SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Sep. 30, 2016

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Warranty reserves

Warranty reserves are included on the consolidated balance sheets within accrued expenses. The movement in warranty reserves was as follows:

	(in thousands of dollars)
	2016			2015
Warranty reserves at beginning of year	$	278		$	153
Net increase in warranty reserves for products sold during the year		130			172
Liability assumed on acquisition of subsidiary		7			-
Decrease in beginning balance for warranty obligations settled during the year		(74	)		(37	)
Adjustments to warranties that existed at beginning of year		(6	)		-
Foreign currency translation adjustment		(3	)		(10	)
Warranty reserves at end of year	$	332		$	278

Inventories

Inventories comprised:

	(in thousands of dollars)
	2016		2015
Raw materials	$	6,532	$	2,453
Work-in-process		266		90
Finished goods		6,868		4,247
	$	13,666	$	6,790

Basic and diluted net incomes per common share

Basic and diluted net (loss) income per common share for the years ended September 30, 2016 and 2015, is calculated as follows:

(in thousands of dollars except share and per share data)
	2016			2015
Numerator:
Net (loss) income attributable to common stockholders for computing net (loss) income per ordinary share - basic	$	(6,246	)	$	1,135
Dividend eliminated upon assumed conversion of convertible preferred shares		-			440
Net (loss) income attributable to common stockholders for computing net (loss) income per ordinary share - diluted	$	(6,246	)	$	1,575
Denominator:
Weighted average shares used in calculating net (loss) income per ordinary share – basic		4,148			3,469
Adjustment for assumed conversion of convertible preferred shares		-			1,374
Adjustment for shares issuable upon vesting of restricted stock		-			86
Weighted average shares used in calculating net (loss) income per ordinary share - diluted		4,148			4,929
Net (loss) income per ordinary share - basic	$	(1.51	)	$	0.33
Net (loss) income per ordinary share - diluted	$	(1.51	)	$	0.32
No. of shares of convertible preferred stock and restricted stock excluded during the period as such shares and related dividends would have the effect of reducing the loss per share		1,429			-