Note 6 - Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value

9 Months Ended

Jun. 30, 2014

Investment Holdings [Abstract]

Investment Holdings [Text Block]

NOTE 6. SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE

Accounting guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, it requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:

Level 1:	Observable inputs such as quoted market prices in active markets for identical assets or liabilities
Level 2:	Observable market-based inputs or unobservable inputs that are corroborated by market data
Level 3:	Unobservable inputs for which there is little or no market data, which require the use of the reporting  entity’s own assumptions.

The following tables show the fair values of securities owned by the Broker-Dealer Subsidiaries, and securities sold but not yet purchased by such entities, as of June 30, 2014 and September 30, 2013:

Fair Value Measurements

As of June 30, 2014
Securities owned at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	216,000		-		-	$	216,000
Mutual funds		62,000		-		-		62,000
Fixed income securities		657,000		138,000		-		795,000
Restricted stock and warrants		-		94,000		-		94,000
	$	935,000	$	232,000	$	-	$	1,167,000

Securities sold, but not yet purchased at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	227,000		-		-	$	227,000
	$	227,000	$	-	$	-	$	227,000

As of September 30, 2013
Securities owned at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	428,000		-		-	$	428,000
Restricted stock and warrants		-		39,000		-		39,000
	$	428,000	$	39,000	$	-	$	467,000

Securities sold, but not yet purchased at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	15,000		-		-	$	15,000
	$	15,000	$	-	$	-	$	15,000