Equity

3 Months Ended

Dec. 31, 2011

Equity

Stockholders' Equity Note Disclosure [Text Block]

NOTE 11 – COMMON STOCK, WARRANTS AND PREFERRED STOCK:

Stock Issued for Services

During the three months ended December 31, 2011 and 2010, zero and 36,300 shares of common stock, respectively, were issued to employees of the Company as incentive bonuses under the Company’s Amended 2005 Equity Incentive Plan. The common stock issued during the three months ended December 31, 2010 was valued at the closing price of the Company’s stock on the date of issue of $1.08 per share, for a total cost of $39,204 classified under salaries and benefits expense.  

Warrants

The following is a summary of the Company’s warrants outstanding:

	Warrants		Weighted Average Exercise Price
Outstanding at September 30, 2011	1,697,308	$	1.75
Issued	-		-
Exercised	-		-
Expired	(1,697,308)		1.75
Outstanding at December 31, 2011	-	$	-

The warrants outstanding at September 30, 2011 expired unexercised on November 15, 2011.

Preferred Stock

Timberline is authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value. The Board of Directors of Timberline is authorized to issue the preferred stock from time to time in series, and is further authorized to establish such series, to fix and determine the variations in the relative rights and preferences as between series, to fix voting rights, if any, for each series, and to allow for the conversion of preferred stock into common stock.