Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.6.0.2
Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Sep. 30, 2015
Current Assets:    
Cash $ 2,385,082 $ 4,105,814
Accounts receivable, net of allowance for doubtful accounts of $38,103 for 2016 and $48,068 for 2015 10,775,200 14,088,390
Income tax receivable 2,387 21,251
Inventory, net 2,492,644 1,745,180
Prepaid expenses and other current assets 634,588 609,320
Deferred income taxes 2,025,000 1,016,000
TOTAL CURRENT ASSETS 18,314,901 21,585,955
PLANT AND EQUIPMENT    
Equipment, furniture and fixtures 4,625,472 4,680,246
Leasehold improvements 323,147 323,147
Less accumulated depreciation and amortization (4,123,532) (3,763,403)
Plant and equipment, net 825,087 1,239,990
Other trade receivables 7,837,500  
Other assets 189,219 136,766
Deferred income taxes 11,457,000 14,509,000
TOTAL ASSETS 38,623,707 37,471,711
Current Liabilities:    
Accounts payable 701,035 1,077,349
Accrued expenses and other current liabilities 2,380,571 2,555,231
Accrued compensation 264,871 592,428
TOTAL CURRENT LIABILITIES 3,346,477 4,225,008
Long-term liabilities:    
Other liabilities 1,233,750  
Deferred rent   15,389
Deferred income taxes 110,069 98,252
TOTAL LIABILITIES 4,690,296 4,338,649
Commitments and Contingencies
STOCKHOLDERS' EQUITY:    
Preferred stock; no shares issued and outstanding in 2016 or 2015
Common stock, par value $0.01 per share; authorized 38,500,000 shares; issued 31,273,954 and 31,192,536, and 29,090,250 and 29,008,832 shares outstanding in 2016 and 2015 respectively 312,740 311,925
Additional paid-in-capital 69,660,010 69,205,201
Accumulated other comprehensive loss (581,519) (581,519)
Accumulated deficit (27,651,215) (27,995,940)
Treasury stock, at cost (7,806,605) (7,806,605)
TOTAL STOCKHOLDERS' EQUITY 33,933,411 33,133,062
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 38,623,707 $ 37,471,711