10-Q/A

Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q/A

(Amendment No. 1)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2017

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

1501 Lake Avenue SE
Largo, Florida 33771
(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: None

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

Common Stock, $.001 par value

(Title of Class)

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 whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☑  No ☐

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

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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 August 14, 2017, the Company had 545,031,216 shares of Common Stock and 4,000,000,000 shares of Preferred Stock issued and outstanding.

EXPLANATORY NOTE

This Amendment No.1 to our Quarterly Report on Form 10-Q/A for the three and nine months ended June 30, 2017 amends the Quarterly Report on Form 10-Q that was originally filed on August 21, 2017 (the “Quarterly Report”), to:

1. comply with Rule 10-01(d) Regulation S-X, which requires interim financial statements included in quarterly reports on Form 10-Q to be reviewed by an independent public accountant using professional standards and procedures for conducting such reviews, as established by generally accepted auditing standards,

2. to include the required certifications of the Company's Principal Executive Officer and Principal Financial and Accounting Officer as required by Sections 302 and 906 of the Sarbanes-Oxley Act., and,

3. to furnish Exhibit 101 to the Form 10–Q in accordance with Rule 405 of Regulation S–T, which contains the XBRL (eXtensible Business Reporting Language) Interactive Data File for the financial statements and notes included in Part I, Item 1 of the Form 10-Q.

No other changes have been made to the Form 10–Q.  This Amendment No. 1 speaks as of the original filing date of the Form 10–Q, does not reflect events that may have occurred subsequent to the original filing date and does not modify or update in any way disclosures made in the original Form 10–Q.

BULOVA TECHNOLOGIES GROUP, INC.
FORM 10-Q/A

(Amendment No.1)
FOR THE QUARTER ENDED JUNE 30, 2017

TABLE OF CONTENTS

	Page
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements	3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 4. Controls and Procedures	26
PART II – OTHER INFORMATION
Item 6. Exhibits	28
Signatures	29

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PART I

Item 1. Consolidated Financial Statements

BULOVA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

	June 30,
	2017			September 30,
	(unaudited)			2016
ASSETS
Cash and equivalents	$	140,628		$	650,262
Accounts receivable, net		2,191,188			2,325,582
Inventory		176,244			421,331
Other current assets		538,855			353,203
Current assets from discontinued operations		-			-
Total current assets		3,046,915			3,750,378
Fixed assets, net		9,880,724			10,745,924
Other assets		186,957			113,215
Goodwill - (Note 4)		4,789,772			4,789,772
Non-current assets from discontinued operations		-			-
Total Assets	$	17,904,368		$	19,399,289
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Accounts payable	$	1,894,353		$	1,598,445
Accounts payable – related parties		2,412,400			1,786,436
Accrued expenses and other current liabilities		255,212			413,720
Accrued expenses and other current liabilities – related parties		1,378,416			1,137,163
Current portion of long term debt		11,531,457			4,553,201
Current portion of notes payable – related parties		848,889			412,720
Amounts due shareholders		97,015			419,260
Derivative liability		300,746			269,538
Current liabilities from discontinued operations		-			1,111,962
Total current liabilities		18,718,488			11,702,445
Long term debt, net of current portion		7,001,704			8,078,716
Notes payable – related parties, net of current portion		14,936,127			14,862,451
Long term liabilities from discontinued operations		-			10,800,000
Total liabilities		40,656,319			45,443,612
Commitments and contingencies – (Note 9)		-			-
Shareholders’ deficit:
Preferred stock, $.00001 par, authorized 5,000,000,000 shares; 4,000,000,000 issued and outstanding at June 30, 2017 and September 30, 2016		40,000			40,000
Common stock, $.001 par; authorized 500,000,000 shares; 499,658,688 and 343,752,151 issued and outstanding at June 30, 2017 and September 30, 2016		499,659			343,752
Subscription receivable		(66,000	)		(66,000	)
Additional paid in capital in excess of par		28,910,827			28,799,184
Accumulated deficit		(51,761,355	)		(55,419,392	)
Total Bulova Technologies Group, Inc. shareholders’ deficit		(22,376,869	)		(26,302,456	)
Non-controlling interest in BT-Twiss Transport LLC		(375,082	)		258,133
Total shareholders’ deficit		(22,751,951	)		(26,044,323	)
Total liabilities and shareholders’ deficit	$	17,904,368		$	19,399,289

See accompanying notes to consolidated financial statements.

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BULOVA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
THREE AND NINE MONTHS ENDED JUNE 30, 2017 AND 2016
(Unaudited)

	Three Months Ended						Nine Months Ended
	June 30,						June 30,
	2017			2016			2017			2016
Revenues		6,347,699			6,802,451		$	18,994,103		$	12,202,964
Cost of revenues		5,065,152			4,587,366			14,332,043			8,492,667
Gross profit		1,282,547			2,215,085			4,662,060			3,710,297
Selling and administrative expense		1,753,233			2,144,986			5,548,638			4,332,125
Stock based compensation		-			19,125			3,100			1,835,124
Depreciation and amortization expense		531,028			426,339			1,242,866			624,572
Interest expense		2,837,583			621,110			5,662,899			1,348,431
Total expenses		5,121,844			3,211,560			12,457,503			8,140,252
Loss from operations		(3,839,297	)		(996,475	)		(7,795,443	)		(4,429,955	)
Other income (expense)
Derivative gain (loss)		101,121			(267,153	)		100,382			(267,153	)
Other income (loss)		(37,710	)		30,001			(43,132	)		163,771
Loss from continuing operations before income taxes		(3,775,886	)		(1,233,627	)		(7,738,193	)		(4,533,337	)
Income tax expense		-			-			-			-
Loss from continuing operations		(3,775,886	)		(1,233,627	)		(7,738,193	)		(4,533,337	)
Income (loss) from discontinued operations, net of tax
Operating expenses and interest		-			(22,409	)		(33,385	)		(492,971	)
Gain on deconsolidation of subsidiary		-			-			10,796,400			-
Total income (loss) from discontinued operations, net of tax		-			(22,409	)		10,763,015			(492,971	)
Net income (loss)		(3,775,886	)		(1,256,036	)		3,024,,822			(5,026,308	)
Net income (loss) attributable to non-controlling interest in BT-Twiss Transport LLC		(245,469	)		(4,781	)		(633,215	)		20,889
Net income (loss) attributable to Bulova Technologies Group, Inc.		(3,530,417	)		(1,251,255	)	$	3,658,037		$	(5,047,197	)
Basic and diluted net income (loss) per share
Income (loss) from continuing operations	$	(.01	)	$	(.01	)	$	(.02	)	$	(.05	)
Income (loss) from discontinued operations		-			-			.02			(.01	)
Net income (loss) per share	$	(.01	)	$	(.01	)	$	-		$	(.06	)
Weighted average shares outstanding, basic and diluted		499,658,688			84,365,877			461,958,885			77,319,557

See accompanying notes to consolidated financial statements.

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BULOVA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED JUNE 30, 2017 AND 2016
(Unaudited)

	2017			2016
Cash flows from operating activities:
Loss from continuing operations	$	(7,738,193	)	$	(4,533,337	)
Income (Loss) from discontinued operations		10,763,015			(492,971	)
Net income (loss)		3,024,822			(5,026,308	)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization		1,069,976			624,572
Stock based compensation		3,100			1,835,124
Amortization of debt discount		172,890			144,878
Interest expense from refinance transactions		2,859,825			-
(Gain) loss on sale of fixed assets		40,818			(73,728	)
Gain on change in fair value of derivative liability		(100,382	)		267,153
Changes in operating assets and liabilities
Accounts receivable		134,394			(493,219	)
Inventory		245,087			(507,320	)
Prepaid expenses and other assets		(259,394	)		(319,324	)
Accounts payable and accrued expenses		1,251,567			1,461,979
Net cash flows from operating activities – continuing operations		8,442,703			(2,086,193	)
Net cash flows from operating activities – discontinued operations		(10,800,462	)		450,000
Net cash flows from operating activities		(2,357,759	)		(1,636,193	)
Cash flows from investing activities:
Acquisition of fixed assets		(1,172	)		(1,846	)
Cash purchased with business acquisition		-			196,229
Proceeds from disposal of assets		458,559			132,500
Cash payments in business acquisition		-			(5,166,155	)
Net cash flows from investing activities – continuing operations		457,387			(4,839,272	)
Net cash flows from investing activities – discontinued operations		-			-
Net cash flows from investing activities		457,387			(4,839,272	)
Cash flows from financing activities:
Repayment of amounts due shareholders		(322,245	)
Increases in long term debt		7,228,298			9,958,923
Repayment of long term debt		(5,894,897	)		(2,875,330	)
Increases in notes payable – related parties		815,500			133,940
Repayment of notes payable – related parties		(408,418	)		-
Net cash flows from financing activities – continuing operations		1,418,238			7,217,533
Net cash flows from financing activities – discontinued operations		(27,500	)		-
Net cash flows from financing activities		1,390,738			7,217,533
Decrease in cash and cash equivalents		(509,634	)		742,068
Cash and cash equivalents, beginning		650,262			70,347
Cash and cash equivalents, ending	$	140,628		$	812,415
Cash paid for interest	$	2,399,792		$	905,776
Cash paid for taxes	$	-		$	-
Supplemental disclosure of Non-Cash Investing and Financing Activities
December 2015, issuance of 1,000,000 common stock warrants in satisfaction of debt	$	-		$	26,228
January 2016, issuance of 5,100,000 common shares in partial satisfaction of debt	$	-		$	306,000
October 2016, issuance of 6,561,299 common shares as a true up to a prior conversion of debt	$	-		$	-
October 2016, issuance of 7,500,000 common shares from exercise of warrants	$	14,250		$	-
December 2016, issuance of 26,041,667 as partial payment on a settlement	$	25,000		$	-
December 2016, issuance of 67,000,000 common shares as partial payment of account payable to a related party	$	207,700		$	-
December 2016, issuance of 27,803,571 common shares as conversion of debt	$	10,000		$	-
January 2017, issuance of 20,000,000 common shares as conversion of debt	$	7,500		$	-
February 2017, issuance of 1,000,000 common shares for services	$	3,100		$	-
Financed the acquisition of new equipment	$	719,425		$	-
Satisfaction of debt on sale of assets	$	16,444		$	-
Principal and interest payments through refinanced debt	$	5,596,750		$	-

See accompanying notes to consolidated financial statements.

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BULOVA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
STATEMENT OF CHANGES IN SHAREHOLDERS’ DEFICIT
FOR THE NINE MONTHS ENDED JUNE 30, 2017
(Unaudited)

	Total Bulova Technologies Group, Inc. Shareholders' Deficit
	Preferred Stock				Common Stock
	Number of Shares		Amount		Number of Shares		Amount		Subscription Receivable			Common Stock Issuable		Additional Paid-In Capital			Accumulated Deficit			Non-Controlling Interest			Total
Balances, October 1, 2015		4,000,000,000	$	40,000		69,093,518	$	69,093	$	(66,000	)	$	-	$	26,231,658		$	(47,350,507	)	$	-		$	(21,075,756	)
Issuance of shares from the exercise of warrants						75,000		75							(75	)								-
Issuance of warrants associated with settlement of debt															26,228									26,228
Issuance of shares for services						5,000,000		5,000							317,500									322,500
Issuance of warrants for services															1,380,999									1,380,999
Issuance of shares for services						2,500,000		2,500							110,000									112,500
Issuance of shares as part of acquisition						3,000,000		3,000							154,500									157,500
Issuance of warrants as part of acquisition															26,250									26,250
Issuance of shares as partial settlement of debt						5,100,000		5,100							300,900									306,000
Issuance of shares from the exercise of warrants						3,510,811		3,511							(3,511	)								-
Issuance of shares for services						850,000		850							18,275									19,125
Issuance of shares for debt conversion						9,163,834		9,164							45,836									55,000
Issuance of shares for debt conversion						206,458,988		206,459							116,324									322,783
Issuance of shares from the exercise of warrants						39,000,000		39,000							74,300									113,300
Net loss for the year ended September 30, 2016																		(8,068,885	)		258,133			(7,810,752	)
Balances, September 30, 2016		4,000,000,000	$	40,000		343,752,151	$	343,752	$	(66,000	)	$	-	$	28,799,184		$	(55,419,392	)	$	258,133		$	(26,044,323	)
Issuance of shares for debt conversion						6,561,299		6,561							(6,561	)								-
Issuance of shares from the exercise of warrants						7,500,000		7,500							6,750									14,250
Issuance of shares for a settlement						26,041,667		26,042							(1,042	)								25,000
Issuance of shares as partial satisfaction of an account payable to a related party						67,000,000		67,000							140,700									207,700
Issuances of shares for debt conversion						27,803,571		27,804							(17,804	)								10,000
Issuance of shares for debt conversion						20,000,000		20,000							(12,500	)								7,500
Issuance of shares for services						1,000,000		1,000							2,100									3,100
Net income (loss) for the nine months ended June 30, 2017																		3,658,037			(633,215	)		3,024,822
Balances, June 30, 2017		4,000,000,000	$	40,000		499,658,688	$	499,659	$	(66,000	)	$	-	$	28,910,827		$	(51,761,355	)	$	(375,082	)	$	(22,751,951	)

See accompanying notes to consolidated financial statements.

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BULOVA TECHNOLOGIES GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NINE MONTHS ENDED JUNE 30, 2017

(Unaudited)

1. Description of business:

Bulova Technologies Group, Inc. ("BTGI" 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 assets and operations of 3Si at that time were 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).

From January 1, 2009, Bulova Technologies Group, Inc. operated in multiple business segments. Government Contracting was 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. In October 2012, this segment was discontinued through the sale of substantially all of the assets of Bulova Technologies Ordnance Systems LLC, with any remaining assets and liabilities associated with that operation being segregated and reported as a discontinued operation. Contract Manufacturing included the production of cable assemblies and circuit boards accounted for through BT Manufacturing Company LLC, a wholly owned subsidiary that was discontinued and disposed of in March 2011.

In July of 2013, the Company began the sale of high precision industrial machine tools through a distributor network accounted for through Bulova Technologies Machinery LLC, a newly formed subsidiary.

In January 2016, the Company, through a newly created joint venture, BT-Twiss Transport LLC, acquired 100% of the outstanding common stock of Twiss Transport, Inc., Twiss Logistics, Inc. and Twiss Cold Storage, Inc. and entered into the transportation and logistics industry of freight storage and movement. The joint venture agreement provides for Bulova’s 30% ownership interest, however, Bulova is fully responsible for operational management of the acquired entities, and is liable for approximately 4.6 million of convertible debt utilized to accomplish the acquisition. Accordingly, the joint venture financial statements have been consolidated with those of the Company.

2. Principles of consolidation and basis of presentation:

The accompanying consolidated balance sheet as of September 30, 2016, has been derived from audited financial statements.

The unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto, included in the Company’s latest Form 10-K.

We consolidate all entities we control by ownership of a majority voting interest and variable interest entities for which we have the power to direct activities and the obligation to absorb losses. Our judgment in determining if we consolidate a variable interest entity includes assessing which party if any has the power and benefits. Therefore, we evaluate which activities most significantly affect the variable interest entities economic performance, and determine whether we or another party have the power to direct these activities. The following is a listing of the entities we control, and the variable interest entity we have included in our consolidated financial statements:

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

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Bulova Technologies Finance LLC - This subsidiary was created in 2015 to provide in-house financing to purchasers of BTM equipment. In August and September of 2015, the Company accomplished its first finance activities through equipment leasing transactions.

Bulova Technologies (Europe) LLC – co-located at the Company’s headquarters in Clearwater, Florida, this wholly-owned subsidiary (“Europe”), has been engaged in several lines of related business, including a Mortar Exchange Program, the offsets program, the administration of the blanket purchase agreement awarded to Ordnance by the Government, and the brokerage of commercial, small caliber ammunition. Europe continues to pursue the brokerage of the sale of Eastern European commercial small caliber ammunition to large U.S. customers on a wholesale basis and to small retail customers in the U.S.

Bulova Technologies Advanced Products LLC - co-located at the Company’s headquarters in Clearwater, Florida, this subsidiary (“BTAP”) actively seeks technologically innovative products in industries in which the Bulova Technologies name and management team can bring value. The Company commenced operations in mid-2015 through Bulova Technologies Healthcare Products LLC and a joint venture relationship with Bulova Technologies Compliance and Security LLC.

Bulova Technologies Healthcare Products LLC -This subsidiary was formed in 2015 as the Company’s entrant into the health care field. This subsidiary has focused its attention initially on a technologically innovative and patented cast product for which it has certain U.S. distribution rights.

Bulova Technologies Compliance and Security LLC - co-located at the Company’s headquarters in Clearwater, Florida, this company is a joint venture. The Company’s ownership interest in this joint venture is 30 percent. The Company accounts for this joint venture interest using the equity method of accounting and does not consolidate its operations. At June 30, 2017, the operations of the joint venture reflect a loss in excess of the Company’s investment. As a result, the amount carried on the balance sheet as of June 30, 2017, is $0. This company was established to market the Enterprise Content Management Library ("ECM Library"©) and the companion K-3 Data Encryption software to government agencies, banks, law firms and mid to large size businesses. The ECM Library© software system provides for advanced search capability, high demand security, protection notification alerts, and back-up repository maintenance. The software provides unique layers of security in the access to the stored data. These layers actively monitor access to repository data, download and transmission of confidential files, insertion of external memory devices, on-line searches that have been performed, web-sites visited, and e-mails sent or received using the repository content.

Bulova Technologies Ordnance Systems LLC. - Prior to discontinuance, this operation was located on 261 acres in Mayo, Florida. Ordnance was 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 produced 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, Ordnance sold substantially all of its assets to an unrelated party.  As a result, the only remaining work with the DoD performed by Ordnance was the nominal performance of the contracts which were transferred (until a novation of the transferred contracts was to take place) and a remaining blanket purchase agreement (BPA) with the DoD whereby the DoD may order non-standard (e.g. Eastern European) weapons for shipment to friendly forces abroad. The BPA expired in October 2015. Ordnance has not sought any new contracts from the DoD since 2012. On March 29, 2017, the Company sold all of its ownership interests in Ordnance.

BT Twiss Transport LLC – This company is a joint venture. The Company’s ownership interest in this joint venture is 30 percent. The Company accounts for this joint venture interest as a variable interest entity, and consolidates its operations. This company was established to facilitate the acquisition on January 28, 2016 of Twiss Transport, Inc., Twiss Logistics, Inc., and Twiss Cold Storage, Inc.

● Twiss Transport, Inc. is a full-service Truckload and LTL freight shipping company specializing in the transportation of Frozen, Chilled and Dry goods to and from anywhere within the Continental United States.

● Twiss Logistics, Inc. is a Truckload Brokerage company that negotiates competitive rates and utilizes a network of reliable carriers other than Twiss Transport, to facilitate the movement of additional freight in and out of Florida and anywhere else in the Continental United States.

● Twiss Cold Storage, Inc. operates a Cold Storage facility of 132,055 square feet of frozen and chilled warehouse space providing refrigeration service for perishable products in transit through multiple distribution channels, as well as those provided by Twiss Transport and Twiss Logistics.

In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position as of June 30, 2017, and September 30, 2016 and the results of operations and cash flows for the three and nine months ended June 30, 2017 and 2016.

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Subsequent Events

The Company has evaluated subsequent events through the date of filing this Form 10-Q/A (Amendment No. 1) 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 (Note 12).

Business Segments

Commencing with the acquisition of Twiss Transport, Inc., Twiss Logistics, Inc. and Twiss Cold Storage, Inc., the Company began operating in two distinct business segments, transportation services and commercial sales. The transportation segment provides freight handling as well as transport, and the commercial sales segment is involved in sales and distribution of industrial machines, ammunition, and healthcare products. Financial information by segment is presented in the notes to the consolidated financial statements.

Concentrations – Major Customers

For the nine months ended June 30, 2017, approximately 40% of the revenue accounted for within the Company’s transportation business segment was provided by three customers, one representing approximately 26% and the other two approximately 7% each.

Use of Estimates

The preparation of the Company's consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these consolidated 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 are 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 consolidated 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.

Equity method of accounting – Joint Venture

The Company accounts for its joint venture interest in Bulova Technologies Compliance and Security LLC using the equity method of accounting. The Company’s ownership interest in this joint venture is 30 percent. At June 30, 2017, the operations of the joint venture reflect a loss in excess of the Company’s investment. As a result, the amount carried on the balance sheet as of June 30, 2017, is $0.

Variable Interest Entities

Through the formation of BT Twiss Transport LLC, the Company is now a 30% owner in this new joint venture, which was utilized to acquire the three transportation services companies described in Note 4. To accomplish this acquisition, the Company provided approximately $4.6 million of the financing necessary through the issuance of convertible debt. Through a joint venture operating agreement, the Company has full power to direct the activities most significant to the economic performance of this joint venture. As a result, the Company is the primary beneficiary, and the joint venture has been consolidated in the Company’s consolidated financial statements.

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Cash and Cash Equivalents

For purposes of the consolidated 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. At June 30, 2017 and September 30, 2016, the Company has provided an allowance for doubtful accounts of $0 and $11,468 respectively.

Inventory

Inventory is stated at the lower of cost (first-in, first-out) or market. Market is generally considered to be net realizable value. Inventory consisted of items held for resale and materials and supplies for sale and service.

The breakdown of inventory at June 30, 2017 and September 30, 2016 is as follows:

	June 30,		September 30,
	2017		2016
Finished goods	$	126,244	$	371,331
Materials and supplies		50,000		50,000
Total inventory of continuing operations	$	176,244	$	421,331

Other current assets

Other current assets are comprised of the following at June 30, 2017 and September 30, 2016

	June 30, 2017		September 30, 2016
Prepaid expenses and deposits	$	538,855	$	353,203
	$	538,855	$	353,203

Fixed Assets

Fixed assets are stated at cost, less accumulated depreciation. Capital lease assets are recognized at the lower of fair value or the present value of future minimum lease payments. Depreciation on assets under capital leases is included in depreciation expense. Depreciation is computed by applying principally the straight-line method to the estimated useful lives of the related assets. Useful lives range from 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. Fixed assets acquired as part of a business acquisition are valued at fair value. 

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Fixed assets are comprised of the following at June 30, 2017 and September 30, 2016

	June 30,			September 30,
	2017			2016
Funiture, fixtures and equipment		417,464			476,350
Tractors and trailers		9,993,798			9,936,769
Capital lease assets		1,336,243			1,336,243
Vehicle and other		6,725			39,654
		11,754,230			11,789,016
Less accumulated depreciation		(1,873,506	)		(1,043,092	)
Net fixed assets	$	9,880,724		$	10,745,924

Other assets 

Other assets are comprised of the following at June 30, 2017 and September 30, 2016

	June 30,		September 30,
	2017		2016
Advances - Bulova Technologies Compliance & Security	$	162,338	$	85,729
Refundable deposits		24,619		27,486
	$	186,957	$	113,215

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.

Derivative Financial Instruments 

The fair value of an embedded conversion option that is convertible into a variable amount of shares that include price protection reset provision features are deemed to be “down-round protection” and, therefore, do not meet the scope exception for treatment as a derivative under ASC 815 “Derivatives and Hedging”, since “down-round protection” is not an input into the calculation of the fair value of the conversion option and cannot be considered “indexed to the Company’s own stock” which is a requirement for the scope exception as outlined under ASC 815. The accounting treatment of derivative financial instruments requires that the Company record the embedded conversion option at their fair values as of the inception date of the agreement and at fair value as of each subsequent balance sheet date. Any change in fair value is recorded as non-operating, non-cash income or expense for each reporting period at each balance sheet date. The Company reassesses the classification of its derivative instruments at each balance sheet date. If the classification changes as a result of events during the period, the contract is reclassified as of the date of the event that caused the reclassification.

As a result of entering into convertible credit facilities during the nine months ended June 30, 2017, for which such instruments contained variable conversion features with no floor, the Company has adopted a sequencing policy in accordance with ASC 815-40-35-12 whereby all future instruments may be classified as a derivative liability with the exception of instruments related to share-based compensation.

The Black-Scholes option valuation model was used to estimate the fair value of these conversion options. The model includes subjective input assumptions that can materially affect the fair value estimates. The expected volatility is estimated based on the most recent historical period of time equal to the weighted average life of the conversion option. The Company used the following range of Black-Scholes assumptions in arriving at the fair value of this conversion as of June 30, 2017, in the amount of $300,746.

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	June 30,
	2017
Expected Life in Years	0.25	to	0.75
Risk-free Interest Rates	0.89%	to	1.03%
Volatility	327.5%	to	342.3%
Dividend Yield		0%

Discontinued Operations

In accordance with ASC 205-20, Presentation of Financial Statements-Discontinued Operations (“ASC 205-20”), we reported the results of Bulova Technologies Ordnance Systems LLC, formerly our government contracting segment as discontinued operations. The application of ASC 205-20 is discussed in Note 3 “Discontinued Operations”

Revenue Recognition

Commercial 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.

Revenue from rental payments received on equipment operating leases is recognized on a straight-line basis over the term of the lease.

The Company recognizes transportation related revenues on the date the shipments are delivered to the customer. Revenue includes transportation revenue, fuel surcharges, loading and unloading activities, equipment detention, and other accessorial services. Revenue is recorded on a gross basis, without deducting third party purchased transportation costs, as the Company acts as a principal with substantial risks as primary obligor.

Cost of Revenues

The costs of revenues relative to our Commercial Sales segment include direct materials and labor costs, and indirect labor associated with production and shipping costs.

The cost of revenues relative to our Transportation Services segment include tractor and trailer maintenance and operational costs as well as the costs associated with drivers.

Advertising Costs

The costs of advertising are expensed as incurred and are included in the Company’s operating expenses. The Company incurred advertising expenses of $7,242 for the nine months ended June 30, 2017 as compared to $21,165 for the nine months ended June 30, 2016.

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 ASC 740, 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 income (loss) per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. As of June 30, 2017, the Company had $12,970,156 of convertible debt, convertible into 132,128,584 common shares and 140,780,832 vested common stock warrants outstanding, which were not included in the calculation of net income per share-diluted because they were anti-dilutive due to current market prices.

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Effect of Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued that we adopt as of the specified effective date. We believe that the impact of recently issued standards that are not yet effective may have an impact on our results of operations and financial position.

ASU Update 2014-09 Revenue from Contracts with Customers (Topic 606) issued May 28, 2014 by FASB and IASB converged guidance on recognizing revenue in contracts with customers on an effective date after December 31, 2017 will be evaluated as to impact and implemented accordingly.

ASU Update 2014-15 Presentation of Financial Statements-Going Concern (Sub Topic 205-40) issued August 27, 2014 by FASB defines managements responsibility to evaluate whether there is a substantial doubt about an organizations ability to continue as a going concern. The additional disclosure required is effective after December 31, 2016 and will be evaluated as to impact and implemented accordingly.

In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Cost. The guidance requires an entity to present debt issuance costs in the balance sheet as a direct reduction from the carrying amount of the debt liability, consistent with debt discounts, rather than as an asset. Amortization of debt issuance costs will continue to be reported as interest expense. Debt issuance costs related to revolving credit arrangements, however, will continue to be presented as an asset and amortized ratably over the term of the arrangement. ASU 2015-03 is effective for reporting periods beginning after December 15, 2015 including interim periods within those annual periods.

In July 2015, the FASB issued ASU 2015-11, Inventory, which simplifies the measurement principle of inventories valued under the First-In, First-Out ("FIFO") or weighted average methods from the lower of cost or market to the lower of cost and net realizable value. ASU 2015-1 1 is effective for reporting periods beginning after December 15, 2016 including interim periods within those annual periods. We do not expect the standard to have a material impact on our Consolidated Financial Statements.

In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, which requires that defe1Ted tax assets and liabilities be classified as non-current on the consolidated balance sheet. ASU 2015-17 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. Early adoption is permitted as of the beginning of an interim or annual reporting period. Upon adoption, ASU 2015-17 may be applied either prospectively or retrospectively. We do not expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements.

In February 2016, the FASB issued ASU No. 2016-02, Leases, to improve financial reporting about leasing transactions. This ASU will require organizations that lease assets ("lessees") to recognize a lease liability and a right-of-use asset on its balance sheet for all leases with terms of more than twelve months. A lease liability is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset represents the lessee's right to use, or control use of, a specified asset for the lease term. The amendments in this ASU simplify the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. This ASU leaves the accounting for the organizations that own the assets leased to the lessee ("lessor") largely unchanged except for targeted improvements to align it with the lessee accounting model and Topic 606, Revenue from Contracts with Customers.

The amendments in ASU 2016-02 are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. The Company is evaluating the potential impact of ASU 2016-02 on its Consolidated Financial Statements.

Going Concern Matters

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements, the Company has sustained substantial losses. These factors, among others, raise substantial doubt that the Company may not be able to continue as a going concern for a reasonable period of time.

The Company’s existence is dependent upon management’s ability to develop profitable operations and resolve its liquidity problems. The accompanying financial statements do not include any adjustments that might result should the Company be unable to continue as a going concern.

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3. Discontinued Operations

In October of 2012, Bulova Technologies Ordnance Systems LLC sold substantially all of its assets to an unrelated party, and discontinued operations. As a result of the decision to sell these assets, the Company has identified the assets and liabilities of Ordnance as pertaining to discontinued operations at June 30, 2017 and September 30, 2016 and has segregated its operating results and presented them separately as a discontinued operation for all periods presented.

On March 29, 2017, the Company entered into a Member Purchase Agreement, to sell all of the membership interests of this wholly-owned subsidiary. The buyer is an independent third party and has no prior relationship to the Company and / or its officers. The Company recognized a gain on the deconsolidation of this subsidiary within the accounting for this discontinued operation as of March 31, 2017.

Summarized operating results for discontinued operations is as follows:

	Three Months Ended June 30,					Nine Months Ended June 30,
	2017		2016			2017			2016
Revenue	$	-	$	-		$	-		$	-
Cost of Sales		-		-			-			-
Gross profit		-		-			-			-
Operating expenses and interest		-		(22,409	)		(33,385	)		(492,971	)
Other income (expense)		-		-			-			-
Income (loss) from operations		-		(22,409	)		(33,385	)		(492,971	)
Gain on deconsolidation of subsidiary		-		-			10,796,400			-
Income tax benefit		-		-			-			-
Income (loss) from discontinued operations, net of tax	$	-	$	(22,409	)	$	10,763,015		$	(492,971	)

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

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

	June 30,		September 30,
	2017		2016
Cash	$	-	$	-
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	$	-	$	462
Current portion of long-term debt		-		1,111,500
Provision for loss on disposal of business segment		-		-
Total current liabilities from discontinued operations		-		1,111,962
Deferred revenue - contract dispute		-		10,800,000
Total liabilities from discontinued operations	$	-	$	11,911,962

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4. Business Combination – Variable Interest Entity and Intangibles

BT-Twiss Transport, LLC

As discussed in Note 1, on January 28, 2016, the Company, through its joint venture entity, BT-Twiss Transport LLC, closed on the acquisition of 100% of the outstanding stock of Twiss Transport, Inc., Twiss Logistics, Inc., and Twiss Cold Storage, Inc. in a transaction accounted for as a variable interest entity. The determination to include a variable interest entity in the consolidated financial statements of the Company is based on an evaluation of the benefits and obligations associated with the Company’s active role in the entity’s design and involvement in its ongoing activities. More specifically, was the determination that the Company is established as the primary beneficiary based on possessing both of the following:

● Power to direct the activities of the VIE that most significantly impact the entity’s economic performance through an operating agreement entrusting full operational control and assets to the Company.

● An exposure to absorb losses of the entity that could potentially be significant to the VIE through the provision of approximately $4.6 million dollars of financing to complete the acquisition through convertible debt.

Accordingly, the results of BT-Twiss Transport LLC are included in the accompanying consolidated financial statements only from the acquisition date through June 30, 2017. The recorded cost of this acquisition was based upon the fair value of the Company’s acquired based on an independent valuation. An intangible asset for goodwill has been recorded in the amount of $4,789,772. Generally accepted accounting principles do not allow the amortization of goodwill, but instead require an annual evaluation of the amount for impairment.

The total purchase price of the three companies was calculated as follows:

Cash consideration	$	5,166,155
Convertible promissory note		4,666,155
3,000,000 restricted common shares		157,500
Warrants to purchase 500,000 common shares		26,250
Total purchase price	$	10,016,060

Goodwill is calculated by comparing the total purchase price to the fair values of assets acquired and liabilities assumed in connection with this acquisition by the Company’s joint venture, as follows:

Total Purchase Price	$	10,016,060
Fair Value of Assets and Liabilities
Cash	$	196,229
Accounts receivable		1,671,342
Inventory		50,000
Prepaid expenses and other assets		216,905
Property and equipment		11,001,267
Other assets		23,648
Less current liabilities assumed		(1,326,652	)
Less long-term debt assumed		(6,606,451	)
		5,226,288
Calculated Goodwill	$	4,789,772

5.  Contract Dispute - Discontinued Operations

At September 30, 2016, and through March 29, 2017, the Company included in liabilities of discontinued operations the amount of $10,800,000 relative to a contract performance dispute of its then wholly owned subsidiary, Bulova Technologies Ordnance Systems LLC, with the US Government. This amount represented deferred revenue arising from the percentage of completion accounting applied to a contract that was terminated prior to its completion. Ordnance asserted various claims in this dispute and, consequently, carried this amount as long term pending resolution of the counter claims. On March 29, 2017, the Company sold 100% of its ownership interest in Ordnance, and recognized a gain on the deconsolidation of this subsidiary. Consequently, Bulova Technologies Ordnance Systems LLC is no longer included in the consolidated financial statements of the Company.

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6. Long Term Debt

Long term debt consisted of the following at:

	June 30, 2017			September 30, 2016
Note payable to Keehan Trust Funding, LLC as amended on February 16, 2016 in the amount of $1,600,000. This note is secured by the assignment of potential proceeds from a claim against a terminated government contract with a value in excess of $4,700,000.		1,051,500			1,111,500
Note payable to Ford Credit dated October 1, 2014 in the amount of $32,929 payable in 48 monthly installments of $744, secured by a vehicle		-			17,187
Capital lease obligation dated July 16, 2015, bearing interest at 8%, payable at 3,355 monthly with a final payment due June 16, 2020, secured by equipment.		108,027			131,495
Various notes payable to EIN CAP in various amounts with no stipulated interest rate, and various maturity dates, unsecured, totaling $142,100 net of discount of $32,375 and $102,335 net of discount of $29,975 respectively.		109,725			72,360
Various notes payable to Complete Business Solutions in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $3,724,202 net of discount of $776,868 and $1,173,521 net of discount of $185,046 respectively		2,947,334			988,475
Various notes payable to Yellowstone Capital in various amounts with no stipulated interest rate, and various maturity dates, unsecured, totaling $641,945 net of discount of $174,338 and $212,382 net of discount of $66,944 respectively/		467,607			145,438
Note payable to Sunshine Bank dated January 28, 2016 as a revolving credit line, bearing interest at Prime plus 1%, with a maturity of January 31, 2021, secured by the assets of BT Twiss Transport LLC.		2,000,000			1,163,853
Note payable to Sunshine Bank dated January 28, 2016 in the amount of $2,000,000, bearing interest at 4.75%, with a maturity date of January 31, 2021, net of unamortized loan costs of $31,813 and $38,472 respectively, secured by the assets of BT-Twiss Transport, LLC.		1,639,045			1,820,594
Various notes payable to Power Up Lending Group, LTD in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $328,361 net of discount of $67,455 and $454,752 net of discount of $89,601 respectively		260,906			365,151
Financing agreements for the purchase of insurance through Bank Direct payable in monthly installments		302,577			21,500
Note payable to Sunshine Bank dated September 30, 2016 as a revolving credit line, bearing interest at Prime plus 1%, with a maturity of January 31, 2021, secured by the assets of Twiss Transport, Inc. net of unamortized loan costs of $46,095 and $54,769 respectively.		4,630,607			6,408,431
Various equipment financing contracts for Transport Tractors and Trailers, with various terms and interest rates, secured by equipment		2,018,116			409,820
Various capital lease obligations for Transport Tractors, with various payment terms, secured by equipment		802,135			1,087,613
Various notes payable to Ace Funding in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $400,250 net of discount of $114,593.		285,657			-
Note payable to RAM Capital, with no stipulated interest rate, unsecured, totaling $185,658 net of discount of $57,644.		128,014			-
Note payable to Caymus Funding, Inc., with no stipulated interest rate, unsecured, totaling $209,000 net of discount of $31,910.		177,090			-
Note payable to New Era Lending, LLC, with no stipulated interest rate, unsecured, totaling $326,250 net of discount of $101,250.		225,000			-
Two promissory notes payable to LiftForward, Inc., each in the amount of $510,000, each payable in twenty-four monthly installments of $25,997.23, with a maturity date of January 28, 2019, net of unamortized loan costs of $40,771		798,989			-
Convertible promissory note payable to Power Up Lending Group LTD, bearing interest at 8% per annum, with a maturity date of October 28, 2017, in the amount of $53,000 net of discount of $17,666.		35,334			-
Convertible promissory note payable to Power Up Lending Group LTD, bearing interest at 12% per annum, with a maturity date of October 28, 2017. In the amount of $78,590, net of discount of $69,858.		8,732			-
Note payable to Fast Advance Funding with no stipulated interest rate, unsecured, totaling $327,500 net of discount of $77,500.		250,000			-
Note payable to Nexgen Capital LLC with no stipulated interest rate, unsecured, totaling $122,080 net of discount of $35,920.		86,160			-
Note payable to Queen Funding LLC with no stipulated interest rate, unsecured, totaling $274,641 net of discount of $80,802.		193,839			-
Note payable to Allianz with no stipulated interest rate, unsecured.		6,767			-
		18,533,161			13,743,417
Less current portion pertaining to continuing operations		(11,531,457	)		(4,553,201	)
Less current portion pertaining to discontinued operations		-			(1,111,500	)
Less long term portion associated with discontinued operations		-			-
	$	7,001,704		$	8,078,716

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

Period ended June 30,
2018	$	11,531,457
2019		2,111,107
2020		1,874,791
2021		2,463,059
2022		552,747
Thereafter		-
	$	18,533,161

6. Notes Payable – Related Parties

Notes payable related parties consisted of the following at:

	June 30, 2017		September 30, 2016
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to NFC III LLC bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		1,356,819		1,356,819
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to SIII Associates Limited Partnership bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		1,341,755		1,341,755
Promissory note as of September 30, 2014, exchanged on January 1, 2015 for a Convertible promissory note payable to SIII Associates Limited Partnership bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		100,000		100,000
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to SV Associates Limited Partnership bearing interest at 8%. These notes mature and all principal and interest is due and payable on September 15, 2017 for $3,500 and the balance of $116,000 on March 31, 2020		119,500		119,500
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Craigmore Machinery Company bearing interest at 8%. These notes mature and all principal and interest is due and payable on September 15, 2017 for $155,000 and the balance of $403,712 on March 31, 2020		558,712		556,212
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Gary Shapiro bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		205,000		205,000
Promissory note payable to Craigmore DB Plan dated November 9, 2015 bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		186,000		165,000
Promissory note as of September 30, 2014, exchanged on January 1, 2015 for a Convertible promissory note payable to Tropico Equity Partners LLC bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		68,161		68,161
Convertible promissory note payable to Tropico Management LP bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		10,606		10,606
Convertible promissory notes payable to SF NextGen bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		192,000		180,000
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Banyan Capital Finance bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		23,000		23,000
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Colleen Stacy Shapiro 2007 Trust bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		160,000		160,000
Convertible promissory note payable to Colleen Stacy Shapiro 2007 Trust bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		20,000		20,000
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Rachel E Shapiro Trust bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		51,500		51,500
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Shapiro Family D1 Trust bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		180,000		150,000
Promissory note as of September 30, 2014, exchanged on January 1, 2015 for a Convertible Promissory Note payable to The Shapiro Family D1 Trust dated bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31,2020		400,000		400,000
Convertible promissory note dated February 6, 2015 in the original amount of $4,000,000 bearing interest at 7%, interest payable quarterly, with a maturity date of February 5, 2021, net of discount of $465,833 and $563,333 respectively		2,919,525		2,834,294
Convertible promissory note dated January 28, 2016 in the amount of $4,666,155 bearing interest at 5%, interest payable quarterly, convertible at $.10 per share, with a maturity date of January 28, 2020.		4,666,155		4,666,155
Promissory note dated January 28, 2016 in the amount of $2,400,000 bearing interest at 4.24% with a maturity date of January 29, 2021, net of unamortized loan costs of $25,145 and $30,408 respectively.		2,242,206		2,282,746
Promissory note dated February 3, 2011 in the amount of $229,755 bearing interest at 8% payable on demand		8,720		34,423
Promissory note dated April 26, 2016 in the amount of $400,000 bearing interest 5%, with a maturity date of April 26, 2018, unsecured.		400,000		400,000
Short term advance in the amount of $150,000, non-interest bearing, payable on demand. This advance was paid in full on October 5, 2016		-		150,000
Promissory note dated May 12, 2017 in the amount of $630,000 bearing interest 10%, with a maturity date of May 12, 2018, unsecured.		575,357		-
		15,785,016		15,275,171
Less current portion pertaining to continuing operations		848,889		412,720
Less current portion pertaining to discontinued operations		-		-
Less long term portion associated with discontinued operations		-		-
	$	14,936,127	$	14,862,451

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Principal maturities of notes payable – related parties for the next five years and thereafter are as follows:

Period ended June 30,
2018	$	848,889
2019		479,914
2020		4,868,226
2021		9,587,987
2022		-
Thereafter		-
	$	15,785,016

As of June 30, 2017, and September 30, 2016 there is an amount of accrued interest on related party notes payable of $1,378,416 and $1,137,163 respectively included in accrued expenses – related party for each year.

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.

The Company has previously recognized an income tax benefit for its operating losses generated since inception through September 30 2016 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, 2016, the Company has estimated net operating losses of approximately $28,950,000. The potential benefit of these net operating losses has not been recognized in these financial statements because the Company cannot be assured it is more likely than not that it will utilize the net operating losses carried forward in future years. The net operating loss carry forwards will expire in 2022 through 2036.

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

Continuing Operations	6/30/2017			9/30/2016
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, 2016, the tax returns for the Company for the years ended 2012 through 2015 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.

8. Segment reporting

Commencing with the Company’s acquisitions through its joint venture entity, BT-Twiss Transport LLC, in January 2016, the Company now operates in two business segments. The Commercial Sales segment is focused on sales of Industrial Machinery, ammunition, software and healthcare products. The Transportation segment provides for freight storage and movement throughout the Continental United States.

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SEGMENT INFORMATION FOR THE NINE MONTHS ENDED JUNE 30, 2017 IS AS FOLLOWS:

	Commercial Sales			Transportation			Total
Revenue	$	1,215,580		$	17,778,523		$	18,994,103
Cost of Sales		1,256,387			13,075,656			14,332,043
Gross profit		(40,807	)		4,702,867			4,662,060
Selling, general and administrative expenses		458,192			3,661,473			4,119,665
Depreciation and interest expenses		140,750			1,908,611			2,049,361
Loss from operations		(639,749	)		(867,217	)		(1,506,966	)
Other income (expense)		(5,756	)		(37,375	)		(43,131	)
Net loss	$	(645,505	)	$	(904,592	)	$	(1,550,097	)
Total Assets	$	441,655		$	12,403,303		$	12,844,958
Reconciliation of Segment Amounts Reported to Consolidated Amounts
Total revenues for reportable segments							$	18,994,103
Unallocated amounts relating to corporate operations								-
Total consolidated revenue							$	18,994,103
Net loss
Total loss for reportable segments							$	(1,550,097	)
Unallocated amounts relating to corporate operations
Selling, general and administrative expenses								(1,428,974	)
Stock based compensation								(3,100	)
Income from discontinued operations and deconsolidation of subsidiary								10,763,015
Change in fair value of derivative liability								100,382
Depreciation and interest expense								(4,856,404	)
Total consolidated net loss							$	3,024,822
Assets
Total assets for reportable segments							$	12,844,958
Goodwill								4,789,772
Corporate investments and other assets								685,996
Total consolidated assets							$	18,320,726

9. 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.

At June 30, 2017 Company no longer operates corporate and administrative offices in a facility that was leased by Ordnance, (a discontinued operation), from a non-affiliate in Tampa, Florida, approximating 5,000 square feet. The Tampa location was leased for a base monthly rental increased by a minimum of 2.5% each year through an expiration date of December 21, 2027. The Company is no longer a party to that lease.

On August 27, 2014, Bulova Technologies Machinery LLC entered into a six-year lease for a facility which includes 29,000 square feet of office, showroom and warehouse space in Clearwater, Florida for $13,500 per month, and relocated all of its operations to this facility. This facility is leased from an entity controlled by shareholders of the Company. In September 2016, the property was sold, and the lease was cancelled.

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In January 2016, the Company through a newly created joint venture, BT-Twiss Transport LLC, acquired 100% of the outstanding common stock of Twiss Transport, Inc., Twiss Logistics, Inc. and Twiss Cold Storage, Inc. BT-Twiss Transport LLC leases approximately 35,000 square feet of office, warehouse and maintenance space situated on approximately 10 acres in Largo, Florida, to facilitate all corporate operations as well as the trucking business of Twiss Transport, Inc. for $30,000 per month under a 20-year lease through November 1, 2035. Twiss Cold Storage, Inc. leases 132,055 square feet of refrigerated warehouse space in Tampa, Florida commencing with a base rental of $82,534 per month through June 30, 2016, and adjusted upward by 3% annually through June 30, 2020. Twiss Logistics, Inc. currently leases office space on a month to month basis.

The Company has also leased on a month to month basis as needed, an office in Frankfurt, Germany to facilitate its European program.

Total rent expense for the nine months ended June 30 31, 2017 and 2016, was approximately $1,088,650 and $685,000 respectively.

Bulova Technologies Group, Inc. is not currently a party to any lease commitments. BT-Twiss Transport LLC, and its wholly owned subsidiaries, as identified above, have the following commitments for minimum lease payments, under these operating leases for the next five years and thereafter as of June 30, 2017, are as follows:

Period ended June 30,
2018	$	1,410,729
2019		1,442,250
2020		1,474,718
2021		360,000
2022		360,000
Thereafter		4,898,000
	$	9,945,697

10. Related Party Transactions

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

The Company has received advances from major shareholders from time to time to facilitate the cash needs of the Company. These advances are generally for short term needs and do not bear interest. During 2016, Stephen L Gurba incurred an obligation of $800,000 on behalf of the Company relative to a corporate guaranty. The Company agreed to reimburse him for this expenditure. As of June 30, 2017, there is a balance outstanding to Stephen L Gurba of $29,515, and a balance outstanding to Gary Shapiro of $67,500, totaling $97,015. This amount is reported on the consolidated balance sheet as amounts due shareholders.

Craigmore Machinery Company is the sole source supplier for the industrial machine tools and related equipment that are sold by Bulova Technologies Machinery LLC. Craigmore is owned by Gary Shapiro, a major shareholder of the Company. As of June 30, 2017, and September 30, 2016, the Company had a balance payable to Craigmore of $2,412,400 and $1,786,436 respectively, and these balances are reflected as accounts payable – related parties for each year. During December 2016, the Company issued 67,000,000 common shares as a partial payment on these payables to Craigmore using a valuation of $.0031 per share, for a total of $207,700.

During the nine months ended June 30, 2017, Bulova Technologies Compliance and Security LLC received various advances from the Company. As of June 30, 2017, there is an amount due from Compliance of $162,338. This amount is included in other current assets.

Included within Long Term Debt are various notes payable to Gary L Shapiro and / or entities controlled by Gary L. Shapiro and / or his family members. As of June 30, 2017, and September 30, 2016, the total amount outstanding under these related party notes is $4,973,053 and $4,907,553 respectively. These notes are secured by a security interest and pledge of all of the assets of the Company presently owned or hereinafter acquired, subordinated to the $4,000,000 Convertible Promissory Note payable to Richard Welkowitz dated February 6, 2015.

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On February 6, 2015, the Company issued a $4,000,000 7% Convertible Promissory Note payable to Richard Welkowitz, with interest payable quarterly and a maturity date of February 15, 2021. The holder shall have the right at any time prior to June 30, 2017 to convert into common stock of the Company up to $250,000 of the debt in increments not less than $10,000 at 65% of the average of the lowest three trading prices during 10 days prior to conversion. The balance of the debt may be converted into common stock of the Company at the following exchange rate: year 1; $.10/share: year 2, $.20/share; year 3, $.30/share; year 4, $.40/share; and year 5, $.50/share. Additionally, as part of the financing agreement, the Company issued 12,000,000 warrants to purchase the common stock of the Company at a strike price of $.02 per share for a period of ten years. The value of these warrants has been accounted for as a debt discount in the initial amount of $779,999 and is being amortized over the six-year life of the loan. This note is secured by a security interest and pledge of all of the assets of the Company presently owned or hereinafter acquired.

On May 12, 2017, the Company issued a 10% Promissory Note to Richard Welkowitz in the amount of $630,000, payable in twelve monthly payments of principal and interest, with a maturity of May 12, 2018.

On January 28, 2016, the Company, in conjunction with the purchase of Twiss Transport, Twiss Logistics and Twiss cold storage, issued a $4,666,155 5% Convertible Promissory Note payable to Ron Damico Jr with interest payable quarterly, as well as 3,000,000 restricted common shares, and a ten-year warrant to buy 500,000 common shares.

11. Stockholders’ Equity

Common Shares

During October 2016, the Company issued 6,561,299 common shares as partial payment of debt

During October 2016, the Company issued 7,500,000 common shares due to the exercise of warrants

During October 2016, the Company issued 26,041,667 common shares as payment on a settlement

During December 2016, the Company issued 67,000,000 common shares to Craigmore, a related party, as payment on behalf of Bulova Technologies Machinery LLC for inventory.

During December 2016, the Company issued 27,083,571 common shares as partial payment of debt.

During January 2017, the Company issued 20,000,000 common shares as partial payment of debt.

During February 2017, 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, 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.

Subscription receivable

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

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Common Stock Warrants

The following table represents common stock warrant activity as of and for the nine months ended June 30, 2017:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Warrants Outstanding - October 1, 2016		140,780,832	$	0.04		7.8	$	-
Granted / Vested		-
Exercised		-
Forfeited/expired/cancelled		-
Warrants Outstanding – June 30, 2017		140,780,832	$	0.04		7.3	$	-
Outstanding Exercisable – October 1, 2016		140,780,832	$	0.04		7.8	$	-
Outstanding Exercisable – June 30, 2017		140,780,832	$	0.04		7.3	$	-

12. Subsequent Events

The Company has evaluated subsequent events through the filing of this Form 10-Q/A (Amendment No. 1), 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 other than the following:

During July 2017 the Company issued 30,372,528 common shares to third party creditors for a debt conversion.

On August 8, 2017, the Company issued 15,000,000 common shares to a third party creditor for a debt conversion.

On July 26, 2017, the Company acquired 100% of the issued and outstanding shares of capital stock of Big Red LTL Transport, Inc. and CIN-SAN Leasing, Inc. (“Big Red”) through a stock purchase agreement in the amount of $504,000 payable through a seven year unsecured promissory note. Big Red is headquartered in Great Meadows, NJ, and operates Hubs in Netcong, NJ and Chicago, IL. Big Red operates a fleet of 27 trucks and 38 refrigerated trailers, and is expected to provide synergies with current customers and afford valuable hub locations in the Northeast. The Company is still in the process of evaluating Big Red’s accounting systems for integration with the Consolidated Financial Statements of the Company for future reporting. Future filings will included the acquisition at fair value and the financial position and results of operations from the acquisition date forward.

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Item 2. 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.

1 . Overview:

From January 1, 2009, Bulova Technologies Group, Inc. operated in multiple business segments. Government Contracting was 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. In October 2012, this segment was discontinued through the sale of substantially all of the assets of Bulova Technologies Ordnance Systems LLC, with any remaining assets and liabilities associated with that operation being segregated and reported as a discontinued operation. Contract Manufacturing included the production of cable assemblies and circuit boards accounted for through BT Manufacturing Company LLC, a wholly owned subsidiary that was discontinued and disposed of in March 2011.

In July of 2013, the Company began the sale of high precision industrial machine tools through a distributor network accounted for through Bulova Technologies Machinery LLC, a newly formed subsidiary.

In January 2016, the Company, through a newly created joint venture, BT-Twiss Transport LLC, acquired 100% of the outstanding common stock of Twiss Transport, Inc., Twiss Logistics, Inc. and Twiss Cold Storage, Inc. and entered into the transportation and logistics industry of freight storage and movement. The joint venture agreement provides for Bulova’s 30% ownership interest, however, Bulova is fully responsible for operational management of the acquired entities, and is liable for approximately 4.6 million of convertible debt utilized to accomplish the acquisition. Accordingly, the joint venture financial statements have been combined with those of the Company.

The Company continues to evaluate the incubation and marketing of innovative technology products for which it believes it can lend value because of its highly recognizable name brand and extensive marketing experience

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.

2 . Results of operations:

For the three months ended June 30, 2017 compared to the three months ended June 30, 2016.

Discontinued Operations

In October 2012, Bulova Technologies Ordnance Systems LLC sold substantially all of its assets to an unrelated party. The purchaser performed certain contracts remaining in the name of Ordnance as a subcontractor for the balance of the year ended September 30, 2013 and for a portion of the year ended September 30, 2014. The effect was a very small gross profit as most of the contract revenues were passed through to the purchaser for fulfillment.

On March 29, 2017, the Company sold 100% of its ownership interest in Ordnance, and recognized a gain on the deconsolidation of this subsidiary. Consequently, Bulova Technologies Ordnance Systems LLC no longer has any activity to be included in the consolidated financial statements of the Company with the exception of comparative information for periods presented.

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Ordnance did not have any revenue for the three months ended June 30, 2017 and 2016.

Ordnance did not incur any costs of revenues for the three months ended June 30, 2017 or 2016.

Ordnance did not realize any gross profit for the three months ended June 30, 2017 or 2016.

There were no operating expenses and interest for the discontinued operations of Ordnance for the three months ended June 30, 2017 as compared to 22,409 for the three months ended June 30, 2016.

The sale of Ordnance is accounted for as a deconsolidation of a subsidiary, whereby the net assets are valued at the date of the deconsolidation, and a gain or loss is recognized based on the value of the assets received. As of March 29, 2017, Ordnance had no assets, and a liability of $10,800,000 from a contract dispute with the US Government. The sale of 100% of the ownership interest in Ordnance, was to an unrelated party for a nominal amount, plus the issuance of 2,000,000 common shares. As of March 29, 2017, the fair value of the common shares was $0.0018, or $3,600. The resultant gain recognized on deconsolidation is $10,796,400.

Continuing Operations

Revenue for continuing operations for the three months ended June 30, 2017 of $6,347,699 is a decrease of $454,752 when compared to the revenue for the three months ended June 30, 2016 of $6,802,451.

Cost of revenues for continuing operations for the three months ended June 30, 2017 of $5,065,152 is an increase of $477,786 when compared to the cost of revenues for the three months ended June 30, 2016 of $4,587,366, and is primarily due to smaller margins associated with an expansion of the customer base, and consists of the tractor, trailer and driver expenses associated with the transportation services.

Gross profit for continuing operations for the three months ended June 30, 2017 of $1,282,547 is a decrease of $932,538 when compared to the gross profit for the three months ended June 30, 2016 of $2,215,085 for the reasons referred to above.

Selling and administrative expenses for continuing operations for the three months ended June 30, 2017 of $1,753,233 is a decrease of $391,753 when compared to selling and administrative expense for the three months ended June 30, 2016 of $2,144,986. The Company had no stock based compensation for the three months ended June 30, 2017 as compared to stock based compensation for the three months ended June 30, 2016 of $19,125.

Interest expense for continuing operations for the three months ended June 30, 2017 of $2,837,583 is an increase of $2,216,473 when compared to interest expense of $621,110 for the three months ended June 30, 2016.

For the nine months ended June 30, 2017 compared to the nine months ended June 30, 2016.

Discontinued Operations

As stated above in the analysis of the results of operations for the three months ended June 30, 217, on March 29, 2017, the Company sold 100% of its ownership interest in Ordnance, and recognized a gain on the deconsolidation of this subsidiary. Consequently, Bulova Technologies Ordnance Systems LLC no longer has any activity to be included in the consolidated financial statements of the Company with the exception of comparative information for periods presented.

Ordnance did not have any revenue for the nine months ended June 30, 2017 and 2016.

Ordnance did not incur any costs of revenues for the nine months ended June 30, 2017 or 2016.

Ordnance did not realize any gross profit for the nine months ended June 30, 2017 or 2016.

Operating expenses and interest for the discontinued operations of Ordnance for the nine months ended June 30, 2017 of $33,385 is a decrease of $459,586 when compared to operating expenses and interest for the nine months ended June 30, 2016 of $492,971, and is due to the final shut down and sale of the subsidiary.

The sale of Ordnance is accounted for as a deconsolidation of a subsidiary, whereby the net assets are valued at the date of the deconsolidation, and a gain or loss is recognized based on the value of the assets received. As of March 29, 2017, Ordnance had no assets, and a liability of $10,800,000 from a contract dispute with the US Government. The sale of 100% of the ownership interest in Ordnance, was to an unrelated party for a nominal amount, plus the issuance of 2,000,000 common shares. As of March 29, 2017, the fair value of the common shares was $0.0018, or $3,600. The resultant gain recognized on deconsolidation is $10,796,400.

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Continuing Operations

Revenue for continuing operations for the nine months ended June 30, 2017 of $18,994,103 is an increase of $6,791,139 when compared to the revenue for the nine months ended June 30, 2016 of $12,202,964, and is primarily due to the acquisition of the Transportation businesses in January 2016, which included only five months of its operations for the nine months ended June 30, 2016.

Cost of revenues for continuing operations for the nine months ended June 30, 2017 of $14,332,043 is an increase of $5,839,376 when compared to the cost of revenues for the nine months ended June 30, 2016 of $8,492,667, and is primarily due to the acquisition of the Transportation businesses in January 2016 as described above, and consists of the tractor, trailer and driver expenses associated with the transportation services.

Gross profit for continuing operations for the nine months ended June 30, 2017 of $4,662,060 is an increase of $951,763 when compared to the gross profit for the nine months ended June 30, 2016 of $3,710,297 for the reasons referred to above.

Selling and administrative expenses for continuing operations for the nine months ended June 30, 2017 of $5,548,638 is an increase of $1,216,513 when compared to selling and administrative expense for the nine months ended June 30, 2016 of $4,332,125. The Company had stock based compensation of $3,100 for the nine months ended June 30, 2017 as compared to stock based compensation for the nine months ended June 30, 2016 of $1,835,124.

Interest expense for continuing operations for the nine months ended June 30, 2017 of $5,662,899 is an increase of $4,314,468 when compared to interest expense of $1,348,431 for the nine months ended June 30, 2016.

3. Liquidity and capital resources:

As of June 30, 2017, the Company’s sources of liquidity consisted of new debt as well as new sales reported in the commercial sales and service business segment along with the new sales in the transportation segment of the business.

As of June 30, 2017, we had $140,628 in cash and cash equivalents.

Cash flows used in operating activities was $2,357,759 for the nine months ended June 30, 2017.

Cash flows provided by in investing activities was $457,387 for the nine months ended June 30, 2017.

Cash flows provided by financing activities were $1,390,738 for the nine months ended June 30, 2017.

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 is actively negotiating significant discounts on debt through an exchange of debt for both preferred A and B shares as well as negotiated settlements for early payoffs resulting in significant debt reductions and future interest savings. While its current lenders continue to support the progress of the Company, the Company is exploring consolidation of its debt.

Management’s goal is to discontinue or sell all business units other than the transportation group by year-end, thereby significantly reducing cost and reducing debt. This will not only reduce costs, but it will allow management to focus exclusively on building the transportation sector.

Along with, and similar to its recent acquisition of Big Red, the Company intends to continue to pursue additional acquisitions that add strategic synergies for its current hubs and customer base. The Company is also exploring strategic locations in the Northeast for its cold storage facility of approximately 150,000 square feet. These actions along with acquisitions made will allow for significant growth of sales and a return to profitability.

Management remains confident in its position in the transportation sector and believes we will continue to gain market share due to its recent acquisitions.

If we are unable to generate sufficient cash flow from operations to service our debt, 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 or to pay interest on or to refinance our indebtedness depends on our future performance and financial results, which, to a certain extent, are subject to general economic, political, financial, competitive, legislative and regulatory factors beyond our control.

While the Company believes that anticipated revenues resulting from its expanded efforts relative to its transportation and commercial sales segments 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.

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There are no off-balance sheet arrangements.

Item 4. 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 financial officer.

Based upon that evaluation, the principal executive officer and the principal financial officer concluded that the Company’s disclosure controls and procedures were not effective at June 30, 2017 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.

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 II – OTHER INFORMATION

Item 1. Legal Proceedings

From time to time the Company may be a party to litigation matters involving claims against the Company which could have a material effect on our future financial position or results of operations.

In July 2010, the U.S. Army terminated a contract to which Bulova Technologies Ordnance Systems LLC was a party. Concurrently, the Army demanded repayment of approximately $12,000,000 of payments provided previously to Ordnance under that contract. Ordnance appealed the termination on October 26, 2010. Ordnance challenged this decision before the Armed Services Board of Contract Appeals (“ASBCA”). In January 2014, a decision was rendered by the ASBCA finding that the contract was partially terminated correctly and partially terminated without justification. Based on this decision, which recognized both that the Army had improperly terminated a portion of the contract, converting that portion of the contract to a termination for convenience (which entitles Ordnance to payment of its termination costs by the Army) and implicitly that the Army had delayed unreasonably in supplying contractually-required documents to Ordnance. Ordnance submitted a termination for convenience claim in excess of $1,400,000 to the Army in April 2014 and a delay claim in excess of $3,200,000 in October 2014, the principle reason Ordnance has been maintained as a legal entity. The Army will likely pursue Ordnance for the balance of the $12,000,000 (plus interest and penalties). The assets of Ordnance were sold at arms-length to an independent third party and virtually all of the proceeds distributed to secured and unsecured third party creditors.

In connection with the sale of substantially all of its assets to a third party in October 2012, Bulova Technologies Ordnance Systems LLC agreed to participate with the purchaser (the “Purchaser”) in the submission of a Novation Agreement to the U.S. Government in order to gain recognition by the U.S. Government of the transfer of certain Army and Navy contracts to the Purchaser. Bulova Technologies Ordnance Systems LLC completed its portion of the Novation Agreement in a timely way, but the Purchaser did not complete its portion of the Novation Agreement and submit it to the U.S. Government until April 2014. The U.S. Government refused to acknowledge the transfer of the three remaining, fixed-price uncompleted contracts in September 2014. Accordingly, while Ordnance has no facilities to perform these contracts, it remains liable for their performance and the Purchaser refused to perform without a government recognition of a novation of the contracts. In management’s opinion, these potential demands would not have any material adverse effect upon us because Ordnance, as a discontinued operation, has no assets to satisfy any such potential liabilities. However, there is no assurance that the Army or Navy will not pursue us as the parent Company of Ordnance, which actions, if successful, could have a material adverse effect upon us. In the judgment of management, based upon discussions with relevant Government officials, the denial by the Government of the transfer of the contracts was caused by the delay in submission of the Novation Agreement by Purchaser and, accordingly, Bulova Technologies Ordnance Systems LLC is exploring a cause of action against Purchaser for claims by the Army and Navy if any resulting from the terminations.

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The four contracts discussed above were contracts W91CRB-09-C-0014, (awarded on January 9, 2011 (“Contract 1”)), W52P1J-06-D-0014 (awarded on May 5, 2006 (“Contract 2”)), and W52P1J-09-D-0066 (awarded on September 28, 2009 (“Contract 3”)), and N00164-12-D-JS87 (awarded on May 15, 2012 (“Contract 4”)).

The performance of Contract 1, involving the purchase by Ordnance of arms from Eastern European countries for importation into Afghanistan for friendly forces located there, was to take place between approximately July 2009 and January 2010, but was delayed, at least in part, due to the Government’s failure to produce proper documentation to permit performance by Ordnance. Monies were advanced by the Government, to be liquidated as weaponry was delivered. Ordnance delivered an amount of goods sufficient to liquidate a portion of the advances prior to termination, thus resulting in the Army’s demand for repayment referred to above, which amount is expected to be offset in part by the termination and delay claims filed by Ordnance. The termination provision contained in Contract 1 also permits the Army to claim excess re-procurement costs in buying replacement goods, but there is no evidence any such excess costs were incurred and the Army has, to date, claimed none.

The Army has terminated Contracts 2 and 3, which called for the delivery of Booby Trap Simulators with initial contract values of $13,495,520 and $5,310,565, respectively, during the period from May 2006 to approximately September 2014 as a result of the unwillingness of the Defense Contract Management Agency to recognize the novation of Contracts 2 and 3 to the purchaser of the assets of Ordnance. The termination provisions contained in Contract 2 and Contract 3 permit the Army to demand repayment of unliquidated advance payments and excess re-procurement fees, if any. No such demands have been made and Ordnance has received no advice that the simulators have been re-procured.

The Navy has terminated a contract, which originally called for the delivery of 11,085 Hand Held Signal Flares from May 2012 to approximately September 2014, as a result of the unwillingness of the Defense Contract Management Agency to recognize the novation of the contract to the purchaser of the assets of Ordnance.

No monies were advanced to Ordnance under the contract. The termination provision contained in the contract would permit the Navy to demand repayment of excess re-procurement costs, if any. Ordnance has received no advice that the flares have been re-procured.

In December 2013, the Army terminated Call Order #4 to the BPA. This Call Order required the delivery of weapons procured in Eastern Europe to friendly forces in Afghanistan. Ordnance appealed this decision to the Armed Services Board of Contract Appeals, and the matter is currently in litigation. The Government advanced no money to Ordnance under the Call Order and has not notified Ordnance as to whether it incurred excess costs n re-procuring the weaponry. Ordnance takes the position that due to the Government’s interference in the performance of the Call Order, the Call Order was improperly terminated. If Ordnance’s position is found to be correct, it would be entitled to a conversion of the termination for failing to perform, into a termination for convenience, and would entitle Ordnance to receipt from the Government of its reasonable costs incurred in performance of the Call Order plus a profit thereon.

On March 29, 2017, the Company sold 100% of its ownership interest in Ordnance, and recognized a gain on the deconsolidation of this subsidiary. Consequently, Bulova Technologies Ordnance Systems LLC is no longer included in the consolidated financial statements of the Company.

Several of the Bulova Technologies Group, Inc.family of companies have been named as defendants in New York courts by lending organizations claiming certain payments due them have not been timely paid. The Company and its subsidiaries are challenging these claims in both Florida and New York courts.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Common Stock

October 2016, the Company issued 6,561,299 common shares as partial payment of debt

October 2016, the Company issued 7,500,000 common shares due to the exercise of warrants

October 2016, the Company issued 26,041,667 common shares as payment on a settlement

December 2016, the Company issued 67,000,000 common shares to Craigmore, a related party, as payment on behalf of Bulova Technologies Machinery LLC for inventory.

December 2016, the Company issued 27,083,571 common shares as partial payment of debt.

January 2017, the Company issued 20,000,000 common shares as partial payment of debt

February 2017, the Company issued 1,000,000 common shares as payment for services.

27

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Item 6. Exhibits

(b) Exhibits:

*	31.1	Rule 13a-14(a) Certification of Principal Executive Officer
*	31.2	Rule 13a-14(a) Certification of Principal Financial Officer
*	32.1	Certification of 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 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
*	Filed Herewith

28

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SIGNATURE

     In accordance with the requirements of the Exchange Act, the Issuer 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
By	/s/ Michael J. Perfetti
	Michael J. Perfetti
	Principal Financial and Accounting Officer

     DATED: August 25, 2017

29

EX-31.1

Exhibit 31.1

BULOVA TECHNOLOGIES GROUP, INC.
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 quarterly report on Form 10-Q/A (Amendment No. 1) of Bulova Technologies Group, Inc.;

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, 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: August 25, 2017

/s/ Stephen L Gurba  

Stephen L Gurba 

Principal Executive Officer 

EX-31.2

Exhibit 31.2

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

I, Michael J. Perfetti Principal Financial Officer, certify that:

1. I have reviewed this quarterly report on Form 10-Q/A (Amendment No. 1) of Bulova Technologies Group, Inc;

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, 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: August 25, 2017

/s/ Michael J. Perfetti 

Michael J. Perfetti 

Principal Financial Officer 

EX-32.1

Exhibit 32.1

BULOVA TECHNOLOGIES GROUP, INC.
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 Quarterly Report of Bulova Technologies Group, Inc. (the Company) on Form 10-Q/A (Amendment No. 1) for the quarterly period ended June 30, 2017, 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
August 25, 2017 

EX-32.2

Exhibit 32.2

BULOVA TECHNOLOGIES GROUP, INC.
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 Quarterly Report of Bulova Technologies Group, Inc. (the Company) on Form 10-Q/A (Amendment No. 1) for the quarterly period ended June 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Michael J. Perfetti, 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/ Michael J. Perfetti  

Michael J. Perfetti 

Principal Financial Officer
August 25, 2017

XML

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2017	Aug. 14, 2017
Document Information [Line Items]
Entity Registrant Name	Bulova Technologies Group, Inc.
Entity Central Index Key	0000317889
Trading Symbol	btgi
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		545,031,216
Document Type	10-Q/A
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Amendment Flag	true
Amendment Description	This Amendment No.1 to our Quarterly Report on Form 10-Q/A for the three and nine months ended June 30, 2017 amends the Quarterly Report on Form 10-Q that was originally filed on August 21, 2017 (the “Quarterly Report”), to: 1. comply with Rule 10-01(d) Regulation S-X, which requires interim financial statements included in quarterly reports on Form 10-Q to be reviewed by an independent public accountant using professional standards and procedures for conducting such reviews, as established by generally accepted auditing standards, 2. to include the required certifications of the Company's Principal Executive Officer and Principal Financial and Accounting Officer as required by Sections 302 and 906 of the Sarbanes-Oxley Act., and, 3. to furnish Exhibit 101 to the Form 10–Q in accordance with Rule 405 of Regulation S–T, which contains the XBRL (eXtensible Business Reporting Language) Interactive Data File for the financial statements and notes included in Part I, Item 1 of the Form 10-Q. No other changes have been made to the Form 10–Q. This Amendment No. 1 speaks as of the original filing date of the Form 10–Q, does not reflect events that may have occurred subsequent to the original filing date and does not modify or update in any way disclosures made in the original Form 10–Q.

XML

Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
ASSETS
Cash and equivalents	$ 140,628	$ 650,262
Accounts receivable, net	2,191,188	2,325,582
Inventory	176,244	421,331
Other current assets	538,855	353,203
Current assets from discontinued operations
Total current assets	3,046,915	3,750,378
Fixed assets, net	9,880,724	10,745,924
Other assets	186,957	113,215
Goodwill	4,789,772	4,789,772
Non-current assets from discontinued operations
Total Assets	18,320,726	19,399,289
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Accounts payable	1,894,353	1,598,445
Accounts payable - related parties	2,412,400	1,786,436
Accrued expenses and other current liabilities	255,212	413,720
Accrued expenses and other current liabilities - related parties	1,378,416	1,137,163
Current portion of long term debt	11,531,457	4,553,201
Current portion of notes payable - related parties	848,889	412,720
Amounts due shareholders	97,015	419,260
Derivative liability	300,746	269,538
Current liabilities from discontinued operations		1,111,962
Total current liabilities	18,718,488	11,702,445
Long term debt, net of current portion	7,001,704	8,078,716
Notes Payable, Related Parties, Noncurrent	14,936,127	14,862,451
Long term liabilities from discontinued operations		10,800,000
Total liabilities	40,656,319	45,443,612
Commitments and contingencies – (Note 9)
Shareholders’ deficit:
Preferred stock, $.00001 par, authorized 5,000,000,000 shares; 4,000,000,000 issued and outstanding at June 30, 2017 and September 30, 2016	40,000	40,000
Common stock, $.001 par; authorized 500,000,000 shares; 499,658,688 and 343,752,151 issued and outstanding at June 30, 2017 and September 30, 2016	499,659	343,752
Subscription receivable	(66,000)	(66,000)
Additional paid in capital in excess of par	28,910,827	28,799,184
Accumulated deficit	(51,761,355)	(55,419,392)
Total Bulova Technologies Group, Inc. shareholders’ deficit	(22,376,869)	(26,302,456)
Non-controlling interest in BT-Twiss Transport LLC	(375,082)	258,133
Total shareholders’ deficit	(22,751,951)	(26,044,323)
Total liabilities and shareholders’ deficit	$ 17,904,368	$ 19,399,289

XML

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2017	Sep. 30, 2016
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	4,000,000,000
Preferred stock, shares outstanding (in shares)	4,000,000,000	4,000,000,000
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)	499,658,688	343,752,151
Common stock, shares outstanding (in shares)	499,658,688	343,752,151

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues	$ 6,347,699	$ 6,802,451	$ 18,994,103	$ 12,202,964
Cost of revenues	5,065,152	4,587,366	14,332,043	8,492,667
Gross profit	1,282,547	2,215,085	4,662,060	3,710,297
Selling and administrative expense	1,753,233	2,144,986	5,548,638	4,332,125
Stock based compensation		19,125	3,100	1,835,124
Depreciation and amortization expense	531,028	426,339	1,242,866	624,572
Interest expense	2,837,583	621,110	5,662,899	1,348,431
Total expenses	5,121,844	3,211,560	12,457,503	8,140,252
Loss from operations	(3,839,297)	(996,475)	(7,795,443)	(4,429,955)
Other income (expense)
Derivative gain (loss)	101,121	(267,153)	100,382	(267,153)
Other income (loss)	(37,710)	30,001	(43,132)	163,771
Loss from continuing operations before income taxes	(3,775,886)	(1,233,627)	(7,738,193)	(4,533,337)
Income tax expense
Loss from continuing operations	(3,775,886)	(1,233,627)	(7,738,193)	(4,533,337)
Income (loss) from discontinued operations, net of tax
Operating expenses and interest		(22,409)	(33,385)	(492,971)
Gain on deconsolidation of subsidiary			10,796,400
Total income (loss) from discontinued operations, net of tax		(22,409)	10,763,015	(492,971)
Net income (loss)	(3,775,886)	(1,256,036)	3,024,822	(5,026,308)
Net income (loss) attributable to non-controlling interest in BT-Twiss Transport LLC	(245,469)	(4,781)	(633,215)	20,889
Net income (loss) attributable to Bulova Technologies Group, Inc.	$ (3,530,417)	$ (1,251,255)	$ 3,658,037	$ (5,047,197)
Basic and diluted net income (loss) per share
Income (loss) from continuing operations (in dollars per share)	$ (0.01)	$ (0.01)	$ (0.02)	$ (0.05)
Income (loss) from discontinued operations (in dollars per share)			0.02	(0.01)
Net income (loss) per share (in dollars per share)	$ (0.01)	$ (0.01)		$ (0.06)
Weighted average shares outstanding, basic and diluted (in shares)	499,658,688	84,365,877	461,958,885	77,319,557

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Loss from continuing operations	$ (7,738,193)	$ (4,533,337)
Income (Loss) from discontinued operations	10,763,015	(492,971)
Net income (loss)	3,024,822	(5,026,308)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization	1,069,976	624,572
Stock based compensation	3,100	1,835,124
Amortization of debt discount	172,890	144,878
Interest expense from refinance transactions	2,859,825
(Gain) loss on sale of fixed assets	40,818	(73,728)
Gain on change in fair value of derivative liability	(100,382)	267,153
Changes in operating assets and liabilities
Accounts receivable	134,394	(493,219)
Inventory	245,087	(507,320)
Prepaid expenses and other assets	(259,394)	(319,324)
Accounts payable and accrued expenses	1,251,567	1,461,979
Net cash flows from operating activities – continuing operations	8,442,703	(2,086,193)
Net cash flows from operating activities – discontinued operations	(10,800,462)	450,000
Net cash flows from operating activities	(2,357,759)	(1,636,193)
Cash flows from investing activities:
Acquisition of fixed assets	(1,172)	(1,846)
Cash purchased with business acquisition		196,229
Proceeds from disposal of assets	458,559	132,500
Cash payments in business acquisition		(5,166,155)
Net cash flows from investing activities – continuing operations	457,387	(4,839,272)
Net cash flows from investing activities – discontinued operations
Net cash flows from investing activities	457,387	(4,839,272)
Cash flows from financing activities:
Repayment of amounts due shareholders	(322,245)
Increases in long term debt	7,228,298	9,958,923
Repayment of long term debt	(5,894,897)	(2,875,330)
Increases in notes payable – related parties	815,500	133,940
Repayment of notes payable – related parties	(408,418)
Net cash flows from financing activities – continuing operations	1,418,238	7,217,533
Net cash flows from financing activities – discontinued operations	(27,500)
Net cash flows from financing activities	1,390,738	7,217,533
Decrease in cash and cash equivalents	(509,634)	742,068
Cash and cash equivalents, beginning	650,262	70,347
Cash and cash equivalents, ending	140,628	812,415
Cash paid for interest	2,399,792	905,776
Cash paid for taxes
Supplemental disclosure of Non-Cash Investing and Financing Activities
December 2015, issuance of 1,000,000 common stock warrants in satisfaction of debt		26,228
October 2016, issuance of 7,500,000 common shares from exercise of warrants	14,250
December 2016, issuance of 26,041,667 as partial payment on a settlement	$ 25,000
December 2016, issuance of 67,000,000 common shares as partial payment of account payable to a related party (in shares)	207,700
Stock issued during period, value, conversion of convertible securities	$ 7,500
February 2017, issuance of 1,000,000 common shares for services	3,100
Financed the acquisition of new equipment	719,425
Satisfaction of debt on sale of assets	16,444
Principal and interest payments through refinanced debt	5,596,750
Conversion of Debt 3 [Member]
Supplemental disclosure of Non-Cash Investing and Financing Activities
Stock issued during period, value, conversion of convertible securities		$ 306,000
Debt Conversion as a True-up to Prior Conversion [Member]
Supplemental disclosure of Non-Cash Investing and Financing Activities
Stock issued during period, value, conversion of convertible securities
Conversion of Debt 1 [Member]
Supplemental disclosure of Non-Cash Investing and Financing Activities
Stock issued during period, value, conversion of convertible securities	10,000
Conversion of Debt 2 [Member]
Supplemental disclosure of Non-Cash Investing and Financing Activities
Stock issued during period, value, conversion of convertible securities	$ 7,500

XML

Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($)	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Warrants issued to satisfy debt (in shares)		1,000,000
Stock issued during period, converted instrument (in shares)		5,100,000
Stock issued during period, settlements (in shares)	26,041,667
Stock issued during period, partial payment of account payable, related party	$ 67,000,000
Stock issued during period, conversion of units (in shares)	7,500,000
Stock issued during period, services (in shares)	1,000,000
Debt Conversion as a True-up to Prior Conversion [Member]
Stock issued during period, conversion of convertible securities (in shares)	6,561,299
Conversion of Debt 1 [Member]
Stock issued during period, conversion of convertible securities (in shares)	27,803,571
Conversion of Debt 2 [Member]
Stock issued during period, conversion of convertible securities (in shares)	20,000,000

XML

Statement of Changes in Shareholders' Deficit (Unaudited) - USD ($)	Issuance of Warrants 1 [Member] Preferred Stock [Member]	Issuance of Warrants 1 [Member] Common Stock [Member]	Issuance of Warrants 1 [Member] Subscription Receivable [Member]	Issuance of Warrants 1 [Member] Common Stock Issuable [Member]	Issuance of Warrants 1 [Member] Additional Paid-in Capital [Member]	Issuance of Warrants 1 [Member] Retained Earnings [Member]	Issuance of Warrants 1 [Member] Noncontrolling Interest [Member]	Issuance of Warrants 1 [Member]	Issuance of Warrants 2 [Member] Preferred Stock [Member]	Issuance of Warrants 2 [Member] Common Stock [Member]	Issuance of Warrants 2 [Member] Subscription Receivable [Member]	Issuance of Warrants 2 [Member] Common Stock Issuable [Member]	Issuance of Warrants 2 [Member] Additional Paid-in Capital [Member]	Issuance of Warrants 2 [Member] Retained Earnings [Member]	Issuance of Warrants 2 [Member] Noncontrolling Interest [Member]	Issuance of Warrants 2 [Member]	Issuance of Warrants 3 [Member] Preferred Stock [Member]	Issuance of Warrants 3 [Member] Common Stock [Member]	Issuance of Warrants 3 [Member] Subscription Receivable [Member]	Issuance of Warrants 3 [Member] Common Stock Issuable [Member]	Issuance of Warrants 3 [Member] Additional Paid-in Capital [Member]	Issuance of Warrants 3 [Member] Retained Earnings [Member]	Issuance of Warrants 3 [Member] Noncontrolling Interest [Member]	Issuance of Warrants 3 [Member]	Preferred Stock [Member]	Common Stock [Member]	Subscription Receivable [Member]	Common Stock Issuable [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balances (in shares) at Sep. 30, 2015																									4,000,000,000	69,093,518
Balances at Sep. 30, 2015																									$ 40,000	$ 69,093	$ (66,000)		$ 26,231,658	$ (47,350,507)		$ (21,075,756)
Issuance of shares as part of acquisition (in shares)																										3,000,000
Issuance of shares as part of acquisition																										$ 3,000			154,500			157,500
Issuance of warrants as part of acquisition																													26,250			26,250
Issuance of shares as partial settlement of debt (in shares) | Issuance of Shares for Debt 1 [Member]																										5,100,000
Issuance of shares as partial settlement of debt | Issuance of Shares for Debt 1 [Member]																										$ 5,100			300,900			306,000
Stock issued during period, conversion of units (in shares)		75,000								3,510,811								39,000,000
Issuance of shares from the exercise of warrants		$ 75			$ (75)					$ 3,511			$ (3,511)					$ 39,000			$ 74,300			$ 113,300
Issuance of warrants associated with settlement of debt																													26,228			26,228
Issuance of warrants for services																													1,380,999			1,380,999
Stock Issued During Period, Shares, Issued for Services | Issuance of Shares For Services 1 [Member]																										5,000,000
Stock Issued During Period, Shares, Issued for Services | Issuance of Shares for Services 3 [Member]																										850,000
Stock Issued During Period, Shares, Issued for Services | Issuance of Shares for Services 2 [Member]																										2,500,000
Issuance of shares for services | Issuance of Shares For Services 1 [Member]																										$ 5,000			317,500			322,500
Issuance of shares for services | Issuance of Shares for Services 3 [Member]																										850			18,275			19,125
Issuance of shares for services | Issuance of Shares for Services 2 [Member]																										$ 2,500			110,000			112,500
Stock issued during period, conversion of convertible securities (in shares) | Issuance of Shares for Debt 3 [Member]																										206,458,988
Stock issued during period, conversion of convertible securities (in shares) | Issuance of Shares for Debt 2 [Member]																										9,163,834
Stock issued during period, value, conversion of convertible securities | Issuance of Shares for Debt 3 [Member]																										$ 206,459			116,324			322,783
Stock issued during period, value, conversion of convertible securities | Issuance of Shares for Debt 2 [Member]																										9,164			45,836			55,000
Net income (loss)																														(8,068,885)	258,133	(7,810,752)
Net loss																														(8,068,885)	258,133	(7,810,752)
Balances (in shares) at Sep. 30, 2016																									4,000,000,000	343,752,151
Balances at Sep. 30, 2016																									$ 40,000	$ 343,752	(66,000)		28,799,184	(55,419,392)	258,133	$ (26,044,323)
Stock issued during period, conversion of units (in shares)																										7,500,000						7,500,000
Issuance of shares from the exercise of warrants																										$ 7,500			6,750			$ 14,250
Stock Issued During Period, Shares, Issued for Services																										1,000,000						1,000,000
Issuance of shares for services																										$ 1,000			2,100			$ 3,100
Stock Issued During Period, Shares, Settlements																										26,041,667						26,041,667
Issuance of shares for a settlement																										$ 26,042			(1,042)			$ 25,000
Stock Issued During Period, Shares, Partial Satisfaction of Accounts Payable to Related Party																										67,000,000						207,700
Issuance of shares as partial satisfaction of an account payable to a related party																										$ 67,000			140,700			$ 207,700
Stock issued during period, conversion of convertible securities (in shares) | Issuance of Shares for Debt 1 [Member]																										6,561,299
Stock issued during period, conversion of convertible securities (in shares) | Issuance of Shares for Debt 2 [Member]																										27,803,571
Stock issued during period, conversion of convertible securities (in shares)																										20,000,000
Stock issued during period, value, conversion of convertible securities | Issuance of Shares for Debt 1 [Member]																										$ 6,561			(6,561)
Stock issued during period, value, conversion of convertible securities | Issuance of Shares for Debt 2 [Member]																										27,804			(17,804)			10,000
Stock issued during period, value, conversion of convertible securities																										20,000			(12,500)			7,500
Net income (loss)																														3,658,037	(633,215)	3,024,822
Net loss																														3,658,037	(633,215)	3,024,822
Balances (in shares) at Jun. 30, 2017																									4,000,000,000	499,658,688
Balances at Jun. 30, 2017																									$ 40,000	$ 499,659	$ (66,000)		$ 28,910,827	$ (51,761,355)	$ (375,082)	$ (22,751,951)

XML

Note 1 - Description of Business

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

1. Description of business:

Bulova Technologies Group, Inc. ("BTGI" 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 assets and operations of

3Si

at that time were 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).

From

January 1, 2009,

Bulova Technologies Group, Inc. operated in multiple business segments. Government Contracting was 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. In

October 2012,

this segment was discontinued through the sale of substantially all of the assets of Bulova Technologies Ordnance Systems LLC, with any remaining assets and liabilities associated with that operation being segregated and reported as a discontinued operation. Contract Manufacturing included the production of cable assemblies and circuit boards accounted for through BT Manufacturing Company LLC, a wholly owned subsidiary that was discontinued and disposed of in

March 2011.

In

July

of

2013,

the Company began the sale of high precision industrial machine tools through a distributor network accounted for through Bulova Technologies Machinery LLC, a newly formed subsidiary.

In

January 2016,

the Company, through a newly created joint venture, BT-Twiss Transport LLC, acquired

100%

of the outstanding common stock of Twiss Transport, Inc., Twiss Logistics, Inc. and Twiss Cold Storage, Inc. and entered into the transportation and logistics industry of freight storage and movement. The joint venture agreement provides for Bulova’s

30%

ownership interest, however, Bulova is fully responsible for operational management of the acquired entities, and is liable for approximately

4.6

million of convertible debt utilized to accomplish the acquisition. Accordingly, the joint venture financial statements have been consolidated with those of the Company.

XML

Note 2 - Principles of Consolidation and Basis of Presentation

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies [Text Block]

2. Principles of consolidation and basis of presentation:

The accompanying consolidated balance sheet as of

September 30, 2016,

has been derived from audited financial statements.

The unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information

not

misleading. It is suggested that these consolidated financial statements be read in conjunction with the consolidated financial statements and the notes thereto, included in the Company’s latest Form

10

-K.

We consolidate all entities we control by ownership of a majority voting interest and variable interest entities for which we have the power to direct activities and the obligation to absorb losses. Our judgment in determining if we consolidate a variable interest entity includes assessing which party if any has the power and benefits. Therefore, we evaluate which activities most significantly affect the variable interest entities economic performance, and determine whether we or another party have the power to direct these activities. The following is a listing of the entities we control, and the variable interest entity we have included in our consolidated financial statements:

Bulova Technologies Machinery LLC

- Formed in

July

of

2013,

Bulova Technologies Machinery LLC represents the Company's entree into the machine tool business, and imports industrial machine tools and related equipment from international sources and establishes a Distributor/Dealer Network throughout the United States and Canada.

Bulova Technologies Finance LLC

- This subsidiary was created in

2015

to provide in-house financing to purchasers of BTM equipment. In

August

and

September

of

2015,

the Company accomplished its

first

finance activities through equipment leasing transactions.

Bulova Technologies (Europe) LLC

 – co-located at the Company’s headquarters in Clearwater, Florida, this wholly-owned subsidiary (“Europe”), has been engaged in several lines of related business, including a Mortar Exchange Program, the offsets program, the administration of the blanket purchase agreement awarded to Ordnance by the Government, and the brokerage of commercial, small caliber ammunition. Europe continues to pursue the brokerage of the sale of Eastern European commercial small caliber ammunition to large U.S. customers on a wholesale basis and to small retail customers in the U.S.

Bulova Technologies Advanced Products LLC

- co-located at the Company’s headquarters in Clearwater, Florida, this subsidiary (“BTAP”) actively seeks technologically innovative products in industries in which the Bulova Technologies name and management team can bring value. The Company commenced operations in mid-

2015

through Bulova Technologies Healthcare Products LLC and a joint venture relationship with Bulova Technologies Compliance and Security LLC.

Bulova Technologies Healthcare Products

LLC

-This subsidiary was formed in

2015

as the Company’s entrant into the health care field. This subsidiary has focused its attention initially on a technologically innovative and patented cast product for which it has certain U.S. distribution rights.

Bulova Technologies Compliance and Security LLC

- co-located at the Company’s headquarters in Clearwater, Florida, this company is a joint venture. The Company’s ownership interest in this joint venture is

30

percent. The Company accounts for this joint venture interest using the equity method of accounting and does

not

consolidate its operations. At

June 30, 2017,

the operations of the joint venture reflect a loss in excess of the Company’s investment. As a result, the amount carried on the balance sheet as of

June 30, 2017,

is

$0.

This company was established to market the Enterprise Content Management Library (

"ECM Library"©

) and the companion K-

3

Data Encryption software to government agencies, banks, law firms and mid to large size businesses. The ECM Library© software system provides for advanced search capability, high demand security, protection notification alerts, and back-up repository maintenance. The software provides unique layers of security in the access to the stored data. These layers actively monitor access to repository data, download and transmission of confidential files, insertion of external memory devices, on-line searches that have been performed, web-sites visited, and e-mails sent or received using the repository content.

Bulova Technologies Ordnance Systems LLC

.

- Prior to discontinuance, this operation was located on

261

acres in Mayo, Florida. Ordnance was 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 produced 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,

Ordnance sold substantially all of its assets to an unrelated party.  As a result, the only remaining work with the DoD performed by Ordnance was the nominal performance of the contracts which were transferred (until a novation of the transferred contracts was to take place) and a remaining blanket purchase agreement (BPA) with the DoD whereby the DoD

may

order non-standard (e.g. Eastern European) weapons for shipment to friendly forces abroad. The BPA expired in

October 2015.

Ordnance has

not

sought any new contracts from the DoD since

2012.

On

March 29, 2017,

the Company sold all of its ownership interests in Ordnance.

BT Twiss Transport LLC

 – This company is a joint venture. The Company’s ownership interest in this joint venture is

30

percent. The Company accounts for this joint venture interest as a variable interest entity, and consolidates its operations. This company was established to facilitate the acquisition on

January 28, 2016

of Twiss Transport, Inc., Twiss Logistics, Inc., and Twiss Cold Storage, Inc.

● Twiss Transport, Inc. is a full-service Truckload and LTL freight shipping company specializing in the transportation of Frozen, Chilled and Dry goods to and from anywhere within the Continental United States.

● Twiss Logistics, Inc. is a Truckload Brokerage company that negotiates competitive rates and utilizes a network of reliable carriers other than Twiss Transport, to facilitate the movement of additional freight in and out of Florida and anywhere else in the Continental United States.

● Twiss Cold Storage, Inc. operates a Cold Storage facility of 132,055 square feet of frozen and chilled warehouse space providing refrigeration service for perishable products in transit through multiple distribution channels, as well as those provided by Twiss Transport and Twiss Logistics.

In the opinion of management, the accompanying consolidated financial statements contain all adjustments (consisting solely of normal recurring adjustments, unless otherwise indicated) necessary to present fairly the financial position as of

June 30, 2017,

and

September 30, 2016

and the results of operations and cash flows for the

three

and

nine

months ended

June 30, 2017

and

2016.

Subsequent Events

The Company has evaluated subsequent events through the date of filing this Form

10

-Q/A (Amendment

No.

1

) 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 (Note

12

).

Business Segments

Commencing with the acquisition of Twiss Transport, Inc., Twiss Logistics, Inc. and Twiss Cold Storage, Inc., the Company began operating in

two

distinct business segments, transportation services and commercial sales. The transportation segment provides freight handling as well as transport, and the commercial sales segment is involved in sales and distribution of industrial machines, ammunition, and healthcare products. Financial information by segment is presented in the notes to the consolidated financial statements.

Concentrations – Major Customers

For the

nine

months ended

June 30, 2017,

approximately

40%

of the revenue accounted for within the Company’s transportation business segment was provided by

three

customers,

one

representing approximately

26%

and the other

two

approximately

7%

each.

Use of Estimates

The preparation of the Company's consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these consolidated 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 are 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 consolidated 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.

Equity method of accounting – Joint Venture

The Company accounts for its joint venture interest in Bulova Technologies Compliance and Security LLC using the equity method of accounting. The Company’s ownership interest in this joint venture is

30

percent. At

June 30, 2017,

the operations of the joint venture reflect a loss in excess of the Company’s investment. As a result, the amount carried on the balance sheet as of

June 30, 2017,

is

$0.

Variable Interest Entities

Through the formation of BT Twiss Transport LLC, the Company is now a

30%

owner in this new joint venture, which was utilized to acquire the

three

transportation services companies described in Note

4.

To accomplish this acquisition, the Company provided approximately

$4.6

million of the financing necessary through the issuance of convertible debt. Through a joint venture operating agreement, the Company has full power to direct the activities most significant to the economic performance of this joint venture. As a result, the Company is the primary beneficiary, and the joint venture has been consolidated in the Company’s consolidated financial statements.

Cash and Cash Equivalents

For purposes of the consolidated 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. At

June 30, 2017

and

September 30, 2016,

the Company has provided an allowance for doubtful accounts of

$0

and

$11,468

respectively.

Inventory

Inventory is stated at the lower of cost (

first

-in,

first

-out) or market. Market is generally considered to be net realizable value. Inventory consisted of items held for resale and materials and supplies for sale and service.

The breakdown of inventory at

June 30, 2017

and

September 30, 2016

is as follows:

	June 30,		September 30,
	2017		2016
Finished goods	$	126,244	$	371,331
Materials and supplies		50,000		50,000
Total inventory of continuing operations	$	176,244	$	421,331

Other current assets

Other current assets are comprised of the following at

June 30, 2017

and

September 30, 2016

	June 30, 2017		September 30, 2016
Prepaid expenses and deposits	$	538,855	$	353,203
	$	538,855	$	353,203

Fixed Assets

Fixed assets are stated at cost, less accumulated depreciation. Capital lease assets are recognized at the lower of fair value or the present value of future minimum lease payments. Depreciation on assets under capital leases is included in depreciation expense. Depreciation is computed by applying principally the straight-line method to the estimated useful lives of the related assets. Useful lives range from

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. Fixed assets acquired as part of a business acquisition are valued at fair value. 

Fixed assets are comprised of the following at

June 30, 2017

and

September 30, 2016

	June 30,			September 30,
	2017			2016
Funiture, fixtures and equipment		417,464			476,350
Tractors and trailers		9,993,798			9,936,769
Capital lease assets		1,336,243			1,336,243
Vehicle and other		6,725			39,654
		11,754,230			11,789,016
Less accumulated depreciation		(1,873,506	)		(1,043,092	)
Net fixed assets	$	9,880,724		$	10,745,924

Other assets

 

Other assets are comprised of the following at

June 30, 2017

and

September 30, 2016

	June 30,		September 30,
	2017		2016
Advances - Bulova Technologies Compliance & Security	$	162,338	$	85,729
Refundable deposits		24,619		27,486
	$	186,957	$	113,215

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.

Derivative Financial Instruments

 

The fair value of an embedded conversion option that is convertible into a variable amount of shares that include price protection reset provision features are deemed to be “down-round protection” and, therefore, do

not

meet the scope exception for treatment as a derivative under ASC

815

“Derivatives and Hedging”, since “down-round protection” is

not

an input into the calculation of the fair value of the conversion option and cannot be considered “indexed to the Company’s own stock” which is a requirement for the scope exception as outlined under ASC

815.

The accounting treatment of derivative financial instruments requires that the Company record the embedded conversion option at their fair values as of the inception date of the agreement and at fair value as of each subsequent balance sheet date. Any change in fair value is recorded as non-operating, non-cash income or expense for each reporting period at each balance sheet date. The Company reassesses the classification of its derivative instruments at each balance sheet date. If the classification changes as a result of events during the period, the contract is reclassified as of the date of the event that caused the reclassification.

As a result of entering into convertible credit facilities during the

nine

months ended

June 30, 2017,

for which such instruments contained variable conversion features with

no

floor, the Company has adopted a sequencing policy in accordance with ASC

815

-

40

-

35

-

12

whereby all future instruments

may

be classified as a derivative liability with the exception of instruments related to share-based compensation.

The Black-Scholes option valuation model was used to estimate the fair value of these conversion options. The model includes subjective input assumptions that can materially affect the fair value estimates. The expected volatility is estimated based on the most recent historical period of time equal to the weighted average life of the conversion option. The Company used the following range of Black-Scholes assumptions in arriving at the fair value of this conversion as of

June 30, 2017,

in the amount of

$300,746.

	June 30,
	2017
Expected Life in Years	0.25	to	0.75
Risk-free Interest Rates	0.89%	to	1.03%
Volatility	327.5%	to	342.3%
Dividend Yield		0%

Discontinued Operations

In accordance with ASC

205

-

20,

Presentation of Financial Statements-Discontinued Operations

(“ASC

205

-

20”

), we reported the results of Bulova Technologies Ordnance Systems LLC, formerly our government contracting segment as discontinued operations. The application of ASC

205

-

20

is discussed in Note

3

“Discontinued Operations”

Revenue Recognition

Commercial 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.

Revenue from rental payments received on equipment operating leases is recognized on a straight-line basis over the term of the lease.

The Company recognizes transportation related revenues on the date the shipments are delivered to the customer. Revenue includes transportation revenue, fuel surcharges, loading and unloading activities, equipment detention, and other accessorial services. Revenue is recorded on a gross basis, without deducting

third

party purchased transportation costs, as the Company acts as a principal with substantial risks as primary obligor.

Cost of Revenues

The costs of revenues relative to our Commercial Sales segment include direct materials and labor costs, and indirect labor associated with production and shipping costs.

The cost of revenues relative to our Transportation Services segment include tractor and trailer maintenance and operational costs as well as the costs associated with drivers.

Advertising Costs

The costs of advertising are expensed as incurred and are included in the Company’s operating expenses. The Company incurred advertising expenses of

$7,242

for the

nine

months ended

June 30, 2017

as compared to

$21,165

for the

nine

months ended

June 30, 2016.

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

ASC

740,

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 income (loss) per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. As of

June 30, 2017,

the Company had

$12,970,156

of convertible debt, convertible into

132,128,584

common shares and

140,780,832

vested common stock warrants outstanding, which were

not

included in the calculation of net income per share-diluted because they were anti-dilutive due to current market prices.

Effect of Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued that we adopt as of the specified effective date. We believe that the impact of recently issued standards that are

not

yet effective

may

have an impact on our results of operations and financial position.

ASU Update

2014

-

09

Revenue from Contracts with Customers

(Topic

606

) issued

May 28, 2014

by FASB and IASB converged guidance on recognizing revenue in contracts with customers on an effective date after

December 31, 2017

will be evaluated as to impact and implemented accordingly.

ASU Update

2014

-

15

Presentation of Financial Statements-Going Concern

(Sub Topic

205

-

40

) issued

August 27, 2014

by FASB defines managements responsibility to evaluate whether there is a substantial doubt about an organizations ability to continue as a going concern. The additional disclosure required is effective after

December 31, 2016

and will be evaluated as to impact and implemented accordingly.

In

April 2015,

the FASB issued ASU

2015

-

03,

Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Cost.

The guidance requires an entity to present debt issuance costs in the balance sheet as a direct reduction from the carrying amount of the debt liability, consistent with debt discounts, rather than as an asset. Amortization of debt issuance costs will continue to be reported as interest expense. Debt issuance costs related to revolving credit arrangements, however, will continue to be presented as an asset and amortized ratably over the term of the arrangement. ASU

2015

-

03

is effective for reporting periods beginning after

December 15, 2015

including interim periods within those annual periods.

In

July 2015,

the FASB issued ASU

2015

-

11,

Inventory,

which simplifies the measurement principle of inventories valued under the First-In, First-Out ("FIFO") or weighted average methods from the lower of cost or market to the lower of cost and net realizable value. ASU

2015

-

1

1

is effective for reporting periods beginning after

December 15, 2016

including interim periods within those annual periods. We do

not

expect the standard to have a material impact on our Consolidated Financial Statements.

In

November 2015,

the FASB issued ASU

2015

-

17,

Balance Sheet Classification of Deferred Taxes,

which requires that

defe1Ted

tax assets and liabilities be classified as non-current on the consolidated balance sheet. ASU

2015

-

17

is effective for annual periods beginning after

December 15, 2016,

including interim periods within those annual periods. Early adoption is permitted as of the beginning of an interim or annual reporting period. Upon adoption, ASU

2015

-

17

may

be applied either prospectively or retrospectively. We do

not

expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements.

In

February 2016,

the FASB issued ASU

No.

2016

-

02,

Leases,

to improve financial reporting about leasing transactions. This ASU will require organizations that lease assets ("lessees") to recognize a lease liability and a right-of-use asset on its balance sheet for all leases with terms of more than

twelve

months. A lease liability is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset represents the lessee's right to use, or control use of, a specified asset for the lease term. The amendments in this ASU simplify the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. This ASU leaves the accounting for the organizations that own the assets leased to the lessee ("lessor") largely unchanged except for targeted improvements to align it with the lessee accounting model and Topic

606,

Revenue from Contracts with Customers.

The amendments in ASU

2016

-

02

are effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would

not

require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors

may

not

apply a full retrospective transition approach. The Company is evaluating the potential impact of ASU

2016

-

02

on its Consolidated Financial Statements.

Going Concern Matters

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements, the Company has sustained substantial losses. These factors, among others, raise substantial doubt that the Company

may

not

be able to continue as a going concern for a reasonable period of time.

The Company’s existence is dependent upon management’s ability to develop profitable operations and resolve its liquidity problems. The accompanying financial statements do

not

include any adjustments that might result should the Company be unable to continue as a going concern.

XML

Note 3 - Discontinued Operations

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

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

3.

Discontinued Operations

In

October

of

2012,

Bulova Technologies Ordnance Systems LLC sold substantially all of its assets to an unrelated party, and discontinued operations. As a result of the decision to sell these assets, the Company has identified the assets and liabilities of Ordnance as pertaining to discontinued operations at

June 30, 2017

and

September 30, 2016

and has segregated its operating results and presented them separately as a discontinued operation for all periods presented.

On

March 29, 2017,

the Company entered into a Member Purchase Agreement, to sell all of the membership interests of this wholly-owned subsidiary. The buyer is an independent

third

party and has

no

prior relationship to the Company and / or its officers. The Company recognized a gain on the deconsolidation of this subsidiary within the accounting for this discontinued operation as of

March 31, 2017.

Summarized operating results for discontinued operations is as follows:

	Three Months Ended June 30,					Nine Months Ended June 30,
	2017		2016			2017			2016
Revenue	$	-	$	-		$	-		$	-
Cost of Sales		-		-			-			-
Gross profit		-		-			-			-
Operating expenses and interest		-		(22,409	)		(33,385	)		(492,971	)
Other income (expense)		-		-			-			-
Income (loss) from operations		-		(22,409	)		(33,385	)		(492,971	)
Gain on deconsolidation of subsidiary		-		-			10,796,400			-
Income tax benefit		-		-			-			-
Income (loss) from discontinued operations, net of tax	$	-	$	(22,409	)	$	10,763,015		$	(492,971	)

The income (loss) from discontinued operations above do

not

include any income tax effect as the Company was

not

in a taxable position due its continued losses and a full valuation allowance

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

	June 30,		September 30,
	2017		2016
Cash	$	-	$	-
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	$	-	$	462
Current portion of long-term debt		-		1,111,500
Provision for loss on disposal of business segment		-		-
Total current liabilities from discontinued operations		-		1,111,962
Deferred revenue - contract dispute		-		10,800,000
Total liabilities from discontinued operations	$	-	$	11,911,962

XML

Note 4 - Business Combination - Variable Interest Entity and Intangibles

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Business Combination Disclosure [Text Block]

4.

Business Combination – Variable Interest Entity and Intangibles

BT-Twiss Transport, LLC

As discussed in Note

1,

on

January 28, 2016,

the Company, through its joint venture entity, BT-Twiss Transport LLC, closed on the acquisition of

100%

of the outstanding stock of Twiss Transport, Inc., Twiss Logistics, Inc., and Twiss Cold Storage, Inc. in a transaction accounted for as a variable interest entity. The determination to include a variable interest entity in the consolidated financial statements of the Company is based on an evaluation of the benefits and obligations associated with the Company’s active role in the entity’s design and involvement in its ongoing activities. More specifically, was the determination that the Company is established as the primary beneficiary based on possessing both of the following:

● Power to direct the activities of the VIE that most significantly impact the entity’s economic performance through an operating agreement entrusting full operational control and assets to the Company.

● An exposure to absorb losses of the entity that could potentially be significant to the VIE through the provision of approximately $4.6 million dollars of financing to complete the acquisition through convertible debt.

Accordingly, the results of BT-Twiss Transport LLC are included in the accompanying consolidated financial statements only from the acquisition date through

June 30, 2017.

The recorded cost of this acquisition was based upon the fair value of the Company’s acquired based on an independent valuation. An intangible asset for goodwill has been recorded in the amount of

$4,789,772.

Generally accepted accounting principles do

not

allow the amortization of goodwill, but instead require an annual evaluation of the amount for impairment.

The total purchase price of the

three

companies was calculated as follows:

Cash consideration	$	5,166,155
Convertible promissory note		4,666,155
3,000,000 restricted common shares		157,500
Warrants to purchase 500,000 common shares		26,250
Total purchase price	$	10,016,060

Goodwill is calculated by comparing the total purchase price to the fair values of assets acquired and liabilities assumed in connection with this acquisition by the Company’s joint venture, as follows:

Total Purchase Price	$	10,016,060
Fair Value of Assets and Liabilities
Cash	$	196,229
Accounts receivable		1,671,342
Inventory		50,000
Prepaid expenses and other assets		216,905
Property and equipment		11,001,267
Other assets		23,648
Less current liabilities assumed		(1,326,652	)
Less long-term debt assumed		(6,606,451	)
		5,226,288
Calculated Goodwill	$	4,789,772

XML

Note 5 - Contract Dispute - Discontinued Operations

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Deferred Revenue Disclosure [Text Block]

5.

  Contract Dispute - Discontinued Operations

At

September 30, 2016,

and through

March 29, 2017,

the Company included in liabilities of discontinued operations the amount of

$10,800,000

relative to a contract performance dispute of its then wholly owned subsidiary, Bulova Technologies Ordnance Systems LLC, with the US Government. This amount represented deferred revenue arising from the percentage of completion accounting applied to a contract that was terminated prior to its completion. Ordnance asserted various claims in this dispute and, consequently, carried this amount as long term pending resolution of the counter claims. On

March 29, 2017,

the Company sold

100%

of its ownership interest in Ordnance, and recognized a gain on the deconsolidation of this subsidiary. Consequently, Bulova Technologies Ordnance Systems LLC is

no

longer included in the consolidated financial statements of the Company.

XML

Note 6 - Long Term Debt

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Long-term Debt [Text Block]

6.

Long Term Debt

Long term debt consisted of the following at:

	June 30, 2017			September 30, 2016
Note payable to Keehan Trust Funding, LLC as amended on February 16, 2016 in the amount of $1,600,000. This note is secured by the assignment of potential proceeds from a claim against a terminated government contract with a value in excess of $4,700,000.		1,051,500			1,111,500
Note payable to Ford Credit dated October 1, 2014 in the amount of $32,929 payable in 48 monthly installments of $744, secured by a vehicle		-			17,187
Capital lease obligation dated July 16, 2015, bearing interest at 8%, payable at 3,355 monthly with a final payment due June 16, 2020, secured by equipment.		108,027			131,495
Various notes payable to EIN CAP in various amounts with no stipulated interest rate, and various maturity dates, unsecured, totaling $142,100 net of discount of $32,375 and $102,335 net of discount of $29,975 respectively.		109,725			72,360
Various notes payable to Complete Business Solutions in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $3,724,202 net of discount of $776,868 and $1,173,521 net of discount of $185,046 respectively		2,947,334			988,475
Various notes payable to Yellowstone Capital in various amounts with no stipulated interest rate, and various maturity dates, unsecured, totaling $641,945 net of discount of $174,338 and $212,382 net of discount of $66,944 respectively/		467,607			145,438
Note payable to Sunshine Bank dated January 28, 2016 as a revolving credit line, bearing interest at Prime plus 1%, with a maturity of January 31, 2021, secured by the assets of BT Twiss Transport LLC.		2,000,000			1,163,853
Note payable to Sunshine Bank dated January 28, 2016 in the amount of $2,000,000, bearing interest at 4.75%, with a maturity date of January 31, 2021, net of unamortized loan costs of $31,813 and $38,472 respectively, secured by the assets of BT-Twiss Transport, LLC.		1,639,045			1,820,594
Various notes payable to Power Up Lending Group, LTD in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $328,361 net of discount of $67,455 and $454,752 net of discount of $89,601 respectively		260,906			365,151
Financing agreements for the purchase of insurance through Bank Direct payable in monthly installments		302,577			21,500
Note payable to Sunshine Bank dated September 30, 2016 as a revolving credit line, bearing interest at Prime plus 1%, with a maturity of January 31, 2021, secured by the assets of Twiss Transport, Inc. net of unamortized loan costs of $46,095 and $54,769 respectively.		4,630,607			6,408,431
Various equipment financing contracts for Transport Tractors and Trailers, with various terms and interest rates, secured by equipment		2,018,116			409,820
Various capital lease obligations for Transport Tractors, with various payment terms, secured by equipment		802,135			1,087,613
Various notes payable to Ace Funding in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $400,250 net of discount of $114,593.		285,657			-
Note payable to RAM Capital, with no stipulated interest rate, unsecured, totaling $185,658 net of discount of $57,644.		128,014			-
Note payable to Caymus Funding, Inc., with no stipulated interest rate, unsecured, totaling $209,000 net of discount of $31,910.		177,090			-
Note payable to New Era Lending, LLC, with no stipulated interest rate, unsecured, totaling $326,250 net of discount of $101,250.		225,000			-
Two promissory notes payable to LiftForward, Inc., each in the amount of $510,000, each payable in twenty-four monthly installments of $25,997.23, with a maturity date of January 28, 2019, net of unamortized loan costs of $40,771		798,989			-
Convertible promissory note payable to Power Up Lending Group LTD, bearing interest at 8% per annum, with a maturity date of October 28, 2017, in the amount of $53,000 net of discount of $17,666.		35,334			-
Convertible promissory note payable to Power Up Lending Group LTD, bearing interest at 12% per annum, with a maturity date of October 28, 2017. In the amount of $78,590, net of discount of $69,858.		8,732			-
Note payable to Fast Advance Funding with no stipulated interest rate, unsecured, totaling $327,500 net of discount of $77,500.		250,000			-
Note payable to Nexgen Capital LLC with no stipulated interest rate, unsecured, totaling $122,080 net of discount of $35,920.		86,160			-
Note payable to Queen Funding LLC with no stipulated interest rate, unsecured, totaling $274,641 net of discount of $80,802.		193,839			-
Note payable to Allianz with no stipulated interest rate, unsecured.		6,767			-
		18,533,161			13,743,417
Less current portion pertaining to continuing operations		(11,531,457	)		(4,553,201	)
Less current portion pertaining to discontinued operations		-			(1,111,500	)
Less long term portion associated with discontinued operations		-			-
	$	7,001,704		$	8,078,716

Principal maturities of long term debt for the next

five

years and thereafter are as follows:

Period ended June 30,
2018	$	11,531,457
2019		2,111,107
2020		1,874,791
2021		2,463,059
2022		552,747
Thereafter		-
	$	18,533,161

XML

Note 7 - Notes Payable - Related Parties

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Long-term Debt [Text Block]

6.

Long Term Debt

Long term debt consisted of the following at:

	June 30, 2017			September 30, 2016
Note payable to Keehan Trust Funding, LLC as amended on February 16, 2016 in the amount of $1,600,000. This note is secured by the assignment of potential proceeds from a claim against a terminated government contract with a value in excess of $4,700,000.		1,051,500			1,111,500
Note payable to Ford Credit dated October 1, 2014 in the amount of $32,929 payable in 48 monthly installments of $744, secured by a vehicle		-			17,187
Capital lease obligation dated July 16, 2015, bearing interest at 8%, payable at 3,355 monthly with a final payment due June 16, 2020, secured by equipment.		108,027			131,495
Various notes payable to EIN CAP in various amounts with no stipulated interest rate, and various maturity dates, unsecured, totaling $142,100 net of discount of $32,375 and $102,335 net of discount of $29,975 respectively.		109,725			72,360
Various notes payable to Complete Business Solutions in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $3,724,202 net of discount of $776,868 and $1,173,521 net of discount of $185,046 respectively		2,947,334			988,475
Various notes payable to Yellowstone Capital in various amounts with no stipulated interest rate, and various maturity dates, unsecured, totaling $641,945 net of discount of $174,338 and $212,382 net of discount of $66,944 respectively/		467,607			145,438
Note payable to Sunshine Bank dated January 28, 2016 as a revolving credit line, bearing interest at Prime plus 1%, with a maturity of January 31, 2021, secured by the assets of BT Twiss Transport LLC.		2,000,000			1,163,853
Note payable to Sunshine Bank dated January 28, 2016 in the amount of $2,000,000, bearing interest at 4.75%, with a maturity date of January 31, 2021, net of unamortized loan costs of $31,813 and $38,472 respectively, secured by the assets of BT-Twiss Transport, LLC.		1,639,045			1,820,594
Various notes payable to Power Up Lending Group, LTD in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $328,361 net of discount of $67,455 and $454,752 net of discount of $89,601 respectively		260,906			365,151
Financing agreements for the purchase of insurance through Bank Direct payable in monthly installments		302,577			21,500
Note payable to Sunshine Bank dated September 30, 2016 as a revolving credit line, bearing interest at Prime plus 1%, with a maturity of January 31, 2021, secured by the assets of Twiss Transport, Inc. net of unamortized loan costs of $46,095 and $54,769 respectively.		4,630,607			6,408,431
Various equipment financing contracts for Transport Tractors and Trailers, with various terms and interest rates, secured by equipment		2,018,116			409,820
Various capital lease obligations for Transport Tractors, with various payment terms, secured by equipment		802,135			1,087,613
Various notes payable to Ace Funding in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $400,250 net of discount of $114,593.		285,657			-
Note payable to RAM Capital, with no stipulated interest rate, unsecured, totaling $185,658 net of discount of $57,644.		128,014			-
Note payable to Caymus Funding, Inc., with no stipulated interest rate, unsecured, totaling $209,000 net of discount of $31,910.		177,090			-
Note payable to New Era Lending, LLC, with no stipulated interest rate, unsecured, totaling $326,250 net of discount of $101,250.		225,000			-
Two promissory notes payable to LiftForward, Inc., each in the amount of $510,000, each payable in twenty-four monthly installments of $25,997.23, with a maturity date of January 28, 2019, net of unamortized loan costs of $40,771		798,989			-
Convertible promissory note payable to Power Up Lending Group LTD, bearing interest at 8% per annum, with a maturity date of October 28, 2017, in the amount of $53,000 net of discount of $17,666.		35,334			-
Convertible promissory note payable to Power Up Lending Group LTD, bearing interest at 12% per annum, with a maturity date of October 28, 2017. In the amount of $78,590, net of discount of $69,858.		8,732			-
Note payable to Fast Advance Funding with no stipulated interest rate, unsecured, totaling $327,500 net of discount of $77,500.		250,000			-
Note payable to Nexgen Capital LLC with no stipulated interest rate, unsecured, totaling $122,080 net of discount of $35,920.		86,160			-
Note payable to Queen Funding LLC with no stipulated interest rate, unsecured, totaling $274,641 net of discount of $80,802.		193,839			-
Note payable to Allianz with no stipulated interest rate, unsecured.		6,767			-
		18,533,161			13,743,417
Less current portion pertaining to continuing operations		(11,531,457	)		(4,553,201	)
Less current portion pertaining to discontinued operations		-			(1,111,500	)
Less long term portion associated with discontinued operations		-			-
	$	7,001,704		$	8,078,716

Principal maturities of long term debt for the next

five

years and thereafter are as follows:

Period ended June 30,
2018	$	11,531,457
2019		2,111,107
2020		1,874,791
2021		2,463,059
2022		552,747
Thereafter		-
	$	18,533,161

Affiliated Entity [Member]

Notes to Financial Statements

Long-term Debt [Text Block]

6.

Notes Payable – Related Parties

Notes payable related parties consisted of the following at:

	June 30, 2017		September 30, 2016
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to NFC III LLC bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		1,356,819		1,356,819
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to SIII Associates Limited Partnership bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		1,341,755		1,341,755
Promissory note as of September 30, 2014, exchanged on January 1, 2015 for a Convertible promissory note payable to SIII Associates Limited Partnership bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		100,000		100,000
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to SV Associates Limited Partnership bearing interest at 8%. These notes mature and all principal and interest is due and payable on September 15, 2017 for $3,500 and the balance of $116,000 on March 31, 2020		119,500		119,500
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Craigmore Machinery Company bearing interest at 8%. These notes mature and all principal and interest is due and payable on September 15, 2017 for $155,000 and the balance of $403,712 on March 31, 2020		558,712		556,212
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Gary Shapiro bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		205,000		205,000
Promissory note payable to Craigmore DB Plan dated November 9, 2015 bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		186,000		165,000
Promissory note as of September 30, 2014, exchanged on January 1, 2015 for a Convertible promissory note payable to Tropico Equity Partners LLC bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		68,161		68,161
Convertible promissory note payable to Tropico Management LP bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		10,606		10,606
Convertible promissory notes payable to SF NextGen bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		192,000		180,000
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Banyan Capital Finance bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		23,000		23,000
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Colleen Stacy Shapiro 2007 Trust bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		160,000		160,000
Convertible promissory note payable to Colleen Stacy Shapiro 2007 Trust bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		20,000		20,000
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Rachel E Shapiro Trust bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		51,500		51,500
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Shapiro Family D1 Trust bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		180,000		150,000
Promissory note as of September 30, 2014, exchanged on January 1, 2015 for a Convertible Promissory Note payable to The Shapiro Family D1 Trust dated bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31,2020		400,000		400,000
Convertible promissory note dated February 6, 2015 in the original amount of $4,000,000 bearing interest at 7%, interest payable quarterly, with a maturity date of February 5, 2021, net of discount of $465,833 and $563,333 respectively		2,919,525		2,834,294
Convertible promissory note dated January 28, 2016 in the amount of $4,666,155 bearing interest at 5%, interest payable quarterly, convertible at $.10 per share, with a maturity date of January 28, 2020.		4,666,155		4,666,155
Promissory note dated January 28, 2016 in the amount of $2,400,000 bearing interest at 4.24% with a maturity date of January 29, 2021, net of unamortized loan costs of $25,145 and $30,408 respectively.		2,242,206		2,282,746
Promissory note dated February 3, 2011 in the amount of $229,755 bearing interest at 8% payable on demand		8,720		34,423
Promissory note dated April 26, 2016 in the amount of $400,000 bearing interest 5%, with a maturity date of April 26, 2018, unsecured.		400,000		400,000
Short term advance in the amount of $150,000, non-interest bearing, payable on demand. This advance was paid in full on October 5, 2016		-		150,000
Promissory note dated May 12, 2017 in the amount of $630,000 bearing interest 10%, with a maturity date of May 12, 2018, unsecured.		575,357		-
		15,785,016		15,275,171
Less current portion pertaining to continuing operations		848,889		412,720
Less current portion pertaining to discontinued operations		-		-
Less long term portion associated with discontinued operations		-		-
	$	14,936,127	$	14,862,451

Principal maturities of notes payable – related parties for the next

five

years and thereafter are as follows:

Period ended June 30,
2018	$	848,889
2019		479,914
2020		4,868,226
2021		9,587,987
2022		-
Thereafter		-
	$	15,785,016

As of

June 30, 2017,

and

September 30, 2016

there is an amount of accrued interest on related party notes payable of

$1,378,416

and

$1,137,163

respectively included in accrued expenses – related party for each year.

XML

Note 8 - Income Taxes

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

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.

The Company has previously recognized an income tax benefit for its operating losses generated since inception through

September 30 2016

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, 2016,

the Company has estimated net operating losses of approximately

$28,950,000.

The potential benefit of these net operating losses has

not

been recognized in these financial statements because the Company cannot be assured it is more likely than

not

that it will utilize the net operating losses carried forward in future years. The net operating loss carry forwards will expire in

2022

through

2036.

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

Continuing Operations	6/30/2017			9/30/2016
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, 2016,

the tax returns for the Company for the years ended

2012

through

2015

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.

XML

Note 9 - Segment Reporting

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

8.

Segment reporting

Commencing with the Company’s acquisitions through its joint venture entity, BT-Twiss Transport LLC, in

January 2016,

the Company now operates in

two

business segments. The Commercial Sales segment is focused on sales of Industrial Machinery, ammunition, software and healthcare products. The Transportation segment provides for freight storage and movement throughout the Continental United States.

SEGMENT INFORMATION FOR THE NINE MONTHS ENDED

JUNE 30, 2017

IS AS FOLLOWS:

	Commercial Sales			Transportation			Total
Revenue	$	1,215,580		$	17,778,523		$	18,994,103
Cost of Sales		1,256,387			13,075,656			14,332,043
Gross profit		(40,807	)		4,702,867			4,662,060
Selling, general and administrative expenses		458,192			3,661,473			4,119,665
Depreciation and interest expenses		140,750			1,908,611			2,049,361
Loss from operations		(639,749	)		(867,217	)		(1,506,966	)
Other income (expense)		(5,756	)		(37,375	)		(43,131	)
Net loss	$	(645,505	)	$	(904,592	)	$	(1,550,097	)
Total Assets	$	441,655		$	12,403,303		$	12,844,958
Reconciliation of Segment Amounts Reported to Consolidated Amounts
Total revenues for reportable segments							$	18,994,103
Unallocated amounts relating to corporate operations								-
Total consolidated revenue							$	18,994,103
Net loss
Total loss for reportable segments							$	(1,550,097	)
Unallocated amounts relating to corporate operations
Selling, general and administrative expenses								(1,428,974	)
Stock based compensation								(3,100	)
Income from discontinued operations and deconsolidation of subsidiary								10,763,015
Change in fair value of derivative liability								100,382
Depreciation and interest expense								(4,856,404	)
Total consolidated net loss							$	3,024,822
Assets
Total assets for reportable segments							$	12,844,958
Goodwill								4,789,772
Corporate investments and other assets								685,996
Total consolidated assets							$	18,320,726

XML

Note 10 - Commitments and Contingencies

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

9.

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.

At

June 30, 2017

Company 

no

longer operates corporate and administrative offices in a facility that was leased by Ordnance, (a discontinued operation), from a non-affiliate in Tampa, Florida, approximating

5,000

square feet. The Tampa location was leased for a base monthly rental increased by a minimum of

2.5%

each year through an expiration date of

December 21, 2027.

The Company is

no

longer a party to that lease.

On

August 27, 2014,

Bulova Technologies Machinery LLC entered into a

six

-year lease for a facility which includes

29,000

square feet of office, showroom and warehouse space in Clearwater, Florida for

$13,500

per month, and relocated all of its operations to this facility. This facility is leased from an entity controlled by shareholders of the Company. In

September 2016,

the property was sold, and the lease was cancelled.

In

January 2016,

the Company through a newly created joint venture, BT-Twiss Transport LLC, acquired

100%

of the outstanding common stock of Twiss Transport, Inc., Twiss Logistics, Inc. and Twiss Cold Storage, Inc. BT-Twiss Transport LLC leases approximately

35,000

square feet of office, warehouse and maintenance space situated on approximately

10

acres in Largo, Florida, to facilitate all corporate operations as well as the trucking business of Twiss Transport, Inc. for

$30,000

per month under a

20

-year lease through

November 1, 2035.

Twiss Cold Storage, Inc. leases

132,055

square feet of refrigerated warehouse space in Tampa, Florida commencing with a base rental of

$82,534

per month through

June 30, 2016,

and adjusted upward by

3%

annually through

June 30, 2020.

Twiss Logistics, Inc. currently leases office space on a month to month basis.

The Company has also leased on a month to month basis as needed, an office in Frankfurt, Germany to facilitate its European program.

Total rent expense for the

nine

months ended

June 30

31,

2017

and

2016,

was approximately

$1,088,650

and

$685,000

respectively.

Bulova Technologies Group, Inc. is

not

currently a party to any lease commitments. BT-Twiss Transport LLC, and its wholly owned subsidiaries, as identified above, have the following commitments for minimum lease payments, under these operating leases for the next

five

years and thereafter as of

June 30, 2017,

are as follows:

Period ended June 30,
2018	$	1,410,729
2019		1,442,250
2020		1,474,718
2021		360,000
2022		360,000
Thereafter		4,898,000
	$	9,945,697

XML

Note 11 - Related Party Transactions

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

10.

Related Party Transactions

The following related party transactions

not

disclosed elsewhere in this document are as follows:

The Company has received advances from major shareholders from time to time to facilitate the cash needs of the Company. These advances are generally for short term needs and do

not

bear interest. During

2016,

Stephen L Gurba incurred an obligation of

$800,000

on behalf of the Company relative to a corporate guaranty. The Company agreed to reimburse him for this expenditure. As of

June 30, 2017,

there is a balance outstanding to Stephen L Gurba of

$29,515,

and a balance outstanding to Gary Shapiro of

$67,500,

totaling

$97,015.

This amount is reported on the consolidated balance sheet as amounts due shareholders.

Craigmore Machinery Company is the sole source supplier for the industrial machine tools and related equipment that are sold by Bulova Technologies Machinery LLC. Craigmore is owned by Gary Shapiro, a major shareholder of the Company. As of

June 30, 2017,

and

September 30, 2016,

the Company had a balance payable to Craigmore of

$2,412,400

and

$1,786,436

respectively, and these balances are reflected as accounts payable – related parties for each year. During

December 2016,

the Company issued

67,000,000

common shares as a partial payment on these payables to Craigmore using a valuation of

$.0031

per share, for a total of

$207,700.

During the

nine

months ended

June 30, 2017,

Bulova Technologies Compliance and Security LLC received various advances from the Company. As of

June 30, 2017,

there is an amount due from Compliance of

$162,338.

This amount is included in other current assets.

Included within Long Term Debt are various notes payable to Gary L Shapiro and / or entities controlled by Gary L. Shapiro and / or his family members. As of

June 30, 2017,

and

September 30, 2016,

the total amount outstanding under these related party notes is

$4,973,053

and

$4,907,553

respectively. These notes are secured by a security interest and pledge of all of the assets of the Company presently owned or hereinafter acquired, subordinated to the

$4,000,000

Convertible Promissory Note payable to Richard Welkowitz dated

February 6, 2015.

On

February 6, 2015,

the Company issued a

$4,000,000

7%

Convertible Promissory Note payable to Richard Welkowitz, with interest payable quarterly and a maturity date of

February 15, 2021.

The holder shall have the right at any time prior to

June 30, 2017 

to convert into common stock of the Company up to

$250,000

of the debt in increments

not

less than

$10,000

at

65%

of the average of the lowest

three

trading prices during

10

days prior to conversion. The balance of the debt

may

be converted into common stock of the Company at the following exchange rate: year

1;

$.10/share:

year

2,

$.20/share;

year

3,

$.30/share;

year

4,

$.40/share;

and year

5,

$.50/share.

Additionally, as part of the financing agreement, the Company issued

12,000,000

warrants to purchase the common stock of the Company at a strike price of

$.02

per share for a period of

ten

years. The value of these warrants has been accounted for as a debt discount in the initial amount of

$779,999

and is being amortized over the

six

-year life of the loan. This note is secured by a security interest and pledge of all of the assets of the Company presently owned or hereinafter acquired.

On

May 12, 2017,

the Company issued a

10%

Promissory Note to Richard Welkowitz in the amount of

$630,000,

payable in

twelve

monthly payments of principal and interest, with a maturity of

May 12, 2018.

On

January 28, 2016,

the Company, in conjunction with the purchase of Twiss Transport, Twiss Logistics and Twiss cold storage, issued a

$4,666,155

5%

Convertible Promissory Note payable to Ron Damico Jr with interest payable quarterly, as well as

3,000,000

restricted common shares, and a

ten

-year warrant to buy

500,000

common shares.

XML

Note 12 - Stockholders' Equity

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

11.

Stockholders’ Equity

Common Shares

During

October 2016,

the Company issued

6,561,299

common shares as partial payment of debt

During

October 2016,

the Company issued

7,500,000

common shares due to the exercise of warrants

During

October 2016,

the Company issued

26,041,667

common shares as payment on a settlement

During

December 2016,

the Company issued

67,000,000

common shares to Craigmore, a related party,

as payment on behalf of Bulova Technologies Machinery LLC for inventory.

During

December 2016,

the Company issued

27,083,571

common shares as partial payment of debt.

During

January 2017,

the Company issued

20,000,000

common shares as partial payment of debt.

During

February 2017,

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, 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

.

Subscription receivable

In

February 2013,

the Company issued

20,589,981

warrants in exchange for subscription notes receivable of

$66,000.

Common Stock Warrants

The following table represents common stock warrant activity as of and for the

nine

months ended

June 30, 2017:

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Warrants Outstanding - October 1, 2016		140,780,832	$	0.04		7.8	$	-
Granted / Vested		-
Exercised		-
Forfeited/expired/cancelled		-
Warrants Outstanding – June 30, 2017		140,780,832	$	0.04		7.3	$	-
Outstanding Exercisable – October 1, 2016		140,780,832	$	0.04		7.8	$	-
Outstanding Exercisable – June 30, 2017		140,780,832	$	0.04		7.3	$	-

XML

Note 13 - Subsequent Events

9 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Subsequent Events [Text Block]

12.

Subsequent Events

The Company has evaluated subsequent events through the filing of this Form

10

-Q/A (Amendment

No.

1

), 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 other than the following:

During

July 2017

the Company issued

30,372,528

common shares to

third

party creditors for a debt conversion.

On

August 8, 2017,

the Company issued

15,000,000

common shares to a

third

party creditor for a debt conversion.

On

July 26, 2017,

the Company acquired

100%

of the issued and outstanding shares of capital stock of Big Red LTL Transport, Inc. and CIN-SAN Leasing, Inc. (“Big Red”) through a stock purchase agreement in the amount of

$504,000

payable through a

seven

year unsecured promissory note. Big Red is headquartered in Great Meadows, NJ, and operates Hubs in Netcong, NJ and Chicago, IL. Big Red operates a fleet of

27

trucks and

38

refrigerated trailers, and is expected to provide synergies with current customers and afford valuable hub locations in the Northeast. The Company is still in the process of evaluating Big Red’s accounting systems for integration with the Consolidated Financial Statements of the Company for future reporting. Future filings will included the acquisition at fair value and the financial position and results of operations from the acquisition date forward.

XML

Significant Accounting Policies (Policies)

9 Months Ended

Jun. 30, 2017

Accounting Policies [Abstract]

Subsequent Events, Policy [Policy Text Block]

Subsequent Events

The Company has evaluated subsequent events through the date of filing this Form

10

-Q/A (Amendment

No.

1

) 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 (Note

12

).

Segment Reporting, Policy [Policy Text Block]

Business Segments

Commencing with the acquisition of Twiss Transport, Inc., Twiss Logistics, Inc. and Twiss Cold Storage, Inc., the Company began operating in

two

distinct business segments, transportation services and commercial sales. The transportation segment provides freight handling as well as transport, and the commercial sales segment is involved in sales and distribution of industrial machines, ammunition, and healthcare products. Financial information by segment is presented in the notes to the consolidated financial statements.

Major Customers, Policy [Policy Text Block]

Concentrations – Major Customers

For the

nine

months ended

June 30, 2017,

approximately

40%

of the revenue accounted for within the Company’s transportation business segment was provided by

three

customers,

one

representing approximately

26%

and the other

two

approximately

7%

each.

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

The preparation of the Company's consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in these consolidated 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 are 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 consolidated 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.

Equity Method Investments [Policy Text Block]

Equity method of accounting – Joint Venture

The Company accounts for its joint venture interest in Bulova Technologies Compliance and Security LLC using the equity method of accounting. The Company’s ownership interest in this joint venture is

30

percent. At

June 30, 2017,

the operations of the joint venture reflect a loss in excess of the Company’s investment. As a result, the amount carried on the balance sheet as of

June 30, 2017,

is

$0.

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

Variable Interest Entities

Through the formation of BT Twiss Transport LLC, the Company is now a

30%

owner in this new joint venture, which was utilized to acquire the

three

transportation services companies described in Note

4.

To accomplish this acquisition, the Company provided approximately

$4.6

million of the financing necessary through the issuance of convertible debt. Through a joint venture operating agreement, the Company has full power to direct the activities most significant to the economic performance of this joint venture. As a result, the Company is the primary beneficiary, and the joint venture has been consolidated in the Company’s consolidated financial statements.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and Cash Equivalents

For purposes of the consolidated 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. At

June 30, 2017

and

September 30, 2016,

the Company has provided an allowance for doubtful accounts of

$0

and

$11,468

respectively.

Inventory, Policy [Policy Text Block]

Inventory

Inventory is stated at the lower of cost (

first

-in,

first

-out) or market. Market is generally considered to be net realizable value. Inventory consisted of items held for resale and materials and supplies for sale and service.

The breakdown of inventory at

June 30, 2017

and

September 30, 2016

is as follows:

	June 30,		September 30,
	2017		2016
Finished goods	$	126,244	$	371,331
Materials and supplies		50,000		50,000
Total inventory of continuing operations	$	176,244	$	421,331

Other Current Assets [Policy Text Block]

Other current assets

Other current assets are comprised of the following at

June 30, 2017

and

September 30, 2016

	June 30, 2017		September 30, 2016
Prepaid expenses and deposits	$	538,855	$	353,203
	$	538,855	$	353,203

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

Fixed Assets

Fixed assets are stated at cost, less accumulated depreciation. Capital lease assets are recognized at the lower of fair value or the present value of future minimum lease payments. Depreciation on assets under capital leases is included in depreciation expense. Depreciation is computed by applying principally the straight-line method to the estimated useful lives of the related assets. Useful lives range from

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. Fixed assets acquired as part of a business acquisition are valued at fair value. 

Fixed assets are comprised of the following at

June 30, 2017

and

September 30, 2016

	June 30,			September 30,
	2017			2016
Funiture, fixtures and equipment		417,464			476,350
Tractors and trailers		9,993,798			9,936,769
Capital lease assets		1,336,243			1,336,243
Vehicle and other		6,725			39,654
		11,754,230			11,789,016
Less accumulated depreciation		(1,873,506	)		(1,043,092	)
Net fixed assets	$	9,880,724		$	10,745,924

Other Assets [Policy Text Block]

Other assets

 

Other assets are comprised of the following at

June 30, 2017

and

September 30, 2016

	June 30,		September 30,
	2017		2016
Advances - Bulova Technologies Compliance & Security	$	162,338	$	85,729
Refundable deposits		24,619		27,486
	$	186,957	$	113,215

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.

Derivatives, Policy [Policy Text Block]

Derivative Financial Instruments

 

The fair value of an embedded conversion option that is convertible into a variable amount of shares that include price protection reset provision features are deemed to be “down-round protection” and, therefore, do

not

meet the scope exception for treatment as a derivative under ASC

815

“Derivatives and Hedging”, since “down-round protection” is

not

an input into the calculation of the fair value of the conversion option and cannot be considered “indexed to the Company’s own stock” which is a requirement for the scope exception as outlined under ASC

815.

The accounting treatment of derivative financial instruments requires that the Company record the embedded conversion option at their fair values as of the inception date of the agreement and at fair value as of each subsequent balance sheet date. Any change in fair value is recorded as non-operating, non-cash income or expense for each reporting period at each balance sheet date. The Company reassesses the classification of its derivative instruments at each balance sheet date. If the classification changes as a result of events during the period, the contract is reclassified as of the date of the event that caused the reclassification.

As a result of entering into convertible credit facilities during the

nine

months ended

June 30, 2017,

for which such instruments contained variable conversion features with

no

floor, the Company has adopted a sequencing policy in accordance with ASC

815

-

40

-

35

-

12

whereby all future instruments

may

be classified as a derivative liability with the exception of instruments related to share-based compensation.

The Black-Scholes option valuation model was used to estimate the fair value of these conversion options. The model includes subjective input assumptions that can materially affect the fair value estimates. The expected volatility is estimated based on the most recent historical period of time equal to the weighted average life of the conversion option. The Company used the following range of Black-Scholes assumptions in arriving at the fair value of this conversion as of

June 30, 2017,

in the amount of

$300,746.

	June 30,
	2017
Expected Life in Years	0.25	to	0.75
Risk-free Interest Rates	0.89%	to	1.03%
Volatility	327.5%	to	342.3%
Dividend Yield		0%

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 Bulova Technologies Ordnance Systems LLC, formerly our government contracting segment as discontinued operations. The application of ASC

205

-

20

is discussed in Note

3

“Discontinued Operations”

Revenue Recognition, Leases [Policy Text Block]

Revenue Recognition

Commercial 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.

Revenue from rental payments received on equipment operating leases is recognized on a straight-line basis over the term of the lease.

The Company recognizes transportation related revenues on the date the shipments are delivered to the customer. Revenue includes transportation revenue, fuel surcharges, loading and unloading activities, equipment detention, and other accessorial services. Revenue is recorded on a gross basis, without deducting

third

party purchased transportation costs, as the Company acts as a principal with substantial risks as primary obligor.

Cost of Sales, Policy [Policy Text Block]

Cost of Revenues

The costs of revenues relative to our Commercial Sales segment include direct materials and labor costs, and indirect labor associated with production and shipping costs.

The cost of revenues relative to our Transportation Services segment include tractor and trailer maintenance and operational costs as well as the costs associated with drivers.

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 incurred advertising expenses of

$7,242

for the

nine

months ended

June 30, 2017

as compared to

$21,165

for the

nine

months ended

June 30, 2016.

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

ASC

740,

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 income (loss) per share utilizes the average market price per share when applying the treasury stock method in determining common stock equivalents. As of

June 30, 2017,

the Company had

$12,970,156

of convertible debt, convertible into

132,128,584

common shares and

140,780,832

vested common stock warrants outstanding, which were

not

included in the calculation of net income per share-diluted because they were anti-dilutive due to current market prices.

New Accounting Pronouncements, Policy [Policy Text Block]

Effect of Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued that we adopt as of the specified effective date. We believe that the impact of recently issued standards that are

not

yet effective

may

have an impact on our results of operations and financial position.

ASU Update

2014

-

09

Revenue from Contracts with Customers

(Topic

606

) issued

May 28, 2014

by FASB and IASB converged guidance on recognizing revenue in contracts with customers on an effective date after

December 31, 2017

will be evaluated as to impact and implemented accordingly.

ASU Update

2014

-

15

Presentation of Financial Statements-Going Concern

(Sub Topic

205

-

40

) issued

August 27, 2014

by FASB defines managements responsibility to evaluate whether there is a substantial doubt about an organizations ability to continue as a going concern. The additional disclosure required is effective after

December 31, 2016

and will be evaluated as to impact and implemented accordingly.

In

April 2015,

the FASB issued ASU

2015

-

03,

Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Cost.

The guidance requires an entity to present debt issuance costs in the balance sheet as a direct reduction from the carrying amount of the debt liability, consistent with debt discounts, rather than as an asset. Amortization of debt issuance costs will continue to be reported as interest expense. Debt issuance costs related to revolving credit arrangements, however, will continue to be presented as an asset and amortized ratably over the term of the arrangement. ASU

2015

-

03

is effective for reporting periods beginning after

December 15, 2015

including interim periods within those annual periods.

In

July 2015,

the FASB issued ASU

2015

-

11,

Inventory,

which simplifies the measurement principle of inventories valued under the First-In, First-Out ("FIFO") or weighted average methods from the lower of cost or market to the lower of cost and net realizable value. ASU

2015

-

1

1

is effective for reporting periods beginning after

December 15, 2016

including interim periods within those annual periods. We do

not

expect the standard to have a material impact on our Consolidated Financial Statements.

In

November 2015,

the FASB issued ASU

2015

-

17,

Balance Sheet Classification of Deferred Taxes,

which requires that

defe1Ted

tax assets and liabilities be classified as non-current on the consolidated balance sheet. ASU

2015

-

17

is effective for annual periods beginning after

December 15, 2016,

including interim periods within those annual periods. Early adoption is permitted as of the beginning of an interim or annual reporting period. Upon adoption, ASU

2015

-

17

may

be applied either prospectively or retrospectively. We do

not

expect the adoption of this guidance to have a material impact on our Consolidated Financial Statements.

In

February 2016,

the FASB issued ASU

No.

2016

-

02,

Leases,

to improve financial reporting about leasing transactions. This ASU will require organizations that lease assets ("lessees") to recognize a lease liability and a right-of-use asset on its balance sheet for all leases with terms of more than

twelve

months. A lease liability is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis and a right-of-use asset represents the lessee's right to use, or control use of, a specified asset for the lease term. The amendments in this ASU simplify the accounting for sale and leaseback transactions primarily because lessees must recognize lease assets and lease liabilities. This ASU leaves the accounting for the organizations that own the assets leased to the lessee ("lessor") largely unchanged except for targeted improvements to align it with the lessee accounting model and Topic

606,

Revenue from Contracts with Customers.

The amendments in ASU

2016

-

02

are effective for fiscal years beginning after

December 15, 2018,

including interim periods within those fiscal years. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would

not

require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors

may

not

apply a full retrospective transition approach. The Company is evaluating the potential impact of ASU

2016

-

02

on its Consolidated Financial Statements.

Going Concern Policy [Policy Text Block]

Going Concern Matters

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements, the Company has sustained substantial losses. These factors, among others, raise substantial doubt that the Company

may

not

be able to continue as a going concern for a reasonable period of time.

The Company’s existence is dependent upon management’s ability to develop profitable operations and resolve its liquidity problems. The accompanying financial statements do

not

include any adjustments that might result should the Company be unable to continue as a going concern.

XML

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

9 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	June 30,		September 30,
	2017		2016
Finished goods	$	126,244	$	371,331
Materials and supplies		50,000		50,000
Total inventory of continuing operations	$	176,244	$	421,331

Schedule of Other Current Assets [Table Text Block]

	June 30, 2017		September 30, 2016
Prepaid expenses and deposits	$	538,855	$	353,203
	$	538,855	$	353,203

Property, Plant and Equipment [Table Text Block]

	June 30,			September 30,
	2017			2016
Funiture, fixtures and equipment		417,464			476,350
Tractors and trailers		9,993,798			9,936,769
Capital lease assets		1,336,243			1,336,243
Vehicle and other		6,725			39,654
		11,754,230			11,789,016
Less accumulated depreciation		(1,873,506	)		(1,043,092	)
Net fixed assets	$	9,880,724		$	10,745,924

Schedule of Other Assets, Noncurrent [Table Text Block]

	June 30,		September 30,
	2017		2016
Advances - Bulova Technologies Compliance & Security	$	162,338	$	85,729
Refundable deposits		24,619		27,486
	$	186,957	$	113,215

Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]

	June 30,
	2017
Expected Life in Years	0.25	to	0.75
Risk-free Interest Rates	0.89%	to	1.03%
Volatility	327.5%	to	342.3%
Dividend Yield		0%

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Note 3 - Discontinued Operations (Tables)

9 Months Ended

Jun. 30, 2017

Notes Tables

Disposal Groups, Including Discontinued Operations [Table Text Block]

	Three Months Ended June 30,					Nine Months Ended June 30,
	2017		2016			2017			2016
Revenue	$	-	$	-		$	-		$	-
Cost of Sales		-		-			-			-
Gross profit		-		-			-			-
Operating expenses and interest		-		(22,409	)		(33,385	)		(492,971	)
Other income (expense)		-		-			-			-
Income (loss) from operations		-		(22,409	)		(33,385	)		(492,971	)
Gain on deconsolidation of subsidiary		-		-			10,796,400			-
Income tax benefit		-		-			-			-
Income (loss) from discontinued operations, net of tax	$	-	$	(22,409	)	$	10,763,015		$	(492,971	)

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

	June 30,		September 30,
	2017		2016
Cash	$	-	$	-
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	$	-	$	462
Current portion of long-term debt		-		1,111,500
Provision for loss on disposal of business segment		-		-
Total current liabilities from discontinued operations		-		1,111,962
Deferred revenue - contract dispute		-		10,800,000
Total liabilities from discontinued operations	$	-	$	11,911,962

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Note 4 - Business Combination - Variable Interest Entity and Intangibles (Tables)

9 Months Ended

Jun. 30, 2017

Notes Tables

Business Combination, Consideration Transferred [Table Text Block]

Cash consideration	$	5,166,155
Convertible promissory note		4,666,155
3,000,000 restricted common shares		157,500
Warrants to purchase 500,000 common shares		26,250
Total purchase price	$	10,016,060

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Total Purchase Price	$	10,016,060
Fair Value of Assets and Liabilities
Cash	$	196,229
Accounts receivable		1,671,342
Inventory		50,000
Prepaid expenses and other assets		216,905
Property and equipment		11,001,267
Other assets		23,648
Less current liabilities assumed		(1,326,652	)
Less long-term debt assumed		(6,606,451	)
		5,226,288
Calculated Goodwill	$	4,789,772

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Note 6 - Long Term Debt (Tables)

9 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Debt [Table Text Block]

	June 30, 2017			September 30, 2016
Note payable to Keehan Trust Funding, LLC as amended on February 16, 2016 in the amount of $1,600,000. This note is secured by the assignment of potential proceeds from a claim against a terminated government contract with a value in excess of $4,700,000.		1,051,500			1,111,500
Note payable to Ford Credit dated October 1, 2014 in the amount of $32,929 payable in 48 monthly installments of $744, secured by a vehicle		-			17,187
Capital lease obligation dated July 16, 2015, bearing interest at 8%, payable at 3,355 monthly with a final payment due June 16, 2020, secured by equipment.		108,027			131,495
Various notes payable to EIN CAP in various amounts with no stipulated interest rate, and various maturity dates, unsecured, totaling $142,100 net of discount of $32,375 and $102,335 net of discount of $29,975 respectively.		109,725			72,360
Various notes payable to Complete Business Solutions in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $3,724,202 net of discount of $776,868 and $1,173,521 net of discount of $185,046 respectively		2,947,334			988,475
Various notes payable to Yellowstone Capital in various amounts with no stipulated interest rate, and various maturity dates, unsecured, totaling $641,945 net of discount of $174,338 and $212,382 net of discount of $66,944 respectively/		467,607			145,438
Note payable to Sunshine Bank dated January 28, 2016 as a revolving credit line, bearing interest at Prime plus 1%, with a maturity of January 31, 2021, secured by the assets of BT Twiss Transport LLC.		2,000,000			1,163,853
Note payable to Sunshine Bank dated January 28, 2016 in the amount of $2,000,000, bearing interest at 4.75%, with a maturity date of January 31, 2021, net of unamortized loan costs of $31,813 and $38,472 respectively, secured by the assets of BT-Twiss Transport, LLC.		1,639,045			1,820,594
Various notes payable to Power Up Lending Group, LTD in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $328,361 net of discount of $67,455 and $454,752 net of discount of $89,601 respectively		260,906			365,151
Financing agreements for the purchase of insurance through Bank Direct payable in monthly installments		302,577			21,500
Note payable to Sunshine Bank dated September 30, 2016 as a revolving credit line, bearing interest at Prime plus 1%, with a maturity of January 31, 2021, secured by the assets of Twiss Transport, Inc. net of unamortized loan costs of $46,095 and $54,769 respectively.		4,630,607			6,408,431
Various equipment financing contracts for Transport Tractors and Trailers, with various terms and interest rates, secured by equipment		2,018,116			409,820
Various capital lease obligations for Transport Tractors, with various payment terms, secured by equipment		802,135			1,087,613
Various notes payable to Ace Funding in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $400,250 net of discount of $114,593.		285,657			-
Note payable to RAM Capital, with no stipulated interest rate, unsecured, totaling $185,658 net of discount of $57,644.		128,014			-
Note payable to Caymus Funding, Inc., with no stipulated interest rate, unsecured, totaling $209,000 net of discount of $31,910.		177,090			-
Note payable to New Era Lending, LLC, with no stipulated interest rate, unsecured, totaling $326,250 net of discount of $101,250.		225,000			-
Two promissory notes payable to LiftForward, Inc., each in the amount of $510,000, each payable in twenty-four monthly installments of $25,997.23, with a maturity date of January 28, 2019, net of unamortized loan costs of $40,771		798,989			-
Convertible promissory note payable to Power Up Lending Group LTD, bearing interest at 8% per annum, with a maturity date of October 28, 2017, in the amount of $53,000 net of discount of $17,666.		35,334			-
Convertible promissory note payable to Power Up Lending Group LTD, bearing interest at 12% per annum, with a maturity date of October 28, 2017. In the amount of $78,590, net of discount of $69,858.		8,732			-
Note payable to Fast Advance Funding with no stipulated interest rate, unsecured, totaling $327,500 net of discount of $77,500.		250,000			-
Note payable to Nexgen Capital LLC with no stipulated interest rate, unsecured, totaling $122,080 net of discount of $35,920.		86,160			-
Note payable to Queen Funding LLC with no stipulated interest rate, unsecured, totaling $274,641 net of discount of $80,802.		193,839			-
Note payable to Allianz with no stipulated interest rate, unsecured.		6,767			-
		18,533,161			13,743,417
Less current portion pertaining to continuing operations		(11,531,457	)		(4,553,201	)
Less current portion pertaining to discontinued operations		-			(1,111,500	)
Less long term portion associated with discontinued operations		-			-
	$	7,001,704		$	8,078,716

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

Period ended June 30,
2018	$	11,531,457
2019		2,111,107
2020		1,874,791
2021		2,463,059
2022		552,747
Thereafter		-
	$	18,533,161

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Note 7 - Notes Payable - Related Parties (Tables)

9 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Debt [Table Text Block]

	June 30, 2017			September 30, 2016
Note payable to Keehan Trust Funding, LLC as amended on February 16, 2016 in the amount of $1,600,000. This note is secured by the assignment of potential proceeds from a claim against a terminated government contract with a value in excess of $4,700,000.		1,051,500			1,111,500
Note payable to Ford Credit dated October 1, 2014 in the amount of $32,929 payable in 48 monthly installments of $744, secured by a vehicle		-			17,187
Capital lease obligation dated July 16, 2015, bearing interest at 8%, payable at 3,355 monthly with a final payment due June 16, 2020, secured by equipment.		108,027			131,495
Various notes payable to EIN CAP in various amounts with no stipulated interest rate, and various maturity dates, unsecured, totaling $142,100 net of discount of $32,375 and $102,335 net of discount of $29,975 respectively.		109,725			72,360
Various notes payable to Complete Business Solutions in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $3,724,202 net of discount of $776,868 and $1,173,521 net of discount of $185,046 respectively		2,947,334			988,475
Various notes payable to Yellowstone Capital in various amounts with no stipulated interest rate, and various maturity dates, unsecured, totaling $641,945 net of discount of $174,338 and $212,382 net of discount of $66,944 respectively/		467,607			145,438
Note payable to Sunshine Bank dated January 28, 2016 as a revolving credit line, bearing interest at Prime plus 1%, with a maturity of January 31, 2021, secured by the assets of BT Twiss Transport LLC.		2,000,000			1,163,853
Note payable to Sunshine Bank dated January 28, 2016 in the amount of $2,000,000, bearing interest at 4.75%, with a maturity date of January 31, 2021, net of unamortized loan costs of $31,813 and $38,472 respectively, secured by the assets of BT-Twiss Transport, LLC.		1,639,045			1,820,594
Various notes payable to Power Up Lending Group, LTD in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $328,361 net of discount of $67,455 and $454,752 net of discount of $89,601 respectively		260,906			365,151
Financing agreements for the purchase of insurance through Bank Direct payable in monthly installments		302,577			21,500
Note payable to Sunshine Bank dated September 30, 2016 as a revolving credit line, bearing interest at Prime plus 1%, with a maturity of January 31, 2021, secured by the assets of Twiss Transport, Inc. net of unamortized loan costs of $46,095 and $54,769 respectively.		4,630,607			6,408,431
Various equipment financing contracts for Transport Tractors and Trailers, with various terms and interest rates, secured by equipment		2,018,116			409,820
Various capital lease obligations for Transport Tractors, with various payment terms, secured by equipment		802,135			1,087,613
Various notes payable to Ace Funding in various amounts, with no stipulated interest rate, and various maturity dates, unsecured, totaling $400,250 net of discount of $114,593.		285,657			-
Note payable to RAM Capital, with no stipulated interest rate, unsecured, totaling $185,658 net of discount of $57,644.		128,014			-
Note payable to Caymus Funding, Inc., with no stipulated interest rate, unsecured, totaling $209,000 net of discount of $31,910.		177,090			-
Note payable to New Era Lending, LLC, with no stipulated interest rate, unsecured, totaling $326,250 net of discount of $101,250.		225,000			-
Two promissory notes payable to LiftForward, Inc., each in the amount of $510,000, each payable in twenty-four monthly installments of $25,997.23, with a maturity date of January 28, 2019, net of unamortized loan costs of $40,771		798,989			-
Convertible promissory note payable to Power Up Lending Group LTD, bearing interest at 8% per annum, with a maturity date of October 28, 2017, in the amount of $53,000 net of discount of $17,666.		35,334			-
Convertible promissory note payable to Power Up Lending Group LTD, bearing interest at 12% per annum, with a maturity date of October 28, 2017. In the amount of $78,590, net of discount of $69,858.		8,732			-
Note payable to Fast Advance Funding with no stipulated interest rate, unsecured, totaling $327,500 net of discount of $77,500.		250,000			-
Note payable to Nexgen Capital LLC with no stipulated interest rate, unsecured, totaling $122,080 net of discount of $35,920.		86,160			-
Note payable to Queen Funding LLC with no stipulated interest rate, unsecured, totaling $274,641 net of discount of $80,802.		193,839			-
Note payable to Allianz with no stipulated interest rate, unsecured.		6,767			-
		18,533,161			13,743,417
Less current portion pertaining to continuing operations		(11,531,457	)		(4,553,201	)
Less current portion pertaining to discontinued operations		-			(1,111,500	)
Less long term portion associated with discontinued operations		-			-
	$	7,001,704		$	8,078,716

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

Period ended June 30,
2018	$	11,531,457
2019		2,111,107
2020		1,874,791
2021		2,463,059
2022		552,747
Thereafter		-
	$	18,533,161

Affiliated Entity [Member]

Notes Tables

Schedule of Debt [Table Text Block]

	June 30, 2017		September 30, 2016
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to NFC III LLC bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		1,356,819		1,356,819
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to SIII Associates Limited Partnership bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		1,341,755		1,341,755
Promissory note as of September 30, 2014, exchanged on January 1, 2015 for a Convertible promissory note payable to SIII Associates Limited Partnership bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		100,000		100,000
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to SV Associates Limited Partnership bearing interest at 8%. These notes mature and all principal and interest is due and payable on September 15, 2017 for $3,500 and the balance of $116,000 on March 31, 2020		119,500		119,500
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Craigmore Machinery Company bearing interest at 8%. These notes mature and all principal and interest is due and payable on September 15, 2017 for $155,000 and the balance of $403,712 on March 31, 2020		558,712		556,212
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Gary Shapiro bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		205,000		205,000
Promissory note payable to Craigmore DB Plan dated November 9, 2015 bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		186,000		165,000
Promissory note as of September 30, 2014, exchanged on January 1, 2015 for a Convertible promissory note payable to Tropico Equity Partners LLC bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		68,161		68,161
Convertible promissory note payable to Tropico Management LP bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		10,606		10,606
Convertible promissory notes payable to SF NextGen bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		192,000		180,000
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Banyan Capital Finance bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		23,000		23,000
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Colleen Stacy Shapiro 2007 Trust bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		160,000		160,000
Convertible promissory note payable to Colleen Stacy Shapiro 2007 Trust bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31, 2020		20,000		20,000
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Rachel E Shapiro Trust bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		51,500		51,500
Various promissory notes as of September 30, 2014, exchanged on January 1, 2015 for Convertible promissory notes payable to Shapiro Family D1 Trust bearing interest at 8%. These notes mature and all principal and interest is due and payable on March 31, 2020		180,000		150,000
Promissory note as of September 30, 2014, exchanged on January 1, 2015 for a Convertible Promissory Note payable to The Shapiro Family D1 Trust dated bearing interest at 8%. This note matures and all principal and interest is due and payable on March 31,2020		400,000		400,000
Convertible promissory note dated February 6, 2015 in the original amount of $4,000,000 bearing interest at 7%, interest payable quarterly, with a maturity date of February 5, 2021, net of discount of $465,833 and $563,333 respectively		2,919,525		2,834,294
Convertible promissory note dated January 28, 2016 in the amount of $4,666,155 bearing interest at 5%, interest payable quarterly, convertible at $.10 per share, with a maturity date of January 28, 2020.		4,666,155		4,666,155
Promissory note dated January 28, 2016 in the amount of $2,400,000 bearing interest at 4.24% with a maturity date of January 29, 2021, net of unamortized loan costs of $25,145 and $30,408 respectively.		2,242,206		2,282,746
Promissory note dated February 3, 2011 in the amount of $229,755 bearing interest at 8% payable on demand		8,720		34,423
Promissory note dated April 26, 2016 in the amount of $400,000 bearing interest 5%, with a maturity date of April 26, 2018, unsecured.		400,000		400,000
Short term advance in the amount of $150,000, non-interest bearing, payable on demand. This advance was paid in full on October 5, 2016		-		150,000
Promissory note dated May 12, 2017 in the amount of $630,000 bearing interest 10%, with a maturity date of May 12, 2018, unsecured.		575,357		-
		15,785,016		15,275,171
Less current portion pertaining to continuing operations		848,889		412,720
Less current portion pertaining to discontinued operations		-		-
Less long term portion associated with discontinued operations		-		-
	$	14,936,127	$	14,862,451

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

Period ended June 30,
2018	$	848,889
2019		479,914
2020		4,868,226
2021		9,587,987
2022		-
Thereafter		-
	$	15,785,016

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Note 8 - Income Taxes (Tables)

9 Months Ended

Jun. 30, 2017

Notes Tables

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

Continuing Operations	6/30/2017			9/30/2016
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	%

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Note 9 - Segment Reporting (Tables)

9 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Commercial Sales			Transportation			Total
Revenue	$	1,215,580		$	17,778,523		$	18,994,103
Cost of Sales		1,256,387			13,075,656			14,332,043
Gross profit		(40,807	)		4,702,867			4,662,060
Selling, general and administrative expenses		458,192			3,661,473			4,119,665
Depreciation and interest expenses		140,750			1,908,611			2,049,361
Loss from operations		(639,749	)		(867,217	)		(1,506,966	)
Other income (expense)		(5,756	)		(37,375	)		(43,131	)
Net loss	$	(645,505	)	$	(904,592	)	$	(1,550,097	)
Total Assets	$	441,655		$	12,403,303		$	12,844,958
Reconciliation of Segment Amounts Reported to Consolidated Amounts
Total revenues for reportable segments							$	18,994,103
Unallocated amounts relating to corporate operations								-
Total consolidated revenue							$	18,994,103
Net loss
Total loss for reportable segments							$	(1,550,097	)
Unallocated amounts relating to corporate operations
Selling, general and administrative expenses								(1,428,974	)
Stock based compensation								(3,100	)
Income from discontinued operations and deconsolidation of subsidiary								10,763,015
Change in fair value of derivative liability								100,382
Depreciation and interest expense								(4,856,404	)
Total consolidated net loss							$	3,024,822
Assets
Total assets for reportable segments							$	12,844,958
Goodwill								4,789,772
Corporate investments and other assets								685,996
Total consolidated assets							$	18,320,726

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Note 10 - Commitments and Contingencies (Tables)

9 Months Ended

Jun. 30, 2017

Notes Tables

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

Period ended June 30,
2018	$	1,410,729
2019		1,442,250
2020		1,474,718
2021		360,000
2022		360,000
Thereafter		4,898,000
	$	9,945,697

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Note 12 - Stockholders' Equity (Tables)

9 Months Ended

Jun. 30, 2017

Notes Tables

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)		Aggregate Intrinsic Value
Warrants Outstanding - October 1, 2016		140,780,832	$	0.04		7.8	$	-
Granted / Vested		-
Exercised		-
Forfeited/expired/cancelled		-
Warrants Outstanding – June 30, 2017		140,780,832	$	0.04		7.3	$	-
Outstanding Exercisable – October 1, 2016		140,780,832	$	0.04		7.8	$	-
Outstanding Exercisable – June 30, 2017		140,780,832	$	0.04		7.3	$	-

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Note 1 - Description of Business (Details Textual) - USD ($)		9 Months Ended
	Jan. 28, 2016	Jun. 30, 2017
BT-Twiss Transport LLC [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	30.00%	30.00%
Twiss Acquisition [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Twiss Acquisition [Member] | Convertible Debt [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	$ 4,666,155

XML

Note 2 - Principles of Consolidation and Basis of Presentation (Details Textual)		9 Months Ended
	Jan. 28, 2016 USD ($) ft²	Jun. 30, 2017 USD ($) shares	Jun. 30, 2016 USD ($)	Sep. 30, 2016 USD ($)
Allowance for Doubtful Accounts Receivable		$ 0		$ 11,468
Derivative Liability		300,746
Advertising Expense		7,242	$ 21,165
Convertible Debt		$ 12,970,156
Debt Instrument, Convertible, Number of Equity Instruments		132,128,584
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares		140,780,832
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life		5 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life		10 years
BT-Twiss Transport LLC [Member] | Convertible Debt [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	$ 4,600,000
Customer Concentration Risk [Member] | Sales Revenue, Segment [Member] | Transportation Segment [Member]
Concentration Risk, Percentage		40.00%
Customer Concentration Risk [Member] | Sales Revenue, Segment [Member] | Transportation Segment [Member] | First Major Customer [Member]
Concentration Risk, Percentage		26.00%
Customer Concentration Risk [Member] | Sales Revenue, Segment [Member] | Transportation Segment [Member] | Second and Third Major Customer [Member]
Concentration Risk, Percentage		7.00%
Twiss Cold Storage, Inc. [Member]
Area of Storage Facility | ft²	132,055
BT-Twiss Transport LLC [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	30.00%	30.00%
Bulova Techonologies Compliance and Security LLC [Member]
Equity Method Investment, Ownership Percentage		30.00%
Equity Method Investments		$ 0

XML

Note 2 - Principles of Consolidation and Basis of Presentation - Inventory (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Finished goods	$ 126,244	$ 371,331
Materials and supplies	50,000	50,000
Total inventory of continuing operations	$ 176,244	$ 421,331

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Note 2 - Principles of Consolidation and Basis of Presentation - Other Current Assets (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Prepaid expenses and deposits	$ 538,855	$ 353,203
	$ 538,855	$ 353,203

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Note 2 - Principles of Consolidation and Basis of Presentation - Property, Plant and Equipment (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Property, plant and equipment, gross	$ 11,754,230	$ 11,789,016
Less accumulated depreciation	(1,873,506)	(1,043,092)
Net fixed assets	9,880,724	10,745,924
Furniture and Fixtures [Member]
Property, plant and equipment, gross	417,464	476,350
Trucks [Member]
Property, plant and equipment, gross	9,993,798	9,936,769
Assets Held under Capital Leases [Member]
Property, plant and equipment, gross	1,336,243	1,336,243
Automobiles [Member]
Property, plant and equipment, gross	$ 6,725	$ 39,654

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Note 2 - Principles of Consolidation and Basis of Presentation - Other Assets (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Advances - Bulova Technologies Compliance & Security	$ 162,338	$ 85,729
Refundable deposits	24,619	27,486
	$ 186,957	$ 113,215

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Note 2 - Principles of Consolidation and Basis of Presentation - Fair Value Assumption of Derivative Liabilities (Details) - Derivative Financial Instruments, Liabilities [Member]	9 Months Ended
	Jun. 30, 2017
Dividend Yield	0.00%
Minimum [Member]
Expected Life in Years (Year)	91 days
Risk-free Interest Rates	0.89%
Volatility	327.50%
Dividend Yield
Maximum [Member]
Expected Life in Years (Year)	273 days
Risk-free Interest Rates	1.03%
Volatility	342.30%
Dividend Yield

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Note 3 - Discontinued Operations - Operating Results For Discontinued Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income (loss) from discontinued operations, net of tax			$ 10,796,400
Bulova Technologies Ordnance Systems LLC [Member]
Revenue
Cost of Sales
Gross profit
Operating expenses and interest		(22,409)	(33,385)	(492,971)
Other income (expense)
Income (loss) from operations		(22,409)	(33,385)	(492,971)
Gain on deconsolidation of subsidiary			10,796,400
Income tax benefit
Income (loss) from discontinued operations, net of tax		$ (22,409)	$ 10,763,015	$ (492,971)

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Note 3 - Discontinued Operations - Assets and Liabilities of Discontinued Operations (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Total current assets from discontinued operations
Current portion of long-term debt		(1,111,500)
Total current liabilities from discontinued operations		1,111,962
Bulova Technologies Ordnance Systems LLC [Member]
Cash
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		462
Current portion of long-term debt		(1,111,500)
Total current liabilities from discontinued operations		1,111,962
Deferred revenue - contract dispute		10,800,000
Total liabilities from discontinued operations		$ 11,911,962

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Note 4 - Business Combination - Variable Interest Entity and Intangibles (Details Textual) - USD ($)	Jan. 28, 2016	Jun. 30, 2017	Sep. 30, 2016
Goodwill		$ 4,789,772	$ 4,789,772
Twiss Acquisition [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Goodwill	$ 4,789,772	$ 4,789,772
Twiss Acquisition [Member] | Convertible Debt [Member]
Business Combination, Consideration Transferred, Liabilities Incurred	$ 4,666,155

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Note 4 - Business Combination - Variable Interest Entity and Intangibles - Consideration Transferred (Details) - USD ($)		9 Months Ended
	Jan. 28, 2016	Jun. 30, 2017	Jun. 30, 2016
Cash consideration			$ 5,166,155
Twiss Acquisition [Member]
Cash consideration	$ 5,166,155
Total purchase price	10,016,060
Twiss Acquisition [Member] | Restricted Common Shares [Member]
3,000,000 restricted common shares	157,500
Twiss Acquisition [Member] | Common Shares Warrants [Member]
Consideration issued and issuable	26,250
Twiss Acquisition [Member] | Convertible Debt [Member]
Convertible promissory note	$ 4,666,155

XML

Note 4 - Business Combination - Variable Interest Entity and Intangibles - Consideration Transferred (Details) (Parentheticals) - Twiss Acquisition [Member]	Jan. 28, 2016 shares
Restricted Common Shares [Member]
Restricted common shares (in shares)	3,000,000
Common Shares Warrants [Member]
Restricted common shares (in shares)	500,000

XML

Note 4 - Business Combination - Variable Interest Entity and Intangibles - Assets Acquired and Liabilities Assumed (Details) - USD ($)	Jan. 28, 2016	Jun. 30, 2017	Sep. 30, 2016
Fair Value of Assets and Liabilities
Calculated Goodwill		$ 4,789,772	$ 4,789,772
Twiss Acquisition [Member]
Total purchase price	$ 10,016,060
Fair Value of Assets and Liabilities
Cash	196,229
Accounts receivable	1,671,342
Inventory	50,000
Prepaid expenses and other assets	216,905
Property and equipment	11,001,267
Other assets	23,648
Less current liabilities assumed	(1,326,652)
Less long-term debt assumed	(6,606,451)
	5,226,288
Calculated Goodwill	$ 4,789,772	$ 4,789,772

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Note 5 - Contract Dispute - Discontinued Operations (Details Textual) - USD ($)	Mar. 29, 2016	Jun. 30, 2017	Mar. 29, 2017	Sep. 30, 2016
Disposal Group, Including Discontinued Operation, Liabilities, Current				$ 1,111,962
Bulova Technologies Ordnance Systems LLC [Member]
Ownership Interest, Percentage Sold	100.00%
Contract Performance Dispute [Member] | Bulova Technologies Ordnance Systems LLC [Member]
Disposal Group, Including Discontinued Operation, Liabilities, Current			$ 10,800,000	$ 10,800,000

XML

Note 6 - Long Term Debt - Long Term Debt (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Note payable	$ 18,533,161	$ 13,743,417
Less current portion pertaining to continuing operations	(11,531,457)	(4,553,201)
Less current portion pertaining to discontinued operations		(1,111,500)
Less long term portion associated with discontinued operations
	7,001,704	8,078,716
Note Payable to Keehan Trust Funding, LLC, Dated February 16, 2016 [Member]
Note payable	1,051,500	1,111,500
Note Payable to Ford Credit Dated October 1, 2014 [Member]
Note payable		17,187
Capital Lease Obligations [Member]
Note payable	108,027	131,495
Note Payable to EIN CAP [Member]
Note payable	109,725	72,360
Notes Payable to Complete Business Solutions [Member]
Note payable	2,947,334	988,475
Note Payable to Yellowstone Capital [Member]
Note payable	467,607	145,438
Note Payable to Sunshine Bank, Dated January 28, 2016 [Member]
Note payable	2,000,000	1,163,853
Note Payable to Sunshine Bank, Dated January 28, 2016 1 [Member]
Note payable	1,639,045	1,820,594
Notes Payable to Power Up Lending Group, LTD [Member]
Note payable	260,906	365,151
First Financing Agreement for the Purchase of Insurance Through Bank Direct [Member]
Note payable	302,577	21,500
Note Payable to Sunshine Bank, Dated September 30, 2016 [Member]
Note payable	4,630,607	6,408,431
First Various Equipment Financing Contracts for Transport Tractors [Member]
Note payable	2,018,116	409,820
Various Capital lease Obligations for Transport Tractors [Member]
Note payable	802,135	1,087,613
Various Notes Payable to Ace Funding [Member]
Note payable	285,657
Note Payable to RAM Capital [Member]
Note payable	128,014
Note Payable to Caymus Funding [Member]
Note payable	177,090
Note Payable to New Era [Member]
Note payable	225,000
Two Promissory Notes Payable to LiftForward [Member]
Note payable	798,989
Convertible Promissory Note Payable to Power Up Lending Group [Member]
Note payable	35,334
Convertible Promissory Note Payable to Power Up Lending Group 2 [Member]
Note payable	8,732
Note Payable to Fast Advance Funding [Member]
Note payable	250,000
Note Payable to Nexgen Capital [Member]
Note payable	86,160
Note Payable to Queen Funding [Member]
Note payable	193,839
Note Payable to Allianz [Member]
Note payable	$ 6,767

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Note 6 - Long Term Debt - Long Term Debt (Details) (Parentheticals)	9 Months Ended	12 Months Ended
	Jun. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)
Note Payable to Keehan Trust Funding, LLC, Dated February 16, 2016 [Member]
Collateral	$ 4,700,000	$ 4,700,000
Debt instrument, face amount	$ 1,600,000	$ 1,600,000
Note Payable to Ford Credit Dated October 1, 2014 [Member]
Number of payments		48
Principal payments		$ 744
Debt instrument, face amount		$ 32,929
Capital Lease Obligations [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Principal payments	$ 3,355	$ 3,355
Note Payable to EIN CAP [Member]
Debt instrument, discount	$ 32,375	$ 29,975
Debt instrument, interest rate, stated percentage	0.00%	0.00%
Debt instrument, face amount	$ 142,100	$ 102,335
Notes Payable to Complete Business Solutions [Member]
Debt instrument, discount	$ 776,868	$ 185,046
Debt instrument, interest rate, stated percentage	0.00%	0.00%
Debt instrument, face amount	$ 3,724,202	$ 1,173,521
Note Payable to Yellowstone Capital [Member]
Debt instrument, discount	$ 174,338	$ 66,944
Debt instrument, interest rate, stated percentage	0.00%	0.00%
Debt instrument, face amount	$ 641,945	$ 212,382
Note Payable to Sunshine Bank, Dated January 28, 2016 [Member] | Prime Rate [Member]
Debt instrument, basis spread on variable rate	1.00%	1.00%
Note Payable to Sunshine Bank, Dated January 28, 2016 1 [Member]
Debt instrument, interest rate, stated percentage	4.75%	4.75%
Debt issuance costs, net	$ 31,813	$ 38,472
Debt instrument, face amount	2,000,000	2,000,000
Notes Payable to Power Up Lending Group, LTD [Member]
Debt instrument, discount	67,455	89,601
Debt instrument, face amount	328,361	454,752
Note Payable to Sunshine Bank, Dated September 30, 2016 [Member]
Debt issuance costs, net	$ 46,095	$ 54,769
Note Payable to Sunshine Bank, Dated September 30, 2016 [Member] | Prime Rate [Member]
Debt instrument, basis spread on variable rate	1.00%	1.00%
Various Notes Payable to Ace Funding [Member]
Debt instrument, discount	$ 114,593
Debt instrument, interest rate, stated percentage
Debt instrument, face amount	400,250
Note Payable to RAM Capital [Member]
Debt instrument, discount	57,644
Debt instrument, interest rate, stated percentage
Debt instrument, face amount	185,685
Note Payable to Caymus Funding [Member]
Debt instrument, discount	31,910
Debt instrument, interest rate, stated percentage
Debt instrument, face amount	209,000
Note Payable to New Era [Member]
Debt instrument, discount	101,250
Debt instrument, interest rate, stated percentage
Debt instrument, face amount	326,250
Promissory Note Payable to LiftForward 1 [Member]
Debt instrument, face amount	510,000
Promissory Note Payable to LiftForward 2 [Member]
Debt instrument, face amount	$ 510,000
Two Promissory Notes Payable to LiftForward [Member]
Number of payments	24
Principal payments	$ 25,997.23
Debt issuance costs, net	40,771
Convertible Promissory Note Payable to Power Up Lending Group [Member]
Debt instrument, discount	$ 17,666
Debt instrument, interest rate, stated percentage	8.00%
Debt instrument, face amount	$ 53,000
Convertible Promissory Note Payable to Power Up Lending Group 2 [Member]
Debt instrument, discount	$ 69,858
Debt instrument, interest rate, stated percentage	12.00%
Debt instrument, face amount	$ 78,590
Note Payable to Fast Advance Funding [Member]
Debt instrument, discount	77,500
Debt instrument, face amount	327,500
Note Payable to Nexgen Capital [Member]
Debt instrument, discount	35,920
Debt instrument, face amount	122,080
Note Payable to Queen Funding [Member]
Debt instrument, discount	80,802
Debt instrument, face amount	$ 274,641
Note Payable to Allianz [Member]
Debt instrument, interest rate, stated percentage

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Note 6 - Long Term Debt - Principal Maturities of Long Term Debt (Details)	Jun. 30, 2017 USD ($)
2018	$ 11,531,457
2019	2,111,107
2020	1,874,791
2021	2,463,059
2022	552,747
Thereafter
	$ 18,533,161

XML

Note 7 - Notes Payable - Related Parties (Details Textual) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Accrued Expenses - Related Party [Member]
Interest Payable, Current	$ 1,378,416	$ 1,137,163

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Note 7 - Notes Payable - Related Parties - Related Party Debt (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Less current portion pertaining to continuing operations	$ 848,889	$ 412,720
	14,936,127	14,862,451
Affiliated Entity [Member]
Note payable	15,785,016	15,275,171
Affiliated Entity [Member] | Note Payable to NFC III LLC [Member]
Note payable	1,356,819	1,356,819
Affiliated Entity [Member] | Note Payable to SIII Associates Limited Partnership Dated November 8, 2013 [Member]
Note payable	1,341,755	1,341,755
Affiliated Entity [Member] | Still Associates Limited Partnership [Member]
Note payable	100,000	100,000
Affiliated Entity [Member] | Note Payable to SV Associates Limited Partnership Dated January 9, 2014 [Member]
Note payable	119,500	119,500
Affiliated Entity [Member] | Note Payable to Craigmore Machinery Company Dated August 12, 2014 [Member]
Note payable	558,712	556,212
Affiliated Entity [Member] | Promissory Notes Payable to Gary Shapiro [Member]
Note payable	205,000	205,000
Affiliated Entity [Member] | Note Payable to Craigmore DB Dated November 9, 2015 [Member]
Note payable	186,000	165,000
Affiliated Entity [Member] | Note Payable to Tropico Equity Partners LLC Dated February 3, 2014 [Member]
Note payable	68,161	68,161
Affiliated Entity [Member] | Note Payable to Tropico Management LP Dated Oct 31 2014 [Member]
Note payable	10,606	10,606
Affiliated Entity [Member] | Promissory Notes Payable to SF Next Gen [Member]
Note payable	192,000	180,000
Affiliated Entity [Member] | Note Payable to Banyan Capital Finance Dated March 12, 2014 [Member]
Note payable	23,000	23,000
Affiliated Entity [Member] | Note Payable to Colleen Stacy Shapiro 2007 Trust April 23, 2014 [Member]
Note payable	160,000	160,000
Affiliated Entity [Member] | Colleen Stacy Shaprio 2007 Trust Dated November 4, 2014 [Member]
Note payable	20,000	20,000
Affiliated Entity [Member] | Note Payable to Rachel E Shapiro Trust Dated February 14, 2014 [Member]
Note payable	51,500	51,500
Affiliated Entity [Member] | Note Payable to Shapiro Family Trust Dated July 10, 2013 [Member]
Note payable	180,000	150,000
Affiliated Entity [Member] | Subordinated Promissory Note Payable to The Shapiro Family D1 Trust April 29, 2014 [Member]
Note payable	400,000	400,000
Affiliated Entity [Member] | Convertible Promissory Note Dated February 6, 2015 [Member]
Note payable	2,919,525	2,834,294
Affiliated Entity [Member] | Convertible Promissory Note Dated January 28, 2016 [Member]
Note payable	4,666,155	4,666,155
Affiliated Entity [Member] | Promissory Note Dated January 28, 2016 [Member]
Note payable	2,242,206	2,282,746
Affiliated Entity [Member] | Promissory Note Dated February 3, 2011 [Member]
Note payable	8,720	34,423
Affiliated Entity [Member] | Promissory Note Dated April 26, 2016 [Member]
Note payable	400,000	400,000
Affiliated Entity [Member] | Short-term Advance [Member]
Note payable		150,000
Affiliated Entity [Member] | Promissory Note Dated May 12, 2017 [Member]
Note payable	$ 575,357

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Note 7 - Notes Payable - Related Parties - Related Party Debt (Details) (Parentheticals) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Colleen Stacy Shaprio 2007 Trust Dated November 4, 2014 [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Note Payable to Rachel E Shapiro Trust Dated February 14, 2014 [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Note Payable to Shapiro Family Trust Dated July 10, 2013 [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Subordinated Promissory Note Payable to The Shapiro Family D1 Trust April 29, 2014 [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Convertible Promissory Note Dated February 6, 2015 [Member]
Debt instrument, interest rate, stated percentage	7.00%	7.00%
Debt instrument, discount	$ 465,833	$ 563,333
Debt instrument, face amount	$ 4,000,000	$ 4,000,000
Convertible Promissory Note Dated January 28, 2016 [Member]
Debt instrument, interest rate, stated percentage	5.00%	5.00%
Debt instrument, conversion price (in dollars per share)	$ 0.10	$ 0.10
Debt instrument, face amount	$ 4,666,155	$ 4,666,155
Promissory Note Dated January 28, 2016 [Member]
Debt instrument, interest rate, stated percentage	4.24%	4.24%
Debt issuance costs, net	$ 25,145	$ 30,408
Debt instrument, face amount	$ 2,400,000	$ 2,400,000
Promissory Note Dated February 3, 2011 [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Debt instrument, face amount	$ 229,755	$ 229,755
Promissory Note Dated April 26, 2016 [Member]
Debt instrument, interest rate, stated percentage	5.00%	5.00%
Debt instrument, face amount	$ 400,000	$ 400,000
Short-term Advance [Member]
Debt instrument, face amount		$ 150,000
Promissory Note Dated May 12, 2017 [Member]
Debt instrument, interest rate, stated percentage	10.00%
Debt instrument, face amount	$ 630,000
Affiliated Entity [Member] | Note Payable to NFC III LLC [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Affiliated Entity [Member] | Note Payable to SIII Associates Limited Partnership Dated November 8, 2013 [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Affiliated Entity [Member] | Still Associates Limited Partnership [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Affiliated Entity [Member] | Note Payable to SV Associates Limited Partnership Dated January 9, 2014 [Member]
Balloon payment	$ 116,000	$ 116,000
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Debt instrument, face amount	$ 3,500	$ 3,500
Affiliated Entity [Member] | Note Payable to Craigmore Machinery Company Dated August 12, 2014 [Member]
Balloon payment	$ 403,712	$ 403,712
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Debt instrument, face amount	$ 155,000	$ 155,000
Affiliated Entity [Member] | Promissory Notes Payable to Gary Shapiro [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Affiliated Entity [Member] | Note Payable to Craigmore DB Dated November 9, 2015 [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Affiliated Entity [Member] | Note Payable to Tropico Equity Partners LLC Dated February 3, 2014 [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Affiliated Entity [Member] | Note Payable to Tropico Management LP Dated Oct 31 2014 [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Affiliated Entity [Member] | Promissory Notes Payable to SF Next Gen [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Affiliated Entity [Member] | Note Payable to Banyan Capital Finance Dated March 12, 2014 [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%
Affiliated Entity [Member] | Note Payable to Colleen Stacy Shapiro 2007 Trust April 23, 2014 [Member]
Debt instrument, interest rate, stated percentage	8.00%	8.00%

XML

Note 7 - Notes Payable - Related Parties - Principal Maturities of Long Term Debt - Related Parties (Details)	Jun. 30, 2017 USD ($)
2018	$ 11,531,457
2019	2,111,107
2020	1,874,791
2021	2,463,059
2022	552,747
Thereafter
Affiliated Entity [Member]
2018	848,889
2019	479,914
2020	4,868,226
2021	9,587,987
2022
Thereafter
	$ 15,785,016

XML

Note 8 - Income Taxes (Details Textual) - USD ($)	9 Months Ended
	Jun. 30, 2017	Sep. 30, 2016
Operating Loss Carryforwards		$ 28,950,000
Florida Department of Revenue [Member] | Earliest Tax Year [Member] | State and Local Jurisdiction [Member]
Open Tax Year	2012
Florida Department of Revenue [Member] | Latest Tax Year [Member] | State and Local Jurisdiction [Member]
Open Tax Year	2015
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | Domestic Tax Authority [Member]
Open Tax Year	2012
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | Domestic Tax Authority [Member]
Open Tax Year	2015

XML

Note 8 - Income Taxes - Income Tax Reconciliation (Details)	9 Months Ended	12 Months Ended
	Jun. 30, 2017	Sep. 30, 2016
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

Note 9 - Segment Reporting (Details Textual)	9 Months Ended
	Jun. 30, 2017
Number of Operating Segments	2

XML

Note 9 - Segment Reporting - Segment Information (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2016
Loss from operations	$ (3,839,297)	$ (996,475)	$ (7,795,443)	$ (4,429,955)
Other income (expense)	(37,710)	30,001	(43,132)	163,771
Net loss	(3,775,886)	(1,256,036)	3,024,822	(5,026,308)	$ (7,810,752)
Selling, general and administrative expenses	(1,753,233)	(2,144,986)	(5,548,638)	(4,332,125)
Stock based compensation			(3,100)	(1,835,124)
Income from discontinued operations and deconsolidation of subsidiary		(22,409)	10,763,015	(492,971)
Depreciation and interest expense	(531,028)	(426,339)	(1,242,866)	(624,572)
Total consolidated net loss	(3,775,886)	(1,256,036)	3,024,822	(5,026,308)	(7,810,752)
Total assets for reportable segments	18,320,726		18,320,726		19,399,289
Goodwill	4,789,772		4,789,772		4,789,772
Total Assets	18,320,726		18,320,726		$ 19,399,289
Revenue	6,347,699	6,802,451	18,994,103	12,202,964
Cost of Sales	5,065,152	4,587,366	14,332,043	8,492,667
Gross profit	1,282,547	2,215,085	4,662,060	3,710,297
Selling, general and administrative expenses	1,753,233	2,144,986	5,548,638	4,332,125
Depreciation and interest expenses	531,028	$ 426,339	1,242,866	$ 624,572
Operating Segments [Member]
Loss from operations			(1,506,966)
Other income (expense)			(43,131)
Net loss			(1,550,097)
Selling, general and administrative expenses			(4,119,665)
Depreciation and interest expense			(2,049,361)
Total consolidated net loss			(1,550,097)
Total assets for reportable segments	12,844,958		12,844,958
Goodwill	4,789,772		4,789,772
Total Assets	12,844,958		12,844,958
Revenue			18,994,103
Cost of Sales			14,332,043
Gross profit			4,662,060
Selling, general and administrative expenses			4,119,665
Depreciation and interest expenses			2,049,361
Operating Segments [Member] | Commercial Sales Segment [Member]
Loss from operations			(639,749)
Other income (expense)			(5,756)
Net loss			(645,505)
Selling, general and administrative expenses			(458,192)
Depreciation and interest expense			(140,750)
Total consolidated net loss			(645,505)
Total assets for reportable segments	441,655		441,655
Total Assets	441,655		441,655
Revenue			1,215,580
Cost of Sales			1,256,387
Gross profit			(40,807)
Selling, general and administrative expenses			458,192
Depreciation and interest expenses			140,750
Operating Segments [Member] | Transportation Segment [Member]
Loss from operations			(867,217)
Other income (expense)			(37,375)
Net loss			(904,592)
Selling, general and administrative expenses			(3,661,473)
Depreciation and interest expense			(1,908,611)
Total consolidated net loss			(904,592)
Total assets for reportable segments	12,403,303		12,403,303
Total Assets	12,403,303		12,403,303
Revenue			17,778,523
Cost of Sales			13,075,656
Gross profit			4,702,867
Selling, general and administrative expenses			3,661,473
Depreciation and interest expenses			1,908,611
Corporate, Non-Segment [Member]
Selling, general and administrative expenses			(1,428,974)
Stock based compensation			(3,100)
Income from discontinued operations and deconsolidation of subsidiary			10,763,015
Change in fair value of derivative liability			100,382
Depreciation and interest expense			(4,856,404)
Corporate investments and other assets	$ 685,996		685,996
Revenue
Selling, general and administrative expenses			1,428,974
Depreciation and interest expenses			$ 4,856,404

XML

Note 10 - Commitments and Contingencies (Details Textual)		1 Months Ended	9 Months Ended
	Aug. 27, 2014 USD ($) ft²	Jan. 31, 2016 USD ($) ft²	Jun. 30, 2017 USD ($) ft²	Jun. 30, 2016 USD ($)	Jan. 28, 2016 ft²
Operating Leases, Rent Expense | $			$ 1,088,650	$ 685,000
Twiss Acquisition [Member]
Business Acquisition, Percentage of Voting Interests Acquired					100.00%
Tampa, Florida Lease [Member]
Operating Leases of Lessee, Contingent Rentals, Basis Spread on Variable Rate			2.50%
Area of Real Estate Property | ft²			5,000
Tampa, Florida Lease [Member] | Twiss Cold Storage, Inc. [Member]
Area of Real Estate Property | ft²		132,055
Operating Lease, Monthly Rent | $		$ 82,534
Percentage of Annual Increase in Operating Lease Payment		3.00%
Clearwater, Florida Lease [Member] | Bulova Technologies Machinery, LLC [Member]
Area of Real Estate Property | ft²	29,000
Operating Lease, Monthly Rent | $	$ 13,500
Largo, Florida Lease [Member] | BT-Twiss Transport LLC [Member]
Lessee, Operating Lease, Term of Contract		20 years
Area of Real Estate Property | ft²					35,000
Operating Lease, Monthly Rent | $		$ 30,000

XML

Note 10 - Commitments and Contingencies - Minimum Lease Payments Under Operating Leases (Details)	Jun. 30, 2017 USD ($)
2018	$ 1,410,729
2019	1,442,250
2020	1,474,718
2021	360,000
2022	360,000
Thereafter	4,898,000
	$ 9,945,697

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Note 11 - Related Party Transactions (Details Textual)			1 Months Ended	9 Months Ended		12 Months Ended
	Jan. 28, 2016 USD ($) shares	Feb. 06, 2015 USD ($) $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Jun. 30, 2017 USD ($) $ / shares shares	Jun. 30, 2016 shares	Sep. 30, 2016 USD ($) $ / shares	May 12, 2017 USD ($)
Due to Related Parties, Noncurrent				$ 97,015		$ 419,260
Accounts Payable, Related Parties, Current				$ 2,412,400		$ 1,786,436
Warrants Issued Associated With New Debt | shares					1,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares				$ 0.04		$ 0.04
Stock Issued During Period, Shares, Partial Satisfaction of Accounts Payable to Related Party | shares				207,700
Stock Issued During Period, Value, Partial Satisfaction of Accounts Payable to Related Party				$ 207,700
Notes Payable, Related Parties, Noncurrent				14,936,127		$ 14,862,451
Amounts Due to Shareholders [Member]
Due to Related Parties, Noncurrent				97,015
Bulova Techonologies Compliance and Security LLC [Member] | Other Current Assets [Member]
Due from Related Parties, Current				162,338
Chief Executive Officer [Member] | Amounts Due to Shareholders [Member]
Due to Related Parties, Noncurrent				29,515
Chief Executive Officer [Member] | Obligations for Corporate Guaranty [Member]
Related Party Transaction, Amounts of Transaction						800,000
Director [Member] | Amounts Due to Shareholders [Member]
Due to Related Parties, Noncurrent				67,500
Craigmore [Member]
Accounts Payable, Related Parties, Current				2,412,400		1,786,436
Stock Issued During Period, Shares, Partial Satisfaction of Accounts Payable to Related Party | shares			67,000,000
Stock Issued During Period, Value, Partial Satisfaction of Accounts Payable to Related Party			$ 207,700
Craigmore [Member] | Stock Issued as Partial Satisfaction of Accounts Payable to Related Party [Member]
Shares Issued, Price Per Share | $ / shares			$ 0.0031
Promissory Notes Payable to Gary Shapiro [Member]
Notes Payable, Related Parties, Noncurrent				$ 4,973,053		$ 4,907,553
Richard Welkowitz [Member]
Warrants Issued Associated With New Debt | shares		12,000,000
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares		$ 0.02
Class of Warrant or Right Expiration Period		10 years
Debt Instrument, Unamortized Discount		$ 779,999
Richard Welkowitz [Member] | Year 1 [Member]
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 0.10
Richard Welkowitz [Member] | Year 2 [Member]
Debt Instrument, Convertible, Conversion Price | $ / shares		0.20
Richard Welkowitz [Member] | Year 3 [Member]
Debt Instrument, Convertible, Conversion Price | $ / shares		0.30
Richard Welkowitz [Member] | Year 4 [Member]
Debt Instrument, Convertible, Conversion Price | $ / shares		0.40
Richard Welkowitz [Member] | Year 5 [Member]
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 0.50
Richard Welkowitz [Member] | Convertible Debt [Member]
Debt Instrument, Debt Conversion, Minimal Amount Per Increment		$ 10,000
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger		65.00%
Debt Instrument, Convertible, Threshold Consecutive Trading Days		10
Debt Instrument, Face Amount		$ 4,000,000
Debt Instrument, Interest Rate, Stated Percentage		7.00%
Debt Instrument, Maximum Amount of Debt Eligible for Conversion to Common Stock		$ 250,000
Richard Welkowitz [Member] | Promissory Note Payable to Richard Wilkowitz [Member]
Debt Instrument, Face Amount							$ 630,000
Debt Instrument, Interest Rate, Stated Percentage							10.00%
Ronald R. Damico, as Trustee of Ronald R. Damico Revocable Trust [Member] | Twiss Acquisition [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	3,000,000
Ronald R. Damico, as Trustee of Ronald R. Damico Revocable Trust [Member] | Twiss Transport Inc, Twiss Logistics Inc, and Twiss Cold Storage Inc [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares	500,000
Ronald R. Damico, as Trustee of Ronald R. Damico Revocable Trust [Member] | Convertible Debt [Member] | Twiss Acquisition [Member]
Debt Instrument, Face Amount	$ 4,666,155
Debt Instrument, Interest Rate, Stated Percentage	5.00%

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Note 12 - Stockholders' Equity (Details Textual) - USD ($)			1 Months Ended				9 Months Ended
	Feb. 28, 2013	Feb. 25, 2013	Feb. 28, 2017	Jan. 31, 2017	Dec. 31, 2016	Oct. 31, 2016	Jun. 30, 2017	Sep. 30, 2016	Sep. 30, 2012	Nov. 30, 2011
Stock Issued During Period, Shares, Conversion of Units						7,500,000	7,500,000
Stock Issued During Period, Shares, Settlements						26,041,667	26,041,667
Stock Issued During Period, Shares, Partial Satisfaction of Accounts Payable to Related Party							207,700
Stock Issued During Period, Shares, Partial Settlement of Debt				20,000,000
Stock Issued During Period, Shares, Issued for Services			1,000,000				1,000,000
Preferred Stock, Par or Stated Value Per Share							$ 0.00001	$ 0.00001	$ 0.00001	$ 0.00001
Preferred Stock, Shares Authorized							5,000,000,000	5,000,000,000	5,000,000,000	2,000,000,000
Stock Issued During Period, Shares, Acquisitions		2,000,000,000
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued	20,589,981
Temporary Equity, Shares Subscribed but Unissued, Subscriptions Receivable	$ 66,000						$ 66,000	$ 66,000
Craigmore [Member]
Stock Issued During Period, Shares, Partial Satisfaction of Accounts Payable to Related Party					67,000,000
Issuance of Shares for Debt 1 [Member]
Stock Issued During Period, Shares, Conversion of Convertible Securities						6,561,299
Issuance of Shares for Debt 2 [Member]
Stock Issued During Period, Shares, Conversion of Convertible Securities					27,083,571

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Note 12 - Stockholders' Equity - Common Stock Warrants (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2017	Sep. 30, 2016
Warrants outstanding, weighted average exercise price (in dollars per share)	$ 0.04	$ 0.04
Outstanding exercisable, weighted average remaining contractual life (Year)	7 years 109 days	7 years 292 days
Warrants outstanding, aggregate intrinsic value
Outstanding exercisable, shares (in shares)	140,780,832
Warrants outstanding, shares (in shares)	140,780,832
Warrants outstanding, weighted average exercise price (in dollars per share)	$ 0.04
Warrants outstanding, weighted average remaining contractual life (Year)	7 years 109 days	7 years 292 days
Granted / vested, shares (in shares)
Granted / vested, weighted average exercise price (in dollars per share)
Outstanding exercisable, shares (in shares)	140,780,832	140,780,832
Exercised, shares (in shares)
Warrants outstanding, shares (in shares)	140,780,832	140,780,832

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Note 13 - Subsequent Events (Details Textual) - Subsequent Event [Member] - USD ($)			1 Months Ended
	Aug. 08, 2017	Jul. 26, 2017	Jul. 31, 2017
Stock Issued During Period, Shares, Conversion of Convertible Securities	15,000,000		30,372,528
Big Red L T L Transport [Member]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Big Red L T L Transport [Member] | Promissory Note Payable to Big Red [Member]
Business Combination, Consideration Transferred, Liabilities Incurred		$ 504,000
Debt Instrument, Term		7 years