CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Sep. 30, 2015

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Schedule of balance sheet

BALANCE SHEETS

As of September 30, 2015 and 2014

	2015			2014
Assets
Current assets
Cash and cash equivalents	$	564,044		$	1,493,613
Other receivables		1,417			170,889
Deferred tax asset		3,583,128			3,305,800
Prepaid expenses and other		2,044,502			1,436,833
Total current assets		6,193,091			6,407,135
Property, plant and equipment, at cost		227,894			227,894
less accumulated depreciation		(213,061	)		(211,621	)
		14,833			16,273
Due from affiliates		6,852,724			6,146,489
Investment in subsidiaries		19,519,637			16,575,490
Total assets	$	32,580,285		$	29,145,387
Liabilities and shareholders’ equity
Current liabilities
Current maturities of long-term debt	$	2,037,840		$	1,923,623
Lines of credit and short term borrowings		4,516,235			760,132
Accounts payable		86,219			85,679
Accrued expenses and other current liabilities		325,084			335,897
Total current liabilities		6,965,378			3,105,331
Long-term debt, less current maturities		5,321,266			7,318,345
Deferred income taxes payable		7,005			266,605
Total liabilities		12,293,649			10,690,281
Shareholders’ equity
Preferred stock, $.0001 par value Authorized 1,000,000 shares,206 issued at September 30, 2015 and 2014		-			-
Common stock, $.0001 par value Authorized 50,000,000 shares 14,839,836 issued and 14,239,836 outstanding at September 30, 2015 and 2014		1,484			1,484
Treasury stock, 600,000 shares at September 30, 2015 and 2014		(60	)		(60	)
Additional paid in capital		61,289,260			61,289,260
Retained earnings (deficit)		(41,004,048	)		(42,835,578	)
Total shareholders' equity		20,286,636			18,455,106
Total liabilities and shareholders' equity	$	32,580,285		$	29,145,387

Schedule of statement of income

STATEMENTS OF INCOME

For the years ended September 30, 2015 and 2014

	2015			2014
General and administrative expenses	$	1,302,892		$	1,764,184
Net loss from operations before taxes		(1,302,892	)		(1,764,184	)
Other nonoperating expense		(1,479	)		(4,382	)
Interest income		1,278			-
Interest expense		(640,472	)		(674,232	)
Interest allocation to subsidiaries		603,020			498,844
Net loss before tax		(1,340,545	)		(1,943,954	)
Income tax benefit		(536,928	)		(530,210	)
Net loss from parent		(803,617	)		(1,413,744	)
Equity in undistributed income income of subsidiaries		2,944,147			5,061,941
Dividends on preferred stock		(309,000	)		(386,250	)
Net income available to common shareholders	$	1,831,530		$	3,261,947
Weighted average shares outstanding- basic		14,239,836			14,392,194
Weighted average shares-diluted		17,673,169			17,802,443
Net earnings per share-basic available to common shareholders	$	0.129		$	0.227
Net earnings per share-diluted available to common shareholders	$	0.104		$	0.183

Schedule of consolidated statement of cash flow

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the years ended September 30, 2015 and 2014

	2015			2014
Cash flows form operating activities:
Net income available to common shareholders	$	1,831,530		$	3,261,947
Adjustments to reconcile net income to net cash provided by operating activities
Provision for current tax benefit		(275,751	)		(779,557	)
Provision for deferred income tax expense		(261,177	)		249,347
Depreciation expense		1,440			8,223
Equity in undistributed income of subsidiaries		(2,944,147	)		(5,061,941	)
Advances from subsidiaries		(706,235	)		4,651,119
Changes in:
(Increase) decrease in prepaid expenses		(607,669	)		356,585
(Increase) decrease in other receivable		169,472			(169,472	)
Increase (decrease) in accounts payable		540			(144,133	)
Decrease in accrued expenses and other current liabilities		(10,813	)		(48,669	)
Net cash provided by (used in) operating activities		(2,802,810	)		2,323,449
Cash flows from investing activities:
Investment in property & equipment		-			(7,250	)
Net cash used in investing activities		-			(7,250	)
Cash flows from financing activities:
Borrowings on lines of credit and short-term debt, net of (repayments)		3,756,103			(9,372,535	)
Principal payments on long term debt		(3,045,741	)		(5,615,064	)
Proceeds from private placement of preferred stock		-			249,998
Par value of common stock issued to preferred shareholders		-			3
Treasury stock purchased by company		-			(30	)
Proceeds from long term debt		1,162,879			10,457,965
Net cash provided by (used in) financing activities		1,873,241			(4,279,663	)
Decrease in cash and cash equivalents		(929,569	)		(1,963,464	)
Cash beginning of period		1,493,613			3,457,077
Cash end of period	$	564,044		$	1,493,613
Supplemental disclosures of cash flows information:
Cash paid during the year for:
Income taxes	$	243,998		$	270,000
Interest	$	640,472		$	746,382
Insurance premiums financed	$	2,349,760		$	2,268,510
Dividends on preferred stock	$	309,000		$	386,250