The Company will continue to assess the need for a valuation allowance based on changes in assumptions of estimated future income and other factors in future periods.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have any unrecognized tax benefits. It is the Company's practice to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> expect any material changes in its unrecognized tax positions over the next <div style="display: inline; font-style: italic; font: inherit;">12</div> months.</div></div> 684000 123000 17000 29907 -699031 -2092912 -720949 1617461 -136182 47538 4282 110132 4747450 4829047 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">6.</div> Inventories</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Inventories consist of the following as of:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">December 31, <br />2020</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">September 30, <br />2020</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Raw materials</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,475,903</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,287,134</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Work-in-process</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">966,731</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,033,021</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,233,090</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,048,514</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Inventories, gross</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,675,724</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,368,669</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Inventory reserve</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(988,135</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(960,131</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt">Inventories, net</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,687,589</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,408,538</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div></div> 2233090 2048514 14675724 15368669 13687589 14408538 11475903 12287134 988135 960131 966731 1033021 133731 223243 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">September 30, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Less than one year</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,125,527</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,582,527</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">1-5 years</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,142,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,143,000</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">Total</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,267,527</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,725,527</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1pt solid; width: 85%">FY2021</td> <td style="border-top: Black 1pt solid; width: 1%">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-top: Black 1pt solid; width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">725,783</div></td> <td style="border-top: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>FY2022</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">986,844</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>FY2023</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">943,682</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>FY2024</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">516,725</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>FY2025</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">217,552</div></td> <td style="white-space: border-bottom: Black 1pt solid; nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Thereafter</td> <td>&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total lease payments</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,390,586</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Interest</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(208,720</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">Present value of lease liabilities</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,181,866</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> 3390586 986844 217552 516725 943682 725783 208720 P3Y P10Y62D P3Y P3Y P3Y180D <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: italic bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-style: normal">Note <div style="display: inline; font-style: italic; font: inherit;">10.</div> Leases</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company leases an <div style="display: inline; font-style: italic; font: inherit;">85,000</div> square foot facility at <div style="display: inline; font-style: italic; font: inherit;">7050</div> Winnetka Avenue North, Brooklyn Park, Minnesota consisting of our corporate offices, manufacturing and warehouse space. The lease term is <div style="display: inline; font-style: italic; font: inherit;">ten</div> years and <div style="display: inline; font-style: italic; font: inherit;">two</div> months, ending on <div style="display: inline; font-style: italic; font: inherit;"> February 28, 2025.&nbsp; </div>Upon proper notice and payment of a termination fee of approximately <div style="display: inline; font-style: italic; font: inherit;">$249,000,</div> the Company has a <div style="display: inline; font-style: italic; font: inherit;">one</div>-time option to terminate the lease effective as of the last day of the <div style="display: inline; font-style: italic; font: inherit;">eighth</div> year of the term after the Company commenced paying base rent. The renewal and termination options have <div style="display: inline; font-style: italic; font: inherit;">not</div> been included within the lease term because it is <div style="display: inline; font-style: italic; font: inherit;">not</div> reasonably certain that the Company will exercise either option.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font: inherit;"> October 9, 2020, </div>the Company entered into an indirect lease arrangement for its original <div style="display: inline; font-style: italic; font: inherit;">46,000</div> square foot manufacturing facility in Tijuana, Mexico. The Company had previously been leasing this facility on a month to month basis after its <div style="display: inline; font-style: italic; font: inherit;">three</div>-year lease expired on <div style="display: inline; font-style: italic; font: inherit;"> July 31, 2020. </div>The new lease term is <div style="display: inline; font-style: italic; font: inherit;">three</div> years. This lease contains a written option to renew and rent payments that increase annually based on U.S. inflation for the preceding <div style="display: inline; font-style: italic; font: inherit;">12</div> months.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font: inherit;"> February 12, 2020, </div>the Company entered into an indirect lease arrangement for an additional <div style="display: inline; font-style: italic; font: inherit;">52,000</div> square foot manufacturing facility in Tijuana, Mexico. The lease term is approximately <div style="display: inline; font-style: italic; font: inherit;">42</div> months and commenced on <div style="display: inline; font-style: italic; font: inherit;"> February 12, 2020. </div>The lease contains written options to renew for <div style="display: inline; font-style: italic; font: inherit;">two</div> additional consecutive periods of <div style="display: inline; font-style: italic; font: inherit;">three</div> years each.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <!-- Field: Page; Sequence: 13 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Right-of-use lease assets and lease liabilities are recognized as of the commencement date based on the present value of the remaining lease payments over the lease term which includes renewal periods the Company is reasonably certain to exercise. The Company's leases do <div style="display: inline; font-style: italic; font: inherit;">not</div> contain any material residual value guarantees or material restrictive covenants. As of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> have material lease commitments that have <div style="display: inline; font-style: italic; font: inherit;">not</div> commenced.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Operating lease expense included within cost of goods sold and selling, general and administrative expense was as follows for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-style: italic; border-bottom: Black 1pt solid">Operating lease expense under ASC842, Leases, within:</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Three months ended <br /> December 31, 2020</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Three months ended <br /> December 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Cost of goods sold</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">252,936</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">185,628</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Selling, general and administrative</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,398</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,366</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt">Total lease expense</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">308,334</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">241,994</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Future maturities of lease liabilities were as follows as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="border-top: Black 1pt solid; width: 85%">FY2021</td> <td style="border-top: Black 1pt solid; width: 1%">&nbsp;</td> <td style="border-top: Black 1pt solid; width: 1%; text-align: left">$</td> <td style="border-top: Black 1pt solid; width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">725,783</div></td> <td style="border-top: Black 1pt solid; white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>FY2022</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">986,844</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>FY2023</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">943,682</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>FY2024</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">516,725</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>FY2025</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">217,552</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Thereafter</td> <td>&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total lease payments</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,390,586</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Less: Interest</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(208,720</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">Present value of lease liabilities</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,181,866</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The weighted average term and weighted average discount rate for the Company's leases as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>were <div style="display: inline; font-style: italic; font: inherit;">3.56</div> years and <div style="display: inline; font-style: italic; font: inherit;">3.40%,</div> respectively, compared to <div style="display: inline; font-style: italic; font: inherit;">4.94</div> years and <div style="display: inline; font-style: italic; font: inherit;">3.51%,</div> respectively, as of <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020, </div>the operating cash outflows from the Company's leases was <div style="display: inline; font-style: italic; font: inherit;">$239,735,</div> compared to <div style="display: inline; font-style: italic; font: inherit;">$167,840</div> for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019.</div></div></div> 10076246 12544152 96187684 95297430 7768856 10414809 2307390 2129343 26142000 25143000 -94336 166429 79117 438531 2716659 -99831 3163439 501158 3163439 501158 3713708 400915 252936 185628 55398 56366 308334 241994 3181866 874476 665584 2307390 2129343 239735 167840 2930911 2539100 0.034 0.0351 P3Y204D P4Y343D 449596 585436 266515 266857 10947 5803 3968000 3211000 378883 788469 0.01 0.01 500000 500000 0 0 0 0 179081 169652 4426000 4438000 85 2580 5002750 5109988 28277312 25113873 26032202 18240788 1059945 1137203 27092147 19377991 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">5.</div> Revenue</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Revenue Recognition</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Net sales include products and shipping and handling charges. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. All revenue is recognized when the Company satisfies its performance obligations under the contract. The Company recognizes revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time the customer obtains control of the products. The Company recognizes revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of the Company's contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Disaggregation of Revenue</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to countries in the Caribbean, Canada, Central and South America.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Revenues related to the following geographic areas were as follows for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">United States</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,032,202</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">18,240,788</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">All other countries</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,059,945</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,137,203</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt">Total Net Sales</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,092,147</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,377,991</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company manufactures and sells a proprietary product line designed for the Broadband Service Provider marketplace. In addition, the Company's Legacy business provides build-to-print services for original equipment manufacturers requiring copper and fiber cable assemblies built to their specification.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The percentages of our sales by markets were as follows for the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="text-align: center; white-space: nowrap; border-bottom: Black 1pt solid">December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Broadband service providers</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">98</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">94</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Legacy customers</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.25pt">Total Net Sales</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">%</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">%</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Broadband Service Providers are made up of Community Broadband, which includes local and regional telecom companies, utilities, municipalities and alternative carriers, also referred to as Tier <div style="display: inline; font-style: italic; font: inherit;">2</div> and Tier <div style="display: inline; font-style: italic; font: inherit;">3</div> customers, National Carriers, which includes <div style="display: inline; color: black">large national and global wireline and wireless providers also referred to as Tier <div style="display: inline; font-style: italic; font: inherit;">1's</div></div>, multiple system operators (&#x201c;MSO's, or Cable TV&#x201d;), and international customers.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Accounts Receivable</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Credit is extended based on the evaluation of a customer's financial condition, and collateral is generally <div style="display: inline; font-style: italic; font: inherit;">not</div> required. Accounts that are outstanding longer than the contractual payment terms are considered past due. The Company writes off accounts receivable when they become uncollectible; payments subsequently received on such receivables are credited to the allowance for doubtful accounts. As of both <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>the balance in the allowance for doubtful accounts was <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$289,085.</div></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See Note <div style="display: inline; font-style: italic; font: inherit;">7,</div> &#x201c;Major Customer Concentration&#x201d; for further information regarding accounts receivable and net sales.</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Three Months Ended December 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: justify">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left; text-indent: 0in">Net income</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,163,439</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">501,158</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0in">Weighted average common shares</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,692,533</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,512,094</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 0in">Dilutive potential common shares</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4,282</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110,132</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0in">Weighted average dilutive common shares outstanding</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,696,815</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,622,226</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: 0in">Net income per common share:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; text-indent: 0in">Basic</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.23</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.04</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left; text-indent: 0in">Diluted</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.23</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.04</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">December 31, <br />2020</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">September 30, <br />2020</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%; text-align: left">Raw materials</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,475,903</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,287,134</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Work-in-process</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">966,731</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,033,021</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,233,090</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,048,514</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Inventories, gross</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,675,724</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,368,669</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Inventory reserve</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(988,135</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(960,131</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.25pt">Inventories, net</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,687,589</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,408,538</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Number of <br /> options</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Weighted average <br /> exercise&nbsp;price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Outstanding as of September 30, 2020</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">337,100</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.48</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Granted</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,089</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23.74</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Exercised</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(79,400</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.55</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1pt">Cancelled or Forfeited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">Outstanding as of December 31, 2020</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">362,789</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15.73</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Three months ended <br /> December 31, 2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; text-align: left">Dividend yield</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46.9</div></td> <td style="white-space: nowrap; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk-free interest rate</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.24</div></td> <td style="white-space: nowrap; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected life (years)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vesting period (years)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Number of <br /> shares</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; text-align: center; border-bottom: Black 1pt solid">Weighted average grant <br /> date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 70%">Unvested shares as of September 30, 2020</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">109,070</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.98</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt">Granted</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,687</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23.74</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt">Vested</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,400</div></td> <td style="white-space: nowrap; text-align: left">)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.81</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; padding-bottom: 1pt">Forfeited</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.25pt">Unvested as of December 31, 2020</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">145,357</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.25pt">&nbsp;</td> <td style="border-bottom: Black 2.25pt double; text-align: left">$</td> <td style="border-bottom: Black 2.25pt double; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15.76</div></td> <td style="white-space: nowrap; border-bottom: Black 2.25pt double; text-align: left">&nbsp;</td> </tr> </table></div> 7655537 7326620 289057 240586 P3Y P4Y284D P3Y P5Y P1Y P10Y P3Y 37687 0 37687 23.74 23.74 109070 145357 12.98 15.76 1400 12.81 0 0.469 0.0024 204612 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Common stock, authorized 50,000,000, $.01 par value; 13,727,906 and 13,649,962 shares issued and outstanding as of December 31, 2020 and September 30, 2020 Adjustments to reconcile net income to net cash provided by (used in) operating activities: us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice Weighted-average exercise price, outstanding (in dollars per share) Weighted-average exercise price, outstanding (in dollars per share) Common stock, authorized (in shares) Common stock, shares issued (in shares) Weighted-average exercise price, Cancelled or Forfeited (in dollars per share) Common stock, par value (in dollars per share) Goodwill and Intangible Assets Disclosure [Text Block] Weighted-average exercise price, Granted (in dollars per share) Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) Weighted-average exercise price, Exercised (in dollars per share) Accrued expenses Statistical Measurement [Domain] us-gaap_OperatingLeasePayments Operating Lease, Payments Maximum [Member] Minimum [Member] Lessee, Operating Leases [Text Block] Accounts payable us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber Options, outstanding (in shares) Options, outstanding (in shares) Other current assets Product and Service [Axis] Product and Service [Domain] Statistical Measurement [Axis] us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod Cancelled or Forfeited (in shares) Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding Preferred stock, shares issued (in shares) Accrued compensation us-gaap_PolicyTextBlockAbstract Accounting Policies Geographical [Axis] Geographical [Domain] Preferred stock, authorized shares (in shares) Inventories, net Inventories, net us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) Preferred stock, par value (in dollars per share) Work-in-process Dilutive potential common shares (in shares) us-gaap_InventoryValuationReserves Inventory reserve us-gaap_PaymentsToAcquirePropertyPlantAndEquipment Purchases of property, plant and equipment and intangible assets Finished goods Non-cash financing activities us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) Customer [Axis] Customer [Domain] us-gaap_InventoryGross Inventories, gross Vesting period (years) (Year) Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) Grantee Status [Domain] Grantee Status [Axis] Cash paid during the year for income taxes Current Liabilities Raw materials us-gaap_Assets Total Assets Supplemental disclosures for cash flow information Patents [Member] Plan Name [Axis] Plan Name [Domain] us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total us-gaap_OperatingLeaseExpense Total lease expense under ASC 842 Cash flows from operating activities us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1 Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) Statement [Line Items] us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent Accounts Receivable, Allowance for Credit Loss, Current Accounts receivables, net Additional paid-in capital Deferred tax asset Share-based Payment Arrangement [Text Block] Finite-Lived Intangible Assets by Major Class [Axis] Stock Compensation Plan 2007 [Member] Represents information regarding the 2007 Stock Compensation Plan. Finite-Lived Intangible Assets, Major Class Name [Domain] Short-term investments us-gaap_AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation Tax withholding related to vesting of restricted stock grants Shareholders’ Equity Award Type [Domain] Weighted average shares outstanding: The weighted average shares outstanding. Current Assets Award Type [Axis] Net income Net income Intangible assets, net us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period clfd_NumberOfPatentsGranted Number of Patents Granted Represents the number of patents granted in the United States. Interest income us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect Increase in cash and cash equivalents Restricted Stock [Member] Other Assets us-gaap_Liabilities Total liabilities us-gaap_NetCashProvidedByUsedInFinancingActivities Net cash (used in) provided by financing activities Cashless exercise of stock options The issuance of common stock funded through shares sold to the company. us-gaap_OperatingIncomeLoss Income from operations Share-based Payment Arrangement, Option [Member] us-gaap_NetCashProvidedByUsedInOperatingActivities Net cash provided by (used in) operating activities us-gaap_NetCashProvidedByUsedInInvestingActivities Net cash provided by investing activities Cost of sales us-gaap_GrossProfit Gross profit Property, plant and equipment, net us-gaap_Goodwill Goodwill Legacy Customers [Member] Information related to legacy customers. Other Liabilities us-gaap_PaymentsRelatedToTaxWithholdingForShareBasedCompensation Tax withholding related to vesting of restricted stock grants Cash flows from investing activities us-gaap_HeldToMaturitySecurities Total Employee Stock Purchase Plan [Member] The employee stock purchase plan. Retained Earnings [Member] Earnings Per Share [Text Block] Tax withholding related to exercise of stock options Proceeds from Stock Options Exercised Net sales Total Net Sales Proceeds from issuance of common stock under employee stock purchase plan Additional Paid-in Capital [Member] Common Stock [Member] us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments Income before income taxes Income tax expense Income Tax Expense (Benefit), Total Equity Components [Axis] Equity Component [Domain] clfd_SharebasedCompensationArrangementBySharebasedPaymentAwardMarketPricePercentageOfferingDate Share-based Compensation Arrangement by Share-based Payment Award, Market Price Percentage, Offering Date Percentage of market price of one share of common stock on offering date that participants pay for shares. clfd_AssetsNoncurrentExcludingPropertyPlantAndEquipment Total other assets Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer excluding property, plant and equipment. clfd_ShareBasedCompensationArrangementByShareBasedPaymentAwardPurchasePrice Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price (in dollars per share) Represents information about the purchase price of each share under the employee stock purchase plan. Tijuana, Mexico 2 [Member] Represents a second categorization of information related to Tijuana, Mexico. Accounts payable and accrued expenses The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received. the amount of obligations and expenses incurred but not paid and rent that will be paid in the future. Lessee, Operating Lease Expense [Table Text Block] Tabular disclosure of a lessee's operating lease expense. clfd_LesseeOperatingLeaseNumberOfOptionsToRenew Lessee, Operating Lease, Number of Options to Renew Represents the number of options to renew an operating lease. Percent of net sales Represents the percentage of revenues. Less than one year 1-5 years Broadband Service Providers [Member] Information pertaining to broadband service providers. Cash and cash equivalents Exercise of stock options, net of shares exchanged for payment (in shares) Number of share options (or share units) exercised during the current period, net of shares exchanged for payment. Exercise of stock options, net of shares exchanged for payment Value of stock issued as a result of the exercise of stock options, net of shares exchanged for payment. Disaggregation of Revenue [Table Text Block] us-gaap_AllocatedShareBasedCompensationExpense Share-based Payment Arrangement, Expense Revenue from Contract with Customer [Text Block] Amendment Flag us-gaap_UnrecognizedTaxBenefits Unrecognized Tax Benefits, Ending Balance Accounting Policies [Abstract] Concentration Risk Disclosure [Text Block] Selling, General and Administrative Expenses [Member] Entity Interactive Data Current us-gaap_SharesOutstanding Balance (in shares) Balance (in shares) Common stock, shares outstanding (in shares) Preferred stock, shares outstanding (in shares) Title of 12(b) Security us-gaap_IncreaseDecreaseInOtherOperatingAssets Other assets Current Fiscal Year End Date Cost of Sales [Member] Basis of Accounting [Text Block] us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent Operating Lease, Weighted Average Discount Rate, Percent Document Fiscal Period Focus Document Fiscal Year Focus Document Period End Date Income Statement Location [Axis] Income Statement Location [Domain] us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1 Operating Lease, Weighted Average Remaining Lease Term (Year) Entity Emerging Growth Company Document Type Entity Small Business Entity Shell Company Document Information [Line Items] Document Information [Table] us-gaap_AreaOfRealEstateProperty Area of Real Estate Property (Square Foot) Entity Filer Category Entity Current Reporting Status us-gaap_GoodwillImpairmentLoss Goodwill, Impairment Loss Diluted (in shares) Weighted average dilutive common shares outstanding (in shares) us-gaap_ConcentrationRiskPercentage1 Concentration Risk, Percentage us-gaap_IncreaseDecreaseInAccountsReceivable Accounts receivable Stock-based compensation expense Non-US [Member] Entity Central Index Key Entity Registrant Name Entity [Domain] Customer Concentration Risk [Member] Legal Entity [Axis] Statement [Table] Statement of Financial Position [Abstract] Net income per share Diluted (in dollars per share) Diluted (in dollars per share) Basic (in shares) Weighted average common shares (in shares) us-gaap_EffectiveIncomeTaxRateContinuingOperations Effective Income Tax Rate Reconciliation, Percent, Total Net income per share Basic (in dollars per share) Basic (in dollars per share) Concentration Risk Type [Axis] Concentration Risk Type [Domain] Statement of Cash Flows [Abstract] Entity Common Stock, Shares Outstanding (in shares) Statement of Stockholders' Equity [Abstract] Income Statement [Abstract] Revenue Benchmark [Member] Accounts Receivable [Member] us-gaap_IncreaseDecreaseInInventories Inventories, net Trading Symbol Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Issuance of common stock under employee stock purchase plan (in shares) Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) Investments Classified by Contractual Maturity Date [Table Text Block] Customers A and B [Member] Represents customers A and B. us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised Exercised (in shares) us-gaap_TableTextBlock Notes Tables Thereafter clfd_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour Amount of lessee's undiscounted obligation for lease payment for operating lease due after fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Issuance of common stock under employee stock purchase plan Restricted stock issued (in shares) Restricted stock issued Selling, general and administrative us-gaap_LiabilitiesNoncurrent Total other liabilities Granted (in shares) Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) Cash flows from financing activities us-gaap_LiabilitiesAndStockholdersEquity Total Liabilities and Shareholders’ Equity UNITED STATES Retained earnings Customer A [Member] Disclosure for customer A. Customer B [Member] Disclosure for customer B. Customer C [Member] Disclosure for customer C. Changes in operating assets and liabilities: us-gaap_StockholdersEquity Total shareholders’ equity Balance Balance us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements Inventory Disclosure [Text Block] Long-term portion of lease liability Schedule of Inventory, Current [Table Text Block] Class of Stock [Axis] Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] Present value of lease liabilities us-gaap_OperatingLeaseLiability Current portion of lease liability Cash and Cash Equivalents Disclosure [Text Block] Right of use lease assets us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue Total lease payments us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount Less: Interest FY2024 us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree FY2025 us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour EX-101.PRE 10 clfd-20201231_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT v3.20.4
Document And Entity Information - shares
 3 Months Ended
Dec. 31, 2020
Jan. 21, 2021
Document Information [Line Items]    
Entity Registrant Name Clearfield, Inc.  
Entity Central Index Key 0000796505  
Trading Symbol clfd  
Current Fiscal Year End Date --09-30  
Entity Filer Category Non-accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Interactive Data Current Yes  
Entity Common Stock, Shares Outstanding (in shares)   13,727,906
Entity Shell Company false  
Document Type 10-Q  
Document Period End Date Dec. 31, 2020  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Title of 12(b) Security Common Stock, $0.01 par value  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.20.4
Condensed Balance Sheets (Current Period Unaudited) - USD ($)
Dec. 31, 2020
Sep. 30, 2020
Current Assets    
Cash and cash equivalents $ 19,151,076 $ 16,449,636
Short-term investments 9,125,527 10,582,527
Accounts receivables, net 9,797,641 10,496,672
Inventories, net 13,687,589 14,408,538
Other current assets 449,596 585,436
Total current assets 52,211,429 52,522,809
Property, plant and equipment, net 5,002,750 5,109,988
Other Assets    
Long-term investments 26,142,000 25,143,000
Goodwill 4,708,511 4,708,511
Intangible assets, net 4,747,450 4,829,047
Right of use lease assets 2,930,911 2,539,100
Deferred tax asset 178,118 178,118
Other 266,515 266,857
Total other assets 38,973,505 37,664,633
Total Assets 96,187,684 95,297,430
Current Liabilities    
Current portion of lease liability 874,476 665,584
Accounts payable 1,866,249 3,689,587
Accrued compensation 3,118,895 4,856,885
Accrued expenses 1,909,236 1,202,753
Total current liabilities 7,768,856 10,414,809
Other Liabilities    
Long-term portion of lease liability 2,307,390 2,129,343
Total other liabilities 2,307,390 2,129,343
Total liabilities 10,076,246 12,544,152
Shareholders’ Equity    
Preferred stock, $.01 par value; 500,000 shares; no shares issued or outstanding
Common stock, authorized 50,000,000, $.01 par value; 13,727,906 and 13,649,962 shares issued and outstanding as of December 31, 2020 and September 30, 2020 137,279 136,500
Additional paid-in capital 57,696,847 57,502,905
Retained earnings 28,277,312 25,113,873
Total shareholders’ equity 86,111,438 82,753,278
Total Liabilities and Shareholders’ Equity $ 96,187,684 $ 95,297,430
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.20.4
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Dec. 31, 2020
Sep. 30, 2020
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized shares (in shares) 500,000 500,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, authorized (in shares) 50,000,000 50,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares issued (in shares) 13,727,906 13,649,962
Common stock, shares outstanding (in shares) 13,727,906 13,649,962
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.20.4
Condensed Statements of Earnings (Unaudited) - USD ($)
 3 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Net sales $ 27,092,147 $ 19,377,991
Cost of sales 15,722,902 11,650,456
Gross profit 11,369,245 7,727,535
Operating expenses    
Selling, general and administrative 7,655,537 7,326,620
Income from operations 3,713,708 400,915
Interest income 133,731 223,243
Income before income taxes 3,847,439 624,158
Income tax expense 684,000 123,000
Net income $ 3,163,439 $ 501,158
Net income per share Basic (in dollars per share) $ 0.23 $ 0.04
Net income per share Diluted (in dollars per share) $ 0.23 $ 0.04
Weighted average shares outstanding:    
Basic (in shares) 13,692,533 13,512,094
Diluted (in shares) 13,696,815 13,622,226
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.20.4
Condensed Statements of Shareholders' Equity (Unaudited) - USD ($)
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance (in shares) at Sep. 30, 2019 13,641,805      
Balance at Sep. 30, 2019 $ 136,418 $ 56,976,162 $ 17,820,807 $ 74,933,387
Stock-based compensation expense 240,586 240,586
Issuance of common stock under employee stock purchase plan (in shares) 15,107      
Issuance of common stock under employee stock purchase plan $ 151 169,501 169,652
Exercise of stock options, net of shares exchanged for payment (in shares) 1,000      
Exercise of stock options, net of shares exchanged for payment $ 10 2,570 2,580
Tax withholding related to vesting of restricted stock grants (in shares) (453)      
Tax withholding related to vesting of restricted stock grants $ (4) (5,799) (5,803)
Net income 501,158 501,158
Balance (in shares) at Dec. 31, 2019 13,657,459      
Balance at Dec. 31, 2019 $ 136,575 57,383,020 18,321,965 75,841,560
Balance (in shares) at Sep. 30, 2020 13,649,962      
Balance at Sep. 30, 2020 $ 136,500 57,502,905 25,113,873 82,753,278
Restricted stock issued (in shares) 37,687      
Restricted stock issued $ 377 (377)
Stock-based compensation expense 289,057 289,057
Issuance of common stock under employee stock purchase plan (in shares) 15,011      
Issuance of common stock under employee stock purchase plan $ 150 178,931 179,081
Exercise of stock options, net of shares exchanged for payment (in shares) 25,715      
Exercise of stock options, net of shares exchanged for payment $ 257 (262,727) (262,470)
Tax withholding related to vesting of restricted stock grants (in shares) (469)      
Tax withholding related to vesting of restricted stock grants $ (5) (10,942) (10,947)
Net income 3,163,439 3,163,439
Balance (in shares) at Dec. 31, 2020 13,727,906      
Balance at Dec. 31, 2020 $ 137,279 $ 57,696,847 $ 28,277,312 $ 86,111,438
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Condensed Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities    
Net income $ 3,163,439 $ 501,158
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 567,718 606,972
Amortization of discount on investments (28,051)
Stock-based compensation 289,057 240,586
Changes in operating assets and liabilities:    
Accounts receivable 699,031 2,092,912
Inventories, net 720,949 (1,617,461)
Other assets 136,182 (47,538)
Accounts payable and accrued expenses (2,859,717) (1,848,409)
Net cash provided by (used in) operating activities 2,716,659 (99,831)
Cash flows from investing activities    
Purchases of property, plant and equipment and intangible assets (378,883) (788,469)
Purchases of investments (3,968,000) (3,211,000)
Proceeds from maturities of investments 4,426,000 4,438,000
Net cash provided by investing activities 79,117 438,531
Cash flows from financing activities    
Proceeds from issuance of common stock under employee stock purchase plan 179,081 169,652
Tax withholding related to exercise of stock options 85 2,580
Tax withholding related to vesting of restricted stock grants (10,947) (5,803)
Net cash (used in) provided by financing activities (94,336) 166,429
Increase in cash and cash equivalents 2,701,440 505,129
Cash and cash equivalents, beginning of period 16,449,636 10,081,721
Cash and cash equivalents, end of period 19,151,076 10,586,850
Supplemental disclosures for cash flow information    
Cash paid during the year for income taxes 17,000 29,907
Non-cash financing activities    
Cashless exercise of stock options $ 996,182
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.20.4
Note 1 - Basis of Presentation
 3 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Basis of Accounting [Text Block]
Note
1.
Basis of Presentation
 
The accompanying (a) condensed balance sheet as of
September 30, 2020,
which has been derived from audited financial statements, and (b) unaudited interim condensed financial statements as of and for the
three
months ended
December 31, 2020
have been prepared by Clearfield, Inc. (the “Company”) in accordance with accounting principles generally accepted in the United States of America for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission. Pursuant to these rules and regulations, certain financial information and footnote disclosures normally included in the financial statements have been condensed or omitted. However, in the opinion of management, the financial statements include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the financial position, results of operations and cash flows of the interim periods presented.
Operating results for the interim periods presented are
not
necessarily indicative of results to be expected for the full year or for any other interim period, due to variability in customer purchasing patterns and seasonal, operating and other factors.
These condensed financial statements should be read in conjunction with the financial statements and notes thereto included in the Company's Annual Report on Form
10
-K for the year ended
September 30, 2020.
 
In preparation of the Company's financial statements, management is required to make estimates and assumptions that affect reported amounts of assets and liabilities and related revenues and expenses during the reporting periods. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.
 
New Accounting Pronouncements
 
In
January 2017,
the FASB issued ASU
2017
-
04,
Intangibles-Goodwill, which offers amended guidance to simplify the accounting for goodwill impairment by removing Step
2
of the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit's carrying value exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit. This guidance is to be applied on a prospective basis effective for the Company's interim and annual periods beginning after
December 15, 2019.
The new guidance is effective for the Company beginning in the
first
quarter of fiscal
2021.
The adoption of ASU
2017
-
04
did
not
have a material impact on the Company's financial statements.
 
In
June 2016,
the FASB issued ASU
2016
-
13,
Measurement of Credit Losses on Financial Instruments. In
November 2018,
the FASB issued update ASU
2018
-
19
that clarifies the scope of the standard in the amendments in ASU
2016
-
13.
This guidance introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. Financial instruments impacted include accounts receivable, trade receivables, other financial assets measured at amortized cost and other off-balance sheet credit exposures. The new guidance is effective for the Company beginning in the
first
quarter of fiscal
2023,
with early adoption permitted. The Company is evaluating the impact of the adoption of ASU
2016
-
13
on our financial statements.
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.20.4
Note 2 - Net Income Per Share
 3 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Earnings Per Share [Text Block]
Note
2.
Net Income Per Share
 
Basic net income per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding for the reporting period. Diluted EPS equals net income divided by the sum of the weighted average number of shares of common stock outstanding plus all additional common stock equivalents, such as stock options, when dilutive.
The following is a reconciliation of the numerator and denominator of the net income per common share computations for the
three
months ended
December 31, 2020
and
2019:
 
    Three Months Ended December 31,
    2020   2019
Net income   $
3,163,439
     $
501,158
  
Weighted average common shares    
13,692,533
      
13,512,094
  
Dilutive potential common shares    
4,282
      
110,132
  
Weighted average dilutive common shares outstanding    
13,696,815
      
13,622,226
  
Net income per common share:                
Basic   $
0.23
     $
0.04
  
Diluted   $
0.23
     $
0.04
  
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.20.4
Note 3 - Cash, Cash Equivalents and Investments
 3 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Cash and Cash Equivalents Disclosure [Text Block]
Note
3.
Cash, Cash Equivalents and Investments
 
The Company invests its excess cash in bank certificates of deposit (“CDs”) that are fully insured by the Federal Deposit Insurance Corporation (“FDIC”) as well as money market accounts. CDs with original maturities of more than
three
months are reported as held-to-maturity investments and are recorded at amortized cost, which approximates fair value due to the negligible risk of changes in value due to interest rates.
The maturity dates of the Company's investments as of
December 31, 2020
and
September 30, 2020
are as follows:
 
    December 31, 2020   September 30, 2020
Less than one year   $
9,125,527
     $
10,582,527
  
1-5 years    
26,142,000
      
25,143,000
  
Total   $
35,267,527
     $
35,725,527
  
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.20.4
Note 4 - Stock-based Compensation
 3 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
Note
4.
Stock-Based Compensation
 
The Company recorded
$289,057
of compensation expense related to current and past restricted stock grants, non-qualified stock options and the Company's Employee Stock Purchase Plan (“ESPP”) for the
three
months ended
December 31, 2020.
For the
three
months ended
December 31, 2020,
$280,889
of this expense is included in selling, general and administrative expense, and
$8,168
is included in cost of sales. The Company recorded
$240,586
of compensation expense related to current and past restricted stock grants, non-qualified stock options and the ESPP for the
three
months ended
December 31, 2019,
of which
$235,788
is included in selling, general and administrative expense, and
$4,798
is included in cost of sales. As of
December 31, 2020,
$3,429,805
of total unrecognized compensation expense related to non-vested restricted stock awards and stock options is expected to be recognized over a period of approximately
3.7
years.
 
Stock Options
 
The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. During the
three
months ended
December 31, 2020,
the Company granted employees non-qualified stock options to purchase an aggregate of
105,089
shares of common stock with a weighted average contractual term of
five
years, a weighted average
three
year vesting term, and a weighted average exercise price of
$23.74.
During the
three
months ended
December 31, 2019,
the Company granted employees non-qualified stock options to purchase an aggregate of
116,600
shares of common stock with a weighted average contractual term of
5.78
years, a weighted average
4.78
year vesting term, and a weighted average exercise price of
$12.43.
The weighted average fair value at the grant date for options issued during the
three
months ended
December 31, 2020
was
$8.14.

The fair value of awards during the
three
months ended
December 31, 2020
was estimated as of the grant date using the assumptions listed below:
 
    Three months ended
December 31, 2020
Dividend yield    
0
 %
Expected volatility    
46.9
 %
Risk-free interest rate    
0.24
 %
Expected life (years)    
5
  
Vesting period (years)    
3
  
 
The expected stock price volatility is based on the historical volatility of the Company's stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate as of the grant date on
zero
-coupon U.S. governmental bonds with a remaining life similar to the expected option term.
 
Options are granted at fair market values determined on the date of grant, and vesting normally occurs over a
three
to
five
-year period. Shares issued upon exercise of a stock option are issued from the Company's authorized but unissued shares.
 
The following is a summary of stock option activity during the
three
months ended
December 31, 2020:
 
    Number of
options		   Weighted average
exercise price
Outstanding as of September 30, 2020    
337,100
     $
12.48
  
Granted    
105,089
      
23.74
  
Exercised    
(79,400
 )    
12.55
  
Cancelled or Forfeited    
-
      
-
  
Outstanding as of December 31, 2020    
362,789
     $
15.73
  
 
The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of
December 31, 2020,
the weighted average remaining contractual term for all outstanding and exercisable stock options was
2.65
years and their aggregate intrinsic value was
$1,173,691.
During the
three
months ended
December 31, 2020,
the Company received proceeds of
$85
from the exercise of stock options. During the
three
months ended
December 31, 2019,
the Company received proceeds of
$2,580
from the exercise of stock options.
 
Restricted Stock
 
The Company's
2007
Stock Compensation Plan permits its Compensation Committee to grant stock-based awards, including stock options and restricted stock, to key employees and non-employee directors. The Company has made restricted stock grants that vest over
one
to
ten
years.
 
During the
three
months ended
December 31, 2020,
the Company granted employees restricted stock awards totaling
37,687
shares of common stock, with a vesting term of approximately
three
years and a fair value of
$23.74
per share. There were
no
restricted stock awards granted during the
three
months ended
December 31, 2019.
 
Restricted stock transactions during the
three
months ended
December 31, 2020
are summarized as follows:
 
    Number of
shares		   Weighted average grant
date fair value
Unvested shares as of September 30, 2020    
109,070
     $
12.98
  
Granted    
37,687
      
23.74
  
Vested    
(1,400
 )    
12.81
  
Forfeited    
-
      
-
  
Unvested as of December 31, 2020    
145,357
     $
15.76
  
 
Employee Stock Purchase Plan
 
The Company's ESPP allows participating employees to purchase shares of the Company's common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees
may
purchase the Company's common stock on a voluntary after-tax basis. Employees
may
purchase the Company's common stock at a price that is
no
less than the lower of
85%
of the fair market value of
one
share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in
six
-month phases, with phases beginning on
January 1
and
July 1
of each calendar year. For the phases that ended on
December 31, 2020
and
December 31, 2019,
employees purchased
15,011
and
15,107
shares at a price of
$11.93
and
$11.23
per share, respectively. After the employee purchase on
December 31, 2020,
204,612
shares of common stock were available for future purchase under the ESPP.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.20.4
Note 5 - Revenue
 3 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]
Note
5.
Revenue
 
Revenue Recognition
 
Net sales include products and shipping and handling charges. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products. All revenue is recognized when the Company satisfies its performance obligations under the contract. The Company recognizes revenue by transferring the promised products to the customer, with substantially all revenue recognized at the point in time the customer obtains control of the products. The Company recognizes revenue for shipping and handling charges at the time the products are delivered to or picked up by the customer. The majority of the Company's contracts have a single performance obligation and are short term in nature. Sales taxes and value added taxes in foreign jurisdictions that are collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from net sales.
 
Disaggregation of Revenue
 
The Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to countries in the Caribbean, Canada, Central and South America.
 
Revenues related to the following geographic areas were as follows for the
three
months ended:
 
    December 31,
    2020   2019
United States   $
26,032,202
     $
18,240,788
  
All other countries    
1,059,945
      
1,137,203
  
Total Net Sales   $
27,092,147
     $
19,377,991
  
 
The Company manufactures and sells a proprietary product line designed for the Broadband Service Provider marketplace. In addition, the Company's Legacy business provides build-to-print services for original equipment manufacturers requiring copper and fiber cable assemblies built to their specification.
 
The percentages of our sales by markets were as follows for the
three
months ended:
 
    December 31,
    2020   2019
Broadband service providers    
98
 %    
94
 %
Legacy customers    
2
 %    
6
 %
Total Net Sales    
100
 %    
100
 %
 
Broadband Service Providers are made up of Community Broadband, which includes local and regional telecom companies, utilities, municipalities and alternative carriers, also referred to as Tier
2
and Tier
3
customers, National Carriers, which includes
large national and global wireline and wireless providers also referred to as Tier
1's
, multiple system operators (“MSO's, or Cable TV”), and international customers.
 
Accounts Receivable
 
Credit is extended based on the evaluation of a customer's financial condition, and collateral is generally
not
required. Accounts that are outstanding longer than the contractual payment terms are considered past due. The Company writes off accounts receivable when they become uncollectible; payments subsequently received on such receivables are credited to the allowance for doubtful accounts. As of both
December 31, 2020
and
September 30, 2020,
the balance in the allowance for doubtful accounts was
$289,085.
 
See Note
7,
“Major Customer Concentration” for further information regarding accounts receivable and net sales.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.20.4
Note 6 - Inventories
 3 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Inventory Disclosure [Text Block]
Note
6.
Inventories
 
Inventories consist of the following as of:
 
    December 31,
2020		   September 30,
2020
         
Raw materials   $
11,475,903
     $
12,287,134
  
Work-in-process    
966,731
      
1,033,021
  
Finished goods    
2,233,090
      
2,048,514
  
Inventories, gross    
14,675,724
      
15,368,669
  
Inventory reserve    
(988,135
 )    
(960,131
 )
Inventories, net   $
13,687,589
     $
14,408,538
  
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.20.4
Note 7 - Major Customer Concentration
 3 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]
Note
7.
Major Customer Concentration
 
For the
three
months ended
December 31, 2020,
Customer A comprised
19%
and Customer B comprised
12%
of the Company's net sales. Both of these customers are distributors. For the
three
months ended
December 31, 2019,
Customers A, B, and C comprised
18%,
13%,
and
10%,
respectively, of the Company's net sales. Customers A, B, and C are distributors. These major customers, like our other customers, purchase our products from time to time through purchase orders, and the Company does
not
have any agreements that obligate these major customers to purchase products from us in the future.
 
As of
December 31, 2020,
Customer B accounted for
16%
of accounts receivable. As of
September 30, 2020,
Customers A and B accounted for
13%,
and
12%,
respectively, or
25%
in the aggregate of accounts receivable. Both of these customers are distributors.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.20.4
Note 8 - Goodwill and Intangibles
 3 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
Note
8.
Goodwill and Intangibles
 
The Company analyzes its goodwill for impairment annually or at an interim period when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed as of
September 30, 2020
did
not
indicate an impairment of goodwill. During the
three
months ended
December 31, 2020,
there were
no
triggering events that indicate potential impairment exists.
 
The Company capitalizes legal costs incurred to obtain patents. Once accepted by either the U.S. Patent Office or the equivalent office of a foreign country, these legal costs are amortized using the straight-line method over the remaining estimated lives,
not
exceeding
20
years. As of
December 31, 2020,
the Company has
26
patents granted and multiple pending applications both inside and outside the United States.
 
In addition, the Company has various finite lived intangible assets, most of which were acquired as a result of the acquisition of the active cabinet product line from Calix, Inc. during fiscal year
2018.
The Company analyzes its intangible assets for impairment annually or at interim periods when events occur or changes in circumstances indicate potential impairment. The result of the analysis performed as of
September 30, 2020
did
not
indicate an impairment of our intangible assets. During the
three
months ended
December 31, 2020,
there were
no
triggering events that indicate potential impairment exists.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.20.4
Note 9 - Income Taxes
 3 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note
9.
Income Taxes
 
For the
three
months ended
December 31, 2020,
the Company recorded income tax expense of
$684,000
reflecting an effective tax rate of
17.8%.
The differences between the effective tax rate and the statutory tax rate were primarily related to excess tax benefits from non-qualified stock options exercised during the quarter as well as research and development credits.
For the
three
months ended
December 31, 2019,
the Company recorded a provision for income taxes of
$123,000,
reflecting an effective tax rate of
19.7%.
The differences between the effective tax rate and the statutory tax rate were related to nondeductible meals and entertainment, nondeductible stock compensation, foreign derived intangibles income deduction (FDII) and research and development credits.
 
Deferred taxes recognize the impact of temporary differences between the amounts of the assets and liabilities recorded for financial statement purposes and these amounts measured in accordance with tax laws. The Company's realization of deferred tax temporary differences is contingent upon future taxable earnings. The Company reviewed its deferred tax asset for expected utilization using a “more likely than
not”
criteria by assessing the available positive and negative factors surrounding its recoverability and determined that as of
December 31, 2020
and
September 30, 2020
a valuation allowance against our deferred tax assets is
not
required. The Company will continue to assess the need for a valuation allowance based on changes in assumptions of estimated future income and other factors in future periods.
 
As of
December 31, 2020,
the Company does
not
have any unrecognized tax benefits. It is the Company's practice to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company does
not
expect any material changes in its unrecognized tax positions over the next
12
months.
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.20.4
Note 10 - Leases
 3 Months Ended
Dec. 31, 2020
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]
Note
10.
Leases
 
The Company leases an
85,000
square foot facility at
7050
Winnetka Avenue North, Brooklyn Park, Minnesota consisting of our corporate offices, manufacturing and warehouse space. The lease term is
ten
years and
two
months, ending on
February 28, 2025. 
Upon proper notice and payment of a termination fee of approximately
$249,000,
the Company has a
one
-time option to terminate the lease effective as of the last day of the
eighth
year of the term after the Company commenced paying base rent. The renewal and termination options have
not
been included within the lease term because it is
not
reasonably certain that the Company will exercise either option.
 
On
October 9, 2020,
the Company entered into an indirect lease arrangement for its original
46,000
square foot manufacturing facility in Tijuana, Mexico. The Company had previously been leasing this facility on a month to month basis after its
three
-year lease expired on
July 31, 2020.
The new lease term is
three
years. This lease contains a written option to renew and rent payments that increase annually based on U.S. inflation for the preceding
12
months.
 
On
February 12, 2020,
the Company entered into an indirect lease arrangement for an additional
52,000
square foot manufacturing facility in Tijuana, Mexico. The lease term is approximately
42
months and commenced on
February 12, 2020.
The lease contains written options to renew for
two
additional consecutive periods of
three
years each.
 
Right-of-use lease assets and lease liabilities are recognized as of the commencement date based on the present value of the remaining lease payments over the lease term which includes renewal periods the Company is reasonably certain to exercise. The Company's leases do
not
contain any material residual value guarantees or material restrictive covenants. As of
December 31, 2020,
the Company does
not
have material lease commitments that have
not
commenced.
 
Operating lease expense included within cost of goods sold and selling, general and administrative expense was as follows for the
three
months ended
December 31, 2020:
 
Operating lease expense under ASC842, Leases, within:   Three months ended
December 31, 2020		   Three months ended
December 31, 2019
Cost of goods sold   $
252,936
     $
185,628
  
Selling, general and administrative    
55,398
      
56,366
  
Total lease expense   $
308,334
     $
241,994
  
 
Future maturities of lease liabilities were as follows as of
December 31, 2020:
 
FY2021   $
725,783
  
FY2022    
986,844
  
FY2023    
943,682
  
FY2024    
516,725
  
FY2025    
217,552
  
Thereafter    
-
  
Total lease payments    
3,390,586
  
Less: Interest    
(208,720
 )
Present value of lease liabilities   $
3,181,866
  
 
The weighted average term and weighted average discount rate for the Company's leases as of
December 31, 2020
were
3.56
years and
3.40%,
respectively, compared to
4.94
years and
3.51%,
respectively, as of
December 31, 2019.
For the
three
months ended
December 31, 2020,
the operating cash outflows from the Company's leases was
$239,735,
compared to
$167,840
for the
three
months ended
December 31, 2019.
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.20.4
Note 2 - Net Income Per Share (Tables)
 3 Months Ended
Dec. 31, 2020
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
    Three Months Ended December 31,
    2020   2019
Net income   $
3,163,439
     $
501,158
  
Weighted average common shares    
13,692,533
      
13,512,094
  
Dilutive potential common shares    
4,282
      
110,132
  
Weighted average dilutive common shares outstanding    
13,696,815
      
13,622,226
  
Net income per common share:                
Basic   $
0.23
     $
0.04
  
Diluted   $
0.23
     $
0.04
  
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.20.4
Note 3 - Cash, Cash Equivalents and Investments (Tables)
 3 Months Ended
Dec. 31, 2020
Notes Tables  
Investments Classified by Contractual Maturity Date [Table Text Block]
    December 31, 2020   September 30, 2020
Less than one year   $
9,125,527
     $
10,582,527
  
1-5 years    
26,142,000
      
25,143,000
  
Total   $
35,267,527
     $
35,725,527
  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.20.4
Note 4 - Stock-based Compensation (Tables)
 3 Months Ended
Dec. 31, 2020
Notes Tables  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
    Three months ended
December 31, 2020
Dividend yield    
0
 %
Expected volatility    
46.9
 %
Risk-free interest rate    
0.24
 %
Expected life (years)    
5
  
Vesting period (years)    
3
  
Share-based Payment Arrangement, Option, Activity [Table Text Block]
    Number of
options		   Weighted average
exercise price
Outstanding as of September 30, 2020    
337,100
     $
12.48
  
Granted    
105,089
      
23.74
  
Exercised    
(79,400
 )    
12.55
  
Cancelled or Forfeited    
-
      
-
  
Outstanding as of December 31, 2020    
362,789
     $
15.73
  
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]
    Number of
shares		   Weighted average grant
date fair value
Unvested shares as of September 30, 2020    
109,070
     $
12.98
  
Granted    
37,687
      
23.74
  
Vested    
(1,400
 )    
12.81
  
Forfeited    
-
      
-
  
Unvested as of December 31, 2020    
145,357
     $
15.76
  
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.20.4
Note 5 - Revenue (Tables)
 3 Months Ended
Dec. 31, 2020
Notes Tables  
Disaggregation of Revenue [Table Text Block]
    December 31,
    2020   2019
United States   $
26,032,202
     $
18,240,788
  
All other countries    
1,059,945
      
1,137,203
  
Total Net Sales   $
27,092,147
     $
19,377,991
  
    December 31,
    2020   2019
Broadband service providers    
98
 %    
94
 %
Legacy customers    
2
 %    
6
 %
Total Net Sales    
100
 %    
100
 %
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.20.4
Note 6 - Inventories (Tables)
 3 Months Ended
Dec. 31, 2020
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
    December 31,
2020		   September 30,
2020
         
Raw materials   $
11,475,903
     $
12,287,134
  
Work-in-process    
966,731
      
1,033,021
  
Finished goods    
2,233,090
      
2,048,514
  
Inventories, gross    
14,675,724
      
15,368,669
  
Inventory reserve    
(988,135
 )    
(960,131
 )
Inventories, net   $
13,687,589
     $
14,408,538
  
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.20.4
Note 10 - Leases (Tables)
 3 Months Ended
Dec. 31, 2020
Notes Tables  
Lessee, Operating Lease Expense [Table Text Block]
Operating lease expense under ASC842, Leases, within:   Three months ended
December 31, 2020		   Three months ended
December 31, 2019
Cost of goods sold   $
252,936
     $
185,628
  
Selling, general and administrative    
55,398
      
56,366
  
Total lease expense   $
308,334
     $
241,994
  
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
FY2021   $
725,783
  
FY2022    
986,844
  
FY2023    
943,682
  
FY2024    
516,725
  
FY2025    
217,552
  
Thereafter    
-
  
Total lease payments    
3,390,586
  
Less: Interest    
(208,720
 )
Present value of lease liabilities   $
3,181,866
  
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.20.4
Note 2 - Net Income Per Share - Weighted Average Common Shares Outstanding (Details) - USD ($)
 3 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Net income $ 3,163,439 $ 501,158
Weighted average common shares (in shares) 13,692,533 13,512,094
Dilutive potential common shares (in shares) 4,282 110,132
Weighted average dilutive common shares outstanding (in shares) 13,696,815 13,622,226
Basic (in dollars per share) $ 0.23 $ 0.04
Diluted (in dollars per share) $ 0.23 $ 0.04
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.20.4
Note 3 - Cash, Cash Equivalents and Investments - Maturity Date of CDs (Details) - USD ($)
Dec. 31, 2020
Sep. 30, 2020
Less than one year $ 9,125,527 $ 10,582,527
1-5 years 26,142,000 25,143,000
Total $ 35,267,527 $ 35,725,527
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.20.4
Note 4 - Stock-based Compensation (Details Textual) - USD ($)
 3 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement, Expense $ 289,057 $ 240,586
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total $ 3,429,805  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) 3 years 255 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) 105,089 116,600
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) 5 years 5 years 284 days
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 3 years 4 years 284 days
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) $ 23.74 $ 12.43
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) $ 8.14  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) 2 years 237 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value $ 1,173,691  
Proceeds from Stock Options Exercised $ 85 $ 2,580
Employee Stock Purchase Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Market Price Percentage, Offering Date 85.00%  
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) 15,011 15,107
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price (in dollars per share) $ 11.93 $ 11.23
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) 204,612  
Share-based Payment Arrangement, Option [Member] | Minimum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 3 years  
Share-based Payment Arrangement, Option [Member] | Maximum [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 5 years  
Restricted Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) 37,687  
Restricted Stock [Member] | Stock Compensation Plan 2007 [Member] | Share-based Payment Arrangement, Employee [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 3 years  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) 37,687 0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share (in dollars per share) $ 23.74  
Restricted Stock [Member] | Minimum [Member] | Stock Compensation Plan 2007 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 1 year  
Restricted Stock [Member] | Maximum [Member] | Stock Compensation Plan 2007 [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) 10 years  
Selling, General and Administrative Expenses [Member]    
Share-based Payment Arrangement, Expense $ 280,889 $ 235,788
Cost of Sales [Member]    
Share-based Payment Arrangement, Expense $ 8,168 $ 4,798
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.20.4
Note 4 - Stock-based Compensation - Valuation Assumptions (Details)
 3 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dividend yield 0.00%  
Expected volatility 46.90%  
Risk-free interest rate 0.24%  
Expected life (years) (Year) 5 years  
Vesting period (years) (Year) 3 years 4 years 284 days
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.20.4
Note 4 - Stock-based Compensation - Option Transaction Summary (Details) - $ / shares
 3 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Options, outstanding (in shares) 337,100  
Weighted-average exercise price, outstanding (in dollars per share) $ 12.48  
Granted (in shares) 105,089 116,600
Weighted-average exercise price, Granted (in dollars per share) $ 23.74 $ 12.43
Exercised (in shares) (79,400)  
Weighted-average exercise price, Exercised (in dollars per share) $ 12.55  
Cancelled or Forfeited (in shares)  
Weighted-average exercise price, Cancelled or Forfeited (in dollars per share)  
Options, outstanding (in shares) 362,789  
Weighted-average exercise price, outstanding (in dollars per share) $ 15.73  
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.20.4
Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]
 3 Months Ended
Dec. 31, 2020
$ / shares
shares
Balance, unvested shares (in shares) | shares 109,070
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 12.98
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares 37,687
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares $ 23.74
Vested (in shares) | shares (1,400)
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares $ 12.81
Forfeited (in shares) | shares
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares
Balance, unvested shares (in shares) | shares 145,357
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 15.76
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.20.4
Note 5 - Revenue (Details Textual) - USD ($)
Dec. 31, 2020
Sep. 30, 2020
Accounts Receivable, Allowance for Credit Loss, Current $ 289,085 $ 289,085
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.20.4
Note 5 - Revenue - Disaggregation of Revenue (Details) - USD ($)
 3 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Total Net Sales $ 27,092,147 $ 19,377,991
Percent of net sales 100.00% 100.00%
Broadband Service Providers [Member]    
Percent of net sales 98.00% 94.00%
Legacy Customers [Member]    
Percent of net sales 2.00% 6.00%
UNITED STATES    
Total Net Sales $ 26,032,202 $ 18,240,788
Non-US [Member]    
Total Net Sales $ 1,059,945 $ 1,137,203
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.20.4
Note 6 - Inventories - Components of Inventory (Details) - USD ($)
Dec. 31, 2020
Sep. 30, 2020
Raw materials $ 11,475,903 $ 12,287,134
Work-in-process 966,731 1,033,021
Finished goods 2,233,090 2,048,514
Inventories, gross 14,675,724 15,368,669
Inventory reserve (988,135) (960,131)
Inventories, net $ 13,687,589 $ 14,408,538
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.20.4
Note 7 - Major Customer Concentration (Details Textual) - Customer Concentration Risk [Member]
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Sep. 30, 2020
Revenue Benchmark [Member] | Customer A [Member]      
Concentration Risk, Percentage 19.00% 18.00%  
Revenue Benchmark [Member] | Customer B [Member]      
Concentration Risk, Percentage 12.00% 13.00%  
Revenue Benchmark [Member] | Customer C [Member]      
Concentration Risk, Percentage   10.00%  
Accounts Receivable [Member] | Customer A [Member]      
Concentration Risk, Percentage     13.00%
Accounts Receivable [Member] | Customer B [Member]      
Concentration Risk, Percentage 16.00%   12.00%
Accounts Receivable [Member] | Customers A and B [Member]      
Concentration Risk, Percentage     25.00%
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.20.4
Note 8 - Goodwill and Intangibles (Details Textual)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
USD ($)
Sep. 30, 2020
USD ($)
Goodwill, Impairment Loss $ 0 $ 0
Number of Patents Granted 26  
Patents [Member]    
Finite-Lived Intangible Asset, Useful Life (Year) 20 years  
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.20.4
Note 9 - Income Taxes (Details Textual) - USD ($)
 3 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Income Tax Expense (Benefit), Total $ 684,000 $ 123,000
Effective Income Tax Rate Reconciliation, Percent, Total 17.80% 19.70%
Unrecognized Tax Benefits, Ending Balance $ 0  
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.20.4
Note 10 - Leases (Details Textual)
 3 Months Ended
Dec. 31, 2020
USD ($)
ft²
Dec. 31, 2019
USD ($)
Oct. 09, 2020
ft²
Feb. 12, 2020
ft²
Aug. 01, 2017
Jan. 01, 2015
Operating Lease, Weighted Average Remaining Lease Term (Year) 3 years 204 days 4 years 343 days        
Operating Lease, Weighted Average Discount Rate, Percent 3.40% 3.51%        
Operating Lease, Payments | $ $ 239,735 $ 167,840        
7050 Winnetka Avenue North, Brooklyn Park, Minnesota [Member]            
Area of Real Estate Property (Square Foot) 85,000          
Lessee, Operating Lease, Term of Contract (Year)           10 years 62 days
Operating Lease Termination Fee | $ $ 249,000          
Tijuana, Mexico [Member]            
Area of Real Estate Property (Square Foot)     46,000      
Lessee, Operating Lease, Term of Contract (Year)     3 years   3 years  
Tijuana, Mexico 2 [Member]            
Area of Real Estate Property (Square Foot)       52,000    
Lessee, Operating Lease, Term of Contract (Year)       3 years 180 days    
Lessee, Operating Lease, Number of Options to Renew       2    
Lessee, Operating Lease, Renewal Term (Year)       3 years    
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.20.4
Note 10 - Leases - Operating Lease Expense (Details) - USD ($)
 3 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Total lease expense under ASC 842 $ 308,334 $ 241,994
Cost of Sales [Member]    
Total lease expense under ASC 842 252,936 185,628
Selling, General and Administrative Expenses [Member]    
Total lease expense under ASC 842 $ 55,398 $ 56,366
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.20.4
Note 10 - Leases - Maturities of Lease Liabilities (Details)
Dec. 31, 2020
USD ($)
FY2021 $ 725,783
FY2022 986,844
FY2023 943,682
FY2024 516,725
FY2025 217,552
Thereafter
Total lease payments 3,390,586
Less: Interest (208,720)
Present value of lease liabilities $ 3,181,866
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