Hennessy Advisors (HNNA) 10-Q8 Feb 242024 Q1 Quarterly reportFinancial data

Company Profile

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Dec. 31, 2023	Feb. 05, 2024
Document Information [Line Items]
Entity Central Index Key	0001145255
Entity Registrant Name	HENNESSY ADVISORS INC
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-36423
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	68-0176227
Entity Address, Address Line One	7250 Redwood Boulevard, Suite 200
Entity Address, City or Town	Novato
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94945
City Area Code	415
Local Phone Number	899-1555
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,675,363
Public Income Notes [Member]
Document Information [Line Items]
Title of 12(b) Security	4.875% Notes due 2026
Trading Symbol	HNNAZ
Security Exchange Name	NASDAQ
Common Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Common stock, no par value
Trading Symbol	HNNA
Security Exchange Name	NASDAQ

Balance Sheets (Current Period

Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Current assets
Cash and cash equivalents	$ 59,605	$ 60,476
Investments in marketable securities, at fair value	11	10
Investment fee income receivable	2,155	2,046
Interest income receivable	264	253
Prepaid expenses	603	669
Other accounts receivable	251	247
Total current assets	62,889	63,701
Property and equipment, net of accumulated depreciation of $2,356 and $2,287, respectively	282	305
Operating lease right-of-use asset	206	295
Management contracts	81,466	81,262
Other assets	163	156
Total assets	145,006	145,719
Current liabilities
Accrued liabilities and accounts payable	1,616	3,165
Operating lease liability	186	279
Income taxes payable	978	748
Total current liabilities	2,780	4,192
Notes payable, net of issuance costs	39,240	39,164
Net deferred income tax liability	14,825	14,611
Total liabilities	56,845	57,967
Commitments and contingencies (Note 9)
Stockholders' equity
Common stock, no par value, 22,500,000 shares authorized; 7,673,869 shares issued and outstanding as of December 31, 2023, and 7,671,099 as of September 30, 2023	22,064	21,800
Retained earnings	66,097	65,952
Total stockholders' equity	88,161	87,752
Total liabilities and stockholders' equity	$ 145,006	$ 145,719

Balance Sheets (Current Perio_2

Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Accumulated depreciation	$ 2,356	$ 2,287
Common Stock, No Par Value (in dollars per share)	$ 0	$ 0
Common Stock, Authorized (in shares)	22,500,000	22,500,000
Common Stock, Issued (in shares)	7,673,869	7,671,099
Common Stock, Outstanding (in shares)	7,673,869	7,671,099

Statements of Income (Unaudited

Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
Statements of Income (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Revenue
Revenue	$ 6,144	$ 6,145
Operating expenses
Compensation and benefits	1,866	1,858
General and administrative	1,724	1,569
Fund distribution and other	149	95
Sub-advisory fees	911	969
Depreciation	69	49
Total operating expenses	4,719	4,540
Net operating income	1,425	1,605
Interest expense	567	563
Interest income	(786)	(467)
Income before income tax expense	1,644	1,509
Income tax expense	444	390
Net income	$ 1,200	$ 1,119
Earnings per share
Basic (in dollars per share)	$ 0.16	$ 0.15
Diluted (in dollars per share)	$ 0.16	$ 0.15
Weighted average shares outstanding
Basic (in shares)	7,672,191	7,572,454
Diluted (in shares)	7,673,688	7,581,157
Cash dividends declared per share (in dollars per share)	$ 0.14	$ 0.14
Investment Advice [Member]
Revenue
Revenue	$ 5,665	$ 5,654
Shareholder Service [Member]
Revenue
Revenue	$ 479	$ 491

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Two Thousand Eighteen Dividend Reinvestment and Stock Purchase Plan [Member] Common Stock [Member]	Two Thousand Eighteen Dividend Reinvestment and Stock Purchase Plan [Member] Common Stock Including Additional Paid in Capital [Member]	Two Thousand Eighteen Dividend Reinvestment and Stock Purchase Plan [Member] Retained Earnings [Member]	Two Thousand Eighteen Dividend Reinvestment and Stock Purchase Plan [Member]	Common Stock [Member]	Common Stock Including Additional Paid in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Sep. 30, 2022					7,571,741
Balance at Sep. 30, 2022						$ 20,951	$ 65,347	$ 86,298
Net income						0	1,119	1,119
Dividends paid						0	(1,041)	(1,041)
Shares issued for auto-investments pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan (in shares)	215
Shares issued for auto-investments pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan		$ 2	$ 0	$ 2
Shares issued for dividend reinvestment pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan (in shares)	1,750
Shares issued for dividend reinvestment pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan		15	0	15
Stock-based compensation						262	0	262
Balance (in shares) at Dec. 31, 2022					7,573,706
Balance at Dec. 31, 2022						21,230	65,425	86,655
Balance (in shares) at Sep. 30, 2023					7,671,099
Balance at Sep. 30, 2023						21,800	65,952	87,752
Net income						0	1,200	1,200
Dividends paid						0	(1,055)	(1,055)
Shares issued for auto-investments pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan (in shares)	145
Shares issued for auto-investments pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan		1	0	1
Shares issued for dividend reinvestment pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan (in shares)	2,625
Shares issued for dividend reinvestment pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan		$ 17	$ 0	$ 17
Stock-based compensation						246	0	246
Balance (in shares) at Dec. 31, 2023					7,673,869
Balance at Dec. 31, 2023						$ 22,064	$ 66,097	$ 88,161

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities
Net income	$ 1,200	$ 1,119
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	69	49
Unrealized gain on marketable securities	(1)	(1)
Change in right-of-use asset and operating lease liability	(4)	(1)
Amortization of note issuance costs	76	73
Deferred income taxes	214	262
Stock-based compensation	246	262
Change in operating assets and liabilities
Investment fee income receivable	(109)	(24)
Interest income receivable	(11)	(78)
Prepaid expenses	66	169
Other accounts receivable	(4)	0
Other assets	(7)	(1)
Accrued liabilities and accounts payable	(1,549)	(1,989)
Income taxes payable	230	128
Net cash provided by (used in) operating activities	416	(32)
Cash flows from investing activities
Purchases of property and equipment	(46)	(64)
Payments related to management contracts	(204)	(317)
Net cash used in investing activities	(250)	(381)
Cash flows from financing activities
Dividend payments	(1,038)	(1,026)
Net cash used in financing activities	(1,037)	(1,024)
Net decrease in cash and cash equivalents	(871)	(1,437)
Cash and cash equivalents at the beginning of the period	60,476	58,487
Cash and cash equivalents at the end of the period	59,605	57,050
Supplemental disclosures of cash flow information
Cash paid for interest	491	491
Dividend reinvestment issued in shares	17	15
Two Thousand Eighteen Dividend Reinvestment and Stock Purchase Plan [Member]
Cash flows from financing activities
Proceeds from shares issued pursuant to the 2021 Dividend Reinvestment and Stock Repurchase Plan	$ 1	$ 2

Note 1 - Basis of Financial Sta

Note 1 - Basis of Financial Statement Presentation	3 Months Ended
Note 1 - Basis of Financial Statement Presentation	Dec. 31, 2023
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	( 1 Basis of Financial Statement Presentation The accompanying unaudited condensed balance sheet as of September 30, 2023 three December 31, 2023 10 December 31, 2023 three December 31, 2023 2022 three December 31, 2023 2022 2023, 10‑K September 30, 2023. The preparation of financial statements requires management to make estimates and assumptions. Making estimates requires management to exercise significant judgment. Accordingly, the actual results could differ substantially from those estimates. The Company’s operating activities consist primarily of providing investment advisory services to 16 open-end mutual funds and one 30 The employee retention credit (“ERC”), as originally enacted on March 27, 2020, 50% December 31, 2021, 19 941 X May 2023, not 20" 20, The Company’s operating revenues consist of contractual investment advisory and shareholder service fees paid to it by the Hennessy Funds. The Company earns investment advisory fees from each Hennessy Fund by, among other things: ● acting as portfolio manager for the fund or overseeing the sub‑advisor acting as portfolio manager for the fund, which includes managing the composition of the fund’s portfolio (including the purchase, retention, and disposition of portfolio securities in accordance with the fund’s investment objectives, policies, and restrictions), seeking best execution for the fund’s portfolio, managing the use of soft dollars for the fund, and managing proxy voting for the fund; ● performing a daily reconciliation of portfolio positions and cash for the fund; ● monitoring the liquidity of the fund; ● monitoring the fund’s compliance with its investment objectives and restrictions and federal securities laws; ● maintaining a compliance program (including a code of ethics), conducting ongoing reviews of the compliance programs of the fund’s service providers (including any sub‑advisor), including their codes of ethics, as appropriate, conducting onsite visits to the fund’s service providers (including any sub-advisor) as feasible, monitoring incidents of abusive trading practices, reviewing fund expense accruals, payments, and fixed expense ratios, evaluating insurance providers for fidelity bond, directors and officers and errors and omissions insurance, and cybersecurity insurance coverage, managing regulatory examination compliance and responses, conducting employee compliance training, reviewing reports provided by service providers, and maintaining books and records; ● if applicable, overseeing the selection and continued employment of the fund’s sub‑advisor, reviewing the fund’s investment performance, and monitoring the sub‑advisor’s adherence to the fund’s investment objectives, policies, and restrictions; ● overseeing service providers that provide accounting, administration, distribution, transfer agency, custodial, sales, marketing, public relations, audit, information technology, and legal services to the fund; ● maintaining in‑house marketing and distribution departments on behalf of the fund; ● preparing or directing the preparation of all regulatory filings for the fund, including writing and annually updating the fund’s prospectus and related documents; ● for each annual report of the fund, preparing or reviewing a written summary of the fund’s performance during the most recent 12‑month ● monitoring and overseeing the accessibility of the fund on financial institution platforms; ● paying the incentive compensation of the fund’s compliance officer and employing other staff such as legal, marketing, national accounts, distribution, sales, administrative, and trading oversight personnel, as well as management executives; ● providing a quarterly compliance certification to the Board of Trustees of Hennessy Funds Trust (the “Funds’ Board of Trustees”); and ● preparing or reviewing materials for the Funds’ Board of Trustees, presenting to or leading discussions with the Funds’ Board of Trustees, preparing or reviewing all meeting minutes, and arranging for training and education of the Funds’ Board of Trustees. The Company earns shareholder service fees from Investor Class shares of the Hennessy Mutual Funds by, among other things, maintaining a toll free number that the current investors in the Hennessy Funds may Investment advisory and shareholder service fee revenues are earned and calculated daily by the Hennessy Funds’ accountants at U.S. Bank Global Fund Services and are subsequently reviewed by management. The Company recognizes revenues when its obligations related to the investment advisory and shareholder services are satisfied, and it is probable that a significant reversal of the revenue amount would not 12 606 The Company’s contractual agreements for investment advisory and shareholder services prove that a contract exists with fixed and determinable fees, and the services are rendered daily. The collectability is deemed probable because the fees are received from the Hennessy Funds in the month subsequent to the month in which the services are provided.

Note 2 - Management Contracts P

Note 2 - Management Contracts Purchased	3 Months Ended
Note 2 - Management Contracts Purchased	Dec. 31, 2023
Notes to Financial Statements
Management Contracts Purchased [Text Block]	( 2 Management Contracts Purchased Throughout its history, the Company has completed 12 purchases of the assets related to the management of 32 investment funds, some of which were reorganized into already existing Hennessy Funds. In accordance with Financial Accounting Standards Board (“FASB”) guidance, the Company periodically reviews the carrying value of its management contracts asset to determine if any impairment has occurred. The fair value of the management contracts asset was estimated as of September 30, 2023, December 31, 2023 not Under Accounting Standards Codification 350 not no The Company completed its most recent asset purchase on November 10, 2023, April 26, 2023, As of December 31, 2023, second January 31, 2024, 13, In the current period, the Company capitalized $0.2 million in legal costs related to the CCM Transaction Agreement.

Note 3 - Investment Advisory Ag

Note 3 - Investment Advisory Agreements	3 Months Ended
Note 3 - Investment Advisory Agreements	Dec. 31, 2023
Notes to Financial Statements
Investment Advisory Agreements [Text Block]	( 3 Investment Advisory Agreements The Company has investment advisory agreements with Hennessy Funds Trust under which it provides investment advisory services to all classes of the 16 Hennessy Mutual Funds and the Hennessy Stance ESG ETF. The investment advisory agreements must be renewed annually (except in limited circumstances) by (i) the Funds’ Board of Trustees or the vote of a majority of the outstanding shares of the applicable Hennessy Fund and (ii) the vote of a majority of the trustees of Hennessy Funds Trust who are not not two may As provided in each investment advisory agreement, the Company receives investment advisory fees monthly based on a percentage of the applicable fund’s average daily net asset value. The Company has entered into sub-advisory agreements for the Hennessy Focus Fund, the Hennessy Equity and Income Fund, the Hennessy Japan Fund, the Hennessy Japan Small Cap Fund, and the Hennessy Stance ESG ETF. Under each of these sub-advisory agreements, the sub‑advisor is responsible for the investment and reinvestments of the assets of the applicable Hennessy Fund in accordance with the terms of such agreement and the applicable Hennessy Fund’s Prospectus and Statement of Additional Information. The sub‑advisors are subject to the direction, supervision, and control of the Company and the Funds’ Board of Trustees. The sub‑advisory agreements must be renewed annually (except in limited circumstances) in the same manner as, and are subject to the same termination provisions as, the investment advisory agreements. In exchange for sub-advisory services, the Company ( not

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	3 Months Ended
Note 4 - Fair Value Measurements	Dec. 31, 2023
Notes to Financial Statements
Fair Value Disclosures [Text Block]	( 4 Fair Value Measurements The Company applies Accounting Standards Codification 820 three ● Level 1 ● Level 2 not not ● Level 3 not Based on the definitions, the following tables represent the Company’s assets categorized in the Level 1 3 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Money market fund deposits $ 59,406 $ - $ - $ 59,406 Mutual fund investments 11 - - 11 Total $ 59,417 $ - $ - $ 59,417 Amounts included in: Cash and cash equivalents $ 59,406 $ - $ - $ 59,406 Investments in marketable securities 11 - - 11 Total $ 59,417 $ - $ - $ 59,417 September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Money market fund deposits $ 59,382 $ - $ - $ 59,382 Mutual fund investments 10 - - 10 Total $ 59,392 $ - $ - $ 59,392 Amounts included in: Cash and cash equivalents $ 59,382 $ - $ - $ 59,382 Investments in marketable securities 10 - - 10 Total $ 59,392 $ - $ - $ 59,392 There were no three December 31, 2023 September 30, 2023. The fair values of receivables, payables, and accrued liabilities approximate their book values given the short-term nature of those instruments. The fair value of the 2026 7 December 31, 2023 1

Note 5 - Leases

Note 5 - Leases	3 Months Ended
Note 5 - Leases	Dec. 31, 2023
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	( 5 Leases The Company determines if an arrangement is an operating lease at inception. Operating leases are included in operating lease right‑of‑use assets and current and long‑term operating lease liabilities on the Company’s balance sheet. During the quarter ended March 31, 2021, three July 31, 2024, December 31, 2023. December 31, 2023 September 30, 2023. Right‑of‑use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right‑of‑use assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. The Company’s lease terms may not not 12 not The Company’s most significant leases are real estate leases of office facilities. The Company leases office space under non-cancelable operating leases. Its principal executive office is located in Novato, California, and it has additional offices in Austin, Texas, Dallas, Texas, Boston, Massachusetts, and Chapel Hill, North Carolina. Only the office lease in Novato, California has been capitalized because the other operating leases have terms of 12 December 31, 2023 (In thousands, except years and percentages) Operating lease right-of-use assets $ 206 Current operating lease liability $ 186 Long-term operating lease liability $ - Weighted average remaining lease term 0.6 Weighted average discount rate 0.90 % For the three December 31, 2023 The undiscounted cash flows for future maturities of the Company’s operating lease liabilities and the reconciliation to the balance of operating lease liabilities reflected on the Company’s balance sheet are as follows: December 31, 2023 (In thousands) Remainder of fiscal year 2024 $ 191 Total undiscounted cash flows 191 Present value discount (5 ) Total operating lease liabilities 186

Note 6 - Accrued Liabilities an

Note 6 - Accrued Liabilities and Accounts Payable	3 Months Ended
Note 6 - Accrued Liabilities and Accounts Payable	Dec. 31, 2023
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	( 6 Accrued Liabilities and Accounts Payable Details relating to accrued liabilities and accounts payable reflected on the Company’s balance sheet are as follows: December 31, 2023 September 30, 2023 (In thousands) Accrued bonus liabilities $ 554 $ 2,260 Accrued sub-advisor fees 317 310 Other accrued expenses 745 595 Total accrued liabilities and accounts payable $ 1,616 $ 3,165

Note 7 - Debt Outstanding

Note 7 - Debt Outstanding	3 Months Ended
Note 7 - Debt Outstanding	Dec. 31, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	( 7 Debt Outstanding On October 20, 2021, 2026 “2026 2026 4.875% December 31, 2021. 2026 December 31, 2026 The 2026 2026

Note 8 - Income Taxes

Note 8 - Income Taxes	3 Months Ended
Note 8 - Income Taxes	Dec. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	( 8 Income Taxes The Company’s effective income tax rates for the three December 31, 2023 2022 The Company is subject to income tax in the U.S. federal jurisdiction and various state jurisdictions. As of December 31, 2023 22

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
Note 9 - Commitments and Contingencies	Dec. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	( 9 Commitments and Contingencies In addition to the operating leases discussed in Note 5, February 28, 2024, December 31, 2024, three December 31, 2023 December 31, 2022 The Company has no other commitments and no one

Note 10 - Equity

Note 10 - Equity	3 Months Ended
Note 10 - Equity	Dec. 31, 2023
Notes to Financial Statements
Equity [Text Block]	( 10 Equity Amended and Restated 2013 The Company has adopted, and the Company’s shareholders have approved, the Amended and Restated 2013 may four four A summary of RSU activity is as follows: Three Months Ended December 31, 2023 Shares Weighted Average Grant Date Fair Value per Share Non-vested balance at beginning of period 349,613 $ 6.92 Granted - - Vested - - Forfeited - - Non-vested balance at end of period 349,613 $ 6.92 Additional information related to RSUs is as follows: December 31, 2023 (In thousands, except years) Unrecognized compensation expense related to RSUs $ 2,140 Weighted average remaining years to expense for RSUs 2.9 Dividend Reinvestment and Stock Purchase Plan In January 2021, 2018. three December 31, 2023 2022 may December 31, 2023. As discussed in Note 13, January 2024 Stock Buyback Program In August 2010, no August 2022, may not three December 31, 2023

Note 11 - Earnings Per Share an

Note 11 - Earnings Per Share and Dividends Per Share	3 Months Ended
Note 11 - Earnings Per Share and Dividends Per Share	Dec. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	( 11 Earnings per Share and Dividends per Share The weighted average common shares outstanding used in the calculation of basic earnings per share and weighted average common shares outstanding, adjusted for common stock equivalents, used in the computation of diluted earnings per share were as follows: December 31, 2023 2022 Weighted average common stock outstanding, basic 7,672,191 7,572,454 Dilutive impact of RSUs 1,497 8,703 Weighted average common stock outstanding, diluted 7,673,688 7,581,157 For the three December 31, 2023 2022 not The Company paid a quarterly cash dividend of $0.1375 per share on November 27, 2023, November 13, 2023

Note 12 - Recently Issued and A

Note 12 - Recently Issued and Adopted Accounting Standards	3 Months Ended
Note 12 - Recently Issued and Adopted Accounting Standards	Dec. 31, 2023
Notes to Financial Statements
Accounting Standards Update and Change in Accounting Principle [Text Block]	( 12 Recently Issued and Adopted Accounting Standards The Company has reviewed accounting pronouncements issued between the filing date of its most recent Form 10 December 7, 2023, 10 no In December 2023, 2023 09, 740 December 15, 2024, 2026.

Note 13 - Subsequent Events

Note 13 - Subsequent Events	3 Months Ended
Note 13 - Subsequent Events	Dec. 31, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	( 13 Subsequent Events The Company has evaluated subsequent events through the date these financial statements were issued and has concluded that no In January 2024, may At the Special Meeting of Shareholders of the CCM Core Impact Equity Fund on January 31, 2024, February 23, 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	5. Other Information Rule 10b5 1 During the three December 31, 2023, no 10b5 1 10b5 1 408
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurements (Tables)	3 Months Ended
Note 4 - Fair Value Measurements (Tables)	Dec. 31, 2023
Notes Tables
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Money market fund deposits $ 59,406 $ - $ - $ 59,406 Mutual fund investments 11 - - 11 Total $ 59,417 $ - $ - $ 59,417 Amounts included in: Cash and cash equivalents $ 59,406 $ - $ - $ 59,406 Investments in marketable securities 11 - - 11 Total $ 59,417 $ - $ - $ 59,417 September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Money market fund deposits $ 59,382 $ - $ - $ 59,382 Mutual fund investments 10 - - 10 Total $ 59,392 $ - $ - $ 59,392 Amounts included in: Cash and cash equivalents $ 59,382 $ - $ - $ 59,382 Investments in marketable securities 10 - - 10 Total $ 59,392 $ - $ - $ 59,392

Note 5 - Leases (Tables)

Note 5 - Leases (Tables)	3 Months Ended
Note 5 - Leases (Tables)	Dec. 31, 2023
Notes Tables
Schedule of Operating Lease Right of Use Assets Lease Liabilities and Other Supplemental Information [Table Text Block]	December 31, 2023 (In thousands, except years and percentages) Operating lease right-of-use assets $ 206 Current operating lease liability $ 186 Long-term operating lease liability $ - Weighted average remaining lease term 0.6 Weighted average discount rate 0.90 %
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	December 31, 2023 (In thousands) Remainder of fiscal year 2024 $ 191 Total undiscounted cash flows 191 Present value discount (5 ) Total operating lease liabilities 186

Note 6 - Accrued Liabilities _2

Note 6 - Accrued Liabilities and Accounts Payable (Tables)	3 Months Ended
Note 6 - Accrued Liabilities and Accounts Payable (Tables)	Dec. 31, 2023
Notes Tables
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	December 31, 2023 September 30, 2023 (In thousands) Accrued bonus liabilities $ 554 $ 2,260 Accrued sub-advisor fees 317 310 Other accrued expenses 745 595 Total accrued liabilities and accounts payable $ 1,616 $ 3,165

Note 10 - Equity (Tables)

Note 10 - Equity (Tables)	3 Months Ended
Note 10 - Equity (Tables)	Dec. 31, 2023
Notes Tables
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Three Months Ended December 31, 2023 Shares Weighted Average Grant Date Fair Value per Share Non-vested balance at beginning of period 349,613 $ 6.92 Granted - - Vested - - Forfeited - - Non-vested balance at end of period 349,613 $ 6.92 December 31, 2023 (In thousands, except years) Unrecognized compensation expense related to RSUs $ 2,140 Weighted average remaining years to expense for RSUs 2.9

Note 11 - Earnings Per Share _2

Note 11 - Earnings Per Share and Dividends Per Share (Tables)	3 Months Ended
	Dec. 31, 2023
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	December 31, 2023 2022 Weighted average common stock outstanding, basic 7,672,191 7,572,454 Dilutive impact of RSUs 1,497 8,703 Weighted average common stock outstanding, diluted 7,673,688 7,581,157

Note 1 - Basis of Financial S_2

Note 1 - Basis of Financial Statement Presentation (Details Textual) $ in Millions	3 Months Ended
	Dec. 31, 2023 USD ($)
Employee Retention Credit [Member]
Income Tax Credits and Adjustments	$ 0.3
Open-end Mutual Funds [Member]
Number of Funds	16
Exchange-traded Fund [Member]
Number of Funds	1

Note 2 - Management Contracts_2

Note 2 - Management Contracts Purchased (Details Textual) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Nov. 10, 2023 USD ($)
Number of Purchases of Assets	12
Number of Investment Funds	32
Management Contracts Purchased, Impairment	$ 0	$ 0
Stance ETF [Member]
Asset Acquisition, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets			$ 12,000
CCM Equity Funds [Member]
Legal Fees	$ 200

Note 3 - Investment Advisory _2

Note 3 - Investment Advisory Agreements (Details Textual)	3 Months Ended
Note 3 - Investment Advisory Agreements (Details Textual)	Dec. 31, 2023
Number of Open End Mutual Funds	16
Notice Period for Termination of Agreement (Day)	60 days

Note 4 - Fair Value Measureme_3

Note 4 - Fair Value Measurements (Details Textual) $ in Millions	Dec. 31, 2023 USD ($)
The 2026 Notes [Member] \| Fair Value, Inputs, Level 1 [Member]
Notes Payable, Fair Value Disclosure	$ 38.2

Note 4 - Fair Value Measureme_4

Note 4 - Fair Value Measurements - Assets Categorized on Basis of Various Levels (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Assets, fair value	$ 59,417	$ 59,392
Money Market Funds [Member]
Assets, fair value	59,406	59,382
Mutual Fund Investment [Member]
Assets, fair value	11	10
Cash and Cash Equivalents [Member]
Assets, fair value	59,406	59,382
Marketable Securities [Member]
Assets, fair value	11	10
Fair Value, Inputs, Level 1 [Member]
Assets, fair value	59,417	59,392
Fair Value, Inputs, Level 1 [Member] \| Money Market Funds [Member]
Assets, fair value	59,406	59,382
Fair Value, Inputs, Level 1 [Member] \| Mutual Fund Investment [Member]
Assets, fair value	11	10
Fair Value, Inputs, Level 1 [Member] \| Cash and Cash Equivalents [Member]
Assets, fair value	59,406	59,382
Fair Value, Inputs, Level 1 [Member] \| Marketable Securities [Member]
Assets, fair value	11	10
Fair Value, Inputs, Level 2 [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 2 [Member] \| Money Market Funds [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 2 [Member] \| Mutual Fund Investment [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 2 [Member] \| Cash and Cash Equivalents [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 2 [Member] \| Marketable Securities [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 3 [Member] \| Money Market Funds [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 3 [Member] \| Mutual Fund Investment [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 3 [Member] \| Cash and Cash Equivalents [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 3 [Member] \| Marketable Securities [Member]
Assets, fair value	$ 0	$ 0

Note 5 - Leases (Details Textua

Note 5 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended
Note 5 - Leases (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Mar. 31, 2021	Sep. 30, 2023
Operating Lease, Right-of-Use Asset	$ 206		$ 295
General and Administrative Expense [Member]
Operating Lease, Expense	100
Office in Novato, California [Member]
Lessee, Operating Lease, Renewal Term (Year)		3 years
Operating Lease, Right-of-Use Asset		$ 1,100
Lease Expiration Date		Jul. 31, 2024
Other Long-term Operating Leases [Member]
Contractual Obligation	$ 0		$ 0

Note 5 - Leases - Schedule of S

Note 5 - Leases - Schedule of Supplemental Lease Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Operating Lease, Right-of-Use Asset	$ 206	$ 295
Current operating lease liability	186	$ 279
Long-term operating lease liability	$ 0
Weighted average remaining lease term (Year)	7 months 6 days
Weighted average discount rate	0.90%

Note 5 - Leases - Schedule of F

Note 5 - Leases - Schedule of Future Maturities of Operating Lease Liabilities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Remainder of fiscal year 2024	$ 191
Total undiscounted cash flows	191
Present value discount	(5)
Total operating lease liabilities	$ 186

Note 6 - Accrued Liabilities _3

Note 6 - Accrued Liabilities and Accounts Payable - Schedule of Accrued Liabilities and Accounts Payable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023
Accrued bonus liabilities	$ 554	$ 2,260
Accrued sub-advisor fees	317	310
Other accrued expenses	745	595
Total accrued liabilities and accounts payable	$ 1,616	$ 3,165

Note 7 - Debt Outstanding (Deta

Note 7 - Debt Outstanding (Details Textual) - The 2026 Notes [Member]	Oct. 20, 2021 USD ($)
Debt Instrument, Interest Rate, Stated Percentage	4.875%
Debt Instrument, Face Amount	$ 40,250,000
Proceeds from Issuance of Debt	$ 38,607,000
Debt Instrument, Maturity Date	Dec. 31, 2026

Note 8 - Income Taxes (Details

Note 8 - Income Taxes (Details Textual)	3 Months Ended
Note 8 - Income Taxes (Details Textual)	Dec. 31, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent	27%	25.80%

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investment Company, Contractual Fee Waived	$ 40	$ 30
Other Commitment	$ 0

Note 10 - Equity (Details Textu

Note 10 - Equity (Details Textual) - shares	3 Months Ended
Note 10 - Equity (Details Textual) - shares	Dec. 31, 2023	Dec. 31, 2022	Aug. 31, 2022	Aug. 31, 2010
Stock Buyback Program [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)			2,000,000	1,500,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)			1,096,368
Stock Repurchased During Period, Shares (in shares)	0
The Omnibus Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	4 years
The Omnibus Plan [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)	4 years
The Omnibus Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage	25%
Dividend Reinvestment and Stock Purchase Plan (DRSPP) [Member]
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares)	2,770	1,965
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	1,470,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	1,440,540

Note 10 - Equity - Schedule of

Note 10 - Equity - Schedule of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Non-vested balance at beginning of period (in shares) \| shares	349,613
Non-vested balance, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 6.92
Granted (in shares) \| shares	0
Granted, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 0
Vested (in shares) \| shares	0
Vested, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 0
Forfeited (in shares) \| shares	0
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 0
Non-vested balance at end of period (in shares) \| shares	349,613
Non-vested balance, Weighted Average Grant Date Fair Value (in dollars per share) \| $ / shares	$ 6.92
Unrecognized compensation expense related to RSUs \| $	$ 2,140
Weighted average remaining years to expense for RSUs (Year)	2 years 10 months 24 days

Note 11 - Earnings Per Share _3

Note 11 - Earnings Per Share and Dividends Per Share (Details Textual) - $ / shares		3 Months Ended
	Nov. 27, 2023	Dec. 31, 2023	Dec. 31, 2022
Common Stock, Dividends, Per Share, Cash Paid (in dollars per share)	$ 0.1375
Dividends Payable, Date of Record	Nov. 13, 2023
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		244,051	165,868

Note 11 - Earnings Per Share _4

Note 11 - Earnings Per Share and Dividends Per Share - Schedule of Weighted Average Number Shares (Details) - shares	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted average common stock outstanding, basic (in shares)	7,672,191	7,572,454
Dilutive impact of RSUs (in shares)	1,497	8,703
Weighted average common stock outstanding, diluted (in shares)	7,673,688	7,581,157

Note 13 - Subsequent Events (De

Note 13 - Subsequent Events (Details Textual) - Dividend Reinvestment and Stock Purchase Plan (DRSPP) [Member] - shares	Jan. 01, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)		1,470,000
Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	1,530,000