Annual report pursuant to Section 13 and 15(d)

SUMMARY OF SIGNIFICANT POLICIES (Tables)

v3.3.1.900
SUMMARY OF SIGNIFICANT POLICIES (Tables)
12 Months Ended
Sep. 30, 2015
Accounting Policies [Abstract]  
Property, Plant And Equipment Estimated Useful Lives [Table Text Block]
Property and equipment are stated at the lower of cost or fair value. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets, as follows:
 
 
 
Estimated Life
Machinery and equipment
 
6-8 years
Vehicles and trailers
 
7-10 years
Computer equipment and software
 
2-5 years
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
The following table sets forth the computation of basic and diluted earnings (loss) per common share from continuing operations:
 
 
 
For the Years  Ended
 
 
 
September 30,
 
 
 
2015
 
2014
 
Numerator:
 
 
 
 
 
 
 
Net (loss) income
 
$
(3,554,914)
 
$
515,518
 
Preferred stock dividends
 
 
(79,561)
 
 
(79,561)
 
Net (loss) income attributable to common shareholders
 
$
(3,634,475)
 
$
435,957
 
Denominator:
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
 
 
42,544,443
 
 
39,987,080
 
 
 
 
 
 
 
 
 
Effect of dilutive securities:
 
 
 
 
 
 
 
Convertible preferred stock, Series A
 
 
-
 
 
667,169
 
Convertible preferred stock, Series A-1
 
 
-
 
 
393,645
 
Convertible debt
 
 
-
 
 
200,000
 
Total dilutive shares
 
 
-
 
 
1,260,814
 
Weighted average number of common shares outstanding - diluted
 
 
42,544,443
 
 
41,247,894
 
(Loss) Earnings per share:
 
 
 
 
 
 
 
Basic
 
$
(0.09)
 
$
0.01
 
Diluted
 
$
(0.09)
 
$
0.01
 
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]
The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive:
 
 
 
September 30,
 
 
 
2015
 
2014
 
Convertible preferred stock, Series A
 
 
667,169
 
 
-
 
Convertible preferred stock, Series A-1
 
 
393,645
 
 
-
 
Convertible preferred stock, Series D [1]
 
 
732,303,600
 
 
677,592,400
 
Rights to purchase Series D[2]
 
 
-
 
 
34,080,000
 
Common stock warrants
 
 
744,999
 
 
2,918,254
 
Preferred stock warrants
 
 
39,396,800
 
 
 
 
Convertible debt
 
 
200,000
 
 
-
 
Total potentially dilutive shares
 
 
773,706,213
 
 
714,590,654
 
 
[1] The Series D preferred shares are mandatorily convertible at a rate of 400 shares of common stock for each share of preferred stock upon (a) a sufficient increase in the authorized common shares; and (b) a reverse split of the common shares.
 
[2] Represents rights for the purchase of shares of the Company’s Series D convertible preferred stock, held by 5G pursuant to the Purchase Agreement. See Note 1 – Description of Business and History - Assignment & Purchase Agreement.