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Note 6 - Fair Value Measurements | 3 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Fair Value Disclosures [Text Block] |
6. | FAIR VALUE MEASUREMENTS
The Company's 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 the Company's cash equivalents and marketable securities was determined based on Level 1 and Level 2 inputs. The Company did not have any marketable securities in the Level 3 category as of December 31, 2020 or September 30, 2020. The Company believes that the recorded values of its 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 on a Recurring Basis Cash equivalents and marketable securities : The following tables present the Company's cash equivalents and marketable securities' costs, gross unrealized gains and losses, and fair value by major security type recorded as cash equivalents or short-term or long-term marketable securities as of December 31, 2020 and September 30, 2020. Unrealized gains and losses from the remeasurement of marketable securities are recorded in accumulated other comprehensive income (loss) until recognized in earnings upon the sale or maturity of the security.
|  | December 31, 2020 |
|  | Cost Basis |  |  | Unrealized Gain |  |  | Fair Value |  |  | Cash Equivalents |  |  | Short-term Securities |  |  | Long-term Securities |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  | $ | 528 |  |  | $ | - |  |  | $ | 528 |  |  | $ | 528 |  |  | $ | - |  |  | $ | - |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 1,194 |  |  |  | - |  |  |  | 1,194 |  |  |  | - |  |  |  | - |  |  |  | 1,194 |
Municipal securities |  |  | 4,411 |  |  |  | 2 |  |  |  | 4,413 |  |  |  | - |  |  |  | 3,638 |  |  |  | 775 |
Corporate bonds |  |  | 2,327 |  |  |  | 2 |  |  |  | 2,329 |  |  |  | - |  |  |  | 1,879 |  |  |  | 450 |
Subtotal |  |  | 7,932 |  |  |  | 4 |  |  |  | 7,936 |  |  |  | - |  |  |  | 5,517 |  |  |  | 2,419 |
Total |  | $ | 8,460 |  |  | $ | 4 |  |  | $ | 8,464 |  |  | $ | 528 |  |  | $ | 5,517 |  |  | $ | 2,419 |
|  | September 30, 2020 |
|  | Cost Basis |  |  | Unrealized Gain |  |  | Fair Value |  |  | Cash Equivalents |  |  | Short-term Securities |  |  | Long-term Securities |
Level 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money Market Funds |  | $ | 365 |  |  | $ | - |  |  | $ | 365 |  |  | $ | 365 |  |  | $ | - |  |  | $ | - |
Level 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 1,195 |  |  |  | - |  |  |  | 1,195 |  |  |  | - |  |  |  | - |  |  |  | 1,195 |
Municipal securities |  |  | 3,777 |  |  |  | 4 |  |  |  | 3,781 |  |  |  | - |  |  |  | 2,432 |  |  |  | 1,350 |
Corporate bonds |  |  | 3,091 |  |  |  | 3 |  |  |  | 3,094 |  |  |  | - |  |  |  | 1,833 |  |  |  | 1,260 |
Subtotal |  |  | 8,063 |  |  |  | 7 |  |  |  | 8,070 |  |  |  | - |  |  |  | 4,265 |  |  |  | 3,805 |
Total |  | $ | 8,428 |  |  | $ | 7 |  |  | $ | 8,435 |  |  | $ | 365 |  |  | $ | 4,265 |  |  | $ | 3,805 |
Foreign currency forward contract : In August 2020, the Company entered into a foreign currency forward contract as an economic hedge against exposure to changes in the Canadian dollar in connection with the Amika Mobile asset purchase. At September 30, 2020, the notional value of the foreign currency forward contract was CAD$6,955 with a maturity date in October 2020. The foreign currency forward contract was fair valued at $76 and classified under Level 2 of the fair value hierarchy. The valuation techniques used to measure the fair value were based on quoted market prices. On October 1, 2020, the foreign currency forward contract was settled for CAD$6,955 ( USD$5,281 ), resulting in a realized loss of $48 on the contract that was recorded in earnings as other income (expense). The estimated foreign currency forward contract liability was recorded in accrued liabilities in the consolidated balance sheet as of September 30, 2020.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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