Transition report pursuant to Rule 13a-10 or 15d-10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

v3.3.1.900
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
3 Months Ended
Dec. 31, 2015
Accounting Policies [Abstract]  
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 Three Months Ended
 
 
 
December 31,
 
 
 
2015
 
2014
 
Numerator:
 
 
 
 
 
 
 
Net income
 
$
546,171
 
$
219,654
 
Preferred stock dividends
 
 
(19,890)
 
 
(19,890)
 
Net income attributable to common shareholders
 
$
526,281
 
$
199,764
 
Denominator:
 
 
 
 
 
 
 
Weighted average number of common shares outstanding - basic
 
 
45,765,382
 
 
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
 
Convertible preferred stock, Series D
 
 
2,131,839
 
 
-
 
Convertible preferred stock, Series F
 
 
6,372,623
 
 
-
 
Total dilutive shares
 
 
8,504,462
 
 
1,260,814
 
Weighted average number of common shares outstanding - diluted
 
 
54,269,845
 
 
41,247,894
 
Earnings per share:
 
 
 
 
 
 
 
Basic
 
$
.01
 
$
-
 
Diluted
 
$
.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 they are not currently convertible, or because their inclusion would have been anti-dilutive:
 
 
For the Three Months Ended
 
 
December 31,
 
 
 
2015
 
2014
 
Convertible preferred stock, Series A
 
 
667,169
 
 
667,169
 
Convertible preferred stock, Series A-1
 
 
393,645
 
 
393,645
 
Convertible preferred stock, Series D [1]
 
 
797,680,000
 
 
755,948,000
 
Convertible preferred stock, Series F [1]
 
 
366,984,400
 
 
-
 
Warrants
 
 
437,336
 
 
797,359
 
Convertible debt
 
 
200,000
 
 
200,000
 
Total potentially dilutive shares
 
 
1,166,362,549
 
 
758,006,173
 
  
 
[1]
The Series D and Series F preferred shares are convertible at a rate of 400 pre-split shares of common stock for each share of preferred stock but not until the Company has effected a sufficient increase in the authorized common shares.