10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-K

☑	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the fiscal year ended September 30, 2013

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from                          to

Commission File Number 000-09358

BULOVA TECHNOLOGIES GROUP, INC

(Exact name of registrant as specified in its charter)

Florida	83-0245581
(State or other jurisdiction of	(IRS Employer
incorporation or organization)	Identification No.)

2409 N Falkenburg Road
Tampa, Florida 33619
(Address of principal executive offices) (Zip Code)

(727) 536-6666
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Securities registered pursuant to Section 12(g) of the Act:

Common Stock, $.001 par value

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes  ☐  No  ☑

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes  ☐  No  ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  ☑  No  ☐

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  ☑

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  ☐ Accelerated filer  ☐
Non-accelerated filer  ☐
(Do not check if a smaller reporting company) Smaller reporting company  ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ☐  No  ☑

As of January 6, 2014, the aggregate market value of the voting stock held by non-affiliates of the Company was $146,190 which excludes voting stock held by directors, executive officers and holders of 5 percent or more of the voting power of the Company’s common stock (without conceding that such persons are “affiliates” of the Company for purposes of federal securities laws). The Company has no outstanding non-voting common equity.

As of January 6, 2014, the Company had 22,126,316 shares of Common Stock issued and outstanding and 4,000,000,000 shares of Preferred Stock issued and outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

There are no documents incorporated by reference

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BULOVA TECHNOLOGIES GROUP, INC.
FORM 10-K
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2013

TABLE OF CONTENTS

		Page
PART I
Item 1.	Business	4
Item 2.	Properties	7
Item 3.	Legal Proceedings	7
Item 4.	Mine Safety Disclosures	8
PART II
Item 5.	Market for Registrant’s Common Equity and Related Stockholder Matters	8
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	8
Item 8.	Consolidated Financial Statements	11
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	32
Item 9A.	Controls and Procedures	32
PART III
Item 10.	Directors, Executive Officers and Corporate Governance of the Registrant	32
Item 11.	Executive Compensation	33
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	35
Item 13.	Certain Relationships and Related Transactions and Director Independence	36
Item 14.	Principal Accountant Fees and Services	36
PART IV
Item 15.	Exhibits and Financial Statement Schedules	37
	Signatures	38
EX-31.1 Rule 13a-14(a) Certification of President and Principal Executive Officer
EX-31.2 Rule 13a-14(a) Certification of Treasurer and Principal Financial Officer
EX-32.1 Certification of President and Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
EX-32.2 Certification of Treasurer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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PART I

FORWARD LOOKING STATEMENTS

Certain portions of this report, and particularly the Management’s Discussion and Analysis of Financial Condition and Results of Operations, and the Notes to Consolidated Financial Statements, contain forward-looking statements which represent the Company’s expectations or beliefs concerning future events. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements,

Item 1 .  Business

Bulova Technologies Group, Inc. ("BLVT" or the "Company") was originally incorporated in Wyoming in 1979 as “Tyrex Oil Company”. During 2007, the Company divested itself of all assets and previous operations. During 2008, the Company filed for domestication to the State of Florida, and changed its name to Bulova Technologies Group, Inc. and changed its fiscal year from June 30 to September 30. On January 1, 2009 the Company acquired the stock of 3Si Holdings, Inc. (“3Si”) a private company that was under common control and began operations in Florida. The Company operates as a government contractor and seller of machine tools and related equipment in the United States. Headquarter facilities are in Tampa, Florida and its operating facilities were located in Mayo, Florida until the sale of substantially all of the assets of Bulova Technologies Ordnance Systems LLC in October 2012, which included the facilities in Mayo. Commencing in July 2013, the Company opened offices in Branchburg, New Jersey and Sanford, Florida to facilitate its new commercial operations through Bulova Technologies Machinery LLC

BT Manufacturing Company LLC – prior to discontinuance, its operations were located in Melbourne, Florida in a 35,000 square foot facility where it assembled a wide range of printed circuit board products. In June 2010, the Company determined to dispose of BT Manufacturing Company LLC, and as such has accounted for this business segment as a discontinued operation. Final settlement and disposition of this segment was accomplished during the quarter ended March 31, 2011. Final settlement of a note payable occurred when all of the assets of Ordnance were sold in October 2012.

Bulova Technologies Ordnance Systems LLC. – located on 261 acres in Mayo, Florida is a load, assembly, and pack facility specializing in fuzes, safe and arming devices and explosive simulators. Bulova Technologies Ordnance Systems LLC is registered with the United States Department of State Directorate of Defense Trade Controls (DDTC). It produces a variety of pyrotechnic devices, ammunition and other energetic materials for the U. S. Government and other allied governments throughout the world. In October 2012, the Company sold substantially all of the assets of this subsidiary to an unrelated party.

Bulova Technologies (Europe) LLC – located in the Company’s corporate headquarters in Tampa, Florida, this subsidiary markets the Mortar Exchange program, which it helped develop, to facilitate the needs of NATO members and allied countries. This subsidiary is also looking to take advantage of the offset opportunities around the world through a joint venture, focusing, initially in the UAE and is administering non-standard ammo and non-standard weapons contracts through its blanket purchase agreements with the U.S. In addition, this subsidiary also markets and sells commercial ammunition acquired through various suppliers worldwide. It leases office space in Frankfurt, Germany to promote and facilitate all of these programs.

Bulova Technologies Machinery LLC – Formed in July of 2013, Bulova Technologies Machinery LLC represents the Company's entree into the machine tool business, and will import industrial machine tools and related equipment from recognized international sources and establish a Distributor/Dealer Network throughout the United States and Canada.

Segments

Commencing with the Company’s formation of Bulova Technologies Machinery LLC, the Company now operates in two business segments, government contracting and commercial sales.

Item 1A. Risk Factors

You should carefully consider the following risk factors and other information contained or incorporated by reference in this Form 10-K, including “Part II — Item 7 — Management’s Discussion and Analysis of Financial Condition and Results of Operations”. Any of these risks could materially adversely affect our business and our financial condition, results of operations and cash flows, which could in turn materially adversely affect the price of our common stock.

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Our contracts (revenue arrangements) with U.S. Government customers entail certain risks.

A decline in or a redirection of the U.S. defense budget could result in a material decrease in our sales, earnings and cash flows.

Our government contracts are primarily dependent upon the U.S. defense budget. We, as well as other defense contractors, have benefited from increased overall Department of Defense (DoD) spending over recent years, including supplemental appropriations for military operations in Iraq, Afghanistan and the Global War on Terror (GWOT). However, future DoD budgets could be negatively affected by several factors, including events we cannot foresee, U.S. Government budget deficits, current or future economic conditions, new administration priorities, U.S. national security strategies, a change in spending priorities, the cost of sustaining U.S. military and related security operations in Iraq and Afghanistan and other locales around the world where U.S. military support may be pivotal, and other related exigencies and contingencies. While we are unable to predict the impact and outcome of these uncertainties, the effect of changes in these DoD imperatives could cause the DoD budget to remain unchanged or to decline (or even to increase). A significant decline in or redirection of U.S. military expenditures in the future could result in a decrease to our sales, earnings and cash flows. The loss or significant reduction in government funding of a large program in which we participate could also result in a decrease in our future sales, earnings and cash flows. U.S. Government contracts are also conditioned upon continuing approval by Congress of the amount of necessary spending.

Congress usually appropriates funds for a given program on a September 30 fiscal year basis, even though contract periods of performance may extend over many years. Consequently, at the beginning of a major program, the contract is usually partially funded, and additional monies are normally committed to the contract by the procuring agency only as appropriations are made by Congress for future fiscal years. Given the potential for uncertainty in the DoD fiscal process, and given the dangerous and volatile global condition in which the U.S. is a primary stabilizing force, our approach to future business planning will include our best assessments and judgments on how to account for change and adapt to new conditions and circumstances.

We rely to a large degree upon sales to U.S. Government entities, and the loss of a significant number of our contracts would have a material adverse effect on our results of operations and cash flows.

Our sales are predominantly derived from contracts (revenue arrangements) with agencies of, and prime system contractors to, the U.S. Government. The loss of all or a substantial portion of our sales to the U.S. Government would have a material adverse effect on our results of operations and cash flows.

A substantial majority of our total sales are for products and services under contracts with various agencies and procurement offices of the DoD or with prime contractors to the DoD. Although these various agencies, procurement offices and prime contractors are subject to common budgetary pressures and other factors, our customers exercise independent purchasing decisions. Because of this concentration of contracts, if a significant number of our DoD contracts and subcontracts are simultaneously delayed or cancelled for budgetary, performance or other reasons, it would have a material adverse effect on our results of operations and cash flows.

In addition to contract cancellations and declines in agency budgets, our backlog and future financial

results may be adversely affected by:

• curtailment of the U.S. Government’s use of technology or other services and products providers, including curtailment due to government budget reductions and related fiscal matters;

• developments in Iraq, Afghanistan or other geopolitical developments that affect demand for our products and services;

• our ability to hire and retain personnel to meet increasing demand for our services; and

• technological developments that impact purchasing decisions or our competitive position.

Our government contracts contain unfavorable termination provisions and are subject to audit and modification. If a termination right is exercised by the government, it could have a material adverse effect on our business, financial condition and results of operations.

Companies engaged primarily in supplying defense-related equipment and services to U.S. Government agencies are subject to certain business risks peculiar to the defense industry. These risks include the ability of the U.S. Government to unilaterally:

• suspend us from receiving new contracts pending resolution of alleged violations of procurement laws or regulations;

• terminate existing contracts;

• reduce the value of existing contracts;

• audit our contract-related costs and fees, including allocated indirect costs; and

• control and potentially prohibit the export of our products.

All of our U.S. Government contracts can be terminated by the U.S. Government either for its convenience or if we default by failing to perform under the contract. Termination for convenience provisions provide only for our recovery of costs incurred or committed settlement expenses and profit on the work completed prior to termination. Termination for default provisions provide for the contractor to be liable for excess costs incurred by the U.S. Government in procuring undelivered items from another source. Our contracts with foreign governments generally contain similar provisions relating to termination at the convenience of the customer.

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U.S. Government agencies, including the Defense Contract Audit Agency and various agency Inspectors

General routinely audit and investigate costs and performance on contracts, as well as accounting and general business practices of contractors. Based on the results of such audits, the U.S. Government may adjust contract related costs and fees, including allocated indirect costs. In addition, under U.S. Government purchasing regulations, some costs, including most financing costs, portions of research and development costs, and certain marketing expenses may not be reimbursable under U.S. Government contracts.

We may not be able to win competitively awarded contracts or receive required licenses to export our products, which would have a material adverse effect on our business, financial condition, results of operations and future prospects.

Our government contracts are subject to competitive bidding. We obtain many of our U.S. Government contracts through a competitive bidding process. We may not be able to continue to win competitively awarded contracts. In addition, awarded contracts may not generate sales sufficient to result in our profitability. We are also subject to risks associated with the following:

• the frequent need to bid on programs in advance of the completion of their design, which may result in unforeseen technological difficulties and/or cost overruns;

• the substantial time, effort and experience required to prepare bids and proposals for competitively awarded contracts that may not be awarded to us;

• design complexity and rapid technological obsolescence; and

• the constant need for design improvement.

In addition to these U.S. Government contract risks, we are required to obtain licenses from U.S. Government agencies to export many of our products and systems. Additionally, we are not permitted to export some of our products to certain countries. Failure to receive required licenses would eliminate our ability to sell our products outside the United States.

We are subject to the risks of current and future legal proceedings, which could have a material adverse effect on our business, financial condition, results of operations and future prospects.

At any given time, we are a defendant in various material legal proceedings and litigation matters arising in the ordinary course of business, including litigation, claims and assessments that have been asserted against acquired businesses, which we have assumed. Although we maintain insurance policies, these policies may not be adequate to protect us from all material judgments and expenses related to potential future claims and these levels of insurance may not be available in the future at economical prices or at all. A significant judgment against us, arising out of any of our current or future legal proceedings and litigation, could have a material adverse effect on our business, financial condition, results of operations and future prospects.

Intense competition in the industries in which our businesses operate could limit our ability to attract and retain customers.

The market for defense applications is highly competitive. We expect that the DoD’s increased use of commercial off-the-shelf products and components in military equipment will continue to encourage new competitors to enter the market. We also expect that competition for original equipment manufacturing business will increase due to the continued emergence of merchant suppliers. Additionally, some of our competitors are larger than we are and have more financial and other resources than we have.

Our level of debt and our ability to make payments on or service our indebtedness may adversely affect our financial and operating activities or ability to incur additional debt.

Commencing with our January 1, 2009 acquisition of 3Si Holdings, Inc., we assumed certain amounts of indebtedness associated with the business operations acquired. Subsequently, we incurred additional debt with high interest rates that have hindered the Company financially. At September 30, 2013, we had approximately $2.9 million in aggregate principal amount of outstanding debt related to continuing operations.

In October 2012, we sold substantially all of the assets of Bulova Technologies Ordnance Systems LLC, and used the proceeds to substantially reduce our indebtedness. In the future, we may need to increase our borrowings, subject to limitations imposed on us by our debt agreements. Further discussion concerning the sale of these assets and any remaining scheduled maturities of our outstanding debt, is included in Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources.

Our ability to make scheduled payments of principal and interest on our indebtedness and to refinance our existing debt, including the scheduled maturities of our outstanding debt, depends on our future financial performance as well as our ability to access the capital markets, and the relative attractiveness of available financing terms. We do not have complete control over our future financial performance because it is subject to economic, political, financial (including credit market conditions), competitive, regulatory and other factors affecting the defense industry, as well as commercial industries in which we operate. It is possible that in the future our business may not generate sufficient cash flow from operations to allow us to service our debt and make necessary capital expenditures. If this situation occurs, we may have to reduce costs and expenses, sell assets, restructure debt or obtain additional equity capital. We may not be able to do so in a timely manner or upon acceptable terms in accordance with the restrictions contained in our debt agreements.

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Our level of indebtedness has important consequences to us. These consequences may include:

• requiring a substantial portion of our net cash flow from operations to be used to pay interest and principal on our debt and therefore be unavailable for other purposes, including acquisitions, capital expenditures, paying dividends to our shareholders, repurchasing shares of our common stock, research and development and other investments;

• limiting our ability to obtain additional financing for acquisitions, working capital, investments or other expenditures, which, in each case, may limit our ability to carry out our acquisition strategy;

• increasing interest expenses due to higher interest rates on our borrowings that have variable interest rates;

• heightening our vulnerability to downturns in our business or in the general economy and restricting us from making acquisitions, introducing new technologies and products or exploiting business opportunities; and

• impacting debt covenants that limit our ability to borrow additional funds, dispose of assets, or repurchase shares of our common stock. Failure to comply with such covenants could result in an event of default which, if not cured or waived, could result in the acceleration of our outstanding indebtedness.

Environmental laws and regulations may subject us to significant liability.

Our operations are subject to various U.S. federal, state and local laws and regulations relating to the discharge, storage, treatment, handling, disposal and remediation of certain materials, substances and wastes used in our operations.

New laws and regulations, stricter enforcement of existing laws and regulations, the discovery of previously unknown contamination or the imposition of new clean-up requirements may require us to incur a significant amount of additional costs in the future and could decrease the amount of free cash flow available to us for other purposes, including capital expenditures, research and development and other investments and could have a material adverse effect on our business, financial condition, results of operations and future prospects.

Termination of our backlog of orders could negatively impact our results of operations and cash flows.

We currently have a backlog of orders, primarily under contracts with the U.S. Government. As described above, the U.S. Government may unilaterally modify or terminate its contracts. Accordingly, most of our backlog could be modified or terminated by the U.S. Government, which would negatively impact our results of operations and cash flows.

Global economic recession, continued tightening of credit markets, and U.S. Government intervention in financial and other industries may adversely affect our results.

Domestic and foreign economies and equity and fixed income markets have recently experienced significant declines, and severely diminished liquidity and credit availability. These economic conditions are currently negatively impacting, and could continue to adversely affect, our sales to the commercial markets in which we operate, including our contract manufacturing business.

Additionally, while we are unable to predict the impact and outcome of these economic events and the U.S. Government’s intervention to shore up financial and other industries, these events could also negatively affect future U.S. defense budgets and spending and, consequently, our financial condition, results of operations and cash flows.

Item 1B. Unresolved Staff Comments

None.

Item 2. Property

At September 30, 2013 the Company operated corporate and administrative offices in a leased facility in Tampa, Florida, approximating 5,000 square feet. The Company also leases, on a month to month basis, an office in Frankfurt Germany to facilitate its European program.

Commencing in July of 2013, Bulova Technologies Machinery LLC, the Company’s newest formed subsidiary, leases approximately 6,000 square feet of office, showroom and warehouse space in Sanford, Florida, and approximately 10,000 square feet of office, showroom and warehouse space in Branchburg, New Jersey to facilitate commercial sales of its new industrial machine tool business.

At September 30, 2012, our former government manufacturing business was located on 261 acres owned by the Company in Mayo, Florida, where we operated a load, assembly, and pack facility specializing in fuzes, safe and arming devices and explosive simulators. There are more than 38 buildings on the property consisting of warehouses, storage, and manufacturing facilities. This property was sold in October 2012.

Item 3. Legal Proceedings

From time to time the Company may be a party to litigation matters involving claims against the Company.  Management believes that there are no current matters that would have a material effect on the Company’s financial position or results of operations.

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Item 4. Mine Safety Disclosures

Not applicable.

PART II

Item 5. Market for Registrant’s Common Equity and Related Stockholder Matters

Our Common Stock is traded on the “OTCQB” operated by the OTC Markets Group, Inc., under the trading symbol “BLVT”. The range of closing bid prices shown below is as reported by these markets. The quotations shown reflect inter-dealer prices, without retail mark-up, markdown or commission and may not necessarily represent actual transactions.

Quarter Ending	High		Low
December 31, 2011	$	0.0190	$	0.0030
March 31, 2012		0.0190		0.0026
June 30, 2012		0.0070		0.0006
September 30, 2012		0.0017		0.0002
December 31, 2012	$	0.0008	$	0.0001
March 31, 2013		0.0006		0.0001
June 30, 2013		0.0004		0.0001
September 30, 2013		0.0002		0.0001

The closing bid price of our Common Stock on January 6, 2014, was $.02

As of January 6, 2014, there were approximately 2,500 shareholders of record of our Common Stock, not including those persons who hold their shares in “street name”.

We have not paid any dividends on our Common Stock since our inception. We do not foresee that we will have the ability to pay a dividend on our Common Stock in the fiscal year ended September 30, 2014.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

FORWARD LOOKING STATEMENTS

Certain portions of this report, and particularly the Management’s Discussion and Analysis of Financial Condition and Results of Operations, and the Notes to Consolidated Financial Statements, contain forward-looking statements which represent the Company’s expectations or beliefs concerning future events. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements.

Overview:

Starting January 1, 2009, Bulova Technologies Group, Inc. had operations in two business segments. The Government Contracting segment is focused on the production and procurement of military articles for the US. Government and other Allied Governments throughout the world, and was accounted for through two of the Company’s wholly owned subsidiaries, Bulova Technologies Ordnance Systems LLC., and Bulova Technologies (Europe) LLC. The Contract Manufacturing segment produced cable assemblies, circuit boards as well as complete systems, and was accounted for through BT Manufacturing Company, LLC, another of its wholly owned subsidiaries. In June of 2010, because of continuing losses in the contract manufacturing business segment, the Company announced management’s decision to market BT Manufacturing Company LLC for sale. During the quarter ended March 31, 2011, the Company accomplished this disposition. For reporting purposes, the Company has identified the assets and liabilities of BT Manufacturing Company LLC as pertaining to discontinued operations and has segregated its operating results and presented them separately as a discontinued operation for all periods. Commencing in July of 2013, the Company entered into the industrial machine tool business by forming Bulova Technologies Machinery LLC, which represents a new business segment.

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Application of critical accounting policies:

Management’s Discussion and Analysis of our Financial Condition and Results of Operations is based on the Company’s unaudited Consolidated Financial Statements, which have been prepared in accordance with U.S. generally accepted accounting principles (GAAP). The preparation of financial statements in accordance with GAAP requires that we make estimates and assumptions that affect the reported amounts of assets and liabilities and corresponding disclosures at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we continue to evaluate our estimates which in large part are based on historical experience and on various assumptions that we believe to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily available from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Results of operations :

For the year ended September 30, 2013 compared to the year ended September 30, 2012.

Discontinued Operations

The only activity to reflect as results from our discontinued operations for the year ended September 30, 2013 is the final settlement of the note balance that carried over after the disposition of all of the assets of BT Manufacturing Company LLC. The Company negotiated a substantial discount of approximately $1.3 million in settling almost $2 million of guaranteed debt and accrued interest. The only activity for the year ended September 30, 2012 was the accrual of interest expense on this debt in the amount of $91,347.

Continuing Operations

Revenue for continuing operations for the year ended September 30, 2013 of $6,437,773 is an increase of $3,295,711 when compared to the revenue for the year ended September 30, 2011 of $3,142,062.

Cost of revenues for continuing operations for the year ended September 30, 2013 of $5,500,730 is an increase of $3,210,679 when compared to the cost of revenues for the year ended September 30, 2012 of $2,290,051.

Gross profit for continuing operations for the year ended September 30, 2013 of $937,043 is an increase of $85,032 when compared to the gross profit for the year ended September 30, 2012 of $852,011.

Selling and administrative expenses for continuing operations for the year ended September 30, 2013 of $2,350,265 is a decrease of $1,263,714 when compared to selling and administrative expense for the year ended September 30, 2012 of $3,613,979.

Stock based compensation for continuing operations for the year ended September 30, 2013 of $538,182 is a decrease of $1,727,757 when compared to stock based compensation for the year ended September 30, 2012 of $2,265,939.

Depreciation and amortization expense for continuing operations for the year ended September 30, 2013 of $613,658 is a decrease of $1,194,207 when compared to depreciation and amortization expense for the year ended September 30, 2012 of $1,807,865.

Interest expense for continuing operations for the year ended September 30, 2013 of $729,739 is a decrease of $214,822 when compared to interest expense for the year ended September 30, 2012 of $944,561.

The Company’s other income for the year ended September 30, 2013 of $13,201,570 represents an increase of $14,433,058 as compared to ($1,231,488) for the year ended September 30, 2012. This increase is comprised of two major events. The first is the net gain on the sale of substantially all of the assets of Bulova Technologies Ordnance Systems LLC in the amount of $7,257,719 which occurred on October 24, 2012. With the sale on October 24, 2012, the Company has determined effective January 1, 2013 to recognize $6,071,700 as a change in accounting estimate. This amount was derived through a percentage of completion accounting on a contract prior to it being terminated by the US Government. The Company has disputed this termination, and is pursuing a course to have the termination for default changed to a termination for convenience. Since the contracting entity in this matter is the subsidiary which sold substantially all of its assets, the Company has determined that the opportunity to perform under this contract is past, and is therefore changing the estimate of revenue to be recognized to take into income the full amount that had previously been reserved.

The Company’s net income from continuing operations for the year ended September 30, 2013 of $9,906,769 is an increase of $18,918,590 when compared to the net loss from continuing operations for the year ended September 30, 2012 of (9,011,821).

Liquidity and capital resources:

As of September 30, 2013, the Company’s sources of liquidity were new debt and loans from shareholders.

As of September 30, 2013, we had $89,812 in cash and cash equivalents.

Cash flows used in operating activities was $858,518 for the year ended September 30, 2013, and was all used by continuing operations.  

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Cash flows from investing activities were $9,729,567, and consisted primarily of the proceeds from the sale of assets for the year ended September 30, 2013.

Cash flows used in financing activities were $7,500,847 for the year ended September 30, 2013, and consisted primarily of the repayment of long term debt afforded by the sale of assets.

The Company’s ability to cover its operating and capital expenses, and make required debt service payments will depend primarily on its ability to generate operating cash flows.

The Company“s business may not generate cash flows at sufficient levels, and it is possible that currently anticipated contract awards may not be achieved.  If we are unable to generate sufficient cash flow from operations, we may be required to reduce costs and expenses, sell assets, reduce capital expenditures, refinance all or a portion of our existing debt as well as our operating needs, or obtain additional financing and we may not be able to do so on a timely basis, on satisfactory terms, or at all. Our ability to make scheduled principal payments on the small amount of debt remaining after the sale, or to pay interest on or to refinance our remaining indebtedness depends on our future performance and financial results, which, to a certain extent, are subject to general conditions in or affecting the U.S. defense industry and to general economic, political, financial, competitive, legislative and regulatory factors beyond our control.

While the Company believes that anticipated revenues resulting from additional contract awards accompanied by its efforts relative to its new commercial sales business segment will be sufficient to bring profitability and a positive cash flow to the Company, it is uncertain that these results can be achieved. Accordingly, the Company will, in all likelihood have to raise additional capital to operate. There can be no assurance that such capital will be available when needed, or that it will be available on satisfactory terms.

There are no off-balance sheet arrangements.

Our ability to utilize net operating loss carry forwards may be limited

As of September 30, 2013, the Company had net operating loss carry forwards (NOLs) of approximately 12.4 million for federal income tax purposes that will begin to expire between the years of 2020 and 2033. These NOLs may be used to offset future taxable income, to the extent we generate any taxable income, and thereby reduce or eliminate our future federal income taxes otherwise payable. Section 382 of the Internal Revenue Code imposes limitations on a corporation's ability to utilize NOLs if it experiences an ownership change as defined in Section 382.  In general terms, an ownership change may result from transactions increasing the ownership of certain stockholders in the stock of a corporation by more than 50 percent over a three-year period. In the event that an ownership change has occurred, or were to occur, utilization of our NOLs would be subject to an annual limitation under Section 382 determined by multiplying the value of our stock at the time of the ownership change by the applicable long-term tax-exempt rate as defined in the Internal Revenue Code. Any unused annual limitation may be carried over to later years.  We may be found to have experienced an ownership change under Section 382 as a result of events in the past or the issuance of shares of common stock upon a conversion of notes, or a combination thereof.  If so, the use of our NOLs, or a portion thereof, against our future taxable income may be subject to an annual limitation under Section 382, which may result in expiration of a portion of our NOLs before utilization.

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Item 8. Consolidated Financial Statements

BULOVA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

	Page
Report of Independent Registered Public Accounting Firm	12
Consolidated Balance Sheets as of September 30, 2013 and 2012	13
Consolidated Statements of Operations for the Years Ended September 30, 2013 and 2012	14
Consolidated Statements of Cash Flows for the Years Ended September 30, 2013 and 2012	15
Consolidated Statement of Changes in Stockholders’ Equity for the Years Ended September 30, 2013 and 2012	17
Notes to Consolidated Financial Statements	19

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2451 N. McMullen Booth Road Suite.308 Clearwater, FL 33759 Toll fee: 855.334.0934 Fax: 800.581.1908

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Stockholders

Bulova Technologies Group, Inc.

We have audited the accompanying consolidated balance sheets of Bulova Technologies Group, Inc. as of September 30, 2013 and 2012, and the related consolidated statements of operations, stockholders’ deficiency, and cash flows for the years then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bulova Technologies Group, Inc. as of September 30, 2013 and 2012, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

/s/ DKM Certified Public Accountants

DKM Certified Public Accountants

Clearwater, Florida

January 10, 2014

PCAOB Registered

AICPA Member

12

BULOVA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

	September 30,
	2013			2012
ASSETS
Cash and cash equivalents	$	89,812		$	29,034
Accounts receivable		303,565			112,005
Contract claim receivable		-			-
Inventory		55,605			1,023,980
Other current assets		13,649			48,334
Current assets from discontinued operations		-			-
Total Current Assets		462,631			1,213,353
Property, plant and equipment		92,709			2,474,928
Investments		-			-
Other assets		103,295			27,461
Non-current assets from discontinued operations		-			-
	$	658,635		$	3,715,742
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Accounts payable	$	514,892		$	423,102
Accrued expenses and other current liabilities		1,053,267			7,202,905
Advance payments and billings in excess of cost		-			666,490
Current portion of long term debt		2,821,711			8,386,675
Current liabilities from discontinued operations		-			2,011,937
Total current liabilities		4,389,870			18,691,109
Shareholder loans and accrued interest		(22,613	)		185,195
Long term debt, net of current portion–		112,629			1,144,074
		4,479,886			20,020,378
Commitments and contingencies		-			-
Shareholders’ deficit
Preferred stock, $.00001 par, authorized 5,000,000,000 shares; 4,000,000,000 and 2,000,000,000 issued and outstanding at September 30, 2013 and 2012		40,000			20,000
Common stock, $.001 par; authorized 500,000,000 shares, 21,001,316 and 8,291,639 issued and outstanding at September 30, 2013 and 2012		21,001			8,292
Subscription receivable - warrants		(66,000	)		-
Additional paid in Capital in excess of par		23,174,191			21,873,708
Retained earnings (deficit)		(26,990,443	)		(38,206,636	)
		(3,821,251	)		(16,304,636	)
	$	658,635		$	3,715,742

See accompanying notes to consolidated financial statements.

13

BULOVA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

	Years Ended September 30,
	2013			2012
Revenues	$	6,437,773		$	3,142,062
Cost of revenues		5,500,730			2,290,051
Gross profit		937,043			852,011
Selling and administrative expenses		2,350,265			3,613,979
Stock based compensation		538,182			2,265,939
Depreciation and amortization expense		613,658			1,807,865
Interest expense		729,739			944,561
Total expenses		4,231,844			8,632,344
Loss from operations		(3,294,801	)		(7,780,333	)
Other income (expense)
Other income (expense)		13,201,570			(1,231,488	)
Income (loss) from continuing operations before income taxes		9,906,769			(9,011,821	)
Income tax expense		-			-
Income (loss) from continuing operations		9,906,769			(9,011,821	)
Income (loss) from discontinued operations, net of tax		1,309,424			(91,347	)
Net income (loss)	$	11,216,193		$	(9,103,168	)
Basic net income (loss) per share
Income (loss) from continuing operations	$	.57		$	(1.98	)
Income (loss) from discontinued operations		.07			(.02	)
Net income (loss) per share	$	.64		$	(2.00	)
Diluted net income (loss) per share
Income (loss) from continuing operations	$	.23		$	(1.98	)
Income (loss) from discontinued operations		.03			(.02	)
Net income (loss) per share	$	.26		$	(2.00	)
Weighted average shares outstanding
Basic		17,464,286			4,550,081
Diluted		43,110,597			4,550,081

See notes to consolidated financial statements.

14

BULOVA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended September 30,
	2013			2012
Cash flows from operating activities:
Net Income (Loss)	$	11,216,193		$	(9,103,168	)
(Income) Loss from discontinued operations		(1,309,424	)		91,347
Income (Loss) from continuing operations		9,906,769			(9,011,821	)
Adjustments to reconcile net income (loss) from continuing operations to net cash flows from operating activities:
Depreciation and amortization		613,658			1,807,865
Gain from change in accounting estimate		(6,071,700	)		-
Gain from settlement of debt		(356,765	)		-
Loss on sale of note receivable		156,710
Loss recognized on investments		-			1,746,857
(Gain ) Loss on sale of assets		(6,153,177	)		9,897
Stock based payment for services		538,182			2,265,939
Changes in operating assets and liabilities
Accounts receivable		(191,560	)		116,080
Inventory		(201	)		(338,754	)
Prepaid expenses and other assets		28,060			82,492
Accounts payable and accrued expenses		671,506			1,065,407
Advance payments and billings in excess of costs		-			(217,014	)
Net cash flows from operating activities – continuing operations		(858,518	)		(2,473,052	)
Net cash flows from operating activities – discontinued operations		(1,309,424	)		-
Net cash flows from operating activities		(2,167,942	)		(2,473,052	)
Cash flows from investing activities:
Proceeds from sale of assets		9,547,580			-
Proceeds from sale of note receivable		250,000			-
Principal collections on note receivable		3,831			-
Purchase of property and equipment		(71,844	)		(89,725	)
Net cash flows from investing activities – continuing operations		9,729,567			(89,725	)
Net cash flows from investing activities – discontinued operations		-			-
Net cash flows from investing activities		9,729,567			(89,725	)
Cash flows from financing activities
Repayment of Shareholder loans		(469,136	)		(91,943	)
Increases in long term debt		2,280,161			2,625,000
Repayment of long term debt		(9,331,872	)		(110,745	)
Proceeds from sale of preferred shares		20,000			-
Net cash flows from financing activities – continuing operations		(7,500,847	)		2,422,312
Net cash flows from financing activities – discontinued operations		-			-
Net cash flows from financing activities		(7,500,847	)		2,422,312
Increase (decrease) in cash and cash equivalents		60,778			(140,465	)
Cash and cash equivalents, beginning		29,034			169,499
Cash and cash equivalents, ending	$	89,812		$	29,034
Cash paid for interest	$	10,964		$	51,115
Cash paid for taxes	$	-		$	-

 

15

Supplemental schedule of non-cash financing and investing activities:

● October 2011, the Company issued 44,482 common shares issued as conversion of debt

● October 2011, the Company issued 2,500 common shares for services

● November 2011, the Company issued 51,342 common shares to various individuals

● November 2011, the Company issued 26,765 common shares as conversion of debt

● December 2011, the Company issued 64,158 common shares as conversion of debt

● December 2011, the Company issued 450,000 common shares and authorized the issuance of an additional 300,000 shares as conversion of related party debt 250,000 of which were issued in the first quarter of 2012

● January 2012, the Company issued 757,500 common shares for services

● February 2012 , the Company issued 3,750 common shares for services

● February 2012, the Company issued 475,000 common shares in association with new debt

● February 2012, the Company issued 12,000 common shares as conversion of debt

● March 2012, the Company issued 15,714 common shares as conversion of debt

● April 2012, the Company issued 17,308 common shares as conversion of debt

● April 2012, the Company issued 100,000 common shares for services

● May 2012, the Company issued 127,064 common shares for services

● May 2012, the Company issued 31,800 common shares as conversion of debt

● May 2012, the Company issued 175,000 common shares in association with new debt

● June 2012, the Company issued 375,000 common shares in association with new debt

● June 2012, the Company issued 70,423 common shares as conversion of debt

● June 2012, the Company issued 154,394 common shares for services

● June 2012, the Company issued 109,155 common shares as conversion of debt

● July 2012, the Company issued 841,446 common shares in association with new debt

● August 2012, the Company issued 91,904 common shares as interest payment on debt

● August 2012, the Company issued 969,231 common shares in association with new debt

16

● September 2012, the Company issued 885,010 common shares in association with new debt

● October 2012, the Company issued 754,038 common shares for services

● October 2012, the Company issued 4,944,618 common shares as conversion of debt

● November 2012, the Company issued 757,500 common shares for services

● November 2012, the Company issued 915,150 common shares as conversion of debt

● December 2012, the Company issued 496,250 common shares for services

● January 2013, the Company issued 1,237,121 common shares as conversion of debt

● January 2013, the Company issued 150,000 common shares associated with new debt

● January 2013, the Company issued 205,000 common shares for services

● February 2013, the Company issued 750,000 common shares as conversion of debt

● February 2013, the Company issued 21,300,512 warrants associated with new debt

● February 2013, the Company issued 20,589,981 warrants in exchange for subscription notes receivable of $66,000

● February 2013, the Company issued 5,365,000 warrants for services

● June 2013, the Company issued 750,000 common shares as conversion of debt

● July 2013, the Company issued 750,000 common shares in association with the extension of terms on existing debt

● September 2013, the Company issued 1,000,000 common shares for services

● September 2013, the Company issued 10,500,000 warrants associated with debt

See notes to consolidated financial statements.

17

BULOVA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY

	Preferred Stock				Common Stock
	Number of Shares		Amount		Number of Shares			Amount			Subscription Receivable			Additional Paid in Capital			Accumulated (deficit)			Total
Balances, September 30, 2011 – as previously stated		-	$	-		438,138,975		$	438,139		$	-		$	18,065,442		$	(29,103,468	)	$	(10,599,887	)
Adjustment to reflect reverse split of 1 for 200 common shares						(435,948,280	)		(435,948	)					435,948						-
Balances, September 30, 2011 – as restated		-		-		2,190,695			2,191						18,501,390			(29,103,468	)		(10,599,887	)
Issuance of shares for services		2,000,000,000		20,000		1,243,417			1,243						935,292						956,535
Issuance of shares without consideration in completion of a prior year transaction						45,037			45						(45	)					-
Issuance of shares in satisfaction of debt						3,837,491			3,837						971,263						975,100
Issuance of convertible debt															142,380						142,380
Issuance of shares associated with new debt						1,025,000			1,025						1,001,475						1,002,500
Issuance of common stock warrants															366,904						366,904
Cancellation of previously authorized shares not issued						(50,000	)		(50	)					(44,950	)					(45,000	)
Net loss for the year ended September 30. 2012																		(9,103,168	)		(9,103,168	)
Balances, September 30, 2012		2,000,000,000	$	20,000		8,291,639		$	8,292		$	-			21,873,708		$	(38,206,636	)	$	(16,304,636	)
Issuance of shares in satisfaction of debt						5,859,768			5,860						199,140						205,000
Issuance of convertible debt															31,500						31,500
Issuance of shares for services						2,007,788			2,008						155,674						157,682
Issuance of Warrants												(66,000	)		66,000						-
Sale of Stock		2,000,000,000		20,000																	20,000
Issuance of shares in satisfaction of debt						2,737,121			2,737						37,763						40,500
Issuance of shares for new debt						150,000			150						5,850						6,000
Issuance of shares for services						205,000			205						7,995						8,200
Issuance of Warrants associated with new debt															426,010						426,010
Issuance of Warrants for services															107,300						107,300
Issuance of shares associated with extension of debt						750,000			750						14,250						15,000
Issuance of shares for services						1,000,000			1,000						39,000						40,000
Issuance of Warrants															210,000						210,000
Net income for the year ended September 30, 2013																		11,216,193			11,216,193
Balances, September 30, 2013		4,000,000,000	$	40,000		21,001,316		$	21,001		$	(66,000	)	$	23,174,191		$	(26,990,443	)	$	(3,821,251	)

See notes to consolidated financial statements.

18

1.         Description of business:

Bulova Technologies Group, Inc. ("BLVT" or the "Company") was originally incorporated in Wyoming in 1979 as “Tyrex Oil Company”. During 2007, the Company divested itself of all assets and previous operations. During 2008, the Company filed for domestication to the State of Florida, and changed its name to Bulova Technologies Group, Inc. and changed its fiscal year from June 30 to September 30. On January 1, 2009 the Company acquired the stock of 3Si Holdings, Inc. (“3Si”) a private company that was under common control and began operations in Florida.

The Company operates as a government contractor and sells machine tools and related equipment in the United States. Headquarter facilities are in Tampa, Florida and its operating facilities were located in Mayo, Florida until the sale of substantially all of the assets of Bulova Technologies Ordnance Systems LLC in October 2012.  In July of 2013 the Company formed Bulova Technologies Machinery LLC, a new subsidiary to generate sales of industrial tool machines commercially, with locations in Branchburg, New Jersey and Sanford, Florida.

2.        Principles of consolidation and basis of presentation:

These consolidated financial statements include the assets and liabilities of Bulova Technologies Group, Inc. and its subsidiaries as of September 30, 2013 and 2012. All material intercompany transactions have been eliminated.

On January 1, 2009, the Company acquired the stock of 3Si Holdings, Inc. (“3Si”) a privately held Florida corporation controlled by the majority stockholder of the Company in exchange for 40,000,000 shares of its common stock. The assets and operations of 3Si have been accounted for in three operating subsidiaries, BT Manufacturing Company LLC, Bulova Technologies Ordnance Systems LLC, and Bulova Technologies (Europe) LLC (formerly Bulova Technologies Combat Systems LLC). In July of 2013, the Company formed its newest subsidiary, Bulova Technologies Machinery LLC.

BT Manufacturing Company LLC – prior to discontinuance, its operations were located in Melbourne, Florida, in a 35,000 square foot facility where it assembled a wide range of printed circuit board products. In June 2010, the Company determined to dispose of BT Manufacturing Company LLC, and as such has accounted for this business segment as a discontinued operation. The settlement and disposition of this segment was accomplished during the quarter ended March 31, 2011, with the exception of a note payable, whose final settlement occurred when all of the assets of Ordnance were sold in October 2012.

Bulova Technologies Ordnance Systems LLC. – located on 261 acres in Mayo, Florida is a load, assembly, and pack facility specializing in fuzes, safe and arming devices and explosive simulators. Bulova Technologies Ordnance Systems LLC is registered with the United States Department of State Directorate of Defense Trade Controls (DDTC). It produces a variety of pyrotechnic devices, ammunition and other energetic materials for the U. S. Government and other allied governments throughout the world. In October 2012, the Company sold substantially all of the assets of this subsidiary to an unrelated party.

Bulova Technologies (Europe) LLC – located in the Company’s corporate headquarters in Tampa, Florida, this subsidiary markets the Mortar Exchange program, which it helped develop, to facilitate the needs of NATO members and allied countries. This subsidiary is also looking to take advantage of the offset opportunities around the world through a joint venture, focusing, initially in the UAE and is administering non-standard ammo and non-standard weapons contracts through its blanket purchase agreements with the U.S.  In addition, this subsidiary also markets and sells commercially ammunition acquired through various suppliers worldwide. It leases office space in Frankfurt, Germany to promote and facilitate all of these programs.

Bulova Technologies Machinery LLC - Formed in July of 2013, Bulova Technologies Machinery LLC represents the Company's entree into the machine tool business, and will import industrial machine tools and related equipment from recognized international sources and establish a Distributor/Dealer Network throughout the United States and Canada.

In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position as of September 30, 2013 and 2012, and the results of operations and cash flows for the years ended September 30, 2013 and 2012.

Subsequent Events

The Company has evaluated subsequent events through January 6, 2014 to assess the need for potential recognition or disclosure in this report.  Based upon this evaluation, management determined that all subsequent events that require recognition in the financial statements have been included.

19

Business Segments

Commencing with the Company’s formation of Bulova Technologies Machinery LLC, the Company now operates in two business segments, government contracting and commercial sales.  As the commercial sales segment of the Company is in its initial start-up phase and its operations through September 30, 2013 are not material, the Company has determined not to present financial information by segment.

Use of Estimates

The preparation of the Company's financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates.

Financial Instruments

The carrying amounts of cash, receivables and current liabilities approximated fair value due to the short-term maturity of the instruments. Debt obligations were carried at cost, which approximated fair value due to the prevailing market rate for similar instruments.

Fair Value Measurement

All financial and nonfinancial assets and liabilities were recognized or disclosed at fair value in the financial statements. This value was evaluated on a recurring basis (at least annually). Generally accepted accounting principles in the United States define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on a measurement date. The accounting principles also established a fair value hierarchy which required an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs were used to measure fair value.

Level 1: Quotes market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that were corroborated by market data.

Level 3: Unobservable inputs that were not corroborated by market data.

Cash and Cash Equivalents

For purposes of the statements of cash flows, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains its cash deposits in major financial institutions in the United States. At times deposits within a bank may exceed the amount of insurance provided on such deposits. Generally, these deposits are redeemed upon demand and, therefore, are considered by management to bear minimal risk.

Accounts receivable

Accounts receivable represent amounts due from customers in the ordinary course of business from sales activities in each of the Company’s business segments. The Company considers accounts more than 90 days old to be past due. The Company uses the allowance method for recognizing bad debts. When an account is deemed uncollectible, it is written off against the allowance. The Company generally does not require collateral for its accounts receivable.The Company considers all accounts receivable to be collectable and consequently has provided no allowance for doubtful accounts.

The majority of the Company’s revenues and accounts receivable pertain to contracts with the US Government.

Inventory

Inventory is stated at the lower of cost (first-in, first-out) or market. Market was generally considered to be net realizable value. Inventory consisted of materials used to manufacture the Company’s products work in process and finished goods ready for sale.

20

The breakdown of inventory at September 30, 2013 and 2012 is as follows:

	September 30, 2013		September 30, 2012
Finished goods	$	-	$	-
Work in process		-		-
Materials and supplies		55,605		1,023,980
Total inventory of continuing operations	$	55,605	$	1,023,980

Property, Plant and Equipment

Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed by applying principally the straight-line method to the estimated useful lives of the related assets. Useful lives range from 10 to 20 years for buildings and improvements and 5 to 10 years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. When property or equipment is retired or otherwise disposed of, the net book value of the asset is removed from the Company’s balance sheet and the net gain or loss is included in the determination of operating income. Property, plant and equipment acquired as part of a business acquisition are valued at fair value.

Property, plant and equipment are comprised of the following at September 30, 2013 and 2012

	As of September 30,
	2013			2012
Land	$	-		$	1,225,000
Buildings and improvements		-			1,170,194
Machinery and equipment		-			752,554
Funiture and fixtures		117,580			45,735
		117,580			3,193,483
Less accumulated depreciation		(24,871	)		(718,555	)
Net property, plant and equipment	$	92,709		$	2,474,928

Impairment of Long-Lived Assets

The Company evaluates the carrying value of its long-lived assets at least annually. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted future cash flows estimated to be generated by those assets are less than the assets’ carrying amount. If such assets are impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying value or fair value, less costs to sell.

Discontinued Operations

In accordance with ASC 205-20, Presentation of Financial Statements-Discontinued Operations (“ASC 205-20”), we reported the results of BT Manufacturing Company LLC, our contract manufacturing segment as a discontinued operation. The application of ASC 205-20 is discussed in Note 4 “Discontinued Operations”

Revenue Recognition

Sales revenue is generally recognized upon the shipment of product to customers or the acceptance by customers of the product. Allowances for sales returns, rebates and discounts are recorded as a component of net sales in the period the allowances were recognized. The majority of the Company’s revenue is generated under various fixed and variable price contracts as follows:

21

Revenues on fixed-price type contracts are recognized using the Percentage-Of-Completion (POC) method of accounting as specified in government contract accounting standards and the particular contract. Revenues earned on fixed-price production contracts under which units are produced and delivered in a continuous or sequential process are recognized as units are delivered based on their contractual selling prices (the “Units-of-Delivery” basis of determination). Sales and profits on each fixed-price production contract under which units are not produced in a continuous or sequential process are recorded based on the ratio of actual cumulative costs incurred to the total estimated costs at completion of the contract, multiplied by the total estimated contract revenue, less cumulative sales recognized in prior periods (the “Cost-to-Cost” basis of determination). Under both types of basis for determining revenue earned, a single estimated total profit margin is used to recognize profit for each contract over its entire period of performance, which can exceed one year. The estimated total profit margin is evaluated on a periodic basis by management throughout the term of an individual contract to determine if the estimated total profit margin should be adjusted.

The Company has certain contracts with the U.S. Government that have been funded through “Performance-Based-Payments”. Performance-based-payments are a method of financing designed by the Government to facilitate the accomplishment of the terms of the contract, and are not payments for accepted items. These financing payments are designed as a funding mechanism to facilitate production and may be made based on performance measured by objective, the accomplishment of defined events, or other quantifiable measures of results. As units are delivered and invoiced, the U.S. Government withholds 90% of the invoiced amount as repayment of the contract financing advances.

Cost of Revenues

The costs of revenues include direct materials and labor costs, and indirect labor associated with production and shipping costs.

Advertising Costs

The costs of advertising are expensed as incurred and are included in the Company’s operating expenses. The Company did not incur any advertising expenses for the years ended September 30, 2013 and 2012.

Shipping Costs

The Company includes shipping costs in cost of revenues.

Income Taxes

Income tax benefits or provisions are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to differences between the recorded book basis and the tax basis of assets and liabilities for financial and income tax reporting. Deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities were recovered or settled. Deferred tax assets were also recognized for operating losses that were available to offset future taxable income and tax credits that were available to offset future federal income taxes, less the effect of any allowances considered necessary. The Company follows the guidance provided by ASC48, Accounting for Uncertainty in Income Taxes, for reporting uncertain tax provisions.

Income (Loss) per Common Share

Basic net loss per share excludes the impact of common stock equivalents. Diluted net loss per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. As of September 30, 2013, there were 58,855,493 common stock equivalents that were anti-dilutive and were not included in the calculation.

Effect of Recent Accounting Pronouncements

The Company reviews new accounting standards as issued. No new standards had any material effect on these financial statements. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these consolidated financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these consolidated financial statements as presented and does not anticipate the need for any future restatement of these consolidated financial statements because of the retro-active application of any accounting pronouncements issued subsequent to September 30, 2012 through the date these financial statements were issued.

22

3. Contract Claim Receivable

The acquisition of 3Si Holdings, Inc. included the membership interest in Bulova Technologies Ordnance Systems LLC which had certain obligations to perform on then existing contracts with the US Government. Bulova Technologies Ordnance Systems, LLC had received advance funding under these contracts by the US Government through Performance-Based-Payments, a method of financing designed by the government to provide working capital to small business contractors so they can purchase the materials needed to fulfill the contract. At the time of the acquisition, the US Government had provided advance financing on the assumed contracts in the amount of $3,200,597.

In accordance with the provisions of Section 9-610 of the Uniform Commercial Code as enacted in the state of New York these cash funds amounting to $3,200,597 were retained by Webster Business Credit Corporation, the secured lender that had acquired the assets pursuant to the Section 9 foreclosure proceedings. The Company has fully performed all of its obligations under these contracts.

On October 24, 2012, as a part of the sale of substantially all of the assets of Bulova Technologies Ordnance Systems LLC, the Company negotiated and settled this dispute with Webster Business Credit Corporation.

4. Discontinued Operations

In June of 2010, because of continuing losses in our contract manufacturing business segment, the Company announced management’s decision to market BT Manufacturing Company LLC for sale. BT Manufacturing Company LLC, a wholly owned subsidiary of the Company represented our contract manufacturing segment. As a result of the decision to sell this business segment, the Company has identified the assets and liabilities of BT Manufacturing Company LLC as pertaining to discontinued operations at September 30, 2013 and September 30, 2012 and has segregated its operating results and presented them separately as a discontinued operation for all periods presented.

In September 2010, the Company estimated a loss in the amount of $2,650,000 to be realized upon completion of the disposal of this business segment, as well as an estimated operating loss of $900,000 to be incurred during the phase-out period. During March 2011, the Company finalized its negotiations relative to the disposition of the assets of this operation with an effective date of December 31, 2010. As a part of this settlement, the buyer that acquired the operations has provided an earn out agreement to PNL Newco II LLC to assist in the payment of the remaining obligation on the note payable to them.

In October of 2012, the Company negotiated a settlement with PNL Newco II LLC for complete satisfaction of this debt for $625,000. The transaction resulted in a gain of $1,309,424.

23

Summarized operating results for discontinued operations is as follows:

	Year Ended September 30,
	2013		2012
Revenue	$	-	$	-
Cost of Sales		-		-
Gross profit		-		-
Operating expenses and interest		-		(91,347	)
Other income		1,309,424		-
Income (loss) from operations		1,309,424		(91,347	)
Loss on disposal of discontinued operations		-		-
Income tax benefit		-		-
Income (loss) from discontinued operations, net of tax	$	1,309,424	$	(91,347	)

The income (loss) from discontinued operations above do not include any income tax effect as the Company was not in a taxable position due to its continued losses and a full valuation allowance

Summary of assets and liabilities of discontinued operations is as follows:

	September 30,
	2013		2012
Accounts receivable	$	-	$	-
Inventory		-		-
Other current assets		-		-
Total current assets from discontinued operations		-		-
Property plant and equipment - net		-		-
Other assets		-		-
Total assets from discontinued operations	$	-	$	-
Accounts payable and accrued expenses	$	-	$	351,054
Current portion of long-term debt		-		1,660,883
Provision for loss on disposal of business segment		-		-
Total current liabilities associated with discontinued operations		-		2,011,937
Long term debt, net of current portion		-		-
Total liabilities associated with discontinued operations	$	-	$	2,011,937

5.  Advance Payments and Billings in Excess of Cost

Advance payments and billings in excess of costs represents liabilities of the Company associated with contracts in process as of the balance sheet date, and consist of the following:

Advance Payments - The Company has certain contracts with the U.S. Government that are funded through “Performance-Based-Payments”. Performance-based-payments are a method of financing designed by the Government to facilitate the accomplishment of the terms of the contract, and are not payments for accepted items. These financing payments are designed as a funding mechanism to facilitate production and may be made based on performance measured by objective, the accomplishment of defined events, or other quantifiable measures of results. As units are delivered and invoiced, the U.S. Government withholds 90% of the invoiced amount as repayment of the contract financing advances. On January 1, 2009, with the acquisition of 3Si Holdings, Inc. and membership interest of Bulova Technologies Ordnance Systems LLC, the Company assumed certain obligations to perform contracts with the US Government with an outstanding balance at the date of acquisition of $3,200,597. The balances outstanding as of September 30, 2013 and September 30, 2012 are $0 and $666,490 respectively.

24

Billings in Excess of Cost plus Earnings on Uncompleted Contracts – The Company accounts for fixed-price production contracts under which units are not produced in a continuous or sequential process based on the ratio of actual cumulative costs incurred to the total estimated costs at completion of the contract, multiplied by the total estimated contract price. The Company did not have any billings on uncompleted contracts in excess of the costs incurred plus estimated earnings calculated on this percentage of completion method as of September 2013 and September 30, 2012.

6. Long Term Debt

Long term debt consisted of the following at:

	September 30, 2013			September 30, 2012
Promissory note payable to Webster Business Capital Corporation, dated December 16, 2008, in the original amount of $825,000 payable in full on June 30, 2009, with interest at 4.5% annually. This note was not repaid and is still outstanding as of the issuance of these financial statements. This note is secured by a lien on real estate, timber rights and certain equipment with net carrying values of approximately $2,000,000 at September 30, 2012.	$	-		$	825,000
Mortgage payable to Bank of America, dated March 10, 2006, in the original amount of $840,000 payable in monthly fixed principal payments of $4,667 plus variable interest at 2.5% plus the banks index rate, secured by real estate with carrying values of approximately $1,500,000 at September 30, 2012. Final payment is due on March 10, 2021.		-			480,666
Note payable to Harold L. and Helene M. McCray, dated October 19, 2005, in the original amount of $1,070.000, bearing interest at 8% per annum, payable in monthly installments of $10,225.48 secured by land and buildings with carrying values of approximately $1,500,000 at September 30, 2012. Final payment is due on December 1, 2020.		-			776,116
Note payable to Edward Viola, dated October 19, 2005, in the original amount of $80,000, bearing interest at 8% per annum, payable in monthly installments of $764.52. Final payment is due on December 1, 2020.		-			54,880
Note payable to PNL Newco II, LLC, dated December 22, 2009, in the original amount of $2,000,000, payable in monthly fixed principal payments of $42,000 plus variable interest at LIBOR plus 5% with a minimum rate of 5.5%, secured by an earn out agreement with the party that acquired all of the personal property of the discontinued operations of BT Manufacturing Company, LLC. Final balloon payment is due December 22, 2011.		-			1,660,883
Convertible Note payable to GovFunding, LLC, dated February 4, 2011, in the amount of $3,158,000 bearing interest at 18%., secured by a lock box agreement tied to the proceeds of a single government contract with a carrying value of approximately $2,600,000 at September 30, 2012. Final payment is due January 31, 2012.		-			3,158,000
Convertible Note payable to GovFunding, LLC dated May 25, 2011 in the amount of $220,000, bearing interest at 18%. with a maturity date of April 30, 2012.		-			220,000
Convertible Note payable to GovFunding LLC dated June 23, 2011 in the amount of $133,000, bearing interest at 18%. with a maturity date of June 30, 2012.		-			133,000
Note payable to GovFunding LLC dated July 14, 2011 in the amount of $105,000, bearing interest at 18% with a maturity date of August 1, 2011.		-			105,000
Convertible Note payable to GovFunding LLC dated August 1, 2011 in the amount of $128,000, bearing interest at 18% with a maturity date of April 30, 2012.		-			128,000
Convertible Note payable to GovFunding LLC dated August 9, 2011 in the amount of $250,000, bearing interest at 18% with a maturity date of June 30, 2012.		-			250,000
Convertible Note payable to GovFunding LLC dated August 30, 2011 in the amount of $110,000, bearing interest at 18%. with a maturity date of June 30, 2012.		-			110,000
Convertible Note payable to Asher Enterprises, Inc. dated May 15, 2012 in the original amount of $22,500 net of discount of $0, bearing interest at 8% with a maturity date of February 21, 2013.		-			25,032
Convertible Note payable to Asher Enterprises, Inc. dated July 16, 2012 in the original amount of $14,500, bearing interest at 8% with a maturity date of April 19, 2013.		14,500			21,888
Note payable to Keehan Trust Funding, LLC dated January 19, 2012 in the amount of $1,550,000, bearing interest at the rate of 10%. This note is secured by the assignment of the proceeds of a government contract with a value in excess of $4,700,000 as of December 31, 2012. Final payment due upon delivery		700,000			1,550,000
Note payable to GovFunding LLC dated March 30, 2012 in the amount of $100,000, bearing interest at 18%. Final payment was due June 1, 2012		-			100,000
Note payable to Keehan Trust Funding, LLC dated March 30, 2012 with a maximum amount of $653,731, bearing interest as the rate of 10%. This note is secured by the assignment of the proceeds of certain government contracts with a value in excess of $850,000 as of December 31, 2012		-			285,000
Convertible Note payable to an individual dated May 4, 2012 in the amount of $25,000, bearing interest at 18% with a maturity date of July 31, 2012.		-			25,000
Convertible Note payable to an individual dated May 4, 2012 in the amount of $25,000, bearing interest at 18% with a maturity date of July 31, 2012.		-			25,000
Note payable to GovFunding LLC dated May 11, 2012 in the amount of $200,000, bearing interest at 12% with a maturity date of July 31, 2012		-			200,000
Convertible Note payable to an individual dated May 25, 2012 in the amount of $100,000, bearing interest at 18% with a maturity date of August 25, 2012.		-			100,000
Note payable to Keehan Trust Funding, LLC, dated June 1, 2012 in the amount of $700,000, bearing interest at the rate of 10%. This note is secured by the assignment of the proceeds of certain government contracts with a value in excess of $2,400,000 as of December 31, 2012. Final payment due November 30, 2012.		-			700,000
Convertible Note payable to an individual dated August 15, 2012 in the amount of $5,000 net of discount of $568, bearing interest at 18% with a maturity date of October 31, 2012.		-			4,432
Convertible Note payable to an individual dated May 25, 2012 in the amount of $10,000 net of discount of $1,265, bearing interest at 18% with a maturity date of October 31, 2012.		-			8,735
Note payable to GovFunding LLC dated August 7, 2012 in the amount of $245,000, bearing interest at 18%. Final payment due October 15, 2012		-			245,000
Convertible Note payable to Asher Enterprises, Inc. dated November 7, 2012 in the original amount of $37,500, bearing interest at 8% with a maturity date of August 9, 2013.		37,500			-
Note payable to GovFunding, LLC dated October 24, 2012 in the amount of $553,763, bearing interest at 8%, payable quarterly principal of $69,220.38 plus accrued interest, with a maturity of October 24, 2014.		553,763			-
Note payable to an individual dated December 21, 2012 in the amount of $60,000, bearing interest at 8%, with a maturity date of February 1, 2013		60,000			-
Note payable to NFC III LLC dated February 25, 2013 in the amount of $400,000 bearing interest at 10%, with a maturity date of November 25, 2013		400,000			-
Note payable to an individual dated January 25, 2013 in the amount of $50,000 bearing interest at 7%, with a maturity of June 30, 2013		50,000			-
Note payable to GovFunding LLC dated January 1, 2013 in the amount of $30,000, bearing interest at 8%, with a maturity date of December 31, 2013.		30,000			-
Note payable to GovFunding LLC dated January 1, 2013 in the amount of $24,552 bearing interest at 8%, with a maturity of December 31, 2013		24,552			-
Note payable to an individual dated April 30, 2013 in the amount of $60,000 non-interest bearing with a maturity of December 31, 2013		60,000			-
Note payable to an individual dated April 30, 2013 in the amount of $26,269, non-interest bearing with a maturity of July 31, 2013		26,269			-
Note payable to Yellowstone Capital dated June 19, 2013 in the amount of $30,000 with no stipulated interest rate, payable through 80 daily payments of $500.		8,464			-
Revolving credit line payable to NFC III LLC bearing interest at 10%, payable on demand		560,819			-
Note payable to Ford Credit non-interest bearing payable at $904.34 monthly with a maturity date of September 14, 2018		54,261			-
Note payable to NFC III LLC bearing interest at 10% payable on demand		75,000			-
Note payable to an individual dated September 10, 2013, bearing interest at 8% payable on demand		75,000			-
Note payable to Shapiro Family Trust dated July 10, 2013, bearing interest at 8% payable on demand		100,000			-
Note payable to Craigmore Machinery Company dated August 15, 2013, bearing interest at 8% payable on demand		50,000			-
Note payable to Craigmore Machinery Company dated August 15, 2013 bearing interest at 8% payable on demand		49,212			-
Note payable to Craigmore Machinery Company dated September 1, 2013 bearing interest at 8% payable on demand		5,000			-
		2,934,340			11,191,632
Less current portion pertaining to continuing operations		(2,821,711	)		(8,386,675	)
Less current portion associated with discontinued operations		-			(1,660,883	)
	$	112,629		$	1,144,074

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Principal maturities of long term debt for the next five years and thereafter as of September 30, 2013 are as follows:

Period ended September 30,
2014	$	2,821,711
2015		80,073
2016		10,852
201		10,852
2018		10,852
Thereafter		-
	$	2,934,340

7. Income Taxes

Deferred income taxes are the result of timing differences between book and tax basis of certain assets and liabilities, timing of income and expense recognition of certain items and net operating loss carry forwards. The Company evaluates temporary differences resulting from the different treatment of items for tax and accounting purposes and records deferred tax assets and liabilities on the balance sheet using the tax rates expected when the temporary differences reverse.

On January 1 2009 the Company acquired for stock of 3SI Holdings in exchange for shares of the Company's common stock. For income tax purposes this transaction has been treated as a tax free reorganization under the provisions of Section 368A of the Internal Revenue Code. 3SI Holdings had various net operating loss carry over’s. Because of the change in ownership of 3SI Holdings, the net operating loss carry-overs will transfer to the Company. The transferred net operating losses are subject to an annual limitation under the provisions of Section 382 of the Internal Revenue Code to offset future taxable income of the Company. These net operating loss carry-overs are included in the deferred tax asset of the Company.

The income tax provision consists of the following for the years ending September 30 2013 and 2012:

	9/30/2013		9/30/2012
Current
Federal	$	-	$	-
State		-		-
Deferred - Continuing Operations
Federal		-		-
State		-		-
	$	-	$	-
Deferred - Discontinued Operations
Federal		-		-
State		-		-
	$	-	$	-

The Company has previously recognized an income tax benefit for its operating losses generated since inception through September 30 2008 based on uncertainties concerning its ability to generate taxable income in future periods. Based on current events management has re-assessed the valuation allowance and the recognition of the deferred tax assets attributable to the net operating losses and other assets. Based on the Company's history of losses and other negative evidence, the Company has determined that the valuation allowance should be increased accordingly to offset the entire deferred tax asset.

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As of September 30, 2013 the Company had federal net operating loss carry forwards of approximately $12,406,000 and Florida net operating loss carry forwards of approximately $11,174,000. The federal net operating loss carry forwards will expire in 2020 through 2033 and state net operating loss carry forwards that will expire in 2028 through 2033.

The components of deferred tax assets and liabilities as of September 30, 2013 and 2012 is as follows:

		Current			Non-Current
Deferred tax assets:
	NOL and contribution carry forwards	$	-		$	4,673,886
	Capital Loss Carry Over		-			657,342
	Property & Equipment		-			(7,485	)
	Accrued Comp		-			225,780
	Accrued Interest		15,574			-
	Accrued Marketing Fee		18,254			-
	Share based Compensation		-			2,631,730
	Accrued fee					169,335
			33,828			8,350,588
	Valuation Allowance		(33,828	)		(8,350,588	)
	Net Deferred Tax Asset	$	-		$	-
Deferred tax (liabilities):
			-			-
	Net Deferred Tax Liability		-			-
Net deferred tax asset (liability)		$	-		$	-
The change in the valuation allowance is as follow:
	September 30, 2012	$	11,450,741
	September 30, 2013		8,384,416
	Decrease in valuation allowance	$	(3,066,325	)

  

The Company decreased the valuation allowance by approximately $3,066,000 in the period ending September 30, 2013. The valuation allowance was decreased to offset the current year net operating loss carry over and other identified tax assets.

The income tax rate computed using the federal statutory rates is reconciled to the reported effective income tax rate as follows:

Continuing Operations	9/30/2013			9/30/2012
Expected provision at US statutory rate		34.00	%		34.00	%
State income tax net of federal benefit		3.63	%		3.63	%
Permanent and Other Differences		-			-
Valuation Allowance		-37.63	%		-37.63	%
Effective Income Tax Rate		0.00	%		0.00	%

The Company files income tax returns on a consolidated basis in the United States federal jurisdiction and the State of Florida. As of September 30, 2013, the tax returns for the Company for the years ending 2010 through 2012 remain open to examination by the Internal Revenue Service and Florida Department of Revenue. The Company and its subsidiaries are not currently under examination for any period.

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The Company has adopted a policy to recognize interest and penalties accrued related to unrecognized tax benefits in its income tax provision. The Company has evaluated its unrecognized tax benefits and determined that due to the NOL carry forwards, that no accrual of interest and penalties is required in the current period.

8. Commitments and Contingencies

From time to time the Company may be a party to litigation matters involving claims against the Company.  Management believes that there are no current matters that would have a material effect on the Company’s financial position or results of operations.

U.S. Government agencies, including the Defense Contract Audit Agency and various agency Inspectors General routinely audit and investigate costs and performance on contracts, as well as accounting and general business practices of contractors Based on the results of such audits, the U.S. Government may adjust contract related costs and fees, including allocated indirect costs. None of the Company’s contracts are currently the subject of any government audits.

At September 30, 2013 the Company operated corporate and administrative offices in a facility leased from a non-affiliate in Tampa, Florida, approximating 5,000 square feet. The Tampa location is leased for a base monthly rental increased by a minimum of 2.5% each year through the expiration date of December 21, 2027. 

The Company leases approximately 6,000 square feet of office, showroom and warehouse space in Sanford, Florida on a month to month basis, and approximately 10,000 square feet of office, showroom and warehouse space in Branchburg, New Jersey for a period of two years, with two, two year options at the same rate. These two locations are to facilitate the commercial sales of Bulova Technologies Machinery LLC.

The Company also leases on a month to month basis, an office in Frankfurt, Germany to facilitate its European program.

Total rent expense for the year ended September 30, 2013, was approximately $310,000.

The Company’s commitments for minimum lease payments under these operating leases for the next five years and thereafter as of September 30, 2013 are as follows:

Period ended September 30
2014	$	278,414
2015		262,056
2016		268,607
2017		275,323
2018		282,206
Thereafter		3,028,678
	$	4,395,284

9. Related Party Transactions

The following related party transactions not disclosed elsewhere in this document are as follows:

The Company has received loans from major shareholders which were supported by notes bearing interest at 5% annually with restricted conversion features and no repayment schedule. The notes were originally issued for $1,500,000 for each shareholder then subsequently raised them to a maximum of $5,000,000. All shareholder interest is accruing interest. As of September 30, 2013, the only remaining debt associated with these notes is a temporary balance due from Stephen L. Gurba and Evelyn R. Gurba in the amount of $22,613. There is no balance due at September 30, 2013.

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10.  Stockholders’ Equity

Common Shares

On December 30, 2013, the Company affected a 1 for 200 reverse split of its common stock. The financial statements have been retroactively adjusted to reflect the effects of this reverse split. All equity issuances relative to common shares are presented as post reverse quantities (1/200), as compared to filings prior to the reverse.

Concurrently, the Company amended its articles to reduce the amount of authorized common shares from 5,000,000,000 to 500,000,000.

October 2011, the Company issued 44,482 common shares issued as conversion of debt

October 2011, the Company issued 2,500 common shares for services

In November 2011, the Company amended its Articles of Incorporation to create a class of Preferred Stock with an authorization of 2,000,000,000 shares, all of which were issued to our Chairman of the Board.

In November 2011, the Company increased its authorization of common shares to 2,000,000,000.

November 2011, the Company issued 51,342 common shares to various individuals

November 2011, the Company issued 26,765 common shares as conversion of debt

December 2011, the Company issued 64,158 common shares as conversion of debt

December 2011, the Company issued 450,000 common shares and authorized the issuance of an additional 300,000 shares as conversion of related party debt 250,000 of which were issued in the first quarter of 2012

January 2012, the Company issued 757,500 common shares for services

February 2012 , the Company issued 3,750 common shares for services

February 2012, the Company issued 475,000 common shares in association with new debt

February 2012, the Company issued 12,000 common shares as conversion of debt

March 2012, the Company issued 15,714 common shares as conversion of debt

April 2012, the Company issued 17,308 common shares as conversion of debt

April 2012, the Company issued 100,000 common shares for services

May 2012, the Company issued 127,064 common shares for services

May 2012, the Company issued 31,800 common shares as conversion of debt

May 2012, the Company issued 175,000 common shares in association with new debt

June 2012, the Company issued 375,000 common shares in association with new debt

June 2012, the Company issued 70,423 common shares as conversion of debt

June 2012, the Company issued 154,394 common shares for services

June 2012, the Company issued 109,155 common shares as conversion of debt

July 2012, the Company issued 841,446 common shares in association with new debt

August 2012, the Company issued 91,904 common shares as payment for interest on debt

August 2012, the Company issued 969,231 common shares in association with new debt

September 2012, the Company issued 885,010 common shares in association with new debt

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On September 26, 2012 the Company amended its Articles of Incorporation to increase its authorization to issue its common shares to 5,000,000,000 at a par value of $.001, and to increase its authorization to issue its preferred shares to 5,000,000,000 at a par value of $.00001.

October 2012, the Company issued 754,038 common shares for services

October 2012, the Company issued 4,944,618 common shares as conversion of debt

November 2012, the Company issued 757,500 common shares for services

November 2012, the Company issued 915,150 common shares as conversion of debt

December 2012, the Company issued 496,250 common shares for services

January 2013 – the Company issued 1,237,121 shares of its common stock as conversion of debt

January 2013 – the Company issued 150,000 shares of its common stock in association with new debt

January 2013 – the Company issued 205,000 common shares for services

February 2013 – the Company issued 750,000 common shares of its common stock as conversion of debt

June 2013 – the Company issued 750,000 common shares of its common stock as conversion of debt

July 2013 – the Company issued 750,000 common shares in association with the extension of terms on existing debt

September 2013 – the Company issued 1,000,000 common shares for services

Preferred shares

In November 2011, the Company amended its Articles of Incorporation to create a Preferred Shares class of stock, initially authorizing the Company to issue up to 2,000,000,000 preferred shares, with a par value of $.00001 per share, all of which were issued to our Chairman of the Board.

In September 2012, the Company amended its Articles of Incorporation to increase its authorization to issue preferred shares to 5,000,000,000 at a par value of $.00001.

February 25, 2013, the Company sold 2,000,000,000 preferred shares

The preferred shares have co-voting rights with the outstanding common shares on a one to one basis, so that the common shares and the preferred shares shall vote as though, together they were a single class of stock. The shares are redeemable by the Corporation at any time, with the permission of the Preferred Shareholders, at 1/1,000,000 of a cent per preferred share. These preferred shares have no conversion rights, no dividend rights, nor any liquidation preferences. These shares are not listed on any exchange.

11. Change in Accounting Estimate

The Company had previously included an amount of $6,071,700 in accrued expenses that was a result of percentage of completion accounting on a single contract that was terminated by the US Government before completion. The Company is disputing the termination, and has maintained this balance in anticipation of a resolution. In October 2012, The Company sold substantially all of the assets of Bulova Technologies Ordnance Systems LLC, the subsidiary that was a party to that specific contract, and has determined that the contract will never be completed. Therefore, the Company is recognizing in other income the full amount previously deferred. This change is a change in the way the revenue on this contract was estimated to be realized.

12. Subsequent Events

Subsequent to September 30, 2013, the Company issued additional shares of its common stock as follows:

     October 2013 –500 000 shares issued for services

     November 2013 – 625,000 shares issued for services

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On December 30, 2013, the Company affected a 1 for 200 reverse split of its common stock. The financial statements have been retroactively adjusted to reflect the effects of this reverse split. As a result the issued and outstanding common shares have been reduced from 438,138,975 to 2,190,695 as of September 30, 2011. Concurrently, the Company amended its articles to reduce the amount of authorized common shares from 5,000,000,000 to 500,000,000 common shares.

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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

There were no changes in, or disagreements with, accountants on accounting or financial disclosure as defined by Item 304 of Regulation S-K.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As required by Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company carried out an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of the end of the period covered by this report. This evaluation was carried out under the supervision and with the participation of the Company’s management, including the Company’s principal executive officer and the Company’s principal officer.

Based upon that evaluation, the principal executive officer and the principal financial officer concluded that the Company’s disclosure controls and procedures were effective at September 30, 2013 to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms. The Company’s disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers as appropriate to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting

Management’s Report on Internal Control over Financial Reporting

Internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) is a process designed by, or under the supervision of, our principal executive and principal financial officers, and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  The management of Bulova Technologies Group, Inc. is responsible for establishing and maintaining adequate internal control over our financial reporting.

Under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting using the Internal Control – Integrated Framework developed by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our principal executive officer and principal financial officer have concluded that our internal control over financial reporting was effective as of September 30, 2013.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company's internal control over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company's internal control over financial reporting

PART III

Item 10. Directors, Executive Officers and Corporate Governance

The executive officers, directors of the Company, and their ages and positions, are as follows as of September 30, 2013:

Name	Age		Office Held
Stephen L. Gurba		57	Chairman of the Board. Chief Executive Officer and President
Craig Schnee		64	Secretary and General Counsel
William McMillen.		72	Chief Financial Officer (2)
C.W. Colburn III		50	Chief Financial Officer (1)(2)
Frank W. Barker, Jr.		58	Chief Financial Officer (1)

(1) On November 2, 2012, Frank W. Barker, Jr. resigned as Chief Financial Officer and C.W. Colburn III was appointed as new Chief Financial Officer as of that date.

(2) On April 30, 2013, C.W. Colburn III resigned as Chief Financial Officer and William McMillen was appointed as new Chief Financial Officer as of that date.

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Our bylaws provide that the number of members of our board of directors shall have up to (5) members. Our current number of directors is four (4). Directors are elected by the shareholders at the annual meeting and serve until their successors are duly elected and qualified. Directors are elected for a term of one (1) year. All of our officers serve at the discretion of our board of directors

The following is a biographical summary of the business experience of our directors and executive officers:

Stephen L. Gurba is Chairman of the Board, Chief Executive Officer and President. Mr. Gurba has over 35 years of experience in the design, development, production, and management of complex systems for the defense ammunition industry as well as commercial products. His experience has included responsibility for companies with sales of up to $300 million annually and employing as many as 2000 employees. Mr. Gurba has previously held the position of Senior Vice President of General Defense Corporation, Vice President of Marketing for Olin Ordnance, President of Valentec International Corporation, President and CEO of National Manufacturing Corporation, and President, CEO, and Sole Member of Bulova Technologies LLC. Mr. Gurba received an AA in Biology in 1976 from County College of Morris, a BA in Mathematics & Natural Science in 1978 from William Patterson College, an MBA in Executive Management and Administration in 1988 and a PhD in Business Administration in 1991 from Century University.

William E. McMillen is a board member, our Treasurer and Chief Financial Officer. Mr. McMillen is a highly experienced financial professional. He has served successfully as a principal, board member, chief executive officer and chief financial officer in his more than 40-year career in business in a variety of industries, to include manufacturing, merchant banking, private equity investment, commercial distribution and service. His activities and involvement have run the gamut from the formation of start-up companies, acquisition of existing entities, improved management of newly acquired companies and divestitures.

Craig Schnee is a board member, our Secretary and General Counsel. Mr. Schnee has served as a Senior Executive for Mr. Gurba's Management Team for more than two decades, holding the positions of Secretary, General Counsel, Senior Vice President of the Parent Company, and President of several operating subsidiaries engaged in Defense, Commercial and Retail Sales, respectively. He holds a J.D. from the University of Virginia and an MBA from the University of Pennsylvania.

Lynn Shapiro is a board member and a financial advisor. Ms. Shapiro is an experienced entrepreneur and business consultant. For the past several years she has devoted much of her professional energies to equipment finance and marketing and she previously has owned and managed an event/planning/marketing firm and is a Past Director of the WISH, women in the House and Senate.

Audit Committee

The Company’s Board of Directors currently serves as the Audit Committee.

Code of Ethics:

The Company has adopted a Code of Ethics which applies to all directors, officers and employees of the Company and its subsidiaries including the Principal Executive Officer and the Principal Financial Officer, which meets the requirement of a “code of ethics” as defined in Item 406 of Regulation S-K. The Company will provide a copy of the Code to shareholders pursuant to any request directed to the Company’s principal offices.

Item 11. Executive Compensation

The following summary compensation table sets forth certain information concerning compensation paid to our Principal Executive Officer, Secretary and Principal Financial Officer.

33

SUMMARY COMPENSATION TABLE - YEARS ENDED SEPTEMBER 30, 2013 AND 2012

Name and Principal Position	Year	Salary		Bonus		Stock Awards		Option Awards		Non-Equity Incentive Plan Compensation		Change in Pension Value and non Qualified Deferred Compensation Earnings		All Other Compensation		Total
Stephen L. Gurba, Chairman of the Board,	2012	$	493,682	$	-	$	-	$	-	$	-	$	-	$	-	$	493,682
Chief Executive Officer and President	2013	$	386,000	$	-	$	-	$	-	$	-	$	-	$	-	$	386,000
Craig S Schnee	2012	$	220,000	$	-	$	-	$	-	$	-	$	-	$	-	$	220,000
Secretary and General Counsel	2013	$	98,398	$	-	$	-	$	-	$	-	$	-	$	-	$	98,398
Frank W. Barker, Jr,	2012	$	39,000	$	-	$	-	$	-	$	-	$	-	$	-	$	39,000
Chief Financial Officer	2013	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
C.W. Colburn III	2012	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Chief Financial Officer	2013	$	185,000	$	-	$	-	$	-	$	-	$	-	$	-	$	185,000
William E. McMilloen	2012	$	-	$	-	$	-	$	-	$	-	$	-	$	-	$	-
Chief Financial Officer	2013	$	-	$	-	$	-	$	63,333	$	-	$	-	$	-	$	63,333
		$	1,422,080	$	-	$	-	$	63,333	$	-	$	-	$	-	$	1,422,080

 

The following table summarizes the Company’s Outstanding Equity Awards at fiscal year ended September 30, 2013

OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

	OPTION AWARDS											STOCK AWARDS
Name	Number of Securities Underlying Unexercised Optons, # Exercisable		Number of Securities Underlying Unexercised Optons, # Unexercisable		Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)		Option Exercise Price ($)		Option Expiration Date	Number of Shares or Units of Stock That Have Not Vested (#)		Market Value of Shares or Units of Stock That Have Not Vested ($)		Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)		Equity Incentive Plan Awards: Marketor Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested (#)
Craig Schnee		250,000		-		-	$	0.02	2/15/22		-	$	-		-		-
Craig Schnee		250,000		-		-	$	0.02	5/17/22		-	$	-		-		-
William McMillen		3,166,667					$	0.02	8/31/23		-	$	-		-		-
Lynn Shapiro		3,961,702					$	0.02	2/27/23		-	$	-		-		-

 

34

DIRECTOR COMPENSATION

Name and Principal Position

Fees Earned or Paid in Cash ($)

Stock Awards

Option Awards

Non-Equity Incentive Plan Compensation

Change in Pension Value and non Qualified Deferred Compensation Earnings ($)

All Other Compensation ($)

Total

Stephen L. Gurba

$

-

-

-

-

$

-

$

-

$

-

Craig Schnee

$

-

-

-

-

$

-

$

-

$

-

William E McMillen

$

-

-

-

-

$

-

$

-

$

-

Lynn Shapiro

$

-

-

-

-

$

-

$

-

$

-

 

We maintain a policy whereby our directors may be compensated for out of pocket expenses incurred by each of them in the performance of their relevant duties. Directors do not receive any form of compensation.

Stephen L. Gurba has a five year employment contract with the Company dated January 1, 2011, providing for an annual salary of $386,000 and various fringe benefits.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The table below lists the beneficial ownership of our voting securities by each person known by us to be the beneficial owner of more than 5% of such securities, as well as by all our directors and officers. Unless otherwise indicated, the shareholders listed possess sole voting and investment power with respect to the shares shown.

The information reflected in the following table was furnished by the persons listed therein. The calculations of the percent of shares beneficially owned are based on 21,001,316 shares of common stock and 4,000,000,000 shares of preferred stock issued and outstanding on September 30, 2013.

Title of Class	Name and Address of Beneficial Owner	Amount and Nature of Beneficial Ownership		Percent of Class			Percent of Voting Stock
Preferred	Stephen L. and Evelyn Gurba		2,000,000,000		50.00	%		49.74	%
	2409 N. Falkenburg Rd
	Tampa, Fl 33619
Common	Stephen L. and Evelyn Gurba		1,230,000		5.86	%		0.03	%
	2409 N. Falkenburg Rd
	Tampa, Fl 33619
Preferred	Fieldstone Affiliates, LLC		800,000,000		20.00	%		19.90	%
	PO Box 273369
	Boca Raton, Fl 33427
Preferred	Harold J. Hoodwin		600,000,000		15.00	%		14.92	%
	Houston, TX 77096
Preferred	David Goose		600,000,000		15.00	%		14.92	%
	189 Hammock Oak Circle
	Debary, Fl 32713
Common	Edward D. Tschiggfrie		2,746,741		13.08	%		0.07	%
	400 Julien Dubuque Drive
	Dubuque, Iowa 52003
Common	David J Keehan Trust		1,875,000		8.93	%		0.05	%
	Avon, Ohio 44011
Common	Jeff Krueger		1,499,254		7.14	%		0.04	%
	3225 Martha Court West
	West Bend, Wisconsin 53095
	All Officers and Directors as a group		2,001,230,000					49.77	%
	(1 Person)

(1) Includes 20,000 shares issued in the name of Stephen L and Evelyn Gurba, but being held as security for a loan.

35

Item 13. Certain Relationships and Related Transactions and Director Independence

The acquisition of 3Si Holdings, Inc., which occurred on January 1, 2009, had certain preexisting relationships. Our Chairman of the Board at the time of the acquisition, John D. Stanton owned and/or beneficially controlled 44% of 3Si Holdings, Inc. prior to the acquisition. Stephen L Gurba, our Chief Executive Officer owned and/or beneficially controlled 35% of 3Si Holdings, Inc. prior to the acquisition. Stephen L Gurba, our Chief Executive Officer did not own any shares of Bulova Technologies Group, Inc. before this acquisition.

The Company had received loans from two (2) major shareholders which were supported by notes bearing interest at 5% annually with restricted conversion features and no repayment schedule. The notes were originally issued for $1,500,000 for each shareholder then subsequently raised to a maximum of $5,000,000. All shareholder debt is accruing interest. During the year ended September 30, 2012, the Company issued 171,830,956 shares of common stock in exchange for $699,100 of shareholder loans, and during the year ended September 30, 2011, the Company issued 226,054,557 shares of common stock in exchange for $2,565,202 of shareholder loans As of September 30, 2013, the only remaining balance associated with these notes is a temporary balance due from Stephen L. Gurba and Evelyn R. Gurba in the amount of $22,613. There is no balance due under these notes at September 30, 2013.

Item 14. Principal Accountant Fees and Services

On December 17, 2012, the audit firm of Drake & Klein CPAs changed its name to DKM Certified Public Accountants. The change was reported to the PCAOB as a change of name. This is not a change of auditors for the Company.

(1) Audit Fees

 The aggregate fees billed for each of the last two fiscal years for professional services rendered by the aforementioned firm; the principal accountant for our audit of annual financial statements and review of financial statements included in our Form 10-Qs or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years was:

2013	$	38,500
2012	$	38,250

(2) Audit-Related Fees

The aggregate fees billed in each of the last two fiscal years for assurance and related services by the aforementioned firm; the principal accountants that are reasonably related to the performance of the audit or review of our financial statements and are not reported in the preceding paragraph:

2013	$	0.00
2012	$	0.00

(3) Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered; the principal accountant for tax compliance, tax advice, and tax planning was:

2013	$	0.00
2012	$	0.00

 (4) All Other Fees

 The aggregate fees billed in each of the last two fiscal years for the products and services provided by Randall N. Drake, CPA, PA; the principal accountant, other than the services reported in paragraphs (1), (2), and (3) was:

2013	$	0.00
2012	$	0.00

(5) Our audit committee’s pre-approval policies and procedures described in paragraph (c)(7)(i) of Rule 2-01 of Regulation S-X were that the audit committee pre-approve all accounting related activities prior to the performance of any services by any accountant or auditor.

36

 (6) The percentage of hours expended on the principal accountant’s engagement to audit our financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full time, permanent employees was 0%.

PART IV

Item 15. Exhibits and Financial Statement Schedules

(a) and (c)			The consolidated financial statements are included in Item 8.
(b)	Exhibits:
		10.1	Acquisition and Exchange Agreement between Bulova Technologies Group, Inc. and the shareholders of 3Si Holdings, Inc., dated January 1, 2009 (*)
		10.2	Asset Purchase Agreement between Anuva Manufacturing Services, Incorporated and BT Manufacturing Company LLC, dated December 31, 2010. (**)
		31.1	Rule 13a-14(a) Certification of President and Principal Executive Officer
		31.2	Rule 13a-14(a) Certification of Treasurer and Principal Financial Officer
		32.1	Certification of President and Principal Executive Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
		32.2	Certification of Treasurer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
		101.INS***	XBRL Instance
		101.SCH***	XBRL Taxonomy Extension Schema
		101.CAL***	XBRL Taxonomy Extension Calculation
		101.DEF***	XBRL Taxonomy Extension Definition
		101.LAB***	XBRL Taxonomy Extension Labels
		101.PRE***	XBRL Taxonomy Extension Presentation
		*	Previously filed as Exhibit to, and incorporated by reference from, the Company’s Form 10K for the year ended September 30, 2009, on November 16, 2010.
		**	Previously filed as Exhibit to, and incorporated by reference from, the Company’s Form 10K for the year ended September 30, 2011, on January 13, 2012.
		***	XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

37 

SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the Company has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Bulova Technologies Group, Inc.
By	/s/ Stephen L. Gurba
	Stephen L. Gurba
	Principal Executive Officer

DATED: January 13, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed by the following persons on behalf of the Company and on the dates indicated.

/s/ Stephen L. Gurba	January 13, 2014
Stephen L. Gurba
Principal Executive Officer
/s/ William E. McMillen	January 13, 2014
William E. McMillen
Principal Financial and Accounting Officer

38

EX-31

Exhibit 31.1

BULOVA TECHNOLOGIES GROUP, INC. AND CONSOLIDATED AFFILIATE
Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002

I, Stephen L. Gurba, Principal Executive Officer, certify that:

1. I have reviewed this annual report on Form 10-K of Bulova Technologies Group, Inc. and Consolidated Affiliate;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that was materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors:

(a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 13, 2014

/s/ Stephen L. Gurba  

Stephen L. Gurba

Principal Executive Officer 

EX-31

Exhibit 31.2

BULOVA TECHNOLOGIES GROUP, INC. AND CONSOLIDATED AFFILIATE
Certification Pursuant to
Section 302 of the Sarbanes-Oxley Act of 2002

I, William E. McMillan, Principal Financial Officer, certify that:

1. I have reviewed this annual report on Form 10-K of Bulova Technologies Group, Inc. and Consolidated Affiliate;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant’s as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that was materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors:

(a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: January 13, 2014

/s/  William E. McMillen

William E. McMillen

Principal Financial and Accounting Officer 

EX-32

Exhibit 32.1

BULOVA TECHNOLOGIES GROUP, INC. AND CONSOLIDATED AFFILIATE
Certification Pursuant to
18 U.S.C. Section 1350,
as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report of Bulova Technologies Group, Inc. (the Company) on Form 10-K for the year ended September 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Stephen L. Gurba, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
		/s/ Stephen L. Gurba
		Stephen L. Gurba
		Principal Executive Officer
		January 13, 2014

EX-32

Exhibit 32.2

BULOVA TECHNOLOGIES GROUUP, INC.AND CONSOLIDATED AFFILIATE
Certification Pursuant to
18 U.S.C. Section 1350,
as Adopted Pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report of Bulova Technologies Group, Inc. (the Company) on Form 10-K for the year ended September 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, C. W. Colburn III, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)	The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
		/s/ William E. McMillen
		William E. McMillen
		Principal Financial and Accounting Officer
		January 13, 2014

XML

Note 7 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Deferred tax assets:
NOL and contribution carry forwards	$ 4,673,886
Capital Loss Carry Over	657,342
Property & Equipment	(7,485)
	33,828
	8,350,588
Valuation Allowance	(33,828)
Valuation Allowance	(8,350,588)
Share based Compensation	2,631,730
The change in the valuation allowance is as follow:
Current	8,384,416	11,450,741
Decrease in valuation allowance	(3,066,325)	3,066,000
Accrued Compensation [Member]
Deferred tax assets:
Current	225,780
Non-Current	225,780
Accrued Interest [Member]
Deferred tax assets:
Current	15,574
Non-Current	15,574
Accrued Marketing Fee [Member]
Deferred tax assets:
Current	18,254
Non-Current	18,254
Accrued Fee [Member]
Deferred tax assets:
Current	169,335
Non-Current	$ 169,335

XML

Note 12 - Subsequent Events (Details)	1 Months Ended							1 Months Ended
	Dec. 30, 2013	Jan. 31, 2013	Nov. 30, 2011	Sep. 30, 2013	Sep. 30, 2012	Sep. 26, 2012	Dec. 30, 2013 Subsequent Event [Member] Scenario, Previously Reported [Member]	Dec. 30, 2013 Subsequent Event [Member]	Nov. 30, 2013 Subsequent Event [Member]	Oct. 31, 2013 Subsequent Event [Member]
Note 12 - Subsequent Events (Details) [Line Items]
Stock Issued During Period, Shares, Issued for Services		205,000	51,342						625,000	500,000
Stockholders' Equity Note, Stock Split, Conversion Ratio	200							200
Common Stock, Shares, Issued				21,001,316	8,291,639		2,190,695	438,138,975
Common Stock, Shares, Outstanding				21,001,316	8,291,639		438,138,975	2,190,695
Common Stock, Shares Authorized			2,000,000,000	500,000,000	500,000,000	5,000,000,000	5,000,000,000	500,000,000

XML

Note 4 - Discontinued Operations (Details) - Assets And Liabilities Of Discontinued Operations (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Assets And Liabilities Of Discontinued Operations [Abstract]
Accounts receivable	$ 0
Inventory	0
Other current assets	0
Total current assets from discontinued operations	0	0
Property plant and equipment - net	0
Other assets	0
Total assets from discontinued operations	0
Accounts payable and accrued expenses		351,054
Current portion of long-term debt		1,660,883
Provision for loss on disposal of business segment	0
Total current liabilities associated with discontinued operations		2,011,937
Total liabilities associated with discontinued operations		$ 2,011,937

XML

Note 8 - Commitments and Contingencies (Tables)

12 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Period ended September 30
2014	$	278,414
2015		262,056
2016		268,607
2017		275,323
2018		282,206
Thereafter		3,028,678
	$	4,395,284

XML

Note 8 - Commitments and Contingencies (Details) - Minimum Lease Payments Under Operating Leases (USD $)	Sep. 30, 2013
Minimum Lease Payments Under Operating Leases [Abstract]
2014	$ 278,414
2015	262,056
2016	268,607
2017	275,323
2018	282,206
Thereafter	3,028,678
	$ 4,395,284

XML

Note 6 - Long Term Debt (Details) - Principal Maturities Of Long Term Debt (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013
Principal Maturities Of Long Term Debt [Abstract]
	$ 2,821,711
	80,073
	10,852
	10,852
	10,852
	$ 2,934,340

XML

Note 2 - Principles of Consolidation and Basis of Presentation:

12 Months Ended

Sep. 30, 2013

Disclosure Text Block [Abstract]

Basis of Presentation and Significant Accounting Policies [Text Block]

2.        Principles of consolidation and basis of presentation:

These consolidated financial statements include the assets and liabilities of Bulova Technologies Group, Inc. and its subsidiaries as of September 30, 2013 and 2012. All material intercompany transactions have been eliminated.

On January 1, 2009, the Company acquired the stock of 3Si Holdings, Inc. (“3Si”) a privately held Florida corporation controlled by the majority stockholder of the Company in exchange for 40,000,000 shares of its common stock. The assets and operations of 3Si have been accounted for in three operating subsidiaries, BT Manufacturing Company LLC, Bulova Technologies Ordnance Systems LLC, and Bulova Technologies (Europe) LLC (formerly Bulova Technologies Combat Systems LLC). In July of 2013, the Company formed its newest subsidiary, Bulova Technologies Machinery LLC.

BT Manufacturing Company LLC – prior to discontinuance, its operations were located in Melbourne, Florida, in a 35,000 square foot facility where it assembled a wide range of printed circuit board products. In June 2010, the Company determined to dispose of BT Manufacturing Company LLC, and as such has accounted for this business segment as a discontinued operation. The settlement and disposition of this segment was accomplished during the quarter ended March 31, 2011, with the exception of a note payable, whose final settlement occurred when all of the assets of Ordnance were sold in October 2012.

Bulova Technologies Ordnance Systems LLC. – located on 261 acres in Mayo, Florida is a load, assembly, and pack facility specializing in fuzes, safe and arming devices and explosive simulators. Bulova Technologies Ordnance Systems LLC is registered with the United States Department of State Directorate of Defense Trade Controls (DDTC). It produces a variety of pyrotechnic devices, ammunition and other energetic materials for the U. S. Government and other allied governments throughout the world. In October 2012, the Company sold substantially all of the assets of this subsidiary to an unrelated party.

Bulova Technologies (Europe) LLC – located in the Company’s corporate headquarters in Tampa, Florida, this subsidiary markets the Mortar Exchange program, which it helped develop, to facilitate the needs of NATO members and allied countries. This subsidiary is also looking to take advantage of the offset opportunities around the world through a joint venture, focusing, initially in the UAE and is administering non-standard ammo and non-standard weapons contracts through its blanket purchase agreements with the U.S.  In addition, this subsidiary also markets and sells commercially ammunition acquired through various suppliers worldwide. It leases office space in Frankfurt, Germany to promote and facilitate all of these programs.

Bulova Technologies Machinery LLC - Formed in July of 2013, Bulova Technologies Machinery LLC represents the Company's entree into the machine tool business, and will import industrial machine tools and related equipment from recognized international sources and establish a Distributor/Dealer Network throughout the United States and Canada.

In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the financial position as of September 30, 2013 and 2012, and the results of operations and cash flows for the years ended September 30, 2013 and 2012.

Subsequent Events

The Company has evaluated subsequent events through January 6, 2014 to assess the need for potential recognition or disclosure in this report.  Based upon this evaluation, management determined that all subsequent events that require recognition in the financial statements have been included.

Business Segments

Commencing with the Company’s formation of Bulova Technologies Machinery LLC, the Company now operates in two business segments, government contracting and commercial sales.  As the commercial sales segment of the Company is in its initial start-up phase and its operations through September 30, 2013 are not material, the Company has determined not to present financial information by segment.

Use of Estimates

The preparation of the Company's financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates.

Financial Instruments

The carrying amounts of cash, receivables and current liabilities approximated fair value due to the short-term maturity of the instruments. Debt obligations were carried at cost, which approximated fair value due to the prevailing market rate for similar instruments.

Fair Value Measurement

All financial and nonfinancial assets and liabilities were recognized or disclosed at fair value in the financial statements. This value was evaluated on a recurring basis (at least annually). Generally accepted accounting principles in the United States define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on a measurement date. The accounting principles also established a fair value hierarchy which required an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs were used to measure fair value.

Level 1: Quotes market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that were corroborated by market data.

Level 3: Unobservable inputs that were not corroborated by market data.

Cash and Cash Equivalents

For purposes of the statements of cash flows, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains its cash deposits in major financial institutions in the United States. At times deposits within a bank may exceed the amount of insurance provided on such deposits. Generally, these deposits are redeemed upon demand and, therefore, are considered by management to bear minimal risk.

Accounts receivable

Accounts receivable represent amounts due from customers in the ordinary course of business from sales activities in each of the Company’s business segments. The Company considers accounts more than 90 days old to be past due. The Company uses the allowance method for recognizing bad debts. When an account is deemed uncollectible, it is written off against the allowance. The Company generally does not require collateral for its accounts receivable.The Company considers all accounts receivable to be collectable and consequently has provided no allowance for doubtful accounts.

The majority of the Company’s revenues and accounts receivable pertain to contracts with the US Government.

Inventory

Inventory is stated at the lower of cost (first-in, first-out) or market. Market was generally considered to be net realizable value. Inventory consisted of materials used to manufacture the Company’s products work in process and finished goods ready for sale.

The breakdown of inventory at September 30, 2013 and 2012 is as follows:

	September 30, 2013		September 30, 2012
Finished goods	$	-	$	-
Work in process		-		-
Materials and supplies		55,605		1,023,980
Total inventory of continuing operations	$	55,605	$	1,023,980

Property, Plant and Equipment

Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed by applying principally the straight-line method to the estimated useful lives of the related assets. Useful lives range from 10 to 20 years for buildings and improvements and 5 to 10 years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. When property or equipment is retired or otherwise disposed of, the net book value of the asset is removed from the Company’s balance sheet and the net gain or loss is included in the determination of operating income. Property, plant and equipment acquired as part of a business acquisition are valued at fair value.

Property, plant and equipment are comprised of the following at September 30, 2013 and 2012

	As of September 30,
	2013			2012
Land	$	-		$	1,225,000
Buildings and improvements		-			1,170,194
Machinery and equipment		-			752,554
Funiture and fixtures		117,580			45,735
		117,580			3,193,483
Less accumulated depreciation		(24,871	)		(718,555	)
Net property, plant and equipment	$	92,709		$	2,474,928

Impairment of Long-Lived Assets

The Company evaluates the carrying value of its long-lived assets at least annually. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted future cash flows estimated to be generated by those assets are less than the assets’ carrying amount. If such assets are impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying value or fair value, less costs to sell.

Discontinued Operations

In accordance with ASC 205-20, Presentation of Financial Statements-Discontinued Operations (“ASC 205-20”), we reported the results of BT Manufacturing Company LLC, our contract manufacturing segment as a discontinued operation. The application of ASC 205-20 is discussed in Note 4 “Discontinued Operations”

Revenue Recognition

Sales revenue is generally recognized upon the shipment of product to customers or the acceptance by customers of the product. Allowances for sales returns, rebates and discounts are recorded as a component of net sales in the period the allowances were recognized. The majority of the Company’s revenue is generated under various fixed and variable price contracts as follows:

Revenues on fixed-price type contracts are recognized using the Percentage-Of-Completion (POC) method of accounting as specified in government contract accounting standards and the particular contract. Revenues earned on fixed-price production contracts under which units are produced and delivered in a continuous or sequential process are recognized as units are delivered based on their contractual selling prices (the “Units-of-Delivery” basis of determination). Sales and profits on each fixed-price production contract under which units are not produced in a continuous or sequential process are recorded based on the ratio of actual cumulative costs incurred to the total estimated costs at completion of the contract, multiplied by the total estimated contract revenue, less cumulative sales recognized in prior periods (the “Cost-to-Cost” basis of determination). Under both types of basis for determining revenue earned, a single estimated total profit margin is used to recognize profit for each contract over its entire period of performance, which can exceed one year. The estimated total profit margin is evaluated on a periodic basis by management throughout the term of an individual contract to determine if the estimated total profit margin should be adjusted.

The Company has certain contracts with the U.S. Government that have been funded through “Performance-Based-Payments”. Performance-based-payments are a method of financing designed by the Government to facilitate the accomplishment of the terms of the contract, and are not payments for accepted items. These financing payments are designed as a funding mechanism to facilitate production and may be made based on performance measured by objective, the accomplishment of defined events, or other quantifiable measures of results. As units are delivered and invoiced, the U.S. Government withholds 90% of the invoiced amount as repayment of the contract financing advances.

Cost of Revenues

The costs of revenues include direct materials and labor costs, and indirect labor associated with production and shipping costs.

Advertising Costs

The costs of advertising are expensed as incurred and are included in the Company’s operating expenses. The Company did not incur any advertising expenses for the years ended September 30, 2013 and 2012.

Shipping Costs

The Company includes shipping costs in cost of revenues.

Income Taxes

Income tax benefits or provisions are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to differences between the recorded book basis and the tax basis of assets and liabilities for financial and income tax reporting. Deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities were recovered or settled. Deferred tax assets were also recognized for operating losses that were available to offset future taxable income and tax credits that were available to offset future federal income taxes, less the effect of any allowances considered necessary. The Company follows the guidance provided by ASC48, Accounting for Uncertainty in Income Taxes, for reporting uncertain tax provisions.

Income (Loss) per Common Share

Basic net loss per share excludes the impact of common stock equivalents. Diluted net loss per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. As of September 30, 2013, there were 58,855,493 common stock equivalents that were anti-dilutive and were not included in the calculation.

Effect of Recent Accounting Pronouncements

The Company reviews new accounting standards as issued. No new standards had any material effect on these financial statements. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these consolidated financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these consolidated financial statements as presented and does not anticipate the need for any future restatement of these consolidated financial statements because of the retro-active application of any accounting pronouncements issued subsequent to September 30, 2012 through the date these financial statements were issued.

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Note 9 - Related Party Transactions (Details) (USD $)	12 Months Ended
	Sep. 30, 2013
Note 9 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Rate	5.00%
Stephen L. Gurba and Evelyn R. Gurba [Member]
Note 9 - Related Party Transactions (Details) [Line Items]
Due to Related Parties	$ 22,613
Original Face Amount [Member]
Note 9 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Amounts of Transaction	1,500,000
Amended Face Amount [Member]
Note 9 - Related Party Transactions (Details) [Line Items]
Related Party Transaction, Amounts of Transaction	$ 5,000,000

XML

Note 2 - Principles of Consolidation and Basis of Presentation: (Details) - Property, Plant and Equipment (USD $)	Sep. 30, 2013	Sep. 30, 2012
Property, Plant and Equipment [Line Items]
Land		$ 1,225,000
Buildings and improvements		1,170,194
Machinery and equipment		752,554
Funiture and fixtures	117,580	45,735
	117,580	3,193,483
Less accumulated depreciation	(24,871)	(718,555)
Net property, plant and equipment	92,709	2,474,928
Continuing Operations [Member]
Property, Plant and Equipment [Line Items]
Net property, plant and equipment	$ 92,709	$ 2,474,928

XML

Note 2 - Principles of Consolidation and Basis of Presentation: (Details) - Inventory (USD $)	Sep. 30, 2013	Sep. 30, 2012
Inventory [Abstract]
Finished goods	$ 0	$ 0
Materials and supplies	55,605	1,023,980
Total inventory of continuing operations	$ 55,605	$ 1,023,980

XML

Note 10 - Stockholders' Equity (Details) (USD $)	1 Months Ended																						3 Months Ended	12 Months Ended			1 Months Ended				12 Months Ended
	Dec. 30, 2013	Sep. 30, 2013	Jul. 31, 2013	Jun. 30, 2013	Feb. 28, 2013	Jan. 31, 2013	Dec. 31, 2012	Nov. 30, 2012	Oct. 31, 2012	Sep. 30, 2012	Aug. 31, 2012	Jul. 31, 2012	Jun. 29, 2012	Jun. 30, 2012	May 31, 2012	Apr. 30, 2012	Mar. 31, 2012	Feb. 28, 2012	Jan. 31, 2012	Dec. 31, 2011	Nov. 30, 2011	Oct. 31, 2011	Dec. 31, 2011	Sep. 30, 2013	Sep. 26, 2012	Dec. 30, 2013 Subsequent Event [Member] Scenario, Previously Reported [Member]	Dec. 30, 2013 Subsequent Event [Member]	Nov. 30, 2013 Subsequent Event [Member]	Oct. 31, 2013 Subsequent Event [Member]	Feb. 25, 2013 Preferred Stock [Member]	Sep. 30, 2013 Preferred Stock [Member]	Sep. 30, 2012 Preferred Stock [Member]	Dec. 31, 2011 Conversion of Related Party Debt [Member]
Note 10 - Stockholders' Equity (Details) [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio	200																										200
Common Stock, Shares Authorized		500,000,000								500,000,000											2,000,000,000			500,000,000	5,000,000,000	5,000,000,000	500,000,000						300,000
Debt Conversion, Converted Instrument, Shares Issued				750,000	750,000	1,237,121		915,150	4,944,618				70,423	109,155	31,800	17,308	15,714	12,000		64,158	26,765	44,482
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued		1,000,000				205,000	496,250	757,500	754,038					154,394	127,064	100,000		3,750	757,500			2,500										2,000,000,000
Preferred Stock, Shares Authorized		5,000,000,000								5,000,000,000											2,000,000,000			5,000,000,000	5,000,000,000
Stock Issued During Period, Shares, Issued for Services						205,000															51,342							625,000	500,000
Stock Issued During Period, Shares, New Issues																				450,000	51,342		250,000
Stock Issued During Period, Shares, in Association with New Debt			750,000			150,000				885,010	969,231	841,446		375,000	175,000			475,000
Stock Issued During Period, Shares, Issued as Payment for Interest on Debt											91,904
Common Stock, Par or Stated Value Per Share (in Dollars per share)		$ 0.001								$ 0.001														$ 0.001	$ 0.001
Preferred Stock, Par or Stated Value Per Share (in Dollars per share)		$ 0.00001								$ 0.00001											$ 0.00001			$ 0.00001	$ 0.00001
			750,000
Sale of Stock, Number of Shares Issued in Transaction																														2,000,000,000	2,000,000,000
Preferred Stock, Voting Rights																								one

XML

Note 3 - Contract Claim Receivable (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Jan. 02, 2009
Note 3 - Contract Claim Receivable (Details) [Line Items]
Billed Contracts Receivable			$ 3,200,597
United States Government [Member]
Note 3 - Contract Claim Receivable (Details) [Line Items]
Notes and Loans Payable	$ 0	$ 666,490	$ 3,200,597

XML

Note 4 - Discontinued Operations (Details) (USD $)	1 Months Ended		12 Months Ended
	Oct. 31, 2012	Sep. 30, 2010	Sep. 30, 2013	Sep. 30, 2012
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax		$ (2,650,000)	$ 1,309,424	$ (91,347)
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax		(900,000)	1,309,424	(91,347)
Bankruptcy Claims, Amount Paid to Settle Claims	625,000
Debtor Reorganization Items, Gain (Loss) on Settlement of Other Claims, Net	$ 1,309,424

XML

Note 1 - Description of Business

12 Months Ended

Sep. 30, 2013

Disclosure Text Block [Abstract]

Business Description and Basis of Presentation [Text Block]

1.         Description of business:

Bulova Technologies Group, Inc. ("BLVT" or the "Company") was originally incorporated in Wyoming in 1979 as “Tyrex Oil Company”. During 2007, the Company divested itself of all assets and previous operations. During 2008, the Company filed for domestication to the State of Florida, and changed its name to Bulova Technologies Group, Inc. and changed its fiscal year from June 30 to September 30. On January 1, 2009 the Company acquired the stock of 3Si Holdings, Inc. (“3Si”) a private company that was under common control and began operations in Florida.

The Company operates as a government contractor and sells machine tools and related equipment in the United States. Headquarter facilities are in Tampa, Florida and its operating facilities were located in Mayo, Florida until the sale of substantially all of the assets of Bulova Technologies Ordnance Systems LLC in October 2012.  In July of 2013 the Company formed Bulova Technologies Machinery LLC, a new subsidiary to generate sales of industrial tool machines commercially, with locations in Branchburg, New Jersey and Sanford, Florida.

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Note 4 - Discontinued Operations (Details) - Operating Results For Discontinued Operations (USD $)	1 Months Ended	12 Months Ended
	Sep. 30, 2010	Sep. 30, 2013	Sep. 30, 2012
Operating Results For Discontinued Operations [Abstract]
Revenue		$ 0	$ 0
Cost of Sales		0	0
Gross profit		0	0
Operating expenses and interest		0	(91,347)
Other income		1,309,424	0
Income (loss) from operations		1,309,424	(91,347)
Income tax benefit		0	0
Income (loss) from discontinued operations, net of tax	$ (2,650,000)	$ 1,309,424	$ (91,347)

XML

Note 7 - Income Taxes (Details) - Income Tax Reconciliation	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Income Tax Reconciliation [Abstract]
Expected provision at US statutory rate	34.00%	34.00%
State income tax net of federal benefit	3.63%	3.63%
Permanent and Other Differences	0.00%	0.00%
Valuation Allowance	(37.63%)	(37.63%)
Effective Income Tax Rate	0.00%	0.00%

XML

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Sep. 30, 2012
ASSETS
Cash and cash equivalents	$ 89,812	$ 29,034
Accounts receivable	303,565	112,005
Contract claim receivable	0	0
Inventory	55,605	1,023,980
Other current assets	13,649	48,334
Current assets from discontinued operations	0	0
Total Current Assets	462,631	1,213,353
Property, plant and equipment	92,709	2,474,928
Investments	0	0
Other assets	103,295	27,461
Non-current assets from discontinued operations	0	0
	658,635	3,715,742
Accounts payable	514,892	423,102
Accrued expenses and other current liabilities	1,053,267	7,202,905
Advance payments and billings in excess of cost		666,490
Current portion of long term debt	2,821,711	8,386,675
Current liabilities from discontinued operations		2,011,937
Total current liabilities	4,389,870	18,691,109
Shareholder loans and accrued interest	(22,613)	185,195
Long term debt, net of current portion–	112,629	1,144,074
	4,479,886	20,020,378
Shareholders’ deficit
Preferred stock, $.00001 par, authorized 5,000,000,000 shares; 4,000,000,000 and 2,000,000,000 issued and outstanding at September 30, 2013 and 2012	40,000	20,000
Common stock, $.001 par; authorized 500,000,000 shares, 21,001,316 and 8,291,639 issued and outstanding at September 30, 2013 and 2012	21,001	8,292
Subscription receivable - warrants	(66,000)
Additional paid in Capital in excess of par	23,174,191	21,873,708
Retained earnings (deficit)	(26,990,443)	(38,206,636)
	(3,821,251)	(16,304,636)
	$ 658,635	$ 3,715,742

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Note 11 - Change in Accounting Estimate (Details) (Terminated by Government Before Completion [Member], USD $)	Sep. 30, 2013
Terminated by Government Before Completion [Member]
Note 11 - Change in Accounting Estimate (Details) [Line Items]
Accrued Liabilities	$ 6,071,700

XML

Statement of Changes in Stockholders Equity (USD $)	Scenario, Previously Reported [Member] Common Stock [Member]	Scenario, Previously Reported [Member] Additional Paid-in Capital [Member]	Scenario, Previously Reported [Member] Retained Earnings [Member]	Scenario, Previously Reported [Member]	Restatement Adjustment [Member] Common Stock [Member]	Restatement Adjustment [Member] Additional Paid-in Capital [Member]	Restatement Adjustment [Member] Retained Earnings [Member]	Restatement Adjustment [Member]	Issuance of Shares in Satisfaction of Debt 1 [Member] Common Stock [Member]	Issuance of Shares in Satisfaction of Debt 1 [Member] Additional Paid-in Capital [Member]	Issuance of Shares in Satisfaction of Debt 1 [Member]	Issuance of Shares For Services 1 [Member] Common Stock [Member]	Issuance of Shares For Services 1 [Member] Additional Paid-in Capital [Member]	Issuance of Shares For Services 1 [Member]	Issuance of Warrants 1 [Member] Subscription Receivable [Member]	Issuance of Warrants 1 [Member] Additional Paid-in Capital [Member]	Issuance of Shares in Satisfaction of Debt 2 [Member] Common Stock [Member]	Issuance of Shares in Satisfaction of Debt 2 [Member] Additional Paid-in Capital [Member]	Issuance of Shares in Satisfaction of Debt 2 [Member]	Issuance of Shares for Services 2 [Member] Common Stock [Member]	Issuance of Shares for Services 2 [Member] Additional Paid-in Capital [Member]	Issuance of Shares for Services 2 [Member]	Issuance of Shares for Services 3 [Member] Common Stock [Member]	Issuance of Shares for Services 3 [Member] Additional Paid-in Capital [Member]	Issuance of Shares for Services 3 [Member]	Issuance of Warrants 2 [Member] Additional Paid-in Capital [Member]	Issuance of Warrants 2 [Member]	Preferred Stock [Member]	Common Stock [Member]	Subscription Receivable [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Sep. 30, 2011	$ 438,139	$ 18,065,442	$ (29,103,468)	$ (10,599,887)	$ 2,191	$ 18,501,390	$ (29,103,468)	$ (10,599,887)
Balance (in Shares) at Sep. 30, 2011	438,138,975				2,190,695
Issuance of shares for services																												20,000	1,243		935,292		956,535
Issuance of shares for services (in Shares)																												2,000,000,000	1,243,417
Issuance of shares without consideration in completion of a prior year transaction																													45		(45)
Issuance of shares without consideration in completion of a prior year transaction (in Shares)																													45,037
Issuance of shares in satisfaction of debt																													3,837		971,263		975,100
Issuance of shares in satisfaction of debt (in Shares)																													3,837,491
Issuance of convertible debt																															142,380		142,380
Issuance of shares in satisfaction of debt																													1,025		1,001,475		1,002,500
Issuance of shares in satisfaction of debt (in Shares)																													1,025,000
Issuance of Warrants																															366,904		366,904
Cancellation of previously authorized shares not issued																													(50)		(44,950)		(45,000)
Cancellation of previously authorized shares not issued (in Shares)																													(50,000)
Net Income																																(9,103,168)	(9,103,168)
Adjustment to reflect reverse split of 1 for 200 common shares																													(435,948)		435,948
Adjustment to reflect reverse split of 1 for 200 common shares (in Shares)																													(435,948,280)
Balance at Sep. 30, 2012																												20,000	8,292		21,873,708	(38,206,636)	(16,304,636)
Balance (in Shares) at Sep. 30, 2012																												2,000,000,000	8,291,639
Sale of Stock																												20,000					20,000
Sale of Stock (in Shares)																												2,000,000,000
Issuance of Warrants associated with new debt																															426,010		426,010
Issuance of Warrants for services																															107,300		107,300
Issuance of shares associated with extension of debt																													750		14,250		15,000
Issuance of shares associated with extension of debt (in Shares)																													750,000
Issuance of shares for services												2,008	155,674	157,682						205	7,995	8,200	1,000	39,000	40,000
Issuance of shares for services (in Shares)												2,007,788								205,000			1,000,000
Issuance of shares in satisfaction of debt									5,860	199,140	205,000						2,737	37,763	40,500
Issuance of shares in satisfaction of debt (in Shares)									5,859,768								2,737,121
Issuance of convertible debt																															31,500		31,500
Issuance of shares in satisfaction of debt																													150		5,850		6,000
Issuance of shares in satisfaction of debt (in Shares)																													150,000
Issuance of Warrants															(66,000)	66,000										210,000	210,000
Net Income																																11,216,193	11,216,193
Balance at Sep. 30, 2013																												$ 40,000	$ 21,001	$ (66,000)	$ 23,174,191	$ (26,990,443)	$ (3,821,251)
Balance (in Shares) at Sep. 30, 2013																												4,000,000,000	21,001,316

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Note 6 - Long Term Debt (Details) - Long Term Debt (USD $)	Sep. 30, 2013	Sep. 30, 2012
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	$ 2,934,340	$ 11,191,632
Less current portion pertaining to continuing operations	(2,821,711)	(8,386,675)
Less current portion associated with discontinued operations		(1,660,883)
	112,629	1,144,074
Promissory note payable to Webster Business Capital Corporation dated December 16, 2008 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		825,000
Mortgage payable to Bank of America dated March 10, 2006 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		480,666
Note payable to Harold L. and Helene M. McCray dated October 19, 2005 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		776,116
Note payable to Edward Viola dated October 19, 2005 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		54,880
Note payable to PNL Newco II, LLC dated December 22, 2009 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		1,660,883
Note payable to GovFunding, LLC dated February 4, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		3,158,000
Convertible note payable to GovFunding, LLC dated May 25, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		220,000
Convertible note payable to GovFunding LLC dated June 23, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		133,000
Note Payable to GovFunding LLC Dated July 14, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		105,000
Convertible Note Payable to GovFunding LLC Dated August 1, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		128,000
Convertible Note Payable to GovFunding LLC Dated August 9, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		250,000
Convertible Note Payable to GovFunding LLC Dated August 30, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		110,000
Convertible Note Payable to Asher Enterprises Inc Dated May 15, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		25,032
Convertible Note Payable to Asher Enterprises Inc Dated July 16, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	14,500	21,888
Note Payable to Keehan Trust Funding LLC Dated January 19, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	700,000	1,550,000
Note Payable to GovFunding LLC Dated March 30, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		100,000
Note Payable to Keehan Trust Funding LLC Dated March 30, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		285,000
Convertible Note Payable Dated May 4, 2012 for $25,000 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		25,000
Note Payable to GovFunding LLC Dated May 11, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		200,000
Convertible Note Payable to Individual Dated May 25, 2012 for $100,000 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		100,000
Note Payable to Keehan Trust Funding LLC Dated June 1, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		700,000
Convertible Note Payable to Individual Dated August 15, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		4,432
Convertible Note Payable to Individual Dated May 25, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		8,735
Note Payable to GovFunding LLC Dated August 7, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable		245,000
Convertible Note Payable to Asher Enterprises Inc Dated November 7, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	37,500
Note Payable to GovFunding LLC Dated October 24, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	553,763
Note Payable to Individual Dated December 21, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	60,000
Note Payable to NFC III LLC on February 25, 2013 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	400,000
Note Payable to an Individual on January 25, 2013 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	50,000
Note Payable to GovFunding LLC on January 1, 2013 for $30,000 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	30,000
Note Payable to GovFunding LLC on January 1, 2013 for $24,552 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	24,552
Note Payable to an Individual Maturity of December 31, 2013 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	60,000
Note Payable to an Individual Maturity of July 31, 2013 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	26,269
Note Payable to Yellowstone Capital Dated June 19, 2013 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	8,464
Revolving Credit Line Payable to NFC III LLC [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	560,819
Note Payable to Ford Credit [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	54,261
Note Payable to NFC LLC [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	75,000
Note Payable to Individual [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	75,000
Note Payable to Shapiro Family [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	100,000
Note Payable to Craigmore Machinery Company August 15, 2013 A [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	50,000
Note Payable to Craigmore Machinery Company August 15, 2013 B [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	49,212
Note Payable to Craigmore Machinery Company September 1, 2013 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt [Line Items]
Note payable	$ 5,000

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Note 4 - Discontinued Operations (Tables)

12 Months Ended

Sep. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]

	Year Ended September 30,
	2013		2012
Revenue	$	-	$	-
Cost of Sales		-		-
Gross profit		-		-
Operating expenses and interest		-		(91,347	)
Other income		1,309,424		-
Income (loss) from operations		1,309,424		(91,347	)
Loss on disposal of discontinued operations		-		-
Income tax benefit		-		-
Income (loss) from discontinued operations, net of tax	$	1,309,424	$	(91,347	)

Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

	September 30,
	2013		2012
Accounts receivable	$	-	$	-
Inventory		-		-
Other current assets		-		-
Total current assets from discontinued operations		-		-
Property plant and equipment - net		-		-
Other assets		-		-
Total assets from discontinued operations	$	-	$	-
Accounts payable and accrued expenses	$	-	$	351,054
Current portion of long-term debt		-		1,660,883
Provision for loss on disposal of business segment		-		-
Total current liabilities associated with discontinued operations		-		2,011,937
Long term debt, net of current portion		-		-
Total liabilities associated with discontinued operations	$	-	$	2,011,937

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Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Promissory note payable to Webster Business Capital Corporation dated December 16, 2008 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	4.50%	4.50%
Security		$2,000,000
Original loan amount (in Dollars)	$ 825,000	$ 825,000
Mortgage payable to Bank of America dated March 10, 2006 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Security		$1,500,000
Original loan amount (in Dollars)	840,000	840,000
Monthly principal payments (in Dollars)	4,667	4,667
Variable interest rate	2.50%	2.50%
Note payable to Harold L. and Helene M. McCray dated October 19, 2005 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%	8.00%
Security		$1,500,000
Original loan amount (in Dollars)	1,070,000	1,070,000
Monthly payments (in Dollars)	10,225.48	10,225.48
Note payable to Edward Viola dated October 19, 2005 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%	8.00%
Original loan amount (in Dollars)	80,000	80,000
Monthly payments (in Dollars)	764.52	764.52
Note payable to PNL Newco II, LLC dated December 22, 2009 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	5.50%	5.50%
Original loan amount (in Dollars)	2,000,000	2,000,000
Monthly principal payments (in Dollars)	42,000	42,000
Variable interest rate	5.00%	5.00%
Note payable to GovFunding, LLC dated February 4, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%
Security		$2,600,000
Original loan amount (in Dollars)	3,158,000
Convertible note payable to GovFunding, LLC dated May 25, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%	18.00%
Original loan amount (in Dollars)	220,000	220,000
Convertible note payable to GovFunding LLC dated June 23, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%
Original loan amount (in Dollars)	133,000	133,000
Note Payable to GovFunding LLC Dated July 14, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%	18.00%
Original loan amount (in Dollars)	105,000	105,000
Convertible Note Payable to GovFunding LLC Dated August 1, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%	18.00%
Original loan amount (in Dollars)	128,000	128,000
Convertible Note Payable to GovFunding LLC Dated August 9, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%	18.00%
Original loan amount (in Dollars)	250,000	250,000
Convertible Note Payable to GovFunding LLC Dated August 30, 2011 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%	18.00%
Original loan amount (in Dollars)	110,000	110,000
Convertible Note Payable to Asher Enterprises Inc Dated May 15, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%
Original loan amount (in Dollars)	22,500
Debt discount (in Dollars)	0
Convertible Note Payable to Asher Enterprises Inc Dated July 16, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%
Original loan amount (in Dollars)	14,500
Note Payable to Keehan Trust Funding LLC Dated January 19, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	10.00%
Original loan amount (in Dollars)	1,550,000
Colateral (in Dollars)	4,700,000
Note Payable to GovFunding LLC Dated March 30, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%
Original loan amount (in Dollars)	100,000
Note Payable to Keehan Trust Funding LLC Dated March 30, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	10.00%
Original loan amount (in Dollars)	653,731
Colateral (in Dollars)	850,000
Convertible Note Payable Dated May 4, 2012 for $25,000 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%
Original loan amount (in Dollars)	25,000
Note Payable to GovFunding LLC Dated May 11, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	12.00%
Original loan amount (in Dollars)	200,000
Convertible Note Payable to Individual Dated May 25, 2012 for $100,000 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%
Original loan amount (in Dollars)	100,000
Note Payable to Keehan Trust Funding LLC Dated June 1, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	10.00%
Original loan amount (in Dollars)	700,000
Colateral (in Dollars)	2,400,000
Convertible Note Payable to Individual Dated August 15, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%
Original loan amount (in Dollars)	5,000
Debt discount (in Dollars)	568
Convertible Note Payable to Individual Dated May 25, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%
Original loan amount (in Dollars)	10,000
Debt discount (in Dollars)	1,265
Note Payable to GovFunding LLC Dated August 7, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	18.00%
Original loan amount (in Dollars)	245,000
Convertible Note Payable to Asher Enterprises Inc Dated November 7, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%
Original loan amount (in Dollars)	37,500
Note Payable to GovFunding LLC Dated October 24, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%
Original loan amount (in Dollars)	553,763
Monthly principal payments (in Dollars)	69,220.38
Note Payable to Individual Dated December 21, 2012 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%
Original loan amount (in Dollars)	60,000
Note Payable to NFC III LLC on February 25, 2013 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	10.00%
Original loan amount (in Dollars)	400,000
Note Payable to an Individual on January 25, 2013 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	7.00%
Original loan amount (in Dollars)	50,000
Note Payable to GovFunding LLC on January 1, 2013 for $30,000 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%
Original loan amount (in Dollars)	30,000
Note Payable to GovFunding LLC on January 1, 2013 for $24,552 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%
Original loan amount (in Dollars)	24,552
Note Payable to an Individual Maturity of December 31, 2013 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Original loan amount (in Dollars)	60,000
Note Payable to an Individual Maturity of July 31, 2013 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Original loan amount (in Dollars)	26,269
Note Payable to Yellowstone Capital Dated June 19, 2013 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Original loan amount (in Dollars)	30,000
Monthly payments (in Dollars)	500
Revolving Credit Line Payable to NFC III LLC [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	10.00%
Note Payable to Ford Credit [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Monthly payments (in Dollars)	$ 904.34
Note Payable to NFC LLC [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	10.00%
Note Payable to Individual [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%
Note Payable to Shapiro Family [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%
Note Payable to Craigmore Machinery Company August 15, 2013 A [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%
Note Payable to Craigmore Machinery Company August 15, 2013 B [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%
Note Payable to Craigmore Machinery Company September 1, 2013 [Member]
Note 6 - Long Term Debt (Details) - Long Term Debt (Parentheticals) [Line Items]
Interest Rate	8.00%

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Note 7 - Income Taxes (Tables)

12 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	9/30/2013		9/30/2012
Current
Federal	$	-	$	-
State		-		-
Deferred - Continuing Operations
Federal		-		-
State		-		-
	$	-	$	-
Deferred - Discontinued Operations
Federal		-		-
State		-		-
	$	-	$	-

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		Current			Non-Current
Deferred tax assets:
	NOL and contribution carry forwards	$	-		$	4,673,886
	Capital Loss Carry Over		-			657,342
	Property & Equipment		-			(7,485	)
	Accrued Comp		-			225,780
	Accrued Interest		15,574			-
	Accrued Marketing Fee		18,254			-
	Share based Compensation		-			2,631,730
	Accrued fee					169,335
			33,828			8,350,588
	Valuation Allowance		(33,828	)		(8,350,588	)
	Net Deferred Tax Asset	$	-		$	-
Deferred tax (liabilities):
			-			-
	Net Deferred Tax Liability		-			-
Net deferred tax asset (liability)		$	-		$	-
The change in the valuation allowance is as follow:
	September 30, 2012	$	11,450,741
	September 30, 2013		8,384,416
	Decrease in valuation allowance	$	(3,066,325	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

Continuing Operations	9/30/2013			9/30/2012
Expected provision at US statutory rate		34.00	%		34.00	%
State income tax net of federal benefit		3.63	%		3.63	%
Permanent and Other Differences		-			-
Valuation Allowance		-37.63	%		-37.63	%
Effective Income Tax Rate		0.00	%		0.00	%

XML

Supplemental Schedule of Non-Cash Financing and Investing Activities

12 Months Ended

Sep. 30, 2013

Supplemental Cash Flow Elements [Abstract]

Cash Flow, Supplemental Disclosures [Text Block]

Supplemental schedule of non-cash financing and investing activities:

● October 2011, the Company issued 44,482 common shares issued as conversion of debt

● October 2011, the Company issued 2,500 common shares for services

● November 2011, the Company issued 51,342 common shares to various individuals

● November 2011, the Company issued 26,765 common shares as conversion of debt

● December 2011, the Company issued 64,158 common shares as conversion of debt

● December 2011, the Company issued 450,000 common shares and authorized the issuance of an additional 300,000 shares as conversion of related party debt 250,000 of which were issued in the first quarter of 2012

● January 2012, the Company issued 757,500 common shares for services

● February 2012 , the Company issued 3,750 common shares for services

● February 2012, the Company issued 475,000 common shares in association with new debt

● February 2012, the Company issued 12,000 common shares as conversion of debt

● March 2012, the Company issued 15,714 common shares as conversion of debt

● April 2012, the Company issued 17,308 common shares as conversion of debt

● April 2012, the Company issued 100,000 common shares for services

● May 2012, the Company issued 127,064 common shares for services

● May 2012, the Company issued 31,800 common shares as conversion of debt

● May 2012, the Company issued 175,000 common shares in association with new debt

● June 2012, the Company issued 375,000 common shares in association with new debt

● June 2012, the Company issued 70,423 common shares as conversion of debt

● June 2012, the Company issued 154,394 common shares for services

● June 2012, the Company issued 109,155 common shares as conversion of debt

● July 2012, the Company issued 841,446 common shares in association with new debt

● August 2012, the Company issued 91,904 common shares as interest payment on debt

● August 2012, the Company issued 969,231 common shares in association with new debt

● September 2012, the Company issued 885,010 common shares in association with new debt

● October 2012, the Company issued 754,038 common shares for services

● October 2012, the Company issued 4,944,618 common shares as conversion of debt

● November 2012, the Company issued 757,500 common shares for services

● November 2012, the Company issued 915,150 common shares as conversion of debt

● December 2012, the Company issued 496,250 common shares for services

● January 2013, the Company issued 1,237,121 common shares as conversion of debt

● January 2013, the Company issued 150,000 common shares associated with new debt

● January 2013, the Company issued 205,000 common shares for services

● February 2013, the Company issued 750,000 common shares as conversion of debt

● February 2013, the Company issued 21,300,512 warrants associated with new debt

● February 2013, the Company issued 20,589,981 warrants in exchange for subscription notes receivable of $66,000

● February 2013, the Company issued 5,365,000 warrants for services

● June 2013, the Company issued 750,000 common shares as conversion of debt

● July 2013, the Company issued 750,000 common shares in association with the extension of terms on existing debt

● September 2013, the Company issued 1,000,000 common shares for services

● September 2013, the Company issued 10,500,000 warrants associated with debt

XML

Consolidated Balance Sheets (Parentheticals) (USD $)	Sep. 30, 2013	Sep. 30, 2012
Preferred stock par value (in Dollars per share)	$ 0.00001	$ 0.00001
Preferred stock shares authorized (in Shares)	5,000,000,000	5,000,000,000
Preferred stock shares issued (in Shares)	4,000,000,000	2,000,000,000
Preferred stock shares outstanding (in Shares)	4,000,000,000	2,000,000,000
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Common stock shares authorized (in Shares)	500,000,000	500,000,000
Common stock shares issued (in Shares)	21,001,316	8,291,639
Common stock shares outstanding (in Shares)	21,001,316	8,291,639

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Note 10 - Stockholders' Equity

12 Months Ended

Sep. 30, 2013

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

10.  Stockholders’ Equity

Common Shares

On December 30, 2013, the Company affected a 1 for 200 reverse split of its common stock. The financial statements have been retroactively adjusted to reflect the effects of this reverse split. All equity issuances relative to common shares are presented as post reverse quantities (1/200), as compared to filings prior to the reverse.

Concurrently, the Company amended its articles to reduce the amount of authorized common shares from 5,000,000,000 to 500,000,000.

October 2011, the Company issued 44,482 common shares issued as conversion of debt

October 2011, the Company issued 2,500 common shares for services

In November 2011, the Company amended its Articles of Incorporation to create a class of Preferred Stock with an authorization of 2,000,000,000 shares, all of which were issued to our Chairman of the Board.

In November 2011, the Company increased its authorization of common shares to 2,000,000,000.

November 2011, the Company issued 51,342 common shares to various individuals

November 2011, the Company issued 26,765 common shares as conversion of debt

December 2011, the Company issued 64,158 common shares as conversion of debt

December 2011, the Company issued 450,000 common shares and authorized the issuance of an additional 300,000 shares as conversion of related party debt 250,000 of which were issued in the first quarter of 2012

January 2012, the Company issued 757,500 common shares for services

February 2012 , the Company issued 3,750 common shares for services

February 2012, the Company issued 475,000 common shares in association with new debt

February 2012, the Company issued 12,000 common shares as conversion of debt

March 2012, the Company issued 15,714 common shares as conversion of debt

April 2012, the Company issued 17,308 common shares as conversion of debt

April 2012, the Company issued 100,000 common shares for services

May 2012, the Company issued 127,064 common shares for services

May 2012, the Company issued 31,800 common shares as conversion of debt

May 2012, the Company issued 175,000 common shares in association with new debt

June 2012, the Company issued 375,000 common shares in association with new debt

June 2012, the Company issued 70,423 common shares as conversion of debt

June 2012, the Company issued 154,394 common shares for services

June 2012, the Company issued 109,155 common shares as conversion of debt

July 2012, the Company issued 841,446 common shares in association with new debt

August 2012, the Company issued 91,904 common shares as payment for interest on debt

August 2012, the Company issued 969,231 common shares in association with new debt

September 2012, the Company issued 885,010 common shares in association with new debt

On September 26, 2012 the Company amended its Articles of Incorporation to increase its authorization to issue its common shares to 5,000,000,000 at a par value of $.001, and to increase its authorization to issue its preferred shares to 5,000,000,000 at a par value of $.00001.

October 2012, the Company issued 754,038 common shares for services

October 2012, the Company issued 4,944,618 common shares as conversion of debt

November 2012, the Company issued 757,500 common shares for services

November 2012, the Company issued 915,150 common shares as conversion of debt

December 2012, the Company issued 496,250 common shares for services

January 2013 – the Company issued 1,237,121 shares of its common stock as conversion of debt

January 2013 – the Company issued 150,000 shares of its common stock in association with new debt

January 2013 – the Company issued 205,000 common shares for services

February 2013 – the Company issued 750,000 common shares of its common stock as conversion of debt

June 2013 – the Company issued 750,000 common shares of its common stock as conversion of debt

July 2013 – the Company issued 750,000 common shares in association with the extension of terms on existing debt

September 2013 – the Company issued 1,000,000 common shares for services

Preferred shares

In November 2011, the Company amended its Articles of Incorporation to create a Preferred Shares class of stock, initially authorizing the Company to issue up to 2,000,000,000 preferred shares, with a par value of $.00001 per share, all of which were issued to our Chairman of the Board.

In September 2012, the Company amended its Articles of Incorporation to increase its authorization to issue preferred shares to 5,000,000,000 at a par value of $.00001.

February 25, 2013, the Company sold 2,000,000,000 preferred shares

The preferred shares have co-voting rights with the outstanding common shares on a one to one basis, so that the common shares and the preferred shares shall vote as though, together they were a single class of stock. The shares are redeemable by the Corporation at any time, with the permission of the Preferred Shareholders, at 1/1,000,000 of a cent per preferred share. These preferred shares have no conversion rights, no dividend rights, nor any liquidation preferences. These shares are not listed on any exchange.

XML

Document And Entity Information (USD $)	12 Months Ended
	Sep. 30, 2013	Jan. 06, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	Bulova Technologies Group, Inc.
Document Type	10-K
Current Fiscal Year End Date	--09-30
Entity Common Stock, Shares Outstanding		22,126,316
Entity Public Float		$ 146,190
Amendment Flag	false
Entity Central Index Key	0000317889
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Sep. 30, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY

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Note 11 - Change in Accounting Estimate

12 Months Ended

Sep. 30, 2013

Change in Accounting Estimate [Abstract]

Change In Accounting Estimate

11. Change in Accounting Estimate

The Company had previously included an amount of $6,071,700 in accrued expenses that was a result of percentage of completion accounting on a single contract that was terminated by the US Government before completion. The Company is disputing the termination, and has maintained this balance in anticipation of a resolution. In October 2012, The Company sold substantially all of the assets of Bulova Technologies Ordnance Systems LLC, the subsidiary that was a party to that specific contract, and has determined that the contract will never be completed. Therefore, the Company is recognizing in other income the full amount previously deferred. This change is a change in the way the revenue on this contract was estimated to be realized.

XML

Consolidated Statements of Operations (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Revenues	$ 6,437,773	$ 3,142,062
Cost of revenues	5,500,730	2,290,051
Gross profit	937,043	852,011
Selling and administrative expenses	2,350,265	3,613,979
Stock based compensation	538,182	2,265,939
Depreciation and amortization expense	613,658	1,807,865
Interest expense	729,739	944,561
Total expenses	4,231,844	8,632,344
Loss from operations	(3,294,801)	(7,780,333)
Other income (expense)
Other income (expense)	13,201,570	(1,231,488)
Income (loss) from continuing operations before income taxes	9,906,769	(9,011,821)
Income tax expense	0	0
Income (loss) from continuing operations	9,906,769	(9,011,821)
Income (loss) from discontinued operations, net of tax	1,309,424	(91,347)
Net income (loss)	$ 11,216,193	$ (9,103,168)
Basic net income (loss) per share
Income (loss) from continuing operations (in Dollars per share)	$ 0.57	$ (1.98)
Income (loss) from discontinued operations (in Dollars per share)	$ 0.07	$ (0.02)
Net income (loss) per share (in Dollars per share)	$ 0.64	$ (2.00)
Diluted net income (loss) per share
Income (loss) from continuing operations (in Dollars per share)	$ 0.23	$ (1.98)
Income (loss) from discontinued operations (in Dollars per share)	$ 0.03	$ (0.02)
Net income (loss) per share (in Dollars per share)	$ 0.26	$ (2.00)
Weighted average shares outstanding
Basic (in Shares)	17,464,286	4,550,081
Diluted (in Shares)	43,110,597	4,550,081

XML

Note 5 - Advance Payments and Billings in Excess of Cost

12 Months Ended

Sep. 30, 2013

Deferred Revenue Disclosure [Abstract]

Deferred Revenue Disclosure [Text Block]

5.  Advance Payments and Billings in Excess of Cost

Advance payments and billings in excess of costs represents liabilities of the Company associated with contracts in process as of the balance sheet date, and consist of the following:

Advance Payments - The Company has certain contracts with the U.S. Government that are funded through “Performance-Based-Payments”. Performance-based-payments are a method of financing designed by the Government to facilitate the accomplishment of the terms of the contract, and are not payments for accepted items. These financing payments are designed as a funding mechanism to facilitate production and may be made based on performance measured by objective, the accomplishment of defined events, or other quantifiable measures of results. As units are delivered and invoiced, the U.S. Government withholds 90% of the invoiced amount as repayment of the contract financing advances. On January 1, 2009, with the acquisition of 3Si Holdings, Inc. and membership interest of Bulova Technologies Ordnance Systems LLC, the Company assumed certain obligations to perform contracts with the US Government with an outstanding balance at the date of acquisition of $3,200,597. The balances outstanding as of September 30, 2013 and September 30, 2012 are $0 and $666,490 respectively.

Billings in Excess of Cost plus Earnings on Uncompleted Contracts – The Company accounts for fixed-price production contracts under which units are not produced in a continuous or sequential process based on the ratio of actual cumulative costs incurred to the total estimated costs at completion of the contract, multiplied by the total estimated contract price. The Company did not have any billings on uncompleted contracts in excess of the costs incurred plus estimated earnings calculated on this percentage of completion method as of September 2013 and September 30, 2012.

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Note 4 - Discontinued Operations

12 Months Ended

Sep. 30, 2013

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

4. Discontinued Operations

In June of 2010, because of continuing losses in our contract manufacturing business segment, the Company announced management’s decision to market BT Manufacturing Company LLC for sale. BT Manufacturing Company LLC, a wholly owned subsidiary of the Company represented our contract manufacturing segment. As a result of the decision to sell this business segment, the Company has identified the assets and liabilities of BT Manufacturing Company LLC as pertaining to discontinued operations at September 30, 2013 and September 30, 2012 and has segregated its operating results and presented them separately as a discontinued operation for all periods presented.

In September 2010, the Company estimated a loss in the amount of $2,650,000 to be realized upon completion of the disposal of this business segment, as well as an estimated operating loss of $900,000 to be incurred during the phase-out period. During March 2011, the Company finalized its negotiations relative to the disposition of the assets of this operation with an effective date of December 31, 2010. As a part of this settlement, the buyer that acquired the operations has provided an earn out agreement to PNL Newco II LLC to assist in the payment of the remaining obligation on the note payable to them.

In October of 2012, the Company negotiated a settlement with PNL Newco II LLC for complete satisfaction of this debt for $625,000. The transaction resulted in a gain of $1,309,424.

Summarized operating results for discontinued operations is as follows:

	Year Ended September 30,
	2013		2012
Revenue	$	-	$	-
Cost of Sales		-		-
Gross profit		-		-
Operating expenses and interest		-		(91,347	)
Other income		1,309,424		-
Income (loss) from operations		1,309,424		(91,347	)
Loss on disposal of discontinued operations		-		-
Income tax benefit		-		-
Income (loss) from discontinued operations, net of tax	$	1,309,424	$	(91,347	)

The income (loss) from discontinued operations above do not include any income tax effect as the Company was not in a taxable position due to its continued losses and a full valuation allowance

Summary of assets and liabilities of discontinued operations is as follows:

	September 30,
	2013		2012
Accounts receivable	$	-	$	-
Inventory		-		-
Other current assets		-		-
Total current assets from discontinued operations		-		-
Property plant and equipment - net		-		-
Other assets		-		-
Total assets from discontinued operations	$	-	$	-
Accounts payable and accrued expenses	$	-	$	351,054
Current portion of long-term debt		-		1,660,883
Provision for loss on disposal of business segment		-		-
Total current liabilities associated with discontinued operations		-		2,011,937
Long term debt, net of current portion		-		-
Total liabilities associated with discontinued operations	$	-	$	2,011,937

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Note 6 - Long Term Debt (Tables)

12 Months Ended

Sep. 30, 2013

Disclosure Text Block [Abstract]

Schedule of Debt [Table Text Block]

	September 30, 2013			September 30, 2012
Promissory note payable to Webster Business Capital Corporation, dated December 16, 2008, in the original amount of $825,000 payable in full on June 30, 2009, with interest at 4.5% annually. This note was not repaid and is still outstanding as of the issuance of these financial statements. This note is secured by a lien on real estate, timber rights and certain equipment with net carrying values of approximately $2,000,000 at September 30, 2012.	$	-		$	825,000
Mortgage payable to Bank of America, dated March 10, 2006, in the original amount of $840,000 payable in monthly fixed principal payments of $4,667 plus variable interest at 2.5% plus the banks index rate, secured by real estate with carrying values of approximately $1,500,000 at September 30, 2012. Final payment is due on March 10, 2021.		-			480,666
Note payable to Harold L. and Helene M. McCray, dated October 19, 2005, in the original amount of $1,070.000, bearing interest at 8% per annum, payable in monthly installments of $10,225.48 secured by land and buildings with carrying values of approximately $1,500,000 at September 30, 2012. Final payment is due on December 1, 2020.		-			776,116
Note payable to Edward Viola, dated October 19, 2005, in the original amount of $80,000, bearing interest at 8% per annum, payable in monthly installments of $764.52. Final payment is due on December 1, 2020.		-			54,880
Note payable to PNL Newco II, LLC, dated December 22, 2009, in the original amount of $2,000,000, payable in monthly fixed principal payments of $42,000 plus variable interest at LIBOR plus 5% with a minimum rate of 5.5%, secured by an earn out agreement with the party that acquired all of the personal property of the discontinued operations of BT Manufacturing Company, LLC. Final balloon payment is due December 22, 2011.		-			1,660,883
Convertible Note payable to GovFunding, LLC, dated February 4, 2011, in the amount of $3,158,000 bearing interest at 18%., secured by a lock box agreement tied to the proceeds of a single government contract with a carrying value of approximately $2,600,000 at September 30, 2012. Final payment is due January 31, 2012.		-			3,158,000
Convertible Note payable to GovFunding, LLC dated May 25, 2011 in the amount of $220,000, bearing interest at 18%. with a maturity date of April 30, 2012.		-			220,000
Convertible Note payable to GovFunding LLC dated June 23, 2011 in the amount of $133,000, bearing interest at 18%. with a maturity date of June 30, 2012.		-			133,000
Note payable to GovFunding LLC dated July 14, 2011 in the amount of $105,000, bearing interest at 18% with a maturity date of August 1, 2011.		-			105,000
Convertible Note payable to GovFunding LLC dated August 1, 2011 in the amount of $128,000, bearing interest at 18% with a maturity date of April 30, 2012.		-			128,000
Convertible Note payable to GovFunding LLC dated August 9, 2011 in the amount of $250,000, bearing interest at 18% with a maturity date of June 30, 2012.		-			250,000
Convertible Note payable to GovFunding LLC dated August 30, 2011 in the amount of $110,000, bearing interest at 18%. with a maturity date of June 30, 2012.		-			110,000
Convertible Note payable to Asher Enterprises, Inc. dated May 15, 2012 in the original amount of $22,500 net of discount of $0, bearing interest at 8% with a maturity date of February 21, 2013.		-			25,032
Convertible Note payable to Asher Enterprises, Inc. dated July 16, 2012 in the original amount of $14,500, bearing interest at 8% with a maturity date of April 19, 2013.		14,500			21,888
Note payable to Keehan Trust Funding, LLC dated January 19, 2012 in the amount of $1,550,000, bearing interest at the rate of 10%. This note is secured by the assignment of the proceeds of a government contract with a value in excess of $4,700,000 as of December 31, 2012. Final payment due upon delivery		700,000			1,550,000
Note payable to GovFunding LLC dated March 30, 2012 in the amount of $100,000, bearing interest at 18%. Final payment was due June 1, 2012		-			100,000
Note payable to Keehan Trust Funding, LLC dated March 30, 2012 with a maximum amount of $653,731, bearing interest as the rate of 10%. This note is secured by the assignment of the proceeds of certain government contracts with a value in excess of $850,000 as of December 31, 2012		-			285,000
Convertible Note payable to an individual dated May 4, 2012 in the amount of $25,000, bearing interest at 18% with a maturity date of July 31, 2012.		-			25,000
Convertible Note payable to an individual dated May 4, 2012 in the amount of $25,000, bearing interest at 18% with a maturity date of July 31, 2012.		-			25,000
Note payable to GovFunding LLC dated May 11, 2012 in the amount of $200,000, bearing interest at 12% with a maturity date of July 31, 2012		-			200,000
Convertible Note payable to an individual dated May 25, 2012 in the amount of $100,000, bearing interest at 18% with a maturity date of August 25, 2012.		-			100,000
Note payable to Keehan Trust Funding, LLC, dated June 1, 2012 in the amount of $700,000, bearing interest at the rate of 10%. This note is secured by the assignment of the proceeds of certain government contracts with a value in excess of $2,400,000 as of December 31, 2012. Final payment due November 30, 2012.		-			700,000
Convertible Note payable to an individual dated August 15, 2012 in the amount of $5,000 net of discount of $568, bearing interest at 18% with a maturity date of October 31, 2012.		-			4,432
Convertible Note payable to an individual dated May 25, 2012 in the amount of $10,000 net of discount of $1,265, bearing interest at 18% with a maturity date of October 31, 2012.		-			8,735
Note payable to GovFunding LLC dated August 7, 2012 in the amount of $245,000, bearing interest at 18%. Final payment due October 15, 2012		-			245,000
Convertible Note payable to Asher Enterprises, Inc. dated November 7, 2012 in the original amount of $37,500, bearing interest at 8% with a maturity date of August 9, 2013.		37,500			-
Note payable to GovFunding, LLC dated October 24, 2012 in the amount of $553,763, bearing interest at 8%, payable quarterly principal of $69,220.38 plus accrued interest, with a maturity of October 24, 2014.		553,763			-
Note payable to an individual dated December 21, 2012 in the amount of $60,000, bearing interest at 8%, with a maturity date of February 1, 2013		60,000			-
Note payable to NFC III LLC dated February 25, 2013 in the amount of $400,000 bearing interest at 10%, with a maturity date of November 25, 2013		400,000			-
Note payable to an individual dated January 25, 2013 in the amount of $50,000 bearing interest at 7%, with a maturity of June 30, 2013		50,000			-
Note payable to GovFunding LLC dated January 1, 2013 in the amount of $30,000, bearing interest at 8%, with a maturity date of December 31, 2013.		30,000			-
Note payable to GovFunding LLC dated January 1, 2013 in the amount of $24,552 bearing interest at 8%, with a maturity of December 31, 2013		24,552			-
Note payable to an individual dated April 30, 2013 in the amount of $60,000 non-interest bearing with a maturity of December 31, 2013		60,000			-
Note payable to an individual dated April 30, 2013 in the amount of $26,269, non-interest bearing with a maturity of July 31, 2013		26,269			-
Note payable to Yellowstone Capital dated June 19, 2013 in the amount of $30,000 with no stipulated interest rate, payable through 80 daily payments of $500.		8,464			-
Revolving credit line payable to NFC III LLC bearing interest at 10%, payable on demand		560,819			-
Note payable to Ford Credit non-interest bearing payable at $904.34 monthly with a maturity date of September 14, 2018		54,261			-
Note payable to NFC III LLC bearing interest at 10% payable on demand		75,000			-
Note payable to an individual dated September 10, 2013, bearing interest at 8% payable on demand		75,000			-
Note payable to Shapiro Family Trust dated July 10, 2013, bearing interest at 8% payable on demand		100,000			-
Note payable to Craigmore Machinery Company dated August 15, 2013, bearing interest at 8% payable on demand		50,000			-
Note payable to Craigmore Machinery Company dated August 15, 2013 bearing interest at 8% payable on demand		49,212			-
Note payable to Craigmore Machinery Company dated September 1, 2013 bearing interest at 8% payable on demand		5,000			-
		2,934,340			11,191,632
Less current portion pertaining to continuing operations		(2,821,711	)		(8,386,675	)
Less current portion associated with discontinued operations		-			(1,660,883	)
	$	112,629		$	1,144,074

Schedule of Maturities of Long-term Debt [Table Text Block]

Period ended September 30,
2014	$	2,821,711
2015		80,073
2016		10,852
201		10,852
2018		10,852
Thereafter		-
	$	2,934,340

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Note 12 - Subsequent Events

12 Months Ended

Sep. 30, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

12. Subsequent Events

Subsequent to September 30, 2013, the Company issued additional shares of its common stock as follows:

     October 2013 –500 000 shares issued for services

     November 2013 – 625,000 shares issued for services

On December 30, 2013, the Company affected a 1 for 200 reverse split of its common stock. The financial statements have been retroactively adjusted to reflect the effects of this reverse split. As a result the issued and outstanding common shares have been reduced from 438,138,975 to 2,190,695 as of September 30, 2011. Concurrently, the Company amended its articles to reduce the amount of authorized common shares from 5,000,000,000 to 500,000,000 common shares.

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Note 8 - Commitments and Contingencies

12 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

8. Commitments and Contingencies

From time to time the Company may be a party to litigation matters involving claims against the Company.  Management believes that there are no current matters that would have a material effect on the Company’s financial position or results of operations.

U.S. Government agencies, including the Defense Contract Audit Agency and various agency Inspectors General routinely audit and investigate costs and performance on contracts, as well as accounting and general business practices of contractors Based on the results of such audits, the U.S. Government may adjust contract related costs and fees, including allocated indirect costs. None of the Company’s contracts are currently the subject of any government audits.

At September 30, 2013 the Company operated corporate and administrative offices in a facility leased from a non-affiliate in Tampa, Florida, approximating 5,000 square feet. The Tampa location is leased for a base monthly rental increased by a minimum of 2.5% each year through the expiration date of December 21, 2027. 

The Company leases approximately 6,000 square feet of office, showroom and warehouse space in Sanford, Florida on a month to month basis, and approximately 10,000 square feet of office, showroom and warehouse space in Branchburg, New Jersey for a period of two years, with two, two year options at the same rate. These two locations are to facilitate the commercial sales of Bulova Technologies Machinery LLC.

The Company also leases on a month to month basis, an office in Frankfurt, Germany to facilitate its European program.

Total rent expense for the year ended September 30, 2013, was approximately $310,000.

The Company’s commitments for minimum lease payments under these operating leases for the next five years and thereafter as of September 30, 2013 are as follows:

Period ended September 30
2014	$	278,414
2015		262,056
2016		268,607
2017		275,323
2018		282,206
Thereafter		3,028,678
	$	4,395,284

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Note 6 - Long Term Debt

12 Months Ended

Sep. 30, 2013

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

6. Long Term Debt

Long term debt consisted of the following at:

	September 30, 2013			September 30, 2012
Promissory note payable to Webster Business Capital Corporation, dated December 16, 2008, in the original amount of $825,000 payable in full on June 30, 2009, with interest at 4.5% annually. This note was not repaid and is still outstanding as of the issuance of these financial statements. This note is secured by a lien on real estate, timber rights and certain equipment with net carrying values of approximately $2,000,000 at September 30, 2012.	$	-		$	825,000
Mortgage payable to Bank of America, dated March 10, 2006, in the original amount of $840,000 payable in monthly fixed principal payments of $4,667 plus variable interest at 2.5% plus the banks index rate, secured by real estate with carrying values of approximately $1,500,000 at September 30, 2012. Final payment is due on March 10, 2021.		-			480,666
Note payable to Harold L. and Helene M. McCray, dated October 19, 2005, in the original amount of $1,070.000, bearing interest at 8% per annum, payable in monthly installments of $10,225.48 secured by land and buildings with carrying values of approximately $1,500,000 at September 30, 2012. Final payment is due on December 1, 2020.		-			776,116
Note payable to Edward Viola, dated October 19, 2005, in the original amount of $80,000, bearing interest at 8% per annum, payable in monthly installments of $764.52. Final payment is due on December 1, 2020.		-			54,880
Note payable to PNL Newco II, LLC, dated December 22, 2009, in the original amount of $2,000,000, payable in monthly fixed principal payments of $42,000 plus variable interest at LIBOR plus 5% with a minimum rate of 5.5%, secured by an earn out agreement with the party that acquired all of the personal property of the discontinued operations of BT Manufacturing Company, LLC. Final balloon payment is due December 22, 2011.		-			1,660,883
Convertible Note payable to GovFunding, LLC, dated February 4, 2011, in the amount of $3,158,000 bearing interest at 18%., secured by a lock box agreement tied to the proceeds of a single government contract with a carrying value of approximately $2,600,000 at September 30, 2012. Final payment is due January 31, 2012.		-			3,158,000
Convertible Note payable to GovFunding, LLC dated May 25, 2011 in the amount of $220,000, bearing interest at 18%. with a maturity date of April 30, 2012.		-			220,000
Convertible Note payable to GovFunding LLC dated June 23, 2011 in the amount of $133,000, bearing interest at 18%. with a maturity date of June 30, 2012.		-			133,000
Note payable to GovFunding LLC dated July 14, 2011 in the amount of $105,000, bearing interest at 18% with a maturity date of August 1, 2011.		-			105,000
Convertible Note payable to GovFunding LLC dated August 1, 2011 in the amount of $128,000, bearing interest at 18% with a maturity date of April 30, 2012.		-			128,000
Convertible Note payable to GovFunding LLC dated August 9, 2011 in the amount of $250,000, bearing interest at 18% with a maturity date of June 30, 2012.		-			250,000
Convertible Note payable to GovFunding LLC dated August 30, 2011 in the amount of $110,000, bearing interest at 18%. with a maturity date of June 30, 2012.		-			110,000
Convertible Note payable to Asher Enterprises, Inc. dated May 15, 2012 in the original amount of $22,500 net of discount of $0, bearing interest at 8% with a maturity date of February 21, 2013.		-			25,032
Convertible Note payable to Asher Enterprises, Inc. dated July 16, 2012 in the original amount of $14,500, bearing interest at 8% with a maturity date of April 19, 2013.		14,500			21,888
Note payable to Keehan Trust Funding, LLC dated January 19, 2012 in the amount of $1,550,000, bearing interest at the rate of 10%. This note is secured by the assignment of the proceeds of a government contract with a value in excess of $4,700,000 as of December 31, 2012. Final payment due upon delivery		700,000			1,550,000
Note payable to GovFunding LLC dated March 30, 2012 in the amount of $100,000, bearing interest at 18%. Final payment was due June 1, 2012		-			100,000
Note payable to Keehan Trust Funding, LLC dated March 30, 2012 with a maximum amount of $653,731, bearing interest as the rate of 10%. This note is secured by the assignment of the proceeds of certain government contracts with a value in excess of $850,000 as of December 31, 2012		-			285,000
Convertible Note payable to an individual dated May 4, 2012 in the amount of $25,000, bearing interest at 18% with a maturity date of July 31, 2012.		-			25,000
Convertible Note payable to an individual dated May 4, 2012 in the amount of $25,000, bearing interest at 18% with a maturity date of July 31, 2012.		-			25,000
Note payable to GovFunding LLC dated May 11, 2012 in the amount of $200,000, bearing interest at 12% with a maturity date of July 31, 2012		-			200,000
Convertible Note payable to an individual dated May 25, 2012 in the amount of $100,000, bearing interest at 18% with a maturity date of August 25, 2012.		-			100,000
Note payable to Keehan Trust Funding, LLC, dated June 1, 2012 in the amount of $700,000, bearing interest at the rate of 10%. This note is secured by the assignment of the proceeds of certain government contracts with a value in excess of $2,400,000 as of December 31, 2012. Final payment due November 30, 2012.		-			700,000
Convertible Note payable to an individual dated August 15, 2012 in the amount of $5,000 net of discount of $568, bearing interest at 18% with a maturity date of October 31, 2012.		-			4,432
Convertible Note payable to an individual dated May 25, 2012 in the amount of $10,000 net of discount of $1,265, bearing interest at 18% with a maturity date of October 31, 2012.		-			8,735
Note payable to GovFunding LLC dated August 7, 2012 in the amount of $245,000, bearing interest at 18%. Final payment due October 15, 2012		-			245,000
Convertible Note payable to Asher Enterprises, Inc. dated November 7, 2012 in the original amount of $37,500, bearing interest at 8% with a maturity date of August 9, 2013.		37,500			-
Note payable to GovFunding, LLC dated October 24, 2012 in the amount of $553,763, bearing interest at 8%, payable quarterly principal of $69,220.38 plus accrued interest, with a maturity of October 24, 2014.		553,763			-
Note payable to an individual dated December 21, 2012 in the amount of $60,000, bearing interest at 8%, with a maturity date of February 1, 2013		60,000			-
Note payable to NFC III LLC dated February 25, 2013 in the amount of $400,000 bearing interest at 10%, with a maturity date of November 25, 2013		400,000			-
Note payable to an individual dated January 25, 2013 in the amount of $50,000 bearing interest at 7%, with a maturity of June 30, 2013		50,000			-
Note payable to GovFunding LLC dated January 1, 2013 in the amount of $30,000, bearing interest at 8%, with a maturity date of December 31, 2013.		30,000			-
Note payable to GovFunding LLC dated January 1, 2013 in the amount of $24,552 bearing interest at 8%, with a maturity of December 31, 2013		24,552			-
Note payable to an individual dated April 30, 2013 in the amount of $60,000 non-interest bearing with a maturity of December 31, 2013		60,000			-
Note payable to an individual dated April 30, 2013 in the amount of $26,269, non-interest bearing with a maturity of July 31, 2013		26,269			-
Note payable to Yellowstone Capital dated June 19, 2013 in the amount of $30,000 with no stipulated interest rate, payable through 80 daily payments of $500.		8,464			-
Revolving credit line payable to NFC III LLC bearing interest at 10%, payable on demand		560,819			-
Note payable to Ford Credit non-interest bearing payable at $904.34 monthly with a maturity date of September 14, 2018		54,261			-
Note payable to NFC III LLC bearing interest at 10% payable on demand		75,000			-
Note payable to an individual dated September 10, 2013, bearing interest at 8% payable on demand		75,000			-
Note payable to Shapiro Family Trust dated July 10, 2013, bearing interest at 8% payable on demand		100,000			-
Note payable to Craigmore Machinery Company dated August 15, 2013, bearing interest at 8% payable on demand		50,000			-
Note payable to Craigmore Machinery Company dated August 15, 2013 bearing interest at 8% payable on demand		49,212			-
Note payable to Craigmore Machinery Company dated September 1, 2013 bearing interest at 8% payable on demand		5,000			-
		2,934,340			11,191,632
Less current portion pertaining to continuing operations		(2,821,711	)		(8,386,675	)
Less current portion associated with discontinued operations		-			(1,660,883	)
	$	112,629		$	1,144,074

Principal maturities of long term debt for the next five years and thereafter as of September 30, 2013 are as follows:

Period ended September 30,
2014	$	2,821,711
2015		80,073
2016		10,852
201		10,852
2018		10,852
Thereafter		-
	$	2,934,340

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Note 7 - Income Taxes

12 Months Ended

Sep. 30, 2013

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

7. Income Taxes

Deferred income taxes are the result of timing differences between book and tax basis of certain assets and liabilities, timing of income and expense recognition of certain items and net operating loss carry forwards. The Company evaluates temporary differences resulting from the different treatment of items for tax and accounting purposes and records deferred tax assets and liabilities on the balance sheet using the tax rates expected when the temporary differences reverse.

On January 1 2009 the Company acquired for stock of 3SI Holdings in exchange for shares of the Company's common stock. For income tax purposes this transaction has been treated as a tax free reorganization under the provisions of Section 368A of the Internal Revenue Code. 3SI Holdings had various net operating loss carry over’s. Because of the change in ownership of 3SI Holdings, the net operating loss carry-overs will transfer to the Company. The transferred net operating losses are subject to an annual limitation under the provisions of Section 382 of the Internal Revenue Code to offset future taxable income of the Company. These net operating loss carry-overs are included in the deferred tax asset of the Company.

The income tax provision consists of the following for the years ending September 30 2013 and 2012:

	9/30/2013		9/30/2012
Current
Federal	$	-	$	-
State		-		-
Deferred - Continuing Operations
Federal		-		-
State		-		-
	$	-	$	-
Deferred - Discontinued Operations
Federal		-		-
State		-		-
	$	-	$	-

The Company has previously recognized an income tax benefit for its operating losses generated since inception through September 30 2008 based on uncertainties concerning its ability to generate taxable income in future periods. Based on current events management has re-assessed the valuation allowance and the recognition of the deferred tax assets attributable to the net operating losses and other assets. Based on the Company's history of losses and other negative evidence, the Company has determined that the valuation allowance should be increased accordingly to offset the entire deferred tax asset.

As of September 30, 2013 the Company had federal net operating loss carry forwards of approximately $12,406,000 and Florida net operating loss carry forwards of approximately $11,174,000. The federal net operating loss carry forwards will expire in 2020 through 2033 and state net operating loss carry forwards that will expire in 2028 through 2033.

The components of deferred tax assets and liabilities as of September 30, 2013 and 2012 is as follows:

		Current			Non-Current
Deferred tax assets:
	NOL and contribution carry forwards	$	-		$	4,673,886
	Capital Loss Carry Over		-			657,342
	Property & Equipment		-			(7,485	)
	Accrued Comp		-			225,780
	Accrued Interest		15,574			-
	Accrued Marketing Fee		18,254			-
	Share based Compensation		-			2,631,730
	Accrued fee					169,335
			33,828			8,350,588
	Valuation Allowance		(33,828	)		(8,350,588	)
	Net Deferred Tax Asset	$	-		$	-
Deferred tax (liabilities):
			-			-
	Net Deferred Tax Liability		-			-
Net deferred tax asset (liability)		$	-		$	-
The change in the valuation allowance is as follow:
	September 30, 2012	$	11,450,741
	September 30, 2013		8,384,416
	Decrease in valuation allowance	$	(3,066,325	)

The Company decreased the valuation allowance by approximately $3,066,000 in the period ending September 30, 2013. The valuation allowance was decreased to offset the current year net operating loss carry over and other identified tax assets.

The income tax rate computed using the federal statutory rates is reconciled to the reported effective income tax rate as follows:

Continuing Operations	9/30/2013			9/30/2012
Expected provision at US statutory rate		34.00	%		34.00	%
State income tax net of federal benefit		3.63	%		3.63	%
Permanent and Other Differences		-			-
Valuation Allowance		-37.63	%		-37.63	%
Effective Income Tax Rate		0.00	%		0.00	%

The Company files income tax returns on a consolidated basis in the United States federal jurisdiction and the State of Florida. As of September 30, 2013, the tax returns for the Company for the years ending 2010 through 2012 remain open to examination by the Internal Revenue Service and Florida Department of Revenue. The Company and its subsidiaries are not currently under examination for any period.

The Company has adopted a policy to recognize interest and penalties accrued related to unrecognized tax benefits in its income tax provision. The Company has evaluated its unrecognized tax benefits and determined that due to the NOL carry forwards, that no accrual of interest and penalties is required in the current period.

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Note 9 - Related Party Transactions

12 Months Ended

Sep. 30, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

9. Related Party Transactions

The following related party transactions not disclosed elsewhere in this document are as follows:

The Company has received loans from major shareholders which were supported by notes bearing interest at 5% annually with restricted conversion features and no repayment schedule. The notes were originally issued for $1,500,000 for each shareholder then subsequently raised them to a maximum of $5,000,000. All shareholder interest is accruing interest. As of September 30, 2013, the only remaining debt associated with these notes is a temporary balance due from Stephen L. Gurba and Evelyn R. Gurba in the amount of $22,613. There is no balance due at September 30, 2013.

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Note 5 - Advance Payments and Billings in Excess of Cost (Details) (USD $)	Sep. 30, 2013	Sep. 30, 2012	Jan. 02, 2009
Note 5 - Advance Payments and Billings in Excess of Cost (Details) [Line Items]
Amount of Invoiced Amount Withheld to Repay Debt to US Government	90.00%
United States Government [Member]
Note 5 - Advance Payments and Billings in Excess of Cost (Details) [Line Items]
Notes and Loans Payable	$ 0	$ 666,490	$ 3,200,597

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Note 2 - Principles of Consolidation and Basis of Presentation: (Tables)

12 Months Ended

Sep. 30, 2013

Disclosure Text Block [Abstract]

Schedule of Inventory, Current [Table Text Block]

	September 30, 2013		September 30, 2012
Finished goods	$	-	$	-
Work in process		-		-
Materials and supplies		55,605		1,023,980
Total inventory of continuing operations	$	55,605	$	1,023,980

Property, Plant and Equipment [Table Text Block]

	As of September 30,
	2013			2012
Land	$	-		$	1,225,000
Buildings and improvements		-			1,170,194
Machinery and equipment		-			752,554
Funiture and fixtures		117,580			45,735
		117,580			3,193,483
Less accumulated depreciation		(24,871	)		(718,555	)
Net property, plant and equipment	$	92,709		$	2,474,928

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Supplemental Schedule of Non-Cash Financing and Investing Activities (Details) (USD $)	1 Months Ended																					3 Months Ended
	Sep. 30, 2013	Jul. 31, 2013	Jun. 30, 2013	Feb. 28, 2013	Jan. 31, 2013	Dec. 31, 2012	Nov. 30, 2012	Oct. 31, 2012	Sep. 30, 2012	Aug. 31, 2012	Jul. 31, 2012	Jun. 29, 2012	Jun. 30, 2012	May 31, 2012	Apr. 30, 2012	Mar. 31, 2012	Feb. 28, 2012	Jan. 31, 2012	Dec. 31, 2011	Nov. 30, 2011	Oct. 31, 2011	Dec. 31, 2011	Sep. 26, 2012
Supplemental Schedule of Non-Cash Financing and Investing Activities (Details) [Line Items]
Debt Conversion, Converted Instrument, Shares Issued			750,000	750,000	1,237,121		915,150	4,944,618				70,423	109,155	31,800	17,308	15,714	12,000		64,158	26,765	44,482
Share-based Goods and Nonemployee Services Transaction, Quantity of Securities Issued	1,000,000				205,000	496,250	757,500	754,038					154,394	127,064	100,000		3,750	757,500			2,500
Stock Issued During Period, Shares, New Issues																			450,000	51,342		250,000
Common Stock, Shares Authorized	500,000,000								500,000,000											2,000,000,000			5,000,000,000
Stock Issued During Period, Shares, in Association with New Debt		750,000			150,000				885,010	969,231	841,446		375,000	175,000			475,000
Stock Issued During Period, Shares, Issued for Services					205,000															51,342
Warrants Issued Associated with New Debt				21,300,512
Warrants Issued in Exchange for Subscription Notes Receivable				20,589,981
Temporary Equity, Shares Subscribed but Unissued, Subscriptions Receivable (in Dollars)	$ 66,000			$ 66,000
Warrants Issued for Services	10,500,000			5,365,000
Conversion of Related Party Debt [Member]
Supplemental Schedule of Non-Cash Financing and Investing Activities (Details) [Line Items]
Common Stock, Shares Authorized																			300,000			300,000
Interest Payment [Member]
Supplemental Schedule of Non-Cash Financing and Investing Activities (Details) [Line Items]
Stock Issued During Period, Shares, New Issues										91,904

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Note 8 - Commitments and Contingencies (Details) (USD $)	12 Months Ended
	Sep. 30, 2013
Note 8 - Commitments and Contingencies (Details) [Line Items]
Operating Leases of Lessee, Contingent Rentals, Basis Spread on Variable Rate	2.50%
Operating Leases, Rent Expense, Net (in Dollars)	$ 310,000
Tampa, Florida [Member]
Note 8 - Commitments and Contingencies (Details) [Line Items]
Area of Real Estate Property	5,000
Sanford, Florida [Member]
Note 8 - Commitments and Contingencies (Details) [Line Items]
Area of Real Estate Property	6,000
Branchburg, New Jersey [Member]
Note 8 - Commitments and Contingencies (Details) [Line Items]
Area of Real Estate Property	10,000

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Consolidated Statements of Cash Flows (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net Income (Loss)	$ 11,216,193	$ (9,103,168)
(Income) Loss from discontinued operations	(1,309,424)	91,347
Income (Loss) from continuing operations	9,906,769	(9,011,821)
Adjustments to reconcile net income (loss) from continuing operations to net cash flows from operating activities:
Depreciation and amortization	613,658	1,807,865
Gain from change in accounting estimate	(6,071,700)
Gain from settlement of debt	(356,765)
Loss on sale of note receivable	156,710
Loss recognized on investments		1,746,857
(Gain ) Loss on sale of assets	(6,153,177)	9,897
Stock based payment for services	538,182	2,265,939
Changes in operating assets and liabilities
Accounts receivable	(191,560)	116,080
Inventory	(201)	(338,754)
Prepaid expenses and other assets	28,060	82,492
Accounts payable and accrued expenses	671,506	1,065,407
Advance payments and billings in excess of costs		(217,014)
Net cash flows from operating activities – continuing operations	(858,518)	(2,473,052)
Net cash flows from operating activities – discontinued operations	(1,309,424)
Net cash flows from operating activities	(2,167,942)	(2,473,052)
Cash flows from investing activities:
Proceeds from sale of assets	9,547,580
Proceeds from sale of note receivable	250,000
Principal collections on note receivable	3,831
Purchase of property and equipment	(71,844)	(89,725)
Net cash flows from investing activities – continuing operations	9,729,567	(89,725)
Net cash flows from investing activities – discontinued operations	0	0
Net cash flows from investing activities	9,729,567	(89,725)
Cash flows from financing activities
Repayment of Shareholder loans	(469,136)	(91,943)
Increases in long term debt	2,280,161	2,625,000
Repayment of long term debt	(9,331,872)	(110,745)
Proceeds from sale of preferred shares	20,000
Net cash flows from financing activities – continuing operations	(7,500,847)	2,422,312
Net cash flows from financing activities – discontinued operations	0	0
Net cash flows from financing activities	(7,500,847)	2,422,312
Increase (decrease) in cash and cash equivalents	60,778	(140,465)
Cash and cash equivalents, beginning	29,034	169,499
Cash and cash equivalents, ending	89,812	29,034
Cash paid for interest	10,964	51,115
Cash paid for taxes	$ 0	$ 0

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Note 3 - Contract Claim Receivable

12 Months Ended

Sep. 30, 2013

Disclosure Text Block Supplement [Abstract]

Legal Matters and Contingencies [Text Block]

3. Contract Claim Receivable

The acquisition of 3Si Holdings, Inc. included the membership interest in Bulova Technologies Ordnance Systems LLC which had certain obligations to perform on then existing contracts with the US Government. Bulova Technologies Ordnance Systems, LLC had received advance funding under these contracts by the US Government through Performance-Based-Payments, a method of financing designed by the government to provide working capital to small business contractors so they can purchase the materials needed to fulfill the contract. At the time of the acquisition, the US Government had provided advance financing on the assumed contracts in the amount of $3,200,597.

In accordance with the provisions of Section 9-610 of the Uniform Commercial Code as enacted in the state of New York these cash funds amounting to $3,200,597 were retained by Webster Business Credit Corporation, the secured lender that had acquired the assets pursuant to the Section 9 foreclosure proceedings. The Company has fully performed all of its obligations under these contracts.

On October 24, 2012, as a part of the sale of substantially all of the assets of Bulova Technologies Ordnance Systems LLC, the Company negotiated and settled this dispute with Webster Business Credit Corporation.

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Note 2 - Principles of Consolidation and Basis of Presentation: (Details)	0 Months Ended	12 Months Ended
	Jan. 02, 2009	Sep. 30, 2013
Note 2 - Principles of Consolidation and Basis of Presentation: (Details) [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares)	40,000,000
Number of Operating Segments	3
Amount of Invoiced Amount Withheld to Repay Debt to US Government		90.00%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares)		58,855,493
Building and Building Improvements [Member] | Minimum [Member]
Note 2 - Principles of Consolidation and Basis of Presentation: (Details) [Line Items]
Property, Plant and Equipment, Useful Life		10 years
Building and Building Improvements [Member] | Maximum [Member]
Note 2 - Principles of Consolidation and Basis of Presentation: (Details) [Line Items]
Property, Plant and Equipment, Useful Life		20 years
Machinery and Equipment [Member] | Minimum [Member]
Note 2 - Principles of Consolidation and Basis of Presentation: (Details) [Line Items]
Property, Plant and Equipment, Useful Life		5 years
Machinery and Equipment [Member] | Maximum [Member]
Note 2 - Principles of Consolidation and Basis of Presentation: (Details) [Line Items]
Property, Plant and Equipment, Useful Life		10 years
BT Manufacturing Company LLC [Member]
Note 2 - Principles of Consolidation and Basis of Presentation: (Details) [Line Items]
Area of Real Estate Property (in Square Feet)		35,000
Area of Real Estate Property (in Acres)		35,000
Bulova Technologies Ordnance Systems LLC [Member]
Note 2 - Principles of Consolidation and Basis of Presentation: (Details) [Line Items]
Area of Real Estate Property (in Square Feet)		261
Area of Real Estate Property (in Acres)		261

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Note 7 - Income Taxes (Details) (USD $)	12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Operating Loss Carryforwards, Domestic	$ 12,406,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	11,174,000
Valuation Allowance, Deferred Tax Asset, Change in Amount	$ (3,066,325)	$ 3,066,000

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Accounting Policies, by Policy (Policies)

12 Months Ended

Sep. 30, 2013

Accounting Policies [Abstract]

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

The Company has evaluated subsequent events through January 6, 2014 to assess the need for potential recognition or disclosure in this report.  Based upon this evaluation, management determined that all subsequent events that require recognition in the financial statements have been included.

Segment Reporting, Policy [Policy Text Block]

Business Segments

Commencing with the Company’s formation of Bulova Technologies Machinery LLC, the Company now operates in two business segments, government contracting and commercial sales.  As the commercial sales segment of the Company is in its initial start-up phase and its operations through September 30, 2013 are not material, the Company has determined not to present financial information by segment.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of the Company's financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these financial statements and accompanying notes. Actual results could differ from those estimates.

Fair Value of Financial Instruments, Policy [Policy Text Block]

Financial Instruments

The carrying amounts of cash, receivables and current liabilities approximated fair value due to the short-term maturity of the instruments. Debt obligations were carried at cost, which approximated fair value due to the prevailing market rate for similar instruments.

Fair Value Measurement, Policy [Policy Text Block]

Fair Value Measurement

All financial and nonfinancial assets and liabilities were recognized or disclosed at fair value in the financial statements. This value was evaluated on a recurring basis (at least annually). Generally accepted accounting principles in the United States define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on a measurement date. The accounting principles also established a fair value hierarchy which required an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Three levels of inputs were used to measure fair value.

Level 1: Quotes market prices in active markets for identical assets or liabilities.

Level 2: Observable market based inputs or unobservable inputs that were corroborated by market data.

Level 3: Unobservable inputs that were not corroborated by market data.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

For purposes of the statements of cash flows, the Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company maintains its cash deposits in major financial institutions in the United States. At times deposits within a bank may exceed the amount of insurance provided on such deposits. Generally, these deposits are redeemed upon demand and, therefore, are considered by management to bear minimal risk.

Receivables, Policy [Policy Text Block]

Accounts receivable

Accounts receivable represent amounts due from customers in the ordinary course of business from sales activities in each of the Company’s business segments. The Company considers accounts more than 90 days old to be past due. The Company uses the allowance method for recognizing bad debts. When an account is deemed uncollectible, it is written off against the allowance. The Company generally does not require collateral for its accounts receivable.The Company considers all accounts receivable to be collectable and consequently has provided no allowance for doubtful accounts.

The majority of the Company’s revenues and accounts receivable pertain to contracts with the US Government.

Inventory, Policy [Policy Text Block]

Inventory

Inventory is stated at the lower of cost (first-in, first-out) or market. Market was generally considered to be net realizable value. Inventory consisted of materials used to manufacture the Company’s products work in process and finished goods ready for sale.

The breakdown of inventory at September 30, 2013 and 2012 is as follows:

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment

Property, plant and equipment are stated at cost, less accumulated depreciation. Depreciation is computed by applying principally the straight-line method to the estimated useful lives of the related assets. Useful lives range from 10 to 20 years for buildings and improvements and 5 to 10 years for machinery, equipment, furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the improvements. When property or equipment is retired or otherwise disposed of, the net book value of the asset is removed from the Company’s balance sheet and the net gain or loss is included in the determination of operating income. Property, plant and equipment acquired as part of a business acquisition are valued at fair value.

Property, plant and equipment are comprised of the following at September 30, 2013 and 2012

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of Long-Lived Assets

The Company evaluates the carrying value of its long-lived assets at least annually. Impairment losses are recorded on long-lived assets used in operations when indicators of impairment are present and the undiscounted future cash flows estimated to be generated by those assets are less than the assets’ carrying amount. If such assets are impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying value or fair value, less costs to sell.

Discontinued Operations, Policy [Policy Text Block]

Discontinued Operations

In accordance with ASC 205-20, Presentation of Financial Statements-Discontinued Operations (“ASC 205-20”), we reported the results of BT Manufacturing Company LLC, our contract manufacturing segment as a discontinued operation. The application of ASC 205-20 is discussed in Note 4 “Discontinued Operations”

Revenue Recognition, Policy [Policy Text Block]

Revenue Recognition

Sales revenue is generally recognized upon the shipment of product to customers or the acceptance by customers of the product. Allowances for sales returns, rebates and discounts are recorded as a component of net sales in the period the allowances were recognized. The majority of the Company’s revenue is generated under various fixed and variable price contracts as follows:

Revenues on fixed-price type contracts are recognized using the Percentage-Of-Completion (POC) method of accounting as specified in government contract accounting standards and the particular contract. Revenues earned on fixed-price production contracts under which units are produced and delivered in a continuous or sequential process are recognized as units are delivered based on their contractual selling prices (the “Units-of-Delivery” basis of determination). Sales and profits on each fixed-price production contract under which units are not produced in a continuous or sequential process are recorded based on the ratio of actual cumulative costs incurred to the total estimated costs at completion of the contract, multiplied by the total estimated contract revenue, less cumulative sales recognized in prior periods (the “Cost-to-Cost” basis of determination). Under both types of basis for determining revenue earned, a single estimated total profit margin is used to recognize profit for each contract over its entire period of performance, which can exceed one year. The estimated total profit margin is evaluated on a periodic basis by management throughout the term of an individual contract to determine if the estimated total profit margin should be adjusted.

The Company has certain contracts with the U.S. Government that have been funded through “Performance-Based-Payments”. Performance-based-payments are a method of financing designed by the Government to facilitate the accomplishment of the terms of the contract, and are not payments for accepted items. These financing payments are designed as a funding mechanism to facilitate production and may be made based on performance measured by objective, the accomplishment of defined events, or other quantifiable measures of results. As units are delivered and invoiced, the U.S. Government withholds 90% of the invoiced amount as repayment of the contract financing advances.

Cost of Sales, Policy [Policy Text Block]

Cost of Revenues

The costs of revenues include direct materials and labor costs, and indirect labor associated with production and shipping costs.

Advertising Costs, Policy [Policy Text Block]

Advertising Costs

The costs of advertising are expensed as incurred and are included in the Company’s operating expenses. The Company did not incur any advertising expenses for the years ended September 30, 2013 and 2012.

Shipping and Handling Cost, Policy [Policy Text Block]

Shipping Costs

The Company includes shipping costs in cost of revenues.

Income Tax, Policy [Policy Text Block]

Income Taxes

Income tax benefits or provisions are provided for the tax effects of transactions reported in the financial statements and consist of taxes currently due plus deferred taxes related primarily to differences between the recorded book basis and the tax basis of assets and liabilities for financial and income tax reporting. Deferred tax assets and liabilities represent the future tax return consequences of those differences, which will either be taxable or deductible when the assets and liabilities were recovered or settled. Deferred tax assets were also recognized for operating losses that were available to offset future taxable income and tax credits that were available to offset future federal income taxes, less the effect of any allowances considered necessary. The Company follows the guidance provided by ASC48, Accounting for Uncertainty in Income Taxes, for reporting uncertain tax provisions.

Earnings Per Share, Policy [Policy Text Block]

Income (Loss) per Common Share

Basic net loss per share excludes the impact of common stock equivalents. Diluted net loss per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. As of September 30, 2013, there were 58,855,493 common stock equivalents that were anti-dilutive and were not included in the calculation.

New Accounting Pronouncements, Policy [Policy Text Block]

Effect of Recent Accounting Pronouncements

The Company reviews new accounting standards as issued. No new standards had any material effect on these financial statements. The accounting pronouncements issued subsequent to the date of these financial statements that were considered significant by management were evaluated for the potential effect on these consolidated financial statements. Management does not believe any of the subsequent pronouncements will have a material effect on these consolidated financial statements as presented and does not anticipate the need for any future restatement of these consolidated financial statements because of the retro-active application of any accounting pronouncements issued subsequent to September 30, 2012 through the date these financial statements were issued.