10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q /A

Amendment No. 1

(MARK ONE)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED DECEMBER 31, 2013

OR

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM _________ TO _________

Commission File Number: 333-170315

FIRST TITAN CORP.

(Exact name of registrant as specified in its charter)

Florida	27-3480481
(State or other jurisdiction of	(I.R.S. Employer
Incorporation or organization)	Identification Number)
495 Grand Boulevard, Suite 206
Miramar Beach, Florida	32550
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (850) 269-7267

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [   ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [   ]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	[   ]	Accelerated filer	[   ]
Non-accelerated filer	[   ]	Smaller reporting company	[X]
(Do not check if smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [   ] No [X]

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. There were 13,113,730 shares of Registrant’s $0.0001 par value common stock issued and outstanding as of February 12, 2013.

EXPLANATORY NOTE

The purpose of this Amendment No. 1 to the Registrant’s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2013 (“Form 10-Q”) is to submit Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 consists of the Interactive Data Files from the Registrant’s Form 10-Q for the quarterly period ended December 31, 2013, filed with the Securities and Exchange Commission on February 14, 2014.

PART II - OTHER INFORMATION

ITEM 6. EXHIBITS.

3.1	Articles of Incorporation (incorporated by reference to our Form S-1 filed with the Securities and Exchange Commission on November 3, 2010)
3.2	Bylaws (incorporated by reference to our Form S-1 filed with the Securities and Exchange Commission on November 3, 2010)
10.1	Working Interest Purchase and Sale Agreement (incorporated by reference to Form 10-Q for the quarter ended December 31, 2011 filed on February 14, 2012)
31.1 *	Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive officer
31.2 *	Rule 13(a)-14(a)/15(d)-14(a) Certification of principal financial and accounting officer
32.1 *	Section 1350 Certification of principal executive officer and principal financial and accounting officer
101 **	XBRL data files of Financial Statements and Notes contained in this Quarterly Report on Form 10-Q.

* Previously submitted.

** In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.”

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	FIRST TITAN CORP.
February 21, 2014	By:	/s/ Robert Federowicz
		Robert Federowicz
		Interim President, Secretary, Treasurer, Principal Executive Officer, Principal Financial and Accounting Officer and Sole Director

2

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ADVANCES FROM THIRD PARTIES (Details) (USD $)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Sep. 30, 2013
ADVANCES FROM THIRD PARTIES [Abstract]
Proceeds from advances	$ 44,650	$ 135,915
Advances payable	44,650
Interest expense	$ 1,686

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SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

3 Months Ended

Dec. 31, 2013

SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES

Interim Financial Statements

These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States ("GAAP") and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements for the period ended September 30, 2013 and notes thereto contained in the Company's Annual Report filed with the SEC on Form 10-K on April 1, 2014. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended September 30, 2013 have been omitted.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Consolidated Financial Statements

The consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiaries, First Titan Energy, LLC and First Titan Technical, LLC, from the date of their formation. Significant intercompany transactions have been eliminated in consolidation.

Credit Risk Due to Certain Concentrations

We extend credit, primarily in the form of uncollateralized oil and gas sales through the operators of our working interests, to various companies in the oil and gas industry, which results in a concentration of credit risk. The concentration of credit risk may be affected by changes in economic or other conditions within our industry and may accordingly impact our overall credit risk. However, we believe that the risk of these unsecured receivables is mitigated by the nature of the companies to which we extend credit. For the three months ended December 31, 2013, two operators accounted for 81% and 19% of our oil and gas sales. Those operators account for 100% and 0% of accounts receivable as of December 31, 2013. We did not recognize any credit losses during the three months ended December 31, 2013. We have not recognized an allowance for doubtful accounts as of December 31, 2013. All amounts receivable as of December 31, 2013 were collected subsequent to year end.

Cash and Cash Equivalents

All cash, other than held in escrow, is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Temporary cash investments with an original maturity of six months or less are considered to be cash equivalents. There were no cash equivalents as of December 31, 2013 and September 30, 2013.

Oil and Gas Properties

The Company follows the full cost method of accounting for its oil and gas properties, whereby all costs incurred in connection with the acquisition, exploration for and development of petroleum and natural gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on non-producing leases, drilling, completing and equipping of oil and gas wells and administrative costs directly attributable to those activities and asset retirement costs. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil, in which case the gain or loss is recognized in the statement of operations.

Depletion of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the units-of-production method based on proved reserves. The company recognized $22,900 and $5,004 of depletion during the three months ended December 31, 2013 and 2012, respectively. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited to the lower of unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at 10 percent, plus the cost of properties not being amortized, if any, plus the lower of cost or estimated fair value of unproved properties included in the costs being amortized, if any, less related income taxes. As of December 31, 2013, the Company has oil and gas properties in the amount of $200,575 which are being excluded from amortization because they have not been evaluated to determine whether proved reserves are associated with those properties. Costs in excess of the present value of estimated future net revenues as discussed above are charged to impairment expense. The Company applies the full cost ceiling test on a quarterly basis on the date of the latest balance sheet presented.

Based on management's review, 100% of the unproved oil and gas properties balance as of December 31, 2013 is expected to be added to amortization during the year ending September 30, 2014. The table below sets forth the cost of unproved properties excluded from the amortization base as of December 31, 2013 and notes the year in which the associated costs were incurred:

	Year of Acquisition
	2011		2012		2013		Total
Acquisition costs	$	-	$	153,264	$	47,311	$	200,575
Development costs		-		-		-		-
Exploration costs		-		-		-		-
Total	$	-	$	153,264	$	47,311	$	200,575

Asset retirement costs are recognized when the asset is placed in service, and are included in the amortization base and amortized over proved reserves using the units of production method. Asset retirement costs are estimated by management using existing regulatory requirements and anticipated future inflation rates.

Common Stock

The Company records common stock issuances when all of the legal requirements for the issuance of such common stock have been satisfied.

Earnings (Loss) per Share

The basic earnings (loss) per share are calculated by dividing the Company's net income available to common shareholders by the weighted average number of common shares outstanding during the year. The diluted earnings (loss) per share are calculated by dividing the Company's net income (loss) available to common Shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. There are no diluted shares outstanding for any periods reported.

Revenue Recognition

Sales of crude oil are recognized when the delivery to the purchaser has occurred and title has been transferred. This occurs when oil has been delivered to a pipeline or a tank lifting has occurred. Crude oil is priced on the delivery date based upon prevailing prices published by purchasers with certain adjustments related to oil quality and physical location.

Financial Instruments

In September 2006, the Financial Accounting Standards Board ("FASB") introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities.  The Company adopted the standard for those financial assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. FASB Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

· Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

· Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

· Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, accrued compensation and accrued expenses. The fair value of the Company's notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value.

On September 16, 2010, the Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company's financial statements.

The following table presents assets that were measured and recognized at fair value as of December 31, 2013 and September 30, 2013 and the periods then ended on a recurring and nonrecurring basis:

December 31, 2013							Total
							Realized
Description	Level 1		Level 2		Level 3		Loss
Asset retirement obligation	$	-	$	-	$	21,992	$	-
Totals	$	-	$	-	$	21,992	$	-

September 30, 2013							Total
							Realized
Description	Level 1		Level 2		Level 3		Loss
Asset retirement obligation	$	-	$	-	$	21,644	$	-
Totals	$	-	$	-	$	21,644	$

Recently Issued Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to:

· Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and

· Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.

The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations.

In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations.

In October 2012, the FASB issued Accounting Standards Update ASU 2012-04, "Technical Corrections and Improvements" in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations.

In August 2012, the FASB issued ASU 2012-03, "Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)" in Accounting Standards Update No. 2012-03. This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114. The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations.

In July 2012, the FASB issued ASU 2012-02, "Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment" in Accounting Standards Update No. 2012-02. This update amends ASU 2011-08, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity's financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. The adoption of ASU 2012-02 has not had a material impact on our financial position or results of operations.

In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This update defers the requirement to present items that are reclassified from accumulated other comprehensive income to net income in both the statement of income where net income is presented and the statement where other comprehensive income is presented. The adoption of ASU 2011-12 has not had a material impact on our financial position or results of operations.

In December 2011, the FASB issued ASU No. 2011-11 "Balance Sheet: Disclosures about Offsetting Assets and Liabilities" ("ASU 2011-11"). This Update requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS. The amended guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The Company is currently evaluating the impact, if any, that the adoption of this pronouncement may have on its results of operations or financial position.

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GOING CONCERN

3 Months Ended

Dec. 31, 2013

GOING CONCERN [Abstract]

GOING CONCERN

NOTE 2. GOING CONCERN

For the three months ended December 31, 2013, the Company had a net loss of $380,521 and negative cash flow from operating activities of $117,240. As of December 31, 2013, the Company has negative working capital of $145,026. Although the Company began receiving revenue on October 1, 2012, management does not anticipate having positive cash flow from operations in the near future.

These factors raise a substantial doubt about the Company's ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from the possible inability of the Company to continue as a going concern.

The Company does not have the resources at this time to repay its credit and debt obligations, make any payments in the form of dividends to its shareholders or fully implement its business plan. Without additional capital, the Company will not be able to remain in business.

Management has plans to address the Company's financial situation as follows:

In the near term, management plans to continue to focus on raising the funds necessary to fully implement the Company's business plan. Management will continue to seek out debt financing to obtain the capital required to meet the Company's financial obligations. There is no assurance, however, that lenders will continue to advance capital to the Company or that the new business operations will be profitable. The possibility of failure in obtaining additional funding and the potential inability to achieve profitability raise doubts about the Company's ability to continue as a going concern.

In the long term, management believes that the Company's projects and initiatives will be successful and will provide cash flow to the Company which will be used to finance the Company's future growth. However, there can be no assurances that the Company's planned activities will be successful, or that the Company will ultimately attain profitability. The Company's long term viability depends on its ability to obtain adequate sources of debt or equity funding to meet current commitments and fund the continuation of its business operations, and the ability of the Company to ultimately achieve adequate profitability and cash flows from operations to sustain its operations.

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Consolidated Balance Sheets (USD $)	Dec. 31, 2013	Sep. 30, 2013
Current assets:
Cash	$ 29,659	$ 127,748
Accounts receivable and accrued revenue	26,832	10,458
Prepaid expenses	4,500
Total current assets	60,991	138,206
Oil and gas property, accounted for using the full cost method of accounting
Evaluated property, net of accumulated depletion of $83,571 and $60,671, respectively and net of accumulated impairment of $80,141 and $80,141, respectively	101,376	123,777
Unevaluated property	200,575	200,575
Total assets	362,942	462,558
Current liabilities:
Accounts payable	153,867	113,558
Advances payable	44,650
Current portion of asset retirement obligation	7,500	7,500
Total current liabilities	206,017	121,058
Convertible notes payable, net of discount of $756,382 and $925,840, respectively	162,838	76,262
Accrued interest payable	23,148	5,812
Asset retirement obligation	14,492	14,144
Total liabilities	406,495	217,276
Stockholders' equity (deficit):
Common stock; $0.0001 par value; 250,000,000 shares authorized; 13,113,730 and 10,863,730 shares issued and outstanding at December 31, 2013 and September 30, 2013, respectively	1,311	1,086
Additional paid-in capital	2,447,262	2,355,801
Accumulated deficit	(2,492,126)	(2,111,605)
Total stockholders' equity (deficit)	(43,553)	245,282
Total liabilities and stockholders' equity (deficit)	$ 362,942	$ 462,558

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Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Operating activities
Net loss	$ (380,521)	$ (96,007)
Adjustments to reconcile net loss to net cash used by operating activities:
Depletion and accretion	23,248	5,008
Impairment of investment in joint venture	25,000
Amortization of discount on convertible notes payable	169,458	23,782
Imputed interest	1,686	9,968
Changes in operating assets and liabilities:
Accounts receivable and accrued revenue receivable	(16,374)	(23,957)
Prepaid expenses	(4,500)
Accounts payable and accrued liabilities	64,763	11,667
Net cash used by operating activities	(117,240)	(69,539)
Investing activities
Investment in joint venture	(25,000)
Investment in oil and gas properties	(499)	(61,000)
Net cash used by investing activities	(25,499)	(61,000)
Financing activities
Proceeds from advances	44,650	135,915
Net cash provided by financing activities	44,650	135,915
Net increase (decrease) in cash	(98,089)	5,376
Cash at beginning of period	127,748	1,359
Cash at end of period	29,659	6,735
Cash paid for:
Interest
Taxes
Supplemental disclosures non-cash investing and financing activities:
Common stock issued for conversion of note payable	$ 90,000	$ 22,000

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SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Details) (USD $)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cost of unproved properties excluded from amortization, period costs:
Acquisition costs	$ 47,311	$ 153,264
Development costs
Exploration costs
Total	47,311	153,264
Cost of unproved properties excluded from amortization, cumulative costs:
Acquisition costs	200,575
Development costs
Exploration costs
Total	200,575
Depletion, depreciation and amortization	$ 22,900	$ 5,004

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INVESTMENT IN JOINT VENTURE (Narrative) (Details) (USD $)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Investment in joint venture	$ 25,000
Impairment of investment in joint venture	25,000
Biofuels Power Corp [Member]
Schedule of Equity Method Investments [Line Items]
Fundings in joint ventures	100,000
Monthly contribution to joint venture	$ 20,000

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GENERAL ORGANIZATION AND BUSINESS

3 Months Ended

Dec. 31, 2013

GENERAL ORGANIZATION AND BUSINESS [Abstract]

GENERAL ORGANIZATION AND BUSINESS

NOTE 1. GENERAL ORGANIZATION AND BUSINESS

First Titan Corp. (the "Company"), a Florida corporation, was formed to design and manufacture both panel and engineered/tooled custom vacuum formed instrument panels and wiring harnesses, required for the monitoring of any final product that utilizes a gas or diesel engine source. The Company is currently primarily an oil and gas exploration company.

The Company was incorporated on September 16, 2010 with our corporate headquarters located in Bradenton, Florida. The Company's year-end is September 30.

On September 16, 2011, First Titan Corporation created First Titan Energy, LLC for the purpose of investing in oil and gas properties, greenfield projects and in the development of cutting edge exploration and production technologies.

On September 16, 2011, we formed a new subsidiary company -First Titan Technical, LLC-to commence business operations designing and marketing automotive electronics custom-designed for heavy-duty vehicles. The Company has received funding of $25,000 which will be used to implement the initial phase of our business plan.

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Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2013	Sep. 30, 2013
Consolidated Balance Sheets [Abstract]
Accumulated depletion on evaluated oil and gas property accounted for using the full cost method of accounting	$ 83,571	$ 60,671
Oil and gas property, net of accumulated impairment	80,141	80,141
Discount on convertible notes payable	$ 756,382	$ 925,840
Common stock, shares authorized	250,000,000	250,000,000
Common stock, par value per share	$ 0.0001	$ 0.0001
Common stock, shares issued	13,113,730	10,863,730
Common stock, shares outstanding	13,113,730	10,863,730

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SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Tables)

3 Months Ended

Dec. 31, 2013

SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract]

Schedule of Costs of Unproved Properties Excluded from Amortization Base

The table below sets forth the cost of unproved properties excluded from the amortization base as of December 31, 2013 and notes the year in which the associated costs were incurred:

	Year of Acquisition
	2011		2012		2013		Total
Acquisition costs	$	-	$	153,264	$	47,311	$	200,575
Development costs		-		-		-		-
Exploration costs		-		-		-		-
Total	$	-	$	153,264	$	47,311	$	200,575

Schedule of Assets Measured at Fair Value on a Recurring and Nonrecurring Basis

The following table presents assets that were measured and recognized at fair value as of December 31, 2013 and September 30, 2013 and the periods then ended on a recurring and nonrecurring basis:

December 31, 2013							Total
							Realized
Description	Level 1		Level 2		Level 3		Loss
Asset retirement obligation	$	-	$	-	$	21,992	$	-
Totals	$	-	$	-	$	21,992	$	-

September 30, 2013							Total
							Realized
Description	Level 1		Level 2		Level 3		Loss
Asset retirement obligation	$	-	$	-	$	21,644	$	-
Totals	$	-	$	-	$	21,644	$

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Document and Entity Information	3 Months Ended
	Dec. 31, 2013	Feb. 12, 2013
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	FIRST TITAN CORP.
Document Period End Date	Dec. 31, 2013
Entity Central Index Key	0001502152
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2014
Entity Filer Category	Smaller Reporting Company
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		13,113,730

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CONVERTIBLE NOTES PAYABLE (Tables)

3 Months Ended

Dec. 31, 2013

CONVERTIBLE NOTES PAYABLE [Abstract]

Schedule of Notes Payable Converted

Date	Amount Converted	Number of Shares Issued	Unamortized Discount
October 25, 2013	$  20,000	500,000	$  14,119
October 31, 2013	20,000	500,000	15,961
December 10, 2013	10,000	250,000	5,818
December 12, 2013	20,000	500,000	15,717
December 27, 2013	20,000	500,000	15,083
Total	$  90,000	2,250,000	$  66,698

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Consolidated Statements of Operations (USD $)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Consolidated Statements of Operations [Abstract]
OIL AND GAS SALES, net	$ 32,210	$ 23,957
OPERATING EXPENSE:
Lease operating expense	3,817	312
Depletion, depreciation and amortization	22,900	5,004
Accretion expense	348	4
Impairment of investment in joint venture	25,000
General and administrative	165,068	77,781
LOSS FROM OPERATIONS	(184,923)	(59,144)
Other income (expense):
Interest expense	(195,598)	(36,863)
NET LOSS	$ (380,521)	$ (96,007)
Net loss per common share - basic and fully diluted	$ (0.03)	$ (0.02)
Weighted average number of common shares outstanding - basic and fully diluted	11,741,447	5,831,741

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ADVANCES FROM THIRD PARTIES

3 Months Ended

Dec. 31, 2013

ADVANCES FROM THIRD PARTIES [Abstract]

ADVANCES FROM THIRD PARTIES

NOTE 6. ADVANCES FROM THIRD PARTIES

During the three months ended December 31, 2013, the Company received net, non-interest bearing advances from certain third parties totaling $44,650. The total amount due under these advances as of December 31, 2013 was $44,650. These advances are not collateralized, non-interest bearing and are due on demand. During the three months ended December 31, 2013, we recognized imputed interest expense in the amount of $1,686 on these advances.

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RELATED PARTY TRANSACTIONS

3 Months Ended

Dec. 31, 2013

RELATED PARTY TRANSACTIONS [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 5. RELATED PARTY TRANSACTIONS

The officers and directors of the Company are involved in other business activities and may, in the future, become involved in other business opportunities that become available. They may face a conflict in selecting between the Company and other business interests. The Company has not formulated a policy for the resolution of such conflicts.

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SIGNIFICANT ACCOUNTING POLICIES (Financial Instruments) (Details) (USD $)	3 Months Ended	12 Months Ended
	Dec. 31, 2013	Sep. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total realized loss
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset retirement obligation
Totals
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset retirement obligation
Totals
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset retirement obligation	21,992	21,644
Totals	$ 21,992	$ 21,644

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GENERAL ORGANIZATION AND BUSINESS (Details) (USD $)	Sep. 16, 2011
GENERAL ORGANIZATION AND BUSINESS [Abstract]
Funding to implement the initial business plan phase	$ 25,000

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SUBSEQUENT EVENTS

3 Months Ended

Dec. 31, 2013

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 9. SUBSEQUENT EVENTS

Management has evaluated subsequent events through the date the financial statements were issued. Based on our evaluation no events have occurred requiring adjustment or disclosure.

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CONVERTIBLE NOTES PAYABLE

3 Months Ended

Dec. 31, 2013

CONVERTIBLE NOTES PAYABLE [Abstract]

CONVERTIBLE NOTES PAYABLE

NOTE 7. CONVERTIBLE NOTES PAYABLE

During the three months ended December 31, 2013, the holders of the Convertible Note Payable dated February 28, 2013 elected to convert principal and accrued interest in the amounts shown below into shares of common stock at a rate of $0.04 per share. On the conversion date, the unamortized discount related to the principal amount converted was immediately amortized to interest expense. No gain or loss was recognized on the conversions as they occurred within the terms of the agreement which provided for conversion at $0.04 per share.

Date	Amount Converted	Number of Shares Issued	Unamortized Discount
October 25, 2013	$  20,000	500,000	$  14,119
October 31, 2013	20,000	500,000	15,961
December 10, 2013	10,000	250,000	5,818
December 12, 2013	20,000	500,000	15,717
December 27, 2013	20,000	500,000	15,083
Total	$  90,000	2,250,000	$  66,698

As of December 31, 2013, the balance of the note dated February 28, 2013 was $200,221.

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STOCKHOLDERS' EQUITY

3 Months Ended

Dec. 31, 2013

STOCKHOLDERS' EQUITY [Abstract]

STOCKHOLDERS' EQUITY

NOTE 8. STOCKHOLDERS' EQUITY

On October 25, 2013, the Company issued 500,000 shares of common stock to a third party for conversion of a note payable in the principal and accrued interest amount of $20,000. The shares were valued at $20,000 and no gain or loss was recognized on the conversion as it occurred within the terms of the agreement which provided for conversion at $0.04 per share.

On October 31, 2013, the Company issued 500,000 shares of common stock to a third party for conversion of a note payable in the principal and accrued interest amount of $20,000. The shares were valued at $20,000 and no gain or loss was recognized on the conversion as it occurred within the terms of the agreement which provided for conversion at $0.04 per share.

On December 10, 2013, the Company issued 250,000 shares of common stock to a third party for conversion of a note payable in the principal and accrued interest amount of $10,000. The shares were valued at $10,000 and no gain or loss was recognized on the conversion as it occurred within the terms of the agreement which provided for conversion at $0.04 per share.

On December 12, 2013, the Company issued 500,000 shares of common stock to a third party for conversion of a note payable in the principal and accrued interest amount of $20,000. The shares were valued at $20,000 and no gain or loss was recognized on the conversion as it occurred within the terms of the agreement which provided for conversion at $0.04 per share.

On December 27, 2013, the Company issued 500,000 shares of common stock to a third party for conversion of a note payable in the principal and accrued interest amount of $20,000. The shares were valued at $20,000 and no gain or loss was recognized on the conversion as it occurred within the terms of the agreement which provided for conversion at $0.04 per share.

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SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES (Policy)

3 Months Ended

Dec. 31, 2013

SUMMARY OF SIGNIFICANT ACCOUNTING PRACTICES [Abstract]

Interim Financial Statements

Interim Financial Statements

These financial statements are prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States ("GAAP") and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited financial statements for the period ended September 30, 2013 and notes thereto contained in the Company's Annual Report filed with the SEC on Form 10-K on April 1, 2014. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year ended September 30, 2013 have been omitted.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

Consolidated Financial Statements

Consolidated Financial Statements

The consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiaries, First Titan Energy, LLC and First Titan Technical, LLC, from the date of their formation. Significant intercompany transactions have been eliminated in consolidation.

Credit Risk Due to Certain Concentrations

Credit Risk Due to Certain Concentrations

We extend credit, primarily in the form of uncollateralized oil and gas sales through the operators of our working interests, to various companies in the oil and gas industry, which results in a concentration of credit risk. The concentration of credit risk may be affected by changes in economic or other conditions within our industry and may accordingly impact our overall credit risk. However, we believe that the risk of these unsecured receivables is mitigated by the nature of the companies to which we extend credit. For the three months ended December 31, 2013, two operators accounted for 81% and 19% of our oil and gas sales. Those operators account for 100% and 0% of accounts receivable as of December 31, 2013. We did not recognize any credit losses during the three months ended December 31, 2013. We have not recognized an allowance for doubtful accounts as of December 31, 2013. All amounts receivable as of December 31, 2013 were collected subsequent to year end.

Cash and Cash Equivalents

Cash and Cash Equivalents

All cash, other than held in escrow, is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Temporary cash investments with an original maturity of six months or less are considered to be cash equivalents. There were no cash equivalents as of December 31, 2013 and September 30, 2013.

Oil and Gas Properties

Oil and Gas Properties

The Company follows the full cost method of accounting for its oil and gas properties, whereby all costs incurred in connection with the acquisition, exploration for and development of petroleum and natural gas reserves are capitalized. Such costs include lease acquisition, geological and geophysical activities, rentals on non-producing leases, drilling, completing and equipping of oil and gas wells and administrative costs directly attributable to those activities and asset retirement costs. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capital costs and proved reserves of oil, in which case the gain or loss is recognized in the statement of operations.

Depletion of capitalized oil and gas properties and estimated future development costs, excluding unproved properties, are based on the units-of-production method based on proved reserves. The company recognized $22,900 and $5,004 of depletion during the three months ended December 31, 2013 and 2012, respectively. Net capitalized costs of oil and gas properties, less related deferred taxes, are limited to the lower of unamortized cost or the cost ceiling, defined as the sum of the present value of estimated future net revenues from proved reserves based on unescalated prices discounted at 10 percent, plus the cost of properties not being amortized, if any, plus the lower of cost or estimated fair value of unproved properties included in the costs being amortized, if any, less related income taxes. As of December 31, 2013, the Company has oil and gas properties in the amount of $200,575 which are being excluded from amortization because they have not been evaluated to determine whether proved reserves are associated with those properties. Costs in excess of the present value of estimated future net revenues as discussed above are charged to impairment expense. The Company applies the full cost ceiling test on a quarterly basis on the date of the latest balance sheet presented.

Based on management's review, 100% of the unproved oil and gas properties balance as of December 31, 2013 is expected to be added to amortization during the year ending September 30, 2014. The table below sets forth the cost of unproved properties excluded from the amortization base as of December 31, 2013 and notes the year in which the associated costs were incurred:

	Year of Acquisition
	2011		2012		2013		Total
Acquisition costs	$	-	$	153,264	$	47,311	$	200,575
Development costs		-		-		-		-
Exploration costs		-		-		-		-
Total	$	-	$	153,264	$	47,311	$	200,575

Asset retirement costs are recognized when the asset is placed in service, and are included in the amortization base and amortized over proved reserves using the units of production method. Asset retirement costs are estimated by management using existing regulatory requirements and anticipated future inflation rates.

Common Stock

Common Stock

The Company records common stock issuances when all of the legal requirements for the issuance of such common stock have been satisfied.

Earnings (Loss) Per Share

Earnings (Loss) per Share

The basic earnings (loss) per share are calculated by dividing the Company's net income available to common shareholders by the weighted average number of common shares outstanding during the year. The diluted earnings (loss) per share are calculated by dividing the Company's net income (loss) available to common Shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted as of the first of the year for any potentially dilutive debt or equity. There are no diluted shares outstanding for any periods reported.

Revenue Recognition

Revenue Recognition

Sales of crude oil are recognized when the delivery to the purchaser has occurred and title has been transferred. This occurs when oil has been delivered to a pipeline or a tank lifting has occurred. Crude oil is priced on the delivery date based upon prevailing prices published by purchasers with certain adjustments related to oil quality and physical location.

Financial Instruments

Financial Instruments

In September 2006, the Financial Accounting Standards Board ("FASB") introduced a framework for measuring fair value and expanded required disclosure about fair value measurements of assets and liabilities.  The Company adopted the standard for those financial assets and liabilities as of the beginning of the 2008 fiscal year and the impact of adoption was not significant. FASB Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" ("ASC 820") defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

· Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

· Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

· Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2013. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. These financial instruments include accounts receivable, other current assets, accounts payable, accrued compensation and accrued expenses. The fair value of the Company's notes payable is estimated based on current rates that would be available for debt of similar terms which is not significantly different from its stated value.

On September 16, 2010, the Company applied ASC 820 for all non-financial assets and liabilities measured at fair value on a non-recurring basis. The adoption of ASC 820 for non-financial assets and liabilities did not have a significant impact on the Company's financial statements.

The following table presents assets that were measured and recognized at fair value as of December 31, 2013 and September 30, 2013 and the periods then ended on a recurring and nonrecurring basis:

December 31, 2013							Total
							Realized
Description	Level 1		Level 2		Level 3		Loss
Asset retirement obligation	$	-	$	-	$	21,992	$	-
Totals	$	-	$	-	$	21,992	$	-

September 30, 2013							Total
							Realized
Description	Level 1		Level 2		Level 3		Loss
Asset retirement obligation	$	-	$	-	$	21,644	$	-
Totals	$	-	$	-	$	21,644	$

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

In February 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, to improve the transparency of reporting these reclassifications. Other comprehensive income includes gains and losses that are initially excluded from net income for an accounting period. Those gains and losses are later reclassified out of accumulated other comprehensive income into net income. The amendments in the ASU do not change the current requirements for reporting net income or other comprehensive income in financial statements. All of the information that this ASU requires already is required to be disclosed elsewhere in the financial statements under U.S. GAAP. The new amendments will require an organization to:

· Present (either on the face of the statement where net income is presented or in the notes) the effects on the line items of net income of significant amounts reclassified out of accumulated other comprehensive income - but only if the item reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period; and

· Cross-reference to other disclosures currently required under U.S. GAAP for other reclassification items (that are not required under U.S. GAAP) to be reclassified directly to net income in their entirety in the same reporting period. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is initially transferred to a balance sheet account (e.g., inventory for pension-related amounts) instead of directly to income or expense.

The amendments apply to all public and private companies that report items of other comprehensive income. Public companies are required to comply with these amendments for all reporting periods (interim and annual). The amendments are effective for reporting periods beginning after December 15, 2012, for public companies. Early adoption is permitted. The adoption of ASU No. 2013-02 is not expected to have a material impact on our financial position or results of operations.

In January 2013, the FASB issued ASU No. 2013-01, Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, which clarifies which instruments and transactions are subject to the offsetting disclosure requirements originally established by ASU 2011-11. The new ASU addresses preparer concerns that the scope of the disclosure requirements under ASU 2011-11 was overly broad and imposed unintended costs that were not commensurate with estimated benefits to financial statement users. In choosing to narrow the scope of the offsetting disclosures, the Board determined that it could make them more operable and cost effective for preparers while still giving financial statement users sufficient information to analyze the most significant presentation differences between financial statements prepared in accordance with U.S. GAAP and those prepared under IFRSs. Like ASU 2011-11, the amendments in this update will be effective for fiscal periods beginning on, or after January 1, 2013. The adoption of ASU 2013-01 is not expected to have a material impact on our financial position or results of operations.

In October 2012, the FASB issued Accounting Standards Update ASU 2012-04, "Technical Corrections and Improvements" in Accounting Standards Update No. 2012-04. The amendments in this update cover a wide range of Topics in the Accounting Standards Codification. These amendments include technical corrections and improvements to the Accounting Standards Codification and conforming amendments related to fair value measurements. The amendments in this update will be effective for fiscal periods beginning after December 15, 2012. The adoption of ASU 2012-04 is not expected to have a material impact on our financial position or results of operations.

In August 2012, the FASB issued ASU 2012-03, "Technical Amendments and Corrections to SEC Sections: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin (SAB) No. 114, Technical Amendments Pursuant to SEC Release No. 33-9250, and Corrections Related to FASB Accounting Standards Update 2010-22 (SEC Update)" in Accounting Standards Update No. 2012-03. This update amends various SEC paragraphs pursuant to the issuance of SAB No. 114. The adoption of ASU 2012-03 is not expected to have a material impact on our financial position or results of operations.

In July 2012, the FASB issued ASU 2012-02, "Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment" in Accounting Standards Update No. 2012-02. This update amends ASU 2011-08, Intangibles - Goodwill and Other (Topic 350): Testing Indefinite-Lived Intangible Assets for Impairment and permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with Subtopic 350-30, Intangibles - Goodwill and Other - General Intangibles Other than Goodwill. The amendments are effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. Early adoption is permitted, including for annual and interim impairment tests performed as of a date before July 27, 2012, if a public entity's financial statements for the most recent annual or interim period have not yet been issued or, for nonpublic entities, have not yet been made available for issuance. The adoption of ASU 2012-02 has not had a material impact on our financial position or results of operations.

In December 2011, the FASB issued ASU 2011-12, "Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05. This update defers the requirement to present items that are reclassified from accumulated other comprehensive income to net income in both the statement of income where net income is presented and the statement where other comprehensive income is presented. The adoption of ASU 2011-12 has not had a material impact on our financial position or results of operations.

In December 2011, the FASB issued ASU No. 2011-11 "Balance Sheet: Disclosures about Offsetting Assets and Liabilities" ("ASU 2011-11"). This Update requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The objective of this disclosure is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of IFRS. The amended guidance is effective for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The Company is currently evaluating the impact, if any, that the adoption of this pronouncement may have on its results of operations or financial position.

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SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details)	3 Months Ended
	Dec. 31, 2013
Accounts Receivable [Member] | Operator One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	100.00%
Accounts Receivable [Member] | Operator Two [Member]
Concentration Risk [Line Items]
Concentration risk percentage	0.00%
Oil and Gas Sales [Member] | Operator One [Member]
Concentration Risk [Line Items]
Concentration risk percentage	81.00%
Oil and Gas Sales [Member] | Operator Two [Member]
Concentration Risk [Line Items]
Concentration risk percentage	19.00%

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CONVERTIBLE NOTES PAYABLE (Details) (USD $)	3 Months Ended
	Dec. 31, 2013	Sep. 30, 2013
Debt Instrument [Line Items]
Issuance of common stock for conversion of note payable, shares	2,250,000
Debt conversion, principal amount converted	$ 90,000
Unamortized discount	756,382	925,840
Convertible note payable	162,838	76,262
Convertible Note Payable February 28, 2013 [Member]
Debt Instrument [Line Items]
Debt conversion, price per share	$ 0.04
Issuance of common stock for conversion of note payable, shares	2,250,000
Debt conversion, principal amount converted	90,000
Unamortized discount	66,698
Convertible note payable	200,221
Convertible Note Payable February 28, 2013 [Member] | October 25, 2013 [Member]
Debt Instrument [Line Items]
Debt conversion, price per share	$ 0.04
Issuance of common stock for conversion of note payable, shares	500,000
Debt conversion, principal amount converted	20,000
Unamortized discount	14,119
Convertible Note Payable February 28, 2013 [Member] | October 31, 2013 [Member]
Debt Instrument [Line Items]
Debt conversion, price per share	$ 0.04
Issuance of common stock for conversion of note payable, shares	500,000
Debt conversion, principal amount converted	20,000
Unamortized discount	15,961
Convertible Note Payable February 28, 2013 [Member] | December 10, 2013 [Member]
Debt Instrument [Line Items]
Debt conversion, price per share	$ 0.04
Issuance of common stock for conversion of note payable, shares	250,000
Debt conversion, principal amount converted	10,000
Unamortized discount	5,818
Convertible Note Payable February 28, 2013 [Member] | December 12, 2013 [Member]
Debt Instrument [Line Items]
Debt conversion, price per share	$ 0.04
Issuance of common stock for conversion of note payable, shares	500,000
Debt conversion, principal amount converted	20,000
Unamortized discount	15,717
Convertible Note Payable February 28, 2013 [Member] | December 27, 2013 [Member]
Debt Instrument [Line Items]
Debt conversion, price per share	$ 0.04
Issuance of common stock for conversion of note payable, shares	500,000
Debt conversion, principal amount converted	20,000
Unamortized discount	$ 15,083

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Consolidated Statement of Changes in Stockholders' Equity (Deficit) (USD $)	Total	Common Stock [Member]	Capital in Excess of Par Value [Member]	Accumulated Deficit [Member]
Balance at Sep. 30, 2013	$ 245,282	$ 1,086	$ 2,355,801	$ (2,111,605)
Balance, shares at Sep. 30, 2013	10,863,730	10,863,730
Issuance of common stock for conversion of debt	90,000	225	89,775
Issuance of common stock for conversion of debt, shares	2,250,000	2,250,000
Imputed interest	1,686		1,686
Net loss	(380,521)			(380,521)
Balance at Dec. 31, 2013	$ (43,553)	$ 1,311	$ 2,447,262	$ (2,492,126)
Balance, shares at Dec. 31, 2013	13,113,730	13,113,730

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INVESTMENT IN JOINT VENTURE

3 Months Ended

Dec. 31, 2013

INVESTMENT IN JOINT VENTURE [Abstract]

INVESTMENT IN JOINT VENTURE

NOTE 4. INVESTMENT IN JOINT VENTURE

On October 11, 2013, we entered into a joint venture agreement with Biofuels Power Corp. The purpose of the joint venture is to explore business opportunities in the natural gas conversion business. Biofuels Power Corp. will operate the joint venture. Under the terms of the agreement, we will contribute introductions and consulting with respect to marketing and introductions for business. In addition, we will fund up to $100,000 in monthly contributions of $20,000. These contributions are solely at the discretion of the Company. In exchange for the contributions, we will receive common stock of Biofuels Power Corp. at two-thirds of the market price of the common stock.

During the three months ended December 31, 2013, we contributed $25,000 to the joint venture. Although the Company feels that this is a viable investment, management has determined that it had to impair the investment in the joint venture with Biofuels Power Corp. There are no financial records which would support the valuation of the investment. As a result, we recognized a loss on the impairment of $25,000 during the three months ended December 31, 2013.

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COMMON STOCK (Details) (USD $)	3 Months Ended	1 Months Ended
	Dec. 31, 2013	Dec. 31, 2013 Stockholders Equity Transaction One [Member]	Oct. 31, 2013 Stockholders Equity Transaction One [Member]	Dec. 31, 2013 Stockholders Equity Transaction Two [Member]	Oct. 31, 2013 Stockholders Equity Transaction Two [Member]	Dec. 31, 2013 Stockholders Equity Transaction Three [Member]
Stockholders Equity Note [Line Items]
Issuance of common stock for conversion of note payable	$ 90,000	$ 10,000	$ 20,000	$ 20,000	$ 20,000	$ 20,000
Issuance of common stock for conversion of note payable, shares	2,250,000	250,000	500,000	500,000	500,000	500,000
Debt conversion, principal amount converted	$ 90,000	$ 10,000	$ 20,000	$ 20,000	$ 20,000	$ 20,000
Debt conversion, price per share		$ 0.04	$ 0.04	$ 0.04	$ 0.04	$ 0.04

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GOING CONCERN (Details) (USD $)	3 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
GOING CONCERN [Abstract]
Net loss	$ 380,521	$ 96,007
Net cash used in operations	117,240	69,539
Working capital	$ 145,026