Note 9 - Investment In Unconsolidated Joint Venture

12 Months Ended

Sep. 30, 2011

Investments and Other Noncurrent Assets [Text Block]

NOTE 9. INVESTMENT IN UNCONSOLIDATED JOINT VENTURE

During January 2011, the Company finalized its joint venture with Opus Point Partners, LLC (“Opus”), one of the Company’s significant stockholders.  The Company received a 50% interest in the joint venture in consideration of an initial capital contribution of $1 million.  The Company is in its early stage of implementing the joint venture agreement and expects that it will formalize its structure and operations within the next few months.  The joint venture will initially provide investment banking services focused on the global life science sector.  The joint venture may be terminated at will by both parties.

During June 2011, the Company made a cash contribution of $501,000 in the joint venture.  The joint venture has not earned revenues or incurred expenses since inception.

Summarized information from the balance sheet and statement of operations for Opus as of September 30, 2011 and from of the date of inception (January 2011) through September 30, 2011 were as follows:

	2011
Balance sheet
Current Assets	$	1,051,000
Non-current assets		-
Current liabilities		-
Non-current liabilities		-
Statement of Operations
Revenues		-
Income (loss) from operations		-
Net income (loss)		-

The Company owes capital contributions of $550,000 to the joint venture at September 30, 2011.  Such capital contributions payable are recognized as additional investment in unconsolidated joint venture and accounts payable at September 30, 2011.