Hennessy Advisors Inc 10-K for FY2023

Hennessy Advisors Inc (HNNA)

10-K 2023-12-07 For: 2023-09-30

Added on April 06, 2026

About this 10-K

Hennessy Advisors Inc filed this 10-K on December 7, 2023, covering the fiscal year ended September 30, 2023 (FY2023).

Headline figures

Fiscal year ended September 30, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $24.02M; down 19.0% from $29.67M a year earlier
Net income: $4.77M; down 22.9% from net income of $6.19M a year earlier
Diluted EPS: $0.63; down 23.2% from $0.82 a year earlier

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California	68-0176227
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

7250 Redwood Boulevard, Suite 200
Novato, California	94945
(Address of principal executive office)	(Zip code)

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

		Emerging growth company	☐

PART I
Item 1	Business	1
Item 1A	Risk Factors	21
Item 1C	Cybersecurity	21
Item 2	Properties	31
Item 3	Legal Proceedings	31
Item 4	Mine Safety Disclosures	31

Part II
Item 5	Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities	31
Item 7	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 8	Financial Statements and Supplementary Data	40
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	61
Item 9A	Controls and Procedures	62
Item 9B	Other Information	63
Item 9C	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	63

Part III
Item 10	Directors, Executive Officers, and Corporate Governance	63
Item 11	Executive Compensation	64
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	64
Item 13	Certain Relationships and Related Transactions and Director Independence	64
Item 14	Principal Accountant Fees and Services	64

Part IV
Item 15	Exhibit and Financial Statement Schedules	65
Item 16	Form 10‑K Summary	66
	Signatures	67

*1989*	In February, we were founded as a California corporation under our previous name, Edward J. Hennessy, Inc., and registered as a broker-dealer with the Financial Industry Regulatory Authority.

*1996*	In March, we launched our first mutual fund, the Hennessy Balanced Fund.

*1998*	In October, we launched our second mutual fund, the Hennessy Total Return Fund.

*2000*	In June, we successfully completed our first asset purchase by purchasing the assets related to the management of two mutual funds previously managed by Netfolio, Inc. (“Netfolio”) and changed the fund names to the Hennessy Cornerstone Growth Fund and the Hennessy Cornerstone Value Fund. The amount of the purchased assets as of the closing date totaled approximately $197 million.

*2002*	In May, we successfully completed a self-underwritten initial public offering of our stock by raising $5.7 million at an offering price of $1.98 (HNNA.OB) and changed our firm name to Hennessy Advisors, Inc. Our total assets under management at the time of our initial public offering was approximately $358 million.

*2003*	In September, we purchased the assets related to the management of a mutual fund previously managed by SYM Financial Corporation and reorganized the assets of such fund into the newly created Hennessy Cornerstone Mid Cap 30 Fund. The amount of the purchased assets as of the closing date was approximately $35 million.

*2004*	In March, we purchased the assets related to the management of five mutual funds previously managed by Lindner Asset Management, Inc. and reorganized the assets of such funds into four of our existing Hennessy Funds. The amount of the purchased assets as of the closing date totaled approximately $301 million.

*2005*	In July, we purchased the assets related to the management of a mutual fund previously managed by Landis Associates LLC and changed the fund name to the Hennessy Cornerstone Growth, Series II Fund. The amount of the purchased assets as of the closing date was approximately $299 million.

*2007*	In November, we launched the Hennessy Micro Cap Growth Fund, LLC, a non‑registered private pooled investment fund.

*2009*	In March, we purchased the assets related to the management of two mutual funds previously managed by RBC Global Asset Management (U.S.) Inc. and reorganized the assets of such funds into the newly created Hennessy Cornerstone Large Growth Fund and the Hennessy Large Value Fund. In conjunction with the completion of the transaction, RBC Global Asset Management (U.S.) Inc. became the sub‑advisor to the Hennessy Large Value Fund. The amount of the purchased assets as of the closing date totaled approximately $158 million. In September, we purchased the assets related to the management of two mutual funds previously managed by SPARX Investment & Research, USA, Inc. and sub‑advised by SPARX Asset Management Co., Ltd. and changed the fund names to the Hennessy Japan Fund and the Hennessy Japan Small Cap Fund. In conjunction with the completion of the transaction, SPARX Asset Management Co., Ltd. became the sub‑advisor to both funds. The amount of the purchased assets as of the closing date totaled approximately $74 million.

*2011*	In October, we reorganized the assets of the Hennessy Cornerstone Growth, Series II Fund into the Hennessy Cornerstone Growth Fund.

*2012*	In October, we purchased the assets related to the management of 10 mutual funds previously managed by FBR Fund Advisers (the “FBR Funds”). We reorganized the assets of three of the FBR Funds into existing Hennessy Funds and reorganized the assets of the seven other FBR Funds into newly created series of the Hennessy Funds. In conjunction with the completion of the transaction, Broad Run Investment Management, LLC became the sub‑advisor to the Hennessy Focus Fund, FCI Advisors became the sub‑advisor to the Hennessy Equity and Income Fund (fixed income allocation) and the Hennessy Core Bond Fund, and The London Company of Virginia, LLC became the sub‑advisor to the Hennessy Equity and Income Fund (equity allocation). The amount of the purchased assets as of the closing date was approximately $2.2 billion. In December, we closed the Hennessy Micro Cap Growth Fund, LLC.

*2014*	In April, our common stock began trading on The Nasdaq Capital Market.

*2015*	In September, we completed a self-tender offer, under which we repurchased 1,500,000 shares of our common stock at $16.67 per share. In June, we launched Institutional Class shares for the Hennessy Japan Small Cap Fund and the Hennessy Large Cap Financial Fund.

*2016*	In September, we purchased the assets related to the management of two mutual funds previously managed by Westport Advisers, LLC and reorganized the assets of such funds into the Hennessy Cornerstone Mid Cap 30 Fund. The amount of the purchased assets as of the closing date totaled approximately $435 million.

*2017*	In February, we liquidated the Hennessy Core Bond Fund and reorganized the Hennessy Large Value Fund into the Hennessy Cornerstone Value Fund. Additionally, for the Hennessy Technology Fund, we implemented changes to the investment strategy and the portfolio management team. In March, we launched Institutional Class shares for the Hennessy Gas Utility Fund. In December, we purchased the assets related to the management of two mutual funds previously managed by Rainier Investment Management, LLC (“Rainier”) and reorganized the assets of such funds into the Hennessy Cornerstone Large Growth Fund and the Hennessy Cornerstone Mid Cap 30 Fund. The amount of the purchased assets as of the closing date totaled approximately $122 million.

*2018*	In January, we purchased the assets related to the management of a third mutual fund previously managed by Rainier and reorganized the assets of such fund into the Hennessy Cornerstone Mid Cap 30 Fund. The amount of the purchased assets as of the closing date totaled approximately $253 million. In October, we purchased the assets related to the management of the two mutual funds previously managed by BP Capital Fund Services, LLC ("BP Capital") and reorganized the assets of such funds into the newly created Hennessy Energy Transition Fund and the Hennessy Midstream Fund. In connection with the transaction, BP Capital Fund Services, LLC became the sub‑advisor to both funds. The amount of the purchased assets as of the closing date totaled approximately $200 million.

*2019*	During the year, we repurchased an aggregate of 560,734 shares of our common stock pursuant to our stock buyback program.

*2020*	In the first three months of the year, we repurchased an aggregate of 206,109 shares of our common stock pursuant to our stock buyback program.

*2021*	In October, we transferred listing of our common stock from The Nasdaq Capital Market to The Nasdaq Global Market. Also in October, we completed a public offering of 4.875% notes due 2026 (the “2026 Notes”) in the aggregate principal amount of $40.25 million, which included the full exercise of the underwriters’ overallotment option.

*2022*	In January, we mutually agreed with BP Capital to terminate the sub‑advisory agreement for the Hennessy Energy Transition Fund and the Hennessy Midstream Fund and began managing such funds internally. In December, we purchased the assets related to the management of an ETF previously managed by Red Gate Advisers, LLC and reorganized the assets of such fund into the newly created Hennessy Stance ESG ETF. In connection with the transaction, Stance Capital, LLC (“Stance Capital”) and Vident Investment Advisory, LLC (“VIA”) became sub‑advisors to the fund. The amount of the purchased assets as of the closing date totaled approximately $43 million.

2023	In April, we signed a definitive agreement with Community Capital Management, LLC (“CCM”) to purchase the assets related to the management of the CCM Core Impact Equity Fund and the CCM Small/Mid-Cap Impact Value Fund (the “CCM Equity Funds”). Upon completion of the transaction, which is subject to the approval of the shareholders of each of the CCM Equity Funds, the assets of the CCM Equity Funds will be reorganized into the Hennessy Stance ESG ETF. In July, VIA completed an acquisition transaction that resulted in a change of control of VIA and automatic termination of our sub‑advisory agreement with VIA. On the same date, we entered into a new sub‑advisory agreement with Vident Advisory, LLC (“Vident Advisory”).

The Hennessy Funds Family

Domestic Equity	Multi-Asset	Sector and Specialty
Hennessy Cornerstone Growth Fund	Hennessy Total Return Fund	Hennessy Energy Transition Fund

Hennessy Focus Fund	Hennessy Equity and Income Fund	Hennessy Midstream Fund

Hennessy Cornerstone Mid Cap 30 Fund	Hennessy Balanced Fund	Hennessy Gas Utility Fund

Hennessy Cornerstone Large Growth Fund		Hennessy Japan Fund

Hennessy Cornerstone Value Fund		Hennessy Japan Small Cap Fund

		Hennessy Large Cap Financial Fund

		Hennessy Small Cap Financial Fund

		Hennessy Technology Fund

		Hennessy Stance ESG ETF

Hennessy Cornerstone Growth Fund	One Year			Three Years			Five Years			Ten Years
Institutional Class Share - HICGX		27.89	%		19.23	%		8.60	%		9.67	%
Investor Class Share - HFCGX		27.44	%		18.83	%		8.25	%		9.33	%
Russell 2000^® Index ⁽¹⁾		8.93	%		7.16	%		2.40	%		6.65	%
S&P 500^® Index ⁽²⁾		21.62	%		10.15	%		9.92	%		11.91	%

Hennessy Focus Fund*	One Year			Three Years			Five Years			Ten Years
Institutional Class Share - HFCIX		15.99	%		5.91	%		5.97	%		8.28	%
Investor Class Share - HFCSX		15.57	%		5.52	%		5.58	%		7.89	%
Russell 3000^® Index ⁽³⁾		20.46	%		9.38	%		9.14	%		11.28	%
Russell Midcap^® Growth Index ⁽⁴⁾		17.47	%		2.61	%		6.97	%		9.94	%

Hennessy Equity and Income Fund*	One Year			Three Years			Five Years			Ten Years
Institutional Class Share - HEIIX		11.47	%		3.88	%		4.34	%		6.00	%
Investor Class Share - HEIFX		10.97	%		3.49	%		3.94	%		5.61	%
S&P 500® Index ⁽²⁾		21.62	%		10.15	%		9.92	%		11.91	%

Hennessy Energy Transition Fund*	One Year			Three Years			Five Years			Since Inception (12/31/13)
Institutional Class Share - HNRIX		26.63	%		50.26	%		5.77	%		4.05	%
Investor Class Share - HNRGX		26.22	%		49.74	%		5.44	%		3.77	%
S&P 500® Energy Index ⁽¹¹⁾		30.21	%		51.42	%		8.96	%		4.34	%
S&P 500® Index ⁽²⁾		21.62	%		10.15	%		9.92	%		11.10	%

Hennessy Midstream Fund*	One Year			Three Years			Five Years			Since Inception (12/31/13)
Institutional Class Share - HMSIX**		33.28	%		38.81	%		5.73	%		1.84	%
Investor Class Share - HMSFX		32.95	%		38.51	%		5.51	%		1.59	%
Alerian US Midstream Energy Index ⁽¹²⁾		25.56	%		40.32	%		8.95	%		4.29	%
S&P 500® Index ⁽²⁾		21.62	%		10.15	%		9.92	%		11.10	%

Hennessy Gas Utility Fund*	One Year			Three Years			Five Years			Ten Years
Institutional Class Share - HGASX**		-0.12	%		8.73	%		4.76	%		6.01	%
Investor Class Share - GASFX		-0.42	%		8.41	%		4.44	%		5.78	%
AGA Stock Index ⁽¹³⁾		0.25	%		9.43	%		5.50	%		6.92	%
S&P 500® Index ⁽²⁾		21.62	%		10.15	%		9.92	%		11.91	%

Hennessy Large Cap Financial Fund*	One Year			Three Years			Five Years			Ten Years
Institutional Class Share - HILFX**		-4.93	%		-1.87	%		0.27	%		5.41	%
Investor Class Share - HLFNX		-5.21	%		-2.21	%		-0.07	%		5.09	%
Russell 1000^® Index Financials ⁽¹⁷⁾		13.59	%		14.39	%		8.82	%		11.15	%
Russell 1000^® Index ⁽⁶⁾		21.19	%		9.53	%		9.63	%		11.63	%

Hennessy Small Cap Financial Fund*	One Year			Three Years			Five Years			Ten Years
Institutional Class Share - HISFX		-12.52	%		19.01	%		2.21	%		6.00	%
Investor Class Share - HSFNX		-12.85	%		18.53	%		185.00	%		5.61	%
Russell 2000^® Index Financials ⁽¹⁸⁾		-3.89	%		10.55	%		0.51	%		6.06	%
Russell 2000^® Index ⁽¹⁾		8.93	%		7.16	%		2.40	%		6.65	%

Hennessy Total Return Fund	One Year			Three Years			Five Years			Ten Years
Investor Class Share - HDOGX		11.86	%		6.81	%		3.04	%		5.52	%
75/25 Blended DJIA/Treasury Index ⁽⁸⁾		15.66	%		7.14	%		6.10	%		8.53	%
Dow Jones Industrial Average ⁽⁹⁾		19.18	%		8.62	%		7.14	%		10.79	%

Hennessy Balanced Fund	One Year			Three Years			Five Years			Ten Years
Investor Class Share - HBFBX		6.91	%		4.16	%		2.01	%		3.59	%
50/50 Blended DJIA/Treasury Index ⁽¹⁰⁾		11.66	%		4.94	%		4.73	%		6.10	%
Dow Jones Industrial Average ⁽⁹⁾		19.18	%		8.62	%		7.14	%		10.79	%

Hennessy Japan Fund	One Year			Three Years			Five Years			Ten Years
Institutional Class Share - HJPIX		24.49	%		-5.06	%		-0.45	%		6.90	%
Investor Class Share - HJPNX		24.04	%		-5.41	%		-0.84	%		6.52	%
Russell/Nomura Total Market^TM Index ⁽¹⁴⁾		25.77	%		2.93	%		2.05	%		4.93	%
Tokyo Stock Price Index (TOPIX) ⁽¹⁵⁾		25.90	%		2.82	%		1.92	%		4.83	%

Hennessy Japan Small Cap Fund	One Year			Three Years			Five Years			Ten Years
Institutional Class Share - HJSIX**		15.51	%		-0.59	%		-0.04	%		7.82	%
Investor Class Share - HJPSX		15.16	%		-0.98	%		-0.43	%		7.50	%
Russell/Nomura Small Cap^TM Index ⁽¹⁶⁾		18.86	%		-0.80	%		-1.20	%		4.51	%
Tokyo Stock Price Index (TOPIX) ⁽¹⁵⁾		25.90	%		2.82	%		1.92	%		4.83	%

Hennessy Technology Fund*	One Year			Three Years			Five Years			Ten Years
Institutional Class Share - HTCIX**		30.01	%		8.10	%		9.15	%		10.26	%
Investor Class Share - HTECX		29.71	%		7.84	%		8.88	%		9.95	%
NASDAQ Composite Index ⁽¹⁹⁾		26.11	%		6.60	%		11.41	%		14.52	%
S&P 500^® Index ⁽²⁾		21.62	%		10.15	%		9.92	%		11.91	%

Hennessy Stance ESG ETF*	One Year			Three Years		Five Years		Since Inception (3/15/21)
STNC - Net Asset Value		8.41	%		-		-		0.71	%
STNC - Market Price		8.35	%		-		-		0.73	%
S&P 500® Index ⁽²⁾		21.62	%		-		-		4.70	%

*	Performance information from prior to the date that we acquired the assets related to the management of the fund is included because the previous investment manager managed the fund using a similar investment strategy.
**	Performance shown for periods prior to the inception of Institutional Class shares represents the performance of Investor Class shares of the fund and includes expenses that are not applicable to, and are higher than, those of Institutional Class shares.
(1)	The Russell 2000® Index comprises the smallest 2,000 companies in the Russell 3000® Index based on market capitalization and current index membership, representing approximately 7% of the total market capitalization of the Russell 3000® Index.

	Fiscal Years Ended September 30,
	2023			2022			2021
	(In thousands)
Beginning assets under management	$	2,895,717		$	4,065,922		$	3,564,597
Acquisition inflows		43,088			-			-
Organic inflows		598,119			656,491			818,358
Redemptions		(915,397	)		(1,147,888	)		(1,345,371	)
Market appreciation (depreciation)		410,515			(678,808	)		1,028,338
Ending assets under management	$	3,032,042		$	2,895,717		$	4,065,922

Hennessy Fund	Investment Advisory Fee
(All Class Shares)	(as a % of fund assets)
Hennessy Cornerstone Growth Fund		0.74%
Hennessy Focus Fund		0.90%
Hennessy Cornerstone Mid Cap 30 Fund		0.74%
Hennessy Cornerstone Large Growth Fund		0.74%
Hennessy Cornerstone Value Fund		0.74%
Hennessy Total Return Fund		0.60%
Hennessy Equity and Income Fund		0.80%
Hennessy Balanced Fund		0.60%
Hennessy Energy Transition Fund		1.25%
Hennessy Midstream Fund		1.10%
Hennessy Gas Utility Fund		0.40%
Hennessy Japan Fund		0.80%
Hennessy Japan Small Cap Fund		0.80%
Hennessy Large Cap Financial Fund		0.90%
Hennessy Small Cap Financial Fund		0.90%
Hennessy Technology Fund		0.74%
Hennessy Stance ESG ETF		0.95%

Hennessy Fund		Sub-Advisory Fee
(All Class Shares)	Sub-Advisor	(As a % of Fund Assets)
Hennessy Focus Fund	Broad Run Investment Management, LLC		0.29%
Hennessy Equity and Income Fund	FCI Advisors (fixed income allocation)		0.27%
	The London Company of Virginia, LLC (equity allocation)		0.33%
Hennessy Japan Fund	SPARX Asset Management Co., Ltd.	$0-$500 million:	0.35%
		Above $500 million-$1 billion:	0.40%
		Above $1 billion:	0.42%
Hennessy Japan Small Cap Fund	SPARX Asset Management Co., Ltd.	$0-$500 million:	0.35%
		Above $500 million-$1 billion:	0.40%
		Above $1 billion:	0.42%
Hennessy Stance ESG ETF	Stance Capital, LLC (portfolio composition sub-advisor)	$0-$125 million:	0.40%
		Above $125-$250 million:	0.37%
		Above $250 million:	0.35%
	Vident Advisory, LLC* (trading sub-advisor)	$0-$250 million:	0.05%
		Above $250-$500 million:	0.05%
		Above $500 million:	0.04%

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
July 1-31, 2023		-	$	-		-		596,368
August 1-31, 2023 ⁽²⁾		7,849		6.89		-		1,096,368
September 1-30, 2023 ⁽²⁾		26,343		6.79		-		1,096,368
Total		34,192	$	6.81		-		1,096,368

Fiscal Year Ended September 30, 2023
Fund Name		Amount
Hennessy Cornerstone Mid Cap 30 Fund		$ 169 million
Hennessy Japan Small Cap Fund		$ 18 million
Hennessy Midstream Fund		$ 1 million

Report of Independent Registered Public Accounting Firm	41
Balance Sheets	43
Statements of Income	44
Statements of Changes in Stockholders’ Equity	45
Statements of Cash Flows	46
Notes to Financial Statements	47

	*September 30,*
	*2023*		*2022*
Assets
Current assets
Cash and cash equivalents	$	60,476	$	58,487
Investments in marketable securities, at fair value		10		9
Investment fee income receivable		2,046		2,051
Interest income receivable		253		100
Prepaid expenses		669		753
Other accounts receivable		247		257
Total current assets		63,701		61,657
Property and equipment, net of accumulated depreciation of $2,287 and $2,057, respectively		305		320
Operating lease right-of-use asset		295		651
Management contracts		81,262		80,868
Other assets		156		156
Total assets	$	145,719	$	143,652
Liabilities and Stockholders' Equity
Current liabilities
Accrued liabilities and accounts payable	$	3,165	$	3,320
Accrued management contract payment		-		210
Operating lease liability		279		367
Income taxes payable		748		820
Total current liabilities		4,192		4,717
Notes payable, net of issuance costs		39,164		38,870
Long-term operating lease liability		-		279
Net deferred income tax liability		14,611		13,488
Total liabilities		57,967		57,354
Commitments and contingencies (Note 10)
Stockholders' equity
Common stock, no par value, 22,500,000 shares authorized; 7,671,099 shares issued and outstanding as of September 30, 2023, and 7,571,741 as of September 30, 2022		21,800		20,951
Retained earnings		65,952		65,347
Total stockholders' equity		87,752		86,298
Total liabilities and stockholders' equity	$	145,719	$	143,652

	*Fiscal Years Ended September 30,*
	*2023*			*2022*
Revenue
Investment advisory fees	$	22,090		$	27,468
Shareholder service fees		1,930			2,199
Total revenue		24,020			29,667
Operating expenses
Compensation and benefits		7,732			8,322
General and administrative		5,479			5,036
Fund distribution and other		486			536
Sub-advisory fees		3,759			5,727
Depreciation		230			207
Total operating expenses		17,686			19,828
Net operating income		6,334			9,839
Interest expense		2,256			2,122
Interest income		(2,522	)		(229	)
Income before income tax expense		6,600			7,946
Income tax expense		1,829			1,756
Net income	$	4,771		$	6,190
Earnings per share
Basic	$	0.63		$	0.83
Diluted	$	0.63		$	0.82
Weighted average shares outstanding
Basic		7,580,120			7,483,342
Diluted		7,603,676			7,558,008
Cash dividends declared per share	$	0.55		$	0.55

	*Common Stock*						*Retained*			*Total Stockholders'*
	*Shares*			*Amount*			*Earnings*			*Equity*
Balance at September 30, 2021		7,469,584		$	19,964		$	63,298		$	83,262
Net income		-			-			6,190			6,190
Dividends paid		-			-			(4,113	)		(4,113	)
Employee and director restricted stock vested		132,263			-			-			-
Repurchase of vested employee restricted stock for tax withholding		(37,718	)		(328	)		(28	)		(356	)
Shares issued for auto-investments pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan		471			5			-			5
Shares issued for dividend reinvestment pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan		7,141			74			-			74
Stock-based compensation		-			1,252			-			1,252
Employee restricted stock forfeiture		-			(16	)		-			(16	)
Balance at September 30, 2022		7,571,741		$	20,951		$	65,347		$	86,298
Net income		-			-			4,771			4,771
Dividends paid		-			-			(4,166	)		(4,166	)
Employee and director restricted stock vested		124,015			-			-			-
Repurchase of vested employee restricted stock for tax withholding		(34,192	)		(233	)		-			(233	)
Shares issued for auto-investments pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan		1,206			9			-			9
Shares issued for dividend reinvestment pursuant to the 2021 Dividend Reinvestment and Stock Purchase Plan		8,329			64			-			64
Stock-based compensation		-			1,026			-			1,026
Employee restricted stock forfeiture		-			(17	)		-			(17	)
Balance at September 30, 2023		7,671,099		$	21,800		$	65,952		$	87,752

Year	*Number of State Tax Jurisdictions*
2023		22
2022		22
2021		22
2020		22
2019		19

	*September 30, 2023*
	(In thousands, except years)
Unrecognized compensation expense related to RSUs	$	2,386
Weighted average remaining period to expense for RSUs (in years)		3.1

	*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

	*September 30, 2022*
	*Level 1*		*Level 2*		*Level 3*		*Total*
	(In thousands)
Money market fund deposits	$	54,225	$	-	$	-	$	54,225
Mutual fund investments		9		-		-		9
Total	$	54,234	$	-	$	-	$	54,234
Amounts included in
Cash and cash equivalents	$	54,225	$	-	$	-	$	54,225
Investments in marketable securities		9		-		-		9
Total	$	54,234	$	-	$	-	$	54,234

	*Cost*		*Gross Unrealized Gains*		*Gross Unrealized Losses*			*Total*
	(In thousands)
2023
Mutual fund investments	$	4	$	26	$	(20	)	$	10
Total		4		26		(20	)		10
2022
Mutual fund investments	$	4	$	24	$	(19	)	$	9
Total		4		24		(19	)		9

	*September 30, 2023*
	(In thousands, except years and percentages)
Operating lease right-of-use assets	$	295
Current operating lease liability	$	279
Long-term operating lease liability	$	-
Weighted average remaining lease term		0.8
Weighted average discount rate		0.90	%

	*September 30, 2023*
	(In thousands)
Fiscal year 2024 undiscounted cash flows		286
Present value discount		(7	)
Total operating lease liabilities	$	279

	September 30, 2023
Plan Category	Number of Securities to Be Issued upon Exercise of Outstanding Options, Warrants, and Rights		Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights		Number of Securities Remaining for Issuance Under Compensation Plans (2)

Equity compensation plans approved by security holders ⁽¹⁾		349,613		-		1,175,032
Equity compensation plans not approved by security holders		-		-		-
Total		349,613		-		1,175,032