Note 7 - Securities Owned and Securities Sold, But Not Yet Purchased, at Fair Value

9 Months Ended

12 Months Ended

Jun. 30, 2016

Sep. 30, 2015

Notes to Financial Statements

Investment Holdings [Text Block]

NOTE 5. 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

NOTE

7. SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED, AT

FAIR VALUE

Classification of securities are as follows:

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		—		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

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		—		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

Certain positions in common stock were received as compensation for investment banking services. Restricted common stock may be freely traded only upon the effectiveness of a registration statement covering them or upon the satisfaction of the requirements of Rule 144, including the requisite holding period.