MARKETABLE SECURITIES

3 Months Ended

Dec. 31, 2013

MARKETABLE SECURITIES

MARKETABLE SECURITIES

NOTE 4    MARKETABLE SECURITIES

The Company classifies its marketable securities as either (i) held-to-maturity, (ii) trading, or (iii) available-for-sale. Effective October 1, 2012, the Company changed its classification of marketable equity securities and corporate bonds from available-for-sale to trading. As a result of this reclassification, a gross gain of $4,764 and a gross loss of $(28,508) was reclassed out of accumulated other comprehensive income (loss) and charged to earnings using a specific identification basis. Equity securities are carried at fair value, as determined by quoted market prices, which is a Level 1 input, as established by the fair value hierarchy under ASC 820.  Corporate bonds are carried at amortized cost, which approximates market value. The corresponding unrealized holding gains or losses are recognized in earnings. The Company’s marketable securities are summarized in the table below.

	December 31,	September 30,
	2013	2013
Trading:
Cost............................................................	$1,230,467	$954,053
Unrealized Gains.......................................	52,164	174,940
Unrealized Losses....................................	(112,888)	(48,246)
Total Fair Value.................................	$1,169,743	$1,080,747

            The net (loss) gain on marketable securities for the three-month periods ended December 31, 2013 and 2012 was approximately $(81,000) and $242,000, respectively, in the accompanying consolidated statements of operations and comprehensive income.

 The following table presents the Company’s fair value hierarchy for assets, consisting of marketable securities, measured at fair value on a recurring basis at December 31, 2013 and September 30, 2013:

	Level 1	Level 2	Level 3	Total
Equity securities.........................	$1,169,743	$--	$--	$1,169,743
Total assets at fair value at December 31, 2013...............	$1,169,743	$--	$--	$1,169,743
Equity securities........................	$1,080,747	$--	$--	$1,080,747
Total assets at fair value at September 30, 2013..............	$1,080,747	$--	$--	$1,080,747