National (NHLD) 10-Q 14 Feb 17 2017 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Dec. 31, 2016	Feb. 10, 2017
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	Dec. 31, 2016
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		12,437,916

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016
ASSETS
Cash	$ 22,176	$ 21,694
Restricted cash	354	354
Cash deposits with clearing organizations	1,030	1,030
Securities owned, at fair value	1,206	2,357
Receivables from broker-dealers and clearing organizations	2,858	3,357
Forgivable loans receivable	1,528	1,712
Other receivables, net	3,868	5,430
Prepaid expenses	1,854	1,910
Fixed assets, net	1,230	1,164
Intangible assets, net	5,718	5,704
Goodwill	6,531	6,531
Deferred tax asset, net	8,690	8,958
Other assets, principally refundable deposits	344	345
Total Assets	57,387	60,546
Liabilities
Securities sold, but not yet purchased, at fair value	1	298
Accrued commissions and payroll payable	10,191	11,940
Accounts payable and accrued expenses	5,213	7,166
Deferred clearing and marketing credits	943	995
Warrants issuable	9,963	14,055
Other	244	319
Total Liabilities	26,555	34,773
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; 12,437,916 issued and outstanding at December 31, 2016 and September 30, 2016	248	248
Additional paid-in-capital	66,353	66,353
Accumulated deficit	(35,784)	(40,843)
Total National Holdings Corporation Stockholders’ Equity	30,817	25,758
Non-Controlling interest	15	15
Total Stockholders’ Equity	30,832	25,773
Total Liabilities and Stockholders’ Equity	$ 57,387	$ 60,546

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) - $ / shares	Dec. 31, 2016	Sep. 30, 2016
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)	12,437,916	12,437,916
Common stock, shares outstanding (in shares)	12,437,916	12,437,916

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Revenues
Commissions	$ 24,506	$ 22,995
Net dealer inventory gains	2,511	2,544
Investment banking	9,726	6,117
Investment advisory	3,385	3,660
Interest and dividends	716	918
Transaction fees and clearing services	2,498	2,372
Tax preparation and accounting	856	900
Other	371	116
Total Revenues	44,569	39,622
Operating Expenses
Commissions, compensation and fees	37,258	34,710
Clearing fees	738	763
Communications	722	829
Occupancy	1,008	935
License and registration	405	355
Professional fees	1,263	1,086
Interest	4	1
Depreciation and amortization	295	300
Other administrative expenses	1,230	1,287
Total Operating Expenses	42,923	40,266
Income (Loss) before Other Income and Income Taxes	1,646	(644)
Other Income
Change in fair value of warrants issuable	4,092	0
Total Other Income	4,092	0
Income (Loss) before Income Taxes	5,738	(644)
Income tax expense (benefit)	679	(191)
Net Income (Loss)	$ 5,059	$ (453)
Net income (loss) per share - Basic (in dollars per share)	$ 0.41	$ (0.04)
Net income (loss) per share - Diluted (in dollars per share)	$ 0.41	$ (0.04)
Weighted average number of shares outstanding - Basic (in shares)	12,437,916	12,446,064
Weighted average number of shares outstanding - Diluted (in shares)	12,438,474	12,446,064

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - 3 months ended Dec. 31, 2016 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in- Capital	Accumulated Deficit	Non-Controlling Interest
Net Income (Loss) Attributable to Parent	$ 5,059
Balance (in shares) at Sep. 30, 2016		12,437,916
Balance at Sep. 30, 2016	25,773	$ 248	$ 66,353	$ (40,843)	$ 15
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,059			5,059
Balance (in shares) at Dec. 31, 2016		12,437,916
Balance at Dec. 31, 2016	$ 30,832	$ 248	$ 66,353	$ (35,784)	$ 15

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 5,059	$ (453)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Change in fair value of warrants issuable	(4,092)	0
Depreciation and amortization	295	300
Amortization of forgivable loans to registered representatives	201	141
Stock-based compensation	0	37
Recovery for doubtful accounts	(115)	(31)
Amortization of deferred clearing credit	(52)	(53)
Increase in fair value of contingent consideration payable	7	4
Deferred tax (benefit) expense	268	(211)
Changes in assets and liabilities
Restricted cash	0	0
Cash deposits with clearing organizations	0	0
Securities owned, at fair value	1,151	179
Receivables from broker-dealers and clearing organizations	499	336
Forgivable loans receivable	(17)	(136)
Other receivables, net	1,677	(791)
Prepaid expenses	56	(452)
Other assets, principally refundable deposits	1	11
Accounts payable, accrued expenses and other liabilities	(3,999)	(999)
Securities sold, but not yet purchased, at fair value	(297)	(27)
Net cash provided by (used in) operating activities	642	(2,145)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of business	(19)	0
Purchase of fixed assets	(141)	(151)
Net cash used in investing activities	(160)	(151)
CASH FLOWS FROM FINANCING ACTIVITIES
Repurchase of shares of common stock	0	(86)
Net cash used in financing activities	0	(86)
NET INCREASE (DECREASE) IN CASH	482	(2,382)
CASH BALANCE
Beginning of the period	21,694	24,642
End of the period	22,176	22,260
Cash paid during the period for:
Interest	4	1
Income taxes	81	17
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES
Fixed assets (acquired but not paid)	23	0
Identifiable intangible asset acquired	211	0
Contingent consideration payable	(192)	0
Cash paid	$ 19	$ 0

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Dec. 31, 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 December 31, 2016 and for the three months ended December 31, 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, 2016 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, 2016 for additional disclosures and accounting policies. Certain items in the consolidated statement of operations for the fiscal 2016 period have been reclassified to conform to the presentation in the fiscal 2017 period. 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	3 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS National Holdings Corporation (“National” or the “Company”), a Delaware corporation organized in 1996, operates through its wholly owned subsidiaries which principally provide financial services. Through its broker-dealer and investment advisory subsidiaries, the Company (1) offers full service retail brokerage and investment advisory services to individual, corporate 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, New York, Boca Raton, Florida, and Seattle, Washington. 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. ("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 subsidiaries, National Insurance Corporation ("National Insurance") and Prime Financial Services ("Prime Financial"), provide fixed insurance products to their clients, including life insurance, disability insurance, long term care insurance and fixed annuities. The Company’s wholly-owned subsidiary, Gilman Ciocia, Inc. ("Gilman"), provides tax preparation and accounting services to individuals and small to midsize companies. The Company’s wholly-owned subsidiary, GC Capital Corporation ("GC"), provides licensed mortgage brokerage services in New York and Florida. On September 9, 2016, a subsidiary of Fortress Biotech, Inc. (“Fortress”), acquired a controlling interest in the Company. See Note 19.

RECEIVEABLES FROM BROKER-DEALER

RECEIVEABLES FROM BROKER-DEALERS AND CLEARING ORGANIZATIONS AND OTHER RECEIVABLES	3 Months Ended
	Dec. 31, 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 December 31, 2016 and September 30, 2016 , the receivables of $2,858,000 and $3,357,000 , 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 December 31, 2016 and September 30, 2016 of $3,868,000 and $5,430,000 , respectively, principally represent trailing fees and fees for tax and accounting services and are net of allowance for doubtful accounts of $620,000 and $735,000 , respectively.

FORGIVABLE LOANS RECEIVABLE

FORGIVABLE LOANS RECEIVABLE	3 Months Ended
	Dec. 31, 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 2021. Forgiveness of loans amounted to $201,000 and $141,000 for the three months ended December 31, 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 December 31, 2016 and September 30, 2016 , no allowance for doubtful accounts was required. Forgivable loan activity for the three months ended December 31, 2016 is as follows: Balance, October 1, 2016 $ 1,712,000 Additions 17,000 Amortization (201,000 ) Balance, December 31, 2016 $ 1,528,000 There were no unamortized loans outstanding at December 31, 2016 and September 30, 2016 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	3 Months Ended
	Dec. 31, 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 December 31, 2016 Securities owned at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 172,000 — — $ 172,000 Municipal bonds 930,000 — — 930,000 Restricted stock — 104,000 — 104,000 $ 1,102,000 $ 104,000 $ — $ 1,206,000 Securities sold, but not yet purchased at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 1,000 — — $ 1,000 As of September 30, 2016 Securities owned at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 101,000 — — $ 101,000 Municipal bonds 2,111,000 — — 2,111,000 Restricted stock — 145,000 — 145,000 $ 2,212,000 $ 145,000 $ — $ 2,357,000 Securities sold, but not yet purchased at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 298,000 $ — $ — $ 298,000

FIXED ASSETS

FIXED ASSETS	3 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
FIXED ASSETS	FIXED ASSETS Fixed assets as of December 31, 2016 and September 30, 2016 consist of the following: December 31, September 30, Estimated Useful Lives Equipment $ 1,155,000 $ 1,036,000 5 Furniture and fixtures 169,000 163,000 5 Leasehold improvements 692,000 653,000 Lesser of useful Capital leases (primarily composed of computer equipment) 739,000 739,000 5 2,755,000 2,591,000 Less accumulated depreciation and amortization (1,525,000 ) (1,427,000 ) Fixed assets – net $ 1,230,000 $ 1,164,000 Depreciation expense associated with fixed assets for the three months ended December 31, 2016 and 2015 was $98,000 and $107,000 , respectively.

BUSINESS COMBINATION AND CONTIN

BUSINESS COMBINATION AND CONTINGENT CONSIDERATION	3 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Business Combinations and Contingent Consideration	BUSINESS COMBINATION AND CONTINGENT CONSIDERATION In October 2016, 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 a cash payment at closing of $19,000 and contingent consideration payable in cash having a fair value of $192,000 , 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 36 -month period following the closing up to a maximum of $225,600 . 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. The fair value of the acquired assets was allocated to customer relationships, which is being amortized over three years. Results of operations of the acquired business are included in the accompanying consolidated statements of operations from the date of acquisition and were not material. In addition, based on materiality, pro forma results are not presented. Set below are changes in the carrying value of contingent consideration for the three-month period ended December 31, 2016 related to acquisitions: Fair value of contingent consideration at September 30, 2016 $ 424,000 Fair value of contingent consideration in connection with above acquisition 192,000 Payments — Change in fair value 7,000 Fair value of contingent consideration at December 31, 2016 $ 623,000 ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY On September 12, 2016, FBIO Acquisition, Inc. (“FBIO Acquisition”), a wholly-owned subsidiary of Fortress, completed a tender offer (the “Offer”) for all outstanding shares of the Company at a price of $3.25 per share, net to the seller in cash (less any required withholding taxes and without interest) (the “Offer Price”), pursuant to the terms of an Agreement and Plan of Merger dated as of April 27, 2016 (as amended, the “Merger Agreement”) among the Company, Fortress and FBIO Acquisition. The Offer expired on September 9, 2016, and a total of 7,037,482 shares were validly tendered and not withdrawn (including shares delivered through notices of guaranteed delivery), representing approximately 56.6% of the Company's issued and outstanding shares of common stock immediately following the completion of the Offer (in each case, without giving effect to the issuance or exercise of the Dividend Warrants). On September 12, 2016, FBIO Acquisition accepted for payment all shares that were validly tendered and not withdrawn prior to the expiration time of the Offer (such time of acceptance, the "Acceptance Time") and delivered payment for such shares. Dividend Warrants In accordance with the Merger Agreement, since less than 80% of the Company's issued and outstanding shares of common stock were tendered, the Company remains a publicly-traded company and stockholders post-tender offer will receive from the Company a five year warrant per held share to purchase an additional share of the Company's common stock at $3.25 as a dividend to all holders of the Company's common stock. As the Company does not have the ability to settle the warrants with unregistered shares and maintenance of an effective registration statement (which did not exist at December 31, 2016 or September 30, 2016) may be considered outside of the Company’s control, net cash settlement of the warrants is assumed. Accordingly, as the Company was obligated to issue the warrants, the fair value of the 12,437,916 warrants issuable are being classified as a liability in the condensed consolidated statement of financial condition at December 31, 2016 and September 30, 2016 . This liability is subject to re-measurement at each balance sheet date until the warrants are exercised or expired, and any change in fair value is recognized as “change in fair value of warrants issuable” in the condensed consolidated statements of operations. Such valuation (using level 2 inputs) was determined by use of the Black-Scholes option pricing model using the following assumptions: Fiscal Year 2017 Fiscal Year 2016 Dividend yield 0.00 % 0.00 % Expected volatility 38.24 % 38.20 % Risk-free interest rate 1.93 % 1.14 % Life (in years) 5 5 In the Merger Agreement, the Company agreed to set a record date within ninety ( 90 ) days following the Acceptance Time with respect to the distribution to its stockholders of warrants to purchase one share of its common stock for every share of its common stock owned at an exercise price of $3.25 per share (the “Dividend Warrants”). The Company announced on October 26, 2016, that it had established December 9, 2016 as the record date with respect to the Dividend Warrants. As a result of “due bill” trading procedures, those persons who held shares of the Company's common stock as of the record date, or who acquire shares of the Company's common stock in the market following the record date, and in each case who continue to hold such shares at the close of trading the date before the ex-dividend date to be established by The Nasdaq Stock Market with respect to the Dividend Warrants, will be entitled to receive a Dividend Warrant with respect to each share of the Company's common stock owned by such person as of the ex-dividend date. Conversely, those persons who held shares of the Company's common stock as of the record date, or who acquire shares of the Company's common stock in the market following the record date, but in each case who do not hold such shares of the Company's common stock at the close of trading on the date before the ex-dividend date, will not be entitled to receive any Dividend Warrants with respect to such shares. Therefore, a shareholder selling their shares of the Company's common stock prior to the ex-dividend date would not receive any Dividend Warrants with respect to the shares that are sold by such person even if such person held the shares on the record date, since the shares of the Company's common stock sold would be accompanied by a “due-bill” entitling the buyer of those shares to receive the Dividend Warrants with respect to such shares. The actual right to receive the Dividend Warrants with respect to any shares of the Company's common stock requires still holding such shares until the ex-dividend date. The warrants and the shares of common stock issuable upon the exercise of the warrants, have been registered on a registration statement that was filed with the SEC and was declared effective January 13, 2017. The Company established January 18, 2017 as the distribution date of a dividend of warrants to purchase shares of the Company's common stock and the warrants began trading on the Nasdaq Capital Market under the symbol “NHLDW” on that date. NASDAQ Stock Market has established January 19, 2017 as the ex-dividend date for the dividend of the warrants.

INTANGIBLE ASSETS

INTANGIBLE ASSETS	3 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS Intangibles consisted of the following at December 31, 2016 and September 30, 2016 : December 31, 2016 Intangible asset Cost Accumulated Amortization Carrying Value Estimated Customer relationships $ 7,180,000 $ 2,222,000 $ 4,958,000 3-10 Non-compete 296,000 296,000 — 2 Gilman brand name 760,000 — 760,000 Indefinite $ 8,236,000 $ 2,518,000 $ 5,718,000 September 30, 2016 Intangible asset Cost Accumulated Amortization Carrying Value Estimated Customer relationships $ 6,969,000 $ 2,025,000 $ 4,944,000 7-10 Non-compete 296,000 296,000 — 2 Gilman brand name 760,000 — 760,000 Indefinite $ 8,025,000 $ 2,321,000 $ 5,704,000 Amortization expense associated with intangible assets for the three months ended December 31, 2016 and 2015 was $197,000 and $193,000 , respectively. The estimated future amortization expense of the finite lived intangible assets for the next five fiscal years and thereafter is as follows: Year ending Nine months ending September 30, 2017 $ 595,000 2018 791,000 2019 791,000 2020 721,000 2021 721,000 Thereafter 1,339,000 Total $ 4,958,000

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses as of December 31, 2016 and September 30, 2016 consist of the following: December 31, September 30, Legal $ 752,000 $ 1,346,000 Audit 263,000 198,000 Telecommunications 178,000 209,000 Data services 235,000 425,000 Regulatory 623,000 444,000 Settlements 421,000 832,000 Contingent consideration payable 623,000 424,000 Deferred rent 123,000 65,000 Other 1,995,000 3,223,000 Total $ 5,213,000 $ 7,166,000

PER SHARE DATA

PER SHARE DATA	3 Months Ended
	Dec. 31, 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 December 31, 2016 2015 Basic weighted-average shares 12,437,916 12,446,064 Effect of dilutive securities: Options 558 — Warrants — — Diluted weighted-average shares 12,438,474 12,446,064 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 December 31, 2016 2015 Options 1,202,000 1,354,500 Warrants 21,558 — 1,223,558 1,354,500

OFF BALANCE SHEET RISK AND CONC

OFF BALANCE SHEET RISK AND CONCENTRATION OF CREDIT RISK	3 Months Ended
	Dec. 31, 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 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 Company uses clearing brokers to process transactions and maintain customer accounts for the Company on a fee basis. The Company permits the clearing firms to extend credit to its 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, 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. 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) 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	3 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
NEW ACCOUNTING GUIDANCE	NEW ACCOUNTING GUIDANCE 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. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for the Company beginning October 1, 2017 for both interim and annual reporting periods. The Company is currently assessing the impact that the adoption of ASU 2016-09 will have on its financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments”. ASU 2016-15 reduces the diversity of how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. Early adoption is permitted. The ASU should be applied retrospectively to all periods presented. The Company does not anticipate that the adoption of ASU 2016-15 will have a material impact on its financial statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230) - Restricted Cash”. ASU 2016-18 reduces the diversity in the presentation of restricted cash and restricted cash equivalents in the statement. The statement requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. Early adoption is permitted. The ASU should be applied retrospectively to all periods presented. The Company is currently assessing the impact that the adoption of ASU 2016-18 will have on its financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments in this Update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. The Company is currently assessing the impact that the adoption of ASU 2017-01 will have on its financial statements. In January 2017, FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment", which eliminates the second step of the previous FASB guidance for testing goodwill for impairment and is intended to reduce cost and complexity of goodwill impairment testing. The standard is effective for the Company beginning October 1, 2020 for both interim and annual periods. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the impact that the adoption of ASU 2017-04 will have on its financial statements.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Dec. 31, 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 October 2026, and as of December 31, 2016 , is committed under operating leases for future minimum lease payments as follows: Fiscal Year Ending Lease Payments Less, Sublease Income Net Nine months ending September 30, 2017 $ 2,230,000 $ 48,000 $ 2,182,000 2018 2,484,000 — 2,484,000 2019 1,814,000 — 1,814,000 2020 1,618,000 — 1,618,000 2021 1,308,000 — 1,308,000 Thereafter 2,322,000 — 2,322,000 $ 11,776,000 $ 48,000 $ 11,728,000 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 three months ended December 31, 2016 and 2015 was $995,000 and $956,000 , respectively. Sublease income under all operating subleases for the three months ended December 31, 2016 and 2015 was approximately $37,000 and $36,000 , respectively. As of December 31, 2016 , the Company and its subsidiaries had three outstanding letters of credit, which have been issued in the maximum amount of $354,000 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 December 31, 2016 and September 30, 2016 , the Company accrued approximately $421,000 and $832,000 , respectively. These amounts are included in accounts payable and other liabilities in the statements of financial condition. The Company has included in "Professional fees" litigation and FINRA related expenses of $546,000 and $225,000 for the three months ended December 31, 2016 and 2015 , respectively.

NET CAPITAL REQUIREMENTS

NET CAPITAL REQUIREMENTS	3 Months Ended
	Dec. 31, 2016
Disclosure Text Block [Abstract]
NET CAPITAL REQUIREMENTS	NET CAPITAL REQUIREMENTS National Securities is subject to the SEC's Uniform Net Capital Rule (Rule 15c3-1) (the "Rule"), which, among other things, requires the maintenance of minimum net capital. At December 31, 2016 , National Securities had net capital of $8,562,434 which was $8,312,434 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 December 31, 2016 , vFinance Investments had net capital of $2,319,352 which was $1,319,352 in excess of its required net capital of $1,000,000 . vFinance Investments' ratio of aggregate indebtedness to net capital was 0.7 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 the Company's 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	3 Months Ended
	Dec. 31, 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 three months ended December 31, 2016 follows: Options Weighted Weighted Weighted Aggregate Outstanding at September 30, 2016 1,221,500 $ 6.51 $ 1.22 3.31 $ — Forfeited (7,500 ) $ 3.80 $ 1.66 $ — Outstanding at December 31, 2016 1,214,000 $ 6.53 $ 1.22 3.06 $ — Vested and exercisable at December 31, 2016 1,214,000 $ 6.53 $ 1.22 3.06 $ — As of September 30, 2016 , all compensation expense associated with the grants of stock options had been recognized. During the three months ended December 31, 2015 , the Company recognized compensation expense of $37,000 related to stock options. Warrants The following table summarizes information about warrant activity during the three months ended December 31, 2016 (not including the warrants discussed in Note 18): Warrants Weighted Weighted Outstanding at September 30, 2016 23,029 $ 5.00 0.75 Forfeited or expired (1,471 ) $ 5.00 Outstanding and exercisable at December 31, 2016 21,558 $ 5.00 0.54

SHARE REPURCHASE

SHARE REPURCHASE	3 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [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 December 31, 2016 , the Company did not repurchase any shares. During the three months ended December 31, 2015 , the Company repurchased 33,933 common shares at a cost of approximately $86,000 .

INCOME TAXES

INCOME TAXES	3 Months Ended
	Dec. 31, 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 (benefit) for the three month periods ended December 31, 2016 and 2015 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 three month periods ended December 31, 2016 and 2015 differs from the federal statutory income tax rate principally due to non-deductible expenses and state and local income taxes and with respect to the 2017 period non-taxable income related to the change in fair value of warrants issuable. At December 31, 2016 , the Company's net deferred tax asset is 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	3 Months Ended
	Dec. 31, 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 income (loss) consists of certain items that have not been allocated to reportable segments. Segment information for the three months ended December 31, 2016 and 2015 is as follows: Brokerage and Tax and Corporate Total Three Months Ended December 31, 2016 Revenues $ 43,713,000 $ 856,000 $ — $ 44,569,000 Pre-tax income (loss) 3,096,000 (712,000 ) 3,354,000 (a) 5,738,000 Assets 41,543,000 1,911,000 13,933,000 (b) 57,387,000 Depreciation and amortization 158,000 48,000 89,000 295,000 Interest 4,000 — — 4,000 Capital expenditures 19,000 48,000 97,000 164,000 2015 Revenues $ 38,722,000 $ 900,000 $ — $ 39,622,000 Pre-tax income (loss) 1,023,000 (1,158,000 ) (509,000 ) (c) (644,000 ) Assets 40,716,000 2,929,000 18,160,000 (b) 61,805,000 Depreciation and amortization 199,000 45,000 56,000 300,000 Interest 1,000 — — 1,000 Capital expenditures 106,000 18,000 27,000 151,000 (a) Consists of fair value gain of warrants issuable offset by operating expenses not allocated to reportable segments. (b) Consists principally of deferred tax asset. (c) Consists of operating expenses not allocated to reportable segments.

ACQUISITION OF CONTROLLING INTE

ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY	3 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Agreement and Plan of Merger	BUSINESS COMBINATION AND CONTINGENT CONSIDERATION In October 2016, 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 a cash payment at closing of $19,000 and contingent consideration payable in cash having a fair value of $192,000 , 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 36 -month period following the closing up to a maximum of $225,600 . 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. The fair value of the acquired assets was allocated to customer relationships, which is being amortized over three years. Results of operations of the acquired business are included in the accompanying consolidated statements of operations from the date of acquisition and were not material. In addition, based on materiality, pro forma results are not presented. Set below are changes in the carrying value of contingent consideration for the three-month period ended December 31, 2016 related to acquisitions: Fair value of contingent consideration at September 30, 2016 $ 424,000 Fair value of contingent consideration in connection with above acquisition 192,000 Payments — Change in fair value 7,000 Fair value of contingent consideration at December 31, 2016 $ 623,000 ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY On September 12, 2016, FBIO Acquisition, Inc. (“FBIO Acquisition”), a wholly-owned subsidiary of Fortress, completed a tender offer (the “Offer”) for all outstanding shares of the Company at a price of $3.25 per share, net to the seller in cash (less any required withholding taxes and without interest) (the “Offer Price”), pursuant to the terms of an Agreement and Plan of Merger dated as of April 27, 2016 (as amended, the “Merger Agreement”) among the Company, Fortress and FBIO Acquisition. The Offer expired on September 9, 2016, and a total of 7,037,482 shares were validly tendered and not withdrawn (including shares delivered through notices of guaranteed delivery), representing approximately 56.6% of the Company's issued and outstanding shares of common stock immediately following the completion of the Offer (in each case, without giving effect to the issuance or exercise of the Dividend Warrants). On September 12, 2016, FBIO Acquisition accepted for payment all shares that were validly tendered and not withdrawn prior to the expiration time of the Offer (such time of acceptance, the "Acceptance Time") and delivered payment for such shares. Dividend Warrants In accordance with the Merger Agreement, since less than 80% of the Company's issued and outstanding shares of common stock were tendered, the Company remains a publicly-traded company and stockholders post-tender offer will receive from the Company a five year warrant per held share to purchase an additional share of the Company's common stock at $3.25 as a dividend to all holders of the Company's common stock. As the Company does not have the ability to settle the warrants with unregistered shares and maintenance of an effective registration statement (which did not exist at December 31, 2016 or September 30, 2016) may be considered outside of the Company’s control, net cash settlement of the warrants is assumed. Accordingly, as the Company was obligated to issue the warrants, the fair value of the 12,437,916 warrants issuable are being classified as a liability in the condensed consolidated statement of financial condition at December 31, 2016 and September 30, 2016 . This liability is subject to re-measurement at each balance sheet date until the warrants are exercised or expired, and any change in fair value is recognized as “change in fair value of warrants issuable” in the condensed consolidated statements of operations. Such valuation (using level 2 inputs) was determined by use of the Black-Scholes option pricing model using the following assumptions: Fiscal Year 2017 Fiscal Year 2016 Dividend yield 0.00 % 0.00 % Expected volatility 38.24 % 38.20 % Risk-free interest rate 1.93 % 1.14 % Life (in years) 5 5 In the Merger Agreement, the Company agreed to set a record date within ninety ( 90 ) days following the Acceptance Time with respect to the distribution to its stockholders of warrants to purchase one share of its common stock for every share of its common stock owned at an exercise price of $3.25 per share (the “Dividend Warrants”). The Company announced on October 26, 2016, that it had established December 9, 2016 as the record date with respect to the Dividend Warrants. As a result of “due bill” trading procedures, those persons who held shares of the Company's common stock as of the record date, or who acquire shares of the Company's common stock in the market following the record date, and in each case who continue to hold such shares at the close of trading the date before the ex-dividend date to be established by The Nasdaq Stock Market with respect to the Dividend Warrants, will be entitled to receive a Dividend Warrant with respect to each share of the Company's common stock owned by such person as of the ex-dividend date. Conversely, those persons who held shares of the Company's common stock as of the record date, or who acquire shares of the Company's common stock in the market following the record date, but in each case who do not hold such shares of the Company's common stock at the close of trading on the date before the ex-dividend date, will not be entitled to receive any Dividend Warrants with respect to such shares. Therefore, a shareholder selling their shares of the Company's common stock prior to the ex-dividend date would not receive any Dividend Warrants with respect to the shares that are sold by such person even if such person held the shares on the record date, since the shares of the Company's common stock sold would be accompanied by a “due-bill” entitling the buyer of those shares to receive the Dividend Warrants with respect to such shares. The actual right to receive the Dividend Warrants with respect to any shares of the Company's common stock requires still holding such shares until the ex-dividend date. The warrants and the shares of common stock issuable upon the exercise of the warrants, have been registered on a registration statement that was filed with the SEC and was declared effective January 13, 2017. The Company established January 18, 2017 as the distribution date of a dividend of warrants to purchase shares of the Company's common stock and the warrants began trading on the Nasdaq Capital Market under the symbol “NHLDW” on that date. NASDAQ Stock Market has established January 19, 2017 as the ex-dividend date for the dividend of the warrants.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS During the three months ended December 31, 2016 , Investment Banking revenues include approximately $2,665,000 of placement agent fees related to a private placement of shares and warrants for a subsidiary of Fortress.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	VARIABLE INTEREST ENTITIES The Company has entered into agreements to provide investment banking and advisory services to numerous entities that are variable interest entities ("VIEs") under the accounting guidance. As the fee arrangements under such agreements are arm's-length and contain customary terms and conditions and represent compensation that is considered fair value for the services provided, the fee arrangements are not considered variable interests and accordingly, the Company is not required to consolidate such VIEs. Fees attributable to such arrangements for the three months ended December 31, 2016 and 2015 were $3.1 million and $2.7 million , respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTS On January 26, 2017, the stockholders of the Company approved (i) to amend the Company's certificate of incorporation to decrease the number of authorized shares of its common stock from 150,000,000 shares to 75,000,000 shares and (ii) to amend the Company's 2013 Omnibus Incentive Plan to increase the number of shares of its common stock authorized for issuance by 650,000 .

NEW ACCOUNTING GUIDANCE (Polici

NEW ACCOUNTING GUIDANCE (Policies)	3 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
New Accounting Guidance	NEW ACCOUNTING GUIDANCE 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. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”. ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for the Company beginning October 1, 2017 for both interim and annual reporting periods. The Company is currently assessing the impact that the adoption of ASU 2016-09 will have on its financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments”. ASU 2016-15 reduces the diversity of how certain cash receipts and cash payments are presented and classified in the statement of cash flows under Topic 230, Statement of Cash Flows, and other Topics. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. Early adoption is permitted. The ASU should be applied retrospectively to all periods presented. The Company does not anticipate that the adoption of ASU 2016-15 will have a material impact on its financial statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows (Topic 230) - Restricted Cash”. ASU 2016-18 reduces the diversity in the presentation of restricted cash and restricted cash equivalents in the statement. The statement requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. Early adoption is permitted. The ASU should be applied retrospectively to all periods presented. The Company is currently assessing the impact that the adoption of ASU 2016-18 will have on its financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments in this Update is to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The standard is effective for the Company beginning October 1, 2018 for both interim and annual periods. The Company is currently assessing the impact that the adoption of ASU 2017-01 will have on its financial statements. In January 2017, FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment", which eliminates the second step of the previous FASB guidance for testing goodwill for impairment and is intended to reduce cost and complexity of goodwill impairment testing. The standard is effective for the Company beginning October 1, 2020 for both interim and annual periods. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the impact that the adoption of ASU 2017-04 will have on its financial statements.

FORGIVABLE LOANS RECEIVABLE (Ta

FORGIVABLE LOANS RECEIVABLE (Tables)	3 Months Ended
	Dec. 31, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
Schedule of Forgivable Loan Activity	Forgivable loan activity for the three months ended December 31, 2016 is as follows: Balance, October 1, 2016 $ 1,712,000 Additions 17,000 Amortization (201,000 ) Balance, December 31, 2016 $ 1,528,000

SECURITIES OWNED AND SECURITI31

SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE (Tables)	3 Months Ended
	Dec. 31, 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 December 31, 2016 Securities owned at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 172,000 — — $ 172,000 Municipal bonds 930,000 — — 930,000 Restricted stock — 104,000 — 104,000 $ 1,102,000 $ 104,000 $ — $ 1,206,000 Securities sold, but not yet purchased at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 1,000 — — $ 1,000 As of September 30, 2016 Securities owned at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 101,000 — — $ 101,000 Municipal bonds 2,111,000 — — 2,111,000 Restricted stock — 145,000 — 145,000 $ 2,212,000 $ 145,000 $ — $ 2,357,000 Securities sold, but not yet purchased at fair value Level 1 Level 2 Level 3 Total Corporate stocks $ 298,000 $ — $ — $ 298,000

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	3 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of Fixed Assets	Fixed assets as of December 31, 2016 and September 30, 2016 consist of the following: December 31, September 30, Estimated Useful Lives Equipment $ 1,155,000 $ 1,036,000 5 Furniture and fixtures 169,000 163,000 5 Leasehold improvements 692,000 653,000 Lesser of useful Capital leases (primarily composed of computer equipment) 739,000 739,000 5 2,755,000 2,591,000 Less accumulated depreciation and amortization (1,525,000 ) (1,427,000 ) Fixed assets – net $ 1,230,000 $ 1,164,000

BUSINESS COMBINATION AND CONT33

BUSINESS COMBINATION AND CONTINGENT CONSIDERATION (Tables)	3 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Schedule of Business Acquisitions, Contingent Consideration	Set below are changes in the carrying value of contingent consideration for the three-month period ended December 31, 2016 related to acquisitions: Fair value of contingent consideration at September 30, 2016 $ 424,000 Fair value of contingent consideration in connection with above acquisition 192,000 Payments — Change in fair value 7,000 Fair value of contingent consideration at December 31, 2016 $ 623,000

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	3 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite and Indefinite-lived Intangible Assets Acquired	Intangibles consisted of the following at December 31, 2016 and September 30, 2016 : December 31, 2016 Intangible asset Cost Accumulated Amortization Carrying Value Estimated Customer relationships $ 7,180,000 $ 2,222,000 $ 4,958,000 3-10 Non-compete 296,000 296,000 — 2 Gilman brand name 760,000 — 760,000 Indefinite $ 8,236,000 $ 2,518,000 $ 5,718,000 September 30, 2016 Intangible asset Cost Accumulated Amortization Carrying Value Estimated Customer relationships $ 6,969,000 $ 2,025,000 $ 4,944,000 7-10 Non-compete 296,000 296,000 — 2 Gilman brand name 760,000 — 760,000 Indefinite $ 8,025,000 $ 2,321,000 $ 5,704,000
Schedule of Estimated Future Amortization Expense	The estimated future amortization expense of the finite lived intangible assets for the next five fiscal years and thereafter is as follows: Year ending Nine months ending September 30, 2017 $ 595,000 2018 791,000 2019 791,000 2020 721,000 2021 721,000 Thereafter 1,339,000 Total $ 4,958,000

ACCOUNTS PAYABLE AND ACCRUED 35

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Dec. 31, 2016
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses as of December 31, 2016 and September 30, 2016 consist of the following: December 31, September 30, Legal $ 752,000 $ 1,346,000 Audit 263,000 198,000 Telecommunications 178,000 209,000 Data services 235,000 425,000 Regulatory 623,000 444,000 Settlements 421,000 832,000 Contingent consideration payable 623,000 424,000 Deferred rent 123,000 65,000 Other 1,995,000 3,223,000 Total $ 5,213,000 $ 7,166,000

PER SHARE DATA (Tables)

PER SHARE DATA (Tables)	3 Months Ended
	Dec. 31, 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 December 31, 2016 2015 Basic weighted-average shares 12,437,916 12,446,064 Effect of dilutive securities: Options 558 — Warrants — — Diluted weighted-average shares 12,438,474 12,446,064
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 December 31, 2016 2015 Options 1,202,000 1,354,500 Warrants 21,558 — 1,223,558 1,354,500

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Dec. 31, 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 October 2026, and as of December 31, 2016 , is committed under operating leases for future minimum lease payments as follows: Fiscal Year Ending Lease Payments Less, Sublease Income Net Nine months ending September 30, 2017 $ 2,230,000 $ 48,000 $ 2,182,000 2018 2,484,000 — 2,484,000 2019 1,814,000 — 1,814,000 2020 1,618,000 — 1,618,000 2021 1,308,000 — 1,308,000 Thereafter 2,322,000 — 2,322,000 $ 11,776,000 $ 48,000 $ 11,728,000

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	3 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock Option Activity	Information with respect to stock option activity during the three months ended December 31, 2016 follows: Options Weighted Weighted Weighted Aggregate Outstanding at September 30, 2016 1,221,500 $ 6.51 $ 1.22 3.31 $ — Forfeited (7,500 ) $ 3.80 $ 1.66 $ — Outstanding at December 31, 2016 1,214,000 $ 6.53 $ 1.22 3.06 $ — Vested and exercisable at December 31, 2016 1,214,000 $ 6.53 $ 1.22 3.06 $ —
Schedule of Stockholders' Equity Note, Warrants or Rights	The following table summarizes information about warrant activity during the three months ended December 31, 2016 (not including the warrants discussed in Note 18): Warrants Weighted Weighted Outstanding at September 30, 2016 23,029 $ 5.00 0.75 Forfeited or expired (1,471 ) $ 5.00 Outstanding and exercisable at December 31, 2016 21,558 $ 5.00 0.54

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Information	Segment information for the three months ended December 31, 2016 and 2015 is as follows: Brokerage and Tax and Corporate Total Three Months Ended December 31, 2016 Revenues $ 43,713,000 $ 856,000 $ — $ 44,569,000 Pre-tax income (loss) 3,096,000 (712,000 ) 3,354,000 (a) 5,738,000 Assets 41,543,000 1,911,000 13,933,000 (b) 57,387,000 Depreciation and amortization 158,000 48,000 89,000 295,000 Interest 4,000 — — 4,000 Capital expenditures 19,000 48,000 97,000 164,000 2015 Revenues $ 38,722,000 $ 900,000 $ — $ 39,622,000 Pre-tax income (loss) 1,023,000 (1,158,000 ) (509,000 ) (c) (644,000 ) Assets 40,716,000 2,929,000 18,160,000 (b) 61,805,000 Depreciation and amortization 199,000 45,000 56,000 300,000 Interest 1,000 — — 1,000 Capital expenditures 106,000 18,000 27,000 151,000 (a) Consists of fair value gain of warrants issuable offset by operating expenses not allocated to reportable segments. (b) Consists principally of deferred tax asset. (c) Consists of operating expenses not allocated to reportable segments.

ACQUISITION OF CONTROLLING IN40

ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY (Tables)	3 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques	Such valuation (using level 2 inputs) was determined by use of the Black-Scholes option pricing model using the following assumptions: Fiscal Year 2017 Fiscal Year 2016 Dividend yield 0.00 % 0.00 % Expected volatility 38.24 % 38.20 % Risk-free interest rate 1.93 % 1.14 % Life (in years) 5 5

RECEIVEABLES FROM BROKER-DEAL41

RECEIVEABLES FROM BROKER-DEALERS AND CLEARING ORGANIZATIONS AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016
Brokers and Dealers [Abstract]
Receivables from broker-dealers and clearing organizations	$ 2,858	$ 3,357
Other receivables, net	3,868	5,430
Allowance for doubtful accounts	$ 620	$ 735

FORGIVABLE LOANS RECEIVABLE - N

FORGIVABLE LOANS RECEIVABLE - Narrative (Details) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Forgiveness of loans balance	$ 201,000	$ 141,000
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	3 Months Ended
	Dec. 31, 2016USD ($)
Forgivable Loan Activity [Roll Forward]
Beginning balance	$ 5,430
Ending balance	3,868
Advances to Registered Representatives
Forgivable Loan Activity [Roll Forward]
Beginning balance	1,712
Additions	17
Amortization	(201)
Ending balance	$ 1,528

SECURITIES OWNED AND SECURITI44

SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED AT FAIR VALUE (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	$ 1,206	$ 2,357
Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	1,102	2,212
Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	104	145
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	172	101
Securities sold, not yet purchased at fair value	1	298
Corporate stocks | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	172	101
Securities sold, not yet purchased at fair value	1	298
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	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	0
Municipal bonds
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	930	2,111
Municipal bonds | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	930	2,111
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
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	104	145
Restricted stock | Level 1
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	0	0
Restricted stock | Level 2
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items]
Securities owned at fair value	104	145
Restricted stock | 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	3 Months Ended
	Dec. 31, 2016	Sep. 30, 2016
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 2,755	$ 2,591
Less accumulated depreciation and amortization	(1,525)	(1,427)
Fixed assets – net	1,230	1,164
Equipment
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 1,155	1,036
Estimated Useful Lives	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 169	163
Estimated Useful Lives	5 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 692	653
Capital leases (primarily composed of computer equipment)
Property, Plant and Equipment [Line Items]
Property plant and equipment	$ 739	$ 739
Estimated Useful Lives	5 years

FIXED ASSETS - Narrative (Detai

FIXED ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 98	$ 107

BUSINESS COMBINATION AND CONT47

BUSINESS COMBINATION AND CONTINGENT CONSIDERATION - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Oct. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016
Business Acquisition [Line Items]
Payments to acquire business		$ 19,000	$ 0
Contingent consideration liability		$ 623,000		$ 424,000
Earn-out period, maximum revenue	$ 225,600
Estimated useful life		3 years
Certain Assets of a Tax Preparation and Accounting Business [Member]
Business Acquisition [Line Items]
Payments to acquire business	19,000
Contingent consideration liability	$ 192,000
Earn-out period for which the contingent liability is derived	36 months

BUSINESS COMBINATION AND CONT48

BUSINESS COMBINATION AND CONTINGENT CONSIDERATION - Change in Contingent Consideration (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2016USD ($)
Contingent Consideration [Roll Forward]
Fair value of contingent consideration, beginning balance	$ 424
Fair value of contingent consideration in connection with above acquisition	192
Payments	0
Change in fair value	7
Fair value of contingent consideration, ending balance	$ 623

INTANGIBLE ASSETS - Intangible

INTANGIBLE ASSETS - Intangible Assets Subject to Amortization (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 8,236	$ 8,025
Accumulated Amortization	2,518	2,321
Carrying Value	$ 5,718	5,704
Estimated Useful Life (years)	3 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 7,180	6,969
Accumulated Amortization	2,222	2,025
Carrying Value	$ 4,958	$ 4,944
Customer relationships | Minimum
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	3 years	7 years
Customer relationships | Maximum
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life (years)	10 years	10 years
Non-compete
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 296	$ 296
Accumulated Amortization	296	296
Carrying Value	$ 0	$ 0
Estimated Useful Life (years)	2 years	2 years
Gilman brand name
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 760	$ 760
Carrying Value	$ 760	$ 760

INTANGIBLE ASSETS - Narrative (

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 197	$ 193

INTANGIBLE ASSETS - Intangibl51

INTANGIBLE ASSETS - Intangible Assets Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016
Year ending September 30,
Carrying Value	$ 5,718	$ 5,704
Gilman
Year ending September 30,
Nine months ending September 30, 2017	595
2,018	791
2,019	791
2,020	721
2,021	721
Thereafter	1,339
Carrying Value	$ 4,958

ACCOUNTS PAYABLE AND ACCRUED 52

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Sep. 30, 2016
Payables and Accruals [Abstract]
Legal	$ 752	$ 1,346
Audit	263	198
Telecommunications	178	209
Data services	235	425
Regulatory	623	444
Settlements	421	832
Contingent consideration payable	623	424
Deferred rent	123	65
Other	1,995	3,223
Total	$ 5,213	$ 7,166

PER SHARE DATA - Basic Net Loss

PER SHARE DATA - Basic Net Loss Per Share (Details) - shares	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic weighted-average shares (in shares)	12,437,916	12,446,064
Diluted weighted-average shares (in shares)	12,438,474	12,446,064
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	558	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	0	0

PER SHARE DATA - Anti-Dilutive

PER SHARE DATA - Anti-Dilutive Common Shares (Details) - shares	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,223,558	1,354,500
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,202,000	1,354,500
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	21,558	0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2016USD ($)
Lease Payments
Nine months ending September 30, 2017	$ 2,230
2,018	2,484
2,019	1,814
2,020	1,618
2,021	1,308
Thereafter	2,322
Total	11,776
Less, Sublease Income
Nine months ending September 30, 2017	48
2,018	0
2,019	0
2,020	0
2,021	0
Thereafter	0
Total	48
Net
Nine months ending September 30, 2017	2,182
2,018	2,484
2,019	1,814
2,020	1,618
2,021	1,308
Thereafter	2,322
Total	$ 11,728

COMMITMENTS AND CONTINGENCIES56

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	3 Months Ended
	Dec. 31, 2016USD ($)Letter_of_credit	Dec. 31, 2015USD ($)	Sep. 30, 2016USD ($)
Loss Contingencies [Line Items]
Rent expense	$ 995,000	$ 956,000
Sublease income	37,000	36,000
Pending Litigation | Professional Fees
Loss Contingencies [Line Items]
Legal fees	$ 546,000	$ 225,000
Letter of Credit
Loss Contingencies [Line Items]
Number of letters of credit, outstanding | Letter_of_credit	3
Maximum borrowing capacity	$ 354,000
Accounts Payable and Other Liabilities | Pending Litigation
Loss Contingencies [Line Items]
Estimate of possible loss	$ 421,000		$ 832,000

NET CAPITAL REQUIREMENTS (Detai

NET CAPITAL REQUIREMENTS (Details)	Dec. 31, 2016USD ($)
National Securities
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Net capital	$ 8,562,434
Alternative excess net capital	8,312,434
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	2,319,352
Alternative excess net capital	$ 1,319,352
Ratio of indebtedness to net capital	0.7
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	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016
Options
Beginning balance (in shares)	1,221,500
Forfeited (in shares)	(7,500)
Ending balance (in shares)	1,214,000	1,221,500
Vested and exercisable balance (in shares)	1,214,000
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 6.51
Forfeited (in dollars per share)	3.80
Ending balance (in dollars per share)	6.53	$ 6.51
Vested and exercisable balance (in dollars per share)	6.53
Weighted Average Grant- Date Fair Value Per Share
Beginning balance (in dollars per share)	1.22	1.22
Forfeited (in dollars per share)	1.66
Ending balance (in dollars per share)	1.22	$ 1.22
Vested and exercisable balance (in dollars per share)	$ 1.22
Weighted Average Remaining Contractual term (years)
Balance outstanding	3 years 22 days	3 years 3 months 22 days
Forfeited
Vested and exercisable balance	3 years 22 days
Aggregate Intrinsic Value
Balance outstanding	$ 0	$ 0
Forfeited	0
Vested and exercisable balance	$ 0

STOCK BASED COMPENSATION - Narr

STOCK BASED COMPENSATION - Narrative (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2015USD ($)
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 37

STOCK BASED COMPENSATION STOCK

STOCK BASED COMPENSATION STOCK BASED COMPENSATION - Warrant Activity (Details) - Warrants - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016
Warrants
Beginning balance (in shares)	23,029
Forfeited or expired (in shares)	(1,471)
Ending balance (in shares)	21,558	23,029
Weighted Average Exercise Price Per Share
Balance (in dollars per share)	$ 5	$ 5
Forfeited or expired (in dollars per share)	$ 5
Weighted Average Remaining Contractual Term
Balance outstanding	6 months 15 days	9 months

SHARE REPURCHASE (Details)

SHARE REPURCHASE (Details) - USD ($)	3 Months Ended
	Dec. 31, 2015	Aug. 31, 2015
Stockholders' Equity Note [Abstract]
Authorized amount of repurchase plan (up to)		$ 2,000,000
Number of shares repurchased (in shares)	33,933
Value of shares repurchased	$ 86,000

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
	Dec. 31, 2016segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT INFORMATION - Segment I

SEGMENT INFORMATION - Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2016
Segment Reporting Information [Line Items]
Revenues	$ 44,569	$ 39,622
Pre-tax income (loss)	5,738	(644)
Assets	57,387	61,805	$ 60,546
Depreciation and amortization	295	300
Interest	4	1
Capital expenditures	164	151
Corporate
Segment Reporting Information [Line Items]
Revenues	0	0
Pre-tax income (loss)	3,354	(509)
Assets	13,933	18,160
Depreciation and amortization	89	56
Interest	0	0
Capital expenditures	97	27
Brokerage and Advisory Services | Operating Segments
Segment Reporting Information [Line Items]
Revenues	43,713	38,722
Pre-tax income (loss)	3,096	1,023
Assets	41,543	40,716
Depreciation and amortization	158	199
Interest	4	1
Capital expenditures	19	106
Tax and Accounting Services | Operating Segments
Segment Reporting Information [Line Items]
Revenues	856	900
Pre-tax income (loss)	(712)	(1,158)
Assets	1,911	2,929
Depreciation and amortization	48	45
Interest	0	0
Capital expenditures	$ 48	$ 18

ACQUISITION OF CONTROLLING IN64

ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY (Details) - FBIO Acquisitions Inc. - $ / shares	Sep. 12, 2016	Dec. 31, 2016	Sep. 30, 2016
National Holdings Corp
Business Acquisition [Line Items]
Percentage of stock owned by aquiree required to become a privately held company, minimum	80.00%
Common Stock
Business Acquisition [Line Items]
Warrant, term of contract		5 years
Exercise price of warrants (in dollars per share)		$ 3.25
Warrants issuable (in shares)		12,437,916	12,437,916
Common Stock | National Holdings Corp
Business Acquisition [Line Items]
Share price for acquisition (in dollars per share)	$ 3.25
Number of shares tendered	7,037,482
Percentage of voting interests acquired	56.60%

ACQUISITION OF CONTROLLING IN65

ACQUISITION OF CONTROLLING INTEREST IN THE COMPANY - Valuation Assumptions (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016
Business Combinations [Abstract]
Dividend yield	0.00%	0.00%
Expected volatility	38.24%	38.20%
Risk-free interest rate	1.93%	1.14%
Life (in years)	5 years	5 years

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	3 Months Ended
	Dec. 31, 2016USD ($)
Related Party Transactions [Abstract]
Placement agent fees	$ 2,665

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entities
Variable Interest Entity [Line Items]
Investment banking and advisory fee revenue	$ 3.1	$ 2.7

SUBSEQUENT EVENTS - (Details)

SUBSEQUENT EVENTS - (Details) - shares	Jan. 26, 2017	Jan. 25, 2017	Dec. 31, 2016	Sep. 30, 2016
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)			150,000,000	150,000,000
Subsequent Event
Subsequent Event [Line Items]
Common stock, shares authorized (in shares)	75,000,000	150,000,000
2013 Omnibus Incentive Plan [Member] | Subsequent Event
Subsequent Event [Line Items]
Increase in number of shares authorized for incentive plan	650,000