Note 15 - Stockholders' Equity

9 Months Ended

Jun. 30, 2019

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

1

5

. STOCKHOLDERS’ EQUITY

Summary

The following table summarizes changes in the components of stockholders’ equity during the

nine

months ended

June 30, 2019

and the

nine

months ended

June 30, 2018:

													Accumulated
							Additional						Other			Total
	Common Stock						Paid-in			Accumulated			Comprehensive			Stockholders'
	Shares			Amount			Capital			Deficit			Loss			Equity
Balance at September 30, 2018		33,176,146		$	332		$	90,251,145		$	(56,516,895	)	$	(245,375	)	$	33,489,207
Share-based compensation expense		-			-			133,845			-						133,845
Issuance of common stock upon exercise of stock options, net		1,600			-			2,528			-			-			2,528
Stock buyback		(588,425	)		(6	)		(1,621,016	)		-			-			(1,621,022	)
Other comprehensive loss		-			-			-			-			(54,335	)		(54,335	)
Net income		-			-			-			1,045,940			-			1,045,940
Balance at December 31, 2018		32,589,321		$	326		$	88,766,502		$	(55,470,955	)	$	(299,710	)	$	32,996,163
Share-based compensation expense		-			-			171,975			-			-			171,975
Issuance of common stock upon exercise of stock options, net		26,682			-			42,644			-			-			42,644
Issuance of common stock upon vesting of restricted stock units		156,115			2			-			-			-			2
Stock buyback		(200,000	)		(2	)		(549,998	)								(550,000	)
Other comprehensive loss		-			-			-			-			(69,091	)		(69,091	)
Net income		-			-			-			1,178,850			-			1,178,850
Balance at March 31, 2019		32,572,118		$	326		$	88,431,123		$	(54,292,105	)	$	(368,801	)	$	33,770,543
Share-based compensation expense		-			-		$	257,566		$	-		$	-			257,566
Issuance of common stock upon exercise of stock options, net		7,000			-			9,449			-			-			9,449
Other comprehensive loss		-			-			-			-			56,538			56,538
Net income		-			-						638,041			-			638,041
Balance at June 30, 2019		32,579,118		$	326		$	88,698,138		$	(53,654,064	)	$	(312,263	)	$	34,732,137

													Accumulated
							Additional						Other			Total
	Common Stock						Paid-in			Accumulated			Comprehensive			Stockholders'
	Shares			Amount			Capital			Deficit			Loss			Equity
Balance at September 30, 2017		32,158,436		$	322		$	87,956,839		$	(52,771,853	)	$	(1,269	)	$	35,184,039
Share-based compensation expense		-			-			138,461			-			-			138,461
Issuance of common stock upon exercise of stock options, net		90,852			-			159,518			-			-			159,518
Other comprehensive loss		-			-			-			-			(8,031	)		(8,031	)
Net income		-			-			-			(1,683,252	)		-			(1,683,252	)
Balance at December 31, 2017		32,249,288		$	322		$	88,254,818		$	(54,455,105	)	$	(9,300	)	$	33,790,735
Share-based compensation expense		-			-			145,789			-			-			145,789
Issuance of common stock upon exercise of stock options, net		20,000			-			26,200			-			-			26,200
Issuance of common stock upon vesting of restricted stock units		125,000			-			-			-			-			-
Other comprehensive loss		-			-			-			-			(4,482	)		(4,482	)
Net income		-			-			-			460,908			-			460,908
Balance at March 31, 2018		32,394,288		$	322		$	88,426,807		$	(53,994,197	)	$	(13,782	)	$	34,419,150
Share-based compensation expense		-			-			148,813			-			-			148,813
Issuance of common stock upon exercise of stock options, net		468,801			5			842,001			-			-			842,006
Stock buyback		(211,326	)		(2	)		(500,272	)		-			-			(500,274	)
Other comprehensive loss		-			-			-			-			(211,426	)		(211,426	)
Net income		-			-			-			(80,220	)		-			(80,220	)
Balance at June 30, 2018		32,651,763		$	325		$	88,917,349		$	(54,074,417	)	$	(225,208	)	$	34,618,049

Share Buyback Program

The Board of Directors approved a share buyback program in

2015

under which the Company was authorized to repurchase up to

$4

million of its outstanding common shares. In

December 2017,

the Board of Directors extended the program through

December 31, 2018.

In

December 2018,

the Board of Directors approved a new share buyback program beginning

January 1, 2019

and expiring on

December 31, 2020,

under which the Company is authorized to repurchase up to

$5

million of its outstanding common shares exclusive of any fees, commissions or other expenses related to such repurchases. At

June 30, 2019,

$4.5

million was available for share repurchase under this program. The previous program expired on

December 31, 2018.

There were

788,425

shares repurchased for

$2,171,022

during the

nine

months ended

June 30, 2019.

There were

211,236

shares repurchased for

$500,274

during the

nine

-month period ended

June 30, 2018.

At

June 30, 2019,

all repurchased shares were retired into treasury.

Dividends

There were

no

dividends declared in the

nine

months ended

June 30, 2019

and

2018.