National (NHLD) 10-Q 15 Aug 16 2016 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2016	Aug. 15, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	NATIONAL HOLDINGS CORP
Trading Symbol	NHLD
Entity Central Index Key	1,023,844
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		12,440,035
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($)	Jun. 30, 2016	Sep. 30, 2015
ASSETS
Cash	$ 22,207,000	$ 24,642,000
Restricted cash	353,000	218,000
Cash deposits with clearing organizations	1,030,000	1,005,000
Securities owned, at fair value	1,522,000	887,000
Receivables from broker-dealers and clearing organizations	3,610,000	3,078,000
Forgivable loans receivable	1,808,000	1,368,000
Other receivables, net	3,852,000	3,709,000
Prepaid expenses	1,638,000	1,727,000
Fixed assets, net	837,000	712,000
Intangible assets, net	6,778,000	7,331,000
Goodwill	6,531,000	6,531,000
Deferred tax asset, net	11,801,000	11,662,000
Other assets, principally refundable deposits	306,000	512,000
Total Assets	62,273,000	63,382,000
Liabilities
Securities sold, but not yet purchased, at fair value	0	32,000
Accrued commissions and payroll payable	10,026,000	10,244,000
Accounts payable and accrued expenses	5,937,000	6,602,000
Deferred clearing and marketing credits	1,048,000	1,205,000
Other	205,000	37,000
Total Liabilities	17,216,000	18,120,000
Stockholders’ Equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized; none outstanding	0	0
Common stock $0.02 par value, 150,000,000 shares authorized; 12,440,035 issued and outstanding at June 30, 2016 and 12,473,968 issued and outstanding at September 30, 2015	249,000	249,000
Additional paid-in-capital	80,321,000	80,282,000
Accumulated deficit	(35,528,000)	(35,284,000)
Total National Holdings Corporation Stockholders’ Equity	45,042,000	45,247,000
Non-Controlling interest	15,000	15,000
Total Stockholders’ Equity	45,057,000	45,262,000
Total Liabilities and Stockholders’ Equity	$ 62,273,000	$ 63,382,000

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - $ / shares	Jun. 30, 2016	Sep. 30, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.02	$ 0.02
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	12,440,035	12,473,968
Common stock, shares outstanding (in shares)	12,440,035	12,473,968

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Commissions	$ 25,051,000	$ 24,272,000	$ 71,722,000	$ 74,434,000
Net dealer inventory gains	2,340,000	2,418,000	7,483,000	8,562,000
Investment banking	10,735,000	6,356,000	22,921,000	15,869,000
Investment advisory	3,361,000	3,797,000	10,337,000	11,149,000
Interest and dividends	702,000	946,000	2,415,000	2,624,000
Transaction fees and clearing services	1,591,000	1,735,000	5,512,000	6,302,000
Tax preparation and accounting	2,386,000	2,724,000	7,222,000	7,231,000
Other	176,000	87,000	385,000	280,000
Total Revenues	46,342,000	42,335,000	127,997,000	126,451,000
Operating Expenses
Commissions, compensation and fees	39,667,000	35,831,000	110,260,000	107,228,000
Clearing fees	509,000	681,000	1,798,000	2,209,000
Communications	786,000	927,000	2,427,000	2,891,000
Occupancy	982,000	999,000	2,886,000	2,977,000
License and registration	417,000	335,000	1,155,000	1,025,000
Professional fees	2,327,000	1,720,000	4,897,000	3,727,000
Interest	13,000	6,000	16,000	12,000
Depreciation and amortization	302,000	294,000	898,000	862,000
Other administrative expenses	1,624,000	1,185,000	3,973,000	4,111,000
Total Operating Expenses	46,627,000	41,978,000	128,310,000	125,042,000
(Loss) income before income tax expense	(285,000)	357,000	(313,000)	1,409,000
Income tax (benefit) expense	(124,000)	208,000	(69,000)	626,000
Net (loss) income	$ (161,000)	$ 149,000	$ (244,000)	$ 783,000
Net (loss) income per share - Basic (in dollars per share)	$ (0.01)	$ 0.01	$ (0.02)	$ 0.06
Net (loss) income per share - Diluted (in dollars per share)	$ (0.01)	$ 0.01	$ (0.02)	$ 0.06
Weighted number of shares outstanding - Basic (in shares)	12,440,035	12,446,365	12,442,059	12,446,365
Weighted number of shares outstanding - Diluted (in shares)	12,440,035	12,491,170	12,442,059	12,495,475

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 9 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in- Capital	Accumulated Deficit	Non-Controlling Interest
Balance (in shares) at Sep. 30, 2015		12,473,968
Balance at Sep. 30, 2015	$ 45,262	$ 249	$ 80,282	$ (35,284)	$ 15
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation – stock options	125		125
Stock repurchase (in shares)		(33,933)
Stock repurchase	(86)		(86)
Net loss	(244)			(244)
Balance (in shares) at Jun. 30, 2016		12,440,035
Balance at Jun. 30, 2016	$ 45,057	$ 249	$ 80,321	$ (35,528)	$ 15

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net (loss) income	$ (244,000)	$ 783,000
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities
Depreciation and amortization	898,000	862,000
Amortization of forgivable loans to registered representatives	493,000	262,000
Stock-based compensation	125,000	470,000
Provision for doubtful accounts	121,000	343,000
Amortization of deferred clearing credit	(157,000)	(148,000)
Increase in fair value of contingent consideration payable	12,000
Deferred tax (benefit) expense	(139,000)	620,000
Changes in assets and liabilities, net of effects of acquisition
Restricted cash	(135,000)	(126,000)
Cash deposits with clearing organizations	(25,000)	0
Securities owned, at fair value	(635,000)	(433,000)
Receivables from broker-dealers and clearing organizations	(532,000)	827,000
Forgivable loans receivable, net of repayments	(933,000)	(1,001,000)
Other receivables, net	(264,000)	(821,000)
Prepaid expenses	89,000	(345,000)
Other assets, principally refundable deposits	206,000	279,000
Accounts payable, accrued expenses and other liabilities	(727,000)	(1,600,000)
Securities sold, but not yet purchased, at fair value	(32,000)	194,000
Net cash (used in) provided by operating activities	(1,879,000)	166,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets	(470,000)	(232,000)
Net cash used in investing activities	(470,000)	(232,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of shares of common stock	(86,000)	0
Net cash used in financing activities	(86,000)	0
NET DECREASE IN CASH	(2,435,000)	(66,000)
CASH BALANCE
Beginning of the period	24,642,000	24,465,000
End of the period	22,207,000	24,399,000
Cash paid during the period for:
Interest	16,000	6,000
Income taxes	76,000	1,123,000
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES
Identifiable intangible assets acquired	0	569,000
Contingent consideration payable	$ 0	$ 569,000

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying condensed consolidated financial statements of the Company, have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial statements and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required for annual financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The condensed consolidated financial statements as of June 30, 2016 and for the three and nine months ended June 30, 2016 and 2015 are unaudited. The results of operations for the interim periods are not necessarily indicative of the results of operations for the respective fiscal years. The consolidated statement of financial condition at September 30, 2015 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statement presentation. The accompanying consolidated financial information should be read in conjunction with the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2015 for additional disclosures and accounting policies. In February 2015, the board of directors declared a 1 for 10 reverse stock split of the Company’s common stock. All share and per share information has been restated for the nine months ended June 30, 2015 , giving retroactive effect to the reverse stock split. Certain items in the consolidated statement of operations for the fiscal 2015 periods have been reclassified to conform to the presentation in the fiscal 2016 periods. Such reclassifications did not have a material impact on the presentation of the overall financial statements.

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS National was organized in 1996 and operates through its wholly-owned subsidiaries which principally provide diverse financial services. Through its broker-dealer and investment advisory subsidiaries, the Company (1) offers full service retail brokerage to retail individual and institutional clients, (2) provides investment banking, merger, acquisition and advisory services to micro, small and mid-cap high growth companies, (3) engages in trading securities, including making markets in micro and small-cap, NASDAQ and other exchange listed stocks and (4) provides liquidity in the United States Treasury marketplace. Broker-dealer subsidiaries consist of National Securities Corporation (“National Securities” or “NSC”) and vFinance Investments, Inc. (“vFinance Investments”) (collectively, the “Broker-Dealer Subsidiaries”). The Broker-Dealer Subsidiaries conduct a national securities brokerage business through their main offices in New York City, Boca Raton, Florida, and Seattle, Washington. The Broker-Dealer subsidiaries are introducing brokers and clear all transactions through clearing organizations, on a fully disclosed basis. The Broker-Dealer Subsidiaries are registered with the Securities and Exchange Commission ("SEC") and the Commodities and Futures Trading Commission, and are members of the Financial Industry Regulatory Authority ("FINRA"), the Securities Investor Protection Corporation and the National Futures Association. The Company’s wholly-owned subsidiary, National Asset Management, Inc., a Washington corporation ("NAM"), is a federally-registered investment adviser providing asset management advisory services to retail clients for a fee based upon a percentage of assets managed. The Company’s wholly-owned subsidiary, National Insurance Corporation, a Washington corporation ("National Insurance"), provides fixed insurance products to its clients, including life insurance, disability insurance, long term care insurance and fixed annuities. The Company’s wholly-owned subsidiary, Gilman Ciocia, Inc., a Delaware corporation ("Gilman"), provides tax preparation services to individuals and accounting services to small and midsize companies. The Company’s wholly-owned subsidiary, GC Capital Corporation, a Delaware corporation ("GC"), provides licensed residential mortgage brokerage services in the State of Florida.

RECEIVEABLES FROM BROKER-DEALER

RECEIVEABLES FROM BROKER-DEALERS AND CLEARING ORGANIZATIONS AND OTHER RECEIVABLES	9 Months Ended
	Jun. 30, 2016
Brokers and Dealers [Abstract]
RECEIVEABLES FROM BROKER-DEALERS AND CLEARING ORGANIZATIONS AND OTHER RECEIVABLES	RECEIVABLES FROM BROKER-DEALERS AND CLEARING ORGANIZATIONS AND OTHER RECEIVABLES At June 30, 2016 and September 30, 2015 , the receivables of $3,610,000 and $3,078,000 , respectively, from broker-dealers and clearing organizations represent net amounts due for fees and commissions associated with the Company’s retail brokerage business as well as asset based fee revenues associated with the Company’s Investment advisory business. Other receivables, net, at June 30, 2016 and September 30, 2015 of $3,852,000 and $3,709,000 , respectively, principally represent trailing fees and fees for tax and accounting services and are net of allowance for doubtful accounts of $646,000 and $573,000 , respectively.

FORGIVABLE LOANS RECEIVABLE

FORGIVABLE LOANS RECEIVABLE	9 Months Ended
	Jun. 30, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
FORGIVABLE LOANS RECEIVABLE	FORGIVABLE LOANS RECEIVABLE From time to time, the Company's operating subsidiaries may make loans, evidenced by promissory notes, primarily to newly recruited independent financial advisors as an incentive for their affiliation. The notes receivable balance is comprised of unsecured non-interest-bearing and interest-bearing loans (interest rates ranging up to 9% ). These notes have various schedules for repayment or forgiveness based on production or retention requirements being met and mature at various dates through 2020. Forgiveness of loans amounted to $493,000 and $262,000 for the nine months ended June 30, 2016 and 2015 , respectively, and the related compensation was included in commissions, compensation and fees in the condensed consolidated statements of operations. In the event the advisor’s affiliation with the subsidiary terminates, the advisor is required to repay the unamortized balance of any notes payable. The Company provides an allowance for doubtful accounts on the notes based on historical collection experience and continually evaluates the receivables for collectability and possible write-offs where a loss is deemed probable. As of June 30, 2016 and September 30, 2015 , no allowance for doubtful accounts was required. Forgivable loan activity for the nine months ended June 30, 2016 is as follows: Balance, October 1, 2015 $ 1,368,000 Additions 933,000 Amortization (493,000 ) Balance, June 30, 2016 $ 1,808,000 There were no unamortized loans outstanding attributable to registered representatives who ended their affiliation with the Broker-Dealer Subsidiaries prior to the fulfillment of their obligation.

SECURITIES OWNED AND SECURITIES

SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE	9 Months Ended
	Jun. 30, 2016
Schedule of Investments [Abstract]
SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE	SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE Classification of securities are as follows: Fair Value Measurements As of June 30, 2016 Securities owned at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 82,000 — — $ 82,000 Municipal bonds 1,259,000 — — 1,259,000 Restricted stock and warrants — 181,000 — 181,000 $ 1,341,000 $ 181,000 $ — $ 1,522,000 As of September 30, 2015 Securities owned at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 44,000 — — $ 44,000 Municipal bonds 638,000 — — 638,000 Restricted stock and warrants — 205,000 — 205,000 $ 682,000 $ 205,000 $ — $ 887,000 Securities sold, but not yet purchased at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 32,000 $ — $ — $ 32,000

FIXED ASSETS

FIXED ASSETS	9 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
FIXED ASSETS	FIXED ASSETS Fixed assets as of June 30, 2016 and September 30, 2015 consist of the following: June 30, September 30, Estimated Useful Lives Equipment $ 755,000 $ 539,000 5 Furniture and fixtures 166,000 162,000 5 Leasehold improvements 648,000 598,000 Lesser of useful Capital leases (primarily composed of computer equipment) 652,000 452,000 5 2,221,000 1,751,000 Less accumulated depreciation and amortization (1,384,000 ) (1,039,000 ) Fixed assets – net $ 837,000 $ 712,000 Depreciation and amortization expense associated with fixed assets for the nine months ended June 30, 2016 and 2015 was $345,000 and $238,000 , respectively.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	9 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS In February 2015, Gilman acquired certain assets of a tax preparation and accounting business that was deemed to be a business acquisition. The consideration for the transaction consisted of contingent consideration payable in cash having a fair value of $569,000 , for which a liability (included in Accounts payable and accrued expenses) was recognized based on the estimated acquisition date fair value of the potential earn-out. The earn-out is based on revenue, as defined in the acquisition agreement, during the 48 -month period following the closing, up to a maximum of $640,000 . The liability was valued using an income-based approach using unobservable inputs (Level 3) and reflects the Company’s own assumptions. The liability will be revalued at each Balance Sheet date with changes therein recorded in earnings. During the three and nine months ended June 30, 2016 , the estimated fair value of the liability was increased by $4,000 and $12,000 , respectively, which was included in other administrative expenses and decreased by payments to the seller during the three and nine months ended June 30, 2016 of $44,000 and $89,000 , respectively . The fair value of the acquired assets was allocated to customer relationships, which is being amortized over seven years . The following table presents the carrying amounts of intangible assets as of June 30, 2016 , principally acquired in the Company's acquisition of Gilman in October 2013, and their estimated useful lives: Intangible asset Fair Value Accumulated Amortization Carrying Value Estimated Customer relationships $ 6,969,000 $ 1,845,000 $ 5,124,000 7-10 Non-compete 296,000 296,000 — 2 Brands 1,654,000 — 1,654,000 Indefinite $ 8,919,000 $ 2,141,000 $ 6,778,000 Amortization expense associated with intangible assets for the nine months ended June 30, 2016 and 2015 was $553,000 and $624,000 , respectively. The estimated future amortization expense of the above intangible assets for the next five fiscal years and thereafter is as follows: Year ending 2016 $ 183,000 2017 721,000 2018 721,000 2019 721,000 2020 721,000 Thereafter 2,057,000 Total $ 5,124,000

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND OTHER LIABILITIES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses as of June 30, 2016 and September 30, 2015 consist of the following: June 30, September 30, Legal $ 1,663,000 $ 807,000 Audit 200,000 552,000 Telecommunications 222,000 201,000 Data services 291,000 384,000 Regulatory 433,000 640,000 Settlements 794,000 817,000 Contingent consideration payable 457,000 534,000 Other 1,877,000 2,667,000 Total $ 5,937,000 $ 6,602,000

PER SHARE DATA

PER SHARE DATA	9 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
PER SHARE DATA	PER SHARE DATA Basic net income (loss) per share of common stock attributable to the Company is computed on the basis of the weighted average number of shares of common stock outstanding. Diluted net income (loss) per share is computed on the basis of such weighted average number of shares of common stock outstanding plus the dilutive effect of incremental shares of common stock potentially issuable under outstanding options, warrants and unvested restricted stock units utilizing the treasury stock method. A reconciliation of basic and diluted common shares used in the computation of per share data follows: Three Month Period Ended Nine Month Period Ended 2016 2015 2016 2015 Basic weighted-average shares 12,440,035 12,446,365 12,442,059 12,446,365 Effect of dilutive securities: Options — 8,284 — 18,912 Warrants — 36,521 — 30,198 Diluted weighted-average shares 12,440,035 12,491,170 12,442,059 12,495,475 The following potential common share equivalents are not included in the above diluted computation because to do so would be anti-dilutive: Three Month Period Ended Nine Month Period Ended 2016 2015 2016 2015 Options 1,224,500 1,328,000 1,311,167 1,328,000 Warrants 43,116 64,676 43,116 64,676 1,267,616 1,392,676 1,354,283 1,392,676

OFF BALANCE SHEET RISK AND CONC

OFF BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK	9 Months Ended
	Jun. 30, 2016
Risks and Uncertainties [Abstract]
OFF BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK	OFF BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK The Company through its subsidiaries is engaged in trading and providing a broad range of securities brokerage and investment services to a diverse group of retail and institutional clientele, as well as corporate finance and investment banking services to corporations and businesses. Counterparties to the Company’s business activities include broker-dealers and clearing organizations, banks and other financial institutions. The Clearing brokers are used to process transactions and maintain customer accounts on a fee basis for the Company. Clearing firms extend credit to the Company's clientele secured by cash and securities in the client’s account. The Company’s exposure to credit risk associated with the non-performance by its customers and counterparties in fulfilling their contractual obligations can be directly impacted by volatile or illiquid trading markets, which may impair the ability of customers and counterparties to satisfy their obligations to the Company. The Company has agreed to indemnify the clearing brokers for losses they incur while extending credit to the Company’s clients. It is the Company’s policy to review, periodically and as necessary, the credit standing of its customers and counterparties. Amounts due from customers that are considered uncollectible by the clearing broker are charged back to the Company by the clearing broker when such amounts become determinable. Upon notification of a charge back, such amounts, in total or in part, are then either (i) collected from the customers, (ii) charged to the broker initiating the transaction, and/or (iii) charged to operations, based on the particular facts and circumstances. The Company maintains cash in bank deposits, which, at times, may exceed federally insured limits. In the event of a financial institution’s insolvency, the recovery of cash may be limited. The Company has not experienced and does not expect to experience losses on such accounts. A short sale involves the sale of a security that is not owned in the expectation of purchasing the same security (or a security exchangeable into the same security) at a later date at a lower price. A short sale involves the risk of a theoretically unlimited increase in the market price of the security that would result in a theoretically unlimited loss.

NEW ACCOUNTING GUIDANCE

NEW ACCOUNTING GUIDANCE	9 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
NEW ACCOUNTING GUIDANCE	NEW ACCOUNTING GUIDANCE In July 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The update requires the netting of unrecognized tax benefits against a deferred tax asset for the loss or other carryforward that would apply in settlement of the uncertain tax positions. The new guidance was effective for the Company beginning October 1, 2014. The adoption did not have any impact on the Company’s financial statements. In May 2014, the FASB issued an accounting standard update on revenue recognition. The new guidance creates a single, principle-based model for revenue recognition and expands and improves disclosures about revenue. The new guidance is effective for the Company beginning October 1, 2018, and must be adopted using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. The Company is currently evaluating the potential impact of this standard on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for the Company beginning October 1, 2019 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently assessing the impact that the adoption of ASU 2016-02 will have on its financial statements.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Leases The Company leases office space in various states expiring at various dates through April 2025, and as of June 30, 2016 , is committed under operating leases for future minimum lease payments as follows: Fiscal Year Ending Rental Payments Less, Sublease Income Net 2016 $ 950,000 $ 35,000 $ 915,000 2017 2,648,000 84,000 2,564,000 2018 1,855,000 — 1,855,000 2019 1,057,000 — 1,057,000 2020 885,000 — 885,000 Thereafter 900,000 — 900,000 $ 8,295,000 $ 119,000 $ 8,176,000 The total amount of rent payable under the leases is recognized on a straight line basis over the term of the leases. Rental expense under all operating leases, excluding sublease income, for the nine months ended June 30, 2016 and June 30, 2015 was $2,880,000 and $2,973,000 , respectively. Sublease income under all operating subleases for the nine months ended June 30, 2016 and 2015 was approximately $106,000 and $204,000 , respectively. As of June 30, 2016 , the Company and its subsidiaries had three outstanding letters of credit, which have been issued in the maximum amount of $353,000 as security for property leases, and which are collateralized by the restricted cash as reflected in the statements of financial condition. Litigation and Regulatory Matters The Company and its subsidiaries are defendants or respondents in various pending and threatened arbitrations, administrative proceedings and lawsuits seeking compensatory damages. Several cases have no stated alleged damages. Claim amounts are infrequently indicative of the actual amounts the Company will be liable for, if any. Further, the Company has a history of collecting amounts awarded in these types of matters from its registered representatives that are still affiliated, as well as from those that are no longer affiliated. Many of these claimants also seek, in addition to compensatory damages, punitive or treble damages, and all seek interest, costs and fees. These matters arise in the normal course of business. The Company intends to vigorously defend itself in these actions, and the ultimate outcome of these matters cannot be determined at this time. Liabilities for potential losses from complaints, legal actions, government investigations and proceedings are established where the Company believes that it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. In making these decisions, management bases its judgments on its knowledge of the situations, consultations with legal counsel and its historical experience in resolving similar matters. In many lawsuits, arbitrations and regulatory proceedings, it is not possible to determine whether a liability has been incurred or to estimate the amount of that liability until the matter is close to resolution. However, accruals are reviewed regularly and are adjusted to reflect the Company’s estimates of the impact of developments, rulings, advice of counsel and any other information pertinent to a particular matter. Because of the inherent difficulty in predicting the ultimate outcome of legal and regulatory actions, management cannot predict with certainty the eventual loss or range of loss related to such matters. At June 30, 2016 and September 30, 2015 , the Company accrued approximately $794,000 and $817,000 , respectively. These amounts are included in accounts payable and other liabilities in the statement of financial condition. The Company has included in "Professional fees" litigation and FINRA related expenses of $584,000 and $566,000 for the three months ended June 30, 2016 and 2015 , respectively, and $1,734,000 and $1,466,000 for the nine months ended June 30, 2016 and 2015 , respectively.

NET CAPITAL REQUIREMENTS

NET CAPITAL REQUIREMENTS	9 Months Ended
	Jun. 30, 2016
Disclosure Text Block [Abstract]
NET CAPITAL REQUIREMENTS	NET CAPITAL REQUIREMENTS National Securities is subject to the Securities and Exchange Commission Uniform Net Capital Rule (Rule 15c3-1) (the "Rule"), which, among other things, requires the maintenance of minimum net capital. At June 30, 2016 , National Securities had net capital of $6,655,429 which was $6,405,429 in excess of its required net capital of $250,000 . National Securities is exempt from the provisions of the SEC's Rule 15c3-3 since it is an introducing broker-dealer that clears all transactions on a fully disclosed basis and promptly transmits all customer funds and securities to clearing brokers. vFinance Investments is also subject to the Rule, which, among other things, requires the maintenance of minimum net capital and requires that the ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1. At June 30, 2016 , vFinance Investments had net capital of $2,335,245 which was $1,335,245 in excess of its required net capital of $1,000,000 . vFinance Investments ratio of aggregate indebtedness to net capital was 2.11 to 1 . vFinance Investments is exempt from the provisions of the SEC's Rule 15c3-3 since it is an introducing broker-dealer that clears all transactions on a fully disclosed basis and promptly transmits all customer funds and securities to clearing brokers. Advances, dividend payments and other equity withdrawals from its Broker-Dealer Subsidiaries are restricted by the regulations of the SEC, and other regulatory agencies. These regulatory restrictions may limit the amounts that a subsidiary may dividend or advance to the Company.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK BASED COMPENSATION	STOCK BASED COMPENSATION Stock Options Information with respect to stock option activity during the nine months ended June 30, 2016 follows: Options Weighted Weighted Weighted Aggregate Outstanding at September 30, 2015 1,370,000 $ 6.34 $ 1.14 $ — Forfeited (45,500 ) $ 6.32 $ 1.44 $ — Expired (100,000 ) $ 4.30 $ 8.90 $ — Outstanding at June 30, 2016 1,224,500 $ 6.51 $ 1.23 3.57 $ — Vested and exercisable at June 30, 2016 1,162,500 $ 6.56 $ 1.18 3.40 $ — During the nine months ended June 30, 2016 and 2015 , the Company recognized compensation expense of $125,000 and $470,000 , respectively, related to stock options (and restricted stock units in 2015) and as of June 30, 2016 , had approximately $76,000 of unamortized compensation costs related to non-vested options, which will be recognized by 2017. Warrants As of June 30, 2016 , there are 43,116 vested warrants outstanding to purchase common stock at an exercise price of $5.00 per share of which 20,087 expired in July 2016, 20,087 expire in July 2017 and 1,471 expire in each of October 2016 and 2017. The Company had previously reported at September 30, 2015 that such warrants had expired.

SHARE REPURCHASE

SHARE REPURCHASE	9 Months Ended
	Jun. 30, 2016
Share Repurchase Agreements [Abstract]
SHARE REPURCHASE	SHARE REPURCHASE In August 2015, the Company’s Board of Directors authorized the repurchase of up to $2 million of the Company’s common stock. Share repurchases, if any, will be made using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The Company's Board did not stipulate an expiration date for this repurchase and the purchase decisions are at the discretion of the Company's management. During the three months ended June 30, 2016 , the Company did not repurchase any shares. During the nine months ended June 30, 2016 , the Company repurchased 33,933 common shares at a cost of approximately $86,000 . Since inception, the Company has repurchased 80,576 shares at a total cost of approximately $231,000 . Such shares have been retired.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company files a consolidated federal income tax return and certain combined state and local income tax returns with its subsidiaries. Income tax expense for the three and nine -month periods ended June 30, 2016 is based on the estimated annual effective tax rate. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. The effective tax rate for the nine month period ended June 30, 2016 differs from the federal statutory income tax rate principally due to non-deductible expenses and state and local income taxes. At June 30, 2016 , the Company had a net deferred tax asset of $11,801,000 , principally comprised of net operating loss carryforwards. Management believes that is more likely than not that its deferred tax assets will be realized and, accordingly, has not provided a valuation allowance against such amount.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company has two reportable segments. The brokerage and advisory services segment includes broker-dealer and investment advisory services, the sale of insurance products and licensed mortgage brokerage services provided by the Broker-Dealer Subsidiaries, NAM, National Insurance, Prime Financial and GC. The tax and accounting services segment includes tax preparation and accounting services provided by Gilman. The Corporate pre-tax loss consists of certain expenses that have not been allocated to reportable segments. Segment information for the three and nine months ended June 30, 2016 and 2015 is as follows: Brokerage and Tax and Corporate Total Three Months Ended June 30, 2016 Revenues $ 43,956,000 $ 2,386,000 $ — $ 46,342,000 Pre-tax income (loss) 1,741,000 198,000 (2,224,000 ) (a) (285,000 ) Assets 40,798,000 3,006,000 18,469,000 (b) 62,273,000 Depreciation and amortization 185,000 44,000 73,000 302,000 Interest — — 13,000 13,000 Capital expenditures 48,000 — 155,000 203,000 2015 Revenues $ 39,577,000 $ 2,758,000 $ — $ 42,335,000 Pre-tax income (loss) 916,000 837,000 (1,396,000 ) (a) 357,000 Assets 43,077,000 3,946,000 18,038,000 (b) 65,061,000 Depreciation and amortization 202,000 22,000 70,000 294,000 Interest 1,000 — 5,000 6,000 Capital expenditures — 15,000 6,000 21,000 Brokerage and Tax and Corporate Total Nine Months Ended June 30, 2016 Revenues $ 120,775,000 $ 7,222,000 $ — $ 127,997,000 Pre-tax income (loss) 3,173,000 399,000 (3,885,000 ) (a) (313,000 ) Assets 40,798,000 3,006,000 18,469,000 (b) 62,273,000 Depreciation and amortization 569,000 132,000 197,000 898,000 Interest 1,000 — 15,000 16,000 Capital expenditures 53,000 28,000 389,000 470,000 2015 Revenues $ 119,166,000 $ 7,285,000 $ — $ 126,451,000 Pre-tax income (loss) 3,153,000 1,409,000 (3,153,000 ) (a) 1,409,000 Assets 43,077,000 3,946,000 18,038,000 (b) 65,061,000 Depreciation and amortization 522,000 41,000 299,000 862,000 Interest 7,000 1,000 4,000 12,000 Capital expenditures 199,000 27,000 6,000 232,000 (a) Consists of operating expenses not allocated to reportable segments. (b) Consists principally of deferred tax asset.

AGREEMENT AND PLAN OF MERGER

AGREEMENT AND PLAN OF MERGER	9 Months Ended
	Jun. 30, 2016
Business Combinations [Abstract]
Agreement and Plan of Merger	AGREEMENT AND PLAN OF MERGER Merger Agreement; Tender Offer On April 27, 2016, the Company, Fortress Biotech, Inc. (“Fortress”), and FBIO Acquisition, Inc., a Delaware corporation and wholly owned subsidiary of Fortress (“Acquisition Sub”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) providing for the acquisition of the Company by Acquisition Sub. As per the merger agreement, Fortress agreed to cause Acquisition Sub to commence a tender offer (the “Offer”) as promptly as practicable and in no event later than 30 days after the date the Financial Industry Regulatory Authority (“FINRA”) declares the application required under NASD Rule 1017 regarding the potential change of control of the broker-dealer subsidiaries of the Company as substantially complete, for all of the issued and outstanding shares of the Company’s common stock, par value $0.02 per share (the “Shares”), at a purchase price of $3.25 per Share in cash, net to the seller in cash but subject to any required withholding of taxes (the “Offer Price”). The Company’s board of directors has approved the Merger Agreement and is remaining neutral and making no recommendation to the Company stockholders as to whether to accept the Offer and tender their Shares pursuant to the Offer. The obligation of Fortress and Acquisition Sub to consummate the Offer is subject to a number of conditions, including (i) no denial by FINRA of the application regarding the potential change of control of the broker-dealer subsidiaries of the Company or no imposition by FINRA of any material restrictions or limitations on the broker-dealer subsidiaries of the Company as a result of the transactions contemplated by the Merger Agreement; (ii) the absence of a material adverse effect with respect to the Company; and (iii) certain other customary conditions. The consummation of the Offer is not subject to any financing condition or any condition regarding any minimum number of Shares being validly tendered in the Offer. Following the completion of the Offer and subject to the terms and conditions of the Merger Agreement,including the condition that there shall have been, as of the expiration of the Offer, or the subsequent offering period, if applicable, validly tendered and not withdrawn in accordance with the terms of the Offer, a number of Shares that, together with the Shares then owned by Fortress and its controlled affiliates, representing at least 80% of all then-outstanding Shares (the “Merger Condition”), Acquisition Sub will merge with and into the Company, with the Company surviving as a wholly owned subsidiary of Fortress (the “Merger”), pursuant to the procedure provided for under Section 251(h) of the Delaware General Corporation Law (the “DGCL”) without any additional stockholder approvals. If the Merger Condition is satisfied, the Merger will be effected as promptly as practicable following the purchase by Acquisition Sub of Shares validly tendered and not withdrawn in the Offer. At the effective time of the Merger, if any, each Share outstanding immediately prior to the effective time of the Merger (excluding those Shares that are held by (i) Fortress, Acquisition Sub or any other direct or indirect wholly owned subsidiary of Fortress, (ii) the Company or any direct or indirect wholly owned subsidiary of the Company, and (iii) stockholders of the Company who properly exercised their dissenters’ rights under the DGCL) will have the right to receive the Offer Price. The Company and Fortress have made customary representations, warranties and covenants in the Merger Agreement, including covenants (i) to promptly effect all registrations, filings and submissions required pursuant to any required governmental approvals, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and other applicable laws with respect to the Offer and the Merger; and (ii) to use their reasonable best efforts to take all appropriate action to consummate and effectuate the Offer, the Merger (if applicable) and the other transactions contemplated by the Merger Agreement. The Company would be responsible for a termination fee of $1,820,281 and Fortress would be responsible for a termination fee of $4,375,000 if the Merger Agreement is terminated under certain circumstances as indicated in the Merger Agreement. The Company and Fortress would also be responsible to reimburse the other party for certain transaction expenses up to a maximum of $750,000 if the Merger Agreement is terminated under certain circumstances as indicated in the Merger Agreement. Pursuant to the Merger Agreement, in the event the Merger Condition is not satisfied, the Company will remain a publicly-traded company. In such event, the Company’s stockholders, post-tender offer, will receive from the Company a five year warrant per held Share to purchase an additional Share at a purchase price of $3.25 per Share. The Company will distribute the warrants to its stockholders of record as of a date not later than 90 days following the closing of the Offer. The Company’s stockholders who do not tender their Shares pursuant to the Offer and remain stockholders of record as of such date will receive warrants. The warrants will be issued under a warrant agreement, substantially in the form attached as Exhibit A to the Merger Agreement. If, upon closing of the Offer, the Merger Condition is not satisfied, the size of the board of directors of the Company will be reduced from eleven directors to seven directors, all of the members of the board of directors of the Company will resign except for Messrs. Fagenson and Goldwasser, each a current member of the board of directors of the Company, and Fortress will be entitled to appoint five members to the board of directors of the Company. If the Merger Condition is satisfied, then (x) upon the closing of the Offer, (i) the size of the board of directors of the Company will be reduced from eleven directors to five directors, (ii) all of the members of the board of directors of the Company will resign, except for Messrs. Fagenson and Goldwasser, and (iii) Fortress will be entitled to appoint three members to the board of directors of the Company and (y) upon closing of the Merger, (i) Messrs. Fagenson and Goldwasser will resign from the board of directors of the Company and (ii) Fortress will be entitled to appoint two members to the board of directors of the Company. In connection with the execution and delivery of the Merger Agreement, the Company has provided Fortress signed, irrevocable letters of resignation from all current members of the board of directors of the Company that will become effective based on the circumstances set forth above. Additionally, the Company has provided Fortress resolutions of the board of directors of the Company appointing the individuals selected by Fortress into the vacancies created on the board of directors of the Company as a result of the resignations described above. The commencement of the Offer, and the consummation of the transactions contemplated by the Merger Agreement (including the Merger), are subject to the terms and conditions set forth in the Merger Agreement. Thus, there can be no assurance that the Offer will be commenced, or that the transactions contemplated by the Merger Agreement, including the Merger, will be consummated. In addition, since the Merger Agreement and the agreements executed and delivered in connection therewith contemplate that Acquisition Sub may purchase Shares in the Offer even if the Merger Condition is not satisfied, and that Fortress will have the right to appoint a majority of the members of the Company’s Board of Directors in that instance, it is possible that the Company will remain a publicly-traded company with a Board of Directors that is controlled by appointees of Fortress following the completion of the Offer. Recent Management Developments On June 24, 2016, Mark Goldwasser provided National Holdings Corporation (the “Company”) with notice of his decision not to extend the term of his Employment Agreement, dated as of July 1, 2008, as amended (the “Goldwasser Agreement”). The Goldwasser Agreement terminated pursuant to its terms on June 30, 2016. On June 29, 2016, the Company and Robert B. Fagenson entered into a sixth amendment (the “Fagenson Amendment”) to his Co-Executive Chairman Compensation Plan, dated June 7, 2013, as amended (the “Fagenson Agreement”), pursuant to which, among other things, the term of the Fagenson Agreement will end on September 30, 2016, following which the term of the Fagenson Agreement may be extended for successive 30 day periods on the terms set forth therein.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Event	SUBSEQUENT EVENT Amendment to Merger Agreement On August 12, 2016, the Company, Fortress and Acquisition Sub entered into Amendment No. 1 to the Merger Agreement (the “Amendment”), which, among other things, (i) removes the covenant that requires Fortress to place in a segregated account prior to the launch of the Offer the funds necessary to complete the Offer and the Merger, (ii) clarifies that in the event that as of the closing of the Offer, Acquisition Sub (together with certain affiliates of Fortress) owns less than 25% of the all then outstanding Shares and FINRA directs the Company to withdraw the 1017 Application, the Company will withdraw the application and (iii) extends the Termination Date (as defined in the Merger Agreement) from August 29, 2016, to September 30, 2016, and the possible extension of the Termination Date for purposes of satisfying a certain condition by mutual consent of the parties from September 29, 2016, to October 28, 2016. Additionally, the parties agreed that Fortress would cause Acquisition Sub to commence the Offer within one hour after the parties have executed the Amendment; otherwise, the Amendment would be null and void and be of no further force or effect. Acquisition Sub commenced the Offer on August 12, 2016. Fortress and Acquisition Sub have filed a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and related documents with the SEC, and the Company has filed a solicitation/recommendation statement on Schedule 14D-9 with respect to the Offer with the SEC. The offer to purchase the Shares will only be made pursuant to the offer to purchase, the letter of transmittal and related documents filed as a part of the Schedule TO.

NEW ACCOUNTING GUIDANCE (Polici

NEW ACCOUNTING GUIDANCE (Policies)	9 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
New Accounting Guidance	NEW ACCOUNTING GUIDANCE In July 2013, the Financial Accounting Standards Board ("FASB") issued ASU 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The update requires the netting of unrecognized tax benefits against a deferred tax asset for the loss or other carryforward that would apply in settlement of the uncertain tax positions. The new guidance was effective for the Company beginning October 1, 2014. The adoption did not have any impact on the Company’s financial statements. In May 2014, the FASB issued an accounting standard update on revenue recognition. The new guidance creates a single, principle-based model for revenue recognition and expands and improves disclosures about revenue. The new guidance is effective for the Company beginning October 1, 2018, and must be adopted using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. The Company is currently evaluating the potential impact of this standard on its financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). ASU 2016-02 requires lessees to recognize leases on their balance sheets, and leaves lessor accounting largely unchanged. The amendments in this ASU are effective for the Company beginning October 1, 2019 and interim periods within those fiscal years. Early application is permitted for all entities. ASU 2016-02 requires a modified retrospective approach for all leases existing at, or entered into after, the date of initial application, with an option to elect to use certain transition relief. The Company is currently assessing the impact that the adoption of ASU 2016-02 will have on its financial statements.

FORGIVABLE LOANS RECEIVABLE (Ta

FORGIVABLE LOANS RECEIVABLE (Tables)	9 Months Ended
	Jun. 30, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Schedule of Forgivable Loan Activity	Forgivable loan activity for the nine months ended June 30, 2016 is as follows: Balance, October 1, 2015 $ 1,368,000 Additions 933,000 Amortization (493,000 ) Balance, June 30, 2016 $ 1,808,000

SECURITIES OWNED AND SECURITI28

SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE (Tables)	9 Months Ended
	Jun. 30, 2016
Schedule of Investments [Abstract]
Schedule of Securities Owned and Sold, Not yet Purchased	Classification of securities are as follows: Fair Value Measurements As of June 30, 2016 Securities owned at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 82,000 — — $ 82,000 Municipal bonds 1,259,000 — — 1,259,000 Restricted stock and warrants — 181,000 — 181,000 $ 1,341,000 $ 181,000 $ — $ 1,522,000 As of September 30, 2015 Securities owned at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 44,000 — — $ 44,000 Municipal bonds 638,000 — — 638,000 Restricted stock and warrants — 205,000 — 205,000 $ 682,000 $ 205,000 $ — $ 887,000 Securities sold, but not yet purchased at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 32,000 $ — $ — $ 32,000

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	9 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Schedule of Fixed Assets	Fixed assets as of June 30, 2016 and September 30, 2015 consist of the following: June 30, September 30, Estimated Useful Lives Equipment $ 755,000 $ 539,000 5 Furniture and fixtures 166,000 162,000 5 Leasehold improvements 648,000 598,000 Lesser of useful Capital leases (primarily composed of computer equipment) 652,000 452,000 5 2,221,000 1,751,000 Less accumulated depreciation and amortization (1,384,000 ) (1,039,000 ) Fixed assets – net $ 837,000 $ 712,000

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jun. 30, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite and Indefinite-lived Intangible Assets Acquired	The following table presents the carrying amounts of intangible assets as of June 30, 2016 , principally acquired in the Company's acquisition of Gilman in October 2013, and their estimated useful lives: Intangible asset Fair Value Accumulated Amortization Carrying Value Estimated Customer relationships $ 6,969,000 $ 1,845,000 $ 5,124,000 7-10 Non-compete 296,000 296,000 — 2 Brands 1,654,000 — 1,654,000 Indefinite $ 8,919,000 $ 2,141,000 $ 6,778,000
Schedule of Estimated Future Amortization Expense	The estimated future amortization expense of the above intangible assets for the next five fiscal years and thereafter is as follows: Year ending 2016 $ 183,000 2017 721,000 2018 721,000 2019 721,000 2020 721,000 Thereafter 2,057,000 Total $ 5,124,000

ACCOUNTS PAYABLE AND ACCRUED 31

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses as of June 30, 2016 and September 30, 2015 consist of the following: June 30, September 30, Legal $ 1,663,000 $ 807,000 Audit 200,000 552,000 Telecommunications 222,000 201,000 Data services 291,000 384,000 Regulatory 433,000 640,000 Settlements 794,000 817,000 Contingent consideration payable 457,000 534,000 Other 1,877,000 2,667,000 Total $ 5,937,000 $ 6,602,000

PER SHARE DATA (Tables)

PER SHARE DATA (Tables)	9 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Reconciliation of Basic and Diluted Common Shares	A reconciliation of basic and diluted common shares used in the computation of per share data follows: Three Month Period Ended Nine Month Period Ended 2016 2015 2016 2015 Basic weighted-average shares 12,440,035 12,446,365 12,442,059 12,446,365 Effect of dilutive securities: Options — 8,284 — 18,912 Warrants — 36,521 — 30,198 Diluted weighted-average shares 12,440,035 12,491,170 12,442,059 12,495,475
Schedule of Potential Common Share Equivalents	The following potential common share equivalents are not included in the above diluted computation because to do so would be anti-dilutive: Three Month Period Ended Nine Month Period Ended 2016 2015 2016 2015 Options 1,224,500 1,328,000 1,311,167 1,328,000 Warrants 43,116 64,676 43,116 64,676 1,267,616 1,392,676 1,354,283 1,392,676

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments	The Company leases office space in various states expiring at various dates through April 2025, and as of June 30, 2016 , is committed under operating leases for future minimum lease payments as follows: Fiscal Year Ending Rental Payments Less, Sublease Income Net 2016 $ 950,000 $ 35,000 $ 915,000 2017 2,648,000 84,000 2,564,000 2018 1,855,000 — 1,855,000 2019 1,057,000 — 1,057,000 2020 885,000 — 885,000 Thereafter 900,000 — 900,000 $ 8,295,000 $ 119,000 $ 8,176,000

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	9 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock Option Activity	Information with respect to stock option activity during the nine months ended June 30, 2016 follows: Options Weighted Weighted Weighted Aggregate Outstanding at September 30, 2015 1,370,000 $ 6.34 $ 1.14 $ — Forfeited (45,500 ) $ 6.32 $ 1.44 $ — Expired (100,000 ) $ 4.30 $ 8.90 $ — Outstanding at June 30, 2016 1,224,500 $ 6.51 $ 1.23 3.57 $ — Vested and exercisable at June 30, 2016 1,162,500 $ 6.56 $ 1.18 3.40 $ —

SEGMENT INFORMATION(Tables)

SEGMENT INFORMATION(Tables)	9 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
Schedule of Segment Information	Segment information for the three and nine months ended June 30, 2016 and 2015 is as follows: Brokerage and Tax and Corporate Total Three Months Ended June 30, 2016 Revenues $ 43,956,000 $ 2,386,000 $ — $ 46,342,000 Pre-tax income (loss) 1,741,000 198,000 (2,224,000 ) (a) (285,000 ) Assets 40,798,000 3,006,000 18,469,000 (b) 62,273,000 Depreciation and amortization 185,000 44,000 73,000 302,000 Interest — — 13,000 13,000 Capital expenditures 48,000 — 155,000 203,000 2015 Revenues $ 39,577,000 $ 2,758,000 $ — $ 42,335,000 Pre-tax income (loss) 916,000 837,000 (1,396,000 ) (a) 357,000 Assets 43,077,000 3,946,000 18,038,000 (b) 65,061,000 Depreciation and amortization 202,000 22,000 70,000 294,000 Interest 1,000 — 5,000 6,000 Capital expenditures — 15,000 6,000 21,000 Brokerage and Tax and Corporate Total Nine Months Ended June 30, 2016 Revenues $ 120,775,000 $ 7,222,000 $ — $ 127,997,000 Pre-tax income (loss) 3,173,000 399,000 (3,885,000 ) (a) (313,000 ) Assets 40,798,000 3,006,000 18,469,000 (b) 62,273,000 Depreciation and amortization 569,000 132,000 197,000 898,000 Interest 1,000 — 15,000 16,000 Capital expenditures 53,000 28,000 389,000 470,000 2015 Revenues $ 119,166,000 $ 7,285,000 $ — $ 126,451,000 Pre-tax income (loss) 3,153,000 1,409,000 (3,153,000 ) (a) 1,409,000 Assets 43,077,000 3,946,000 18,038,000 (b) 65,061,000 Depreciation and amortization 522,000 41,000 299,000 862,000 Interest 7,000 1,000 4,000 12,000 Capital expenditures 199,000 27,000 6,000 232,000 (a) Consists of operating expenses not allocated to reportable segments. (b) Consists principally of deferred tax asset.

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	1 Months Ended
	Feb. 28, 2015
Common Stock
Class of Stock [Line Items]
Reverse stock split ratio	0.1

RECEIVEABLES FROM BROKER-DEAL37

RECEIVEABLES FROM BROKER-DEALERS AND CLEARING ORGANIZATIONS AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Sep. 30, 2015
Brokers and Dealers [Abstract]
Receivables from broker-dealers and clearing organizations	$ 3,610	$ 3,078
Other receivables, net	3,852	3,709
Allowance for doubtful accounts	$ 646	$ 573

FORGIVABLE LOANS RECEIVABLE - N

FORGIVABLE LOANS RECEIVABLE - Narrative (Details) - USD ($)	9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2015
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forgiveness of loans balance	$ 493,000	$ 262,000
Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowance for doubtful accounts receivable	$ 0		$ 0
Maximum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest rate	9.00%

FORGIVABLE LOANS RECEIVABLE - F

FORGIVABLE LOANS RECEIVABLE - Forgivable Loan Activity (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2016USD ($)
Forgivable Loan Activity [Roll Forward]
Beginning balance	$ 3,709
Ending balance	3,852
Advances to Registered Representatives
Forgivable Loan Activity [Roll Forward]
Beginning balance	1,368
Additions	933
Amortization	(493)
Ending balance	$ 1,808

SECURITIES OWNED AND SECURITI40

SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Sep. 30, 2015
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	$ 1,522	$ 887
Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	1,341	682
Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	181	205
Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	0	0
Corporate stocks
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	82	44
Securities sold, not yet purchased at fair value		32
Corporate stocks | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	82	44
Securities sold, not yet purchased at fair value		32
Corporate stocks | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	0	0
Securities sold, not yet purchased at fair value		0
Corporate stocks | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	0	0
Securities sold, not yet purchased at fair value		0
Municipal bonds
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	1,259	638
Municipal bonds | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	1,259	638
Municipal bonds | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	0	0
Municipal bonds | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	0	0
Restricted stock and warrants
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	181	205
Restricted stock and warrants | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	0	0
Restricted stock and warrants | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	181	205
Restricted stock and warrants | Level 3
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	$ 0	$ 0

FIXED ASSETS - Schedule of Fixe

FIXED ASSETS - Schedule of Fixed Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2016	Sep. 30, 2015
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 2,221	$ 1,751
Less accumulated depreciation and amortization	(1,384)	(1,039)
Fixed assets – net	837	712
Equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 755	539
Estimated Useful Lives	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 166	162
Estimated Useful Lives	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 648	598
Capital leases (primarily composed of computer equipment)
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 652	$ 452
Estimated Useful Lives	5 years

FIXED ASSETS - Narrative (Detai

FIXED ASSETS - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 345	$ 238

INTANGIBLE ASSETS - Narrative (

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Feb. 28, 2015	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2015
Business Acquisition [Line Items]
Other		$ 1,877	$ 1,877		$ 2,667
Increase in fair value of contingent consideration payable			12
Amortization expense			553	$ 624
Certain Assets of a Tax Preparation and Accounting Business
Business Acquisition [Line Items]
Other	$ 569
Earn-out period	48 months
Maximum contingent consideration payable	$ 640
Increase in fair value of contingent consideration payable		4	12
Payments on contingent consideration		$ 44	$ 89
Certain Assets of a Tax Preparation and Accounting Business | Customer relationships
Business Acquisition [Line Items]
Weighted average useful life	7 years

INTANGIBLE ASSETS - Intangible

INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) $ in Thousands	9 Months Ended
	Jun. 30, 2016USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 8,919
Accumulated Amortization	2,141
Carrying Value	6,778
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	6,969
Accumulated Amortization	1,845
Carrying Value	$ 5,124
Customer relationships | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	7 years
Customer relationships | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	10 years
Non-compete
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 296
Accumulated Amortization	296
Carrying Value	$ 0
Estimated Useful Life (years)	2 years
Brands
Acquired Finite-Lived Intangible Assets [Line Items]
Fair Value	$ 1,654
Carrying Value	$ 1,654

INTANGIBLE ASSETS - Intangibl45

INTANGIBLE ASSETS - Intangible Assets Estimated Future Amortization Expense (Details) $ in Thousands	Jun. 30, 2016USD ($)
Year ending September 30,
Carrying Value	$ 6,778
Gilman
Year ending September 30,
2,016	183
2,017	721
2,018	721
2,019	721
2,020	721
Thereafter	2,057
Carrying Value	$ 5,124

ACCOUNTS PAYABLE AND ACCRUED 46

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Sep. 30, 2015
Payables and Accruals [Abstract]
Legal	$ 1,663	$ 807
Audit	200	552
Telecommunications	222	201
Data services	291	384
Regulatory	433	640
Settlements	794	817
Contingent consideration payable	457	534
Other	1,877	2,667
Total	$ 5,937	$ 6,602

PER SHARE DATA - Basic Net Loss

PER SHARE DATA - Basic Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted-average shares (in shares)	12,440,035	12,446,365	12,442,059	12,446,365
Diluted weighted-average shares (in shares)	12,440,035	12,491,170	12,442,059	12,495,475
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0	8,284	0	18,912
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0	36,521	0	30,198

PER SHARE DATA - Anti-Dilutive

PER SHARE DATA - Anti-Dilutive Common Shares (Details) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,267,616	1,392,676	1,354,283	1,392,676
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,224,500	1,328,000	1,311,167	1,328,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	43,116	64,676	43,116	64,676

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands	Jun. 30, 2016USD ($)
Rental Payments
2,016	$ 950
2,017	2,648
2,018	1,855
2,019	1,057
2,020	885
Thereafter	900
Total	8,295
Less, Sublease Income
2,016	35
2,017	84
2,018	0
2,019	0
2,020	0
Thereafter	0
Total	119
Net
2,016	915
2,017	2,564
2,018	1,855
2,019	1,057
2,020	885
Thereafter	900
Total	$ 8,176

COMMITMENTS AND CONTINGENCIES50

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2016USD ($)Letter_of_credit	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)Letter_of_credit	Jun. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Loss Contingencies [Line Items]
Rent expense			$ 2,880	$ 2,973
Sublease income			106	204
Pending Litigation | Professional Fees
Loss Contingencies [Line Items]
Legal fees	$ 584	$ 566	$ 1,734	$ 1,466
Letter of Credit
Loss Contingencies [Line Items]
Number of letters of credit, outstanding | Letter_of_credit	3		3
Maximum borrowing capacity	$ 353		$ 353
Accounts Payable and Other Liabilities | Pending Litigation
Loss Contingencies [Line Items]
Estimate of possible loss	$ 794		$ 794		$ 817

NET CAPITAL REQUIREMENTS (Detai

NET CAPITAL REQUIREMENTS (Details)	Jun. 30, 2016USD ($)
National Securities
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Net capital	$ 6,655,429
Alternative excess net capital	6,405,429
National Securities | SEC Requirement
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Minimum net capital required	250,000
vFinance Investments
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Net capital	2,335,245
Alternative excess net capital	$ 1,335,245
Capital required to be well capitalized to risk weighted assets	211.00%
vFinance Investments | Maximum
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Ratio of indebtedness to net capital	15
vFinance Investments | SEC Requirement
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Minimum net capital required	$ 1,000,000

STOCK BASED COMPENSATION - Stoc

STOCK BASED COMPENSATION - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2016	Sep. 30, 2015
Options
Beginning balance (in shares)	1,370,000
Forfeited (in shares)	(45,500)
Expired (in shares)	(100,000)
Ending balance (in shares)	1,224,500	1,370,000
Vested and exercisable balance (in shares)	1,162,500
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 6.34
Forfeited (in dollars per share)	6.32
Expired (in dollars per share)	4.30
Ending balance (in dollars per share)	6.51	$ 6.34
Vested and exercisable balance (in dollars per share)	6.56
Weighted Average Grant- Date Fair Value Per Share
Beginning balance (in dollars per share)	1.14
Forfeited (in dollars per share)	1.44
Expired (in dollars per share)	8.90
Ending balance (in dollars per share)	1.23	$ 1.14
Vested and exercisable balance (in dollars per share)	$ 1.18
Weighted Average Remaining Contractual term (years)
Balance outstanding	3 years 208 days
Forfeited
Expired
Vested and exercisable balance	3 years 146 days
Aggregate Intrinsic Value
Balance outstanding	$ 0	$ 0
Forfeited	0
Expired	0
Vested and exercisable balance	$ 0

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				9 Months Ended
	Oct. 31, 2017	Jul. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants outstanding (in shares)					43,116
Exercise price of warrants (in dollars per share)					$ 5
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants to expire (in shares)		20,087
Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of warrants to expire (in shares)	1,471		1,471	20,087
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense					$ 125	$ 470
Unamortized compensation costs					$ 76

SHARE REPURCHASE (Details)

SHARE REPURCHASE (Details) - USD ($)	9 Months Ended	11 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Aug. 31, 2015
Share Repurchase Agreements [Abstract]
Authorized amount of repurchase plan (up to)			$ 2,000,000
Number of shares repurchased (in shares)	33,933	80,576
Value of shares repurchased	$ 86,000	$ 231,000

INCOME TAXES (Details)

INCOME TAXES (Details) $ in Thousands	Jun. 30, 2016USD ($)
Income Tax Disclosure [Abstract]
Deferred tax assets, net of valuation allowance	$ 11,801

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Jun. 30, 2016segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION - Segment I

SEGMENT INFORMATION - Segment Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Sep. 30, 2015
Segment Reporting Information [Line Items]
Revenues	$ 46,342,000	$ 42,335,000	$ 127,997,000	$ 126,451,000
Pre-tax income (loss)	(285,000)	357,000	(313,000)	1,409,000
Assets	62,273,000	65,061,000	62,273,000	65,061,000	$ 63,382,000
Depreciation and amortization	302,000	294,000	898,000	862,000
Interest	13,000	6,000	16,000	12,000
Capital expenditures	203,000	21,000	470,000	232,000
Corporate
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Pre-tax income (loss)	(2,224,000)	(1,396,000)	(3,885,000)	(3,153,000)
Assets	18,469,000	18,038,000	18,469,000	18,038,000
Depreciation and amortization	73,000	70,000	197,000	299,000
Interest	13,000	5,000	15,000	4,000
Capital expenditures	155,000	6,000	389,000	6,000
Brokerage and Advisory Services | Operating Segments
Segment Reporting Information [Line Items]
Revenues	43,956,000	39,577,000	120,775,000	119,166,000
Pre-tax income (loss)	1,741,000	916,000	3,173,000	3,153,000
Assets	40,798,000	43,077,000	40,798,000	43,077,000
Depreciation and amortization	185,000	202,000	569,000	522,000
Interest	0	1,000	1,000	7,000
Capital expenditures	48,000	0	53,000	199,000
Tax and Accounting Services | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,386,000	2,758,000	7,222,000	7,285,000
Pre-tax income (loss)	198,000	837,000	399,000	1,409,000
Assets	3,006,000	3,946,000	3,006,000	3,946,000
Depreciation and amortization	44,000	22,000	132,000	41,000
Interest	0	0	0	1,000
Capital expenditures	$ 0	$ 15,000	$ 28,000	$ 27,000

AGREEMENT AND PLAN OF MERGER (D

AGREEMENT AND PLAN OF MERGER (Details)	Jun. 29, 2016	Apr. 27, 2016USD ($)director$ / shares	Jun. 30, 2016director$ / shares	Sep. 30, 2015$ / shares
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) | $ / shares		$ 0.02	$ 0.02	$ 0.02
Termination fee | $		$ 1,820,281
Exercise price of warrants (in dollars per share) | $ / shares			$ 5
Number of members on board of directors			11
Co-Executive Chairman
Business Acquisition [Line Items]
Co-Executive Chairman Compensation Plan, extension term	30 days
Fortress
Business Acquisition [Line Items]
Termination fee | $		4,375,000
National Holdings Corporation and Fortress Biotech, Inc
Business Acquisition [Line Items]
Termination fee | $		$ 750,000
Merger Condition Not Satisfied
Business Acquisition [Line Items]
Duration of warrants		5 years
Exercise price of warrants (in dollars per share) | $ / shares		$ 3.25
Duration to distribute warrants to stockholders		90 days
Number of members on board of directors		7
Merger Condition Not Satisfied | Fortress
Business Acquisition [Line Items]
Number of members to appoint to board of directors		5
Merger Condition Satisfied
Business Acquisition [Line Items]
Number of members on board of directors		5
Merger Condition Satisfied | Fortress
Business Acquisition [Line Items]
Number of members to appoint to board of directors		3
Merger Closed | Fortress
Business Acquisition [Line Items]
Number of members to appoint to board of directors		2
National Holdings Corporation | Fortress
Business Acquisition [Line Items]
Merger Tender Offer, duration to complete after FINRA declares application		30 days
Share price for acquisition (in dollars per share) | $ / shares		$ 3.25
Percentage of shares required to hold (at least)		80.00%

SUBSEQUENT EVENT - Merger Agree

SUBSEQUENT EVENT - Merger Agreement (Details) - Subsequent Event	Aug. 12, 2016
Subsequent Event [Line Items]
Percentage ownership threshold, termination (less than)	25.00%
Timing of offering commencement following execution of Amendment	1 hour