Forward Industries (FORD) 10-Q 11 Aug 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Jun. 30, 2015	Aug. 07, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	FORWARD INDUSTRIES INC
Entity Central Index Key	38,264
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Trading Symbol	FORD
Entity Common Stock, Shares Outstanding		8,641,755
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)	Jun. 30, 2015	Sep. 30, 2014
Current assets:
Cash and cash equivalents	$ 4,287,166	$ 6,477,132
Marketable securities		1,051,230
Accounts receivable	$ 5,327,398	6,124,871
Inventories	2,883,835	2,374,837
Prepaid expenses and other current assets	369,210	401,549
Total current assets	12,867,609	16,429,619
Property and equipment, net	90,284	98,990
Other assets	40,962	40,962
Total assets	12,998,855	16,569,571
Current liabilities:
Accounts payable, accrued expenses and other current liabilities	1,365,977	1,218,541
Due to Forward China	4,506,660	5,215,768
Total current liabilities	5,872,637	6,434,309
Other liabilities	119,231	115,202
Total Liabilities	$ 5,991,868	6,549,511
6% Senior Convertible Preferred Stock, par value $0.01 per share; 1,500,000 shares authorized; 851,154 shares available; 0 and 648,846 shares issued and outstanding; aggregate liquidation value of $0 and $1,275,000; as of June 30, 2015 and September 30, 2014, respectively		$ 833,365
Commitments and contingencies
Shareholders' equity:
Preferred stock, par value $0.01 per share; 4,000,000 shares authorized; 2,400,000 undesignated at June 30, 2015 and September 30, 2014 Series A Participating Preferred stock, par value $0.01; 100,000 shares authorized; no shares issued and outstanding
Common stock, par value $0.01 per share; 40,000,000 shares authorized; 8,606,755 and 9,159,796 shares issued; 8,606,755 and 8,453,386 shares outstanding; at June 30, 2015 and September 30, 2014, respectively	$ 86,068	$ 91,598
Additional paid-in capital	$ 17,483,710	18,747,371
Treasury stock, 0 and 706,410 shares at cost at June 30, 2015 and September 30, 2014, respectively		(1,260,057)
Accumulated deficit	$ (10,541,765)	(8,371,806)
Accumulated other comprehensive loss	(21,026)	(20,411)
Total shareholders' equity	7,006,987	9,186,695
Total liabilities and shareholders' equity	$ 12,998,855	$ 16,569,571

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2015	Sep. 30, 2014
Preferred Stock, Shares Undesignated	2,400,000	2,400,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Common stock, par or stated value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	8,606,755	9,159,796
Common stock, shares outstanding (in shares)	8,606,755	8,453,386
Treasury Stock, shares (in shares)	0	706,410
Convertible Preferred Stock [Member]
Preferred Stock, Dividend Rate, Percentage	6.00%	6.00%
Temporary equity, liquidation preference (in dollars)	$ 0	$ 1,275,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,500,000	1,500,000
Preferred stock, shares available (in shares)	851,154	851,154
Preferred stock, shares issued (in shares)	0	648,846
Preferred stock, shares outstanding (in shares)	0	648,846
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000	100,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net sales	$ 7,230,953	$ 9,065,568	$ 22,422,152	$ 24,180,926
Cost of goods sold	5,883,174	7,399,430	18,160,131	19,265,957
Gross profit	1,347,779	1,666,138	4,262,021	4,914,969
Operating expenses:
Sales and marketing	497,961	708,793	1,876,046	2,050,740
General and administrative	355,661	925,659	4,163,344	2,594,382
Total operating expenses	853,622	1,634,452	6,039,390	4,645,122
Income (loss) from operations	$ 494,157	31,686	(1,777,369)	269,847
Other (income) expense:
Interest income		(8,037)	(3,022)	(25,767)
(Gain) loss on marketable securities, net		$ (8,904)	$ 110,001	30,528
Loss on change in fair value of warrant liability				136,258
Other (income) expense, net	$ (953)	$ 7,401	$ 8,994	23,403
Total other (income) expense, net	(953)	(9,540)	115,973	164,422
Income (loss) from continuing operations	$ 495,110	41,226	(1,893,342)	105,425
Income (loss) from discontinued operations, net		(21,317)	198,963	(35,103)
Net income (loss)	$ 495,110	19,909	(1,694,379)	70,322
Preferred stock dividends and accretion		(48,100)	(475,580)	(144,571)
Net income (loss) applicable to common equity	$ 495,110	(28,191)	(2,169,959)	(74,249)
Net income (loss)	495,110	19,909	(1,694,379)	70,322
Other comprehensive income (loss):
Translation adjustments	1,091	111	(615)	1,144
Comprehensive income (loss)	$ 496,201	$ 20,020	$ (1,694,994)	$ 71,466
Net income (loss) per basic common share:
Income (loss) from continuing operations	$ 0.06	$ 0	$ (0.28)	$ (0.01)
Income (loss) from discontinued operations	0	0	0.02	0
Net income (loss) per basic common share	0.06	0	(0.26)	(0.01)
Net income (loss) per diluted common share:
Income (loss) from continuing operations	0.06	0	(0.28)	(0.01)
Income (loss) from discontinued operations	0	0	0.02	0
Net income (loss) per diluted common share	$ 0.06	$ 0	$ (0.26)	$ (0.01)
Weighted average number of common and common equivalent shares outstanding:
Basic (in shares)	8,364,247	8,195,808	8,329,950	8,183,933
Diluted (in sares)	8,373,336	8,195,808	8,329,950	8,183,933

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities:
Net (loss) income	$ (1,694,379)	$ 70,322
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Realized and unrealized loss on marketable securities	110,001	30,528
Share-based compensation	3,065	203,110
Depreciation and amortization	$ 41,894	48,235
Change in fair value of warrant liability		136,258
Deferred rent	$ 4,029	(19,369)
Changes in operating assets and liabilities:
Accounts receivable	797,473	(1,084,680)
Inventories	(508,998)	(345,977)
Prepaid expenses and other current assets	32,339	(88,834)
Accounts payable, due to Forward China, accrued expenses and other current liabilities	(562,287)	1,726,936
Net cash (used in) provided by operating activities	(1,776,863)	676,529
Cash Flows From Investing Activities:
Proceeds from sales of marketable securities	952,127	5,563,050
Purchases of marketable securities	(10,898)	(5,769,609)
Purchases of property and equipment	(33,188)	(16,048)
Net cash provided by (used in) investing activities	908,041	$ (222,607)
Cash Flows From Financing Activities:
Redemption of 6% Senior Convertible Preferred Stock	(1,287,737)
Dividends paid	(21,208)	$ (57,217)
Restricted stock repurchased and retired	(12,199)
Net cash used in financing activities	(1,321,144)	$ (57,217)
Net (decrease) increase in cash and cash equivalents	(2,189,966)	396,705
Cash and cash equivalents at beginning of period	6,477,132	6,616,995
Cash and cash equivalents at end of period	4,287,166	7,013,700
Supplemental disclosure of non-cash investing and financing activities:
Preferred stock accretion	454,372	$ 87,354
Retirement of treasury stock	$ 1,260,057
Reclassification of warrant liability, net		$ 599,929

OVERVIEW

OVERVIEW	9 Months Ended
	Jun. 30, 2015
Overview [Abstract]
OVERVIEW	NOTE 1 OVERVIEW Forward Industries, Inc. (“Forward” or the “Company”) was incorporated under the laws of the State of New York and began operations in 1961 as a manufacturer and distributor of specialty and promotional products. The Company designs, markets, and distributes carry and protective solutions, primarily for hand held electronic devices. The Company’s principal customer market is original equipment manufacturers, or “OEMs” (or the contract manufacturing firms of these OEM customers), that either package their products as accessories “in box” together with their branded product offerings, or sell them through their retail distribution channels. The Company’s OEM products include carrying cases and other accessories for medical monitoring and diagnostic kits and a variety of other portable electronic and non-electronic products (such as sporting & recreational products, bar code scanners, smartphones, GPS location devices, tablets, and firearms). The Company’s OEM customers are located in the Americas, the EMEA Region, and the APAC Region. The Company does not manufacture any of its OEM products and sources substantially all of its OEM products from independent suppliers in China (refer to Note 8 – Buying Agency and Supply Agreement). On June 21, 2012, the Company determined to exit its global retail business and focus solely on growing its OEM business. The decision to eliminate the Retail division was primarily driven by the longer than estimated path to bring it to profitability and the strong top line growth and cost rationalizations in the OEM business. The Retail business is presented as discontinued operations. On December 30, 2014, the Company held its 2014 annual meeting of shareholders (the “2014 Annual Meeting”) primarily for the purpose of electing either a slate of directors proposed by the then-incumbent board of directors or a slate of directors proposed by Terence Bernard Wise, a director and significant shareholder in the Company at the time. At the 2014 Annual Meeting, the Company’s shareholders voted for the election of the slate of directors proposed by Mr. Wise, which resulted in the turnover of a majority of the Company’s directors. In the opinion of management, the accompanying condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q reflect all normal recurring adjustments necessary to present fairly the financial position and results of operations and cash flows for the interim periods presented herein, but are not necessarily indicative of the results of operations for the year ending September 30, 2015. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the fiscal year ended September 30, 2014, and with the disclosures and risk factors presented herein and therein, respectively. The September 30, 2014 condensed consolidated balance sheet has been derived from the audited consolidated financial statements.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	9 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
ACCOUNTING POLICIES	NOTE 2 ACCOUNTING POLICIES Accounting Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Forward Industries, Inc. and its wholly owned subsidiaries (Forward US, Forward Switzerland, Forward HK (inactive) and Forward UK (inactive)). All significant intercompany transactions and balances have been eliminated in consolidation. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Income Taxes The Company accounts for its income taxes in accordance with U.S. GAAP, which requires, among other things, recognition of future tax benefits and liabilities measured at enacted rates attributable to temporary differences between financial statement and income tax bases of assets and liabilities and to net tax operating loss carry-forwards to the extent that realization of these benefits is more likely than not. As of June 30, 2015, there was no change to our assessment that a full valuation allowance was required against all net deferred tax assets. Accordingly, any deferred tax provision was offset by an equal and opposite change to the valuation allowance. 6% Senior Convertible Preferred Stock Temporary Equity The 6% Senior Convertible Preferred Stock was classified as temporary equity in accordance with Accounting Standards Codification (“ASC”) 480-10-s99 - Distinguishing Liabilities from Equity – Overall – SEC Materials and Accounting Series Release (“ASR”) 268 – Presentation in Financial Statements of “Redeemable Preferred Stock”, as the redemption feature was not solely within the control of the Company. Warrants In accordance with ASC 815-40 – Derivatives and Hedging – Contracts in Entity’s Own Equity, the Company’s warrants were initially classified as a liability, at fair value, as a result of a related registration rights agreement that contained certain requirements for registering the underlying common shares, but had no provision for penalties upon the failure to register. At each balance sheet date, this liability’s fair value was re-measured and adjusted with the corresponding change in fair value recorded in the condensed consolidated statements of operations and comprehensive (loss) income. As of March 31, 2014, the underlying shares were registered and the liability was marked-to-the-market and reclassified to equity. Preferred Stock Accretion As of the issuance date, the carrying amount of the convertible preferred stock was less than the redemption value. As a result of the Company’s determination that redemption was probable (See Note 4 – Shareholders’ Equity – 6% Senior Convertible Preferred Stock and Warrants), the carrying value was increased by periodic accretions so that the carrying value would equal the redemption amount at the earliest redemption date. Such accretion is recorded as a preferred stock dividend. Revenue Recognition The Company generally recognizes revenue from product sales to its customers when: (1) title and risk of loss are transferred (in general, these conditions occur at either point of shipment or point of destination, depending on the terms of sale); (2) persuasive evidence of an arrangement exists; (3) the Company has no continuing obligations to the customer; and (4) collection of the related accounts receivable is reasonably assured. Share-Based Payment Expense The Company recognizes employee and director share-based compensation in its condensed consolidated statements of operations and comprehensive (loss) income at the grant-date fair value of stock options and other equity-based compensation. The determination of stock option grant-date fair value is estimated using the Black-Scholes option-pricing model, which includes variables such as the expected volatility of the Company’s share price, the exercise behavior of its grantees, interest rates, and dividend yields. These variables are projected based on the Company’s historical data, experience, and other factors. In the case of awards with multiple vesting periods, the Company has elected to use the graded vesting attribution method, which recognizes compensation cost on a straight-line basis over each separately vesting portion of the award as if the award was, in-substance, multiple awards. Refer to Note 5 – Share Based Compensation. In addition, the Company recognizes share-based compensation to non-employees based upon the fair value, using the Black-Scholes option pricing model, determined at the deemed measurement dates over the related contract service period. Recent Accounting Pronouncements In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This ASU addresses the requirements regarding the financial statement presentation of an unrecognized tax benefit within ASC Topic 740 for the purpose of providing consistency between the financial reporting of U.S. GAAP entities. Generally, this ASU provides guidance for the preparation of financial statements and disclosures when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2013 and did not have a material impact on the Company’s condensed consolidated financial statements or disclosures. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014 -09”). ASU 2014-09 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605 - Revenue Recognition and most industry-specific guidance throughout the ASC. The standard requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014 -09 was further amended in July 2015 and is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017 and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory," which applies to inventory that is measured using first- in, first-out ("FIFO") or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using last-in, last-out ("LIFO"). This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2015-11 on its consolidated financial statements.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	NOTE 3 DISCONTINUED OPERATIONS On June 21, 2012, the Company determined to exit its global retail business and focus solely on growing its OEM business. The decision to eliminate the Retail division was primarily driven by the longer than estimated path to bring it to profitability and the strong net sales growth and cost rationalizations in the OEM business. Accordingly, the results of operations for the Retail division have been recorded as discontinued operations in the accompanying condensed consolidated financial statements for the periods presented. The Company has completed its exit of its Retail business. Summarized operating results of discontinued operations are presented in the following table: For the Three Months Ended For the Nine Months Ended June 30, June 30, 2015 2014 2015 2014 Net sales $ - $ - $ - $ - Gross loss - - - (9,700 ) Operating expenses - (21,317 ) (1,082 ) (25,403 ) Other income - - 200,045 - Iincome (loss) from discontinued operations, net $ - $ (21,317 ) $ 198,963 $ (35,103 ) The Company had $280,000 of accounts receivable relating to overdue payments pursuant to a Settlement Agreement and General Release (“Settlement Agreement”) executed on July 3, 2013 between the Company and G-Form LLC (“G-Form”) in exchange for certain retail inventories, the Company’s cooperation with certain administrative matters, and a mutual general release. Due to the age of the accounts receivable and G-Form’s non-responsiveness to the Company’s communication related to the matter, the Company established a full reserve for this receivable as of September 30, 2014. In December 2014, the Company recovered $200,000 from a third party, which was recognized as other income during the nine months ended June 30, 2015.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	9 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	NOTE 4 SHAREHOLDERS’ EQUITY 6% Senior Convertible Preferred Stock In the event of a liquidation (or deemed liquidation, as described below) of the Company, the holders of the Company’s 6% Senior Convertible Preferred Stock, par value $0.001 per share (“Convertible Preferred Stock”), shall receive in preference to the holders of common stock and any junior securities of the Company an amount (the “Liquidation Preference”) equal to (i) $1.965 (the “Original Issue Price”) per each outstanding share of Convertible Preferred Stock (subject to adjustment upon the occurrence of certain customary events), plus (ii) any accrued but unpaid dividends. A Change of Control of the Company (as defined in the Certificate of Amendment) will be treated as a liquidation at the option of the holders of a majority of the Convertible Preferred Stock, provided that the amount paid to holders of Convertible Preferred Stock in such event will be equal to 101% of the Original Issue Price, plus accrued but unpaid dividends. Dividends on the Convertible Preferred Stock were payable, on a cumulative basis, in cash, at the rate per annum of 6% of the Liquidation Preference (as defined below) and were payable quarterly, in arrears, on each March 31, June 30, September 30 and December 31, commencing on September 30, 2013. The Company was prohibited from paying any dividend with respect to shares of common stock or other junior securities in any quarter unless full dividends were paid on the Convertible Preferred Stock in such quarter. At the December 30, 2014 Annual Meeting, the shareholder vote resulted in the turnover of a majority of the Board members, which represented a Change of Control pursuant to the terms of the Convertible Preferred Stock. On December 31, 2014, the Company determined to recognize the balance of the accretion and bring the Convertible Preferred Stock carrying value up to its redemption value due to the likelihood of the holders requesting redemption. On January 9, 2015, the Company received a notice of deemed liquidation from a majority of the outstanding Convertible Preferred Stockholders in which they requested redemption of their Convertible Preferred Stock. On February 23, 2015 the Company paid an aggregate $1,287,737 to the Convertible Preferred Stockholders, in order to redeem all of the outstanding shares of Convertible Preferred Stock. Dividends on the Convertible Preferred Stock totaled approximately $0 and $ 19,000 for each of the three months ended June 30, 2015 and 2014, respectively, and totaled approximately $21,000 and $ 57,000 for the nine months ended June 30, 2015 and 2014, respectively. These dividends, in addition to the accretion, totaled approximately $0 and $48,000 for the three months ended June 30, 2015 and 2014, respectively, and $476,000 and $145,000 for the nine months ended June 30, 2015 and 2014, respectively. As of June 30, 2015 and September 30, 2014, the carrying value of the Convertible Preferred Stock was $0 and approximately $833,000, respectively, and is included on the Company’s condensed consolidated balance sheets as temporary equity. Stock Repurchase In September 2002 and January 2004, the Board authorized the repurchase of up to an aggregate of 486,200 shares of outstanding common stock. Under those authorizations, through June 30, 2015, the Company repurchased an aggregate of 223,614 shares at a cost of approximately $485,000. In November 2014, the Company repurchased and retired an aggregate of 10,340 shares of its outstanding restricted common stock at a cost of approximately $12,000, in connection with the vesting of employee restricted stock awards, wherein certain employees surrendered a portion of their award in order to fund certain tax withholding obligations. Retirement of Treasury Stock On December 5, 2014, the Board of Directors approved the retirement of 706,410 shares of existing treasury stock. Changes in Shareholders’ Equity Changes in shareholders’ equity for the nine months ended June 30, 2015 are summarized below: Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total Balance - September 30, 2014 9,159,796 $ 91,598 $ 18,747,371 706,410 $ (1,260,057 ) $ (8,371,806 ) $ (20,411 ) $ 9,186,695 Restricted stock award issuances 290,000 2,900 (2,900 ) - - - - - Restricted stock award forfeitures (126,291 ) (1,263 ) 1,263 - - - - - Restricted stock repurchased and retired (10,340 ) (103 ) (12,096 ) - - - - (12,199 ) Treasury stock retired (706,410 ) (7,064 ) (1,252,993 ) (706,410 ) 1,260,057 - - - Share-based compensation - - 3,065 - - - - 3,065 Preferred stock dividends - - - - - (21,208 ) - (21,208 ) Preferred stock accretion - - - - - (454,372 ) - (454,372 ) Foreign currency translation - - - - - - (615 ) (615 ) Net loss - - - - - (1,694,379 ) - (1,694,379 ) Balance - June 30, 2015 8,606,755 $ 86,068 $ 17,483,710 - $ - $ (10,541,765 ) $ (21,026 ) $ 7,006,987

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 5 SHARE-BASED COMPENSATION Stock Option Awards Effective January 15, 2015, in connection with the Company’s former Chief Executive Officer’s voluntary termination, previously outstanding unvested stock options to purchase an aggregate of 83,334 shares of common stock at exercise prices ranging from $1.59 to $5.31 per share that would have been forfeited pursuant to their original terms were modified such that the options vested on January 28, 2015. In connection with the “improbable to probable” modification, the Company recorded a credit of approximately $0 and $(31,000) during the three and nine months ended June 30, 2015, respectively. See Note 7 for additional details in connection with the termination. On June 25, 2015, the Company granted a ten-year incentive stock option to purchase 50,000 shares of common stock at an exercise price of $0.64 per share to an executive of the Company, pursuant to the 2011 Plan. The option vests as follows: 15,000 shares on the date of grant, 15,000 shares on the two year anniversary of the date of grant and 20,000 shares on the three year anniversary of the date of grant. The option had a grant date value of $19,000. The fair value of each stock option on the date of grant was estimated using the Black-Scholes option-pricing formula applying the following assumptions: Three Months Ended Nine Months Ended June 30, June 30, 2015 2014 2015 2014 Risk free interest rate 1.92 % n/a 1.92 % 1.86 % Expected term (years) 5.90 n/a 5.90 6.00 Expected volatility 64.4 % n/a 64.4 % 63.2 % Expected dividends 0 % n/a 0 % 0 % Estimated annual forfeiture rate 10 % n/a 10 % 10 % During the three and nine months ended June 30, 2015, the Company granted 50,000 stock options at a weighted average grant date fair value of $0.38 per share. There were no options granted during the three months ended June 30, 2014. During the nine months ended June 30, 2014, the Company granted 32,500 stock options at a weighted average grant date fair value of $0.90 per share. The expected term represents the period over which the stock option awards are expected to be outstanding. The Company utilizes the “simplified” method to develop an estimate of the expected term of “plain vanilla” employee option grants. The Company based the risk-free interest rate used in its assumptions on the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equivalent to the award’s expected term. The volatility factor used in the Company’s assumptions is based on the historical price of its stock over the most recent period commensurate with the expected term of the award. The Company historically has not paid any dividends on its common stock and had no intention to do so on the date the share-based awards were granted. The Company recognized compensation expense of approximately $1,000 and $13,000 in continuing operations for stock option awards in its condensed consolidated statements of operations and comprehensive (loss) income for the three months ended June 30, 2015 and 2014, respectively, and $(36,000) and $79,000 for the nine months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, there was approximately $24,000 of total unrecognized compensation cost related to unvested stock option awards, which is expected to be recognized over the remainder of the weighted average vesting period of 1.5 years. The following table summarizes stock option activity during the nine months ended June 30, 2015: Weighted Weighted Average Average Remaining Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, September 30, 2014 778,500 $ 3.12 Granted 50,000 0.64 Exercised - - Forfeited (550,000 ) 3.17 Outstanding, June 30, 2015 278,500 $ 2.59 5.5 $ 2,500 Exercisable, June 30, 2015 234,875 $ 2.84 4.8 $ 750 The table below provides additional information regarding stock option awards that were outstanding and exercisable at June 30, 2015: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Outstanding Average Average Exercisable Exercise Exercise Number of Exercise Remaining Life Number of Price Price Options Price In Years Options $0.64 to $1.99 $ 1.03 90,000 $ 1.28 6.7 55,000 $2.00 to $2.99 2.46 96,000 2.46 4.1 95,500 $3.00 to $3.99 3.74 72,500 3.74 5.6 64,375 $4.00 to $6.02 6.02 20,000 6.02 0.8 20,000 278,500 4.8 234,875 Restricted Stock Awards On December 5, 2014, the Company granted an aggregate of 30,000 shares of restricted stock to directors of the Company, pursuant to the 2011 Plan. The shares were scheduled to vest on the one-year anniversary from the date of grant. The aggregate grant date value of $34,800 was scheduled to be recognized proportionate to the vesting period. On January 5, 2015, the aggregate of 30,000 shares of restricted stock were forfeited and retired when the shareholders did not elect these directors. On February 23, 2015, the Company granted an aggregate of 210,000 shares of restricted stock, of which 175,000 shares went to current directors and 35,000 went to a former officer (see Note 7 – Commitments and Contingencies – Former CFO Agreement) of the Company, of which 140,000 shares and 70,000 shares were pursuant to the 2007 Plan and 2011 Plan, respectively. The shares vest as follows: (i) 35,000 shares vest immediately, and (ii) 175,000 shares vest on the one-year anniversary from the date of grant. The aggregate grant date value of $193,200 will be recognized proportionate to the vesting period. On June 25, 2015, the Company granted 50,000 shares of restricted stock to an executive of the Company, pursuant to the 2011 Plan. The shares vest as follows: 15,000 shares on the date of grant, 15,000 shares on the two year anniversary of the date of grant and 20,000 shares on the three year anniversary of the date of grant. The grant date value of $32,000 will be recognized proportionate to the vesting period. The Company recognized compensation expense of approximately $42,000 and $62,000 in continuing operations for restricted stock awards in its condensed consolidated statements of operations and comprehensive (loss) income for the three months ended June 30, 2015 and 2014, respectively, and $39,000 and $124,000 for the nine months ended June 30, 2015 and 2014, respectively. As of June 30, 2015, there was approximately $143,000 of unrecognized compensation cost related to shares of unvested restricted stock, which is expected to be recognized over the remainder of the weighted average vesting period of 0.9 years. The following table summarizes restricted stock activity during the nine months ended June 30, 2015: Weighted Average Total Number of Grant Date Grant Date Shares Fair Value Fair Value Non-vested, September 30, 2014 257,581 $ 1.32 $ 340,044 Granted 290,000 0.90 260,000 Vested (192,958 ) 1.21 (234,281 ) Forfeited (126,291 ) 1.26 (159,398 ) Non-vested, June 30, 2015 228,332 $ 0.90 $ 206,365

INCOME (LOSS) PER SHARE

INCOME (LOSS) PER SHARE	9 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
(LOSS) INCOME PER SHARE	NOTE 6 INCOME (LOSS) PER SHARE Basic income (loss) per share data for each period presented is computed using the weighted-average number of shares of common stock outstanding during each such period. Diluted income (loss) per share data is computed using the weighted-average number of common and dilutive common-equivalent shares outstanding during each period. Dilutive common-equivalent shares consist of (a) shares that would be issued upon the exercise of stock options and warrants, computed using the treasury stock method, (b) shares that would be issued upon the conversion of convertible preferred stock and (c) shares of non-vested restricted stock. Net income (loss) from continuing operations per basic and diluted share for the three and nine months ended June 30, 2015 and 2014 is net of preferred stock cash dividends and accretion. For the three and nine months ended June 30, 2014, the Company did not have any effects of dilutive securities. For the three and nine months ended June 30, 2015, the Company calculated the potential diluted earnings per share in accordance with ASC 260, as follows: For the Three For the Nine Months Ended Months Ended June 30, 2015 June 30, 2015 Numerator: Net income (loss) applicable to common equity (numerator for basic and diluted earnings per share) $ 495,110 $ (2,169,959) Weighted average shares outstanding (denominator for basic earnings per share) 8,364,247 8,329,950 Effective of dilutive securities Assumed exercise of stock options, treasury stock method - - Assumed exercise of warrants, treasury stock method - - Assumed vesting of restricted stock, treasury stock method 9,089 - Dilutive potential common shares 9,089 - Denominator for diluted earnings per share - weighted average shares and assumed potential common shares 8,373,336 8,329,950 Earnings (loss) per share, diluted $ 0.06 $ (0.26) The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: For the Three Months Ended June 30, For the Nine Months Ended June 30, 2015 2014 2015 2014 Options 278,500 901,000 278,500 901,000 Warrants 723,846 723,846 723,846 723,846 Convertible preferred stock - 648,846 - 648,846 Non-vested restricted stock 176,666 327,581 228,332 327,581 Total potentially dilutive shares 1,179,012 2,601,273 1,230,678 2,601,273

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 7 COMMITMENTS AND CONTINGENCIES Former CEO Agreement Effective January 15, 2015, the Company’s Chief Executive Officer (“Former CEO”) voluntarily resigned from his position and entered into an agreement with the Company, pursuant to which the Former CEO agreed to waive all payments under his Employment Agreement and all future claims against the Company. Under the agreement, for six months following his termination of active employment, the Former CEO will receive his regular monthly base salary and will remain eligible to participate in medical and dental plans similar to his current coverage level for a period of twelve months. The Former CEO will also receive a cash payment of $7,852 in lieu of shares of restricted stock of the Company that would otherwise vest on November 8, 2015. In addition, the Former CEO will retain certain other ancillary benefits for limited periods. The agreement includes customary confidentiality, non-solicitation, non-competition, non-disparagement and release provisions. As of June 30, 2015, the remaining obligation to the Former CEO of approximately $16,000 is reflected as an accrual in the condensed consolidated balance sheet. Former CFO Agreement On February 16, 2015, the Company entered into a settlement agreement and mutual release with the Company’s former Chief Financial Officer (“Former CFO”), James McKenna, in connection with a lawsuit filed by Mr. McKenna on August 26, 2014 in the U.S. District Court for the Southern District of New York against the Company and then-directors Frank LaGrange Johnson, Robert Garrett, John F. Chiste, Timothy Gordon and Owen P.J. King (the “SDNY Lawsuit”), alleging purported claims of retaliation for whistleblowing under the Dodd-Frank Act, breach of contract and breach of the covenant of good faith and fair dealing all as against the Company, and a single claim for tortious interference with contract as against the individual defendants. The complaint sought an unspecified amount of monetary consequential damages and punitive damages. Pursuant to the agreement, Mr. McKenna and the Company have agreed to settle and release all disputes or claims against the other party related to the SDNY Lawsuit and any such disputes or claims arising out of Mr. McKenna’s employment with the Company, without an admission of liability or wrongdoing. Under the Agreement, Mr. McKenna will receive a cash payment of $315,000, representing 18 months’ salary at the rate specified in Mr. McKenna’s Amended Employment Agreement, signed between the Company and Mr. McKenna and dated October 26, 2012. Mr. McKenna will also receive approximately $375,000 in legal fees, back pay, prior out-of-pocket benefits, taxes and penalties on Mr. McKenna’s 401(k) loan, and accrued paid time off, in addition to 35,000 restricted stock units vesting immediately. The Agreement includes customary non-disparagement and release provisions. As of June 30, 2015, the remaining obligation to the Former CFO of approximately $150,000 is reflected as an accrual in the condensed consolidated balance sheet. On June 26, 2015, the Company entered into a Claim Release between Forward Industries, Inc. and Zurich American Insurance Company (the “release”) for the claim made under an Employment Practices Liability Policy related to the settlement agreement noted above. Under the release, the Zurich American reimbursed the company for a total of $425,000 which represents a portion of the settlement amounts set forth in the settlement agreement with the company’s former Chief Financial Officer, James McKenna. Pursuant to the release, the Company agreed to fully release and forever discharge Zurich American from any and all charges hereafter that may arise out of the SDNY lawsuit. As of June 30, 2015, the reimbursement amount of $425,000 was recorded in general and administrative expenses in the condensed consolidated statements of operations and comprehensive (loss) income.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 8 RELATED PARTY TRANSACTIONS New York Office Services Agreement On February 1, 2014, the Company began leasing office space in New York, New York for its Chief Executive Officer at a rate of $2,500 per month from LaGrange Capital Administration, L.L.C. (“LCA”). Frank LaGrange Johnson, the Company’s former Chairman of the Board, serves as the Managing Member of LCA. This lease was month-to-month and was cancellable by either the Company or LCA at any time. Effective April 1, 2014, LCA increased the monthly rental charge (inclusive of rent, allocable share of office assistant, and equipment leases) from $2,500 to approximately $12,700 per month. On January 16, 2015, the Company provided notice to LCA that it was immediately terminating the New York Office Services Agreement. During the three and nine months ended June 30, 2015, the Company recognized approximately $0 and $51,000 respectively, of rent expense related to the New York office. During the three and nine months ended June 30, 2014, the Company recognized approximately $38,000 and $43,000, respectively, of rent expense related to the New York office. Buying Agency and Supply Agreement On March 12, 2012, the Company, entered into a Buying Agency and Supply Agreement (the “Agreement”) with Forward Industries Asia-Pacific Corporation (f/k/a Seaton Global Corporation), a British Virgin Islands corporation (“Forward China”). On March 13, 2014 and March 11, 2015, the Company entered into amendments to the Agreement with Forward China. The Agreement, as amended, provides that, upon the terms and subject to the conditions set forth therein, Forward China will act as the Company’s exclusive buying agent and supplier of Products (as defined in the Agreement) in the Asia Pacific region. The Company purchases products at Forward China’s cost and pays a service fee to Forward China. The service fee is calculated at $100,000 monthly plus 4% of “Adjusted Gross Profit.” “Adjusted Gross Profit” is defined as the selling price less the cost from Forward China. The Agreement, as amended, terminates on September 11, 2015. The Company is currently in discussions to agree a renewal of the Agreement and is working to complete these discussions with Forward China prior to the expiration of the Agreement. Terence Bernard Wise, a director of the Company, is a principal of Forward China. In addition, Jenny P. Yu, a Managing Director of Forward China, owns shares of the Company’s common stock. The Company recognized approximately $371,000 and $387,000, respectively, during the three months ended June 30, 2015 and 2014 and $1,144,000 and $930,000, respectively, during the nine months ended June 30, 2015 and 2014 in service fees paid to Forward China, which are included as a component of costs of goods sold in continuing operations in the accompanying condensed consolidated statements of operations and comprehensive (loss) income. Investment Management Agreement On April 16, 2013, the Company entered into an Investment Management Agreement (the “Investment Management Agreement”) with LCA, pursuant to which the Company retained LCA to manage certain investment accounts funded by the Company (collectively, the “Account”). Operations ceased just prior to December 31, 2014 and the Investment Management Agreement formally terminated effective February 1, 2015. As compensation for its services to the Company, LCA was entitled to advisory fees, comprised of an asset-based fee and a performance fee, as provided in the Investment Management Agreement. The asset-based fee was equal 1% per annum of the average Account Net Asset Value (“Account NAV”). The performance fee was equal to 20% of the increase (if any) in the Account NAV over an annual period. No performance fee was payable for any annual period in which the Account NAV at the end of such annual period was below the highest Account NAV at the end of any previous annual period. In addition to such advisory fees, the Company reimbursed LCA for certain investment and operational expenses. The Company didn’t recognize any advisory fee expense during the three and nine months ended June 30, 2015, and recognized approximately $3,000 and $9,000, respectively, during the three and nine months ended June 30, 2014, related to asset-based or performance fees which are included in continuing operations in the accompanying condensed consolidated statements of operations and comprehensive (loss) income. There were no new funds invested with LCA during the nine months ended June 30, 2015 and 2014. During the three months ended June 30, 2015 and 2014, the Company purchased approximately $0 and $372,000, of marketable securities, respectively. During the nine months ended June 30, 2015 and 2014, the Company purchased approximately $11,000 and $5,770,000 of marketable securities, respectively. During the three months ended June 30, 2015 and 2014, the Company sold approximately $0 and $349,000 of marketable securities, respectively. During the nine months ended June 30, 2015 and 2014, the Company sold approximately $952,000 and $5,563,000 of marketable securities, respectively. As a result of these activities, the Company recognized net investment gains (losses) of approximately $0 and $9,000 during the three months ended June 30, 2015 and 2014, respectively, and $(110,000) and $(31,000) during the nine months ended June 30, 2015 and 2014, respectively.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	9 Months Ended
	Jun. 30, 2015
Legal Matters and Contingencies [Abstract]
LEGAL PROCEEDINGS	NOTE 9 LEGAL PROCEEDINGS From time to time, the Company may become a party to legal actions or proceedings in the ordinary course of business. As of June 30, 2015, there were no such actions or proceedings, either individually or in the aggregate that the Company believes would be material to its business, if decided adversely to its interests.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Accounting Estimates	Accounting Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions.
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Forward Industries, Inc. and its wholly owned subsidiaries (Forward US, Forward Switzerland, Forward HK (inactive) and Forward UK (inactive)). All significant intercompany transactions and balances have been eliminated in consolidation.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation.
Income Taxes	Income Taxes The Company accounts for its income taxes in accordance with U.S. GAAP, which requires, among other things, recognition of future tax benefits and liabilities measured at enacted rates attributable to temporary differences between financial statement and income tax bases of assets and liabilities and to net tax operating loss carry-forwards to the extent that realization of these benefits is more likely than not. As of June 30, 2015, there was no change to our assessment that a full valuation allowance was required against all net deferred tax assets. Accordingly, any deferred tax provision was offset by an equal and opposite change to the valuation allowance.
6% Senior Convertible Preferred Stock	6% Senior Convertible Preferred Stock Temporary Equity The 6% Senior Convertible Preferred Stock was classified as temporary equity in accordance with Accounting Standards Codification (“ASC”) 480-10-s99 - Distinguishing Liabilities from Equity – Overall – SEC Materials and Accounting Series Release (“ASR”) 268 – Presentation in Financial Statements of “Redeemable Preferred Stock”, as the redemption feature was not solely within the control of the Company. Warrants In accordance with ASC 815-40 – Derivatives and Hedging – Contracts in Entity’s Own Equity, the Company’s warrants were initially classified as a liability, at fair value, as a result of a related registration rights agreement that contained certain requirements for registering the underlying common shares, but had no provision for penalties upon the failure to register. At each balance sheet date, this liability’s fair value was re-measured and adjusted with the corresponding change in fair value recorded in the condensed consolidated statements of operations and comprehensive (loss) income. As of March 31, 2014, the underlying shares were registered and the liability was marked-to-the-market and reclassified to equity. Preferred Stock Accretion As of the issuance date, the carrying amount of the convertible preferred stock was less than the redemption value. As a result of the Company’s determination that redemption was probable (See Note 4 – Shareholders’ Equity – 6% Senior Convertible Preferred Stock and Warrants), the carrying value was increased by periodic accretions so that the carrying value would equal the redemption amount at the earliest redemption date. Such accretion is recorded as a preferred stock dividend.
Revenue Recognition	Revenue Recognition The Company generally recognizes revenue from product sales to its customers when: (1) title and risk of loss are transferred (in general, these conditions occur at either point of shipment or point of destination, depending on the terms of sale); (2) persuasive evidence of an arrangement exists; (3) the Company has no continuing obligations to the customer; and (4) collection of the related accounts receivable is reasonably assured.
Share-Based Payment Expense	Share-Based Payment Expense The Company recognizes employee and director share-based compensation in its condensed consolidated statements of operations and comprehensive (loss) income at the grant-date fair value of stock options and other equity-based compensation. The determination of stock option grant-date fair value is estimated using the Black-Scholes option-pricing model, which includes variables such as the expected volatility of the Company’s share price, the exercise behavior of its grantees, interest rates, and dividend yields. These variables are projected based on the Company’s historical data, experience, and other factors. In the case of awards with multiple vesting periods, the Company has elected to use the graded vesting attribution method, which recognizes compensation cost on a straight-line basis over each separately vesting portion of the award as if the award was, in-substance, multiple awards. Refer to Note 5 – Share Based Compensation. In addition, the Company recognizes share-based compensation to non-employees based upon the fair value, using the Black-Scholes option pricing model, determined at the deemed measurement dates over the related contract service period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” This ASU addresses the requirements regarding the financial statement presentation of an unrecognized tax benefit within ASC Topic 740 for the purpose of providing consistency between the financial reporting of U.S. GAAP entities. Generally, this ASU provides guidance for the preparation of financial statements and disclosures when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2013 and did not have a material impact on the Company’s condensed consolidated financial statements or disclosures. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers,” (“ASU 2014 -09”). ASU 2014-09 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605 - Revenue Recognition and most industry-specific guidance throughout the ASC. The standard requires that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014 -09 was further amended in July 2015 and is effective for annual periods and interim periods within those annual periods beginning after December 15, 2017 and should be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying ASU 2014-09 recognized at the date of initial application. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory," which applies to inventory that is measured using first- in, first-out ("FIFO") or average cost. Under the updated guidance, an entity should measure inventory that is within scope at the lower of cost and net realizable value, which is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Subsequent measurement is unchanged for inventory that is measured using last-in, last-out ("LIFO"). This ASU is effective for annual and interim periods beginning after December 15, 2016, and should be applied prospectively with early adoption permitted at the beginning of an interim or annual reporting period. The Company is currently evaluating the impact of the adoption of ASU 2015-11 on its consolidated financial statements.

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of summarized operating results of discontinued operations	Summarized operating results of discontinued operations are presented in the following table: For the Three Months Ended For the Nine Months Ended June 30, June 30, 2015 2014 2015 2014 Net sales $ - $ - $ - $ - Gross loss - - - (9,700 ) Operating expenses - (21,317 ) (1,082 ) (25,403 ) Other income - - 200,045 - Income (loss) from discontinued operations, net $ - $ (21,317 ) $ 198,963 $ (35,103 )

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	9 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of changes in shareholders' equity	Changes in shareholders’ equity for the nine months ended June 30, 2015 are summarized below: Accumulated Additional Other Common Stock Paid-In Treasury Stock Accumulated Comprehensive Shares Amount Capital Shares Amount Deficit Loss Total Balance - September 30, 2014 9,159,796 $ 91,598 $ 18,747,371 706,410 $ (1,260,057 ) $ (8,371,806 ) $ (20,411 ) $ 9,186,695 Restricted stock award issuances 290,000 2,900 (2,900 ) - - - - - Restricted stock award forfeitures (126,291 ) (1,263 ) 1,263 - - - - - Restricted stock repurchased and retired (10,340 ) (103 ) (12,096 ) - - - - (12,199 ) Treasury stock retired (706,410 ) (7,064 ) (1,252,993 ) (706,410 ) 1,260,057 - - - Share-based compensation - - 3,065 - - - - 3,065 Preferred stock dividends - - - - - (21,208 ) - (21,208 ) Preferred stock accretion - - - - - (454,372 ) - (454,372 ) Foreign currency translation - - - - - - (615 ) (615 ) Net loss - - - - - (1,694,379 ) - (1,694,379 ) Balance - June 30, 2015 8,606,755 $ 86,068 $ 17,483,710 - $ - $ (10,541,765 ) $ (21,026 ) $ 7,006,987

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of stock options valuation assumptions	The fair value of each stock option on the date of grant was estimated using the Black-Scholes option-pricing formula applying the following assumptions: Three Months Ended Nine Months Ended June 30, June 30, 2015 2014 2015 2014 Risk free interest rate 1.92 % n/a 1.92 % 1.86 % Expected term (years) 5.90 n/a 5.90 6.00 Expected volatility 64.4 % n/a 64.4 % 63.2 % Expected dividends 0 % n/a 0 % 0 % Estimated annual forfeiture rate 10 % n/a 10 % 10 %
Schedule of stock option activity	The following table summarizes stock option activity during the nine months ended June 30, 2015: Weighted Weighted Average Average Remaining Number of Exercise Life Intrinsic Options Price In Years Value Outstanding, September 30, 2014 778,500 $ 3.12 Granted 50,000 0.64 Exercised - - Forfeited (550,000 ) 3.17 Outstanding, June 30, 2015 278,500 $ 2.59 5.5 $ 2,500 Exercisable, June 30, 2015 234,875 $ 2.84 4.8 $ 750
Schedule of additional information regarding stock option awards	The table below provides additional information regarding stock option awards that were outstanding and exercisable at June 30, 2015: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Outstanding Average Average Exercisable Exercise Exercise Number of Exercise Remaining Life Number of Price Price Options Price In Years Options $0.64 to $1.99 $ 1.03 90,000 $ 1.28 6.7 55,000 $2.00 to $2.99 2.46 96,000 2.46 4.1 95,500 $3.00 to $3.99 3.74 72,500 3.74 5.6 64,375 $4.00 to $6.02 6.02 20,000 6.02 0.8 20,000 278,500 4.8 234,875
Schedule Of summarizes restricted stock activity	The following table summarizes restricted stock activity during the nine months ended June 30, 2015: Weighted Average Total Number of Grant Date Grant Date Shares Fair Value Fair Value Non-vested, September 30, 2014 257,581 $ 1.32 $ 340,044 Granted 290,000 0.90 260,000 Vested (192,958 ) 1.21 (234,281 ) Forfeited (126,291 ) 1.26 (159,398 ) Non-vested, June 30, 2015 228,332 $ 0.90 $ 206,365

INCOME (LOSS) PER SHARE (Tables

INCOME (LOSS) PER SHARE (Tables)	9 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of calculated potential diluted earnings per share	For the three and nine months ended June 30, 2015, the Company calculated the potential diluted earnings per share in accordance with ASC 260, as follows: For the Three For the Nine Months Ended Months Ended June 30, 2015 June 30, 2015 Numerator: Net income (loss) applicable to common equity (numerator for basic and diluted earnings per share) $ 495,110 $ (2,169,959) Weighted average shares outstanding (denominator for basic earnings per share) 8,364,247 8,329,950 Effective of dilutive securities Assumed exercise of stock options, treasury stock method - - Assumed exercise of warrants, treasury stock method - - Assumed vesting of restricted stock, treasury stock method 9,089 - Dilutive potential common shares 9,089 - Denominator for diluted earnings per share - weighted average shares and assumed potential common shares 8,373,336 8,329,950 Earnings (loss) per share, diluted $ 0.06 $ ( 0.26
Schedule of securities are excluded from the calculation of weighted average dilutive common shares	The following securities are excluded from the calculation of weighted average dilutive common shares because their inclusion would have been anti-dilutive: For the Three Months Ended June 30, For the Nine Months Ended June 30, 2015 2014 2015 2014 Options 278,500 901,000 278,500 901,000 Warrants 723,846 723,846 723,846 723,846 Convertible preferred stock - 648,846 - 648,846 Non-vested restricted stock 176,666 327,581 228,332 327,581 Total potentially dilutive shares 1,179,012 2,601,273 1,230,678 2,601,273

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]
Net sales
Gross loss				$ (9,700)
Operating expenses		$ (21,317)	$ (1,082)	$ (25,403)
Other income			200,045
Income (Loss) from discontinued operations, net		$ (21,317)	$ 198,963	$ (35,103)

DISCONTINUED OPERATIONS (Deta21

DISCONTINUED OPERATIONS (Detail Narrative) - Jun. 30, 2015 - USD ($)	Total
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Other income	$ 200,000
G Form LLC [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Accounts Receivable	$ 280,000

SHAREHOLDERS' EQUITY (Details)

SHAREHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Beginning Balance			$ 9,186,695
Resticted stock award issuances
Resticted stock award forfeitures
Resticted stock repurchased and retired			$ (12,199)
Treasury stock retired
Share-based compensation			$ 3,065
Preferred stock dividends			(21,208)
Preferred stock accretion			(454,372)
Foreign currency translation	$ 1,091	$ 111	(615)	$ 1,144
Net (loss) income	495,110	$ 19,909	(1,694,379)	$ 70,322
Ening Balance	7,006,987		7,006,987
Common Stock [Member]
Beginning Balance			$ 91,598
Beginning Balance (in shares)			9,159,796
Resticted stock award issuances			$ 2,900
Resticted stock award issuances (in shares)			290,000
Resticted stock award forfeitures			$ (1,263)
Resticted stock award forfeitures (in shares)			(126,291)
Resticted stock repurchased and retired			$ (103)
Resticted stock repurchased and retired (in shares)			(10,340)
Treasury stock retired			$ (7,064)
Treasury stock retired (in shares)			(706,410)
Share-based compensation
Preferred stock dividends
Preferred stock accretion
Foreign currency translation
Net (loss) income
Ening Balance	$ 86,068		$ 86,068
Ening Balance (in shares)	8,606,755		8,606,755
Additional Paid-in Capital [Member]
Beginning Balance			$ 18,747,371
Resticted stock award issuances			(2,900)
Resticted stock award forfeitures			1,263
Resticted stock repurchased and retired			(12,096)
Treasury stock retired			(1,252,993)
Share-based compensation			$ 3,065
Preferred stock dividends
Preferred stock accretion
Foreign currency translation
Net (loss) income
Ening Balance	$ 17,483,710		$ 17,483,710
Treasury Stock [Member]
Beginning Balance			$ (1,260,057)
Beginning Balance (in shares)			706,410
Resticted stock award issuances
Resticted stock award issuances (in shares)
Resticted stock award forfeitures
Resticted stock award forfeitures (in shares)
Resticted stock repurchased and retired
Resticted stock repurchased and retired (in shares)
Treasury stock retired			$ 1,260,057
Treasury stock retired (in shares)			(706,410)
Share-based compensation
Preferred stock accretion
Foreign currency translation
Net (loss) income
Ening Balance
Ening Balance (in shares)
Accumulated Deficit [Member]
Beginning Balance			$ (8,371,806)
Resticted stock award issuances
Resticted stock award forfeitures
Resticted stock repurchased and retired
Treasury stock retired
Share-based compensation
Preferred stock dividends			$ (21,208)
Preferred stock accretion			$ (454,372)
Foreign currency translation
Net (loss) income			$ (1,694,379)
Ening Balance	$ (10,541,765)		(10,541,765)
Accumulated Other Comprehensive Loss [Member]
Beginning Balance			$ (20,411)
Resticted stock award issuances
Resticted stock award forfeitures
Resticted stock repurchased and retired
Treasury stock retired
Share-based compensation
Preferred stock dividends
Preferred stock accretion
Foreign currency translation			$ (615)
Net (loss) income
Ening Balance	$ (21,026)		$ (21,026)

SHAREHOLDERS' EQUITY (Details N

SHAREHOLDERS' EQUITY (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014	Sep. 30, 2002
Temporary Equity [Line Items]
Dividends, Preferred Stock				$ (21,208)
Dividends Preferred Stock Including Accretion		$ 0	$ 48,000	$ 476,000	$ 145,000
Temporary Equity, Par Value						$ 833,365
Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Preferred Stock, Dividend Rate, Percentage				6.00%		6.00%
Temporary Equity, Par or Stated Value Per Share		$ 0.001		$ 0.001
Temporary Equity Minimum Percentage Of Consent Of Holders Required For Automatic Conversion Of Stock In Common Stock At Applicable Conversion Price				101.00%
Dividends, Preferred Stock		$ 0	$ 19,000	$ 21,000	$ 57,000
Temporary Equity, Par Value		$ 0		$ 0
Warrant [Member] | Convertible Preferred Stock [Member]
Temporary Equity [Line Items]
Private Placement Aggregate Purchase Price Per Share				$ 1.965
Common Stock [Member]
Temporary Equity [Line Items]
Dividends, Preferred Stock
Stock Repurchase Program, Number of Shares Authorized to be Repurchased							486,200
Stock Repurchased During Period, Shares				223,614
Stock Repurchased During Period, Value				$ 485,000
Stock Repurchased and Retired During Period, Shares	10,340
Stock Repurchased and Retired During Period, Value	$ 12,000
Treasury stock retired (in shares)				(706,410)
Treasury Stock [Member]
Temporary Equity [Line Items]
Treasury stock retired (in shares)				(706,410)

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Risk free interest rate	1.92%		1.92%	1.86%
Expected term (years)	5 years 10 months 24 days		5 years 10 months 24 days	6 years
Expected volatility	64.40%		64.40%	63.20%
Expected dividends	0.00%		0.00%	0.00%
Estimated annual forfeiture rate	10.00%		10.00%	10.00%

SHARE-BASED COMPENSATION (Det25

SHARE-BASED COMPENSATION (Details 1) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Shares, Outstanding at Begining			778,500
Shares, Granted	50,000	0	50,000	32,500
Shares, Exercised
Shares, Forfeited			(550,000)
Shares, Outstanding at Ending	278,500		278,500
Shares, Exercisable	234,875		234,875
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]
Weighted average exercise price, Outstanding at Begining			$ 3.12
Weighted average exercise price, Granted			$ 0.64
Weighted average exercise price, Exercised
Weighted average exercise price, Forfeited			$ 3.17
Weighted average exercise price, Outstanding at Ending	$ 2.59		2.59
Weighted average exercise price, Exercisable	$ 2.84		$ 2.84
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term [Roll Forward]
Weighted average remaining contractual term (Years), Outstanding			5 years 6 months
Weighted average remaining contractual term (Years), Exercisable			4 years 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract]
Aggregate intrinsic value, Outstanding	$ 2,500		$ 2,500
Aggregate intrinsic value, Exercisable	$ 750		$ 750

SHARE BASED COMPENSATION (Detai

SHARE BASED COMPENSATION (Details 2) - Jun. 30, 2015 - $ / shares	Total
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Outstanding Number of Options	278,500
Options Exercisable, Weighted Average Remaining Life In Years	4 years 9 months 18 days
Options Exercisable, Exercisable Number of Options	234,875
$0.64 to $1.99 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Weighted Average Exercise Price	$ 1.03
Options Outstanding, Outstanding Number of Options	90,000
Options Exercisable, Weighted Average Exercise Price	$ 1.28
Options Exercisable, Weighted Average Remaining Life In Years	6 years 8 months 12 days
Options Exercisable, Exercisable Number of Options	55,000
$2.00 to $2.99 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Weighted Average Exercise Price	$ 2.46
Options Outstanding, Outstanding Number of Options	96,000
Options Exercisable, Weighted Average Exercise Price	$ 2.46
Options Exercisable, Weighted Average Remaining Life In Years	4 years 1 month 6 days
Options Exercisable, Exercisable Number of Options	95,500
$3.00 to $3.99 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Weighted Average Exercise Price	$ 3.74
Options Outstanding, Outstanding Number of Options	72,500
Options Exercisable, Weighted Average Exercise Price	$ 3.74
Options Exercisable, Weighted Average Remaining Life In Years	5 years 7 months 6 days
Options Exercisable, Exercisable Number of Options	64,375
$4.00 to $6.02 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding, Weighted Average Exercise Price	$ 6.02
Options Outstanding, Outstanding Number of Options	20,000
Options Exercisable, Weighted Average Exercise Price	$ 6.02
Options Exercisable, Weighted Average Remaining Life In Years	9 months 18 days
Options Exercisable, Exercisable Number of Options	20,000

SHARE-BASED COMPENSATION (Det27

SHARE-BASED COMPENSATION (Details 3) - 9 months ended Jun. 30, 2015 - Restricted Stock [Member] - USD ($)	Total
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Shares, Non-vested balance	257,581
Shares granted	290,000
Shares vested	(192,958)
Shares forfeited	(126,291)
Shares, Non-vested balance	228,332
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Weighted average grant date fair value, Non-vested balance	$ 1.32
Weighted average grant date fair value, granted	0.90
Weighted average grant date fair value, vested	1.21
Weighted average grant date fair value, forfeited	1.26
Weighted average grant date fair value, Non-vested balance	$ 0.90
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Total Grant Date Fair Value [Roll Forward] [Abstract]
Total grant date fair value, Non-vested balance	$ 340,044
Total grant date fair value, granted	260,000
Total grant date fair value, vested	(234,281)
Total grant date fair value, forfeited	(159,398)
Total grant date fair value, Non-vested balance	$ 206,365

SHARE-BASED COMPENSATION (Det28

SHARE-BASED COMPENSATION (Detail Narrative)	Dec. 05, 2014USD ($)shares	Jun. 25, 2015$ / sharesshares	Feb. 23, 2015$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)shares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares	Jan. 15, 2015$ / sharesshares	Sep. 30, 2014$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted				50,000	0	50,000	32,500
Weighted average grant date fair values (in dollars per share) | $ / shares						$ 0.38	$ 0.90
Allocated Share-based Compensation Expense | $				$ 1,000	$ 13,000	$ (36,000)	$ 79,000
Unrecognized compensation expense | $				24,000		$ 24,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						1 year 6 months
Improbable to probable credit | $				0		$ (31,000)
Former Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of nonvested options								83,334
Minimum [Member] | Former Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested options exercise price | $ / shares								1.59
Maximum [Member] | Former Chief Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Nonvested options exercise price | $ / shares								5.31
2011 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted		50,000
Description of vesting shares		The option vests as follows: 15,000 shares on the date of grant, 15,000 shares on the two year anniversary of the date of grant and 20,000 shares on the three year anniversary of the date of grant.
Aggregate grant date value | $ / shares		$ 19,000
Stock option exercise price | $ / shares		$ 0.64
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $						234,281
Allocated Share-based Compensation Expense | $				42,000	$ 62,000	39,000	$ 124,000
Unrecognized compensation expense | $				$ 143,000		$ 143,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						10 months 24 days
Number of shares granted			210,000
Aggregate grant date value | $ / shares			$ 193,200	$ 0.90		$ 0.90			$ 1.32
Restricted Stock [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			175,000
Restricted Stock [Member] | Former Chief Financial Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			35,000
Description of vesting shares			The shares vest as follows: (i) 35,000 shares vest immediately, and (ii) 175,000 shares vest on the one-year anniversary from the date of grant.
Restricted Stock [Member] | 2011 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			70,000
Restricted Stock [Member] | 2011 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted	30,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $	$ 34,800
Restricted Stock [Member] | 2011 Plan [Member] | Executive [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted		50,000
Description of vesting shares		The shares vest as follows: 15,000 shares on the date of grant, 15,000 shares on the two year anniversary of the date of grant and 20,000 shares on the three year anniversary of the date of grant.
Aggregate grant date value | $ / shares		$ 32,000
Restricted Stock [Member] | 2007 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted			140,000

INCOME (LOSS) PER SHARE (Detail

INCOME (LOSS) PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income (loss) applicable to common equity (numerator for basic and diluted earnings per share)	$ 495,110	$ 19,909	$ (1,694,379)	$ 70,322
Weighted average shares outstanding (denominator for basic earnings per share)	8,364,247	8,195,808	8,329,950	8,183,933
Effective of dilutive securities
Assumed exercise of stock options, treasury stock method
Assumed exercise of warrants, treasury stock method
Assumed vesting of restricted stock, treasury stock method	9,089
Dilutive potential common shares	9,089
Denominator for diluted earnings per share - weighted average shares and assumed potential common shares	8,373,336	8,195,808	8,329,950	8,183,933
Earnings (loss) per share, diluted	$ 0.06	$ 0	$ (0.26)	$ (0.01)

INCOME (LOSS) PER SHARE (Deta30

INCOME (LOSS) PER SHARE (Details 1) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,179,012	2,601,273	1,230,678	2,601,273
Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		648,846		648,846
Equity Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	278,500	901,000	278,500	901,000
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	723,846	723,846	723,846	723,846
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	176,666	327,581	228,332	327,581

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Detail Narrative) - USD ($)	Jan. 15, 2015	Feb. 16, 2015	Jun. 30, 2015
Former Chief Executive Officer [Member]
Cash payment lieu of shares of restricted stock	$ 7,852
Vesting period	Nov. 8, 2015
Remaining obligation			$ 16,000
Former Chief Financial Officer [Member]
Remaining obligation			150,000
Cash payment lieu of salary		$ 315,000
Number of shares vested immediately		35,000
Paid litigation settlement		$ 375,000
Reimbursement amount			$ 425,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Detail Narrative) - USD ($)	Apr. 02, 2014	Feb. 02, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Related Party Transaction [Line Items]
Service Fees Paid Expenses Related Parties			$ 371,000	$ 387,000	$ 1,144,000	$ 930,000
Payments to Acquire Marketable Securities, Total				1,296,000	10,898	5,769,609
Proceeds from Sale and Maturity of Marketable Securities, Total				1,282,000	952,127	5,563,050
Marketable Securities, Realized Gain (Loss), Total				(8,904)	$ 110,001	30,528
La Grange Capital Administration Llc [Member] | Investment Management Agreement [Member]
Related Party Transaction [Line Items]
Asset Based Fee Percentage Of Average Account Net Asset Value					1.00%
Performance Fee In Percentage Of Increase In Annual Account Net Asset Value					20.00%
Noninterest Expense Investment Advisory Fees			$ 0	3,000	$ 0	9,000
Payments to Acquire Marketable Securities, Total			0	372,000	11,000	5,770,000
Proceeds from Sale and Maturity of Marketable Securities, Total			0	349,000	952,000	5,563,000
Marketable Securities, Realized Gain (Loss), Total			0	9,000	(110,000)	(31,000)
La Grange Capital Administration Llc [Member] | Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties		$ 2,500
La Grange Capital Administration Llc [Member] | New York office [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense, Net	$ 2,500		$ 0	$ 38,000	$ 51,000	$ 43,000
Operating Leases, Rent Expense, Contingent Rentals	$ 12,700