Note 5 - Securities Owned and Securities Sold, But Not Yet Purchased at Fair Value

9 Months Ended

Jun. 30, 2015

Investment Holdings [Abstract]

Investment Holdings [Text Block]

NOTE 5. 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, not yet purchased by such entities, as of June 30, 2015 and September 30, 2014:

Fair Value Measurements

As of June 30, 2015
Securities owned at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	63,000		-		-	$	63,000
Municipal bonds		1,183,000		-		-		1,183,000
Restricted stock and warrants		-		248,000		-		248,000
	$	1,246,000	$	248,000	$	-	$	1,494,000

Securities sold, not yet purchased at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	37,000	$	-	$	-	$	37,000
Municipal bonds		212,000		-		-		212,000
	$	249,000	$	-	$	-	$	249,000

As of September 30, 2014
Securities owned at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	256,000		-		-	$	256,000
Municipal bonds		696,000		-		-		696,000
Restricted stock and warrants		-		109,000		-		109,000
	$	952,000	$	109,000	$	-	$	1,061,000

Securities sold, but not yet purchased at fair value	Level 1		Level 2		Level 3		Total
Corporate stocks	$	55,000		-		-	$	55,000