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Note 4 - Fair Value Measurements
 3 Months Ended
Dec. 31, 2014
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

4.

FAIR VALUE MEASUREMENTS


Our financial instruments consist principally of cash equivalents, short and long-term marketable securities, accounts receivable and accounts payable. The fair value of a financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) defined as follows:


Level 1:     Inputs are based on quoted market prices for identical assets or liabilities in active markets at the measurement date.


Level 2:     Inputs include quoted prices for similar assets or liabilities in active markets and/or quoted prices for identical or similar assets or liabilities in markets that are not active near the measurement date.


Level 3:     Inputs include management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation.


The fair value of our cash equivalents and marketable securities was determined based on Level 1 and Level 2 inputs. We do not have any marketable securities in the Level 3 category. We believe that the recorded values of all our other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.


Instruments Measured at Fair Value


The following table presents our cash equivalents and marketable securities’ costs, gross unrealized gains and losses, and fair value by major security type recorded as cash and cash equivalents or short-term or long-term marketable securities as of December 31, 2014. At September 30, 2014, we did not have any financial instruments that are required to be measured at fair value on a recurring basis.


           

Unrealized

   

Fair

   

Cash and Cash

   

Short-term

   

Long-term

 
   

Cost Basis

   

Gains/(Losses)

   

Value

   

Equivalents

   

Securities

   

Securities

 
                                                 

Level 1:

                                               

Money Market Funds

  $ 195,114             $ 195,114     $ 195,114                  
                                                 

Level 2:

                                               

Certificates of deposit

    2,998,147               2,998,147       250,000     $ 250,000     $ 2,498,147  

Municipal securities

    1,777,908     $ 790       1,778,698       1,402,654       376,044          

Subtotal

    4,776,055       790       4,776,845       1,652,654       626,044       2,498,147  
                                                 

Total

  $ 4,971,169     $ 790     $ 4,971,959     $ 1,847,768     $ 626,044     $ 2,498,147