SUBSEQUENT EVENTS

9 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 14              SUBSEQUENT EVENTS

                On August 7, 2013, the Company completed the sale of (i) an additional 216,282 shares of 6% Senior Convertible Preferred Stock and (ii) Warrants to purchase a total of 216,282 shares of Common Stock to accredited investors in the Private Placement pursuant to the terms of securities purchase agreements (“Purchase Agreements”), dated August 7, 2013. The Purchase Agreements were entered into in connection with the second closing under the Private Placement (the “Second Closing”) following the initial closing under the Private Placement which occurred on June 28, 2013 (the “Initial Closing”).  See Note 5 to our Consolidated Financial Statements - “Shareholders’ Equity - 6% Senior Convertible Preferred Stock” and “Part II. Other Information, Item 2. Unregistered Sales of Equity Securities and Use of Proceeds” in this Form 10-Q for a description of the Initial Closing. 

                The Second Closing resulted in gross proceeds of approximately $425,000 to the Company and, together with the gross proceeds of approximately $750,000 from the Initial Closing, amounts to total gross proceeds of approximately $1,175,000 from the Private Placement through the date of the Second Closing.  Together with the Securities sold in the Initial Closing, the Company sold a total of 597,956 shares of 6% Senior Convertible Preferred Stock and Warrants to purchase 597,956 shares of Common Stock in the Private Placement as of the date of the Second Closing. The Company may sell additional shares of 6% Senior Convertible Preferred Stock, together with related Warrants, in one or more subsequent closings.