DISCONTINUED OPERATIONS

3 Months Ended

Dec. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

5. DISCONTINUED OPERATIONS

Due to organizational changes and operating losses incurred in fiscal year 2012, the Company decided to discontinue the operations of its wholly owned subsidiary S.T. On May 14, 2013, the Company liquidated the operations of S.T. and realized $1.9 million from the sale.

The operating results for S.T. for the three months ended December 31, 2015 and 2014 are as follows:

	Three Months Ended		Three Months Ended
	December 31,		December 31,
	2015		2014
Revenue	$	-	$	-
Cost of revenues		-		-
Gross profit		-		-
Selling and administrative expenses		-		-
Income from discontinued operations		-		-
Other income (expense)
Other nonoperating income (expense)		-		-
Gain (loss) on sale of equipment		-		-
		-		-
Income before income taxes		-		-
Income tax benefit		-		(36,842	)
Net income from discontinued operations	$	-	$	36,842

The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company’s consolidated balance sheets at December 31, 2015 and at September 30, 2015.

	December 31,		September 30,
	2015		2015
Cash	$	10,839	$	18,541
Deferred tax asset		1,716,589		1,720,783
Assets of discontinued operations-current		1,727,428		1,739,324
Property, plant, and equipment, net		-		-
Total assets of discontinued operations		1,727,428		1,739,324
Accounts payable		-		80,345
Accrued expenses and other current liabilities		24,513		21,064
Liabilities of discontinued operations-current		24,513		101,409
Liabilities of discontinued operations-long term		-		-
Total liabilities of discontinued operations		24,513		101,409
Net assets	$	1,702,915	$	1,637,915