Earnings Per Share

3 Months Ended

Dec. 31, 2012

Earnings Per Share

Earnings Per Share [Text Block]

NOTE 9 - COMMON STOCK 

Three months ended December 31, 2012

There was no issuance of common stock in the three months ended December 31, 2012.

Fiscal Year End September 30, 2012

Per the terms of the convertible debentures (Note 7), holders of the debentures have the option to receive shares of common stock issued in lieu of cash for accrued interest at 10% per annum through the date of conversion.  The table below details common shares issued for conversion of debentures and accrued interest during the year ended September 30, 2012:

	Date		Debt Converted	Conversion price per share	Shares Issued		Accrued Interest	Fair Market Value per share	Shares Issued
October 4, 2011		$	-	-	-	$	5,835	$0.07	82,660
October 20, 2011			60,000	$0.12	500,000		607	$0.07	9,141
November 29, 2011			55,000	$0.12	458,333		932	$0.08	12,183
February 16, 2012			-	-	-		25,643	$0.07	469,446
April 16, 2012			-	-	-		20,292	$0.05	400,545
July 11, 2012			-		-		20,292	$0.04	507,292
TOTAL		$	115,000		958,333	$	73,601		1,481,267

On December 8, 2011, the Company issued 83,333 shares of common stock as a charitable contribution. These shares were valued at $0.06 per share, representing the fair value at date of issuance.