7. EARNINGS PER SHARE

6 Months Ended

Mar. 31, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 7                EARNINGS PER SHARE

Basic earnings per share data for each period presented is computed using the weighted average number of shares of common stock outstanding during each such period. Diluted earnings per share data is computed using the weighted average number of common and dilutive common equivalent shares outstanding during each period. Dilutive common-equivalent shares consist of: (i) shares that would be issued upon the exercise of stock options and warrants, computed using the treasury stock method; and (ii) shares of nonvested restricted stock. The Company calculated the potential diluted earnings per share in accordance with ASC 260, as follows:

	For the Three Months Ended					For the Six Months Ended
	March 31,					March 31,
	2019			2018		2019			2018
Numerator:
Net income (loss)	$	(1,130,905	)	$	948,467	$	(1,661,432	)	$	995,118
Denominator:
Weighted average shares outstanding - basic		9,532,645			9,291,334		9,530,207			9,023,166
Effects of dilutive securities:
Assumed exercise of stock options, treasury stock method		-			41,133		-			34,976
Assumed vesting of restricted stock, treasury stock method		-			65,587		-			88,076
Weighted average dilutive potential common shares		-			106,720		-			123,052
Weighted average shares outstanding - diluted		9,532,645			9,398,054		9,530,207			9,146,218
Basic (loss) earnings per share	$	(0.12	)	$	0.10	$	(0.17	)	$	0.11
Diluted (loss) earnings per share	$	(0.12	)	$	0.10	$	(0.17	)	$	0.11

The following securities were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive:

	As of March 31,
	2019	2018
Options	815,547	215,750
Warrants	151,335	202,225
Total potentially dilutive shares	966,882	417,975