0001171843-21-002840.txt : 20210428 0001171843-21-002840.hdr.sgml : 20210428 20210428100024 ACCESSION NUMBER: 0001171843-21-002840 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20210331 FILED AS OF DATE: 20210428 DATE AS OF CHANGE: 20210428 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: 21861989 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_042821p.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

☒ 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 March 31, 2021

 

☐ 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.

 

☒ 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).

 

☒ 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 ☒

 

Smaller reporting company ☒ 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 ☒ 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 April 14, 2021
Common stock, par value $.01 13,732,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 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 16
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 21
ITEM 4. CONTROLS AND PROCEDURES 21
PART II. OTHER INFORMATION 21
ITEM 1. LEGAL PROCEEDINGS 21
ITEM 1A. RISK FACTORS 21
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 23
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 23
ITEM 4. MINE SAFETY DISCLOSURES 23
ITEM 5. OTHER INFORMATION 23
ITEM 6. Exhibits 23
SIGNATURES 24

 

 

 

 

 

 

 

 

 3 

 

 

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

 

CLEARFIELD, INC.

CONDENSED BALANCE SHEETS

 

   (Unaudited)
March 31,
2021		  September 30,
2020
Assets          
Current Assets          
Cash and cash equivalents  $22,338,721   $16,449,636 
Short-term investments   9,957,831    10,582,527 
Accounts receivables, net   13,195,295    10,496,672 
Inventories, net   14,627,176    14,408,538 
Other current assets   717,599    585,436 
Total current assets   60,836,622    52,522,809 
           
Property, plant and equipment, net   4,749,530    4,952,819 
           
Other Assets          
Long-term investments   25,565,000    25,143,000 
Goodwill   4,708,511    4,708,511 
Intangible assets, net   4,793,137    4,986,216 
Right of use lease assets   2,724,233    2,539,100 
Deferred tax asset   178,118    178,118 
Other   262,352    266,857 
Total other assets   38,231,351    37,821,802 
Total Assets  $103,817,503   $95,297,430 
           
Liabilities and Shareholders’ Equity          
Current Liabilities          
Current portion of lease liability  $887,677   $665,584 
Accounts payable   5,011,965    3,689,587 
Accrued compensation   5,496,056    4,856,885 
Accrued expenses   492,758    1,202,753 
Total current liabilities   11,888,456    10,414,809 
           
Other Liabilities          
Long-term portion of lease liability   2,080,562    2,129,343 
Total other liabilities   2,080,562    2,129,343 
Total liabilities   13,969,018    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; 13,732,806 and 13,649,962 shares issued and outstanding as of March 31, 2021 and September 30, 2020.   137,328    136,500 
Additional paid-in capital   57,794,061    57,502,905 
Retained earnings   31,917,096    25,113,873 
Total shareholders’ equity   89,848,485    82,753,278 
Total Liabilities and Shareholders’ Equity  $103,817,503   $95,297,430 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 4 

 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF EARNINGS

UNAUDITED

 

   Three Months Ended  Six Months Ended
   March 31,  March 31,
   2021  2020  2021  2020
             
Net sales  $29,691,934   $20,408,509   $56,784,081   $39,786,500 
                     
Cost of sales   16,750,354    12,257,076    32,473,256    23,907,532 
                     
Gross profit   12,941,580    8,151,433    24,310,825    15,878,968 
                     
Operating expenses                    
Selling, general and administrative   8,490,120    7,431,261    16,145,657    14,757,881 
Income from operations   4,451,460    720,172    8,165,168    1,121,087 
                     
Interest income   123,324    217,725    257,055    440,968 
                     
Income before income taxes   4,574,784    937,897    8,422,223    1,562,055 
                     
Income tax expense   935,000    190,000    1,619,000    313,000 
Net income  $3,639,784   $747,897   $6,803,223   $1,249,055 
                     
Net income per share Basic  $0.27   $0.05   $0.50   $0.09 
Net income per share Diluted  $0.27   $0.05   $0.50   $0.09 
                     
Weighted average shares outstanding:                    
Basic   13,730,150    13,521,172    13,711,135    13,516,608 
Diluted   13,779,779    13,521,172    13,738,090    13,571,674 

 

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS

 

 

 

 5 

 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY

UNAUDITED

 

For the three months ended March 31, 2021

 

   Common Stock  Additional  Retained  Total share-
   Shares  Amount  paid-in capital  earnings  holders’ equity
Balance at December 31, 2020   13,727,906   $137,279   $57,696,847   $28,277,312   $86,111,438 
Stock-based compensation expense   -    -    334,178    -    334,178 
Restricted stock issuance, net of forfeitures   (1,178)   (12)   12    -    - 
Exercise of stock options, net of shares exchanged for payment   7,828    79    (193,733)   -    (193,654)
Tax withholding related to vesting of restricted stock grants   (1,750)   (18)   (43,243)   -    (43,261)
Net income   -    -    -    3,639,784    3,639,784 
Balance at March 31, 2021   13,732,806   $137,328   $57,794,061   $31,917,096   $89,848,485 

 

For the three months ended March 31, 2020

 

   Common Stock  Additional  Retained  Total share-
   Shares  Amount  paid-in capital  earnings  holders’ equity
Balance at December 31, 2019   13,657,459   $136,575   $57,383,020   $18,321,965   $75,841,560 
Repurchase of common stock   (41,796)   (418)   (428,236)   -    (428,654)
Stock-based compensation expense   -    -    87,937    -    87,937 
Restricted stock issuance, net   9,580    96    (96)   -    - 
Exercise of stock options, net of shares exchanged for payment   2,396    23    (21)   -    2 
Net income   -    -    -    747,897    747,897 
Balance at March 31, 2020   13,627,639   $136,276   $57,042,604   $19,069,862   $76,248,742 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 

 

 

 

 

 

 

 6 

 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF SHAREHOLDERS’ EQUITY

UNAUDITED

 

For the six months ended March 31, 2021

 

   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 
Stock-based compensation expense   -    -    623,235    -    623,235 
Restricted stock issuance, net of forfeitures   36,509    365    (365)   -    - 
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   33,543    336    (456,460)   -    (456,124)
Tax withholding related to vesting of restricted stock grants   (2,219)   (23)   (54,185)   -    (54,208)
Net income   -    -    -    6,803,223    6,803,223 
Balance at March 31, 2021   13,732,806   $137,328   $57,794,061   $31,917,096   $89,848,485 

 

For the six months ended March 31, 2020

 

   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 
Repurchase of common stock   (41,796)  $(418)  $(428,236)  $-   $(428,654)
Stock-based compensation expense   -    -    328,523    -    328,523 
Restricted stock issuance, net   9,580    96    (96)   -    - 
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   3,396    33    2,549    -    2,582 
Tax withholding related to vesting of restricted stock grants   (453)   (4)   (5,799)   -    (5,803)
Net income   -    -    -    1,249,055    1,249,055 
Balance at March 31, 2020   13,627,639   $136,276   $57,042,604   $19,069,862   $76,248,742 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 

 

 

 

 

 

 

 7 

 

 

CLEARFIELD, INC.

CONDENSED STATEMENTS OF CASH FLOWS

UNAUDITED

 

   Six Months Ended March 31,
   2021  2020
Cash flows from operating activities          
Net income  $6,803,223   $1,249,055 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Depreciation and amortization   1,139,261    1,210,961 
Change in allowance for doubtful accounts   209,612    - 
Amortization of discount on investments   -    (55,641)
Stock-based compensation   623,235    328,523 
Changes in operating assets and liabilities:          
Accounts receivable   (2,908,235)   1,049,108 
Inventories, net   (218,638)   (2,675,123)
Other assets   (188,542)   98,010 
Accounts payable and accrued expenses   1,239,733    1,091,431 
Net cash provided by operating activities   6,699,649    2,296,324 
           
Cash flows from investing activities          
Purchases of property, plant and equipment and intangible assets   (682,009)   (1,183,336)
Purchases of investments   (6,448,304)   (19,076,930)
Proceeds from maturities of investments   6,651,000    16,720,000 
Net cash used in investing activities   (479,313)   (3,540,266)
           
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   (456,124)   2,582 
Tax withholding related to vesting of restricted stock grants   (54,208)   (5,803)
Repurchase of common stock   -    (428,654)
Net cash used in financing activities   (331,251)   (262,223)
           
Increase (Decrease) in cash and cash equivalents   5,889,085    (1,506,165)
           
Cash and cash equivalents, beginning of period   16,449,636    10,081,721 
           
Cash and cash equivalents, end of period  $22,338,721   $8,575,556 
           
Supplemental disclosures for cash flow information          
Cash paid during the year for income taxes  $2,331,002   $355,657 
           
Non-cash financing activities          
Cashless exercise of stock options  $1,269,414   $7,737 

 

SEE ACCOMPANYING NOTES TO CONDENSED FINANCIAL STATEMENTS

 

 8 

 

 


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 and six months ended March 31, 2021 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.

 

For the purposes of comparability, certain prior period amounts have been reclassified to conform to current period classification. There was no impact to prior period net income or shareholders’ equity.

 

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 in the first quarter of fiscal 2021 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.

 

 9 

 

 

The following is a reconciliation of the numerator and denominator of the net income per common share computations for the three and six months ended March 31, 2021 and 2020:

 

   Three Months Ended March 31,  Six Months Ended March 31,
   2021  2020  2021  2020
Net income  $3,639,784   $747,897   $6,803,223   $1,249,055 
Weighted average common shares   13,730,150    13,521,172    13,711,135    13,516,608 
Dilutive potential common shares   49,629    -    26,956    55,066 
Weighted average dilutive common shares outstanding   13,779,779    13,521,172    13,738,090    13,571,674 
Net income per common share:                    
Basic  $0.27   $0.05   $0.50   $0.09 
Diluted  $0.27   $0.05   $0.50   $0.09 

 

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 March 31, 2021 and September 30, 2020 are as follows:

 

  

March 31,

2021

 

September 30,

2020

Less than one year  $9,957,831   $10,582,527 
1-5 years   25,565,000    25,143,000 
Total  $35,522,831   $35,725,527 

 

Note 4. Stock-Based Compensation

 

The Company recorded $334,178 and $623,235 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 and six months ended March 31, 2021, respectively, For the three months ended March 31, 2021, $313,658 of this expense is included in selling, general and administrative expense, and $20,520 is included in cost of sales. For the six months ended March 31, 2021, $594,546 of this expense is included in selling, general and administrative expense, and $28,689 is included in cost of sales. The Company recorded $87,937 and $328,523 of compensation expense related to current and past restricted stock grants, non-qualified stock options and the Company’s ESPP for the three and six months ended March 31, 2020, respectively. For the three months ended March 31, 2020, $83,140 of this expense is included in selling, general and administrative expense, and $4,797 is included in cost of sales. For the six months ended March 31, 2020, $318,928 of this expense is included in selling, general and administrative expense, and $9,595 is included in cost of sales. As of March 31, 2021, $3,182,923 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 3.4 years.

 

Stock Options

 

The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. During the six months ended March 31, 2021, 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 six months ended March 31, 2020, 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 an exercise price of $12.43.

 

 10 

 

 

The fair value of stock option awards during the six months ended March 31, 2021 was estimated as of the grant date using the assumptions listed below:

 

   Six months ended
   March 31, 2021
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 six months ended March 31, 2021:

 

   Number of options  Weighted average exercise price
Outstanding as of September 30, 2020   337,100   $12.48 
Granted   105,089    23.74 
Exercised   (101,800)   12.47 
Forfeited or Expired   (25,309)   13.89 
Outstanding as of March 31, 2021   315,080   $

16.13

 

 

The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of March 31, 2021, the weighted average remaining contractual term for all outstanding and exercisable stock options was 2.79 years and their aggregate intrinsic value was $890,093.

 

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 six months ended March 31, 2021, the Company granted non-employee directors elected at the Company’s 2021 Annual Meeting of Shareholders restricted stock awards totaling 2,120 shares of common stock, with a vesting term of approximately one year and a fair value of $32.41 per share. During the six months ended March 31, 2021, the Company also 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.

 

During the six months ended March 31, 2020, the Company granted non-employee directors elected at the Company’s 2020 Annual Meeting of Shareholders restricted stock awards totaling 5,830 shares of common stock, with a vesting term of approximately one year and a fair value of $10.72 per share.

 

 

 11 

 

 

Restricted stock transactions during the six months ended March 31, 2021 are summarized as follows:

 

   Number of shares  Weighted average grant date fair value
Unvested shares as of September 30, 2020   109,070   $12.97 
Granted   39,807    24.20 
Vested   (12,230)   11.08 
Forfeited   (3,298)   16.07 
Unvested as of March 31, 2021   133,349   $16.41 

 

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 and six months ended:

 

   Three Months Ended March 31,  Six Months Ended March 31,
   2021  2020  2021  2020
United States  $27,743,937   $19,489,270   $53,776,138   $37,731,957 
All other countries   1,947,997    919,239    3,007,943    2,054,543 
Total Net Sales  $29,691,934   $20,408,509   $56,784,081   $39,786,500 

 

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.

 

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

 

   Three Months Ended March 31,  Six Months Ended March 31,
   2020  2020  2020  2020
Broadband service providers   97%   96%   98%   95%
Legacy customers   3%   4%   2%   5%
Total Net Sales   100%   100%   100%   100%

 

Broadband Service Providers are made up of Community Broadband, which includes local and regional telecom companies, utilities, municipalities and alternative carriers, multiple system operators (“MSO’s, or Cable TV”), which are 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; 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 March 31, 2021 and September 30, 2020, the balance in the allowance for doubtful accounts was $79,473 and $289,085, respectively. The allowance for doubtful accounts decreased by the amount recovered during the three months ended March 31, 2021 on an account previously reserved.

 

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:

 

   March 31,
2021		  September 30,
2020
Raw materials  $11,932,008   $12,287,134 
Work-in-process   2,191,469    1,033,021 
Finished goods   1,541,111    2,048,514 
Inventories, gross   15,664,588    15,368,669 
Inventory reserve   (1,037,412)   (960,131)
Inventories, net  $14,627,176   $14,408,538 

 

Note 7. Major Customer Concentration

 

For the three months ended March 31, 2021, Customers A and B comprised 21% and 11% of the Company’s net sales, respectively. For the six months ended March 31, 2021, Customers A and B comprised 20% and 11% of the Company’s net sales, respectively. Both of these customers were distributors. For the three months ended March 31, 2020, Customer A comprised 21% of the Company’s net sales. For the six months ended March 31, 2020, Customers A, B and C comprised 20%, 11% and 10%, respectively, of the Company’s net sales. All of these customers were 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 March 31, 2021, Customers A and B accounted for 10% and 14% of accounts receivable, respectively. As of September 30, 2020, Customers A and B accounted for 12% and 13%, of accounts receivable, respectively. Both of these customers are distributors.

 

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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 six months ended March 31, 2021, 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 March 31, 2021, 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 six months ended March 31, 2021, there were no triggering events that indicate potential impairment exists.

 

Note 9. Income Taxes

 

For the three and six months ended March 31, 2021, the Company recorded income tax expense of $935,000 and $1,619,000, reflecting an effective tax rate of 20.4% and 19.2%, respectively. 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, research and development credits, and foreign derived intangibles income deduction (FDII). For the three and six months ended March 31, 2020, the Company recorded income tax expense of $190,000 and $313,000, reflecting an effective tax rate of 20.3% and 20.0%, respectively. The differences between the effective tax rate and the statutory tax rate were related to nondeductible meals and entertainment, nondeductible stock compensation, 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 March 31, 2021 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 March 31, 2021, 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.

 

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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 March 31, 2021, 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 and six months ended March 31, 2021:

 

   Three Months Ended March 31,  Six Months Ended March 31,
Operating lease expense within:  2021  2020  2021  2020
Cost of sales  $252,459   $218,874   $505,395   $404,502 
Selling, general and administrative   55,335    55,398    110,733    111,764 
Total lease expense  $307,794   $274,272   $616,128   $516,266 

 

Future maturities of lease liabilities were as follows as of March 31, 2021:

 

FY2021  $485,717 
FY2022   986,844 
FY2023   943,682 
FY2024   516,725 
FY2025   217,552 
Thereafter   - 
Total lease payments   3,150,520 
Less: Interest   (182,281)
Present value of lease liabilities  $2,968,239 

 

The weighted average term and weighted average discount rate for the Company’s leases as of March 31, 2021 were 3.33 years and 3.40%, respectively, compared to 4.78 years and 3.48%, respectively, as of March 31, 2021. For the three and six months ended March 31, 2021, the operating cash outflows from the Company’s leases was $240,066 and $479,801, respectively, compared to $168,815 and $336,655, for the three and six months ended March 31, 2020, respectively.

 

 

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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 and Part II, Item 1A. “Risk Factors” of this Quarterly Report on Form 10-Q, 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 and six months ended March 31, 2021 and 2020 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 (“U.S.”), which include Community Broadband, MSO’s, and National Carriers, 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.

 

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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, component material shortages, supply chain transportation delays, or other 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.

 

RESULTS OF OPERATIONS

 

Three months ended March 31, 2021 vS. three months ended March 31, 2020

 

Net sales for the second quarter of fiscal 2021 ended March 31, 2021 were $29,692,000, an increase of approximately 45% or $9,283,000, from net sales of $20,409,000 for the second quarter of fiscal 2020. Net sales to Broadband Service Providers were $28,934,000 in the second quarter of fiscal 2021 versus $19,642,000 in the same period of fiscal 2020. Among this group, the Company recorded $1,948,000 in International sales for the second quarter of fiscal 2021 versus $919,000 in the same period of fiscal 2020. Net sales to Legacy customers were $758,000 in the second quarter of fiscal 2021 versus $766,000 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 7% and 5% of total net sales for the second quarter of fiscal 2021 and 2020, respectively.

 

The increase in net sales for the quarter ended March 31, 2021 of $9,283,000 compared to the quarter ended March 31, 2020 was driven primarily by increased sales to Community Broadband Service Providers, MSO and International customers of $8,296,000, $1,581,000, and $1,029,000, respectively. Offsetting this was decreased sales to Tier 1 customers of $1,623,000. Net sales to Legacy customers remained relatively consistent over this period. The increase to Community Broadband and MSO customers was due to continuing increased demand for fiber connectivity products 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. The increase in International sales was driven by government funding of deployments within those markets. The decrease in sales to Tier 1 customers is due to COVID-19 constraints limiting the deployment of fiber products into the access part of Tier 1 networks.

 

Revenue from customers is obtained from purchase orders submitted from time to time, with a limited number of customers recently issuing purchase orders for longer time frames. 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, global supply chain issues and the impact of government programs. The Company’s ability to recognize revenue in the future for 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 second quarter of fiscal 2021 was $16,750,000, an increase of $4,493,000, or 37%, from $12,257,000 in the comparable period of fiscal 2020. Gross profit percent was 43.6% of net sales in the second quarter of fiscal 2021, an increase from 39.9% of net sales for the second quarter of fiscal 2020. Gross profit increased $4,790,000 or 59%, to $12,942,000 for the three months ended March 31, 2021 from $8,151,000 in the comparable period in fiscal 2020. The increase in gross profit in the second quarter of fiscal 2021 was due to increased volume of net sales described above 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 higher sales volumes. In the second quarter of fiscal 2021, the Company did not experience any significant impacts on cost of sales due to COVID-19.

 

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Selling, general and administrative expenses increased $1,058,000, or 14%, to $8,490,000 in the second quarter fiscal 2021 from $7,431,000 for the fiscal 2020 second quarter. The increase in expense in the second quarter of fiscal 2021 consists primarily of increases of $1,405,000 in compensation expense due to additional headcount and increased wages and performance compensation accruals driven by higher net sales, and increased stock compensation expense of $231,000, offset by a recovery of bad debt expense of $210,000 and a decrease in travel and entertainment expenses of $335,000 due to COVID-19 restrictions. In the second 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 March 31, 2021 was $4,451,000 compared to $720,000 for the comparable quarter of fiscal 2020, an increase of approximately 518%. This increase is attributable to increased gross profit driven by higher sales, offset by higher selling, general and administrative expenses.

 

Interest income for the quarter ended March 31, 2021 was $123,000 compared to $218,000 for the comparable quarter for fiscal 2020. The decrease is due to lower interest rates earned on investments in the second quarter of fiscal 2021. We expect interest income to decline due to the prevailing lower interest rates in the current economic environment.

 

We recorded a provision for income taxes of $935,000 and $190,000 for the three months ended March 31, 2021 and 2020, 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 $745,000 from the second quarter for fiscal 2020 is primarily due to increased income from operations. The income tax expense rate for the second quarter of fiscal 2021 was 20.4%, relatively unchanged from 20.3% recorded in the second quarter of fiscal 2020.

 

The Company’s net income for the three months ended March 31, 2021 was $3,640,000, or $0.27 per basic and diluted share. The Company’s net income for the three months ended March 31, 2020 was $748,000, or $0.05 per basic and diluted share.

 

Six months ended March 31, 2021 vS. six months ended March 31, 2020

 

Net sales for the six months ended March 31, 2021 were $56,784,000, an increase of 43%, or approximately $16,998,000, from net sales of $39,787,000 for the first six months of fiscal 2020. Net sales to Broadband Service providers were $55,507,000 for the first six months of fiscal 2021, versus $37,798,000 in the same period of fiscal 2020. Among this group, the Company recorded $3,008,000 in International sales versus $2,055,000 in the same period of fiscal 2020. Net sales to Legacy customers were $1,277,000 in the first six months of fiscal 2021 versus $1,990,000 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 5% of total net sales for the first six months of fiscal 2021 and 2020.

 

The increase in net sales for the six months ended March 31, 2021 of $16,998,000 compared to the six months ended March 31, 2020 is primarily attributable to an increase in sales to Community Broadband, MSO and International customers of $16,490,000, $2,282,000 and $907,000, respectively. This was offset by decreased sales to Tier 1 and Legacy customers of $1,999,000, and $683,000, 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. The increase in International sales was driven by government funding of deployments within those markets. The decrease in sales to Tier 1 customers is the result of COVID-19 constraints limiting the deployment of fiber products into the access part of the network.

 

Cost of sales for the six months ended March 31, 2021 was $32,473,000, an increase of $8,566,000, or 36%, from $23,908,000 in the comparable period of fiscal 2020. Gross profit percent was 42.8% of net sales in the fiscal 2021 first six months, up from 39.9% for the comparable six months in fiscal 2020. Gross profit increased $8,432,000, or 53%, to $24,311,000 for the six months ended March 31, 2021 from $15,879,000 in the comparable period in fiscal 2020. The increase in gross profit in the six months ended March 31, 2021 was due to increased volume of net sales described above and a higher gross profit percent. The increase in gross profit percent was primarily due to 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 higher sales volumes. In the six months ended March 31, 2021, the Company did not experience any significant impacts on cost of sales due to COVID-19.

 

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Selling, general and administrative expenses increased 9%, or $1,388,000, from $14,758,000 for the first six months of fiscal 2020 to $16,146,000 for the first six months of fiscal 2021. The increase in the first six months of fiscal 2021 consists primarily of increases of $2,214,000 in compensation expense due to additional personnel along with increased wages and performance compensation accruals driven by higher net sales, and increased stock compensation expense of $276,000, offset by a recovery of bad debt expense of $210,000 and decreases in travel, entertainment and trade show expenses of $807,000 due to COVID-19 restrictions. In the six months ended March 31, 2021, other than the travel, entertainment and trade show 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 six months ended March 31, 2021 was $8,165,000 compared to income from operations of $1,121,000 for the first six months of fiscal 2020, an increase of $7,044,000, or 628%. This increase is primarily attributable to increased gross profit driven by higher sales, offset by increased selling, general and administrative expenses.

 

Interest income for the six months ended March 31, 2021 was $257,000 compared to $441,000 for the comparable period for fiscal 2020. The decrease is due to lower interest rates earned on investments in the second quarter of fiscal 2021. We expect interest income to decline due to the prevailing lower interest rates in the current economic environment.

 

We recorded a provision for income taxes of $1,619,000 and $313,000 for the six months ended March 31, 2021 and 2020, respectively. The increase in tax expense of $1,306,000 from the six months ended March 31, 2020 is primarily due to increased income from operations. The decrease in the income tax expense rate to 19.2% for the six months ended March 31, 2021 from 20.0% for the six months ended March 31, 2020 is primarily due to excess tax benefits from non-qualified stock options exercised during the six months ended March 31, 2021.

 

The Company’s net income for the first six months of fiscal 2021 ended March 31, 2021 was $6,803,000, or $0.50 per basic and diluted share. The Company’s net income for the first six months of fiscal 2020 ended March 31, 2020 was $1,249,000, or $0.09 per basic and diluted share.

 

LIQUIDITY AND CAPITAL RESOURCES

 

As of March 31, 2021, our principal source of liquidity was our cash, cash equivalents and short-term investments. Those sources total $32,297,000 as of March 31, 2021 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. Investments considered long-term were $25,565,000 as of March 31, 2021, 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 second quarter of fiscal 2021, our cash, cash equivalents and short-term and long-term investments increased to $57.9 million compared to $54.4 million as of the prior quarter end. We had no long-term debt obligations as of March 31, 2021 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 on the Company’s business due to COVID-19 or supply chain, logistics, and customer fulfillment risks.

 

Operating Activities

 

Net cash provided by operating activities totaled $6,700,000 for the six months ended March 31, 2021. This was primarily due to net income of $6,803,000, non-cash expenses for depreciation and amortization of $1,139,000, and stock-based compensation of $623,000 in addition to changes in operating assets and liabilities providing cash. The primary changes in operating assets and liabilities using cash include an increase in accounts receivable of $2,908,000, offset by increases in accounts payable and accrued expenses of $1,240,000. The increase in accounts receivable is due to increased sales during the most recent quarter and the timing of payments from customers. 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, increased five days to 40 days from September 30, 2020 to March 31, 2021. The increase 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.

 

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Net cash provided by operating activities totaled $2,296,000 for the six months ended March 31, 2020. This was primarily due to net income of $1,249,000, non-cash expenses for depreciation and amortization of $1,211,000, and stock-based compensation of $329,000 in addition to changes in operating assets and liabilities providing cash. Changes in operating assets and liabilities using cash include increases in inventory of $2,675,000 and accounts payable, accrued expenses and deferred rent of $1,091,000, offset by a decrease in accounts receivable of $1,049,000. The increase in inventory is a result of additional stocking levels to support the Company’s increased backlog, and additional safety stock due to the uncertainty of the COVID-19 virus on the Company’s supply chain. Accounts receivable balances can be influenced by the timing of shipments for customer projects and payment terms. Day’s sales outstanding, which measures how quickly receivables are collected, increased one day to 36 days from September 30, 2019 to March 31, 2020.

 

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 six months ended March 31, 2021, we used cash to purchase $6,448,000 of FDIC-backed securities and received $6,651,000 on CDs that matured. Purchases of property, plant and equipment, mainly related to manufacturing equipment, consumed $682,000 of cash during the six months ended March 31, 2021.

 

During the six months ended March 31, 2020, we used cash to purchase $19,077,000 of both FDIC-backed and treasury securities and received $16,720,000 on CDs and treasuries that matured. Purchases of property, plant and equipment, mainly related to manufacturing equipment, consumed $1,183,000 of cash during the six months ended March 31, 2020.

 

Financing Activities

 

For the six months ended March 31, 2021, we received $179,000 from employees’ participation and purchase of stock through our ESPP, we used $456,000 related to share withholding for taxes associated with the issuance of common stock upon cashless exercise of stock options and used $54,000 to pay for taxes as a result of employees’ vesting of restricted shares using share withholding. We did not repurchase common stock under our share repurchase program in the six months ended March 31, 2021.

 

For the six months ended March 31, 2020, 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. We used $429,000 to repurchase 41,796 shares of our common stock under the share repurchase program in the six months ended March 31, 2020.

 

As of March 31, 2021 and March 31, 2020, we had the authority to purchase approximately $4,981,000 in additional shares under the repurchase program announced on November 13, 2014 that was subsequently increased on April 25, 2017.

 

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 March 31, 2021.

 

 20 

 

 

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 March 31, 2021.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

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 March 31, 2021. 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 March 31, 2021 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 risk factor below supplements and should be read in conjunction with the risk factors under Part II, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended September 30, 2020.

 

If any of the risks set forth below or in our Annual Report on Form 10-K for the year September 30, 2020 actually occur, our business, results of operations and financial condition and the market price of our common stock could be negatively impacted. Although we believe that these are most significant risk factors affecting our business, there may be additional risks and uncertainties that are not presently known or that are not currently believed to be significant that may adversely affect our performance or financial condition. Any forecast regarding our future performance, including, but not limited to, forecasts regarding future net sales, timing of customer orders, impact of government programs on customer demand, product mix, margins, expenses, or net income, are forward-looking statements. These forward-looking statements reflect various assumptions and are subject to significant uncertainties and risks that could cause the actual results to differ materially from those described in the forward-looking statement, including the risks reflected in these risk factors.

 

 21 

 

 

We depend on the availability of sufficient supply of certain materials and global disruptions in the supply chain for these materials could prevent us from meeting customer demand for our products.

 

We purchase critical components for our products, including injected molded parts, various cabling, optical components, and connectors from third parties, some of whom are single- or limited-source suppliers.

 

We depend on the ability of these third-party suppliers to secure a sufficient supply of raw materials and maintain sufficient manufacturing and shipping capacity. The global supply chain for raw materials critical to our products, such as resin used to manufacture plastics and fiber optic cable, recently has suffered shortages, shipping delays and shipping shortages. This has led some manufacturers who depend on these raw materials to experience shortages, delivery delays and price increases for both the raw materials and shipping, with the corresponding consequence that these manufacturers may be delayed in delivering products to their customers or may charge higher prices for these products, or there may be increased shipping costs associated with the products. Some manufacturers have allocated short supply among their customers. Additionally, the COVID-19 pandemic has driven demand for certain goods that have exacerbated these disruptions as supply has not kept pace with demand. We believe these global supply chain issues will persist and will likely intensify in 2021 due to the complex and compounding problems associated with shortages of personnel due to the COVID-19 pandemic, backlogs at ports, shortages of shipping containers, freezing weather in Texas affecting the petrochemical industry, the blockage of the Suez Canal affecting the flow of trade, and other logistical issues.

 

In the first half of fiscal 2021, Clearfield has experienced and expects to continue to experience increased demand for its products from its customers, putting pressure on Clearfield’s supply chain to meet demand amidst these global issues. While we have not experienced significant increases in costs or delays in obtaining the materials and components for our products from our suppliers, we cannot assure you that we will not experience these costs or delays in the future. Clearfield’s ability to recognize revenue in the future for customer orders will depend on our ability to manufacture and deliver products to the customers and fulfill its other contractual obligations. Our ability to meet expected future customer demand for our products will in turn depend upon our suppliers receiving timely and adequate supply of raw materials to be able to produce the critical materials and components they supply to us. Although we place a high value on long-term relationships with our suppliers, generally we do not have long-term supply contracts but instead conduct business on an order-by-order basis. Therefore, we also compete with other companies for the production capacity of manufacturers of the materials and components we need for our products. We also are exposed to potentially increasing costs associated with the materials and components we purchase from suppliers or increased costs associated with shipping generally. We may attempt to mitigate the effect of increases in our cost of goods sold through sourcing or stocking initiatives and by selectively increasing the prices of our products. However, we may be unable to fully pass on these costs to our customers.

 

The reduction of available production capacity among our suppliers, their failures to meet production deadlines or increases to us in their manufacturing or shipping costs may impact our ability to deliver quality products to our customers on a timely basis, make our products less competitive due to extended delivery times or increased price, negatively impact our customer or distributor relationships, and result in lower net sales and profit.

 

 

 

 22 

 

 

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

 

In the three months ended March 31, 2021, 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)
January 1-31, 2021   —   $—    —   $4,980,671 
February 1-28, 2021   1,750    24.72    —    4,980,671 
March 1-31, 2021   —    —    —    4,980,671 
Total   1,750    24.72    —   $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 ended March 31, 2021, the Company repurchased a total of 1,750 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.

 

 

 

 23 

 

 

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.  
     
April 28, 2021 /s/ Cheryl Beranek  
 

By: Cheryl Beranek

  
  Its: President and Chief Executive Officer  
  (Principal Executive Officer)  
     
April 28, 2021 /s/ Daniel Herzog  
 

By: Daniel Herzog

  
  Its: Chief Financial Officer  
  (Principal Financial and Accounting Officer)  

 

 

 

 

 

 

 

 

 

 

 

 

 

24

 

 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.

 

 

April 28, 2021 /s/ Cheryl Beranek  
  By: Cheryl Beranek, President and Chief Executive Officer  
  (Principal Executive Officer)  

 

 

 

25

 

 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.

 

 

April 28, 2021 /s/ Daniel Herzog  
  By: Daniel Herzog, Chief Financial Officer  
  (Principal Financial and Accounting Officer)  

 

 

 

26

 

 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 March 31, 2021 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.

 

 

April 28, 2021 /s/ Cheryl Beranek  
  By: Cheryl Beranek, President and Chief Executive Officer  
  (Principal Executive Officer)  

 

April 28, 2021 /s/ Daniel Herzog  
  By: Daniel Herzog, Chief Financial Officer  
  (Principal Financial and Accounting Officer)  

 

 

 

 

 

 

 

 

 

 

 

27

 

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font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">218,874</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">505,395</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">404,502</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Selling, general and administrative</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,335</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,398</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; 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font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">516,266</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 2 26 249000 456124 -2582 0.97 0.96 0.98 0.95 0.03 0.04 0.02 0.05 1 1 1 1 11.93 11.23 0.85 7828 2396 33543 3396 79 -193733 -193654 23 -21 2 336 -456460 -456124 33 2549 2582 false --09-30 Q2 2021 2021-03-31 10-Q 0000796505 13732806 Yes false Non-accelerated Filer Yes Clearfield, Inc. false true Common Stock, $0.01 par value clfd 5011965 3689587 13195295 10496672 55641 492758 1202753 5496056 4856885 57794061 57502905 18 43243 43261 23 54185 54208 4 5799 5803 334178 334178 87937 87937 623235 623235 328523 328523 334178 623235 313658 20520 594546 28689 87937 328523 83140 4797 318928 9595 79473 289085 85000 46000 52000 103817503 95297430 60836622 52522809 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><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=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </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=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">For the purposes of comparability, certain prior period amounts have been reclassified to conform to current period classification. There was <div style="display: inline; font-style: italic; font: inherit;">no</div> impact to prior period net income or shareholders' equity.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">New Accounting Pronouncements</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; 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> 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> 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=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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> 22338721 16449636 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; 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=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; 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;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020 </div>are as follows:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">March 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2021</div></td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">September 30,</div> <div style=" margin-top: 0; margin-bottom: 0">2020</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Less than one year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,957,831</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,582,527</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">1-5 years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,565,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,143,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,522,831</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,725,527</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 16449636 10081721 22338721 8575556 5889085 -1506165 0.01 0.01 50000000 50000000 13732806 13649962 13732806 13649962 137328 136500 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; 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=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; 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;"> March 31, 2021, </div>Customers A and B comprised <div style="display: inline; font-style: italic; font: inherit;">21%</div> and <div style="display: inline; font-style: italic; font: inherit;">11%</div> of the Company's net sales, respectively. For the <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>Customers A and B comprised <div style="display: inline; font-style: italic; font: inherit;">20%</div> and <div style="display: inline; font-style: italic; font: inherit;">11%</div> of the Company's net sales, respectively. Both of these customers were 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;"> March 31, 2020, </div>Customer A comprised <div style="display: inline; font-style: italic; font: inherit;">21%</div> of the Company's net sales. For the <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>Customers A, B and C comprised <div style="display: inline; font-style: italic; font: inherit;">20%,</div> <div style="display: inline; font-style: italic; font: inherit;">11%</div> and <div style="display: inline; font-style: italic; font: inherit;">10%,</div> respectively, of the Company's net sales. All of these customers were 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-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>Customers A and B accounted for <div style="display: inline; font-style: italic; font: inherit;">10%</div> and <div style="display: inline; font-style: italic; font: inherit;">14%</div> of accounts receivable, respectively. 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;">12%</div> and <div style="display: inline; font-style: italic; font: inherit;">13%,</div> of accounts receivable, respectively. Both of these customers are distributors.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;"></div></div> <!-- Field: Page; Sequence: 13 --></div> 0.21 0.11 0.2 0.11 0.21 0.2 0.11 0.1 0.1 0.14 0.12 0.13 16750354 12257076 32473256 23907532 178118 178118 1139261 1210961 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Six Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2021</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2021</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">United States</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,743,937</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,489,270</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,776,138</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,731,957</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">All other countries</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,947,997</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">919,239</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,007,943</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,054,543</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total Net Sales</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,691,934</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,408,509</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,784,081</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,786,500</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; 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" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="text-align: center; font-size: 10pt; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="text-align: center; font-size: 10pt; border-bottom: Black 1pt solid">Six Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Broadband service providers</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">96</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">98</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">95</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Legacy customers</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total Net Sales</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><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=" margin: 0pt 0; font-size: 10pt; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">The Company recorded <div style="display: inline; font-style: italic; font: inherit;">$334,178</div> and <div style="display: inline; font-style: italic; font: inherit;">$623,235</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> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>respectively, For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div><div style="display: inline; font-style: italic; font: inherit;">$313,658</div> of this expense is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font: inherit;">$20,520</div> is included in cost of sales. For the <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div><div style="display: inline; font-style: italic; font: inherit;">$594,546</div> of this expense is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font: inherit;">$28,689</div> is included in cost of sales. The Company recorded <div style="display: inline; font-style: italic; font: inherit;">$87,937</div> and <div style="display: inline; font-style: italic; font: inherit;">$328,523</div> of compensation expense related to current and past restricted stock grants, non-qualified stock options and the Company's ESPP for the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>respectively. For the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">$83,140</div> of this expense is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font: inherit;">$4,797</div> is included in cost of sales. For the <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div><div style="display: inline; font-style: italic; font: inherit;">$318,928</div> of this expense is included in selling, general and administrative expense, and <div style="display: inline; font-style: italic; font: inherit;">$9,595</div> is included in cost of sales. As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div><div style="display: inline; font-style: italic; font: inherit;">$3,182,923</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;">3.4</div> years.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Stock Options</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; 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;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </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;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 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;">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 an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$12.43.</div><br style="clear: both" /> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 10 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The fair value of stock option awards during the <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>was estimated as of the grant date using the assumptions listed below:</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="padding-bottom: 1pt; font-size: 10pt; text-align: center">Six months ended </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">March 31, 2021</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; font-size: 10pt; text-align: left">Dividend yield</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 20%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected volatility</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46.9</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Risk-free interest rate</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.24</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected life (years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5 </div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Vesting period (years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of options</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average exercise price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt">Outstanding as of September 30, 2020</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">337,100</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.48</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,089</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23.74</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Exercised</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(101,800</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.47</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left; padding-bottom: 1pt">Forfeited or Expired</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(25,309</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13.89</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Outstanding as of March 31, 2021</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">315,080</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">16.13</div></div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0 0pt 9.35pt; font-size: 10pt; text-indent: -0.35pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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;"> March 31, 2021, </div>the weighted average remaining contractual term for all outstanding and exercisable stock options was <div style="display: inline; font-style: italic; font: inherit;">2.79</div> years and their aggregate intrinsic value was <div style="display: inline; font-style: italic; font: inherit;">$890,093.</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Restricted Stock</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company granted non-employee directors elected at the Company's <div style="display: inline; font-style: italic; font: inherit;">2021</div> Annual Meeting of Shareholders restricted stock awards totaling <div style="display: inline; font-style: italic; font: inherit;">2,120</div> shares of common stock, with a vesting term of approximately <div style="display: inline; font-style: italic; font: inherit;">one</div> year and a fair value of <div style="display: inline; font-style: italic; font: inherit;">$32.41</div> per share. During the <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company also 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.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">During the <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>the Company granted non-employee directors elected at the Company's <div style="display: inline; font-style: italic; font: inherit;">2020</div> Annual Meeting of Shareholders restricted stock awards totaling <div style="display: inline; font-style: italic; font: inherit;">5,830</div> shares of common stock, with a vesting term of approximately <div style="display: inline; font-style: italic; font: inherit;">one</div> year and a fair value of <div style="display: inline; font-style: italic; font: inherit;">$10.72</div> per share.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <!-- Field: Page; Sequence: 11 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Restricted stock transactions during the <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>are summarized as follows:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average grant date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt">Unvested shares as of September 30, 2020</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">109,070</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.97</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,807</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24.20</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Vested</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,230</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.08</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; padding-bottom: 1pt">Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,298</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16.07</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Unvested as of March 31, 2021</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">133,349</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16.41</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Employee Stock Purchase Plan </div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; 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> 0.27 0.05 0.50 0.09 0.27 0.05 0.50 0.09 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><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=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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.<br style="clear: both" /> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 9 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; 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> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>and <div style="display: inline; font-style: italic; font: inherit;">2020:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Six Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2021</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2021</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; text-indent: 0in">Net income</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,639,784</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">747,897</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,803,223</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,249,055</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Weighted average common shares</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,730,150</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,521,172</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,711,135</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,516,608</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0in">Dilutive potential common shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,629</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,956</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,066</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Weighted average dilutive common shares outstanding</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,779,779</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,521,172</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,738,090</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,571,674</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Net income per common share:</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left; text-indent: 0in">Basic</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.27</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.05</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.50</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.09</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left; text-indent: 0in">Diluted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.27</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.05</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.50</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.09</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 0.204 0.192 0.203 0.2 3182923 P3Y146D P20Y 4708511 4708511 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><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=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>there were <div style="display: inline; font-style: italic; font: inherit;">no</div> triggering events that indicate potential impairment exists.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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;"> March 31, 2021, </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=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </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 12941580 8151433 24310825 15878968 35522831 35725527 25565000 25143000 9957831 10582527 4574784 937897 8422223 1562055 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><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=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">For the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the Company recorded income tax expense of <div style="display: inline; font-style: italic; font: inherit;">$935,000</div> and <div style="display: inline; font-style: italic; font: inherit;">$1,619,000,</div> reflecting an effective tax rate of <div style="display: inline; font-style: italic; font: inherit;">20.4%</div> and <div style="display: inline; font-style: italic; font: inherit;">19.2%,</div> respectively. 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, research and development credits, and foreign derived intangibles income deduction (FDII). For the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>the Company recorded income tax expense of <div style="display: inline; font-style: italic; font: inherit;">$190,000</div> and <div style="display: inline; font-style: italic; font: inherit;">$313,000,</div> reflecting an effective tax rate of <div style="display: inline; font-style: italic; font: inherit;">20.3%</div> and <div style="display: inline; font-style: italic; font: inherit;">20.0%,</div> respectively. The differences between the effective tax rate and the statutory tax rate were related to nondeductible meals and entertainment, nondeductible stock compensation, FDII, and research and development credits.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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;"> March 31, 2021 </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=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; color: black">As of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </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 unrecognize</div>d 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> 935000 1619000 190000 313000 2331002 355657 2908235 -1049108 218638 2675123 188542 -98010 49629 26956 55066 4793137 4986216 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">6.</div> Inventories</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Inventories consist of the following as of:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">March 31, <br />2021</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30, <br />2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; font-size: 10pt; text-align: left">Raw materials</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,932,008</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,287,134</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Work-in-process</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,191,469</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,033,021</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,541,111</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,048,514</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Inventories, gross</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,664,588</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,368,669</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Inventory reserve</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,037,412</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(960,131</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Inventories, net</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,627,176</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,408,538</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div></div> 1541111 2048514 15664588 15368669 14627176 14408538 11932008 12287134 1037412 960131 2191469 1033021 123324 217725 257055 440968 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">March 31,</div> <div style=" margin-top: 0; margin-bottom: 0">2021</div></td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid"><div style=" margin-top: 0; margin-bottom: 0">September 30,</div> <div style=" margin-top: 0; margin-bottom: 0">2020</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt; text-align: left">Less than one year</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">9,957,831</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">10,582,527</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; padding-bottom: 1pt">1-5 years</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,565,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">25,143,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,522,831</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">35,725,527</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 79%; font-size: 10pt">FY2021</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">485,717</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">FY2022</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">986,844</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">FY2023</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">943,682</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">FY2024</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">516,725</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">FY2025</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">217,552</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Thereafter</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total lease payments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,150,520</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Interest</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(182,281</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Present value of lease liabilities</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,968,239</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 3150520 986844 217552 516725 943682 485717 182281 P3Y P10Y62D P3Y P3Y P3Y180D <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt; font-style: italic; font-weight: bold"><div style="display: inline; font-style: normal">Note <div style="display: inline; font-style: italic; font: inherit;">10.</div> Leases</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 14 --> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"></div> <div style=" margin: 0pt 0; font-size: 10pt; 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=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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;"> March 31, 2021, </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=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Six Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: left; border-bottom: Black 1pt solid">Operating lease expense within:</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2021</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2021</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt">Cost of sales</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">252,459</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">218,874</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">505,395</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">404,502</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Selling, general and administrative</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,335</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,398</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">110,733</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">111,764</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total lease expense</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">307,794</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">274,272</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">616,128</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">516,266</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">Future maturities of lease liabilities were as follows as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021:</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div> <table style="border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 79%; font-size: 10pt">FY2021</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 18%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">485,717</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">FY2022</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">986,844</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">FY2023</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">943,682</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">FY2024</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">516,725</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 1pt">FY2025</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">217,552</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Thereafter</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Total lease payments</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,150,520</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Interest</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(182,281</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Present value of lease liabilities</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,968,239</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: right"></div> <div style=" margin: 0pt 0; font-size: 10pt; 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;"> March 31, 2021 </div>were <div style="display: inline; font-style: italic; font: inherit;">3.33</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;">4.78</div> years and <div style="display: inline; font-style: italic; font: inherit;">3.48%,</div> respectively, as of <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021. </div>For the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>the operating cash outflows from the Company's leases was <div style="display: inline; font-style: italic; font: inherit;">$240,066</div> and <div style="display: inline; font-style: italic; font: inherit;">$479,801,</div> respectively, compared to <div style="display: inline; font-style: italic; font: inherit;">$168,815</div> and <div style="display: inline; font-style: italic; font: inherit;">$336,655,</div> for the <div style="display: inline; font-style: italic; font: inherit;">three</div> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2020, </div>respectively.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <!-- Field: Page; Sequence: 15 --></div> 13969018 12544152 103817503 95297430 11888456 10414809 2080562 2129343 25565000 25143000 -331251 -262223 -479313 -3540266 6699649 2296324 6803223 1249055 3639784 3639784 747897 747897 6803223 1249055 4451460 720172 8165168 1121087 252459 218874 505395 404502 55335 55398 110733 111764 307794 274272 616128 516266 2968239 887677 665584 2080562 2129343 240066 479801 168815 336655 2724233 2539100 0.034 0.0348 P3Y120D P4Y284D 717599 585436 262352 266857 428654 54208 5803 6448304 19076930 682009 1183336 0.01 0.01 500000 500000 0 0 0 0 179081 169652 6651000 16720000 4749530 4952819 209612 31917096 25113873 27743937 19489270 53776138 37731957 1947997 919239 3007943 2054543 29691934 20408509 56784081 39786500 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">Note <div style="display: inline; font-style: italic; font: inherit;">5.</div> Revenue</div></div> <div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Revenue Recognition</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Disaggregation of Revenue</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Six Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2021</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2021</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">United States</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">27,743,937</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">19,489,270</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">53,776,138</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">37,731,957</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">All other countries</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,947,997</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">919,239</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,007,943</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,054,543</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total Net Sales</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">29,691,934</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">20,408,509</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">56,784,081</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,786,500</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify"></div> <div style=" margin: 0pt 0; font-size: 10pt; 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=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt"></div> <!-- Field: Page; Sequence: 12 --> <!-- Field: /Page --> <div style=" margin: 0pt 0; font-size: 10pt"></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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> and <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended:</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="text-align: center; font-size: 10pt; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="text-align: center; font-size: 10pt; border-bottom: Black 1pt solid">Six Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="font-size: 10pt; border-bottom: Black 1pt solid">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left">Broadband service providers</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">97</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">96</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">98</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">95</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Legacy customers</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">4</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total Net Sales</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">%</td> </tr> </table> </div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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, multiple system operators (&#x201c;MSO's, or Cable TV&#x201d;), which are 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>; and International customers.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">Accounts Receivable</div></div> <div style=" margin: 0pt 0; font-size: 10pt">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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 <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </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;">$79,473</div> and <div style="display: inline; font-style: italic; font: inherit;">$289,085,</div> respectively. The allowance for doubtful accounts decreased by the amount recovered during the <div style="display: inline; font-style: italic; font: inherit;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021 </div>on an account previously reserved.</div> <div style=" margin: 0pt 0; font-size: 10pt; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" margin: 0pt 0; font-size: 10pt; 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 style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Six Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: justify">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2021</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2021</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; font-size: 10pt; text-align: left; text-indent: 0in">Net income</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3,639,784</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">747,897</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">6,803,223</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 12%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,249,055</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Weighted average common shares</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,730,150</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,521,172</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,711,135</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,516,608</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: 0in">Dilutive potential common shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">49,629</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">26,956</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">55,066</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Weighted average dilutive common shares outstanding</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,779,779</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,521,172</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,738,090</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13,571,674</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; text-indent: 0in">Net income per common share:</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left; text-indent: 0in">Basic</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.27</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.05</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.50</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.09</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left; text-indent: 0in">Diluted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.27</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.05</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.50</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">$</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.09</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">March 31, <br />2021</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">September 30, <br />2020</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 66%; font-size: 10pt; text-align: left">Raw materials</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11,932,008</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 14%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12,287,134</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt">Work-in-process</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,191,469</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,033,021</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">1,541,111</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">2,048,514</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Inventories, gross</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,664,588</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">15,368,669</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left; padding-bottom: 1pt">Inventory reserve</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(1,037,412</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(960,131</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Inventories, net</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,627,176</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">14,408,538</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of options</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average exercise price</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt">Outstanding as of September 30, 2020</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">337,100</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.48</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">105,089</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">23.74</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Exercised</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(101,800</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.47</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; text-align: left; padding-bottom: 1pt">Forfeited or Expired</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(25,309</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">13.89</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Outstanding as of March 31, 2021</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">315,080</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style=" margin: 0pt 0; font-size: 10pt"><div style="display: inline; font-style: italic; font: inherit;">16.13</div></div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="padding-bottom: 1pt; font-size: 10pt; text-align: center">Six months ended </td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">March 31, 2021</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 77%; font-size: 10pt; text-align: left">Dividend yield</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 20%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected volatility</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">46.9</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; text-align: left">Risk-free interest rate</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">0.24</div></td> <td style="font-size: 10pt; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-size: 10pt; text-align: left">Expected life (years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">5 </div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt">Vesting period (years)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">3</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; text-align: center">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number of shares</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Weighted average grant date fair value</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; font-size: 10pt">Unvested shares as of September 30, 2020</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">109,070</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 15%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">12.97</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt">Granted</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">39,807</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">24.20</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; font-size: 10pt">Vested</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(12,230</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">11.08</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; font-size: 10pt; padding-bottom: 1pt">Forfeited</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">(3,298</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16.07</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-size: 10pt; padding-bottom: 2.5pt">Unvested as of March 31, 2021</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">133,349</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font: inherit;">16.41</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> </tr> </table></div> 8490120 7431261 16145657 14757881 623235 328523 P3Y P4Y284D P3Y P5Y P1Y P10Y P1Y P3Y P1Y 3298 16.07 2120 37687 5830 39807 32.41 23.74 10.72 24.20 109070 133349 12.97 16.41 12230 11.08 0 0.469 0.0024 204612 25309 13.89 105089 116600 890093 337100 315080 12.48 16.13 12.47 23.74 12.43 P5Y P5Y284D P5Y P2Y288D 13727906 13732806 13657459 13627639 13649962 13641805 1750 2219 453 9957831 10582527 15011 15107 15011 15107 -1178 9580 36509 9580 101800 150 178931 179081 151 169501 169652 -12 12 96 -96 365 -365 96 -96 41796 418 428236 428654 41796 418 428236 428654 89848485 82753278 137279 57696847 28277312 86111438 137328 57794061 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Document And Entity Information - shares
 6 Months Ended
Mar. 31, 2021
Apr. 14, 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)   13,732,806
Entity Shell Company false  
Document Type 10-Q  
Document Period End Date Mar. 31, 2021  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Title of 12(b) Security Common Stock, $0.01 par value  
XML 12 R2.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2021
Sep. 30, 2020
Current Assets    
Cash and cash equivalents $ 22,338,721 $ 16,449,636
Short-term investments 9,957,831 10,582,527
Accounts receivables, net 13,195,295 10,496,672
Inventories, net 14,627,176 14,408,538
Other current assets 717,599 585,436
Total current assets 60,836,622 52,522,809
Property, plant and equipment, net 4,749,530 4,952,819
Other Assets    
Long-term investments 25,565,000 25,143,000
Goodwill 4,708,511 4,708,511
Intangible assets, net 4,793,137 4,986,216
Right of use lease assets 2,724,233 2,539,100
Deferred tax asset 178,118 178,118
Other 262,352 266,857
Total other assets 38,231,351 37,821,802
Total Assets 103,817,503 95,297,430
Current Liabilities    
Current portion of lease liability 887,677 665,584
Accounts payable 5,011,965 3,689,587
Accrued compensation 5,496,056 4,856,885
Accrued expenses 492,758 1,202,753
Total current liabilities 11,888,456 10,414,809
Other Liabilities    
Long-term portion of lease liability 2,080,562 2,129,343
Total other liabilities 2,080,562 2,129,343
Total liabilities 13,969,018 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; 13,732,806 and 13,649,962 shares issued and outstanding as of March 31, 2021 and September 30, 2020. 137,328 136,500
Additional paid-in capital 57,794,061 57,502,905
Retained earnings 31,917,096 25,113,873
Total shareholders’ equity 89,848,485 82,753,278
Total Liabilities and Shareholders’ Equity $ 103,817,503 $ 95,297,430
XML 13 R3.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Mar. 31, 2021
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) 13,732,806 13,649,962
Common stock, shares outstanding (in shares) 13,732,806 13,649,962
XML 14 R4.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Statements of Earnings (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Net sales $ 29,691,934 $ 20,408,509 $ 56,784,081 $ 39,786,500
Cost of sales 16,750,354 12,257,076 32,473,256 23,907,532
Gross profit 12,941,580 8,151,433 24,310,825 15,878,968
Operating expenses        
Selling, general and administrative 8,490,120 7,431,261 16,145,657 14,757,881
Income from operations 4,451,460 720,172 8,165,168 1,121,087
Interest income 123,324 217,725 257,055 440,968
Income before income taxes 4,574,784 937,897 8,422,223 1,562,055
Income tax expense 935,000 190,000 1,619,000 313,000
Net income $ 3,639,784 $ 747,897 $ 6,803,223 $ 1,249,055
Net income per share Basic (in dollars per share) $ 0.27 $ 0.05 $ 0.50 $ 0.09
Net income per share Diluted (in dollars per share) $ 0.27 $ 0.05 $ 0.50 $ 0.09
Weighted average shares outstanding:        
Basic (in shares) 13,730,150 13,521,172 13,711,135 13,516,608
Diluted (in shares) 13,779,779 13,521,172 13,738,090 13,571,674
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.21.1
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
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, 2019 13,641,805      
Balance at Sep. 30, 2019 $ 136,418 56,976,162 17,820,807 74,933,387
Stock-based compensation expense 328,523 328,523
Restricted stock issuance, net of forfeitures (in shares) 9,580      
Restricted stock issuance, net of forfeitures $ 96 (96)
Exercise of stock options, net of shares exchanged for payment (in shares) 3,396      
Exercise of stock options, net of shares exchanged for payment $ 33 2,549 2,582
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 1,249,055 1,249,055
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
Repurchase of common stock (in shares) (41,796)      
Repurchase of common stock $ (418) (428,236) (428,654)
Balance (in shares) at Mar. 31, 2020 13,627,639      
Balance at Mar. 31, 2020 $ 136,276 57,042,604 19,069,862 76,248,742
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
Stock-based compensation expense 87,937 87,937
Restricted stock issuance, net of forfeitures (in shares) 9,580      
Restricted stock issuance, net of forfeitures $ 96 (96)
Exercise of stock options, net of shares exchanged for payment (in shares) 2,396      
Exercise of stock options, net of shares exchanged for payment $ 23 (21) 2
Net income 747,897 747,897
Repurchase of common stock (in shares) (41,796)      
Repurchase of common stock $ (418) (428,236) (428,654)
Balance (in shares) at Mar. 31, 2020 13,627,639      
Balance at Mar. 31, 2020 $ 136,276 57,042,604 19,069,862 76,248,742
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
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
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
Stock-based compensation expense 623,235 623,235
Restricted stock issuance, net of forfeitures (in shares) 36,509      
Restricted stock issuance, net of forfeitures $ 365 (365)
Exercise of stock options, net of shares exchanged for payment (in shares) 33,543      
Exercise of stock options, net of shares exchanged for payment $ 336 (456,460) (456,124)
Tax withholding related to vesting of restricted stock grants (in shares) (2,219)      
Tax withholding related to vesting of restricted stock grants $ (23) (54,185) (54,208)
Net income 6,803,223 6,803,223
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
Balance (in shares) at Mar. 31, 2021 13,732,806      
Balance at Mar. 31, 2021 $ 137,328 57,794,061 31,917,096 89,848,485
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
Stock-based compensation expense 334,178 334,178
Restricted stock issuance, net of forfeitures (in shares) (1,178)      
Restricted stock issuance, net of forfeitures $ (12) 12
Exercise of stock options, net of shares exchanged for payment (in shares) 7,828      
Exercise of stock options, net of shares exchanged for payment $ 79 (193,733) (193,654)
Tax withholding related to vesting of restricted stock grants (in shares) (1,750)      
Tax withholding related to vesting of restricted stock grants $ (18) (43,243) (43,261)
Net income 3,639,784 3,639,784
Balance (in shares) at Mar. 31, 2021 13,732,806      
Balance at Mar. 31, 2021 $ 137,328 $ 57,794,061 $ 31,917,096 $ 89,848,485
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.21.1
Condensed Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities    
Net income $ 6,803,223 $ 1,249,055
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 1,139,261 1,210,961
Change in allowance for doubtful accounts 209,612
Amortization of discount on investments (55,641)
Stock-based compensation 623,235 328,523
Changes in operating assets and liabilities:    
Accounts receivable (2,908,235) 1,049,108
Inventories, net (218,638) (2,675,123)
Other assets (188,542) 98,010
Accounts payable and accrued expenses 1,239,733 1,091,431
Net cash provided by operating activities 6,699,649 2,296,324
Cash flows from investing activities    
Purchases of property, plant and equipment and intangible assets (682,009) (1,183,336)
Purchases of investments (6,448,304) (19,076,930)
Proceeds from maturities of investments 6,651,000 16,720,000
Net cash used in investing activities (479,313) (3,540,266)
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 (456,124) 2,582
Tax withholding related to vesting of restricted stock grants (54,208) (5,803)
Repurchase of common stock (428,654)
Net cash used in financing activities (331,251) (262,223)
Increase (Decrease) in cash and cash equivalents 5,889,085 (1,506,165)
Cash and cash equivalents, beginning of period 16,449,636 10,081,721
Cash and cash equivalents, end of period 22,338,721 8,575,556
Supplemental disclosures for cash flow information    
Cash paid during the year for income taxes 2,331,002 355,657
Non-cash financing activities    
Cashless exercise of stock options $ 1,269,414 $ 7,737
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.21.1
Note 1 - Basis of Presentation
 6 Months Ended
Mar. 31, 2021
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
and
six
months ended
March 31, 2021
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.
 
For the purposes of comparability, certain prior period amounts have been reclassified to conform to current period classification. There was
no
impact to prior period net income or shareholders' equity.
 
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
in the
first
quarter of fiscal
2021
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 v3.21.1
Note 2 - Net Income Per Share
 6 Months Ended
Mar. 31, 2021
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
and
six
months ended
March 31, 2021
and
2020:
 
    Three Months Ended March 31,   Six Months Ended March 31,
    2021   2020   2021   2020
Net income   $
3,639,784
     $
747,897
     $
6,803,223
     $
1,249,055
  
Weighted average common shares    
13,730,150
      
13,521,172
      
13,711,135
      
13,516,608
  
Dilutive potential common shares    
49,629
      
-
      
26,956
      
55,066
  
Weighted average dilutive common shares outstanding    
13,779,779
      
13,521,172
      
13,738,090
      
13,571,674
  
Net income per common share:                                
Basic   $
0.27
     $
0.05
     $
0.50
     $
0.09
  
Diluted   $
0.27
     $
0.05
     $
0.50
     $
0.09
  
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.21.1
Note 3 - Cash, Cash Equivalents, and Investments
 6 Months Ended
Mar. 31, 2021
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
March 31, 2021
and
September 30, 2020
are as follows:
 
   
March 31,
2021
  
September 30,
2020
Less than one year   $
9,957,831
     $
10,582,527
  
1-5 years    
25,565,000
      
25,143,000
  
Total   $
35,522,831
     $
35,725,527
  
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Stock-based Compensation
 6 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
Note
4.
Stock-Based Compensation
 
The Company recorded
$334,178
and
$623,235
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
and
six
months ended
March 31, 2021,
respectively, For the
three
months ended
March 31, 2021,
$313,658
of this expense is included in selling, general and administrative expense, and
$20,520
is included in cost of sales. For the
six
months ended
March 31, 2021,
$594,546
of this expense is included in selling, general and administrative expense, and
$28,689
is included in cost of sales. The Company recorded
$87,937
and
$328,523
of compensation expense related to current and past restricted stock grants, non-qualified stock options and the Company's ESPP for the
three
and
six
months ended
March 31, 2020,
respectively. For the
three
months ended
March 31, 2020,
$83,140
of this expense is included in selling, general and administrative expense, and
$4,797
is included in cost of sales. For the
six
months ended
March 31, 2020,
$318,928
of this expense is included in selling, general and administrative expense, and
$9,595
is included in cost of sales. As of
March 31, 2021,
$3,182,923
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
3.4
years.
 
Stock Options
 
The Company uses the Black-Scholes option pricing model to determine the fair value of options granted. During the
six
months ended
March 31, 2021,
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
six
months ended
March 31, 2020,
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 an exercise price of
$12.43.

 
The fair value of stock option awards during the
six
months ended
March 31, 2021
was estimated as of the grant date using the assumptions listed below:
 
    Six months ended
    March 31, 2021
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
six
months ended
March 31, 2021:
 
    Number of options   Weighted average exercise price
Outstanding as of September 30, 2020    
337,100
     $
12.48
  
Granted    
105,089
      
23.74
  
Exercised    
(101,800
 )    
12.47
  
Forfeited or Expired    
(25,309
 )    
13.89
  
Outstanding as of March 31, 2021    
315,080
     $
16.13
  
 
The intrinsic value of an option is the amount by which the fair value of the underlying stock exceeds its exercise price. As of
March 31, 2021,
the weighted average remaining contractual term for all outstanding and exercisable stock options was
2.79
years and their aggregate intrinsic value was
$890,093.
 
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
six
months ended
March 31, 2021,
the Company granted non-employee directors elected at the Company's
2021
Annual Meeting of Shareholders restricted stock awards totaling
2,120
shares of common stock, with a vesting term of approximately
one
year and a fair value of
$32.41
per share. During the
six
months ended
March 31, 2021,
the Company also 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.
 
During the
six
months ended
March 31, 2020,
the Company granted non-employee directors elected at the Company's
2020
Annual Meeting of Shareholders restricted stock awards totaling
5,830
shares of common stock, with a vesting term of approximately
one
year and a fair value of
$10.72
per share.
 
Restricted stock transactions during the
six
months ended
March 31, 2021
are summarized as follows:
 
    Number of shares   Weighted average grant date fair value
Unvested shares as of September 30, 2020    
109,070
     $
12.97
  
Granted    
39,807
      
24.20
  
Vested    
(12,230
 )    
11.08
  
Forfeited    
(3,298
 )    
16.07
  
Unvested as of March 31, 2021    
133,349
     $
16.41
  
 
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 v3.21.1
Note 5 - Revenue
 6 Months Ended
Mar. 31, 2021
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
and
six
months ended:
 
    Three Months Ended March 31,   Six Months Ended March 31,
    2021   2020   2021   2020
United States   $
27,743,937
     $
19,489,270
     $
53,776,138
     $
37,731,957
  
All other countries    
1,947,997
      
919,239
      
3,007,943
      
2,054,543
  
Total Net Sales   $
29,691,934
     $
20,408,509
     $
56,784,081
     $
39,786,500
  
 
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
and
six
months ended:
 
    Three Months Ended March 31,   Six Months Ended March 31,
    2020   2020   2020   2020
Broadband service providers    
97
 %    
96
 %    
98
 %    
95
 %
Legacy customers    
3
 %    
4
 %    
2
 %    
5
 %
Total Net Sales    
100
 %    
100
 %    
100
 %    
100
 %
 
Broadband Service Providers are made up of Community Broadband, which includes local and regional telecom companies, utilities, municipalities and alternative carriers, multiple system operators (“MSO's, or Cable TV”), which are 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
; 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
March 31, 2021
and
September 30, 2020,
the balance in the allowance for doubtful accounts was
$79,473
and
$289,085,
respectively. The allowance for doubtful accounts decreased by the amount recovered during the
three
months ended
March 31, 2021
on an account previously reserved.
 
See Note
7,
“Major Customer Concentration” for further information regarding accounts receivable and net sales.
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Inventories
 6 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Inventory Disclosure [Text Block]
Note
6.
Inventories
 
Inventories consist of the following as of:
 
    March 31,
2021		   September 30,
2020
Raw materials   $
11,932,008
     $
12,287,134
  
Work-in-process    
2,191,469
      
1,033,021
  
Finished goods    
1,541,111
      
2,048,514
  
Inventories, gross    
15,664,588
      
15,368,669
  
Inventory reserve    
(1,037,412
 )    
(960,131
 )
Inventories, net   $
14,627,176
     $
14,408,538
  
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.21.1
Note 7 - Major Customer Concentration
 6 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Concentration Risk Disclosure [Text Block]
Note
7.
Major Customer Concentration
 
For the
three
months ended
March 31, 2021,
Customers A and B comprised
21%
and
11%
of the Company's net sales, respectively. For the
six
months ended
March 31, 2021,
Customers A and B comprised
20%
and
11%
of the Company's net sales, respectively. Both of these customers were distributors. For the
three
months ended
March 31, 2020,
Customer A comprised
21%
of the Company's net sales. For the
six
months ended
March 31, 2020,
Customers A, B and C comprised
20%,
11%
and
10%,
respectively, of the Company's net sales. All of these customers were 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
March 31, 2021,
Customers A and B accounted for
10%
and
14%
of accounts receivable, respectively. As of
September 30, 2020,
Customers A and B accounted for
12%
and
13%,
of accounts receivable, respectively. Both of these customers are distributors.
 
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.21.1
Note 8 - Goodwill and Intangibles
 6 Months Ended
Mar. 31, 2021
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
six
months ended
March 31, 2021,
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
March 31, 2021,
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
six
months ended
March 31, 2021,
there were
no
triggering events that indicate potential impairment exists.
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.21.1
Note 9 - Income Taxes
 6 Months Ended
Mar. 31, 2021
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
Note
9.
Income Taxes
 
For the
three
and
six
months ended
March 31, 2021,
the Company recorded income tax expense of
$935,000
and
$1,619,000,
reflecting an effective tax rate of
20.4%
and
19.2%,
respectively. 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, research and development credits, and foreign derived intangibles income deduction (FDII). For the
three
and
six
months ended
March 31, 2020,
the Company recorded income tax expense of
$190,000
and
$313,000,
reflecting an effective tax rate of
20.3%
and
20.0%,
respectively. The differences between the effective tax rate and the statutory tax rate were related to nondeductible meals and entertainment, nondeductible stock compensation, 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
March 31, 2021
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
March 31, 2021,
the Company does
not
have any unrecognized tax benefits. It is the Company's practice to recognize interest and penalties accrued on any unrecognize
d 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 v3.21.1
Note 10 - Leases
 6 Months Ended
Mar. 31, 2021
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
March 31, 2021,
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
and
six
months ended
March 31, 2021:
 
    Three Months Ended March 31,   Six Months Ended March 31,
Operating lease expense within:   2021   2020   2021   2020
Cost of sales   $
252,459
     $
218,874
     $
505,395
     $
404,502
  
Selling, general and administrative    
55,335
      
55,398
      
110,733
      
111,764
  
Total lease expense   $
307,794
     $
274,272
     $
616,128
     $
516,266
  
 
Future maturities of lease liabilities were as follows as of
March 31, 2021:
 
FY2021   $
485,717
  
FY2022    
986,844
  
FY2023    
943,682
  
FY2024    
516,725
  
FY2025    
217,552
  
Thereafter    
-
  
Total lease payments    
3,150,520
  
Less: Interest    
(182,281
 )
Present value of lease liabilities   $
2,968,239
  
 
The weighted average term and weighted average discount rate for the Company's leases as of
March 31, 2021
were
3.33
years and
3.40%,
respectively, compared to
4.78
years and
3.48%,
respectively, as of
March 31, 2021.
For the
three
and
six
months ended
March 31, 2021,
the operating cash outflows from the Company's leases was
$240,066
and
$479,801,
respectively, compared to
$168,815
and
$336,655,
for the
three
and
six
months ended
March 31, 2020,
respectively.
 
 
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.21.1
Note 2 - Net Income Per Share (Tables)
 6 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
    Three Months Ended March 31,   Six Months Ended March 31,
    2021   2020   2021   2020
Net income   $
3,639,784
     $
747,897
     $
6,803,223
     $
1,249,055
  
Weighted average common shares    
13,730,150
      
13,521,172
      
13,711,135
      
13,516,608
  
Dilutive potential common shares    
49,629
      
-
      
26,956
      
55,066
  
Weighted average dilutive common shares outstanding    
13,779,779
      
13,521,172
      
13,738,090
      
13,571,674
  
Net income per common share:                                
Basic   $
0.27
     $
0.05
     $
0.50
     $
0.09
  
Diluted   $
0.27
     $
0.05
     $
0.50
     $
0.09
  
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.21.1
Note 3 - Cash, Cash Equivalents, and Investments (Tables)
 6 Months Ended
Mar. 31, 2021
Notes Tables  
Investments Classified by Contractual Maturity Date [Table Text Block]
   
March 31,
2021
  
September 30,
2020
Less than one year   $
9,957,831
     $
10,582,527
  
1-5 years    
25,565,000
      
25,143,000
  
Total   $
35,522,831
     $
35,725,527
  
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Stock-based Compensation (Tables)
 6 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
    Six months ended
    March 31, 2021
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    
(101,800
 )    
12.47
  
Forfeited or Expired    
(25,309
 )    
13.89
  
Outstanding as of March 31, 2021    
315,080
     $
16.13
  
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
     $
12.97
  
Granted    
39,807
      
24.20
  
Vested    
(12,230
 )    
11.08
  
Forfeited    
(3,298
 )    
16.07
  
Unvested as of March 31, 2021    
133,349
     $
16.41
  
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.21.1
Note 5 - Revenue (Tables)
 6 Months Ended
Mar. 31, 2021
Notes Tables  
Disaggregation of Revenue [Table Text Block]
    Three Months Ended March 31,   Six Months Ended March 31,
    2021   2020   2021   2020
United States   $
27,743,937
     $
19,489,270
     $
53,776,138
     $
37,731,957
  
All other countries    
1,947,997
      
919,239
      
3,007,943
      
2,054,543
  
Total Net Sales   $
29,691,934
     $
20,408,509
     $
56,784,081
     $
39,786,500
  
    Three Months Ended March 31,   Six Months Ended March 31,
    2020   2020   2020   2020
Broadband service providers    
97
 %    
96
 %    
98
 %    
95
 %
Legacy customers    
3
 %    
4
 %    
2
 %    
5
 %
Total Net Sales    
100
 %    
100
 %    
100
 %    
100
 %
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Inventories (Tables)
 6 Months Ended
Mar. 31, 2021
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
    March 31,
2021		   September 30,
2020
Raw materials   $
11,932,008
     $
12,287,134
  
Work-in-process    
2,191,469
      
1,033,021
  
Finished goods    
1,541,111
      
2,048,514
  
Inventories, gross    
15,664,588
      
15,368,669
  
Inventory reserve    
(1,037,412
 )    
(960,131
 )
Inventories, net   $
14,627,176
     $
14,408,538
  
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.21.1
Note 10 - Leases (Tables)
 6 Months Ended
Mar. 31, 2021
Notes Tables  
Lessee, Operating Lease Expense [Table Text Block]
    Three Months Ended March 31,   Six Months Ended March 31,
Operating lease expense within:   2021   2020   2021   2020
Cost of sales   $
252,459
     $
218,874
     $
505,395
     $
404,502
  
Selling, general and administrative    
55,335
      
55,398
      
110,733
      
111,764
  
Total lease expense   $
307,794
     $
274,272
     $
616,128
     $
516,266
  
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
FY2021   $
485,717
  
FY2022    
986,844
  
FY2023    
943,682
  
FY2024    
516,725
  
FY2025    
217,552
  
Thereafter    
-
  
Total lease payments    
3,150,520
  
Less: Interest    
(182,281
 )
Present value of lease liabilities   $
2,968,239
  
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.21.1
Note 2 - Net Income Per Share - Weighted Average Common Shares Outstanding (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Net income $ 3,639,784 $ 747,897 $ 6,803,223 $ 1,249,055
Weighted average common shares (in shares) 13,730,150 13,521,172 13,711,135 13,516,608
Dilutive potential common shares (in shares) 49,629 26,956 55,066
Weighted average dilutive common shares outstanding (in shares) 13,779,779 13,521,172 13,738,090 13,571,674
Basic (in dollars per share) $ 0.27 $ 0.05 $ 0.50 $ 0.09
Diluted (in dollars per share) $ 0.27 $ 0.05 $ 0.50 $ 0.09
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.21.1
Note 3 - Cash, Cash Equivalents, and Investments - Maturity Date of CDs (Details) - USD ($)
Mar. 31, 2021
Sep. 30, 2020
Less than one year $ 9,957,831 $ 10,582,527
1-5 years 25,565,000 25,143,000
Total $ 35,522,831 $ 35,725,527
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Stock-based Compensation (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2021
Mar. 31, 2020
Share-based Payment Arrangement, Expense $ 334,178   $ 87,937   $ 623,235 $ 328,523
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total 3,182,923       $ 3,182,923  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)         3 years 146 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, Outstanding, Weighted Average Remaining Contractual Term (Year)         2 years 288 days  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value 890,093       $ 890,093  
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)         39,807  
Restricted Stock [Member] | Stock Compensation Plan 2007 [Member] | Share-based Payment Arrangement, Nonemployee [Member]            
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)         1 year 1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)         2,120 5,830
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)         $ 32.41 $ 10.72
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  
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 313,658   83,140   $ 594,546 $ 318,928
Cost of Sales [Member]            
Share-based Payment Arrangement, Expense $ 20,520   $ 4,797   $ 28,689 $ 9,595
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Stock-based Compensation - Valuation Assumptions (Details)
 6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dividend yield 0.00%  
Expected volatility 46.90%  
Risk-free interest rate 0.24%  
Expected life (Year) 5 years  
Vesting period (Year) 3 years 4 years 284 days
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Stock-based Compensation - Option Transaction Summary (Details) - $ / shares
 6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
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) (101,800)  
Weighted-average exercise price, Exercised (in dollars per share) $ 12.47  
Forfeited or Expired (in shares) (25,309)  
Weighted-average exercise price, Forfeited or Expired (in dollars per share) $ 13.89  
Options, outstanding (in shares) 315,080  
Weighted-average exercise price, outstanding (in dollars per share) $ 16.13  
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.21.1
Note 4 - Stock-based Compensation - Restricted Stock Transactions (Details) - Restricted Stock [Member]
 6 Months Ended
Mar. 31, 2021
$ / shares
shares
Balance, unvested shares (in shares) | shares 109,070
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 12.97
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares 39,807
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares $ 24.20
Vested (in shares) | shares (12,230)
Vested, weighted-average grant date fair value (in dollars per share) | $ / shares $ 11.08
Forfeited (in shares) | shares (3,298)
Forfeited, weighted-average grant date fair value (in dollars per share) | $ / shares $ 16.07
Balance, unvested shares (in shares) | shares 133,349
Balance, weighted-average grant date fair value (in dollars per share) | $ / shares $ 16.41
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.21.1
Note 5 - Revenue (Details Textual) - USD ($)
Mar. 31, 2021
Sep. 30, 2020
Accounts Receivable, Allowance for Credit Loss, Current $ 79,473 $ 289,085
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.21.1
Note 5 - Revenue - Disaggregation of Revenue (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Total Net Sales $ 29,691,934 $ 20,408,509 $ 56,784,081 $ 39,786,500
Percent of net sales 100.00% 100.00% 100.00% 100.00%
Broadband Service Providers [Member]        
Percent of net sales 97.00% 96.00% 98.00% 95.00%
Legacy Customers [Member]        
Percent of net sales 3.00% 4.00% 2.00% 5.00%
UNITED STATES        
Total Net Sales $ 27,743,937 $ 19,489,270 $ 53,776,138 $ 37,731,957
Non-US [Member]        
Total Net Sales $ 1,947,997 $ 919,239 $ 3,007,943 $ 2,054,543
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.21.1
Note 6 - Inventories - Components of Inventory (Details) - USD ($)
Mar. 31, 2021
Sep. 30, 2020
Raw materials $ 11,932,008 $ 12,287,134
Work-in-process 2,191,469 1,033,021
Finished goods 1,541,111 2,048,514
Inventories, gross 15,664,588 15,368,669
Inventory reserve (1,037,412) (960,131)
Inventories, net $ 14,627,176 $ 14,408,538
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.21.1
Note 7 - Major Customer Concentration (Details Textual) - Customer Concentration Risk [Member]
 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Sep. 30, 2020
Revenue Benchmark [Member] | Customer A [Member]          
Concentration Risk, Percentage 21.00% 21.00% 20.00% 20.00%  
Revenue Benchmark [Member] | Customer B [Member]          
Concentration Risk, Percentage 11.00%   11.00% 11.00%  
Revenue Benchmark [Member] | Customer C [Member]          
Concentration Risk, Percentage       10.00%  
Accounts Receivable [Member] | Customer A [Member]          
Concentration Risk, Percentage     10.00%   12.00%
Accounts Receivable [Member] | Customer B [Member]          
Concentration Risk, Percentage     14.00%   13.00%
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.21.1
Note 8 - Goodwill and Intangibles (Details Textual)
$ in Thousands
 6 Months Ended 12 Months Ended
Mar. 31, 2021
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 v3.21.1
Note 9 - Income Taxes (Details Textual) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Income Tax Expense (Benefit), Total $ 935,000 $ 190,000 $ 1,619,000 $ 313,000
Effective Income Tax Rate Reconciliation, Percent, Total 20.40% 20.30% 19.20% 20.00%
Unrecognized Tax Benefits, Ending Balance $ 0   $ 0  
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.21.1
Note 10 - Leases (Details Textual)
 3 Months Ended 6 Months Ended
Mar. 31, 2021
USD ($)
ft²
Mar. 31, 2020
USD ($)
Mar. 31, 2021
USD ($)
ft²
Mar. 31, 2020
USD ($)
Oct. 09, 2020
ft²
Feb. 12, 2020
ft²
Aug. 01, 2017
Jan. 01, 2015
Operating Lease, Weighted Average Remaining Lease Term (Year) 3 years 120 days 4 years 284 days 3 years 120 days 4 years 284 days        
Operating Lease, Weighted Average Discount Rate, Percent 3.40% 3.48% 3.40% 3.48%        
Operating Lease, Payments | $ $ 240,066 $ 168,815 $ 479,801 $ 336,655        
7050 Winnetka Avenue North, Brooklyn Park, Minnesota [Member]                
Area of Real Estate Property (Square Foot) 85,000   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 v3.21.1
Note 10 - Leases - Operating Lease Expense (Details) - USD ($)
 3 Months Ended 6 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2020
Total lease expense under ASC 842 $ 307,794 $ 274,272 $ 616,128 $ 516,266
Cost of Sales [Member]        
Total lease expense under ASC 842 252,459 218,874 505,395 404,502
Selling, General and Administrative Expenses [Member]        
Total lease expense under ASC 842 $ 55,335 $ 55,398 $ 110,733 $ 111,764
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.21.1
Note 10 - Leases - Maturities of Lease Liabilities (Details)
Mar. 31, 2021
USD ($)
FY2021 $ 485,717
FY2022 986,844
FY2023 943,682
FY2024 516,725
FY2025 217,552
Thereafter
Total lease payments 3,150,520
Less: Interest (182,281)
Present value of lease liabilities $ 2,968,239
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