crawford united corporation (crawa)

by:Keyuan     2020-06-14
Washington, D. C. Securities and Exchange CommissionC. 20549FORM 10-K/A[X]
Annual Report submitted under Section 13 or 15 (d)
Securities Trading Act for fiscal year 1934th 30th, 2016or []
Transition reports submitted under sections 13 or 15 (d)
Document No. of the Securities Trading Act of 1934 on the transition period from non-applicable to non-applicable: 0-
147 Xike company (
The exact name of the registrant specified in the articles of association)Ohio34-0288470(
State or other jurisdiction registered or organized)(I. R. S.
Employer identity number)
10514 DuPont Avenue, Cleveland, Ohio (
Main executive office address)(Zip Code)
Telephone Number of registrant (216)541-
8060 securities registered under article 12 (b)
The act: Non-esecurity registered under section 12 (g)
Provisions of the law: Class A common stock, no face value (Title of Class)
Indicate by check mark whether the registrant is a well
According to the definition of Rule 405 of the securities law, well-known experienced issuers. Yes []No [X]
Indicate by check mark whether the registrant does not need to submit a report under Section 13 or section 15 (d)of the Act. Yes []No [X]
Indicate by check mark whether the registrant (1)
All reports requested by Article 13 or 15 have been submitted (d)
Securities Trading Act of 1934 within the first 12 months (
Or a short period of time required for the registrant to submit such reports), and (2)
This filing requirement has been bound for the last 90 days. Yes [X]No []
Indicate by check mark whether the registrant has electronically submitted and posted on his company\'s website (if any), each interactive data submitted and published in accordance with S-Regulation section 405thT (232.
This Chapter 405)
Within the first 12 months (
Or in such a short time that the registrant is required to submit and publish these documents). Yes [X]No []
If the declaration of arrears is disclosed under S-regulation 405th, please indicate by check markK(229.
This Chapter 405)
As the registrant is aware, it is not included here and will not be included in the final proxy or information statement referenced in Part 3 of this form --
K or any amendments to this form 10K. [X]
Indicate by check mark whether the registrant is a large accelerated file manager, a non-accelerated file manager
A smaller reporting company.
See the definition of \"large accelerated file manager\", \"accelerated file manager\" and \"small Reporting Company\" in rule 12b
2 of the Trading Act.
Big speed filer]]
Accelerating film []Non-
Accelerating film []
Small report Company [X]
Indicate whether the registrant is a shell company by check mark (
Defined in Rule 12b-2 of the Act). Yes []No [X]
As of March 31, 2016, the registrant had issued 1,163,349 shares of Class A common stock with voting shares and 474,866 shares of Class B common stock with voting shares.
As of that date
Affiliates hold 640,070 shares of Class A common stock and 10,056 shares of Class B common stock.
As of March 31, 2016, at the closing price of $1.
45 permanent holding of Class A common stock on the Counter Bulletin Board, the total market value of Class A common stock held by such unlisted companies
The subsidiary is about $928,102.
Shares of Class B common stock do not have a trading market.
As of December 29, 2016, 2,074,599 shares of Class A common stock and 778,616 shares of Class B common stock had been issued.
Reference to included documents: Part of Form 10-
Part III (
Items 10, 11, 12, 13 and 14)
Part of the registrant\'s final proxy statement will be used for its annual general meeting to be held on March 7, 2017.
Except as otherwise stated, the information contained in this form 10-
K is due to September 30, 2016.
Table for ContentsPART I. ITEM 1.
Business 1A.
Risk factor 1B.
Unresolved employee reviews 2.
Property item month.
Legal action 4.
Information disclosure 4A coal mine safety.
Part II The executive officer of the registrant. ITEM 5.
Market for registrant common stock, related shareholder matters and item 6.
Selected Financial Data Items 7.
Management\'s Discussion and Analysis of the financial position and results of Item 7A.
Quantitative and qualitative disclosure of market risks
Financial statements and supplementary data items 9.
Changes in accounting and project 9A and differences with accountants.
Control and procedure 9B.
Other information-
1. Report of Independent Certified Public Accountants
2: composite balance SHEETF-
4: Comprehensive Report of INCOMEF-
5: comprehensive statement of shareholders\' equity f-
6. Consolidated cash flow statement for consolidated financial statements.
The nature of the action.
Summary of important accounting policies 3.
Note able4.
Convertible NotesSHORT-Long-term financing 6.
Notes payable related part 7. LEASES8. STOCK OPTIONS9.
Share capital, Treasury stocks and contributing capital. INCOME TAXES11.
Earnings per Share 12.
Employee benefits plan 13.
Section and related information 14.
Promises and surprises.
Follow-up event 16. ACQUISITIONS17. Quarterly data (UNAUDITED)PART III. ITEM 10.
Project 11. Director, executive officer and corporate governance.
Item 12 of administrative compensation.
Secured Ownership and project 13 of certain beneficial owners and management.
Certain relationships and related transactions and Director Program 14.
Main accounting fees and service fees 15.
Schedule of financial statements of independent certified public accountants on Annex II of the consolidated schedule
Valuation and qualification confirmation of IITEM 1. BUSINESS.
Businesshickok Incorporated was established in 1910 in 1915 as an Ohio the company established and in 1959 for the first time to public provide securities.
Unless otherwise stated, the term \"Company\" or \"Hickock\" used in this agreement means Hickock and its three wholly owned companies
Subsidiary of the highest electronics company
Federal hose Manufacturing Co. , Ltd. and Waekon Corporation.
Hickock develops and manufactures products used by companies in the transportation, oil drilling and agricultural industries.
The main market for the service is for automobiles, heavy trucks, emission testing, aircraft, locomotives, oil exploration and processing of agricultural products and for sale to OEMs (OEMs)
And the Post market.
The Internet address of the company is.
Hickok provides the Annual Report of Form 10 free of charge on its website or through its website
Quarterly Report on table 10
Q: Current Report of Form 8
K, and amendments to reports submitted or provided under section 12th (a)or 15(d)
The provisions of the Securities and Exchange Act of 1934, after the company submits these materials electronically to the Securities and Exchange Commission or provides them to the Securities and Exchange Commission (the \"SEC\").
The SEC maintains an Internet site containing these reports. sec. gov.
The company was founded to produce the D\'Arsonval indicator and continues to produce these products today.
The current indicator product line focuses on highly reliable professional indicators used in the cockpit of certain aircraft, locomotives and transport vehicles.
This is a stable business line with few competitors in the market.
The indicator business accounts for about 18% of the company\'s revenue. Until the mid-
1980 s, Hickok is known for its ability to develop and manufacture electronic instruments for electronic service personnel, precise indication instruments for aircraft, locomotives and industrial applications, and electronic teaching systems in vocational schools.
The past twenty years
For eight years, the company has used this expertise to develop and manufacture electronic diagnostic tools and equipment used by automotive technicians in the automotive services market.
This is the second largest business unit of the company.
The the company nearly 56% of Financial of 2016 income from design and manufacturing of diagnosis tools car diagnosis and test.
These tools enable service technicians to identify problems in electronic systems and other non-electronic systems
Electronic systems for cars and trucks.
On July 1, 2016, the company purchased federal hose Manufacturing Co. , Ltd (Federal Hose).
Since this report includes only three months of federal hose results, the department has created about 26% of the company\'s annual revenue of 2016.
Federal hose division is expected to be the largest division of the Hickock business in fiscal 2017.
Twenty years ago, two large original cars (“OEMs”)
Accounting for more than 80% of the company\'s business.
A large part of the business depends on the large projects launched by these OEMs within a year. to-year basis.
The company recognizes that OEMs are changing and that the likelihood of large projects continuing in these years is decreasing.
Recognizing that customer diversity is desirable, most of the technologies developed for OEMs can be applied to non-
Dealer service market (
Called After-sales market)
With the acquisition of Waekon Industries in 1998, the company added new products, customers and an established after-sales market sales channel.
As a result, the company has implemented a strategy to develop sales and marketing skills applicable to the automotive after-sales service industry using existing technology and manufacturing expertise.
The company uses Waekon, Hickok and Hickok/Waekon as product brands that are primarily sold to after-sales service organizations.
The company continues to develop after-sales service tools and has also successfully established relationships with Tier 1 OEM service tool suppliers in recent years.
The company has increased revenue from these customers in the past few years, and now the emphasis on this segment is as high as the emphasis on after-sales market tools.
Most of these tools are provided in accordance with the requirements of the first-level suppliers.
These tools tend to be more complex than typical aftermarket tools, but the technology developed is generally applicable to subsequent aftermarket products.
In July 1, 2016, the company purchased the federal hose portion of the business.
Federal hose is the distributor of silicone rubber hose and the manufacturer of flexible interlocking metal hose, providing flexible metal exhaust hose for large heavy duty machinery
Truck and bus manufacturers in the United States and all major aftermarket projects.
The federal hose also produces hoses that are sold to the agricultural, industrial and petrochemical markets.
The metal hose of the federal hose is made of a variety of materials, including four grades of stainless steel, aluminium-plated steel and galvanized steel, for pneumatic delivery of dry bulk materials such as plastic particles, grains, powders and other dry materials.
Federal hoses also produce special hoses that deliver tar and asphalt.
For the petrochemical industry, armor is built to hit
Anti-drainage hose and large drainage hose for storage tank rainwater runoff.
Federal hoses produce metal hoses at their factory in Painesville, Ohio, and sell their metal and silicone rubber products through distributors, wholesalers and OEMs in the Americas, Europe and Asia.
The federal hose was initially incorporated in 1921 in the name of the federal metal hose company.
The company\'s current business is concentrated in the United States.
Although the company also sells to international customers through domestic distribution companies, the sales are mainly for domestic customers.
Business Unit information the company\'s business is divided into three business units that can be reported: 1)
Indicators and meters, 2)
Automotive diagnostic tools and equipment 3)
Flexible metal hose and silicone hose.
Please refer to the \"division and related information\" contained in the notes to the financial statements \".
For more than 100 years, the company has developed and manufactured precision indicating instruments for aircraft, locomotives and other applications.
In recent years, the company has specialized in the production of aircraft and locomotive cockpit meters.
In the aircraft market, instruments are mainly sold to manufacturers or service personnel of commercial, military and pleasure aircraft.
In the locomotive market, the indicator is sold to both the original equipment manufacturer and the railway equipment operator.
Indicators and meters accounted for about 18%, 22% and 24% of the company\'s sales in fiscal 2016, 2015 and 2014, respectively.
Some of the company\'s aircraft meters have passed the FAA certification, while others have passed the type certification of the aircraft manufacturer.
An important source of revenue in this area is the high reliability reinforcement movement used on certain military aircraft.
However, these products require federal government funding for military programs and will vary greatly every year.
While the company does not consider this segment to have high growth potential, it does contribute a lot of revenue and profits.
The Company believes that the year-by-year change in revenue is more dependent on customer schedules than any general market direction.
Automotive diagnostic tools and equipment companies focus on designing and marketing instruments for the diagnosis of automotive electronic systems.
The products were originally sold to an OEM but are now sold to several auto OEMs through Tier 1 suppliers and sold to the aftermarket using wholesalers, wholesalers and mobile distributors.
Sales of products designed specifically for OEM requirements are balanced with products developed for automotive after-sales service personnel and the emissions testing industry.
In fiscal 27%, the after-sales market accounted for about 2015 of the company\'s auto diagnostic and professional tool sales.
Overall, automotive diagnostic tools and equipment accounted for 56%, 78% and 76% of the company\'s sales in fiscal 2016, 2015 and 2014, respectively.
The percentage decline in total sales of the company in 2016 was mainly due to an increase in the federal hose business in July 2016.
The company\'s main expertise in the automotive field is electronic measurement of physical performance.
The company enjoys a high reputation in developing innovative tools for automotive diagnostics.
The company used this reputation as leverage when it launched a new product.
Our recent focus on automotive technician tools has led to low-cost tools that are easy to use, save technician time, and improve diagnostic accuracy.
OEM tools are often complex tools that allow the technician to make diagnostic access to the vehicle system, otherwise the technician will not be able to access these tools to determine the problem of the vehicle.
An example of this is the active nozzle tester (\"AFIT\")
The company introduced this to GM dealers a few years ago.
Subsequently, when GM launched a direct injection motor, the company developed an attachment to adapt the AFIT unit to the new fuel injection method.
General Motors has decided to provide its North American distributor with the technology to diagnose the problem of gas direct injection fuel (“GDI”)
During fiscal 4,200, the engine and company provided more than 2014 adapters to the AFIT tester and provided additional cable/adapter interfaces for the new powertrain control module (“PCMs”)
2015 and 2016.
In addition to GM, the company has produced several testers for Chrysler and John Deere products, as well as several other OEMs that have also been sold through Tier 1 suppliers.
The 2016 has benefited from more than 80 new mechanical guidance tools that serve Chrysler cars, a new stage for the company to offer its services.
SeveralOEM customers continue to show interest in some products developed for after-sales customers, and in addition to responding to tool requests specified by the original equipment manufacturer, the company continues to seek these opportunities.
New products are particularly important in the after-sales market, but due to certain commitments, Hickok did not launch any new after-sales products in 2016.
In the past three years, the company has updated its after-sales products, and about two years ago, launched a unique product that provides service personnel with the function of an oscilloscope to view the waveform, but the operation of digital cameras is simple.
After-sales market sales channels are constantly changing, 2016 is no exception.
The most effective way to introduce new products is to grant exclusive rights to major dealers to purchase and sell products at the initial stage of the introduction, as they have always attached great importance to the product during the exclusive period.
The automatic channel single-channel oscilloscope mentioned above is an example of the success of this method.
The company\'s plan is to continue to develop new unique products for the automotive aftermarket and we may continue to introduce the strategy using exclusive dealers.
During 2016, the company launched a marketing effort for a slightly revised version of its car products, for non-
Professional in automobile maintenance such as industrial machine repair, air conditioning and home appliance maintenance.
So far, the initiative has not been successful.
With the implementation of the new national test plan, gas cap and gas tank emission test products have been the company\'s main source of revenue for many years.
Although national plans have rarely been implemented in recent years, the company continues to enjoy the basic level of business of these products as alternatives as new stations join various national plans.
On 2013, the only highly competitive manufacturer of the gas cap tester announced that it would stop the manufacture and service of its gas cap tester.
In addition to increasing sales immediately after this announcement, sales of gas cap testerproduct have remained stable over the past few years.
On 2016, Pennsylvania announced that it would implement a new emissions plan in the middle of the year. 2017.
The plan requires the radio stations wishing to participate in the plan to purchase a new analyzer, which includes an air Cap Tester.
The company hopes that most analyzer manufacturers will use the Hickok gas cap tester in their products.
The source and supply of raw materials that are critical to the business are obtained from a large number of US manufacturers, and some of the materials are now purchased from sources in Europe and Southeast Asia.
Materials obtained from the electronic components industry include transistors, integrated circuits, resistors, capacitors, switches, potentiometer, micro-controllers and other passive components.
Metal or plastic parts manufactured are usually purchased from local suppliers or manufactured by the company from raw materials.
In general, if ordered in sufficient lead time, obtain the required materials from multiple sources at the current price.
Federal hoses use a variety of materials in product manufacturing, including steel fittings and hose packaging consisting of silicone, cotton and copper wires.
The two suppliers provided more than 50% of federal hose stock purchases.
If any of these supply sources is interrupted for any reason, the federal hose will need to put in additional time and cost to obtain the same amount of supply from other eligible sources.
The Company believes that its main raw materials and components have sufficient sources of supply and that it is not difficult to obtain raw materials, components or finished products from suppliers.
The importance of patents, licenses, franchises, trademarks and franchises the company currently has several patents related to several products.
The Company believes that its position in the industry depends on its current level of engineering skills, research, sales relations, production technology and services.
The company has some basic method patents related to products it believes are important for future revenue.
Among the company\'s most critical patents, there is a test related to the evaporation emission system, which is the basis for the company to provide products for California.
The patent expired on 2022.
Another key patent is the vehicle fuel cap test, which expires in 2018.
The company monitors the market that violates its patents and intends to seek its rights in the event of the infringement.
The company is currently in the process and has recently agreed to resolve the issue.
See item 3 for legal proceedings.
The company does not have any material license, trademark, franchise or concession except for \"Hickok\", \"Waekon\" and \"Federal Hose.
The Company believes that there is a seasonal revenue in the auto aftermarket.
Often, in this market, the first and fourth quarters are often weaker than the other two quarters.
Orders for OEM or emission test products are primarily subject to customer time requirements and there are no known seasonal aspects.
As a result, operating performance may fluctuate depending on quarter and year.
Given the market in which its products serve, the company does not consider its federal hose business to be seasonal.
Practice in relation to working capital projects the nature of the company\'s business requires it to maintain an adequate level of inventory to meet the customer\'s fast delivery requirements.
The company provides customers with popular payment terms in the industry.
Several aftermarket distribution companies and several OEMs of equipment have become an important source of revenue for the company.
In fiscal 2016, the sales of toBosch, the first-class supplier of many OEMs, were about $1,306,000, accounting for 20% of the Company\'s consolidated sales.
In fiscal 2015, Bosch\'s sales were about $2,158,000, or 37% of the company\'s combined sales.
Bosch\'s sales in fiscal 2014 were about $2,768,000, or 44% of the company\'s combined sales.
There is no exclusive supply agreement or long term supply agreement for the company
Establish long-term contractual relationships with these big customers.
As at September 30, 2016, the company\'s order backlog totalled $953,000, compared to $648,000 as at September 30, 2015 and $539,000 as at September 30, 2014.
The growth in fiscal 2016 was primarily related to the acquisition of federal hoses, as the growth of approximately $366,000 was directly related to the increase in this segment.
The growth in fiscal 2015 and fiscal 2014 was mainly due to the increase in auto diagnostic product orders to about $122,000 for OEM.
The renegotiation of government contracts in the United States government election, most of the business is not allowed to renegotiate profits or terminate contracts or subcontracts.
Revenue from government contracts is currently small and not substantial.
Competitive Environment companies are engaged in competitive industries, facing the competition of domestic and international companies.
Several of the company\'s competitors have greater financial resources and larger sales organizations than the company.
Competition related to the company\'s diagnostic tool business stems from the presence of some other important manufacturers in the field, such as Bosch and Snap-
In terms of total sales, this dominates the existing market.
Compared to the full set of instruments, the instrument industry is mainly composed of companies specializing in the production of specific products.
The Company believes that its competitive position in this area is in the smaller area of professional products, which is the area in which the Company operates, by providing highquality, high-
Compared to high performance productsvolume, mass-produced items.
The company\'s automotive sector relies on the automotive industry to sell its OEM and after-sales products.
The company expects it to continue to face significant challenges due to competition.
Due to the introduction of new technologies or excessive warranty costs in the car, the OEM market is often driven by the demand for new tools.
Due to the economics of the dealer, the original equipment manufacturer had to ask the dealer to purchase the service tools.
The after-sales market is mainly driven by the economy of fixed vehicles.
Buying can be delayed in times of economic downturn.
Although after-sales parts suppliers have done a good job in the past few years, after-sales tool suppliers have not.
The company\'s strategy to develop products that target technicians and low-cost tools is a product of market reality.
The Company believes that huge growth opportunities depend mainly on introducing new and innovative products to the industries it serves.
In addition to car service products, the company diversified its emissions testing market a few years ago.
This market has also been suppressed, in part because EPA\'s requirements for the state emission test plan have changed, and in part because the state budget does not allow the implementation of the new test plan.
The company has briefly experienced an improvement in the sales of emissions products, in part because competitors have stopped certain emissions products and we expect the market to remain at an historic level.
R & D activities the company spent $1,050,157 on product development in 2016, $1,015,414 in 2015 and $965,975 in 2014.
These expenses include providing engineering product support and the preparation of manuals for both business units of the company.
In the federal hose segment, the R & D costs are the lowest and are not separated from the other operating costs of the segment.
Compliance with environmental regulations the company\'s capital expenditure, income and competitive position are not subject to significant impact of compliance with federal regulations, national and local environmental regulations promulgated or passed to regulate the distribution of materials to the environment.
As at September 30, 2016, the total number of employees employed by the company was 95
Time employees, an increase from 83 employees in fiscal 2015.
The increase in the number of employees was entirely due to the acquisition of federal hoses in 2016.
There are 87 full-time employees in fiscal 2014.
None of the employees were represented by the Union.
The company thinks it has a good relationship with its employees.
For the financial year ended September 30, 2016, all manufacturing, R & D and administrative operations were carried out in the United States of America.
Export sales revenue in 2016 was approximately $125,000, $174,000 in 2015 and $156,000 in 2014.
Goods exported to Australia, Canada, the United Kingdom, Mexico and Taiwan account for the majority of export sales. ITEM 1A. RISK FACTORS. Not Applicable. ITEM 1B.
The employee\'s opinion was not resolved. Not Applicable. ITEM 2. PROPERTIES.
The company has the following facilities in the United States: the location of the ohio37000 square ORLEASEDCleveland. Ft. Two-
Brick structure;
Used for company executive headquarters, marketing and product development for limited manufacturing.
63,000 square meters of Mississippi. Ft. One-
Modern concrete block building;
Used to manufacture instruments, test equipment and fastening system products.
Lease, extended to 2061 with annual renewal option.
Ohio50, paignsville, 000 m². Ft. One-
Stories of modern metal and concrete blocks;
Used for manufacturing flexible metal hoseand management.
Lease until 2026.
The Company believes that the operating conditions of its factories and offices are satisfactory, well maintained, sufficient to meet their use and adequate insurance.
The company\'s indicators and meters, as well as the automotive diagnostic tools and equipment division, take advantage of properties in Cleveland, Ohio, and Greenwood, Mississippi.
The company\'s flexible metal hose and silicone hose partially utilize properties in Painesville, Ohio. ITEM 3.
Legal proceedings.
The company is the plaintiff who filed a patent infringement lawsuit against a competitor in the emissions market (
Company v.
Chinech International, LLC and Delphi Corporation)
S. District Court in northern Ohio.
The lawsuit accused the defendant of infringing two patents for the company\'s emissions products.
In a patent related to the gas roof test, tricech International, LLC sold multiple projects (“Systech”)
In a few years, in several markets.
With respect to the second patent relating to the company\'s evaporation emission test method used in California, tricech and Delphi Corporation sold multiple projects to the California market during 2007.
On November 16, 2007, the lawsuit against alcoech was filed in the Northern District Court of the Eastern Division of Ohio, alleging infringement of the gas cap test.
In January 2008, the company\'s patents for evaporation emissions were added to the lawsuit.
On December 2016, the company agreed (
Currently known works, Inc. ). ITEM 4.
Information disclosure of mine safety. Not Applicable. ITEM 4A.
Executive officer of the registrant.
* The following is a list of company executives.
The executive officer is elected annually and is pleased to serve by the board of directors. Mr. Brian E.
Powers was elected as a member of the company\'s board of directors in February 2014 and became chairman in July 2015.
He was appointed chief executive officer in September 1, 2016. Mrs. Kelly J.
After retiring in December 2016, Mr. Marek was elected vice president and chief financial officer of finance. Gregory Zoloty.
Before, madam.
Marek has held several positions in CBIZ, Inc.
A professional service company, from 1998 to 2016, with the most recent treasurer from 2005 to 2016. Mr.
James Allen was selected by the board as vice president of manufacturing in March 2012. Mr.
Allen was elected Vice President, Production Engineering in February 2009.
He joined the company in August 1979. Mr.
Patrick Bauman was elected vice president of sales and marketing by the board in March 2012.
In February 2016, he was elected vice president of distribution sales and marketing by the board of directors. Mr.
Son of Mr. Patrick Bowman
Robert Bowman, board member of the company.
He joined the company in December 1995. Mr.
In February 2004, George Hart was elected vice president of engineering by the board of directors.
He joined the company in April 1985.
Brian E, director and chief executive of the office.
Kelly J. , vice president and chief financial officer of the Ministry of Finance.
Vice President, Manufacturing Company james F. marek46
Patrick R. , vice president of sales and marketing.
George R. , vice president of engineering.
The items required in the instructions of the Hart59 * Executive officer include in accordance with Directive month (b)
Article S-item 401stK. PART IIITEM 5.
The market in which the registrant\'s common stock, related shareholder matters and the issuer purchase equity securities. a)
Market information for fiscal 2016 our Class A common stock is overtrading
Pink sheets at the counter symbolizing Hika. PK.
There is no market for Class B common stock of the registrant.
The following table lists the range per share of high and low bids (Over-The-
Pink Sheets counter)
For Class A common stock of the registrant during the specified period. The Over-The-
Price of pink sheets at counter
Dealer prices without retail markups, price cuts or commissions may not represent actual transactions.
Data is provided by Nasdaq.
Fourth quarter of the third quarter of the second quarter)
On December 29, 2016, the company\'s issued Class A common shares had about 173 registered shareholders, and the company\'s issued Class B common shares had about 6 recorded shareholders. c)
In fiscal 2016, 2015 and 2014, the company did not pay dividends to its Class A or Class B common stock.
According to the company\'s revised articles of association, no dividend shall be paid on Class B ordinary shares until Class A ordinary shares pay A cash dividend of 10 cents per share.
Any decision to pay a cash dividend in the future will be made by the board on its own after taking into account various factors, including the Company\'s financial position, operating results and current and expected cash requirements. ITEM 6.
Select financial data.
Net annual sales income as of September 30 (Loss)
Operating capital of total assets-
Net income of shareholders\' equity (Loss)
Dividend per Share DeclaredPer Share: stock price of Class a Class B shareholders: return on sales at the close of the stock
Management Discussion and Analysis of Financial Position and operational results.
There are two business departments in the history of the company: 1)
Indicators and meters mainly sold to aircraft and locomotive industry companies
Automotive diagnostic tools and equipment sold to oem and after-sales markets.
During the fiscal year 2016, two major events occurred: ● on July 2016, the company acquired federal hose Manufacturing Co. , Ltd (“Federal Hose”).
Federal hoses manufacture flexible metal hoses for heavy trucks, drilling and grain handling, as well as silicone hoses sold to these industries.
The acquisition of the business has brought a new market segment to the company.
● The company received a preferential legal settlement of $2,270,567 (
After legal fees)
Claims against BP Exploration and product companies
Losses from BP\'s Deepwater Horizon oil disaster.
The company has been focusing on car service tools for 30 years.
Initially, in the automotive industry, the tools developed for OEM dealer technicians were basically all the products of the company, in the end of 1990, more than 80% of the company\'s automotive business is concentrated on the tools of two OEM dealers.
In the 1990 s, the company saw changes in OEM policies as relevant to future business expectations.
In 1998, the company acquired Waekon Industries, the automotive after-sales market business, which expanded the company\'s sales channels and product supply in the after-sales market, and the company began to emphasize to these markets
In addition, the company began to provide the after-sales market with several tools developed for OEMs.
In particular, Ford\'s NGS scanning tool became very successful until about 2008, when it accounted for a large part of after-sales.
In 2008, Ford began offering NGS alternatives to the after-sales market, and sales of the company\'s NGS began to decline.
Although other after-sales service tools developed by the company are a growing source of revenue, the decline in NGS sales has led to a net decline in after-sales service sales.
As a product of Waekon\'s acquisition, the company has also developed several unique equipment for vehicle emission testing projects authorized by the Environmental Protection Agency and applied for patent protection.
During this period, the company continued to receive a large number of orders for OEM tools and emission test products, resulting in after-sales market sales accounting for less than 50% of the total sales of automotive products.
In fiscal 2016, about 30% of the company\'s auto diagnostic tool revenue came from after-sales market customers and 70% from OEM and emissions customers.
After-sales market revenue fell to $1,082,000 in fiscal 2016 from about $1,287,000 in fiscal 2015.
In the past few years, the company has eliminated some after-sales products without unprofitable, and re-
Development and redevelopment
A batch of old products was launched and a new batch of after-sales products were launched.
In addition, the company again stressed that OEMs are sources of revenue, but the focus is on working with first-class suppliers.
At 2015 and 2014, this focus on Tier 1 suppliers resulted in several large orders, and in addition, the small order business of other tools used by OEM dealers has also increased, which has helped in the years
In 2016, there were large orders from several first-class suppliers;
However, overall demand for OEM business declined in 2016.
The OEM business is a large order business, which may vary significantly year by year depending on OEM needs and timing.
Emissions products have largely become an alternative business to sell through distribution channels in the automotive aftermarket, but there are still occasional opportunities to get larger orders as certain states expand their emissions testing programs.
Recently, Penn announced that a new plan will be implemented in 2017 and early 2018.
The Company believes that the plan could lead to a large number of orders for emissions products.
The end result of these business developments over time is that the difference in the car business between the aftermarket, OEM and emissions becomes less clear, but the company\'s expertise applies to these car markets.
In 2016, car products accounted for 56% of the company\'s revenue, and management thought there was a big chance of growth.
For years, the company has been offering products for government-sponsored emissions testing projects.
The company has also developed a product to test the leakage of the vehicle evaporation system (gas tanks).
The company owns patents for both technologies and filed a lawsuit against a company that violates the patents of our products.
On December 2016, the company settled the lawsuit.
The development efforts between after-sales market and OEM projects are separate.
When OEM opportunities arise, they need a lot of development resources, and the development of after-sales products is often slow for a period of time.
During the period from 2016, the demand for the company\'s development resources led to basically no new product launch in the after-sales market.
A product called \"self-driving\" launched in fiscal 2015 was a success.
During the 2016 period, the company revised several car products and
In order to open up a new market, car service technicians.
So far, the initiative has not been successful in generating significant sales.
During 2014, in order to better support product sales, the company updated the website.
Since then, great changes have taken place in how search engines determine the location of the site in search results.
The company is constantly revising its web pages to optimize positioning in search engine results.
The company continues to expand the use of social media and video to explain the benefits of its products.
Several Internet distributors such as Amazon and EBay sell products, and sales through such distributors continue to grow.
The company plans to continue to highlight expanding the use of Internet distributors and electronic media during the 2017 fiscal year.
In the company\'s automotive diagnostic equipment and emissions business, the timing of the release of orders and the implementation of large projects can lead to significant fluctuations in the results of the company\'s operations, whether in one quarter --to-
A quarter and a yearto-year basis.
Orders for such equipment may be large, depending on the customer\'s schedule and may result in significant changes in quarterly and annual sales and revenue.
The company\'s target product revenue fell by 8%, 13% and 10% respectively in fiscal 2016, fiscal 2015 and fiscal 2014.
The main reason for the continued decline year by year is the reduction in customer orders for government-funded military projects.
The decrease in percentage is due to the decline in indicator sales and the increase in car sales due to a large number of OEM orders.
The company expects that, unless there is an improvement in military sales, indicator sales will continue to remain at current levels for the foreseeable future.
Management believes that the resources currently devoted to this part are sufficient.
In July 1, 2016, the company completed the acquisition of federal hoses.
Under the merger agreement, the company issued 911,250 of the valid issue, paid in full and non-
Assessable Class A common stock with no face value and 303,750 shares issued in effect, paid in full and non-transferred
Assessable Class B common stock of first Francis, with no face value
As a consideration at the end of the merge.
The company also sent out to first Francis.
Principal of US $2,768,662 promissory note and principal of US $2,000,000 promissory note, each secured by all assets of Hiko and some of its subsidiaries, bearing interest at a rate of 4.
0%, amortized for a period of ten years and due six years after the date of issue.
These promissory notes contain customary provisions on accelerating the company\'s obligations due to a breach of contract.
Expense control management continues to monitor its cost reduction plans implemented and revised from time to time.
The company has recently reduced the number and cost of employees, replacing several internal features with an external service provider.
The company does not currently have plans to increase resources in fiscal 2017 unless revenue opportunities are worth increasing.
Management believes that with the acquisition of federal hoses, its strategy to increase revenue and profitability will help to achieve results in fiscal 2017.
Reportable segment information companies need to report Segment information disclosure based on how management evaluates operational performance and resource allocation.
The company has identified three market segments that can be reported: 1)
Indicators and meters, 2)
Automotive diagnostic tools and equipment, 3)
Flexible metal hose and silicone hose.
This part of the product is mainly produced and sold to companies in the aircraft and locomotive industries.
In the aircraft market, the main customers are companies that manufacture or serve commercial, military and pleasure aircraft.
In the locomotive market, indicators and meters are sold to original equipment manufacturers, locomotive service personnel and railway equipment operators.
Automotive diagnostic tools and equipment this part is mainly composed of products designed and manufactured to support the testing or repair of automotive and truck systems that measure vehicle parameters using electronic means.
These products are sold to OEMs and after-sales markets using several brands and various distribution methods.
This section includes products used for vehicle emission status requirements testing.
This part of the flexible metal hose and silicone hose acquired in July 1, 2016 is mainly composed of flexible metal hose, which is made of various metal and silicone rubber hoses purchased by the company for resale to customers.
These products are sold to heavy truck OEMs and after-sales distributors using various distribution methods, mainly for truck exhaust systems.
These hoses are also sold to customers for petrochemical drilling operations and bulk material handling in various markets.
Operating sales for the fiscal year ended September 30, 2016 increased to $6,645,780, an increase of about 14% over $2015 for the fiscal year 5,852,924.
The increase in sales was mainly due to an increase of about $810,000 in product sales.
Service sales in fiscal 2016 decreased by about $17,000 to $228,020, compared with a decrease in the number in fiscal 2015.
Product sales in fiscal 6,417,760 were $2016 and $5,608,218 in fiscal 2015.
Increase in sales-
Mainly due to the increase in sales of flexible metal hoses and silicone hoses manufactured and distributed by the federal hose Manufacturing Co. , Ltd. acquired in July 1, 2016, by $1,761,000, offset by a decline in product sales in the indicator and meter parts and in the automotive diagnostic product segment.
In automotive diagnostic products, OEM product sales dropped by about $766,000, after-sales product sales dropped by about $204,000, and were driven by quantity, with emissions product sales increasing by about $130,000, partially offset.
Sales of indicator products fell by about $111,000, in relation to quantity.
Fiscal 2015 benefited from a large number of orders from Tier 1 suppliers to large OEMs that did not have similar orders in 2016.
The decline in service sales in fiscal 2016 is related to volume, attributable to the decline in sales of chargeable repairs.
Sales for the fiscal year ended September 30, 2015 decreased to $5,852,924, down about 7% from $2014 in fiscal 6,305,836.
Decrease in sales volume-
The main reason is the reduction in product sales by about $470,000.
Service sales in fiscal 2015 increased by about $17,000 to $244,706, compared with fiscal 2014 due to volume.
Product sales in fiscal 5,608,218 were $2015 and $6,078,349 in fiscal 2014.
The decline in product sales occurs in the indicator and meter sections as well as in the automotive diagnostic product section.
In automotive diagnostic products, OEM product sales fell by about $514,000, and emissions product sales fell by about $31,000, offset by an increase of about $236,000 in after-sales products.
Sales of indicator products fell by about $2015 in fiscal 162,000, mainly due to a decrease in military indicator mobile orders.
Both fiscal 2015 and fiscal 2014 have benefited from a large number of orders from Tier 1 suppliers to large OEMs.
The growth in service sales in fiscal 2015 was volume-related and attributed to higher paid maintenance sales.
The cost of products sold in fiscal 2016 was $4,181,341, accounting for 65% of net product sales, compared with $3,017,837 in fiscal 54%, accounting for 2015 of net product sales.
The cost of the products sold in fiscal 2014 was $3,462,092, accounting for 57% of the net sales of the products.
The dollar and percentage increase in product sales costs from fiscal 2016 to fiscal 2015 is mainly due to the portfolio and cost details sold when purchasing flexible metal hoses the silicone hose portion of July 1, 2016 accounted for 26% of the 2016 fiscal year sales.
The dollar and percentage decline in product sales costs for fiscal 2015 to 2014 is mainly due to product mix and cost details for selling products.
In addition, the decline in product sales has led to a decline in product costs from fiscal 2015 to fiscal 2014.
The cost of services sold in fiscal 2016 was $153,474, accounting for 67% of net service sales, compared with $150,466 or 61% in fiscal 2015.
The cost of services sold in fiscal 2014 was $149,068, accounting for 66% of net sales of services.
The dollar and percentage growth for fiscal 2016 to fiscal 2015 was mainly due to product-specific technical issues that were charged for maintenance in fiscal 2016.
The decline in the percentage from fiscal 2015 to fiscal 2014 was mainly due to product-specific technical issues that were charged for maintenance in fiscal 2015.
Product development spending in fiscal 2016 was $1,050,157, accounting for 16% of product sales, compared with $1,015,414 or 18% in fiscal 2015.
Product development spending in fiscal 2014 was $965,975, or 16% of product sales.
The percentage decline between fiscal 2016 and fiscal 2015 was mainly due to the increase in sales during 2016.
The growth in the US dollar was primarily labor costs, professional expenses and depreciation were approximately US $34,000, US $4,000 and US $1,000, respectively, and travel expenses, research and experimental materials decreased by approximately US $3,000 and US $2,000, respectively, partially offset.
The percentage increase between fiscal 2015 and fiscal 2014 was mainly due to the decline in sales in fiscal 2015.
The growth of the US dollar was primarily labor costs and a depreciation of about US $55,000 and US $4,000, partially offset by a reduction in research and experimental materials of about US $12,000.
Management believes that existing resources will be sufficient to sustain current product development commitments and continue to develop reasonable new diagnostic products for OEM and aftermarket customers.
Marketing and administrative expenses are $2,145,937, accounting for the 32% fiscal year net sales of, 798,960 of net sales in fiscal 31% or 728,107 or 27% of net sales in fiscal 2014.
Expenditure for the 2016 fiscal year was approximately 19% higher than expenditure for the 2015 fiscal year.
About $ 66% in growth, or $229,887, is the marketing and administrative costs incurred by the federal hose acquired in July 1, 2016.
In fiscal 2016, sales of other products, other than federal hose sales, declined, resulting in a percentage increase.
Marketing costs for fiscal 820,000 were approximately $2016, compared to $729,000 a year ago.
In fiscal 98,000, marketing spending related to federal hoses was approximately $2016.
Among marketing expenses, the increase is mainly about $71,000 in labor costs, $19,000 in freight, $15,000 in Commission, $12,000 in credit and collection costs, and $8,000 in travel expenses.
The commission cost was reduced by $34,000 and the advertising cost was reduced by $6,000, partially offsetting the increase.
Administrative expenses for the current fiscal year were approximately $1,326,000, compared to $1,070,000 a year ago.
In fiscal 131,000, administrative expenses related to federal hoses amounted to approximately $2016.
The increase in the US dollar was mainly due to an increase in labor costs of US $72,000, an increase in professional costs of US $71,000, an increase in depreciation costs of US $69,000, an increase in data processing of US $23,000, and repairs and maintenance costs of US $8,000, travel costs are $3,000 and rent is $2,000.
The percentage increase in fiscal 2015 compared to fiscal 2014 was due to a decrease in total net sales from fiscal 2015 to fiscal 2014.
Marketing costs for fiscal 729,000 were approximately $2015 and $712,000 for fiscal 2014.
Among the marketing expenses, the decrease is mainly the royalty fee of $51,000, the consultation fee of $6,000, and the promotion fee of $6,000.
Advertising costs increased by $28,000, labor costs increased by $22,000, collection costs increased by $22,000, commissions increased by $3,000, and travel expenses increased by $3,000.
In fiscal 1,070,000, administrative costs were approximately $1,017,000, compared to $2014 in fiscal.
The increase in the US dollar was mainly due to an increase in professional costs of US $23,000, an increase in labor costs of US $21,000, an increase in data processing of US $12,000, repair and maintenance costs of US $4,000, and depreciation costs of US $3,000.
The increase in rent was partially offset by a $8,000 reduction in rental machines and equipment and a $2,000 reduction in travel expenses.
Interest expenditure for fiscal 59,386 was $2016, $657 for fiscal 2015 and $6,592 for fiscal 2014.
The interest expenditure for this year is mainly due to the fact that the notes payable in connection with the acquisition of federal hose Manufacturing Co. , Ltd. in July 1, 2016 recorded interest expenditure of $47,556, lease payable in connection with IT infrastructure replacement is approximately $8,250, revolving notes payable-
The related party is about $2,889 and the convertible notes are about $691.
The interest fee of $657 for fiscal 2015 is due to interest records on convertible notes payable.
Interest expenditure for fiscal 2014 is mainly due to recording interest expenditure in the short term
About $6,364 notes for periodic demand.
The legal settlement for fiscal 2016 was $2,270,567, representing the proceeds received (
After legal fees)
Claims against BP Exploration and product companies
Losses from BP\'s Deepwater Horizon oil disaster.
The settlement funds were used for economic and property losses, caused by the 2010 explosion of the Deepwater Horizon oil rig and the subsequent oil spill in the Gulf of Mexico.
Other revenues in fiscal 7,196 were $2016, $8,033 in fiscal 2015 and $14,374 in fiscal 2014.
Other income mainly includes interest income from cash and cash equivalents and income from the sale of scrap metal scraps.
Compared with fiscal 2016, the decrease in fiscal 2015 was mainly due to a decrease in sales of scrap metal chips by about $650.
Compared with fiscal 2015, the decrease in fiscal 2014 was mainly due to a decrease in sales of scrap metal chips by about $6,000.
The income tax for fiscal 2016 is negative $3,299,600, which is the tax benefit brought about by the reduction of deferred income tax valuation allowance of $3,330,600.
Income tax for fiscal 2015 was $0, which included an increase of $82,200 in deferred income tax valuation allowances.
Income tax for fiscal 2014 was $0, which included an increase of $44,400 in deferred income tax valuation allowances.
It is expected that in the near future, the effective tax rate will be similar to that of 2016, as the company believes it will be able to take advantage of most of the net operating losses and R & D credit carried forward before the expiration date
Deferred tax benefits are due in fiscal 2018 until 2036 (
See footnote 10 of consolidated financial statements).
Net income for fiscal 2016 was $4,632,848, or $2.
$38 per share, compared with a net loss of $122,377, or $0.
Fiscal 2015 07 per share.
Net income for fiscal 2014 was $8,376, or $0. 01 per share.
The increase in net income for fiscal 2016 and net income for fiscal 2015 was mainly due to the reduction in valuation allowances for deferred tax assets by $3,330,600, as well as legal settlement of BP Exploration and product claims, the company.
The loss from BP\'s Deepwater Horizon oil disaster hit $2,270,567.
Net income for fiscal 2015 declined from fiscal 2014, mainly due to falling sales and increased operating costs.
The company\'s net operating loss carry-over was approximately $3,800,000, and the R & D credit carry-over was approximately $2,000,000, which began to expire in fiscal 2018.
The company\'s $3,830,600 Deferred tax assets were offset by a $500,000 valuation allowance.
Due to the uncertainty involved in this significant estimate, it is reasonable that the company\'s estimates may change.
As at September 30, 2016, current assets of working capital and capital resources amounted to $7,766,817.
The total amount of current liabilities and cash equivalents and receivables is 1.
9 times current liabilities.
These ratios are compared to 5. 1 and 2.
At the end of fiscal 2015, 1.
As at September 30, 2016, cash and cash equivalents amounted to $3,060,734 and $346,405 as at September 30, 2015.
Total current assets increased by approximately $4,280,000 from the end of the previous year, mainly due to an increase in cash and cash equivalents, inventory and accounts receivable of approximately $2,714,000, $1,382,000 and $253,000, respectively.
The increased costs were offset by a reduction in Prepaid costs of approximately $69,000.
The increase in cash and cash equivalents is mainly due to the receipt of legal settlement by BP Communications & Product, Inc.
Losses from BP\'s Deepwater Horizon oil disaster.
The increase in inventory and accounts receivable was mainly due to the acquisition of federal hoses in July 1, 2016, which increased sales in the last quarter of the fiscal year of 2016.
The reduction in pre-payment costs is mainly due to scheduling.
Operating capital in September 30, 2016 was $5,418,867, compared to $2,796,806 a year ago.
The main reason for the increase of approximately $2,622,000 is the increase in cash and cash equivalents, inventory and accounts receivable of approximately $2,714,000, $1,382,000 and $253,000, the increase in leases and notes payable, notes payable related parties, trade payables, accrued wages and related expenses was partially offset, respectively, the accrued charges are approximately $439,000, $250,000, $436,000, $133,000 and $369,000, respectively.
In addition, accrued income tax increased, with Prepaid expenses reduced by approximately $31,000 and $69,000 respectively.
The increase in cash and cash equivalents is mainly due to the receipt of legal settlement by BP Communications & Product, Inc.
Losses from BP\'s Deepwater Horizon oil disaster.
The increase in inventory and accounts receivable was mainly due to the acquisition of federal hoses in July 1, 2016, which increased sales in the last quarter of the fiscal year of 2016.
The reduction in pre-payment costs is mainly due to scheduling.
The decrease in accounts receivable is mainly due to the decrease in sales volume in the last quarter of this fiscal year.
The increase in notes payable affiliates, trade payables, accrued wages and related expenses and accrued charges was mainly due to the acquisition of federal hoses.
The increase in leases payable is due to the replacement and upgrading of the company\'s infrastructure.
Cash provided for operating activities in fiscal 2016 was $2,513,886, sufficient to fund the company\'s investment activities, including capital expenditures of $36,209.
Capital expenditures are required for tools, machinery and equipment for product manufacturing and IT infrastructure.
The main reason for the positive cash flow from operations is that the claimed Net income for BP operations & Product, Inc. is $2,270,567.
Losses from BP\'s Deepwater Horizon oil disaster.
The cash provided by the business activities in fiscal 2015 was $19,972, which was less than the main non-profit of the company.
Cash demand for operations, including capital expenditures of $64,894.
Capital expenditures are required for tools, machinery and equipment for product manufacturing and IT infrastructure.
The main reason for the positive cash flow of the business is the decrease in accounts receivable, the increase in accounts payable, accrued wages and related expenses, and other accrued charges of $68,686, $70,714, $152,204, $35,051 and $101,497 respectively.
Inventory and prepaid expenses increased by $212,316 and $74,030 respectively, offsetting positive cash flow.
The cash used for business activities in fiscal 2014 was $606,811, which was less than the main non-profit of the company.
Operating cash requirements include capital expenditures of $141,714, including tools, machinery and equipment for product manufacturing and IT infrastructure.
The main reason for negative business cash flow is that accounts receivable and inventory increased by $535,952 and $124,381 respectively.
The company anticipates that the positive cash flow generated by the operation is sufficient to meet the needs of working capital and to serve the principal and interest payments due to the notes payable.
In addition, as of September 30, 2016, the company had $3,060,734 in cash and cash equivalents and continued to maintain liquidity to operate the business.
On June 2016, management signed an unsecured revolving credit agreement with First Francis.
First Francis became the company\'s main shareholder in July 1, 2016, when the company completed its acquisition of federal hoses under an agreement and plan to merge with first Francis.
Owner of federal hose, federal hose and Mr.
Mr. Edward Crawford.
Matthew Crawford, everyone is a shareholder of first Francis.
Edward Crawford and Matthew Crawford are on the board of directors of Hickory.
Matthew Crawford is the son of Edward Crawford.
As at September 30, 2016, the company\'s outstanding loans to the credit facility amounted to $250,000.
The outstanding balance of $250,000 plus accrued interest was paid in full on October 2016.
The revolving credit line expired on May 31, 2017.
With regard to the acquisition of federal hoses in July 1, 2016, the company also issued to first Francis
Two promissory notes with a total principal of $4,768,662 are secured by all assets of Hickock and some of its subsidiaries at an interest rate of 4.
0%, amortized for a period of ten years and due six years after the date of issue.
As at September 30, 2016, the outstanding balance on these notes was $4,768,662.
On December 2016, the management signed amendment no.
Five of the convertible loan agreements offer up to $467,000 in liquidity to meet ongoing liquidity needs.
The amended secured loan agreement is an agreement between the company and a major shareholder affiliated to both directors, as described in Note 4 to the company\'s financial statements.
This revised agreement modifies the terms of the previously revised agreement, extends the maturity date of the loan agreement from December 30, 2016 to December 30, 2017, and continues to allow the company to make its own decision to borrow $250,000 under the agreement.
As at September 30, 2016, the loan balance was $200,000.
Additional inventory may be required for the 2017 fiscal year, which will have a negative but temporary impact on working capital.
Management continues to strictly control costs and will take the necessary measures to maintain the necessary liquidity.
Management believes that the company has sufficient liquidity in working capital, capital expenditures and other strategic initiatives. Off-
Balance sheet arrangement not closed
Balance sheet arrangement (
As defined in S-regulations
Paragraph 303 of K item (a)(4)(ii))
Having or having a significant current or future impact on its financial position, changes in financial position, income or expenditure, operating results, liquidity, capital expenditure or capital resources.
Key accounting policies the company describes its important accounting policies in the notes to consolidated financial statements contained in the Company\'s Annual Report on Form 10K.
However, for the SECFR-
60. The \"warning advice on disclosure of key accounting policies\" issued on December 12, 2001, the company has identified the policies it considers most important to understand the company\'s financial statements.
Since the application of these accounting policies involves the judgment and use of estimates, the actual results may differ from those estimates.
Revenue recognition-
Revenue is recognized as manufacturing items shipped to the customer, legal ownership has passed and all major contractual obligations of the company have been fulfilled.
Record revenue from development contracts in accordance with agreed milestones.
Stock valuation and reserve-
Using the first method, inventory is at a lower cost or market valuein, first-out (FIFO)method.
The company\'s business may need to increase the inventory of parts, workin-
In order to meet the customer\'s expected delivery schedule, processing and finished products.
However, the company is responsible for overstocking and out-of-stock purchases that exceed the inventory required to meet customer demand forecasts, as well as inventory purchases that are generally not within the supply agreement, or parts that are outdated before use in production.
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