Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Dec. 26, 2013 | Mar. 28, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'NATIONAL HOLDINGS CORP | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--09-30 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 123,247,870 | ' |
Entity Public Float | ' | ' | $15,398,000 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0001023844 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (Current Period Unaudited) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Current Assets | ' | ' |
Cash and cash equivalents | $19,985,000 | $7,934,000 |
Restricted cash | 92,000 | ' |
Deposits with clearing organizations | 1,107,000 | 1,107,000 |
Receivables from broker dealers and clearing organizations | 4,296,000 | 3,650,000 |
Other receivables | 1,049,000 | 147,000 |
Advances to registered representatives - Current portion, net of allowance for uncollectible accounts | 384,000 | 249,000 |
Securities owned: marketable – at market value | 428,000 | 696,000 |
Securities owned: nonmarketable – at fair value | 39,000 | 56,000 |
Prepaid expenes | 764,000 | 520,000 |
Total Current Assets | 28,144,000 | 14,359,000 |
Advances to registered representatives - Long term portion | 427,000 | 641,000 |
Fixed assets, net of accumulated depreciation | 447,000 | 662,000 |
Intangible assets, net | ' | 466,000 |
Other assets | 493,000 | 461,000 |
Total Assets | 29,511,000 | 16,589,000 |
Current Liabilities | ' | ' |
Accounts payable, accrued expenses and other liabilities | 13,494,000 | 11,297,000 |
Payable to broker dealers and clearing organizations | 13,000 | 119,000 |
Securities sold, but not yet purchased, at market value | 15,000 | 1,000 |
Convertible notes payable, net of debt discount | ' | 6,800,000 |
Total Current Liabilities | 13,522,000 | 18,217,000 |
Accrued expenses and other liabilities - Long term portion | 192,000 | 263,000 |
Total Liabilities, before subordinated borrowings and other liabilities | 13,714,000 | 18,480,000 |
Subordinated borrowings | ' | 1,000,000 |
Total Liabilities | 13,714,000 | 19,480,000 |
National Holdings Corporation Stockholders' Equity (Deficit) | ' | ' |
Common stock, $.02 par value, 150,000,000 shares authorized; 100,580,203 shares issued and outstanding, at September 30, 2013 and 26,555,572 shares issued and outstanding, at September 30, 2012 | 2,012,000 | 531,000 |
Additional paid-in capital | 67,982,000 | 46,184,000 |
Accumulated deficit | -54,212,000 | -55,780,000 |
Total National Holdings Corporation Stockholders' Equity (Deficit) | 15,782,000 | -2,909,000 |
Non Controlling Interest | 15,000 | 18,000 |
Total Stockholders' Equity (Deficit) | 15,797,000 | -2,891,000 |
Total Liabilities and Stockholders' Equity (Deficit) | 29,511,000 | 16,589,000 |
Cumulative Preferred Stock Series C and D [Member] | ' | ' |
National Holdings Corporation Stockholders' Equity (Deficit) | ' | ' |
Series C and D, convertible preferred stock, $0.01 par value, 10,000,000 shares authorized, 0 shares issued and outstanding at September 30, 2013 and 94,169 issued and outstanding at September 30, 2012 | ' | $6,156,000 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Current Period Unaudited) (Parentheticals) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Preferred stock, shares authorized | 10,000,000 | ' |
Common stock, par value (in Dollars per share) | $0.02 | $0.02 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 100,580,203 | 26,555,572 |
Common stock, shares outstanding | 100,580,203 | 26,555,572 |
Cumulative Preferred Stock Series C and D Par Value [Member] | ' | ' |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Cumulative Preferred Stock Series C and D Shares Authorized [Member] | ' | ' |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Cumulative Preferred Stock Series C and D Shares Issued [Member] | ' | ' |
Preferred stock, shares issued | 0 | 94,169 |
Cumulative Preferred Stock Series C and D Shares Outstanding [Member] | ' | ' |
Preferred stock, shares outstanding | 0 | 94,169 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Revenues | ' | ' |
Commissions | $78,168,000 | $70,301,000 |
Principal transactions | 13,426,000 | 14,427,000 |
Investment banking fees | 14,002,000 | 15,390,000 |
Interest and dividends | 3,935,000 | 2,996,000 |
Transfer fees and clearing services | 7,740,000 | 7,196,000 |
Investment advisory fees | 9,508,000 | 8,092,000 |
Other | 804,000 | 246,000 |
Total Revenues | 127,583,000 | 118,648,000 |
Operating Expenses | ' | ' |
Commissions, compensation and fees | 110,656,000 | 103,800,000 |
Clearing fees | 2,134,000 | 1,662,000 |
Communications | 4,494,000 | 4,731,000 |
Occupancy, equipment and other admin expenses | 3,300,000 | 4,189,000 |
Professional fees | 3,382,000 | 2,714,000 |
Interest | 248,000 | 916,000 |
Taxes, licenses and registration | 1,582,000 | 1,536,000 |
Total Operating Expenses | 125,796,000 | 119,548,000 |
Net Income (Loss) from Operations | 1,787,000 | -900,000 |
Other Expenses | ' | ' |
Loss on disposition of unconsolidated joint venture | ' | -1,051,000 |
Loss on investment in unaffilitated entity | -162,000 | ' |
Total Other Expenses | -162,000 | -1,051,000 |
Net Income (Loss) before income taxes | 1,625,000 | -1,951,000 |
Income taxes | 60,000 | ' |
Total Provision for Income Tax | 60,000 | ' |
Net Income (Loss) before non-controlling interest | 1,565,000 | -1,951,000 |
Net loss attributable to noncontrolling interest | 3,000 | 14,000 |
NET INCOME (LOSS) | 1,568,000 | -1,937,000 |
Preferred stock dividend | ' | -93,000 |
Net income (loss) attributable to common stockholders | $1,568,000 | ($2,030,000) |
Net income (loss) attributable to common stockholders - Basic (in Dollars per share) | $0.02 | ($0.08) |
Net income (loss) attributable to common stockholders - Diluted (in Dollars per share) | $0.02 | ($0.08) |
Weighted average number of shares outstanding - Basic (in Shares) | 70,651,415 | 25,014,166 |
Weighted average number of shares outstanding - Diluted (in Shares) | 74,887,749 | 25,014,166 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (Deficit) (USD $) | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Total |
Common Stock [Member] | Additional Paid-in Capital [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Series A Preferred Stock [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | USD ($) | Series A Preferred Stock [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | USD ($) | Series A Preferred Stock [Member] | USD ($) | USD ($) | USD ($) | USD ($) | |||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||||||
BALANCE at Sep. 30, 2011 | ' | ' | ' | ' | $2,551,000 | ' | $3,605,000 | ' | ' | ' | ' | $409,000 | ' | ' | ' | ' | $45,066,000 | ' | ($53,128,000) | $32,000 | ' | ' | ' | ($1,465,000) |
BALANCE (in Shares) at Sep. 30, 2011 | ' | ' | ' | ' | 34,169 | ' | 60,000 | ' | ' | ' | ' | 20,446,704 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Series A Preferred Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 715,000 | ' | ' | ' | ' | -715,000 | ' | ' | ' | ' | ' | ' |
Issuance of shares of common stock pursuant to the conversion | ' | ' | ' | ' | ' | ' | ' | 83,000 | ' | ' | ' | ' | -83,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares of common stock pursuant to the conversion (in Shares) | ' | ' | ' | ' | ' | ' | ' | 4,141,826 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares of common stock pursuant to Private Placement (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,967,042 |
Fair value of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | 10,000 |
Issuance of shares to satisfy claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,000 | ' | ' | ' | ' | 476,000 | ' | ' | ' | ' | ' | ' | 515,000 |
Issuance of shares to satisfy claims (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,967,042 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income/loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,937,000 | -14,000 | ' | ' | ' | -1,951,000 |
BALANCE at Sep. 30, 2012 | ' | ' | ' | ' | 2,551,000 | ' | 3,605,000 | ' | ' | ' | ' | 531,000 | ' | ' | ' | ' | 46,184,000 | ' | -55,780,000 | 18,000 | ' | ' | ' | -2,891,000 |
BALANCE (in Shares) at Sep. 30, 2012 | ' | ' | ' | ' | 34,169 | ' | 60,000 | ' | ' | ' | ' | 26,555,572 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares of common stock pursuant to the conversion | ' | ' | ' | -2,551,000 | ' | -3,605,000 | ' | ' | 68,000 | 120,000 | 200,000 | ' | ' | 2,483,000 | 3,485,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | 5,000,000 | ' |
Issuance of shares of common stock pursuant to the conversion (in Shares) | ' | ' | ' | -34,169 | ' | -60,000 | ' | ' | 3,416,691 | 6,000,000 | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares of common stock pursuant to the conversion of certain outstanding Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 259,000 | ' | ' | ' | ' | -259,000 | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares of common stock pursuant to the conversion of certain outstanding Warrants (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,951,195 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares of common stock pursuant to Private Placement | 801,000 | 10,777,000 | 11,578,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares of common stock pursuant to Private Placement (in Shares) | 40,034,928 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of shares of common stock pursuant to 2013 Omnibus Stock Option Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000 | ' | ' | ' | ' | 227,000 | ' | ' | ' | ' | ' | ' | 240,000 |
Issuance of shares of common stock pursuant to 2013 Omnibus Stock Option Plan (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 621,817 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of stock options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 139,000 | ' | ' | ' | ' | ' | ' | 139,000 |
Issuance of shares to satisfy claims | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | ' | ' | ' | ' | 293,000 | ' | ' | ' | ' | ' | ' | 313,000 |
Issuance of shares to satisfy claims (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrue for distribution of remaining equity to non-controlling equity holder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -147,000 | ' | ' | ' | ' | ' | ' | -147,000 |
Net income/loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,568,000 | -3,000 | ' | ' | ' | 1,565,000 |
BALANCE at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,012,000 | ' | ' | ' | ' | $67,982,000 | ' | ($54,212,000) | $15,000 | ' | ' | ' | $15,797,000 |
BALANCE (in Shares) at Sep. 30, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,580,203 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' |
Net income (loss) | $1,565,000 | ($1,951,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 922,000 | 1,154,000 |
Amortization of advances to registered representatives | 349,000 | 265,000 |
Compensatory element of common stock option issuances | 379,000 | 10,000 |
Loss on investment in unaffilated entity | 162,000 | ' |
Loss on disposition of unconsolidated joint venture | ' | 1,051,000 |
Amortization of note discount | ' | 247,000 |
Provision for bad debt | -96,000 | -201,000 |
Net realized and unrealized (gain) loss on securities | -1,202,000 | 23,000 |
Changes in operating assets and liabilities | ' | ' |
Restricted cash | -92,000 | ' |
Deposits with clearing organizations | ' | 50,000 |
Receivables from broker-dealers, clearing organizations and others | -1,722,000 | -786,000 |
Securities owned: marketable, at market value | 1,526,000 | -307,000 |
Securities owned: non-marketable, at fair value | -39,000 | 10,000 |
Other assets | -276,000 | -30,000 |
Accounts payable, accrued expenses and other liabilities | 2,024,000 | 773,000 |
Securities sold, but not yet purchased, at market | 14,000 | -1,000 |
Net cash provided by operating activities | 3,514,000 | 307,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' |
Capital contribution to unconsolidated joint venture | ' | -550,000 |
Purchase of fixed assets | -241,000 | -221,000 |
Net cash used in investing activities | -241,000 | -771,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' |
Proceeds from issuance of convertible notes payable | ' | 5,000,000 |
Principal repayment of convertible notes payable | -1,800,000 | -4,200,000 |
Repayment of subordinated borrowings | -1,000,000 | -100,000 |
Proceeds from issuance of subordinated borrowings | ' | 1,000,000 |
Net proceeds from issuance of common stock | 11,578,000 | ' |
Net cash provided by financing activities | 8,778,000 | 1,700,000 |
NET INCREASE IN CASH | 12,051,000 | 1,236,000 |
CASH BALANCE | ' | ' |
Beginning of the year | 7,934,000 | 6,698,000 |
End of the year | 19,985,000 | 7,934,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' |
Interest | 415,000 | 617,000 |
Income taxes | 47,000 | 0 |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' |
Series A preferred stock dividends | ' | 715,000 |
Common Stock to Liability [Member] | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' |
Conversion of debt | 313,000 | 515,000 |
Series A Preferred Stock to Common Stock [Member] | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' |
Conversion of stock | ' | 83,000 |
Series C Preferred Stock to Common Stock [Member] | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' |
Conversion of stock | 2,551,000 | ' |
Series D Preferred Stock to Common Stock [Member] | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' |
Conversion of stock | 3,605,000 | ' |
Series E Subordinated Note to Common Stock [Member] | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' |
Conversion of stock | 5,000,000 | ' |
Warrants to Equity [Member] | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES | ' | ' |
Conversion of debt | $259,000 | ' |
Note_1_Organization
Note 1 - Organization | 12 Months Ended |
Sep. 30, 2013 | |
Disclosure Text Block [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' |
NOTE 1. ORGANIZATION | |
National Holdings Corporation (“National” or the “Company”), a Delaware corporation organized in 1996, is a financial services organization, operating primarily through its wholly owned subsidiaries, 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, New York, Boca Raton, Florida, and Seattle, Washington. | |
Through its Broker-Dealer Subsidiaries, the Company offers (1) full service retail brokerage to approximately 39,000 high net worth 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 approximately 6,000 micro and small-cap, NASDAQ and other exchange listed stocks and (4) provides liquidity in the United States Treasury marketplace. The Broker-Dealer Subsidiaries are introducing brokers and clear all transactions through clearing organizations on a fully disclosed basis. They are registered with the Securities and Exchange Commission ("SEC"), are members of the Financial Industry Regulatory Authority ("FINRA") and Securities Investor Protection Corporation ("SIPC"). National Securities and vFinance Investments are also members of the National Futures Association ("NFA"). | |
National also has a wholly owned subsidiary, National Asset Management, Inc., a Washington corporation ("NAM"). NAM is a federally-registered investment adviser providing asset management advisory services to high net worth clients for a fee based upon a percentage of assets managed. | |
National also has a wholly owned subsidiary, National Insurance Corporation, a Washington corporation (“National Insurance”). National Insurance provides fixed insurance products to its clients, including life insurance, disability insurance, long term care insurance and fixed annuities. | |
Recapitalization | |
During January 2013, the Company issued 29,451,596 shares of the Company’s common stock in a private placement transaction for proceeds of approximately $8.6 million, net of expenses. The Company used the proceeds from the issuance of the shares to repay certain outstanding indebtedness and for general corporate, working capital, and net capital purposes and associated and costs and fees relating to the transaction. | |
During January 2013, the Company issued 10,000,000 shares of its common stock in satisfaction of obligations under convertible notes aggregating $5,000,000 and paid off senior subordinated notes payable of $2,800,000. | |
During January 2013, the Company converted the Series C preferred stock into 3,416,691 shares of common stock and the Series D preferred stock into 6,000,000 shares of common stock. | |
On August 28, 2013, the Company entered into a Securities Purchase Agreement with the selling stockholders providing for the issuance and sale of 10,583,330 shares of the Company’s common stock for an aggregate purchase price of approximately $3.0 million, net of expenses. | |
Merger | |
On October 15, 2013, the Company completed its merger with Gilman Ciocia, Inc. (see Note 21 – Subsequent Events) |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||
Principles of Consolidation | |||||||||
The consolidated financial statements include the accounts of National and its wholly owned and majority owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. | |||||||||
Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Furthermore, the Company has been named as a defendant in various customer arbitrations. These claims result from the actions of brokers affiliated with the Company. The Company may have established liabilities for potential losses from such complaints, legal actions, government investigations, and proceedings where necessary in accordance with GAAP. In establishing these liabilities, management uses judgment to determine the probability that losses will be incurred and a reasonable estimate of the amount of losses. In making these decisions, management bases its judgments on our knowledge of the situations, consultations with legal counsel and our 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 our 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, we cannot predict with certainty the eventual loss or range of loss related to such matters. If managements judgment proves to be incorrect, our liability for losses and contingencies may not accurately reflect actual losses that result from these actions, which could materially affect results in the period other expenses are ultimately determined. As of September 30, 2013 and 2012, the Company accrued approximately $250,000 and $325,000, repsectively for these matters. These claims may be covered by our errors and omissions insurance policy. While we will vigorously defend ourselves in these matters, and will assert insurance coverage and indemnification to the maximum extent possible, there can be no assurance that these lawsuits and arbitrations will not have a material adverse impact on our financial position. | |||||||||
Revenue Recognition | |||||||||
The Company generally acts as an agent in executing customer orders to buy or sell listed and over-the-counter securities in which it may or may not make a market, and charges commissions based on the services the Company provides to its customers. In executing customer orders to buy or sell a security in which the Company makes a market, the Company may sell to, or purchase from, customers at a price that is substantially equal to the current inter-dealer market price plus or minus a mark-up or mark-down. The Company may also act as agent and execute a customer's purchase or sale order with another broker-dealer market-maker at the best inter-dealer market price available and charge a commission. Mark-ups, mark-downs and commissions are generally priced competitively based on the services it provides to its customers. In each instance the commission charges, mark-ups or mark-downs, are in compliance with guidelines established by FINRA. | |||||||||
Customer security transactions and the related commission income and expense are recorded on a trade date basis. Customers who are financing their transaction on margin are charged interest. The Company’s margin requirements are in accordance with the terms and conditions mandated by its clearing firms, National Financial Services LLC (“NFS”), COR Clearing LLC, formerly known as Legent Clearing (“COR”), ICBC, formerly known as Fortis Securities, LLC (“ICBC”), Rosenthal Collins Group, LLC. (“Rosenthal”), and R.J. O’Brien (“RJO”). The interest is billed on the average daily balance of the margin account. | |||||||||
Investment banking revenues include gains, losses, and fees, net of syndicate expenses, arising from securities offerings in which the Company acts as an underwriter or agent. Investment banking revenues also include fees earned from providing financial advisory services. Investment banking management fees are recognized on the offering date, sales concessions on the trade date, and underwriting fees at the time the underwriting is completed and the income is reasonably determinable. | |||||||||
Principal transactions result from mark-ups and mark-downs in securities transactions entered into for the account of the Company. Some of these transactions may involve the Company taking a position in securities that may expose the Company to losses. These revenues are recorded on a trade date basis. | |||||||||
Clearing and other brokerage income are fees charged to the broker on customer’s security transactions, and are recognized as of the trade date. | |||||||||
Investment advisory fees are derived from account management and investment advisory services provided to high net worth clients. These fees are determined based on a percentage of the customers assets under management, may be billed monthly or quarterly and recognized when earned. | |||||||||
Other revenue consists of miscellaneous fees charged to both customer and our independent contractors for services rendered. | |||||||||
Cash and Cash Equivalents | |||||||||
The Company considers all highly liquid temporary cash investments with an original maturity of three months or less when purchased, to be cash equivalents. | |||||||||
Fixed Assets | |||||||||
Fixed assets are recorded at cost. Depreciation is calculated using the straight-line method based on the estimated useful lives of the related assets, which range from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the leases. Maintenance and repairs are charged to expense as incurred; costs of major additions and betterments that extend the useful life of the asset are capitalized. When assets are retired or otherwise disposed of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal is recognized. | |||||||||
Income Taxes | |||||||||
The Company recognizes deferred tax assets and liabilities based on the difference between the financial statements carrying amounts and the tax basis of assets and liabilities, using the effective tax rates in the years in which the differences are expected to reverse. A valuation allowance related to deferred tax assets is also recorded when it is more likely than not that some or all of the deferred tax asset may not be realized. | |||||||||
Fair Value of Financial Instruments | |||||||||
Effective January 1, 2008, the Company adopted FASB Accounting Standards Codification 820-Fair Value Measurements and Disclosures, or ASC 820, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. | |||||||||
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: | |||||||||
Level 1: | Observable inputs such as quoted market prices in active markets for identical assets or liabilities | ||||||||
Level 2: | Observable market-based inputs or unobservable inputs that are corroborated by market data | ||||||||
Level 3: | Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. | ||||||||
The Company had securities owned- nonmarketable including warrants it received as partial compensation from clients for investment banking services and subordinated borrowings as Level 2 assets and liabilities as of September 30, 2013 and 2012. The Company paid off all convertible promissory notes during 2013 and carrying amounts of the convertible promissory notes at September 30, 2012 approximated their respective fair value based on the Company’s incremental borrowing rate. | |||||||||
Cash and cash equivalents may include money market securities that are considered to be highly liquid and easily tradable as of September 30, 2013 and 2012, respectively. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy. | |||||||||
The warrants issued by the clients to the Company as partial compensation for banking services are not readily convertible to cash pursuant to ASC 605-10-20. Accordingly, they are classified as non-marketable securities. Once the securities underlying the warrants have quoted prices available in an active market that can rapidly absorb the quantity held by the Company without significantly affecting the price, the Company attributes a value to the warrants using the Black-Scholes method based on the respective price of the warrants and the quoted prices of the securities underlying the warrants and other key inputs. | |||||||||
In addition, FASB ASC 825-10-25 Fair Value Option, or ASC 825-10-25, was effective for January 1, 2008. ASC 825-10-25 expands opportunities to use fair value measurements in financial reporting and permits entities to choose to measure many financial instruments and certain other items at fair value. The Company did not elect to use the fair value measurements for any of its qualifying financial instruments. | |||||||||
Impairment of Long-Lived Assets | |||||||||
The Company reviews long-lived assets for impairment at least once a year or earlier if circumstances and situations change such that there is an indication that the carrying amounts may not be recovered, in accordance with professional standards. In such circumstances, the Company will estimate the future cash flows expected to result from the use of the asset and its eventual disposition. Future cash flows are the future cash inflows expected to be generated by an asset less the future outflows expected to be necessary to obtain those inflows. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, the Company will recognize an impairment loss to adjust to the fair value of the asset. | |||||||||
Common Stock Purchase Warrants | |||||||||
The Company accounts for the issuance of common stock purchase warrants issued in connection with capital financing transactions in accordance with professional standards for "Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company's Own Stock". In accordance with professional standards, the Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). | |||||||||
Convertible Instruments | |||||||||
The Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with professional standards for “Accounting for Derivative Instruments and Hedging Activities”. | |||||||||
Professional standards generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional as defined under professional standards as “The Meaning of Conventional Convertible Debt Instrument”. | |||||||||
The Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with professional standards when “Accounting for Convertible Securities with Beneficial Conversion Features,” as those professional standards pertain to “Certain Convertible Instruments.” Accordingly, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. | |||||||||
ASC 815-40 provides that, among other things, generally, if an event is not within the entity’s control could require net cash settlement, then the contract shall be classified as an asset or a liability. | |||||||||
The Company evaluated the terms of the Series C and D Preferred Stock at September 30, 2012 to determine whether they should be classified as a liability, temporary equity, or permanent equity and whether their conversion options should be bifurcated and accounted for as derivatives. The terms of their Series C and D provide for the following among other things: they are convertible at the holder’s option to a fixed number of shares of common stock of the Company at the classification dates and they are not redeemable. The characteristics of the common stock that is issuable upon a holder’s exercise of the conversion option of the convertible preferred stock are deemed to be clearly and closely related to the characteristics of the Company’s common stock. Additionally, the Company’s conversion options, if free standing, would not be considered derivatives subject to the accounting guidelines prescribed in accordance with professional standards. As of September 30, 2013 the Company no longer had any convertible debt instruments outstanding | |||||||||
Net Income (Loss) per Common Share | |||||||||
Basic net loss per share is computed on the basis of the weighted average number of common shares outstanding. Diluted net loss per share is computed on the basis of the weighted average number of common shares outstanding plus the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted. | |||||||||
Years Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Net loss | $ | 1,568,000 | $ | (1,937,000 | ) | ||||
Preferred stock dividends | - | (93,000 | ) | ||||||
Numerator for basic earnings per share- loss attributable to common stockholders - as adjusted | 1,568,000 | (2,030,000 | ) | ||||||
Numerator for diluted earnings per share-net loss attributable to common stockholders - as adjusted | $ | 1,568,000 | $ | (2,030,000 | ) | ||||
Denominator: | |||||||||
Denominator for basic earnings per share--weighted average shares | 70,651,415 | 25,014,166 | |||||||
Effect of dilutive securities: | |||||||||
Assumed conversion of Series A, C, and D preferred stock | 2,992,702 | - | |||||||
Unvested restricted stock units | 1,243,632 | - | |||||||
Denominator for diluted earnings per share--adjusted weighted-average shares and assumed conversions | 74,887,749 | 25,014,166 | |||||||
Loss per share: | |||||||||
Net loss available to common stockholders | |||||||||
Basic | $ | 0.02 | $ | (0.08 | ) | ||||
Diluted | $ | 0.02 | $ | (0.08 | ) | ||||
The weighted-average anti-dilutive common share equivalents are as follows: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Series A Preferred Stock | - | 921,000 | |||||||
Series C Preferred Stock | - | 3,416,692 | |||||||
Series D Preferred Stock | - | 6,000,000 | |||||||
Convertible notes payable | 3,535,616 | 6,712,123 | |||||||
Options | 3,156,001 | 2,561,137 | |||||||
Warrants | 5,503,817 | 14,842,941 | |||||||
12,195,434 | 34,453,893 | ||||||||
The anti-dilutive common shares outstanding at September 30, 2013 and 2012 are as follows: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Series A Preferred Stock | - | - | |||||||
Series C Preferred Stock | - | - | |||||||
Series D Preferred Stock | - | - | |||||||
Convertible notes payable | - | 11,125,000 | |||||||
Options | 10,000,000 | 1,312,002 | |||||||
Warrants | 896,755 | 14,717,941 | |||||||
10,896,755 | 27,154,943 | ||||||||
Stock-Based Compensation | |||||||||
ASC Topic 718 accounting for “Share Based Payment” addresses all forms of share based payment (“SBP”) awards including shares issued under employee stock purchase plans, stock options, restricted stock and stock appreciation rights. Under Topic 718, SBP awards result in a charge to operations measured at fair value on the awards grant date, based on the estimated number of awards expected to vest over the service period. | |||||||||
The Company has historically used the Black-Scholes option valuation model to estimate the fair value of any options granted. The model includes subjective input assumptions that can materially affect the fair value estimates. The model was developed for use in estimating the fair value of traded options that have no vesting restrictions and that are fully transferable. For example, the expected volatility is estimated based on the most recent historical period of time equal to the weighted average life of the options granted. Options issued under the Company's option plans have characteristics that differ from traded options. | |||||||||
Market Risk | |||||||||
The investments of the Company are subject to normal market fluctuations and other risks inherent in investing in securities and there can be no assurance that any appreciation in value will occur. The value of investments can fall as well as rise and investors may not realize the amount that they invest. | |||||||||
Entering into Short Positions | |||||||||
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, although this potential loss is mitigated in the case of debt securities by the nature of such securities. | |||||||||
Concentrations 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 primarily uses clearing brokers to process transactions and maintain customer accounts on a fee basis for the Company. The Company uses three clearing brokers for substantially all of its business. 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 included in other receivables in the accompanying consolidated statements of financial condition, and/or (iii) charged as an expense in the accompanying consolidated statements of operations, based on the particular facts and circumstances. | |||||||||
The Company maintains cash with major financial institutions. All interest bearing accounts are insured up to $250,000. On October 14, 2008 the FDIC announced its temporary Transaction Account Guarantee Program, which provides full coverage for non-interest bearing transaction deposit accounts at FDIC-insured institutions that agree to participate in the program. The transaction account guarantee applies to all personal and business checking deposit accounts that do not earn interest at participating institutions. This unlimited insurance coverage is temporary and will remain in effect for participating institutions until December 31, 2013. As a result of this coverage the Company believes it is not exposed to any significant credit risks for cash. | |||||||||
Other Receivables | |||||||||
The Company extends unsecured credit in the normal course of business to certain business clients and unconsolidated affiliates. The determination of the amount of uncollectible accounts is based on the amount of credit extended and the length of time each receivable has been outstanding, as it relates to each individual relationship. The Company periodically receives payment from various clients for fees earned from investment banking deals and other transactions. These amounts are usually collected within sixty to ninety days and as of September 30, 2013 the Company has $0 in allowance for doubtful accounts. Additionally, other amounts due from unrelated parties are assessed and usually collected within thirty to sixty days. | |||||||||
Advances to Registered Representatives | |||||||||
Advances are given to certain registered representatives as an incentive for their affiliation with the Broker-Dealer Subsidiaries. The representative signs an independent contractor agreement with the Broker-Dealer Subsidiaries for a specified term, typically a three-year period. The advance is then amortized on a straight-line basis or based on a percentage of production over the life of the broker’s agreement with the Broker-Dealer Subsidiaries, and is included in commission expense in the accompanying consolidated statements of operations. In the event a representative’s affiliation terminates prior to the fulfillment of their contract, the representative is required to repay the unamortized balance. At September 30, 2013 and 2012 there was approximately $13,000 and $109,000, respectively of allowance for uncollectable amounts associated with this receivable. | |||||||||
Securities Owned | |||||||||
Marketable securities which consist of publicly traded unrestricted common stock and bonds are valued at the closing price on the valuation date. Non-marketable securities which consist partly of restricted common stock and of non-tradable warrants exercisable into freely trading common stock of public companies are carried at market value or as required, at fair value as determined in good faith by management. | |||||||||
Other Assets | |||||||||
Other assets consist primarily of prepaid expenses and lease deposits. | |||||||||
Legal and Other Contingencies | |||||||||
The outcomes of legal proceedings and claims brought against the Company are subject to significant uncertainty. ASC 450-10, Accounting for Contingencies, requires that an estimated loss from a loss contingency such as a legal proceeding or claim should be accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Disclosure of a contingency is required if there is at least a reasonable possibility that a loss has been incurred. In determining whether a loss should be accrued we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Changes in these factors could materially impact our results of operations, financial position, or our cash flows. | |||||||||
Reclassification | |||||||||
Certain reclassifications have been made to conform the prior period data to the current presentation. These reclassifications had no effect on reported net loss. | |||||||||
Recently Adopted Accounting Guidance | |||||||||
In July 2012, the FASB issued ASU No. 2012-02, Testing indefinite-lived intangible assets for impairment. The update aims to reduce the cost and complexity of performing an impairment test for indefinite-lived intangible assets by simplifying how an entity tests those assets for impairment and to improve consistency in impairment testing guidance among long-lived asset categories. This guidance was effective for the Company beginning on October 1, 2012. The adoption of this accounting guidance did not have a material impact on the Company’s financial statements. | |||||||||
In December 2011, the FASB issued ASU No. 2011-11, Disclosures about offsetting assets and liabilities, an accounting update that creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the statement of financial condition or subject to an enforceable master netting arrangement or similar arrangement. The disclosure requirements are effective for the Company beginning on or after January 1, 2013. Since these amended principles require only additional disclosures concerning offsetting and related arrangements, adoption will not affect the Company’s consolidated statements of income or financial condition. | |||||||||
In September 2011, the FASB issued Accounting Standard Update (“ASU”) No. 2011-08, Testing Goodwill for Impairment. The new guidance provides an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If an entity determines that this is the case, it is required to perform the currently prescribed two-step goodwill impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized for that reporting unit (if any). If an entity determines that the fair value of a reporting unit is greater than its carrying amount, the two-step goodwill impairment test is not required. The new guidance was effective for the Company beginning October 1, 2012 and did not have material impact on the Company’s financial statements upon adoption. | |||||||||
Recent Accounting Guidance Not Yet Adopted | |||||||||
In July 2013, the 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 provides guidance for the presentation of an unrecognized tax benefit when, among other things, a net operating loss carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. | |||||||||
The new guidance will be effective for the Company beginning January 1, 2014. Earlier adoption is permitted. The Company believes that the new guidance will not have any material impact on the Company’s financial statements upon adoption. | |||||||||
In February 2013, the FASB issued Accounting Standard Update (“ASU”) No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The Update provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. generally accepted accounting principles (GAAP). The guidance in this Update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the following: | |||||||||
a. The amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors | |||||||||
b. Any additional amount the reporting entity expects to pay on behalf of its co-obligors. | |||||||||
The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The new guidance will be effective for the Company beginning January 1, 2014. Earlier adoption is permitted. The Company believes that the new guidance will not have any material impact on the Company’s financial statements upon adoption. |
Note_3_Clearing_Agreements
Note 3 - Clearing Agreements | 12 Months Ended |
Sep. 30, 2013 | |
Due to and from Broker-Dealers and Clearing Organizations [Abstract] | ' |
Schedule of Due to (from) Broker-Dealers and Clearing Organizations [Table Text Block] | ' |
NOTE 3. CLEARING AGREEMENTS | |
National Securities Corporation and vFinance Investments, Inc. have separate but coterminous clearing agreements with National Financial Services, LLC with a termination date of February 1, 2015. The clearing agreement includes a termination fee if either broker dealer terminates the agreement without cause. The Broker Dealer Subsidiaries currently have clearing agreements with NFS, Legent, ICBC and Rosenthal, RJO and Southwest Clearing. |
Note_4_BrokerDealers_And_Clear
Note 4 - Broker-Dealers And Clearing Organizations Receivables and Payables | 12 Months Ended |
Sep. 30, 2013 | |
Due to and from Broker-Dealers and Clearing Organizations [Abstract] | ' |
Due to and from Broker-Dealers and Clearing Organizations Disclosure [Text Block] | ' |
NOTE 4. BROKER-DEALERS AND CLEARING ORGANIZATIONS RECEIVABLES AND PAYABLES | |
At September 30, 2013 and 2012, the receivables of $4,296,000 and $3,650,000, respectively, from broker-dealers and clearing organizations represent net amounts due for commissions and fees associated with our retail brokerage business as well as asset based fee revenue associated with our Registered Investment advisory firm, National Asset Management, Inc. At September 30, 2013 and 2012, the amounts payable to broker-dealers and clearing organizations of $13,000 and $119,000, respectively, represent amounts owed to clearing firms or other broker dealers for fees on transactions and payables to other broker dealers associated with tri-party clearing agreements. |
Note_5_Other_Receivables
Note 5 - Other Receivables | 12 Months Ended |
Sep. 30, 2013 | |
Receivables [Abstract] | ' |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ' |
NOTE 5. OTHER RECEIVABLES | |
At September 30, 2013 and 2012, the Company had other receivables of $1,049,000 and $147,000, respectively, primarily from underwriting and management fees from investment banking transactions that the Company participated in. |
Note_6_Advances_To_Registered_
Note 6 - Advances To Registered Representatives | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | ||||
Investments in and Advances to Affiliates, Schedule of Investments [Text Block] | ' | ||||
NOTE 6. ADVANCES TO REGISTERED REPRESENTATIVES | |||||
An analysis of advances to registered representatives for the fiscal years ended September 30, 2013 and 2012 is as follows: | |||||
Advances to | |||||
Registered | |||||
Representative | |||||
Balance, September 30, 2011 | $ | 952,000 | |||
Advances | 203,000 | ||||
Amortization or repayment of advances | (265,000 | ) | |||
Balance, September 30, 2012 | 890,000 | ||||
Advances | 270,000 | ||||
Amortization or repayment of advances | (349,000 | ) | |||
Balance, September 30, 2013 | $ | 811,000 | |||
There were no unamortized advances outstanding at September 30, 2013 and 2012 attributable to registered representatives who ended their affiliation with National Securities prior to the fulfillment of their obligation. |
Note_7_Securities_Owned_And_Se
Note 7 - Securities Owned And Securities Sold, But Not Yet Purchased, At Market - Marketable | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investment Holdings [Abstract] | ' | ||||||||||||||||
Investment Holdings [Text Block] | ' | ||||||||||||||||
NOTE 7. SECURITIES OWNED AND SECURITIES SOLD, BUT NOT YET PURCHASED, AT MARKET | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Securities owned at fair value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Corporate stocks | $ | 428,000 | $ | - | $ | - | $ | 428,000 | |||||||||
Restricted stock and warrants | - | 39,000 | - | 39,000 | |||||||||||||
$ | 428,000 | $ | 39,000 | $ | - | $ | 467,000 | ||||||||||
Securities sold, but not yet purchased at fair value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Corporate stocks | $ | 15,000 | $ | - | $ | - | $ | 15,000 | |||||||||
$ | 15,000 | $ | - | $ | - | $ | 15,000 | ||||||||||
Securities owned at fair value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Corporate stocks | $ | 18,000 | $ | - | $ | - | $ | 18,000 | |||||||||
Government obligations | 678,000 | - | - | 678,000 | |||||||||||||
Restricted stock and warrants | - | 56,000 | - | 56,000 | |||||||||||||
$ | 696,000 | $ | 56,000 | $ | - | $ | 752,000 | ||||||||||
Securities sold, but not yet purchased at fair value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Corporate stocks | $ | 1,000 | $ | - | $ | - | $ | 1,000 | |||||||||
$ | 1,000 | $ | - | $ | - | $ | 1,000 | ||||||||||
Securities sold, but not yet purchased commit the Company to deliver specified securities at predetermined prices. The transactions may result in market risk since, to satisfy the obligation, the Company must acquire the securities at market prices, which may exceed the values reflected in the consolidated statements of financial condition. | |||||||||||||||||
Securities owned, non-marketable consists of restricted common stock that is not readily traded and warrants to purchase common stock. |
Note_8_Fixed_Assets
Note 8 - Fixed Assets | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||||||
NOTE 8. FIXED ASSETS | |||||||||||||
Fixed assets as of September 30, 2013 and 2012, respectively, consist of the following: | |||||||||||||
September 30, | Estimated Useful | ||||||||||||
2013 | 2012 | Lives (years) | |||||||||||
Equipment | $ | 2,668,000 | $ | 2,620,000 | 5 | ||||||||
Furniture and fixtures | 532,000 | 491,000 | 5 | ||||||||||
Leasehold improvements | 1,074,000 | 922,000 | Lesser of useful life or term of lease | ||||||||||
Capital Leases (Primarily composed of Computer Equipment) | 2,510,000 | 2,510,000 | 5 | ||||||||||
6,784,000 | 6,543,000 | ||||||||||||
Less accumulated depreciation and amortization | (6,337,000 | ) | (5,881,000 | ) | |||||||||
Fixed assets - net | $ | 447,000 | $ | 662,000 | |||||||||
Depreciation and amortization expense for the years ended September 30, 2013 and 2012 was $456,000 and $533,000 respectively. |
Note_9_Investment_In_Unaffilat
Note 9 - Investment In Unaffilated Enity | 12 Months Ended |
Sep. 30, 2013 | |
Equity Method Investments and Joint Ventures [Abstract] | ' |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' |
NOTE 9. INVESTMENT IN UNAFFILIATED ENTITY | |
In 2006, vFinance made an investment in an unaffiliated entity for approximately $162,000 representing a 4.9% equity interest. This entity provided economic feasibility services. In the first fiscal quarter of 2013, management learned that the entity went into receivership and as such established a valuation allowance of $162,000 to fully reserve against the value of the investment. |
Note_10_Intangible_Assets
Note 10 - Intangible Assets | 12 Months Ended |
Sep. 30, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
Goodwill and Intangible Assets Disclosure [Text Block] | ' |
NOTE 10. INTANGIBLE ASSETS | |
The markets in which the Company operates have recently been adversely affected by significant declines in the volume of securities transactions and in significant fluctuations in market liquidity together with existing and anticipated unfavorable financial and economic conditions. | |
The Company believes that the intangible assets, which consist substantially of customer relationships, will be held and used. To determine the fair value of the intangible assets, the Company used the guidance provided by professional standards defining Fair Value Measurements. These professional standards provide a fair value hierarchy which gives priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. There is no active market for assets identical to the Company’s acquired customer relationships. Additionally, the Company was unable to identify the following Level 2 inputs: 1) quoted prices for similar assets in active markets, 2) quoted prices for similar or identical assets in markets that are not active, or 3) inputs other than quoted prices that are observable for the asset. Accordingly, the Company used mostly unobservable inputs, consisting of estimated future net cash flows generated specifically from the acquired customer relationships. However, the Company did use certain Level 1 and 2 inputs to substantiate certain assumptions that helped determine the discount rate it used in deriving the fair value of the intangible assets. | |
Based on this method, the Company determined that the Company no longer had a carrying value of its intangible assets resulting from its merger with vFinance at September 30, 2013. This amount was fully amortized in the first nine months of fiscal 2013. Amortization of the Company’s intangible asset for the fiscal years ending September 30, 2013 and 2012 was $466,000 and $621,000, respectively. |
Note_11_Other_Assets
Note 11 - Other Assets | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Other Assets Disclosure [Text Block] | ' | ||||||||
NOTE 11. OTHER ASSETS | |||||||||
Other assets as of September 30, 2013 and 2012 respectively, consist of the following: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Prepaid expenses | $ | 764,000 | $ | 520,000 | |||||
Deposits | 493,000 | 299,000 | |||||||
Investments in unaffiliated entity | - | 162,000 | |||||||
Total | $ | 1,257,000 | $ | 981,000 | |||||
Note_12_Accounts_Payable_Accru
Note 12 - Accounts Payable, Accrued Expenses and Other Liabilities | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
NOTE 12. ACCOUNTS PAYABLE, ACCRUED EXPENSES AND OTHER LIABILITIES | |||||||||
Accounts payable, accrued expenses and other liabilities, current liabilities and non-current, as of September 30, 2013 and 2012, consist of the following: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Commissions payable | $ | 9,141,000 | $ | 7,151,000 | |||||
Deferred clearing fee credits | 138,000 | 251,000 | |||||||
Telecommunications vendors payable | 166,000 | 75,000 | |||||||
Legal payable | 584,000 | 418,000 | |||||||
Deferred rent payable | 220,000 | 241,000 | |||||||
Accrued compensation | 195,000 | 24,000 | |||||||
Capital lease liability | 108,000 | 279,000 | |||||||
Other vendors | 3,134,000 | 3,121,000 | |||||||
Total | $ | 13,686,000 | $ | 11,560,000 | |||||
Note_13_Convertible_Notes_Paya
Note 13 - Convertible Notes Payable | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt Disclosure [Text Block] | ' | ||||||||
NOTE 13. CONVERTIBLE NOTES PAYABLE | |||||||||
Convertible Notes Payable | |||||||||
In March, April and September 2012, the Company completed the issuance of convertible notes payable for $3,300,000, $700,000 and $1,000,000, respectively. The notes bear interest at 6% per annum. As amended in September 2012, the notes mature on the earlier of 1) 10 business days after delivery by the holder of the note of a notice to maturity, which notice may not be issued prior to August 14, 2013 (which date shall be extended to March 31, 2015 if the Company completes a restructuring of its capital in a manner satisfactory to the holder) or 2) March 31, 2015. The notes cumulatively are convertible into 100,000 shares of the Company's Series E Preferred Stock. Upon conversion, the holders will also receive 10,000,000 warrants, exercisable at $0.50 per share of the Company's common stock. The Convertible Notes Payable are secured by any net proceeds received by the Company, after paying any senior indebtedness, in the event any holder of such senior indebtedness forecloses on the common stock of National Asset Management, Inc. | |||||||||
In January 2013, the $5,000,000 6% convertible notes were converted into 10,000,000 shares of common stock and the related warrants were converted into approximately 6,700,000 shares of common stock and the $1,800,000 10% convertible notes were fully repaid as part of the Company’s equity Recapitalization. | |||||||||
The following table summarizes the convertible notes payable. | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
10% convertible notes payable | $ | - | $ | 1,800,000 | |||||
6% convertible notes payable | - | 5,000,000 | |||||||
Total | $ | - | $ | 6,800,000 | |||||
The Company incurred interest expense related to its convertible notes of $248,000 and $575,000 for the fiscal years ended September 30, 2013 and 2012, respectively. The convertible notes were owed to entities affiliated with four of the Company’s directors. |
Note_14_Subordinated_Borrowing
Note 14 - Subordinated Borrowings | 12 Months Ended |
Sep. 30, 2013 | |
Subordinated Borrowings [Abstract] | ' |
Subordinated Borrowings Disclosure [Text Block] | ' |
NOTE 14. SUBORDINATED BORROWINGS | |
Subordinated Note | |
In September 2012, the Company generated proceeds of $1 million by issuing a subordinated note payable to one of its directors. The note matures on the earlier of 10 business days after delivery by the holder of the note of a notice to maturity-which may not be issued prior to August 14, 2013. The note is secured by any net proceeds received by the Company, after paying any senior indebtedness in the event any holder of such senior indebtedness forecloses on the common stock of National Asset Management, Inc. This note was repaid in January 2013, along with all accrued interest payable, as part of the Company’s equity Recapitalization. |
Note_15_Income_Taxes
Note 15 - Income Taxes | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||
NOTE 15. INCOME TAXES | |||||||||
The primary difference between income tax expense at the federal statutory rate and actual tax expense is due to the utilization of net operating loss carryovers. The Company recorded a provision for income taxes of $60,000 during the year ended September 30, 2013. This provision is related to a tax obligation for fiscal 2013 federal alternative minimum income tax. Otherwise, the Company did not record a provision for income taxes due to the utilization of net operating loss carryovers. | |||||||||
Years Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Federal income tax provision (benefit) | $ | 60,000 | $ | - | |||||
State income tax provision (benefit) | - | - | |||||||
Total | $ | 60,000 | $ | - | |||||
The income tax provision (benefit) related to income (loss) from continuing operations before income taxes and extraordinary items vary from the federal statutory rate as follows: | |||||||||
Years Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Statutory federal rate | -35 | % | -35 | % | |||||
State income taxes net of federal income tax benefit | -5.2 | % | -5.2 | % | |||||
Permanent differences for tax purposes | 11.8 | % | 22.9 | % | |||||
Change in valuation allowance | 28.4 | % | 17.3 | % | |||||
0 | % | 0 | % | ||||||
Significant components of the Company’s deferred tax assets in the accompanying financial statements are as follows: | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
Net operating loss carry-forwards | $ | 13,655,000 | $ | 14,277,000 | |||||
Reserves for uncollectible receivables | 5,000 | 44,000 | |||||||
Accrued but unpaid bonuses | 91,000 | 91,000 | |||||||
Difference between book and tax amortization | 608,000 | 608,000 | |||||||
Stock Based Compensation | 56,000 | 436,000 | |||||||
Other temporary differences | 88,000 | 97,000 | |||||||
Total deferred tax assets | 14,503,000 | 15,553,000 | |||||||
Valuation allowance | (14,503,000 | ) | (15,553,000 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
At September 30, 2013, the Company had available net operating loss carryovers of approximately $34.0 million that may be applied against future taxable income and expires at various dates between 2015 and 2033, subject to certain limitations. The Company has a deferred tax asset arising substantially from the benefits of such net operating loss deduction and has recorded a valuation allowance for the full amount of this deferred tax asset since it is more likely than not that the full amount of the deferred tax asset may not be realized. The valuation allowance for the deferred tax asset decreased by $834,000 during the fiscal year ended September 30, 2013 and increased by $546,000 during the fiscal year ended September 30, 2012. The net change in the valuation allowance is due principally to the utilization of net operating loss carryforwards from prior years to offset the taxable income of the fiscal year ended September 30, 2013. | |||||||||
The Company acquired vFinance, Inc. and subsidiaries during fiscal year 2008 and increased its consolidated tax net operating loss carry-forwards by approximately $12 million from vFinance pre-acquisition net operating losses. However, pursuant to Internal Revenue Code Section 382, the amount of taxable income that can be offset by these pre-acquisition net operating losses of both the Company and vFinance, Inc. is limited due to the ownership change that occurred during the year. The deferred tax asset derived from these tax loss carry-forwards have been included in consolidated deferred tax assets- net operating loss carry-forwards, and a full valuation allowance has been established since it is not more likely than not that such benefits will be recovered. |
Note_16_Commitments_and_Contin
Note 16 - Commitments and Contingencies | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||||||||||
NOTE 16. COMMITMENTS AND CONTINGENCIES | |||||||||||||
Leases | |||||||||||||
As of September 30, 2013, the Company leases office space and equipment in various states expiring at various dates through August 2021, and is committed under operating leases for future minimum lease payments as follows: | |||||||||||||
Fiscal Year | Rental | Less, | Net | ||||||||||
Ending | Expense | Sublease | |||||||||||
Income | |||||||||||||
2014 | $ | 1,749,360 | $ | 28,250 | $ | 1,721,110 | |||||||
2015 | 1,728,190 | - | 1,728,190 | ||||||||||
2016 | 1,533,440 | - | 1,533,440 | ||||||||||
2017 | 1,323,580 | 1,323,580 | |||||||||||
Thereafter | 2,118,310 | - | 2,118,310 | ||||||||||
$ | 8,452,880 | $ | 28,250 | $ | 8,424,630 | ||||||||
The totals amount of rent payable under the leases is recognized on a straight line basis over the term of the leases. As of September 30, 2013 and September 30, 2012, the Company has recognized deferred rent payable of $220,000 and $241,000, respectively (See Note 12). Rental expense under all operating leases for the years ended September 30, 2013 and September 30, 2012 was $1,992,000 and $2,510,000 respectively. Sublease income under all operating subleases for the years ended September 30, 2013 and 2012 was approximately $90,000 and $95,000 respectively. The reduction in sublease income was due to the renegotiation of the Boca Raton lease, which provided for the return of the Company’s space that was previously sublet, as of June 2013. | |||||||||||||
Litigation and Regulatory Matters | |||||||||||||
The Company and its subsidiaries are defendants in arbitrations and administrative proceedings, lawsuits and claims, which are routine and incidental to our business, alleging specified damages of approximately $10,125,000. These matters arise in the normal course of business. The Company intends to vigorously defend itself in these actions, and based on discussions with counsel believes that the eventual outcome of these matters will not have a material adverse effect on the Company. However, the ultimate outcome of these matters cannot be determined at this time. The amounts related to such matters that are reasonably estimable and which have been accrued at September 30, 2013 and 2012, are approximately $250,000 and approximately $325,000 (inclusive of legal fees incurred to date and estimated claims), respectively, and have been included in "Accounts Payable, Accrued Expenses and Other Liabilities" in the accompanying consolidated statements of financial condition. The Company has included in "Professional fees" litigation and FINRA related expenses of $1,022,000 and $1,158,000 for fiscal years 2013 and 2011, respectively. | |||||||||||||
Employment Agreements | |||||||||||||
Mark D. Klein | |||||||||||||
On June 7, 2013, the Company entered into a Co-Executive Chairman and Chief Executive Officer Compensation Plan with Mark D. Klein, providing for the terms of his employment as Co-Executive Chairman and Chief Executive Officer for a period beginning January 25, 2013 and ending on September 30, 2015. Mr. Klein initially received a base salary $1.00 per annum. Beginning October 1, 2013 Mr. Klein's base salary is $200,000 per year for Fiscal year 2014 as approved by the Compensation Committee. | |||||||||||||
Mr. Klein received a grant of fully vested, nonforfeitable, nonqualified stock options to purchase 5,700,000 shares of our common stock, of which (i) options to purchase 1,900,000 shares of common stock have an exercise price of $0.50 per share; (ii) options to purchase 1,900,000 shares of common stock have an exercise price of $0.70 per share; and (iii) options to purchase 1,900,000 shares of common stock have an exercise price of $0.90 per share. The options expire on September 30, 2020. | |||||||||||||
In the event of any termination, Mr. Klein will be entitled to receive (i) any accrued but unpaid base salary through the date of termination; (ii) any unpaid or unreimbursed expenses incurred in accordance with our policy or the Agreement, to the extent incurred on or prior to the date of termination; (iii) any benefits provided under our benefit plans upon termination of the Mr. Klein's employment, in accordance with the terms therein; (iv) any unpaid bonus in respect to any completed fiscal year that has ended on or prior to the date of termination; and (v) any rights to indemnification by virtue of Mr. Klein's position as an officer or director of National or its subsidiaries and the benefits under any directors’ and officers’ liability insurance policy maintained by National, in accordance with its terms thereof and the Agreement. In the event of any Qualifying Termination (as defined in the Agreement), Mr. Klein is also entitled to receive (1) a lump-sum cash payment of $750,000, provided, that such amount increases to $1,100,000 if a Qualifying Termination occurs in connection with, contingent on or within the 12 months following a Change in Control (as defined in the Agreement); and (2) continuation of the health benefits not to exceed 18 months. | |||||||||||||
Robert B. Fagenson | |||||||||||||
On June 20, 2013, the Company entered into a Co-Executive Chairman Compensation Plan with Robert B. Fagenson, providing for the terms of his employment as Co-Executive Chairman for a period beginning January 25, 2013 and ending on September 30, 2015. Mr. Fagenson is not a Named Executive Officer of National. Mr. Fagenson will initially receive a base salary $1.00 per annum. From and after September 30, 2013, Mr. Fagenson's base salary for the remainder of the Fagenson Term shall be as determined by the Compensation Committee of the board of directors of National (with advice (as appropriate) from the board of directors of National), who shall review Mr. Fagenson's base salary no less frequently than each fiscal year; provided however that his base salary for any year beginning October 1, 2013 shall not be less than $180,000 per year. Mr. Fagenson will be eligible to an annual bonus for each fiscal year of the Term as determined by the Compensation Committee. During the Term, Mr. Fagenson will serve as a member of the Executive Committee of the Company. | |||||||||||||
Mr. Fagenson received a grant of nonforfeitable, nonqualified stock options to purchase 1,500,000 shares of our common stock under our 2013 Omnibus Stock Incentive Plan, of which (i) options to purchase 500,000 shares of common stock vested immediately, one third of such options have an exercise price of $0.50, one third of such options have an exercise price of $0.70 and one third of such options have an exercise price of $0.90; (ii) options to purchase 500,000 shares of common stock will vest on June 20, 2014, one third of such options have an exercise price of $0.50, one third of such options have an exercise price of $0.70 and one third of such options have an exercise price of $0.90; and (iii) options to purchase 500,000 shares of common stock will vest on June 20, 2015, one third of such options have an exercise price of $0.50, one third of such options have an exercise price of $0.70 and one third of such options have an exercise price of $0.90. The options expire on September 30, 2020. | |||||||||||||
In the event of any termination of the Fagenson Agreement, Mr. Fagenson will be entitled to receive (i) any accrued but unpaid base salary through the date of termination; (ii) any unpaid or unreimbursed expenses incurred in accordance with National policy or the Fagenson Agreement, to the extent incurred on or prior to the date of termination; (iii) any benefits provided under National’s benefit plans upon termination of the Mr. Fagenson's employment, in accordance with the terms therein; (iv) any unpaid bonus in respect to any completed fiscal year that has ended on or prior to the date of termination; and (v) any rights to indemnification by virtue of Mr. Fagenson's position as an officer or director of National or its subsidiaries and the benefits under any directors’ and officers’ liability insurance policy maintained by National, in accordance with its terms thereof and the Fagenson Agreement. In the event of any Qualifying Termination (as defined in the Fagenson Agreement), Mr. Fagenson is also entitled to receive (1) a lump-sum cash payment of $360,000 minus what has been paid in salary; provided that such amount increases by 50% of what is paid pursuant to the foregoing calculation if a Qualifying Termination occurs in connection with, contingent on, or within 12 months following, a Change in Control (as defined in the Fagenson Agreement); and (2) continuation of the health benefits for a period not to exceed 18 months. | |||||||||||||
Mark Goldwasser | |||||||||||||
On July 1, 2008, concurrent with the closing of the merger of National and vFinance, Inc., Mark Goldwasser entered into a five-year employment agreement with us, pursuant to which Mr. Goldwasser was entitled to receive an annual base salary of $450,000, which will increase 5% per year, and an automobile expense allowance of $1,000 per month. | |||||||||||||
On November 23, 2009, Mr. Goldwasser’s employment agreement was amended to revise the bonus payable under such agreement. As revised, for the fiscal year beginning October 1, 2009, the bonus was payable quarterly in an amount equal to seven and one-half (7.5%) percent of our annual Adjusted EBITDA (as defined below) in excess of $1,500,000 (of which 50% will be paid as soon as practicable in cash after the end of each fiscal quarter (“Paid Portion”), and 50% will accrue until the conclusion of the fiscal year (“Accrued Portion”)). | |||||||||||||
Mr. Goldwasser was eligible to such additional bonuses as our board of directors determined based upon the Board’s assessment of his performance in the various areas, which bonuses may have been paid in cash and/or our common stock at the Board’s discretion. | |||||||||||||
Pursuant to the employment agreement, Mr. Goldwasser was granted non-qualified stock options to purchase 1,000,000 shares of our common stock at an exercise price of $1.64 per share, which was equal to the average of the 10-day closing market price of our common stock prior to the effective date of the employment agreement. As of September 30, 2012 all 1,000,000 shares of Mr. Goldwasser’s options have vested. The options expire June 30, 2015. On June 20, 2013 these options were modified to provide that (i) such options now expire upon the earlier to occur of June 20, 2016 and 18 months from the end of his employment; and (ii)(a) 30% of the options now have an exercise price of $0.30 per share; (b) 30% of the options now have an exercise price of $0.40 per share; (c) 20% of the options now have an exercise price of $0.50 per share; and (d) 20% of the options now have an exercise price of $0.60 per share. | |||||||||||||
On June 20, 2013, we and Mr. Goldwasser entered into an amendment (the “Amendment”) to Mr. Goldwasser’s employment agreement. Pursuant to the Amendment, among other things: (i) Mr. Goldwasser’s base salary (1) for the fiscal year period ended September 30, 2013, was changed to $400,000 per annum; (2) for the fiscal year ended September 30, 2014, shall be at the annual rate of $440,000 per annum; and (3) for the fiscal year ended September 30, 2015, shall be at the annual rate of $460,000 per annum; (ii) the term of the Employment Agreement shall end on September 30, 2015; (iii) for fiscal year ending September 30, 2013 all other bonus plans shall be replaced by a quarterly bonus plan based on 9% of the positive adjusted EBITDA (as defined in the Employment Agreement) reported by us with a maximum of $40,000 earned in any quarter; (iv) all bonuses for fiscal years ending September 30, 2014 and September 30, 2015 shall be at the discretion of the board of directors of National; (v) Mr. Goldwasser will not be entitled to any Severance Amount (as defined in the Employment Agreement) and Termination Year Bonus (as defined in the Employment Agreement); and (vi) if the Employment Agreement is not extended, Mr. Goldwasser shall be entitled to $400,000 payable pro rata over a twelve month period beginning October 1, 2015. | |||||||||||||
In addition, on June 20, 2013, Mr. Goldwasser received a grant of nonforfeitable, nonqualified stock options to purchase 1,500,000 shares of our common stock under our 2013 Omnibus Stock Incentive Plan, of which (i) options to purchase 500,000 shares of our common stock vested immediately, one third of such options have an exercise price of $0.50, one third of such options have an exercise price of $0.70 and one third of such options have an exercise price of $0.90; (ii) options to purchase 500,000 shares of our common stock will vest on June 20, 2014, one third of such options have an exercise price of $0.50, one third of such options have an exercise price of $0.70 and one third of such options have an exercise price of $0.90; and (iii) options to purchase 500,000 shares of our common stock will vest on June 20, 2015, one third of such options have an exercise price of $0.50, one third of such options have an exercise price of $0.70 and one third of such options have an exercise price of $0.90. The options expire on September 30, 2020. |
Note_17_Related_Party_Transact
Note 17 - Related Party Transactions | 12 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE 17. RELATED PARTY TRANSACTIONS | |
Between March 2012 and September 2012, the Company issued and sold to National Securities Growth Partners LLC ("NSGP"), the primary principals of which include Messrs. Klein and Fagenson, convertible notes in the aggregate initial principal amount of $5,000,000 (the "Notes”). The Notes were convertible into units of the Company consisting of (i) the Company’s Series E preferred stock, par value $0.01 per share, which was convertible into shares of Common Stock and (ii) a warrant exercisable for shares of Common Stock. In conjunction with the closing of the private placement in January 2013, the Company entered into a Conversion and Exchange Agreement and a Warrant Exchange Agreement (the "Series E Conversion and Exchange Agreement") with NSGP pursuant to which, among other things, (i) NSGP converted all of the Notes (and all accrued and unpaid interest thereon) into shares of Series E Preferred Stock in accordance with the terms and conditions of the Notes (the "Note Conversion"); (ii) then, following the Note Conversion, NSGP converted all of its Series E Preferred Stock into 10,000,000 shares of Common Stock, and (iii) then, exchanged all of its warrants (10,000,000) to purchase Common Stock for 6,697,140 shares of Common Stock. | |
On July 25, 2012, the Company and Leonard J. Sokolow executed a consulting agreement (the "Consulting Agreement"), which replaced the previous employment agreement between the Company and Mr. Sokolow which was entered into concurrent with the closing of the merger of the Company and vFinance, Inc., and which was subsequently amended on November 23, 2009. Under the Consulting Agreement, Mr. Sokolow will provide to the Company and its affiliates professional consulting services in the area of general corporate, financial reporting, business development, advisory, operational, strategic, public company and broker-dealer matters as needed and requested. During the term of Consulting Agreement Mr. Sokolow will be paid $300,000 per annum. | |
On January 25, 2013, Messrs. Klein, Fagenson, Goldwasser and Levin purchased 1,000,000, 166,666, 66,666 and 25,000 shares of our Common Stock, respectively, in the private placement at a purchase price of $0.30 per share for an aggregate consideration of $377,500. Additionally, we issued to Messrs. Klein, Sokolow, and Plimpton 101,214, 101,214, 506,080 shares of our Common Stock, respectively pursuant to the exchange of 215,741, 215,741, and 1,078,730 warrants, respectively. | |
The Company used its subsidiary as the placement agent for its capital raising transactions in January 2013 and August 2013. The Company compensated the subsidiary $370,000 for these transactions for the fiscal year. These transactions were properly disclosed to the SEC and due to the sales commissions that were paid to its registered representatives, the net effect to the firm was de minimus. | |
Mr. Fagenson is also a party to an Independent Contractor Agreement, dated February 27, 2012, with the NSC, whereby in exchange for establishing and maintaining a branch office of NSC in New York, New York (the “Branch”), Mr. Fagenson receives 50% of any net income accrued at the Branch, which amounted to date has been immaterial and his daughter, Stephanie Fagenson, is receiving an annual salary of $72,000. | |
Mr. Fagenson was also a party to a sub-lease agreement wherein during the aftermath of Hurricane Sandy in fiscal year 2012 and part of 2013, Mr. Fagenson sublet office space to an independent contractor office of National Securities. This agreement was of no financial consequence to the Company. | |
M. Klein & Company was engaged during the fiscal year ended 2013 to perform certain evaluation services and to advise the Board on corporate actions. The principal officer engaged to conduct these services is the brother of the Chief Executive Officer and Co-Chairman of the Board. Mark Klein received no direct or indirect compensation as a result of this engagement. The total fees paid for these services were $50,000 in fiscal year 2013. No such fees were paid in fiscal year 2012. |
Note_18_Stockholders_Equity
Note 18 - Stockholders' Equity | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||||||
NOTE 18. STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||||||||||
Shares Authorized | |||||||||||||||||
The Company’s authorized number of shares of common stock is 150,000,000, and its authorized number of shares of preferred stock is 10,000,000. Additionally, the Company has authorized 50,000 shares of Series A Preferred Stock, 34,500 shares of Series C Preferred Stock, 100,000 shares of Series D Preferred Stock, and 200,000 shares of Series E Preferred Stock. | |||||||||||||||||
Issuance of shares of common stock pursuant to a private placement | |||||||||||||||||
In January 2013 the Company issued 29,451,596 shares of common stock for an aggregate purchase price of approximately $8,562,000, net of expenses. The Company used the proceeds from the sale of the shares to repay certain outstanding indebtedness and for general corporate, working capital and net capital purposes and associated and reasonable costs and fees relating to the transaction. | |||||||||||||||||
In August 2013 the Company issued 10,583,330 shares of common stock for an aggregate purchase price of approximately $3,016,000, net of expenses. The Company used the proceeds from the sale of the shares toward the purchase consideration in the Merger with Gilman Ciocia and for general corporate, working capital and net capital purposes and associated and reasonable costs and fees relating to the transaction. | |||||||||||||||||
Issuance of shares of common stock to satisfy certain liabilities | |||||||||||||||||
During fiscal 2012, the Company issued 1,967,042 shares of its common stock to satisfy certain liabilities. Included in these shares were 126,188 shares and 340,854 shares issued to Messrs. Goldwasser and Sokolow in satisfaction of their amended employment agreements executed in November 2009. The fair value of the shares was based on the Company’s quoted trading price at the date of issuance. | |||||||||||||||||
During fiscal 2013, the Company issued 1,000,000 shares of its common stock to satisfy certain liabilities pertaining to customer settlements. The fair value of the shares was based on the Company’s quoted trading price at the date the agreement was executed. | |||||||||||||||||
Series A Convertible Preferred Stock | |||||||||||||||||
Each share of Series A preferred stock was convertible into 80 shares of common stock ($1.25 per share of common). The holders are entitled to receive dividends on a quarterly basis at a rate of 9% per annum, per share. Such dividends are cumulative and accumulate whether or not declared by the Company’s Board of Directors, but are payable only when and if declared by the Company’s Board of Directors. | |||||||||||||||||
During fiscal 2013 and 2012, the Company recognized $0 and $93,000 of dividends on its Series A Preferred Stock. The accumulated dividends on the Company’s 46,050 issued and outstanding shares of Series A Preferred Stock was $715,000, at the automatic conversion date, December 21, 2011. At such date, all accumulated dividends were to be paid, resulting in the issuance of 5,723 shares of Series A Preferred Stock. The Company converted all of the Series A preferred stock issuing 4,141,826 shares of its common stock to satisfy its obligations pursuant to the conversion of 51,773 shares of Series A Preferred Stock. | |||||||||||||||||
Series C Convertible Preferred Stock | |||||||||||||||||
On July 12, 2010, the Company issued 34,167 shares of Series C Preferred Stock to certain investors in consideration of the conversion of $1.7 million in subordinated financing. The Series C shares issued pursuant to this transaction were converted into 3,416,691 shares of the Company’s common stock in January 2013. | |||||||||||||||||
Series D Convertible Preferred Stock | |||||||||||||||||
On September 29, 2010, the Company issued 60,000 shares of Series D Preferred Stock to certain investors in consideration of $3,000,000, of which $1,334,000 was a receivable. This amount was collected in October 2010. The Series D shares issued pursuant to this transaction were converted into 6,000,000 shares of the Company’s common stock in January 2013. | |||||||||||||||||
Series E Convertible Preferred Stock | |||||||||||||||||
In fiscal 2013, the Company designated its Series E Preferred Stock, par value $0.01 per share, at a price of $50 per share. The authorized number of shares of Series E Preferred Stock is 200,000. The Company never issued Series E Preferred Stock. There were no shares outstanding at September 30, 2013. | |||||||||||||||||
Grant of Restricted Stock Units | |||||||||||||||||
On September 19, 2013, the Company granted 1,865,450 restricted stock units (RSU) of which 1,157,750 RSU's were to employees, as per its 2013 Omnibus Incentive Plan. One RSU gives the right to one share of the Company’s common stock. The vesting rate is 1/3 upon grant date and 1/3 every year thereafter provided the grantee has been continuously employed by the Company. The RSU were granted to both employees and non-employees. These will be accounted for in accordance with ASC 718 – Stock Compensation. Non-employees received 707,700 RSU which will be accounted for in accordance with ASC 505-50 – Equity-based payments to non-employees. | |||||||||||||||||
ASC 718 provides that the measurement objective for the RSUs is to estimate their fair value at the grant date and that it shall be based on the underlying share price and other pertinent factors at the grant date. | |||||||||||||||||
ASC 505-50-30-2 provides that share-based payment transactions with nonemployees shall be measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The consideration received by the Company is simply tied to the continued employment of the non-employees with the affiliate. | |||||||||||||||||
As of September 30, 2013, the Company recorded an expense of $240,000 which represents the fair market value of 621,817 shares of the initial 1/3 of the RSU which vested immediately. | |||||||||||||||||
Stock Options | |||||||||||||||||
The Company’s stock option plans provide for the granting of stock options to certain key employees, directors and investment executives. Generally, options outstanding under the Company’s stock option plan are granted at prices equal to or above the market value of the stock on the date of grant, vest either immediately or ratably over up to five years, and expire five years subsequent to award. | |||||||||||||||||
The Company granted 9,000,000 options during fiscal year 2013. No options were granted in 2012. | |||||||||||||||||
The following option activity occurred under our plan: | |||||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||||
Average Price | Average | Intrinsic | |||||||||||||||
Per Share | Remaining | Value | |||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
Outstanding at September 30, 2011 | 3,810,271 | $ | 1.67 | 2.36 | $ | - | |||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited or expired | (2,498,269 | ) | 1.67 | ||||||||||||||
Outstanding at September 30, 2012 | 1,312,002 | $ | 1.64 | 2.17 | $ | - | |||||||||||
Granted | 9,000,000 | 0.69 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited or expired | (312,002 | ) | 1.67 | ||||||||||||||
Outstanding at September 30, 2013 | 10,000,000 | $ | 0.66 | 6.5 | $ | 33,000 | |||||||||||
Exercisable at September 30, 2013 | 7,800,000 | 0.66 | 6.42 | $ | 25,000 | ||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted-average grant-date fair value of options granted | N/A | N/A | |||||||||||||||
Fair value of options recognized as expense: | $ | 139,000 | $ | 10,000 | |||||||||||||
As of September 30, 2013, the Company had approximately $652,000 of unamortized compensation costs related to non-vested options. | |||||||||||||||||
The grant date fair value of options granted during the years ended September 30, 2013 and 2012 was $758,800 and $0, respectively. The fair value of each option award was estimated on the date of grant using the Black-Scholes option pricing model using the following weighted-average assumptions: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Dividend yield | 0 | % | N/A | ||||||||||||||
Expected volatility | 75 | % | N/A | ||||||||||||||
Risk-free interest rate | 0.58 | % | N/A | ||||||||||||||
Expected life (in years) | 3 | N/A | |||||||||||||||
Nonvested Restricted Stock Units | |||||||||||||||||
The fair value of nonvested restricted stock units issued to the Company's employees is determined based on the trading price of the Company's common stock on the grant date. A summary of the Company's nonvested restricted stock units for the year ended September 30, 2013 is as follows: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Due | |||||||||||||||||
Fair Vlue | |||||||||||||||||
Nonvested restricted sotck units at October 1, 2012 | - | $ | - | ||||||||||||||
Grants | 1,243,633 | 455,733 | |||||||||||||||
Vested | 385,917 | 148,578 | |||||||||||||||
Forfeited | - | - | |||||||||||||||
Nonvested restricted stock units at September 30, 2013 | 771,833 | $ | 307,155 | ||||||||||||||
At September 30, 2013, there was $307,155 of unrecognized compensation expense related to unvested share-based awards granted to the Company's employees under the Company's share-based payment plans. The unrecognized expense related to nonvested restricted sotck units is expected to be recognized over a period of 2 years. | |||||||||||||||||
Warrants | |||||||||||||||||
In connection with the issuance of the Series C Preferred Stock, the Company also issued warrants to purchase 3,416,692 shares of common stock at an exercise price of $0.50 per share. The warrants vested at a rate of 33 1/3% on July 12, 2010 and 33 1/3% annually thereafter. The warrants expire five years from the date of vesting. | |||||||||||||||||
In connection with the issuance of the Series D Preferred Stock, the Company also issued warrants to purchase 6,000,000 shares of common stock at an exercise price of $0.50 per share. The warrants vested at a rate of 33 1/3% in September 2010 and 33 1/3% annually thereafter. The warrants expire five years from the date of vesting. | |||||||||||||||||
During fiscal 2012, the Company did not issue any warrants. During fiscal 2011, the Company issued 3,170,000 warrants to the investors participating in a private placement and 200,000 warrants to brokers. The warrants have an exercise price of $0.50 per share. The warrants expire in December 2016. | |||||||||||||||||
In connection with the issuance of the Series E Convertible Preferred debt, the Company also issued warrants to purchase 6,000,000 shares of common stock at an exercise price of $0.50 per share. The warrants vested at a rate of 33 1/3% in September 2010 and 33 1/3% annually thereafter. The warrants expire five years from the date of vesting. | |||||||||||||||||
During fiscal 2013 and 2012, the Company did not issue any warrants. In January 2013, in connection with the Recapitalization, the Company converted approximately 22,727,436 warrants into 12,951,195 shares of the Company’s common stock. | |||||||||||||||||
The following tables summarize information about warrants outstanding at September 30, 2013: | |||||||||||||||||
Warrants | Weighted | Weighted | |||||||||||||||
Average Price | Average | ||||||||||||||||
Per Share | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
Outstanding at September 30, 2011 | 14,967,941 | $ | 1 | 3.78 | |||||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited or expired | (248,000 | ) | 0.75 | ||||||||||||||
Outstanding at September 30, 2012 | 14,719,941 | $ | 0.56 | 2.84 | |||||||||||||
Granted | - | - | |||||||||||||||
Converted | (12,727,436 | ) | $ | 0.98 | |||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited or expired | (1,095,750 | ) | $ | 2.22 | |||||||||||||
Outstanding at September 30, 2013 | 896,755 | $ | 0.5 | 1.73 | |||||||||||||
Exercisable at September 30, 2013 | 896,755 | $ | 0.5 | 1.73 | |||||||||||||
As of September 30, 2013, the aggregate intrinsic value of the Company’s outstanding and exercisable warrants was $0. |
Note_19_Net_Capital_Requiremen
Note 19 - Net Capital Requirements | 12 Months Ended |
Sep. 30, 2013 | |
Table Text Block [Abstract] | ' |
Schedule of Capitalization [Table Text Block] | ' |
NOTE 19. NET CAPITAL REQUIREMENTS | |
National Securities has elected to use the alternative standard method permitted by the Rule. This requires that National Securities maintain minimum net capital equal to the greater of $250,000 or a specified amount per security based on the bid price of each security for which National Securities is a market maker. The alternative method precludes National Securities from having to calculate a ratio of aggregate indebtedness to net capital. At September 30, 2013, National Securities had net capital of approximately $4,586,000 which was approximately $4,336,000 in excess of its required net capital of $250,000. | |
Due to its market maker status, vFinance Investments is required to maintain a minimum net capital of $1,000,000. In addition to the net capital requirements, vFinance Investments is required to maintain a ratio of aggregate indebtedness to net capital, as defined, of not more than 15 to 1 (and the rule of the “applicable” exchange also provides that equity capital may not be withdrawn or cash dividends paid if the resulting net capital ratio would exceed 10 to 1). At September 30, 2013, vFinance Investments had net capital of approximately $2,289,000, which was approximately $1,289,000 in excess of its required net capital of $1,000,000, and its percentage of aggregate indebtedness to net capital was 52.9%. The Broker-Dealer Subsidiaries qualify under the exemptive provisions of Rule 15c3-3 which relates to the custody of securities for the account of customers pursuant to Section (k)(2)(ii) of the Rule as none of them carry security accounts of customers or perform custodial functions related to customer securities. | |
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. |
Note_20_Employee_Benefits
Note 20 - Employee Benefits | 12 Months Ended |
Sep. 30, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' |
NOTE 20. EMPLOYEE BENEFITS | |
In September 2011, the Company created a new defined contribution 401(k) plan (the “Plan”) merging the two plans originally formed prior to the merger of National and vFinance effective October 1, 2011, (the “Terminated Plans”). Under the Plan, employees can elect to defer up to 75% of eligible compensation, subject to certain limitations, by making voluntary contributions to the Plan. As a result of the Plan’s larger size, the Company was able to eliminate all administrative costs to the Company, as well as offer participants a larger selection of investment choices. The Company’s contributions are made at the discretion of the Board of Directors. For the new Plans, the Company made no contributions for the fiscal year ended September 30, 2013. For the Terminated Plans, the Company made no contributions for the fiscal year ended September 30, 2013 and 2012. |
Note_21_Subsequent_Events
Note 21 - Subsequent Events | 12 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
NOTE 21. SUBSEQUENT EVENTS | |
Merger | |
On October 15, 2013, the Company completed its previously announced merger with Gilman Ciocia, Inc., a Delaware corporation ("Gilman"). Pursuant to the terms and conditions of the Agreement and Plan of Merger (the “Merger Agreement”), dated as of June 20, 2013, by and among the Company, National Acquisition Corp., a Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”), and Gilman, Merger Sub was merged with and into Gilman, with Gilman surviving the merger (the “Merger”) and becoming a wholly-owned subsidiary of the Company. | |
Pursuant to the Merger Agreement, the Company issued to the Gilman stockholders 22,667,667 shares (0.235019 shares of its common stock for each outstanding share of Gilman common stock) of its common stock in exchange for all of the Gilman common stock. Additionally, on October 15, 2013, the Company satisfied certain liabilities of Gilman aggregating $4.0 million. | |
On October 15, 2013, in connection with the closing of the Merger, as contemplated by the Merger Agreement, two nominees of the Board of Directors of Gilman, James Ciocia and Frederick Wasserman, were appointed to the Company’s Board of Directors as class I directors, effective immediately following the effective time of the Merger. | |
In November 2013, subsequent to the Merger and upon approval from FINRA, National Securities received a transfer of Prime Capital Services retail brokers and customer accounts, in an effort to reduce overhead and consolidate its retail business activity into the Broker Dealer that was best suited to deal with the retail activity. | |
Distributions of Equity Capital from Broker Dealer subsidiaries | |
In October 2013, National Securities distributed equity capital to its Parent in the amount of $1,000,000. The SEC, FINRA and NFA were all notified of this distribution in accordance with applicable rules and regulations. | |
In October 2013, vFinance Investments distributed equity capital to its Parent in the amount of $500,000. The SEC, FINRA and NFA were all notified of this distribution in accordance with applicable rules and regulations. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Sep. 30, 2013 | ||
Accounting Policies, by Policy (Policies) [Line Items] | ' | ' | |
Consolidation, Policy [Policy Text Block] | ' | ' | |
Principles of Consolidation | |||
The consolidated financial statements include the accounts of National and its wholly owned and majority owned subsidiaries. All significant inter-company accounts and transactions have been eliminated in consolidation. | |||
Use of Estimates, Policy [Policy Text Block] | ' | ' | |
Estimates | |||
The preparation of financial statements in conformity with generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Furthermore, the Company has been named as a defendant in various customer arbitrations. These claims result from the actions of brokers affiliated with the Company. The Company may have established liabilities for potential losses from such complaints, legal actions, government investigations, and proceedings where necessary in accordance with GAAP. In establishing these liabilities, management uses judgment to determine the probability that losses will be incurred and a reasonable estimate of the amount of losses. In making these decisions, management bases its judgments on our knowledge of the situations, consultations with legal counsel and our 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 our 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, we cannot predict with certainty the eventual loss or range of loss related to such matters. If managements judgment proves to be incorrect, our liability for losses and contingencies may not accurately reflect actual losses that result from these actions, which could materially affect results in the period other expenses are ultimately determined. As of September 30, 2013 and 2012, the Company accrued approximately $250,000 and $325,000, repsectively for these matters. These claims may be covered by our errors and omissions insurance policy. While we will vigorously defend ourselves in these matters, and will assert insurance coverage and indemnification to the maximum extent possible, there can be no assurance that these lawsuits and arbitrations will not have a material adverse impact on our financial position. | |||
Revenue Recognition, Policy [Policy Text Block] | ' | ' | |
Revenue Recognition | |||
The Company generally acts as an agent in executing customer orders to buy or sell listed and over-the-counter securities in which it may or may not make a market, and charges commissions based on the services the Company provides to its customers. In executing customer orders to buy or sell a security in which the Company makes a market, the Company may sell to, or purchase from, customers at a price that is substantially equal to the current inter-dealer market price plus or minus a mark-up or mark-down. The Company may also act as agent and execute a customer's purchase or sale order with another broker-dealer market-maker at the best inter-dealer market price available and charge a commission. Mark-ups, mark-downs and commissions are generally priced competitively based on the services it provides to its customers. In each instance the commission charges, mark-ups or mark-downs, are in compliance with guidelines established by FINRA. | |||
Customer security transactions and the related commission income and expense are recorded on a trade date basis. Customers who are financing their transaction on margin are charged interest. The Company’s margin requirements are in accordance with the terms and conditions mandated by its clearing firms, National Financial Services LLC (“NFS”), COR Clearing LLC, formerly known as Legent Clearing (“COR”), ICBC, formerly known as Fortis Securities, LLC (“ICBC”), Rosenthal Collins Group, LLC. (“Rosenthal”), and R.J. O’Brien (“RJO”). The interest is billed on the average daily balance of the margin account. | |||
Investment banking revenues include gains, losses, and fees, net of syndicate expenses, arising from securities offerings in which the Company acts as an underwriter or agent. Investment banking revenues also include fees earned from providing financial advisory services. Investment banking management fees are recognized on the offering date, sales concessions on the trade date, and underwriting fees at the time the underwriting is completed and the income is reasonably determinable. | |||
Principal transactions result from mark-ups and mark-downs in securities transactions entered into for the account of the Company. Some of these transactions may involve the Company taking a position in securities that may expose the Company to losses. These revenues are recorded on a trade date basis. | |||
Clearing and other brokerage income are fees charged to the broker on customer’s security transactions, and are recognized as of the trade date. | |||
Investment advisory fees are derived from account management and investment advisory services provided to high net worth clients. These fees are determined based on a percentage of the customers assets under management, may be billed monthly or quarterly and recognized when earned. | |||
Other revenue consists of miscellaneous fees charged to both customer and our independent contractors for services rendered. | |||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ' | |
Cash and Cash Equivalents | |||
The Company considers all highly liquid temporary cash investments with an original maturity of three months or less when purchased, to be cash equivalents. | |||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ' | |
Fixed Assets | |||
Fixed assets are recorded at cost. Depreciation is calculated using the straight-line method based on the estimated useful lives of the related assets, which range from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful lives of the assets or the terms of the leases. Maintenance and repairs are charged to expense as incurred; costs of major additions and betterments that extend the useful life of the asset are capitalized. When assets are retired or otherwise disposed of, the costs and related accumulated depreciation or amortization are removed from the accounts and any gain or loss on disposal is recognized. | |||
Income Tax, Policy [Policy Text Block] | ' | ' | |
Income Taxes | |||
The Company recognizes deferred tax assets and liabilities based on the difference between the financial statements carrying amounts and the tax basis of assets and liabilities, using the effective tax rates in the years in which the differences are expected to reverse. A valuation allowance related to deferred tax assets is also recorded when it is more likely than not that some or all of the deferred tax asset may not be realized. | |||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | ' | |
Fair Value of Financial Instruments | |||
Effective January 1, 2008, the Company adopted FASB Accounting Standards Codification 820-Fair Value Measurements and Disclosures, or ASC 820, for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements, establishes a framework for measuring fair value, and expands disclosure about such fair value measurements. | |||
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below: | |||
Level 1: | Observable inputs such as quoted market prices in active markets for identical assets or liabilities | ||
Level 2: | Observable market-based inputs or unobservable inputs that are corroborated by market data | ||
Level 3: | Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. | ||
The Company had securities owned- nonmarketable including warrants it received as partial compensation from clients for investment banking services and subordinated borrowings as Level 2 assets and liabilities as of September 30, 2013 and 2012. The Company paid off all convertible promissory notes during 2013 and carrying amounts of the convertible promissory notes at September 30, 2012 approximated their respective fair value based on the Company’s incremental borrowing rate. | |||
Cash and cash equivalents may include money market securities that are considered to be highly liquid and easily tradable as of September 30, 2013 and 2012, respectively. These securities are valued using inputs observable in active markets for identical securities and are therefore classified as Level 1 within our fair value hierarchy. | |||
The warrants issued by the clients to the Company as partial compensation for banking services are not readily convertible to cash pursuant to ASC 605-10-20. Accordingly, they are classified as non-marketable securities. Once the securities underlying the warrants have quoted prices available in an active market that can rapidly absorb the quantity held by the Company without significantly affecting the price, the Company attributes a value to the warrants using the Black-Scholes method based on the respective price of the warrants and the quoted prices of the securities underlying the warrants and other key inputs. | |||
In addition, FASB ASC 825-10-25 Fair Value Option, or ASC 825-10-25, was effective for January 1, 2008. ASC 825-10-25 expands opportunities to use fair value measurements in financial reporting and permits entities to choose to measure many financial instruments and certain other items at fair value. The Company did not elect to use the fair value measurements for any of its qualifying financial instruments. | |||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ' | |
Impairment of Long-Lived Assets | |||
The Company reviews long-lived assets for impairment at least once a year or earlier if circumstances and situations change such that there is an indication that the carrying amounts may not be recovered, in accordance with professional standards. In such circumstances, the Company will estimate the future cash flows expected to result from the use of the asset and its eventual disposition. Future cash flows are the future cash inflows expected to be generated by an asset less the future outflows expected to be necessary to obtain those inflows. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the asset, the Company will recognize an impairment loss to adjust to the fair value of the asset. | |||
Derivatives, Embedded Derivatives [Policy Text Block] | ' | ' | |
Common Stock Purchase Warrants | |||
The Company accounts for the issuance of common stock purchase warrants issued in connection with capital financing transactions in accordance with professional standards for "Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Company's Own Stock". In accordance with professional standards, the Company classifies as equity any contracts that (i) require physical settlement or net-share settlement or (ii) gives the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies as assets or liabilities any contracts that (i) require net-cash settlement (including a requirement to net-cash settle the contract if an event occurs and if that event is outside the control of the Company) or (ii) gives the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement). | |||
Derivatives, Methods of Accounting, Hedging Derivatives [Policy Text Block] | ' | ' | |
Convertible Instruments | |||
The Company evaluates and accounts for conversion options embedded in its convertible instruments in accordance with professional standards for “Accounting for Derivative Instruments and Hedging Activities”. | |||
Professional standards generally provides three criteria that, if met, require companies to bifurcate conversion options from their host instruments and account for them as free standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not re-measured at fair value under otherwise applicable generally accepted accounting principles with changes in fair value reported in earnings as they occur and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. Professional standards also provide an exception to this rule when the host instrument is deemed to be conventional as defined under professional standards as “The Meaning of Conventional Convertible Debt Instrument”. | |||
The Company accounts for convertible instruments (when it has determined that the embedded conversion options should not be bifurcated from their host instruments) in accordance with professional standards when “Accounting for Convertible Securities with Beneficial Conversion Features,” as those professional standards pertain to “Certain Convertible Instruments.” Accordingly, the Company records, when necessary, discounts to convertible notes for the intrinsic value of conversion options embedded in debt instruments based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. Debt discounts under these arrangements are amortized over the term of the related debt to their earliest date of redemption. The Company also records when necessary deemed dividends for the intrinsic value of conversion options embedded in preferred shares based upon the differences between the fair value of the underlying common stock at the commitment date of the note transaction and the effective conversion price embedded in the note. | |||
ASC 815-40 provides that, among other things, generally, if an event is not within the entity’s control could require net cash settlement, then the contract shall be classified as an asset or a liability. | |||
The Company evaluated the terms of the Series C and D Preferred Stock at September 30, 2012 to determine whether they should be classified as a liability, temporary equity, or permanent equity and whether their conversion options should be bifurcated and accounted for as derivatives. The terms of their Series C and D provide for the following among other things: they are convertible at the holder’s option to a fixed number of shares of common stock of the Company at the classification dates and they are not redeemable. The characteristics of the common stock that is issuable upon a holder’s exercise of the conversion option of the convertible preferred stock are deemed to be clearly and closely related to the characteristics of the Company’s common stock. Additionally, the Company’s conversion options, if free standing, would not be considered derivatives subject to the accounting guidelines prescribed in accordance with professional standards. As of September 30, 2013 the Company no longer had any convertible debt instruments outstanding | |||
Earnings Per Share, Policy [Policy Text Block] | ' | ' | |
Net Income (Loss) per Common Share | |||
Basic net loss per share is computed on the basis of the weighted average number of common shares outstanding. Diluted net loss per share is computed on the basis of the weighted average number of common shares outstanding plus the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted. | |||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ' | |
Stock-Based Compensation | |||
ASC Topic 718 accounting for “Share Based Payment” addresses all forms of share based payment (“SBP”) awards including shares issued under employee stock purchase plans, stock options, restricted stock and stock appreciation rights. Under Topic 718, SBP awards result in a charge to operations measured at fair value on the awards grant date, based on the estimated number of awards expected to vest over the service period. | |||
The Company has historically used the Black-Scholes option valuation model to estimate the fair value of any options granted. The model includes subjective input assumptions that can materially affect the fair value estimates. The model was developed for use in estimating the fair value of traded options that have no vesting restrictions and that are fully transferable. For example, the expected volatility is estimated based on the most recent historical period of time equal to the weighted average life of the options granted. Options issued under the Company's option plans have characteristics that differ from traded options. | |||
Market Risk [Policy Text Block] | ' | ' | |
Market Risk | |||
The investments of the Company are subject to normal market fluctuations and other risks inherent in investing in securities and there can be no assurance that any appreciation in value will occur. The value of investments can fall as well as rise and investors may not realize the amount that they invest. | |||
Entering Into Short Positions [Policy Text Block] | ' | ' | |
Entering into Short Positions | |||
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, although this potential loss is mitigated in the case of debt securities by the nature of such securities. | |||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ' | |
Concentrations 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 primarily uses clearing brokers to process transactions and maintain customer accounts on a fee basis for the Company. The Company uses three clearing brokers for substantially all of its business. 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 included in other receivables in the accompanying consolidated statements of financial condition, and/or (iii) charged as an expense in the accompanying consolidated statements of operations, based on the particular facts and circumstances. | |||
The Company maintains cash with major financial institutions. All interest bearing accounts are insured up to $250,000. On October 14, 2008 the FDIC announced its temporary Transaction Account Guarantee Program, which provides full coverage for non-interest bearing transaction deposit accounts at FDIC-insured institutions that agree to participate in the program. The transaction account guarantee applies to all personal and business checking deposit accounts that do not earn interest at participating institutions. This unlimited insurance coverage is temporary and will remain in effect for participating institutions until December 31, 2013. As a result of this coverage the Company believes it is not exposed to any significant credit risks for cash. | |||
Receivables, Policy [Policy Text Block] | ' | ' | |
Other Receivables | |||
The Company extends unsecured credit in the normal course of business to certain business clients and unconsolidated affiliates. The determination of the amount of uncollectible accounts is based on the amount of credit extended and the length of time each receivable has been outstanding, as it relates to each individual relationship. The Company periodically receives payment from various clients for fees earned from investment banking deals and other transactions. These amounts are usually collected within sixty to ninety days and as of September 30, 2013 the Company has $0 in allowance for doubtful accounts. Additionally, other amounts due from unrelated parties are assessed and usually collected within thirty to sixty days. | |||
Regulatory Depreciation and Amortization, Policy [Policy Text Block] | ' | ' | |
Advances to Registered Representatives | |||
Advances are given to certain registered representatives as an incentive for their affiliation with the Broker-Dealer Subsidiaries. The representative signs an independent contractor agreement with the Broker-Dealer Subsidiaries for a specified term, typically a three-year period. The advance is then amortized on a straight-line basis or based on a percentage of production over the life of the broker’s agreement with the Broker-Dealer Subsidiaries, and is included in commission expense in the accompanying consolidated statements of operations. In the event a representative’s affiliation terminates prior to the fulfillment of their contract, the representative is required to repay the unamortized balance. | |||
Marketable Securities, Policy [Policy Text Block] | ' | ' | |
Securities Owned | |||
Marketable securities which consist of publicly traded unrestricted common stock and bonds are valued at the closing price on the valuation date. Non-marketable securities which consist partly of restricted common stock and of non-tradable warrants exercisable into freely trading common stock of public companies are carried at market value or as required, at fair value as determined in good faith by management. | |||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' | ' | |
Other Assets | |||
Other assets consist primarily of prepaid expenses and lease deposits. | |||
Malpractice Loss Contingency, Policy [Policy Text Block] | ' | ' | |
Legal and Other Contingencies | |||
The outcomes of legal proceedings and claims brought against the Company are subject to significant uncertainty. ASC 450-10, Accounting for Contingencies, requires that an estimated loss from a loss contingency such as a legal proceeding or claim should be accrued by a charge to income if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. Disclosure of a contingency is required if there is at least a reasonable possibility that a loss has been incurred. In determining whether a loss should be accrued we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of loss. Changes in these factors could materially impact our results of operations, financial position, or our cash flows. | |||
Reclassifications [Text Block] | ' | ' | |
Reclassification | |||
Certain reclassifications have been made to conform the prior period data to the current presentation. These reclassifications had no effect on reported net loss. | |||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ' | |
Recently Adopted Accounting Guidance | |||
In July 2012, the FASB issued ASU No. 2012-02, Testing indefinite-lived intangible assets for impairment. The update aims to reduce the cost and complexity of performing an impairment test for indefinite-lived intangible assets by simplifying how an entity tests those assets for impairment and to improve consistency in impairment testing guidance among long-lived asset categories. This guidance was effective for the Company beginning on October 1, 2012. The adoption of this accounting guidance did not have a material impact on the Company’s financial statements. | |||
In December 2011, the FASB issued ASU No. 2011-11, Disclosures about offsetting assets and liabilities, an accounting update that creates new disclosure requirements requiring entities to disclose both gross and net information for derivatives and other financial instruments that are either offset in the statement of financial condition or subject to an enforceable master netting arrangement or similar arrangement. The disclosure requirements are effective for the Company beginning on or after January 1, 2013. Since these amended principles require only additional disclosures concerning offsetting and related arrangements, adoption will not affect the Company’s consolidated statements of income or financial condition. | |||
In September 2011, the FASB issued Accounting Standard Update (“ASU”) No. 2011-08, Testing Goodwill for Impairment. The new guidance provides an entity the option to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If an entity determines that this is the case, it is required to perform the currently prescribed two-step goodwill impairment test to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized for that reporting unit (if any). If an entity determines that the fair value of a reporting unit is greater than its carrying amount, the two-step goodwill impairment test is not required. The new guidance was effective for the Company beginning October 1, 2012 and did not have material impact on the Company’s financial statements upon adoption. | |||
Not yet adopted [Member] | ' | ' | |
Accounting Policies, by Policy (Policies) [Line Items] | ' | ' | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ' | |
Recent Accounting Guidance Not Yet Adopted | |||
In July 2013, the 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 provides guidance for the presentation of an unrecognized tax benefit when, among other things, a net operating loss carryforward exists. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. | |||
The new guidance will be effective for the Company beginning January 1, 2014. Earlier adoption is permitted. The Company believes that the new guidance will not have any material impact on the Company’s financial statements upon adoption. | |||
In February 2013, the FASB issued Accounting Standard Update (“ASU”) No. 2013-04, Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date. The Update provides guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. generally accepted accounting principles (GAAP). The guidance in this Update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of the following: | |||
a. The amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors | |||
b. Any additional amount the reporting entity expects to pay on behalf of its co-obligors. | |||
The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. The new guidance will be effective for the Company beginning January 1, 2014. Earlier adoption is permitted. The Company believes that the new guidance will not have any material impact on the Company’s financial statements upon adoption. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Years Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Numerator: | |||||||||
Net loss | $ | 1,568,000 | $ | (1,937,000 | ) | ||||
Preferred stock dividends | - | (93,000 | ) | ||||||
Numerator for basic earnings per share- loss attributable to common stockholders - as adjusted | 1,568,000 | (2,030,000 | ) | ||||||
Numerator for diluted earnings per share-net loss attributable to common stockholders - as adjusted | $ | 1,568,000 | $ | (2,030,000 | ) | ||||
Denominator: | |||||||||
Denominator for basic earnings per share--weighted average shares | 70,651,415 | 25,014,166 | |||||||
Effect of dilutive securities: | |||||||||
Assumed conversion of Series A, C, and D preferred stock | 2,992,702 | - | |||||||
Unvested restricted stock units | 1,243,632 | - | |||||||
Denominator for diluted earnings per share--adjusted weighted-average shares and assumed conversions | 74,887,749 | 25,014,166 | |||||||
Loss per share: | |||||||||
Net loss available to common stockholders | |||||||||
Basic | $ | 0.02 | $ | (0.08 | ) | ||||
Diluted | $ | 0.02 | $ | (0.08 | ) | ||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | ||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Series A Preferred Stock | - | 921,000 | |||||||
Series C Preferred Stock | - | 3,416,692 | |||||||
Series D Preferred Stock | - | 6,000,000 | |||||||
Convertible notes payable | 3,535,616 | 6,712,123 | |||||||
Options | 3,156,001 | 2,561,137 | |||||||
Warrants | 5,503,817 | 14,842,941 | |||||||
12,195,434 | 34,453,893 | ||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Series A Preferred Stock | - | - | |||||||
Series C Preferred Stock | - | - | |||||||
Series D Preferred Stock | - | - | |||||||
Convertible notes payable | - | 11,125,000 | |||||||
Options | 10,000,000 | 1,312,002 | |||||||
Warrants | 896,755 | 14,717,941 | |||||||
10,896,755 | 27,154,943 |
Note_6_Advances_To_Registered_1
Note 6 - Advances To Registered Representatives (Tables) | 12 Months Ended | ||||
Sep. 30, 2013 | |||||
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | ' | ||||
Investments in and Advances to Affiliates [Table Text Block] | ' | ||||
Advances to | |||||
Registered | |||||
Representative | |||||
Balance, September 30, 2011 | $ | 952,000 | |||
Advances | 203,000 | ||||
Amortization or repayment of advances | (265,000 | ) | |||
Balance, September 30, 2012 | 890,000 | ||||
Advances | 270,000 | ||||
Amortization or repayment of advances | (349,000 | ) | |||
Balance, September 30, 2013 | $ | 811,000 |
Note_7_Securities_Owned_And_Se1
Note 7 - Securities Owned And Securities Sold, But Not Yet Purchased, At Market - Marketable (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investment Holdings [Abstract] | ' | ||||||||||||||||
Schedule of Securities Owned and Sold, Not yet Purchased, at Fair Value [Table Text Block] | ' | ||||||||||||||||
Securities owned at fair value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Corporate stocks | $ | 428,000 | $ | - | $ | - | $ | 428,000 | |||||||||
Restricted stock and warrants | - | 39,000 | - | 39,000 | |||||||||||||
$ | 428,000 | $ | 39,000 | $ | - | $ | 467,000 | ||||||||||
Securities sold, but not yet purchased at fair value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Corporate stocks | $ | 15,000 | $ | - | $ | - | $ | 15,000 | |||||||||
$ | 15,000 | $ | - | $ | - | $ | 15,000 | ||||||||||
Securities owned at fair value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Corporate stocks | $ | 18,000 | $ | - | $ | - | $ | 18,000 | |||||||||
Government obligations | 678,000 | - | - | 678,000 | |||||||||||||
Restricted stock and warrants | - | 56,000 | - | 56,000 | |||||||||||||
$ | 696,000 | $ | 56,000 | $ | - | $ | 752,000 | ||||||||||
Securities sold, but not yet purchased at fair value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Corporate stocks | $ | 1,000 | $ | - | $ | - | $ | 1,000 | |||||||||
$ | 1,000 | $ | - | $ | - | $ | 1,000 |
Note_8_Fixed_Assets_Tables
Note 8 - Fixed Assets (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||||||
September 30, | Estimated Useful | ||||||||||||
2013 | 2012 | Lives (years) | |||||||||||
Equipment | $ | 2,668,000 | $ | 2,620,000 | 5 | ||||||||
Furniture and fixtures | 532,000 | 491,000 | 5 | ||||||||||
Leasehold improvements | 1,074,000 | 922,000 | Lesser of useful life or term of lease | ||||||||||
Capital Leases (Primarily composed of Computer Equipment) | 2,510,000 | 2,510,000 | 5 | ||||||||||
6,784,000 | 6,543,000 | ||||||||||||
Less accumulated depreciation and amortization | (6,337,000 | ) | (5,881,000 | ) | |||||||||
Fixed assets - net | $ | 447,000 | $ | 662,000 |
Note_11_Other_Assets_Tables
Note 11 - Other Assets (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||
Schedule of Other Assets [Table Text Block] | ' | ||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Prepaid expenses | $ | 764,000 | $ | 520,000 | |||||
Deposits | 493,000 | 299,000 | |||||||
Investments in unaffiliated entity | - | 162,000 | |||||||
Total | $ | 1,257,000 | $ | 981,000 |
Note_12_Accounts_Payable_Accru1
Note 12 - Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | ||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Commissions payable | $ | 9,141,000 | $ | 7,151,000 | |||||
Deferred clearing fee credits | 138,000 | 251,000 | |||||||
Telecommunications vendors payable | 166,000 | 75,000 | |||||||
Legal payable | 584,000 | 418,000 | |||||||
Deferred rent payable | 220,000 | 241,000 | |||||||
Accrued compensation | 195,000 | 24,000 | |||||||
Capital lease liability | 108,000 | 279,000 | |||||||
Other vendors | 3,134,000 | 3,121,000 | |||||||
Total | $ | 13,686,000 | $ | 11,560,000 |
Note_13_Convertible_Notes_Paya1
Note 13 - Convertible Notes Payable (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
10% convertible notes payable | $ | - | $ | 1,800,000 | |||||
6% convertible notes payable | - | 5,000,000 | |||||||
Total | $ | - | $ | 6,800,000 |
Note_15_Income_Taxes_Tables
Note 15 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||
Years Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Federal income tax provision (benefit) | $ | 60,000 | $ | - | |||||
State income tax provision (benefit) | - | - | |||||||
Total | $ | 60,000 | $ | - | |||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||
Years Ended | |||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Statutory federal rate | -35 | % | -35 | % | |||||
State income taxes net of federal income tax benefit | -5.2 | % | -5.2 | % | |||||
Permanent differences for tax purposes | 11.8 | % | 22.9 | % | |||||
Change in valuation allowance | 28.4 | % | 17.3 | % | |||||
0 | % | 0 | % | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||
September 30, | |||||||||
2013 | 2012 | ||||||||
Deferred tax assets: | |||||||||
Net operating loss carry-forwards | $ | 13,655,000 | $ | 14,277,000 | |||||
Reserves for uncollectible receivables | 5,000 | 44,000 | |||||||
Accrued but unpaid bonuses | 91,000 | 91,000 | |||||||
Difference between book and tax amortization | 608,000 | 608,000 | |||||||
Stock Based Compensation | 56,000 | 436,000 | |||||||
Other temporary differences | 88,000 | 97,000 | |||||||
Total deferred tax assets | 14,503,000 | 15,553,000 | |||||||
Valuation allowance | (14,503,000 | ) | (15,553,000 | ) | |||||
Net deferred tax asset | $ | - | $ | - |
Note_16_Commitments_and_Contin1
Note 16 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | ' | ||||||||||||
Fiscal Year | Rental | Less, | Net | ||||||||||
Ending | Expense | Sublease | |||||||||||
Income | |||||||||||||
2014 | $ | 1,749,360 | $ | 28,250 | $ | 1,721,110 | |||||||
2015 | 1,728,190 | - | 1,728,190 | ||||||||||
2016 | 1,533,440 | - | 1,533,440 | ||||||||||
2017 | 1,323,580 | 1,323,580 | |||||||||||
Thereafter | 2,118,310 | - | 2,118,310 | ||||||||||
$ | 8,452,880 | $ | 28,250 | $ | 8,424,630 |
Note_18_Stockholders_Equity_Ta
Note 18 - Stockholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||
Options | Weighted | Weighted | Aggregate | ||||||||||||||
Average Price | Average | Intrinsic | |||||||||||||||
Per Share | Remaining | Value | |||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
Outstanding at September 30, 2011 | 3,810,271 | $ | 1.67 | 2.36 | $ | - | |||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited or expired | (2,498,269 | ) | 1.67 | ||||||||||||||
Outstanding at September 30, 2012 | 1,312,002 | $ | 1.64 | 2.17 | $ | - | |||||||||||
Granted | 9,000,000 | 0.69 | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited or expired | (312,002 | ) | 1.67 | ||||||||||||||
Outstanding at September 30, 2013 | 10,000,000 | $ | 0.66 | 6.5 | $ | 33,000 | |||||||||||
Exercisable at September 30, 2013 | 7,800,000 | 0.66 | 6.42 | $ | 25,000 | ||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted-average grant-date fair value of options granted | N/A | N/A | |||||||||||||||
Fair value of options recognized as expense: | $ | 139,000 | $ | 10,000 | |||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Dividend yield | 0 | % | N/A | ||||||||||||||
Expected volatility | 75 | % | N/A | ||||||||||||||
Risk-free interest rate | 0.58 | % | N/A | ||||||||||||||
Expected life (in years) | 3 | N/A | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Due | |||||||||||||||||
Fair Vlue | |||||||||||||||||
Nonvested restricted sotck units at October 1, 2012 | - | $ | - | ||||||||||||||
Grants | 1,243,633 | 455,733 | |||||||||||||||
Vested | 385,917 | 148,578 | |||||||||||||||
Forfeited | - | - | |||||||||||||||
Nonvested restricted stock units at September 30, 2013 | 771,833 | $ | 307,155 | ||||||||||||||
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | ' | ||||||||||||||||
Warrants | Weighted | Weighted | |||||||||||||||
Average Price | Average | ||||||||||||||||
Per Share | Remaining | ||||||||||||||||
Contractual | |||||||||||||||||
Term | |||||||||||||||||
Outstanding at September 30, 2011 | 14,967,941 | $ | 1 | 3.78 | |||||||||||||
Granted | - | - | |||||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited or expired | (248,000 | ) | 0.75 | ||||||||||||||
Outstanding at September 30, 2012 | 14,719,941 | $ | 0.56 | 2.84 | |||||||||||||
Granted | - | - | |||||||||||||||
Converted | (12,727,436 | ) | $ | 0.98 | |||||||||||||
Exercised | - | - | |||||||||||||||
Forfeited or expired | (1,095,750 | ) | $ | 2.22 | |||||||||||||
Outstanding at September 30, 2013 | 896,755 | $ | 0.5 | 1.73 | |||||||||||||
Exercisable at September 30, 2013 | 896,755 | $ | 0.5 | 1.73 |
Note_1_Organization_Details
Note 1 - Organization (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 31, 2013 | Jan. 31, 2013 | Aug. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2013 |
Series C Preferred Stock to Common Stock [Member] | Series D Preferred Stock to Common Stock [Member] | Common Stock [Member] | Consideration [Member] | Satisfaction [Member] | Micro and Small Cap Stocks [Member] | |||
Note 1 - Organization (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
High Net Worth Clients | 39,000 | ' | ' | ' | ' | ' | ' | ' |
Number of Securities | ' | ' | ' | ' | ' | ' | ' | 6,000 |
Common Stock, Shares, Issued | 100,580,203 | 26,555,572 | ' | ' | ' | 29,451,596 | 10,000,000 | ' |
Common Stock, Value, Issued (in Dollars) | $2,012,000 | $531,000 | ' | ' | ' | $8,600,000 | $5,000,000 | ' |
Subordinated Debt (in Dollars) | ' | 1,000,000 | ' | ' | ' | ' | 2,800,000 | ' |
Stock Issued During Period, Shares, Conversion of Units | ' | ' | 3,416,691 | 6,000,000 | ' | ' | ' | ' |
Sale of Stock, Number of Shares Issued in Transaction | ' | ' | ' | ' | 10,583,330 | ' | ' | ' |
Sale of Stock, Consideration Received on Transaction (in Dollars) | ' | ' | ' | ' | $3,000,000 | ' | ' | ' |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Registered Representatives [Member] | Registered Representatives [Member] | Minimum [Member] | Maximum [Member] | |||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Loss Contingency, Estimate of Possible Loss (in Dollars) | $250,000 | $325,000 | ' | ' | ' | ' |
Property, Plant and Equipment, Estimated Useful Lives | ' | ' | ' | ' | 'three | 'five |
Number of Criteria | 3 | ' | ' | ' | ' | ' |
Number of Clearing Brokers | 3 | ' | ' | ' | ' | ' |
Cash, FDIC Insured Amount (in Dollars) | 250,000 | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable (in Dollars) | $0 | ' | $13,000 | $109,000 | ' | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Basic Net Loss Per Share (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Numerator: | ' | ' |
Net loss | $1,568,000 | ($1,937,000) |
Preferred stock dividends | ' | -93,000 |
Numerator for basic earnings per share- loss attributable to common stockholders - as adjusted | 1,568,000 | -2,030,000 |
Numerator for diluted earnings per share-net loss attributable to common stockholders - as adjusted | $1,568,000 | ($2,030,000) |
Denominator: | ' | ' |
Denominator for basic earnings per share--weighted average shares (in Shares) | 70,651,415 | 25,014,166 |
Effect of dilutive securities: | ' | ' |
Assumed conversion of Series A, C, and D preferred stock (in Shares) | 2,992,702 | ' |
Denominator for diluted earnings per share--adjusted weighted-average shares and assumed conversions (in Shares) | 74,887,749 | 25,014,166 |
Net loss available to common stockholders | ' | ' |
Basic (in Dollars per share) | $0.02 | ($0.08) |
Diluted (in Dollars per share) | $0.02 | ($0.08) |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Effect of dilutive securities: | ' | ' |
Unvested restricted stock units (in Shares) | 1,243,632 | ' |
Note_2_Summary_of_Significant_4
Note 2 - Summary of Significant Accounting Policies (Details) - The Weighted-Average Anti-Dilutive Common Share Equivalents (USD $) | 12 Months Ended | 21 Months Ended |
Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-Dilutive Common Shares Outstanding (in Dollars per share) | $10,896,755 | $27,154,943 |
Preferred Stock Series A [Member] | Weighted Average [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-Dilutive Securities | ' | 921,000 |
Preferred Stock Series C [Member] | Weighted Average [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-Dilutive Securities | ' | 3,416,692 |
Preferred Stock Series D [Member] | Weighted Average [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-Dilutive Securities | ' | 6,000,000 |
Convertible Debt Securities [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-Dilutive Common Shares Outstanding (in Dollars per share) | ' | $11,125,000 |
Convertible Debt Securities [Member] | Weighted Average [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-Dilutive Securities | 3,535,616 | 6,712,123 |
Equity Option [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-Dilutive Common Shares Outstanding (in Dollars per share) | $10,000,000 | $1,312,002 |
Equity Option [Member] | Weighted Average [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-Dilutive Securities | 3,156,001 | 2,561,137 |
Warrant [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-Dilutive Common Shares Outstanding (in Dollars per share) | $896,755 | $14,717,941 |
Warrant [Member] | Weighted Average [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-Dilutive Securities | 5,503,817 | 14,842,941 |
Weighted Average [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-Dilutive Securities | 12,195,434 | 34,453,893 |
Note_4_BrokerDealers_And_Clear1
Note 4 - Broker-Dealers And Clearing Organizations Receivables and Payables (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Due to and from Broker-Dealers and Clearing Organizations [Abstract] | ' | ' |
Receivables from Brokers-Dealers and Clearing Organizations | $4,296,000 | $3,650,000 |
Payables to Broker-Dealers and Clearing Organizations | $13,000 | $119,000 |
Note_5_Other_Receivables_Detai
Note 5 - Other Receivables (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Receivables [Abstract] | ' | ' |
Premiums and Other Receivables, Net | $1,049,000 | $147,000 |
Note_6_Advances_To_Registered_2
Note 6 - Advances To Registered Representatives (Details) - Advances to Registered Representatives (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Balance | $427,000 | $641,000 |
Advances to Registered Representatives [Member] | ' | ' |
Investments in and Advances to Affiliates [Line Items] | ' | ' |
Balance | 890,000 | 952,000 |
Advances | 270,000 | 203,000 |
Amortization or repayment of advances | -349,000 | -265,000 |
Balance | $811,000 | $890,000 |
Note_7_Securities_Owned_And_Se2
Note 7 - Securities Owned And Securities Sold, But Not Yet Purchased, At Market - Marketable (Details) - Fair Value Measurements (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Securities owned at fair value | $467,000 | $752,000 |
Securities sold, but not yet purchased at fair value | 15,000 | 1,000 |
Corporate Stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Securities sold, but not yet purchased at fair value | 15,000 | 1,000 |
Corporate Stocks [Member] | ' | ' |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Securities sold, but not yet purchased at fair value | 15,000 | 1,000 |
Corporate Stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Securities owned at fair value | 428,000 | 18,000 |
Corporate Stocks [Member] | ' | ' |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Securities owned at fair value | 428,000 | 18,000 |
Restricted Stock [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Securities owned at fair value | 39,000 | 56,000 |
Restricted Stock [Member] | ' | ' |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Securities owned at fair value | 39,000 | 56,000 |
Government Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Securities owned at fair value | ' | 678,000 |
Government Obligations [Member] | ' | ' |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Securities owned at fair value | ' | 678,000 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Securities owned at fair value | 428,000 | 696,000 |
Securities sold, but not yet purchased at fair value | 15,000 | 1,000 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Security Owned and Sold, Not yet Purchased, at Fair Value [Line Items] | ' | ' |
Securities owned at fair value | $39,000 | $56,000 |
Note_8_Fixed_Assets_Details
Note 8 - Fixed Assets (Details) (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Property, Plant and Equipment [Abstract] | ' | ' |
Depreciation, Depletion and Amortization | $922,000 | $1,154,000 |
Note_8_Fixed_Assets_Details_Fi
Note 8 - Fixed Assets (Details) - Fixed Assets (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment | $6,784,000 | $6,543,000 |
Less accumulated depreciation and amortization | -6,337,000 | -5,881,000 |
Fixed assets - net | 447,000 | 662,000 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment | 2,668,000 | 2,620,000 |
Estimated useful lives | '5 | ' |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment | 532,000 | 491,000 |
Estimated useful lives | '5 | ' |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment | 1,074,000 | 922,000 |
Estimated useful lives | 'Lesser of useful life or term of lease | ' |
Assets Held under Capital Leases [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property plant and equipment | $2,510,000 | $2,510,000 |
Estimated useful lives | '5 | ' |
Note_9_Investment_In_Unaffilat1
Note 9 - Investment In Unaffilated Enity (Details) (USD $) | Sep. 30, 2012 | Dec. 31, 2006 | Dec. 31, 2012 |
Reserve Against Value of Investment [Member] | |||
Note 9 - Investment In Unaffilated Enity (Details) [Line Items] | ' | ' | ' |
Equity Method Investments | $162,000 | $162,000 | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | 4.90% | ' |
Valuation Allowances and Reserves, Balance | ' | ' | $162,000 |
Note_10_Intangible_Assets_Deta
Note 10 - Intangible Assets (Details) (Parent Company [Member], USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Parent Company [Member] | ' | ' |
Note 10 - Intangible Assets (Details) [Line Items] | ' | ' |
Amortization of Intangible Assets | $466,000 | $621,000 |
Note_11_Other_Assets_Details_O
Note 11 - Other Assets (Details) - Other Assets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2006 |
Other Assets [Abstract] | ' | ' | ' |
Prepaid expenses | $764,000 | $520,000 | ' |
Deposits | 493,000 | 299,000 | ' |
Investments in unaffiliated entity | ' | 162,000 | 162,000 |
Total | $1,257,000 | $981,000 | ' |
Note_12_Accounts_Payable_Accru2
Note 12 - Accounts Payable, Accrued Expenses and Other Liabilities (Details) - Accounts Payable, Accrued Expenses And Other Liabilities (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Accounts Payable, Accrued Expenses And Other Liabilities [Abstract] | ' | ' |
Commissions payable | $9,141,000 | $7,151,000 |
Deferred clearing fee credits | 138,000 | 251,000 |
Telecommunications vendors payable | 166,000 | 75,000 |
Legal payable | 584,000 | 418,000 |
Deferred rent payable | 220,000 | 241,000 |
Accrued compensation | 195,000 | 24,000 |
Capital lease liability | 108,000 | 279,000 |
Other vendors | 3,134,000 | 3,121,000 |
Total | $13,686,000 | $11,560,000 |
Note_13_Convertible_Notes_Paya2
Note 13 - Convertible Notes Payable (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Jan. 31, 2013 | Sep. 30, 2012 | Jan. 31, 2013 | Sep. 30, 2012 | Apr. 30, 2012 | Mar. 31, 2012 | Jan. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | |
Six Percent [Member] | Six Percent [Member] | Convertible Debt [Member] | Issuance [Member] | Issuance [Member] | Issuance [Member] | Convertible Notes 6 Percent to Common Stock [Member] | Common Shares [Member] | Series E Preferred Stock [Member] | Ten Percent [Member] | |||
Note 13 - Convertible Notes Payable (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible Notes Payable, Noncurrent | ' | $6,800,000 | ' | ' | ' | $1,000,000 | $700,000 | $3,300,000 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 6,700,000 | 6,000,000 | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' |
Debt Instrument, Face Amount | ' | 6,800,000 | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | 1,800,000 |
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' |
Interest Expense, Debt | $248,000 | $575,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_13_Convertible_Notes_Paya3
Note 13 - Convertible Notes Payable (Details) - Convertible Notes Payable (USD $) | Jan. 31, 2013 | Sep. 30, 2012 |
Note 13 - Convertible Notes Payable (Details) - Convertible Notes Payable [Line Items] | ' | ' |
Convertible notes payable | ' | $6,800,000 |
Ten Percent [Member] | ' | ' |
Note 13 - Convertible Notes Payable (Details) - Convertible Notes Payable [Line Items] | ' | ' |
Convertible notes payable | ' | 1,800,000 |
Six Percent [Member] | ' | ' |
Note 13 - Convertible Notes Payable (Details) - Convertible Notes Payable [Line Items] | ' | ' |
Convertible notes payable | $5,000,000 | $5,000,000 |
Note_14_Subordinated_Borrowing1
Note 14 - Subordinated Borrowings (Details) (USD $) | 12 Months Ended | 1 Months Ended |
Sep. 30, 2012 | Sep. 30, 2012 | |
Director [Member] | ||
Note 14 - Subordinated Borrowings (Details) [Line Items] | ' | ' |
Proceeds from Subordinated Short-term Debt | $1,000,000 | $1,000,000 |
Note_15_Income_Taxes_Details
Note 15 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2008 | |
vFinance Investments [Member] | |||
Note 15 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Income Tax Expense (Benefit) | $60,000 | ' | ' |
Operating Loss Carryforwards | 34,000,000 | ' | 12,000,000 |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ($834,000) | $546,000 | ' |
Note_15_Income_Taxes_Details_I
Note 15 - Income Taxes (Details) - Income Tax Expense Reconciliation (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Expense Reconciliation [Abstract] | ' | ' |
Federal income tax provision (benefit) | $60,000 | ' |
State income tax provision (benefit) | 0 | 0 |
Total | $60,000 | ' |
Note_15_Income_Taxes_Details_I1
Note 15 - Income Taxes (Details) - Income Tax Provision (Benefit) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Income Tax Provision (Benefit) [Abstract] | ' | ' |
Statutory federal rate | -35.00% | -35.00% |
State income taxes net of federal income tax benefit | -5.20% | -5.20% |
Permanent differences for tax purposes | 11.80% | 22.90% |
Change in valuation allowance | 28.40% | 17.30% |
0.00% | 0.00% |
Note_15_Income_Taxes_Details_D
Note 15 - Income Taxes (Details) - Deferred Tax Assets (USD $) | Sep. 30, 2013 | Sep. 30, 2012 |
Deferred Tax Assets [Abstract] | ' | ' |
Net operating loss carry-forwards | $13,655,000 | $14,277,000 |
Reserves for uncollectible receivables | 5,000 | 44,000 |
Accrued but unpaid bonuses | 91,000 | 91,000 |
Difference between book and tax amortization | 608,000 | 608,000 |
Stock Based Compensation | 56,000 | 436,000 |
Other temporary differences | 88,000 | 97,000 |
Total deferred tax assets | 14,503,000 | 15,553,000 |
Valuation allowance | -14,503,000 | -15,553,000 |
Net deferred tax asset | $0 | $0 |
Note_16_Commitments_and_Contin2
Note 16 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 36 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 36 Months Ended | |||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Oct. 02, 2013 | Sep. 30, 2013 | Jun. 20, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 20, 2013 | Sep. 30, 2013 | Jun. 20, 2013 | Sep. 30, 2013 | Jun. 20, 2013 | Sep. 30, 2013 | Jun. 20, 2013 | Sep. 30, 2013 | Jun. 20, 2013 | Sep. 30, 2013 | Jun. 20, 2013 | Sep. 30, 2013 | Jun. 20, 2013 | Sep. 30, 2013 | Jun. 20, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Jun. 20, 2013 | Jun. 20, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 20, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 02, 2008 | Jun. 20, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 20, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 20, 2013 | Jul. 02, 2008 | Jul. 02, 2008 | Jul. 02, 2008 | Jun. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 02, 2008 | Jul. 02, 2008 | Jun. 20, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Subsequent Event [Member] | Fiscal 2014 [Member] | Fiscal 2014 [Member] | Qualifying Termination Occurs Within 12 Months Following a Change in Control [Member] | Vesting June 2014 [Member] | Vesting June 2014 [Member] | Vesting June 2014 [Member] | Vesting June 2014 [Member] | Vesting June 2014 [Member] | Vesting June 2014 [Member] | Vesting June 2014 [Member] | Vesting June 2014 [Member] | Vesting June 2015 [Member] | Vesting June 2015 [Member] | Vesting June 2015 [Member] | Vesting June 2015 [Member] | Vesting June 2015 [Member] | Vesting June 2015 [Member] | Vesting June 2015 [Member] | Vesting June 2015 [Member] | Paid as Soon as Practicable [Member] | Paid at Conclusion of Fiscal Year [Member] | Fiscal 2013 [Member] | Fiscal 2015 [Member] | Severance Contingency [Member] | Severance Contingency [Member] | If Employment Agreement Not Extended [Member] | $0.50 [Member] | $0.50 [Member] | $0.50 [Member] | $0.50 [Member] | $0.70 [Member] | $0.70 [Member] | $0.70 [Member] | $0.90 [Member] | $0.90 [Member] | $0.90 [Member] | $0.30 [Member] | $0.40 [Member] | $0.60 [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Co-Executive Chairman [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | Mark Goldwasser [Member] | Mark Goldwasser [Member] | Mark Goldwasser [Member] | Mark Goldwasser [Member] | Threatened Litigation [Member] | Threatened Litigation [Member] | ||||
Co-Executive Chairman [Member] | Chief Executive Officer [Member] | Mark Goldwasser [Member] | Severance Contingency [Member] | $0.50 [Member] | $0.50 [Member] | $0.70 [Member] | $0.70 [Member] | $0.90 [Member] | $0.90 [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | $0.50 [Member] | $0.50 [Member] | $0.70 [Member] | $0.70 [Member] | $0.90 [Member] | $0.90 [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | Mark Goldwasser [Member] | Mark Goldwasser [Member] | Mark Goldwasser [Member] | Mark Goldwasser [Member] | Chief Executive Officer [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | Chief Executive Officer [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | Mark Goldwasser [Member] | Chief Executive Officer [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | Chief Executive Officer [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | Mark Goldwasser [Member] | Mark Goldwasser [Member] | Mark Goldwasser [Member] | Automobile Allowance [Member] | ||||||||||||||
Minimum [Member] | Chief Executive Officer [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | |||||||||||||||||||||||||||||||||||||||||
Note 16 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Rent Credit (in Dollars) | $220,000 | $241,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Rent Expense (in Dollars) | 1,992,000 | 2,510,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating Leases, Income Statement, Sublease Revenue (in Dollars) | 90,000 | 95,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Damages Sought, Value (in Dollars) | 10,125,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Estimate of Possible Loss (in Dollars) | 250,000 | 325,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 360,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | 325,000 |
Legal Fees (in Dollars) | 1,022,000 | ' | 1,158,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Officers' Compensation (in Dollars) | ' | ' | ' | 180,000 | 200,000 | 440,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | 460,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1 | ' | ' | 450,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,700,000 | ' | 1,500,000 | ' | 1,000,000 | 1,500,000 | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | 1,900,000 | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $0.69 | ' | ' | ' | ' | ' | ' | $0.50 | $0.50 | $0.70 | $0.70 | $0.90 | $0.90 | ' | ' | $0.50 | $0.50 | $0.70 | $0.70 | $0.90 | $0.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | $0.50 | $0.50 | $0.50 | $0.70 | $0.70 | $0.70 | $0.90 | $0.90 | $0.90 | $0.30 | $0.40 | $0.60 | ' | ' | ' | ' | ' | $1.64 | ' | ' | ' | ' | ' |
Loss Contingency, Range of Possible Loss, Minimum (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss Contingency, Range of Possible Loss, Maximum (in Dollars) | ' | ' | ' | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | 500,000 | 1,000,000 | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | 500,000 | ' | ' | ' | ' | ' | ' | 500,000 | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Severance Payment Must Increase By | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' |
Officer Compensation Annual Increase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' |
Other Labor-related Expenses (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | ' | ' | ' | ' | ' | ' |
Quarterly Bonus Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' |
Quarterly Bonus Payment Threshold (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' |
Quarterly Bonus Payment Paid Portion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Bonus Payment Accrued Portion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Options Modified | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | 30.00% | 30.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Bonus Payment (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_16_Commitments_and_Contin3
Note 16 - Commitments and Contingencies (Details) - Future Minimum Lease Payments (USD $) | Sep. 30, 2013 |
Note 16 - Commitments and Contingencies (Details) - Future Minimum Lease Payments [Line Items] | ' |
2014 | $28,250 |
2015 | 0 |
2016 | 0 |
Thereafter | 0 |
28,250 | |
Gross Payments [Member] | ' |
Note 16 - Commitments and Contingencies (Details) - Future Minimum Lease Payments [Line Items] | ' |
2014 | 1,749,360 |
2015 | 1,728,190 |
2016 | 1,533,440 |
2017 | 1,323,580 |
Thereafter | 2,118,310 |
8,452,880 | |
Net of Sublease Income [Member] | ' |
Note 16 - Commitments and Contingencies (Details) - Future Minimum Lease Payments [Line Items] | ' |
2014 | 1,721,110 |
2015 | 1,728,190 |
2016 | 1,533,440 |
2017 | 1,323,580 |
Thereafter | 2,118,310 |
$8,424,630 |
Note_17_Related_Party_Transact1
Note 17 - Related Party Transactions (Details) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Jan. 25, 2013 | Jan. 25, 2013 | Jan. 25, 2013 | Jan. 25, 2013 | Jan. 25, 2013 | Sep. 30, 2013 | Feb. 07, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Jan. 25, 2013 | Jul. 25, 2012 | Jan. 25, 2013 | Jan. 25, 2013 |
Series E Preferred Stock to Common Stock [Member] | Common Shares [Member] | Convertible Debt [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Placement Agent [Member] | Contractor Agreement [Member] | Salary [Member] | Evaluation Services [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | National Securities Growth Partners [Member] | Mr. Sokolow [Member] | Mr. Sokolow [Member] | Chief Executive Officer [Member] | Plimpton [Member] | ||
National Securities Growth Partners [Member] | National Securities Growth Partners [Member] | National Securities Growth Partners [Member] | Sale of Stock [Member] | Chief Executive Officer [Member] | Co-Executive Chairman [Member] | Mark Goldwasser [Member] | Chief Financial Officer [Member] | Subsidiary [Member] | Chief Executive Officer [Member] | Immediate Family Member of Management or Principal Owner [Member] | Immediate Family Member of Management or Principal Owner [Member] | |||||||||
Note 17 - Related Party Transactions (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Related Party Debt (in Dollars) | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Converted | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | 215,741 | ' | 215,741 | 1,078,730 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,000,000 | ' | 6,697,140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | 101,214 | ' | 101,214 | 506,080 |
Due to Other Related Parties (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000 | ' | ' |
Sale of Stock, Number of Shares Issued in Transaction | ' | ' | ' | ' | ' | 1,000,000 | 166,666 | 66,666 | 25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | $0.30 | $0.30 | $0.30 | $0.30 | ' | ' | ' | ' | $50 | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Amounts of Transaction (in Dollars) | ' | ' | ' | ' | 377,500 | ' | ' | ' | ' | 370,000 | ' | 72,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50,000 | ' | ' | ' | ' | ' | ' | ' |
Note_18_Stockholders_Equity_De
Note 18 - Stockholders' Equity (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | Feb. 28, 2013 | Sep. 30, 2011 | Sep. 19, 2013 | Sep. 13, 2013 | Sep. 19, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Dec. 21, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 20, 2012 | Jul. 12, 2010 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 29, 2010 | Sep. 30, 2013 | Jan. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | |
Satisfaction of Liability [Member] | Brokers [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Issuance of Shares of Common Stock Pursuant to Private Placement [Member] | Issuance of Shares of Common Stock Pursuant to Private Placement [Member] | Liabilities for Customer Settlements [Member] | Common Stock [Member] | Warrant [Member] | Recapitalization [Member] | Mark Goldwasser [Member] | Leonard Sokolow [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | Represents Fair Market Value of One-Third of the RSU [Member] | ||||
Employees [Member] | Nonemployees [Member] | Series A Preferred Stock [Member] | ||||||||||||||||||||||||||||
Note 18 - Stockholders' Equity (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares Authorized | 150,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Authorized | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | 34,500 | ' | ' | 100,000 | ' | 200,000 | ' | ' |
Common Stock, Shares, Issued | 100,580,203 | 26,555,572 | ' | ' | ' | ' | ' | ' | ' | 10,583,330 | 29,451,596 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Value, Issued (in Dollars) | $2,012,000 | $531,000 | ' | ' | ' | ' | ' | ' | ' | $3,016,000 | $8,562,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | 1,967,042 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | 126,188 | 340,854 | ' | ' | ' | ' | 34,167 | ' | ' | 60,000 | ' | ' | ' | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,416,691 | ' | ' | 6,000,000 | 100,000 | ' | ' |
Preferred Stock, Redemption Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Dividend Rate, Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends, Preferred Stock (in Dollars) | ' | 93,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 93,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,723 | ' | ' | 46,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 46,050 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Amount of Preferred Dividends in Arrears (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 715,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Stock, Shares Converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,141,826 | ' | ' | ' | ' | ' | 51,773 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Convertible Preferred Stock (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Preferred Stock and Preference Stock (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' |
Preferred Stock Proceeds Receivable (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,334,000 | ' | ' | ' | ' | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' |
Sale of Stock, Price Per Share (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $50 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ' | ' | ' | ' | ' | 1,157,750 | 707,700 | 1,865,450 | 621,817 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 240,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 652,000 | ' | ' | ' | ' | ' | ' | ' | 307,155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $758,800 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,951,195 | ' | ' | ' | ' | ' | ' | 3,416,692 | ' | ' | 6,000,000 | ' | ' | 6,000,000 | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per Item) | 0.5 | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.5 | ' | ' | 0.5 | ' | ' | 0.5 | ' | ' |
Warrants Issued During Period (in Dollars) | ' | ' | 3,170,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 22,727,436 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants and Rights Outstanding (in Dollars) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_18_Stockholders_Equity_De1
Note 18 - Stockholders' Equity (Details) - Stock Option Activity (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Stock Option Activity [Abstract] | ' | ' | ' |
Outstanding options | 10,000,000 | 1,312,002 | 3,810,271 |
Outstanding weighted average price per share (in Dollars per share) | $0.66 | $1.64 | $1.67 |
Outstanding weighted average remaining contractual term | '6 years 6 months | '2 years 62 days | '2 years 131 days |
Outstanding aggregate intrinsic value (in Dollars) | $33,000 | ' | ' |
Exercisable at September 30, 2013 | 7,800,000 | ' | ' |
Exercisable at September 30, 2013 (in Dollars per share) | $0.66 | ' | ' |
Exercisable at September 30, 2013 | '6 years 153 days | ' | ' |
Exercisable at September 30, 2013 (in Dollars) | $25,000 | ' | ' |
Granted options | 9,000,000 | ' | ' |
Granted weighted average price per share (in Dollars per share) | $0.69 | ' | ' |
Forfeited or expired options | -312,002 | -2,498,269 | ' |
Forfeited or expired weighted average price per share (in Dollars per share) | $1.67 | $1.67 | ' |
Note_18_Stockholders_Equity_De2
Note 18 - Stockholders' Equity (Details) - Stock Option Expense (USD $) | 12 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Option Expense [Abstract] | ' | ' |
Fair value of options recognized as expense: | $379,000 | $10,000 |
Note_18_Stockholders_Equity_De3
Note 18 - Stockholders' Equity (Details) - Stock Option Weighted-Average Assumptions | 12 Months Ended |
Sep. 30, 2013 | |
Stock Option Weighted-Average Assumptions [Abstract] | ' |
Dividend yield | 0.00% |
Expected volatility | 75.00% |
Risk-free interest rate | 0.58% |
Expected life (in years) | '3 years |
Note_18_Stockholders_Equity_De4
Note 18 - Stockholders' Equity (Details) - Nonvested Restricted Stock Unit Activity (Restricted Stock Units (RSUs) [Member], USD $) | 1 Months Ended | 12 Months Ended |
Sep. 19, 2013 | Sep. 30, 2013 | |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Note 18 - Stockholders' Equity (Details) - Nonvested Restricted Stock Unit Activity [Line Items] | ' | ' |
Grants | 1,865,450 | 621,817 |
Grants (in Dollars per share) | ' | $455,733 |
Vested | ' | 385,917 |
Vested (in Dollars per share) | ' | $148,578 |
Nonvested restricted stock units at September 30, 2013 | ' | 771,833 |
Nonvested restricted stock units at September 30, 2013 (in Dollars per share) | ' | $307,155 |
Note_18_Stockholders_Equity_De5
Note 18 - Stockholders' Equity (Details) - Warrants Outstanding (USD $) | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2011 | |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Outstanding warrants | 10,000,000 | ' | ' |
Warrant [Member] | ' | ' | ' |
Class of Warrant or Right [Line Items] | ' | ' | ' |
Outstanding warrants | 896,755 | 14,719,941 | 14,967,941 |
Outstanding weighted average price per share (in Dollars per share) | $0.50 | $0.56 | $1 |
Outstanding weighted average remianing contractual term | '1 year 266 days | '2 years 306 days | '3 years 284 days |
Exercisable at September 30, 2013 | 896,755 | ' | ' |
Exercisable at September 30, 2013 (in Dollars per share) | $0.50 | ' | ' |
Exercisable at September 30, 2013 | '1 year 266 days | ' | ' |
Converted | -12,727,436 | ' | ' |
Converted (in Dollars per share) | $0.98 | ' | ' |
Forfeited or expired warrants | -1,095,750 | -248,000 | ' |
Forfeited or expired weighted average price per share (in Dollars per share) | $2.22 | $0.75 | ' |
Note_19_Net_Capital_Requiremen1
Note 19 - Net Capital Requirements (Details) (USD $) | Sep. 30, 2013 |
National Securities [Member] | ' |
Note 19 - Net Capital Requirements (Details) [Line Items] | ' |
Minimum Net Capital Required | $250,000 |
Net Capital | 4,586,000 |
vFinance Investments [Member] | ' |
Note 19 - Net Capital Requirements (Details) [Line Items] | ' |
Minimum Net Capital Required | 1,000,000 |
Net Capital | 2,289,000 |
Alternative Excess Net Capital | 1,289,000 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 52.90% |
SEC Requirement [Member] | ' |
Note 19 - Net Capital Requirements (Details) [Line Items] | ' |
Net Capital | $4,336,000 |
Note_20_Employee_Benefits_Deta
Note 20 - Employee Benefits (Details) | 1 Months Ended |
Sep. 30, 2011 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% |
Note_21_Subsequent_Events_Deta
Note 21 - Subsequent Events (Details) (USD $) | Sep. 30, 2013 | Oct. 15, 2013 | Sep. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | National Securities [Member] | vFinance Investments [Member] | ||
Merger Agreement [Member] | Merger Agreement [Member] | ||||
Note 21 - Subsequent Events (Details) [Line Items] | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 10,000,000 | ' | 22,667,667 | ' | ' |
Shares of Common Stock For Each Outstanding Share (in Dollars per share) | ' | ' | $0.24 | ' | ' |
Liabilities Satisfied | ' | $4,000,000 | ' | ' | ' |
Equity Capital Distribution | ' | ' | ' | $1,000,000 | $500,000 |