SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE

9 Months Ended

Jun. 30, 2016

Schedule of Investments [Abstract]

SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE

SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE

Classification of securities are as follows:

Fair Value Measurements

As of June 30, 2016
Securities owned at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	82,000	—		—		$	82,000
Municipal bonds	1,259,000		—		—		1,259,000
Restricted stock and warrants	—		181,000		—		181,000
	$	1,341,000	$	181,000	$	—	$	1,522,000

As of September 30, 2015
Securities owned at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	44,000	—		—		$	44,000
Municipal bonds	638,000		—		—		638,000
Restricted stock and warrants	—		205,000		—		205,000
	$	682,000	$	205,000	$	—	$	887,000

Securities sold, but not yet purchased at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	32,000	$	—	$	—	$	32,000